# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001936157-25-000088
**Filing Date:** 2025-11
**Character Count:** 108355
**Document Hash:** da0f76f84ca0937e620c36d2ebb072a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936157-25-000088.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001936157-25-000088

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 251516485

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630

## Series and Classes Contracts Data

### TrueShares Active Yield ETF (Series ID: S000092121)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000260044 | TrueShares Active Yield ETF |  |

## Nport-Ex

**TrueShares ETFs**

**The Opal Dividend Income ETF (NYSE Arca, Inc.: DIVZ)**

**RiverNorth Enhanced Pre-Merger SPAC ETF (Cboe BZX Exchange, Inc.: SPCZ)**

**RiverNorth Patriot ETF (Cboe BZX Exchange, Inc.: FLDZ)**

**TrueShares Active Yield ETF (NASDAQ Stock Market, LLC: ERNZ)**

**TrueShares Eagle Global Renewable Energy Income ETF (NYSE Arca, Inc.: RNWZ)**

**TrueShares Technology, AI & Deep Learning ETF (NYSE Arca, Inc.: LRNZ)**

**Schedules of Investments**

**September 30, 2025**

The Opal Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 94.36%** |  |  |
| *Banking - 4.68%* |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 91101 | $9246752 |
| *Consumer Discretionary Products - 1.38%* |  |  |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 21668 | 2731035 |
| *Consumer Staple Products - 17.00%* |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 66132 | 4368680 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 93606 | 4968607 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 28279 | 5289587 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 39259 | 5513534 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 65025 | 10547055 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 18796 | 2888005 |
|  |  | 33575468 |
| *Financial Services - 11.40%* |  |  |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | 405516 | 6865386 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 28923 | 7814705 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 9846 | 7840862 |
|  |  | 22520953 |
| *Health Care - 12.31%* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 28099 | 6506043 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 19829 | 5715709 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 38591 | 7155543 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S – Sponsored ADR | 88807 | 4927900 |
|  |  | 24305195 |
| *Industrial Services - 0.69%* |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 16177 | 1351265 |
| *Insurance - 2.53%* |  |  |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 63615 | 4996322 |
| *Materials - 5.63%* |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 18611 | 5075592 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 50367 | 6039003 |
|  |  | 11114595 |
| *Oil & Gas - 9.74%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 32044 | 4976113 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 191838 | 9680145 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 161442 | 4570423 |
|  |  | 19226681 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 94.36% (continued)** |  |  |
| *Retail & Wholesale - Discretionary - 1.97%* |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 28123 | $3897848 |
| *Software & Tech Services - 3.10%* |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 24847 | 6127270 |
| *Telecommunications - 9.76%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 292759 | 8267514 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 250548 | 11011585 |
|  |  | 19279099 |
| *Utilities - 14.17%* |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 53296 | 5995800 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 123004 | 7524155 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 123227 | 9302406 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 31936 | 5172035 |
|  |  | 27994396 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $166,248,943)** |  | 186366879 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 5.11%** |  |  |
| *Oil & Gas - 5.11%* |  |  |
| &nbsp;&nbsp;&nbsp;MPLX LP | 202147 | 10097243 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $9,850,952)** |  | 10097243 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.84% (7-day yield)<sup>(a)</sup> | 1008581 | 1008581 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,008,581)** |  | 1008581 |
| **TOTAL INVESTMENTS - 99.98%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $177,108,476)** |  | $197472703 |
| **Other Assets in Excess of Liabilities - 0.02%** |  | 45859 |
| **NET ASSETS - 100.00%** |  | $197518562 |

---

*<sup>(a)</sup>* *Rate disclosed is a 7-Day Yield as of September 30, 2025.*

See Notes to Schedules of Investments

The Opal Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

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

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

ADR - American Depository Receipt

A/S - Aktieselskab (Danish: Joint Stock Company)

