# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0001133228-26-001528
**Filing Date:** 2026-2
**Character Count:** 201746
**Document Hash:** b1fdfc4133b15f93c49b55c532e24230
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001528.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001133228-26-001528

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23084
- **FILM NUMBER:** 26608866

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Infrastructure Capital Equity Income ETF (Series ID: S000074860)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000233162 | Infrastructure Capital Equity Income ETF | ICAP            |

### Infrastructure Capital Small Cap Income ETF (Series ID: S000083155)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000246671 | Infrastructure Capital Small Cap Income ETF | SCAP            |

### Infrastructure Capital Bond Income ETF (Series ID: S000089069)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255546 | Infrastructure Capital Bond Income ETF | BNDS            |

?xml version='1.0' encoding='ASCII'? 2025-09-24193910_InfraCapEquityIncomeFundETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23084</u>**

**<u>Series Portfolios Trust</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Ryan L. Roell, Principal Executive Officer</u>**

**<u>Series Portfolios Trust</u>**

**<u>c/o U.S. Bancorp Fund Services, LLC</u>**

**<u>777 East Wisconsin Ave, 6th Fl</u>**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>(414) 516-1709</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>November 30, 2025</u>**

Date of reporting period: **<u>November 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | |
|:---|:---|
| ![image](img7788_202501061800970.jpg) | **Infrastructure Capital Equity Income ETF**  |
| ![image](img7788_202501061800970.jpg) | ICAP (Principal U.S. Listing Exchange: NYSE Arca, Inc.) |
| ![image](img7788_202501061800970.jpg) | Annual Shareholder Report \| November 30, 2025  |

---

This annual shareholder report contains important information about the Infrastructure Capital Equity Income ETF (formerly know as the InfraCap Equity Income Fund ETF) for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://infracapfund.com/ICAP. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Infrastructure Capital Equity Income ETF | $256 | 2.47% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Beta and momentum were factors that positively contributed to ICAP's relative outperformance to the Bloomberg 500 Dividend Yield Total Return Index (formerly known as the Bloomberg US Large Cap Dividend Yield Total Return Index) (the Fund's "benchmark") for the 12-month period. Overweight exposure to the REIT sector and underweight exposure to the Pharmaceuticals detracted from relative performance.

For the fiscal year ended November 30, 2025, the Fund at NAV returned 7.42%. For the same period, the S&P 500 Index, a broad-based securities market index, returned 15.00%, and the benchmark, which serves as the style-specific index, returned 5.87%.

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
| Beta | Positive | Overweight exposure to high beta stocks relative to the benchmark contributed to outperformance. |
| Momentum | Positive | Momentum served as a positive return factor during the fiscal period. |
| REIT Sector | Negative | Overweight exposure to US REITs relative to the benchmark detracted from relative performance. |
| Pharmaceutical Sector | Negative | Underweight exposure to pharmaceuticals relative to the benchmark detracted from relative performance. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, such as management fees, were deducted.

Infrastructure Capital Equity Income ETF PAGE 1 TSR-AR-81752T619

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6159img002.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/28/2021)** |
| **Infrastructure Capital Equity Income ETF NAV**  | 7.42 | 6.97 |
| **S&P 500 TR**  | 15.00 | 11.21 |
| **Bloomberg 500 Dividend Yield Total Return Index**  | 5.87 | 10.04 |

---

Visit https://infracapfund.com/ICAP for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $73573542 |
| **Number of Holdings** | 135 |
| **Net Advisory Fee** | $499178 |
| **Portfolio Turnover** | 253% |
| **30-Day SEC Yield** | 5.72% |
| **30-Day SEC Yield Unsubsidized** | 5.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Industry** | **(% of** **net** **investments)**  |
|  Capital Markets  | 9.2% |
|  Electric Utilities  | 8.1% |
|  Mortgage REITs  | 7.4% |
|  Semiconductors & Semiconductor Equipment  | 6.8% |
|  Banks  | 6.3% |
|  Oil, Gas & Consumable Fuels  | 5.4% |
|  Financial Services  | 5.0% |
|  Diversified REITs  | 4.4% |
|  Beverages  | 4.4% |
|  Cash & Other  | 43.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Global Net Lease, Inc.  | 5.3% |
|  McDonald's Corp.  | 4.9% |
|  Marvell Technology, Inc.  | 4.8% |
|  KKR & Co., Inc.  | 4.7% |
|  Apollo Global Management, Inc.  | 4.5% |
|  Goldman Sachs Group, Inc.  | 4.1% |
|  Amazon.com, Inc.  | 3.4% |
|  Kenvue, Inc.  | 3.1% |
|  Chevron Corp.  | 2.8% |
|  NextEra Energy, Inc.  | 2.8% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Common Stocks  | 102.1% |
|  Preferred Stocks  | 11.7% |
|  Baby Bonds  | 6.4% |
|  Convertible Preferred Stocks  | 2.3% |
|  Common Stocks Sold Short  | -1.4% |
|  Written Options  | -0.5% |
|  Cash & Other  | -20.6% |

---

**MANAGED DISTRIBUTIONS**

The Fund has adopted a managed distribution plan to provide monthly distributions to common shareholders at a rate that may be updated from time to time. These distributions may consist of net investment income, net realized gain and/or return of capital. Return of capital distributions provided to investors does not necessarily reflect the Fund's investment

Infrastructure Capital Equity Income ETF PAGE 2 TSR-AR-81752T619

------

performance. The Fund's distribution 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 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 are treated as Return of Capital for tax or GAAP purposes may be included. Expenses of the Fund include an 80-basis point 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 distribution policy is to make distributions of investment income and net realized capital gains to shareholders in order to maintain its status as a regulated investment company (RIC).

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://infracapfund.com/ICAP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Infrastructure Capital Advisors, LLC documents not be householded, please call toll-free at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt.

Infrastructure Capital Equity Income ETF PAGE 3 TSR-AR-81752T619

------

---

| | | |
|:---|:---|:---|
| ![image](img1330_202507101650740.jpg) | **Infrastructure Capital Small Cap Income** **ETF**  | ![image](img9078_202507082121848.jpg) |
| ![image](img1330_202507101650740.jpg) | SCAP (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img9078_202507082121848.jpg) |
| ![image](img1330_202507101650740.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img9078_202507082121848.jpg) |

---

This annual shareholder report contains important information about the Infrastructure Capital Small Cap Income ETF (formerly known as the InfraCap Small Cap Income ETF) for the period of December 1, 2024, to November 30, 2025. You can find additional information about the Fund at https://infracapfund.com/SCAP. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Infrastructure Capital Small Cap Income ETF | $222 | 2.19% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Momentum and size were factors that positively contributed to SCAP's relative outperformance to the Bloomberg US 2000 Value Total Return Index (the Fund's "benchmark") for the 12-month period. Overweight exposure to the Semiconductor sector positively contributed to SCAP's total return. Underweight exposure to the Biotech sector detracted from relative performance. Overweight exposure to more profitable companies detracted from its relative performance. Finally, factors such as momentum, liquidity, and company size positively contributed to income and total return.

For the fiscal year ended November 30, 2025, the Fund at NAV returned 2.34%. For the same period, the S&P 500 Index, a broad-based market index, returned 15.00%, and the benchmark, which serves as the style-specific index, returned -0.41%.

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
| Momentum | Positive | The Fund benefited benefitted from an overweight to high momentum stocks relative to the benchmark. |
| Company Size | Positive | The Fund benefitted from an overweight exposure to larger sized companies. |
| Biotech | Negative | The Fund's underweight exposure to the biotech sector relative to the benchmark detracted from relative performance. |
| Profitability | Negative | The Fund's overweight to profitable companies served as a negative relative contribution factor. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, such as management fees, were deducted.

Infrastructure Capital Small Cap Income ETF PAGE 1 TSR-AR-81752T445

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6160img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/11/2023)** |
| **Infrastructure Capital Small Cap Income ETF NAV**  | 2.34 | 17.04 |
| **S&P 500 TR**  | 15.00 | 23.69 |
| **Bloomberg US 2000 Value Total Return Index**  | -0.41 | 12.98 |

---

Visit https://infracapfund.com/SCAP for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $16137794 |
| **Number of Holdings** | 61 |
| **Net Advisory Fee** | $113192 |
| **Portfolio Turnover** | 166% |
| **30-Day SEC Yield** | 4.49% |
| **30-Day SEC Yield Unsubsidized** | 4.49% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Industry** | **(% of** **net** **investments)**  |
|  Banks  | 12.9% |
|  Capital Markets  | 9.1% |
|  Mortgage REITs  | 7.1% |
|  Oil, Gas & Consumable Fuels  | 5.8% |
|  Hotels, Restaurants & Leisure  | 5.5% |
|  Hotel & Resort REITs  | 4.0% |
|  Diversified REITs  | 3.8% |
|  Consumer Staples Distribution & Retail  | 3.6% |
|  Financial Services  | 3.6% |
|  Cash & Other  | 44.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net** **assets)** |
|  Global Net Lease, Inc.  | 4.4% |
|  Wynn Resorts Ltd.  | 4.2% |
|  Casey's General Stores, Inc.  | 4.1% |
|  East West Bancorp, Inc.  | 4.1% |
|  Bank of NT Butterfield & Son Ltd.  | 4.0% |
|  StandardAero, Inc.  | 3.9% |
|  AGNC Investment Corp.  | 3.8% |
|  MKS, Inc.  | 3.7% |
|  Northwestern Energy Group, Inc.  | 3.5% |
|  Lyft, Inc.  | 3.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of net** **assets)** |
|  Common Stocks  | 100.1% |
|  Exchange Traded Funds  | 12.1% |
|  Preferred Stocks  | 5.2% |
|  Convertible Preferred Stocks  | 4.1% |
|  Baby Bonds  | 1.1% |
|  Exchange Traded Funds Sold Short  | -9.2% |
|  Written Options  | -0.1% |
|  Cash & Other  | -13.3% |

---

**MANAGED DISTRIBUTIONS**

The Fund has adopted a managed distribution plan to provide monthly distributions to common shareholders at a rate that may be updated from time to time. These distributions may consist of net investment income, net realized gain and/or return of capital. Return of capital distributions provided to investors does not necessarily reflect the Fund's investment

Infrastructure Capital Small Cap Income ETF PAGE 2 TSR-AR-81752T445

------

performance. The Fund's distribution 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 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 are treated as Return of Capital for tax or GAAP purposes may be included. Expenses of the Fund include an 80-basis point 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 distribution policy is to make distributions of investment income and net realized capital gains to shareholders in order to maintain its status as a regulated investment company (RIC).

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://infracapfund.com/SCAP.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Infrastructure Capital Advisors, LLC documents not be householded, please call toll-free at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt.

Infrastructure Capital Small Cap Income ETF PAGE 3 TSR-AR-81752T445

------

---

| | | |
|:---|:---|:---|
| ![image](img458938_202507101651855.jpg) | **Infrastructure Capital Bond Income ETF**  | ![image](img9077_202507082119232.jpg) |
| ![image](img458938_202507101651855.jpg) | BNDS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img9077_202507082119232.jpg) |
| ![image](img458938_202507101651855.jpg) | Annual Shareholder Report \| November 30, 2025  | ![image](img9077_202507082119232.jpg) |

---

This annual shareholder report contains important information about the Infrastructure Capital Bond Income ETF for the period of January 14, 2025, to November 30, 2025. You can find additional information about the Fund at https://www.infracapfund.com/BNDS. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS SINCE INCEPTION?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** **<sup>,</sup>** **\*\*** |
| Infrastructure Capital Bond Income ETF | $80 | 0.87% |

---

\* Amount shown reflects the expenses of the Fund from inception date through November 30, 2025. Expenses may have been higher if the Fund had been in operation for a full fiscal year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Real Estate and Financials were factors that positively contributed to BNDS' relative outperformance to the Bloomberg U.S. High Yield Very Liquid Total Return Index (the Fund's "benchmark") for the fiscal period. Overweight exposure to the Communication Services sector positively contributed to BNDS' total return. Underweight exposure to the Healthcare sector detracted from relative performance. Finally, overweight exposure to the Energy sector led to a detraction in relative performance.

For the short fiscal period ended November 30, 2025, the Fund at NAV returned 8.43%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based bond market index, returned 8.62%, and the benchmark, which serves as the style-specific index, returned 8.12%.

---

| | | |
|:---|:---|:---|
| FACTOR | IMPACT | SUMMARY |
| Real Estate Sector | Positive | The Fund benefited from an overweight to Real Estate relative to the benchmark. |
| Financial Sector | Positive | The Fund benefited from overweight exposure to Financials relative to the benchmark. |
| Healthcare Sector | Negative | The Fund's underweight exposure to the Healthcare sector relative to the benchmark detracted from relative performance. |
| Energy Sector | Negative | The Fund's overweight to the Energy sector served as a negative relative contribution factor. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, such as management fees, were deducted.

Infrastructure Capital Bond Income ETF PAGE 1 TSR-AR-81752T437

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6161img003.jpg)

**Annual Average TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(01/14/2025)** |
| **Infrastructure Capital Bond Income ETF NAV**  | 8.43 |
| **Bloomberg U.S. Aggregate Bond Index**  | 8.62 |
| **Bloomberg U.S. High Yield Very Liquid Index**  | 8.12 |

---

Visit https://www.infracapfund.com/BNDS for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18887781 |
| **Number of Holdings** | 63 |
| **Net Advisory Fee** | $98176 |
| **Portfolio Turnover** | 65% |
| **Effective Duration** | 3.13 |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Industry** | **(% of** **investments)**  |
|  Mortgage REITs  | 13.5% |
|  Oil, Gas & Consumable Fuels  | 12.3% |
|  Banks  | 7.0% |
|  All Other Business Support Services  | 4.7% |
|  Insurance  | 4.4% |
|  Agricultural Operations  | 3.6% |
|  Pharmaceutical Preparation Manufacturing  | 3.5% |
|  Financial Services  | 3.4% |
|  Petroleum Bulk Stations and Terminals  | 3.2% |
|  Cash & Other  | 44.4% |

---

---

| | |
|:---|:---|
| **Security Type** | **(% of** **net** **assets)**  |
|  Corporate Bonds  | 63.6% |
|  Baby Bonds  | 19.8% |
|  Preferred Stocks  | 15.6% |
|  Exchange Traded Funds  | 0.4% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **net** **assets)**  |
|  Plains All American Pipeline LP  | 4.1% |
|  Land O' Lakes, Inc.  | 3.6% |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV  | 3.4% |
|  Genesis Energy LP / Genesis Energy Finance Corp.  | 3.2% |
|  Crescent Energy Finance LLC  | 3.0% |
|  BW Real Estate, Inc.  | 3.0% |
|  Warnermedia Holdings, Inc.  | 2.9% |
|  Diversified Healthcare Trust  | 2.8% |
|  Sunoco LP  | 2.7% |
|  Merchants Bancorp/IN  | 2.7% |

---

**MANAGED DISTRIBUTIONS**

The Fund has adopted a managed distribution plan to provide monthly distributions to common shareholders at a rate that may be updated from time to time. These distributions may consist of net investment income, net realized gain and/or return of capital. Return of capital distributions provided to investors does not necessarily reflect the Fund's investment

Infrastructure Capital Bond Income ETF PAGE 2 TSR-AR-81752T437

------

performance. The Fund's distribution 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 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 are treated as Return of Capital for tax or GAAP purposes may be included. Expenses of the Fund include an 80-basis point 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 distribution policy is to make distributions of investment income and net realized capital gains to shareholders in order to maintain its status as a regulated investment company (RIC).

