# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-25-012709
**Filing Date:** 2025-9
**Character Count:** 212395
**Document Hash:** 869488329a70dd6b5124ead130acb0d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012709.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001999371-25-012709

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 251296211

**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

### RiverNorth Enhanced Pre-Merger SPAC ETF (Series ID: S000092118)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000260041 | RiverNorth Enhanced Pre-Merger SPAC ETF |  |

### RiverNorth Patriot ETF (Series ID: S000092119)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000260042 | RiverNorth Patriot ETF |  |

### The Opal Dividend Income ETF (Series ID: S000092120)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260043 | The Opal Dividend Income ETF |  |

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

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

### TrueShares Eagle Global Renewable Energy Income ETF (Series ID: S000092122)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000260045 | TrueShares Eagle Global Renewable Energy Income ETF |  |

### TrueShares Technology, AI & Deep Learning ETF (Series ID: S000092123)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000260046 | TrueShares Technology, AI & Deep Learning ETF |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number:

 **811-23812**

**Elevation Series Trust** (Exact Name of Registrant as Specified in Charter)

**1700 Broadway, Suite 1850 Denver, CO 80290** (Address of Principal Executive Offices) (Zip Code)

**Nicholas Adams Elevation Series Trust 1700 Broadway, Suite 1850 Denver, CO 80290** (Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code:

 **303-226-4150**

With a copy to:

**JoAnn M. Strasser Thompson Hine LLP 17<sup>th</sup> Floor 41 South High Street Columbus, Ohio 43215**

Date of Fiscal Year End: <u>December 31<sup>st</sup></u>

Date of Reporting Period: <u>January 1, 2025 – June 30, 2025</u>

**Item 1.** **Reports to Shareholders.**

(a) The Report to Shareholders is attached herewith.

![](ie407efdbf3d2776196f3832f.jpg)

This semi-annual shareholder report contains important information about the RiverNorth Enhanced Pre-Merger SPAC ETF for the period of January 1, 2025 to June 30, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/spcz/ for additional information.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Cboe BZX Exchange, Inc.: SPCZ

#### RIVERNORTH ENHANCED PRE-MERGER SPAC ETF
**This report describes changes to the Fund that occurred during the reporting period.**

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **FUND NAME** | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| RiverNorth Enhanced Pre-Merger SPAC ETF | $47 | 0.91% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i35f9829f2b11530197d60798.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **RiverNorth Enhanced Pre-Merger SPAC ETF** | **ICE BofA US Broad Market Index** | **ICE BofA US Treasuries 0-3 Years Index** |
| **Jul'22** | 10000 | 10000 | 10000 |
| **Jun'23** | 10597 | 9895 | 10126 |
| **Jun'24** | 11139 | 10163 | 10613 |
| **Jun'25** | 11867 | 10775 | 11187 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| Total Net Assets | $5368690 |
| # of Portfolio Holdings | 141 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $22898 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (July 11, 2022)** |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 8.58% | 6.57% |
| ICE BofA US Broad Market Index | 6.02% | 2.55% |
| ICE BofA US Treasuries 0-3 Years Index | 5.41% | 3.85% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/spcz/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i7142613a95215f7e1d7907a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Rights | 1.09% |
| Warrant | 1.27% |
| Money Market | 1.69% |
| Financial Services | 95.95% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i9ec537e6ba8ada62d23d4693.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 0.03% |
| British Virgin Islands | 4.08% |
| United States | 15.04% |
| Cayman Islands | 80.85% |

---

![Image](ie407efdbf3d2776196f3832f.jpg)

#### RIVERNORTH ENHANCED PRE-MERGER SPAC ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Cboe BZX Exchange, Inc.: SPCZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/spcz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus dated June 11, 2025, which is available at www.true-shares.com/spcz/ or upon request at 877-774-TRUE (8783). The Fund acquired all of the assets and liabilities of RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

![Image](i31327436c65e5c8534cffef4.jpg)

This semi-annual shareholder report contains important information about the RiverNorth Patriot ETF for the period of January 1, 2025 to June 30, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/fldz/ for additional information.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Cboe BZX Exchange, Inc.: FLDZ

#### RIVERNORTH PATRIOT ETF
**This report describes changes to the Fund that occurred during the reporting period.**

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **FUND NAME** | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| RiverNorth Patriot ETF | $37 | 0.70% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i20215fe1ac5f86a4b3ba5536.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **RiverNorth Patriot ETF** | **S&P 500<sup>®</sup> Index** | **S&P 900<sup>®</sup> Index** |
| **Dec'21** | 10000 | 10000 | 10000 |
| **Jun'22** | 8328 | 8004 | 8007 |
| **Jun'23** | 9192 | 9572 | 9566 |
| **Jun'24** | 10496 | 11923 | 11854 |
| **Jun'25** | 12041 | 13731 | 13601 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| Total Net Assets | $4338702 |
| # of Portfolio Holdings | 318 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid | $13611 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (December 31, 2021)** |
| RiverNorth Patriot ETF | 14.64% | 5.46% |
| S&P 500 Total Return Index | 15.16% | 9.49% |
| S&P 900 Total Return Index | 14.73% | 9.20% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/fldz/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](ie1a164605c9f0e9928804f3c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 0.84% |
| Industrial Products | 1.16% |
| Telecommunications | 1.22% |
| Consumer Staple Products | 1.49% |
| Materials | 2.06% |
| Consumer Discretionary Products | 2.98% |
| Insurance | 3.68% |
| Media | 4.22% |
| Retail & Wholesale - Staples | 4.51% |
| Software & Tech Services | 4.63% |
| Retail & Wholesale - Discretionary | 5.61% |
| Consumer Discretionary Services | 5.80% |
| Financial Services | 6.62% |
| Banking | 6.67% |
| Real Estate | 7.49% |
| Industrial Services | 8.02% |
| Health Care | 9.64% |
| Oil & Gas | 10.15% |
| Utilities | 13.21% |

---

![Image](i31327436c65e5c8534cffef4.jpg)

#### RIVERNORTH PATRIOT ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### Cboe BZX Exchange, Inc.: FLDZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/fldz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus dated June 11, 2025, which is available at www.true-shares.com/fldz/ or upon request at 877-774-TRUE (8783). The Fund acquired all of the assets and liabilities of RiverNorth Patriot ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

![Image](i6972549719e56b8f8b80b9d1.jpg)

This semi-annual shareholder report contains important information about the The Opal Dividend Income ETF for the period of January 1, 2025 to June 30, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/divz/ for additional information.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NYSE Arca, Inc.: DIVZ

#### THE OPAL DIVIDEND INCOME ETF
**This report describes changes to the Fund that occurred during the reporting period.**

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **FUND NAME** | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| The Opal Dividend Income ETF | $35 | 0.65% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ia44169d636002da073d25be1.jpg)

---

| | | |
|:---|:---|:---|
| | **The Opal Dividend Income ETF** | **S&P 500<sup>®</sup> Index** |
| **Jan'21** | 10000 | 10000 |
| **Jun'21** | 11466 | 11532 |
| **Jun'22** | 11810 | 10308 |
| **Jun'23** | 11984 | 12328 |
| **Jun'24** | 13584 | 15355 |
| **Jun'25** | 16221 | 17683 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| Total Net Assets | $176364490 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $499182 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (January 27, 2021)** |
| The Opal Dividend Income ETF | 19.27% | 11.50% |
| S&P 500 Total Return Index | 15.16% | 13.76% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/divz/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](icdaa5b9117753ea081e5154b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrial Services | 0.86% |
| Retail & Wholesale - Discretionary | 1.80% |
| Money Market | 2.34% |
| Software & Tech Services | 2.71% |
| Banking | 4.57% |
| Materials | 5.21% |
| Financial Services | 7.88% |
| Telecommunications | 10.18% |
| Health Care | 12.19% |
| Utilities | 12.32% |
| Oil & Gas | 13.89% |
| Consumer Staple Products | 26.05% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i8555d14208e4c0d7b861b2bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 2.44% |
| Canada | 4.58% |
| United Kingdom | 5.93% |
| United States | 87.05% |

---

![Image](i6972549719e56b8f8b80b9d1.jpg)

#### THE OPAL DIVIDEND INCOME ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NYSE Arca, Inc.: DIVZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/divz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus dated June 11, 2025, which is available at www.true-shares.com/divz/ or upon request at 877-774-TRUE (8783). The Fund acquired all of the assets and liabilities of The Opal Dividend Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

![Image](i25e2c7818f03c52344637c3d.jpg)

This semi-annual shareholder report contains important information about the TrueShares Active Yield ETF for the period of January 1, 2025 to June 30, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/ernz/ for additional information.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NASDAQ Stock Market, LLC: ERNZ

#### TRUESHARES ACTIVE YIELD ETF
**This report describes changes to the Fund that occurred during the reporting period.**

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **FUND NAME** | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| TrueShares Active Yield ETF | $37 | 0.75% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i077201785f817719f4779e56.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Active Yield ETF** | **S&P 500<sup>®</sup> Index** |
| **Apr'24** | 10000 | 10000 |
| **Jun'24** | 10319 | 10872 |
| **Jun'25** | 10300 | 12521 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| Total Net Assets | $150394816 |
| # of Portfolio Holdings | 68 |
| Portfolio Turnover Rate | 393% |
| Total Advisory Fees Paid | $565429 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (April 30, 2024)** |
| TrueShares Active Yield ETF | -0.25% | 2.49% |
| S&P 500 Total Return Index | 15.16% | 21.24% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/ernz/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](id8fe76a3eb64720972100162.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financial Services | 0.56% |
| Software & Tech Services | 1.50% |
| Retail & Wholesale - Discretionary | 1.74% |
| Money Market | 2.10% |
| Banking | 2.12% |
| Media | 2.38% |
| Tech Hardware & Semiconductors | 2.54% |
| Materials | 2.55% |
| Oil & Gas | 3.18% |
| Consumer Discretionary Products | 3.53% |
| Consumer Discretionary Services | 3.53% |
| Exchange Traded Fund | 3.60% |
| Retail & Wholesale - Staples | 3.66% |
| Utilities | 3.98% |
| Real Estate | 4.11% |
| Insurance | 4.36% |
| Telecommunications | 6.52% |
| Industrial Products | 7.75% |
| Industrial Services | 8.43% |
| Health Care | 12.40% |
| Consumer Staple Products | 19.46% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](id0283dd82396fbc914ae247c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cayman Islands | 0.99% |
| United States | 99.01% |

---

![Image](i25e2c7818f03c52344637c3d.jpg)

#### TRUESHARES ACTIVE YIELD ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NASDAQ Stock Market, LLC: ERNZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/ernz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during since January 1, 2025. For more complete information, you may review the Fund's prospectus dated June 11, 2025, which is available at www.true-shares.com/ernz/ or upon request at 877-774-TRUE (8783). The Fund acquired all of the assets and liabilities of TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

![Image](i960821f1f1ef2fc68f2b19a6.jpg)

This semi-annual shareholder report contains important information about the TrueShares Eagle Global Renewable Energy Income ETF for the period of January 1, 2025 to June 30, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/rnwz/ for additional information.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NYSE Arca, Inc.: RNWZ

#### TRUESHARES EAGLE GLOBAL RENEWABLE ENERGY INCOME ETF
**This report describes changes to the Fund that occurred during the reporting period.**

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **FUND NAME** | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| TrueShares Eagle Global Renewable Energy Income ETF | $40 | 0.75% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ie111cde51d95a3319886cacb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TrueShares Eagle Global Renewable Energy Income ETF** | **MSCI World Net Total Return Index** | **S&P Global Infrastructure Index** |
| **Dec'22** | 10000 | 10000 | 10000 |
| **Jun'23** | 10020 | 11225 | 10218 |
| **Jun'24** | 9205 | 13492 | 10935 |
| **Jun'25** | 10441 | 15685 | 13969 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| Total Net Assets | $2432027 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $9397 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (December 8, 2022)** |
| TrueShares Eagle Global Renewable Energy Income ETF | 13.58% | 1.68% |
| MSCI World Net Total Return Index | 16.26% | 19.23% |
| S&P Global Infrastructure Total Return Index | 27.75% | 13.96% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/rnwz/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](iab50a4acb08cda92f617a04f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 1.64% |
| Financial Services | 3.28% |
| Industrial Services | 5.08% |
| Utilities | 90.00% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i7639785827f8c13b8b758f1c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 2.06% |
| Finland | 3.58% |
| Austria | 3.82% |
| Canada | 4.01% |
| Italy | 4.50% |
| Portugal | 4.94% |
| New Zealand | 6.35% |
| United Kingdom | 11.55% |
| Germany | 12.92% |
| Spain | 13.52% |
| United States | 32.75% |

---

![Image](i960821f1f1ef2fc68f2b19a6.jpg)

#### TRUESHARES EAGLE GLOBAL RENEWABLE ENERGY INCOME ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NYSE Arca, Inc.: RNWZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/rnwz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus dated June 11, 2025, which is available at www.true-shares.com/rnwz/ or upon request at 877-774-TRUE (8783). The Fund acquired all of the assets and liabilities of TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

![Image](i989eb91b5eb809af9f12f8fb.jpg)

This semi-annual shareholder report contains important information about the TrueShares Technology, AI & Deep Learning ETF for the period of January 1, 2025 to June 30, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/lrnz/ for additional information.

