Infrastructure Capital Small Cap Income ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 98.0%

Shares  

Value  
Aerospace & Defense - 8.4%

Huntington Ingalls Industries, Inc. (a)(b)

            2,175

    $        633,360
Lockheed Martin Corp. (b)(c)

            540

             303,064
Moog, Inc. - Class A (b)

            500

             185,750
StandardAero, Inc. (a)(c)(d)

            22,470

             550,290




             1,672,464






Banks - 5.4%

Bank of NT Butterfield & Son Ltd. (b)

            9,763

             574,845
East West Bancorp, Inc.

            500

             63,430
Hope Bancorp, Inc.

            7,300

             100,667
Popular, Inc. (b)

            2,000

             336,380




             1,075,322






Beverages - 3.7%

Celsius Holdings, Inc. (a)(c)(d)

            23,139

             727,722






Biotechnology - 3.6%

Halozyme Therapeutics, Inc. (c)(d)

            6,730

             716,678






Capital Markets - 5.8%

Houlihan Lokey, Inc. (a)

            1,810

             241,255
Piper Sandler Cos. (a)(c)

            7,600

             570,456
StoneX Group, Inc. (d)

            5,000

             342,400




             1,154,111






Chemicals - 4.0%

AdvanSix, Inc.

            9,748

             163,864
Avient Corp. (a)(b)(c)

            14,068

             619,836
Solstice Advanced Materials, Inc.

            246

             15,594




             799,294






Electric Utilities - 3.1%

Otter Tail Corp. (a)

            6,794

             614,653






Electronic Equipment, Instruments & Components - 4.5%

Mirion Technologies, Inc. (a)(c)(d)

            30,400

             458,128
Sanmina Corp. (a)(d)

            2,269

             446,358




             904,486






Financial Services - 3.2%

Apollo Global Management, Inc. (a)(c)

            3,365

             459,602
Western Union Co.

            24,887

             178,191




             637,793






Health Care Equipment & Supplies - 0.5%

Artivion, Inc. (d)

            3,925

             105,936






Health Care Providers & Services - 0.5%

Hinge Health, Inc. - Class A (d)

            1,178

             109,036








Hotel & Resort REITs - 2.6%

Braemar Hotels & Resorts, Inc. (a)

            254,658

             514,409
Park Hotels & Resorts, Inc.

            25

             383




             514,792






Hotels, Restaurants & Leisure - 7.0%

DraftKings, Inc. - Class A (a)(d)

            19,437

             472,125
Genius Sports Ltd. (a)(d)

            49,548

             367,646
Wynn Resorts Ltd. (a)(c)

            6,039

             551,240




             1,391,011






Household Durables - 5.6%

KB Home (a)(b)(c)

            11,630

             619,879
Toll Brothers, Inc. (b)(c)

            3,500

             502,075




             1,121,954






Insurance - 0.4%

Brighthouse Financial, Inc. (b)(d)

            1,529

             81,068






IT Services - 2.4%

GoDaddy, Inc. - Class A (a)(c)(d)

            4,851

             474,816






Life Sciences Tools & Services - 1.6%

Stevanato Group SpA

            14,906

             319,436






Machinery - 2.0%

CECO Environmental Corp. (a)(d)

            5,630

             400,856






Media - 2.1%

New York Times Co. - Class A (a)(c)

            6,082

             409,136






Metals & Mining - 1.6%

Equinox Gold Corp. (c)

            2,708

             34,825
Hudbay Minerals, Inc. (a)(c)

            9,664

             276,970




             311,795






Mortgage REITs - 2.1%

AGNC Investment Corp. (c)

            12,638

             135,606
Rithm Capital Corp. (a)

            27,723

             278,061




             413,667






Multi-Utilities - 2.2%

Northwestern Energy Group, Inc. (a)

            6,414

             443,592






Office REITs - 2.0%

Kilroy Realty Corp. (b)

            10,860

             394,218






Oil, Gas & Consumable Fuels - 7.9%

Chord Energy Corp.

            557

             81,940
DT Midstream, Inc. (a)

            1,200

             157,224
Gulfport Energy Corp. (d)

            1,865

             334,674
HF Sinclair Corp.

