TrueShares ETFs

TrueShares Technology, AI & Deep Learning ETF (LRNZ)
TrueShares ESG Active Opportunities ETF (ECOZ)
TrueShares Low Volatility Equity Income ETF (DIVZ)
TrueShares Eagle Global Renewable Energy Income ETF (RNWZ)
RiverNorth Patriot ETF (FLDZ)
RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ)

ANNUAL REPORT

December 31, 2022

This report is submitted for the general information of shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

TrueShares ETFs

Table of Contents


Shareholder Letter (Unaudited)	2
Shareholder Expense Example (Unaudited)	5
Performance Overviews (Unaudited)	7
Schedules of Investments	10
Statements of Assets and Liabilities	22
Statements of Operations	24
Statements of Changes in Net Assets	26
Financial Highlights	30
Notes to Financial Statements	34
Report of Independent Registered Public Accounting Firm	45
Board of Trustees and Officers (Unaudited)	47
Board Consideration and Approval of Advisory and Sub-Advisory Agreements (Unaudited)	49
Supplemental Information (Unaudited)	60
Privacy Policy (Unaudited)	61

TrueShares ETFs

Shareholder Letter

December 31, 2022 (Unaudited)

Dear Shareholder,

At TrueShares, we strive to provide our investors with strategically positioned ETF portfolios developed to cultivate a variety of investment opportunities. An outsourced approach allows our team the flexibility to seek out partnerships with investment managers that possess industry specific investment acumen and the ability to become best-in-class Sub-Advisors. Regardless of near-term economic conditions, we maintain an unwavering long-term mindset in an effort to capitalize on the true potential of the investment themes represented by our ETFs. We thank you for your support and look forward to the road ahead.

As we reflect upon 2022, the markets seem to be left searching for direction. In the years since 2020, we’ve encountered a pandemic, unprecedented fiscal stimulus, a bull market, and a subsequent bear market. The resulting volatility, combined with macro headwinds ranging from supply chain issues, to inflation and finally a fed tightening cycle, have produced conflicting forecasts and a widespread, meaningful correction in the broader equity markets. Simply put, it’s been quite some time since investors have faced such a myriad of variables in play, at least for a prolonged period.

The most influential macro players of 2022 were inflation and the Federal Reserve. Economists, portfolio managers and investors alike expected a series of significant interest rate hikes to combat what seemed to be runaway inflation…and we most certainly got them! While these measures were intended to battle rising inflation, many wondered how effective they would prove to be in the near-term. As the portfolio manager of DIVZ, Austin Graff, often opines: “Inflation isn’t just a light switch that can be turned off, it takes time.” To his point, although we have seen mild relative improvement in CPI metrics, commodity prices, and other risk-off assets, the long-term effects have yet to be fully digested. As we enter 2023, there are certainly asset class specific reasons for both continued skepticism and focused optimism, but we feel that this will be a “stock-pickers market” for the foreseeable future.

A year in review suggests the aforementioned macroeconomic conditions had a material impact on portfolio performance and positioning across several strategies and asset classes. However, not all of these impacts produced negative results. In fact, the TrueShares Low Volatility Equity Income ETF (DIVZ) was able to adeptly navigate the turbulent economic waters of 2022, outperforming the S&P 500 Index (SPX) by over 22% (3.65% vs -19.44%). The Fund’s investment process relies on a backbone of identifying companies with proven business models and high levels of free cash flow that pay consistent (and growing) dividends. An approach that would seem to be well suited moving forward as the current market environment persists. The TrueShares Technology, AI & Deep Learning ETF (LRNZ) experienced underperformance (-18.9%) relative to the NASDAQ Composite Total Return Index (CCMP). Having faced a similar fate as its tech focused peers, LRNZ still remains firmly positioned, with high conviction, in companies with distinct competitive advantages in the AI & Deep Learning space, preparing for what many consider to be an inevitable wave of AI-centric initiatives in the year ahead. The TrueShares ESG Active Opportunities ETF (ECOZ) generally tracked the S&P 500 Total Return Index in the midst of growing interest across sectors. While government policy is always an unknown, ECOZ continues to shine amongst its peers (and broader index) on carbon intensity metrics.

The past year also saw the debut of the RiverNorth Patriot ETF (FLDZ) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) in the TrueShares lineup. Since its inception on December 31, 2021, FLDZ has produced a net total return of -11.89% versus the S&P 900 gross total return of -17.82%, and consistently stayed atop the S&P 900 throughout 2022. We believe the portfolio’s tilt toward core and value stocks has been a strength in the Fund’s inaugural year, and that this tilt will likely add some protection to the portfolio should a US recession occur. Furthermore, over 100% of the sub-advisory fee was donated to Folds of Honor Foundation! SPCZ brings RiverNorth Capital’s approach to the widely covered segment of SPAC securities into the ETF world. Although the space has seen mixed performance, this uniquely constructed fund represents pre-merger opportunities to capture potential discount, equity upside, and interest income of SPACS. In 2022, increasing interest rates contributed to higher earnings on the underlying SPACs’ trust accounts, while the acquisition market remained relatively muted in the face of volatile equity markets.

TrueShares ETFs

Shareholder Letter

December 31, 2022 (Unaudited) (Continued)

Lastly, TrueShares wrapped up 2022 with the recent listing of our newest fund, TrueShares Eagle Global Renewable Energy Income ETF (RNWZ). This fund aims to support global innovation within the development, production, transmission, storage, and sale of renewable energy. We are excited to onboard our latest partner, Eagle Global Advisors, and add a well-positioned industry to our ETF lineup.

As always, please don’t hesitate to contact us at any time; we would love to hear from you!

Wishing health, happiness, and success to all in 2023!

Sincerely,

Michael N. Loukas
Chief Executive Officer

Investment Risks

Investing involves risk including possible loss of principal.

LRNZ - TrueShares Technology, AI & Deep Learning ETF is subject to the following risks: Artificial Intelligence, Machine Learning and Deep Learning Investment Risk - the extent of such technologies’ versatility has not yet been fully explored. There is no guarantee that these products or services will be successful and the securities of such companies, especially smaller, start-up companies, are typically more volatile than those of companies that do not rely heavily on technology.

ECOZ - TrueShares ESG Active Opportunities ETF is subject to the following risks : Environmental, Social, Governance Risk - Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and may cause the Fund to forgo some market opportunities available to funds that do not use ESG or sustainability criteria. ESG considerations may affect its exposure to certain sectors and/or types of investments, and may adversely impact the Fund’s performance depending on whether such sectors or investments are in or out of favor in the market.

DIVZ - TrueShares Low Volatility Equity Income ETF is subject to the following risks: Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Dividends may also be reduced or discontinued. Equity Market Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change based on various and unpredictable factors.

RNWZ - TrueShares Eagle Global Renewable Energy Income ETF is subject to the following risks: Associated Risk of Investing in Renewable Infrastructure Companies. Because the Fund invests in Renewable infrastructure Companies, the value of Fund shares may be affected by events that adversely affect companies in that industry. These can include contract counterparty defaults, adverse political and regulatory changes, poor weather conditions for renewable power generation, falling power prices, losses on financial hedges, technological obsolescence, competition and general economic conditions. Currency Exchange Rate Risk. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.

TrueShares ETFs

Shareholder Letter

December 31, 2022 (Unaudited) (Continued)

FLDZ - RiverNorth Patriot ETF is subject to the following risks: Equity Market Risk - The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

SPCZ - RiverNorth Enhanced Pre-Merger SPAC ETF is subject to the following risks: New Fund Risk – The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Leverage Risk – The use of leverage is speculative could magnify the Fund’s gains or losses and increase risk. This is the speculative factor known as leverage. Borrowing also may cause the Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund. Pre-Combination (Pre-Merger) SPAC Risk – The Fund invests in equity securities and warrants of SPACs. Pre-combination SPACs have no operating history or ongoing business other than seeking Combinations, and the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO. Foreign Securities Risk – Foreign SPACs Investments in SPACs domiciled or listed outside of the U.S. may involve risks not generally associated with investments in the securities of U.S. SPACs, such as risks relating to political, social, and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Further, tax treatment may differ from U.S. SPACs and securities may be subject to foreign withholding taxes. Small-Cap Risk – SPACs will have a more limited pool of companies with which they can pursue a business combination relative to larger capitalization companies. That may make it more difficult for a small capitalization SPAC to consummate a business combination.