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NYSE Arca, Inc.: LRNZ

#### TRUESHARES TECHNOLOGY, AI & DEEP LEARNING ETF
**This report describes changes to the Fund that occurred during the reporting period.**

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **FUND NAME** | **COSTS OF A $10,000 INVESTMENT** | **COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| TrueShares Technology, AI & Deep Learning ETF | $36 | 0.68% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i20bbc55a7b338afe083edbc5.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Technology, AI & Deep Learning ETF** | **NASDAQ Composite Total Return Index** |
| **Feb'20** | 10000 | 10000 |
| **Jun'20** | 13482 | 11782 |
| **Jun'21** | 18302 | 17111 |
| **Jun'22** | 10801 | 13102 |
| **Jun'23** | 12794 | 16527 |
| **Jun'24** | 15824 | 21421 |
| **Jun'25** | 17900 | 24778 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| Total Net Assets | $34835590 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid | $108704 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (February 28, 2020)** |
| TrueShares Technology, AI & Deep Learning ETF | 13.07% | 5.85% | 11.51% |
| NASDAQ Composite Total Return Index | 15.68% | 16.03% | 18.53% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/lrnz/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i61bf1b370a4a2b3727150aed.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 0.56% |
| Retail & Wholesale - Discretionary | 4.88% |
| Health Care | 12.74% |
| Tech Hardware & Semiconductors | 17.64% |
| Software & Tech Services | 64.18% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i70060f4fca609eb362ae9c92.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.09% |
| Denmark | 1.97% |
| Cayman Islands | 2.25% |
| United Kingdom | 3.87% |
| Netherlands | 4.39% |
| United States | 86.43% |

---

![Image](i989eb91b5eb809af9f12f8fb.jpg)

#### TRUESHARES TECHNOLOGY, AI & DEEP LEARNING ETF

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### June 30, 2025

#### NYSE Arca, Inc.: LRNZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/lrnz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus dated June 11, 2025, which is available at www.true-shares.com/lrnz/ or upon request at 877-774-TRUE (8783). The Fund acquired all of the assets and liabilities of TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6.** **Investments.**

(a) The Registrant's full schedule of investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

**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)**

**Semi-Annual Financial Statements**

**June 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#truesharesfina001) | 3 |
| [Statements of Assets and Liabilities](#truesharesfina002) | 15 |
| [Statements of Operations](#truesharesfina003) | 16 |
| [Statements of Changes in Net Assets](#truesharesfina004) | 17 |
| [Financial Highlights](#truesharesfina005) | 23 |
| [Notes to Financial Statements](#truesharesfina006) | 29 |
| [Additional Information](#truesharesfina007) | 36 |

---

The Opal Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 93.30%** | **COMMON STOCKS - 93.30%** | **COMMON STOCKS - 93.30%** |
| *Banking - 4.57%* | *Banking - 4.57%* | *Banking - 4.57%* |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 94775 | $8067248 |
| *Consumer Staple Products - 26.06%* |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 220915 | 10455907 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 80076 | 5665377 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A, Class A | 29715 | 4834036 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 26303 | 4364983 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 229648 | 4806533 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 36523 | 4822497 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 60465 | 11012490 |
|  |  | 45961823 |
| *Financial Services - 7.88%* |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 26909 | 7416659 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 9162 | 6484405 |
|  |  | 13901064 |
| *Health Care - 12.19%* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 26123 | 4848951 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 31242 | 4772216 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 110930 | 2688943 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 29455 | 9189076 |
|  |  | 21499186 |
| *Industrial Services - 0.86%* |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 15037 | 1517835 |
| *Materials - 5.21%* |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 17319 | 4884997 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 46833 | 4299270 |
|  |  | 9184267 |
| *Oil & Gas - 9.51%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 29802 | 4267348 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 178424 | 8086176 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 150156 | 4414586 |
|  |  | 16768110 |
| *Retail & Wholesale - Discretionary - 1.80%* |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 26147 | 3171893 |
| *Software & Tech Services - 2.71%* |  |  |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 21854 | 4777940 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 93.30% (continued)** | **COMMON STOCKS - 93.30% (continued)** | **COMMON STOCKS - 93.30% (continued)** |
| *Telecommunications - 10.19%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 272277 | $7879697 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 233030 | 10083208 |
|  |  | 17962905 |
| *Utilities - 12.32%* |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 49572 | 5143591 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 85992 | 4860268 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 100277 | 6961229 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 29694 | 4768262 |
|  |  | 21733350 |
| **TOTAL COMMON STOCKS<br> (Cost $152,186,850)** |  | 164545621 |
|  | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 4.39%** |  |  |
| *Oil & Gas - 4.39%* |  |  |
| &nbsp;&nbsp;&nbsp;MPLX LP | 150367 | 7745404 |
| **TOTAL LIMITED PARTNERSHIPS<br> (Cost $7,138,133)** |  | 7745404 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 2.35%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.02% (7-day yield)<sup>(a)</sup> | 4136740 | 4136740 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $4,136,740)** |  | 4136740 |
| **TOTAL INVESTMENTS - 100.04%<br> (Cost $163,461,723)** |  | $176427765 |
| **Liabilities in Excess of Other Assets - (0.04)%** |  | (63275) |
| **NET ASSETS - 100.00%** |  | $176364490 |

---

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

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

Investment Abbreviations:

ADR - American Depository Receipt

LP - Limited Partnership

PLC - Public Limited Company

See Notes to Financial Statements

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup>** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup>** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;A SPAC III Acquisition Corp. | 5000 | $51800 |
| &nbsp;&nbsp;&nbsp;AA Mission Acquisition Corp. | 5000 | 52100 |
| &nbsp;&nbsp;&nbsp;Aldel Financial II, Inc. | 10000 | 110000 |
| &nbsp;&nbsp;&nbsp;Archimedes Tech SPAC Partners II Co. | 2250 | 23513 |
| &nbsp;&nbsp;&nbsp;Ares Acquisition Corp. II | 12728 | 144208 |
| &nbsp;&nbsp;&nbsp;Armada Acquisition Corp. II | 2500 | 25450 |
| &nbsp;&nbsp;&nbsp;Artius II Acquisition, Inc. | 2500 | 25825 |
| &nbsp;&nbsp;&nbsp;Berto Acquisition Corp. | 1094 | 11782 |
| &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp. | 19755 | 209996 |
| &nbsp;&nbsp;&nbsp;Bleichroeder Acquisition Corp. I | 5000 | 51650 |
| &nbsp;&nbsp;&nbsp;Cal Redwood Acquisition Corp. | 2500 | 25650 |
| &nbsp;&nbsp;&nbsp;Cartesian Growth Corp. III | 625 | 6331 |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. | 9888 | 104615 |
| &nbsp;&nbsp;&nbsp;ChampionsGate Acquisition Corp. | 938 | 9539 |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp. | 5000 | 51400 |
| &nbsp;&nbsp;&nbsp;Chenghe Acquisition II Co. | 8036 | 83414 |
| &nbsp;&nbsp;&nbsp;Churchill Capital Corp. X | 2500 | 25750 |
| &nbsp;&nbsp;&nbsp;CO2 Energy Transition Corp. | 8570 | 88442 |
| &nbsp;&nbsp;&nbsp;Columbus Acquisition Corp. | 2500 | 25575 |
| &nbsp;&nbsp;&nbsp;Columbus Circle Capital Corp. I | 1250 | 14400 |
| &nbsp;&nbsp;&nbsp;Copley Acquisition Corp. | 2500 | 25250 |
| &nbsp;&nbsp;&nbsp;Digital Asset Acquisition Corp. | 1251 | 13623 |
| &nbsp;&nbsp;&nbsp;Drugs Made In America Acquisition Corp. | 2500 | 25800 |
| &nbsp;&nbsp;&nbsp;DT Cloud Star Acquisition Corp. | 5000 | 51950 |
| &nbsp;&nbsp;&nbsp;Dune Acquisition Corp. II | 1875 | 19125 |
| &nbsp;&nbsp;&nbsp;Dynamix Corp. | 10000 | 101900 |
| &nbsp;&nbsp;&nbsp;EGH Acquisition Corp. | 2500 | 25475 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. | 9999 | 105089 |
| &nbsp;&nbsp;&nbsp;Eureka Acquisition Corp. | 2254 | 23397 |
| &nbsp;&nbsp;&nbsp;Fact II Acquisition Corp. | 10000 | 102900 |
| &nbsp;&nbsp;&nbsp;Fifth Era Acquisition Corp. I | 2500 | 26000 |
| &nbsp;&nbsp;&nbsp;Flag Ship Acquisition Corp. | 8679 | 91390 |
| &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. | 19934 | 205320 |
| &nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II | 2500 | 25600 |
| &nbsp;&nbsp;&nbsp;Gores Holdings X, Inc. | 1250 | 12988 |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp. | 17748 | 187241 |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. | 20000 | 209200 |
| &nbsp;&nbsp;&nbsp;GSR III Acquisition Corp. | 5000 | 59000 |
| &nbsp;&nbsp;&nbsp;HCM II Acquisition Corp. | 5000 | 55500 |
| &nbsp;&nbsp;&nbsp;Hennessy Capital Investment Corp. VII | 10000 | 105000 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition II Corp. | 2600 | 26806 |
| &nbsp;&nbsp;&nbsp;IB Acquisition Corp. | 4998 | 52329 |
| &nbsp;&nbsp;&nbsp;Inflection Point Acquisition Corp. III | 1563 | 16427 |
| &nbsp;&nbsp;&nbsp;Iron Horse Acquisitions Corp. | 12150 | 127940 |
| &nbsp;&nbsp;&nbsp;Jackson Acquisition Co. II | 5000 | 52250 |
| &nbsp;&nbsp;&nbsp;JVSPAC Acquisition Corp. | 14218 | 154550 |
| &nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II | 5000 | 51550 |
| &nbsp;&nbsp;&nbsp;Kochav Defense Acquisition Corp. | 2500 | 25438 |
| &nbsp;&nbsp;&nbsp;Lakeshore Acquisition III Corp. | 2500 | 25450 |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. | 5000 | 52075 |
| &nbsp;&nbsp;&nbsp;Launch Two Acquisition Corp. | 10000 | 104200 |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III | 20052 | 214155 |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings | 8336 | 87861 |
| &nbsp;&nbsp;&nbsp;Live Oak Acquisition Corp. V | 2500 | 27750 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition V Corp. | 10000 | 112900 |
| &nbsp;&nbsp;&nbsp;Maywood Acquisition Corp. | 2084 | 21528 |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I | 8794 | 92337 |
| &nbsp;&nbsp;&nbsp;New Providence Acquisition Corp. III | 2500 | 26125 |
| &nbsp;&nbsp;&nbsp;Newbury Street II Acquisition Corp. | 5000 | 52000 |
| &nbsp;&nbsp;&nbsp;NewHold Investment Corp. III | 2500 | 26825 |
| &nbsp;&nbsp;&nbsp;Oyster Enterprises II Acquisition Corp. | 2500 | 25300 |
| &nbsp;&nbsp;&nbsp;Pelican Acquisition Corp. | 2500 | 25500 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup> (continued)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup> (continued)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Plum Acquisition Corp. IV | 8750 | $90563 |
| &nbsp;&nbsp;&nbsp;ProCap Acquisition Corp. | 1000 | 10720 |
| &nbsp;&nbsp;&nbsp;Quartzsea Acquisition Corp. | 2500 | 26650 |
| &nbsp;&nbsp;&nbsp;Real Asset Acquisition Corp. | 2500 | 25925 |
| &nbsp;&nbsp;&nbsp;Renatus Tactical Acquisition Corp. I | 750 | 9548 |
| &nbsp;&nbsp;&nbsp;Republic Digital Acquisition Co. | 1250 | 13225 |
| &nbsp;&nbsp;&nbsp;RF Acquisition Corp. II | 8065 | 85408 |
| &nbsp;&nbsp;&nbsp;Rising Dragon Acquisition Corp. | 10000 | 103000 |
| &nbsp;&nbsp;&nbsp;Rithm Acquisition Corp. | 1250 | 12950 |
| &nbsp;&nbsp;&nbsp;Siddhi Acquisition Corp. | 2500 | 25775 |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I | 5000 | 52150 |
| &nbsp;&nbsp;&nbsp;Sizzle Acquisition Corp. II | 2500 | 25450 |
| &nbsp;&nbsp;&nbsp;Soulpower Acquisition Corp. | 2250 | 22860 |
| &nbsp;&nbsp;&nbsp;Spark I Acquisition Corp. | 19934 | 217281 |
| &nbsp;&nbsp;&nbsp;Stellar V Capital Corp. | 2500 | 25850 |
| &nbsp;&nbsp;&nbsp;Texas Ventures Acquisition III Corp. | 2500 | 25675 |
| &nbsp;&nbsp;&nbsp;Thayer Ventures Acquisition Corp. II | 2000 | 20340 |
| &nbsp;&nbsp;&nbsp;Titan Acquisition Corp. | 2500 | 25425 |
| &nbsp;&nbsp;&nbsp;Trailblazer Merger Corp. I | 19088 | 223520 |
| &nbsp;&nbsp;&nbsp;UY Scuti Acquisition Corp. | 3125 | 32094 |
| &nbsp;&nbsp;&nbsp;Wen Acquisition Corp. | 625 | 6625 |
| &nbsp;&nbsp;&nbsp;Willow Lane Acquisition Corp. | 5000 | 52000 |
| &nbsp;&nbsp;&nbsp;Wintergreen Acquisition Corp. | 313 | 3155 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS)<br> (Cost $4,841,637)** |  | 5150673 |
|  | **Shares** | **Value** |
| **RIGHTS - 1.09%<sup>(a)</sup>** | **RIGHTS - 1.09%<sup>(a)</sup>** | **RIGHTS - 1.09%<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Ai Transportation Acquisition Corp. Subscription Price $10.00, Expires 9/1/2028 | 19934 | 2990 |
| &nbsp;&nbsp;&nbsp;Aimei Health Technology Co. Ltd. Subscription Price $10.00, Expires 11/17/2028 | 14391 | 3454 |
| &nbsp;&nbsp;&nbsp;Bayview Acquisition Corp. Subscription Price $10.00, Expires 7/19/2025 | 7251 | 1813 |
| &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp. Subscription Price $10.00, Expires 7/22/2025 | 3951 | 4551 |
| &nbsp;&nbsp;&nbsp;Bleichroeder Acquisition Corp. I Subscription Price $10.00, Expires 11/4/2026 | 5000 | 1708 |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp. Subscription Price $10.00, Expires 12/31/2026 | 5000 | 925 |
| &nbsp;&nbsp;&nbsp;Distoken Acquisition Corp. Subscription Price $10.00, Expires 11/30/2027 | 8873 | 2491 |
| &nbsp;&nbsp;&nbsp;DT Cloud Star Acquisition Corp. Subscription Price $10.00, Expires 7/9/2029 | 5000 | 600 |
| &nbsp;&nbsp;&nbsp;ESH Acquisition Corp. Subscription Price $10.00, Expires 11/30/2025 | 19934 | 1968 |

