|
NXG Cushing Midstream Energy Fund
|
|
|
SCHEDULE OF INVESTMENTS (Unaudited)
|
|
| |
|
| |
|
August 31, 2024
|
|
| |
|
|
|
|
|
| |
|
|
|
|
Fair
|
|
|
Common Stock - 88.7%
|
|
Shares
|
|
|
Value
|
|
|
Canadian Midstream - 3.0%
|
|
|
|
|
|
|
|
Keyera Corp(3)
|
|
|
126,000
|
|
|
$
|
3,774,437
|
|
|
Pembina Pipeline Corporation(3)
|
|
|
3,435
|
|
|
|
138,378
|
|
| |
|
|
|
|
|
|
3,912,815
|
|
|
Cryptocurrency Miners - 1.6%
|
|
|
|
|
|
|
|
|
|
Cleanspark, Inc.(2)
|
|
|
200,500
|
|
|
|
2,143,345
|
|
| |
|
|
|
|
|
|
|
|
|
Exploration & Production - 5.4%
|
|
|
|
|
|
|
|
|
|
Viper Energy Inc
|
|
|
134,000
|
|
|
|
6,378,400
|
|
|
Vital Energy Inc(2)
|
|
|
16,000
|
|
|
|
574,240
|
|
| |
|
|
|
|
|
|
6,952,640
|
|
|
General Partnerships - 4.4%
|
|
|
|
|
|
|
|
|
|
Enlink Midstream LLC(1)
|
|
|
396,000
|
|
|
|
5,686,560
|
|
| |
|
|
|
|
|
|
|
|
|
Integrated Oil - 3.2%
|
|
|
|
|
|
|
|
|
|
Cenovus Energy Inc.(3)
|
|
|
220,000
|
|
|
|
4,078,800
|
|
| |
|
|
|
|
|
|
|
|
|
Large Cap Diversified C Corps - 31.9%
|
|
|
|
|
|
|
|
|
|
Cheniere Energy, Inc.
|
|
|
57,000
|
|
|
|
10,559,820
|
|
|
Kinder Morgan, Inc.(1)
|
|
|
395,000
|
|
|
|
8,520,150
|
|
|
ONEOK, Inc.(1)
|
|
|
66,000
|
|
|
|
6,095,760
|
|
|
Pembina Pipeline Corporation(1)(3)
|
|
|
107,565
|
|
|
|
4,332,718
|
|
|
TC Energy Corp(3)
|
|
|
140,000
|
|
|
|
6,487,600
|
|
|
Williams Companies, Inc.(1)
|
|
|
112,000
|
|
|
|
5,126,240
|
|
| |
|
|
|
|
|
|
41,122,288
|
|
|
Natural Gas Gatherers & Processors - 19.4%
|
|
|
|
|
|
|
|
|
|
Antero Midstream Corporation
|
|
|
140,000
|
|
|
|
2,081,800
|
|
|
DT Midstream, Inc.
|
|
|
97,000
|
|
|
|
7,623,230
|
|
|
Kinetik Holdings, Inc.
|
|
|
90,000
|
|
|
|
3,981,600
|
|
|
Targa Resources Corporation(1)
|
|
|
77,300
|
|
|
|
11,355,370
|
|
| |
|
|
|
|
|
|
25,042,000
|
|
|
Natural Gas Transportation & Storage - 0.5%
|
|
|
|
|
|
|
|
|
|
Excelerate Energy Inc
|
|
|
35,000
|
|
|
|
638,050
|
|
| |
|
|
|
|
|
|
|
|
|
Oilfield Services - 0.3%
|
|
|
|
|
|
|
|
|
|
Valaris Ltd(2)(3)
|
|
|
6,000
|
|
|
|
366,360
|
|
| |
|
|
|
|
|
|
|
|
|
Refiners - 5.1%
|
|
|
|
|
|
|
|
|
|
Marathon Petroleum Corporation(1)
|
|
|
16,000
|
|
|
|
2,833,920
|
|
|
Phillips 66
|
|
|
26,500
|
|
|
|
3,718,215
|
|
| |
|
|
|
|
|
|
6,552,135
|
|
|
Solar Equipment - 3.0%
|
|
|
|
|
|
|
|
|
|
First Solar Inc(2)
|
|
|
13,000
|
|
|
|
2,955,810
|
|
|
NEXTracker Inc(2)
|
|
|
22,000
|
|
|
|
894,740
|
|
| |
|
|
|
|
|
|
3,850,550
|
|
|
Utilities - 7.3%
|
|
|
|
|
|
|
|
|
|
American Electric Power Co Inc
|
|
|
12,000
|
|
|
|
1,203,360
|
|
|
Duke Energy Corp
|
|
|
15,000
|
|
|
|
1,709,250
|
|
|
NextEra Energy Inc
|
|
|
24,000
|
|
|
|
1,932,240
|
|
|
Southern Co/The
|
|
|
21,000
|
|
|
|
1,814,400
|
|
|
Vistra Corporation
|
|
|
32,000
|
|
|
|
2,733,760
|
|
| |
|
|
|
|
|
|
9,393,010
|
|
|
Water & Waste - 0.2%
|
|
|
|
|
|
|
|
|
|
Aris Water Solutions Inc
|
|
|
16,000
|
|
|
|
269,120
|
|
| |
|
|
|
|
|
|
|
|
|
YieldCo - 3.4%
|
|
|
|
|
|
|
|
|
|
Atlantica Sustainable Infrastructure(3)
|
|
|
115,000
|
|
|
|
2,508,150
|
|
|
Clearway Energy, Inc.(1)
|
|
|
66,000
|
|
|
|
1,911,360
|
|
| |
|
|
|
|
|
|
4,419,510
|
|
|
Total Common Stocks (Cost $99,400,753)
|
|
|
|
|
|
$
|
114,427,183
|
|
| |
|
|
|
|
|
|
|
|
|
MLP Investments and Related Companies - 36.7%
|
|
Units
|
|
|
|
|
|
|
Coal - 1.8%
|
|
|
|
|
|
|
|
|
|
Alliance Resource Partners LP
|
|
|
100,000
|
|
|
$
|
2,392,000
|
|
| |
|
|
|
|
|
|
|
|
|
Crude Oil & Refined Products - 1.6%
|
|
|
|
|
|
|
|
|
|
Genesis Energy L.P.
