# EDGAR Filing Document

**Accession Number:** 0001400897
**File Stem:** 0000894189-25-012784
**Filing Date:** 2025-10
**Character Count:** 33073
**Document Hash:** deabf86bf493d4ab656ba4445ae204f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-012784.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000894189-25-012784

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NXG Cushing Midstream Energy Fund
- **CENTRAL INDEX KEY:** 0001400897

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22072
- **FILM NUMBER:** 251431218

**BUSINESS ADDRESS:**
- **STREET 1:** 4925 GREENVILLE AVENUE
- **STREET 2:** SUITE 1310
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206
- **BUSINESS PHONE:** 214-692-6334

**MAIL ADDRESS:**
- **STREET 1:** 4925 GREENVILLE AVENUE
- **STREET 2:** SUITE 1310
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CUSHING MLP & INFRASTRUCTURE TOTAL RETURN FUND
- **DATE OF NAME CHANGE:** 20180315

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cushing MLP & Infrastructure Total Return Fund
- **DATE OF NAME CHANGE:** 20180307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cushing MLP Total Return Fund
- **DATE OF NAME CHANGE:** 20070524

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **NXG Cushing Midstream Energy Fund** | **NXG Cushing Midstream Energy Fund** | **NXG Cushing Midstream Energy Fund** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| | **August 31, 2025** | **August 31, 2025** |
|  | | **Fair** |
| **Common Stock - 94.2%** | **Shares** | **Value** |
| **Canadian Midstream - 1.5%** | | |
| Keyera Corp<sup>(1)(3)(4)</sup> | 90000 | $2899844 |
| Pembina Pipeline Corporation<sup>(3)(4)</sup> | 3435 | 129736 |
|  |  | 3029580 |
| **Crude Oil & Refined Products - 3.3%** |  |  |
| South Bow Corp<sup>(3)</sup> | 225000 | 6241500 |
| **Electrical Power Equipment - 4.4%** |  |  |
| GE Vernova, Inc. | 14000 | 8581580 |
| **Engineering & Construction - 1.5%** |  |  |
| Quanta Services Inc | 8000 | 3023680 |
| **Exploration & Production - 2.0%** |  |  |
| Viper Energy Inc | 100000 | 3984500 |
| **Industry Software - 1.7%** |  |  |
| MicroStrategy Inc<sup>(2)</sup> | 10000 | 3344100 |
| **Integrated Oil - 2.6%** |  |  |
| Cenovus Energy Inc.<sup>(1)(3)</sup> | 300000 | 4983000 |
| **Large Cap Diversified C Corps - 34.6%** |  |  |
| Cheniere Energy, Inc. | 50000 | 12091000 |
| Enbridge Inc<sup>(3)</sup> | 200000 | 9668000 |
| Kinder Morgan, Inc. | 315000 | 8498700 |
| ONEOK, Inc. | 170000 | 12984600 |
| Pembina Pipeline Corporation<sup>(3)</sup> | 156565 | 5913460 |
| TC Energy Corp<sup>(1)(3)</sup> | 190000 | 9891400 |
| Williams Companies, Inc. | 150000 | 8682000 |
|  |  | 67729160 |
| **Natural Gas Gatherers & Processors - 14.9%** |  |  |
| DT Midstream, Inc. | 70000 | 7292600 |
| Kinetik Holdings, Inc.<sup>(1)</sup> | 200000 | 8366000 |
| Targa Resources Corporation<sup>(1)</sup> | 80000 | 13420800 |
|  |  | 29079400 |
| **Offshore Drillers - 2.2%** |  |  |
| Noble Corp PLC<sup>(1)(3)</sup> | 150000 | 4323000 |
| **Other C-Corps - 1.3%** |  |  |
| EQT Corp | 50000 | 2592000 |
| **Other Renewable Generation - 1.9%** |  |  |
| Bloom Energy Corporation<sup>(2)</sup> | 70000 | 3705800 |
| **Refiners - 2.7%** |  |  |
| Phillips 66 | 40000 | 5343200 |
| **Solar Equipment - 2.0%** |  |  |
| First Solar Inc<sup>(2)</sup> | 20000 | 3903800 |
| **Utilities - 17.6%** |  |  |