TrueShares ETFs

Shareholder Expense Example

December 31, 2022 (Unaudited)

As a shareholder of a fund you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (July 1, 2022 to December 31, 2022).

ACTUAL EXPENSES

The following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the applicable line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

	Beginning Account Value (07/01/2022)	Ending Account Value (12/31/2022)	Annualized Expense Ratios	Expenses Paid During the Period⁽¹⁾
TrueShares Technology, AI & Deep Learning ETF	$ 1,000.00	$ 846.80	0.68%	$ 3.17
TrueShares ESG Active Opportunities ETF	1,000.00	1,031.30	0.58	2.97
TrueShares Low Volatility Equity Income ETF	1,000.00	1,053.70	0.65	3.36
TrueShares Eagle Global Renewable Energy Income ETF	1,000.00	991.70	0.75	0.49⁽²⁾
RiverNorth Patriot ETF	1,000.00	1,055.60	0.70	3.63
RiverNorth Enhanced Pre-Merger SPAC ETF	1,000.00	1,020.20	0.89	4.29⁽³⁾

⁽¹⁾	Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

⁽²⁾	Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 24/365 (to reflect the period since the Fund’s inception).

⁽³⁾	Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 174/365 (to reflect the period since the Fund’s inception).

TrueShares ETFs

Shareholder Expense Example

December 31, 2022 (Unaudited) (Continued)

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares with respect to the Funds. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value (07/01/2022)	Ending Value (12/31/2022)	Annualized Expense Ratios	Expenses Paid During the Period⁽¹⁾
TrueShares Technology, AI & Deep Learning ETF	$ 1,000.00	$ 1,021.78	0.68%	$ 3.47
TrueShares ESG Active Opportunities ETF	1,000.00	1,022.28	0.58	2.96
TrueShares Low Volatility Equity Income ETF	1,000.00	1,021.42	0.65	3.31
TrueShares Eagle Global Renewable Energy Income ETF	1,000.00	1,021.42	0.75	3.82⁽²⁾
RiverNorth Patriot ETF	1,000.00	1,021.68	0.70	3.57
RiverNorth Enhanced Pre-Merger SPAC ETF	1,000.00	1,020.72	0.89	4.53⁽²⁾

⁽¹⁾	Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

⁽²⁾	For comparative purposes only as the Fund was not in operation for the full six-month period.

TrueShares ETFs

Performance Overviews

December 31, 2022 (Unaudited)

Hypothetical Growth of $10,000 Investment
(Since Commencement through 12/31/2022)

¹	The Fund has an inception date and commenced operations on February 28, 2020.

¹	The Fund has an inception date and commenced operations on February 28, 2020.

¹	The Fund has an inception date and commenced operations on January 27, 2021.

ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement¹
TrueShares Technology, AI & Deep Learning ETF — NAV	(51.44)%	(3.03)%
TrueShares Technology, AI & Deep Learning ETF — Market	(51.46)%	(3.05)%
NASDAQ Composite Total Return Index	(32.54)%	8.14%

ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement¹
TrueShares ESG Active Opportunities ETF — NAV	(22.61)%	9.42%
TrueShares ESG Active Opportunities ETF — Market	(22.70)%	9.38%
S&P 500 Total Return Index	(18.11)%	11.44%

ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement¹
TrueShares Low Volatility Equity Income ETF — NAV	3.65%	12.04%
TrueShares Low Volatility Equity Income ETF — Market	3.54%	12.01%
S&P 500 Price Index	(19.44)%	1.22%

TrueShares ETFs

Performance Overviews

December 31, 2022 (Unaudited) (Continued)

Hypothetical Growth of $10,000 Investment
(Since Commencement through 12/31/2022)

¹	The Fund has an inception date and commenced operations on December 8, 2022.

¹	The Fund has an inception date and commenced operations on December 31, 2021.

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2022
Total Returns	Since Commencement¹
TrueShares Eagle Global Renewable Energy Income ETF — NAV	(0.83)%
TrueShares Eagle Global Renewable Energy Income ETF — Market	(0.18)%
S&P Global Infrastructure Total Return Index	(1.58)%

ANNUALIZED TOTAL RETURN FOR THE PERIODS ENDED DECEMBER 31, 2022
Total Returns	1 Year	Since Commencement¹
RiverNorth Patriot ETF — NAV	(11.89)%	(11.89)%
RiverNorth Patriot ETF — Market	(11.90)%	(11.90)%
S&P 900 Total Return Index	(17.82)%	(17.82)%

TrueShares ETFs

Performance Overviews

December 31, 2022 (Unaudited) (Continued)

Hypothetical Growth of $10,000
(Since Commencement through 12/31/2022)

¹	The Fund has an inception date and commenced operations on July 11, 2022.

CUMULATIVE TOTAL RETURN FOR THE PERIOD ENDED DECEMBER 31, 2022
Total Returns	Since Commencement¹
RiverNorth Enhanced Pre-Merger SPAC ETF — NAV	2.02%
RiverNorth Enhanced Pre-Merger SPAC ETF — Market	2.18%
ICE BofA 0-3 Year U.S. Treasury Index	(0.11)%

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. For the most recent month-end performance, please call (877) 774-8789. You cannot invest directly in an index. Shares are bought and sold at market price (closing price), not net asset value (NAV), and are individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns. Returns shown include the reinvestment of all dividends and distribution. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, total returns would be reduced.

The NASDAQ Total Return Composite Index is a stock market index of the common stocks and similar securities listed on the NASDAQ stock market. The index measures the performance of all domestic and international based common type stocks listed on the NASDAQ Stock Market. It includes common stocks, ordinary shares, ADRs, shares of beneficial interest or limited partnership interests and tracking stocks. The index is market capitalization-weighted. The composition of the NASDAQ Composite is heavily weighted towards information technology companies. The total return index includes reinvestment of all cash dividends on the ex-date.

The S&P 500 Index is a widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. The S&P 500 Price Index does not include reinvestment of dividends.

The S&P Global Infrastructure Total Return Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities.

The S&P 900 Index is a stock market index that measures the stock performance of 900 large companies listed on stock exchanges in the United States.

The ICE BofA 0-3 Year U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than three years.

TrueShares Technology, AI & Deep Learning ETF

Schedule of Investments

December 31, 2022

Sector Diversification *

*	Percentages are stated as a percent of net assets.