            432

             43,896
Plains GP Holdings LP (a)

            7,000

             197,540
SM Energy Co. (b)(c)

            20,680

             768,882




             1,584,156








Pharmaceuticals - 1.7%

ANI Pharmaceuticals, Inc. (d)

            4,650

             340,612






Semiconductors & Semiconductor Equipment - 8.2%

Cohu, Inc. (d)

            2,000

             92,200
Diodes, Inc. (d)

            1,000

             90,800
Marvell Technology, Inc. (c)

            2,650

             560,899
MKS, Inc. (b)(c)

            1,472

             377,185
Semtech Corp. (a)(d)

            3,876

             515,353




             1,636,437






Textiles, Apparel & Luxury Goods - 3.2%

Kontoor Brands, Inc. (a)(b)(c)

            8,512

             641,890






Trading Companies & Distributors - 2.7%

Herc Holdings, Inc. (a)(c)

            3,500

             533,190
TOTAL COMMON STOCKS (Cost $19,469,133)

             19,530,121






PREFERRED STOCKS - 9.9%

Shares  

Value  
Banks - 0.9%

Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. SOFR + 3.82%, Perpetual Maturity (a)(e)

            7,500

             180,000






Capital Markets - 1.6%

DigitalBridge Group, Inc., Series I, 7.15%, Perpetual Maturity (a)

            20,161

             306,850






Financial Services - 0.9%

Compass Diversified Holdings

–

$–
Series A, 7.25%, Perpetual Maturity

            870

             17,217
Series B, 7.88% to 4/30/2028 then 3 mo. SOFR + 4.99%, Perpetual Maturity (a)(e)

            7,233

             161,079





             178,296






Insurance - 1.9%

Brighthouse Financial, Inc.

–

$–
Series B, 6.75%, Perpetual Maturity (a)

            12,919

             190,038
Series C, 5.38%, Perpetual Maturity (a)

            16,163

             190,562





             380,600






Mortgage REITs - 3.1%

AGNC Investment Corp., Series D, 8.35% (3 mo. Term SOFR + 4.59%), Perpetual Maturity (a)(b)

            10,963

             276,268
Chimera Investment Corp., Series B, 9.78% (3 mo. Term SOFR + 6.05%), Perpetual Maturity (a)

            10,375

             257,923
TPG Mortgage Investment Trust, Inc., Series B, 8.00%, Perpetual Maturity (a)

            4,327

             91,083





             625,274






Software - 1.5%

Strategy, Inc., Series A, 10.00%, Perpetual Maturity

            4,134

             299,715
TOTAL PREFERRED STOCKS (Cost $2,005,059)

             1,970,735






CONVERTIBLE PREFERRED STOCKS - 6.7%

Shares  

Value  
Capital Markets - 3.6%

KKR & Co., Inc., Series D, 6.25%, 03/01/2028 (a)(b)

            14,752

             717,242






Chemicals - 0.8%

Albemarle Corp., 7.25%, 03/01/2027 (a)

            3,000

             164,430








Household Durables - 0.6%

Whirlpool Corp., Series A, 8.50%, 02/15/2029 (a)

            3,500

             121,450






Software - 1.7%

Oracle Corp., Series D, 6.50%, 01/15/2029 (b)

            7,200

             336,096
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,527,296)

             1,339,218






EXCHANGE TRADED FUNDS - 3.7%

Shares  

Value  
iShares Russell 2000 ETF (a)(c)

            2,500

             734,825
TOTAL EXCHANGE TRADED FUNDS (Cost $754,769)

             734,825






BABY BONDS - 3.4% (f)

Shares  

Value  
Mortgage REITs - 0.2%

Redwood Trust, Inc., 9.13%, 03/01/2030

            1,885

             44,354






Telecommunications Resellers - 3.2%

Qwest Corp.