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.infracapfund.com/BNDS.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Infrastructure Capital Advisors, LLC documents not be householded, please call toll-free at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt.

Infrastructure Capital Bond Income ETF PAGE 3 TSR-AR-81752T437

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

File: *A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Debra McGinty-Poteet is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning; including reviewing the Funds' tax returns and distribution calculations. There were no "other services" provided by the principal accountant. For the fiscal years ended November 30, 2025 and November 30, 2024, the Funds' principal accountant was Cohen & Company, Ltd. The following table details the aggregate fees billed or expected to be billed for the past two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 11/30/2025 | FYE 11/30/2024 |
| (a) Audit Fees | $61000 | $37000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $13500 | $8000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 11/30/2025 | FYE 11/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two fiscal years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 11/30/2025 | FYE 11/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The Registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The members of the audit committee, all Independent Trustees, are as follows: Koji Felton, Debra McGinty-Poteet and Daniel B. Willey.

(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a)
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](icap_logo.jpg)

![](16703-scap-lockup-clear_logo.jpg)

![](16703-bnds-lockup-clear_logo.jpg)

**Infrastructure Capital Equity Income ETF** 

**(F/K/A InfraCap Equity Income Fund ETF)** 

**Ticker Symbol: ICAP** 

**Infrastructure Capital Small Cap Income ETF** 

**(F/K/A InfraCap Small Cap Income ETF)** 

**Ticker Symbol: SCAP** 

**Infrastructure Capital Bond Income ETF** 

**Ticker Symbol: BNDS**

**Annual Financial Statements and Additional Information** 

**November 30, 2025**

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Infrastructure Capital Equity Income ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Schedule of Securities Sold Short](#soi1b) | [6](#soi1b) |
| &nbsp;&nbsp;&nbsp; [Schedule of Written Options](#soi1a) | [7](#soi1a) |
| [Infrastructure Capital Small Cap Income ETF](#soi2) | [9](#soi2) |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi2) | [9](#soi2) |
| &nbsp;&nbsp;&nbsp; [Schedule of Securities Sold Short](#soi2b) | [13](#soi2b) |
| &nbsp;&nbsp;&nbsp; [Schedule of Written Options](#soi2a) | [14](#soi2a) |
| [Infrastructure Capital Bond Income ETF](#soi3) | [15](#soi3) |
| &nbsp;&nbsp;&nbsp; [Schedule of Investments](#soi3) | [15](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [20](#sal) |
| [Statements of Operations](#sop) | [21](#sop) |
| [Statements of Changes in Net Assets](#scna) | [22](#scna) |
| [Statements of Cash Flows](#cash) | [24](#cash) |
| [Financial Highlights](#fihi) | [26](#fihi) |
| [Notes to the Financial Statements](#notes) | [29](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [41](#rep) |
| [Additional Information](#add) | [43](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 102.1%**<br>|  |  |
| **Banks - 7.6%**<br>|  |  |
| Bank of America Corp.<sup>(a)</sup> | 5366 | $287886  |
| Citigroup, Inc.<sup>(a)(b)</sup> | 17964 | 1861070  |
| Fifth Third Bancorp<sup>(a)(b)</sup> | 16192 | 703704  |
| M&T Bank Corp.<sup>(a)(b)</sup> | 4954 | 942350  |
| Truist Financial Corp. | 17440 | 810960  |
| U.S. Bancorp<sup>(a)(b)</sup> | 20433 | 1002239  |
|  |  | 5608209  |
| **Beverages - 5.3%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(c)</sup> | 44419 | 1818514  |
| Coca-Cola Co.<sup>(d)</sup> | 723 | 52866  |
| PepsiCo, Inc.<sup>(a)</sup> | 13574 | 2018996  |
|  |  | 3890376  |
| **Broadline Retail - 3.4%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)(c)(d)</sup> | 10618 | 2476330  |
| **Capital Markets - 10.3%**<br>|  |  |
| Blackstone, Inc. | 4216 | 617307  |
| Goldman Sachs Group, Inc.<sup>(d)</sup> | 3638 | 3005134  |
| KKR & Co., Inc.<sup>(a)</sup> | 21220 | 2595418  |
| Morgan Stanley<sup>(a)(d)</sup> | 8125 | 1378487  |
|  |  | 7596346  |
| **Chemicals - 0.1%**<br>|  |  |
| Solstice Advanced Materials, Inc.<sup>(b)(c)</sup> | 1576 | 75144  |
| **Communications Equipment - 1.0%**<br>|  |  |
| Cisco Systems, Inc. | 9258 | 712311  |
| **Diversified REITs - 4.4%**<br>|  |  |
| Global Net Lease, Inc.<sup>(a)</sup> | 397104 | 3260224  |
| **Diversified Telecommunication Services - 1.4%**<br>|  |  |
| AT&T, Inc.<sup>(b)</sup> | 12098 | 314790  |
| Verizon Communications, Inc. | 18522 | 761439  |
|  |  | 1076229  |
| **Electric Utilities - 9.2%**<br>|  |  |
| Alliant Energy Corp.<sup>(a)(b)</sup> | 13652 | 948404  |
| Edison International<sup>(a)(b)(d)</sup> | 29772 | 1753273  |
| NextEra Energy, Inc.<sup>(a)(b)(d)</sup> | 23948 | 2066473  |
| Southern Co.<sup>(b)(d)</sup> | 8290 | 755385  |
| Xcel Energy, Inc.<sup>(a)(b)</sup> | 14966 | 1228858  |
|  |  | 6752393  |
| **Financial Services - 4.2%**<br>|  |  |
| Apollo Global Management, Inc.<sup>(a)</sup> | 23338 | 3077115  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Food Products - 1.5%**<br>|  |  |
| Kraft Heinz Co.<sup>(a)(b)</sup> | 43840 | $1118358  |
| **Gas Utilities - 2.8%**<br>|  |  |
| Northwest Natural Holding Co.<sup>(a)(b)(d)</sup> | 41588 | 2057358  |
| **Health Care REITs - 0.5%**<br>|  |  |
| Alexandria Real Estate Equities, Inc.<sup>(b)(d)</sup> | 6653 | 357067  |
| **Hotels, Restaurants & Leisure - 5.2%**<br>|  |  |
| McDonald's Corp.<sup>(a)(b)(d)</sup> | 11493 | 3583747  |
| Red Rock Resorts, Inc. - Class A<sup>(a)(b)</sup> | 3735 | 218759  |
|  |  | 3802506  |
| **Independent Power and Renewable Electricity Producers - 2.5%**<br>|  |  |
| Vistra Corp.<sup>(a)(b)</sup> | 10227 | 1829201  |
| **Industrial Conglomerates - 1.6%**<br>|  |  |
| Honeywell International, Inc.<sup>(a)(b)</sup> | 6314 | 1213488  |
| **Industrial REITs - 1.7%**<br>|  |  |
| Rexford Industrial Realty, Inc.<sup>(a)(b)</sup> | 29629 | 1232863  |
| **Insurance - 0.2%**<br>|  |  |
| Brighthouse Financial, Inc.<sup>(c)</sup> | 2614 | 171348  |
| **Interactive Media & Services - 2.5%**<br>|  |  |
| Meta Platforms, Inc. - Class A<sup>(b)(d)</sup> | 2805 | 1817500  |
| **IT Services - 0.5%**<br>|  |  |
| International Business Machines Corp. | 1133 | 349621  |
| **Machinery - 1.3%**<br>|  |  |
| Caterpillar, Inc.<sup>(d)</sup> | 1704 | 981095  |
| **Metals & Mining - 2.6%**<br>|  |  |
| Freeport-McMoRan, Inc.<sup>(a)(d)</sup> | 45220 | 1943556  |
| **Office REITs - 3.5%**<br>|  |  |
| BXP, Inc.<sup>(b)(d)</sup> | 12581 | 910361  |
| Kilroy Realty Corp.<sup>(a)</sup> | 38284 | 1642001  |
|  |  | 2552362  |
| **Oil, Gas & Consumable Fuels - 6.5%**<br>|  |  |
| Chevron Corp.<sup>(b)(d)</sup> | 13695 | 2069725  |
| Coterra Energy, Inc.<sup>(a)</sup> | 22544 | 605081  |
| Exxon Mobil Corporation<sup>(b)(d)</sup> | 5868 | 680219  |
| MPLX LP<sup>(a)(b)</sup> | 26660 | 1448438  |
|  |  | 4803463  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Personal Care Products - 3.1%**<br>|  |  |
| Kenvue, Inc. | 131307 | $2278176  |
| **Pharmaceuticals - 2.4%**<br>|  |  |
| Johnson & Johnson<sup>(d)</sup> | 2835 | 586618  |
| Merck & Co., Inc. | 11465 | 1201876  |
|  |  | 1788494  |
| **Retail REITs - 1.3%**<br>|  |  |
| Realty Income Corp.<sup>(a)(b)</sup> | 16497 | 950392  |
| **Semiconductors & Semiconductor Equipment - 9.1%**<br>|  |  |
| Broadcom, Inc.<sup>(a)(d)</sup> | 5953 | 2398821  |
| First Solar, Inc.<sup>(c)</sup> | 1009 | 275376  |
| Marvell Technology, Inc.<sup>(a)(d)</sup> | 39824 | 3560266  |
| NVIDIA Corp.<sup>(d)</sup> | 2500 | 442500  |
|  |  | 6676963  |
| **Software - 1.1%**<br>|  |  |
| Microsoft Corp. | 1600 | 787216  |
| **Specialized REITs - 2.6%**<br>|  |  |
| Crown Castle, Inc.<sup>(a)(b)</sup> | 7570 | 690990  |
| Digital Realty Trust, Inc.<sup>(a)</sup> | 3579 | 573069  |
| Safehold, Inc.<sup>(a)(b)</sup> | 45083 | 625301  |
|  |  | 1889360  |
| **Tobacco - 2.7%**<br>|  |  |
| Philip Morris International, Inc.<sup>(d)</sup> | 12815 | 2018106  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $70,452,875)** |  | 75143170  |
| **PREFERRED STOCKS – 11.7%**<br>|  |  |
| **Consumer Finance - 2.0%**<br>|  |  |
| SLM Corp., Series B, 6.00% (3 mo. Term SOFR + 1.96%), Perpetual Maturity<sup>(a)(b)</sup> | 19482 | 1449266  |
| **Diversified REITs - 0.9%**<br>|  |  |
| Global Net Lease, Inc., Series B, 6.88%, Perpetual Maturity<sup>(a)(b)</sup> | 29895 | 649917  |
| **Electrical Equipment - 1.1%**<br>|  |  |
| Babcock & Wilcox Enterprises, Inc., Series A, 7.75%, Perpetual Maturity<sup>(b)</sup> | 40585 | 791408  |
| **Financial Services - 0.3%**<br>|  |  |
| Merchants Bancorp/IN, 7.63%, Perpetual Maturity | 9582 | 219045  |
| **Hotel & Resort REITs - 1.6%**<br>|  |  |
| RLJ Lodging Trust, Series A, 1.95%, Perpetual Maturity<sup>(a)(b)</sup> | 48839 | 1225859  |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)** <br>|  |  |
| **Insurance - 1.2%**<br>|  |  |
| Brighthouse Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 6.60%, Perpetual Maturity<sup>(a)</sup> | 27040 | $445889  |
| &nbsp;&nbsp;&nbsp; Series B, 6.75%, Perpetual Maturity | 26370 | 448554  |
|  |  | 894443  |
| **Mortgage REITs - 4.6%**<br>|  |  |
|  AGNC Investment Corp., Series G, 7.75% to 10/15/2027 then 5 yr. CMT Rate + 4.39%, Perpetual Maturity<sup>(a)(b)(e)</sup> | 15154 | 374607  |
|  Adamas Trust, Inc., Series D, 8.00% to 10/15/2027 then 3 mo. SOFR + 5.70%, Perpetual Maturity<sup>(a)(b)(e)</sup> | 62436 | 1388576  |
| Rithm Capital Corp., Series E, 8.75%, Perpetual Maturity | 63939 | 1611263  |
|  |  | 3374446  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $8,380,571)** |  | 8604384  |
| **BABY BONDS<sup>(f)</sup> - 6.4%**<br>|  |  |
| **Commercial Services & Supplies - 0.2%**<br>|  |  |
| Pitney Bowes, Inc., 6.70%, 03/07/2043<sup>(a)(b)</sup> | 6380 | 127345  |
| **Financial Services - 1.2%**<br>|  |  |
| Corebridge Financial, Inc., 6.38%, 12/15/2064<sup>(a)(b)</sup> | 37868 | 899365  |
| **Health Care REITs - 0.7%**<br>|  |  |
| Diversified Healthcare Trust, 5.63%, 08/01/2042<sup>(a)(b)</sup> | 30346 | 505261  |
| **Mortgage REITs - 4.3%**<br>|  |  |
| AGNC Investment Corp., Series H, 8.75%, Perpetual Maturity<sup>(a)</sup> | 42226 | 1086053  |
| PennyMac Mortgage Investment Trust, 9.00%, 02/15/2030<sup>(a)</sup> | 11599 | 294150  |
| Redwood Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00%, 09/01/2029<sup>(a)(b)</sup> | 50472 | 1254734  |
| &nbsp;&nbsp;&nbsp; 9.13%, 03/01/2030<sup>(a)</sup> | 22376 | 542842  |
|  |  | 3177779  |
| &nbsp;&nbsp;&nbsp; **TOTAL BABY BONDS** <br>**(Cost $4,745,949)** |  | 4709750  |
| **CONVERTIBLE PREFERRED STOCKS - 2.3%**<br>|  |  |
| **Capital Markets - 1.2%**<br>|  |  |
| KKR & Co., Inc., Series D, 6.25%, 03/01/2028<sup>(a)</sup> | 17637 | 873384  |
| **Electric Utilities - 0.7%**<br>|  |  |
| PG&E Corp., Series A, 6.00%, 12/01/2027<sup>(a)</sup> | 12034 | 489302  |
| **Financial Services - 0.3%**<br>|  |  |
| Apollo Global Management, Inc., 6.75%, 07/31/2026 | 3576 | 247388  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **CONVERTIBLE PREFERRED STOCKS - (Continued)** <br>|  |  |
| **Technology Hardware, Storage & Peripherals - 0.1%**<br>|  |  |
| Hewlett Packard Enterprise Co., 7.63%, 09/01/2027 | 1060 | $64830  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $1,680,983)** |  | 1674904  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 122.5%** <br>**(Cost $85,260,378)** |  | $90132208  |
| Liabilities in Excess of Other Assets - (22.5)% |  | (16558666)  |
| **TOTAL NET ASSETS - 100.0%** |  | $73573542 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use.

