Company: SRV
Filing Date: 2025-02-10
Form Type: N-CSR
Source: 0001398344-25-002262
Chunk: 11

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-02-10
Form: N-CSR
Chunk 11
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915 |    |
| Asset coverage, per $1,000 of indebtedness (4)                            |     | $ |        5,035 |    |     | $ |        5,391 |    |     | $ |       13,736 |    |     | $ |        3,399 |    |     | $ |        5,287 |    |

| (1) | Information presented relates to a common share outstanding for the entire fiscal year. |

| (2) | The calculation assumes reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions. |

| (3) | The ratio of expenses to average net assets before waiver was 5.42%, 3.83%, 3.21%, 2.80%, and 3.13% for the fiscal years ended November 30, 2024, 2023, 2022, 2021, and 2020, respectively. |

| (4) | Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the total borrowings. |

<div align='center'>See Accompanying Notes to the Financial Statements.

15</div>

1. Organization

NXG CushingMidstream Energy Fund was formed as a Delaware statutory trust on May 23, 2007, and is a non-diversified, closed-end investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is managed by Cushing Asset Management, LP, d/b/a NXG Investment Management (the “Adviser”). The Fund’s investment objective is to obtain a high after-tax total return from a combination of capital appreciation and current income. The Fund commenced operations on August 27, 2007. The Fund’s common shares are listed on the New York Stock Exchange under the symbol “SRV.”

2. Significant Accounting Policies

A. Use of Estimates

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946, Financial Services — Investment Companies, which is part of U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

The preparation of financial statements in conformity with U.S. GAAP