# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000898531-23-000064
**Filing Date:** 2023-2
**Character Count:** 130922
**Document Hash:** 87d4bbf2816beda65a5cfbb918e8cfa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000064.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000898531-23-000064

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149
- **IRS NUMBER:** 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:** 23590861

**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

### InfraCap Equity Income Fund ETF (Series ID: S000074860)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000233162 | InfraCap Equity Income Fund ETF | ICAP            |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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>**<br> (Exact name of registrant as specified in charter)

#### 615 East Michigan Street
**<u>Milwaukee, WI 53202</u>**<br> (Address of principal executive offices) (Zip code)

#### Ryan Roell, President

#### Series Portfolios Trust

#### c/o U.S. Bancorp Fund Services, LLC

#### 777 East Wisconsin Ave, 5<sup>th</sup> Fl
**<u>Milwaukee, WI 53202</u>**<br> (Name and address of agent for service)

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

<br> Registrant's telephone number, including area code

Date of fiscal year end: **<u>November 30, 2022</u>**

Date of reporting period: **<u>November 30, 2022</u>**

------

#### Item 1. Reports to Stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <br>

![](icap_etf-logo.jpg)

### InfraCap Equity Income Fund ETF

#### Ticker Symbol: ICAP

#### Annual Report
November 30, 2022

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#### INFRACAP EQUITY INCOME FUND ETF

Dear Shareholder:

Infrastructure Capital Advisors, LLC ("InfraCap" or "we"), the investment advisor to the InfraCap Equity Income Fund ETF ("ICAP ETF" or the "Fund"), is a leading provider of investment management solutions that seeks to meet the needs of income-focused investors. The ICAP ETF includes a selection of dividend-paying companies that we believe are well-positioned for market cycles, including allocations to sectors such as: Energy, Consumer Staples, Utilities, Telecommunications, Financials, and select REIT sub-sectors. Based on our research, certain dividend-paying securities in these sectors are likely to exhibit lower correlations to interest rate hikes and are positioned to perform well in 2023, despite the potential for prolonged elevated inflation. In the current market environment, we believe ICAP ETF's diversified portfolio of assets provides investors a key tool to building a well-constructed income generating portfolio.

ICAP ETF's investment objective is to maximize income and pursue total return opportunities. We seek to achieve this objective by opportunistically employing various strategies tailored to particular market cycles and environments. ICAP ETF will seek to invest at least 80% of its assets in equity securities of companies that pay dividends during normal market conditions. We will purchase and write put and call options in an effort to generate additional income and reduce volatility in the portfolio, remove or add securities from the portfolio (i.e., convertible securities), facilitate total return opportunities, and hedge against market risks or other risks in the Fund's portfolio.

We will focus on positioning the ICAP ETF portfolio in sectors and holdings that we believe are suitable for this market environment. We believe we can deploy ICAP ETF's strategies to maximize income, notwithstanding periods of heightened volatility due to uncertain market conditions. We can also deploy strategic options strategies as well to take advantages of volatility, manage market corrections, and maintain portfolio concentrations.

We continue to believe that our actively managed income focused approach is beneficial for investors and advisers alike. On the following pages, you will find information relevant to your ICAP ETF investment. If you have any questions, I encourage you to contact your financial advisor or InfraCap directly. You can also obtain additional information, including our daily portfolio holdings, on the ICAP ETF website located at: **www.icapetf.com**.

Thank you for the opportunity to help you meet your income investing needs.

Jay D. Hatfield

Chief Executive Officer and Chief Investment Officer

Infrastructure Capital Advisors, LLC

------

#### Management's Discussion of Operations (Unaudited)

#### November 30, 2022

#### OVERVIEW
Jay Hatfield, CEO of Infrastructure Capital Advisors, LLC (the "Adviser") leads the Adviser's investment management team. The Adviser's newest product, the InfraCap Equity Income Fund ETF (the "Fund"), seeks to maximize income and pursue total return opportunities. To obtain high yield and total return, the Adviser favors sectors and industries that it views as undervalued on a relative basis. For example, the Adviser may overweight issuers in the real estate sector versus the financial sector when the market has oversold the real estate sector or has overbought the financial sector.

#### MARKET UPDATE
The Fund's market return from inception (12/28/2021) to its fiscal year end, November 30, 2022, was -4.08%. The S&P 500 Index had a return of -13.46% during the same period.

The Federal Reserve's rapid interest rate increases during the Fund's fiscal year were the dominant factor that drove equity and fixed income market prices. We believe the Fed made policy errors because it relies on lagging indicators such as CPI and the labor market to predict inflation instead of leading indicators such as the money supply and energy/commodity prices. The Fed decreased the money supply by 17% in 2022, which caused the dollar to appreciate, mortgage rates to skyrocket, and oil prices to decline by 40%. We believe inflation has peaked and will likely decline rapidly over the next 12 months. During the first half of 2022, geopolitical pressures (i.e., Ukraine-Russia War, China regulatory crackdown) increased market risk and placed upward pressure on inflation.

Two of the Fund's strongest contributors during the period were the equity securities of Kraft Heinz ("KHC") and Chevron Corporation ("CVX"). Kraft Heinz is one of the largest manufacturers of consumer food and beverage products in the world. KHC benefitted from a rotation away from growth and toward defensive names. They were able to sustain elevated price/mix while losing only small amounts of volume, a testament to their inelastic demand. CVX is an American multinational energy corporation; it is headquartered in San Ramon, California, and active in more than 180 countries. CVX has domestic and international exposure to upstream and downstream operations. During the period, KHC and CVX were up 14.42% and 60.20%, respectively.

Two of the Fund's weaker contributors during the period were equity securities of Ally Financial Inc ("ALLY") and Kilroy Realty Corporation ("KRC"). ALLY is a bank holding company that focuses on financial services, including mortgage loans, car financing, direct banking, corporate lending, and electronic trading. ALLY is a market leader in automotive financing in the United States. Kilroy Realty Corporation is a real estate investment trust. The company engages in the ownership, acquisition, development, and operation of Class A office properties located in the California and Washington state. During the period, ALLY and KRC were down -41.7% and -32.88%, respectively.

The Fund's portfolio selection emphasizes issuers that own long-lived assets consistently generating positive cash flows. In addition, the Fund selectively invests in high-yielding preferred stocks from sectors including REITs, Pipelines, and Industrials. We believe our selection of high yielding preferred and equity securities in the portfolio will allow the Fund to perform well over the longer cycle, particularly during this period of rising interest rates (from a historically low-rate environment) and help reduce portfolio volatility.

#### DIVIDEND PAYMENTS
In the period ending November 30, 2022, the Fund made dividend payments in the amount of $0.175 per share in January through November 2022.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Management's Discussion of Operations (Unaudited) – Continued

#### November 30, 2022

The Fund's dividend policy is reviewed on an annual basis with the expectation that the announced dividend rate can be sustained for a period of 12 – 24 months under normal market conditions. The Fund's targeted dividend is expected 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 30-day SEC yield was 8.83% as of November 30, 2022.

#### USE OF LEVERAGE
As described in the Fund's prospectus, the Fund may use leverage to maximize income and pursue total return opportunities. The leverage ratio is expected to be maintained in a range of 10-35% of the Fund's total assets over the long term. As of November 30, 2022, The Fund's leverage ratio was approximately 19.32% of the Fund's net asset value. The Fund's use of leverage positively impacted Fund performance during the period. The Fund's cost of borrowing is competitive, and the Adviser believes that borrowed funds can help generate an attractive positive spread. The Fund currently borrows at a 110-basis point premium to the daily overnight bank borrowing rate, which remained low at 3.82% as of November 30, 2022.

