(a)












InfraCap Equity Income Fund ETF

Ticker Symbol:  ICAP

Annual Report
November 30, 2023







https://infracapfund.com/ICAP











(This Page Intentionally Left Blank.)








 

INFRACAP EQUITY INCOME FUND ETF



Dear Shareholder:
 
Infrastructure Capital Advisors, LLC (“InfraCap” or “we”), the investment advisor to the InfraCap Equity Income Fund ETF (“ICAP ETF” or the “Fund”), is a leading provider of investment management solutions that seeks to meet the needs of income-focused investors. The ICAP ETF includes a selection of dividend-paying companies that we believe are well-positioned for market cycles, including allocations to sectors such as: Energy, Consumer Staples, Utilities, Telecommunications, Financials, and select REIT sub-sectors.  Despite geopolitical tensions and recession fears that might persist in the coming year, we will continue to look for opportunities to perform well despite the market conditions. Based on our research, certain dividend-paying securities in the aforementioned sectors are likely to benefit from the Fed’s projected pause of interest rate hikes in 2024.  In the current market environment, we believe ICAP ETF’s diversified portfolio of assets provides investors a key tool to building a well-constructed income generating portfolio.
 
ICAP ETF’s investment objective is to maximize income and pursue total return opportunities. We seek to achieve this objective by opportunistically employing various strategies tailored to particular market cycles and environments. ICAP ETF will seek to invest at least 80% of its assets in equity securities of companies that pay dividends during normal market conditions. We will purchase and write put and call options in an effort to generate additional income and reduce volatility in the portfolio, remove or add securities from the portfolio (i.e., convertible securities), facilitate total return opportunities, and hedge against market risks or other risks in the Fund’s portfolio.
 
We will focus on positioning the ICAP ETF portfolio in sectors and holdings that we believe are suitable for this market environment. We believe we can deploy ICAP ETF’s strategies to maximize income, notwithstanding periods of heightened volatility due to uncertain market conditions. We can also deploy strategic options strategies to take advantages of volatility, manage market corrections, and maintain portfolio concentrations.
 
We continue to believe that our actively managed income focused approach is beneficial for investors and advisers alike. On the following pages, you will find information relevant to your ICAP ETF investment. If you have any questions, I encourage you to contact your financial advisor or InfraCap directly. You can also obtain additional information, including our daily portfolio holdings, on the ICAP ETF website located at: https://infracapfund.com/ICAP .
 
Thank you for the opportunity to help you meet your income investing needs.
 
 
Jay D. Hatfield
Chief Executive Officer and Chief Investment Officer
Infrastructure Capital Advisors, LLC
1

INFRACAP EQUITY INCOME FUND ETF

Management’s Discussion of Operations (Unaudited)
November 30, 2023

OVERVIEW
 
Jay Hatfield, CEO of Infrastructure Capital Advisors, LLC (the “Adviser”) leads the Adviser’s investment management team. One of the Adviser’s latest products, the InfraCap Equity Income Fund ETF (the “Fund”), seeks to maximize income and pursue total return opportunities. In seeking high yield and total return, the Adviser favors sectors and industries that it views as undervalued on a relative basis. For example, the Adviser may overweight issuers in the real estate sector versus the financial sector when the market has oversold the real estate sector or has overbought the financial sector.
 
MARKET UPDATE
 
For the fiscal year end, November 30, 2023, the Fund had a return of -5.78%. During the same period, the S&P 500 ® Index and S&P 500 ® High Dividend Index had returns of 13.84% and -7.81%, respectively.
 
The Fed’s pause of interest rate hikes was the dominate factor that drove stocks higher over the period.  During the first half of 2023, geopolitical pressures (i.e., Ukraine-Russia War, Israel-Hamas War), elevated interest rates and the Regional Banking Crisis placed pressure on dividend-paying equity instruments. We believe inflation has peaked and the Fed and other global central banks are very likely to cut interest rates in 2024, which should lead to lower long-term interest rates and support dividend paying stocks.
 
Two of the Fund’s strongest contributors during the period were the equity securities of Broadcom Inc. (“AVGO”) and NRG Energy Inc. (“NRG”). AVGO is a global technology leader that designs, develops and supplies a broad range of semiconductor, enterprise software and security solutions. AVGO benefited from sustained demand for its network chips and it added artificial intelligence features to its Trident chips. NRG Energy, Inc. is an American energy company, headquartered in Houston, Texas, with a focus on energy generation and retail electricity. NRG increased its dividend in 2023 and had announced plans to return capital to shareholders and reduce leverage. During the period, AVGO and NRG were up 73.73% and 29.19%, respectively.
 
Two of the Fund’s weaker contributors during the period were equity securities of AllianceBernstein L.P. (“AB”) and Comerica Inc. (“CMA”). AB is a global asset management firm providing investment management and research services worldwide to institutional, high-net-worth and retail investors. Comerica Incorporated is an American financial services company, headquartered in Dallas, Texas. It is the parent of Comerica Bank, a regional commercial bank with 413 branches in the U.S. states of Texas, Michigan, California, Florida and Arizona. The regional banking crisis in 2023 impacted the earnings for both companies. During the period, AB and CMA were down -22.41% and -22.23%, respectively.
 
The Fund’s portfolio selection emphasizes issuers that own long-lived assets consistently generating positive cash flows.  In addition, the Fund selectively invests in high-yielding preferred stocks from sectors including REITs, Pipelines, and Industrials. We believe our selection of high yielding preferred and equity securities in the portfolio will allow the Fund to perform well over the longer cycle, particularly during this period of rising interest rates (from a historically low-rate environment) and help reduce portfolio volatility.
 
DIVIDEND PAYMENTS
 
The Fund made monthly dividend payments in the amount of $0.180 per share from January through December 2023.
 
The Fund’s dividend policy is reviewed on an annual basis with the expectation that the announced dividend rate can be sustained for a period of 12 – 24 months under normal market conditions.  The Fund’s targeted dividend is expected
2

INFRACAP EQUITY INCOME FUND ETF

Management’s Discussion of Operations (Unaudited) – Continued
November 30, 2023

to be covered by net investment income (which includes ordinary income and short and long term capital gains, less expenses).  For the purpose of calculating income available for distribution, some cash payments from companies in sectors such as REITs, MLPs, or Utilities treated as Return of Capital for tax or GAAP purposes may be included.  Expenses of the Fund include a 0.80% advisory fee, leverage costs, and other miscellaneous fees.
 