LP – Limited Partnership

PLC - Public Limited Company

See Notes to Schedules of Investments

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 93.84%<sup>(a)</sup>** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 93.84%<sup>(a)</sup>** |  |
| &nbsp;&nbsp;&nbsp;A Paradise Acquisition Corp., Class A | 10000 | $99000 |
| &nbsp;&nbsp;&nbsp;A SPAC III Acquisition Corp., Class A | 4744 | 49100 |
| &nbsp;&nbsp;&nbsp;AA Mission Acquisition Corp., Class A | 4744 | 49907 |
| &nbsp;&nbsp;&nbsp;Aldel Financial II, Inc. | 9487 | 99139 |
| &nbsp;&nbsp;&nbsp;Archimedes Tech SPAC Partners II Co. | 2135 | 22033 |
| &nbsp;&nbsp;&nbsp;Armada Acquisition Corp. II, Class A | 2372 | 24764 |
| &nbsp;&nbsp;&nbsp;Artius II Acquisition, Inc., Class A | 2372 | 24028 |
| &nbsp;&nbsp;&nbsp;Berto Acquisition Corp. | 1038 | 11096 |
| &nbsp;&nbsp;&nbsp;Bleichroeder Acquisition Corp. I | 4744 | 49290 |
| &nbsp;&nbsp;&nbsp;BTC Development Corp | 5000 | 50500 |
| &nbsp;&nbsp;&nbsp;Cal Redwood Acquisition Corp. | 2372 | 24266 |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. | 9381 | 98970 |
| &nbsp;&nbsp;&nbsp;ChampionsGate Acquisition Corp. | 886 | 9019 |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp., Class A | 4744 | 49243 |
| &nbsp;&nbsp;&nbsp;Churchill Capital Corp. X | 2372 | 32971 |
| &nbsp;&nbsp;&nbsp;CO2 Energy Transition Corp. | 8131 | 82530 |
| &nbsp;&nbsp;&nbsp;Columbus Acquisition Corp. | 2372 | 24432 |
| &nbsp;&nbsp;&nbsp;Columbus Circle Capital Corp. I | 1186 | 12002 |
| &nbsp;&nbsp;&nbsp;Copley Acquisition Corp. | 2372 | 24123 |
| &nbsp;&nbsp;&nbsp;CSLM Digital Asset Acquisition | 10000 | 101000 |
| &nbsp;&nbsp;&nbsp;D Boral ARC Acquisition I Corp. | 10000 | 99200 |
| &nbsp;&nbsp;&nbsp;Digital Asset Acquisition Corp. | 1187 | 12440 |
| &nbsp;&nbsp;&nbsp;Drugs Made In America Acquisition Corp. | 2372 | 24787 |
| &nbsp;&nbsp;&nbsp;DT Cloud Star Acquisition Corp. | 4744 | 49717 |
| &nbsp;&nbsp;&nbsp;Dune Acquisition Corp. II | 1779 | 18004 |
| &nbsp;&nbsp;&nbsp;EGH Acquisition Corp. | 2372 | 24218 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. | 9486 | 98465 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. II | 15179 | 151031 |
| &nbsp;&nbsp;&nbsp;Fact II Acquisition Corp. | 9487 | 98665 |
| &nbsp;&nbsp;&nbsp;Fifth Era Acquisition Corp. I | 2372 | 24906 |
| &nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II, Class A | 2372 | 24076 |
| &nbsp;&nbsp;&nbsp;Globa Terra Acquisition Corp. | 4320 | 44107 |
| &nbsp;&nbsp;&nbsp;Gores Holdings X, Inc. | 1186 | 12275 |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp., Class A | 16838 | 178483 |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. | 18974 | 199986 |
| &nbsp;&nbsp;&nbsp;GSR III Acquisition Corp. | 3652 | 37835 |
| &nbsp;&nbsp;&nbsp;GSR IV Acquisition Corp. | 10000 | 101350 |
| &nbsp;&nbsp;&nbsp;HCM III Acquisition Corp. | 6667 | 68737 |
| &nbsp;&nbsp;&nbsp;Hennessy Capital Investment Corp. VII | 9487 | 99424 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition II Corp. | 2467 | 25879 |
| &nbsp;&nbsp;&nbsp;IB Acquisition Corp. | 4742 | 50218 |
| &nbsp;&nbsp;&nbsp;Inflection Point Acquisition Corp. III | 1483 | 14963 |
| &nbsp;&nbsp;&nbsp;Jackson Acquisition Co. II | 4744 | 49243 |
| &nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II | 4744 | 48484 |
| &nbsp;&nbsp;&nbsp;Kochav Defense Acquisition Corp. | 2372 | 23791 |
| &nbsp;&nbsp;&nbsp;Lakeshore Acquisition III Corp. | 2372 | 24337 |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. | 4744 | 49907 |
| &nbsp;&nbsp;&nbsp;Launch Two Acquisition Corp. | 9487 | 98854 |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III | 19024 | 204318 |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings | 7909 | 83044 |
| &nbsp;&nbsp;&nbsp;Live Oak Acquisition Corp. V | 2372 | 24147 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition V Corp., Class A | 9487 | 100088 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition VI Corp. | 10000 | 101200 |
| &nbsp;&nbsp;&nbsp;Maywood Acquisition Corp., Class A | 1977 | 20324 |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I | 8343 | 87685 |
| &nbsp;&nbsp;&nbsp;New Providence Acquisition Corp. III | 2372 | 24124 |
| &nbsp;&nbsp;&nbsp;Newbury Street II Acquisition Corp., Class A | 4744 | 49124 |
| &nbsp;&nbsp;&nbsp;NewHold Investment Corp. III, Class A | 2372 | 24147 |
| &nbsp;&nbsp;&nbsp;Oyster Enterprises II Acquisition Corp. | 2372 | 24313 |
| &nbsp;&nbsp;&nbsp;Pelican Acquisition Corp. | 2372 | 24550 |
| &nbsp;&nbsp;&nbsp;Plum Acquisition Corp. IV | 8301 | 100857 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 93.84%<sup>(a)</sup> (continued)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 93.84%<sup>(a)</sup> (continued)** |  |
| &nbsp;&nbsp;&nbsp;ProCap Acquisition Corp. | 949 | $10050 |
| &nbsp;&nbsp;&nbsp;Quantumsphere Acquisition Corp. | 10000 | 101300 |
| &nbsp;&nbsp;&nbsp;Quartzsea Acquisition Corp. | 2372 | 24503 |
| &nbsp;&nbsp;&nbsp;Real Asset Acquisition Corp. | 2372 | 24455 |
| &nbsp;&nbsp;&nbsp;Republic Digital Acquisition Co. | 1186 | 12429 |
| &nbsp;&nbsp;&nbsp;RF Acquisition Corp. II | 7651 | 81636 |
| &nbsp;&nbsp;&nbsp;Rising Dragon Acquisition Corp. | 9487 | 98854 |
| &nbsp;&nbsp;&nbsp;Rithm Acquisition Corp. | 1186 | 12334 |
| &nbsp;&nbsp;&nbsp;Siddhi Acquisition Corp. | 2372 | 24408 |
| &nbsp;&nbsp;&nbsp;Silver Pegasus Acquisition Corp. | 10001 | 101910 |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I, Class A | 4744 | 49812 |
| &nbsp;&nbsp;&nbsp;Sizzle Acquisition Corp. II | 2372 | 24337 |
| &nbsp;&nbsp;&nbsp;Solarius Capital Acquisition Corp. | 16000 | 161440 |
| &nbsp;&nbsp;&nbsp;Soulpower Acquisition Corp. | 2135 | 22631 |
| &nbsp;&nbsp;&nbsp;Spring Valley Acquisition Corp. III | 10000 | 104000 |
| &nbsp;&nbsp;&nbsp;Stellar V Capital Corp. | 2372 | 24669 |
| &nbsp;&nbsp;&nbsp;StoneBridge Acquisition II Corp | 9900 | 98703 |
| &nbsp;&nbsp;&nbsp;Texas Ventures Acquisition III Corp. | 2372 | 26780 |
| &nbsp;&nbsp;&nbsp;Thayer Ventures Acquisition Corp. II | 1897 | 19349 |
| &nbsp;&nbsp;&nbsp;Titan Acquisition Corp. | 2372 | 24337 |
| &nbsp;&nbsp;&nbsp;Trailblazer Merger Corp. I | 18109 | 215678 |
| &nbsp;&nbsp;&nbsp;UY Scuti Acquisition Corp. | 2965 | 30599 |
| &nbsp;&nbsp;&nbsp;Willow Lane Acquisition Corp. | 4744 | 54935 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,658,238)** |  | 4907865 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **RIGHTS - 1.20%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;A Paradise Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 7/31/2027 | 10000 | 1601 |
| &nbsp;&nbsp;&nbsp;A SPAC III Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/12/2026 | 4744 | 901 |
| &nbsp;&nbsp;&nbsp;Aimei Health Technology Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/17/2028 | 14391 | 4317 |
| &nbsp;&nbsp;&nbsp;Artius II Acquisition, Inc., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 2/14/2027 | 2372 | 569 |
| &nbsp;&nbsp;&nbsp;Bayview Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/19/2025 | 7251 | 1160 |
| &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 10/22/2025 | 3951 | 5729 |
| &nbsp;&nbsp;&nbsp;Bleichroeder Acquisition Corp. I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/4/2026 | 5000 | 3400 |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/31/2026 | 5000 | 1100 |
| &nbsp;&nbsp;&nbsp;CO2 Energy Transition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/22/2026 | 8131 | 1824 |

