NXG Cushing Midstream Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)

	August 31, 2025

			Fair
Common Stock - 94.2%	Shares		Value
Canadian Midstream - 1.5%
Keyera Corp^(1)(3)(4)		90,000	$	2,899,844
Pembina Pipeline Corporation⁽³⁾⁽⁴⁾		3,435		129,736
				3,029,580
Crude Oil & Refined Products - 3.3%
South Bow Corp⁽³⁾		225,000		6,241,500

Electrical Power Equipment - 4.4%
GE Vernova, Inc.		14,000		8,581,580

Engineering & Construction - 1.5%
Quanta Services Inc		8,000		3,023,680

Exploration & Production - 2.0%
Viper Energy Inc		100,000		3,984,500

Industry Software - 1.7%
MicroStrategy Inc⁽²⁾		10,000		3,344,100

Integrated Oil - 2.6%
Cenovus Energy Inc.⁽¹⁾⁽³⁾		300,000		4,983,000

Large Cap Diversified C Corps - 34.6%
Cheniere Energy, Inc.		50,000		12,091,000
Enbridge Inc⁽³⁾		200,000		9,668,000
Kinder Morgan, Inc.		315,000		8,498,700
ONEOK, Inc.		170,000		12,984,600
Pembina Pipeline Corporation⁽³⁾		156,565		5,913,460
TC Energy Corp⁽¹⁾⁽³⁾		190,000		9,891,400
Williams Companies, Inc.		150,000		8,682,000
				67,729,160
Natural Gas Gatherers & Processors - 14.9%
DT Midstream, Inc.		70,000		7,292,600
Kinetik Holdings, Inc.⁽¹⁾		200,000		8,366,000
Targa Resources Corporation⁽¹⁾		80,000		13,420,800
				29,079,400
Offshore Drillers - 2.2%
Noble Corp PLC⁽¹⁾⁽³⁾		150,000		4,323,000

Other C-Corps - 1.3%
EQT Corp		50,000		2,592,000

Other Renewable Generation - 1.9%
Bloom Energy Corporation⁽²⁾		70,000		3,705,800

Refiners - 2.7%
Phillips 66		40,000		5,343,200

Solar Equipment - 2.0%
First Solar Inc⁽²⁾		20,000		3,903,800

Utilities - 17.6%
Constellation Energy Corp⁽¹⁾		27,000		8,315,460
NRG Energy Inc		50,000		7,278,000
Talen Energy Corp⁽¹⁾⁽²⁾		28,000		10,609,760
Vistra Corporation		43,000		8,131,730
				34,334,950
Total Common Stocks (Cost $177,712,631)			$	184,199,250

MLP Investments and Related Companies - 40.0%	Units
Coal - 2.3%
Alliance Resource Partners LP		191,000	$	4,394,910

Crude Oil & Refined Products - 1.1%
Genesis Energy L.P.		130,000		2,208,700

Large Cap Diversified C Corps - 4.4%
Plains GP Holdings, L.P.		450,000		8,685,000

Large Cap MLP - 19.5%
Energy Transfer, L.P.		1,100,000		19,492,000
Enterprise Products Partners L.P.		200,000		6,428,000
MPLX, L.P.		240,000		12,208,800
				38,128,800
Natural Gas Gatherers & Processors - 10.3%
Hess Midstream, L.P.		300,000		12,360,000
Western Midstream Partners, L.P.		200,000		7,842,000
				20,202,000
Upstream MLPs - 2.4%
TXO Energy Partners, L.P.		330,000		4,649,700
Total MLP Investments and Related Companies (Cost $72,875,077)			$	78,269,110

Preferred Stock - 1.2%
Crude Oil & Refined Products - 0.2%
NGL Energy Partners, L.P.⁽¹⁾		20,313	$	474,404

Utilities - 1.0%
NextEra Energy Capital Holdings, Inc.⁽¹⁾		81,000		1,883,250
Total Preferred Stock (Cost $2,549,836)			$	2,357,654

Short-Term Investments - Investment Companies - 4.0%	Shares
First American Government Obligations Fund - Class X, 4.22%⁽¹⁾⁽⁵⁾		3,914,815	$	3,914,815
First American Treasury Obligations Fund - Class X, 4.20%⁽¹⁾⁽⁵⁾		3,914,814		3,914,814
Total Short-Term Investments - Investment Companies (Cost $7,829,629)			$	7,829,629

Total Investments - 139.4% (Cost $260,967,173)			$	272,655,643
Written Options (6) - 0.0% (Premiums Received $62,346)				(53,200	)
Liabilities in Excess of Other Assets - (39.4)%				(76,986,243	)
Net Assets Applicable to Common Stockholders - 100.0%			$	195,616,200

⁽¹⁾

All or a portion of these securities are held as collateral pursuant to the loan agreements.

⁽²⁾

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.

⁽³⁾

Foreign issued security. Foreign concentration is as follows: Canada 20.31% and United Kingdom 2.21%.

⁽⁴⁾

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.

⁽⁵⁾

Rate reported is the current yield as of August 31, 2025.

⁽⁶⁾

Description

Exercise
Price

Expiration
Date

Currency

Number of
Contracts

Premiums
Received

Fair
Value

Unrealized
Appreciation
(Depreciation)

Bloom Energy Corp, Call Option

58.00

9/5/2025

USD

700

62,346

53,200

9,146

62,346

53,200

9,146

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 broad levels listed below.

			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 Equity Securities
Common Stock^(a)	$	184,199,250	$	184,199,250	$	-	$	-
Master Limited Partnerships and Related Companies^(a)		78,269,110		78,269,110		-		-
Preferred Stock^(a)		2,357,654		2,357,654		-
Total Equity Securities		264,826,014		264,826,014		-		-
Other Short Term Investments ^(a)		7,829,629		7,829,629		-		-
Total Other		7,829,629		7,829,629		-		-
Total Assets	$	272,655,643	$	272,655,643	$	-	$	-
Liabilities Written Options
Written Options^(a)	$	53,200	$	53.200	$	-	$	-
Total Liabilities	$	53,200	$	53.200	$	-	$	-

(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.