NXG NextGen Infrastructure Income Fund
SCHEDULE OF INVESTMENTS (Unaudited)

	August 31, 2025

			Fair
Common Stock - 120.7%	Shares		Value
Canadian Midstream - 0.1%
Pembina Pipeline Corporation⁽²⁾⁽⁴⁾		5,153	$	194,624

Cloud Software - 1.5%
Nutanix Inc⁽¹⁾⁽³⁾		60,000		4,032,600

Cybersecurity - 10.3%
Crowdstrike Holdings Inc⁽¹⁾⁽³⁾		23,000		9,745,100
CyberArk Software, Ltd.^(1)(2)(3)		7,000		3,172,820
Palo Alto Networks Inc⁽³⁾		47,000		8,954,440
Cloudflare Inc⁽¹⁾⁽³⁾		30,000		6,261,300
				28,133,660
Electrical Power Equipment - 6.0%
GE Vernova, Inc.⁽¹⁾		27,000		16,550,190

Energy Metering & Management - 2.4%
Itron Inc⁽³⁾		54,000		6,638,760

Engineering & Construction - 12.9%
Argan Inc⁽¹⁾		31,000		7,074,820
MasTec Inc⁽³⁾		47,000		8,539,430
Primoris Services Corporation⁽¹⁾		86,000		10,195,300
Quanta Services, Inc.⁽¹⁾		25,000		9,449,000
				35,258,550
Exploration & Production - 2.2%
Viper Energy Inc⁽¹⁾		149,000		5,936,905

Industry Software - 1.8%
MicroStrategy Inc⁽³⁾		15,000		5,016,150

Large Cap Diversified C Corps. - 18.1%
Cheniere Energy, Inc.⁽¹⁾		42,000		10,156,440
Kinder Morgan, Inc.⁽¹⁾		291,000		7,851,180
Oneok, Inc.		171,000		13,060,980
Pembina Pipeline Corporation⁽²⁾		108,847		4,111,151
TC Energy Corp⁽¹⁾⁽²⁾		110,000		5,726,600
Williams Companies, Inc.		147,000		8,508,360
				49,414,711
Natural Gas Gatherers & Processors - 10.0%
DT Midstream, Inc.⁽¹⁾		95,000		9,897,100
Kinetik Holdings, Inc.⁽¹⁾		243,000		10,164,690
Western Midstream Partners, L.P.		182,000		7,136,220
				27,198,010
Natural Gas Transportation & Storage - 11.9%
Antero Midstream Corporation⁽¹⁾		316,000		5,621,640
Hess Midstream, L.P.		306,000		12,607,200
Targa Res Corporation⁽¹⁾		86,000		14,427,360
				32,656,200
Offshore Drillers - 2.1%
Noble Corp PLC⁽¹⁾⁽²⁾		200,000		5,764,000

Other Renewable Generation - 1.9%
Bloom Energy Corporation⁽³⁾		100,000		5,294,000

Solar Equipment - 5.4%
First Solar Inc⁽³⁾		40,000		7,807,600
NEXTracker Inc⁽¹⁾⁽³⁾		102,000		6,860,520
				14,668,120
Utilities - 30.1%
American Electric Power Co Inc		25,000		2,775,500
Constellation Energy Corporation⁽¹⁾		52,000		16,014,960
Entergy Corp⁽¹⁾		63,000		5,549,670
NRG Energy Inc		92,000		13,391,520
Public Service Enterprise Group Inc		49,000		4,034,170
Southern Co/The		45,000		4,153,500
Talen Energy Corp⁽¹⁾⁽³⁾		44,000		16,672,480
Vistra Corporation⁽¹⁾		90,000		17,019,900
WEC Energy Group Inc⁽¹⁾		26,000		2,769,260
				82,380,960
Wireless Connectivity - 4.0%
Motorola Solutions Inc		9,000		4,252,140
T-Mobile US Inc		27,000		6,803,730
				11,055,870
Total Common Stocks (Cost $268,552,431)			$	330,193,310

Master Limited Partnerships and Related Companies - 16.1%	Units
Large Cap Diversified C Corps - 2.1%
Plains GP Holdings, L.P.⁽¹⁾		295,000	$	5,693,500

Large Cap MLP - 13.0%
Energy Transfer, L.P.⁽¹⁾		959,999		17,011,190
Enterprise Prods Partners, L.P.		177,000		5,688,780
MPLX, L.P.⁽¹⁾		253,000		12,870,110
				35,570,080
Upstream MLP - 1.0%
TXO Energy Partners, L.P.⁽¹⁾		201,000		2,832,090
Total MLP Investments and Related Companies (Cost $27,087,979)			$	44,095,670

Real Estate Investment Trusts - 4.1%	Shares
Data Centers - 4.1%
Digital Realty Trust Inc		34,000	$	5,699,760
Equinix Inc⁽¹⁾		7,000		5,503,330
				11,203,090
Total Real Estate Investment Trusts (Cost $11,326,250)			$	11,203,090

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 - 0.8%	Shares
First American Government Obligations Fund - Class X, 4.22%⁽¹⁾⁽⁵⁾		1,219,780	$	1,219,780
First American Treasury Obligations Fund - Class X, 4.20%⁽¹⁾⁽⁵⁾		1,219,780		1,219,780
Total Short-Term Investments - Investment Companies (Cost $2,439,560)			$	2,439,560

Total Investments - 141.7% (Cost $314,338,903)			$	387,931,630
Written Options (6) - 0.0% (Premiums Received $89,066)				(76,000	)
Liabilities in Excess of Other Assets - (41.7)%				(114,103,933	)
Net Assets Applicable to Common Stockholders - 100.0%			$	273,751,697

⁽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 3.66%, United Kingdom 2.11%, and Israel 1.16%.

⁽³⁾

No distribution or dividend was made during the period ended August 31, 2025. As such, it is classified as a non-income producing security as of August 31, 2025.

⁽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 Trustees. As of August 31, 2025, the value of these investments was $194,624 or 0.07% of total net assets.

⁽⁵⁾

Rate reported is the current yield as of August 31, 2025.

⁽⁶⁾

Description

Exercise
Price

Expiration
Date

Currency

Number of
Contracts

Premiums
Received

Fair
Value

Unrealized
Appreciation
(Depreciation)

Bloom Energy Corp, Call Option

58.00

9/5/2025

USD

1,000

89,066

76,000

13,066

89,066

76,000

13,066

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, 2025		(Level 1)		(Level 2)		(Level 3)
Assets Equity Securities
Common Stock^(a)	$	330,193,310	$	330,193,310	$	-	$	-
Master Limited Partnerships and Related Companies^(a)		44,095,670		44,095,670		-		-
Real Estate Investment Trusts^(a)		11,203,090		11,203,090		-		-
Total Equity Securities		385,492,070		385,492,070		-		-
Other
Short Term Investments ^(a)		2,439,560		2,439,560		-		-
Total Other		2,439,560		2,439,560		-		-
Total Assets	$	387,931,630	$	387,931,630	$	-	$	-
Liabilities Written Options
Written Options^(a)	$	76,000	$	76,000	$	-	$	-
Total Liabilities	$	76,000	$	76,000	$	-	$	-

(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, 2025.

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, 2025.