NXG NextGen Infrastructure Income Fund
  
SCHEDULE OF INVESTMENTS (Unaudited)
          
           
 
August 31, 2024
  
           
       
Fair
  
Common Stock - 105.4%
Shares
    
Value
  
Canadian Midstream - 0.1%
          
Pembina Pipeline Corporation(2)(4)
    
5,153
    
$
207,588
  
                 
Cloud Services - 2.8%
                
Microsoft Corporation
    
10,000
      
4,171,400
  
                 
Cloud Software - 1.5%
                
Nutanix Inc(3)
    
35,000
      
2,211,650
  
                 
Crude Oil & Refined Products - 1.0%
                
Genesis Energy, L.P.
    
100,000
      
1,386,000
  
                 
Cryptocurrency Miners - 1.5%
                
Cleanspark, Inc.(3)
    
200,000
      
2,138,000
  
                 
Exploration & Production - 4.4%
                
Viper Energy, Inc.
    
135,500
      
6,449,800
  
                 
Energy Metering & Management - 2.3%
                
Itron Inc(3)
    
34,000
      
3,475,480
  
                 
Engineering & Construction - 6.6%
                
Jacobs Solutions, Inc.
    
19,000
      
2,866,720
  
Primoris Services Corporation
    
39,000
      
2,201,160
  
Quanta Services, Inc.
    
17,000
      
4,677,210
  
             
9,745,090
  
Large Cap Diversified C Corps. - 25.0%
                
Cheniere Energy, Inc.
    
33,000
      
6,113,580
  
Kinder Morgan, Inc.
    
404,000
      
8,714,280
  
Oneok, Inc.
    
78,000
      
7,204,080
  
Pembina Pipeline Corporation(1)(2)
    
98,847
      
3,981,557
  
TC Energy Corp(2)
    
104,500
      
4,842,530
  
Williams Companies, Inc.
    
133,000
      
6,087,410
  
             
36,943,437
  
Mineral Royalties - 1.2%
                
Sitio Royalties Corporation
    
82,000
      
1,822,860
  
                 
Natural Gas Gatherers & Processors - 12.2%
                
DT Midstream, Inc.
    
96,000
      
7,544,640
  
Kinetik Holdings, Inc.
    
98,136
      
4,341,537
  
Western Midstream Partners, L.P.
    
160,000
      
6,172,800
  
             
18,058,977
  
Natural Gas Transportation & Storage - 13.9%
                
Antero Midstream Corporation
    
296,000
      
4,401,520
  
Enlink Midstream LLC
    
283,000
      
4,063,880
  
Hess Midstream, L.P.
    
113,500
      
4,239,225
  
Targa Res Corporation
    
53,500
      
7,859,150
  
             
20,563,775
  
Refiners - 3.6%
                
Marathon Pete Corporation
    
15,000
      
2,656,800
  
Phillips 66
    
19,500
      
2,736,045
  
             
5,392,845
  
Solar Equipment - 2.8%
                
First Solar Inc(3)
    
13,000
      
2,955,810
  
NEXTracker Inc(3)
    
31,000
      
1,260,770
  
             
4,216,580
  
Utilities - 21.0%
                
American Electric Power Co Inc
    
14,000
      
1,403,920
  
Clearway Energy, Inc.(1)
    
40,000
      
1,158,400
  
Constellation Energy Corporation
    
28,000
      
5,507,600
  
Duke Energy Corp
    
18,000
      
2,051,100
  
NextEra Energy Inc
    
27,000
      
2,173,770
  
NRG Energy Inc
    
76,000
      
6,460,760
  
Public Service Enterprise Group Inc
    
29,000
      
2,341,750
  
Southern Co/The
    
24,000
      
2,073,600
  
Vistra Corporation
    
92,000
      
7,859,560
  
             
31,030,460
  
Waste - 1.5%
                
Republic Services Inc
    
11,000
      
2,290,310
  
                 
Wireless Connectivity - 2.1%
                
Verizon Communications, Inc.
    
74,000
      
3,091,720
  
                 
YieldCo - 1.9%
                
Atlantica Sustainable Infrastructure PLC(2)
    
130,000
      
2,835,300
  
Total Common Stocks (Cost $128,455,340)
          
$
156,031,272
  
                 
Master Limited Partnerships and Related Companies - 23.6%
Units
          
Large Cap Diversified C Corps - 3.3%
                
Plains GP Holdings, L.P.(1)
    
253,000
    
$
4,857,600
  
                 
Large Cap MLP - 18.6%
                
Energy Transfer, L.P.(1)
    
620,499
      
9,990,041
  
Enterprise Prods Partners, L.P.
    
186,500
      
5,471,910
  
MPLX, L.P.(1)
    
186,000
      
7,975,680
  
Plains All American Pipeline LP
    
231,500
      
4,153,110
  
             
27,590,741
  
Upstream MLP - 1.7%
                
TXO Energy Partners, L.P.
    