---

See Notes to Schedules of Investments

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **RIGHTS - 1.20%<sup>(a)</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;DT Cloud Star Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 7/9/2029 | 5000 | $1000 |
| &nbsp;&nbsp;&nbsp;ESH Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/30/2025 | 19934 | 4039 |
| &nbsp;&nbsp;&nbsp;Eureka Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 1/3/2026 | 2254 | 541 |
| &nbsp;&nbsp;&nbsp;Flag Ship Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 3/31/2026 | 8679 | 1649 |
| &nbsp;&nbsp;&nbsp;GSR III Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/7/2026 | 677 | 5755 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 10/27/2025 | 3101 | 535 |
| &nbsp;&nbsp;&nbsp;IB Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 3/28/2026 | 4998 | 400 |
| &nbsp;&nbsp;&nbsp;Inflection Point Acquisition Corp. III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 4/28/2027 | 1483 | 653 |
| &nbsp;&nbsp;&nbsp;Iron Horse Acquisitions Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/26/2026 | 12150 | 8869 |
| &nbsp;&nbsp;&nbsp;Jackson Acquisition Co. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.10, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/11/2026 | 4744 | 1233 |
| &nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/6/2026 | 4744 | 664 |
| &nbsp;&nbsp;&nbsp;Kochav Defense Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/29/2027 | 2372 | 522 |
| &nbsp;&nbsp;&nbsp;Maywood Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/14/2026 | 1977 | 1186 |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 3/23/2028 | 19934 | 4137 |
| &nbsp;&nbsp;&nbsp;Quetta Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/2/2025 | 1994 | 3490 |
| &nbsp;&nbsp;&nbsp;RF Acquisition Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/1/2026 | 8065 | 807 |
| &nbsp;&nbsp;&nbsp;Rising Dragon Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/15/2028 | 10000 | 2021 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **RIGHTS - 1.20%<sup>(a)</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Trailblazer Merger Corp. I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscription Price $10.00, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 4/21/2028 | 19088 | $4772 |
| **TOTAL RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $41,921)** |  | 62874 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **WARRANTS - 1.55%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;AA Mission Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/1/2030 | 2500 | 400 |
| &nbsp;&nbsp;&nbsp;Alchemy Investments Acquisition Corp. 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/26/2028 | 2758 | 359 |
| &nbsp;&nbsp;&nbsp;Aldel Financial II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 10/10/2029 | 4743 | 2585 |
| &nbsp;&nbsp;&nbsp;Armada Acquisition Corp. II, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/20/2030 | 1186 | 1127 |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/1/2029 | 4944 | 1483 |
| &nbsp;&nbsp;&nbsp;CO2 Energy Transition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/17/2028 | 8131 | 1137 |
| &nbsp;&nbsp;&nbsp;Columbus Circle Capital Corp. I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/5/2030 | 593 | 658 |
| &nbsp;&nbsp;&nbsp;D Boral ARC Acquisition I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/6/2030 | 5000 | 1099 |
| &nbsp;&nbsp;&nbsp;Dune Acquisition Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/12/2030 | 1332 | 293 |
| &nbsp;&nbsp;&nbsp;Dynamix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/6/2029 | 5000 | 10500 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 7/1/2031 | 3333 | 1666 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. II, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/30/2026 | 5059 | 1214 |
| &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/12/2028 | 19934 | 716 |
| &nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 3/12/2030 | 1186 | 409 |
| &nbsp;&nbsp;&nbsp;GIBO Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/8/2030 | 9967 | 399 |

---

See Notes to Schedules of Investments

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **WARRANTS - 1.55%<sup>(a)</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Goal Acquisitions Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 2/11/2026 | 2463 | $25 |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/31/2027 | 8874 | 2307 |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/7/2029 | 10000 | 3300 |
| &nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 9/12/2028 | 2397 | 1071 |
| &nbsp;&nbsp;&nbsp;HCM II Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 10/10/2029 | 690 | 4181 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition I Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 1/26/2028 | 3101 | 207 |
| &nbsp;&nbsp;&nbsp;Iron Horse Acquisitions Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 2/16/2029 | 12150 | 1227 |
| &nbsp;&nbsp;&nbsp;Israel Acquisitions Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 2/28/2028 | 4661 | 851 |
| &nbsp;&nbsp;&nbsp;Jaws Mustang Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 1/30/2026 | 1780 | 60 |
| &nbsp;&nbsp;&nbsp;Keen Vision Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 9/15/2028 | 10401 | 685 |
| &nbsp;&nbsp;&nbsp;Kodiak AI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/12/2028 | 10085 | 10741 |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/29/2029 | 2500 | 600 |
| &nbsp;&nbsp;&nbsp;Launch Two Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/26/2029 | 5000 | 1821 |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 3/28/2029 | 10026 | 3759 |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/9/2029 | 4168 | 1150 |
| &nbsp;&nbsp;&nbsp;Live Oak Acquisition Corp. V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 4/17/2030 | 1186 | 575 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition V Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 9/23/2030 | 5000 | 6100 |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/1/2031 | 4397 | 1003 |
| &nbsp;&nbsp;&nbsp;Namib Minerals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/5/2030 | 3542 | 496 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **WARRANTS - 1.55%<sup>(a)</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Providence Acquisition Corp. III, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 4/24/2030 | 790 | $340 |
| &nbsp;&nbsp;&nbsp;Newbury Street II Acquisition Corp., Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/27/2029 | 2372 | 593 |
| &nbsp;&nbsp;&nbsp;NewHold Investment Corp. III, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 4/17/2030 | 1186 | 427 |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 5/17/2028 | 19934 | 997 |
| &nbsp;&nbsp;&nbsp;Polibeli Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 6/23/2030 | 4018 | 375 |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 8/28/2029 | 2500 | 950 |
| &nbsp;&nbsp;&nbsp;Slam Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 2/23/2026 | 3115 | 37 |
| &nbsp;&nbsp;&nbsp;Spark I Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 11/27/2028 | 9967 | 5497 |
| &nbsp;&nbsp;&nbsp;Willow Lane Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 12/28/2029 | 2372 | 6713 |
| &nbsp;&nbsp;&nbsp;Youlife Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price $11.50, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expires 3/30/2028 | 8873 | 985 |
| **TOTAL WARRANTS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $35,459)** |  | 81118 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 6.30%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.84% (7-day yield)<sup>(b)</sup> | 329572 | 329572 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $329,572)** |  | 329572 |
| **TOTAL INVESTMENTS - 102.89%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $5,065,190)** |  | $5381429 |
| **Liabilities in Excess of Other Assets - (2.89)%** |  | (151073) |
| **NET ASSETS - 100.00%** |  | $5230356 |