–

$–
6.75%, 06/15/2052

            22,903

             395,306
6.50%, 09/01/2051

            14,717

             245,627





             640,933
TOTAL BABY BONDS (Cost $688,370)

             685,287






PURCHASED OPTIONS(d) - 0.0% (g)
Notional Amount  

Contracts(h)  

Value  
Call Options - 0.0% (g)




iShares Russell 2000 ETF




Expiration: 09/18/2026; Exercise Price: $350.00
     $        1,469,650

            50

             25
Expiration: 09/18/2026; Exercise Price: $360.00
             2,939,300

            100

             50
Expiration: 10/16/2026; Exercise Price: $365.00
             4,408,950

            150

             150
Expiration: 11/20/2026; Exercise Price: $385.00
             4,408,950

            150

             300
TOTAL PURCHASED OPTIONS (Cost $37,344)

             525






SHORT-TERM INVESTMENTS - 0.1%
Shares  

Value  
Money Market Funds - 0.1%




First American Government Obligations Fund - Class X, 3.59% (i)

            16,153

             16,153
First American Treasury Obligations Fund - Class X, 3.60% (i)

            5,384

             5,384
TOTAL SHORT-TERM INVESTMENTS (Cost $21,537)

             21,537






TOTAL INVESTMENTS - 121.8% (Cost $24,503,508)

             24,282,248
Liabilities in Excess of Other Assets - (21.8)%
(0.21772)
            (4,341,570)
TOTAL NET ASSETS - 100.0%




    $        19,940,678


Percentages are stated as a percent of net assets.




ETF – Exchange Traded Fund
REIT - Real Estate Investment Trust
SOFR - Secured Overnight Financing Rate
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use.






(a)

All or a portion of this security has been committed as collateral for a borrowing facility. The total value of assets committed as collateral as of August 31, 2026 was $12,373,023.
(b)

All or a portion of this security has been committed as collateral for open written options contracts. The total value of assets committed as collateral as of August 31, 2026 was $3,907,197.
(c)

Held in connection with written option contracts. See Schedule of Written Options for further information.
(d)

Non-income producing security.
(e)

This security has a fixed-to-variable rate feature.
(f)

Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.
(g)

Represents less than 0.05% of net assets.
(h)

100 shares per contract.
(i)

The rate shown represents the 7-day annualized yield as of August 31, 2026.

























































Infrastructure Capital Small Cap Income ETF
Schedule of Written Options
August 31, 2026 (Unaudited)

WRITTEN OPTIONS(b) - (0.2)%
Notional Amount

Contracts(a)

Value
Written Call Options - (0.2)%
AGNC Investment Corp.
        Expiration: 10/16/2026; Exercise Price: $11.00
    $        (107,300)

(100)

    $        (1,500)
Apollo Global Management, Inc.
        Expiration: 09/18/2026; Exercise Price: $150.00
             (136,580)

(10)

             (670)
Avient Corp.
         Expiration: 09/18/2026; Exercise Price: $45.00
             (220,300)

(50)

             (3,125)
Celsius Holdings, Inc.





Expiration: 09/04/2026; Exercise Price: $29.00
             (157,250)

(50)

             (12,300)
Expiration: 09/18/2026; Exercise Price: $42.00
             (94,350)

(30)

             (270)
Equinox Gold Corp.
         Expiration: 09/18/2026; Exercise Price: $17.50
             (32,150)

(25)

             (63)
GoDaddy, Inc.
         Expiration: 09/18/2026; Exercise Price: $115.00
             (97,880)

(10)

             (475)
Halozyme Therapeutics, Inc.
         Expiration: 09/18/2026; Exercise Price: $120.00
             (319,470)

(30)

             (675)
Herc Holdings, Inc.





Expiration: 09/18/2026; Exercise Price: $195.00
             (152,340)

(10)

             (200)
Expiration: 09/18/2026; Exercise Price: $200.00
             (304,680)

(20)

             (100)
Hudbay Minerals, Inc.
         Expiration: 09/18/2026; Exercise Price: $35.00
             (272,270)

(95)

             (1,425)
iShares Russell 2000 ETF





Expiration: 09/04/2026; Exercise Price: $309.00
             (734,825)

(25)

             (50)
Expiration: 09/04/2026; Exercise Price: $310.00
             (440,895)

(15)

             (15)
Expiration: 09/04/2026; Exercise Price: $318.00
             (293,930)

(10)

             (10)
Expiration: 09/11/2026; Exercise Price: $310.00
             (734,825)

(25)

             (125)
Expiration: 09/11/2026; Exercise Price: $312.00
             (734,825)