CMT - Constant Maturity Treasury

LP - Limited Partnership

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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 November 30, 2025 is $37,117,650.

<sup>(b)</sup> 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 November 30, 2025 is $11,212,981.

<sup>(c)</sup> Non-income producing security.

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

<sup>(e)</sup> This security has a fixed-to-variable rate feature.

<sup>(f)</sup> Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT COMMON STOCKS<sup>(a)</sup> - (1.4)%** <br>|  |  |
| **Capital Markets - (0.5)%**<br>|  |  |
| Morgan Stanley  | (2000) | $(339320)  |
| **Semiconductors & Semiconductor Equipment - (0.9)%**<br>|  |  |
| Broadcom, Inc.  | (1000)  | $(402960)  |
| First Solar, Inc.  | (1000)  | (272920)  |
|  |  | (675880)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT COMMON STOCKS** <br>**(Proceeds $997,162)**  |  | $(1015200) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use.

<sup>(a)</sup> Securities sold short are not owned by the Fund and cannot produce income. 

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts<sup>(a)</sup>** | **Value**  |
| **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** |
| **Written Call Options - (0.5)%**<br>|  |  |  |
| Alexandria Real Estate Equities, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $65.00 | $(536700) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | $(1000)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $65.00 | (268350) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (1950)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $70.00 | (53670) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (525)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $75.00 | (268350) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (1000)  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $65.00 | (53670) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (1525)  |
| Amazon.com, Inc., <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $250.00 | (1166100) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (1150)  |
| Broadcom, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $440.00 | (402960) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (8350)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $470.00 | (402960) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (8070)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $500.00 | (402960) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (9600)  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $530.00 | (402960) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (11000)  |
| BXP, Inc.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $85.00 | (361800) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (875)  |
| Caterpillar, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $600.00 | (575760) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (1300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $600.00 | (575760) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (4250)  |
| Chevron Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $170.00 | (1511300) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $157.50 | (528955) | &nbsp;&nbsp;&nbsp;&nbsp;(35) | (1330)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $160.00 | (755650) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (2000)  |
| Coca-Cola Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $72.50 | (731200) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (11300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $75.00 | (731200) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (2300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $75.00 | (731200) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (7300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $75.00 | (365600) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (6750)  |
| Dow, Inc.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $32.50 | (477000) | &nbsp;&nbsp;&nbsp;&nbsp;(200) | (200)  |
| Edison International<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $65.00 | (588900) | &nbsp;&nbsp;&nbsp;&nbsp;(100) | (3600)  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $67.50 | (294450) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (6000)  |
| Exxon Mobil Corp., <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $130.00 | (637560) | &nbsp;&nbsp;&nbsp;&nbsp;(55) | (385)  |
| Freeport-McMoRan, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $45.00 | (42980) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (170)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $45.00 | (42980) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (420)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $45.00 | (42980) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (700)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $50.00 | (85960) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | (100)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $46.00 | (42980) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (720)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/02/2026; Exercise Price: $48.00 | (42980) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (470)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $48.00 | (85960) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | (1360)  |
| Goldman Sachs Group, Inc., <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $850.00 | (826040) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (1650)  |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL EQUITY INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts<sup>(a)</sup>** | **Value**  |
| **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)% - (Continued)**  | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)% - (Continued)**  | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)% - (Continued)**  | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)% - (Continued)**  |
| **Written Call Options - (0.5)% - (Continued)** <br>|  |  |  |
| Johnson & Johnson, <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $210.00 | $(558684) | &nbsp;&nbsp;&nbsp;&nbsp;(27) | $(5238)  |
| Marvell Technology, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $97.00 | (89400) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (2550)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $100.00 | (89400) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (1810)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $98.00 | (89400) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (2970)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $100.00 | (89400) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (3380)  |
| McDonald's Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $320.00 | (1559100) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (600)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $320.00 | (1559100) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (2800)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $325.00 | (1559100) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (2550)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $325.00 | (1559100) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (3950)  |
| Meta Platforms, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $780.00 | (1295900) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | (120)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $790.00 | (1943850) | &nbsp;&nbsp;&nbsp;&nbsp;(30) | (630)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $790.00 | (3239750) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (2300)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $750.00 | (3239750) | &nbsp;&nbsp;&nbsp;&nbsp;(50) | (6800)  |
| Morgan Stanley, <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $170.00 | (169660) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (1780)  |
| NextEra Energy, Inc., <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $89.00 | (172580) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | (400)  |
| Northwest Natural Holding Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $45.00 | (1286220) | &nbsp;&nbsp;&nbsp;&nbsp;(260) | (119600)  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/20/2026; Exercise Price: $45.00 | (643110) | &nbsp;&nbsp;&nbsp;&nbsp;(130) | (68900)  |
| Philip Morris International, Inc., <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $160.00 | (472440) | &nbsp;&nbsp;&nbsp;&nbsp;(30) | (5100)  |
| Southern Co.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $96.00 | (182240) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | (50)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $92.00 | (364480) | &nbsp;&nbsp;&nbsp;&nbsp;(40) | (2400)  |
| **Total Written Call Options** |  |  | (331578)  |
| **Written Put Options - (0.0)%<sup>(c)</sup>**<br>|  |  |  |
| NVIDIA Corp.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $170.00 | (177000) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (1380)  |
| Philip Morris International, Inc.,<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $150.00 | (314960) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | (640)  |
| **Total Written Put Options** |  |  | (2020)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $221,507)** |  |  | $(333598) |

---

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Less than 0.05% of net assets. 

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL SMALL CAP INCOME ETF** 

**Schedule of Investments** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.1%**<br>|  |  |
| **Aerospace & Defense - 3.9%**<br>|  |  |
| StandardAero, Inc.<sup>(a)(b)</sup> | 23901 | $624294  |
| **Banks - 14.6%**<br>|  |  |
| Bank of NT Butterfield & Son Ltd.<sup>(b)(c)</sup> | 13912 | 646073  |
| East West Bancorp, Inc.<sup>(b)</sup> | 6133 | 654391  |
| Popular, Inc.<sup>(b)</sup> | 3229 | 370399  |
| Preferred Bank/Los Angeles CA<sup>(b)</sup> | 4771 | 450430  |
| Western Alliance Bancorp<sup>(b)</sup> | 2901 | 236519  |
|  |  | 2357812  |
| **Beverages - 1.8%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 7300 | 298862  |
| **Biotechnology - 3.0%**<br>|  |  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 6800 | 485520  |
| **Capital Markets - 8.1%**<br>|  |  |
| Houlihan Lokey, Inc.<sup>(b)</sup> | 1572 | 275729  |
| Jefferies Financial Group, Inc. | 3553 | 204511  |
| Lazard, Inc.<sup>(b)</sup> | 6397 | 323048  |
| StoneX Group, Inc.<sup>(a)(b)</sup> | 5485 | 496996  |
|  |  | 1300284  |
| **Chemicals - 2.8%**<br>|  |  |
| AdvanSix, Inc.<sup>(b)</sup> | 12767 | 196484  |
| Avient Corp.<sup>(b)</sup> | 8280 | 253285  |
|  |  | 449769  |
| **Consumer Staples Distribution & Retail - 4.1%**<br>|  |  |
| Casey's General Stores, Inc.<sup>(b)</sup> | 1164 | 664015  |
| **Diversified REITs - 4.4%**<br>|  |  |
| Global Net Lease, Inc.<sup>(b)</sup> | 85818 | 704566  |
| **Electric Utilities - 3.0%**<br>|  |  |
| Otter Tail Corp.<sup>(b)</sup> | 5884 | 483665  |
| **Electrical Equipment - 3.0%**<br>|  |  |
| nVent Electric PLC<sup>(b)</sup> | 4472 | 479712  |
| **Financial Services - 2.2%**<br>|  |  |
| Western Union Co.<sup>(b)</sup> | 40143 | 352857  |
| **Ground Transportation - 3.4%**<br>|  |  |
| Lyft, Inc. - Class A<sup>(a)(b)</sup> | 26342 | 553972  |
| **Hotel & Resort REITs - 4.6%**<br>|  |  |
| Braemar Hotels & Resorts, Inc. | 194418 | 519096  |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | 19999 | 216389  |
|  |  | 735485  |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL SMALL CAP INCOME ETF** 

**Schedule of Investments** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Hotels, Restaurants & Leisure - 6.2%**<br>|  |  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 9800 | $324968  |
| Wynn Resorts Ltd.<sup>(b)</sup> | 5227 | 672610  |
|  |  | 997578  |
| **Insurance - 1.4%**<br>|  |  |
| Old Republic International Corp.<sup>(b)</sup> | 5079 | 234142  |
| **IT Services - 1.5%**<br>|  |  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 1950 | 249327  |
| **Machinery - 3.3%**<br>|  |  |
| SPX Technologies, Inc.<sup>(a)(b)</sup> | 2457 | 528353  |
| **Media - 3.1%**<br>|  |  |
| New York Times Co. - Class A<sup>(b)</sup> | 7697 | 496457  |
| **Metals & Mining - 2.7%**<br>|  |  |
| Equinox Gold Corp.<sup>(a)</sup> | 31340 | 434999  |
| **Mortgage REITs - 4.1%**<br>|  |  |
| AGNC Investment Corp.<sup>(b)</sup> | 36409 | 381931  |
| Rithm Capital Corp.<sup>(b)</sup> | 23992 | 275668  |
|  |  | 657599  |
| **Multi-Utilities - 3.5%**<br>|  |  |
| Northwestern Energy Group, Inc.<sup>(b)</sup> | 8238 | 569163  |
| **Office REITs - 3.1%**<br>|  |  |
| Kilroy Realty Corp.<sup>(b)(c)</sup> | 11520 | 494093  |
| **Oil, Gas & Consumable Fuels - 6.5%**<br>|  |  |
| Chord Energy Corp.<sup>(b)</sup> | 5339 | 501118  |
| Delek Logistics Partners LP<sup>(b)</sup> | 515 | 23608  |
| Plains GP Holdings LP<sup>(b)</sup> | 28530 | 528946  |
|  |  | 1053672  |
| **Semiconductors & Semiconductor Equipment - 3.6%**<br>|  |  |
| MKS, Inc. | 3772 | 589903  |
| **Software - 1.1%**<br>|  |  |
| JFrog Ltd.<sup>(a)</sup> | 3000 | 182940  |
| **Trading Companies & Distributors - 1.1%**<br>|  |  |
| Herc Holdings, Inc.<sup>(b)</sup> | 1319 | 177102  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $14,725,310)** |  | 16156141  |

---

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL SMALL CAP INCOME ETF** 

**Schedule of Investments** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 12.1%** <br>|  |  |
| iShares Russell 2000 ETF<sup>(b)(d)</sup>  | &nbsp;&nbsp;&nbsp; 7824  | 1946220  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $1,742,738)**  |  | 1946220  |
| **PREFERRED STOCKS - 5.2%**<br>|  |  |
| **Insurance - 1.5%**<br>|  |  |
| Brighthouse Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 6.75%, Perpetual Maturity<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8983 | $152801  |
| &nbsp;&nbsp;&nbsp; Series C, 5.38%, Perpetual Maturity | &nbsp;&nbsp;&nbsp; 6088 | 82006  |
|  |  | 234807  |
| **Mortgage REITs - 3.7%**<br>|  |  |
| AG Mortgage Investment Trust, Inc., Series B, 8.00%, Perpetual Maturity<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6743 | 148245  |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp., Series D, 8.50% (3 mo. Term SOFR + 4.59%), <br>Perpetual Maturity<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 9493 | 231724  |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp., Series B, 10.05% (3 mo. Term SOFR + 6.05%), <br>Perpetual Maturity<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8982 | 218981  |
|  |  | 598950  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $856,293)** |  | 833757  |
| **CONVERTIBLE PREFERRED STOCKS - 4.1%**<br>|  |  |
| **Capital Markets - 2.2%**<br>|  |  |
| KKR & Co., Inc., Series D, 6.25%, 03/01/2028 | &nbsp;&nbsp;&nbsp; 7206 | 356841  |
| **Financial Services - 1.9%**<br>|  |  |
| Apollo Global Management, Inc., 6.75%, 07/31/2026 | &nbsp;&nbsp;&nbsp; 4332 | 299688  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE PREFERRED STOCKS** <br>**(Cost $670,538)** |  | 656529  |
| **BABY BONDS<sup>(e)</sup> - 1.1%**<br>|  |  |
| **Commercial Services & Supplies - 0.9%%**<br>|  |  |
| Pitney Bowes, Inc., 6.70%, 03/07/2043<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7365 | 147005  |
| **Mortgage REITs - 0.2%**<br>|  |  |
| Redwood Trust, Inc., 9.13%, 03/01/2030 | &nbsp;&nbsp;&nbsp; 1633 | 39617  |
| &nbsp;&nbsp;&nbsp; **TOTAL BABY BONDS** <br>**(Cost $190,122)** |  | 186622  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 122.6%** <br>**(Cost $18,185,001)** |  | $19779269  |
| Liabilities in Excess of Other Assets - (22.6)% |  | (3641475)  |
| **TOTAL NET ASSETS - 100.0%** |  | $16137794 |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL SMALL CAP INCOME ETF** 

**Schedule of Investments** 

**November 30, 2025 (Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use.

ETF - Exchange Traded Fund

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 November 30, 2025 is $11,849,190.

<sup>(c)</sup> 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 November 30, 2025 is $163,557.

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

<sup>(e)</sup> Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.

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

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL SMALL CAP INCOME ETF** 

**SCHEDULE OF SECURITIES SOLD SHORT** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT EXCHANGE TRADED FUNDS<sup>(a)</sup> - (9.2)%**<br>|  |  |
| iShares Russell 2000 ETF | (6000) | $(1492500) |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT EXCHANGE TRADED FUNDS** <br>**(Proceeds $1,291,547)** |  | $(1492500) |

---

Percentages are stated as a percent of net assets.

ETF – Exchange Traded Fund

<sup>(a)</sup> Securities sold short are not owned by the Fund and cannot produce income. 

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

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL SMALL CAP INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts<sup>(a)</sup>** | **Value**  |
| **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** | **WRITTEN OPTIONS<sup>(b)</sup> - (0.5)%** |
| **Written Call Options - (0.5)%**<br>|  |  |  |
| iShares Russell 2000 ETF<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $261.00 | $(621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | $(175)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/05/2025; Exercise Price: $265.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (75)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $251.00 | (248750) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (2750)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $265.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (450)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/12/2025; Exercise Price: $270.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (225)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $253.00 | (248750) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (2710)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $268.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (675)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/19/2025; Exercise Price: $271.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (450)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $256.00 | (248750) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | (2220)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $270.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (775)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/26/2025; Exercise Price: $275.00 | (621875) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | (425)  |
| **Total Written Call Options** |  |  | (10930)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $12,457)** |  |  | $(10930) |

---

ETF - Exchange Traded Fund

<sup>(a)</sup> 100 shares per contract.

<sup>(b)</sup> Non-income producing security.

