UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22499

NXG NextGen Infrastructure Income Fund
(Exact name of registrant as specified in charter)

4925 Greenville Avenue, Suite 1310

Dallas, TX 75206
(Address of principal executive offices) (Zip code)

John Musgrave

4925 Greenville Avenue, Suite 1310

Dallas, TX 75206
(Name and address of agent for service)

214-692-6334

Registrant's telephone number, including area code

Date of fiscal year end: November 30

Date of reporting period: November 30, 2025

Item 1. Reports to Stockholders.

(a)

Table of Contents


Shareholder Letter (Unaudited)	1
Hypothetical Growth of a $10,000 Investment (Unaudited)	5
Key Financial Data (Supplemental Unaudited Information)	6
Allocation of Portfolio Assets (Unaudited)	7
Schedule of Investments	8
Statement of Assets & Liabilities	11
Statement of Operations	12
Statements of Changes in Net Assets	13
Statement of Cash Flows	14
Financial Highlights	15
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	26
Trustees and Executive Officers (Unaudited)	27
Certain Changes Occurring During the Prior Fiscal Year (Unaudited)	29
Additional Information (Unaudited)	30

NXG NextGen Infrastructure Income Fund

Shareholder Letter (Unaudited)

Dear Fellow Shareholder,

For the twelve-month fiscal period ended November 30, 2025 (the “period”), the NXG NextGen Infrastructure Income Fund (the “Fund”) delivered a Net Asset Value Total Return (equal to the change in net asset value (“NAV”) per share plus reinvested cash distributions from underlying Fund investments during the period) of +12.89%, versus a total return of +15.00% for the S&P 500^® Index (Total Return) (“S&P 500”).¹ The Fund’s Share Price Total Return (equal to the change in market price per share plus reinvested cash distributions from underlying Fund investments paid during the period) was +7.93% for the period and differs from the Net Asset Value Total Return due to fluctuations in the discount of share price to NAV. The Fund’s shares traded at a 0.40% discount to NAV as of the end of the period, compared to a 4.17% premium at the end of the Fund’s last fiscal year and a 2.30% premium as of May 31, 2025.

Market and Themes Overview

The Fund invests along four main themes:

●

Clean & Sustainable Infrastructure – Renewable energy, sustainability, and water

●

Communication & Technology Infrastructure – Data storage and information highways

●

Energy Infrastructure – Power generation and transmission, and midstream energy

●

Industrial Infrastructure – Freight transportation, ports and airports, and engineering

The 2025 fiscal period was defined by an unprecedented collision of policy upheaval, accelerating infrastructure demand, and macroeconomic recalibration across the United States. Early in the year, federal action reshaped the energy and digital landscape: an executive order accelerating AI-infrastructure development signaled soaring nationwide load growth, while data-center-driven electricity demand surged, reinforcing multi-year needs for new generation and large-scale grid upgrades. Simultaneously, infrastructure investment momentum persisted despite policy reversals, with private capital flows into digital and renewable assets remaining resilient even as the administration halted or rescinded hundreds of clean-energy awards and paused IRA/IIJA disbursements.

Throughout mid-2025, easing inflation and an early rate-cutting cycle supported valuations in capital-intensive sectors, though elevated long-term yields moderated multiple expansion for leveraged operators. By late 2025, the period had crystallized into a bifurcated environment: strong secular demand for energy, grid, and digital infrastructure on one hand, and heightened regulatory, financing, and geopolitical uncertainty on the other, defining the operating reality for US public companies across infrastructure-linked sectors.

A significant theme for midstream companies during the period was the decoupling of crude oil and natural gas fundamentals. The crude oil market faced headwinds as OPEC+ shifted its strategy from price support to market share defense, adding significant volume to supply quotas. This supply surge, combined with demand concerns, pushed WTI prices lower.

U.S. producers responded to this environment with renewed capital discipline. By pivoting to “maintenance mode” and reducing rig counts to protect balance sheets, they reshaped expectations to lower Permian crude throughput.

¹	See index descriptions on page 5 of this report.

The investment thesis for natural gas infrastructure strengthened considerably during the same period. While near-term gas prices remained soft due to resilient production, the long-term demand outlook was validated by the structural expansion of AI-driven power consumption. This theme appeared to evolve from thesis to tangible opportunity over the course of the fiscal year.

Exponential growth in power consumption forecasts for AI data centers introduced a powerful, long-duration demand driver for the sector throughout 2025. We saw landmark announcements including multi-hundred-billion-dollar cloud computing contracts requiring gigawatts of new power capacity. Tens of billions in capital commitments followed for data centers, power generation, and grid infrastructure.

Fund Performance and Strategy

For the period, the Fund delivered a +12.89% NAV total return. The Fund benefited from our core thematic positioning focused on the multi-year buildout of U.S. power generation and grid infrastructure. We believe this trend may be accelerated by immense demand from AI, data centers, and broader electrification.

This thesis was illustrated by our top contributors for the period. The Fund’s largest contribution came from Bloom Energy (BE), which builds and sells modular solid oxide fuel cell systems that generate electricity on-site. These systems offer customers, such as data centers, highly reliable and lower-emission power that can be deployed faster than traditional grid upgrades. The stock appreciated over the last twelve months, which we believe reflected increased investor focus on these systems as a potential solution to the exploding power needs of AI data centers, a view reinforced by a series of high-profile commercial agreements and a strengthening growth narrative.

Constellation Energy (CEG), NRG Energy (NRG), and Talen Energy (TLN), all independent power producers, were the next three largest contributors. These companies delivered strong returns as they continued to execute across their baseload generation portfolios and advanced several long-term power agreements with data center customers. Also benefiting from the theme was Argan, Inc. (AGX), the fifth best contributor to the Fund. Argan contributes to the power buildout theme by providing engineering and construction services to power generators, as well as data centers and industrial clients.

The Fund’s bottom contributors were primarily within the Natural Gas Gathering & Processing subsector and other liquids-levered Large-Cap Diversified MLPs and C-Corps. These subsectors were weighed down by persistently low commodity prices and cautious investor sentiment toward liquids-exposed infrastructure. ONEOK, Inc. (OKE), Targa Resources Corp. (TRGP), and Kinetik Holdings Inc. (KNTK) were among the largest detractors to performance. Viper Energy, Inc. (VNOM) is an oil and gas exploration company that was also among our bottom five performers. All were negatively impacted by weak liquids prices which pressured company guidance and investor sentiment.

CleanSpark, Inc. (CLSK) was another notable detractor. The company designs, builds, and operates large-scale, power-hungry data center infrastructure primarily for Bitcoin mining, though it is beginning to repurpose capacity toward AI and high-performance computing workloads. While the stock performed slightly positively over the full period, our negative contribution was primarily driven by the timing of our specific trades during the earlier part of the period.

While generally pleased with the Fund’s performance during the period, there is always room for improvement, and we remain anchored in our long-term investment framework. We are continually refining our approach to security selection, and the themes to which we remain exposed are highly relevant and, in our view, not fully appreciated by the market. We believe the Fund is positioned to potentially benefit from increased power demand driven by the rapid growth of artificial intelligence (“AI”) technology and the resulting data center expansion. We expect dislocations to occur from time to time and hope to take advantage of them within our long-term investment framework.

Leverage

The Fund’s investment strategy focuses on holding core positions in companies generating stable cash flows and long-term growth prospects. We also work diligently to optimize the use of leverage for additional income and total return potential. This involves leveraging investments when the probabilities of positive total return are deemed to be skewed favorably. As the prices of the Fund’s investments increase or decline, there is a risk that the impact to the Fund’s NAV and total return will be negatively impacted by leverage, but this strategy is designed to have a positive impact over the longer term.

Average leverage for the period was 35% of managed assets, which compares to an average 36% leverage ratio in the prior fiscal year.

Closing

As we close the 2025 fiscal period, the infrastructure landscape stands at a structural inflection point. Despite a year defined by regulatory volatility, policy reversals, and shifting federal priorities, operators across energy, digital, and industrial infrastructure emerge fundamentally stronger. Balance sheets remain fortified, free cash flow generation has proven durable, and the capital discipline reinforced over the last several cycles continues to shape prudent reinvestment decisions. Companies are directing capital toward high-return expansions—particularly in power, grid, midstream, and data-center-linked projects—while maintaining elevated dividends, selective buybacks, and a more shareholder-aligned capital framework.

Looking ahead, we believe the next phase of infrastructure investment will be shaped by a powerful convergence of secular forces: AI-driven electricity demand, accelerating digitalization, renewed industrial reshoring, and the long-term need for energy security across fuels and grids. These trends create a multi-year runway for growth, even as markets periodically reprice headline risks around tariffs, permitting reform, or shifting clean-energy policy. In our view, the underlying asset base—spanning midstream, transmission networks, data-center power infrastructure, and critical supply chains—remains significantly undervalued relative to its strategic importance and cash-generating potential.

We truly appreciate your support and look forward to continuing to help you achieve your investment goals.

Sincerely,

John Musgrave
Chief Executive Officer, President, Chief Investment Officer and Portfolio Manager

The information provided herein represents the opinion of the Fund’s portfolio managers and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice. The opinions expressed are as of the date of this report and are subject to change.

The information in this report is not a complete analysis of every aspect of any market, sector, industry, security or the Fund itself. Statements of fact are from sources considered reliable, but the Fund makes no representation or warranty as to their completeness or accuracy. Discussions of specific investments or references to third-party forecasts of specific infrastructure projects are for illustration only and are not intended as recommendations of individual investments; such references are not indicative of future performance and do not imply that any investment discussed was or will be profitable. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Please refer to the Schedule of Investments for a complete list of Fund holdings.

Past performance does not guarantee future results. Investment return, net asset value and common share market price will fluctuate so that you may have a gain or loss when you sell shares. Since the Fund is a closed-end management investment company, shares of the Fund may trade at a discount or premium from net asset value. This characteristic is separate and distinct from the risk that net asset value could decrease as a result of investment activities and may be a greater risk to investors expecting to sell their shares after a short time. The Fund cannot predict whether shares will trade at, above or below net asset value. The Fund should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

An investment in the Fund involves risks. Leverage creates risks which may adversely affect returns, including the likelihood of greater volatility of net asset value and market price of the Fund’s common shares. The Fund is nondiversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund.

The Fund will invest in energy companies, including Master Limited Partnerships (MLPs), which concentrate investments in the natural resources sector. Energy companies are subject to certain risks, including, but not limited to the following: fluctuations in the prices of commodities; the highly cyclical nature of the natural resources sector may adversely affect the earnings or operating cash flows of the companies in which the Fund will invest; a significant decrease in the production of energy commodities could reduce the revenue, operating income, operating cash flows of MLPs and other natural resources sector companies and, therefore, their ability to make distributions or pay dividends and a sustained decline in demand for energy commodities could adversely affect the revenues and cash flows of energy companies. Holders of MLP units are subject to certain risks inherent in the structure of MLPs, including tax risks; the limited ability to elect or remove management or the general partner or managing member; limited voting rights and conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand. Damage to facilities and infrastructure of MLPs may significantly affect the value of an investment and may incur environmental costs and liabilities due to the nature of their business. Investors in MLP funds incur management fees from underlying MLP investments. Small- and mid-cap stocks are often more volatile and less liquid than large-cap stocks. Smaller companies generally face higher risks due to their limited product lines, markets, and financial resources. Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner. High yield securities have speculative characteristics and present a greater risk of loss than higher quality debt securities. These securities can also be subject to greater price volatility. An investment in the Fund will involve tax risks, including, but not limited to: The portion, if any, of a distribution received by the Fund as the holder of an MLP equity security that is offset by the MLP’s tax deductions or losses generally will be treated as a return of capital to the extent of the Fund’s tax basis in the MLP equity security, which will cause income or gain to be higher, or losses to be lower, upon the sale of the MLP security by the Fund. Changes in tax laws, regulations or interpretations of those laws or regulations in the future could adversely affect the Fund or the energy companies in which the Fund will invest.