#### USE OF OPTIONS
As described in the Fund's prospectus, the Fund may utilize options strategies in an effort to generate additional income and reduce volatility in the portfolio, remove or add securities from the portfolio (i.e., convertible securities), facilitate total return opportunities, and hedge against market risks or other risks in the Fund's portfolio. The Fund's primary option activity is covered call writing, which is focused on a number of common stocks held by the Fund.

#### OUTLOOK
We believe that there continue to be opportunities for active managers to provide alpha for investors, especially during tough market environments. Under the current market environment, there are opportunities across asset sectors and industries, instrument types, and US and Global markets (fundamental analysis). We construct the Fund with these factors in mind and look to harvest gains at appropriate times.

The ***<u>Infrastructure Capital Real Time CPI</u>*** turned strongly negative in October 2022, coming in at a negative .35% month over month and negative 4.2% annualized, signaling that inflation has peaked and will likely decline rapidly over the next 6-12 months. Hawkish Fed policy is likely to cause a significant global recession in 2023 but we do not expect a recession in the US in 2023 due to a very resilient housing sector with an ongoing shortage of homes and tailwinds from the enormous 70% energy cost advantage relative to the rest of the world. In addition, housing prices started declining in July 2022, which will eventually be reflected in the lagging BLS CPI index. The CPI shelter estimate has enormous lags due to outdated survey methodology and is currently reflected in CPI at an annual rate of 9.6%. There is a 70% correlation between housing prices and shelter increases 12 months later, so housing prices are a better reflection of inflation than the reported shelter numbers in CPI. Thus, we believe inflation will decline in 2023.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Management's Discussion of Operations (Unaudited) – Continued

#### November 30, 2022

We continue to focus on diversification and asset allocations to dividend stocks such as utilities, telecom services, pipelines, consumer staples, and preferred stocks with significant dividends. 2023 is likely to continue to be volatile, with Fed tapering reducing liquidity, inflation continuing, and growth slowing so we are focusing on adding large capitalization defensive dividend stocks and preferred stocks that have lower volatility and benefit from inflation.

Covered call writing strategies are likely to outperform during 2023 due to volatility and likely stalled markets during the first half of the year. We are opportunistically favoring high-yielding preferred stocks, large-cap dividend stocks in sectors such as pipelines, REITs, and energy companies.

The preceding information is the opinion of the Adviser. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Statements of fact are from sources considered reliable, but the Adviser make no representation or warranty as to their completeness or accuracy. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized. This discussion includes information based on data and calculations sourced from Bloomberg and index constituents. While we believe that the data is reliable, we have not sought, nor have we received, permission from any third-party to include their information.

#### This material must be preceded or accompanied by a prospectus.

#### A WORD ABOUT RISKS
Investing involves risk, including possible loss of principal. An investment in the Fund may be subject to risks which include, among others, investing in equities securities, dividend paying securities, utilities, small-, mid- and large-capitalization companies, real estate investment trusts, master limited partnerships, foreign investments and emerging, debt securities, depositary receipts, market events, operational, high portfolio turnover, trading issues, active management, fund shares trading, premium/discount risk and liquidity of fund shares, which may make these investments volatile in price. Foreign investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and changes in currency exchange rates which may negatively impact the Fund's returns. Small and Medium-capitalization companies, foreign investments and high yielding equity and debt securities may be subject to elevated risks. The Fund is a recently organized investment company with no operating history. Please see prospectus for discussion of risks.

Distributor, Quasar Distributors, LLC.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Value of $10,000 Investment (Unaudited)

![](ieifetf-linechart.jpg) <br>

*The chart assumes an initial investment of $10,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.*

#### Rates of Return (%) – As of November 30, 2022

---

| | |
|:---|:---|
|  | **<u>Since Inception<sup>(1)</sup></u>** |
| **InfraCap Equity Income Fund ETF – NAV** | &nbsp;&nbsp;&nbsp;&nbsp;-3.84% |
| **InfraCap Equity Income Fund ETF – Market** | &nbsp;&nbsp;&nbsp;&nbsp;-4.08% |
| **S&P 500 Index<sup>(2)</sup>** | -13.46% |

---

<sup>(1)</sup> Inception date of the Fund was December 28, 2021.

<sup>(2)</sup> The S&P 500 Index is widely regarded as the best single gauge of large-cap US equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization

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#### INFRACAP EQUITY INCOME FUND ETF

#### Expense Example (Unaudited)

#### November 30, 2022

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including broker commissions on the purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund specific expenses. The expense example is intended to help the shareholder understand ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the most recent period.

The Actual Expenses comparison provides information about actual account values and actual expenses. A shareholder may use the information in this line, together with the amount invested, to estimate the expenses paid over the period. A shareholder may divide his/her account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses paid on his/her account during this period.

The Hypothetical Example for Comparison Purposes provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. A shareholder may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the Hypothetical Example for Comparisons Purposes is useful in comparing ongoing costs only and will not help to determine the relevant total costs of owning different funds. In addition, if these transactional costs were included, shareholder costs would have been higher.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Expenses Paid** |
|  | **Annualized Net** | **Beginning** | **Ending** | **During Period<sup>(1)</sup>** |
|  | **Expense Ratio** | **Account Value** | **Account Value** | **(6/1/2022 to** |
| **InfraCap Equity Income Fund ETF** | **<u>(11/30/2022)</u>** | <u>(Inception)<sup>(1)</sup></u> | **<u>(11/30/2022)</u>** | **<u>(11/30/2022)</u>** |
| Actual<sup>(2)(3)</sup> | 1.90% | $1000.00 | $920.20 | $9.16 |
| Hypothetical<sup>(3)</sup> | 1.90% | $1000.00 | $1015.54 | $9.60 |

---

<sup>(1)</sup> Expenses are equal to the Fund's annualized expense ratio for the period multiplied by the average account value over the period, multiplied by 183/365 to reflect the six month period ended November 30, 2022.

<sup>(2)</sup> Based on the actual NAV returns for the period ended November 30, 2022 of -7.98%.

<sup>(3)</sup> Excluding loan and other broker related interest expenses, your actual cost of investing and your hypothetical cost of investing would have been $3.85 and $4.05, respectively.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Allocation of Portfolio<sup>(1)</sup> (% of Investments) (Unaudited)

#### November 30, 2022

#### <br>

#### <br>

#### Allocation of Industry Sectors<sup>(2)</sup> (% of Investments) (Unaudited)

#### November 30, 2022

#### <br>

![](ieifetf_industry-piechart.jpg)

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#### INFRACAP EQUITY INCOME FUND ETF

#### Top 10 Equity Holdings<sup>(3)</sup> (% of Investments) (Unaudited)

#### November 30, 2022

---

| | |
|:---|:---|
| U.S. Bancorp | 3.18% |
| AT&T, Inc. | 2.99% |
| Dow, Inc. | 2.96% |
| Prudential Financial, Inc. | 2.63% |
| Enbridge, Inc. | 2.44% |
| Simon Property Group, Inc. | 2.35% |
| Boston Properties, Inc. | 2.21% |
| Annaly Capital Management, Inc. | 2.20% |
| Trust Financial Corporation | 2.18% |
| Kilroy Realty Corporation | 2.15% |

---

<sup>(1)</sup> Data expressed as a percentage of investments as of November 30, 2022. Data expressed excludes written option contracts. Please refer to the Schedule of Investments and Schedule of Written Options for more details on the Fund's individual holdings and sector allocations. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

<sup>(2)</sup> Data expressed as a percentage of investments as of November 30, 2022. Data expressed excludes convertible preferred stocks, preferred stocks, short-term investments, such as money market funds, and written option contracts. Please refer to the Schedule of Investments and Schedule of Written Options for more details on the Fund's individual holdings and sector allocations. Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

<sup>(3)</sup> Data expressed excludes short-term investments, such as money market funds, and written option contracts. Please refer to the Schedule of Investments and Schedule of Written Options for more details on the Fund's individual holdings.

