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 $308 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 28% on top of its own money, as of May 31, 2026. Borrowed money makes gains and losses bigger. As of May 31, 2026, from the fund's quarterly holdings 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 →
• 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. 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 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: up 12.7% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +41.3%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• How the share price did: the shares returned +1.3% over the last fiscal year (ended Nov 30, 2025), counting payouts and the change in the market price. As of Nov 30, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 2007.

What the fund holds

Mostly shares (98%), the rest cash and short-term holdings. About 90% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. Energy Transfer LP - 7.8%
2. Targa Resources - 6.5%
3. NRG Energy - 6.1%
4. Talen Energy - 5.6%
5. Plains GP Holdings LP - 5.5%
6. Vistra - 5.5%
7. Williams Cos Inc/The - 5.3%
8. Constellation Energy - 5.2%
9. DT Midstream - 5.2%
10. TC Energy - 4.9%

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