The Fund seeks to maintain relatively stable monthly distributions, although the amount of income earned by the Fund varies from period-to-period.  Accordingly, the amount of income distributed in any one period may be more or less than the actual amount of income earned in that period, and the Fund reserves the flexibility to distribute less than the full amount of income earned during a specific period to preserve income for distribution in future periods.  The Fund’s 30-day SEC yield was 10.04% as of November 30, 2023.
 
USE OF LEVERAGE
 
As described in the Fund’s prospectus, the Fund may use leverage to maximize income and pursue total return opportunities.  The leverage ratio is expected to be maintained in a range of 10-35% of the Fund’s total assets over the long term. As of November 30, 2023, The Fund’s leverage ratio was approximately 31.63% of the Fund’s net asset value. The Fund’s use of leverage negatively impacted Fund performance during the period.  The Fund’s cost of borrowing is competitive, and the Adviser believes that borrowed funds can help generate an attractive positive spread. The Fund currently borrows at a 1.10% premium to the daily overnight bank borrowing rate, which was 6.45% as of November 30, 2023.
 
USE OF OPTIONS
 
As described in the Fund’s prospectus, the Fund may utilize options strategies in an effort to generate additional income and reduce volatility in the portfolio, remove or add securities from the portfolio (i.e., convertible securities), facilitate total return opportunities, and hedge against market risks or other risks in the Fund’s portfolio. The Fund’s primary option activity is covered call writing, which is focused on a number of common stocks held by the Fund.
 
OUTLOOK
 
We are bullish on both bonds and equities in 2024 because we expect a wave of global rate cuts during the period. These rate cuts and the increase in the Global Monetary Base that is likely to follow will support equity and bond markets and push 10-year treasury rates into the 3-3.5% range.  We believe that interest sensitive sectors will outperform in 2024 as these rate cuts occur.
 
Economic activity is slowing dramatically outside the US, particularly in the Euro Zone which may already be in a recession.  The global slowdown is likely to cause foreign central banks to cut rates in the first half of 2024.  In the US, reported year-over-year inflation is likely to decline rapidly as the high inflation prints in the first quarter of 2023 fall out of the last 12-month data.  This cooling reported inflation is likely to allow the Fed to cut rates in the second half of 2024.
 
We do not expect a US recession in 2024 due to a very resilient housing sector with an ongoing shortage of homes and support for the construction industry coming from government sponsored infrastructure spending.  It is important to note that all significant post WWII recessions were caused by a decline in housing and construction spending.
 
We believe that there continue to be opportunities for active managers to provide alpha for investors, especially during tough market environments or when there are substantial changes in monetary policy (i.e., Fed rate hike
3

INFRACAP EQUITY INCOME FUND ETF

Management’s Discussion of Operations (Unaudited) – Continued
November 30, 2023

pivots). Under the current market environment, there are opportunities across asset sectors and industries, instrument types, and US and Global markets (fundamental analysis). We construct the Fund’s portfolio with these factors in mind and look to harvest gains at appropriate times.
 
We continue to focus on asset allocations to sectors with high quality dividend stocks such as utilities, telecom services, pipelines, consumer staples, and preferred stocks.  We believe that rising interest rates and a rotation into tech stocks caused large cap dividend stocks to trade at a discount to fair value and that gap is likely to dissipate if we are correct that interest rates will drop substantially in 2024.
 
Covered call writing strategies are likely to outperform during 2024 due to volatility and likely stalled markets during the first half of the year prior to the implementation of Fed rate cuts. We are opportunistically favoring high-yielding preferred stocks (including ones with fixed-to-floating terms) and large-cap dividend stocks in sectors such as financials, REITs and utilities.
 
The preceding information is the opinion of the Adviser. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Statements of fact are from sources considered reliable, but the Adviser make no representation or warranty as to their completeness or accuracy. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized. This discussion includes information based on data and calculations sourced from Bloomberg and index constituents. While we believe that the data is reliable, we have not sought, nor have we received, permission from any third-party to include their information.
 
This material must be preceded or accompanied by a prospectus.
 
The S&P 500 ® High Dividend Index is designed to measure the performance of 80 high yield companies within the S&P 500 ® Index and is equally weighted to best represent the performance of this group, regardless of constituent size. One cannot invest directly in an index.
 
The S&P 500 ® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. One cannot invest directly in an index.
 
Alpha is a measure of the excess return generated on an investment relative to a market index or benchmark after adjusting for risk.
 
A WORD ABOUT RISKS
 
Investing involves risk, including possible loss of principal. An investment in the Fund may be subject to risks which include, among others, investing in equities securities, dividend paying securities, utilities, small-, mid- and large-capitalization companies, real estate investment trusts, master limited partnerships, foreign investments and emerging, debt securities, depositary receipts, market events, operational, high portfolio turnover, trading issues, active management, fund shares trading, premium/discount risk and liquidity of fund shares, which may make these investments volatile in price. Foreign investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund’s returns. Small and Medium-capitalization companies, foreign investments and high yielding equity and debt securities may be subject to elevated risks. Please see prospectus for discussion of risks.
4

INFRACAP EQUITY INCOME FUND ETF

Management’s Discussion of Operations (Unaudited) – Continued
November 30, 2023

Leverage is investment exposure which exceeds the initial amount invested. Leverage can magnify the Fund's gains and losses and therefore increase its volatility. Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. A fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any, realized on the position, will be less than the amount paid as premiums to the writer of the option. A fund that writes options receives a premium that may be small relative to the loss realized in the event of adverse changes in the value of the underlying instruments. A fund that writes covered call options gives up the opportunity to profit from any price increase in the underlying security above the option exercise price while the option is in effect.
 
Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.  Please see the Schedule of Investments in this report for a complete list of fund holdings.
 
Distributor, Quasar Distributors, LLC.

5

INFRACAP EQUITY INCOME FUND ETF

Value of $10,000 Investment (Unaudited)

 


The chart assumes an initial investment of $10,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-617-0004. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions of the redemption of Fund shares.
 