	Shares		Value
COMMON STOCKS — 99.1%
Auto Parts & Equipment — 5.9%
Mobileye Global, Inc. - Class A ^(a)		24,157	$	846,944

Biotechnology — 9.2%
Prime Medicine, Inc. ^(a)		40,375		750,168
Relay Therapeutics, Inc. ^(a)		37,466		559,742
				1,309,910
Computers — 12.9%
Crowdstrike Holdings, Inc. - Class A ^(a)		9,304		979,618
Zscaler, Inc. ^(a)		7,715		863,309
				1,842,927
Internet — 8.3%
Amazon.com, Inc. ^(a)		6,558		550,872
Okta, Inc. ^(a)		9,389		641,550
				1,192,422
Pharmaceuticals — 3.6%
AbCellera Biologics, Inc. ^(a)(b)		50,081		507,321

Semiconductors — 14.0%
Advanced Micro Devices, Inc. ^(a)		14,121		914,617
NVIDIA Corp.		7,473		1,092,104
				2,006,721
Software — 45.2% ^(c)
Datadog, Inc. - Class A ^(a)		11,880		873,180
Elastic N.V. ^(a)(b)		11,573		596,009
ROBLOX Corp. - Class A ^(a)		15,474		440,390
Samsara, Inc. - Class A ^(a)		65,339		812,164
Schrodinger, Inc. ^(a)		19,482		364,119
SentinelOne, Inc. ^(a)		22,991		335,439
ServiceNow, Inc. ^(a)		1,770		687,238
Snowflake, Inc. - Class A ^(a)		9,806		1,407,553
Twilio, Inc. - Class A ^(a)		4,614		225,901
UiPath, Inc. ^(a)		27,976		355,575
Unity Software, Inc. ^(a)		12,859		367,639
				6,465,207
TOTAL COMMON STOCKS (Cost $27,841,225)				14,171,452

	Shares		Value
MONEY MARKET FUNDS — 1.0%
First American Treasury Obligations Fund - Class X, 4.18% ^(d)		136,736	$	136,736
MONEY MARKET FUNDS (Cost $136,736)				136,736

TOTAL INVESTMENTS (Cost $27,977,961) — 100.1%				14,308,188
Other assets and liabilities, net — (0.1)%				(8,316	)
TOTAL NET ASSETS — 100.0%			$	14,299,872

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	Foreign issued security.

^(c)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

^(d)	The rate shown is the seven day yield at period end.

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

TrueShares ESG Active Opportunities ETF

Schedule of Investments

December 31, 2022

Sector Diversification *

*	Percentages are stated as a percent of net assets.

	Shares		Value
COMMON STOCKS — 95.1%
Apparel — 1.8%
NIKE, Inc. - Class B		1,016	$	118,882

Auto Manufacturers — 2.2%
Tesla, Inc. ^(a)		1,150		141,657

Banks — 3.5%
JPMorgan Chase & Co.		912		122,299
Truist Financial Corp.		2,235		96,172
				218,471
Beverages — 1.8%
PepsiCo, Inc.		640		115,622

Biotechnology — 1.6%
Amgen, Inc.		184		48,326
Gilead Sciences, Inc.		601		51,596
				99,922
Chemicals — 1.8%
International Flavors & Fragrances, Inc.		1,064		111,550

Commercial Services — 3.5%
Block, Inc. ^(a)		818		51,403
Moody’s Corp.		192		53,495
PayPal Holdings, Inc. ^(a)		565		40,239
S&P Global, Inc.		232		77,707
				222,844
Computers — 2.8%
Apple, Inc.		1,383		179,693

Cosmetics & Personal Care — 0.6%
Colgate-Palmolive Co.		439		34,589

Distribution & Wholesale — 3.5%
WW Grainger, Inc.		397		220,831

	Shares		Value
Diversified Financial Services — 6.2%
American Express Co.		1,152	$	170,207
BlackRock, Inc.		136		96,374
Mastercard, Inc. - Class A		360		125,183
				391,764
Electric — 1.1%
Eversource Energy		832		69,755

Energy, Alternate Sources — 4.6%
Enphase Energy, Inc. ^(a)		1,103		292,251

Food — 2.9%
Sysco Corp.		2,390		182,715

Healthcare Products — 4.1%
Abbott Laboratories		1,273		139,763
Thermo Fisher Scientific, Inc.		222		122,253
				262,016
Healthcare Services — 1.8%
UnitedHealth Group, Inc.		219		116,109

Insurance — 2.4%
The Allstate Corp.		1,114		151,058

Internet — 7.4%
Alphabet, Inc. - Class A ^(a)		1,867		164,725
Amazon.com, Inc. ^(a)		1,032		86,688
Booking Holdings, Inc. ^(a)		49		98,749
Netflix, Inc. ^(a)		152		44,822
Uber Technologies, Inc. ^(a)		3,043		75,253
				470,237
Machinery Diversified — 3.3%
Rockwell Automation, Inc.		819		210,950

Media — 1.5%
The Walt Disney Co. ^(a)		1,077		93,570

Miscellaneous Manufacturing — 1.6%
Illinois Tool Works, Inc.		471		103,761

Pharmaceuticals — 8.3%
AbbVie, Inc.		754		121,854
AmerisourceBergen Corp.		1,095		181,452
Cardinal Health, Inc.		1,277		98,163
Johnson & Johnson		264		46,636
Merck & Co., Inc.		449		49,816
Zoetis, Inc.		192		28,138
				526,059

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

TrueShares ESG Active Opportunities ETF

Schedule of Investments

December 31, 2022 (Continued)

	Shares		Value
Real Estate — 0.5%
CBRE Group, Inc. - Class A ^(a)		426	$	32,785

Retail — 8.1%
Costco Wholesale Corp.		383		174,840
Starbucks Corp.		1,264		125,389
Target Corp.		434		64,683
The Home Depot, Inc.		234		73,911
Tractor Supply Co.		336		75,590
				514,413
Semiconductors — 5.7%
Advanced Micro Devices, Inc. ^(a)		941		60,949
Lam Research Corp.		194		81,538
NVIDIA Corp.		1,008		147,309
QUALCOMM, Inc.		656		72,121
				361,917
Software — 9.2%
Adobe, Inc. ^(a)		243		81,777
Electronic Arts, Inc.		660		80,639
Intuit, Inc.		184		71,617
Microsoft Corp.		877		210,321
MSCI, Inc.		265		123,270
Zoom Video Communications, Inc. - Class A ^(a)		244		16,529
				584,153
Telecommunications — 1.8%
AT&T, Inc.		2,876		52,947
Verizon Communications, Inc.		1,586		62,489
				115,436
Transportation — 1.5%
Expeditors International of Washington, Inc.		926		96,230

TOTAL COMMON STOCKS (Cost $5,467,951)				6,039,240

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 3.6%
AvalonBay Communities, Inc.		561	$	90,613
Prologis, Inc.		1,222		137,756
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $244,634)				228,369

MONEY MARKET FUNDS — 2.1%
First American Treasury Obligations Fund - Class X, 4.18% ^(b)		136,553		136,553
TOTAL MONEY MARKET FUNDS (Cost $136,553)				136,553

TOTAL INVESTMENTS (Cost $5,849,138) — 100.8%				6,404,162
Other assets and liabilities, net — (0.8)%				(53,374	)
TOTAL NET ASSETS — 100.0%			$	6,350,788

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	The rate shown is the seven day yield at period end.

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

TrueShares Low Volatility Equity Income ETF

Schedule of Investments

December 31, 2022

Sector Diversification *

*	Percentages are stated as a percent of net assets.

	Shares		Value
COMMON STOCKS — 98.0%
Aerospace & Defense — 7.9%
Lockheed Martin Corp.		7,040	$	3,424,890
Raytheon Technologies Corp.		27,148		2,739,776
				6,164,666
Agriculture — 10.6%
Altria Group, Inc.		63,227		2,890,106
British American Tobacco PLC - ADR ^(a)		57,301		2,290,894
Philip Morris International, Inc.		30,472		3,084,071
				8,265,071
Banks — 8.4%
JPMorgan Chase & Co.		19,981		2,679,452
The PNC Financial Services Group, Inc.		14,962		2,363,098
U.S. Bancorp		35,862		1,563,942
				6,606,492
Electric — 8.6%
American Electric Power Co., Inc.		35,547		3,375,187
FirstEnergy Corp.		80,389		3,371,515
				6,746,702
Healthcare Products — 2.5%
Medtronic PLC ^(a)		25,390		1,973,311

Healthcare Services — 4.9%
UnitedHealth Group, Inc.		7,170		3,801,390

Insurance — 1.2%
Aflac, Inc.		12,579		904,933

Internet — 3.8%
Gen Digital, Inc.		138,151		2,960,576

Oil & Gas — 15.8%
Chevron Corp.		17,734		3,183,076
Coterra Energy, Inc.		95,687		2,351,030
Devon Energy Corp.		34,185		2,102,719
Exxon Mobil Corp.		42,680		4,707,604
				12,344,429

