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 811-23226
Listed Funds Trust
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Gregory C. Bakken, President
Listed Funds Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-3097
Registrant’s telephone number, including area code
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Reports to Stockholders.
| (a) |
 | Opal Dividend Income ETF | |
| DIVZ (Principal U.S. Listing Exchange: NYSE) | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Opal Dividend Income ETF | $34 | 0.65% |
Net Assets | $104,989,336 |
Number of Holdings | 32 |
Portfolio Turnover | 30% |
30-Day SEC Yield | 2.93% |
Top Sectors | (%) |
Consumer, Non-cyclical | 26.8% |
Energy | 17.0% |
Technology | 13.9% |
Financial | 13.3% |
Utilities | 12.4% |
Communications | 4.7% |
Industrial | 4.4% |
Basic Materials | 2.9% |
Consumer, Cyclical | 2.4% |
Cash & Other | 2.2% |
Top 10 Issuers | (%) |
NextEra Energy, Inc. | 5.4% |
Broadcom, Inc. | 4.9% |
Citigroup, Inc. | 4.8% |
Verizon Communications, Inc. | 4.7% |
American Electric Power Co., Inc. | 4.6% |
British American Tobacco PLC | 4.5% |
Exxon Mobil Corp. | 4.1% |
Philip Morris International, Inc. | 4.0% |
Oracle Corp. | 3.7% |
Chevron Corp. | 3.6% |
| Opal Dividend Income ETF | PAGE 1 | TSR-SAR-53656F474 |
| Opal Dividend Income ETF | PAGE 2 | TSR-SAR-53656F474 |
 | RiverNorth Enhanced Pre-Merger SPAC ETF | |
| SPCZ (Principal U.S. Listing Exchange: CBOE) | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| RiverNorth Enhanced Pre-Merger SPAC ETF | $45 | 0.89% |
Net Assets | $5,154,107 |
Number of Holdings | 83 |
Portfolio Turnover | 26% |
Top Sectors | (%) |
Diversified | 98.6% |
Cash & Other | 1.4% |
Top 10 Issuers | (%) |
Golden Star Acquisition Corp. | 5.0% |
Four Leaf Acquisition Corp. | 4.2% |
Global Lights Acquisition Corp. | 4.3% |
Bukit Jalil Global Acquisition 1 Ltd. | 4.2% |
Ai Transportation Acquisition Corp. | 4.1% |
Quetta Acquisition Corp. | 4.0% |
Trailblazer Merger Corp. I | 4.0% |
Spark I Acquisition Corp. | 4.1% |
TMT Acquisition Corp. | 4.0% |
Black Hawk Acquisition Corp. | 4.0% |
| RiverNorth Enhanced Pre-Merger SPAC ETF | PAGE 1 | TSR-SAR-53656G100 |
 | RiverNorth Patriot ETF | |
| FLDZ (Principal U.S. Listing Exchange: CBOE) | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| RiverNorth Patriot ETF | $36 | 0.70% |
Net Assets | $3,572,746 |
Number of Holdings | 304 |
Portfolio Turnover | 15% |
Top Sectors | (%) |
Financial | 22.4% |
Consumer, Cyclical | 17.6% |
Consumer, Non-cyclical | 15.9% |
Utilities | 13.0% |
Energy | 12.2% |
Industrial | 9.8% |
Communications | 5.7% |
Technology | 3.0% |
Cash & Other | 0.4% |
Top 10 Issuers | (%) |
Intuit, Inc. | 0.5% |
Rivian Automotive, Inc. | 0.5% |
Target Corp. | 0.5% |
McKesson Corp. | 0.5% |
Lowe’s Cos., Inc. | 0.5% |
Ulta Beauty, Inc. | 0.5% |
Republic Services, Inc. | 0.4% |
Casey’s General Stores, Inc. | 0.4% |
Energy Transfer LP | 0.4% |
CSX Corp. | 0.4% |
| RiverNorth Patriot ETF | PAGE 1 | TSR-SAR-53656F227 |
 | TrueShares Active Yield ETF | |
| ERNZ (Principal U.S. Listing Exchange: NASDAQ) | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| TrueShares Active Yield ETF | $13* | 0.75% |
| * | Amount shown reflects the expenses of the Fund from inception date through June 30, 2024. Expenses would have been higher if the Fund had been in operations for the full six months. |
Net Assets | $148,149,624 |
Number of Holdings | 150 |
Portfolio Turnover | 29% |
30-Day SEC Yield | 7.87% |
Top Sectors | (%) |
Financial | 32.8% |
Industrial | 18.1% |
Consumer, Non-cyclical | 8.0% |
Consumer, Cyclical | 4.2% |
Energy | 3.8% |
Communications | 1.4% |
Basic Materials | 1.1% |
Utilities | 0.5% |
Cash & Other | 30.1% |
Top 10 Issuers | (%) |
Cornerstone Strategic Value Fund, Inc. | 3.1% |
Guggenheim Strategic Opportunities Fund | 3.0% |
Sixth Street Specialty Lending, Inc. | 3.0% |
Nordic American Tankers Ltd. | 2.9% |
DHT Holdings, Inc. | 2.9% |
Oaktree Specialty Lending Corp. | 2.9% |
Euronav NV | 2.9% |
International Seaways, Inc. | 2.8% |
Global Net Lease, Inc. | 2.3% |
First Trust Exchange-Traded Fund VI First Trust Nasdaq BuyWrite Income ETF | 2.3% |