Annualized Rates of Return (%) – As of November 30, 2023
 
 
One Year
Since Inception (1)
InfraCap Equity Income Fund ETF – NAV
 -5.78%
-5.00%
InfraCap Equity Income Fund ETF – Market
 -5.37%
-4.91%
S&P 500 ® Index (2)
13.84%
-0.77%

(1)
Commencement date of the Fund was December 28, 2021.
(2)
The S&P 500 ® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. One cannot invest directly in an index.

The following is expense information for the InfraCap Equity Income Fund ETF as disclosed in the Fund’s most recent prospectus updated on March 30, 2023:
 
Gross Expenses: 1.71%; Net Expenses: 1.71%. Infrastructure Capital Advisors, LLC (the “Adviser”) is paid a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.80% of the Fund’s average daily net assets. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the unified management fee payable to the Adviser (collectively, the “Excluded Expenses”). See Note 3.
6

INFRACAP EQUITY INCOME FUND ETF

Expense Example (Unaudited)
November 30, 2023

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commission on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund specific expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2023 – November 30, 2023).
 
ACTUAL EXPENSES
 
The first line of the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
 
HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES
 
The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs may have been higher.
 
     
Expenses Paid (1)
 
Beginning
Ending
During Period
 
Account Value
Account Value
(6/1/2023 to
 
6/1/2023
11/30/2023
11/30/2023)
InfraCap Equity Income Fund ETF
     
Actual (2)(3)
$1,000.00
$1,091.70
$17.20
Hypothetical (3)
     
  (5% return before expenses)
$1,000.00
$1,008.62
$16.52

(1)
Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 3.28%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period.
(2)
Based on the actual NAV return for the six-month period ended November 30, 2023 of 9.17%.
(3)
Excluding loan and other broker related interest expenses, your actual cost of investing and your hypothetical cost of investing would have been $4.19 and $4.05, respectively.
7

INFRACAP EQUITY INCOME FUND ETF

Allocation of Portfolio (1)(2) (% of Investments) (Unaudited)
November 30, 2023

       



Allocation of Industry Sectors (1)(3) (% of Investments) (Unaudited)
November 30, 2023




(1)
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 and Schedule of Written Options for more details on the Fund’s individual holdings and sector allocations.
(2)
Data expressed excludes written option contracts.
(3)
Data expressed excludes convertible preferred stocks, preferred stocks, short-term investments and written option contracts.

8

INFRACAP EQUITY INCOME FUND ETF

Top 10 Equity Holdings (1) (% of Investments) (Unaudited)
November 30, 2023

 
Southern Co.
   
2.91
%
 
Alexandria Real Estate Equities, Inc.
   
2.72
%
 
Morgan Stanley
   
2.69
%
 
New Fortress Energy, Inc.
   
2.63
%
 
Boston Properties, Inc.
   
2.61
%
 
Truist Financial Corp
   
2.58
%
 
Enbridge, Inc.
   
2.56
%
 
Honeywell International, Inc.
   
2.43
%
 
Bloomin’ Brands, Inc.
   
2.41
%
 
US Bancorp
   
2.33
%

(1)
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 and Schedule of Written Options for more details on the Fund’s individual holdings and sector allocations.


9

INFRACAP EQUITY INCOME FUND ETF

Schedule of Investments
November 30, 2023

   
Shares
   
Value
 
COMMON STOCKS – 101.90%
           
             
Aerospace & Defense – 1.96%
           
RTX Corp.(a)(b)(f)
   
11,751
   
$
957,471
 
                 
Banks – 12.71%
               
Citigroup, Inc.(a)(b)(f)
   
21,054
     
970,589
 
Citizens Financial Group, Inc.(b)(f)
   
23,227
     
633,400
 
Fifth Third Bancorp(a)(f)
   
2,000
     
57,900
 
Huntington Bancshares, Inc.(b)(f)
   
10,760
     
121,158
 
KeyCorp(f)
   
21,240
     
263,164
 
PNC Financial Services Group, Inc.(a)(b)(f)
   
7,853
     
1,051,988
 
Truist Financial Corp.(b)(f)
   
52,330
     
1,681,885
 
U.S. Bancorp(a)(b)(f)
   
37,700
     
1,437,124
 
             
6,217,208
 
                 
Beverages – 3.28%
               
Coca-Cola Co.(a)(b)(f)
   
12,201
     
713,026
 
PepsiCo, Inc.(a)(b)(f)
   
5,280
     
888,572
 
             
1,601,598
 
                 
Biotechnology – 0.98%
               
AbbVie, Inc.(a)
   
591
     
84,152
 
Amgen, Inc.(a)
   
1,457
     
392,866
 
             
477,018
 
                 
Capital Markets – 5.79%
               
AllianceBernstein Holding LP(b)(f)
   
37,302
     
1,079,893
 
Morgan Stanley(a)(b)(f)
   
22,044
     
1,748,971
 
             
2,828,864
 
                 
Chemicals – 2.82%
               
Dow, Inc.(a)(b)(f)
   
26,678
     
1,380,587
 
                 
Communications Equipment – 0.27%
               
Cisco Systems, Inc.(f)
   
2,740
     
132,561
 
                 
Consumer Staples Distribution & Retail – 1.12%
               
Sysco Corp.
   