	Shares		Value
Pharmaceuticals — 12.4%
AbbVie, Inc.		22,479	$	3,632,831
Johnson & Johnson		19,496		3,443,968
Viatris, Inc.		239,876		2,669,820
				9,746,619
Pipelines — 5.3%
Enbridge, Inc. ^(a)		53,857		2,105,809
Kinder Morgan, Inc.		115,154		2,081,984
				4,187,793
Retail — 6.2%
Genuine Parts Co.		19,879		3,449,206
Target Corp.		9,483		1,413,346
				4,862,552
Telecommunications — 8.5%
AT&T, Inc.		181,997		3,350,565
Verizon Communications, Inc.		83,570		3,292,658
				6,643,223
Transportation — 1.9%
Union Pacific Corp.		3,531		731,164
United Parcel Service, Inc. - Class B		4,458		774,979
				1,506,143
TOTAL COMMON STOCKS (Cost $71,892,466)				76,713,900

MONEY MARKET FUNDS — 5.5%
First American Treasury Obligations Fund - Class X, 4.18% ^(b)		4,294,571		4,294,571
TOTAL MONEY MARKET FUNDS (Cost $4,294,571)				4,294,571

TOTAL INVESTMENTS (Cost $76,187,037) — 103.5%				81,008,471
Other assets and liabilities, net — (3.5)%				(2,737,169	)
TOTAL NET ASSETS — 100.0%			$	78,271,302

Percentages are stated as a percent of net assets.

ADR — American Depositary Receipt

PLC — Public Limited Company

^(a)	Foreign issued security.

^(b)	The rate shown is the seven day yield at period end.

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

TrueShares Eagle Global Renewable Energy Income ETF

Schedule of Investments

December 31, 2022

Sector Diversification *

*	Percentages are stated as a percent of net assets.

	Shares		Value
COMMON STOCKS — 96.1%
Electric — 91.5% ^(c)
AGL Energy Ltd. ^(b)		8,848	$	48,615
Atlantica Sustainable Infrastructure PLC ^(b)		1,840		47,656
Boralex, Inc. - Class A ^(a)(b)		1,724		50,956
Brookfield Renewable Corp. - Class A ^(b)		2,112		58,164
Clearway Energy, Inc. - Class C		2,196		69,987
EDP - Energias de Portugal SA ^(b)		31,116		155,082
Electric Power Development Co. Ltd. ^(b)		3,114		49,733
Endesa SA ^(b)		3,316		62,597
Enel SpA ^(b)		21,654		116,592
Fortum Oyj ^(b)		5,284		87,898
Iberdrola SA ^(b)		10,066		117,772
IDACORP, Inc.		580		62,553
Mercury NZ Ltd. ^(b)		13,744		48,517
National Grid PLC ^(b)		5,060		61,014
NextEra Energy, Inc.		3,524		294,606
Northland Power, Inc. ^(b)		2,668		73,163
Ormat Technologies, Inc.		820		70,914
Orsted AS ^(b)		1,612		146,493
PG&E Corp. ^(a)		3,049		49,577
RWE AG ^(b)		5,152		229,366
SSE PLC ^(b)		5,627		116,464
The AES Corp.		6,168		177,392
TransAlta Corp. ^(b)		5,743		51,365
				2,246,476
Energy, Alternate Sources — 4.6%
Enviva, Inc.		1,064		56,360
NextEra Energy Partners LP		792		55,511
				111,871
TOTAL COMMON STOCKS (Cost $2,389,180)				2,358,347

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,576	$	45,673
TOTAL REITS (Cost $50,744)				45,673

MONEY MARKET FUNDS — 8.0%
First American Treasury Obligations Fund - Class X, 4.18% ^(d)		196,750		196,750
TOTAL MONEY MARKET FUNDS (Cost $196,750)				196,750

TOTAL INVESTMENTS (Cost $2,636,674) — 105.9%				2,600,770
Other assets and liabilities, net — (5.9)%				(145,501	)
TOTAL NET ASSETS — 100.0%			$	2,455,269

Percentages are stated as a percent of net assets.

PLC — Public Limited Company

^(a)	Non-income producing security.

^(b)	Foreign issued security.

^(c)	To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

^(d)	The rate shown is the seven day yield at period end.

COUNTRY	Percentage of Net Assets
United States		35.9	%
Canada		9.5	%
Germany		9.3	%
United Kingdom		9.2	%
Spain		7.4	%
Portugal		6.3	%
Denmark		6.0	%
Italy		4.7	%
Finland		3.6	%
Japan		2.0	%
Australia		2.0	%
New Zealand		2.0	%
Total Country		97.9	%
MONEY MARKET FUNDS		8.0	%
TOTAL INVESTMENTS		105.9	%
Other assets and liabilities, net		(5.9	)%
NET ASSETS		100.0	%

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

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022

Sector Diversification *

*	Percentages are stated as a percent of net assets.

	Shares		Value
COMMON STOCKS — 86.3%
Advertising — 0.3%
The Trade Desk, Inc. - Class A ^(a)		228	$	10,221

Agriculture — 0.5%
Altria Group, Inc.		370		16,913

Airlines — 0.4%
Southwest Airlines Co. ^(a)		433		14,579

Banks — 7.4%
Bank OZK		143		5,729
BOK Financial Corp.		81		8,407
Citizens Financial Group, Inc.		213		8,386
Comerica, Inc.		98		6,551
Commerce Bancshares, Inc.		110		7,505
Cullen/Frost Bankers, Inc.		52		6,952
East West Bancorp, Inc.		105		6,919
Fifth Third Bancorp		221		7,251
First Citizens BancShares, Inc. - Class A		9		6,825
First Financial Bankshares, Inc.		168		5,779
First Horizon Corp.		308		7,546
First Republic Bank		53		6,460
Glacier Bancorp, Inc.		140		6,919
Huntington Bancshares, Inc.		546		7,699
KeyCorp		442		7,700
M&T Bank Corp.		40		5,802
Old National Bancorp		333		5,987
Pinnacle Financial Partners, Inc.		87		6,386
Prosperity Bancshares, Inc.		105		7,631
Regions Financial Corp.		343		7,395
Signature Bank of New York		47		5,415
SouthState Corp.		91		6,949
SVB Financial Group ^(a)		21		4,833
Synovus Financial Corp.		190		7,135
The PNC Financial Services Group, Inc.		58		9,161

	Shares		Value
Banks (continued)
Truist Financial Corp.		200	$	8,606
United Bankshares, Inc.		153		6,195
U.S. Bancorp		211		9,202
Valley National Bancorp		642		7,261
Webster Financial Corp.		157		7,432
Wells Fargo & Co.		217		8,960
Western Alliance Bancorp		103		6,135
Wintrust Financial Corp.		68		5,747
Zions Bancorp NA		133		6,538
				239,398
Beverages — 0.4%
Constellation Brands, Inc. - Class A		59		13,673

Biotechnology — 1.3%
Ionis Pharmaceuticals, Inc. ^(a)		326		12,313
Sarepta Therapeutics, Inc. ^(a)		126		16,327
Seagen, Inc. ^(a)		100		12,851
				41,491
Building Materials — 2.3%
Builders FirstSource, Inc. ^(a)		253		16,415
Martin Marietta Materials, Inc.		44		14,871
MDU Resources Group, Inc.		495		15,018
Trex Co., Inc. ^(a)		280		11,852
Vulcan Materials Co.		89		15,585
				73,741
Commercial Services — 2.6%
ADT, Inc.		1,473		13,360
Affirm Holdings, Inc. ^(a)		276		2,669
Block, Inc. ^(a)		128		8,044
Booz Allen Hamilton Holding Corp.		148		15,469
HealthEquity, Inc. ^(a)		192		11,835
Paylocity Holding Corp. ^(a)		58		11,267
R1 RCM, Inc. ^(a)		739		8,092
Toast, Inc. - Class A ^(a)		767		13,829
				84,565
Computers — 0.9%
CACI International, Inc. - Class A ^(a)		51		15,330
Science Applications International Corp.		136		15,087
				30,417
Distribution & Wholesale — 0.4%
SiteOne Landscape Supply, Inc. ^(a)		117		13,726

