Company: SRV
Filing Date: 2025-02-10
Form Type: N-CSR
Source: 0001398344-25-002262
Chunk: 1

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-02-10
Form: N-CSR
Chunk 1
---
)            |  5 |
| Key Financial Data (Supplemental Unaudited Information)            |  6 |
| Allocation of Portfolio Assets                                     |  7 |
| Schedule of Investments                                            |  8 |
| Statement of Assets & Liabilities                                  | 11 |
| Statement of Operations                                            | 12 |
| Statements of Changes in Net Assets                                | 13 |
| Statement of Cash Flows                                            | 14 |
| Financial Highlights                                               | 15 |
| Notes to Financial Statements                                      | 16 |
| Report of Independent Registered Public Accounting Firm            | 25 |
| Trustees and Executive Officers (Unaudited)                        | 26 |
| Certain Changes Occurring During the Prior Fiscal Year (Unaudited) | 28 |
| Additional Information (Unaudited)                                 | 29 |

| The NXG Cushing® Midstream Energy Fund 
 Shareholder Letter (Unaudited)         |

Dear Fellow Shareholder,

For the twelve-month fiscal period ended November 30, 2024 (the “period”), the NXG Cushing Midstream Energy Fund (the “Fund”) delivered a Net Asset Value Total Return (calculated as the change in net asset value (“NAV”) per share plus reinvested cash distributions from underlying Fund investments during the period) of +42.91%, compared to a total return of +33.89% for the S&P 500 Index (Total Return) (“S&P 500”). The Fund’s Share Price Total Return (calculated as the change in market price per share plus reinvested cash distributions from underlying Fund investments paid during the period) was +51.64% for the period, differing from the Net Asset Value Total Return due to fluctuations in the discount of share price to NAV. The Fund’s shares traded at a 4.18% discount to NAV as of the end of the period, compared to a 9.71% discount at the end of the Fund’s last fiscal year. As measured by the Alerian Midstream Energy Select Index (Total Return) (“AMEI”), the performance of the midstream energy sector increased by +51.22% for the period.

Industry Overview and Themes

The period continued the robust performance trend observed in recent years, with the AMEI index achieving a total return of +51.22% and marking its fourth consecutive annual gain. This performance not only surpassed the S&P 500’s total return of +33.89%, but also significantly outpaced broader energy indices.