1,036
     
74,768
 
Walmart, Inc.(a)(f)
   
3,039
     
473,142
 
             
547,910
 
                 
Containers & Packaging – 1.59%
               
International Paper Co.(a)(b)(f)
   
21,000
     
775,740
 
                 
Diversified Real Estate Investment Trusts (REITs) – 1.17%
               
Global Net Lease, Inc.(b)(f)
   
65,317
     
573,483
 

The accompanying notes are an integral part of these financial statements.
10

INFRACAP EQUITY INCOME FUND ETF

Schedule of Investments – Continued
November 30, 2023

   
Shares
   
Value
 
             
Diversified Telecommunication Services – 2.99%
           
AT&T, Inc.(a)(b)(f)
   
53,233
   
$
882,071
 
Verizon Communications, Inc.(a)(f)
   
15,097
     
578,668
 
             
1,460,739
 
                 
Electric Utilities – 7.13%
               
Duke Energy Corp.(a)(b)(f)
   
8,602
     
793,793
 
Edison International(a)(b)(f)
   
11,834
     
792,760
 
Southern Co.(a)(b)(f)
   
26,735
     
1,897,650
 
             
3,484,203
 
                 
Electrical Equipment – 0.47%
               
Emerson Electric Co.(a)(b)(f)
   
2,608
     
231,851
 
                 
Food Products – 2.11%
               
Kraft Heinz Co.(a)(b)(f)
   
29,335
     
1,029,952
 
                 
Gas Utilities – 0.80%
               
Northwest Natural Holding Co.(b)(f)
   
10,625
     
389,088
 
                 
Health Care Providers & Services – 1.13%
               
UnitedHealth Group, Inc.(a)(f)
   
1,000
     
552,970
 
                 
Health Care Real Estate Investment Trusts (REITs) – 0.79%
               
Healthcare Realty Trust, Inc.(b)(f)
   
25,448
     
388,591
 
                 
Hotels, Restaurants & Leisure – 7.26%
               
Bloomin’ Brands, Inc.(b)(f)
   
67,313
     
1,571,085
 
Darden Restaurants, Inc.(f)
   
440
     
68,847
 
McDonald’s Corp.(a)(b)(f)
   
3,213
     
905,552
 
Red Rock Resorts, Inc. – Class A(b)(f)
   
22,618
     
1,007,180
 
             
3,552,664
 
                 
Household Products – 0.55%
               
Procter & Gamble Co.(f)
   
1,761
     
270,349
 
                 
Industrial Conglomerates – 3.23%
               
Honeywell International, Inc.(a)(f)
   
8,073
     
1,581,662
 
                 
Industrial Real Estate Investment Trusts (REITs) – 2.22%
               
Rexford Industrial Realty, Inc.
   
14,000
     
689,080
 
STAG Industrial, Inc.
   
11,000
     
394,350
 
             
1,083,430
 
                 
Insurance – 0.41%
               
Prudential Financial, Inc.
   
2,036
     
199,080
 
                 
Machinery – 1.10%
               
Caterpillar, Inc.(a)
   
2,142
     
537,042
 

The accompanying notes are an integral part of these financial statements.
11

INFRACAP EQUITY INCOME FUND ETF

Schedule of Investments – Continued
November 30, 2023

   
Shares
   
Value
 
             
Multi-Utilities – 0.95%
           
Algonquin Power & Utilities Corp.(b)(c)(f)
   
4,250
   
$
26,138
 
Dominion Energy, Inc.(b)(f)
   
9,706
     
440,070
 
             
466,208
 
                 
Office Real Estate Investment Trusts (REITs) – 9.50%
               
Alexandria Real Estate Equities, Inc.(b)(f)
   
16,180
     
1,770,092
 
Boston Properties, Inc.(a)(b)(f)
   
29,892
     
1,701,752
 
Kilroy Realty Corp.(b)(f)
   
35,639
     
1,175,374
 
             
4,647,218
 
                 
Oil, Gas & Consumable Fuels – 12.17%
               
Chevron Corp.(a)(b)(f)
   
7,800
     
1,120,080
 
Enbridge, Inc.(a)(b)(c)(f)
   
47,801
     
1,666,820
 
Kinder Morgan, Inc.(a)(b)(f)
   
68,737
     
1,207,709
 
New Fortress Energy, Inc.(b)(f)
   
44,433
     
1,709,782
 
TC Energy Corp.(b)(c)(f)
   
6,632
     
248,833
 
             
5,953,224
 
                 
Personal Care Products – 0.42%
               
Kenvue, Inc.(b)(f)
   
9,955
     
203,480
 
                 
Pharmaceuticals – 2.60%
               
Johnson & Johnson(a)(b)(f)
   
6,383
     
987,195
 
Merck & Co., Inc.(a)
   
1,000
     
102,480
 
Pfizer, Inc.(b)(f)
   
6,035
     
183,886
 
             
1,273,561
 
                 
Retail Real Estate Investment Trusts (REITs) – 4.71%
               
Agree Realty Corp.
   
7,000
     
414,470
 
Federal Realty Investment Trust(f)
   
2,900
     
277,211
 
NNN REIT, Inc.(b)(f)
   
11,969
     
486,181
 
Realty Income Corp.(a)(b)(f)
   
13,242
     
714,538
 
Simon Property Group, Inc.
   
1,000
     
124,890
 
Spirit Realty Capital, Inc.(b)(f)
   
6,886
     
284,392
 
             
2,301,682
 
                 
Software – 0.01%
               
Microsoft Corp.(a)
   
10
     
3,789
 
                 
Specialized Real Estate Investment Trusts (REITs) – 2.83%
               
American Tower Corp.(b)(f)
   
1,635
     
341,355
 
Crown Castle, Inc.(b)(f)
   
6,079
     
712,945
 
Gaming and Leisure Properties, Inc.(f)
   
7,000
     
327,110
 
             
1,381,410
 

The accompanying notes are an integral part of these financial statements.
12

INFRACAP EQUITY INCOME FUND ETF

Schedule of Investments – Continued
November 30, 2023

   
Shares
   
Value
 
             
Tobacco – 5.06%
           
Altria Group, Inc.(a)(b)(f)
   
26,115
   
$
1,097,875
 
Philip Morris International, Inc.(a)(b)(f)
   
14,723
     
1,374,539
 
             
2,472,414
 
                 
Wireless Telecommunication Services – 1.77%
               
Vodafone Group PLC – ADR(b)(c)(f)
   
95,717
     
867,196
 
Total Common Stocks
               
  (Cost $53,091,466)
           
49,824,243
 
                 
PREFERRED STOCKS – 21.92%
               
AGNC Investment Corp., 7.75%, Series G, 1/15/2171(a)(b)(e)(f)
   
21,250
     
451,350
 
Babcock & Wilcox Enterprises, Inc., 7.75%, Series A(b)(d)(f)
   
52,113
     
610,243
 
Chimera Investment Corp., 8.00%, Series B, 3/30/2024(e)(f)
   
4,792
     
111,174
 
DigitalBridge Group, Inc., 7.13%, Series H(b)(d)(f)
   