---

See Notes to Financial Statements

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS - 1.09%<sup>(a)</sup> (continued)** | **RIGHTS - 1.09%<sup>(a)</sup> (continued)** | **RIGHTS - 1.09%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Eureka Acquisition Corp. Subscription Price $10.00, Expires 1/3/2026 | 2254 | $506 |
| &nbsp;&nbsp;&nbsp;Flag Ship Acquisition Corp. Subscription Price $10.00, Expires 3/31/2026 | 8679 | 1127 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition I Corp. Subscription Price $10.00, Expires 8/27/2025 | 3101 | 558 |
| &nbsp;&nbsp;&nbsp;IB Acquisition Corp. Subscription Price $10.00, Expires 9/28/2025 | 4998 | 240 |
| &nbsp;&nbsp;&nbsp;Iron Horse Acquisitions Corp. Subscription Price $10.00, Expires 6/26/2026 | 12150 | 6036 |
| &nbsp;&nbsp;&nbsp;JVSPAC Acquisition Corp. Subscription Price $10.00, Expires 11/26/2026 | 14218 | 12512 |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. Subscription Price $10.00, Expires 3/23/2028 | 19934 | 4278 |
| &nbsp;&nbsp;&nbsp;Quetta Acquisition Corp. Subscription Price $10.00, Expires 12/2/2025 | 1994 | 2333 |
| &nbsp;&nbsp;&nbsp;RF Acquisition Corp. II Subscription Price $10.00, Expires 5/1/2026 | 8065 | 611 |
| &nbsp;&nbsp;&nbsp;Rising Dragon Acquisition Corp. Subscription Price $10.00, Expires 11/15/2028 | 10000 | 1758 |
| &nbsp;&nbsp;&nbsp;Trailblazer Merger Corp. I Subscription Price $10.00, Expires 4/21/2028 | 19088 | 7969 |
| **TOTAL RIGHTS<br> (Cost $35,407)** |  | 58428 |
|  | **Shares** | **Value** |
| **WARRANTS - 1.26%<sup>(a)</sup>** | **WARRANTS - 1.26%<sup>(a)</sup>** | **WARRANTS - 1.26%<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;AA Mission Acquisition Corp. Exercise Price $11.50, Expires 8/1/2030 | 2500 | 280 |
| &nbsp;&nbsp;&nbsp;Above Food Ingredients, Inc. Exercise Price $11.50, Expires 6/21/2029 | 2010 | 103 |
| &nbsp;&nbsp;&nbsp;Alchemy Investments Acquisition Corp. 1 Exercise Price $11.50, Expires 6/26/2028 | 2758 | 292 |
| &nbsp;&nbsp;&nbsp;Ares Acquisition Corp. II Exercise Price $11.50, Expires 6/12/2028 | 10085 | 11094 |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. Exercise Price $11.50, Expires 8/1/2029 | 4944 | 1582 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS - 1.26%<sup>(a)</sup> (continued)** | **WARRANTS - 1.26%<sup>(a)</sup> (continued)** | **WARRANTS - 1.26%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Chenghe Acquisition II Co. Exercise Price $11.50, Expires 7/29/2029 | 4018 | $353 |
| &nbsp;&nbsp;&nbsp;Colombier Acquisition Corp. II Exercise Price $11.50, Expires 12/31/2028 | 2771 | 10391 |
| &nbsp;&nbsp;&nbsp;Distoken Acquisition Corp. Exercise Price $11.50, Expires 3/30/2028 | 8873 | 985 |
| &nbsp;&nbsp;&nbsp;Dynamix Corp. Exercise Price $11.50, Expires 12/6/2029 | 5000 | 1800 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp. Exercise Price $11.50, Expires 7/1/2031 | 3333 | 2446 |
| &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. Exercise Price $11.50, Expires 5/12/2028 | 19934 | 598 |
| &nbsp;&nbsp;&nbsp;GIBO Holdings Ltd. Exercise Price $11.50, Expires 5/8/2030 | 9967 | 269 |
| &nbsp;&nbsp;&nbsp;Goal Acquisitions Corp. Exercise Price $11.50, Expires 2/11/2026 | 2463 | 34 |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp. Exercise Price $11.50, Expires 12/31/2027 | 8874 | 2796 |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. Exercise Price $11.50, Expires 8/7/2029 | 10000 | 2850 |
| &nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4 Exercise Price $11.50, Expires 9/12/2028 | 2397 | 731 |
| &nbsp;&nbsp;&nbsp;HCM II Acquisition Corp. Exercise Price $11.50, Expires 10/10/2029 | 2500 | 5875 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition I Corp. Exercise Price $11.50, Expires 1/26/2028 | 3101 | 124 |
| &nbsp;&nbsp;&nbsp;Iron Horse Acquisitions Corp. Exercise Price $11.50, Expires 2/16/2029 | 12150 | 729 |
| &nbsp;&nbsp;&nbsp;Israel Acquisitions Corp. Exercise Price $11.50, Expires 2/28/2028 | 4661 | 1037 |
| &nbsp;&nbsp;&nbsp;Jaws Mustang Acquisition Corp. Exercise Price $11.50, Expires 1/30/2026 | 1780 | 53 |
| &nbsp;&nbsp;&nbsp;Keen Vision Acquisition Corp. Exercise Price $11.50, Expires 9/15/2028 | 10401 | 562 |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. Exercise Price $11.50, Expires 8/29/2029 | 2500 | 700 |
| &nbsp;&nbsp;&nbsp;Launch Two Acquisition Corp. Exercise Price $11.50, Expires 11/26/2029 | 5000 | 2100 |

---

See Notes to Financial Statements

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS - 1.26%<sup>(a)</sup> (continued)** | **WARRANTS - 1.26%<sup>(a)</sup> (continued)** | **WARRANTS - 1.26%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III Exercise Price $11.50, Expires 3/28/2029 | 10026 | $2532 |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings Exercise Price $11.50, Expires 8/9/2029 | 4168 | 1514 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition V Corp. Exercise Price $11.50, Expires 9/23/2030 | 5000 | 8750 |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I Exercise Price $11.50, Expires 6/1/2031 | 4397 | 1451 |
| &nbsp;&nbsp;&nbsp;Namib Minerals Exercise Price $11.50, Expires 6/5/2030 | 3542 | 691 |
| &nbsp;&nbsp;&nbsp;New Horizon Aircraft Ltd. Exercise Price $11.50, Expires 1/12/2029 | 5659 | 1695 |
| &nbsp;&nbsp;&nbsp;NKGen Biotech, Inc. Exercise Price $11.50, Expires 10/2/2028 | 1520 | 106 |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. Exercise Price $11.50, Expires 5/17/2028 | 19934 | 722 |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I Exercise Price $11.50, Expires 8/28/2029 | 2500 | 687 |
| &nbsp;&nbsp;&nbsp;Slam Corp. Exercise Price $11.50, Expires 2/23/2026 | 3115 | 79 |
| &nbsp;&nbsp;&nbsp;Spark I Acquisition Corp. Exercise Price $11.50, Expires 11/27/2028 | 9967 | 1909 |
| **TOTAL WARRANTS<br> (Cost $23,026)** |  | 67920 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.69%** | **MONEY MARKET FUNDS - 1.69%** | **MONEY MARKET FUNDS - 1.69%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.02% (7-day yield)<sup>(b)</sup> | 90845 | 90845 |
| **TOTAL MONEY MARKET FUNDS<br> (Cost $90,845)** |  | 90845 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 99.98% <br> (Cost $4,990,915)** | $5367866 |
| **Other Assets in Excess of Liabilities - 0.02%** | 824 |
| **NET ASSETS - 100.00%** | $5368690 |

---

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

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

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

See Notes to Financial Statements

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05%** |  |  |
| *Banking **-** 6.66%* |  |  |
| &nbsp;&nbsp;&nbsp;Bank OZK | 147 | $6918 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 88 | 8591 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 221 | 7068 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 208 | 9308 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 264 | 6172 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 133 | 8269 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 75 | 9640 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 88 | 8886 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 222 | 9131 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 4 | 7826 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 186 | 6692 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 462 | 9794 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 473 | 6896 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 237 | 6745 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 579 | 9704 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 551 | 9598 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 43 | 8342 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 403 | 8600 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 73 | 8060 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 60 | 11185 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 120 | 8429 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 401 | 9432 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 102 | 9387 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 178 | 9212 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 211 | 9071 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 91 | 9570 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 176 | 6412 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 251 | 11358 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 165 | 9009 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 150 | 12018 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 117 | 9124 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 76 | 9422 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 178 | 9245 |
|  |  | 289114 |
| *Consumer Discretionary Products **-** 2.98%* |  |  |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc.<sup>(a)</sup> | 305 | 16577 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 129 | 16631 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 139 | 15375 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 2 | 14771 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 158 | 16663 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A<sup>(a)</sup> | 1141 | 15677 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.<sup>(a)</sup> | 273 | 16768 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 148 | 16891 |
|  |  | 129353 |
| *Consumer Discretionary Services **-** 5.79%* |  |  |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 222 | 17367 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 91 | 16410 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | 519 | 14734 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.<sup>(a)</sup> | 210 | 17688 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | 369 | 20719 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 157 | 15857 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 75 | 16348 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A<sup>(a)</sup> | 451 | 19343 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A<sup>(a)</sup> | 234 | 15999 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(a)</sup> | 79 | 14931 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A<sup>(a)</sup> | 153 | 16685 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05% (continued)** |  |  |
| *Consumer Discretionary Services **-** 5.79% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A<sup>(a)</sup> | 108 | $15185 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(a)</sup> | 126 | 18294 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 92 | 17242 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 43 | 14480 |
|  |  | 251282 |
| *Consumer Staple Products **-** 1.48%* |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 317 | 18586 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 150 | 16747 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 87 | 14153 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 486 | 14896 |
|  |  | 64382 |
| *Financial Services **-** 6.61%* |  |  |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 903 | 8299 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 233 | 9075 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 15 | 8006 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 457 | 8601 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 88 | 12485 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 46 | 7967 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | 441 | 8472 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 60 | 12766 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 43 | 10028 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 120 | 10949 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.<sup>(a)</sup> | 93 | 16860 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.<sup>(a)</sup> | 13 | 6623 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 190 | 7058 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association<sup>(a)</sup> | 932 | 8891 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 162 | 9082 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 43 | 7747 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 31 | 11624 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.<sup>(a)</sup> | 424 | 6648 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 360 | 10022 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc.<sup>(a)</sup> | 73 | 10892 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 165 | 9405 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 767 | 8659 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A<sup>(a)</sup> | 125 | 11704 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 273 | 8952 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.<sup>(a)</sup> | 634 | 11545 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 146 | 9744 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 88 | 8492 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 180 | 9441 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.<sup>(a)</sup> | 114 | 7373 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 133 | 9443 |
|  |  | 286853 |
| *Health Care **-** 9.63%* |  |  |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.<sup>(a)</sup> | 136 | 14197 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 106 | 17808 |
| &nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 296 | 16067 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 30 | 14608 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 60 | 19835 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | 227 | 16662 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.<sup>(a)</sup> | 130 | 13361 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 281 | 19383 |

---

See Notes to Financial Statements

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05% (continued)** |  |  |
| *Health Care **-** 9.63% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 46 | $17892 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 107 | 16506 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 47 | 18006 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 153 | 16028 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 73 | 17847 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 386 | 15251 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(a)</sup> | 168 | 13753 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 30 | 21983 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | 60 | 17874 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 106 | 17908 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(a)</sup> | 135 | 16968 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(a)</sup> | 451 | 14648 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 91 | 16346 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 95 | 16720 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.<sup>(a)</sup> | 393 | 14144 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 53 | 15230 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 60 | 18718 |
|  |  | 417743 |
| *Industrial Products **-** 1.16%* |  |  |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 186 | 13717 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 75 | 18110 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.<sup>(a)</sup> | 365 | 18385 |
|  |  | 50212 |
| *Industrial Services **-** 8.01%* |  |  |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 1928 | 16330 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 135 | 15576 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 32 | 17159 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A<sup>(a)</sup> | 147 | 15623 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A<sup>(a)</sup> | 277 | 16717 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 561 | 18306 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | 78 | 19062 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 32 | 17117 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(a)</sup> | 48 | 14219 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 115 | 16514 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.<sup>(a)</sup> | 148 | 16785 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 361 | 15967 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 110 | 18747 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 58 | 14846 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 99 | 16068 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 73 | 18003 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.<sup>(a)</sup> | 57 | 15617 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 116 | 14029 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 468 | 15182 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 80 | 18458 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 75 | 17162 |
|  |  | 347487 |
| *Insurance **-** 3.67%* |  |  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 45 | 9059 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 73 | 9213 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 60 | 8935 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 162 | 9088 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 31 | 10751 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05% (continued)** |  |  |
| *Insurance **-** 3.67% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 73 | $9073 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 43 | 7304 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 103 | 9145 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 15 | 7259 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 271 | 9377 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 102 | 9349 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.<sup>(a)</sup> | 4 | 7989 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 235 | 9033 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 45 | 12009 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 116 | 8378 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 250 | 16998 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 73 | 6326 |
|  |  | 159286 |
| *Materials **-** 2.06%* |  |  |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 72 | 14552 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.<sup>(a)</sup> | 145 | 11838 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 30 | 16469 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.<sup>(a)</sup> | 276 | 15009 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 159 | 15798 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 60 | 15649 |
|  |  | 89315 |
| *Media **-** 4.22%* |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> | 42 | 17170 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A, Class A | 291 | 16308 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C<sup>(a)</sup> | 175 | 17216 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A<sup>(a)</sup> | 1047 | 16501 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 364 | 16467 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 303 | 16962 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 88 | 15219 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.<sup>(a)</sup> | 201 | 17666 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 735 | 16883 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A<sup>(a)</sup> | 221 | 15910 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C<sup>(a)</sup> | 237 | 16602 |
|  |  | 182904 |
| *Oil & Gas **-** 8.15%* |  |  |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 883 | 16733 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 403 | 16233 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 140 | 13559 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | 690 | 19092 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 630 | 15989 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 487 | 15492 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 114 | 15664 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 155 | 17036 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 158 | 18898 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 296 | 17263 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 140 | 16372 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 676 | 19874 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 102 | 16943 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 337 | 16082 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 45 | 18306 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 195 | 15918 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 1131 | 15404 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 426 | 17325 |