| TrueShares Active Yield ETF | PAGE 1 | TSR-SAR-53656G365 |
| TrueShares Active Yield ETF | PAGE 2 | TSR-SAR-53656G365 |
 | TrueShares Eagle Global Renewable Energy Income ETF | |
| RNWZ (Principal U.S. Listing Exchange: NYSE) | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
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 | $37 | 0.75% |
Net Assets | $2,413,766 |
Number of Holdings | 25 |
Portfolio Turnover | 16% |
Top Sectors | (%) |
Utilities | 93.2% |
Industrial | 2.6% |
Financial | 2.3% |
Cash & Other | 1.9% |
Top 10 Issuers | (%) |
SSE PLC | 8.6% |
NextEra Energy, Inc. | 8.2% |
Enel SpA | 7.8% |
RWE AG | 7.5% |
Orsted AS | 7.2% |
AES Corp. | 6.8% |
Northland Power, Inc. | 5.1% |
Iberdrola SA | 4.7% |
PG&E Corp. | 4.0% |
AGL Energy Ltd. | 3.4% |
| TrueShares Eagle Global Renewable Energy Income ETF | PAGE 1 | TSR-SAR-53656G571 |
 | TrueShares Technology, AI & Deep Learning ETF | |
| LRNZ (Principal U.S. Listing Exchange: NYSE) | ||
| Semi-Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| TrueShares Technology, AI & Deep Learning ETF | $34 | 0.68% |
Net Assets | $41,473,384 |
Number of Holdings | 22 |
Portfolio Turnover | 16% |
Top Sectors | (%) |
Technology | 74.7% |
Consumer, Non-cyclical | 13.6% |
Communications | 6.2% |
Consumer, Cyclical | 2.8% |
Cash & Other | 2.7% |
Top 10 Issuers | (%) |
NVIDIA Corp. | 17.4% |
Crowdstrike Holdings, Inc. - Class A | 9.6% |
Samsara, Inc. | 6.6% |
Advanced Micro Devices, Inc. | 5.8% |
Elastic N.V. | 5.4% |
Cloudflare, Inc. | 5.0% |
Datadog, Inc. - Class A | 4.8% |
Eli Lilly & Co. | 4.8% |
Novo Nordisk AS | 4.5% |
ServiceNow, Inc. | 4.5% |
| TrueShares Technology, AI & Deep Learning ETF | PAGE 1 | TSR-SAR-53656F821 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
Page | |||
Schedules of Investments | |||
Financial Highlights | |||
Shares | Value | |||||
COMMON STOCKS - 97.8% | ||||||
Aerospace/Defense - 1.3% | ||||||
Lockheed Martin Corp. | 2,826 | $ 1,320,025 | ||||
Agriculture - 8.5% | ||||||
British American Tobacco PLC - ADR | 152,448 | 4,715,217 | ||||
Philip Morris International, Inc. | 41,785 | 4,234,074 | ||||
8,949,291 | ||||||
Banks - 10.9% | ||||||
Citigroup, Inc. | 78,725 | 4,995,889 | ||||
The Goldman Sachs Group, Inc. | 7,085 | 3,204,687 | ||||
Morgan Stanley | 33,060 | 3,213,101 | ||||
11,413,677 | ||||||
Beverages - 1.8% | ||||||
PepsiCo, Inc. | 11,255 | 1,856,287 | ||||
Building Materials - 3.1% | ||||||
CRH PLC | 43,937 | 3,294,396 | ||||
Chemicals - 2.9% | ||||||
Air Products and Chemicals, Inc. | 11,995 | 3,095,310 | ||||
Cosmetics/Personal Care - 1.0% | ||||||
Kenvue, Inc. | 55,426 | 1,007,645 | ||||
Diversified Financial Services - 2.4% | ||||||
Blue Owl Capital, Inc. - Class A | 142,975 | 2,537,806 | ||||
Electric - 12.4% | ||||||
AES Corp. | 145,707 | 2,560,072 | ||||
American Electric Power Co., Inc. | 54,840 | 4,811,662 | ||||
NextEra Energy, Inc. | 79,553 | 5,633,148 | ||||
13,004,882 | ||||||
Food - 4.8% | ||||||
Albertsons Cos., Inc. - Class A | 84,361 | 1,666,130 | ||||
Hershey Co. | 18,161 | 3,338,536 | ||||
5,004,666 | ||||||
Healthcare-Products - 2.4% | ||||||
Medtronic PLC | 32,424 | 2,552,093 | ||||
Healthcare-Services - 2.9% | ||||||
UnitedHealth Group, Inc. | 6,035 | 3,073,384 | ||||
Oil & Gas - 13.9% | ||||||
Chevron Corp. | 24,188 | 3,783,487 | ||||
Devon Energy Corp. | 69,443 | 3,291,598 | ||||
Shares | Value | |||||
EOG Resources, Inc. | 25,447 | $3,203,014 | ||||
Exxon Mobil Corp. | 37,742 | 4,344,859 | ||||
14,622,958 | ||||||
Pharmaceuticals - 5.4% | ||||||
Johnson & Johnson | 17,808 | 2,602,817 | ||||
Pfizer, Inc. | 110,966 | 3,104,829 | ||||
5,707,646 | ||||||
Pipelines - 3.1% | ||||||
Kinder Morgan, Inc. | 161,528 | 3,209,561 | ||||
Retail - 2.4% | ||||||
Genuine Parts Co. | 18,115 | 2,505,667 | ||||
Semiconductors - 10.2% | ||||||
Broadcom, Inc. | 3,179 | 5,103,980 | ||||
QUALCOMM, Inc. | 15,703 | 3,127,723 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 14,043 | 2,440,814 | ||||
10,672,517 | ||||||
Software - 3.7% | ||||||
Oracle Corp. | 27,872 | 3,935,526 | ||||
Telecommunications - 4.7% | ||||||
