Infrastructure Capital Bond Income ETF
Schedule of Investments
August 31, 2026 (Unaudited)
CORPORATE BONDS - 71.1%									Par						Value
Agricultural Operations - 2.9%
Land O' Lakes, Inc.
8.00%, Perpetual Maturity (Callable 10/01/2026) (a)									$        1,203,000						$        1,203,000
7.25%, Perpetual Maturity (Callable 04/04/2027) (a)(b)									756,000						695,520
7.00%, Perpetual Maturity (Callable 09/18/2028) (a)									1,071,000						953,190
															2,851,710
All Other Business Support Services - 2.5%
Crescent Energy Finance LLC, 7.38%, 01/15/2033 (Callable 07/15/2027) (a)(b)									2,429,000						2,481,717
Automobiles - 2.1%
Ford Motor Co., 7.70%, 05/15/2097 (b)									319,000						325,169
General Motors Financial Co., Inc., 5.75% to 09/30/2027 then 3 mo. SOFR + 3.60%, Perpetual Maturity (Callable 09/30/2027) (a)(b)(c)									1,695,000						1,688,285
															2,013,454
Banks - 4.9%
BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual Maturity (Callable 03/30/2030) (a)(b)(c)(d)									2,998,000						3,029,260
Citizens Financial Group, Inc., 6.75% to 10/06/2031 then 5 yr. CMT Rate + 2.38%, Perpetual Maturity (Callable 10/06/2031) (b)(c)									1,795,000						1,777,451
															4,806,711
Broadline Retail - 3.5%
Kohl's Corp.
6.00%, 01/15/2033 (b)									2,360,000						2,057,538
5.55%, 07/17/2045 (Callable 01/17/2045) (b)									1,968,000						1,349,834
															3,407,372
Capital Markets - 1.6%
FS KKR Capital Corp., 7.50%, 08/01/2031 (Callable 05/01/2031)									1,500,000						1,529,138
Chemicals - 5.1%
Chemours Co., 8.00%, 01/15/2033 (Callable 01/15/2028) (a)(b)(d)									3,140,000						3,101,447
FMC Corp., 8.45% to 11/01/2030 then 5 yr. CMT Rate + 4.37%, 11/01/2055 (Callable 08/01/2030) (b)(c)									2,506,000						1,850,782
															4,952,229
Electric Utilities - 1.5%
NRG Energy, Inc., 10.25% to 03/15/2028 then 5 yr. CMT Rate + 5.92%, Perpetual Maturity (Callable 03/15/2028) (a)(b)(c)									1,357,000						1,443,590
Energy - 3.0%
Venture Global LNG, Inc., 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual Maturity (Callable 09/30/2029) (a)(c)(d)									2,855,000						2,891,110
Financials - 2.4%
SBL Holdings, Inc., 6.50% to 11/13/2026 then 5 yr. CMT Rate + 5.62%, Perpetual Maturity (Callable 11/13/2026) (a)(c)(d)									2,623,000						2,383,988
Health Care REITs - 1.0%