---

See Notes to Financial Statements

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05% (continued)** |  |  |
| *Oil & Gas **-** 8.15% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 107 | $18627 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 7 | 7395 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | 162 | 6177 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 303 | 19031 |
|  |  | 353413 |
| *Real Estate **-** 7.48%* |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 121 | 8840 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 114 | 8280 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 257 | 9442 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | 238 | 8585 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 45 | 9157 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 122 | 8231 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 342 | 8906 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 73 | 8226 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 245 | 7497 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 90 | 9246 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 213 | 9052 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 45 | 7520 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 140 | 8634 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 132 | 8909 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 266 | 8488 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 30 | 8502 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 56 | 8257 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 91 | 8644 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 168 | 8086 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 183 | 8542 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 450 | 7137 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 501 | 8773 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 557 | 8556 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 267 | 8758 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 422 | 8870 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 75 | 9102 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 60 | 8881 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 197 | 8506 |
| &nbsp;&nbsp;&nbsp;Public Storage | 28 | 8216 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 120 | 8548 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 229 | 8146 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 85 | 8387 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 58 | 9324 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 240 | 8707 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 146 | 8186 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 193 | 7880 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 272 | 8867 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 231 | 8833 |
|  |  | 324721 |
| *Retail & Wholesale - Discretionary **-** 5.61%* |  |  |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 91 | 18077 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 91 | 13832 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | 144 | 16803 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 57 | 13260 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 245 | 16466 |
| &nbsp;&nbsp;&nbsp;Carvana Co.<sup>(a)</sup> | 46 | 15500 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | 367 | 15642 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 88 | 17407 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 213 | 16179 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05% (continued)** |  |  |
| *Retail & Wholesale - Discretionary **-** 5.61% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 73 | $16197 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 228 | 20550 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 122 | 15565 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 313 | 16517 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 30 | 14035 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 105 | 17154 |
|  |  | 243184 |
| *Retail & Wholesale - Staples **-** 4.51%* |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 744 | 16003 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 151 | 16282 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 26 | 13267 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp., Class C | 152 | 17386 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 138 | 18103 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.<sup>(a)</sup> | 285 | 14207 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 257 | 18435 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 141 | 18581 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 180 | 15745 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 95 | 15641 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 157 | 15488 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 212 | 16326 |
|  |  | 195464 |
| *Software & Tech Services **-** 4.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Class A<sup>(a)</sup> | 145 | 10025 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A<sup>(a)</sup> | 28 | 6448 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp., Class A | 167 | 17390 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A, Class A<sup>(a)</sup> | 30 | 14301 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 968 | 9109 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | 286 | 17543 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 123 | 17891 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 62 | 14347 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 93 | 16851 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.<sup>(a)</sup> | 105 | 9827 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc., Class A<sup>(a)</sup> | 160 | 17149 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.<sup>(a)</sup> | 249 | 15821 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A<sup>(a)</sup> | 381 | 16874 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 418 | 17084 |
|  |  | 200660 |
| *Telecommunications **-** 1.22%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 654 | 18927 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(a)</sup> | 436 | 15870 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 418 | 18087 |
|  |  | 52884 |
| *Utilities **-** 13.19%* |  |  |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 268 | 16206 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 165 | 15847 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 153 | 15875 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 118 | 16415 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 102 | 15719 |

---

See Notes to Financial Statements

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 97.05% (continued)** |  |  |
| *Utilities **-** 13.19% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 441 | $16202 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 225 | 15588 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 148 | 14852 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 62 | 20011 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 288 | 16278 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 120 | 15895 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 155 | 18290 |
| &nbsp;&nbsp;&nbsp;Edison International | 322 | 16615 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 196 | 16291 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 414 | 15376 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 228 | 15716 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 238 | 15141 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 376 | 16326 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 401 | 16144 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 138 | 15932 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 197 | 16688 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 388 | 15652 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 109 | 17503 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 349 | 15489 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.<sup>(a)</sup> | 1088 | 15167 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 178 | 15926 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 470 | 15928 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 198 | 16668 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 207 | 19009 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 190 | 14134 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(a)</sup> | 62 | 18028 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 240 | 13517 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 113 | 21900 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 153 | 15943 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 238 | 16208 |
|  |  | 572479 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,902,475)** |  | 4210736 |
|  | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 1.99%** |  |  |
| *Oil & Gas **-** 1.99%* |  |  |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 1041 | 18873 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 575 | 17831 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 317 | 16329 |
| &nbsp;&nbsp;&nbsp;Sunoco LP | 305 | 16345 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 438 | 16950 |
|  |  | 86328 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $76,978)** |  | 86328 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.84%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.02% (7-day yield)<sup>(b)</sup> | 36473 | $36473 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $36,473)** |  | 36473 |
| **TOTAL INVESTMENTS - 99.88%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,015,926)** |  | $4333537 |
| **Other Assets in Excess of Liabilities - 0.12%** |  | 5165 |
| **NET ASSETS - 100.00%** |  | $4338702 |

---

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

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

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

Investment Abbreviations:

LP – Limited Partnership

See Notes to Financial Statements

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.49%** |  |  |
| *Banking **-** 2.13%* |  |  |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 18369 | $2248733 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 15445 | 949095 |
|  |  | 3197828 |
| *Consumer Discretionary Products **-** 3.54%* |  |  |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 132149 | 5318997 |
| *Consumer Discretionary Services **-** 3.54%* |  |  |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 5713 | 348950 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 22799 | 4969498 |
|  |  | 5318448 |
| *Consumer Staple Products **-** 19.49%* |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 45010 | 5025366 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 17071 | 1551754 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 97759 | 5064894 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 108807 | 3291412 |
| &nbsp;&nbsp;&nbsp;McCormick & Co, Inc. | 19845 | 1504648 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 19087 | 3040941 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 159756 | 4896521 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 84899 | 4944518 |
|  |  | 29320054 |
| *Financial Services **-** 0.56%* |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 9312 | 848416 |
| *Health Care **-** 12.43%* |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 11904 | 1619063 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 26257 | 4873824 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 16937 | 1998736 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 105903 | 4902250 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 72782 | 5020502 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 914 | 164182 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 1147 | 110938 |
|  |  | 18689495 |
| *Industrial Products **-** 7.76%* |  |  |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 9812 | 2163350 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. | 7453 | 728083 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1109 | 430525 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 15083 | 4399108 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 2841 | 244241 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 6783 | 1190891 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 15778 | 2521482 |
|  |  | 11677680 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.49% (continued)** |  |  |
| *Industrial Services **-** 8.45%* |  |  |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 17412 | $822021 |
| &nbsp;&nbsp;&nbsp;Brady Corp. | 794 | 53968 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. | 19451 | 868098 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. | 59271 | 5039220 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 297 | 112290 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 11633 | 5137365 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 24502 | 670375 |
|  |  | 12703337 |
| *Insurance **-** 4.37%* |  |  |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 852 | 295465 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 1852 | 404921 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 3027 | 807785 |
| &nbsp;&nbsp;&nbsp;Unum Group | 62694 | 5063168 |
|  |  | 6571339 |
| *Materials **-** 2.56%* |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 1164 | 182085 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 16520 | 1319948 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 1706 | 303395 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 7136 | 783818 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 5516 | 1258144 |
|  |  | 3847390 |
| *Media **-** 2.38%* |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 96617 | 3448261 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 2430 | 136031 |
|  |  | 3584292 |
| *Oil & Gas **-** 3.19%* |  |  |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 40066 | 4792294 |
| *Real Estate **-** 4.11%* |  |  |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 10264 | 1190213 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 122353 | 4995673 |
|  |  | 6185886 |
| *Retail & Wholesale - Discretionary **-** 1.75%* |  |  |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 16077 | 2626499 |
| *Retail & Wholesale - Staples **-** 3.66%* |  |  |
| &nbsp;&nbsp;&nbsp;Dollar General Corp., Class C | 4524 | 517455 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. | 34387 | 2179448 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 37106 | 2810409 |
|  |  | 5507312 |

---

See Notes to Financial Statements

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 94.49% (continued)** |  |  |
| *Software & Tech Services **-** 1.50%* |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 2522 | $1417213 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 434 | 94885 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 640 | 362778 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 3377 | 380284 |
|  |  | 2255160 |
| *Tech Hardware & Semiconductors **-** 2.55%* |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 54318 | 3768583 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 290 | 65027 |
|  |  | 3833610 |
| *Telecommunications **-** 6.53%* |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 177714 | 5143043 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 108224 | 4682853 |
|  |  | 9825896 |
| *Utilities **-** 3.99%* |  |  |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co Ltd. | 49622 | 1489653 |
| &nbsp;&nbsp;&nbsp;Edison International | 87332 | 4506331 |
|  |  | 5995984 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $140,406,887)** |  | 142099917 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 3.60%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily S&P 500 Bull 3X | 7783 | 1350584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily Small Cap Bull 3X Shares | 39815 | 1335395 |
| &nbsp;&nbsp;&nbsp;&nbsp;ProShares UltraPro Dow30 | 14566 | 1375322 |
| &nbsp;&nbsp;&nbsp;&nbsp;ProShares UltraPro QQQ | 16373 | 1358959 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,703,535)** |  | 5420260 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 2.10%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.02% (7-day yield)<sup>(a)</sup> | 3160366 | 3160366 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,160,366)** |  | 3160366 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.19%** | |
| &nbsp;&nbsp;&nbsp;**(Cost $147,270,788)** | $150680543 |
| **Liabilities in Excess of Other Assets - (0.19)%** | (285727) |
| **NET ASSETS - 100.00%** | $150394816 |

---

<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp;Rate disclosed is a 7-Day Yield as of June 30, 2025.

Percentages are stated as a percent of net assets.

See Notes to Financial Statements

TrueShares Eagle Global Renewable Energy Income ETF

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.10%** | **COMMON STOCKS - 99.10%** | **COMMON STOCKS - 99.10%** |
| *Financial Services - 3.31%* | *Financial Services - 3.31%* | *Financial Services - 3.31%* |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 2994 | $80419 |
| *Industrial Services - 5.12%* | *Industrial Services - 5.12%* | *Industrial Services - 5.12%* |
| &nbsp;&nbsp;&nbsp;Acciona SA | 692 | 124554 |
| *Utilities - 90.67%<sup>(a)</sup>* | *Utilities - 90.67%<sup>(a)</sup>* | *Utilities - 90.67%<sup>(a)</sup>* |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1250 | 129700 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc. | 4071 | 123188 |
| &nbsp;&nbsp;&nbsp;Drax Group PLC | 7830 | 74482 |
| &nbsp;&nbsp;&nbsp;EDP SA | 27899 | 121004 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co. Ltd. | 2962 | 50517 |
| &nbsp;&nbsp;&nbsp;Endesa SA | 3410 | 108013 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 11615 | 110222 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | 4692 | 87823 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.<sup>(b)</sup> | 6772 | 71986 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | 5142 | 98669 |
| &nbsp;&nbsp;&nbsp;Mercury NZ Ltd. | 13667 | 50068 |
| &nbsp;&nbsp;&nbsp;Meridian Energy Ltd. | 29366 | 105610 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 1616 | 112183 |
| &nbsp;&nbsp;&nbsp;Northland Power, Inc. | 6258 | 98207 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 1120 | 57456 |
| &nbsp;&nbsp;&nbsp;PG&E Corp.<sup>(b)</sup> | 7884 | 109903 |
| &nbsp;&nbsp;&nbsp;RWE AG | 7585 | 316559 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 8297 | 208530 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(b)</sup> | 267 | 77636 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 1219 | 93551 |
|  |  | 2205307 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp; **(Cost $2,310,966)** |  | 2410280 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.66%** | **MONEY MARKET FUNDS - 1.66%** | **MONEY MARKET FUNDS - 1.66%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.02% (7-day yield)<sup>(c)</sup> | 40291 | 40291 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $40,291)** |  | 40291 |
| **TOTAL INVESTMENTS - 100.76% <br> (Cost $2,351,257)** |  | $2450571 |
| **Liabilities in Excess of Other Assets - (0.76)%** |  | (18544) |
| **NET ASSETS - 100.00%** |  | $2432027 |

---

*<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>* *Rate disclosed is a 7-Day Yield as of June 30, 2025.* 

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

Investment Abbreviations:

AG - Aktiengesellschaft (German: Stock Corporation)

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 Financial Statements

TrueShares Technology, AI & Deep Learning ETF

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.48%** | **COMMON STOCKS - 99.48%** | **COMMON STOCKS - 99.48%** |
| *Health Care - 12.74%* |  |  |
| &nbsp;&nbsp;&nbsp;AbCellera Biologics, Inc.<sup>(a)</sup> | 111119 | $381138 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1565 | 1219964 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 7087 | 1197278 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Sponsored ADR | 9931 | 685438 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.<sup>(a)</sup> | 49628 | 171713 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc.<sup>(a)</sup> | 37765 | 783246 |
|  |  | 4438777 |
| *Retail & Wholesale - Discretionary - 4.89%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 7759 | 1702247 |
| *Software & Tech Services - 64.21%<sup>(b)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc.<sup>(a)</sup> | 21180 | 4147679 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc.<sup>(a)</sup> | 8129 | 4140181 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc.<sup>(a)</sup> | 11509 | 1546004 |
| &nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)</sup> | 18132 | 1529072 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.<sup>(a)</sup> | 6781 | 1423942 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.<sup>(a)</sup> | 2613 | 261222 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc.<sup>(a)</sup> | 55553 | 2209898 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.<sup>(a)</sup> | 33094 | 665851 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc.<sup>(a)</sup> | 47160 | 862085 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 1084 | 1114439 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.<sup>(a)</sup> | 11478 | 2568432 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(a)</sup> | 6053 | 1900279 |
|  |  | 22369084 |
| *Tech Hardware & Semiconductors - 17.64%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 8598 | 1220056 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC<sup>(a)</sup> | 8341 | 1349073 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 22646 | 3577842 |
|  |  | 6146971 |
| **TOTAL COMMON STOCKS <br> (Cost $29,258,440)** |  | 34657079 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 4.02% (7-day yield)<sup>(c)</sup> | 193843 | 193843 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $193,843)** |  | 193843 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.04%** | |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $29,452,283)** | $34850922 |
| **Liabilities in Excess of Other Assets - (0.04)%** | (15332) |
| **NET ASSETS - 100.00%** | $34835590 |

