Company: SRV
Filing Date: 2025-08-08
Form Type: N-CSRS
Source: 0001398344-25-014835
Chunk: 23

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-08-08
Form: N-CSRS
Chunk 23
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 | 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.S. tax returns and state tax returns filed since inception of the Fund. No income tax returns are currently under

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examination. All tax years beginning with November 30, 2021 remain subject to examination by the tax authorities in the United States. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

6. Fair Value Measurements

Various inputs that are used in determining the fair value of the Fund’s investments are summarized in the three broad levels listed below:

| ● | Level 1 — quoted prices in active markets for identical securities |

| ● | Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |

| ● | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

These inputs are summarized in the three levels listed below.

|                                                      | Description |   | Fair Value at 
  May 31, 2025 |     | Fair Value Measurements at Reporting Date Using | Quoted Prices in 
   Active Markets 
    for Identical 
           Assets 
        (Level 1) |     |   | Significant 
 Other       
 Observable  
 Inputs      
 (Level 2)   |     |   | Significant  
 Unobservable 
 Inputs       
 (Level 3)    |
|:-----------------------------------------------------|:------------|:--|--------------:|:----|:------------------------------------------------|-----------------:|:----|:--|:------------|:----|