37,741
     
845,776
 
Energy Transfer LP, 10.36%, Series D(b)(e)(f)
   
6,947
     
178,816
 
FTAI Aviation Ltd., 8.25%, Series A(b)(c)(e)(f)
   
48,281
     
1,186,747
 
Global Net Lease, Inc., 6.88%, Series B, 10/16/2171(b)(d)(f)
   
23,973
     
418,808
 
New York Mortgage Trust, Inc., 8.00%, Series D, 10/15/2171(b)(e)(f)
   
50,067
     
992,329
 
NuStar Energy LP, 11.31%, Series B, 9/15/2172(b)(e)(f)
   
7,589
     
195,189
 
Rithm Capital Corp., 6.38%, Series C, 8/15/2170(b)(e)(f)
   
27,116
     
555,336
 
RLJ Lodging Trust, 1.95%, Series A, 10/31/2171(b)(d)(f)
   
45,222
     
1,082,162
 
RPT Realty, 7.25%, Series D, 10/2/2172(b)(d)(f)
   
11,562
     
621,573
 
SCE Trust III, 5.75%, Series H, 3/15/2024(b)(e)(f)
   
34,905
     
858,663
 
Textainer Group Holdings Ltd., 6.25%, Series B(b)(c)(d)(e)(f)
   
36,978
     
905,961
 
United States Cellular Corp., 5.50%, 3/1/2070(b)(f)
   
40,715
     
704,369
 
United States Cellular Corp., 5.50%, 6/1/2070(b)(f)
   
29,241
     
506,162
 
United States Cellular Corp., 6.25%, 9/1/2069(b)(f)
   
20,389
     
395,343
 
US Bancorp, 6.68%, Series A(e)
   
103
     
82,295
 
Vornado Realty Trust, 5.25%, Series N, 11/24/2025(d)
   
1,036
     
16,638
 
Total Preferred Stocks
               
  (Cost $11,254,542)
           
10,718,934
 
                 
CONVERTIBLE PREFERRED STOCKS – 8.59%
               
AES Corp., 6.88%, 2/15/2024(b)(f)
   
8,094
     
551,525
 
Algonquin Power & Utilities Corp., 7.75%, 6/15/2024(b)(c)(f)
   
53,923
     
1,167,433
 
EPR Properties, 9.00%, Series E, 10/16/2171(b)(d)(f)
   
9,012
     
240,711
 
New York Community Capital Trust V, 6.00%, 11/1/2051(b)(f)
   
17,937
     
713,893
 
NextEra Energy, Inc., 6.93%, 9/1/2025(a)(b)(f)
   
28,469
     
1,054,491
 
UGI Corp., 7.25%, 6/1/2024(b)(f)
   
9,011
     
471,636
 
Total Convertible Preferred Stocks
               
  (Cost $5,258,075)
           
4,199,689
 

The accompanying notes are an integral part of these financial statements.
13

INFRACAP EQUITY INCOME FUND ETF

Schedule of Investments – Continued
November 30, 2023

   
Shares
   
Value
 
MONEY MARKET FUNDS – 0.75%
           
First American Government Obligations Fund, Class X, 5.29%(g)
   
367,301
   
$
367,301
 
Total Money Market Funds
               
  (Cost $367,301)
           
367,301
 
Total Investments
               
  (Cost $69,971,384) – 133.16%
           
65,110,167
 
Other Assets and Liabilities, Net – (33.16)%
           
(16,213,581
)
Total Net Assets – 100.00%
         
$
48,896,586
 

ADR – American Depositary Receipts
PLC – Public Limited Company
(a)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(b)
All or a portion of security has been committed as collateral for open written option contracts. The total value of assets committed as collateral as of November 30, 2023 is $14,172,077.
(c)
Foreign issued security.
(d)
Perpetual maturity.
(e)
This security represents a fixed to float/variable rate preferred stock. The coupon rate shown represents the fixed rate as of November 30, 2023.
(f)
All or portion of this security has been committed as collateral for borrowing facility. The total value of assets committed as collateral as of November 30, 2023 is $29,752,456.
(g)
The rate quoted is the annualized seven-day effective yield as of November 30, 2023.

The Global Industry Classification Standard (“GICS” ® ) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor Financial Services, LLC (“S&P”). GICS ® is a service mark of MSCI and S&P and has been licensed for use.
 
The accompanying notes are an integral part of these financial statements.
14

INFRACAP EQUITY INCOME FUND ETF

Schedule of Written Options
November 30, 2023

         
Notional
       
   
Contracts (a)
   
Amount
   
Value
 
CALL OPTIONS WRITTEN
                 
AbbVie, Inc.
                 
  Exercise Price: $143.00, Expiration: 12/01/2023
   
(10
)
 
$
(142,390
)
 
$
(405
)
  Exercise Price: $143.00, Expiration: 12/08/2023
   
(10
)
   
(142,390
)
   
(1,190
)
AGNC Investment Corp.
                       
  Exercise Price: $11.00, Expiration: 12/15/2023
   
(250
)
   
(220,500
)
   
(250
)
  Exercise Price: $12.00, Expiration: 12/15/2023
   
(320
)
   
(282,240
)
   
(320
)
  Exercise Price: $11.00, Expiration: 01/19/2024
   
(500
)
   
(441,000
)
   
(750
)
  Exercise Price: $12.00, Expiration: 01/19/2024
   
(100
)
   
(88,200
)
   
(150
)
Altria Group, Inc.
                       
  Exercise Price: $45.00, Expiration: 12/15/2023
   
(100
)
   
(420,400
)
   
(150
)
Amgen, Inc.
                       
  Exercise Price: $280.00, Expiration: 12/01/2023
   
(10
)
   
(269,640
)
   
(20
)
  Exercise Price: $285.00, Expiration: 12/08/2023
   
(10
)
   
(269,640
)
   
(105
)
  Exercise Price: $290.00, Expiration: 12/15/2023
   
(10
)
   
(269,640
)
   
(170
)
  Exercise Price: $285.00, Expiration: 12/22/2023
   
(20
)
   
(539,280
)
   
(1,350
)
Annaly Capital Management, Inc.
                       