---

*<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 June 30, 2025.* 

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

Investment Abbreviations:

ADR - American Depository Receipt

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

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

See Notes to Financial Statements

TrueShares ETFs

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Opal<br> Dividend<br> Income ETF** | **RiverNorth<br> Enhanced Pre-<br> Merger SPAC<br> ETF** | **RiverNorth<br> Patriot ETF** | **TrueShares<br> Active Yield ETF** | **TrueShares<br> Eagle Global<br> Renewable<br> Energy Income<br> ETF** | **TrueShares<br> Technology,<br> AI & Deep<br> Learning ETF** |
| &nbsp;&nbsp;&nbsp;**ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $176427765 | $5367866 | $4333537 | $150680543 | $2450571 | $34850922 |
| &nbsp;&nbsp;&nbsp;Cash | 63942 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 300769 | 4804 | 5562 | 399452 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 265139 | 291 | 4746 | 204904 | 4090 | 3160 |
| &nbsp;&nbsp;&nbsp;Other assets | 185 |  |  |  |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 177057800 | 5372961 | 4343845 | 151284899 | 2454661 | 34854267 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to investment advisor | 91772 | 3949 | 2362 | 91180 | 1477 | 18677 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 601538 | 322 | 2781 | 798903 | 21157 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 693310 | 4271 | 5143 | 890083 | 22634 | 18677 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $176364490 | $5368690 | $4338702 | $150394816 | $2432027 | $34835590 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $169404446 | $4914855 | $4781830 | $172155245 | $2728161 | $40976854 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/accumulated loss | 6960044 | 453835 | (443128) | (21760429) | (296134) | (6141264) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $176364490 | $5368690 | $4338702 | $150394816 | $2432027 | $34835590 |
| &nbsp;&nbsp;&nbsp;**INVESTMENTS, AT COST** | $163461723 | $4990915 | $4015926 | $147270788 | $2351257 | $29452283 |
| &nbsp;&nbsp;&nbsp;**Net asset value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $176364490 | $5368690 | $4338702 | $150394816 | $2432027 | $34835590 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 5050000 | 195000 | 150000 | 6620000 | 100000 | 780000 |
| &nbsp;&nbsp;&nbsp;Net asset value, price per share | $34.92 | $27.53 | $28.92 | $22.72 | $24.32 | $44.66 |

---

See Notes to Financial Statements

TrueShares ETFs

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **The Opal** **<br> Dividend<br> Income ETF<sup>(a)</sup>** | **RiverNorth**<br> **Enhanced Pre-**<br> **Merger SPAC**<br> **ETF<sup>(a)</sup>** | **RiverNorth** **<br> Patriot ETF<sup>(a)</sup>** | **TrueShares**<br> **Active Yield**<br> **ETF<sup>(a)</sup>** | **TrueShares**<br> **Eagle Global**<br> **Renewable**<br> **Energy Income**<br> **ETF<sup>(a)</sup>** | **TrueShares** **<br> Technology,<br> AI & Deep<br> Learning ETF<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $2735679 | $3720 | $39604 | $7449232 | $43080 | $26127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 2735679 | 3720 | 39604 | 7449232 | 43080 | 26127 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 499182 | 22898 | 13611 | 565429 | 9397 | 108704 |
| &nbsp;&nbsp;&nbsp;Other expenses | - | 500 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 499182 | 23398 | 13611 | 565429 | 9397 | 108704 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 2236497 | (19678) | 25993 | 6883803 | 33683 | (82577) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2438454) | 179677 | (23961) | (15987589) | (191120) | (1301202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold in-kind | 6593219 |  | 71 | 257157 | 64558 | 784601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | - | - | - | - | 1047 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Realized Gain/(Loss) | 4154765 | 179677 | (23890) | (15730432) | (125515) | (516601) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 9337741 | 152357 | 199113 | 7473565 | 544342 | 4889722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related translations | - | - | - | - | 37 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Appreciation/Depreciation | 9337741 | 152357 | 199113 | 7473565 | 544379 | 4889722 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN/LOSS ON INVESTMENTS** | 13492506 | 332034 | 175223 | (8256867) | 418864 | 4373121 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $15729003 | $312356 | $201216 | $(1373064) | $452547 | $4290544 |
| &nbsp;&nbsp;&nbsp;\*Foreign taxes withheld on dividends | $45179 | $- | $- | $14028 | $10747 | $2109 |

---

*<sup>(a)</sup>* *The Funds acquired all of the assets and liabilities of their respective series of Listed Funds Trust (the "Predecessor Funds"), in tax free reorganizations that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

The Opal Dividend Income ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** **<br> Ended June 30, 2025<br> (Unaudited)<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2236497 | $2881278 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 4154765 | 9816029 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 9337741 | 1845631 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 15729003 | 14542938 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2209601) | (2917573) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (2209601) | (2917573) |
| &nbsp;&nbsp;&nbsp;**SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 53694979 | 141411377 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (24955065) | (80571218) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from share transactions | 28739914 | 60840159 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 42259316 | 72465524 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 134105174 | 61639650 |
| &nbsp;&nbsp;&nbsp;End of period | $176364490 | $134105174 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of The Opal Dividend Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

RiverNorth Enhanced Pre-Merger SPAC ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** **<br> Ended June 30, 2025<br> (Unaudited)<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(19678) | $(22956) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 179677 | 266904 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 152357 | 37588 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 312356 | 281536 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | - | (214783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | - | (214783) |
| &nbsp;&nbsp;&nbsp;**SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 259410 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | - | (1038405) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from share transactions | - | (778995) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 312356 | (712242) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5056334 | 5768576 |
| &nbsp;&nbsp;&nbsp;End of period | $5368690 | $5056334 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

RiverNorth Patriot ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** **<br> Ended June 30, 2025<br> (Unaudited)<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $25993 | $46042 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (23890) | 494555 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 199113 | (9318) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 201216 | 531279 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | - | (45051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | - | (45051) |
| &nbsp;&nbsp;&nbsp;**SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 281431 | 3200524 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | - | (3192378) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from share transactions | 281431 | 8146 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 482647 | 494374 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3856055 | 3361681 |
| &nbsp;&nbsp;&nbsp;End of period | $4338702 | $3856055 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Patriot ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

TrueShares Active Yield ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the Six Months** **<br> Ended June 30, 2025<br> (Unaudited)<sup>(a)</sup>** | **For the Period** **<br> April 30, 2024<br> (Commencement of<br> Operations) through<br> December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6883803 | $7413429 |
| &nbsp;&nbsp;&nbsp;Net realized (loss) | (15730432) | (2812864) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 7473565 | (4063810) |
| &nbsp;&nbsp;&nbsp;Net increase/decrease in net assets resulting from operations | (1373064) | 536755 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (6707060) | (7435244) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | (595316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (6707060) | (8030560) |
| &nbsp;&nbsp;&nbsp;**SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7262243 | 280779830 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3207368) | (118865960) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from share transactions | 4054875 | 161913870 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (4025249) | 154420065 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 154420065 | - |
| &nbsp;&nbsp;&nbsp;End of period | $150394816 | $154420065 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

TrueShares Eagle Global Renewable Energy Income ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** **<br> Ended June 30, 2025<br> (Unaudited)<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $33683 | $53916 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (125515) | 34431 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 544379 | (261502) |
| &nbsp;&nbsp;&nbsp;Net increase/decrease in net assets resulting from operations | 452547 | (173155) |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (30264) | (53703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (30264) | (53703) |
| &nbsp;&nbsp;&nbsp;**SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 596631 | 1997744 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (862966) | (2002808) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from share transactions | (266335) | (5064) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 155948 | (231922) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2276079 | 2508001 |
| &nbsp;&nbsp;&nbsp;End of period | $2432027 | $2276079 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

TrueShares Technology, AI & Deep Learning ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months** **<br> Ended June 30, 2025<br> (Unaudited)<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(82577) | $(166494) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (516601) | 830627 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 4889722 | 112046 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4290544 | 776179 |
| &nbsp;&nbsp;&nbsp;**SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 9217412 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3371892) | (13922893) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from share transactions | (3371892) | (4705481) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 918652 | (3929302) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 33916938 | 37846240 |
| &nbsp;&nbsp;&nbsp;End of period | $34835590 | $33916938 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements

The Opal Dividend Income ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **January 27, 2021**<br> **(Commencement** <br> **of Operations) <br> through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $32.01 | $27.77 | $28.99 | $28.89 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.48 | 0.90 | 0.94 | 0.99 | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.90 | 4.18 | (1.18) | 0.04 | 4.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.38 | 5.08 | (0.24) | 1.03 | 5.00 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.47) | (0.84) | (0.98) | (0.93) | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.47) | (0.84) | (0.98) | (0.93) | (1.11) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 2.91 | 4.24 | (1.22) | 0.10 | 3.89 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $34.92 | $32.01 | $27.77 | $28.99 | $28.89 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | 10.63% | 18.39% | (0.73%) | 3.65% | 20.10% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $176364 | $134105 | $61640 | $78271 | $46225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.65 %<sup>(d)</sup> | 0.65% | 0.65% | 0.65% | 0.65 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.91 %<sup>(d)</sup> | 2.90% | 3.39% | 3.42% | 3.08 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 18% | 80% | 81% | 41% | 55% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of The Opal Dividend Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

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

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(f)</sup>* *Excludes the impact of in-kind transactions.* 

See Notes to Financial Statements

RiverNorth Enhanced Pre-Merger SPAC ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)<sup>(a)</sup>** | **For the Year**<br> **Ended<br> December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended<br> December 31,**<br> **2023<sup>(a)</sup>** | **For the Period**<br> **July 11, 2022**<br> **(Commencement of**<br> **Operations) through<br> December 31,**<br> **2022<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $25.93 | $25.64 | $25.45 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.10) | (0.12) | (0.14) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 1.70 | 1.51 | 1.62 | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.60 | 1.39 | 1.48 | 0.51 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | – | (1.10) | (1.29) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | – | (1.10) | (1.29) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net Increase in net asset value | 1.60 | 0.29 | 0.19 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $27.53 | $25.93 | $25.64 | $25.45 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | 6.17% | 5.51% | 5.71% | 2.02% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $5369 | $5056 | $5769 | $3818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.91 %<sup>(d)</sup> | 0.89% | 0.89% | 0.89 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment (loss) to average net assets | (0.76 %)<sup>(d)</sup> | (0.44%) | (0.55%) | (0.76 %)<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 21% | 64% | 132% | 43% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

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

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(f)</sup>* *Excludes the impact of in-kind transactions.* 

See Notes to Financial Statements

RiverNorth Patriot ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **December 31, 2021**<br> **(Commencement <br> of Operations) <br> through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $27.54 | $24.01 | $21.70 | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.18 | 0.33 | 0.03 | 0.34 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.20 | 3.52 | 2.32 | (3.31) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.38 | 3.85 | 2.64 | (2.97) | – |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | – | (0.32) | (0.33) | (0.33) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | – | (0.32) | (0.33) | (0.33) | – |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share | – | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.38 | 3.53 | 2.31 | (3.30) | – |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $28.92 | $27.54 | $24.01 | $21.70 | $25.00 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | 5.00% | 16.04% | 12.18% | (11.89%) |  |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $4339 | $3856 | $3362 | $3255 | $1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.70 %<sup>(d)</sup> | 0.70% | 0.70% | 0.70% | 0.70 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.34 %<sup>(d)</sup> | 1.25% | 1.43% | 1.50% | <sub>–</sub> <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 21% | 33% | 46% | 31% |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Patriot ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

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

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(f)</sup>* *Excludes the impact of in-kind transactions.* 

See Notes to Financial Statements

TrueShares Active Yield ETF

**FINANCIAL HIGHLIGHTS**

---

| | | |
|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)<sup>(a)</sup>** | **For the Period**<br> **April 30, 2024**<br> **(Commencement of**<br> **Operations) through**<br> **December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $23.94 | $24.33 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 1.05 | 1.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized (loss) on investments | (1.25) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (0.20) | 0.93 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1.02) | (1.23) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | – | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.02) | (1.32) |
| &nbsp;&nbsp;&nbsp;Net Decrease in net asset value | (1.22) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $22.72 | $23.94 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | (0.82 %) | 3.77% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $150395 | $154420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.75 %<sup>(d)</sup> | 0.75 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 9.13 %<sup>(d)</sup> | 7.84 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 393 %<sup>(g)</sup> | 138% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

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

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(f)</sup>* *Excludes the impact of in-kind transactions.* 

*<sup>(g)</sup>* *Portfolio turnover rate increased significantly during the period as a result of more active trading. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes. Portfolio turnover may vary significantly from year to year depending on market conditions and investment opportunities.* 

See Notes to Financial Statements

TrueShares Eagle Global Renewable Energy Income ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Period**<br> **December 8, 2022**<br> **(Commencement** <br> **of Operations) <br> through**<br> **December 31,**<br> **2022<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $20.69 | $22.80 | $24.55 | $24.76 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.29 | 0.49 | 0.64 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.64 | (2.11) | (1.78) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.93 | (1.62) | (1.16) | (0.21) |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.30) | (0.49) | (0.59) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.30) | (0.49) | (0.59) | – |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.63 | (2.11) | (1.75) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $24.32 | $20.69 | $22.80 | $24.55 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | 19.05% | (7.30 %)<sup>(d)</sup> | (4.65%) | (0.83 %) |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $2432 | $2276 | $2508 | $2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.75 %<sup>(e)</sup> | 0.75% | 0.75% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.69 %<sup>(e)</sup> | 2.19% | 2.66% | (0.22 %)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> | 30% | 43% | 52% | 2% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(d)</sup>* *Before payment from the Adviser for the loss resulting from a trade error, the total return for the period would have been 1.67%.* 