The potential tax benefits of investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the Fund which could result in a reduction of the Fund’s value.

The Fund incurs operating expenses, including advisory fees, as well as leverage costs. Investment returns for the Fund are shown net of fees and expenses.

The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance. The index does not include fees or expenses. It is not possible to invest directly in an index.

Certain information contained herein may constitute “forward-looking” statements, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “estimate,” or “believe” or other variations thereof. Such statements reflect various assumptions by NXG concerning anticipated trends or events, which may or may not occur. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding market trends, demand drivers, portfolio positioning, and potential investment outcomes.

NXG NextGen Infrastructure Income Fund

Hypothetical Growth of a $10,000 Investment (Unaudited)

AVERAGE ANNUAL RETURNS November 30, 2025
	1 Year	5 Year	10 Year
Cushing NextGen Infrastructure Income Fund	12.89%	12.22%	5.18%

S&P Global Infrastructure Index	16.88%	10.82%	8.26%

Data for NXG NextGen Infrastructure Income Fund (the “Fund”) represents returns based on the change in the Fund’s net asset value assuming the reinvestment of all dividends and distributions. These returns differ from the total investment return based on market value of the Fund’s shares due to the difference between the Fund’s net asset value of its shares outstanding (See page 15 for total investment return based on market value). Past performance is no guarantee of future results.

The S&P Global Infrastructure Index is an unmanaged index of 75 complanies around the world chosen to represent the infrastructure industry in three distinct clusters: energy, transportation and utiliities. You cannot invest directly in an index.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

NXG NextGen Infrastructure Income Fund

Key Financial Data (Supplemental Unaudited Information)

The information presented below regarding Distributable Cash Flow is supplemental non-GAAP financial information, which we believe is meaningful to understanding our operating performance. Supplemental non-GAAP measures should be read in conjunction with our full financial statements.

	Fiscal Year Ended 11/30/25			Fiscal Year Ended 11/30/24			Fiscal Year Ended 11/30/23			Fiscal Year Ended 11/30/22			Fiscal Year Ended 11/30/21
FINANCIAL DATA
Total income from investments
Distributions and dividends received, net of foreign taxes withheld	$	10,375,802		$	8,870,131		$	9,878,217		$	8,667,303		$	9,924,383
Interest income and other		342,662			268,665			878,205			1,047,575			1,061,057
Total income from investments	$	10,718,464		$	9,138,796		$	10,756,422		$	9,714,878		$	10,985,440
Adviser fees and operating expenses
Adviser fees, less expenses waived by Adviser	$	2,956,437		$	1,731,740		$	1,645,272		$	1,864,503		$	1,894,568
Operating expenses ^(a)		1,345,167			2,898,173			792,592			778,446			735,891
Leverage costs		4,363,599			3,002,080			2,594,415			1,285,151			538,072
Total Adviser fees and operating expenses	$	8,665,203		$	7,631,993		$	5,032,279		$	3,928,100		$	3,168,531
Distributable Cash Flow (DCF) ^(b)	$	2,053,261		$	1,506,803		$	5,724,143		$	5,786,778		$	7,816,909
Distributions paid on common stock	$	27,900,728		$	18,732,343		$	10,241,388		$	6,656,226		$	6,656,226
Distributions paid on common stock per share	$	6.48		$	6.48		$	3.94		$	2.56		$	2.56
Distribution Coverage Ratio
Before Adviser fees and operating expenses		0.4x			0.5x			1.1x			1.5x			1.7x
After Adviser fees and operating expenses		0.1x			0.1x			0.6x			0.9x			1.2x
OTHER FUND DATA (end of fiscal year)
Total Assets, end of fiscal year	$	418,375,525		$	233,163,712		$	146,276,580		$	194,194,289		$	202,602,696
Unrealized appreciation	$	95,511,499		$	66,523,599		$	10,735,135		$	5,288,776		$	6,456,872
Short-term borrowings	$	131,810,000		$	54,810,000		$	36,810,000		$	41,410,000		$	56,410,000
Short-term borrowings as a percent of total assets		32	%		24	%		25	%		21	%		28	%
Net Assets, end of fiscal year	$	285,964,705		$	177,964,351		$	103,681,589		$	142,434,269		$	138,537,314
Net Asset Value per common share	$	50.52		$	51.30		$	39.85		$	54.75		$	53.25
Market Value per share	$	50.31		$	53.44		$	31.97		$	42.53		$	45.02
Market Capitalization	$	284,780,039		$	185,380,815		$	83,176,797		$	110,650,896		$	117,129,164
Shares Outstanding		5,660,506			3,468,952			2,601,714			2,601,714			2,601,714

^(a)	Excludes expenses related to capital raising.

^(b)	“Net Investment Income” on the Statement of Operations is adjusted as follows to reconcile to Distributable Cash Flow: increased by the return of capital on MLP distributions.

NXG NextGen Infrastructure Income Fund

Allocation of Portfolio Assets⁽¹⁾ (Unaudited)

November 30, 2025
(Expressed as a Percentage of Total Investments)

Utilities⁽²⁾	21.4	%
Large Cap Diversified C Corps⁽²⁾⁽³⁾	13.4	%
Engineering & Construction⁽²⁾	11.9	%
Large Cap MLP⁽³⁾	8.9	%
Cybersecurity⁽²⁾	7.2	%
Natural Gas Transportation & Storage⁽²⁾	6.6	%
Natural Gas Gatherers & Processors⁽²⁾	6.6	%
Solar Equipment⁽²⁾	5.1	%
Electrical Power Equipment⁽²⁾	4.6	%
Data Centers⁽⁴⁾	2.6	%
Wireless Connectivity⁽²⁾	2.1	%
Other Renewable Generation⁽²⁾	2.1	%
Energy Metering & Management⁽²⁾	1.7	%
Exploration & Production⁽²⁾	1.3	%
Cloud Services ⁽²⁾	1.2	%
Industry Software⁽²⁾	0.8	%
Cryptocurrency Miners⁽²⁾	0.7	%
Cloud Software⁽²⁾	0.7	%
Upstream MLP⁽³⁾	0.6	%
Short-Term Investments	0.5	%
	100.0	%

⁽¹⁾	Fund holdings and sector allocations are subject to change and there is no assurance that the Fund will continue to hold any particular security.

⁽²⁾	Common Stock

⁽³⁾	Master Limited Partnerships and Related Companies

⁽⁴⁾	Real Estate Investment Trusts

⁽⁵⁾	Fixed Income

NXG NextGen Infrastructure Income Fund
Schedule of Investments	November 30, 2025

Common Stock — 125.7%	Shares		Fair Value
Cloud Services — 1.7%
Microsoft Corp⁽¹⁾		10,000	$	4,920,100

Cloud Software — 1.0%
Nutanix Inc⁽¹⁾⁽³⁾		60,000		2,868,000

Cryptocurrency Miners — 1.0%
IREN Ltd^(1)(2)(3)		60,000		2,868,600

Cybersecurity — 10.5%
Crowdstrike Holdings Inc⁽¹⁾⁽³⁾		23,000		11,710,680
CyberArk Software, Ltd.^(1)(2)(3)		7,000		3,210,130
Palo Alto Networks Inc⁽¹⁾⁽³⁾		47,000		8,936,110
Cloudflare Inc⁽¹⁾⁽³⁾		30,000		6,006,300
				29,863,220
Electrical Power Equipment — 6.7%
GE Vernova, Inc.⁽¹⁾		32,000		19,192,640

Energy Metering & Management — 2.4%
Itron Inc⁽¹⁾⁽³⁾		70,000		6,932,800

Engineering & Construction — 17.4%
Argan Inc⁽¹⁾		30,000		11,856,000
Dycom Industries Inc⁽¹⁾⁽³⁾		15,000		5,422,950
MasTec Inc⁽¹⁾⁽³⁾		47,000		10,052,360
Primoris Services Corporation⁽¹⁾		86,000		10,884,160
Quanta Services, Inc.⁽¹⁾		25,000		11,622,000
				49,837,470
Exploration & Production — 1.9%
Viper Energy Inc⁽¹⁾		149,000		5,442,970

Industry Software — 1.1%
Snowflake Inc⁽¹⁾⁽³⁾		13,000		3,266,120

Large Cap Diversified C Corps. - 17.7%
Cheniere Energy, Inc.⁽¹⁾		42,000		8,755,320
Kinder Morgan, Inc.⁽¹⁾		291,000		7,950,120
Oneok, Inc.⁽¹⁾		200,000		14,564,000
Pembina Pipeline Corporation⁽¹⁾⁽²⁾		114,000		4,444,860
TC Energy Corp⁽¹⁾⁽²⁾		110,000		6,019,200
Williams Companies, Inc.⁽¹⁾		147,000		8,956,710
				50,690,210
Natural Gas Gatherers & Processors — 9.6%
DT Midstream, Inc.⁽¹⁾		95,000		11,538,700
Kinetik Holdings, Inc.⁽¹⁾		250,000		8,670,000
Western Midstream Partners, L.P.⁽¹⁾		182,000		7,158,060
				27,366,760
Natural Gas Transportation & Storage — 9.6%
Antero Midstream Corporation⁽¹⁾		316,000		5,691,160

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund
Schedule of Investments	November 30, 2025 — (Continued)

Common Stock — (Continued)	Shares		Fair Value
Hess Midstream, L.P.⁽¹⁾		200,000	$	6,736,000
Targa Res Corporation⁽¹⁾		86,000		15,076,660
				27,503,820
Other Renewable Generation — 3.1%
Bloom Energy Corporation⁽¹⁾⁽³⁾		80,000		8,739,200

Solar Equipment — 7.7%
First Solar Inc⁽¹⁾⁽³⁾		40,000		10,916,800
Nextpower Inc⁽¹⁾⁽³⁾		120,000		10,994,400
				21,911,200
Utilities — 31.2%
American Electric Power Co Inc⁽¹⁾		25,000		3,094,250
Constellation Energy Corporation⁽¹⁾		42,000		15,303,120
Entergy Corp⁽¹⁾		63,000		6,143,760
NRG Energy Inc⁽¹⁾		92,000		15,593,080
Public Service Enterprise Group Inc⁽¹⁾		49,000		4,092,480
Southern Co/The⁽¹⁾		45,000		4,100,400
Talen Energy Corp⁽¹⁾⁽³⁾		53,000		20,896,310
Vistra Corporation⁽¹⁾		90,000		16,097,400
WEC Energy Group Inc⁽¹⁾		35,000		3,922,450
				89,243,250
Wireless Connectivity — 3.1%
Motorola Solutions Inc⁽¹⁾		9,000		3,327,120
T-Mobile US Inc⁽¹⁾		27,000		5,643,270
				8,970,390