---

See Notes to Schedules of Investments

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

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

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

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of September 30, 2025.*

*Percentages are stated as a percent of net assets.*

See Notes to Schedules of Investments

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04%** |  |  |
| *Banking - 6.65%* |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 90 | $6598 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 180 | 6352 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 119 | 6067 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 73 | 8135 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 225 | 8447 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 163 | 8665 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 329 | 8468 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 148 | 8845 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 73 | 9254 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 74 | 7877 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 192 | 8554 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 4 | 7157 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 373 | 8434 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 388 | 6251 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 121 | 5889 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 104 | 6511 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 491 | 8480 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 444 | 8298 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 45 | 8893 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 387 | 8495 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 90 | 8441 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 59 | 11855 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 134 | 8891 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 312 | 8227 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | 89 | 8799 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 165 | 8098 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 237 | 10836 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 75 | 8876 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 163 | 6065 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 210 | 10149 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 799 | 8469 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 136 | 8084 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 121 | 10142 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 90 | 7805 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 59 | 7814 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 148 | 8374 |
|  |  | 296595 |
| *Consumer Discretionary Products - 2.92%* |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 103 | 17455 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 130 | 16385 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 194 | 14052 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 2 | 16069 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 133 | 17573 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A<sup>(a)</sup> | 1056 | 15502 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.<sup>(a)</sup> | 254 | 16767 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 119 | 16439 |
|  |  | 130242 |
| *Consumer Discretionary Services - 5.19%* |  |  |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 206 | 17809 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 124 | 15708 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | 555 | 14999 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.<sup>(a)</sup> | 270 | 16311 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 427 | 16734 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 180 | 17462 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 90 | 17132 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A<sup>(a)</sup> | 400 | 14960 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04% (continued)** |  |  |
| *Consumer Discretionary Services - 5.19% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A<sup>(a)</sup> | 308 | $16121 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(a)</sup> | 75 | 16464 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A<sup>(a)</sup> | 163 | 16919 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 118 | 17575 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 103 | 17113 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 63 | 15856 |
|  |  | 231163 |
| *Consumer Staple Products - 1.55%* |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 291 | 19223 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 149 | 17457 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 120 | 16160 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 513 | 16201 |
|  |  | 69041 |
| *Financial Services - 6.32%* |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 861 | 8429 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 204 | 7997 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 16 | 7860 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 403 | 8145 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 50 | 7994 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | 495 | 8380 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 45 | 9566 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 119 | 11361 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.<sup>(a)</sup> | 63 | 8353 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.<sup>(a)</sup> | 355 | 6369 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.<sup>(a)</sup> | 16 | 7471 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 163 | 6249 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | 681 | 8015 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association<sup>(a)</sup> | 660 | 7953 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 148 | 8952 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 61 | 9085 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 29 | 9648 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.<sup>(a)</sup> | 511 | 9331 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 295 | 8369 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc. | 45 | 9486 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 137 | 7735 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 75 | 9291 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 32 | 11104 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.<sup>(a)</sup> | 487 | 9268 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 729 | 8303 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A<sup>(a)</sup> | 90 | 12886 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 227 | 6283 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.<sup>(a)</sup> | 296 | 7820 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 121 | 8597 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 75 | 7698 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 144 | 8273 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.<sup>(a)</sup> | 152 | 7722 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 105 | 7854 |
|  |  | 281847 |
| *Health Care - 9.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.<sup>(a)</sup> | 120 | 14574 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 120 | 18835 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.<sup>(a)</sup> | 564 | 17061 |
| &nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 490 | 17483 |

---

See Notes to Schedules of Investments

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04% (continued)** |  |  |
| *Health Care - 9.62% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 31 | $13880 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 61 | 17583 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | 201 | 16705 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 256 | 19300 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 60 | 19387 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 103 | 17795 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 44 | 18753 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 180 | 17059 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 60 | 15610 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 259 | 16944 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.<sup>(a)</sup> | 80 | 13759 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 28 | 21631 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | 88 | 16840 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 97 | 15614 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(a)</sup> | 124 | 17407 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 89 | 16962 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.<sup>(a)</sup> | 195 | 14861 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 88 | 17868 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.<sup>(a)</sup> | 417 | 15064 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 43 | 18026 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 58 | 20027 |
|  |  | 429028 |
| *Industrial Products - 1.59%* |  |  |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 188 | 17567 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 60 | 17274 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.<sup>(a)</sup> | 254 | 18339 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc., Class A<sup>(a)</sup> | 332 | 17895 |
|  |  | 71075 |
| *Industrial Services - 8.78%* |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 1972 | 17176 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 164 | 15560 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 15 | 12378 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A<sup>(a)</sup> | 127 | 16129 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A<sup>(a)</sup> | 327 | 17602 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 553 | 19637 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | 60 | 17506 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 31 | 20136 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(a)</sup> | 45 | 17894 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 60 | 14800 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 133 | 17845 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 434 | 17147 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 75 | 15961 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 165 | 15203 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 59 | 17724 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 118 | 16612 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 121 | 16617 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 89 | 20424 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.<sup>(a)</sup> | 61 | 18261 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 109 | 14039 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 528 | 16848 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 48 | 16305 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04% (continued)** |  |  |
| *Industrial Services - 8.78% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 89 | $19654 |
|  |  | 391458 |
| *Insurance - 3.28%* |  |  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 44 | 9445 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 59 | 8597 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 59 | 9328 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 155 | 7871 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 30 | 9545 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 60 | 8578 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 46 | 8355 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 89 | 9009 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 16 | 6804 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 212 | 8550 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 87 | 8734 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.<sup>(a)</sup> | 4 | 7645 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 208 | 8834 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 46 | 11360 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 90 | 5870 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 312 | 17584 |
|  |  | 146109 |
| *Materials - 1.92%* |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 76 | 17711 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 31 | 19539 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> | 295 | 15243 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 154 | 14397 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 61 | 18765 |
|  |  | 85655 |
| *Media - 4.35%* |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> | 60 | 16506 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 275 | 17341 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C<sup>(a)</sup> | 270 | 17156 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A<sup>(a)</sup> | 775 | 17058 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 404 | 14851 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 297 | 17048 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 92 | 18192 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.<sup>(a)</sup> | 974 | 7763 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.<sup>(a)</sup> | 166 | 16622 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 755 | 17573 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A<sup>(a)</sup> | 355 | 17398 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C<sup>(a)</sup> | 215 | 16566 |
|  |  | 194074 |
| *Oil & Gas - 8.15%* |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 859 | 16699 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 498 | 16713 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 144 | 14309 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | 753 | 14932 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 711 | 16815 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 465 | 16303 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 113 | 16170 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 145 | 16394 |