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

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL BOND INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 63.6%**<br>|  |  |
| **Agricultural Operations - 3.6%**<br>|  |  |
| Land O' Lakes, Inc., 7.25%, Perpetual Maturity<sup>(b)</sup> | $756000 | $686448  |
| **All Other Business Support Services - 4.7%**<br>|  |  |
| Crescent Energy Finance LLC, 7.38%, 01/15/2033<sup>(a)(b)</sup> | 607000 | 575671  |
| Noble Finance II LLC, 8.00%, 04/15/2030 (Callable 04/15/2026)<sup>(a)(b)</sup> | 294000 | 305654  |
|  |  | 881325  |
| **Automobiles - 2.8%**<br>|  |  |
| Ford Motor Co., 7.70%, 05/15/2097 (Callable Anytime)<sup>(b)</sup> | 220000 | 227713  |
|  General Motors Financial Co., Inc., 5.75% to 09/30/2027 then 3 mo. SOFR + 3.60%, Perpetual Maturity<sup>(b)(c)</sup> | 308000 | 305187  |
|  |  | 532900  |
| **Banks - 3.0%**<br>|  |  |
|  BW Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual Maturity (Callable 03/30/2030)<sup>(a)(b)(c)</sup> | 558000 | 571848  |
| **Broadline Retail - 2.2%**<br>|  |  |
| Kohl's Corp., 6.00%, 01/15/2033<sup>(b)</sup> | 511000 | 418035  |
| **Chemicals - 2.3%**<br>|  |  |
| Chemours Co., 8.00%, 01/15/2033<sup>(a)(b)</sup> | 450000 | 438190  |
| **Electric Utilities - 1.5%**<br>|  |  |
|  NRG Energy, Inc., 10.25% to 03/15/2028 then 5 yr. CMT Rate + 5.92%, Perpetual Maturity (Callable 03/15/2028)<sup>(a)(b)(c)</sup> | 265000 | 289368  |
| **Independent Power and Renewable Electricity Producers - 1.6%**<br>|  |  |
| AES Corp., 6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055<sup>(b)(c)</sup> | 300000 | 293005  |
| **Insurance - 2.4%**<br>|  |  |
| Lincoln National Corp., 6.47% (3 mo. Term SOFR + 2.62%), 05/17/2066 | 561000 | 459869  |
| **Lessors of Residential Buildings and Dwellings - 2.3%**<br>|  |  |
| Hudson Pacific Properties LP, 5.95%, 02/15/2028 | 448000 | 437721  |
| **Media - 1.6%**<br>|  |  |
| Paramount Global, 6.25% to 02/28/2027 then 3 mo. SOFR + 3.90%, 02/28/2057<sup>(b)(c)</sup> | 314000 | 305962  |
|  **Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers - 3.0%**<br>|  |  |
| Warnermedia Holdings, Inc., 5.39%, 03/15/2062<sup>(b)</sup> | 826000 | 556517  |
| **Miscellaneous Financial Investment Activities - 1.7%**<br>|  |  |
| PPL Capital Funding, Inc., 6.93% (3 mo. Term SOFR + 2.93%), 03/30/2067<sup>(b)</sup> | 297000 | 293775  |
| **Mortgage REITs - 1.6%**<br>|  |  |
| Rithm Capital Corp., 8.00%, 04/01/2029 (Callable 04/01/2026)<sup>(a)(b)</sup> | 297000 | 303875  |

---

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

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL BOND INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** <br>|  |  |
| **Multi-Utilities - 0.1%**<br>|  |  |
|  Algonquin Power & Utilities Corp., 4.75% to 04/18/2027 then 5 yr. CMT Rate + 3.25%, 01/18/2082<sup>(c)</sup> | $23000 | $22682  |
| **Oil, Gas & Consumable Fuels - 10.9%**<br>|  |  |
| Civitas Resources, Inc., 8.75%, 07/01/2031 (Callable 07/01/2026)<sup>(a)(b)</sup> | 426000 | 444145  |
| Kosmos Energy Ltd., 7.50%, 03/01/2028<sup>(a)</sup> | 51000 | 35547  |
|  Plains All American Pipeline LP, 8.22% (3 mo. Term SOFR + 4.37%), Perpetual Maturity | 762000 | 765702  |
| Sunoco LP, 7.88% to 09/18/2030 then 5 yr. CMT Rate + 4.23%, Perpetual Maturity<sup>(a)(c)</sup> | 510000 | 519302  |
| Vital Energy, Inc., 9.75%, 10/15/2030 (Callable 09/18/2030)<sup>(a)(b)</sup> | 280000 | 291846  |
|  |  | 2056542  |
| **Petroleum Bulk Stations and Terminals - 3.2%**<br>|  |  |
|  Genesis Energy LP / Genesis Energy Finance Corp., 7.88%, 05/15/2032 (Callable 05/15/2027)<sup>(b)</sup> | 591000 | 610117  |
| **Petroleum Refineries - 0.1%**<br>|  |  |
| PBF Holding Co. LLC / PBF Finance Corp., 7.88%, 09/15/2030<sup>(a)</sup> | 21000 | 20698  |
| **Pharmaceutical Preparation Manufacturing - 3.4%**<br>|  |  |
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 7.88%, 05/15/2034<sup>(a)(b)</sup> | 771000 | 649324  |
| **Pipeline Transportation of Crude Oil - 1.6%**<br>|  |  |
|  Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 (Callable 03/15/2026)<sup>(a)(b)</sup> | 284000 | 297884  |
| **Real Estate Credit - 2.4%**<br>|  |  |
| Freedom Mortgage Corp., 12.25%, 10/01/2030 (Callable 10/01/2026)<sup>(a)(b)</sup> | 409000 | 454339  |
| **Support Activities for Oil and Gas Operations - 1.7%**<br>|  |  |
| Talos Production, Inc., 9.38%, 02/01/2031 (Callable 02/01/2027)<sup>(a)(b)</sup> | 295000 | 311065  |
| **Telecommunications Resellers - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, <br>6.50%, 02/15/2029<sup>(a)(b)</sup> | 326000 | 309731  |
| **Trust, Fiduciary, and Custody Activities - 2.6%**<br>|  |  |
| ILFC E-Capital Trust II, 6.52% (N/A), 12/21/2065<sup>(a)(b)</sup> | 580000 | 494698  |
| **Wireless Telecommunication Services - 1.7%**<br>|  |  |
|  Vodafone Group PLC, 5.13% to 06/04/2051 then 5 yr. CMT Rate + 3.07%, 06/04/2081<sup>(b)(c)</sup> | 391000 | 310591  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $11,711,839)** |  | 12006509 |

---

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

16<br>

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**INFRASTRUCTURE CAPITAL BOND INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **BABY BONDS<sup>(d)</sup> - 19.8%**<br>|  |  |
| **Banks - 2.3%**<br>|  |  |
| Flagstar Financial Trust V, 6.00%, 11/01/2051<sup>(b)</sup> | 10937 | $424902  |
| **Consumer Finance - 2.2%**<br>|  |  |
| Navient Corp., 6.00%, 12/15/2043 | 21384 | 420837  |
| **Capital Markets - 1.0%**<br>|  |  |
| New Mountain Finance Corp., 8.25%, 11/15/2028 | 6886 | 173458  |
| Trinity Capital, Inc., 7.88%, 09/30/2029 | 229 | 5853  |
|  |  | 179311  |
| **Health Care REITs - 2.8%**<br>|  |  |
| Diversified Healthcare Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2046 | 15122 | 265391  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/01/2042 | 15602 | 259773  |
|  |  | 525164  |
| **Commercial Services & Supplies - 1.6%**<br>|  |  |
| Pitney Bowes, Inc., 6.70%, 03/07/2043 | 15496 | 309300  |
| **Diversified Telecommunications Services - 1.9%**<br>|  |  |
| Qwest Corp., 6.75%, 06/15/2057 | 18896 | 364126  |
| **Mortgage REITs - 8.0%**<br>|  |  |
| AG Mortgage Investment Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.50%, 02/15/2029 | 3241 | 81220  |
| &nbsp;&nbsp;&nbsp; 9.50%, 05/15/2029 | 3099 | 77785  |
| AGNC Investment Corp., Series H, 8.75%, Perpetual Maturity | 9796 | 251953  |
| Angel Oak Mortgage REIT, Inc., 9.50%, 07/30/2029 | 6222 | 157168  |
| Chimera Investment Corp., 9.00%, 05/15/2029 | 6205 | 155435  |
| MFA Financial, Inc., 8.88%, 02/15/2029 | 12880 | 321614  |
| Adamas Trust, Inc., 9.13%, 07/01/2029 | 12476 | 315892  |
| Redwood Trust, Inc., 9.00%, 09/01/2029 | 6225 | 154754  |
|  |  | 1515821  |
| &nbsp;&nbsp;&nbsp; **TOTAL BABY BONDS** <br>**(Cost$3,622,564)** |  | 3739461  |
| **PREFERRED STOCKS - 15.6%**<br>|  |  |
| **Banks - 1.6%**<br>|  |  |
|  Banc of California, Inc., Series F, 7.75% to 09/01/2027 then 5 yr. CMT Rate + 4.82%, Perpetual Maturity<sup>(c)</sup> | 6514 | 162590  |
|  Valley National Bancorp, Series B, 7.84% (3 mo. Term SOFR + 3.84%), Perpetual Maturity | 5806 | 147472  |
|  |  | 310062  |

---

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

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL BOND INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - (Continued)** <br>|  |  |
| **Diversified REITs - 1.7%**<br>|  |  |
| Global Net Lease, Inc., Series D, 7.50%, Perpetual Maturity | 13767 | $319395  |
| **Financial Services - 3.4%**<br>|  |  |
| Compass Diversified Holdings, Series C, 7.88%, Perpetual Maturity | 6216 | 113442  |
| Merchants Bancorp/IN, 7.63%, Perpetual Maturity | 22675 | 518350  |
|  |  | 631792  |
| **Hotel & Resort REITs - 0.9%**<br>|  |  |
| Pebblebrook Hotel Trust, Series H, 5.70%, Perpetual Maturity | 10057 | 172075  |
| **Insurance - 1.9%**<br>|  |  |
| Brighthouse Financial, Inc., Series B, 6.75%, Perpetual Maturity | 21270 | 361803  |
| **Mortgage REITs - 3.8%**<br>|  |  |
| Franklin BSP Realty Trust, Inc., Series E, 7.50%, Perpetual Maturity | 13803 | 291381  |
| PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual Maturity | 8319 | 158643  |
| &nbsp;&nbsp;&nbsp; Rithm Capital Corp., Series C, 9.02% (3 mo. Term SOFR + 5.23%), Perpetual <br>Maturity | 5416 | 132692  |
|  Two Harbors Inv. Corp., Series A, 8.13% to 04/27/2027 then 3 mo. SOFR + 5.66%, Perpetual Maturity<sup>(c)</sup> | 5971 | 140558  |
|  |  | 723274  |
| **Office REITs - 0.3%**<br>|  |  |
| Vornado Realty Trust, Series L, 5.40%, Perpetual Maturity | 3116 | 55091  |
| **Oil, Gas & Consumable Fuels - 1.3%**<br>|  |  |
| Energy Transfer LP, Series I, 9.25%, Perpetual Maturity | 21480 | 248410  |
| **Wireless Telecommunication Services - 0.7%**<br>|  |  |
| Telephone and Data Systems, Inc., Series VV, 6.00%, Perpetual Maturity | 6759 | 127407  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $2,961,400)** |  | 2949309  |
| **EXCHANGE TRADED FUNDS - 0.4%**<br>|  |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | 384 | 31100  |
| State Street SPDR Bloomberg High Yield Bond ETF | 410 | 40037  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $69,113)** |  | 71137  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $18,364,916)** |  | $18766416  |
| Other Assets in Excess of Liabilities - 0.6% |  | 121365  |
| **TOTAL NET ASSETS - 100.0%** |  | $18887781 |

---

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

18<br>

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**INFRASTRUCTURE CAPITAL BOND INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use.

ETF - Exchange Traded Fund

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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 November 30, 2025, the value of these securities total $6,313,185 or 33.4% of the Fund's net assets.

<sup>(b)</sup> All or a portion of security has been committed as collateral for a borrowing facility. The total value of assets committed as collateral as of November 30, 2025 is $7,187,617.

<sup>(c)</sup> This security has a fixed-to-variable rate feature.

<sup>(d)</sup> Baby bonds are preferred stocks which have been deemed to be fixed income securities based upon certain intrinsic characteristics.

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

19<br>

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**INFRASTRUCTURE CAPITAL ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Capital Equity** <br>**Income ETF** | **Infrastructure** <br>**Capital Small Cap** <br>**Income ETF**  | **Infrastructure** <br>**Capital Bond** <br>**Income ETF** |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $90132208 | &nbsp;&nbsp; $19779269  | $18766416 |
| Cash |  | &nbsp;&nbsp; —  | 84738 |
| Dividends and interest receivable | 167971 | &nbsp;&nbsp; 31346  | 216363 |
| Receivable for investments sold | 1503727 | &nbsp;&nbsp; 227942  |  |
| Receivable from broker | —  | &nbsp;&nbsp; —  | 448000  |
| Deposit at broker for written option contracts | 16211 | &nbsp;&nbsp; 10833  |  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 91820117 | &nbsp;&nbsp; 20049390  | 19515517 |
| **LIABILITIES:**<br>|  |  |  |
| Securities sold short, at value  | 1015200  | &nbsp;&nbsp; 1492500  | —  |
| Written option contracts, at value | 333598 | &nbsp;&nbsp; 10930  |  |
| Loans payable | 16227249 | &nbsp;&nbsp; 2376246  | 614452 |
| Payable to Adviser | 46871 | &nbsp;&nbsp; 10357  | 12416 |
| Loan interest payable | 71542  | &nbsp;&nbsp; 12956  | —  |
| Broker interest payable | 12424 | &nbsp;&nbsp; 290  | 868 |
| Payable to custodian | 539691 | &nbsp;&nbsp; 8317  |  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 18246575 | &nbsp;&nbsp; 3911596  | 627736 |
| **NET ASSETS** | $73573542 | &nbsp;&nbsp; $16137794  | $18887781 |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $70263842 | &nbsp;&nbsp; $15117065  | $18570163 |
| Total distributable earnings | 3309700 | &nbsp;&nbsp; 1020729  | 317618 |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $73573542 | &nbsp;&nbsp; $16137794  | $18887781 |
| Net assets | $73573542 | &nbsp;&nbsp; $16137794  | $18887781 |
| Shares issued and outstanding<sup>(a)</sup> | 2650000 | &nbsp;&nbsp; 450000  | 375000 |
| Net asset value per share | $27.76 | &nbsp;&nbsp; $35.86  | $50.37 |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $85260378 | &nbsp;&nbsp; $18185001  | $18364916 |
| **Proceeds:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short  | 997162  | &nbsp;&nbsp; 1291547  |  |
| &nbsp;&nbsp;&nbsp; Written options premiums received | $221507 | &nbsp;&nbsp; $12457 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

