Company: SRV
Filing Date: 2025-02-10
Form Type: N-CSR
Source: 0001398344-25-002262
Chunk: 22

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-02-10
Form: N-CSR
Chunk 22
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 if any, are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differences in the timing of recognition of gains or losses on investments. Permanent book and tax basis differences resulted in the reclassifications of $1,176,753 to accumulated net gains and $1,176,753 from additional paid-in capital.

The following information is provided on a tax basis as of November 30, 2024:

| Cost of investments           |     | $ | 187,552,122 |   |
| Gross unrealized appreciation |     |   |  51,401,961 |   |
| Gross unrealized depreciation |     |   |  (2,766,727 | ) |
| Net unrealized appreciation   |     |   |  48,635,234 |   |
| Undistributed ordinary income |     |   |   1,239,487 |   |
| Undistributed long-term gains |     |   |   1,266,156 |   |
| Other accumulated losses      |     |   | (10,726,097 | ) |
| Accumulated net gains         |     | $ |  40,414,780 |   |

As of November 30, 2024, for federal income tax purposes, capital loss carryforwards of $10,651,192 were available as shown in the table below, to the extent provided by the Internal Revenue Code, to offset future realized capital gains through the years indicated.

| Fiscal year ended capital losses 
 November 30, 2020                |     | Amount | 10,651,192 |     | Expiration | Annual Limit* |
|:---------------------------------|:----|:-------|-----------:|:----|:-----------|:--------------|
| Total                            |     | $      | 10,651,192 |     |            |               |

| * | Losses acquired from The Cushing Energy Income Fund are subject to Sec. 382 annual limits of $188,142. |

The Fund utilized $188,142 of capital loss carryforward during the fiscal year ended November 30, 2024.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U