Verizon Communications, Inc. | 119,054 | 4,909,787 | ||||
TOTAL COMMON STOCKS (Cost $100,861,094) | 102,673,124 | |||||
SHORT-TERM INVESTMENTS - 2.0% | ||||||
Money Market Funds - 2.0% | ||||||
First American Treasury Obligations Fund - Class X, 5.21%(a) | 2,139,171 | 2,139,171 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,139,171) | 2,139,171 | |||||
TOTAL INVESTMENTS - 99.8% | ||||||
(Cost $103,000,265) | 104,812,295 | |||||
Other Assets in Excess of Liabilities - 0.2% | 177,041 | |||||
TOTAL NET ASSETS - 100.0% | $104,989,336 | |||||
(a) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
1 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $ 102,673,124 | $ — | $ — | $ 102,673,124 | ||||||||
Money Market Funds | 2,139,171 | — | — | 2,139,171 | ||||||||
Total Investments | $ 104,812,295 | $— | $— | $ 104,812,295 | ||||||||
2 |
Shares | Value | |||||
SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 97.3% | ||||||
99 Acquisition Group, Inc. - Class A(a) | 4,334 | $45,507 | ||||
Acri Capital Acquisition Corp.(a) | 9,121 | 103,888 | ||||
Ai Transportation Acquisition Corp.(a) | 19,934 | 206,516 | ||||
Aimei Health Technology Co. Ltd.(a) | 14,391 | 149,091 | ||||
Ares Acquisition Corp. II(a) | 18,471 | 197,085 | ||||
Bayview Acquisition Corp. - Class A(a) | 7,251 | 74,250 | ||||
Black Hawk Acquisition Corp. - Class A(a) | 19,755 | 200,316 | ||||
Bukit Jalil Global Acquisition 1 Ltd.(a) | 19,934 | 211,500 | ||||
Centurion Acquisition Corp.(a) | 9,888 | 98,781 | ||||
Chenghe Acquisition II Co.(a) | 8,036 | 80,440 | ||||
Colombier Acquisition Corp. II - Class A(a) | 12,813 | 131,654 | ||||
ESH Acquisition Corp. - Class A(a) | 18,218 | 190,014 | ||||
Flag Ship Acquisition Corp.(a) | 8,679 | 86,877 | ||||
Four Leaf Acquisition Corp. - Class A(a) | 19,934 | 217,679 | ||||
Global Lights Acquisition Corp.(a) | 20,802 | 214,365 | ||||
Golden Star Acquisition Corp.(a) | 22,652 | 245,095 | ||||
GP-Act III Acquisition Corp.(a) | 17,749 | 178,200 | ||||
Graf Global Corp.(a) | 20,000 | 200,016 | ||||
IB Acquisition Corp.(a) | 4,998 | 49,855 | ||||
Inflection Point Acquisition Corp. II - Class A(a) | 8,000 | 84,800 | ||||
Iron Horse Acquisitions Corp.(a) | 12,150 | 122,229 | ||||
JVSPAC Acquisition Corp. - Class A(a) | 14,218 | 144,455 | ||||
Keen Vision Acquisition Corp.(a) | 10,401 | 110,199 | ||||
Legato Merger Corp. III(a) | 20,052 | 202,792 | ||||
Lionheart Holdings(a) | 8,336 | 83,360 | ||||
Melar Acquisition Corp. I(a) | 8,795 | 87,950 | ||||
Newbury Street Acquisition Corp.(a) | 18,238 | 200,618 | ||||
Oak Woods Acquisition Corp. - Class A(a) | 18,262 | 197,777 | ||||
Quetta Acquisition Corp.(a) | 19,934 | 206,317 | ||||
RF Acquisition Corp. II(a) | 8,065 | 81,174 | ||||
Spark I Acquisition Corp.(a) | 19,934 | 206,317 | ||||
TMT Acquisition Corp. - Class A(a) | 18,272 | 200,901 | ||||
Trailblazer Merger Corp. I(a) | 19,088 | 205,959 | ||||
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) (Cost $4,769,215) | 5,015,977 | |||||
Contracts | ||||||
RIGHTS - 1.3% | ||||||
99 Acquisition Group, Inc., Expires 08/25/2028, Exercise Price $10.00(a) | 21,667 | 5,850 | ||||
Ai Transportation Acquisition Corp., Expires 09/01/2028, Exercise Price $10.00(a) | 19,934 | 4,086 | ||||
Contracts | Value | |||||
Aimei Health Technology Co. Ltd., Expires 11/17/2028, Exercise Price $10.00(a) | 14,391 | $ 3,180 | ||||
Bayview Acquisition Corp., Expires 06/15/2025, Exercise Price $10.00(a) | 7,251 | 1,414 | ||||
Black Hawk Acquisition Corp., Expires 06/20/2025, Exercise Price $10.00(a) | 3,951 | 4,702 | ||||
Bukit Jalil Global Acquisition 1 Ltd., Expires 12/30/2024, Exercise Price $10.00(a) | 19,934 | 2,990 | ||||
Distoken Acquisition Corp., Expires 11/30/2027, Exercise Price $10.00(a) | 8,873 | 977 | ||||
ESH Acquisition Corp., Expires 12/13/2024, Exercise Price $10.00(a) | 19,934 | 2,491 | ||||
Global Lights Acquisition Corp., Expires 11/14/2024, Exercise Price $10.00(a) | 20,802 | 4,368 | ||||
Golden Star Acquisition Corp., Expires 03/30/2025, Exercise Price $10.00(a) | 24,341 | 9,493 | ||||
Horizon Space Acquisition I Corp., Expires 12/27/2024, Exercise Price $10.00(a) | 3,101 | 307 | ||||