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#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Investments

#### November 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS – 68.38%** | | |
| **Aerospace & Defense – 0.31%** | | |
| Raytheon Technologies Corp. (a) | 928 | $91612 |
| **Automobiles – 0.05%** |  |  |
| Stellantis NV – ADR (d) | 1000 | 15620 |
| **Banks – 11.16%** |  |  |
| Citigroup, Inc. (a) | 4755 | 230189 |
| Citizens Financial Group, Inc. (a) | 1189 | 50390 |
| Comerica, Inc. (a) | 2200 | 157828 |
| JPMorgan Chase & Co. (a) | 3391 | 468568 |
| KeyCorp (a)(b) | 20687 | 389122 |
| The PNC Financial Services Group, Inc. (a) | 591 | 99442 |
| Truist Financial Corp. (a) | 16612 | 777608 |
| U.S. Bancorp. (a)(b) | 24953 | 1132617 |
|  |  | 3305764 |
| **Beverages – 1.94%** |  |  |
| The Coca-Cola Co. (a)(b) | 9040 | 575034 |
| **Biotechnology – 0.94%** |  |  |
| AbbVie, Inc. (a)(b) | 1681 | 270944 |
| Gilead Sciences, Inc. (a) | 92 | 8080 |
|  |  | 279024 |
| **Capital Markets – 3.06%** |  |  |
| AllianceBernstein Holding LP (a) | 16623 | 670738 |
| Blackstone, Inc. (a) | 2560 | 234317 |
|  |  | 905055 |
| **Chemicals – 3.57%** |  |  |
| Dow, Inc. (a)(b) | 20724 | 1056302 |
| **Consumer Finance – 2.45%** |  |  |
| Ally Financial, Inc. (a)(b) | 10407 | 281093 |
| OneMain Holdings, Inc. (a) | 11320 | 445555 |
|  |  | 726648 |
| **Diversified Telecommunication Services – 5.45%** |  |  |
| AT&T, Inc. (a)(b) | 55180 | 1063870 |
| Verizon Communications, Inc. (a)(b) | 14126 | 550632 |
|  |  | 1614502 |

---

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

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#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Investments – Continued

#### November 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities – 3.22%** | | |
| ALLETE, Inc. (a)(b) | 8025 | $531255 |
| Duke Energy Corp. (a) | 2791 | 278905 |
| Edison International (a) | 426 | 28397 |
| PPL Corporation (a) | 165 | 4871 |
| The Southern Co. (a)(b) | 1635 | 110591 |
|  |  | 954019 |
| **Food & Staples Retailing – 0.22%** |  |  |
| Walgreens Boots Alliance, Inc. (a) | 1587 | 65861 |
| **Food Products – 1.38%** |  |  |
| The Kraft Heinz Co. (a) | 10416 | 409870 |
| **Gas Utilities – 0.93%** |  |  |
| Northwest Natural Holding Co. (a) | 5500 | 275605 |
| **Hotels, Restaurants & Leisure – 1.35%** |  |  |
| Cracker Barrel Old Country Store, Inc. (a) | 728 | 83574 |
| Red Rock Resorts, Inc. (a) | 6985 | 314744 |
|  |  | 398318 |
| **Industrial Conglomerates – 0.21%** |  |  |
| 3M Co. | 487 | 61347 |
| **Insurance – 3.16%** |  |  |
| Prudential Financial, Inc. (a) | 8672 | 936836 |
| **IT Services – 1.41%** |  |  |
| International Business Machines Corp. (a)(b) | 2803 | 417367 |
| **Multiline Retail – 2.29%** |  |  |
| Kohl's Corp. (a) | 21088 | 676503 |
| **Multi-Utilities – 0.32%** |  |  |
| Algonquin Power & Utilities Corp. – ADR (a)(e)(d) | 2200 | 16610 |
| Consolidated Edison, Inc. (a) | 319 | 31275 |
| Dominion Energy, Inc. (a) | 768 | 46932 |
|  |  | 94817 |

---

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

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#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Investments – Continued

#### November 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable Fuels – 18.82%** | | |
| Chevron Corp. (a)(b) | 3714 | $680814 |
| Devon Energy Corp. (a)(b) | 1394 | 95517 |
| Enbridge, Inc. (a)(b)(d) | 21035 | 868535 |
| Energy Transfer LP (a)(b) | 5786 | 72557 |
| EOG Resources, Inc. (a)(b) | 3004 | 426358 |
| Exxon Mobil Corp. (a) | 812 | 90408 |
| Kinder Morgan, Inc. (a)(b) | 39336 | 752104 |
| Magellan Midstream Partners LP (a) | 294 | 15494 |
| Marathon Petroleum Corp. (a) | 1131 | 137767 |
| MPLX LP (a) | 11089 | 376915 |
| ONEOK, Inc. (a) | 3171 | 212203 |
| Phillips 66 (a) | 3112 | 337465 |
| Pioneer Natural Resources Co. (a) | 2270 | 535697 |
| Shell plc – ADR (a)(b)(d) | 11293 | 660302 |
| TC Energy Corp. – ADR (a)(b)(d) | 3434 | 152744 |
| Valero Energy Corp. (a)(b) | 1168 | 156068 |
| The Williams Company, Inc. (a) | 58 | 2013 |
|  |  | 5572961 |
| **Pharmaceuticals – 1.94%** |  |  |
| Bristol-Myers Squibb Co. (a)(b) | 1146 | 92001 |
| Johnson & Johnson (a) | 1818 | 323604 |
| Merck & Company, Inc. (a) | 30 | 3304 |
| Pfizer, Inc. (a) | 3124 | 156606 |
|  |  | 575515 |
| **Semiconductors & Semiconductor Equipment – 1.17%** |  |  |
| Broadcom, Inc. (a) | 628 | 346047 |
| **Thrifts & Mortgage Finance – 0.69%** |  |  |
| New York Community Bancorp, Inc. (a) | 13157 | 123018 |
| Provident Financial Services, Inc. (a) | 3660 | 82460 |
|  |  | 205478 |
| **Tobacco – 0.41%** |  |  |
| Altria Group, Inc. (a) | 2246 | 104619 |
| Philip Morris International, Inc. (a) | 160 | 15947 |
|  |  | 120566 |
| **Trading Companies & Distributors – 0.29%** |  |  |
| Triton International Ltd. – ADR (a)(d) | 1279 | 86294 |

---

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Investments – Continued

#### November 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Wireless Telecommunication Services – 1.64%** | | |
| Vodafone Group plc – ADR (a)(b)(d) | 43255 | $485754 |
| **Total Common Stocks** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,796,944)** |  | 20252719 |
| **REAL ESTATE INVESTMENT TRUSTS (REITS) – 25.31%** |  |  |
| **Equity Real Estate Investment Trusts (REITs) – 15.26%** |  |  |
| Boston Properties, Inc. (a)(b) | 10938 | 788411 |
| Global Net Lease, Inc. (a) | 34763 | 470343 |
| Healthcare Realty Trust, Inc. (a) | 18553 | 380893 |
| Kilroy Realty Corp. (a)(b) | 17692 | 764648 |
| National Retail Properties, Inc. (a)(b) | 8164 | 378483 |
| Realty Income Corp. (a)(b) | 4711 | 297123 |
| Simon Property Group, Inc. (a)(b) | 7022 | 838708 |
| Spirit Realty Capital, Inc. (a) | 3565 | 147662 |
| VICI Properties, Inc. (a) | 2427 | 83004 |
| Vornado Realty Trust (a)(b) | 14652 | 370549 |
|  |  | 4519824 |
| **Mortgage Real Estate Investment Trusts (REITs) – 10.05%** |  |  |
| AGNC Investment Corp. (a)(b) | 38926 | 388871 |
| Annaly Capital Management, Inc. (a)(b) | 36242 | 785364 |
| BrightSpire Capital, Inc. (a) | 38645 | 275925 |
| Rithm Capital Corp. (a) | 83299 | 753856 |
| Starwood Property Trust, Inc. (a) | 14644 | 313528 |
| TPG RE Finance Trust, Inc. (a) | 61732 | 457434 |
|  |  | 2974978 |
| **Total Real Estate Investment Trusts (REITs)** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,667,346)** |  | 7494802 |
| **CONVERTIBLE PREFERRED STOCKS – 4.27%** |  |  |
| Algonquin Power & Utilities Corp., 7.750%, 6/15/2024 (a)(d) | 2460 | 64452 |
| EPR Properties, 9.000%, Series E (a)(c)(e) | 4666 | 129901 |
| New York Community Capital Trust V, 6.000%, 11/1/2051 (a)(e) | 9286 | 401146 |
| NextEra Energy, Inc., 6.930%, 9/1/2025 (a)(e) | 5238 | 256243 |
| UGI Corporation, 7.250%, 5/1/2024 (a)(e) | 4665 | 411686 |
| **Total Convertible Preferred Stocks** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,366,356)** |  | 1263428 |