| Constellation Energy Corp<sup>(1)</sup> | 27000 | 8315460 |
| NRG Energy Inc | 50000 | 7278000 |
| Talen Energy Corp<sup>(1)(2)</sup> | 28000 | 10609760 |
| Vistra Corporation | 43000 | 8131730 |
|  |  | 34334950 |
| Total Common Stocks (Cost $177,712,631) |  | $184199250 |
| **MLP Investments and Related Companies - 40.0%** | **Units** |  |
| **Coal - 2.3%** |  |  |
| Alliance Resource Partners LP | 191000 | $4394910 |
| **Crude Oil & Refined Products - 1.1%** |  |  |
| Genesis Energy L.P. | 130000 | 2208700 |
| **Large Cap Diversified C Corps - 4.4%** |  |  |
| Plains GP Holdings, L.P. | 450000 | 8685000 |
| **Large Cap MLP - 19.5%** |  |  |
| Energy Transfer, L.P. | 1100000 | 19492000 |
| Enterprise Products Partners L.P. | 200000 | 6428000 |
| MPLX, L.P. | 240000 | 12208800 |
|  |  | 38128800 |
| **Natural Gas Gatherers & Processors - 10.3%** |  |  |
| Hess Midstream, L.P. | 300000 | 12360000 |
| Western Midstream Partners, L.P. | 200000 | 7842000 |
|  |  | 20202000 |
| **Upstream MLPs - 2.4%** |  |  |
| TXO Energy Partners, L.P. | 330000 | 4649700 |
| Total MLP Investments and Related Companies (Cost $72,875,077) |  | $78269110 |
| **Preferred Stock - 1.2%** |  |  |
| **Crude Oil & Refined Products - 0.2%** |  |  |
| NGL Energy Partners, L.P.<sup>(1)</sup> | 20313 | $474404 |
| **Utilities - 1.0%** |  |  |
| NextEra Energy Capital Holdings, Inc.<sup>(1)</sup> | 81000 | 1883250 |
| Total Preferred Stock (Cost $2,549,836) |  | $2357654 |
| **Short-Term Investments - Investment Companies - 4.0%** | **Shares** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(1)(5)</sup> | 3914815 | $3914815 |
| First American Treasury Obligations Fund - Class X, 4.20%<sup>(1)(5)</sup> | 3914814 | 3914814 |
| Total Short-Term Investments - Investment Companies (Cost $7,829,629) |  | $7829629 |
| **Total Investments - 139.4% (Cost $260,967,173)** |  | $**272655643** |
| **Written Options (6) - 0.0% (Premiums Received $62,346)** |  | **(53200)** |
| **Liabilities in Excess of Other Assets - (39.4)%** |  | **(76986243)** |
| **Net Assets Applicable to Common Stockholders - 100.0%** |  | $**195616200** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <sup>(1)</sup>  | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. | All or a portion of these securities are held as collateral pursuant to the loan agreements. |
| <sup>(2)</sup>  | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. | No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025. |
| <sup>(3)</sup>  | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. | Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%. |
| <sup>(4)</sup>  | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Trustees. As of August 31, 2025, the value of these investments was $3,029,580 or 1.55% of total net assets. |
| <sup>(5)</sup>  | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. | Rate reported is the current yield as of August 31, 2025. |
| <sup>(6)</sup>  | **<u>Description</u>** | **<u>Exercise</u><br> <u>Price</u>** | **<u>Expiration</u><br> <u>Date</u>** | **<u>Currency</u>** | **<u>Number of</u><br> <u>Contracts</u>** | **<u>Premiums</u><br> <u>Received</u>** | **<u>Fair</u><br> <u>Value</u>** | **<u>Unrealized</u><br> <u>Appreciation</u><br> <u>(Depreciation)</u>** |
|  | Bloom Energy Corp, Call Option | $58.00 | 9/5/2025 | USD | 700 | $62346 | $53200 | 9146 |
|  |  |  |  |  |  | $62346 | $53200 | $9146 |