123,000
      
2,460,000
  
Total Master Limited Partnerships and Related Companies (Cost $22,409,891)
          
$
34,908,341
  
                 
Real Estate Investment Trusts - 3.0%
Shares
          
Data Centers - 2.0%
                
Digital Realty Trust Inc
    
9,000
    
$
1,364,490
  
Equinix Inc
    
2,000
      
1,668,720
  
             
3,033,210
  
Renewable Financing - 1.0%
                
Hannon Armstrong Sustainable Infrastructure Capital Inc
    
45,000
      
1,457,100
  
Total Real Estate Investment Trusts (Cost $4,461,814)
          
$
4,490,310
  
                 
Fixed Income - 0.0%
Principal
Amount
          
Exploration & Production - 0.0%
                
Sanchez Energy Corporation, 6.125%, due 01/15/2050(1)(4)
    
5,000,000
    
$
-
  
Total Fixed Income (Cost $4,932,683)
          
$
-
  
                 
Short-Term Investments - Investment Companies - 3.6%
Shares
          
First American Government Obligations Fund - Class X, 5.22%(1)(5)
    
2,713,753
    
$
2,713,753
  
First American Treasury Obligations Fund - Class X, 5.18%(1)(5)
    
2,713,752
      
2,713,752
  
Total Short-Term Investments - Investment Companies (Cost $5,427,505)
          
$
5,427,505
  
                 
Total Investments - 135.6% (Cost $165,687,233)
          
$
200,857,428
  
Written Options (6) - 0.1% (Premiums Received $78,335)
            
78,335
  
Liabilities in Excess of Other Assets - (35.7)%
            
(52,818,513
)
Net Assets Applicable to Common Stockholders - 100.0%
          
$
148,038,915
  

(1)
All or a portion of these securities are held as collateral pursuant to the loan agreements.
(2)
Foreign issued security. Foreign concentration is as follows: Canada 6.10%, United Kingdom 1.92%.
(3)
No distribution or dividend was made during the period ended August 31, 2024. As such, it is classified as a non-income producing security as of August 31, 2024.
(4)
Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Directors. As of August 31, 2024, the value of these investments was $207,588 or 0.14% of total net assets.
(5)
Rate reported is the current yield as of August 31, 2024.
                
 
(6)
Description
  
Exercise
Price
  
Expiration
Date
Currency
  
Number of
Contracts
    
Premiums
Received
    
Fair
Value
    
Unrealized
Appreciation
(Depreciation)
  
Cleanspark, Inc., Call Option
  
$
11.00
  
9/6/2024
USD
    
1,000
    
$
27,102
    
$
27,102
      
-
  
First Solar Inc, Call Option
  
$
237.50
  
9/6/2024
USD
    
100
    
$
13,034
    
$
13,034
      
-
  
Microsoft Corp, Call Option
  
$
417.50
  
9/6/2024
USD
    
50
    
$
15,515
    
$
15,515
      
-
  
Vistra Corp, Call Option
  
$
89.00
  
9/6/2024
USD
    
550
    
$
22,683
    
$
22,683
      
-
  
                           
$
78,335
    
$
78,335
    
$
-
  
Fair Value Measurements
 
Various inputs that are used in determining the fair value of the Fund’s investments are summarized in the three broad levels listed below:

•
Level 1 — quoted prices in active markets for identical securities
•
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
These inputs are summarized in the three broad levels listed below.
 
         
Fair Value Measurements at Reporting Date Using
        
         
Quoted Prices in
          
Significant
  
         
Active Markets for
    
Significant Other
    
Unobservable
  
   
Fair Value at
    
Identical Assets
    
Observable Inputs
    
Inputs
  
Description
  
August 31, 2024
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets
Equity Securities
                        
Common Stock (a)
  
$
156,031,272
    
$
156,031,272
    
$
-
    
$
-
  
Master Limited Partnerships and Related Companies (a)
    
34,908,341
      
34,908,341
      
-
      
-
  
Real Estate Investment Trusts (a)
    
4,490,310
      
4,490,310
      
-
      
-
  
Total Equity Securities
    
195,429,923
      
195,429,923
      
-
      
-
  
Other
                                
      Short Term Investments (a)
    
5,427,505
      
5,427,505
      
-
      
-
  
Total Other
    
5,427,505
      
5,427,505
      
-
      
-
  
Total Assets
  
$
200,857,428
    
$
200,857,428
    
$
-
    
$
-
  

(a)
All other industry classifications are identified in the Schedule of Investments.  The Fund did not hold Level 3 investments at any time during the period ended August 31, 2024.

Transfers into and out of each level are measured at fair value at the end of the period. There were no transfers between any levels during the period ended August 31, 2024.


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