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

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.* 

See Notes to Financial Statements

TrueShares Technology, AI & Deep Learning ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six**<br> **Months**<br> **Ended**<br> **June 30, 2025**<br> **(Unaudited)<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year** **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021<sup>(a)</sup>** | <br> **For the Period**<br> **February 28, 2020**<br> **(Commencement**<br> **of**<br> **Operations)**<br> **through**<br> **December 31,**<br> **2020<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | 38.98 | $38.23 | $22.88 | $47.12 | $47.61 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.10) | (0.17) | (0.08) | (0.19) | (0.31) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 5.78 | 0.92 | 15.43 | (24.05) | (0.12) | 22.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.68 | 0.75 | 15.35 | (24.24) | (0.43) | 22.61 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | – | – | – | – | (0.06) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | – | – | – | – | (0.06) | – |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 5.68 | 0.75 | 15.35 | (24.24) | (0.49) | 22.61 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $44.66 | $38.98 | $38.23 | $22.88 | $47.12 | $47.61 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | 14.56% | 1.98% | 67.08% | (51.44%) | (0.90%) | 90.43% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $34836 | $33917 | $37846 | $14300 | $37694 | $27374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.68 %<sup>(d)</sup> | 0.68% | 0.68% | 0.68% | 0.68% | 0.68 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment (loss) to average net assets | (0.52 %)<sup>(d)</sup> | (0.43%) | (0.29%) | (0.60%) | (0.67%) | (0.59 %)<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 6% | 28% | 18% | 25% | 14% | 30% |

---

*(a)* *The Fund acquired all of the assets and liabilities of TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*(b)* *Calculated based on the average number of common shares outstanding during each fiscal period.* 

*(c)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*(d)* *Annualized.* 

*(e)* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*(f)* *Excludes the impact of in-kind transactions.* 

See Notes to Financial Statements

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

**June 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 financial statements 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:

---

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

---

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

---

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

---

On March 5, 2025, the Board of Trustees of Listed Funds Trust approved a tax-free reorganization wherein all of the assets and liabilities of each Predecessor Fund were acquired by its respective Fund. In connection with this acquisition as of the close of business on June 13, 2025, shares of the Predecessor Funds were exchanged for an equivalent number of shares of the Funds, and the Funds' net assets, shares outstanding, net unrealized appreciation/depreciation and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization. The Predecessor Funds had investment objectives that were, in all material respects, the same as those of the Funds as described above. The Funds are a continuation of the Predecessor Funds, and therefore, the performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information in these financial statements and notes to the financial statements for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.

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.

The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of a Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Advisor acts as the Funds' CODM. Each Fund is considered an operating segment, and their performance and operating results are reviewed to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their Financial Statements. The accompanying Financial Statements 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 Financial Statements. 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.

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

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

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.

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 June 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 | $164545621 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $164545621 |
| Limited Partnerships | 7745404 |  |  | 7745404 |
| Money Market Funds | 4136740 | – | – | 4136740 |
| Total | $176427765 | $– | $– | $176427765 |

---

**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** |
| Rights | $52947 | $5481 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $58428 |
| Warrants | 66935 | 985 |  | 67920 |
| Special Purpose Acquisition Companies (SPACS) | 2994396 | 2156277 | – | 5150673 |
| Total | $3205123 | $2162743 | $– | $5367866 |

---

**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 | $4210736 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $4210736 |
| Limited Partnerships | 86328 |  |  | 86328 |
| Money Market Funds | 36473 | – | – | 36473 |
| Total | $4333537 | $– | $– | $4333537 |

---

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

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

**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 | $142099917 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $– | $142099917 |
| Exchange-Traded Funds | 5420260 |  |  | 5420260 |
| Money Market Funds | 3160366 | – | – | 3160366 |
| Total | $150680543 | $– | $&nbsp;&nbsp;&nbsp;&nbsp; – | $150680543 |

---

**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 | $2410280 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2410280 |
| Money Market Funds | 40291 | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 40291 |
| Total | $2450571 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2450571 |

---

**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 | $34657079 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $34657079 |
| Money Market Funds | 193843 | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 193843 |
| Total | $34850922 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $34850922 |

---

*<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.

**Distributions to Shareholders:** SPCZ, FLDZ and LRNZ generally pay out dividends from net investment income, if any, at least annually. RNWZ intends to pay out dividends from net investment income, if any, quarterly. DIVZ and ERNZ intend to pay out dividends from net investment income, if any, monthly. All Funds will declare and pay capital gain distributions, if any, in cash at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

**Federal Income Tax:** For federal income tax purposes, the Funds currently intend to qualify, as regulated investment companies under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of their earnings to their stockholders. Accordingly, no provision for federal income or excise taxes has been made.

Income and capital gain distributions are determined and characterized in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole.

As of and during the periods ended June 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. As of June 30, 2025, there were no interest or penalties incurred by the Funds. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

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

authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. There are no uncertain tax positions that require a provision for income taxes.

**NOTE 3 - DERIVATIVE FINANCIAL INSTRUMENTS**

As a part of their investment strategy, the Funds may invest to a lesser extent in derivatives contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

**Risk of Investing in Derivatives**: The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected, resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allow the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that a Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow

**Total Return Swaps**: SPCZ ETF 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.

The Fund did not hold any total return swap agreements as of or during the period ended June 30, 2025.

**NOTE 4 - ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS**

TrueMark Investments LLC (the "Adviser") serves as the investment adviser to the Funds. Pursuant to the Investment Advisory Agreements, each Fund pays the Adviser a Unitary Management Fee, which is calculated daily and paid monthly, at an annual rate of each Fund's average daily net assets as follows:

---

| | |
|:---|:---|
| The Opal Dividend Income ETF | 0.65% |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 0.89% |
| RiverNorth Patriot ETF | 0.7% |
| TrueShares Active Yield ETF | 0.75% |
| TrueShares Eagle Global Renewable Energy Income ETF | 0.75% |
| TrueShares Technology, AI & Deep Learning ETF | 0.68% |

---

Out of the Unitary Management Fees, the Adviser has agreed to pay substantially all of the expenses of the Funds, including the cost of transfer agency, custody, fund administration, trustees and other non-distribution related services necessary for the Funds to operate, except for: the fees paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution (12b-1) fees and expenses, litigation expenses, and other non-routine or extraordinary expenses. Each Sub-Adviser is entitled to a sub-advisory fee paid by the Adviser, not the Fund.

Opal Capital LLC (the "DIVZ Sub-Adviser"), a Florida limited liability company serves as sub-adviser to DIVZ. Pursuant to a Sub-Advisory Agreement between the Adviser and DIVZ Sub-Adviser, the DIVZ Sub-Adviser is responsible for trading portfolio securities on behalf of DIVZ, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

RiverNorth Capital Management, LLC (the "RiverNorth ETF's Sub-Adviser"), a Delaware limited liability company serves as the sub-adviser to FLDZ and SPCZ. Pursuant to a Sub-Advisory Agreement between the Adviser and the RiverNorth ETF's Sub-Adviser, the RiverNorth ETF's Sub-Adviser is responsible for security

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

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

selection for each Fund and trading securities on behalf of SPCZ, subject to the supervision of the Adviser and the Board, including the Independent Trustees. The RiverNorth ETF's Sub-Adviser will donate a majority of its sub-advisory fee from FLDZ or 100% of the profit derived from its management of the Fund, whichever is greater, to the Folds of Honor Foundation, a charity focused on providing scholarships to families of veterans.

Wealth Builder Funds LLC (the "ERNZ Sub-Advisor"), an Illinois limited liability company serves as sub-adviser to ERNZ. Pursuant to a Sub-Advisory Agreement between the Adviser and the ERNZ Sub-Adviser, the ERNZ Sub-Adviser is responsible for security selection, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

Eagle Global Advisors LLC (the "RNWZ Sub-Advisor"), a Texas limited liability company serves as sub-adviser to RNWZ. Pursuant to a Sub- Advisory Agreement between the Adviser and the RNWZ Sub-Adviser, the RNWZ Sub-Adviser is responsible for security selection, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

Black Hill Capital Partners, LLC (the "LRNZ Sub-Adviser"), a Delaware limited liability company serves as the sub-adviser to LRNZ. Pursuant to a Sub-Advisory Agreement between the Adviser and the LRNZ Sub-Adviser, the LRNZ Sub-Adviser is responsible for security selection and trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

Effective June 13, 2025 Paralel Technologies LLC (the "Administrator"), the parent company of the Distributor, serves as the Funds' administrator and fund accountant pursuant to an Administration and Fund Accounting Agreement. The Administrator provides the Funds with certain administrative, tax and accounting services. Fees for these services are paid by the Adviser out of its Unitary Management Fees. Prior to June 13, 2025, U.S. Bancorp Fund Services, LLC served as the Predecessor Funds' administrator.

Effective June 13, 2025, Paralel Distributors LLC, a wholly owned subsidiary of the Administrator acts as the principal underwriter for the Funds and distributes shares pursuant to a Distribution Agreement. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. Prior to June 13, 2025, Foreside Fund Services, LLC served as the Predecessor Funds' distributor.

Effective June 13, 2025, State Street Bank and Trust Company ("State Street") serves as the custodian of the Funds' assets pursuant to a Custody Agreement and as the transfer agent pursuant to a Transfer Agent Agreement. Fees for these services are paid by the Adviser out of its Unitary Management Fee. Prior to June 13, 2025, U.S. Bancorp Fund Services, LLC served as the Predecessor Funds' custodian and transfer agent.

The officers and the Interested Trustee of the Trust are officers or employees of the Administrator, and/or Distributor. No persons (other than the Independent Trustees) receive compensation for acting as a trustee or officer. For their services, Independent Trustees receive a quarterly retainer, meeting fees, as well as reimbursement for reasonable travel, lodging and other expenses in connection with attendance at meetings. Trustee fees and expenses are paid by the Adviser out of its Unitary Management Fees.

**NOTE 5 - PURCHASES AND SALES OF SECURITIES**

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments), and in-kind transactions associated with creations and redemptions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **In-Kind Purchases** | **In-Kind Sales** |
| The Opal Dividend Income ETF | $27654718 | $29879558 | $52402960 | $23895382 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 1144316 | 1034835 |  |  |
| RiverNorth Patriot ETF | 892624 | 830315 | 263836 |  |
| TrueShares Active Yield ETF | 578702735 | 577885309 | 6678376 | 2986125 |
| TrueShares Eagle Global Renewable Energy Income ETF | 808815 | 727321 | 529325 | 856407 |
| TrueShares Technology, AI & Deep Learning ETF | 2708293 | 2029321 |  | 3324149 |

---

**NOTE 6 - BENEFICIAL INTEREST TRANSACTIONS**

Shares are purchased from or redeemed by the Funds only in Creation Unit size aggregations generally of 10,000 Shares with Authorized Participants. Authorized Participants must be either broker-dealers or other participants in the clearing process through the Continuous Net Settlement System of the NSCC, clearing agencies registered with the SEC, or DTC Participants and must execute a Participant Agreement with the Distributor and accepted by State Street. Transactions of Creation Units generally consist of an in-kind designated portfolio of securities ("Deposit Securities"), with a cash component equal to the difference between the Deposit Securities and the NAV per unit of a Fund on the transaction date. The Fund may require cash to replace Deposit Securities if such securities are not available in sufficient quantities for delivery, are not eligible to be transferred or traded, are restricted under securities laws, or as a result of other situations.

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

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

---

| | | |
|:---|:---|:---|
| Beneficial Interest transactions were as follows: |  |  |
| **The Opal Dividend Income ETF** | **For the Period**<br> Ended<br> **June 30, 2025** | **For the Year<br> Ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shares sold | 1600000 | 4600000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (740000) | (2630000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 860000 | 1970000 |
| **RiverNorth Enhanced Pre-Merger SPAC ETF** | **For the Period** <br> **Ended**<br> **June 30, 2025** | **For the Year<br> Ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 10000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | – | (40000) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | – | (30000) |
| **RiverNorth Patriot ETF** | **For the Period<br> Ended**<br> **June 30, 2025** | **For the Year <br> Ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shares sold | 10000 | 120000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | – | (120000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 10000 | – |
| **TrueShares Active Yield ETF** | **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Period**<br> **April 30, 2024**<br> **(Commencement of**<br> **Operations) through**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shares sold | 310000 | 11190000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (140000) | (4740000) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 170000 | 6450000 |
| **TrueShares Eagle Global Renewable Energy Income ETF** | **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year <br> Ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shares sold | 30000 | 80000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (40000) | (80000) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (10000) | – |
| **TrueShares Technology, AI & Deep Learning ETF** | **For the Period**<br> **Ended**<br> **June 30, 2025** | **For the Year<br> Ended**<br> **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 240000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (90000) | (360000) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (90000) | (120000) |

---

**NOTE 7 - TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION**

The amounts and characteristics of tax basis distributions and composition of distributable earnings are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025.

The character of distributions paid on a tax basis during the period ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital**<br> **Gain** | **Return of Capital** |
| The Opal Dividend Income ETF | $2917573 | $– | $– |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 186432 | 28351 |  |
| RiverNorth Patriot ETF | 45051 |  |  |
| TrueShares Active Yield ETF | 7435244 |  | 595316 |
| TrueShares Eagle Global Renewable Energy Income ETF | 53703 |  |  |
| TrueShares Technology, AI & Deep Learning ETF |  |  |  |

---

TrueShares ETFs

**NOTES TO FINANCIAL STATEMENTS**

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

The amounts of net unrealized appreciation/depreciation and the costs of investment securities for tax purposes at June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross**<br> **Appreciation**<br> **(excess of value**<br> **over tax cost)** | **Gross**<br> **Depreciation**<br> **(excess of tax**<br> **cost over value)** | **Net**<br> **Appreciation/**<br> **(Depreciation)**<br> **of Foreign Currency** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Cost of**<br> **Investments for**<br> **Income Tax**<br> **Purposes** |
| The Opal Dividend Income ETF | $19838643 | $(9418865) | $– $| 10419778 | $166007987 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 381505 | (83810) | – | 297695 | 5070171 |
| RiverNorth Patriot ETF | 487313 | (305843) | – | 181470 | 4152067 |
| TrueShares Active Yield ETF | 3817464 | (516375) | – | 3301089 | 147379454 |
| TrueShares Eagle Global Renewable Energy Income ETF | 199017 | (150720) | – | 48297 | 2402274 |
| TrueShares Technology, AI & Deep Learning ETF | 11268672 | (6351699) | – | 4916973 | 29933949 |

---

The difference between book and tax basis unrealized appreciation is attributable primarily to wash sales, partnership adjustments and passive foreign investment company mark-to-market adjustments. Certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of June 30, 2025.