Total Common Stocks (Cost $276,216,175)			$	359,616,750

Master Limited Partnerships and Related Companies — 15.8%	Units
Large Cap Diversified C Corps — 1.9%
Plains GP Holdings, L.P.⁽¹⁾		295,000	$	5,469,300

Large Cap MLP — 13.0%
Energy Transfer, L.P.⁽¹⁾		1,059,999		17,712,591
Enterprise Prods Partners, L.P.⁽¹⁾		177,000		5,794,980
MPLX, L.P.⁽¹⁾		253,000		13,745,490
				37,253,061
Upstream MLP — 0.9%
TXO Energy Partners, L.P.⁽¹⁾		201,000		2,510,490

Total MLP Investments and Related Companies (Cost $27,580,244)			$	45,232,851

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund
Schedule of Investments	November 30, 2025 — (Continued)

Real Estate Investment Trusts — 3.7%	Shares		Fair Value
Data Centers — 3.7%
Digital Realty Trust Inc⁽¹⁾		34,000	$	5,444,080
Equinix Inc⁽¹⁾		7,000		5,273,170

Total Real Estate Investment Trusts (Cost $11,326,250)			$	10,717,250

Fixed Income — 0.0%	Principal Amount
Exploration & Production — 0.0%
Sanchez Energy Corporation, 6.125%, due 01/15/2050^(1)(3)(4)		5,000,000	$	—

Total Fixed Income (Cost $4,932,683)			$	—

Short-Term Investments - Investment Companies — 0.8%	Shares
First American Government Obligations Fund - Class X, 3.92%⁽⁵⁾		1,012,776	$	1,012,776
First American Treasury Obligations Fund - Class X, 3.91%⁽⁵⁾		1,012,776		1,012,776
Total Short-Term Investments - Investment Companies (Cost $2,025,552)			$	2,025,552

Total Investments — 146.0% (Cost $322,080,904)			$	417,592,403
Liabilities in Excess of Other Assets — (46.0)%				(131,627,698	)
Net Assets Applicable to Common Stockholders — 100.0%			$	285,964,705

⁽¹⁾	All or a portion of these securities are held as collateral pursuant to the loan agreements.

⁽²⁾	Foreign issued security. Foreign concentration is as follows: Canada 3.66%, Israel 1.12%, and Australia 1.00%.

⁽³⁾	No distribution or dividend was made during the period ended November 30, 2025. As such, it is classified as a non-income producing security as of November 30, 2025.

⁽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 November 30, 2025, the value of these investments was $0 or 0.00% of total net assets.

⁽⁵⁾	Rate reported is the current yield as of November 30, 2025.

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund

Statement of Assets & Liabilities

November 30, 2025

Assets
Investments, at fair value (cost $322,080,904)	$	417,592,403
Distributions and dividends receivable		259,853
Prepaid offering costs		476,437
Prepaid expenses and other receivables		46,832
Total assets		418,375,525
Liabilities
Short-term borrowings		131,810,000
Payable to Adviser, net of waiver		347,593
Distributions and dividends payable		57,847
Accrued interest expense		6,363
Accrued expenses and other liabilities		189,017
Total liabilities		132,410,820
Net assets applicable to common stockholders	$	285,964,705
Components of Net Assets
Capital stock, $0.001 par value; 5,660,506 shares issued and outstanding (unlimited shares authorized)	$	5,661
Additional paid-in capital		231,488,469
Accumulated net gains		54,470,575
Net assets applicable to common stockholders	$	285,964,705
Net asset value per common share outstanding (net assets applicable to common shares divided by common shares outstanding)	$	50.52

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund

Statement of Operations

Fiscal Year Ended November 30, 2025

Investment Income
Distributions and dividends received, net of foreign taxes withheld of $107,031	$	10,375,802
Less: return of capital on distributions		(3,915,252	)
Distributions and dividend income		6,460,550
Interest income		342,662
Total Investment Income		6,803,212
Expenses
Adviser fees		3,676,013
Offering fees		499,126
Trustees’ fees		261,178
Administrator fees		200,288
Professional fees		190,625
Reports to stockholders		75,930
Insurance expense		37,980
Registration fees		32,013
Custodian fees and expenses		24,766
Transfer agent fees		20,327
Fund accounting fees		2,934
Total Expenses before Interest expense		5,021,180
Interest expense		4,363,599
Total Expenses		9,384,779
Less: expense waived by Adviser		(719,576	)
Net Expenses		8,665,203
Net Investment Loss		(1,861,991	)
Realized and Unrealized Gain (Loss) on Investments
Net realized loss on investments		(2,625,267	)
Net realized gain on options		14,052,242
Net realized gain on investments and options		11,426,975
Net change in unrealized appreciation/(depreciation) of investments		29,228,124
Net Realized and Unrealized Gain on Investments		40,655,099
Net Increase in Net Assets Applicable to Common Stockholders Resulting from Operations	$	38,793,108

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund

Statements of Changes in Net Assets

	Fiscal Year Ended November 30, 2025			Fiscal Year Ended November 30, 2024
Operations
Net investment loss	$	(1,861,991	)	$	(1,835,456	)
Net realized gain on investments and options		11,426,975			8,080,230
Net change in unrealized appreciation/(depreciation) of investments		29,228,124			55,551,532
Net increase in net assets applicable to common stockholders resulting from operations		38,793,108			61,796,306
Distributions and Dividends to Common Stockholders
Distributable earnings		(2,139,874	)		(1,784,978	)
Return of capital		(25,760,854	)		(16,947,365	)
Total distributions and dividends to common stockholders		(27,900,728	)		(18,732,343	)
Capital Share Transactions
Issuance of 7,102 and 0 common shares from reinvestment of distributions to stockholders, respectively		333,090			—
Proceeds from issuance of 1,414,904 and 867,238 shares in connection with conducting a rights offering		61,362,505			31,218,799
Proceeds from issuance of 769,548 and 0 shares in connection with conducting a shelf offering		35,412,379			—
Net increase in net assets applicable to common stockholders from capital share transactions		97,107,974			31,218,799
Total increase in net assets applicable to common stockholders		108,000,354			74,282,762
Net Assets
Beginning of fiscal year		177,964,351			103,681,589
End of fiscal year	$	285,964,705		$	177,964,351

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund

Statement of Cash Flows

Fiscal Year Ended November 30, 2025

OPERATING ACTIVITIES
Net Increase in Net Assets Applicable to Common Stockholders Resulting from Operations	$	38,793,108
Adjustments to reconcile net increase in the net assets applicable to common stockholders resulting from operations to net cash used in operating activities
Net change in unrealized appreciation/depreciation of investments		(29,228,124	)
Purchases of investments		(734,430,364	)
Proceeds from sales of investments		222,298,261
Proceeds from option transactions, net		352,752,666
Return of capital on distributions and dividends		3,915,252
Net realized gain on sales of investments and options		(11,426,975	)
Net purchases of short-term investments		(965,858	)
Changes in operating assets and liabilities
Receivable for investments sold		12,165,139
Distributions and dividends receivable		30,320
Prepaid offering costs		(333,414	)
Prepaid expenses and other receivables		11,284
Payable to Adviser, net of waiver		151,504
Accrued interest expense		6,363
Accrued expenses and other liabilities		26,082
Net cash used in operating activities		(146,234,756	)
FINANCING ACTIVITIES
Proceeds from borrowing facility		159,000,000
Repayment of borrowing facility		(82,000,000	)
Common stock issuance		96,774,884
Distributions and dividends paid to common stockholders		(27,540,128	)
Net cash provided by financing activities		146,234,756
CHANGE IN CASH AND CASH EQUIVALENTS		—
CASH AND CASH EQUIVALENTS:
Beginning of fiscal year		—
End of fiscal year	$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION
Interest paid	$	4,357,236
Issuance of shares from re-investment of distributions	$	333,090

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund

Financial Highlights

	Fiscal Year Ended November 30, 2025			Fiscal Year Ended November 30, 2024			Fiscal Year Ended November 30, 2023			Fiscal Year Ended November 30, 2022			Fiscal Year Ended November 30, 2021
Per Common Share Data ⁽¹⁾
Net Asset Value, beginning of fiscal year	$	51.30		$	39.85		$	54.75		$	53.25		$	45.87
Income from Investment Operations:
Net investment income (loss)		(0.43	)		(0.63	)		0.21			(0.06	)		0.70
Net realized and unrealized gain (loss) on investments		6.13			18.56			(11.17	)		4.12			9.24
Total increase (decrease) from investment operations		5.70			17.93			(10.96	)		4.06			9.94
Less Distributions to Common Stockholders:
Net investment income		(0.50	)		(0.62	)		(2.18	)		—			—
Net realized gain		—			—			—			—			—
Return of capital		(5.98	)		(5.86	)		(1.76	)		(2.56	)		(2.56	)
Total distributions to common stockholders		(6.48	)		(6.48	)		(3.94	)		(2.56	)		(2.56	)
Net Asset Value, end of fiscal year	$	50.52		$	51.30		$	39.85		$	54.75		$	53.25
Per common share fair value, end of fiscal year	$	50.31		$	53.44		$	31.97		$	42.53		$	45.02
Total Investment Return Based on Fair Value ⁽²⁾		7.93	%		96.31	%		(16.38	)%		0.34	%		33.40	%
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of fiscal year (000’s)	$	285,965		$	177,964		$	103,682		$	142,434		$	138,537
Ratio of expenses to average net assets after waiver ⁽³⁾		4.16	%		4.81	%		4.15	%		2.88	%		2.25	%
Ratio of net investment income (loss) to average net assets before waiver		(1.24	)%		(1.82	)%		0.10	%		(0.46	)%		0.95	%
Ratio of net investment income (loss) to average net assets after waiver		(0.89	)%		(1.48	)%		0.44	%		(0.12	)%		1.29	%
Portfolio turnover rate		76.39	%		127.04	%		251.22	%		124.56	%		125.80	%
Total borrowings outstanding (in thousands)	$	131,810		$	54,810		$	36,810		$	41,410		$	56,410
Asset coverage, per $1,000 of indebtedness⁽⁴⁾	$	3,170		$	4,247		$	3,817		$	4,440		$	3,456

⁽¹⁾	Information presented relates to a common share outstanding for the entire fiscal year.

⁽²⁾	The calculation assumes reinvestment of dividends at actual prices pursuant to the Fund’s dividend reinvestment plan. Total investment return does not reflect brokerage commissions.

⁽³⁾	The ratio of expenses to average net assets before waiver was 4.51%, 5.14%, 4.49%, 3.22%, and 2.59% for fiscal years ended November 30, 2025, 2024, 2023, 2022, and 2021, respectively.

⁽⁴⁾	Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the total borrowings.

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Income Fund

Notes to Financial Statements

November 30, 2025

1. Organization

NXG NextGen Infrastructure Income Fund (the “Fund”) was formed as a Delaware statutory trust on November 16, 2010, and is registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is managed by Cushing^® Asset Management, LP, d/b/a NXG Investment Management (the “Adviser”). The Fund’s investment objective is to seek a high total return with an emphasis on current income. The Fund commenced operations on September 25, 2012. The Fund’s common shares are listed on the New York Stock Exchange (the “Exchange”) under the symbol “NXG.”