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Alexandria Real Estate Equities, Inc., 7.25% to 02/15/2032 then 5 yr. CMT Rate + 2.89%, 02/15/2057 (Callable 11/18/2031) (c)									1,000,000						999,512
Household Durables - 2.5%
Newell Brands, Inc., 7.50%, 04/01/2046 (Callable 10/01/2045) (b)									2,636,000						2,459,818
Independent Power and Renewable Electricity Producers - 2.0%
AES Corp., 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 (Callable 04/15/2030) (b)(c)									2,007,000						1,980,448
Insurance - 0.9%
Lincoln National Corp., 6.36% (3 mo. Term SOFR + 2.62%), 05/17/2066 (Callable 09/16/2026) (b)									1,144,000						905,339
IT Services - 3.5%
CoreWeave, Inc.
9.75%, 10/01/2031 (Callable 10/01/2028) (a)(b)									2,763,000						2,472,023
9.63%, 07/15/2032 (Callable 07/15/2029) (a)									1,125,000						993,352
															3,465,375
Media - 1.2%
Paramount Global, 6.25% to 02/28/2027 then 3 mo. SOFR + 3.90%, 02/28/2057 (Callable 02/28/2027) (b)(c)									1,526,000						1,185,859
Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 3.6%
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.83%, 10/23/2055 (Callable 04/23/2055) (b)(d)									3,364,000						3,026,108
Discovery Global Holdings, Inc., 5.39%, 03/15/2062 (Callable 09/15/2061) (b)									931,000						516,705
															3,542,813
Miscellaneous Financial Investment Activities - 2.1%
PPL Capital Funding, Inc., 6.66% (3 mo. Term SOFR + 2.93%), 03/30/2067 (Callable 10/01/2026) (b)									2,109,000						2,082,215
Mortgage REITs - 3.1%
Rithm Capital Corp., 8.00%, 04/01/2029 (Callable 09/11/2026) (a)(b)(d)									2,965,000						3,007,316
Offices of Real Estate Agents and Brokers - 2.8%
Arbor Realty SR, Inc., 7.88%, 07/15/2030 (Callable 01/15/2030) (a)(b)									2,959,000						2,782,476
Oil, Gas & Consumable Fuels - 5.4%
Kosmos Energy Ltd., 7.50%, 03/01/2028 (Callable 10/01/2026) (a)									51,000						50,995
Plains All American Pipeline LP, 8.11% (3 mo. Term SOFR + 4.37%), Perpetual Maturity (Callable 10/01/2026) (a)(b)(c)									2,476,000						2,482,594
Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual Maturity (Callable 09/18/2030) (a)(b)(c)(d)									2,629,000						2,713,522
															5,247,111
Petroleum Bulk Stations and Terminals - 2.5%
Genesis Energy LP / Genesis Energy Finance Corp., 7.88%, 05/15/2032 (Callable 05/15/2027) (b)									2,363,000						2,453,588
Pipeline Transportation of Crude Oil - 1.2%
Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 (Callable 09/11/2026) (a)(b)									1,177,000						1,221,517
Support Activities for Oil and Gas Operations - 2.1%
Talos Production, Inc., 9.38%, 02/01/2031 (Callable 02/01/2027) (a)(b)									1,911,000						2,027,047
Telecommunications Resellers - 2.2%
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 (Callable 09/11/2026) (a)(b)									2,134,000						2,109,009