  Exercise Price: $23.00, Expiration: 01/19/2024
   
(100
)
   
(180,700
)
   
(150
)
AT&T, Inc.
                       
  Exercise Price: $16.00, Expiration: 12/01/2023
   
(100
)
   
(165,700
)
   
(5,750
)
  Exercise Price: $16.50, Expiration: 12/08/2023
   
(100
)
   
(165,700
)
   
(2,300
)
  Exercise Price: $16.00, Expiration: 01/19/2024
   
(50
)
   
(82,850
)
   
(4,075
)
  Exercise Price: $17.00, Expiration: 04/19/2024
   
(100
)
   
(165,700
)
   
(6,600
)
Boston Properties, Inc.
                       
  Exercise Price: $75.00, Expiration: 12/15/2023
   
(10
)
   
(56,930
)
   
(375
)
  Exercise Price: $80.00, Expiration: 12/15/2023
   
(10
)
   
(56,930
)
   
(375
)
  Exercise Price: $65.00, Expiration: 01/19/2024
   
(20
)
   
(113,860
)
   
(800
)
Caterpillar, Inc.
                       
  Exercise Price: $255.00, Expiration: 12/01/2023
   
(10
)
   
(250,720
)
   
(195
)
  Exercise Price: $260.00, Expiration: 12/08/2023
   
(10
)
   
(250,720
)
   
(605
)
Chevron Corp.
                       
  Exercise Price: $180.00, Expiration: 12/01/2023
   
(60
)
   
(861,600
)
   
(30
)
  Exercise Price: $170.00, Expiration: 12/15/2023
   
(100
)
   
(1,436,000
)
   
(50
)
  Exercise Price: $180.00, Expiration: 12/15/2023
   
(60
)
   
(861,600
)
   
(30
)
  Exercise Price: $195.00, Expiration: 12/15/2023
   
(70
)
   
(1,005,200
)
   
(35
)
  Exercise Price: $165.00, Expiration: 01/19/2024
   
(50
)
   
(718,000
)
   
(950
)
  Exercise Price: $170.00, Expiration: 01/19/2024
   
(100
)
   
(1,436,000
)
   
(1,000
)
  Exercise Price: $170.00, Expiration: 02/16/2024
   
(100
)
   
(1,436,000
)
   
(3,000
)

The accompanying notes are an integral part of these financial statements.
15

INFRACAP EQUITY INCOME FUND ETF

Schedule of Written Options – Continued
November 30, 2023

         
Notional
       
   
Contracts (a)
   
Amount
   
Value
 
CALL OPTIONS WRITTEN (Continued)
                 
Citigroup, Inc.
                 
  Exercise Price: $44.00, Expiration: 12/01/2023
   
(10
)
 
$
(46,100
)
 
$
(2,105
)
  Exercise Price: $45.00, Expiration: 12/08/2023
   
(50
)
   
(230,500
)
   
(6,950
)
  Exercise Price: $46.00, Expiration: 12/15/2023
   
(50
)
   
(230,500
)
   
(4,650
)
  Exercise Price: $47.00, Expiration: 12/22/2023
   
(50
)
   
(230,500
)
   
(3,225
)
Coca-Cola Co.
                       
  Exercise Price: $60.00, Expiration: 12/01/2023
   
(100
)
   
(584,400
)
   
(50
)
  Exercise Price: $60.00, Expiration: 12/08/2023
   
(100
)
   
(584,400
)
   
(300
)
  Exercise Price: $60.00, Expiration: 12/15/2023
   
(100
)
   
(584,400
)
   
(1,050
)
  Exercise Price: $60.00, Expiration: 12/29/2023
   
(100
)
   
(584,400
)
   
(2,400
)
  Exercise Price: $60.00, Expiration: 01/19/2024
   
(100
)
   
(584,400
)
   
(5,250
)
Dow, Inc.
                       
  Exercise Price: $55.00, Expiration: 12/15/2023
   
(100
)
   
(517,500
)
   
(850
)
  Exercise Price: $60.00, Expiration: 12/15/2023
   
(100
)
   
(517,500
)
   
(200
)
  Exercise Price: $62.50, Expiration: 12/15/2023
   
(100
)
   
(517,500
)
   
(200
)
  Exercise Price: $60.00, Expiration: 01/19/2024
   
(100
)
   
(517,500
)
   
(600
)
  Exercise Price: $60.00, Expiration: 03/15/2024
   
(100
)
   
(517,500
)
   
(2,450
)
Duke Energy Corp.
                       
  Exercise Price: $100.00, Expiration: 01/19/2024
   
(20
)
   
(184,560
)
   
(300
)
Edison International
                       
  Exercise Price: $80.00, Expiration: 01/19/2024
   
(10
)
   
(66,990
)
   
(25
)
Emerson Electric Co.
                       
  Exercise Price: $90.00, Expiration: 12/01/2023
   
(20
)
   
(177,800
)
   
(100
)
  Exercise Price: $90.00, Expiration: 12/08/2023
   
(20
)
   
(177,800
)
   
(800
)
  Exercise Price: $90.00, Expiration: 12/15/2023
   
(30
)
   
(266,700
)
   
(2,250
)
  Exercise Price: $90.00, Expiration: 12/22/2023
   
(20
)
   
(177,800
)
   
(1,950
)
  Exercise Price: $92.50, Expiration: 01/19/2024
   
(10
)
   
(88,900
)
   
(875
)
Enbridge, Inc. (b)
                       
  Exercise Price: $35.00, Expiration: 01/19/2024
   
(100
)
   
(473,800
)
   
(8,750
)
Fifth Third Bancorp
                       
  Exercise Price: $30.00, Expiration: 01/19/2024
   
(50
)
   
(144,750
)
   
(3,625
)
Honeywell International, Inc.
                       