Diversified Financial Services — 2.8%
Ally Financial, Inc.		249		6,088
Ameriprise Financial, Inc.		28		8,718
Apollo Global Management, Inc.		145		9,249
Capital One Financial Corp.		77		7,158
Cboe Global Markets, Inc.		61		7,654

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

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

	Shares		Value
Diversified Financial Services (continued)
Credit Acceptance Corp. ^(a)		16	$	7,590
Discover Financial Services		78		7,631
LPL Financial Holdings, Inc.		33		7,134
SoFi Technologies, Inc. ^(a)		1,069		4,928
Synchrony Financial		252		8,281
The Charles Schwab Corp.		121		10,074
T. Rowe Price Group, Inc.		66		7,198
				91,703
Electric — 11.4%
Alliant Energy Corp.		217		11,981
Ameren Corp.		145		12,894
American Electric Power Co., Inc.		132		12,533
Avangrid, Inc.		281		12,077
CenterPoint Energy, Inc.		413		12,386
CMS Energy Corp.		199		12,603
Consolidated Edison, Inc.		135		12,867
Constellation Energy Corp.		148		12,759
Dominion Energy, Inc.		187		11,467
DTE Energy Co.		102		11,988
Duke Energy Corp.		141		14,522
Edison International		200		12,724
Entergy Corp.		116		13,050
Evergy, Inc.		197		12,397
Eversource Energy		149		12,492
Exelon Corp.		310		13,401
FirstEnergy Corp.		323		13,547
IDACORP, Inc.		104		11,216
NextEra Energy, Inc.		172		14,379
NRG Energy, Inc.		313		9,960
OGE Energy Corp.		322		12,735
PG&E Corp. ^(a)		986		16,032
Pinnacle West Capital Corp.		181		13,763
PPL Corp.		456		13,324
Public Service Enterprise Group, Inc.		207		12,683
The Southern Co.		194		13,854
Vistra Corp.		562		13,038
WEC Energy Group, Inc.		130		12,189
Xcel Energy, Inc.		180		12,620
				371,481
Energy, Alternate Sources — 0.3%
Sunrun, Inc. ^(a)		403		9,680

Engineering & Construction — 0.5%
MasTec, Inc. ^(a)		192		16,383

Entertainment — 1.0%
Caesars Entertainment, Inc. ^(a)		398		16,557

	Shares		Value
Entertainment (continued)
Churchill Downs, Inc.		75	$	15,857
				32,414
Environmental Control — 0.8%
Republic Services, Inc.		98		12,641
Waste Management, Inc.		93		14,590
				27,231
Food — 2.3%
Albertsons Cos., Inc. - Class A		550		11,407
Flowers Foods, Inc.		481		13,824
Performance Food Group Co. ^(a)		308		17,984
The Kroger Co.		307		13,686
US Foods Holding Corp. ^(a)		508		17,282
				74,183
Gas — 1.2%
Atmos Energy Corp.		115		12,888
National Fuel Gas Co.		219		13,863
NiSource, Inc.		459		12,586
				39,337
Healthcare Services — 6.2%
Acadia Healthcare Co., Inc. ^(a)		179		14,735
agilon health, Inc. ^(a)		587		9,474
Centene Corp. ^(a)		176		14,434
Chemed Corp.		31		15,823
Elevance Health, Inc.		34		17,441
HCA Healthcare, Inc.		82		19,677
Humana, Inc.		31		15,878
LHC Group, Inc. ^(a)		74		11,965
Molina Healthcare, Inc. ^(a)		42		13,869
Oak Street Health, Inc. ^(a)		531		11,422
Quest Diagnostics, Inc.		111		17,365
Signify Health, Inc. - Class A ^(a)		421		12,066
Tenet Healthcare Corp. ^(a)		270		13,173
UnitedHealth Group, Inc.		30		15,906
				203,228
Home Builders — 2.0%
D.R. Horton, Inc.		201		17,917
Lennar Corp. - Class A		185		16,742
NVR, Inc. ^(a)		3		13,838
PulteGroup, Inc.		362		16,482
				64,979
Household Products & Wares — 0.5%
Reynolds Consumer Products, Inc.		506		15,170

Insurance — 3.9%
American Financial Group, Inc.		59		8,099
Brown & Brown, Inc.		119		6,779
Cincinnati Financial Corp.		79		8,089
Equitable Holdings, Inc.		267		7,663

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

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

	Shares		Value
Insurance (continued)
Erie Indemnity Co. - Class A		33	$	8,208
F&G Annuities & Life, Inc. ^(a)		13		260
Fidelity National Financial, Inc.		203		7,637
Globe Life, Inc.		72		8,680
Kinsale Capital Group, Inc.		29		7,584
Lincoln National Corp.		161		4,946
Loews Corp.		143		8,341
Markel Corp. ^(a)		7		9,222
Old Republic International Corp.		345		8,332
The Allstate Corp.		58		7,865
The Hartford Financial Services Group, Inc.		116		8,796
The Progressive Corp.		73		9,469
Voya Financial, Inc.		120		7,379
				127,349
Internet — 1.7%
DoorDash, Inc. - Class A ^(a)		265		12,937
Lyft, Inc. - Class A ^(a)		977		10,767
Robinhood Markets, Inc. - Class A ^(a)		743		6,048
Roku, Inc. ^(a)		229		9,320
Zillow Group, Inc. - Class C ^(a)		463		14,913
				53,985
Investment Companies — 0.4%
Ares Capital Corp.		415		7,665
FS KKR Capital Corp.		308		5,390
				13,055
Iron & Steel — 0.6%
Steel Dynamics, Inc.		194		18,953

Leisure Time — 0.5%
Planet Fitness, Inc. - Class A ^(a)		209		16,469

Lodging — 0.9%
Boyd Gaming Corp.		254		13,851
Choice Hotels International, Inc.		128		14,418
				28,269
Media — 2.5%
Cable One, Inc.		15		10,678
Charter Communications, Inc. - Class A ^(a)		50		16,955
Fox Corp. - Class A		436		13,241
Liberty Broadband Corp. - Class C ^(a)		179		13,652
Nexstar Media Group, Inc. - Class A		80		14,002
Sirius XM Holdings, Inc.		2,341		13,672
				82,200
Mining — 0.3%
MP Materials Corp. ^(a)		431		10,465

	Shares		Value
Oil & Gas — 8.1%
Antero Resources Corp. ^(a)		456	$	14,131
Chesapeake Energy Corp.		149		14,061
Chord Energy Corp.		109		14,912
Civitas Resources, Inc.		226		13,092
Coterra Energy, Inc.		531		13,047
Devon Energy Corp.		243		14,947
Diamondback Energy, Inc.		120		16,414
EOG Resources, Inc.		144		18,651
EQT Corp.		341		11,536
Marathon Oil Corp.		635		17,190
Marathon Petroleum Corp.		148		17,226
Matador Resources Co.		297		17,000
PDC Energy, Inc.		257		16,314
Pioneer Natural Resources Co.		73		16,673
Range Resources Corp.		572		14,311
SM Energy Co.		349		12,156
Southwestern Energy Co. ^(a)		2,225		13,016
Texas Pacific Land Corp.		4		9,377
				264,054
Pharmaceuticals — 2.4%
Cardinal Health, Inc.		208		15,989
Cigna Corp.		55		18,224
CVS Health Corp.		156		14,538
Neurocrine Biosciences, Inc. ^(a)		135		16,124
Option Care Health, Inc. ^(a)		403		12,126
				77,001
Pipelines — 2.4%
DT Midstream, Inc.		236		13,041
Kinder Morgan, Inc.		831		15,025
ONEOK, Inc.		265		17,411
Targa Resources Corp.		232		17,052
The Williams Cos., Inc.		476		15,660
				78,189
Private Equity — 0.5%
Ares Management Corp. - Class A		111		7,597
Blackstone, Inc.		104		7,716
				15,313
Retail — 9.4%
AutoNation, Inc. ^(a)		128		13,734
BJ’s Wholesale Club Holdings, Inc. ^(a)		183		12,107
Burlington Stores, Inc. ^(a)		118		23,926
CarMax, Inc. ^(a)		169		10,291
Casey’s General Stores, Inc.		68		15,256
Chipotle Mexican Grill, Inc. ^(a)		9		12,487
Darden Restaurants, Inc.		110		15,216
Dick’s Sporting Goods, Inc.		126		15,157
Dollar General Corp.		64		15,760
Five Below, Inc. ^(a)		101		17,864