---

See Notes to Schedules of Investments

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04% (continued)** |  |  |
| *Oil & Gas - 8.15% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 162 | $18164 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 319 | 17363 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 155 | 16467 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 314 | 16435 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 680 | 19251 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 85 | 16383 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 298 | 13389 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 44 | 17083 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 232 | 16929 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 1227 | 15706 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 447 | 16825 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 100 | 16754 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 8 | 7469 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | 212 | 8103 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 297 | 18815 |
|  |  | 363471 |
| *Real Estate - 7.33%* |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 119 | 8454 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 105 | 8751 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 194 | 8150 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | 260 | 8645 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 44 | 8499 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 104 | 7731 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 312 | 8636 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 76 | 8115 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 251 | 8705 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 89 | 8588 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 209 | 8498 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 46 | 7786 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 135 | 8194 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 137 | 8868 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 213 | 6339 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 31 | 8297 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 60 | 8456 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 89 | 9017 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 166 | 8544 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 177 | 8250 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 482 | 8690 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 460 | 8809 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 483 | 8221 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 291 | 8535 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 138 | 5831 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 389 | 8500 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 76 | 9304 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 61 | 8524 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 209 | 8897 |
| &nbsp;&nbsp;&nbsp;Public Storage | 30 | 8666 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 118 | 8602 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 195 | 8016 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 60 | 5375 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 60 | 11260 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 241 | 8505 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 153 | 8683 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 227 | 8458 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 263 | 8576 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04% (continued)** |  |  |
| *Real Estate - 7.33% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | 215 | $8714 |
|  |  | 326689 |
| *Retail & Wholesale - Discretionary - 6.06%* |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 76 | 16626 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 94 | 15578 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | 138 | 16732 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 59 | 15015 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 363 | 16288 |
| &nbsp;&nbsp;&nbsp;Carvana Co.<sup>(a)</sup> | 47 | 17730 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | 444 | 17960 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 71 | 15778 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 29 | 17820 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 218 | 16067 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 76 | 19100 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 178 | 19190 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 115 | 17525 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 291 | 16549 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 28 | 15309 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 87 | 17004 |
|  |  | 270271 |
| *Retail & Wholesale - Staples - 4.52%* |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 972 | 17020 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 184 | 17158 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 31 | 17525 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 163 | 16846 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 105 | 16243 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.<sup>(a)</sup> | 321 | 18207 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 248 | 16718 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 117 | 15023 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 163 | 16959 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 143 | 15558 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 192 | 17222 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 225 | 17240 |
|  |  | 201719 |
| *Software & Tech Services - 4.81%* |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Class A<sup>(a)</sup> | 101 | 7381 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A<sup>(a)</sup> | 31 | 8545 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.<sup>(a)</sup> | 268 | 14196 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp., Class A | 169 | 16892 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 32 | 15961 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 923 | 8408 |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc., Class A<sup>(a)</sup> | 387 | 7806 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | 236 | 17263 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 138 | 17493 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 77 | 16027 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 108 | 17201 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc., Class A<sup>(a)</sup> | 158 | 15931 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.<sup>(a)</sup> | 214 | 17272 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A<sup>(a)</sup> | 455 | 16612 |

---

See Notes to Schedules of Investments

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.04% (continued)** |  |  |
| *Software & Tech Services - 4.81% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 455 | $17254 |
|  |  | 214242 |
| *Telecommunications - 1.63%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 668 | 18864 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(a)</sup> | 446 | 16658 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(a)</sup> | 2840 | 17381 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 445 | 19558 |
|  |  | 72461 |
| *Utilities - 13.37%* |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 263 | 17729 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 160 | 16701 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 162 | 18225 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 119 | 16564 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 103 | 17587 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 444 | 17227 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 237 | 17363 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 176 | 17691 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 63 | 20731 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 282 | 17250 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 117 | 16547 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 147 | 18191 |
| &nbsp;&nbsp;&nbsp;Edison International | 313 | 17303 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 190 | 17706 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 435 | 17356 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 233 | 17713 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 249 | 17714 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 383 | 17239 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 132 | 17444 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 183 | 16904 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 396 | 17147 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 108 | 17491 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 365 | 16888 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 1160 | 17493 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 194 | 17394 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 467 | 17354 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 210 | 17527 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 205 | 19428 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 178 | 13944 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(a)</sup> | 47 | 19993 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 299 | 16908 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 96 | 18808 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 146 | 16730 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 222 | 17904 |
|  |  | 596194 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,091,424)** |  | 4371334 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 1.59%** |  |  |
| *Oil & Gas - 1.59%* |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1085 | $18619 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 607 | 18981 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 334 | 16683 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 423 | 16620 |
|  |  | 70903 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $63,653)** |  | 70903 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.31%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.84% (7-day yield)<sup>(b)</sup> | 14031 | 14031 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,031)** |  | 14031 |
| **TOTAL INVESTMENTS - 99.94%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,169,108)** |  | $4456268 |
| **Other Assets in Excess of Liabilities - 0.06%** |  | 2569 |
| **NET ASSETS - 100.00%** |  | $4458837 |

---

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

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of September 30, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

LP – Limited Partnership

See Notes to Schedules of Investments

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 95.75%** |  |  |
| *Banking - 17.55%* |  |  |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 165974 | $6333568 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 68253 | 2633883 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 20506 | 2540078 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp, Inc. | 22361 | 559249 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 21887 | 574753 |
| &nbsp;&nbsp;&nbsp;First United Corp. | 34857 | 1281692 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 66214 | 3222635 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 19399 | 1053851 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 93375 | 5994675 |
| &nbsp;&nbsp;&nbsp;Ohio Valley Banc Corp. | 17197 | 635945 |
| &nbsp;&nbsp;&nbsp;Union Bankshares, Inc. | 14960 | 370409 |
|  |  | 25200738 |
| *Consumer Discretionary Products - 3.85%* |  |  |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 27415 | 775845 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 117076 | 4746261 |
|  |  | 5522106 |
| *Consumer Discretionary Services - 11.37%* |  |  |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 105925 | 4667056 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 35710 | 6797756 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 205780 | 4862581 |
|  |  | 16327393 |
| *Consumer Staple Products - 21.34%* |  |  |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 54179 | 6680271 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 411 | 48153 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 37160 | 2970570 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 121205 | 6111156 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 244559 | 6050390 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 23791 | 3655487 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 1342 | 56256 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 90509 | 5056738 |
|  |  | 30629021 |
| *Health Care - 5.31%* |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 2735 | 366326 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 419 | 65766 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 89830 | 6772284 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 2212 | 421563 |
|  |  | 7625939 |
| *Industrial Products - 2.68%* |  |  |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 115 | 54872 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 224 | 47288 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 6785 | 2313685 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 1327 | 112742 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 7797 | 1269040 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 177 | 52672 |
|  |  | 3850299 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 95.75% (continued)** |  |  |
| *Industrial Services - 1.52%* |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 366 | $47752 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | 635 | 49549 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 94 | 61057 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 41182 | 2019565 |
|  |  | 2177923 |
| *Insurance - 0.68%* |  |  |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 397 | 126310 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 3912 | 788385 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 235 | 58033 |
|  |  | 972728 |
| *Materials - 10.21%* |  |  |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 145389 | 6334599 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 471 | 62954 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 26739 | 3782499 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 627 | 125764 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 13700 | 1614956 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 13879 | 2742490 |
|  |  | 14663262 |
| *Media - 0.20%* |  |  |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 1936 | 111126 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 4550 | 177814 |
|  |  | 288940 |
| *Oil & Gas - 6.57%* |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 57177 | 6410685 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 111650 | 3026832 |
|  |  | 9437517 |
| *Retail & Wholesale - Discretionary - 6.05%* |  |  |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 112582 | 6604060 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 7924 | 1991380 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 493 | 96357 |
|  |  | 8691797 |
| *Retail & Wholesale - Staples - 2.86%* |  |  |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 18613 | 1923654 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc., Class A | 58298 | 2178013 |
|  |  | 4101667 |
| *Software & Tech Services - 0.55%* |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 76 | 43230 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 164 | 81785 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 6614 | 657233 |
|  |  | 782248 |