---

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Investments – Continued

#### November 30, 2022

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS – 22.12%** | | |
| AGNC Investment Corp., 7.750%, Series G (a)(e) | 11000 | $239250 |
| Babcock & Wilcox Enterprises, Inc., 7.750%, Series A (a)(c) | 26096 | 400313 |
| Chimera Investment Corp., 8.000%, Series B (a)(c)(e) | 12980 | 278551 |
| Crestwood Equity Partners LP, 9.250% (a)(c) | 68335 | 617748 |
| DCP Midstream LP, 7.950%, Series C (a)(c)(e) | 17535 | 446266 |
| DigitalBridge Group, Inc., 7.125%, Series H (a)(c) | 19537 | 361434 |
| Energy Transfer LP, 7.625%, Series D (a)(c)(e) | 25963 | 604419 |
| FTAI Aviation Ltd., 8.250% (a)(c)(d)(e) | 24993 | 540099 |
| Global Net Lease, Inc., 6.875%, Series B (a)(c) | 12411 | 270808 |
| Rithm Capital Corp., 6.375%, Series C (a)(e) | 14037 | 255333 |
| New York Mortgage Trust, Inc. 8.000%, Series D (a)(c)(e) | 25918 | 518360 |
| NuStar Energy LP, 9.000%, Series C (a)(c)(e) | 19628 | 473624 |
| RLJ Lodging Trust, 1.950%, Series A (a)(c) | 23410 | 578227 |
| RPT Realty, 7.250%, Series D (a)(c) | 5986 | 306782 |
| SCE Trust III, 5.750%, Series H (a)(c)(e) | 13113 | 268423 |
| Textainer Group Holdings Ltd., 6.250%, Series B (a)(c)(d) | 19143 | 390812 |
| **Total Preferred Stocks** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,312,244)** |  | 6550449 |
| **SHORT-TERM INVESTMENTS – 0.25%** |  |  |
| First American Government Obligations Fund, Class X, 3.66% (a)(f) | 75347 | $75347 |
| **Total Short-Term Investments** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $75,347)** |  | 75347 |
| **Total Investments** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Cost $38,218,237) – 120.33%** |  | 35636745 |
| **Liabilities in Excess of Other Assets – (20.33)%** |  | (6020293) |
| **Net Assets – 100.00%** |  | $29616452 |

---

ETF – Exchange Traded Fund

plc – Public Limited Company

REITs – Real Estate Investment Trusts

(a) All or a portion of this security has been committed as collateral for open written option contracts and the Fund's borrowing. The total value of assets committed as collateral as of November 30, 2022 is
 $22,190,654.

(b) Held in connection with a written call options contract. See the Schedule of Written Options for further information.

(c) Perpetual Maturity.

(d) Foreign security.

(e) This security represents a fixed to float/variable rate preferred stock. The coupon rate shown represents the fixed rate as of November 30, 2022.

(f) The rate quoted is the annualized seven-day effective yield as of November 30, 2022.

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Options Written

#### November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **Contracts (a)** | **Amount** | **Value** |
| **CALL OPTIONS WRITTEN** | | | |
| AGNC Investment Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $13.00 | (120) | $(119880) | $(180) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $13.00 | (100) | (99900) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $14.00 | (100) | (99900) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: March 2023, Exercise Price: $13.00 | (100) | (99900) | (650) |
| ALLETE, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $70.00 | (20) | (132400) | (2150) |
| AllianceBernstein Holding LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $50.00 | (40) | (161400) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $55.00 | (20) | (80700) | (200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: April 2023, Exercise Price: $50.00 | (20) | (80700) | (500) |
| Ally Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $44.00 | (30) | (81030) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $49.00 | (10) | (27010) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $40.00 | (120) | (324120) | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: March 2023, Exercise Price: $36.00 | (10) | (27010) | (175) |
| Annaly Capital Management, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $24.00 | (30) | (65010) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $24.00 | (140) | (303380) | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $24.00 | (10) | (21670) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $7.00 | (350) | (758450) | (525) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $8.00 | (150) | (325050) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: April 2023, Exercise Price: $7.00 | (210) | (455070) | (1680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: April 2023, Exercise Price: $8.00 | (10) | (21670) | (25) |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $18.50 | (100) | (192800) | (7850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $19.50 | (110) | (212080) | (385) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $19.50 | (100) | (192800) | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $20.00 | (100) | (192800) | (750) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $20.00 | (100) | (192800) | (1150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $20.00 | (100) | (192800) | (1500) |
| Boston Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $100.00 | (10) | (72080) | (625) |
| Bristol-Myers Squibb Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $85.00 | (10) | (80280) | (75) |
| Chevron Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $190.00 | (10) | (183310) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $190.00 | (10) | (183310) | (760) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $192.50 | (10) | (183310) | (1050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $190.00 | (10) | (183310) | (2315) |

---

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Options Written – Continued

#### November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **Contracts (a)** | **Amount** | **Value** |
| **CALL OPTIONS WRITTEN (Continued)** | | | |
| The Coca-Cola Co |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $63.00 | (20) | $(127220) | $(1500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $63.00 | (30) | (190830) | (2880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $64.00 | (20) | (127220) | (1310) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $65.00 | (20) | (127220) | (870) |
| Devon Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $70.00 | (10) | (68520) | (420) |
| Dow, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $57.50 | (100) | (509700) | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $67.50 | (20) | (101940) | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $57.50 | (30) | (152910) | (1050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $60.00 | (51) | (259947) | (841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: March 2023, Exercise Price: $60.00 | (10) | (50970) | (595) |
| Enbridge, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $47.50 | (20) | (82580) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $50.00 | (20) | (82580) | (100) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: April 2023, Exercise Price: $47.50 | (50) | (206450) | (1625) |
| Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $13.00 | (50) | (62700) | (475) |
| EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $150.00 | (10) | (141930) | (150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $151.70 | (10) | (141930) | (1450) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $152.50 | (10) | (141930) | (575) |
| International Business Machines Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $150.00 | (10) | (148900) | (1160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $152.50 | (10) | (148900) | (1065) |
| KeyCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $21.00 | (20) | (37620) | (100) |
| Kilroy Realty Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $50.00 | (30) | (129660) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: February 2023, Exercise Price: $50.00 | (20) | (86440) | (4400) |
| Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $19.00 | (110) | (210320) | (2145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $20.00 | (40) | (76480) | (280) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $20.00 | (100) | (191200) | (1250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $21.00 | (71) | (135752) | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $20.00 | (150) | (286800) | (5250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $21.00 | (20) | (38240) | (220) |
| National Retail Properties, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $50.00 | (30) | (139080) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: March 2023, Exercise Price: $50.00 | (10) | (46360) | (725) |