IB Acquisition Corp., Expires 09/28/2025, Exercise Price $10.00(a) | 4,998 | 464 | ||||
Iron Horse Acquisitions Corp., Expires 06/27/2025, Exercise Price $1.00(a) | 12,150 | 2,794 | ||||
JVSPAC Acquisition Corp., Expires 11/26/2026, Exercise Price $10.00(a) | 14,218 | 4,267 | ||||
Mars Acquisition Corp., Expires 02/09/2028, Exercise Price $10.00(a) | 9,397 | 2,067 | ||||
Oak Woods Acquisition Corp., Expires 03/23/2028, Exercise Price $10.00(a) | 19,934 | 4,234 | ||||
Quetta Acquisition Corp., Expires 11/30/2024, Exercise Price $1.00(a) | 1,994 | 2,134 | ||||
TMT Acquisition Corp., Expires 03/27/2028, Exercise Price $10.00(a) | 19,934 | 7,077 | ||||
Trailblazer Merger Corp. I, Expires 04/21/2028, Exercise Price $10.00(a) | 19,088 | 2,279 | ||||
TOTAL RIGHTS | ||||||
(Cost $51,111) | 65,174 | |||||
WARRANTS - 0.3% | ||||||
99 Acquisition Group, Inc., Expires 10/09/2028, Exercise Price $11.50(a) | 21,667 | 715 | ||||
3 |
Contracts | Value | |||||
WARRANTS - (Continued) | ||||||
Alchemy Investments Acquisition Corp. 1, Expires 06/26/2028, Exercise Price $11.50(a) | 2,758 | $ 386 | ||||
Ares Acquisition Corp. II, Expires 06/12/2028, Exercise Price $11.50(a) | 10,085 | 1,311 | ||||
Bite Acquisition Corp., Expires 02/12/2031, Exercise Price $11.50(a) | 2,010 | 111 | ||||
Bukit Jalil Global Acquisition 1 Ltd., Expires 08/21/2028, Exercise Price $11.50(a) | 9,967 | 239 | ||||
Churchill Capital Corp. VII, Expires 02/29/2028, Exercise Price $11.50(a) | 6,398 | 2,239 | ||||
Colombier Acquisition Corp. II, Expires 12/31/2028, Exercise Price $11.50(a) | 4,271 | 1,281 | ||||
Distoken Acquisition Corp., Expires 11/30/2027, Exercise Price $11.50(a) | 8,873 | 134 | ||||
Four Leaf Acquisition Corp., Expires 03/15/2028, Exercise Price $11.50(a) | 19,934 | 1,159 | ||||
Goal Acquisitions Corp., Expires 02/11/2026, Exercise Price $11.50(a) | 2,463 | 15 | ||||
Gores Holdings IX, Inc., Expires 01/14/2029, Exercise Price $11.50(a) | 4,396 | 472 | ||||
Haymaker Acquisition Corp. 4, Expires 05/31/2028, Exercise Price $11.50(a) | 2,397 | 420 | ||||
Hennessy Capital Investment Corp. VI, Expires 06/10/2026, Exercise Price $11.50(a) | 3,542 | 531 | ||||
Horizon Space Acquisition I Corp., Expires 12/27/2029, Exercise Price $11.50(a) | 3,101 | 53 | ||||
Inflection Point Acquisition Corp. II, Expires 07/17/2028, Exercise Price $11.50(a) | 10,130 | 959 | ||||
Iron Horse Acquisitions Corp., Expires 02/16/2029, Exercise Price $11.50(a) | 12,150 | 425 | ||||
Israel Acquisitions Corp., Expires 02/28/2028, Exercise Price $11.50(a) | 4,661 | 229 | ||||
Jaws Mustang Acquisition Corp., Expires 01/30/2026, Exercise Price $11.50(a) | 1,780 | 191 | ||||
Keen Vision Acquisition Corp., Expires 09/15/2028, Exercise Price $11.50(a) | 10,401 | 650 | ||||
Legato Merger Corp. III, Expires 03/28/2029, Exercise Price $11.50(a) | 10,026 | 1,305 | ||||
Contracts | Value | |||||
New Horizon Aircraft Ltd., Expires 01/12/2029, Exercise Price $11.50(a) | 9,525 | $145 | ||||
NKGen Biotech, Inc., Expires 05/31/2028, Exercise Price $11.50(a) | 1,520 | 151 | ||||
Oak Woods Acquisition Corp., Expires 03/23/2028, Exercise Price $11.50(a) | 19,934 | 498 | ||||
Slam Corp., Expires 02/23/2026, Exercise Price $11.50(a) | 3,115 | 779 | ||||
Spark I Acquisition Corp., Expires 11/27/2028, Exercise Price $11.50(a) | 9,967 | 1,844 | ||||
TOTAL WARRANTS | ||||||
(Cost $20,487) | 16,242 | |||||
Shares | ||||||
SHORT-TERM INVESTMENTS - 0.6% | ||||||
Money Market Funds - 0.6% | ||||||
First American Treasury Obligations Fund - Class X, 5.21%(c) | 31,678 | 31,678 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||
(Cost $31,678) | 31,678 | |||||
TOTAL INVESTMENTS - 99.5% | ||||||
(Cost $4,872,491) | 5,129,071 | |||||
Other Assets in Excess of Liabilities - 0.5% | 25,036 | |||||
TOTAL NET ASSETS - 100.0% | $5,154,107 | |||||
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
4 |
Terms of Payments to be Received | Terms of Payments to be Paid | Counterparty | Maturity Date | Payment Frequency | Notional Amount | Value/Unrealized Appreciation (Depreciation) | ||||||||||||