20<br>

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**INFRASTRUCTURE CAPITAL ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Periods Ended November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Capital Equity** <br>**Income ETF** | **Infrastructure** <br>**Capital Small Cap** <br>**Income ETF**  | **Infrastructure** <br>**Capital Bond** <br>**Income ETF<sup>(a)</sup>** |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | $2629503 | &nbsp;&nbsp;&nbsp;&nbsp; $670688  | $349795 |
| Less: Dividend withholding taxes | (65556) | &nbsp;&nbsp;&nbsp;&nbsp; (1979)  |  |
| Less: Issuance fees | (3587) | &nbsp;&nbsp;&nbsp;&nbsp; —  |  |
| Interest income |  | &nbsp;&nbsp;&nbsp;&nbsp; —  | 643088 |
| Rebates from securities sold short |  | &nbsp;&nbsp;&nbsp;&nbsp; 24760 |  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2560360 | &nbsp;&nbsp;&nbsp;&nbsp; 693469  | 992883 |
| **EXPENSES:**<br>|  |  |  |
| Loan interest expense (See Note 8) | 835924 | &nbsp;&nbsp;&nbsp;&nbsp; 217560  | 8749 |
| Investment advisory fee (See Note 3) | 499178 | &nbsp;&nbsp;&nbsp;&nbsp; 113192  | 98176 |
| Broker interest expense | 203326 | &nbsp;&nbsp;&nbsp;&nbsp; 4276  |  |
| Other expenses | 240 | &nbsp;&nbsp;&nbsp;&nbsp; —  |  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1538668 | &nbsp;&nbsp;&nbsp;&nbsp; 335028  | 106925 |
| **Net investment income** | 1021692 | &nbsp;&nbsp;&nbsp;&nbsp; 358441  | 885958 |
| **REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS):**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2628747 | &nbsp;&nbsp;&nbsp;&nbsp; (97527)  | 17008 |
| &nbsp;&nbsp;&nbsp; Redemptions in-kind | 2695 | &nbsp;&nbsp;&nbsp;&nbsp; 301140  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 1643582  | &nbsp;&nbsp;&nbsp;&nbsp; 93080  |  |
| Net realized gain | 4275024 | &nbsp;&nbsp;&nbsp;&nbsp; 296693  | 17008 |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 108816 | &nbsp;&nbsp;&nbsp;&nbsp; 74045  | 401500 |
| &nbsp;&nbsp;&nbsp; Securities sold short  | (18038)  | &nbsp;&nbsp;&nbsp;&nbsp; (200953) | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (128449) | &nbsp;&nbsp;&nbsp;&nbsp; 901  |  |
| Net change in unrealized appreciation (depreciation) | (37671) | &nbsp;&nbsp;&nbsp;&nbsp; (126007)  | 401500 |
| **Net realized and change in unrealized gain** | 4237353 | &nbsp;&nbsp;&nbsp;&nbsp; 170686  | 418508 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5259045 | &nbsp;&nbsp;&nbsp;&nbsp; $529127 | $1304466 |

---

<sup>(a)</sup>

Commencement date of the Fund was January 14, 2025.

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

21<br>

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**INFRASTRUCTURE CAPITAL ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Infrastructure Capital** <br>**Equity Income ETF**  | **Infrastructure Capital** <br>**Equity Income ETF**  | **Infrastructure Capital** <br>**Small Cap Income ETF**  | **Infrastructure Capital** <br>**Small Cap Income ETF**  |
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended** <br>**November 30,** <br>**2025** | **Period Ended** <br>**November 30,** <br>**2024<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Year Ended** <br>**November 30,** <br>**2025** | **Period Ended** <br>**November 30,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1021692 | $1033569  | $358441 | $170123  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 4275024 | 5102748  | 296693 | 602878  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (37671) | 9685952  | (126007) | 1520849  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from resulting operations** | 5259045 | 15822269  | 529127 | 2293850  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings (See Note 4) | (5695751) | (3140035)  | (860308) | (428525)  |
| &nbsp;&nbsp;&nbsp; From return of capital (See Note 4) |  | (1467965)  | (221587) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (5695751) | (4608000)  | (1081895) | (428525)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 13195610 | 5150723  | 5629530 | 14195960  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (4446940)  | (1415198) | (3585055)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions<sup>(b)</sup>** | 13195610 | 703783  | 4214332 | 10610905  |
| **NET INCREASE IN NET ASSETS** | 12758904 | 11918052  | 3661564 | 12476230  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 60814638 | 48896586  | 12476230 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $73573542 | $60814638  | $16137794 | $12476230 |

---

<sup>(a)</sup> Commencement date of the Fund was December 11, 2023.

<sup>(b)</sup> A summary of capital share transactions is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 500000 | 200000  | 160000 | 440000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (175000)  | (40000) | (110000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 500000 | 25000  | 120000 | 330000 |

---

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

22<br>

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**INFRASTRUCTURE CAPITAL ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

---

| | |
|:---|:---|
|  | **Infrastructure** <br>**Capital Bond** <br>**Income ETF**  |
|  | **Period Ended** <br>**November 30,** <br>**2025<sup>(a)</sup>**  |
|  | **Period Ended** <br>**November 30,** <br>**2025<sup>(a)</sup>**  |
| **OPERATIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $885958  |
| &nbsp;&nbsp;&nbsp; Net realized gain  | 17008  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 401500  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from resulting operations**  | 1304466  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |
| &nbsp;&nbsp;&nbsp; From distributable earnings (See Note 4)  | (986848)  |
| &nbsp;&nbsp;&nbsp; From return of capital (See Note 4)  | (56902)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders**  | (1043750)  |
| **CAPITAL TRANSACTIONS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Subscriptions  | 24879128  |
| &nbsp;&nbsp;&nbsp; Redemptions  | (6252063)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions<sup>(b)</sup>**  | 18627065  |
| **NET INCREASE IN NET ASSETS**  | 18887781  |
| **NET ASSETS:** <br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | —  |
| &nbsp;&nbsp;&nbsp; End of the period  | $18887781 |

---

<sup>(a)</sup> Commencement date of the Fund was January 14, 2025.

<sup>(b)</sup> A summary of capital share transactions is as follows:

---

| | |
|:---|:---|
| **SHARES TRANSACTIONS** <br>|  |
| &nbsp;&nbsp;&nbsp; Subscriptions  | 500000  |
| &nbsp;&nbsp;&nbsp; Redemptions  | (125000)  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding**  | 375000 |

---

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

23<br>

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**INFRASTRUCTURE CAPITAL ETFs** 

**STATEMENTS OF CASH FLOWS** 

**For the Periods Ended November 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Capital Equity** <br>**Income ETF** | **Infrastructure** <br>**Capital Small Cap** <br>**Income ETF** | **Infrastructure** <br>**Capital Bond** <br>**Income ETF<sup>(a)</sup>**  |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $5259045 | &nbsp;&nbsp; $529127 | $1304466  |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (211912817) | &nbsp;&nbsp; (35648368) | (27583822)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investments | 202502441 | &nbsp;&nbsp; 31919760 | 9246259  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from securities sold short | 997162 | &nbsp;&nbsp; 1291547 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization and accretion of premium and discount |  | &nbsp;&nbsp; — | (10345)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for investments sold | (602577) | &nbsp;&nbsp; (227942) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable to Adviser | 14750 | &nbsp;&nbsp; 8310 | 12416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in dividends and interest receivable | 79960 | &nbsp;&nbsp; 4471 | (216363)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable from broker |  | &nbsp;&nbsp; — | (448000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums received on written option contracts | 3015871 | &nbsp;&nbsp; 129494 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (863175) | &nbsp;&nbsp; (27478) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable for investments purchased | (489431) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in accrued expenses and other <br>liabilities | (10677) | &nbsp;&nbsp; (2077) | 868  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | (2628747) | &nbsp;&nbsp; 97527 | (17008)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) on written option contracts | (1643582) | &nbsp;&nbsp; (93080) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) on redemptions in-kind | (2695) | &nbsp;&nbsp; (301140) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | (108816) | &nbsp;&nbsp; (74045) | (401500)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on securities sold short | 18038 | &nbsp;&nbsp; 200953 | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on written option contracts | 128449 | &nbsp;&nbsp; (901) | —  |
| &nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | (6246801) | &nbsp;&nbsp; (2193842) | (18113029)  |
| **CASH FLOWS FROM FINANCING ACTIVITIES:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of change in receivable for Fund shares sold | 13195610 | &nbsp;&nbsp; 5629530 | 24879128  |
| &nbsp;&nbsp;&nbsp; Payment for shares redeemed |  | &nbsp;&nbsp; (1415198) | (6252063)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distributions paid to shareholders, net of <br>reinvestments | (5695751) | &nbsp;&nbsp; (1081895) | (1043750)  |
| &nbsp;&nbsp;&nbsp; Loan borrowings | 67718321 | &nbsp;&nbsp; 11432807 | 2664881  |
| &nbsp;&nbsp;&nbsp; Loan repayments | (70750000) | &nbsp;&nbsp; (12553282) | (2050429)  |
| &nbsp;&nbsp;&nbsp; Increase in payable to custodian | 216322 | &nbsp;&nbsp; 8317 | —  |
| &nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 4684502 | &nbsp;&nbsp; 2020279 | 18197767  |
| **Net change in cash** | (1562299) | &nbsp;&nbsp; (173563) | 84738  |
| **CASH AND RESTRICTED CASH:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning Balance | 1578510 | &nbsp;&nbsp; 184396 | —  |
| &nbsp;&nbsp;&nbsp; Ending Balance | $16211 | &nbsp;&nbsp; $10833 | $84738  |

---

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

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INFRASTRUCTURE CAPITAL ETFs** 

**STATEMENTS OF CASH FLOWS** 

**For the Periods Ended November 30, 2025 (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Capital Equity** <br>**Income ETF** | **Infrastructure** <br>**Capital Small Cap** <br>**Income ETF** | **Infrastructure** <br>**Capital Bond** <br>**Income ETF<sup>(a)</sup>**  |
| **SUPPLEMENTAL DISCLOSURES:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Broker interest paid | $208161 | &nbsp;&nbsp; $4081 | $—  |
| &nbsp;&nbsp;&nbsp; Loan interest paid | 841766 | &nbsp;&nbsp; 195072 | 7881  |
|  **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE BEGINNING OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Cash | 1782967 | &nbsp;&nbsp; 178684 | —  |
| &nbsp;&nbsp;&nbsp; Deposits at broker for written options contracts |  | &nbsp;&nbsp; 5712 | —  |
| &nbsp;&nbsp;&nbsp; Due to broker for written options contracts | (204457) | &nbsp;&nbsp; — | —  |
|  **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  | &nbsp;&nbsp; — | 84738  |
| &nbsp;&nbsp;&nbsp; Deposits at broker for written options contracts | 16211 | &nbsp;&nbsp; 10833 |  |

---

<sup>(a)</sup> Commencement date of the Fund was January 14, 2025

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

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital Equity Income ETF** 

**FINANCIAL HIGHLIGHTS** 

**For a Fund share outstanding throughout the periods.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended November 30,**  | **Year Ended November 30,**  | **Year Ended November 30,**  | **For the Period** <br>**Inception<sup>(a)</sup> through** <br>**November 30, 2022**  |
|  | **2025**  | **2024**  | **2023**  | **For the Period** <br>**Inception<sup>(a)</sup> through** <br>**November 30, 2022**  |
| **PER SHARE DATA:** <br>|  |  |  |  |
| Net asset value, beginning of period  | $28.29  | $23.01  | $26.92  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |
| Net investment income<sup>(b)</sup>  | 0.43  | 0.49  | 1.08  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25  |
| Net realized and unrealized gain (loss) on investments  | 1.41  | 6.97  | (2.68)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.41)  |
| **Total from investment operations**  | 1.84  | 7.46  | (1.60)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |
| Net investment income  | (2.37)  | (1.48)  | (1.07)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.92)  |
| Net realized gains  | —  | —  | (0.16)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Return of capital  | —  | (0.70)  | (1.08)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions**  | (2.37)  | (2.18)  | (2.31)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.92)  |
| **Net asset value, end of period**  | $27.76  | $28.29  | $23.01  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.92  |
| TOTAL RETURN, at NAV<sup>(c)</sup>  | 7.42%  | 33.85%  | -5.78%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -3.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |
| Net assets, end of period (in thousands)  | $73574  | $60815  | $48897  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29616  |
| Ratio of expenses to average net assets<sup>(d)</sup>  | 2.47%  | 3.19%  | 2.96%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71%  |
| Ratio of broker interest expense to average net assets<sup>(d)</sup>  | 1.67%  | 2.39%  | 2.16%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.91%  |
|  Ratio of operational expenses to average net assets excluding broker interest expense<sup>(d)</sup>  | 0.80%  | 0.80%  | 0.80%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Ratio of net investment income to average net assets<sup>(d)</sup>  | 1.64%  | 1.92%  | 4.54%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89%  |
| Portfolio turnover rate<sup>(c)(e)(f)</sup>  | 253%  | 207%  | 144%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87% |

---

<sup>(a)</sup> Commencement date of the Fund was December 28, 2021.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Not annualized.

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Excludes in-kind transactions associated with creations of the Fund.

<sup>(f)</sup> The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments, written option contracts and in-kind transactions associated with the creation units and redemptions). The denominator includes the average fair value of long positions throughout the period. 

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

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital Small Cap Income ETF** 

**Financial Highlights** 

**For a Fund share outstanding throughout the periods.** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**November 30,** <br>**2025** | **For the Period** <br>**Inception<sup>(a)</sup> through** <br>**November 30, 2024**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $37.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.14  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85  |
| Net realized and unrealized gain (loss) on investments<sup>(i)</sup> | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.06)  |
| Net realized gains | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (2.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.06)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $35.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $37.81  |
| TOTAL RETURN, at NAV<sup>(d)</sup> | &nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $16138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12476  |
| Ratio of expenses to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp; 2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.94%  |
| Ratio of broker interest expense to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14%  |
|  Ratio of operational expenses to average net assets excluding broker interest expense<sup>(e)(f)</sup> | &nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Ratio of net investment income to average net assets<sup>(e)(f)</sup> | &nbsp;&nbsp; 2.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57%  |
| Portfolio turnover rate<sup>(d)(g)(h)</sup> | &nbsp;&nbsp; 166% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139% |

---

<sup>(a)</sup> Commencement date of the Fund was December 11, 2023.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. 

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(g)</sup> Excludes in-kind transactions associated with creations of the Fund.

<sup>(h)</sup> The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments, written option contracts and in-kind transactions associated with the creation units and redemptions). The denominator includes the average fair value of long positions throughout the period.

<sup>(i)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital Bond Income ETF** 

**Financial Highlights** 

**For a Fund share outstanding throughout the period.** 

---

| | |
|:---|:---|
|  | **For the Period** <br>**Inception<sup>(a)</sup> through** <br>**November 30, 2025**  |
| **PER SHARE DATA:** <br>|  |
| Net asset value, beginning of period  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:** <br>|  |
| Net investment income<sup>(b)(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15  |
| Net realized and unrealized gain on investments  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89  |
| **Total from investment operations**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |
| Net investment income  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.47)  |
| Return of capital  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)  |
| **Total distributions**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.67)  |
| **Net asset value, end of period**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $50.37  |
| TOTAL RETURN, at NAV<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |
| Net assets, end of period (in thousands)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18888  |
| Ratio of expenses to average net assets<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87%  |
| Ratio of broker interest expense to average net assets<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07%  |
| Ratio of operational expenses to average net assets excluding broker interest expense<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80%  |
| Ratio of net investment income to average net assets<sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.22%  |
| Portfolio turnover rate<sup>(d)(g)(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65% |

---

<sup>(a)</sup> Commencement date of the Fund was January 14, 2025.