The Fund represents a single operating segment. An operating segment is defined in U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s President is the CODM. The CODM monitors the operating results of the Fund as a whole and the pre-determined Fund’s long term investment strategy, which is executed by the portfolio management group. The qualitative and quantitative information contained within the financial statements is used by the CODM to assess the segment’s performance versus the Portfolios’ comparative benchmark and to make resource allocation decisions. Segment assets are reflected on the Statement of Assets and Liabilities and segment expenses are listed on the Statement of Operations.

2. Significant Accounting Policies

A. Use of Estimates

The following is a summary of significant accounting policies, consistently followed by the Fund in preparation of the financial statements. The Fund is considered an investment company and accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946, Financial Services - Investment Companies, which is part of U.S. Generally Accepted Accounting Principles.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, recognition of distribution income and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

B. Investment Valuation

The Board of Trustees has designated the Adviser as the “valuation designee” for the Fund pursuant to Rule 2a-5 under the 1940 Act. The valuation designee is responsible for making fair value determinations pursuant to valuation policies and procedures adopted by the Adviser and the Fund (the “Valuation Policy”). A committee of voting members comprised of senior personnel of the Adviser considers various pricing issues and establishes fair valuations of portfolio securities and other instruments held by the Fund in accordance with the Valuation Policy (the “Valuation Committee”). The Adviser as valuation designee is subject to monitoring and oversight by the Board of Trustees. As a general principle, the fair value of a portfolio instrument is the amount that an owner might reasonably expect to receive upon the instrument’s current sale. A range of factors and analysis may be considered when determining fair value, including relevant market data, interest rates, credit considerations and/or issuer specific news. The Valuation Committee may consult with and receive input from third parties and will utilize a variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity, rating, indications of value from security dealers, evaluations of anticipated cash

flows or collateral, spread over U.S. Treasury obligations, and other information and analysis. In addition, the Valuation Committee may consider valuations provided by valuation firms retained to assist in the valuation of certain of the Fund’s investments. Fair valuation involves subjective judgments. While the Fund’s use of fair valuation is intended to result in calculation of net asset value that fairly reflects values of the Fund’s portfolio securities as of the time of pricing, the Fund cannot guarantee that any fair valuation will, in fact, approximate the amount the Fund would actually realize upon the sale of the securities in question. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument.

The valuation designee uses the following valuation methods to determine fair value as either fair value for investments for which market quotations are available, or if not available, the fair value, as determined in good faith pursuant to the Valuation Policy. The valuation of the portfolio securities of the Fund currently includes the following processes:

(i)

The market value of each security listed or traded on any recognized securities exchange or automated quotation system will be the last reported sale price at the relevant valuation date on the composite tape or on the principal exchange on which such security is traded except those listed on the NASDAQ Global Market^®, NASDAQ Global Select Market^® and the NASDAQ Capital Market^® exchanges (collectively, “NASDAQ”). Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If no sale is reported on that date, the security will be valued at the last reported bid price. If the Valuation Committee determines that price is not representative of the actual market price, the Valuation Committee may determine the fair value of the security.

(ii)

Securities not traded on a U.S. exchange or NASDAQ and foreign securities that are traded on foreign exchanges whose operations are similar to the U.S. over-the-counter market will be valued at prices supplied by a pricing service. If the Valuation Committee determines that price is not representative of the actual market price, the Valuation Committee may determine the fair value of the security.

(iii)

Debt securities will be valued based on evaluated mean prices by an outside pricing service that employs a pricing model that takes into account bids, yield spreads, and/or other market data and specific security characteristics (e.g., credit quality, maturity and coupon rate). If a price cannot be obtained from pricing services, quotes from market makers or brokers may be used. When possible, more than one market maker or broker should be utilized and the mean of bid and ask prices should be used.

(iv)

Private Placements in Public Entities (“PIPES”) will be valued using the price of the publicly traded common stock as a baseline, deducting the discount realized on the original purchase and amortizing the difference over the restricted period.

(v)

Listed options on debt or equity securities are valued at the last sale price or, if there are no trades for the day, the mean of the closing bid price and ask price. Unlisted options on debt or equity securities are valued based upon their composite bid prices if held long, or their composite ask prices if held short. Futures are valued at the settlement price. Premiums for the sale of options written by an investment company registered under the 1940 Act (a “Registered Fund”) will be included in the assets of such Registered Fund, and the market value of such options will be included as a liability.

(vi)

For valuation purposes, quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are as of the close of regular trading on the Exchange each day the Exchange is open for trading (or earlier as may be specified by the Registered Fund) and translated into U.S. dollar equivalents at the current prevailing market rates as quoted by a pricing service.

(vii)

Foreign securities are valued using “fair value factors”. Fair value factors consider daily trade activity and price changes for depositary receipts, exchange-traded funds, index futures, foreign currency exchange activity, or other relevant market data.

(viii)

Over-the-counter options on foreign securities and currencies are fair valued by obtaining the “last available bid” from a single dealer that is either the writer or purchaser of the option.

(ix)

Swaps will be valued using market-based prices provided by pricing services or broker-dealer bid counterparty quotations.

(x)

Whenever trading in a listed security held in a portfolio is temporarily suspended, halted or delisted from an exchange, the security may be priced using the last closing price for a period of up to 5 business days. The Valuation Committee will continue to monitor the security during this period and, if there is a belief that the last closing price does not reflect the fair value of such security, then the value of such security will be determined by the Valuation Committee based on factors the Valuation Committee deems relevant. Whenever any such valuation determination is made, the Valuation Committee will monitor the market and other sources of information available to it in order to ascertain whether any change in circumstance would suggest a change in the value so determined.

The Fund may engage in short sale transactions. For financial statement purposes, an amount equal to the settlement amount, if any, is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the fair value of the short positions. Subsequent fluctuations in market prices of securities sold short may require purchasing the securities at prices which may differ from the fair value reflected on the Statement of Assets and Liabilities. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized under the termination of a short sale. The Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially more than the last quoted price. The Fund is liable for any distributions and dividends (collectively referred to as “Distributions”) paid on securities sold short and such amounts, if any, would be reflected as Distribution expense in the Statement of Operations. The Fund’s obligation to replace the borrowed security will be secured by collateral deposited with the broker-dealer. The Fund also will be required to segregate similar collateral to the extent, if any, necessary so that the value of both collateral amounts in the aggregate is at all times equal to at least 100% of the current fair value of the securities sold short.

C. Security Transactions, Investment Income and Expenses

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses are reported on a high cost basis. Interest income is recognized on an accrual basis, including amortization of premiums and accretion of discounts. Distributions are recorded on the ex- dividend date. Distributions received from the Fund’s investments in master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”) generally are comprised of ordinary income, capital gains and return of capital. The Fund records investment income on the ex-date of the distributions. For financial statement purposes, the Fund uses return of capital and income estimates to allocate the distribution income received. Such estimates are based on historical information available from each MLP and REIT and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of the Fund.

The Fund estimates the allocation of investment income and return of capital for the distributions received from its portfolio investments within the Statement of Operations. For the fiscal year ended November 30, 2025, the Fund has estimated approximately 38% of the distributions from its portfolio investments to be return of capital.

Expenses are recorded on an accrual basis.

D. Distributions to Shareholders

The Fund’s distributions may include a return of capital to shareholders to the extent that distributions are in excess of the Fund’s net investment income and net capital gains, determined in accordance with U.S. federal income tax regulations. Distributions that are treated for U.S. federal income tax purposes as a return of capital

will reduce each shareholder’s basis in his or her shares and, to the extent the return of capital exceeds such basis, will be treated as a gain to the shareholder from a sale of shares. Returns of shareholder capital may have the effect of reducing the Fund’s assets and increasing the Fund’s expense ratio.

For the fiscal year ended November 30, 2024, the Fund’s distributions were 100%, or $18,732,343, return of capital.¹ For the fiscal year ended November 30, 2025, the Fund’s distributions were 8%, or $2,139,874, ordinary income, and 92%, or $25,760,854, return of capital. The final character of distributions paid for the fiscal year ended November 30, 2025 will be determined in early 2026.

E. Federal Income Taxation

The Fund intends to qualify each year for special tax treatment afforded to a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“IRC”). In order to qualify as a RIC, the Fund must, among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, the Fund will not be subject to U.S. federal income tax to the extent that it distributes annually its investment company taxable income (which includes ordinary income and the excess of net short- term capital gain over net long-term capital loss) and its “net capital gain” (i.e., the excess of net long-term capital gain over net short-term capital loss). The Fund intends to distribute at least annually substantially all of such income and gain. If the Fund retains any investment company taxable income or net capital gain, it will be subject to U.S. federal income tax on the retained amount at regular corporate tax rates. In addition, if the Fund fails to qualify as a RIC for any taxable year, it will be subject to U.S. federal income tax on all of its income and gains at regular corporate tax rates.

The Fund recognizes in the financial statements the impact of a tax position, if that position is more-likely- than-not to be sustained on examination by the taxing authorities, based on the technical merits of the position. Tax benefits resulting from such a position are measured as the amount that has a greater than fifty percent likelihood on a cumulative basis to be sustained on examination.

F. Cash and Cash Equivalents

The Fund considers all highly liquid investments purchased with initial maturity equal to or less than three months to be cash equivalents.

G. Cash Flow Information

The Fund makes distributions from investments, which include the amount received as cash distributions from MLPs, common stock dividends and interest payments. These activities are reported in the Statement of Changes in Net Assets, and additional information on cash receipts and payments is presented in the Statement of Cash Flows.

H. Indemnification

Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund may enter into contracts that provide general indemnification to other parties. The Fund’s maximum exposure under such indemnification arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred and may not occur. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

I. Derivative Financial Instruments

The Fund provides disclosure regarding derivatives and hedging activity to allow investors to understand how and why the Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect the Fund’s results of operations and financial position.

The Fund occasionally purchases and sells (“writes”) put and call equity options as a source of potential protection against a broad market decline. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Options are settled for cash.

Purchased Options — Premiums paid by the Fund for purchased options are included in the Statement of Assets and Liabilities as an investment. The option is adjusted daily to reflect the fair value of the option and any change in fair value is recorded as unrealized appreciation or depreciation of investments. If the option is allowed to expire, the Fund will lose the entire premium paid and record a realized loss for the premium amount. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain/loss or cost basis of the security.

Written Options — Premiums received by the Fund for written options are included in the Statement of Assets and Liabilities. The amount of the liability is adjusted daily to reflect the fair value of the written option and any change in fair value is recorded as unrealized appreciation or depreciation of investments. Premiums received from written options that expire are treated as realized gains. The Fund records a realized gain or loss on written options based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Put options written subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund has adopted the disclosure provisions of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification 815, Derivatives and Hedging (“ASC 815”). ASC 815 requires enhanced disclosures about the Fund’s use of and accounting for derivative instruments and the effect of derivative instruments on the Fund’s results of operations and financial position. Tabular disclosure regarding derivative fair value and gain/ loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund’s derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

The average monthly fair value of purchased options during the fiscal year ended November 30, 2025 was $13,469.

The average monthly fair value of written options during the fiscal year ended November 30, 2025 was $177,585.