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

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

	Shares		Value
Retail (continued)
Floor & Decor Holdings, Inc. - Class A ^(a)		192	$	13,369
Lithia Motors, Inc.		61		12,489
Murphy USA, Inc.		51		14,257
O’Reilly Automotive, Inc. ^(a)		20		16,881
RH ^(a)		55		14,695
Ross Stores, Inc.		164		19,035
Target Corp.		102		15,202
Texas Roadhouse, Inc.		159		14,461
Tractor Supply Co.		73		16,423
Ulta Beauty, Inc. ^(a)		35		16,417
				305,027
Shipbuilding — 0.4%
Huntington Ingalls Industries, Inc.		60		13,841

Software — 2.6%
Bill.com Holdings, Inc. ^(a)		106		11,550
Black Knight, Inc. ^(a)		109		6,731
CCC Intelligent Solutions Holdings, Inc. ^(a)		644		5,603
Intuit, Inc.		38		14,790
Jack Henry & Associates, Inc.		39		6,847
Paychex, Inc.		121		13,983
Paycom Software, Inc. ^(a)		42		13,033
Paycor HCM, Inc. ^(a)		431		10,546
				83,083
Telecommunications — 1.0%
Frontier Communications Parent, Inc. ^(a)		621		15,823
Verizon Communications, Inc.		390		15,366
				31,189
Transportation — 2.8%
CSX Corp.		560		17,349
JB Hunt Transport Services, Inc.		84		14,646
Knight-Swift Transportation Holdings, Inc.		279		14,622
Landstar System, Inc.		84		13,684
Norfolk Southern Corp.		64		15,771
Old Dominion Freight Line, Inc.		55		15,608
				91,680
Water — 0.4%
Essential Utilities, Inc.		291		13,889

TOTAL COMMON STOCKS (Cost $3,044,092)				2,808,524

PARTNERSHIPS — 3.7%
Investment Companies — 0.5%
Icahn Enterprises LP		292		14,790

Pipelines — 3.2%
Cheniere Energy Partners LP		259		14,729
DCP Midstream LP		380		14,740

	Shares		Value
Pipelines (continued)
Energy Transfer LP		1,290	$	15,312
Enterprise Products Partners LP		651		15,702
Magellan Midstream Partners LP		293		14,712
MPLX LP		470		15,435
Western Midstream Partners LP		568		15,251
				105,881
TOTAL PARTNERSHIPS (Cost $102,357)				120,671

REAL ESTATE INVESTMENT TRUSTS — 8.8%
AGNC Investment Corp.		764		7,907
Agree Realty Corp.		81		5,745
Alexandria Real Estate Equities, Inc.		52		7,575
American Homes 4 Rent - Class A		217		6,540
Apartment Income REIT Corp.		187		6,416
AvalonBay Communities, Inc.		39		6,299
Boston Properties, Inc.		96		6,488
Brixmor Property Group, Inc.		389		8,819
Camden Property Trust		60		6,713
Crown Castle International Corp.		58		7,867
CubeSmart		180		7,245
EastGroup Properties, Inc.		49		7,255
Equity LifeStyle Properties, Inc.		110		7,106
Equity Residential		108		6,372
Essex Property Trust, Inc.		30		6,358
Extra Space Storage, Inc.		42		6,182
Federal Realty Investment Trust		81		8,184
First Industrial Realty Trust, Inc.		155		7,480
Gaming and Leisure Properties, Inc.		157		8,178
Healthcare Realty Trust, Inc.		338		6,513
Healthpeak Properties, Inc.		308		7,722
Host Hotels & Resorts, Inc.		448		7,190
Invitation Homes, Inc.		208		6,165
Kilroy Realty Corp.		136		5,259
Kimco Realty Corp.		393		8,324
Lamar Advertising Co. - Class A		86		8,118
Life Storage, Inc.		66		6,501
Mid-America Apartment Communities, Inc.		47		7,379
National Retail Properties, Inc.		175		8,008
Prologis, Inc.		68		7,666
Public Storage		25		7,005
Regency Centers Corp.		134		8,375
Rexford Industrial Realty, Inc.		131		7,158
Simon Property Group, Inc.		80		9,398
Spirit Realty Capital, Inc.		191		7,627
STAG Industrial, Inc.		193		6,236
STORE Capital Corp.		226		7,246
UDR, Inc.		174		6,739

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

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS (continued)
VICI Properties, Inc.		232	$	7,517
Vornado Realty Trust		241		5,015
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $361,682)				285,890

MONEY MARKET FUNDS — 2.5%
First American Treasury Obligations Fund - Class X, 4.18% ^(b)		82,374		82,374
TOTAL MONEY MARKET FUNDS (Cost $82,374)				82,374

Total Investments (Cost $3,590,505) — 101.3%				3,297,459
Other assets and liabilities, net — (1.3)%				(42,430	)
TOTAL NET ASSETS — 100.0%			$	3,255,029

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	The rate shown is the seven day yield at period end.

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

RiverNorth Enhanced Pre-Merger SPAC ETF

Schedule of Investments

December 31, 2022

Sector Diversification *

*	Percentages are stated as a percent of net assets.

	Shares		Value
COMMON STOCKS — 95.3%
Pre-Combination Special Purpose Acquisition Companies — 95.3% ^(a)
Apollo Strategic Growth Capital II - Class A ^(b)		11,406	$	114,288
Ares Acquisition Corp. - Class A ^(b)		8,684		87,448
Bite Acquisition Corp.		7,602		76,552
Cascadia Acquisition Corp. - Class A		13,387		135,476
CC Neuberger Principal Holdings III - Class A ^(b)		7,566		76,417
CF Acquisition Corp. IV - Class A		15,172		154,148
Churchill Capital Corp. V - Class A		11,394		113,256
Churchill Capital Corp. VI - Class A		11,418		114,123
Churchill Capital Corp. VII - Class A		11,442		114,077
Conyers Park III Acquisition Corp. - Class A		11,532		114,052
Direct Selling Acquisition Corp. - Class A		11,500		118,335
FAST Acquisition Corp. II - Class A		7,626		76,336
FinServ Acquisition Corp. II - Class A		11,400		114,570
Fintech Evolution Acquisition Group - Tracking Stock ^(b)		14,000		140,980
Fortress Capital Acquisition Corp. - Class A ^(b)		7,560		76,356
Fusion Acquisition Corp. II - Class A		11,400		114,456
Goal Acquisitions Corp.		7,620		76,657
Gores Holdings IX, Inc. - Class A		9,624		95,470
Graf Acquisition Corp. IV		11,478		114,206
Hennessy Capital Investment Corp. VI - Class A		7,722		76,293
Horizon Space Acquisition I Corp. - Tracking Stock ^(b)		3,744		37,814
Jaws Hurricane Acquisition Corp. - Class A		11,502		115,020
Jaws Juggernaut Acquisition Corp. - Class A ^(b)		11,502		115,595
Jaws Mustang Acquisition Corp. - Class A ^(b)		15,144		153,030
Live Oak Crestview Climate Acquisition Corp. - Class A		7,734		76,953
Live Oak Mobility Acquisition Corp. - Class A		15,270		153,540
New Vista Acquisition Corp. - Class A ^(b)		13,302		134,284