Ares Acquisition Corp. II | Overnight Bank Funding Rate + 0.85% | Clear Street Derivatives LLC | 08/22/2024 | Monthly | $20,913 | $ — | ||||||||||||
ESH Acquisition Corp. – Class A | Overnight Bank Funding Rate + 0.85% | Clear Street Derivatives LLC | 08/22/2024 | Monthly | 20,651 | — | ||||||||||||
Golden Star Acquisition Corp. | Overnight Bank Funding Rate + 0.85% | Clear Street Derivatives LLC | 08/22/2024 | Monthly | 21,080 | — | ||||||||||||
Oak Woods Acquisition Corp. – Class A | Overnight Bank Funding Rate + 0.85% | Clear Street Derivatives LLC | 08/22/2024 | Monthly | 20,902 | — | ||||||||||||
TMT Acquisition Corp. | Overnight Bank Funding Rate + 0.85% | Clear Street Derivatives LLC | 08/22/2024 | Monthly | 21,110 | — | ||||||||||||
Total Unrealized Appreciation (Depreciation) | $ — | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||
Investments: | ||||||||||||
Special Purpose Acquisition Companies (SPACs) | $3,943,402 | $615,980 | $ — | $5,015,977 | ||||||||
Rights | 32,316 | 32,858 | — | 65,174 | ||||||||
Warrants | 10,102 | 6,141 | — | 16,242 | ||||||||
Money Market Funds | 31,678 | — | — | 31,678 | ||||||||
Total Investments | $4,017,497 | $654,979 | $— | $ 5,129,071 | ||||||||
Liabilities: | ||||||||||||
Other Financial Instruments*: | ||||||||||||
Total Return Swaps | — | — | — | — | ||||||||
Total Other Financial Instruments | — | — | — | — | ||||||||
5 |
Shares | Value | |||||
COMMON STOCKS - 91.6% | ||||||
Advertising - 0.4% | ||||||
The Trade Desk, Inc. - Class A(a) | 141 | $ 13,771 | ||||
Agriculture - 0.4% | ||||||
Altria Group, Inc. | 331 | 15,077 | ||||
Airlines - 0.4% | ||||||
Southwest Airlines Co. | 475 | 13,590 | ||||
Auto Manufacturers - 0.9% | ||||||
Lucid Group, Inc.(a) | 5,478 | 14,298 | ||||
Rivian Automotive, Inc. - Class A(a) | 1,287 | 17,271 | ||||
31,569 | ||||||
Banks - 6.2% | ||||||
BOK Financial Corp. | 84 | 7,698 | ||||
Cadence Bank | 242 | 6,844 | ||||
Citizens Financial Group, Inc. | 231 | 8,323 | ||||
Comerica, Inc. | 170 | 8,677 | ||||
Commerce Bancshares, Inc. | 169 | 9,427 | ||||
Cullen/Frost Bankers, Inc. | 85 | 8,638 | ||||
East West Bancorp, Inc. | 113 | 8,275 | ||||
Fifth Third Bancorp | 225 | 8,210 | ||||
First Citizens BancShares, Inc. - Class A | 5 | 8,418 | ||||
First Horizon Corp. | 527 | 8,311 | ||||
Huntington Bancshares, Inc. | 588 | 7,750 | ||||
KeyCorp | 519 | 7,375 | ||||
M&T Bank Corp. | 55 | 8,325 | ||||
Old National Bancorp | 377 | 6,481 | ||||
Pinnacle Financial Partners, Inc. | 98 | 7,844 | ||||
PNC Financial Services Group, Inc. | 71 | 11,039 | ||||
Prosperity Bancshares, Inc. | 112 | 6,848 | ||||
Regions Financial Corp. | 382 | 7,655 | ||||
SouthState Corp. | 83 | 6,343 | ||||
Synovus Financial Corp. | 152 | 6,109 | ||||
Truist Financial Corp. | 203 | 7,887 | ||||
U.S. Bancorp | 240 | 9,528 | ||||
Webster Financial Corp. | 193 | 8,413 | ||||
Wells Fargo & Co. | 185 | 10,987 | ||||
Western Alliance Bancorp | 142 | 8,920 | ||||
Wintrust Financial Corp. | 83 | 8,180 | ||||
Zions Bancorp NA | 212 | 9,194 | ||||
221,699 | ||||||
Beverages - 1.2% | ||||||
Celsius Holdings, Inc.(a) | 251 | 14,330 | ||||
Coca-Cola Consolidated, Inc. | 13 | 14,105 | ||||
Constellation Brands, Inc. - Class A | 55 | 14,150 | ||||
42,585 | ||||||
Biotechnology - 1.5% | ||||||
Incyte Corp.(a) | 220 | 13,336 | ||||
Intra-Cellular Therapies, Inc.(a) | 191 | 13,082 | ||||
Ionis Pharmaceuticals, Inc.(a) | 313 | 14,918 | ||||
Shares | Value | |||||
Sarepta Therapeutics, Inc.(a) | 85 | $ 13,430 | ||||
54,766 | ||||||
Building Materials - 3.9% | ||||||
AAON, Inc. | 158 | 13,784 | ||||
AZEK Co., Inc.(a) | 329 | 13,861 | ||||
Builders FirstSource, Inc.(a) | 104 | 14,395 | ||||
Eagle Materials, Inc. | 71 | 15,440 | ||||
Martin Marietta Materials, Inc. | 28 | 15,170 | ||||
MDU Resources Group, Inc. | 474 | 11,897 | ||||
Summit Materials, Inc. - Class A(a) | 386 | 14,131 | ||||
Trex Co., Inc.(a) | 190 | 14,083 | ||||
UFP Industries, Inc. | 110 | 12,320 | ||||
Vulcan Materials Co. | 56 | 13,926 | ||||
139,007 | ||||||
Commercial Services - 2.7% | ||||||
ADT, Inc. | 1,762 | 13,391 | ||||
Affirm Holdings, Inc.(a) | 226 | 6,828 | ||||
Booz Allen Hamilton Holding Corp. | 83 | 12,774 | ||||
Paylocity Holding Corp.(a) | 101 | 13,317 | ||||
R1 RCM, Inc.(a) | 906 | 11,379 | ||||
Toast, Inc. - Class A(a) | 568 | 14,637 | ||||
TriNet Group, Inc. | 113 | 11,300 | ||||
Valvoline, Inc.(a) | 270 | 11,664 | ||||
95,290 | ||||||
Computers - 0.7% | ||||||
CACI International, Inc. - Class A(a) | 28 | 12,044 | ||||
Science Applications International Corp. | 111 | 13,048 | ||||
25,092 | ||||||
Distribution/Wholesale - 0.7% | ||||||
Core & Main, Inc. - Class A(a) | 277 | 13,556 | ||||
SiteOne Landscape Supply, Inc.(a) | 102 | 12,384 | ||||
25,940 | ||||||
Diversified Financial Services - 3.8% | ||||||
Ally Financial, Inc. | 225 | 8,926 | ||||
Ameriprise Financial, Inc. | 14 | 5,981 | ||||
Apollo Global Management, Inc. | 84 | 9,918 | ||||
Ares Management Corp. - Class A | 57 | 7,597 | ||||
Blue Owl Capital, Inc. - Class A | 497 | 8,822 | ||||
Capital One Financial Corp. | 71 | 9,830 | ||||
Cboe Global Markets, Inc. | 41 | 6,972 | ||||
Charles Schwab Corp. | 136 | 10,022 | ||||
Credit Acceptance Corp.(a) | 13 | 6,691 | ||||
Discover Financial Services | 69 | 9,026 | ||||
LPL Financial Holdings, Inc. | 28 | 7,820 | ||||
Mr Cooper Group, Inc.(a) | 71 | 5,767 | ||||
OneMain Holdings, Inc. | 152 | 7,371 | ||||
SoFi Technologies, Inc.(a) | 1,145 | 7,568 | ||||
Synchrony Financial | 196 | 9,249 | ||||
T Rowe Price Group, Inc. | 69 | 7,956 | ||||
Voya Financial, Inc. | 99 | 7,044 | ||||
136,560 | ||||||
6 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Electric - 10.9% | ||||||
Alliant Energy Corp. | 252 | $ 12,827 | ||||
Ameren Corp. | 184 | 13,084 | ||||
American Electric Power Co., Inc. | 153 | 13,424 | ||||
Avangrid, Inc. | 395 | 14,034 | ||||
CenterPoint Energy, Inc. | 440 | 13,631 | ||||
CMS Energy Corp. | 223 | 13,275 | ||||
Consolidated Edison, Inc. | 154 | 13,771 | ||||
Constellation Energy Corp. | 77 | 15,421 | ||||
Dominion Energy, Inc. | 269 | 13,181 | ||||
DTE Energy Co. | 112 | 12,433 | ||||
Duke Energy Corp. | 154 | 15,435 | ||||
Edison International | 198 | 14,218 | ||||
Entergy Corp. | 129 | 13,803 | ||||
Evergy, Inc. | 248 | 13,137 | ||||
Eversource Energy | 206 | 11,682 | ||||
Exelon Corp. | 364 | 12,598 | ||||
FirstEnergy Corp. | 354 | 13,548 | ||||
NextEra Energy, Inc. | 210 | 14,870 | ||||
NRG Energy, Inc. | 166 | 12,925 | ||||
OGE Energy Corp. | 357 | 12,745 | ||||
PG&E Corp. | 741 | 12,938 | ||||
Pinnacle West Capital Corp. | 183 | 13,978 | ||||
PPL Corp. | 484 | 13,383 | ||||
Public Service Enterprise Group, Inc. | 181 | 13,340 | ||||
Southern Co. | 197 | 15,281 | ||||
Talen Energy Corp.(a) | 122 | 13,544 | ||||
Vistra Corp. | 150 | 12,897 | ||||
WEC Energy Group, Inc. | 154 | 12,083 | ||||
Xcel Energy, Inc. | 250 | 13,352 | ||||
390,838 | ||||||
Energy-Alternate Sources - 0.4% | ||||||
First Solar, Inc.(a) | 56 | 12,626 | ||||
Engineering & Construction - 1.2% | ||||||
Comfort Systems USA, Inc. | 42 | 12,773 | ||||
EMCOR Group, Inc. | 42 | 15,333 | ||||
MasTec, Inc.(a) | 129 | 13,802 | ||||
41,908 | ||||||
Entertainment - 1.1% | ||||||
Caesars Entertainment, Inc.(a) | 336 | 13,353 | ||||
Churchill Downs, Inc. | 99 | 13,820 | ||||
DraftKings, Inc. - Class A(a) | 353 | 13,474 | ||||
40,647 | ||||||
Environmental Control - 1.2% | ||||||
Casella Waste Systems, Inc. - Class A(a) | 128 | 12,700 | ||||
Republic Services, Inc. | 83 | 16,130 | ||||
Waste Management, Inc. | 70 | 14,934 | ||||
43,764 | ||||||
Shares | Value | |||||
Food - 3.1% | ||||||
Albertsons Cos., Inc. - Class A | 695 | $ 13,726 | ||||
Campbell Soup Co. | 327 | 14,777 | ||||
Hormel Foods Corp. | 434 | 13,233 | ||||
Kroger Co. | 269 | 13,431 | ||||
Lancaster Colony Corp. | 70 | 13,228 | ||||
Performance Food Group Co.(a) | 196 | 12,958 | ||||
Sprouts Farmers Market, Inc.(a) | 171 | 14,306 | ||||
US Foods Holding Corp.(a) | 251 | 13,298 | ||||
108,957 | ||||||
Gas - 1.4% | ||||||
Atmos Energy Corp. | 110 | 12,832 | ||||
National Fuel Gas Co. | 222 | 12,030 | ||||
NiSource, Inc. | 493 | 14,203 | ||||
Southwest Gas Holdings, Inc. | 166 | 11,683 | ||||
50,748 | ||||||
Healthcare-Products - 0.7% | ||||||
Lantheus Holdings, Inc.(a) | 150 | 12,044 | ||||
Natera, Inc.(a) | 122 | 13,211 | ||||
25,255 | ||||||
Healthcare-Services - 4.0% | ||||||
Centene Corp.(a) | 192 | 12,730 | ||||
Chemed Corp. | 28 | 15,192 | ||||
Elevance Health, Inc. | 28 | 15,172 | ||||
Ensign Group, Inc. | 111 | 13,730 | ||||
HealthEquity, Inc.(a) | 181 | 15,602 | ||||
Humana, Inc. | 42 | 15,693 | ||||
Molina Healthcare, Inc.(a) | 42 | 12,487 | ||||
Quest Diagnostics, Inc. | 98 | 13,414 | ||||
Tenet Healthcare Corp.(a) | 98 | 13,037 | ||||
UnitedHealth Group, Inc. | 28 | 14,259 | ||||
141,316 | ||||||
Home Builders - 3.3% | ||||||
DR Horton, Inc. | 100 | 14,093 | ||||
Installed Building Products, Inc. | 55 | 11,312 | ||||
KB Home | 166 | 11,650 | ||||
Lennar Corp. - Class A | 83 | 12,439 | ||||
Meritage Homes Corp. | 83 | 13,434 | ||||
NVR, Inc.(a) | 2 | 15,177 | ||||
PulteGroup, Inc. | 128 | 14,093 | ||||
Taylor Morrison Home Corp.(a) | 252 | 13,971 | ||||
Toll Brothers, Inc. | 111 | 12,785 | ||||
118,954 | ||||||
Household Products/Wares - 0.3% | ||||||
Reynolds Consumer Products, Inc. | 444 | 12,423 | ||||
Insurance - 3.8% | ||||||
Allstate Corp. | 56 | 8,941 | ||||
American Financial Group, Inc. | 71 | 8,734 | ||||
Cincinnati Financial Corp. | 70 | 8,267 | ||||
Equitable Holdings, Inc. | 225 | 9,193 | ||||
7 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Insurance - (Continued) | ||||||
Erie Indemnity Co. - Class A | 27 | $ 9,785 | ||||
Fidelity National Financial, Inc. | 153 | 7,561 | ||||
Globe Life, Inc. | 98 | 8,063 | ||||
Hartford Financial Services Group, Inc. | 83 | 8,345 | ||||
Jackson Financial, Inc. - Class A | 99 | 7,352 | ||||
Kinsale Capital Group, Inc. | 14 | 5,394 | ||||
Lincoln National Corp. | 196 | 6,096 | ||||
Loews Corp. | 110 | 8,221 | ||||
Markel Group, Inc.(a) | 5 | 7,878 | ||||
Old Republic International Corp. | 263 | 8,127 | ||||
Progressive Corp. | 42 | 8,724 | ||||
RLI Corp. | 56 | 7,879 | ||||
Selective Insurance Group, Inc. | 70 | 6,568 | ||||
135,128 | ||||||
Internet - 1.7% | ||||||
Lyft, Inc. - Class A(a) | 878 | 12,380 | ||||
Maplebear, Inc.(a) | 415 | 13,338 | ||||
Robinhood Markets, Inc. - Class A(a) | 367 | 8,335 | ||||
Roku, Inc.(a) | 252 | 15,102 | ||||
Zillow Group, Inc. - Class C(a) | 275 | 12,757 | ||||
61,912 | ||||||
Investment Companies - 0.6% | ||||||
Icahn Enterprises LP | 782 | 12,887 | ||||
Marathon Digital Holdings, Inc.(a) | 393 | 7,801 | ||||
20,688 | ||||||
Leisure Time - 0.4% | ||||||
Planet Fitness, Inc. - Class A(a) | 180 | 13,246 | ||||
Lodging - 0.3% | ||||||
Boyd Gaming Corp. | 220 | 12,122 | ||||
Media - 2.3% | ||||||
Charter Communications, Inc. - Class A(a) | 41 | 12,257 | ||||
Fox Corp. - Class A | 393 | 13,507 | ||||
Liberty Broadband Corp. - Class C(a) | 270 | 14,801 | ||||
New York Times Co. - Class A | 279 | 14,288 | ||||
Nexstar Media Group, Inc. | 70 | 11,621 | ||||
Sirius XM Holdings, Inc. | 5,208 | 14,739 | ||||
81,213 | ||||||
Oil & Gas - 6.7% | ||||||
Antero Resources Corp.(a) | 410 | 13,378 | ||||
Chesapeake Energy Corp. | 152 | 12,493 | ||||
Chord Energy Corp. | 84 | 14,085 | ||||
Civitas Resources, Inc. | 197 | 13,593 | ||||
Coterra Energy, Inc. | 542 | 14,455 | ||||
Devon Energy Corp. | 276 | 13,083 | ||||
Diamondback Energy, Inc. | 69 | 13,813 | ||||
EOG Resources, Inc. | 125 | 15,734 | ||||
EQT Corp. | 351 | 12,980 | ||||
Marathon Oil Corp. | 494 | 14,163 | ||||
Shares | Value | |||||
Marathon Petroleum Corp. | 83 | $ 14,399 | ||||
Matador Resources Co. | 231 | 13,768 | ||||
Permian Resources Corp. | 881 | 14,228 | ||||
Range Resources Corp. | 395 | 13,244 | ||||
SM Energy Co. | 232 | 10,029 | ||||
Southwestern Energy Co.(a) | 1,864 | 12,545 | ||||
Sunoco LP | 237 | 13,400 | ||||
Texas Pacific Land Corp. | 15 | 11,014 | ||||
240,404 | ||||||
Pharmaceuticals - 2.0% | ||||||
Cardinal Health, Inc. | 128 | 12,585 | ||||
Cigna Group | 42 | 13,884 | ||||
CVS Health Corp. | 254 | 15,001 | ||||
McKesson Corp. | 28 | 16,353 | ||||
Neurocrine Biosciences, Inc.(a) | 102 | 14,043 | ||||
71,866 | ||||||
Pipelines - 5.1% | ||||||
Antero Midstream Corp. | 981 | 14,460 | ||||
Cheniere Energy Partners LP | 263 | 12,916 | ||||
DT Midstream, Inc. | 195 | 13,851 | ||||