The effect of derivative instruments on the Statement of Operations for the fiscal year ended November 30, 2025:

Liability Derivatives
Risk Exposure Category	Statement of Asset and Liabilities Location		Fair Value
Equity Contracts		Written options, at fair value	$	—

Amount of Realized Gain on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments under ASC 815	Purchased Options		Written Options		Total
Equity Contracts	$	376,430	$	13,675,812	$	14,052,242

Amount of Unrealized Appreciation on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments under ASC 815

Purchased
Options

Written
Options

Total

Equity Contracts

—

J. Recent Accounting Pronouncements

On December 14, 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in the ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The guidance is effective for the Fund’s fiscal year beginning December 1, 2025 and is applied on a prospective basis. The adoption of this guidance does not have an impact on the Fund’s financial statements.

On 4 November 2024, the FASB issued ASU 2024-03, which requires a Public Business Entity (“PBE”) to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items on the face of the income statement. The guidance addresses investors’ requests for more detailed expense information, which they said is critical to understanding an entity’s performance, assessing its prospects for future cash flows, and comparing its performance both over time and with that of other entities. The guidance is effective for the Fund’s fiscal year beginning December 1, 2026 and is applied on a prospective basis. The adoption of this guidance does not have an impact on the Fund’s financial statements.

3. Concentrations of Risk

The Fund will pursue its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in a portfolio of equity and debt securities of infrastructure companies, including energy infrastructure companies, industrial infrastructure companies, sustainable infrastructure companies and technology and communication infrastructure companies. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies may also be affected by or subject to difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing de-regulatory environment; costs associated with compliance with and changes in environmental and other regulations; regulation or adverse actions by various government authorities; government regulation of rates charged to customers; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure assets.

4. Agreements and Related Party Transactions

The Fund has entered into an Investment Management Agreement with the Adviser (the “Agreement”). Under the terms of the Agreement, the Fund has agreed to pay the Adviser a fee payable at the end of each calendar month, at an annual rate equal to 1.25% of the average weekly value of the Fund’s Managed Assets during such month for the services and facilities provided by the Adviser of the Fund. “Managed Assets” means the total assets of the Fund, minus all accrued expenses incurred in the normal course of operations other than liabilities or obligations attributable to investment leverage, including, without limitation, investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of shares of preferred stock or other similar preference securities and/or (iii) the reinvestment of collateral received for securities loaned in accordance with the Fund’s investment objective and policies. The Fund’s Board of Trustees has approved a waiver of the advisory fees to be paid to the Adviser in the amount of 0.25% of the Fund’s Managed Assets. The Adviser earned $3,676,013 and waived $719,576 in advisory fees for the fiscal year ended November 30, 2025. The Adviser will not recoup any of the waived expenses from the Fund.

The Fund has engaged U.S. Bancorp Fund Services, LLC, d/b/a U.S. Bancorp Global Fund Services (“Fund Services”) to serve as the Fund’s administrator. The Fund pays the administrator a monthly fee computed at an annual rate of 0.09% of the first $100,000,000 of the Fund’s average daily net assets, 0.07% on the next $200,000,000 of average daily net assets and 0.04% on the balance of the Fund’s average daily net assets, with a minimum annual fee of $70,000.

Fund Services serves as the Fund’s transfer agent, dividend paying agent, and agent for the automatic dividend reinvestment plan.

U.S. Bank, N.A. serves as the Fund’s custodian. The Fund pays the custodian a monthly fee computed at an annual rate of 0.004% of the Fund’s average daily market value, with a minimum annual fee of $4,800.

Fees paid to trustees for their services to the Fund are reflected as Trustees’ fees on the Statement of Operations.

5. Income Taxes

It is the Fund’s intention to continue to qualify as a RIC under Subchapter M of the IRC and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in its financial statements.

The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differences in the timing of recognition of gains or losses on investments. Permanent book and tax basis differences resulted in the reclassifications of $1,831,371 to additional paid in capital and $1,831,371 from accumulated net gains.

The following information is provided on a tax basis as of November 30, 2025:

Cost of investments	$	338,664,387
Gross unrealized appreciation		107,750,514
Gross unrealized depreciation		(28,822,159	)
Net unrealized appreciation		78,928,355
Undistributed ordinary income		—
Undistributed long-term gains		—
Other accumulated losses		(24,457,780	)
Accumulated net gains	$	54,470,575

The Fund utilized $17,714,471 of long-term capital loss carryforward during the fiscal year ended November 30, 2025. As of November 30, 2025, for federal income tax purposes, capital loss carryforward is comprised of long-term capital loss of $21,984,560.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No income tax returns are currently under examination. All tax years beginning with November 30, 2022 remain subject to examination by the tax authorities in the United States. Due to the nature of the Fund’s investments, the Fund may be required to file income tax returns in several states. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

6. 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
Description	Fair Value at November 30, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock^(a)	$	359,616,750	$	359,616,750	$	—	$	—
Master Limited Partnerships and Related Companies^(a)		45,232,851		45,232,851		—		—
Real Estate Investment Trusts^(a)		10,717,250		10,717,250		—		—
Fixed Income^(a)		—		—		—		—
Total Equity Securities		415,566,851		415,566,851		—		—
Other
Short-Term Investments — Investment Companies^(a)		2,025,552		2,025,552		—		—
Total Assets	$	417,592,403	$	417,592,403	$	—	$	—

^(a)	All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at fiscal year ended November 30, 2025.

7. Investment Transactions

For the fiscal year ended November 30, 2025, the Fund purchased (at cost) and sold securities (proceeds) in the amount of $734,430,364 and 222,236,611 (excluding short-term securities), respectively. The Fund sold written options (proceeds) in the amount of $16,039,512.

8. Common Shares

The Fund had unlimited common shares of beneficial interest authorized and 5,660,506 shares outstanding as of November 30, 2025. Transactions in common shares for the fiscal years ended November 30, 2024 and 2025 were as follows:

Shares at November 30, 2023			2,601,714
Shares issued in connection with conducting a rights offering			867,238
Shares at November 30, 2024			3,468,952
Shares issued through reinvestment of distributions			7,102
Shares issued in connection with conducting a rights offering			1,414,904
Shares issued in connection with at-the-market offering			769,548
Shares at November 30, 2025			5,660,506

On January 27, 2025, the Fund entered into a Distribution Agreement (the “Distribution Agreement”) with Foreside Fund Services, LLC (the “Distributor”), allowing the Fund to offer and sell up to 200,000 common shares, from time to time, through the Distributor in “at-the-market” transactions as defined in Rule 415 under the Securities Act of 1933. The minimum sale price on any day could not be less than the then-current net asset value per common share plus any applicable commissions. On March 14, 2025, the Fund amended the Distribution Agreement to increase the offering capacity to 1,450,000 common shares, subject to the same pricing conditions. For the fiscal year ended November 30, 2025, the Fund issued 769,548 shares under the Distribution Agreement, generating gross proceeds of $35.4 million.

9. Borrowing Facilities

The Fund maintains a margin account arrangement with Scotiabank™. The interest rate charged on margin borrowing is tied to the cost of funds for Scotiabank™, approximating SOFR plus 0.80%. Proceeds from the margin account arrangement are used to execute the Fund’s investment objective.

The average principal balance and interest rate for the period during which the credit facilities were utilized during the fiscal year ended November 30, 2025 was $85,676,000 and 5.06%, respectively. On November 30, 2025, the principal balance outstanding was $131,810,000 and accrued interest expense was $6,363.

10. Subsequent Events

Subsequent to November 30, 2025, the Fund declared monthly distributions to common shareholders in the amounts of $0.5400 per share, payable on December 31, 2025 and January 30, 2026, to shareholders of record on December 15, 2025 and January 16, 2026, respectively.

On December 30, 2025, the Fund entered into a Distribution Agreement (the “Distribution Agreement”) with the Foreside Fund Services, LLC (the “Distributor”), pursuant to which the Fund may offer and sell up to 1,600,000 common shares, from time to time, through the Distributor, in transactions that are deemed to be “at-the-market” as defined in Rule 415 under the Securities Act of 1933. The minimum price on any day at which Common Shares may be sold will not be less than the then current net asset value per Common Share plus any commissions to be paid to the Distributor.

There were no additional subsequent events through the date the financial statements were issued that would require adjustments to or additional disclosure in these financial statements.

NXG NextGen Infrastructure Income Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of
NXG NextGen Infrastructure Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of NXG NextGen Infrastructure Income Fund (the “Fund”), including the schedule of investments, as of November 30, 2025 and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at November 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with accounting U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more NXG investment companies since 2011.

Dallas, Texas
January 29, 2026

NXG NextGen Infrastructure Income Fund

Trustees and Executive Officers (Unaudited)

Board of Trustees

Name and Year of Birth	Position(s) Held With the Fund	Term of Office and Length of Time Served⁽¹⁾	Principal Occupations During Past Five Years	Number of Portfolios in Fund Complex⁽²⁾ Overseen by Trustee	Other Directorships Held by Trustee During the Past Five Years
Independent Trustees
Brian R. Bruce (1955)	Chair of the Board	Trustee since 2007; Chair since 2023	Retired. Previously, Chief Executive Officer, Hillcrest Asset Management, LLC (2008–2022) (registered investment adviser).	2	CM Advisers Family of Funds (2 series) (2003-2020).
Andrea N. Mullins (1967)	Trustee and Chair of Audit Committee	Trustee since 2021	Private Investor; Independent Contractor, SWM Advisors (2014-present)	2	Valued Advisers Trust (14 portfolios) (2013-present); Angel Oak Family of Funds (9 portfolios) (2019-present).
John H. Alban (1963)	Trustee	Trustee since April 2023	Retired. Previously, Chief Executive Officer (2019-2022) and Chief Operating Officer (2010-2022) of the Adviser; Chief Executive Officer and President of funds in the Fund Complex (2021-2022).	2	None.
Interested Trustee
John Musgrave* (1982)	Trustee, Chief Executive Officer and President	Trustee since January 2025	Chief Executive Officer and President (2023-Present), Co-Chief Investment Officer (2016-2023), Managing Director (2016-2023), Chief Investment Officer (2023-Present), and Portfolio Manager (2007-Present) of the Investment Adviser.	2	None.

⁽¹⁾	Each Trustee serves a two-year term with the class of Trustees for which he serves:

●

Brian R. Bruce and John H. Alban, as Class I Trustees, are expected to stand for re-election at the Fund’s 2026 annual meeting of shareholders.

●

Andrea N. Mullins, as a Class II Trustee, is expected to stand for re-election at the Fund’s 2027 annual meeting of shareholders.

●

John Musgrave, as a Class III Trustee, is expected to stand for re-election at the Fund’s 2028 annual meeting of shareholders.

⁽²⁾	The “Fund Complex” includes each registered investment company for which the Investment Adviser serves as investment adviser. As of November 30, 2025, there were two funds in the Fund Complex.

Mr. Musgrave was appointed to serve as a Trustee of the Fund on January 23, 2025. Mr. Musgrave is an “interested person” of the Fund, as defined under the 1940 Act, by virtue of his positions as Chief Executive Officer and President, Chief Investment Officer and Portfolio Manager of the Investment Adviser.

Executive Officers

The following information relates to the executive officers of the Funds who are not Trustees. The officers of the Fund were appointed by the Board of Trustees and will serve until their respective successors are chosen and qualified.