(25)

             (50)
Expiration: 09/18/2026; Exercise Price: $314.00
             (734,825)

(25)

             (150)
Expiration: 09/18/2026; Exercise Price: $316.00
             (734,825)

(25)

             (150)
KB Home





Expiration: 09/18/2026; Exercise Price: $65.00
             (159,900)

(30)

             (300)
Expiration: 09/18/2026; Exercise Price: $70.00
             (266,500)

(50)

             (150)
Kontoor Brands, Inc.
         Expiration: 09/18/2026; Exercise Price: $105.00
             (75,410)

(10)

             (375)
Lockheed Martin Corp.
         Expiration: 09/25/2026; Exercise Price: $605.00
             (280,615)

(5)

             (1,100)
Marvell Technology, Inc.





Expiration: 09/11/2026; Exercise Price: $250.00
             (169,328)

(8)

             (640)
Expiration: 09/18/2026; Exercise Price: $257.50
             (169,328)

(8)

             (904)
Expiration: 09/25/2026; Exercise Price: $270.00
             (169,328)

(8)

             (960)
Mirion Technologies, Inc.





Expiration: 09/18/2026; Exercise Price: $17.50
             (75,350)

(50)

             (400)
Expiration: 09/18/2026; Exercise Price: $20.00
             (150,700)

(100)

             (500)
MKS, Inc.





Expiration: 09/18/2026; Exercise Price: $350.00
             (128,120)

(5)

             (612)
Expiration: 10/16/2026; Exercise Price: $330.00
             (128,120)

(5)

             (1,550)
New York Times Co.





Expiration: 09/18/2026; Exercise Price: $70.00
             (67,270)

(10)

             (600)
Expiration: 09/18/2026; Exercise Price: $72.50
             (336,350)

(50)

             (2,000)
Piper Sandler Cos.
         Expiration: 09/18/2026; Exercise Price: $80.00
             (187,650)

(25)

             (2,000)
SM Energy Co.







Expiration: 09/18/2026; Exercise Price: $40.00
             (185,900)

(50)

             (3,000)
Expiration: 09/18/2026; Exercise Price: $42.50
             (92,950)

(25)

             (675)
Expiration: 10/16/2026; Exercise Price: $47.50
             (92,950)

(25)

             (1,062)
StandardAero, Inc.
         Expiration: 10/16/2026; Exercise Price: $30.00
             (122,450)

(50)

             (750)
Toll Brothers, Inc.





Expiration: 09/18/2026; Exercise Price: $180.00
             (215,175)

(15)

             (150)
Expiration: 10/16/2026; Exercise Price: $170.00
             (143,450)

(10)

             (670)
Wynn Resorts Ltd.





Expiration: 09/11/2026; Exercise Price: $115.00
             (91,280)

(10)

             (1,075)
Expiration: 09/18/2026; Exercise Price: $115.00
             (45,640)

(5)

             (20)
TOTAL WRITTEN OPTIONS (Premiums received $48,369)




    $        (40,846)

ETF – Exchange Traded Fund


(a)

100 shares per contract.
(b)

Non-income producing security.






















Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Infrastructure Capital Small Cap Income ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2026:



Level 1

Level 2

Level 3

Total
Assets:







Investments:







  Common Stocks
    $        19,530,121

$            –

    $        –

    $        19,530,121
  Preferred Stocks
            1,970,735

            –

            –

            1,970,735
  Convertible Preferred Stocks
            1,339,218

            –

            –

            1,339,218
  Exchange Traded Funds
            734,825

            –

            –

            734,825
  Baby Bonds
            685,287

            –

            –

            685,287
  Purchased Options
            –

            525

            –

            525
  Money Market Funds
            21,537

            –

            –

            21,537
Total Investments
    $        24,281,723

    $        525

    $        –

    $        24,282,248








Liabilities:







Investments:







  Written Options
    $        (27,834)

    $        (13,012)

    $        –

    $        (40,846)
Total Investments
    $        (27,834)

    $        (13,012)

    $        –

    $        (40,846)





 

As of the period ended August 31, 2026, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3. Refer to the Fund's Schedule of Investments and Schedule of Written Options for further information on the classification of investments.