---

------

#### 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 broad levels listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | |
|  | | Quoted Prices in | | Significant |
|  | | Active Markets for | Significant Other | Unobservable |
|  | Fair Value at | Identical Assets | Observable Inputs | Inputs |
| Description | August 31, 2025 | (Level 1) | (Level 2) | (Level 3) |
| **Assets**<br> Equity Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock <sup>(a)</sup> | $184199250 | $184199250 | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Master Limited Partnerships and Related Companies <sup>(a)</sup> | 78269110 | 78269110 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock <sup>(a)</sup> | 2357654 | 2357654 | - |  |
| Total Equity Securities | 264826014 | 264826014 | - | - |
|  Other<br> &nbsp;&nbsp;&nbsp;&nbsp; Short Term Investments <sup>(a)</sup> | 7829629 | 7829629 | - | - |
| Total Other | 7829629 | 7829629 | - | - |
| Total Assets | $272655643 | $272655643 | $- | $- |
| **Liabilities**<br> Written Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options <sup>(a)</sup> | $53200 | $53.200 | $- | $- |
| Total Liabilities | $53200 | $53.200 | $- | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during
 the period ended August 31, 2025.

Transfers into and out of each level are measured at fair value at the end of the period. There were no transfers between any levels during the period ended August 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NXG Cushing Midstream Energy Fund

- **b. Investment Company Act file number:** 811-22072

- **c. CIK number of Registrant:** 0001400897

- **d. LEI of Registrant:** 5493006NXITDSHOHUT03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 4925 Greenville Ave

  - **City:** Dallas

  - **State:** TX

  - **Foreign country:** US

  - **Zip / Postal Code:** 75206

  - **Telephone number:** 214-692-6334

**Item A.2. Information about the Series.**

- **a. Name of Series:** NXG Cushing Midstream Energy Fund

- **c. LEI of Series:** 549300W2QLTRC8Y3NI93

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $284440617.38

**Total Liabilities:** $88911216.34

**Net Assets:** $195529401.04

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 7.20%                | 2.58%                | 2.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4597957.36              | $7540401.88                                |
| Month 2  | $2090360.02              | $4773921.77                                |
| Month 3  | $7357161.65              | $-10687462.27                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kinetik Holdings Inc           | Kinetik Holdings Inc                       | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $8366000.00   | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    315000 | NS      | $8498700.00   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp                                | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     43000 | NS      | $8131730.00   | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | GE Vernova Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-300.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TXO Partners LP                | TXO Partners LP                            | CUSIP: 87313P103<br>LEI: KWQMGYEOMKX7BT2PZF05 | Long             | EC               | CORP              | US        |    330000 | NS      | $4649700.00   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    150000 | NS      | $8682000.00   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp                  | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     27000 | NS      | $8315460.00   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L | Enterprise Products Partners LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    200000 | NS      | $6428000.00   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                             | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     50000 | NS      | $7278000.00   | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | Viper Energy Inc                           | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $3984500.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                                  | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    170000 | NS      | $12984600.00  | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp          | Pembina Pipeline Corp                      | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    156565 | NS      | $5913460.05   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                 | TC Energy Corp                             | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    190000 | NS      | $9891400.00   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP  | Western Midstream Partners LP              | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $7842000.00   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Vistra Corp                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -400 | NC      | $-4800.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners LP  | Alliance Resource Partners LP              | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |    191000 | NS      | $4394910.00   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesis Energy LP              | Genesis Energy LP                          | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |    130000 | NS      | $2208700.00   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NGL ENERGY PARTNERS LP         | NGL Energy Partners LP                     | CUSIP: 62913M305<br>LEI: 5299005YSRP46BE8Z459 | Long             | EP               | CORP              | US        |     20313 | NS      | $474404.02    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp                    | Keyera Corp                                | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     90000 | NS      | $2899843.45   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Strategy Inc                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -100 | NC      | $-100.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP              | Hess Midstream LP                          | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    300000 | NS      | $12360000.00  | 6.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                        | MPLX LP                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    240000 | NS      | $12208800.00  | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Constellation Energy Corp                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-10000.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corp PLC                             | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |    150000 | NS      | $4323000.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | NRG Energy Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -400 | NC      | $-43000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6766949 | NS      | $6766948.97   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar Inc                            | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     20000 | NS      | $3903800.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |     14000 | NS      | $8581580.00   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP          | Plains GP Holdings LP                      | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |    450000 | NS      | $8685000.00   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Talen Energy Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-39000.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Bloom Energy Corp              | Bloom Energy Corp                          | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |    100000 | NS      | $5294000.00   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     50000 | NS      | $12091000.00  | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     50000 | NS      | $2592000.00   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                   | Enbridge Inc                               | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    200000 | NS      | $9668000.00   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70000 | NS      | $7292600.00   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund   | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   6766949 | NS      | $6766948.97   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy Inc                         | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    300000 | NS      | $4983000.00   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP             | Energy Transfer LP                         | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   1100000 | NS      | $19492000.00  | 9.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategy Inc                   | Strategy Inc                               | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |     10000 | NS      | $3344100.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings Inc        | CUSIP: 65339K860<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |     81000 | NS      | $1883250.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     40000 | NS      | $5343200.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services Inc            | Quanta Services Inc                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      8000 | NS      | $3023680.00   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp                 | South Bow Corp                             | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    225000 | NS      | $6241500.00   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp              | Talen Energy Corp                          | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38000 | NS      | $14398960.00  | 7.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     80000 | NS      | $13420800.00  | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp          | Pembina Pipeline Corp                      | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |      3435 | NS      | $129736.37    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | First Solar Inc                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-200.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** NXG Cushing Midstream Energy Fund

**Signature:** /s/ Blake Nelson

**Name of Signer:** NXG Cushing Midstream Energy Fund

**Title:** Chief Financial Officer