Name and Year of Birth	Position	Term of Office and Length of Time Served	Principal Occupation During the Past Five Years
John Musgrave (1982)	Chief Executive Officer and President	Officer since 2023	Chief Executive Officer and President (2023-Present), Co-Chief Investment Officer (2016-2023), Managing Director (2016-2023), Chief Investment Officer (2023-present) and Portfolio Manager (2007-Present) of the Investment Adviser.
Blake R. Nelson (1986)	Chief Financial Officer and Treasurer	Officer since 2021	Chief Financial Officer (2021-present) and Controller (2013-2021) of the Adviser. Previously, fund accountant at JD Clark & Company (2011-2013). Mr. Nelson is a Certified Public Accountant.
Brad Mead (1990)	Chief Compliance Officer and Secretary	Officer 2024	Chief Compliance Officer of the Adviser and funds in the fund complex (2024-present); Senior Compliance Consult at Cloudbreak Compliance Group (2023 -2024); Senior Manager, Manager, and Senior Associate of Compliance at IQEQ (2020-2023); Senior Associate and Associate of Compliance at Blue River Partners LLC (2018-2020).

NXG NextGen Infrastructure Income Fund

Certain Changes Occurring During the Prior Fiscal Year (Unaudited)

The following information is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of the Fund.

Change in Non-Fundamental Investment Policies

None.

NXG NextGen Infrastructure Income Fund

Additional Information (Unaudited)

November 30, 2025

SUMMARY OF FUND EXPENSES

The following table contains information about the costs and expenses that common shareholders will bear directly or indirectly. The table is based on the capital structure of the Fund as of November 30, 2025 (except as noted below). The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of common shares, would bear directly or indirectly.

Shareholder transaction expenses
Sales load (as a percentage of estimated offering price)		—	%⁽¹⁾
Offering expenses borne by the Fund (as a percentage of estimated offering price)		—	%⁽¹⁾
Dividend reinvestment Plan fees	$	15	⁽²⁾

Annual Expenses	Percentage of Net Assets Attributable to Common Shares⁽³⁾
Management fees^(4)[(5)]		1.83	%
Interest payments on borrowed funds⁽⁶⁾		2.17	%
Other expenses⁽⁷⁾		0.47	%
Total annual expenses^[(5)]		4.47	%

⁽¹⁾	If common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses borne by the Fund.

⁽²⁾

There will be no brokerage charges with respect to common shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with open-market purchases. In addition, participants who request a sale of shares through the Plan Agent are subject to a $15 per transaction sales fee and pay a brokerage commission of $0.12 per share sold. The Fund’s transfer agent serves as Plan Agent. Fees paid by the Fund to the transfer agent are included in “Other Expenses” below, which are ultimately borne by common shareholders. For additional information, see “Additional Information (Unaudited)—Distribution Reinvestment Plan.”

⁽³⁾	Based upon net assets attributable to common shares as of November 30, 2025.

⁽⁴⁾

The Fund pays the Investment Adviser an annual fee, payable monthly, in an amount equal to 1.25% of the Fund’s average weekly Managed Assets. The fee shown above is based upon outstanding leverage of 31.56% of the Fund’s Managed Assets (or 46.09% of the Fund’s net assets attributable to common shares). If leverage of more than 31.56% of the Fund’s Managed Assets (or 46.09% of the Fund’s net assets attributable to common shares) is used, the management fees, as a percentage of net assets attributable to common shares would be higher than as shown above.

⁽⁵⁾	The Investment Adviser has contractually agreed to waive a portion of the management fee in the amount equal to 0.25% of the Fund’s Managed Assets through June 9, 2026. The Fund’s annual expenses after giving effect to such management fee waiver are:

Annual Expenses	Percentage of Net Assets Attributable to Common Shares⁽³⁾
Management fees⁽⁴⁾		1.83	%
Interest payments on borrowed funds⁽⁶⁾		2.17	%
Other expenses⁽⁷⁾		0.47	%
Total annual expenses		4.47	%
Fee Waiver		(0.37	)%
Total annual expenses after fee waiver		4.10	%

⁽⁶⁾	Based upon the Fund’s outstanding borrowings as of November 30, 2025 of $131.810 million and the interest rate as of November 30, 2025, of 4.70%.

⁽⁷⁾	“Other expenses” are estimated based upon those incurred during the fiscal period ended November 30, 2025. Other expenses do not include expense related to realized or unrealized investment gains or losses. See “Additional Information (Unaudited)—Management of the Fund—Fund Expenses.”

EXAMPLE

As required by relevant SEC regulations, the following example illustrates the expenses that you would pay on a $1,000 investment in common shares, assuming (1) “Total annual expenses” of 4.46% of net assets attributable to common shares and (4) a 5% annual return*:

		1 Year				3 Years				5 Years				10 Years
Total expenses incurred		$	45			$	135			$	226			$	458

The example should not be considered a representation of future expenses or returns. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example. The example assumes that all dividends and distributions are reinvested at net asset value.

MARKET AND NET ASSET VALUE INFORMATION

The Fund’s currently outstanding common shares are listed on the New York Stock Exchange (the “NYSE”). The Fund’s common shares commenced trading on the NYSE on September 25, 2012.

Historically, the common shares have generally traded at a discount to the Fund’s net asset value per share. Shares of closed-end investment companies frequently trade at a discount to net asset value. The Fund’s net asset value will be reduced immediately following an offering of the common shares due to the costs of such offering, which will be borne entirely by the Fund. The sale of common shares by the Fund (or the perception that such sales may occur) may have an adverse effect on prices of common shares in the secondary market. An increase in the number of common shares available may put downward pressure on the market price for common shares. See “Additional Information (Unaudited)—Risks—Market Discount From Net Asset Value.”

The following table sets forth, for each of the periods indicated, the high and low closing market prices for the common shares on the NYSE, the net asset value per common share and the premium or discount to net asset value per common share at which the common shares were trading.

	Market Price				Corresponding Net Asset Value Per Common Share				Corresponding Premium/ (Discount) as a Percentage of Net Asset Value
Fiscal Quarter Ended	High		Low		High		Low		High			Low
November 30, 2025	$	50.72	$	46.39	$	51.54	$	47.40		(1.59	)%		(2.13	)%
August 31, 2025	$	53.09	$	45.61	$	51.09	$	47.40		3.91	%		(3.78	)%
May 31, 2025	$	49.42	$	37.99	$	46.65	$	37.57		5.94	%		1.12	%
February 28, 2025	$	53.23	$	40.72	$	50.04	$	44.19		6.36	%		(7.85	)%
November 30, 2024	$	53.44	$	39.89	$	51.30	$	40.54		4.17	%		(1.60	)%
August 31, 2024	$	43.23	$	34.97	$	43.37	$	38.21		(0.32	)%		(8.48	)%
May 31, 2024	$	41.82	$	36.30	$	44.41	$	40.60		(5.83	)%		(10.59	)%
February 29, 2024	$	36.36	$	32.87	$	39.76	$	37.06		(8.55	)%		(11.31	)%

As of November 30, 2025, the net asset value of the Fund’s common shares was $50.52 per common share, and the last reported sale price for the Fund’s common shares on the NYSE was $50.31 per common share, representing a discount to net asset value of (0.42)%. The Fund cannot predict whether its common shares will trade in the future at a premium to or discount from net asset value, or the level of any premium or discount. Shares of closed-end investment companies frequently trade at a discount from net asset value. As of November 30, 2025, 5,660,506 common shares of the Fund were outstanding.

Capitalization

The following information regarding the Fund’s authorized shares is as of November 30, 2025:

Title of Class	Amount Authorized	Amount Held by Fund for its own Account	Amount Outstanding Exclusive of Amounts held by Fund
Common Shares of Beneficial Interest	Unlimited	None	5,660,506

INVESTMENT OBJECTIVE AND POLICIES

Investment Objective

The Fund’s investment objective is to seek a high total return with an emphasis on current income. There can be no assurance that the Fund’s investment objective will be achieved.

Principal Investment Policies

The Fund pursues its investment objective by investing, under normal market conditions, at least 80% of its Managed Assets, in a portfolio of equity and debt securities of infrastructure companies, including energy infrastructure companies, industrial infrastructure companies, sustainable infrastructure companies and technology and communication infrastructure companies (the “80% policy”).

The infrastructure investment landscape is rapidly evolving due to technological advancement and obsolescence. While some energy and industrial infrastructure companies (sometimes referred to as “traditional” infrastructure companies) are now in their maturity phase, many traditional infrastructure companies have become leaders in implementing technological innovations. The Fund’s next generation focus within the infrastructure investment landscape consists of these innovative infrastructure companies along with sustainable infrastructure companies and technology and communication infrastructure companies. Similar to traditional infrastructure assets, which provide the underlying foundation of basic services, facilities and institutions and are often said to form the “backbone” of the economy, technology and communication infrastructure assets provide the underlying foundation of the data that drives the modern knowledge economy.

The Fund considers an infrastructure company to be any company that has at least 50% of its assets, income, revenue, sales or profits committed to or derived from the ownership, operation, management, construction, development, servicing or financing of infrastructure assets. Infrastructure assets include energy and industrial infrastructure assets, sustainable infrastructure assets and technology and communication infrastructure assets. Energy and industrial infrastructure assets are physical structures, networks and systems of transportation, energy, water and sewage, security and communications. Examples of energy and industrial infrastructure assets include toll roads, bridges, and tunnels; airports, seaports, railroads, electricity transmission, and distribution lines; facilities used in gathering, treating, processing, fractionation, transportation and storage of hydrocarbon products; water and sewage treatment facilities and distribution pipelines; communication towers, cables, and satellites; and security systems related to the foregoing assets. Sustainable infrastructure assets include renewable energy infrastructure assets such as power generation from renewable and other clean energy sources, including utility scale and distributed solar power, wind, hydroelectric and geothermal power, renewable energy storage and electric vehicle charging networks, as well as waste collection and recycling, water purification and desalinization. Technology and communication infrastructure assets consist of assets, systems and technologies that collect, enable, analyze, optimize, automate, transmit and secure the data that allows businesses and other organizations to operate. Examples of technology and communications infrastructure assets include: data centers, cloud, hosting, and database systems, transactional and financial backend systems, customer relationship management systems, smart city technologies, network security and cybersecurity, automation systems, human resource and workforce management and industry specific infrastructure software.

The Fund invests at least 25% of its assets in companies operating in the energy and energy infrastructure sectors. The Fund invests no more than 25% of its Managed Assets in securities of energy MLPs that are “qualified publicly traded partnerships” under the Internal Revenue Code of 1986, as amended (the “Code”).

The Fund generally seeks to invest in no more than 10% of its Managed Assets in any one issue and no more than 20% of Managed Assets in any one issuer, in each case, determined at the time of investment. For purposes of this limit with respect to an investment in an MLP, an “issuer” includes both an issuer and its controlling general partner, managing member or sponsor, and an “issue” is a class of an issuer’s securities or a derivative security that tracks that class of securities.

The Fund invests up to 25% of its Managed Assets in unregistered or otherwise restricted securities, including securities issued by private companies.