|
|
|
150,000
|
|
|
|
2,079,000
|
|
| |
|
|
|
|
|
|
|
|
|
Large Cap Diversified C Corps - 6.0%
|
|
|
|
|
|
|
|
|
|
Plains GP Holdings, L.P.(1)
|
|
|
400,000
|
|
|
|
7,680,000
|
|
| |
|
|
|
|
|
|
|
|
|
Large Cap MLP - 16.6%
|
|
|
|
|
|
|
|
|
|
Energy Transfer, L.P.(1)
|
|
|
610,000
|
|
|
|
9,821,000
|
|
|
Enterprise Products Partners L.P.
|
|
|
158,000
|
|
|
|
4,635,720
|
|
|
MPLX, L.P.(1)
|
|
|
161,000
|
|
|
|
6,903,680
|
|
| |
|
|
|
|
|
|
21,360,400
|
|
|
Natural Gas Gatherers & Processors - 8.5%
|
|
|
|
|
|
|
|
|
|
Hess Midstream, L.P.(1)
|
|
|
150,000
|
|
|
|
5,602,500
|
|
|
Western Midstream Partners, L.P.(1)
|
|
|
140,000
|
|
|
|
5,401,200
|
|
| |
|
|
|
|
|
|
11,003,700
|
|
|
Upstream MLPs - 2.2%
|
|
|
|
|
|
|
|
|
|
TXO Energy Partners, L.P.
|
|
|
142,000
|
|
|
|
2,840,000
|
|
| |
|
|
|
|
|
|
|
|
|
Total MLP Investments and Related Companies (Cost $38,437,221)
|
|
|
|
|
|
$
|
47,355,100
|
|
| |
|
|
|
|
|
|
|
|
|
Preferred Stock - 2.0%
|
|
|
|
|
|
|
|
|
|
Crude Oil & Refined Products - 0.4%
|
|
|
|
|
|
|
|
|
|
NGL Energy Partners, L.P.(1)(2)
|
|
|
20,313
|
|
|
$
|
490,431
|
|
| |
|
|
|
|
|
|
|
|
|
Utilities - 1.9%
|
|
|
|
|
|
|
|
|
|
NextEra Energy Capital Holdings, Inc.(1)
|
|
|
81,000
|
|
|
|
2,001,510
|
|
| |
|
|
|
|
|
|
|
|
|
Total Preferred Stock (Cost $2,549,836)
|
|
|
|
|
|
$
|
2,491,941
|
|
| |
|
|
|
|
|
|
|
|
|
Short-Term Investments - Investment Companies - 1.8%
|
|
Shares
|
|
|
|
|
|
|
First American Government Obligations Fund - Class X, 5.22%(4)
|
|
|
1,130,708
|
|
|
$
|
1,130,708
|
|
|
First American Treasury Obligations Fund - Class X, 5.18%(4)
|
|
|
1,130,708
|
|
|
|
1,130,708
|
|
|
Total Short-Term Investments - Investment Companies (Cost $2,261,416)
|
|
|
|
|
|
$
|
2,261,416
|
|
| |
|
|
|
|
|
|
|
|
|
Total Investments - 129.2% (Cost $142,649,226)
|
|
|
|
|
|
$
|
166,535,640
|
|
|
Written Options (5) - 0.0% (Premiums Received $48,385)
|
|
|
|
|
|
|
48,385
|
|
|
Liabiliities in Excess of Other Assets - (29.2)%
|
|
|
|
|
|
|
(37,593,398
|
)
|
|
Net Assets Applicable to Common Stockholders - 100.0%
|
|
|
|
|
|
$
|
128,942,242
|
|
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, 2024
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Assets
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock (a)
|
|
$
|
114,427,184
|
|
|
$
|
114,427,184
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Master Limited Partnerships and Related Companies (a)
|
|
|
47,355,100
|
|
|
|
47,355,100
|
|
|
|
-
|
|
|
|
-
|
|
|
Preferred Stock (a)
|
|
|
2,491,941
|
|
|
|
2,491,941
|
|
|
|
-
|
|
|
|
|
|
|
Total Equity Securities
|
|
|
164,274,225
|
|
|
|
164,274,225
|
|
|
|
-
|
|
|
|
-
|
|
|
Other
Short Term Investments (a)
|
|
|
2,261,416
|
|
|
|
2,261,416
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Other
|
|
|
2,261,416
|
|
|
|
2,261,416
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Assets
|
|
$
|
166,535,641
|
|
|
$
|
166,535,641
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
(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, 2024.
|
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, 2024.