SRV - NXG Cushing Midstream Energy Fund

What this means for you

Sit Investment owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

1. July 10, 2026

   The fund said it may sell new shares.

   Original document →

2. June 5, 2026

   Sit Investment sold down below 5% and stopped reporting.

   Original document →

3. Jan 6, 2026

   Sit Investment raised its stake to 5.2% (from 4.9%), as a passive investor.

   Original document →

4. Nov 17, 2025

   The fund offered holders the right to buy more shares, until Dec 11, 2025.

   Original document →

5. Oct 22, 2025

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Cushing Asset Management LP. Part of the Cushing fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $294 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 33% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -17.3%; at +10%, about +12.7%. As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs: 1.8% a year in management fees; 4.3% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in energy and resources companies, 8 charge a lower management fee and 8 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $37 in the first year and about $395 over 10 years, assuming the holdings return 5% a year. As of Nov 30, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $5.40 a share. $4.11 of that was income; $1.29 came from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $43.25. The shares traded at $41.19, about 4.8% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 10% below to 8.4% above. As of Nov 30, 2025, from the fund's annual report. Original document →
• How the holdings did: down 2% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2007.

How this has changed

• Payouts per share: $5.40 in the fiscal year ended Nov 30, 2025; $5.40 in the year ended Nov 30, 2024; $5.40 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended Nov 30, 2025; none in the year ended Nov 30, 2024; $4.44 in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 4.32% a year in the fiscal year ended Nov 30, 2025; 5.09% a year in the year ended Nov 30, 2024; 3.52% a year in the year ended Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $202 million at Nov 30, 2025; $195 million at Nov 30, 2024; $84.8 million at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• Borrowing: about 22% on top of its own money at Nov 30, 2025; 24% at Nov 30, 2024; 21% at Nov 30, 2023. From the fund's quarterly holdings reports. Original documents: Nov 30, 2025 →, Nov 30, 2024 →, Nov 30, 2023 →.
• The fund had about 4.67 million shares at Nov 30, 2025, up 113.7% from Nov 30, 2023.As of Nov 30, 2025, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Nov 30, 2025: the shares returned +1.3%, counting payouts. As of Nov 30, 2025, from the fund's annual report. Original document →
• The year ended Nov 30, 2024: the shares returned +51.6%, counting payouts. As of Nov 30, 2024, from the fund's annual report. Original document →
• The year ended Nov 30, 2023: the shares returned +15.5%, counting payouts. As of Nov 30, 2023, from the fund's annual report. Original document →
• The year ended Nov 30, 2022: the shares returned +20.2%, counting payouts. As of Nov 30, 2022, from the fund's annual report. Original document →
• The year ended Nov 30, 2021: the shares returned +63.6%, counting payouts. As of Nov 30, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +248.5%. $10,000 of shares bought at the start (Dec 1, 2020) would have become about $34,900 by Nov 30, 2025, with every payout counted, before tax. As of Nov 30, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +23.2%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in energy and resources companies with a fiscal year ending within six months of this one, 6 reported a higher share return for that year and 1 a lower one. As of Nov 30, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (96%), the rest cash and short-term holdings. About 91% issued in the U.S.

1. Energy Transfer LP - 9.1%
2. Targa Resources - 7.9%
3. Plains GP Holdings LP - 6.9%
4. Williams Cos Inc/The - 6.4%
5. Cheniere Energy - 5.9%
6. Cash and short-term - 5.7%
7. Kinetik Holdings - 5.6%
8. DT Midstream - 5.1%
9. Sunococorp LLC - 5%
10. GE Vernova - 4.9%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →