TrueShares Active Yield ETF
Schedule of Investments
March 31, 2025 (Unaudited)
COMMON STOCKS - 60.0%	Shares		Value
Aerospace/Defense - 0.2%
Northrop Grumman Corp.		621	$	317,958
Agriculture - 3.9%
British American Tobacco PLC - ADR		11,713		484,567
Universal Corp.		97,210		5,448,620
				5,933,187
Auto Manufacturers - 2.7%
PACCAR, Inc.		2,996		291,720
Wabash National Corp.		345,515		3,817,941
				4,109,661
Banks - 6.5%
Bank of New York Mellon Corp.		51,050		4,281,564
CVB Financial Corp.		10,904		201,288
First Busey Corp.		238,960		5,161,536
JPMorgan Chase & Co.		867		212,675
Morgan Stanley		812		94,736
				9,951,799
Beverages - 0.1%
PepsiCo, Inc.		793		118,902
Biotechnology - 0.4%
Amgen, Inc.		1,328		413,738
Gilead Sciences, Inc.		1,611		180,513
				594,251
Building Materials - 0.3%
Boise Cascade Co.		3,094		303,491
Griffon Corp.		1,928		137,852
				441,343
Chemicals - 0.7%
Celanese Corp.		5,161		292,990
Linde PLC		502		233,751
Olin Corp.		8,476		205,458
Sociedad Quimica y Minera de Chile SA - ADR		6,998		278,031
				1,010,230
Commercial Services - 0.2%
Booz Allen Hamilton Holding Corp.		1,187		124,137
Rollins, Inc.		2,300		124,269
				248,406
Cosmetics/Personal Care - 2.3%
Colgate-Palmolive Co.		16,737		1,568,257
Procter & Gamble Co.		11,438		1,949,264
				3,517,521
Diversified Financial Services - 0.8%
Ares Management Corp. - Class A		1,041		152,621
Artisan Partners Asset Management, Inc. - Class A		3,171		123,986
CME Group, Inc.		1,180		313,042
Houlihan Lokey, Inc.		1,584		255,816
Virtu Financial, Inc. - Class A		7,378		281,249
Virtus Investment Partners, Inc.		682		117,550
				1,244,264
Electric - 0.1%
AES Corp.		11,533		143,240
Food - 7.8%
B&G Foods, Inc.		54,008		371,035
Conagra Brands, Inc.		6,467		172,475
General Mills, Inc.		88,671		5,301,639
Kroger Co.		2,063		139,645
SpartanNash Co.		15,151		306,959
The Campbell's Co.		134,661		5,375,667
Weis Markets, Inc.		2,039		157,105
				11,824,525
Gas - 0.1%
NiSource, Inc.		4,884		195,800
Healthcare-Products - 3.5%
Patterson Cos., Inc.		170,208		5,317,298
Home Builders - 0.1%
Thor Industries, Inc.		1,462		110,834
Household Products/Wares - 3.7%
Church & Dwight Co., Inc.		2,392		263,335
Clorox Co.		36,702		5,404,370
				5,667,705
Insurance - 0.4%
CNA Financial Corp.		1,875		95,231
Old Republic International Corp.		3,166		124,171
Willis Towers Watson PLC		1,078		364,310
				583,712
Internet - 0.3%
Cogent Communications Holdings, Inc.		8,982		550,686
Investment Companies - 1.7%
Horizon Technology Finance Corp.		272,512		2,567,063
Iron/Steel - 0.1%
Steel Dynamics, Inc.		1,354		169,358
Mining - 0.1%
Gold Fields Ltd. - ADR		8,074		178,355
Oil & Gas - 4.1%
APA Corp.		244,456		5,138,465
Civitas Resources, Inc.		3,958		138,095
Coterra Energy, Inc.		6,942		200,624
Devon Energy Corp.		11,839		442,778
Marathon Petroleum Corp.		1,603		233,541
Sitio Royalties Corp. - Class A		5,815		115,544
				6,269,047
Packaging & Containers - 0.1%
Silgan Holdings, Inc.		3,716		189,962
Pharmaceuticals - 4.0%
AbbVie, Inc.		26,214		5,492,357
Bristol-Myers Squibb Co.		2,306		140,643
Pfizer, Inc.		5,181		131,287
Premier, Inc. - Class A		5,338		102,917
Zoetis, Inc.		1,385		228,040
				6,095,244
Pipelines - 0.1%
Targa Resources Corp.		600		120,282
Retail - 7.8%
Costco Wholesale Corp.		234		221,313
Dick's Sporting Goods, Inc.		583		117,509
Dillard's, Inc. - Class A		434		155,428
Dollar General Corp.		61,102		5,372,699
Jack in the Box, Inc.		3,400		92,446
MSC Industrial Direct Co., Inc. - Class A		66,526		5,167,074
Tractor Supply Co.		4,389		241,834
Winmark Corp.		1,533		487,295
				11,855,598
Semiconductors - 0.2%
Broadcom, Inc.		1,155		193,381
QUALCOMM, Inc.		834		128,111
				321,492
Telecommunications - 7.0%
AT&T, Inc.		189,131		5,348,625
Verizon Communications, Inc.		118,589		5,379,197
				10,727,822
Toys/Games/Hobbies - 0.1%
Hasbro, Inc.		2,109		129,682
Transportation - 0.6%
Ardmore Shipping Corp.		13,192		129,150
Genco Shipping & Trading Ltd.		14,512		193,880
Scorpio Tankers, Inc.		4,120		154,829
United Parcel Service, Inc. - Class B		4,019		442,050
				919,909
TOTAL COMMON STOCKS (Cost $91,786,561)				91,425,136
EXCHANGE TRADED FUNDS - 27.3%	Shares		Value
Amplify CWP Enhanced Dividend		9,232		376,389
Energy Select Sector SPDR Fund		5,142		480,520
Fidelity Momentum Factor ETF		1,994		129,730
Fidelity MSCI Energy Index ETF		5,930		151,511
First Trust Long Duration Opportunities ETF		10,535		226,502
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund		967		109,397
First Trust Natural Gas ETF		6,229		154,791
First Trust Senior Loan ETF		12,711		580,257
FlexShares High Yield Value-Scored Bond Index Fund		130,849		5,283,683
FlexShares Ultra-Short Income Fund		2,722		205,729
Global X MLP ETF		3,291		175,180
Invesco KBW High Dividend Yield Financial ETF		280,134		4,047,936
Invesco S&P MidCap Quality ETF		5,766		527,762
Invesco Senior Loan ETF		23,406		484,504
Invesco Short Term Treasury ETF		3,225		340,350
Invesco Variable Rate Investment Grade ETF		6,911		173,328
iShares 20+ Year Treasury Bond ETF		3,528		321,154
iShares Core 40/60 Moderate Allocation ETF		3,154		138,397
iShares Core 60/40 Balanced Allocation ETF		2,179		125,445
iShares Core 80/20 Aggressive Allocation ETF		4,382		335,223
iShares Interest Rate Hedged Corporate Bond ETF		1,865		172,084
iShares Interest Rate Hedged High Yield Bond ETF		16,036		1,366,267
iShares Short Treasury Bond ETF		865		95,548
iShares Treasury Floating Rate Bond ETF		5,024		254,516
iShares U.S. Treasury Bond ETF		5,858		134,646
JPMorgan Core Plus Bond ETF		15,437		726,156
JPMorgan Ultra-Short Municipal Income ETF		2,174		110,548
PGIM Ultra Short Bond ETF		19,968		993,009
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		7,819		732,328
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund		77,492		5,550,752
PIMCO Enhanced Low Duration Active Exchange-Traded Fund		1,329		127,554
SPDR Blackstone Senior Loan ETF		42,654		1,754,359
SPDR Bloomberg 1-3 Month T-Bill ETF		1,838		168,600
SPDR Bloomberg Investment Grade Floating Rate ETF		3,303		101,798
SPDR Portfolio High Yield Bond ETF		37,405		876,025
SPDR Portfolio Intermediate Term Treasury ETF		8,878		253,733
SPDR S&P Capital Markets ETF		1,347		169,951
SPDR S&P Oil & Gas Exploration & Production ETF		1,591		209,551
SPDR SSgA Ultra Short Term Bond ETF		5,818		236,502
VanEck BDC Income ETF		224,919		3,769,642
VanEck J. P. Morgan EM Local Currency Bond ETF		5,215		124,430
VanEck Pharmaceutical ETF		5,579		508,414
Vanguard Energy ETF		3,916		507,944
Vanguard Extended Duration Treasury ETF		77,457		5,507,967
Vanguard Short-Term Treasury ETF		1,673		98,188
Vanguard US Momentum Factor ETF		2,439		370,021
Virtus InfraCap US Preferred Stock ETF		62,152		1,318,244
WisdomTree Floating Rate Treasury Fund		7,418		373,348
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund		11,013		246,141
WisdomTree U.S. Quality Dividend Growth Fund		1,755		140,154
Xtrackers S&P 500 Scored & Screened ETF		5,360		270,305
TOTAL EXCHANGE TRADED FUNDS (Cost $41,485,865)				41,636,513
CLOSED-END FUNDS - 5.0%	Shares		Value
Ares Capital Corp.		15,889		352,100
Blue Owl Capital Corp.		9,246		135,547
Fidus Investment Corp.		11,462		233,710
Gladstone Capital Corp.		6,594		181,071
Golub Capital BDC, Inc.		11,157		168,917
MidCap Financial Investment Corp.		8,773		112,821
Oaktree Specialty Lending Corp.		9,307		142,956
PennantPark Floating Rate Capital Ltd.		310,616		3,475,793
Prospect Capital Corp.		564,932		2,316,221
Sixth Street Specialty Lending, Inc.		13,535		302,913
Hercules Capital, Inc.		8,710		167,319
TOTAL CLOSED-END FUNDS (Cost $8,052,259)				7,589,368
REAL ESTATE INVESTMENT TRUSTS - 3.9%	Shares		Value
REITS - 3.9%
Dynex Capital, Inc.		183,360		2,387,347
Innovative Industrial Properties, Inc.		1,555		84,110
Omega Healthcare Investors, Inc.		6,549		249,386
PennyMac Mortgage Investment Trust		212,023		3,106,137
Two Harbors Investment Corp.		8,716		116,446
				5,943,426
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $5,957,061)				5,943,426
SHORT-TERM INVESTMENTS - 3.6%			Value
Money Market Funds - 3.6%	Shares
First American Treasury Obligations Fund - Class X, 4.25% (a)		5,432,839		5,432,839
TOTAL SHORT-TERM INVESTMENTS (Cost $5,432,839)				5,432,839
TOTAL INVESTMENTS - 99.8% (Cost $152,714,585)				152,027,282
Other Assets in Excess of Liabilities - 0.2%				314,874
TOTAL NET ASSETS - 100.0%			$	152,342,156
two				–	%
Percentages are stated as a percent of net assets.				–	%

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

(a) The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)

TrueShares Active Yield ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2025:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	91,425,136	$	–	$	–	$	91,425,136
Exchange Traded Funds		41,636,513		–		–		41,636,513
Closed-End Funds		7,589,368		–		–		7,589,368
Real Estate Investment Trusts		5,943,426		–		–		5,943,426
Money Market Funds		5,432,839		–		–		5,432,839
Total Investments	$	152,027,282	$	–	$	–	$	152,027,282
Refer to the Schedule of Investments for further disaggregation of investment categories.