---

See Notes to Schedules of Investments

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 95.75% (continued)** |  |  |
| *Tech Hardware & Semiconductors - 5.01%* |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 100503 | $6876415 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 939 | 133122 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 210 | 72498 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 673 | 110204 |
|  |  | 7192239 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $138,728,193)** |  | 137463817 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 3.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | 6070 | 1286233 |
| &nbsp;&nbsp;&nbsp;Direxion Daily Small Cap Bull 3X Shares | 28097 | 1271108 |
| &nbsp;&nbsp;&nbsp;ProShares UltraPro Dow30 | 11838 | 1267258 |
| &nbsp;&nbsp;&nbsp;ProShares UltraPro QQQ | 12481 | 1290535 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,809,707)** |  | 5115134 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.72%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.84% (7-day yield)<sup>(a)</sup> | 1027351 | 1027351 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,027,351)** |  | 1027351 |
| **TOTAL INVESTMENTS - 100.03%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $142,565,251)** |  | $143606302 |
| **Liabilities in Excess of Other Assets - (0.03)%** |  | (41605) |
| **NET ASSETS - 100.00%** |  | $143564697 |

---

*<sup>(a)</sup>* *Rate disclosed is a 7-Day Yield as of September 30, 2025.* *Percentages are stated as a percent of net assets.*

See Notes to Schedules of Investments

TrueShares Eagle Global Renewable Energy Income ETF

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.82%** |  |  |
| *Financial Services - 6.36%* |  |  |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 5277 | $162004 |
| *Industrial Services - 2.02%* |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 257 | 51566 |
| *Renewable Energy - 1.90%* |  |  |
| &nbsp;&nbsp;&nbsp;Corp ACCIONA Energias Renovables SA | 1872 | 48440 |
| *Utilities - 88.54%<sup>(a)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1250 | 140625 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 1063 | 65470 |
| &nbsp;&nbsp;&nbsp;Boralex, Inc., Class A | 3826 | 74695 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 5531 | 148950 |
| &nbsp;&nbsp;&nbsp;Drax Group PLC | 7830 | 73661 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 6373 | 83801 |
| &nbsp;&nbsp;&nbsp;EDP SA | 11056 | 52402 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co. Ltd. | 2962 | 55571 |
| &nbsp;&nbsp;&nbsp;Endesa SA | 3410 | 108936 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 11615 | 109993 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | 4692 | 88717 |
| &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 29366 | 94829 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1616 | 121992 |
| &nbsp;&nbsp;&nbsp;Northland Power, Inc. | 6258 | 104772 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 303 | 49071 |
| &nbsp;&nbsp;&nbsp;Orsted A/S<sup>(b)(c)(d)</sup> | 4420 | 78938 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 9774 | 147392 |
| &nbsp;&nbsp;&nbsp;RWE AG | 4679 | 207760 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 12000 | 281057 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(b)</sup> | 185 | 78695 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 1219 | 88589 |
|  |  | 2255916 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,382,028)** |  | 2517926 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.84% (7-day yield)<sup>(e)</sup> | 7099 | 7099 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $7,099)** |  | 7099 |
| **TOTAL INVESTMENTS - 99.10%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,389,127)** |  | $2525025 |
| **Other Assets in Excess of Liabilities - 0.90%** |  | 22925 |
| **NET ASSETS - 100.00%** |  | $2547950 |

---

*<sup>(a)</sup>* *To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.*

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

*<sup>(c)</sup>* *All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of September 30, 2025, these securities had an aggregate value of $78,938 or 3.10% of net assets.*

*<sup>(d)</sup>* *Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of September 30, 2025, the aggregate market value of these securities was $78,938, representing 3.10% of net assets.*

*<sup>(e)</sup>* *Rate disclosed is a 7-Day Yield as of September 30, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

AG - Aktiengesellschaft (German: Stock Corporation)

A/S - Aktieselskab (Danish: Stock Company)

Ltd. – Limited

PLC - Public Limited Company

SA - Sociedad Anónima (Portuguese/Spanish: Public Limited Company)

SpA - Società per azioni (Italian: Joint Stock Company)

Oyj - Julkinen Osakeyhtiö (Finnish: Public Limited Company)

See Notes to Schedules of Investments

TrueShares Technology, AI & Deep Learning ETF

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Value** | **Value** |
| **COMMON STOCKS - 99.54%** |  |  |  |
| *Health Care - 9.55%* |  |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1445 | $— | 1102535 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 6541 |  | 1052905 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc.<sup>(a)</sup> | 34861 |  | 976108 |
|  |  |  | 3131548 |
| *Retail & Wholesale - Discretionary - 4.80%* |  |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 7164 |  | 1572999 |
| *Software & Tech Services - 66.87%<sup>(a)(b)</sup>* |  |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | 19548 |  | 4194805 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A | 7028 |  | 3446391 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A | 10621 |  | 1512430 |
| &nbsp;&nbsp;&nbsp;Elastic NV | 11740 |  | 991913 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A | 16910 |  | 877122 |
| &nbsp;&nbsp;&nbsp;HeartFlow, Inc. | 27264 |  | 917706 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. | 6259 |  | 1942668 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A | 51281 |  | 1910217 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc. | 30550 |  | 612833 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A | 28416 |  | 500406 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | 1042 |  | 958932 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. | 10596 |  | 2389928 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. | 5585 |  | 1673601 |
|  |  |  | 21928952 |
| *Tech Hardware & Semiconductors - 18.32%* |  |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 7938 |  | 1284289 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC<sup>(a)</sup> | 7699 |  | 1089332 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 19480 |  | 3634578 |
|  |  |  | 6008199 |
| **TOTAL COMMON STOCKS** |  |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $24,709,960)** |  |  | 32641698 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.84% (7-day yield)<sup>(c)</sup> | 168331 | 168331 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $168,331)** |  | 168331 |
| **TOTAL INVESTMENTS - 100.05%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $24,878,291)** |  | $32810029 |
| **Liabilities in Excess of Other Assets - (0.05)%** |  | (15305) |
| **NET ASSETS - 100.00%** |  | $32794724 |

---

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

*<sup>(b)</sup>* *To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.*

*<sup>(c)</sup>* *Rate disclosed is a 7-Day Yield as of September 30, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