<sup>(b)</sup> Calculated based on average shares outstanding during the period.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. 

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Annualized.

<sup>(f)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. 

<sup>(g)</sup> Excludes in-kind transactions associated with creations of the Fund.

<sup>(h)</sup> The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments, written option contracts and in-kind transactions associated with the creation units and redemptions). The denominator includes the average fair value of long positions throughout the period. 

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

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025** 

1. ORGANIZATION

Series Portfolios Trust (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated July 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Infrastructure Capital Equity Income ETF, (formerly known as the InfraCap Equity Income Fund ETF) Infrastructure Capital Small Cap Income ETF (formerly known as the InfraCap Small Cap Income ETF) and Infrastructure Capital Bond Income ETF (each separately a "Fund" and collectively, the "Funds") each have their own investment objectives and policies with the Trust. The Infrastructure Capital Equity Income ETF commenced operations on December 28, 2021. The Infrastructure Capital Small Cap Income ETF commenced operations on December 11, 2023. The Infrastructure Capital Bond Income ETF commenced operations on January 14, 2024. The Funds' investment adviser, Infrastructure Capital Advisors, LLC (the "Adviser") is responsible for providing management oversight, investment advisory services, day- to-day management of the Funds' assets, as well as compliance, sales, marketing, and operations services to the Funds. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (the "Codification") Topic 946, *Financial Services – Investment Companies*. The Funds do not hold themselves out as related to any other series of the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series of the Trust. Organizational costs that were incurred to establish the Funds to enable them to legally do business were paid for by the Adviser. These payments are not recoupable by the Adviser.

The Infrastructure Capital Equity Income ETF investment objective is to maximize income and pursue total return opportunities. The Fund, under normal conditions, will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies that pay dividends during normal market conditions. The Fund's investments in equity securities may include common stocks, preferred stocks and convertible securities. The Fund may invest in the equity securities of companies of any market capitalization. To assist the Adviser's portfolio management process, the Adviser may purchase and write put and call options in an effort to (i) generate additional income and reduce volatility in the portfolio, (ii) remove or add securities from the portfolio (i.e., convertible securities), (iii) facilitate total return opportunities, and (iv) hedge against market risks or other risks in the Fund's portfolio.

The Infrastructure Capital Small Cap Income ETF investment objective is to seek total return through a blended approach of capital appreciation and current income. The Fund, under normal conditions, invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-capitalization companies. The Fund defines small capitalization ("Small Cap") companies as those companies with a market capitalization, at the time of initial investment, that is within or below the range of companies in the Russell 2000<sup>®</sup> Index. To assist the Adviser's portfolio management process, the Adviser may purchase and write put and call options in an effort to (i) generate additional income and reduce volatility in the portfolio, (ii) remove or add securities from the portfolio (*i.e.*, convertible securities), (iii) facilitate total return opportunities, and (iv) hedge against market risks or other risks in the Fund's portfolio.

The Infrastructure Capital Bond Income ETF investment objective seeks to maximize current income with a secondary objective to pursue strategic opportunities for capital appreciation. The Fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. The Adviser will construct the Fund's portfolio by investing in a range of bonds, including municipal bonds, government bonds, and corporate bonds. The Fund's investments in corporate bonds will include, but are not limited to, fixed or floating rate bonds, zero-coupon bonds and convertible bonds. The Fund may also invest in asset-backed and mortgage-backed securities. The Fund's investments in fixed income securities may include equity-linked notes ("ELNs") and other investment companies, including open-end funds and exchange-traded funds ("ETFs"). The Fund may invest in securities of any credit quality and maturity, including securities rated below investment grade, or unrated securities.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Valuation* – The following is a summary of the Funds' pricing procedures. It is intended to be a general discussion
 and may not necessarily reflect all the pricing procedures followed by the Funds.

Equity securities, including common stocks, convertible preferred 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<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and the Nasdaq Capital Market<sup>®</sup> 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 market. If a non-exchange 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.

Baby Bonds are preferred stocks which have been deemed to be fixed income securities by the Adviser based upon certain intrinsic characteristics. These securities are being valued within the established guidelines for equity securities as noted above and are categorized in Level 1 of the fair value hierarchy.

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.

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Funds' net asset values ("NAVs") are calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Funds will value foreign securities at fair value, taking into account such events in calculating the NAVs. In such cases, use of fair valuation can reduce an investor's ability to seek profit by estimating the Funds' NAVs in advance of the time the NAVs are 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.

Exchange traded options are valued at the last reported sale price on the exchange on which the security is principally traded. If the last sale price is not available the composite mean price can be used, which calculates the mean price of the highest bid price and the lowest ask price across the exchanges where the option is principally traded. For non-exchange traded options, models such as Black-Scholes can be used to value the options. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. These securities are categorized in Level 2 of the fair value hierarchy.

30<br>

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

The Board of Trustees (the "Board") has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds' NAVs. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated Infrastructure Capital Advisors, LLC (the "Adviser") as their "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 Funds have 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 Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' 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 is a summary of the inputs used to value the Funds' securities by Level within the fair value hierarchy as of November 30, 2025:

**Infrastructure Capital Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $75143170 | $— | $— | $75143170  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 8604384 |  |  | 8604384  |
| &nbsp;&nbsp;&nbsp; Baby Bonds  | 4709750 |  |  | 4709750  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks  | 1674904 |  |  | 1674904  |
| **Total Investments**  | $90132208 | $— | $— | $90132208  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(136123) | $(197475) | $— | $(333598)  |
| &nbsp;&nbsp;&nbsp; Securities Sold Short | (1015200) | —  | —  | (1015200) |
| **Total Investments**  | $(1151323) | $(197475) | $— | $(1348798) |

---

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

**Infrastructure Capital Small Cap Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $16156141 | $— | $— | $16156141  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 1946220 |  |  | 1946220  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks.. | 833757 |  |  | 833757  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 656529 |  |  | 656529  |
| &nbsp;&nbsp;&nbsp; Baby Bonds | 186622 |  |  | 186622  |
| **Total Investments** | $19779269 | $— | $— | $19779269  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $(9805) | $(1125) | $— | $(10930)  |
| &nbsp;&nbsp;&nbsp; Securities Sold Short | (1492500)  | —  | —  | (1492500)  |
| **Total Investments** | $(1502305) | $(1125) | $— | $(1503430) |

---

**Infrastructure Capital Bond Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $12006509 | $— | $12006509  |
| &nbsp;&nbsp;&nbsp; Baby Bonds | 3739461 |  |  | 3739461  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks. | 2949309 |  |  | 2949309  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 71137 |  |  | 71137  |
| **Total Investments** | $6759907 | $12006509 | $— | $18766416 |

---

As of the year or period ended November 30, 2025, the Funds did not hold any Level 3 securities, nor were there any transfers into or out of Level 3.

Refer to each Fund's Schedule of Investments for further information on the classification of investments.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Transactions with Brokers* – The Funds' written options contracts' cash deposits are monitored daily by the Adviser and counterparty.
 Cash deposits by the Funds are presented as "deposits at broker for written option contracts" on the Statements of Assets
 and Liabilities. These transactions may involve market risk in excess of the assets or liabilities reflected on the Statements of Assets
 and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Cash and Cash Equivalents* – The Funds consider highly liquid short-term fixed income investments purchased with an original maturity of
 less than three months and money market funds to be cash equivalents. Cash equivalents are included in short term investments on the Schedule
 of Investments as well as in investments on the Statement of Assets and Liabilities. Any temporary cash overdrafts are reported as a payable
 to custodian. The Funds maintain cash balances, which at times, may exceed federally insured limits.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Foreign Securities and Currency Translation* – Investment securities and other assets and liabilities denominated in foreign currencies are translated
 into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated
 in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate the
 portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes
 in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, and
 the difference between the amounts of dividends,

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year- end, resulting from changes in exchange rates.

Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds' investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Funds' assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Written Option Contracts* – The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The
 Adviser may write put and call options in an effort to (i) generate additional income and reduce volatility in the portfolio, (ii) remove
 or add securities from the portfolio (i.e., convertible securities), (iii) facilitate total return opportunities, and (iv) hedge against
 market risks or other risks in the Funds' portfolio. When a Fund writes (sells) an option, an amount equal to the premium received
 by the Fund is included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability
 is subsequently priced daily to reflect the current value of the option written. Refer to Note 2 A. for a pricing description. By writing
 an option, the Fund may become obligated during the term of the option to deliver or purchase the securities underlying the option at
 the exercise price if the option is exercised. These contracts may involve market risk in excess of the amounts receivable or payable
 reflected on the Statement of Assets and Liabilities. Refer to Note 2 K. for further derivative disclosures and Note 2 I. for
 further counterparty risk disclosure.

When an option expires on its stipulated expiration date or the Fund enters into a closing purchase transaction, the Fund realizes gains or losses if the cost of the closing purchase transaction differs from the premium received when the option was sold without regard to any unrealized appreciation or depreciation on the underlying security, and the liability related to such option is eliminated. When a written call option is exercised, the premium originally received decreases the cost basis of the security and the Fund realizes gains or losses from the sale of the underlying security. When a written put option is exercised, the cost of the security acquired is decreased by the premium received for the put.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Securities Sold Short* – The Funds may engage in short sales of securities in its portfolio to hedge against market, interest-rate, commodity,
 inflation and credit risk and to facilitate total return opportunities. In a short sale transaction, a Fund will borrow a security and
 sell it at the current market price in the anticipation of buying the security at a lower price prior to the time the Fund is obligated
 to return the security to the owner. For financial statement purposes, an amount equal to the settlement amount is initially included
 in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently priced
 to reflect the current value of the short position. Subsequent fluctuations in the market prices of securities sold, but not yet purchased,
 may require purchasing the securities at prices which may differ from the fair value reflected on the Statement of Assets and Liabilities.
 Short sale transactions result in off balance sheet risk because the ultimate obligation may exceed the related amounts shown in the Statement
 of Assets and Liabilities. A Fund will incur a loss if the price of the security increases between the date of the short sale and the
 date on which a Fund purchases the securities to replace the borrowed securities. A Fund's losses on short sales are potentially
 unlimited because there is no upward limit on the price a borrowed security could attain. The Funds are liable for any dividends and interest
 payable on securities while those securities are sold short. Until the security is replaced, a Fund would be required to pay to the lender
 any income earned, which is recorded as an expense by the Fund.

33<br>

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;G. *Guarantees and Indemnifications* – In the normal course of business, the Funds enter into contracts with service providers that contain
 general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims
 that may be made against the Funds that have not yet occurred.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Security Transactions, Income and Expenses* – The Funds follow industry practice and record security transactions on the trade date. Realized gains
 and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date
 and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance
 with the Funds' understanding of the applicable country's tax rules and regulations. Discounts and premiums on securities
 purchased are amortized over the expected life of the respective securities. Interest income is accounted for on the accrual basis and
 includes amortization of premiums and accretion of discounts on the effective interest method. Dividends received from the Funds'
 investment in REITs may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of
 REIT distributions is generally not known until after the end of each calendar year. The Funds must use estimates in reporting the character
 of their income and distributions for financial statement purposes. The actual character of distributions to Fund shareholders will be
 reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion
 of the distributions received by a Fund shareholder may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Share Valuation* – The NAVs per share of the Funds are calculated by dividing the sum of the value of the securities held by the Fund, plus
 cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund,
 rounded to the nearest cent. The Funds' shares will not be priced on days which the New York Stock Exchange ("NYSE")
 is closed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Counterparty Risk* – The Funds help manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes
 have the financial resources to honor their obligations. The Adviser considers the credit worthiness of each counterparty to a contract
 in evaluating potential credit risk. Written options contracts sold on an exchange do not expose the Funds to counterparty risk; the exchange's
 clearinghouse guarantees the options against counterparty nonperformance. Over-the-counter options counterparty risk includes the risk
 of loss of the full amount of any net unrealized appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Use of Estimates* – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Derivatives* – The Funds may utilize derivative instruments such as options and other instruments with similar characteristics to the
 extent that they are consistent with the Funds' respective investment objectives and limitations. The use of these instruments may
 involve additional investment risks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments
 and the underlying securities. Derivatives also may create leverage which will amplify the effect of their performance on the Funds and
 may produce significant losses. Refer to Note 9 for further derivative disclosure.

The Funds have adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Funds' Statements of Assets and Liabilities and Statements of Operations. For the year ended November 30, 2025, the Funds' average derivative volume is described below:

---

| | | |
|:---|:---|:---|
|  | **Average** <br>**Quantity** | **Average** <br>**Notional Amount**  |
| **Infrastructure Capital Equity Income ETF**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Written Option Contracts | 3279 | $38039461  |
| **Infrastructure Capital Small Cap Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Written Option Contracts | 248 | $5483674 |

---

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

**Statement of Assets and Liabilities** 

Fair values of derivative instruments as of November 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Infrastructure Capital** <br>**Equity Income ETF** | **Infrastructure Capital** <br>**Equity Income ETF** | **Infrastructure Capital** <br>**Small Cap Income ETF**  | **Infrastructure Capital** <br>**Small Cap Income ETF**  |
|  | <br>**Statements of Assets and** <br>**Liabilities Location** | **Fair Value** | **Fair Value** | **Fair Value**  | **Fair Value**  |
|  |  | **Assets** | **Liabilities** | **Assets** | **Liabilities**  |
| Written Option Contracts:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value | $—  | $333598 | $— | $10930  |
| Total fair values of derivative<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; instruments |  | $—  | $333598 | $— | $10930 |

---

**Statement of Operations** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Infrastructure Capital Equity** <br>**Income ETF Net Realized** <br>**Gain on Derivatives** | **Infrastructure Capital Equity** <br>**Income ETF Net Realized** <br>**Gain on Derivatives** | **Infrastructure Capital Small** <br>**Cap Income ETF Net Realized** <br>**Gain on Derivatives**  | **Infrastructure Capital Small** <br>**Cap Income ETF Net Realized** <br>**Gain on Derivatives**  |
| <br>**Derivatives** | **Written Option** <br>**Contracts** | **Total** | **Written Option** <br>**Contracts** | **Total**  |
| Equity Contracts | $1643582 | $1643582 | &nbsp;&nbsp;&nbsp;&nbsp; $93080  | &nbsp;&nbsp; $93080  |
| **Total** | $1643582 | $1643582 | &nbsp;&nbsp;&nbsp;&nbsp; $93080 | &nbsp;&nbsp; $93080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives** | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives**  | **Net Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**on Derivatives**  |
| <br>**Derivatives** | **Written Option** <br>**Contracts** | **Total** | **Written Option** <br>**Contracts** | **Total**  |
| Equity Contracts | &nbsp;&nbsp; $(128449) | $(128449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $901 | &nbsp;&nbsp; $901  |
| **Total** | &nbsp;&nbsp; $(128449) | $(128449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $901 | &nbsp;&nbsp; $901 |

---

3. RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, a unified management fee (accrued daily) based upon the average daily net assets of each Fund at the annual rate of 0.80%.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds except for the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, 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, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

The Advisory Agreement was in effect for an initial two year period, and from year to year thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Funds' outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of a Fund on not more than 60 days', nor less than 30 days', written notice to the Adviser when authorized either by a majority vote of

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

the Funds' shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days' written notice to the Trust, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Funds, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") acts as the Funds' Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the "Custodian") serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian; coordinates the payment of the Funds' expenses and reviews the Funds' expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. A trustee of the Trust is an officer of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. The Advisor has agreed to pay all expenses of the Funds' Administrator, transfer agent, fund accountant and Custodian in accordance with the Investment Advisory Agreement.