  Exercise Price: $205.00, Expiration: 12/01/2023
   
(10
)
   
(195,920
)
   
(675
)
  Exercise Price: $200.00, Expiration: 12/15/2023
   
(10
)
   
(195,920
)
   
(925
)
  Exercise Price: $210.00, Expiration: 12/15/2023
   
(10
)
   
(195,920
)
   
(50
)
  Exercise Price: $195.00, Expiration: 12/22/2023
   
(10
)
   
(195,920
)
   
(3,850
)
  Exercise Price: $200.00, Expiration: 12/22/2023
   
(10
)
   
(195,920
)
   
(1,375
)
  Exercise Price: $200.00, Expiration: 01/19/2024
   
(10
)
   
(195,920
)
   
(3,075
)
  Exercise Price: $210.00, Expiration: 01/19/2024
   
(10
)
   
(195,920
)
   
(500
)

The accompanying notes are an integral part of these financial statements.
16

INFRACAP EQUITY INCOME FUND ETF

Schedule of Written Options – Continued
November 30, 2023

         
Notional
       
   
Contracts (a)
   
Amount
   
Value
 
CALL OPTIONS WRITTEN (Continued)
                 
International Paper Co.
                 
  Exercise Price: $37.50, Expiration: 01/19/2024
   
(110
)
 
$
(406,340
)
 
$
(11,550
)
  Exercise Price: $40.00, Expiration: 01/19/2024
   
(20
)
   
(73,880
)
   
(650
)
  Exercise Price: $40.00, Expiration: 04/19/2024
   
(110
)
   
(406,340
)
   
(11,550
)
Johnson & Johnson
                       
  Exercise Price: $165.00, Expiration: 12/01/2023
   
(100
)
   
(1,546,600
)
   
(50
)
  Exercise Price: $170.00, Expiration: 12/01/2023
   
(40
)
   
(618,640
)
   
(20
)
  Exercise Price: $165.00, Expiration: 12/15/2023
   
(70
)
   
(1,082,620
)
   
(525
)
  Exercise Price: $160.00, Expiration: 12/22/2023
   
(100
)
   
(1,546,600
)
   
(5,650
)
  Exercise Price: $165.00, Expiration: 01/19/2024
   
(100
)
   
(1,546,600
)
   
(5,400
)
Kinder Morgan, Inc.
                       
  Exercise Price: $18.00, Expiration: 12/15/2023
   
(200
)
   
(351,400
)
   
(1,100
)
  Exercise Price: $19.00, Expiration: 12/15/2023
   
(300
)
   
(527,100
)
   
(300
)
  Exercise Price: $18.00, Expiration: 12/29/2023
   
(100
)
   
(175,700
)
   
(1,200
)
  Exercise Price: $18.00, Expiration: 01/05/2024
   
(100
)
   
(175,700
)
   
(1,750
)
  Exercise Price: $18.00, Expiration: 01/19/2024
   
(100
)
   
(175,700
)
   
(2,700
)
Kraft Heinz Co.
                       
  Exercise Price: $37.50, Expiration: 01/19/2024
   
(100
)
   
(351,100
)
   
(1,300
)
  Exercise Price: $37.50, Expiration: 02/16/2024
   
(200
)
   
(702,200
)
   
(9,300
)
  Exercise Price: $37.50, Expiration: 04/19/2024
   
(100
)
   
(351,100
)
   
(7,650
)
McDonald’s Corp.
                       
  Exercise Price: $290.00, Expiration: 12/15/2023
   
(30
)
   
(845,520
)
   
(2,070
)
  Exercise Price: $290.00, Expiration: 01/19/2024
   
(10
)
   
(281,840
)
   
(2,545
)
Merck & Co., Inc.
                       
  Exercise Price: $106.00, Expiration: 12/01/2023
   
(10
)
   
(102,480
)
   
(20
)
  Exercise Price: $106.00, Expiration: 12/08/2023
   
(10
)
   
(102,480
)
   
(180
)
  Exercise Price: $107.00, Expiration: 12/22/2023
   
(10
)
   
(102,480
)
   
(310
)
  Exercise Price: $108.00, Expiration: 12/29/2023
   
(10
)
   
(102,480
)
   
(330
)
Morgan Stanley
                       
  Exercise Price: $85.00, Expiration: 12/15/2023
   
(50
)
   
(396,700
)
   
(575
)
  Exercise Price: $83.00, Expiration: 12/22/2023
   
(50
)
   
(396,700
)
   
(2,100
)
  Exercise Price: $85.00, Expiration: 01/19/2024
   
(80
)
   
(634,720
)
   
(6,440
)
PepsiCo, Inc.
                       
  Exercise Price: $175.00, Expiration: 12/01/2023
   
(20
)
   
(336,580
)
   
(10
)
  Exercise Price: $175.00, Expiration: 12/08/2023
   
(30
)
   
(504,870
)
   
(150
)
  Exercise Price: $180.00, Expiration: 12/15/2023
   
(30
)
   
(504,870
)
   
(75
)
  Exercise Price: $180.00, Expiration: 12/22/2023
   
(30
)
   
(504,870
)
   
(135
)
  Exercise Price: $180.00, Expiration: 01/19/2024
   
(70
)
   
(1,178,030
)
   
(2,870
)

The accompanying notes are an integral part of these financial statements.
17

INFRACAP EQUITY INCOME FUND ETF

Schedule of Written Options – Continued
November 30, 2023

         
Notional
       
   
Contracts (a)
   
Amount
   
Value
 
CALL OPTIONS WRITTEN (Continued)
                 
Philip Morris International, Inc.
                 
  Exercise Price: $96.00, Expiration: 12/01/2023
   
(10
)
 
$
(93,360
)
 
$
(25
)
  Exercise Price: $96.00, Expiration: 12/08/2023
   
(10
)
   
(93,360
)
   
(75
)
  Exercise Price: $95.00, Expiration: 12/15/2023
   
(40
)
   
(373,440
)
   
(1,800
)
  Exercise Price: $97.50, Expiration: 12/15/2023
   
(10
)
   
(93,360
)
   
(75
)
  Exercise Price: $97.00, Expiration: 12/22/2023
   
(20
)
   
(186,720
)
   
(300
)
  Exercise Price: $95.00, Expiration: 01/19/2024
   
(10
)
   
(93,360
)
   
(1,050
)
  Exercise Price: $97.50, Expiration: 01/19/2024
   
(10
)
   
(93,360
)
   
(400
)
  Exercise Price: $100.00, Expiration: 01/19/2024
   
(10
)
   
(93,360
)
   
(125
)
PNC Financial Services Group, Inc.
                       