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Trust, Fiduciary, and Custody Activities - 3.0%
ILFC E-Capital Trust II, 6.73% (N/A), 12/21/2065 (Callable 10/01/2026) (a)(b)(d)									3,306,000						2,958,847
Wireless Telecommunication Services - 2.5%
Vodafone Group PLC, 5.13% to 06/04/2051 then 5 yr. CMT Rate + 3.07%, 06/04/2081 (Callable 12/04/2050) (b)(c)									3,305,000						2,448,153
TOTAL CORPORATE BONDS (Cost $69,729,322)															69,637,462
PREFERRED STOCKS – 15.3%									Shares						Value
Banks - 1.0%
Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual Maturity (Callable 09/01/2027) (c)									4,353						109,652
Flagstar Financial, Inc., Series A., 6.38% to 03/17/2027 then 3 mo. SOFR + 3.82%, Perpetual Maturity (Callable 03/17/2027) (c)									26,807						643,368
Valley National Bancorp, Series B, 7.57% (3 mo. Term SOFR + 3.84%), Perpetual Maturity (Callable 12/30/2026)									10,128						254,010
															1,007,030
Capital Markets – 3.2%
DigitalBridge Group, Inc.									–						$–
Series I, 7.15%, Perpetual Maturity (Callable 10/01/2026) (b)									103,198						1,570,674
Series J, 7.13%, Perpetual Maturity (Callable 10/01/2026) (b)									59,188						916,230
Series H, 7.13%, Perpetual Maturity (Callable 10/01/2026)									42,811						645,590
															3,132,494
Diversified REITs - 0.5%
Global Net Lease, Inc., Series D, 7.50%, Perpetual Maturity (Callable 10/01/2026)									19,720						466,772
Financial Services - 1.6%
Compass Diversified Holdings									–						$–
Series A, 7.25%, Perpetual Maturity (Callable 10/01/2026)									3,826						75,716
Series B, 7.88% to 4/30/2028 then 3 mo. SOFR + 4.99%, Perpetual Maturity (Callable 04/30/2028) (c)									10,748						239,358
Series C, 7.88%, Perpetual Maturity (Callable 10/01/2026)									17,832						393,909
Merchants Bancorp, 7.63%, Perpetual Maturity (Callable 01/01/2030)									34,676						870,021
															1,579,004
Hotel & Resort REITs - 0.3%
Pebblebrook Hotel Trust, Series H, 5.70%, Perpetual Maturity (Callable 09/30/2026)									17,767						331,355
Industrial REITs - 0.4%
Innovative Industrial Properties, Inc., Series A, 9.00%, Perpetual Maturity (Callable 10/01/2026)									14,224						356,596
Insurance - 2.2%
Brighthouse Financial, Inc.									–						$–
Series A, 6.60%, Perpetual Maturity (Callable 10/01/2026)									26,014						374,341
Series B, 6.75%, Perpetual Maturity (Callable 10/01/2026)									54,157						796,649
Series C, 5.38%, Perpetual Maturity (Callable 10/01/2026)									66,001						778,152
Series D, 4.63%, Perpetual Maturity (Callable 12/25/2026)									20,000						203,800
															2,152,942
Mortgage REITs - 2.4%
ACRES Commercial Realty Corp., Series C, 9.77% (3 mo. Term SOFR + 5.93%), Perpetual Maturity (Callable 10/01/2026)									50,000						1,207,500
Franklin BSP Realty Trust, Inc., Series E, 7.50%, Perpetual Maturity (Callable 10/01/2026)									23,663						460,955
PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual Maturity (Callable 09/30/2026)									13,557						249,177
Rithm Capital Corp., Series C, 9.03% (3 mo. Term SOFR + 5.23%), Perpetual Maturity (Callable 10/01/2026)									8,620						214,121
Two Harbors Investment Corp., Series A, 8.13% to 04/27/2027 then 3 mo. SOFR + 5.66%, Perpetual Maturity (Callable 04/27/2027) (c)									9,508						239,792
															2,371,545
Office REITs - 0.1%

