Infrastructure Capital Bond Income ETF

Schedule of Investments

February 28, 2025 (Unaudited)

CORPORATE BONDS - 58.3%	Par			Value
Agricultural Operations - 3.0%
Land O' Lakes, Inc., 7.25%, Perpetual Maturity	$	175,000	$	148,815
All Other Business Support Services - 3.3%
Crescent Energy Finance LLC, 7.38%, 01/15/2033 (a)	113,000			111,074
Noble Finance II LLC, 8.00%, 04/15/2030 (a)	54,000			54,608
				165,682
Automobiles - 2.1%
Ford Motor Co., 7.70%, 05/15/2097	51,000			52,222
General Motors Financial Co., Inc., 5.75% to 09/30/2027 then 3 mo. SOFR + 3.60%, Perpetual Maturity (b)	57,000			55,591
				107,813
Broadline Retail - 2.0%
Kohl's Corp., 6.00%, 01/15/2033	146,000			101,788
Chemicals - 1.6%
Chemours Co., 8.00%, 01/15/2033 (a)	84,000			82,870
Consumer Finance - 1.1%
World Acceptance Corp., 7.00%, 11/01/2026 (a)	55,000			55,050
Electric Utilities - 1.1%
NRG Energy, Inc., 10.25% to 03/15/2028 then 5 yr. CMT Rate + 5.92%, Perpetual Maturity (a)(b)	50,000			55,813
General Medical and Surgical Hospitals - 1.1%
HCA, Inc., 7.50%, 11/15/2095	51,000			54,634
Home Builders - 1.7%
K Hovnanian Enterprises, Inc., 11.75%, 09/30/2029 (a)	76,000			82,935
Hotels (except Casino Hotels) and Motels - 1.6%
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026 (a)	83,000			82,402
Independent Power and Renewable Electricity Producers - 1.1%
AES Corp., 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055 (b)	56,000			54,559
Insurance - 2.8%
Lincoln National Corp., 6.94% (3 mo. Term SOFR + 2.62%), 05/17/2066	166,000			139,768
Lessors of Residential Buildings and Dwellings - 3.3%
Hudson Pacific Properties LP, 5.95%, 02/15/2028	125,000			110,936
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 6.50%, 02/15/2029 (a)	61,000			56,752
				167,688
Media - 1.1%
Paramount Global, 6.25% to 02/28/2027 then 3 mo. SOFR + 3.90%, 02/28/2057 (b)	58,000			55,891
Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 5.3%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 02/01/2032 (a)	56,000			50,360
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.83%, 10/23/2055	104,000			103,833
Warnermedia Holdings, Inc., 5.39%, 03/15/2062	147,000			112,548
				266,741
Miscellaneous Financial Investment Activities - 1.1%
PPL Capital Funding, Inc., 7.25% (3 mo. Term SOFR + 2.93%), 03/30/2067	55,000			55,148
Mortgage REITs - 1.1%
Rithm Capital Corp., 8.00%, 04/01/2029 (a)	55,000			55,869
Multi-Utilities - 1.1%
Algonquin Power & Utilities Corp., 4.75% to 04/18/2027 then 5 yr. CMT Rate + 3.25%, 01/18/2082 (b)	58,000			55,607
Office REITs - 1.9%
Office Properties Income Trust, 9.00%, 03/31/2029 (a)	98,000			95,143
Offices of Other Holding Companies - 1.1%
Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (a)	54,000			55,096
Oil, Gas & Consumable Fuels - 7.7%
Civitas Resources, Inc., 8.75%, 07/01/2031 (a)	79,000			82,705
Energy Transfer LP, 6.75% to 05/15/2025 then 5 yr. CMT Rate + 5.13%, Perpetual Maturity (b)	55,000			55,112
Kosmos Energy Ltd., 7.50%, 03/01/2028 (a)	59,000			56,816
Plains All American Pipeline LP, 8.69% (3 mo. Term SOFR + 4.37%), Perpetual Maturity	138,000			138,450
Vital Energy, Inc., 9.75%, 10/15/2030	52,000			54,609
				387,692
Petroleum Bulk Stations and Terminals - 1.1%
Genesis Energy LP / Genesis Energy Finance Corp., 7.88%, 05/15/2032	56,000			56,412
Petroleum Refineries - 1.1%
PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030 (a)	56,000			53,732
Pharmaceutical Preparation Manufacturing - 2.2%
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 05/15/2034 (a)	108,000			110,945
Pipeline Transportation of Crude Oil - 1.1%
Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 (a)	53,000			55,684
Pipeline Transportation of Natural Gas - 1.1%
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 09/01/2031 (a)	58,000			56,028