  Exercise Price: $130.00, Expiration: 12/01/2023
   
(30
)
   
(401,880
)
   
(12,750
)
Realty Income Corp.
                       
  Exercise Price: $57.50, Expiration: 01/19/2024
   
(10
)
   
(53,960
)
   
(225
)
  Exercise Price: $57.50, Expiration: 03/15/2024
   
(30
)
   
(161,880
)
   
(2,475
)
RTX Corp.
                       
  Exercise Price: $85.00, Expiration: 12/01/2023
   
(20
)
   
(162,960
)
   
(30
)
  Exercise Price: $90.00, Expiration: 12/15/2023
   
(20
)
   
(162,960
)
   
(40
)
  Exercise Price: $90.00, Expiration: 01/19/2024
   
(100
)
   
(814,800
)
   
(1,950
)
Southern Co.
                       
  Exercise Price: $71.00, Expiration: 12/01/2023
   
(110
)
   
(780,780
)
   
(2,475
)
  Exercise Price: $70.00, Expiration: 12/15/2023
   
(50
)
   
(354,900
)
   
(7,875
)
  Exercise Price: $72.00, Expiration: 12/22/2023
   
(10
)
   
(70,980
)
   
(625
)
  Exercise Price: $73.00, Expiration: 12/29/2023
   
(30
)
   
(212,940
)
   
(1,275
)
  Exercise Price: $73.00, Expiration: 01/05/2024
   
(50
)
   
(354,900
)
   
(2,875
)
UnitedHealth Group, Inc.
                       
  Exercise Price: $570.00, Expiration: 12/01/2023
   
(10
)
   
(552,970
)
   
(280
)
  Exercise Price: $570.00, Expiration: 12/08/2023
   
(10
)
   
(552,970
)
   
(510
)
  Exercise Price: $580.00, Expiration: 12/15/2023
   
(10
)
   
(552,970
)
   
(525
)
US Bancorp
                       
  Exercise Price: $40.00, Expiration: 01/19/2024
   
(100
)
   
(381,200
)
   
(8,250
)
Verizon Communications, Inc.
                       
  Exercise Price: $38.00, Expiration: 12/01/2023
   
(100
)
   
(383,300
)
   
(4,100
)
  Exercise Price: $38.00, Expiration: 12/08/2023
   
(100
)
   
(383,300
)
   
(5,850
)
Walmart, Inc.
                       
  Exercise Price: $165.00, Expiration: 12/01/2023
   
(50
)
   
(778,450
)
   
(25
)
  Exercise Price: $165.00, Expiration: 12/08/2023
   
(50
)
   
(778,450
)
   
(200
)
                     
(225,275
)

The accompanying notes are an integral part of these financial statements.
18

INFRACAP EQUITY INCOME FUND ETF

Schedule of Written Options – Continued
November 30, 2023

         
Notional
       
   
Contracts (a)
   
Amount
   
Value
 
PUT OPTIONS WRITTEN
                 
Amgen, Inc.
                 
  Exercise Price: $260.00, Expiration: 12/01/2023
   
(10
)
 
$
(269,640
)
 
$
(35
)
  Exercise Price: $260.00, Expiration: 12/08/2023
   
(10
)
   
(269,640
)
   
(440
)
Broadcom, Inc.
                       
  Exercise Price: $870.00, Expiration: 12/01/2023
   
(5
)
   
(462,865
)
   
(25
)
  Exercise Price: $900.00, Expiration: 12/01/2023
   
(10
)
   
(925,730
)
   
(875
)
  Exercise Price: $900.00, Expiration: 12/08/2023
   
(10
)
   
(925,730
)
   
(11,200
)
Honeywell International, Inc.
                       
  Exercise Price: $192.50, Expiration: 12/01/2023
   
(20
)
   
(391,840
)
   
(100
)
Kinder Morgan, Inc.
                       
  Exercise Price: $17.00, Expiration: 12/08/2023
   
(200
)
   
(351,400
)
   
(500
)
McDonald’s Corp.
                       
  Exercise Price: $277.50, Expiration: 12/01/2023
   
(20
)
   
(563,680
)
   
(170
)
Microsoft Corp.
                       
  Exercise Price: $340.00, Expiration: 12/01/2023
   
(10
)
   
(378,910
)
   
(5
)
  Exercise Price: $350.00, Expiration: 12/08/2023
   
(10
)
   
(378,910
)
   
(200
)
NextEra Energy, Inc.
                       
  Exercise Price: $56.00, Expiration: 12/01/2023
   
(50
)
   
(292,550
)
   
(125
)
  Exercise Price: $56.00, Expiration: 12/08/2023
   
(50
)
   
(292,550
)
   
(875
)
  Exercise Price: $55.00, Expiration: 12/15/2023
   
(50
)
   
(292,550
)
   
(1,125
)
UnitedHealth Group, Inc.
                       
  Exercise Price: $535.00, Expiration: 12/01/2023
   
(10
)
   
(552,970
)
   
(125
)
  Exercise Price: $535.00, Expiration: 12/08/2023
   
(10
)
   
(552,970
)
   
(1,000
)
Walmart, Inc.
                       
  Exercise Price: $155.00, Expiration: 12/01/2023
   
(30
)
   
(467,070
)
   
(825
)
                     
(17,625
)
Total Written Options
                       
  (Premiums received $197,567)
                 
$
(242,900
)

(a)
100 shares per contract.
(b)
Foreign issued security.

The accompanying notes are an integral part of these financial statements.
19

INFRACAP EQUITY INCOME FUND ETF

Statement of Assets and Liabilities
November 30, 2023

ASSETS:
     
Investments, at value (Cost: $69,971,384)
 
$
65,110,167
 
Cash pledged for borrowing facility
   
30,978
 
Deposits at brokers for written option contracts
   
55,970
 
Receivable for investments sold
   
51,072
 
Dividend and interest receivable
   
415,063
 
Total assets
   
65,663,250
 
         
LIABILITIES:
       
Written option contracts, at value (Premiums received: $197,567)
   
242,900
 
Loan payable
   
15,463,789
 
Payable for investments purchased
   
923,238
 
Payable to Adviser
   
27,282
 
Accrued loan interest
   
76,896
 
Accrued broker interest
   
32,559
 
Total liabilities