---

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Options Written – Continued

#### November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **Contracts (a)** | **Amount** | **Value** |
| **CALL OPTIONS WRITTEN (Continued)** | | | |
| Realty Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $77.50 | (10) | $(63070) | $(25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $80.00 | (10) | (63070) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $70.00 | (20) | (126140) | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $75.00 | (1) | (6307) | (8) |
| Shell Plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $60.00 | (30) | (175410) | (1950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $60.00 | (10) | (58470) | (1700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $62.50 | (20) | (116940) | (1700) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $65.00 | (10) | (58470) | (375) |
| Simon Property Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $130.00 | (30) | (358320) | (3405) |
| The Southern Co |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $67.00 | (50) | (338200) | (4375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $67.00 | (30) | (202920) | (3675) |
| TC Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $60.00 | (20) | (88960) | (50) |
| US Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $55.00 | (80) | (363120) | (200) |
| Valero Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $144.00 | (10) | (133620) | (525) |
| Verizon Communications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $43.00 | (200) | (779600) | (2300) |
| Vodafone Group Plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $17.00 | (168) | (188664) | (252) |
| Vornado Realty Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: March 2023, Exercise Price: $30.00 | (10) | (25290) | (475) |
|  |  |  | (79868) |

---

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Schedule of Options Written – Continued

#### November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **Contracts (a)** | **Amount** | **Value** |
| **PUT OPTIONS WRITTEN** | | | |
| AbbVie, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $150.00 | (10) | $(161180) | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $150.00 | (10) | (161180) | (340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $152.50 | (20) | (322360) | (490) |
| AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $18.00 | (100) | (192800) | (650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $18.50 | (100) | (192800) | (900) |
| Chevron Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $172.50 | (10) | (183310) | (510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $175.00 | (10) | (183310) | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $175.00 | (10) | (183310) | (785) |
| Duke Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $97.50 | (20) | (199860) | (1650) |
| EOG Resources, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $134.00 | (10) | (141930) | (150) |
| Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $88.00 | (10) | (93070) | (20) |
| Shell Plc |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $52.50 | (30) | (175410) | (300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $55.00 | (30) | (175410) | (900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: January 2023, Exercise Price: $55.00 | (10) | (58470) | (1000) |
| The Southern Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $64.00 | (30) | (202920) | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $64.00 | (50) | (338200) | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $64.00 | (50) | (338200) | (1250) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiration: December 2022, Exercise Price: $65.00 | (30) | (202920) | (525) |
|  |  |  | (11065) |
| **TOTAL OPTIONS WRITTEN** |  |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;(Premiums received $125,397)** |  |  | $(90933) |

---

(a) 100 shares per contract.

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Statement of Assets and Liabilities

#### November 30, 2022

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments, at value (Cost $38,218,237) | $35636745 |
| Cash | 23978 |
| Receivable for capital shares sold | 1327270 |
| Dividend and interest receiveable | 158761 |
| Deposits at brokers for written option contracts | 29373 |
| Receivable for investments sold | 2838 |
| Other receivables | 58 |
| Total assets | 37179023 |
| **LIABILITIES:** |  |
| Written option contracts, at value (Premiums received $125,397) | 90933 |
| Loan payable | 5819018 |
| Payable for investments purchased | 1608107 |
| Payable to Adviser | 13981 |
| Accrued loan interest expense | 30532 |
| Total liabilities | 7562571 |
| **NET ASSETS** | $29616452 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | $32148826 |
| Total distributable earnings | (2532374) |
| Total net assets | $29616452 |
| Net assets | $29616452 |
| Shares issued and outstanding<sup>(1)</sup> | 1100000 |
| Net asset value and offering price per share | $26.92 |

---

<sup>(1)</sup> Unlimited shares authorized without par value.

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Statement of Operations

#### For the Period Ended November 30, 2022 <sup>(1)</sup>

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Dividend income (net of withholding taxes of $7,179) | $1163008 |
| Interest income | 1423 |
| Total investment income | 1164431 |
| **EXPENSES:** |  |
| Investment advisory fees (See Note 3) | 141276 |
| Loan interest expense (See Note 8) | 139868 |
| Broker interest expense | 20211 |
| Other expenses | 408 |
| Total expenses | 301763 |
| **NET INVESTMENT INCOME** | 862668 |
| **REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 97509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 476566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transaction | (279) |
| Net realized gain | 573796 |
| Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (2581492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts | 34464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (244) |
| Net change in unrealized depreciation | (2547272) |
| Net realized and change in unrealized loss on investments | (1973476) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(1110808) |

---

<sup>(1)</sup> Inception date of the Fund was December 28, 2021.

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **For the Period** |
|  | **Inception through** |
|  | **November 30, 2022<sup>(1)</sup>** |
| **OPERATIONS:** | |
| Net investment income | $862668 |
| Net realized gain on investments and written option contracts expired or closed | 573796 |
| Net change in unrealized depreciation on investments and written option contracts | (2547272) |
| Net decrease in net assets resulting from operations | (1110808) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| From distributable earnings (See Note 4) | (1421875) |
| Total distributions to shareholders | (1421875) |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Net increase in net assets resulting from capital share transactions<sup>(2)</sup> | 32149135 |
| **NET INCREASE IN NET ASSETS** | 29616452 |
| **NET ASSETS:** |  |
| Beginning of period |  |
| End of period | $29616452 |

---

<sup>(1)</sup> Inception date of the Fund was December 28, 2021. <br> <sup>(2)</sup> A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Period** | **For the Period** |
|  | **Inception through November 30, 2022<sup>(1)</sup>** | **Inception through November 30, 2022<sup>(1)</sup>** |
| **SHARE TRANSACTIONS:** | **Shares** | **Dollar Amount** |
| Issued | 1100000 | $32149135 |
| Redeemed |  |  |
| Net increase in shares outstanding | 1100000 | $32149135 |

---

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Statement of Cash Flows

#### For the Period Ended November 30, 2022 <sup>(1)</sup>

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $(1110808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net increase in net assets from operations to net cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (59392820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of short-term investments, net | (75347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investments | 21254869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for investments sold | (2838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable to Adviser | 13981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in dividends and interest receivable | (158761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in other receivables | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Premiums received on written option contracts | 795636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (101382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in payable for investments purchased | 1608107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in accrued expenses and other liabilities | 30532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (97230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on written option contracts expired or closed | (476566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on investments | 2581492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation on written option contracts | (34464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash from operating activities | (35165657) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivables | 30821865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash distributions paid to shareholders | (1421875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from credit facility | 5819018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 35219008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in cash | $53351 |
| **CASH, FOREIGN CURRENCY AND RESTRICTED CASH:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning Balance | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending Balance | $53351 |
| **SUPPLEMENTAL DISCLOSURES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker Interest expense on written option contracts | $20211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowing expense on loan | $139868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in receivable for fund share sold | $1327270 |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;AT THE END OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $23978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits at broker for written options contracts | $29373 |

---

<sup>(1)</sup> Inception date of the Fund was December 28, 2021.

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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Financial Highlights

---

| | |
|:---|:---|
|  | **For the Period** |
|  | **Inception through** |
|  | **November 30, 2022<sup>(1)</sup>** |
| **PER SHARE DATA:** | |
| Net asset value, beginning of period | $30.00 |
| INVESTMENT OPERATIONS: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(2)</sup> | 1.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (2.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (1.16) |
| LESS DISTRIBUTIONS: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.92) |
| CAPITAL SHARE TRANSACTIONS: |  |
| &nbsp;&nbsp;&nbsp; Transaction fees (see Note 6) |  |
| &nbsp;&nbsp;&nbsp; Total transaction fees |  |
| Net asset value, end of period | $26.92 |
| **TOTAL RETURN, AT NAV** | -3.84%<sup>(3)</sup> |
| **TOTAL RETURN, AT MARKET** | -4.08%<sup>(3)</sup> |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $29616 |
| Ratio of gross expenses to average net assets | 1.71%<sup>(4)</sup> |
| Ratio of loan and broker interest expense to average net assets | 0.91%<sup>(4)</sup> |
| Ratio of operating expenses to average net assets excluding loan and broker interest expense | 0.80%<sup>(4)</sup> |
| Ratio of net investment income (loss) to average net assets | 4.89%<sup>(4)</sup> |
| Portfolio turnover rate<sup>(5)(6)</sup> | 87%<sup>(3)</sup> |

---

<sup>(1)</sup> Inception date of the Fund was December 28, 2021.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Not annualized for periods less than one year.