Real Estate Credit - 1.7%
Freedom Mortgage Corp., 12.25%, 10/01/2030 (a)	75,000			84,008
Specialty Retail - 1.6%
Victoria's Secret & Co., 4.63%, 07/15/2029 (a)	90,000			81,957
Support Activities for Oil and Gas Operations - 1.1%
Talos Production, Inc., 9.38%, 02/01/2031 (a)	54,000			55,607
Wireless Telecommunication Services - 1.1%
Vodafone Group PLC, 5.13% to 06/04/2051 then 5 yr. CMT Rate + 3.07%, 06/04/2081 (b)	72,000			55,687
TOTAL CORPORATE BONDS (Cost $2,911,888)				2,937,064
PREFERRED STOCKS - 35.5%	Shares			Value
Banks - 2.3%
Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual Maturity (b)	2,400			60,407
Valley National Bancorp, Series B, 8.43% to 06/30/2025 then 3 mo. SOFR + 3.58%, Perpetual Maturity (b)	2,267			57,446
				117,853
Capital Markets - 1.9%
New Mountain Finance Corp., 8.25%, 11/15/2028	1,867			47,403
Trinity Capital, Inc., 7.88%, 09/30/2029	1,867			47,310
				94,713
Commercial Services & Supplies - 1.9%
Pitney Bowes, Inc., 6.70%, 03/07/2043	4,557			93,419
Consumer Finance - 2.2%
Navient Corp., 6.00%, 12/15/2043	5,600			108,528
Diversified REITs - 2.5%
Global Net Lease, Inc., Series D, 7.50%, Perpetual Maturity	5,325			123,860
Diversified Telecommunication Services - 2.1%
Qwest Corp., 6.75%, 06/15/2057	5,733			105,602
Financial Services - 1.1%
Compass Diversified Holdings, Series C, 7.88%, Perpetual Maturity	2,249			54,538
Health Care REITs - 2.9%
Diversified Healthcare Trust	–			$–
5.63%, 08/01/2042	4,933			73,058
6.25%, 02/01/2046	4,533			75,338
				148,396
Hotel & Resort REITs - 1.2%
Pebblebrook Hotel Trust, Series H, 5.70%, Perpetual Maturity	3,554			59,778
Mortgage REITs - 13.1%
AG Mortgage Investment Trust, Inc.	–			$–
9.50%, 05/15/2029	933			23,418
9.50%, 02/15/2029	933			23,409
Angel Oak Mortgage REIT, Inc., 9.50%, 07/30/2029	1,867			47,306
Chimera Investment Corp., 9.00%, 05/15/2029	1,867			46,750
Franklin BSP Realty Trust, Inc., Series E, 7.50%, Perpetual Maturity	5,113			108,703
MFA Financial, Inc., 8.88%, 02/15/2029	3,867			96,752
New York Mortgage Trust, Inc., 9.13%, 07/01/2029	3,867			97,564
PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual Maturity	3,067			59,469
Redwood Trust, Inc., 9.00%, 09/01/2029	1,867			46,238
Rithm Capital Corp., Series C, 6.38% to 04/02/2025 then 3 mo. SOFR + 4.97%, Perpetual Maturity (b)	2,000			50,040
Two Harbors Investment Corp., Series A, 8.13% to 04/27/2027 then 3 mo. SOFR + 5.66%, Perpetual Maturity (b)	2,400			58,680
				658,329
Office REITs - 1.4%
Office Properties Income Trust, Series 0000, 6.38%, 06/23/2050	1,102			10,987
Vornado Realty Trust, Series L, 5.40%, Perpetual Maturity	3,333			61,327
				72,314
Oil, Gas & Consumable Fuels - 1.8%
Energy Transfer LP, Series I, 9.25%, Perpetual Maturity	7,933			92,261
Wireless Telecommunication Services - 1.1%
Telephone and Data Systems, Inc., Series VV, 6.00%, Perpetual Maturity	3,064			57,052
TOTAL PREFERRED STOCKS (Cost $1,757,645)				1,786,643
CONVERTIBLE PREFERRED STOCKS - 2.4%	Shares			Value
Commercial Banking - 2.4%
New York Community Capital Trust V, 6.00%, 11/01/2051	3,200			120,800
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $122,841)				120,800
EXCHANGE TRADED FUNDS - 1.1%	Shares			Value
iShares iBoxx $ High Yield Corporate Bond ETF	333			26,683
SPDR Bloomberg High Yield Bond ETF	300			29,136
TOTAL EXCHANGE TRADED FUNDS (Cost $54,795)				55,819
SHORT-TERM INVESTMENTS - 1.4%				Value
Money Market Funds - 1.4%	Shares
First American Government Obligations Fund - Class X, 4.29% (c)	36,656			36,656
First American Treasury Obligations Fund - Class X, 4.28% (c)	36,656			36,656
TOTAL SHORT-TERM INVESTMENTS (Cost $73,312)				73,312
TOTAL INVESTMENTS - 98.7% (Cost $4,920,481)				4,973,638
Other Assets in Excess of Liabilities - 1.3%				63,069
TOTAL NET ASSETS - 100.0%			$	5,036,707