**NOTE 8 - INDEMNIFICATIONS**

In the normal course of business, the Trust or Funds enter into contracts that contain a variety of representations which provide general indemnifications. Additionally, the Declaration of Trust provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust against certain liabilities arising out of the performance of their duties. The Funds' maximum exposure under these arrangements is unknown, however, the Funds expect the risk of loss to be remote.

**NOTE 9 - SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date these financial statements were issued and has determined that there were no subsequent events to report through the issuance of these financial statements.

TrueShares ETFs

**ADDITIONAL INFORMATION**

**June 30, 2025 (Unaudited)**

**PROXY VOTING**

The policies and procedures used by the Funds to determine how to vote proxies relating to portfolio securities held by the Funds are available, without charge, (i) on the SEC's website at www.sec.gov or (ii) by calling toll-free (877) 774-TRUE (8783). Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge at www.sec.gov or by calling toll-free (877) 774-TRUE (8783).

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by this report.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

A special meeting of shareholders was held on May 15, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

The Opal Dividend Income ETF, a series of Listed Funds Trust ("LiFT"), into The Opal Dividend Income ETF, a series of Elevation Series Trust ("EST");

TrueShares Active Yield ETF, a series of LiFT, into TrueShares Active Yield ETF, a series of EST;

RiverNorth Patriot ETF, a series of LiFT, into RiverNorth Patriot ETF, a series of EST;

TrueShares Technology, AI & Deep Learning ETF, a series of LiFT, into the TrueShares Technology, AI & Deep Learning ETF, a series of EST;

TrueShares Eagle Global Renewable Energy Income ETF, a series of LiFT, into TrueShares Eagle Global Renewable Energy Income ETF, a series of EST; and

RiverNorth Enhanced Pre-Merger SPAC ETF, a series of LiFT, into the RiverNorth Enhanced Pre-Merger SPAC ETF, a series of EST.

---

| | | |
|:---|:---|:---|
|  | # of Votes | % of Votes |
| The Opal Dividend Income ETF |  |  |
| Vote For | 1246563 | 77.44 |
| Vote Against | 12216 | 0.76 |
| Abstain | 351038 | 21.81 |
| TOTAL | 1609817 | 100.00 |
| TrueShares Active Yield ETF |  |  |
| Vote For | 3167931 | 96.24 |
| Vote Against | 65674 | 2.00 |
| Abstain | 58111 | 1.77 |
| TOTAL | 3291716 | 100.00 |
| RiverNorth Patriot ETF |  |  |
| Vote For | 101140 | 100.00 |
| Vote Against | 0 | 0.00 |
| Abstain | 0 | 0.00 |
| TOTAL | 101140 | 100.00 |
| TrueShares Technology, AI & Deep Learning ETF |  |  |
| Vote For | 223008 | 82.27 |
| Vote Against | 4387 | 1.62 |
| Abstain | 43682 | 5.39 |
| TOTAL | 271077 | 100.00 |
| TrueShares Eagle Global Renewable Energy Income ETF |  |  |
| Vote For | 61664 | 99.20 |
| Vote Against | 450 | 0.72 |
| Abstain | 47 | 0.08 |
| TOTAL | 62161 | 100.00 |
| RiverNorth Enhanced Pre-Merger SPAC ETF |  |  |
| Vote For | 120564 | 99.96 |
| Vote Against | 50 | 0.04 |
| Abstain | 0 | 0 |
| TOTAL | 120614 | 100.00 |

---

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The aggregate remuneration paid by the Registrant is included in the financial statements as part of the report to shareholders filed under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

*The Opal Dividend Income ETF ("DIVZ"), TrueShares Active Yield ETF ("ERNZ"), RiverNorth Patriot ETF (FLDZ"), TrueShares Technology, AI & Deep Learning ETF ("LRNZ"), TrueShares Eagle Global Renewable Energy Income ETF ("RNWZ"), and RiverNorth Enhanced Pre-Merger SPAC ETF ("SPCZ") Advisory Agreements Approval* 

At a meeting held on March 11, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Elevation Series Trust (the "Trust") considered the approval of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and TrueMark Investments, LLC ("TMI") on behalf of DIVZ, ERNZ, FLDZ, LRNZ, RNWZ, and SPCZ (together the "TMI Funds") and the Investment Sub-Advisory Agreements between TMI and: 1) Opal Capital LLC ("Opal") on behalf of DIVZ; 2) Wealth Builder Funds, LLC ("WBF") on behalf of ERNZ; 3) RiverNorth Capital Management LLC ("RiverNorth") on behalf of FLDZ and SPCZ; 4) Black Hill Capital Partners, LLC ("Black Hill") on behalf of LRNZ; and 5) Eagle Global Advisors, LLC ("EGA") on behalf of RNWZ (each a "Sub-Advisory Agreement").

The Board was assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The Board's conclusions were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weights to the various factors in reaching his or her conclusions with respect to the approval of the Advisory Agreement.

*DIVZ, ERNZ, FLDZ, LRNZ, RNWZ and SPCZ Advisory Agreement*

<u>Nature, Extent, and Quality of Services Provided</u>. The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that TMI currently provided advisory services to the predecessor TMI Funds in another series trust and would provide substantially identical services to the TMI Funds in the Trust. The Board further considered that TMI currently provided advisory services to twenty-one registered funds, including three series of the Trust. The Board noted the depth of TMI's experience in the management of registered funds, specifically ETFs, and that TMI managed approximately $900 million of total assets. The Board reviewed TMI's best execution practices and its process for evaluating broker-dealers to ensure best execution and efficient bid-ask spreads. The Board reviewed the background information of key investment personnel who would continue servicing the TMI Funds, considering their educational backgrounds and years of financial industry experience.

The Board confirmed it had received and reviewed a copy of TMI's Form ADV, as well as TMI's responses to a detailed series of questions that included, among other things, information about the firm's key personnel, the compliance program, and the services to be provided by TMI. The Board noted that TMI represented that it had no material regulatory, compliance or litigation issues over the past 36 months. The Board determined that TMI could be expected to continue to provide quality service to the TMI Funds and their respective shareholders.

<u>Performance.</u> The Board considered the information provided by TMI related to each TMI Fund's strategy and observed that the proposed strategies for the TMI Funds are identical to their corresponding predecessor TMI Fund. The Board reviewed the performance of the predecessor TMI Funds over various periods ended December 31, 2024.

*DIVZ* 

The Board discussed that the predecessor fund underperformed its benchmark, the S&P 500 Total Return Index, over the one-year and since inception periods but outperformed its benchmark over the three-year period. The Board observed that the predecessor fund outperformed the FUSE Peer Group over the one-year period but underperformed the FUSE Peer Group over the three-year and since inception periods. The Board acknowledged that the predecessor fund had strong absolute returns. The Board considered the explanation that most of the "Magnificent Seven" stocks did not meet the predecessor fund's dividend criteria, and that the portfolio's lack of exposure to such stocks accounted for a majority of underperformance relative to the benchmark. The Board recalled Opal's assertion that dividend stocks have been out of favor at various times since inception, and that investors' preference for large cap growth stocks during such periods also detracted from the predecessor fund's returns. The Board concluded that TMI could be expected to provide satisfactory performance for the DIVZ and its shareholders.

*ERNZ*

The Board recognized the predecessor fund had a short history, commencing operations in April 2024. The Board discussed that the predecessor fund underperformed its benchmark, the S&P 500 Total Return Index, and FUSE Peer Group over the three-month and since inception periods. The Board recalled that relative underperformance was attributed to expectations for interest rate cuts and investors' enthusiasm for growth sectors, which drove capital away from income generating investments such as those held by the predecessor fund. The Board further observed that certain portfolio weightings had also detracted from performance. The Board agreed that the predecessor fund had been managed consistent with its investment objective, and that TMI could be expected to successfully manage ERNZ.

*FLDZ*

The Board discussed that the predecessor fund outperformed the FUSE Peer Group over the one-year period, performed in line with the FUSE Peer Group since inception, and underperformed its benchmark, the S&P 900 Index, over both periods. The Board discussed that underperformance relative to the predecessor fund's benchmark was attributed to the predecessor fund's investment criteria excluding certain companies from the portfolio, such as NVIDIA, that had performed extremely well over the last few years. The Board concluded the TMI could be expected to provide reasonable returns to FLDZ and its shareholders.

*LRNZ*

The Board observed that the predecessor fund underperformed the FUSE Peer Group and benchmark, the NASDAQ Composite Total Return Index, across all time periods. The Board acknowledged that underperformance was attributed to the predecessor fund's investments in companies not well known to the public, which have underperformed relative to the well-known AI companies included in the benchmark and held by funds in the FUSE Peer Group. The Board considered the LRNZ's buy and hold strategy for companies with distinct competitive advantages in the technology space and recalled the sub-adviser reaffirmed its conviction in the long-term potential of these companies. The Board noted that TMI and the Fund's sub-adviser believed the strategy would provide satisfactory performance over a longer period.

*RNWZ*

The Board observed that the predecessor fund underperformed its benchmark, the S&P Global Infrastructure Index, and FUSE Peer Group over the one-year and since inception periods. The Board acknowledged the predecessor fund had a relatively short operating history and that its launch coincided with a shift towards uncertainty around public policy support for the renewable energy transition and carbon reduction strategies. The Board recalled Eagle's explanation that the portfolio's focus on renewable energy infrastructure, as well as overweighting in the US and Europe, detracted from performance. The Board acknowledged that TMI and EGA believed the strategy would be competitive over a longer time period and concluded that RNWZ had the potential to provide reasonable returns to its shareholders.

*SPCZ*

The Board observed that the predecessor fund outperformed its benchmark, the ICE BofA 0-3 Month US Treasury Bill Index, and FUSE Peer Group over the one-year and since inception periods. The Board noted that outperformance was attributed to interest accrual on SPAC trust accounts. It was the consensus of the Board that TMI could be expected to provide satisfactory performance for the SPAC ETF and its shareholders.

<u>Cost of Services Provided.</u> The Board reviewed the proposed management fee for each TMI Fund, which were each proposed as a "unitary fee" under which TMI would pay all expenses of the TMI Funds except for the management fee and certain other costs such as interest, brokerage, acquired fund fees and expenses, and extraordinary expenses. Accordingly, the Board agreed that a comparison of each TMI Fund's unitary fee to the total expense ratios of the funds in their respective FUSE Peer Group was appropriate. The Board considered that the proposed management fee for each TMI Fund was identical to the fee charged by TMI to its respective predecessor fund. The Board also discussed that as all fees were paid from the unitary fee, the proposed arrangement reflected a not-unreasonable allocation of the fees paid to TMI given the work performed by it.

*DIVZ*

The Board observed that the proposed management fee for DIVZ was higher than the median of the FUSE Peer Group but within the range of FUSE Peer Group funds. The Board acknowledged TMI's position that many of the funds in the FUSE Peer Group are part of much larger organizations that can leverage economies of scale. The Board concluded that the proposed management fee for DIVZ was not unreasonable, and that the allocation of sub-advisory fee and amount retained by TMI was reasonable given their respective responsibilities.

*ERNZ*

The Board observed that the proposed advisory fee for the ERNZ was slightly above the median of the FUSE Peer Group but well within the range of the FUSE Peer Group funds. The Board discussed TMI's position that the actively managed nature of the strategy, which factors in yield optimization, justifies the fee. The Board concluded that the proposed management fee for ERNZ was not unreasonable, and that the allocation of sub-advisory fee and amount retained by TMI was reasonable given their respective responsibilities.

*FLDZ*

The Board observed that the proposed management fee for FLDZ was below the median of the FUSE Peer Group. The Board also considered TMI's agreement to donate to the Fields of Honor Foundation the greater of a majority of its management fee or all of its profit derived from managing FLDZ. The Board concluded that the proposed management fee for FLDZ was not unreasonable, and that the allocation of sub-advisory fee and amount retained by TMI was reasonable given their respective responsibilities.

*LRNZ*

The Board observed that the proposed management fee for LRNZ was below the median of the FUSE Peer Group. The Board acknowledged that the management fee appeared commensurate with the amount of resources and due diligence required to identify and select investments for LRNZ. The Board concluded that the proposed management fee for LRNZ was not unreasonable, and that the allocation of the sub-advisory fee and amount retained by TMI was reasonable given their respective responsibilities.

*RNWZ*

The Board observed that the proposed management fee for RNWZ was equal to the median of the FUSE Peer Group. The Board considered the extent of resources and due diligence to be provided by TMI to RNWZ, as well as TMI's position that many of the funds in the FUSE Peer Group with lower fees are part of much larger organizations with greater economies of scale. The Board concluded that the proposed management fee for RNWZ was not unreasonable, and that the allocation of sub-advisory fee and amount retained by TMI was reasonable given their respective responsibilities.

*SPCZ*

The Board observed that the proposed management fee for SPCZ was slightly above the median of the FUSE Peer Group but within the range of the FUSE Peer Group funds. The Board noted TMI believed the proposed fee to be reasonable given the unique skills required to manage the investment strategy and that the limited number of funds in the FUSE Peer Group demonstrated the uniqueness of the strategy offered to shareholders. The Board concluded that the proposed management fee for the SPCZ was not unreasonable, and that the allocation of sub-advisory fee and amount retained by TMI was reasonable given their respective responsibilities.