<sup>(4)</sup> Annualized for periods less than one year.

<sup>(5)</sup> Excludes in-kind transactions associated with creations of the Fund.

<sup>(6)</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.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements

#### November 30, 2022
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 InfraCap Equity Income Fund ETF (the "Fund") is a diversified series with its own investment objectives and policies within the Trust. The Fund's 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 Fund commenced operations on December 28, 2021. The Fund's investment adviser, Infrastructure Capital Advisors LLC (the "Adviser") is responsible for providing management oversight, investment advisory services, day-to-day management of the Fund's assets, as well as compliance, sales, marketing, and operations services to the Fund. The Fund is an investment company and accordingly follows 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 Fund does not hold itself out as related to any other series of the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

In the case of foreign securities, the occurrence of events after the close of foreign markets, but prior to the time the Fund's NAV is calculated will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. The Fund will value foreign securities at fair value, taking into account such

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

events in calculating the NAV. In such cases, use of fair valuation can reduce an investor's ability to seek profit by estimating the Fund's NAV in advance of the time the NAV is calculated. These securities are categorized in Level 2 of the fair value hierarchy.

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

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

Exchange traded options and Flexible Exchange<sup>®</sup> options ("FLEX options") are valued at the composite mean price, which calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is principally traded. If the composite mean price is not available, the last sale or settlement price maybe be used. 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.

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

The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below:

---

| | |
|:---|:---|
| Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
| Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

---

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

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 Fund's securities by level within the fair value hierarchy as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Investments at Fair Value</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Common Stocks | $20252719 | $— | $— | $20252719 |
| Real Estate Investment Trusts (REITs) | 7494802 |  |  | 7494802 |
| Preferred Stocks | 6550449 |  |  | 6550449 |
| Convertible Preferred Stocks | 1263428 |  |  | 1263428 |
| Short-Term Investments | 75347 |  |  | 75347 |
| Total | $35636745 | $— | $— | $35636745 |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(90933) | $— | $(90933) |
| Total | $— | $(90933) | $— | $(90933) |

---

As of the period ended November 30, 2022, the Fund did not hold any level 3 securities, nor were there any transfers into or out of Level 3.

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

C. *Cash and Cash Equivalents* – The Fund considers 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. Temporary cash overdrafts are reported as payable to custodian.

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 Fund does 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, interest, and foreign withholding taxes recorded on the Fund's 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 Fund's investments in certain foreign countries. Since foreign securities normally are denominated and

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

traded in foreign currencies, the value of the Fund's 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.

E. *Written Option Contracts* – The Fund is subject to equity price risk in the normal course of pursuing its 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 Fund's 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.

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

G. *Security Transactions, Income and Expenses* – The Fund follows industry practice and records 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 Fund's 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 Fund's 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 Fund must use estimates in reporting the character of its 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.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

H. *Share Valuation* – The NAV per share of the Fund is 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 Fund's shares will not be priced on days which the New York Stock Exchange ("NYSE") is closed for trading.

I. *Counterparty Risk* – The Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor its 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 Fund 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.

J. *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.

K. *Derivatives* – The Fund may utilize derivative instruments such as options and other instruments with similar characteristics to the extent that they are consistent with the Fund's 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 Fund and may produce significant losses. Refer to Note 9 for further derivative disclosure.

The Fund has adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Fund's Statement of Assets and Liabilities and Statement of Operations. For the period ended November 30, 2022, the Fund's average derivative volume is described below:

---

| | | |
|:---|:---|:---|
|  | **<u>Average Quantity</u>** | **<u>Average Notional Amount</u>** |
| Written Option Contracts | 2765 | $9262136 |

---

#### <br>

#### Statement of Assets and Liabilities
Fair values of derivative instruments as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Statement of Assets and** | | |
|  | **Liabilities Location** | **Fair Value** | **Fair Value** |
|  |  | **Assets** | **Liabilities** |
| Written Option Contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value | $— | $90933 |
| Total fair values of derivative instruments |  | $— | $90933 |

---

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

#### Statement of Operations
The effect of derivative instruments on the Statement of Operations for the period ended November 30, 2022:

---

| | | |
|:---|:---|:---|
|  | **Net Realized Gain on Derivatives** | **Net Realized Gain on Derivatives** |
|  | **Written** | |
|  | **Option** | |
| **<u>Derivatives</u>** | **Contracts** | **Total** |
| Equity Contracts | $476566 | $476566 |
| Total | $476566 | $476566 |
|  | **Net Change in Unrealized** | **Net Change in Unrealized** |
|  | **Appreciation on Derivatives** | **Appreciation on Derivatives** |
|  | **Written** |  |
|  | **Option** |  |
| **<u>Derivatives</u>** | **Contracts** | **Total** |
| Equity Contracts | $34464 | $34464 |
| Total | $34464 | $34464 |

---

3. RELATED PARTY TRANSACTIONS

The Trust has an agreement with the Adviser to furnish investment advisory services to the Fund. 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 a Fund at the annual rate of 0.80%.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund 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 continues 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 Fund's 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 the Fund's 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 Fund, 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.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator") acts as the Fund's Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the "Custodian") serves as the custodian to the Fund. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Board; monitors the activities of the Fund's custodian; coordinates the payment of the Fund's expenses and reviews the Fund's 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 Fund, subject to annual minimums. The Advisor has agreed to pay all expenses of the Fund's Administrator, transfer agent, fund accountant and custodian in accordance with the Investment Advisory Agreement.

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

4. TAX FOOTNOTE

*Federal Income Taxes* – The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income or excise tax provision is required. As of, and during the period ended November 30, 2022, the Fund 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 Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Fund is subject to examination by taxing authorities for the tax periods since the commencement of operations.

At November 30, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Tax cost of Investments\* | $38247464 |
| Unrealized Appreciation | $1378929 |
| Unrealized Depreciation | (4080825) |
| Net unrealized depreciation | (2701896) |
| Undistributed ordinary income | 145733 |
| Undistributed long-term capital gains | 23816 |
| Distributable earnings | 169549 |
| Other accumulated loss | (27) |
| Total distributable earnings | $(2532374) |

---

\* Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to wash sales.

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, 2022, the Fund did not defer any late year losses.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

*Distributions to Shareholders* – The Fund intends to distribute all net investment income and net realized 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 Fund.

For the period ended November 30, 2022 the following table shows the reclassifications made:

---

| | |
|:---|:---|
| **<u>Total Distributable Earnings</u>** | **<u>Paid-in Capital</u>** |
| $309 | $(309) |

---

The tax character of distributions paid for the period ended November 30, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **<u>Ordinary Income</u>** | **<u>Total Distributions Paid</u>** |
| 11/30/2022 | $1421875 | $1421875 |

---

The Fund commenced operations on December 28, 2021.

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 Fund is authorized to pay an amount up to 0.25% of the 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 Fund 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. 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 Fund.