Percentages are stated as a percent of net assets.

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.

CMT - Constant Maturity Treasury

ETF – Exchange Traded Funds

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

(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 February 28, 2025, the value of these securities total $1,475,454 or 29.3% of the Fund’s net assets.
(b)	This security represents a fixed to float/variable rate preferred stock. The coupon rate shown represents the fixed rate as of February 28, 2025.
(c)	The rate shown represents the 7-day annualized effective yield as of February 28, 2025.

Investment Valuation

The following is a summary of the Fund’s pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Fund.

Fixed income securities, including short-term debt instruments having a maturity of less than 60 days, are valued, at the evaluated mean price between the bid and asked prices in accordance with prices supplied by an approved Pricing Service. Pricing Services may use various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of a price from a Pricing Service, Fair Value will be determined. These securities are categorized in Level 2 of the fair value hierarchy.

Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market^®, Nasdaq Global Select Market^® and the Nasdaq Capital Market^® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter (“OTC”) market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. 

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund’s NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such events in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek profit by estimating the Fund’s NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy. 

Exchange traded funds and closed-end funds are valued at the last reported sale price on the exchange on which the security is principally traded. If, on a particular day, an exchange-traded fund does not trade, then the mean between the most recent quoted bid and asked prices will be used. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported NAVs. To the extent these securities are valued at their NAVs per share, they are categorized in Level 1 of the fair value hierarchy.

The Board of Trustees (the "Board”) has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Infrastructure Capital Advisors, LLC as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

The Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 in 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:

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 would be based on the best information available.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of February 28, 2025:

ASSETS:	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	2,937,064	$	–	$	2,937,064
Preferred Stocks		1,786,643		–		–		1,786,643
Convertible Preferred Stocks		120,800		–		–		120,800
Exchange Traded Funds		55,819		–		–		55,819
Money Market Funds		73,312		–		–		73,312
Total Investments	$	2,036,574	$	2,937,064	$	–	$	4,973,638
For the period ended February 28, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3 securities. Refer to the Schedule of Investments for further information on the classification of investments.