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Vornado Realty Trust, Series L, 5.40%, Perpetual Maturity (Callable 10/01/2026)									5,131						90,306
Oil, Gas & Consumable Fuels - 0.4%
Energy Transfer LP, Series I, 9.25%, Perpetual Maturity									33,334						380,674
Software - 3.0%
Strategy, Inc.									–						$–
10.00%, Perpetual Maturity									2,500						256,100
Series A, 10.00%, Perpetual Maturity									16,102						1,167,395
Series A., 12.00%, Perpetual Maturity (Callable 09/30/2026)									15,550						1,509,905
															2,933,400
Wireless Telecommunication Services - 0.2%
Telephone and Data Systems, Inc., Series VV, 6.00%, Perpetual Maturity (Callable 09/30/2026)									10,728						205,871
TOTAL PREFERRED STOCKS (Cost $15,025,454)															15,007,989
BABY BONDS(e) - 11.0%									Shares						Value
Banks - 0.7%
Flagstar Financial Trust V, 6.00%, 11/01/2051 (b)									15,583						635,786
Capital Markets - 0.2%
New Mountain Finance Corp., 8.25%, 11/15/2028 (Callable 10/01/2026)									8,466						214,105
Commercial Services & Supplies - 0.1%
Pitney Bowes, Inc., 6.70%, 03/07/2043 (Callable 09/30/2026)									2,669						58,318
Consumer Finance - 0.6%
Navient Corp., 6.00%, 12/15/2043 (Callable 10/01/2026)									33,993						625,131
Health Care REITs - 1.0%
Diversified Healthcare Trust									–						$–
6.25%, 02/01/2046 (Callable 10/01/2026)									29,575						564,882
5.63%, 08/01/2042 (Callable 10/01/2026)									24,811						459,004
															1,023,886
Insurance - 1.2%
Brighthouse Financial, Inc., 6.25%, 09/15/2058 (Callable 10/01/2026)									54,482						858,636
Unum Group, 6.25%, 06/15/2058 (Callable 10/01/2026)									14,657						313,807
															1,172,443
Mortgage REITs - 3.6%
Adamas Trust, Inc., 9.13%, 07/01/2029 (Callable 09/30/2026)									18,781						475,347
AGNC Investment Corp., Series H, 8.75%, Perpetual Maturity (Callable 10/15/2030)									9,321						239,177
Angel Oak Mortgage REIT, Inc., 9.50%, 07/30/2029 (Callable 09/30/2026)									8,994						226,919
Chimera Investment Corp., 9.00%, 05/15/2029 (Callable 10/01/2026)									9,326						234,502
MFA Financial, Inc., 8.88%, 02/15/2029 (Callable 10/01/2026)									14,761						373,453
Redwood Trust, Inc.									–						$–
9.75%, 06/01/2031 (Callable 06/01/2028) (d)									69,000						1,621,500
9.00%, 09/01/2029 (Callable 10/01/2026)									8,976						219,104
TPG Mortgage Investment Trust, Inc.									–						$–
9.50%, 05/15/2029 (Callable 10/01/2026)									3,087						78,070
9.50%, 02/15/2029 (Callable 10/01/2026)									1,850						46,935
															3,515,007
Telecommunications Resellers - 3.6%
Qwest Corp.									–						$–

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6.50%, 09/01/2051 (Callable 09/30/2026) (b)									99,426						1,659,420
6.75%, 06/15/2052 (Callable 09/30/2026) (b)									106,896						1,845,025
															3,504,445
TOTAL BABY BONDS (Cost $10,786,894)															10,749,121
EXCHANGE TRADED FUNDS - 1.0%									Shares						Value
iShares iBoxx USD High Yield Corporate Bond ETF									6,059						483,569
State Street SPDR Bloomberg High Yield Bond ETF									4,810						462,049
TOTAL EXCHANGE TRADED FUNDS (Cost $944,471)															945,618
SHORT-TERM INVESTMENTS - 2.6%									Shares						Value
Money Market Funds – 2.6%
First American Government Obligations Fund - Class X, 3.59% (f)									1,280,714						1,280,714
First American Treasury Obligations Fund - Class X, 3.60% (f)									1,280,714						1,280,714
TOTAL SHORT-TERM INVESTMENTS (Cost $2,561,428)															2,561,428
TOTAL INVESTMENTS - 101.0% (Cost $99,047,569)															98,901,618
Liabilities in Excess of Other Assets - (1.0)%												(0.00974)			(954,096)
TOTAL NET ASSETS - 100.0%															$        97,947,522
Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury
ETF – Exchange Traded Fund LLC – Limited Liability Company LP – Limited Partnership PLC – Public Limited Company
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)						Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2026, the value of these securities total $42,689,805 or 43.6% of the Fund’s net assets.
(b)						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 $49,540,104.
(c)						This security has a fixed-to variable rate feature.
(d)						All or a portion of this security has been committed as collateral for fixed income and preferred securities. The total value of assets committed as collateral as of August 31, 2026 was $13,061,105.
(e)						Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.
(f)						The rate shown represents the 7-day annualized yield as of August 31, 2026.

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

Infrastructure Capital Bond 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
Investments:
Corporate Bonds			$             —						$        69,637,462						$        –						$        69,637,462
Preferred Stocks			15,007,989						–						–						15,007,989
Baby Bonds			10,749,121						–						–						10,749,121
Exchange Traded Funds			945,618						–						–						945,618
Money Market Funds			2,561,428						–						–						2,561,428
Total Investments			$        29,264,156						$        69,637,462						$        –						$        98,901,618

						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 for further information on the classification of investments.