	Shares		Value
Pre-Combination Special Purpose Acquisition Companies (continued)
OCA Acquisition Corp. - Class A		14,948	$	153,367
Post Holdings Partnering Corp. - Class A		11,514		114,334
Rice Acquisition Corp. II - Class A ^(b)		11,430		116,243
Screaming Eagle Acquisition Corp. - Class A ^(b)		13,584		135,093
SVF Investment Corp. - Class A ^(b)		7,566		76,492
Tech and Energy Transition Corp. - Class A		3,822		38,335
Twelve Seas Investment Co. II - Tracking Stock		11,502		115,595
TOTAL COMMON STOCKS (Cost $3,575,033)				3,639,191

WARRANTS — 0.2% ^(a)
Apollo Strategic Growth Capital II - Class A, Expiration: December 2027, Exercise Price: $11.50 ^(b)		1,592		223
Ares Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 ^(b)		838		391
Bite Acquisition Corp., Expiration: December 2027, Exercise Price: $11.50		2,531		152
Carney Technology Acquisition Corp. II, Expiration: November 2027, Exercise Price: $11.50		1,191		83
CC Neuberger Principal Holdings III, Expiration: December 2027, Exercise Price: $11.50 ^(b)		497		25
CF Acquisition Corp. IV, Expiration: December 2025, Exercise Price: $11.50		2,314		178
Churchill Capital Corp. V - Class A, Expiration: October 2027, Exercise Price: $11.50		1,288		104
Churchill Capital Corp. VI - Class A, Expiration: December 2027, Exercise Price: $11.50		1,537		92
Churchill Capital Corp. VII, Expiration: February 2028, Exercise Price: $11.50		1,686		83
Conyers Park III Acquisition Corp., Expiration: August 2028, Exercise Price: $11.50		2,376		354
FAST Acquisition Corp. II - Class A, Expiration: March 2026, Exercise Price: $11.50		2,922		1,958
Fortress Capital Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 ^(b)		1,176		5
Goal Acquisitions Corp., Expiration: February 2026, Exercise Price: $11.50,		3,104		150
Gores Holdings IX, Inc., Expiration: January 2029, Exercise Price: $11.50		1,047		257
Graf Acquisition Corp. IV, Expiration: May 2028, Exercise Price: $11.50		1,913		162

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

RiverNorth Enhanced Pre-Merger SPAC ETF

Schedule of Investments

December 31, 2022 (Continued)

	Shares		Value
WARRANTS (continued)
Hennessy Capital Investment Corp. VI - Class A, Expiration: December 2027, Exercise Price: $11.50		1,731	$	167
Jaws Hurricane Acquisition Corp., Expiration: February 2023, Exercise Price: $11.50		1,694		272
Jaws Juggernaut Acquisition Corp., Expiration: February 2026, Exercise Price: $11.50 ^(b)		1,979		124
Jaws Mustang Acquisition Corp., Expiration: January 2026, Exercise Price: $11.50 ^(b)		2,243		146
Live Oak Crestview Climate Acquisition Corp., Expiration: March 2026, Exercise Price: $11.50		1,556		280
Live Oak Mobility Acquisition Corp., Expiration: March 2028, Exercise Price: $11.50		1,164		163
Post Holdings Partnering Corp., Expiration: February 2023, Exercise Price: $11.50		1,324		106
Rice Acquisition Corp. II, Expiration: March 2026, Exercise Price: $11.50 ^(b)		1,197		1,496
Screaming Eagle Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 ^(b)		2,663		628
SVF Investment Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 ^(b)		805		20
Tech and Energy Transition Corp., Expiration: December 2027, Exercise Price: $11.50		796		26
USHG Acquisition Corp. - Class A, Expiration: December 2028, Exercise Price: $11.50		1,266		2
TOTAL WARRANTS (Cost $10,224)				7,647

	Shares		Value
MONEY MARKET FUNDS — 5.8%
First American Treasury Obligations Fund - Class X, 4.18% ^(c)		222,763	$	222,763
TOTAL MONEY MARKET FUNDS (Cost $222,763)				222,763

TOTAL INVESTMENTS (Cost $3,808,020) — 101.3%				3,869,601
Other assets and liabilities, net — (1.3)%				(51,482	)
TOTAL NET ASSETS — 100.0%			$	3,818,119

Percentages are stated as a percent of net assets.

^(a)	Non-income producing security.

^(b)	Foreign issued security.

^(c)	The rate shown is the seven day yield at period end.

COUNTRY	Percentage of Net Assets
United States		62.1	%
Cayman Islands		33.2	%*
Total Country		95.3	%
WARRANTS		0.2	%
MONEY MARKET FUNDS		5.8	%
TOTAL INVESTMENTS		101.3	%
Other assets and liabilities, net		(1.3	)%
NET ASSETS		100.0	%

*	To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that significantly affect those countries.

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

TrueShares ETFs

Statements of Assets and Liabilities

December 31, 2022

	TrueShares Technology, AI & Deep Learning ETF			TrueShares ESG Active Opportunities ETF		TrueShares Low Volatility Equity Income ETF		TrueShares Eagle Global Renewable Energy Income ETF
Assets
Investments, at value⁽¹⁾	$	14,308,188		$	6,404,162	$	81,008,471	$	2,600,770
Foreign currency, at value⁽²⁾		—			—		—		19,276
Receivable for investment securities sold		—			—		990,043		—
Dividends and interest receivable		528			5,865		191,278		1,177
Total assets		14,308,716			6,410,027		82,189,792		2,621,223

Liabilities
Foreign currency payable⁽³⁾		—			—		—		15,893
Payable to Adviser		8,844			3,259		43,893		940
Payable for investment securities purchased		—			—		3,165,934		148,883
Distributions payable		—			55,980		708,663		238
Total liabilities		8,844			59,239		3,918,490		165,954
Net Assets	$	14,299,872		$	6,350,788	$	78,271,302	$	2,455,269

Net Assets Consists of:
Paid-in capital	$	31,930,138		$	5,885,577	$	77,055,655	$	2,493,755
Total distributable earnings (accumulated losses)		(17,630,266	)		465,211		1,215,647		(38,486	)
Net Assets	$	14,299,872		$	6,350,788	$	78,271,302	$	2,455,269

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		625,000			200,000		2,700,000		100,000
Net Asset Value, redemption price and offering price per share	$	22.88		$	31.75		28.99		24.55

⁽¹⁾ Cost of investments	$	27,977,961		$	5,849,138	$	76,187,037	$	2,636,674
⁽²⁾ Cost of foreign currency		—			—		—		19,240
⁽³⁾ Cost of foreign currency payable		—			—		—		15,891

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

TrueShares ETFs

Statements of Assets and Liabilities

December 31, 2022 (Continued)

	RiverNorth Patriot ETF			RiverNorth Enhanced Pre-Merger SPAC ETF
Assets
Investments, at value⁽¹⁾	$	3,297,459		$	3,869,601
Cash		—			77,135
Dividends and interest receivable		8,902			840
Total assets		3,306,361			3,947,576

Liabilities
Payable to Adviser		1,993			2,882
Payable for investment securities purchased		—			118,220
Distributions payable		49,339			8,355
Total liabilities		51,332			129,457
Net Assets	$	3,255,029		$	3,818,119

Net Assets Consists of:
Paid-in capital	$	3,739,933		$	3,747,726
Total distributable earnings (accumulated losses)		(484,904	)		70,393
Net Assets	$	3,255,029		$	3,818,119

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)		150,000			150,000
Net Asset Value, redemption price and offering price per share	$	21.70		$	25.45