6. SHARE TRANSACTIONS

Shares of the Fund are listed and trade on the New York Stock Exchange. Market prices for the shares may be different from their NAV. The Fund issues and redeems 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 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 Fund. 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 Fund. 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 Fund is $500, payable to the Custodian. The fixed

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

transaction fee may be waived on certain orders if the Fund's 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 Fund, 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 Fund, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund 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 Fund for the period ended November 30, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Creations In-Kind** | **Redemptions In-Kind** |
| U.S. Government | $— | $— | $— | $— |
| Other | $20900639 | $20884347 | $38492181 | $— |

---

8. BORROWING FACILITY

The Fund entered into a Tri-Party Lending Arrangement (the "Arrangement") with Wells Fargo Securities, LLC (the "Broker") that allows the Fund to borrow cash from the Broker. Borrowings under the Arrangement are collateralized by investments of the Fund. If the 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 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 percentage rate on the amount borrowed. The Arrangement has an on-demand commitment term. For the period ended November 30, 2022 the interest rate was 4.88%.

The components of interest expense, average interest rates (i.e., base interest rate in effect plus the spread) and average outstanding balances for the Fund's borrowing facilities for the period ended November 30, 2022 were as follows:

---

| | |
|:---|:---|
| Maximum Borrowing\* | $7584298 |
| Total interest expense | $139868 |
| Weighted average interest rate | 3.06% |
| Average borrowings | $4875398 |
| \* Date of the maximum borrowing August 5, 2022. |  |

---

9. OFFSETTING ASSETS AND LIABILITIES

The Fund is subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the 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

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Notes to the Financial Statements – Continued

#### November 30, 2022

a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement. Interactive Brokers LLC is the prime broker for the Fund's exchange traded derivatives. Refer to Note 2 K. for further derivative disclosure.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Gross** | **Net Amounts** | **Gross Amounts not** | **Gross Amounts not** | |
|  | **Gross** | **Amounts** | **Presented** | **offset in the Statement** | **offset in the Statement** | |
|  | **Amounts of** | **Offset in the** | **in the** | **of Assets and Liabilities** | **of Assets and Liabilities** | |
|  | **Recognized** | **Statement of** | **Statement** | | **Collateral** | |
|  | **Assets/** | **Assets and** | **of Assets** | **Financial** | **Received/** | **Net** |
|  | **Liabilities** | **Liabilities** | **and Liabilities** | **Instruments** | **Pledged\*** | **Amount** |
| **Liabilities:** | | | | | | |
| **Description** | | | | | | |
| Written Option Contracts\*\* | $90933 | $— | $90933 | $61560 | $29373 | $— |
|  | $90933 | $— | $90933 | $61560 | $29373 | $— |

---

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

\*\* Interactive Brokers LLC is the prime broker for all written option contracts held by the Fund as of November 30, 2022.

10. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of November 30, 2022, no individuals or entities, for the benefit of their customers, owned more than 25% of the outstanding shares of the Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of the Fund.

11. RECENT MARKET EVENTS RISK

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

12. SUBSEQUENT EVENTS

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On December 27, 2022, the Fund declared an ordinary income, short-term capital gains, and long-term capital gains dividend of $0.16863, 0.13524, and 0.02166 per share respectively, payable on December 30, 2022 to shareholders of record on December 29, 2022.

On January 26, 2023, the Fund declared an ordinary income dividend of $0.1800 per share, payable on January 31, 2023 to shareholders of record on January 30, 2023.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Report of Independent Registered Public Accounting Firm

To the Shareholders of InfraCap Equity Income Fund ETF and

Board of Trustees of Series Portfolios Trust

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

We have audited the accompanying statement of assets and liabilities, including the schedules of investments and written options, of InfraCap Equity Income Fund ETF (the "Fund"), a series of Series Portfolios Trust, as of November 30, 2022, and the related statements of operations, cash flows, and changes in net assets, the related notes, and the financial highlights for the period December 28, 2021 (commencement of operations) through November 30, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2022, the results of its operations, its cash flows, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. 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 Fund 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 audit 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 audit 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, 2022, by correspondence with the custodian and brokers. Our audit 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 audit provides a reasonable basis for our opinion.

We have served as the Fund's auditor since 2022.

![](cohencompany27-signature.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

January 27, 2023

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Statement Regarding the Fund's Liquidity Risk Management Program (Unaudited)

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended, Series Portfolios Trust (the "Trust") has adopted and implemented a liquidity risk management program (the "Trust Program"). As required under the Trust Program, Infrastructure Capital Advisors, LLC (the "Adviser"), the investment adviser to the InfraCap Equity Income Fund ETF (the "Fund"), a series of the Trust, has adopted and implemented a liquidity risk management program tailored specifically to the Fund (the "Adviser Program"). The Adviser Program seeks to promote effective liquidity risk management for the Fund and to protect Fund shareholders from dilution of their interests. The Board of Trustees (the "Board") of the Trust has approved the Adviser as the administrator for the Adviser Program (the "Program Administrator"). The Program Administrator has further delegated administration of the Adviser Program to Samuel Caffrey-Agoglia, General Counsel, Director of the Adviser. The Program Administrator is required to provide a written annual report to the Board and the Trust's chief compliance officer regarding the adequacy and effectiveness of the Adviser Program, including the operation of the Fund's highly liquid investment minimum, if applicable, and any material changes to the Adviser Program.

On July 28, 2022, the Board reviewed the Program Administrator's written annual report for the period December 28, 2021, through May 31, 2022 (the "Report"). The Report provided an assessment of the Fund's liquidity risk: the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors' interests in the Fund. The Adviser Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Report noted that the Fund primarily held investments that were classified as highly liquid during the review period. The Report noted that the Fund's portfolio is expected to continue to primarily hold highly liquid investments and the determination that the Fund be designated as a "primarily highly liquid fund" (as defined in Rule 22e-4) remains appropriate and the Fund can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a highly liquid investment minimum for the Fund and to adopt policies and procedures for responding to a highly liquid investment minimum shortfall. The Report noted that there were no breaches of the Fund's restriction on holding illiquid investments exceeding 15% of its net assets during the review period. The Report confirmed that the Fund's investment strategy was appropriate for an open-end management investment company. The Report also indicated that no material changes had been made to the Adviser Program during the review period.

The Program Administrator determined that the Fund is reasonably likely to be able to meet redemption requests without adversely affecting non-redeeming Fund shareholders through significant dilution. The Program Administrator concluded that the Adviser Program was adequately designed and effectively implemented during the review period.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Additional Information (Unaudited)

#### November 30, 2022

#### TRUSTEES AND EXECUTIVE OFFICERS
The Board oversees the management and operations of the Trust. The Board, in turn, elects the officers of the Trust, who are responsible for the day-to-day operations of the Trust and its separate series. The current Trustees and officers of the Trust, their year of birth, positions with the Trust, terms of office with the Trust and length of time served, principal occupations during the past five years and other directorships are set forth in the table below. Unless noted otherwise, the principal business address of each Trustee is c/o U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other** |
|  | **Positions** | **Term of Office** |  | **Complex<sup>(2)</sup>** | **Directorships** |
| **Name and** | **with** | **and Length of** | **Principal Occupations** | **Overseen** | **Held During** |
| **<u>Year of Birth</u>** | **<u>the Trust</u>** | **<u>Time Served</u>** | **<u>During Past Five Years</u>** | **<u>by Trustees</u>** | **<u>Past Five Years</u>** |
| **Independent Trustees of the Trust<sup>(1)</sup>** |  |  |  |  |  |
| Koji Felton | Trustee | Indefinite Term; | Retired | 1 | Independent |
| (born 1961) |  | Since |  |  | Trustee, Listed |
|  |  | September |  |  | Funds Trust |
|  |  | 2015. |  |  | (52 portfolios) |
|  |  |  |  |  | (Since 2019). |
| Debra McGinty-Poteet | Trustee | Indefinite Term; | Retired. | 1 | Independent |
| (born 1956) |  | Since |  |  | Trustee, F/m |
|  |  | September |  |  | Funds Trust |
|  |  | 2015. |  |  | (3 portfolios) |
|  |  |  |  |  | (Since May |
|  |  |  |  |  | 2015). |
| Daniel B. Willey | Trustee | Indefinite Term; | Retired. Chief Compliance | 1 |  |
| (born 1955) |  | Since | Officer, United Nations |  |  |
|  |  | September | Joint Staff Pension |  |  |
|  |  | 2015. | Fund (2009 – 2017). |  |  |
| **Interested Trustee** |  |  |  |  |  |
| Elaine E. Richards<sup>(3)</sup> | Chair, | Indefinite Term; | Senior Vice President, | 1 |  |
| (born 1968) | Trustee | Since | U.S. Bank Global Fund |  |  |
|  |  | July | Services (since 2007). |  |  |
|  |  | 2021. |  |  |  |
| **Officers of the Trust** |  |  |  |  |  |
| Ryan L. Roell | President and | Indefinite Term; | Vice President, | Not | Not |
| (born 1973) | Principal | Since | U.S. Bank Global Fund | Applicable | Applicable |
|  | Executive | July | Services (since 2005). |  |  |
|  | Officer | 2019. |  |  |  |
| Cullen O. Small | Vice | Indefinite Term; | Vice President, | Not | Not |
| (born 1987) | President, | Since | U.S. Bank Global | Applicable | Applicable |
|  | Treasurer and | January | Fund Services |  |  |
|  | Principal | 2019. | (since 2010). |  |  |
|  | Financial |  |  |  |  |
|  | Officer |  |  |  |  |