See Notes to Schedules of Investments

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. These Schedules of Investments relate to six series of the Trust, The Opal Dividend Income ETF ("DIVZ"), RiverNorth Enhanced Pre-Merger SPAC ETF ("SPCZ"), RiverNorth Patriot ETF ("FLDZ"), TrueShares Active Yield ETF ("ERNZ"), TrueShares Eagle Global Renewable Energy Income ETF ("RNWZ") and TrueShares Technology, AI & Deep Learning ETF ("LRNZ"), (each a "Fund" and collectively the "Funds"). Each Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its following investment objective:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| The Opal Dividend Income ETF | Seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index. |
| RiverNorth Enhanced Pre-Merger SPAC ETF | Seeks to preserve capital and provide incremental total return. |
| RiverNorth Patriot ETF | Seeks capital growth. |
| TrueShares Active Yield ETF | Seeks to deliver a meaningfully higher yield compared to the S&P 500 Index, with a secondary focus on capital preservation and the opportunity for long-term growth of capital. |
| TrueShares Eagle Global Renewable Energy Income ETF | Seeks long-term growth of capital. |
| TrueShares Technology, AI & Deep Learning ETF | Seeks total return. |

---

The Funds commenced operations on the dates listed below, as series of Listed Funds Trust (the "Predecessor Funds"):

---

| | | |
|:---|:---|:---|
| **Fund** | **Diversified/Non-Diversified** | **Commencement of Operations** |
| The Opal Dividend Income ETF | Diversified | January 27, 2021 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | Diversified | July 11, 2022 |
| RiverNorth Patriot ETF | Diversified | December 31, 2021 |
| TrueShares Active Yield ETF | Non-diversified | April 30, 2024 |
| TrueShares Eagle Global Renewable Energy Income ETF | Non-diversified | December 8, 2022 |
| TrueShares Technology, AI & Deep Learning ETF | Non-diversified | February 28, 2020 |

---

The Funds currently offer an unlimited number of one class of shares, without par value, which are listed and traded on various exchanges. Shares of DIVZ, RNWZ and LRNZ are listed and traded on the NYSE Arca, Inc. Shares of SPCZ and FLDZ are listed and traded on the Cboe BZX Exchange, Inc. Shares of ERNZ are traded on the NASDAQ Stock Market, LLC. The Funds issue and redeem shares only in creation units ("Creation Units") which are offered on a continuous basis through Paralel Distributors LLC (the "Distributor"), without a sales load (but subject to transaction fees, if applicable), at the net asset value per share next determined after receipt of an order in proper form pursuant to the terms of the Authorized Participant Agreement, calculated as of the scheduled close of regular trading on the Exchange on any day on which the Exchange is open for business. The Funds do not issue fractional Creation Units. The offerings of the Funds' shares are registered under the Securities Act of 1933, as amended.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their Schedules of Investments. The accompanying Schedules of Investments were prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the Schedules of Investments. Actual results could differ from those estimates. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946 "Financial Services – Investment Companies, including Accounting Standard Update 2013-08."

**Portfolio Valuation** – The net asset value per share ("NAV") of the Funds is determined no less frequently than daily, on each day that the New York Stock Exchange ("NYSE") is open for trading, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The NAV is determined by dividing the value of each Fund's total assets less its liabilities by the number of shares outstanding.

Equity securities, including exchange traded funds, are valued at the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Exchange traded funds listed on the NASDAQ Stock Market, Inc. are valued at the NASDAQ official closing price. Investments in mutual funds, including short-term investments and open-end funds, are generally priced at the ending NAV provided by the service agent of the funds.

U.S. government bonds and notes are valued at the mean of the most recent bid and asked prices on the business day. Options are valued at the mean of the highest bid and lowest ask prices on the principal exchange on which the option trades. If no quotations are available, fair value procedures will be used. Debt obligations with maturities of 60 days or less are valued at amortized cost. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Funds price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined.

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

Securities for which market quotations are not readily available, including circumstances under which TrueMark Investments, LLC (the "Adviser") determines that prices received are unreliable, are valued at fair value according to procedures established and adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Funds' valuation designee with respect to the fair valuation of the Funds' portfolio securities, subject to oversight by and periodic reporting to the Board.

The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The following is a summary of the Funds' investments in the fair value hierarchy as of September 30, 2025:

**The Opal Dividend Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks | $186366879 | $– | $– | $186366879 |
| Limited Partnerships | 10097243 |  |  | 10097243 |
| Money Market Funds | 1008581 | – | – | 1008581 |
| Total | $197472703 | $– | $– | $197472703 |

---

**RiverNorth Enhanced Pre-Merger SPAC ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Special Purpose Acquisition Companies (SPACS) | $3982891 | $924974 | $– | $4907865 |
| Rights | 62874 |  |  | 62874 |
| Warrants | 79758 | 1360 |  | 81118 |
| Money Market Funds | 329572 | – | – | 329572 |
| Total | $4455095 | $926334 | $– | $5381429 |

---

**RiverNorth Patriot ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks | $4371334 | $– | $– | $4371334 |
| Limited Partnerships | 70903 |  |  | 70903 |
| Money Market Funds | 14031 | – | – | 14031 |
| Total | $4456268 | $– | $– | $4456268 |

---

**TrueShares Active Yield ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks | $137463817 | $– | $– | $137463817 |
| Exchange-Traded Funds | 5115134 |  |  | 5115134 |
| Money Market Funds | 1027351 | – | – | 1027351 |
| Total | $143606302 | $– | $– | $143606302 |

---

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

**TrueShares Eagle Global Renewable Energy Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks | $2517926 | $– | $– | $2517926 |
| Money Market Funds | 7099 | – | – | 7099 |
| Total | $2525025 | $– | $– | $2525025 |

---

**TrueShares Technology, AI & Deep Learning ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted<br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks | $32641698 | $– | $– | $32641698 |
| Money Market Funds | 168331 | – | – | 168331 |
| Total | $32810029 | $– | $– | $32810029 |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.*

**Cash and Cash Equivalents** – Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

**Securities Transactions and Investment Income:** Securities transactions are recorded as of the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded as of the ex-dividend date or for certain foreign securities when the information becomes available to a Fund. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis using the effective yield method.

**Foreign Securities** – The Opal International Dividend Income ETF may invest a portion of its assets in foreign securities. In the event that the Fund executes a foreign security transaction, the Fund will generally enter into a foreign currency spot contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.

The accounting records of each Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held.

A foreign currency spot contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency spot contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to a Fund include the potential inability of the counterparty to meet the terms of the contract.

**Total Return Swaps:** SPCZ may enter into total return swap agreements. The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of a fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund.

The total return swap contracts are subject to master netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination.