⁽¹⁾ Cost of investments	$	3,590,505		$	3,808,020

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

TrueShares ETFs

Statements of Operations

For the Year or Period Ended December 31, 2022

	TrueShares Technology, AI & Deep Learning ETF			TrueShares ESG Active Opportunities ETF			TrueShares Low Volatility Equity Income ETF			TrueShares Eagle Global Renewable Energy Income ETF⁽¹⁾
Investment Income
Dividend income (net of withholding taxes and issuance fees of $-, $-, $31,992 and $29, respectively)	$	5,363		$	99,081		$	2,426,463		$	250
Interest income		12,041			1,522			44,656			419
Total investment income		17,404			100,603			2,471,119			669

Expenses
Investment advisory fees		148,516			44,089			394,808			940
Tax expense		185			—			185			—
Total expenses		148,701			44,089			394,993			940
Net investment income (loss)		(131,297	)		56,514			2,076,126			(271	)

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain (loss) on:
Investments		(1,688,095	)		518,697			(1,788,554	)		(1,747	)
Foreign currency transactions		—			—			(229	)		—
Net realized gain (loss) on investments and foreign currency transactions		(1,688,095	)		518,697			(1,788,783	)		(1,747	)
Net change in unrealized appreciation/depreciation on:
Investments		(16,195,089	)		(2,722,553	)		1,890,609			(35,904	)
Foreign currency translation		—			—			(96	)		(836	)
Net change in unrealized appreciation/depreciation on investments and foreign currency translation		(16,195,089	)		(2,722,553	)		1,890,513			(36,740	)
Net realized and unrealized gain (loss) on investments and foreign currency		(17,883,184	)		(2,203,856	)		101,730			(38,487	)
Net increase (decrease) in net assets from operations	$	(18,014,481	)	$	(2,147,342	)	$	2,177,856		$	(38,758	)

⁽¹⁾	The Fund commenced operations on December 8, 2022.

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

TrueShares ETFs

Statements of Operations

For the Year or Period Ended December 31, 2022 (Continued)

	RiverNorth Patriot ETF			RiverNorth Enhanced Pre-Merger SPAC ETF⁽¹⁾
Investment Income
Dividend income	$	71,213		$	—
Interest income		615			2,298
Total investment income		71,828			2,298

Expenses
Investment advisory fees		22,896			15,399
Total expenses		22,896			15,399
Net investment income (loss)		48,932			(13,101	)

Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(163,346	)		31,432
Net change in unrealized appreciation/depreciation on investments		(293,046	)		61,581
Net realized and unrealized gain (loss) on investments		(456,392	)		93,013
Net increase (decrease) in net assets from operations	$	(407,460	)	$	79,912

⁽¹⁾	The Fund commenced operations on July 11, 2022.

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

TrueShares ETFs

Statements of Changes in Net Assets

	TrueShares Technology, AI & Deep Learning ETF						TrueShares ESG Active Opportunities ETF
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
From Operations
Net investment income (loss)	$	(131,297	)	$	(195,050	)	$	56,514		$	40,323
Net realized gain (loss) on investments		(1,688,095	)		2,175,206			518,697			103,780
Net change in unrealized appreciation/depreciation on investments		(16,195,089	)		(3,572,155	)		(2,722,553	)		1,445,350
Net increase (decrease) in net assets resulting from operations		(18,014,481	)		(1,591,999	)		(2,147,342	)		1,589,453

From Distributions
Distributable earnings		—			(37,530	)		(55,980	)		(41,282	)
Total distributions		—			(37,530	)		(55,980	)		(41,282	)

From Capital Share Transactions
Proceeds from shares sold		5,630,240			19,803,940			—			1,779,840
Cost of shares redeemed		(11,009,818	)		(7,854,945	)		(1,793,493	)		—
Net increase (decrease) in net assets resulting from capital share transactions		(5,379,578	)		11,948,995			(1,793,493	)		1,779,840

Total Increase (Decrease) in Net Assets		(23,394,059	)		10,319,466			(3,996,815	)		3,328,011

Net Assets
Beginning of year		37,693,931			27,374,465			10,347,603			7,019,592
End of year	$	14,299,872		$	37,693,931		$	6,350,788		$	10,347,603

Changes in Shares Outstanding
Shares outstanding, beginning of year		800,000			575,000			250,000			200,000
Shares sold		150,000			400,000			—			50,000
Shares redeemed		(325,000	)		(175,000	)		(50,000	)		—
Shares outstanding, end of year		625,000			800,000			200,000			250,000

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

TrueShares ETFs

Statements of Changes in Net Assets

(Continued)

	TrueShares Low Volatility Equity Income ETF						TrueShares Eagle Global Renewable Energy Income ETF
	Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾			Period Ended December 31, 2022⁽²⁾
From Operations
Net investment income (loss)	$	2,076,126		$	940,452		$	(271	)
Net realized gain (loss) on investments and foreign currency		(1,788,783	)		412,287			(1,747	)
Net change in unrealized appreciation/depreciation on investments and foreign currency		1,890,513			2,930,921			(36,740	)
Net increase (decrease) in net assets resulting from operations		2,177,856			4,283,660			(38,758	)

From Distributions
Distributable earnings		(2,075,345	)		(1,612,854	)		—
Return of capital		(693	)		—			(238	)
Total distributions		(2,076,038	)		(1,612,854	)		(238	)

From Capital Share Transactions
Proceeds from shares sold		39,931,580			43,554,475			2,494,265
Cost of shares redeemed		(7,987,377	)		—			—
Net increase in net assets resulting from capital share transactions		31,944,203			43,554,475			2,494,265

Total Increase in Net Assets		32,046,021			46,225,281			2,455,269

Net Assets
Beginning of period		46,225,281			—			—
End of period	$	78,271,302		$	46,225,281		$	2,455,269

Changes in Shares Outstanding
Shares outstanding, beginning of period		1,600,000			—			—
Shares sold		1,375,000			1,600,000			100,000
Shares redeemed		(275,000	)		—			—
Shares outstanding, end of period		2,700,000			1,600,000			100,000

⁽¹⁾	The Fund commenced operations on January 27, 2021.

⁽²⁾	The Fund commenced operations on December 8, 2022.

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

TrueShares ETFs

Statements of Changes in Net Assets

(Continued)

	RiverNorth Patriot ETF					RiverNorth Enhanced Pre-Merger SPAC ETF
	Year Ended December 31, 2022			Period Ended December 31, 2021⁽¹⁾		Period Ended December 31, 2022⁽²⁾
From Operations
Net investment income (loss)	$	48,932		$	—	$	(13,101	)
Net realized gain (loss) on investments		(163,346	)		—		31,432
Net change in unrealized appreciation/depreciation on investments		(293,046	)		—		61,581
Net increase (decrease) in net assets resulting from operations		(407,460	)		—		79,912

From Distributions
Distributable earnings		(48,932	)		—		(8,355	)
Return of capital		(407	)		—		—
Total distributions		(49,339	)		—		(8,355	)

From Capital Share Transactions
Proceeds from shares sold		3,691,633			1,250,000		4,372,345
Cost of shares redeemed		(1,229,805	)		—		(625,783	)
Net increase in net assets resulting from capital share transactions		2,461,828			1,250,000		3,746,562

Total Increase in Net Assets		2,005,029			1,250,000		3,818,119

Net Assets
Beginning of period		1,250,000			—		—
End of period	$	3,255,029		$	1,250,000	$	3,818,119

Changes in Shares Outstanding
Shares outstanding, beginning of period		50,000			—		—
Shares sold		150,000			50,000		175,000
Shares redeemed		(50,000	)		—		(25,000	)
Shares outstanding, end of period		150,000			50,000		150,000

⁽¹⁾	The Fund commenced operations on December 31, 2021.

⁽²⁾	The Fund commenced operations on July 11, 2022.

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

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TrueShares ETFs

Financial Highlights