Quasar Distributors, LLC is the Funds' distributor (the "Distributor"). The Distributor is not affiliated with the Adviser, Fund Services, or its affiliated companies.

4. TAX FOOTNOTE

Federal Income Taxes – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no income tax or excise tax liability to the Funds. Therefore, no federal income or excise tax provisions are required. As of, and during the year or period ended November 30, 2025, the Funds did not have any tax positions that did not meet the "more-likely- than-not" threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by taxing authorities for the tax periods since the commencement of operations.

At November 30, 2025, the components of distributable earnings on a tax basis for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Infrastructure** <br>**Capital Equity**<br>**Income ETF** | **Infrastructure** <br>**Capital Small Cap**<br>**Income ETF** | **Infrastructure** <br>**Capital Bond**<br>**Income ETF**  |
| Tax cost of Investments\* | $85876987 | &nbsp;&nbsp; $17231781 | $18448798  |
| Gross unrealized appreciation | 7893828 | &nbsp;&nbsp; 1912601 | 581746  |
| Gross unrealized depreciation | (4987405) | &nbsp;&nbsp; (868543) | (264128)  |
| Net tax unrealized appreciation (depreciation)\*\* | 2906423 | &nbsp;&nbsp; 1044058 | 317618  |
| Undistributed ordinary income | 687290 | &nbsp;&nbsp; — | —  |
| Undistributed long-term capital gains  |  | &nbsp;&nbsp; — | —  |
| Other accumulated losses | (284013) | &nbsp;&nbsp; (23329) | —  |
| Total distributable earnings | $3309700 | &nbsp;&nbsp; $1020729 | $317618 |

---

\* Tax cost of investments includes written options premiums received and differs from book cost due to wash sales and partnerships.

\*\* Net unrealized appreciation (depreciation) is inclusive of unrealized appreciation (depreciation) on the Funds' written option positions.

For the fiscal year ending November 30, 2025, the Funds did not have any short-term or long-term capital loss carryovers.

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable period subsequent to October 31 and December 31, respectively. For the tax year ending November 30, 2025 the Funds did not have any qualified late year losses.

Distributions to Shareholders – The Funds intend to distribute all net investment income monthly and net realized capital gains at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds.

For the year or period ended November 30, 2025 the following table shows the reclassifications made due to redemptions in-kind and partnership adjustments:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** | **Paid- In** <br>**Capital**  |
| Infrastructure Capital Equity Income ETF | $32287 | $(32287)  |
| Infrastructure Capital Small Cap Income ETF  | $(230735) | $230735  |
| Infrastructure Capital Bond Income ETF | $— | $— |

---

The tax character of distributions paid for the year or period ending November 30, 2025, and year ended November 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income\*\*\*** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Total** <br>**Distributions Paid**  |
| **Infrastructure Capital Equity Income ETF**<br>|  |  |  |  |
| November 30, 2025 | $5695751 | $— | $— | &nbsp;&nbsp;&nbsp; $5695751  |
| November 30, 2024 | $3140035 | $— | $1467965 | &nbsp;&nbsp;&nbsp; $4608000  |
| **Infrastructure Capital Small Cap Income ETF**<br>|  |  |  |  |
| November 30, 2025 | $671444 | $188864 | $221587 | &nbsp;&nbsp;&nbsp; $1081895  |
| November 30, 2024\* | $428525 | $— | $— | &nbsp;&nbsp;&nbsp; $428525  |
| **Infrastructure Capital Bond Income ETF\*\***<br>|  |  |  |  |
| November 30, 2025\*\*. | $986848 | $— | $56902 | &nbsp;&nbsp;&nbsp; $1043750 |

---

\* The Fund commenced operations on December 11, 2023.

\*\* The Fund commenced operations on January 14, 2025.

\*\*\* For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income distributions.

5. DISTRIBUTION FEES

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act ("the Plan"). In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of each Fund's average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, accordingly. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.

6. SHARE TRANSACTIONS

Shares of each Fund are listed and traded on the New York Stock Exchange. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 shares called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a

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**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Funds, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

7. INVESTMENT TRANSACTIONS

The aggregate purchases and sales (excluding short-term investments), creations in-kind and redemptions in-kind, by the Funds for the year or period ended November 30, 2025, were as follows:

**Infrastructure Capital Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| U.S Government Securities  | $— | $— | $— | $—  |
| Other Securities  | $195447122 | $202816387 | $16445404 | $— |

---

**Infrastructure Capital Small Cap Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| U.S Government Securities  | $— | $— | $— | $—  |
| Other Securities | $28594288 | $31320422 | $7054080 | $1765406 |

---

**Infrastructure Capital Bond Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations** <br>**In-Kind** | **Redemptions** <br>**In-Kind**  |
| U.S Government Securities | $— | $— | $— | $—  |
| Other Securities | $27443142 | $9090030 | $— | $— |

---

8. BORROWING FACILITY

The Funds entered into a Tri-Party Lending Arrangement (the "Arrangement") with Wells Fargo Securities, LLC (the "Broker") that allows the Funds to borrow cash from the Broker. Borrowings under the Arrangement are collateralized by investments of the Funds. If a Fund defaults with respect to any of its obligations under the Arrangement, the Broker may foreclose on pledged assets of the Fund and/or the Fund may be required to repay

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

immediately, in part or in full, the loan balance outstanding under the Arrangement, necessitating the sale of securities at potentially inopportune times. Interest is charged at the OBFR (Overnight Bank Funding Rate) plus an additional 1.10% on the amount borrowed. The Arrangement has an on-demand commitment term. The interest rate as of November 30, 2025 was 4.98% for the Funds.

The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the Funds' borrowing facilities for the year or period ended November 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Infrastructure Capital** <br>**Equity Income ETF** | **Infrastructure Capital** <br>**Small Cap Income ETF** | **Infrastructure Capital** <br>**Bond Income ETF**  |
| Maximum borrowing | $23176516 | $5182067 | $1405000  |
| Dates of maximum borrowing | October 13-15, 2025 | October 2-5, 2025 | July 15-17, 2025  |
| Total interest expense | $835924 | $217560 | $8749  |
| Weighted average interest rate | 5.34% | 5.37% | 5.29%  |
| Average borrowings | $15400164 | $3383655 | $281225 |

---

9. OFFSETTING ASSETS AND LIABILITIES

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow each Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement. Interactive Brokers, LLC and Wells Fargo Securities, LLC are the prime brokers for the Funds' exchange traded derivatives. Refer to Note 2 L. for further derivative disclosure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets/Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabiliites** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities**  | **Gross Amounts not Offset in** <br>**the Statement of** <br>**Assets and Liabilities** | **Gross Amounts not Offset in** <br>**the Statement of** <br>**Assets and Liabilities** | **Net Amount**  |
|  | **Gross Amounts** <br>**of Recognized** <br>**Assets/Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabiliites** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Received/**<br>**Pledged\***  | **Net Amount**  |
| **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** | **Infrastructure Capital Equity Income ETF** |
| Liabilities:<br>|  |  |  |  |  |  |
| Written Option Contracts\*\*  | &nbsp;&nbsp;&nbsp; $(333598) | $— | $(333598) | &nbsp;&nbsp; $317387 | &nbsp;&nbsp; $16211 | $—  |
| **Total** | &nbsp;&nbsp;&nbsp; $(333598) | $— | $(333598) | &nbsp;&nbsp; $317387 | &nbsp;&nbsp; $16211 | $—  |
| **Infrastructure Capital Small Cap Income ETF** | **Infrastructure Capital Small Cap Income ETF** | **Infrastructure Capital Small Cap Income ETF** | **Infrastructure Capital Small Cap Income ETF** | **Infrastructure Capital Small Cap Income ETF** | **Infrastructure Capital Small Cap Income ETF** | **Infrastructure Capital Small Cap Income ETF** |
| Liabilities:<br>|  |  |  |  |  |  |
| Written Option Contracts\*\* | &nbsp;&nbsp;&nbsp; $(10930) | $— | $(10930) | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $10833 | $—  |
| **Total** | &nbsp;&nbsp;&nbsp; $(10930) | $— | $(10930) | &nbsp;&nbsp; $97 | &nbsp;&nbsp; $10833 | $— |

---

\* In some instances, the actual collateral pledged/received may be more than the amount shown as it includes securities pledged. 

\*\* As of November 30, 2025, the prime brokers for all written option contracts held by the Infrastructure Capital Equity Income ETF and the Infrastructure Capital Small Cap Income ETF were Interactive Brokers, LLC and Wells Fargo Securities, LLC, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**[**TABLE OF CONTENTS**](#TOC)**

**Infrastructure Capital ETFs** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Continued)** 

10. ACCOUNTING PRONOUNCEMENTS

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. The Funds operate as a single segment entity. The Funds' income, expenses, assets, and performance are regularly monitored and assessed by the Adviser's Chief Financial Officer, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

11. SUBSEQUENT EVENTS

On December 29, 2025, the Infrastructure Capital Equity Income ETF declared an income distribution of $0.2891 per share, payable on December 31, 2025, to shareholders of record on December 30, 2025. The Infrastructure Capital Small Cap Income ETF declared an income distribution of $0.2400 per share, payable on December 31, 2025, to shareholders of record on December 30, 2025. The Infrastructure Capital Bond Income ETF declared an income distribution of $0.3378 per share, payable on December 31, 2025, to shareholders of record on December 30, 2025.

On January 28, 2026, the Infrastructure Capital Equity Income ETF and the Infrastructure Capital Small Cap Income ETF declared an income distribution of $0.2400 per share for each Fund, payable on January 30, 2026, to shareholders of record on January 29, 2026. Infrastructure Capital Bond Income ETF declared an income distribution of $0.3400 per share, payable on January 30, 2026, to shareholders of record on January 29, 2026.

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other subsequent events to report that would have a material impact on the Funds' financial statements and notes to the financial statements.

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**Infrastructure Capital ETFs** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Infrastructure Capital ETFs and

Board of Trustees of Series Portfolios Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, written options (as applicable), and securities sold short (as applicable) of Infrastructure Capital Equity Income ETF (formerly InfraCap Equity Income Fund ETF), Infrastructure Capital Small Cap Income ETF (formerly InfraCap Small Cap Income ETF), and Infrastructure Capital Bond Income ETF (collectively the "Infrastructure Capital ETFs" or the "Funds"), each a series of Series Portfolios Trust, as of November 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets, the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of November 30, 2025, the results of their operations and cash flows, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of Operations and** <br>**Cash Flows**  | **Statements of** <br>**Changes in Net Assets**  | **Financial Highlights**  |
|  Infrastructure Capital Equity Income ETF | For the year ended November 30, 2025 | For the years ended November 30, 2025 and 2024 | For the years ended November 30, 2025, 2024, and 2023, and for the period from December 28, 2021 (commencement of operations) through November 30, 2022 |
|  Infrastructure Capital Small Cap Income ETF | For the year ended November 30, 2025 | For the year ended November 30, 2025, and for the period from December 11, 2023 (commencement of operations) through November 30, 2024 | For the year ended November 30, 2025, and for the period from December 11, 2023 (commencement of operations) through November 30, 2024 |
|  Infrastructure Capital Bond Income ETF | For the period from January 14, 2025 (commencement of operations) through November 30, 2025 | For the period from January 14, 2025 (commencement of operations) through November 30, 2025 | For the period from January 14, 2025 (commencement of operations) through November 30, 2025 |

---

<u>Basis for Opinion</u>

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

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

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**Infrastructure Capital ETFs** 

**Report of Independent Registered Public Accounting Firm (Continued)** 

We have served as the auditor of one or more of Infrastructure Capital Advisors, LLC's investment companies, since 2022.

![](13604-sig-ccmeckstroth.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 29, 2026

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**Infrastructure Capital ETFs** 

**Additional Information** 

**November 30, 2025 (Unaudited)** 

**AVAILABILITY OF FUND PORTFOLIO INFORMATION** 

The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC's website at https://www.sec.gov/. The Funds' Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Funds' Part F of Form N-PORT is available without charge upon request by calling 1-800-617-0004.

**AVAILABILITY OF PROXY VOTING INFORMATION** 

A description of the Funds' Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-617-0004. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended February 28, is available (1) without charge, upon request, by calling 1-800-617-0004, or on the SEC's website at https://www.sec.gov/.

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds trade on the exchange at a price about (i.e. at a premium) or below (i.e. at a discount) the NAV of the Funds is available, without charge on the Funds' website at https://www.infracapfunds.com/.

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended November 30, 2025, certain dividends paid by the Funds may be reported as qualified dividend income (QDI) and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income for the Funds was as follows:

---

| | |
|:---|:---|
| Infrastructure Capital Equity Income ETF.  | 31.12%  |
| Infrastructure Capital Small Cap Income ETF  | 55.58%  |
| Infrastructure Capital Bond Income ETF.  | 27.83% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended November 30, 2025, for the Funds was as follows:

---

| | |
|:---|:---|
| Infrastructure Capital Equity Income ETF. | 30.12%  |
| Infrastructure Capital Small Cap Income ETF  | 52.73%  |
| Infrastructure Capital Bond Income ETF. | 27.16% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871 (k)(2)(c) for the Funds was as follows:

---

| | |
|:---|:---|
| Infrastructure Capital Equity Income ETF. | 78.00%  |
| Infrastructure Capital Small Cap Income ETF  | 44.79%  |
| Infrastructure Capital Bond Income ETF. | 10.70% |

---

**ADDITIONAL REQUIRED DISCLOSURE FROM FORM N-CSR**

**Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

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**Infrastructure Capital ETFs** 

**Additional Information** 

**November 30, 2025 (Unaudited) (Continued)** 

**Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

Trustee compensation is paid for by the Adviser pursuant to its Investment Advisory Agreement with the Funds. Additional information related to Trustee compensation is available in the Funds' Statement of Additional Information.

**Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Under Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Board of Trustees (the "Board" or the "Trustees") of Series Portfolios Trust (the "Trust"), including a majority of the Trustees who have no direct or indirect interest in the investment advisory agreement and who are not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), must determine annually whether to approve the continuation of the Trust's investment advisory agreements.