SPCZ did not hold any total return swap agreements as of September 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Elevation Series Trust

- **b. Investment Company Act file number:** 811-23812

- **c. CIK number of Registrant:** 0001936157

- **d. LEI of Registrant:** 549300QVQ3VLO2G2BM75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1700 Broadway Suite 1850

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80290

  - **Telephone number:** 8775249155

**Item A.2. Information about the Series.**

- **a. Name of Series:** TrueShares Active Yield ETF

- **b. EDGAR series identifier (if any):** S000092121

- **c. LEI of Series:** 529900K8NDB07R3RTA78

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $144548822.17

**Total Liabilities:** $91033.43

**Net Assets:** $144457788.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000260044 | -1.30%               | 2.90%                | -1.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-664481.96              | $-2428736.26                               |
| Month 2  | $1432329.56              | $1601101.38                                |
| Month 3  | $-1496776.60             | $-1532925.66                               |

### Schedule of Portfolio Investments

| Name                           | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AECOM                          | AECOM                                             | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |       370 | NS      | $48273.90     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco Inc                                         | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      1327 | NS      | $112741.92    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                              | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       235 | NS      | $58033.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies Inc                             | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |       224 | NS      | $47288.64     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                         | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |      7797 | NS      | $1269039.72   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET INSTITUTIONAL US  | STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS | CUSIP: 857492656<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1027351 | NS      | $1027350.69   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                                     | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     26907 | NS      | $3806264.22   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers & Merchants Bancorp In | Farmers & Merchants Bancorp Inc                   | CUSIP: 30779N105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22501 | NS      | $562750.01    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp                                    | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       677 | NS      | $110858.75    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                               | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       423 | NS      | $66394.08     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                | City Holding Co                                   | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20506 | NS      | $2540078.22   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies Inc                            | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       164 | NS      | $81785.16     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |        76 | NS      | $43229.56     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital Inc                                  | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       210 | NS      | $72498.30     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp        | Lakeland Financial Corp                           | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     93375 | NS      | $5994675.00   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                                   | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |        94 | NS      | $61056.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants Inc                            | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |     35710 | NS      | $6797755.60   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group Inc                                 | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |    207060 | NS      | $4892827.80   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc     | Coca-Cola Consolidated Inc                        | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |       411 | NS      | $48152.76     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraPro QQQ         | ProShares UltraPro QQQ                            | CUSIP: 74347X831<br>LEI: 03026FQTQRJ0JSTBI779 | Long             | EC               | RF                | US        |     12557 | NS      | $1298393.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills Inc                                 | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |    121205 | NS      | $6111156.10   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                     | Brady Corp                                        | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |       635 | NS      | $49549.05     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                                   | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       115 | NS      | $54872.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ohio Valley Banc Corp          | Ohio Valley Banc Corp                             | CUSIP: 677719106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17305 | NS      | $639938.90    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                          | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      3912 | NS      | $788385.36    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraPro Dow30       | ProShares UltraPro Dow30                          | CUSIP: 74347X823<br>LEI: L3Y0M1NGO52I2PZ6P085 | Long             | EC               | RF                | US        |     11910 | NS      | $1274965.50   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                                 | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     57177 | NS      | $6410685.24   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Riley Exploration Permian Inc  | Riley Exploration Permian Inc                     | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |    112346 | NS      | $3045700.06   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                               | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       493 | NS      | $96356.85     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First United Corp              | First United Corp                                 | CUSIP: 33741H107<br>LEI: 549300G54QPXQLB4KN58 | Long             | EC               | CORP              | US        |     35073 | NS      | $1289634.21   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp              | Hormel Foods Corp                                 | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |    244559 | NS      | $6050389.66   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold Inc                                    | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       627 | NS      | $125763.66    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Value Line Inc                 | Value Line Inc                                    | CUSIP: 920437100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4578 | NS      | $178908.24    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden National Corp           | Camden National Corp                              | CUSIP: 133034108<br>LEI: 549300ZVEDL2L8UW4F28 | Long             | EC               | CORP              | US        |     68677 | NS      | $2650245.43   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc          | Oxford Industries Inc                             | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |    117076 | NS      | $4746261.04   | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily S&P 500 Bull 3X | Direxion Daily S&P 500 Bull 3X                    | CUSIP: 25459W862<br>LEI: WJRYIWB43R3GOXOHLG28 | Long             | EC               | RF                | US        |      6106 | NS      | $1293861.40   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                           | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     23791 | NS      | $3655487.15   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                   | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     89830 | NS      | $6772283.70   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co              | Erie Indemnity Co                                 | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |       397 | NS      | $126309.52    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Bankshares Inc/Morrisvil | Union Bankshares Inc                              | CUSIP: 905400107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15052 | NS      | $372687.52    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                     | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     54515 | NS      | $6721699.50   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tootsie Roll Industries Inc    | Tootsie Roll Industries Inc                       | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |      1350 | NS      | $56592.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc/Delaware     | Cisco Systems Inc/Delaware                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    100503 | NS      | $6876415.26   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp/VA                                 | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |     90509 | NS      | $5056737.83   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                                    | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      7972 | NS      | $2003443.32   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc       | Village Super Market Inc                          | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     58662 | NS      | $2191612.32   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Bancorp Inc               | Home Bancorp Inc                                  | CUSIP: 43689E107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19519 | NS      | $1060369.68   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies Inc                             | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |       943 | NS      | $133689.11    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The          | New York Times Co/The                             | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |      1936 | NS      | $111126.40    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2735 | NS      | $366325.90    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises Inc                            | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |    146293 | NS      | $6373986.01   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                              | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     37160 | NS      | $2970570.40   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                       | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     41438 | NS      | $2032119.52   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                    | Gentex Corp                                       | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     27587 | NS      | $780712.10    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International Inc                             | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     13700 | NS      | $1614956.00   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc            | Glacier Bancorp Inc                               | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     66626 | NS      | $3242687.42   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                                        | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |       177 | NS      | $52671.66     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                             | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      6785 | NS      | $2313685.00   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                                    | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |    113282 | NS      | $6645122.12   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily Small Cap Bull  | Direxion Daily Small Cap Bull 3X                  | CUSIP: 25459W847<br>LEI: EI6O4TKYTT2L506TQD71 | Long             | EC               | RF                | US        |     28273 | NS      | $1279070.52   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp Inc/The          | First Bancorp Inc/The                             | CUSIP: 31866P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22023 | NS      | $578323.98    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp           | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |      6614 | NS      | $657233.18    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                               | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     18613 | NS      | $1923653.55   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                             | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      2212 | NS      | $421562.96    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto | Cracker Barrel Old Country Store                  | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |    105925 | NS      | $4667055.50   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WD-40 Co                       | WD-40 Co                                          | CUSIP: 929236107<br>LEI: 549300UZHTN0CNKBOB19 | Long             | EC               | CORP              | US        |     13879 | NS      | $2742490.40   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                                    | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       471 | NS      | $62953.86     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                 | BankUnited Inc                                    | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |    167006 | NS      | $6372948.96   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Elevation Series Trust

**Signature:** Nick Austin

**Name of Signer:** Nick Austin

**Title:** Treasurer