The Fund invests, without limitation, in debt securities rated, at the time of investment, at least (i) B3 by Moody’s Investors Service, Inc. (“Moody’s”), (ii) B- by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings (“Fitch”), or (iii) a comparable rating by another rating agency, and invests no more than 5% of its Managed Assets in debt securities rated below B3 by Moody’s, B- by S&P or Fitch or a comparable rating by another rating agency. Therefore, the Fund may invest in below investment grade debt securities. A debt security is considered below investment grade if it is rated below Baa3- by Moody’s or below BBB- by S&P or Fitch or a comparable rating by another rating agency. Below investment grade debt securities are often referred to as “high yield” securities or “junk bonds.” Below investment grade debt securities are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal. Debt securities in which the Fund invests may be of any maturity.

The Fund invests in non-U.S. securities, including securities of issuers in emerging markets. The Fund’s investments in non-U.S. securities also includes non-U.S. securities represented by American Depositary Receipts (“ADRs”), which are certificates evidencing ownership of shares of a non-U.S. issuer that are issued by depositary banks and generally trade on an established market in the United States or elsewhere.

The Fund invests in issuers of any market capitalization size.

The Fund may seek to hedge risks to the portfolio, including market risk, interest rate risk, currency risk and commodity price risk, as deemed prudent by the Investment Adviser. For a discussion of the instruments and techniques the Fund may use to implement hedging strategies, see “Additional Information (Unaudited)—The Fund’s Investments—Strategic Transactions.”

The Fund does not invest directly in commodities.

The Fund’s investment objective and percentage parameters, including its 80% policy, are not fundamental policies of the Fund and may be changed without shareholder approval. Shareholders, however, will be notified in writing of any change at least 60 days prior to effecting any such change.

As used in this Annual Report (except as noted below), “Managed Assets” means the total assets of the Fund, minus all accrued expenses incurred in the normal course of operations other than liabilities or obligations attributable to investment leverage, including, without limitation, investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of shares of preferred stock (“preferred shares”) or other similar preference securities and/or (iii) the reinvestment of collateral received for securities loaned in accordance with the Fund’s investment objective and policies. Solely for purposes of the Fund’s 80% policy, “Managed Assets” means net assets, plus the amount of any borrowings for investment purposes.

THE FUND’S INVESTMENTS

Energy Companies

The Fund invests in equity and debt securities of energy supply chain and energy services companies, including companies that operate assets used in gathering, transporting, processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids, crude oil or refined petroleum products.

The energy supply chain companies in which the Fund will invest will primarily include:

●

Upstream Energy Companies, which are businesses engaged in energy exploration and production, including, among others, crude oil, natural gas and natural gas liquids (“NGLs”);

●

Midstream Energy Companies, which are businesses engaged in the gathering, transportation, processing, fractionation, refining and storage of crude oil, natural gas and natural gas liquids or refined petroleum products; and

●

Downstream Energy Companies, which are businesses engaged in the marketing and distribution of refined energy products, such as petroleum, liquefied petroleum gas (“LPG”), fuel oils, lubricants, plastics and other chemicals, fertilizer and natural gas to retail customers and industrial end-users.

Oil and gas services companies in which the Fund will invest include extractive logistics companies engaged in the delivery and sale of petroleum products such as diesel fuel and lubricating oil, antifreeze, methanol and other chemicals to customers engaged in drilling, exploration and production and mining activities. Industrial Companies

The Fund will invest in equity and debt securities of companies that the Investment Adviser expects to benefit from lower costs of energy and feedstock (i.e. the material to supply or fuel an industrial process) relative to competitors, including energy-intensive chemical, metal and industrial manufacturing companies and engineering and construction (“E&C”) companies. For instance, feedstocks such as natural gas play a crucial role in chemical production. As a result, competitive edge may be gained by chemical production companies that benefit from a lower cost of natural gas compared to their competitors.

Master Limited Partnerships

The Fund may invest up to 25% of the value of its Managed Assets in MLPs that are “qualified publicly traded partnerships” under the Code. MLPs are formed as limited partnerships or limited liability companies and taxed as partnerships for U.S. federal income tax purposes. The securities issued by many MLPs are listed and traded on a U.S. exchange. An MLP typically issues general partner and limited partner interests or managing member and member interests. The general partner or managing member manages and often controls, has an ownership stake in, and may receive incentive distribution payments from, the MLP. If publicly traded, to be treated as a partnership for U.S. federal income tax purposes, an MLP must derive at least 90% of its gross income for each taxable year from qualifying sources as described in Section 7704 of the Code. These qualifying sources include natural resources-based activities such as the exploration, development, mining, production, processing, refining, transportation, storage and certain marketing of mineral or natural resources.

The general partner or managing member may be structured as a private or publicly-traded corporation or other entity. The general partner or managing member typically controls the operations and management of the entity and has an up to 2% general partner or managing member interest in the entity plus, in many cases, ownership of some percentage of the outstanding limited partner or member interests. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions.

Due to their structure as partnerships for U.S. federal income tax purposes and the expected character of their income, MLPs generally do not pay federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate distributions). Currently, most MLPs operate in the energy and midstream, natural resources, shipping or real estate sectors.

Equity securities issued by MLPs typically consist of common and subordinated units (which represent the limited partner or member interests) and a general partner or managing member interest.

For purposes of the Fund’s policy with respect to investments in any single issue or issuer, an MLP “issuer” includes both an MLP issuer and its controlling general partner, managing member or sponsor and an MLP “issue” is a class of an issuer’s securities or a derivative security that tracks that class of securities.

Restricted Securities

The Fund invests up to 25% of its Managed Assets in unregistered or otherwise restricted securities, including securities issued by private companies. “Restricted securities” are securities that are unregistered, held by control persons of the issuer or are subject to contractual restrictions on resale. The Fund will typically acquire restricted securities in directly negotiated transactions. The Fund’s investments in restricted securities may include privately issued securities of both public and private issuers.

Debt Securities

The Fund invests in debt securities rated, at the time of investment, at least (i) B3 by Moody’s, (ii) B- by S&P or Fitch, or (iii) a comparable rating by another rating agency, and invests no more than 5% of its Managed Assets in debt securities rated below B3 by Moody’s, B- by S&P or Fitch or a comparable rating by another rating agency. Therefore, the Fund may invest in below investment grade debt securities. A debt security is considered below investment grade if it is rated below Baa3- by Moody’s or below BBB- by S&P or Fitch or a comparable rating by another rating agency. Below investment grade debt securities are often referred to as “high yield” securities or “junk bonds.” Below investment grade debt securities are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal. Debt securities in which the Fund invests may be of any maturity.

The credit quality policies noted above apply only at the time a security is purchased, and the Fund is not required to dispose of a security in the event that a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining whether to retain or sell such a security, the Investment Adviser may consider such factors as the Investment Adviser’s assessment of the credit quality of the issuer of such security, the price at which such security could be sold and the rating, if any, assigned to such security by other rating agencies. Rating agencies are private services that provide ratings of the credit quality of debt obligations. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risks or the liquidity of securities. Rating agencies may fail to make timely changes in credit ratings; and an issuer’s current financial condition may be better or worse than a rating indicates. To the extent that the issuer of a security pays a rating agency for the analysis of its security, an inherent conflict of interest may exist that could affect the reliability of the rating. See “Appendix A: Description of Securities Ratings” in the Fund’s SAI.

Preferred Stock

Preferred stock generally has a preference as to distributions and upon liquidation over an issuer’s common stock but ranks junior to other income securities in an issuer’s capital structure. Preferred stock generally pays distributions in cash (or additional shares of preferred stock) at a defined rate but, unlike interest payments on other income securities, preferred stock distributions are payable only if declared by the issuer’s board of directors. distributions on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more distribution payments on the preferred stock, no distributions may be paid on the issuer’s common stock until all unpaid preferred stock distributions have been paid. Preferred stock also may provide that, in the

event the issuer fails to make a specified number of distribution payments, the holders of the preferred stock will have the right to elect a specified number of directors to the issuer’s board. Preferred stock also may be subject to optional or mandatory redemption provisions.

Convertible Securities

A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the distribution paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security’s investment value. Convertible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument.

Non-U.S. Securities

The Fund may invest in non-U.S. securities, including securities of issuers in emerging markets.

Options

An option is a contract that gives the holder of the option the right, but not the obligation, to buy from (in the case of a call option) or sell to (in the case of a put option) the seller of the option (the “option writer”) the underlying security at a specified fixed price (the “exercise price”) prior to a specified date (the “expiration date”). The buyer of the option pays to the option writer the option premium, which represents the purchase price of the option.

Exchange-traded options are issued by a regulated intermediary such as the Options Clearing Corporation (“OCC”), which guarantees the performance of the obligations of the parties to such option. OTC options are purchased from or sold to counterparties through direct bilateral agreement between the counterparties. Certain options, such as options on individual securities, are settled through physical delivery of the underlying security, whereas other options, such as index options, are settled in cash in an amount based on the value of the underlying instrument multiplied by a specified multiplier.

Writing Options

The Fund may write call and put options. As the writer of a call option, the Fund receives the premium from the purchaser of the option and has the obligation, upon exercise of the option, to deliver the underlying security upon payment of the exercise price. If the option expires without being exercised the Fund is not required to deliver the underlying security but retains the premium received.

The Fund may write call options that are “covered.” A call option on a security is covered if (a) the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is required, such amount is maintained by the Fund in segregated liquid assets) upon conversion or exchange of other securities held by the Fund; or (b) the Fund has purchased a call on the underlying security, the exercise price of which is equal to or less than the exercise price of the call written

Selling call options involves the risk that the Fund may be required to sell the underlying security at a disadvantageous price, below the market price of such security, at the time the option is exercised. As the writer of a covered call option, the Fund gives up the opportunity during the option’s life to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call, but the Fund retains the risk of loss should the price of the underlying security decline.

The Fund may also write uncovered call options (i.e., where the Fund does not own the underlying security or index). Similar to a naked short sale, writing an uncovered call creates the risk of an unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost of buying those securities to cover the call option if it is exercised before it expires. There can be no assurance that the securities necessary to cover the call option will be available for purchase. Purchasing securities to cover an uncovered call option can itself cause the price of the securities to rise, further exacerbating the loss.

The Fund may write put options. As the writer of a put option, the Fund receives the premium from the purchaser of the option and has the obligation, upon exercise of the option, to pay the exercise price and receive delivery of the underlying security. If the option expires without being exercised, the Fund is not required to receive the underlying security in exchange for the exercise price but retains the option premium.

The Fund may write put options that are “covered.” A put option on a security is covered if the Fund has purchased a put on the same security as the put written, the exercise price of which is equal to or greater than the exercise price of the put written.

Selling put options involves the risk that the Fund may be required to buy the underlying security at a disadvantageous price, above the market price of such security, at the time the option is exercised. While the Fund’s potential gain in writing a covered put option is limited to the premium received, the Fund’s risk of loss is equal to the entire value of the underlying security, offset only by the amount of the premium received.

The Fund may also write uncovered put options. The seller of an uncovered put option theoretically could lose an amount equal to the entire aggregate exercise price of the option if the underlying security were to become valueless.

The Fund may close out an options position which it has written through a closing purchase transaction. The Fund would execute a closing purchase transaction with respect to a call option written by purchasing a call option on the same underlying security and having the same exercise price and expiration date as the call option written by the Fund. The Fund would execute a closing purchase transaction with respect to a put option written by purchasing a put option on the same underlying security and having the same exercise price and expiration date as the put option written by the Fund. A closing purchase transaction may or may not result in a profit to the Fund. The Fund could close out its position as an option writer only if a liquid secondary market exists for options of that series and there is no assurance that such a market will exist with respect to any particular option.