<u>Economies of Scale and Profitability</u>. The Board evaluated the compensation and benefits to be received by TMI from its relationship with each TMI Fund and reviewed an analysis of TMI's anticipated profitability with respect to the work to be completed for each TMI Fund. The Board considered the profits anticipated with respect to each, if any, were not unreasonable across the initial term of the Advisory Agreements. The Board agreed that the unitary fee structure provided certainty of fees to shareholders regardless of whether TMI was benefitting from economies of scale.

<u>Conclusion.</u> Having requested and received information from TMI as it believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice and guidance of legal counsel, the Board concluded that approval of the respective Advisory Agreement was in the best interests of each TMI Fund and its shareholders.

*DIVZ Sub-Advisory Agreement* 

<u>Nature, Extent and Quality of Service.</u> The Board observed that Opal was founded in 2022 and was currently registered as an investment adviser with two main business lines (an outsourced chief investment officer ("OCIO") and asset management). They recognized that Opal advised on approximately $935 million in assets as an OCIO, which provided custom investment programs to wealth management firms. Additionally, the Board noted that the asset management business line managed portfolios of approximately $200 million focused on dividend paying equities for retail investors. The Board considered that Opal had two active management strategies (Opal Dividend Income and Opal International Dividend Income) which were managed through ETFs and SMAs. The Board considered its familiarity with Opal from the services it provides to an existing series in the Trust.

The Board confirmed it had received and reviewed a copy of Opal's Form ADV, as well as responses to a detailed series of questions that included, among other things, information about Opal's decision-making process. The Board evaluated the background information of key investment personnel who would continue to service DIVZ, considering their education and financial industry experience. The Board considered the services Opal provides to the predecessor fund, including security selection, noting it would provide the same services to DIVZ. The Board observed that Opal maintained a robust cybersecurity program. The Board acknowledged that Opal reported a routine SEC examination in 2023, and reported no material regulatory, compliance or litigation issues over the past 36 months. The Board determined that Opal could be expected to provide adequate service to DIVZ and its shareholders.

<u>Performance.</u> The Board noted that overall performance considerations considered at the advisory level also applied at the sub-advisory level. After further discussion, the Board agreed that Opal should provide reasonable performance for DIVZ and its shareholders.

<u>Fees and Expenses.</u> The Board reviewed the proposed sub-advisory fee to be paid by TMI to Opal, which was annual fee of 0.55% of DIVZ's assets under management. The Board noted the proposed sub-advisory fee was the same sub-advisory fee Opal charged for the predecessor fund. The Board discussed the allocation of responsibilities between TMI and Opal. The Board also recognized the proposed sub-advisory fee was lower than the average fee charged by Opal to SMAs utilizing a similar strategy and the sub-advisory fee charged by Opal to the Opal International Dividend Income ETF. The Board concluded that the proposed sub-advisory fee was not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board agreed that determining economies of scale was primarily an adviser level issue and should be considered with respect to the overall Advisory Agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that Opal's projected profitability, as set forth in its Pro-Forma Related to Fund Operations indicated that Opal expected to realize a profit over the initial term of the Sub-Advisory Agreement. The Board concluded that Opal's anticipated profits were not excessive.

<u>Conclusion.</u> Having requested and received such information from Opal as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that approval of the Sub-Advisory Agreement was in the best interests of DIVZ and its shareholders.

*ERNZ Sub-Advisory Agreement* 

<u>Nature, Extent and Quality of Service.</u> The Board observed that WBF was founded in 2023 and currently registered as an investment adviser, acknowledging the predecessor fund is the only client of the firm. The Board evaluated the background information of key investment personnel who would service ERNZ, considering their education and financial industry experience. The Board confirmed it had received and reviewed a copy of WBF's Form ADV, as well as responses to a detailed series of questions that included, among other things, information about WBF's decision-making process. The Board considered the services WBF currently provides to the predecessor fund, including security selection and other portfolio management decisions, noting it would provide the same services to ERNZ. The Board discussed that WBF reported a routine SEC examination commenced in 2024 and was ongoing, and that the Trust CCO met with representatives of WBF to discuss the examination. The Board concluded that it could expect WBF to provide adequate service to ERNZ and its shareholders.

<u>Performance.</u> The Board noted that overall performance considerations considered at the advisory level also applied at the sub-advisory level. After further discussion, the Board agreed that WBF should provide reasonable performance for ERNZ and its future shareholders.

<u>Fees and Expenses.</u> The Board evaluated the proposed sub-advisory fee to be paid by TMI and observed it was the same sub-advisory fee WBF charged for the predecessor fund. The Board noted the allocation of responsibilities between TMI and WBF, considering the proposed sub-advisory fee of 0.675% of the Fund's average daily assets under management. The Board concluded that the proposed sub-advisory fee was not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board agreed that determining economies of scale was primarily an adviser level issue and should be considered with respect to the overall Advisory Agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that WBF's projected profitability, as set forth in its Pro-Forma Related to Fund Operations, indicated that WBF expected to realize a profit during the initial two-year term of agreement. The Board concluded that WBF's anticipated profits were not excessive.

<u>Conclusion.</u> Having requested and received such information from WBF as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that approval of the Sub-Advisory Agreement was in the best interests of ERNZ and its shareholders.

*FLDZ and SPCZ Sub-Advisory Agreement* 

<u>Nature, Extent, and Quality of Services Provided.</u> The Trustees considered the scope of services to be provided under the Sub-Advisory Agreement, noting that RiverNorth currently provided sub-advisory services to the predecessor funds and would continue to provide similar services to FLDZ and SPCZ. The Board considered the quality of RiverNorth's compliance program, as well as the experience of RiverNorth in providing similar services to other ETFs. The Board confirmed it had received and reviewed a copy of RiverNorth's Form ADV, as well as responses to a detailed series of questions that included, among other things, information about RiverNorth's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, brokerage information and other practices. The Board considered the fact that RiverNorth would have responsibility for security selection and proxy voting and would also be responsible for trade execution and broker selection for SPCZ. The Board also considered RiverNorth's recognized status in the industry with respect to portfolio management services given the number of ETFs for which it provides similar sub-advisory services. The Board determined that RiverNorth could be expected to provide quality service to FLDZ, SPCZ and their respective shareholders.

<u>Performance.</u> The Board noted that overall performance considerations considered at the advisory level also applied at the sub-advisory level. After further discussion, the Board agreed that RiverNorth should provide reasonable performance for FLDZ, SPCZ, and their future shareholders.

<u>Cost of Services Provided.</u> The Board reviewed the proposed sub-advisory fees to be paid by TMI to RiverNorth for its services to FLDZ and SPCZ. The Board considered that the fees to be paid to RiverNorth were paid by TMI, not the Funds, as part of its unitary fee arrangement and agreed that fund-to-fund comparisons were most appropriate at the advisory level. The Board observed that RiverNorth's proposed fee for FLDZ was 0.60% of the Fund's average daily net assets and the proposed fee for SPCZ was 75% of the adviser's profits for managing the Fund. The Board considered the sub-advisory fees for other funds sub-advised by RiverNorth. The Board concluded that the proposed sub-advisory fees were not unreasonable and noted that the fees were in line with those charged by RiverNorth for managing other funds. The Board concluded that the proposed sub-advisory fees were not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board agreed that determining economies of scale was primarily an adviser level issue and should be considered with respect to the overall Advisory Agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that RiverNorth's projected profitability with respect to the FLDZ, as set forth in its Pro-Forma Related to Fund Operations, indicated that RiverNorth expected to manage FLDZ at a loss for the first year and realize a reasonable profit for the second year. The Board noted that RiverNorth did not expect to realize a profit over the initial term of the Sub-Advisory Agreement with respect to SPCZ during the initial term of the agreement. The Board concluded that RiverNorth's estimated profits, both in terms of actual dollars and as a percent of total revenue, would not be excessive.

<u>Conclusion.</u> Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to FLDZ and SPCZ. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the Sub-Advisory Agreement was in the best interests of FLDZ, SPCZ, and their respective shareholders.

*LRNZ Sub-Advisory Agreement* 

<u>Nature, Extent and Quality of Service.</u> The Board observed that Black Hill was currently registered as an investment adviser and offers investment management services to separately managed accounts ("SMAs") and the predecessor fund, with approximately $52 million in assets. The Board noted that it had received a copy of Black Hill's Form ADV, responses to a detailed series of questions that included, among other things, information about Black Hill's decision-making process, the background and experience of the firm's key individual who would be servicing LRNZ, and the firm's compliance policies, brokerage information and other practices. The Trustees considered the scope of services to be provided by Black Hill, noting that Black Hill was currently responsible for trade execution, broker and security selection, as well as other portfolio investment decisions for the predecessor fund and would provide similar services to the LRNZ. The Board considered Black Hill's responses to questions regarding SEC examinations and material compliance issues, acknowledging that Black Hill reported no litigation issues over the past 36 months. The Board acknowledged that the Trust CCO recently met with a representative of Black Hill and their outsourced CCO and discussed the recent SEC exam letter. The Board determined that Black Hill could be expected to provide adequate service to LRNZ and its shareholders.

<u>Performance.</u> The Board noted that overall performance considerations considered at the advisory level also applied at the sub-advisory level. After further discussion, the Board agreed that Black Hill could be expected to provide reasonable performance for LRNZ and its shareholders.

<u>Fees and Expenses.</u> The Board reviewed the proposed sub-advisory fee to be paid by TMI, noting it was 50% of the net profits earned by TMI for managing LRNZ. The Board considered the allocation of responsibilities between TMI and Black Hill. The Board observed that Black Hill provided services to SMAs but acknowledged Black Hill's position that such accounts were not a relevant comparison for LRNZ due to the accounts having much broader investment mandates. The Board concluded that the proposed sub-advisory fee was not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board agreed that determining economies of scale was primarily an adviser level issue and should be considered with respect to the overall Advisory Agreement, taking into consideration the impact of the sub-advisory expense. The Board noted that Black Hill's projected profitability, as set forth in its Pro-Forma Related to Fund Operations, indicated that Black Hill expected to realize a loss in year one and realize a relatively small profit the following year. The Board concluded that excessive profitability was not a concern at this time.

<u>Conclusion.</u> Having requested and received such information from Black Hill as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that approval of the Sub-Advisory Agreement was in the best interests of LRNZ and its shareholders.

*RNWZ Sub-Advisory Agreement* 

<u>Nature, Extent and Quality of Service.</u> The Board observed that EGA was founded in 1996 and is currently registered as an investment adviser that provides investment management services to separately managed accounts, three mutual funds, and the predecessor fund with approximately $2.5 billion in assets under management. The Board acknowledged that it had received a copy of EGA's Form ADV, responses to a detailed series of questions that included, among other things, the experience of the firm's key individual servicing the predecessor fund, and the firm's compliance policies, brokerage information and other practices. The Board reviewed the background information of the key investment professionals who would service RNWZ and noted their educational backgrounds and years of financial industry experience. The Trustees considered the scope of services to be provided by EGA, noting that EGA was currently responsible for security selection and other portfolio investment decisions for the predecessor fund and would provide similar services to RNWZ. The Board noted that EGA represented that it had no material regulatory, compliance or litigation issues over the past 36 months. The Board acknowledged that the Trust CCO recently met with representatives of Eagle and discussed the firm's compliance program. The Board determined that EGA could be expected to provide quality service to RNWZ and its shareholders.

<u>Performance.</u> The Board noted that overall performance considerations considered at the advisory level also applied at the sub-advisory level. After further discussion, the Board agreed that EGA should provide reasonable performance for RNWZ and its future shareholders.

<u>Fees and Expenses.</u> The Board reviewed the proposed sub-advisory fee to be paid by TMI and considered the allocation of responsibilities between TMI and EGA, noting EGA's proposed sub-advisory fee was 50% of TMI's net profit for managing RNWZ. The Board considered the fees charged by EGA to SMAs and Eagle's explanation for the variable fees. The Board concluded that the proposed sub-advisory fee was not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board agreed that determining economies of scale was primarily an adviser level issue and should be considered with respect to the overall Advisory Agreement, taking into consideration the impact of the sub-advisory expense. The Board reviewed EGA's projected profitability, as set forth in the Sub-Adviser's Pro-Forma Related to Fund Operations, indicated that EGA did not anticipate earning a profit for providing sub-advisory services to RNWZ during the initial two-year term of the relationship. Therefore, the Board concluded excessive profitability was not an issue with respect to EGA at this time.

<u>Conclusion.</u> Having requested and received such information from EGA as the Board believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Board concluded that approval of the Sub-Advisory Agreement was in the best interests of RNWZ and its shareholders.

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

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

No material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees have been implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16.** **Controls and Procedures.** 

(a) The Registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable to this semi-annual filing.

(a)(2) Not applicable to this semi-annual filing.

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| | |
|:---|:---|
| [(a)(3)](ex99-cert.htm) | [Certifications as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached hereto.](ex99-cert.htm) |
| (a)(4) | **Not applicable to open-end investment companies.** |

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(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

[(b)](ex99-906cert.htm) [Certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

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

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| | |
|:---|:---|
| ELEVATION SERIES TRUST | ELEVATION SERIES TRUST |
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br> (Principal Executive Officer) |
| Date: | September 5, 2025 |

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

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| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br> (Principal Executive Officer) |
| Date: | September 5, 2025 |
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer<br> (Principal Financial Officer) |
| Date: | September 5, 2025 |

---

## Ex-99.Cert

[Elevation Series Trust N-CSRS](est-ncsrs_063025.htm)

**Exhibit 99.302(i) CERT**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Bradley Swenson, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br> (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

**Exhibit 99.302(ii) CERT**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Nicholas Austin, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer<br> (Principal Financial Officer) |
| Date: | September 5, 2025 |

---

## Exhibit 99.906

[Elevation Series Trust N-CSRS](est-ncsrs_063025.htm)

**Exhibit 99.906 CERT**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Bradley Swenson, President of Elevation Series Trust (the "**Registrant**"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "**Report**") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br> (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

I, Nicholas Austin, Treasurer of Elevation Series Trust (the "**Registrant**"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "**Report**") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer<br> (Principal Financial Officer) |
| Date: | September 5, 2025 |

---