At a meeting held on July 24-25, 2025 (the "Meeting"), the Board, which is comprised entirely of Independent Trustees, considered and approved the continuance of the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of the Infrastructure Capital Equity Income ETF (the "Equity Income ETF") and the Infrastructure Capital Small Cap Income ETF (the "Small Cap Income ETF") (each a "Fund" and, together, with the Equity Income ETF, the "Funds"), and Infrastructure Capital Advisors LLC ("Infrastructure Capital"), for an additional one-year term. At the Meeting, the Board considered the factors and reached the conclusions described below in reviewing and approving Infrastructure Capital to continue serving as the Fund's investment adviser for another year.

In connection with the annual review process and in advance of the Meeting, Infrastructure Capital provided information to the Board in response to requests submitted to it by U.S. Bank Global Fund Services ("Fund Services"), the Funds' administrator, on behalf of the Board, to facilitate the Board's evaluation of the terms of the Advisory Agreement. The information furnished by Infrastructure Capital included materials describing, among other matters: (i) the nature, extent, and quality of the services provided by Infrastructure Capital, including Infrastructure Capital's portfolio manager and other personnel, and the investment practices and techniques used by Infrastructure Capital in managing the Funds; (ii) the historical investment performance of each Fund; (iii) the management fee payable by each Fund to Infrastructure Capital and each Fund's total operating expenses compared with those of a peer group of registered funds; (iv) the financial condition of Infrastructure Capital; (v) the cost of the services provided and Infrastructure Capital's profitability with respect to managing the Funds; (vi) the extent to which any economies of scale realized by Infrastructure Capital in connection with its services to the Funds are shared with each Fund's shareholders; and (vii) other ancillary or "fall-out" benefits Infrastructure Capital and/or its affiliates, if any, may receive based on Infrastructure Capital's relationship with the Funds. In addition to the Meeting, the Board met on June 18, 2025, with Fund Services and counsel to the Independent Trustees to discuss the materials that had been furnished by Infrastructure Capital in response to the information requests. The Board also considered information furnished to the Board at its meetings periodically over the course of the year. At these meetings, representatives of Infrastructure Capital furnished quarterly reports and other information to the Board regarding the performance of the Fund, the services provided to the Funds by Infrastructure Capital, Infrastructure Capital's personnel and business operations, marketing and distribution activity for the Fund, and compliance and operational matters related to the Funds and Infrastructure Capital. The Board also considered the presentation by representatives of Infrastructure Capital received at the Board's meeting held on October 25-26, 2024.

In considering and approving the Advisory Agreement for another year, the Board considered the information it deemed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge and experience gained over time through previous interactions with Infrastructure Capital in overseeing the Funds. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors. The Independent Trustees were assisted in their evaluation of the Advisory Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Infrastructure Capital and Fund Services. The following summarizes a number of relevant, but not necessarily all, factors considered by the Board in approving the continuation of the Advisory Agreement.

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**Infrastructure Capital ETFs** 

**Additional Information** 

**November 30, 2025 (Unaudited) (Continued)** 

**NATURE, EXTENT AND QUALITY OF SERVICES PROVIDED TO THE FUNDS**

The Board considered the nature, extent and quality of services provided to the Fund by Infrastructure Capital under the Advisory Agreement. The Board considered, among other things, the terms of the Advisory Agreement and the range of services provided by Infrastructure Capital. The Board received and considered information regarding, among other things, the qualifications, background, tenure and responsibilities of the portfolio manager who is primarily responsible for the day-to-day portfolio management of each Fund. The Board also received and considered information about Infrastructure Capital's investment process and investment strategy for each Fund, Infrastructure Capital's approach to security selection, Infrastructure Capital's investment research capabilities and resources, and the overall positioning of each Fund's portfolio. The Board also considered Infrastructure Capital's trade execution capabilities and experience. The Board noted that Infrastructure Capital had been managing each Fund's portfolio since its inception. In addition, the Board considered the quality of Infrastructure Capital's communications with the Board and Fund Services and responsiveness to inquiries and requests made from time to time with respect to the Funds.

The Board evaluated the ability of Infrastructure Capital, based on attributes such as its financial condition, resources and reputation, to attract and retain qualified investment professionals to service the Funds. The Board further considered Infrastructure Capital's compliance program and its compliance record since the inception of the Fund, including past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Infrastructure Capital's compliance program. The Board also considered the special attributes of the Funds as an exchange-traded fund ("ETF") relative to a traditional mutual fund and the benefits that may be realized from such a structure. The Board also considered the resources committed by Infrastructure Capital to support the on-going operations of the Funds. The Board also considered the entrepreneurial and other risks assumed by Infrastructure Capital in connection with the services provided to the Funds.

Based on these considerations, the Board concluded, within the context of its full deliberations, that Infrastructure Capital is capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Advisory Agreement.

**INVESTMENT PERFORMANCE**

The Board considered each Fund's investment performance. In this regard, the Board reviewed the performance of each Fund as of June 30, 2025, as compared to each Fund's benchmark index: the S&P 500 Index for the Equity Income ETF, and the Bloomberg US 2000 Value Total Return Index, for the Small Cap Income ETF. The Board noted the Equity Income ETF outperformed the index for the one-year period but underperformed the index for the year-to-date, three-year and since-inception periods. The Board further noted that the Small Cap Income ETF outperformed the index for the year-to-date, one-year and since inception periods.

Additionally, the Board considered each Fund's investment performance as compared to a universe of peer funds compiled by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, based on Morningstar fund classifications (the "Performance Universe"). The Trustees considered that the performance data provided by Broadridge included, among other things, performance comparisons for the one-year, two-year and three-year periods ended April 30, 2025 for the Equity Income ETF. The Trustees noted that the Equity Income ETF outperformed the Performance Universe median and average for the one-year period but underperformed the Performance Universe median and average for the two-year and three-year periods. The Trustees also considered that the performance data provided by Broadridge included, among other things, performance comparisons for the one-year period ended April 30, 2025 for the Small Cap Income ETF. The Trustees noted that the Small Cap Income ETF underperformed the Performance Universe median and average for each period reviewed. The Board noted that while it found the comparative data provided by Broadridge generally useful in evaluating each Fund's performance, the Board recognized the limitations of such data, including that notable differences may exist between a Fund and its peers.

Additionally, at the Board's request, Infrastructure Capital identified the funds it considered to be the Fund's top competitors and/or peers (the "Selected Peer Group") and provided the Selected Peer Group's performance results. The Board also considered that, in connection with its meetings held during the course of the prior year, the Board received

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**Infrastructure Capital ETFs** 

**Additional Information** 

**November 30, 2025 (Unaudited) (Continued)** 

and considered reports regarding the Fund's performance over various time periods and Infrastructure Capital's analysis of the Fund's performance for these time periods. The Board also considered information provided in these reports regarding the functioning of the Fund's arbitrage mechanism.

The Board noted the Small Cap Income Fund had limited operating history that prevented consideration of performance over the longer term. The Board further noted it would continue to review the Fund's performance on an on-going basis and in connection with future annual reviews of the Advisory Agreement.

**FEES AND EXPENSES**

The Board reviewed and considered the contractual investment management fee rate payable by each Fund to Infrastructure Capital for investment management services (the "Management Fee Rate"). Among other information reviewed by the Board was a comparison of the Management Fee Rate of each Fund with those of a group of peer funds (the "Expense Group"), as determined by Broadridge, based on Morningstar fund classifications. The Board noted that the Management Fee Rate for each Fund was higher than the respective Expense Group average and median, but the Board noted that the overall expense structure of each Fund is competitive in the context of other factors considered by the Board. In this regard, the Board was informed that the funds in the Expense Group may vary widely in their complexity and that the management of each Fund is among the more complex relative to the Expense Group.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Infrastructure Capital to other ETFs for which Infrastructure Capital serves as a sub-adviser (the "Sub-Advised ETF Clients"). The Board considered information regarding the differences in the nature of the services required for Infrastructure Capital to manage the Fund as primary investment adviser versus managing a discrete pool of assets as a sub-adviser to another manager's ETF, noting that Infrastructure Capital generally performs significant additional services and assume substantially greater risks in managing the Fund than in its role as sub-adviser to the Sub-Advised ETF Clients.

The Board also took into consideration the Fund's "unified fee" structure, under which Infrastructure Capital would, in addition to providing investment management services, bear the costs of various third-party services necessary for the Fund to operate. The Board considered that, other than the management fee, Infrastructure Capital would pay all operating expenses of each Fund, except for certain costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board considered each Fund's net operating expense ratio in comparison to the average and median of the Expense Group. The Board noted that each Fund's net expense ratio was higher than both the average and median of the respective Expense Group.

The Board received a description of the methodology and screening criteria used by Broadridge to determine the registered funds in the Expense Group. While the Board recognized that comparisons between a Fund and its respective Expense Group may be imprecise, the comparative, independently selected information provided by Broadridge assisted the Board in evaluating the reasonableness of the Fund's Management Fee Rate and net expense ratio. Additionally, the Board received and considered information comparing each Fund's Management Fee Rate and net expense ratio to the Fund's Selected Peer Group.

Based on these considerations, the Board determined that the Management Fee Rate was reasonable in light of the services covered by the Advisory Agreement and that the overall expense structure of each Fund supported the continuation of the Advisory Agreement.

**PROFITABILITY AND ECONOMIES OF SCALE**

The Board requested and received a report on Infrastructure Capital's revenue and expenses resulting from services provided to the Funds pursuant to the Advisory Agreement for the twelve months ended March 31, 2025. The Board noted information about the profitability to Infrastructure Capital from its advisory relationship with each Fund for the twelve months ended March 31, 2025. The Board received and considered a description of the expense allocation

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**Infrastructure Capital ETFs** 

**Additional Information** 

**November 30, 2025 (Unaudited) (Continued)** 

methodology used by Infrastructure Capital in calculating profitability in connection with the continuation of the Advisory Agreement. The Board also considered Infrastructure Capital's financial resources and information regarding Infrastructure Capital's commitment with respect to the Funds and its ability to support its management of the Funds and obligations under the Advisory Agreement.

With respect to economies of scale, the Board considered information regarding the extent to which economies of scale may be realized as the Fund grows and whether fee levels reflect these economies of scale for the benefit of the Fund's shareholders. The Board reviewed each Fund's operating history and changes in each Fund's asset levels since it commenced operations. The Board considered that the amount and structure of each Fund's unified fee reflects a sharing of economies of scale with Fund shareholders. The Board also considered that any reduction in fixed costs associated with the management of a Fund would benefit Infrastructure Capital due to the unified fee structure of each Fund, but that the unified fee would protect shareholders from a rise in operating costs and/or a decline in a Fund's assets and is a transparent means of informing the Fund's shareholders of the fees associated with a Fund. The Board noted that it would continue to monitor any future growth in each Fund's assets and consider economies of scale as part of its future annual review of the Advisory Agreement.

**ANCILLARY BENEFITS DERIVED FROM THE RELATIONSHIP WITH THE FUND**

The Board received and considered information regarding ancillary or "fall-out" benefits to Infrastructure Capital and/or its affiliates, if any, as a result of Infrastructure Capital's relationship with the Funds. Ancillary benefits could include, among others, benefits attributable to research credits generated by a Fund's portfolio transactions. In this regard, the Board considered that Infrastructure Capital confirmed it had not benefited firm-wide from research credits generated by Fund portfolio transactions since each Fund's inception. Ancillary benefits could also include benefits potentially derived from an increase in Infrastructure Capital's business as a result of its relationship with the Funds (such as the ability to market to shareholders other potential financial products and services offered by Infrastructure Capital, or to operate other products and services that follow investment strategies similar to those of the Funds). Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that ancillary benefits received by Infrastructure Capital and/or its affiliates, if any, were unreasonable.

**CONCLUSIONS**

In considering the renewal of the Advisory Agreement, the Trustees did not identify any one factor as all-important, but rather considered these factors collectively in light of the Fund's surrounding circumstances. Based on its deliberations and its evaluation of the information and factors described above, among others, the Board unanimously approved the Advisory Agreement for an additional one-year term.

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**INVESTMENT ADVISER** 

**Infrastructure Capital Advisors, LLC** 

**1325 Avenue of the Americas, 28th Floor** 

**New York, NY 10019** 

**DISTRIBUTOR** 

**Quasar Distributors, LLC** 

**190 Middle Street, Suite 301** 

**Portland, ME 04101** 

**CUSTODIAN** 

**U.S. Bank N.A.** 

**1555 North Rivercenter Drive, Suite 302** 

**Milwaukee, WI 53212** 

**ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT** 

**U.S. Bancorp Fund Services, LLC** 

**615 East Michigan Street** 

**Milwaukee, WI 53202** 

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.** 

**342 North Water Street, Suite 830** 

**Milwaukee, WI 53202** 

**LEGAL COUNSEL** 

**Thompson Hine, LLP** 

**41 South High Street, Fl 17** 

**Columbus, OH 43215** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a)
 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in nor disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Trustee compensation is paid by the Investment Adviser pursuant to its Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Statement Regarding Basis for Approval of Investment Advisory Contract under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](icetfs-efp21942_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a).* Filed herewith.](icetfs-efp21942_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5) Change in the registrant's independent public accountant.* Not applicable to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](icetfs-efp21942_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Series Portfolios
 Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan L. Roell |
|  | Ryan L. Roell, Principal Executive Officer |

---

Date <u>2/2/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ryan L. Roell |
|  | Ryan L. Roell, Principal Executive Officer |

---

Date <u>2/2/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Douglas Schafer |
|  | Douglas Schafer, Principal Financial Officer |

---

Date <u>2/2/2026</u>

 

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Code

**EX.99.CODE ETH**

**SERIES PORTFOLIOS TRUST**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics is in addition to, not in replacement of, the Series Portfolios Trust (the "Trust") Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The persons covered by this Code of Ethics may also be subject to the Investment Company Code of Ethics.

The Trust requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>HONEST AND ETHICAL CONDUCT</u>** 

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>FINANCIAL RECORDS AND REPORTING</u>** 

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>COMPLIANCE WITH LAWS, RULES AND REGULATIONS</u>** 

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>COMPLIANCE WITH THIS CODE OF ETHICS</u>** 

The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>AMENDMENT AND WAIVER</u>** 

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940.

Adopted: September 15, 2015, January 23, 2025

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ryan L. Roell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Series Portfolios Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2026 | /s/ Ryan L. Roell |
|  |  | Ryan L. Roell |
|  |  | Principal Executive Officer, Series Portfolios Trust |

---

**<u>CERTIFICATIONS</u>**

I, Douglas Schafer, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Series Portfolios Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 2/2/2026 | /s/ Douglas Schafer |
|  |  | Douglas Schafer |
|  |  | Principal Financial Officer, Series Portfolios Trust |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Series Portfolios Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Series Portfolios Trust for the period ended November 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Series Portfolios Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Ryan L. Roell | /s/ Douglas Schafer |
| Ryan L. Roell | Douglas Schafer |
| Principal Executive Officer, Series Portfolios Trust | Principal Financial Officer, Series Portfolios Trust |

---

Dated: <u> 2/2/2026</u> Dated: <u> 2/2/2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Series Portfolios Trust for purposes of Section 18 of the Securities Exchange Act of 1934.