The writer of an option generally has no control over the time when the option is exercised and the option writer is required to deliver or acquire the underlying security. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option. Thus, the use of options may require the Fund to buy or sell portfolio securities at inopportune times or for prices other than the current market values of such securities, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold a security that it might otherwise sell.

Purchasing Options

The Fund may purchase call and put options. As the buyer of a call option, the Fund pays the premium to the option writer and has the right to purchase the underlying security from the option writer at the exercise price. If the market price of the underlying security rises above the exercise price, the Fund could exercise the option and acquire the underlying security at a below market price, which could result in a gain to the Fund, minus the premium paid. As the buyer of a put option, the Fund pays the premium to the option writer and has the right to sell the underlying security to the option writer at the exercise price. If the market price of the underlying

security declines below the exercise price, the Fund could exercise the option and sell the underlying security at an above market price, which could result in a gain to the Fund, minus the premium paid. The Fund may buy call and put options whether or not it holds the underlying securities.

As a buyer of a call or put option, the Fund may sell put or call options that it has purchased at any time prior to such option’s expiration date through a closing sale transaction. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the underlying security in relation to the exercise price of the option, the volatility of the underlying security, the underlying security’s dividend policy, and the time remaining until the expiration date. A closing sale transaction may or may not result in a profit to the Fund. The Fund’s ability to initiate a closing sale transaction is dependent upon the liquidity of the options market and there is no assurance that such a market will exist with respect to any particular option. If the Fund does not exercise or sell an option prior to its expiration date, the option expires and becomes worthless.

OTC Options

Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size and strike price, the terms of OTC options generally are established through negotiation between the parties to the options contract. This type of arrangement allows the purchaser and writer greater flexibility to tailor the option to their needs. OTC options are available for a greater variety of securities or baskets of securities, and in a wider range of expiration dates and exercise prices than exchange-traded options. However, unlike exchange-traded options, which are issued and guaranteed by a regulated intermediary, such as the OCC, OTC options are entered into directly with the counterparty. Unless the counterparties provide for it, there is no central clearing or guaranty function for an OTC option. Therefore, OTC options are subject to the risk of default or non-performance by the counterparty. Accordingly, the Investment Adviser must assess the creditworthiness of the counterparty to determine the likelihood that the terms of the option will be satisfied. There can be no assurance that a continuous liquid secondary market will exist for any particular OTC option at any specific time. As a result, the Fund may be unable to enter into closing sale transactions with respect to OTC options.

Index Options

Call and put options on indices operate similarly to options on securities. Rather than the right to buy or sell a single security at a specified price, options on an index give the holder the right to receive, upon exercise of the option, an amount of cash determined by reference to the value of the underlying index. The underlying index may be a broad-based index or a narrower market index. Unlike options on securities, all settlements are in cash. The settlement amount, which the writer of an index option must pay to the holder of the option upon exercise, is generally equal to the difference between the fixed exercise price of the option and the value of the underlying index, multiplied by a specified multiplier. The multiplier determines the size of the investment position the option represents. Gain or loss to the Fund on index options transactions will depend on price movements in the underlying securities market generally or in a particular segment of the market rather than price movements of individual securities. As with other options, the Fund may close out its position in index options through closing purchase transactions and closing sale transactions provided that a liquid secondary market exists for such options.

Index options written by the Fund may be covered in a manner similar to the covering of other types of options, by holding an offsetting financial position. The Fund may cover call options written on an index by owning securities whose price changes, in the opinion of the Investment Adviser, are expected to correlate to those of the underlying index.

Foreign Currency Options

Options on foreign currencies operate similarly to options on securities. Rather than the right to buy or sell a single security at a specified price, options on foreign currencies give the holder the right to buy or sell foreign currency for a fixed amount in U.S. dollars. Options on foreign currencies are traded primarily in the OTC

market, but may also be traded on United States and foreign exchanges. The value of a foreign currency option is dependent upon the value of the underlying foreign currency relative to the U.S. dollar. The price of the option may vary with changes in the value of either or both currencies and has no relationship to the investment merits of a foreign security. Options on foreign currencies are affected by all of those factors which influence foreign exchange rates and foreign investment generally. As with other options, the Fund may close out its position in foreign currency options through closing purchase transactions and closing sale transactions provided that a liquid secondary market exists for such options. Foreign currency options written by the Fund may be covered in a manner similar to the covering of other types of options, by holding an offsetting financial position.

Additional Risks of Options Transactions

The risks associated with options transactions are different from, and possibly greater than, the risks associated with investing directly in the underlying instruments. Options are highly specialized instruments that require investment techniques and risk analyses different from those associated with other portfolio investments. The use of options requires an understanding not only of the underlying instrument but also of the option itself. Options may be subject to the risk factors generally applicable to derivatives transactions described herein, and may also be subject to certain additional risk factors, including:

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The exercise of options written or purchased by the Fund could cause the Fund to sell portfolio securities, thus increasing the Fund’s portfolio turnover.

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The Fund pays brokerage commissions each time it writes or purchases an option or buys or sells an underlying security in connection with the exercise of an option. Such brokerage commissions could be higher relative to the commissions for direct purchases of sales of the underlying securities.

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The Fund’s options transactions may be limited by limitations on options positions established by the exchanges on which such options are traded.

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The hours of trading for exchange listed options may not coincide with the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying securities that cannot be reflected in the options markets.

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Index options based upon a narrower index of securities may present greater risks than options based on broad market indexes, as narrower indexes are more susceptible to rapid and extreme fluctuations as a result of changes in the values of a small number of securities.

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The Fund is subject to the risk of market movements between the time that an option is exercised and the time of performance thereunder, which could increase the extent of any losses suffered by the Fund in connection with options transactions.

Other Investment Companies

The Fund invests in securities of other closed-end or open-end investment companies (including ETFs) that invest primarily in companies in which the Fund is permitted to invest directly to the extent permitted by the 1940 Act. The Fund may invest in other investment companies during periods when it has large amounts of uninvested cash, such as the period shortly after the Fund receives the proceeds of the offering of its Securities, during periods when there is a shortage of attractive infrastructure company securities available in the market, or when the Investment Adviser believes share prices of other investment companies offer attractive values. The Fund invests in investment companies that are advised by the Investment Adviser or its affiliates only to the extent permitted by applicable law and/or pursuant to exemptive relief from the SEC. As a stockholder in an investment company, the Fund will bear its ratable share of that investment company’s expenses, and would remain subject to payment of the Fund’s management fees and other expenses with respect to assets so invested. Common shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The Investment Adviser will take expenses into account when evaluating the investment

merits of an investment in an investment company relative to other available investments. To the extent that the Fund invests in investment companies that invest primarily in infrastructure companies, such investments will be counted for purposes of the Fund’s 80% policy.

Exchange-Traded Notes

Exchange traded notes are typically unsecured, unsubordinated debt securities that trade on a securities exchange and are designed to replicate the returns of market benchmarks minus applicable fees. To the extent that the Fund invests in ETNs that are designed to replicate indices comprised primarily of securities issued by infrastructure companies, such investments will be counted for purposes of the Fund’s 80% policy.

New Securities and Other Investment Techniques

New types of securities and other investment and hedging practices are developed from time to time. The Investment Adviser expects, consistent with the Fund’s investment objective and policies, to invest in such new types of securities and to engage in such new types of investment practices if the Investment Adviser believes that these investments and investment techniques may assist the Fund in achieving its investment objective. In addition, the Investment Adviser may use investment techniques and instruments that are not specifically described herein.

Use of Arbitrage and Other Strategies.

The Fund may use short sales, arbitrage and other strategies to try to generate additional return. As part of such strategies, the Fund may engage in paired long-short trades to arbitrage pricing disparities in securities issued by midstream energy companies, write (or sell) covered call options on the securities of midstream energy companies or other securities held in its portfolio, write (or sell) uncovered call options on the securities of midstream energy companies, purchase call options or enter into swap contracts to increase its exposure to midstream energy companies, or sell securities short. With a long position, the Fund purchases a stock outright, but with a short position, it would sell a security that it does not own and must borrow to meet its settlement obligations. The Fund will realize a profit or incur a loss from a short position depending on whether the value of the underlying stock decreases or increases, respectively, between the time the stock is sold and when the Fund replaces the borrowed security. To increase its exposure to certain issuers, the Fund may purchase call options or use swap agreements. The Fund expects to use these strategies on a limited basis. See “Additional Information (Unaudited)—Risks—Short Sales Risk” and “—Strategic Transactions Risk.”

Lending of Portfolio Securities

The Fund may lend its portfolio securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to 102% of the value of the securities loaned. The Fund would continue to receive the equivalent of the interest or distributions paid by the issuer on the securities loaned and would also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. The Fund may pay reasonable fees for services in arranging these loans. The Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not more than five (5) business days. The Fund would not have the right to vote the securities during the existence of the loan but would call the loan to permit voting of the securities, if, in the Investment Adviser’s judgment, a material event requiring a shareholder vote would otherwise occur before the loans were repaid. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights to the collateral or loaned securities, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights.

Temporary Defensive Investments

When adverse market, economic, political or other conditions dictate a more defensive investment strategy, the Fund may, on a temporary basis, hold cash or invest a portion or all of its assets in money-market instruments, including obligations of the U.S. government, its agencies or instrumentalities, other high-quality debt securities, including prime commercial paper, repurchase agreements and bank obligations, such as bankers’ acceptances and certificates of deposit. Under normal market conditions, the potential for capital appreciation on these securities will tend to be lower than the potential for capital appreciation on other securities that may be owned by the Fund. In taking such a defensive position, the Fund would temporarily not be pursuing its principal investment strategies and may not achieve its investment objective.

Portfolio Turnover

Portfolio turnover rate is not considered a limiting factor in the Investment Adviser’s execution of investment decisions. The Fund anticipates that its annual portfolio turnover rate may vary greatly from year to year. For the fiscal years ended November 30, 2025 and November 30, 2024, the Fund’s portfolio turnover rate was approximately 76.39%¹ and 127.04%, respectively. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.

Investment Restrictions

The Fund operates under the following restrictions that constitute fundamental policies that, except as otherwise noted, cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund voting together as a single class, which is defined by the 1940 Act as the lesser of (i) 67% or more of the Fund’s voting securities present at a meeting, if the holders of more than 50% of the Fund’s outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the Fund’s outstanding voting securities. Except as otherwise noted, all percentage limitations set forth below apply immediately after a purchase or initial investment and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action. These restrictions provide that the Fund shall not:

Issue senior securities nor borrow money, except the Fund may issue senior securities or borrow money to the extent permitted by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time.

Act as an underwriter of securities issued by others, except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an underwriter under applicable securities laws.

Invest in any security if, as a result, 25% or more of the value of the Fund’s total assets, taken at market value at the time of each investment, are in the securities of issuers in any particular industry, except as otherwise provided by (i) the 1940 Act, as amended from time to time, (ii) the rules and regulations promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii) an exemption or other relief applicable to the

SEC Form N-CSR filed by NXG NextGen Infrastructure Income Fund