---

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Additional Information (Unaudited) – Continued

#### November 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Number of** |  |
|  |  |  |  | **Portfolios** |  |
|  |  |  |  | **in Fund** | **Other** |
|  | **Positions** | **Term of Office** |  | **Complex<sup>(2)</sup>** | **Directorships** |
| **Name and** | **with** | **and Length of** | **Principal Occupations** | **Overseen** | **Held During** |
| **<u>Year of Birth</u>** | **<u>the Trust</u>** | **<u>Time Served</u>** | **<u>During Past Five Years</u>** | **<u>by Trustees</u>** | **<u>Past Five Years</u>** |
| Donna Barrette | Vice | Indefinite Term; | Senior Vice President | Not | Not |
| (born 1966) | President, | Since | and Compliance Officer, | Applicable | Applicable |
|  | Chief | November | U.S. Bank Global Fund |  |  |
|  | Compliance | 2019. | Services (since 2004). |  |  |
|  | Officer and |  |  |  |  |
|  | Anti-Money |  |  |  |  |
|  | Laundering |  |  |  |  |
|  | Officer |  |  |  |  |
| Adam W. Smith | Secretary | Indefinite Term; | Vice President, | Not | Not |
| (born 1981) |  | Since | U.S. Bank Global | Applicable | Applicable |
|  |  | June | Fund Services |  |  |
|  |  | 2019. | (since 2012). |  |  |
| Richard E. Grange | Assistant | Indefinite Term; | Officer, U.S. Bank | Not | Not |
| (born 1982) | Treasurer | Since | Global Fund | Applicable | Applicable |
|  |  | October | Services (since 2015). |  |  |
|  |  | 2022. |  |  |  |

---

(1) The Trustees of the Trust who are not "interested persons" of the Trust as defined by the 1940 Act ("Independent Trustees").

(2) As of the date of October 31, 2022, the Trust was comprised of 12 portfolios (including the Fund) managed by unaffiliated investment advisors. The term "Fund Complex" applies only to the Fund. The Fund does not
 hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series within the Trust.

(3) Ms. Richards, as a result of her employment with U.S. Bank Global Fund Services, which acts as transfer agent, administrator, and fund accountant to the Trust, is considered to be an "interested person" of the
 Trust, as defined by the 1940 Act.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Additional Information (Unaudited) – Continued

#### November 30, 2022

#### AVAILABILITY OF FUND PORTFOLIO INFORMATION
The Fund files 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 www.sec.gov. The Fund's 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 Fund's 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 Fund's Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-617-0004. Information regarding how the Fund 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 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 are available, without charge on the Funds' website at www.Infracapequityincomefundetf.com.

#### QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the fiscal year ended November 30, 2021, certain dividends paid by the Fund may be reported as qualified dividend income ("QDI") and may be eligible for taxation at capital gains rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 51.41%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2021 was 45.39%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue section 871 (k)(2)(c) was 39.31%.

------

#### INFRACAP EQUITY INCOME FUND ETF

#### Privacy Notice (Unaudited)

The Fund collects non-public information about you from the following sources:

• Information we receive about you on applications or other forms;

• Information you give us orally; and/or

• Information about your transactions with us or others

We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as permitted by law. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. We will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.

In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker- dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.

------

(This Page Intentionally Left Blank.)

------

#### INVESTMENT ADVISER
Infrastructure Capital Advisors, LLC

1325 Avenue of the Americas, 28th Floor

New York, NY 10019

#### DISTRIBUTOR
Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

#### CUSTODIAN
U.S. Bank N.A.

1555 North Rivercenter Drive

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
Goodwin Procter LLP

1900 N Street, NW

Washington, DC 20001

*This report should be accompanied or preceded by a prospectus.*

*The Fund's Statement of Additional Information contains additional information about the Fund's trustees and is* 

*available without charge upon request by calling 1-800-617-0004.*

 *<br>

------

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

#### Item 2. Code of Ethics.

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.

#### Item 3. Audit Committee Financial Expert.

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.

#### Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. "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 the past fiscal year. "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 Fund's tax returns and distribution calculations. There were no "other services" provided by the principal accountant. For the fiscal year ended November 30, 2022, the Fund's principal accountant was Cohen & Company, Ltd. The following table details the aggregate fees billed, audit-related fees, tax fees and other fees by the principal accountant.

---

| | |
|:---|:---|
|  | FYE 11/30/2022 |
| Audit Fees | $17500 |
| Audit-Related Fees | $0 |
| Tax Fees | $4000 |
| All Other Fees | $0 |

---

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.

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 11/30/2022 |
| Audit-Related Fees | 0% |
| Tax Fees | 0% |
| All Other Fees | 0% |

---

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.

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). 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.

---

| | |
|:---|:---|
| Non-Audit Related Fees | FYE 11/30/2022 |
| Registrant | $0 |
| Registrant's Investment Adviser | $0 |

---

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

#### Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

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

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

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

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer 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.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&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.*](ieifetf-ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ieifetf-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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;(4) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ieifetf-ex99cert906.htm)

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#### 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;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) <u>Series Portfolios Trust</u><br>

By (Signature and Title) <u>/s/</u><u>Ryan Roell</u>

Ryan Roell, President

Date <u>2/6/2023</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) <u>/s/</u><u>Ryan Roell</u>

Ryan Roell, President

Date <u>2/6/2023</u>

By (Signature and Title) <u>/s/</u><u>Cullen Small</u>

Cullen Small, Principal Financial Officer

Date <u>2/6/2023</u> <br>

<br>* <br>

## Ex-99.Code

#### 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

## Ex-99.Cert

#### CERTIFICATIONS

I, Ryan 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(s) 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(s) 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.

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| | |
|:---|:---|
| Date: <u>2/6/2023</u> | <u>/s/</u><u>Ryan Roell</u><br> Ryan Roell<br> President |

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------

I, Cullen Small, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of 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(s) 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(s) 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.

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| | |
|:---|:---|
| Date: <u>2/6/2023</u> | <u>/s/Cullen Small</u><br> Cullen Small<br> Principal Financial Officer |

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

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 year ended November 30, 2022 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.

---

| | |
|:---|:---|
| <u>/s/</u><u>Ryan Roell</u><br>Ryan Roell<br> President, Series Portfolios Trust<br>| <u>/s/Cullen Small</u><br> Cullen Small<br> Principal Financial Officer, Series Portfolios Trust |
| Dated: <u>2/6/2023</u> | Dated: <u>2/6/2023</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.

<br>