Energy Transfer LP | 985 | 15,977 | ||||
EnLink Midstream LLC | 986 | 13,567 | ||||
Enterprise Products Partners LP | 539 | 15,620 | ||||
Equitrans Midstream Corp. | 1,017 | 13,201 | ||||
Kinder Morgan, Inc. | 687 | 13,651 | ||||
MPLX LP | 334 | 14,225 | ||||
ONEOK, Inc. | 167 | 13,619 | ||||
Targa Resources Corp. | 109 | 14,037 | ||||
Western Midstream Partners LP | 340 | 13,508 | ||||
Williams Cos., Inc. | 317 | 13,472 | ||||
182,104 | ||||||
Retail - 10.5% | ||||||
AutoNation, Inc.(a) | 85 | 13,547 | ||||
Beacon Roofing Supply, Inc.(a) | 138 | 12,489 | ||||
BJ’s Wholesale Club Holdings, Inc.(a) | 153 | 13,439 | ||||
Burlington Stores, Inc.(a) | 55 | 13,200 | ||||
CarMax, Inc.(a) | 197 | 14,448 | ||||
Carvana Co.(a) | 114 | 14,674 | ||||
Casey’s General Stores, Inc. | 42 | 16,026 | ||||
Cava Group, Inc.(a) | 155 | 14,376 | ||||
Chipotle Mexican Grill, Inc.(a) | 250 | 15,662 | ||||
Darden Restaurants, Inc. | 83 | 12,560 | ||||
Dick’s Sporting Goods, Inc. | 57 | 12,246 | ||||
Dillard’s, Inc. - Class A - Class A | 29 | 12,771 | ||||
Dollar General Corp. | 112 | 14,810 | ||||
Five Below, Inc.(a) | 115 | 12,532 | ||||
Floor & Decor Holdings, Inc. - Class A(a) | 136 | 13,520 | ||||
Lowe’s Cos., Inc. | 74 | 16,314 | ||||
Macy’s, Inc. | 689 | 13,229 | ||||
Murphy USA, Inc. | 27 | 12,675 | ||||
Ollie’s Bargain Outlet Holdings, Inc.(a) | 140 | 13,744 | ||||
O’Reilly Automotive, Inc.(a) | 14 | 14,785 | ||||
8 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Retail - (Continued) | ||||||
Ross Stores, Inc. | 96 | $ 13,951 | ||||
Target Corp. | 112 | 16,580 | ||||
Texas Roadhouse, Inc. | 84 | 14,424 | ||||
Tractor Supply Co. | 45 | 12,150 | ||||
Ulta Beauty, Inc.(a) | 42 | 16,207 | ||||
Williams-Sonoma, Inc. | 42 | 11,860 | ||||
Wingstop, Inc. | 28 | 11,834 | ||||
374,053 | ||||||
Shipbuilding - 0.4% | ||||||
Huntington Ingalls Industries, Inc. | 56 | 13,794 | ||||
Software - 2.3% | ||||||
Appfolio, Inc. - Class A(a) | 28 | 6,848 | ||||
Bill.com Holdings, Inc.(a) | 252 | 13,260 | ||||
CCC Intelligent Solutions Holdings, Inc.(a) | 656 | 7,288 | ||||
Intuit, Inc. | 28 | 18,402 | ||||
Jack Henry & Associates, Inc. | 42 | 6,973 | ||||
Paychex, Inc. | 121 | 14,346 | ||||
Paycom Software, Inc. | 102 | 14,590 | ||||
81,707 | ||||||
Telecommunications - 1.3% | ||||||
AT&T, Inc. | 831 | 15,880 | ||||
Frontier Communications Parent, Inc.(a) | 553 | 14,478 | ||||
Verizon Communications, Inc. | 374 | 15,424 | ||||
45,782 | ||||||
Transportation - 3.1% | ||||||
CSX Corp. | 476 | 15,922 | ||||
JB Hunt Transport Services, Inc. | 84 | 13,440 | ||||
Kirby Corp.(a) | 111 | 13,290 | ||||
Knight-Swift Transportation Holdings, Inc. | 283 | 14,127 | ||||
Landstar System, Inc. | 70 | 12,914 | ||||
Norfolk Southern Corp. | 58 | 12,452 | ||||
Old Dominion Freight Line, Inc. | 84 | 14,835 | ||||
Saia, Inc.(a) | 28 | 13,280 | ||||
110,260 | ||||||
Water - 0.7% | ||||||
American Water Works Co., Inc. | 99 | 12,787 | ||||
Essential Utilities, Inc. | 340 | 12,692 | ||||
25,479 | ||||||
TOTAL COMMON STOCKS (Cost $3,211,071) | 3,272,140 | |||||
REAL ESTATE INVESTMENT TRUSTS - 8.0% | ||||||
AGNC Investment Corp. | 755 | 7,203 | ||||
Agree Realty Corp. | 126 | 7,804 | ||||
Alexandria Real Estate Equities, Inc. | 71 | 8,305 | ||||
American Homes 4 Rent - Class A | 208 | 7,729 | ||||
AvalonBay Communities, Inc. | 42 | 8,689 | ||||
Shares | Value | |||||
Boston Properties, Inc. | 114 | $7,018 | ||||
Brixmor Property Group, Inc. | 320 | 7,389 | ||||
Camden Property Trust | 82 | 8,947 | ||||
Crown Castle International Corp. | 84 | 8,207 | ||||
CubeSmart | 197 | 8,899 | ||||
EastGroup Properties, Inc. | 42 | 7,144 | ||||
Equity LifeStyle Properties, Inc. | 112 | 7,295 | ||||
Equity Residential | 124 | 8,598 | ||||
Essex Property Trust, Inc. | 28 | 7,622 | ||||
Extra Space Storage, Inc. | 53 | 8,237 | ||||
Federal Realty Investment Trust | 86 | 8,683 | ||||
First Industrial Realty Trust, Inc. | 170 | 8,077 | ||||
Gaming and Leisure Properties, Inc. | 183 | 8,273 | ||||
Healthcare Realty Trust, Inc. | 431 | 7,103 | ||||
Healthpeak Properties, Inc. | 481 | 9,428 | ||||
Host Hotels & Resorts, Inc. | 385 | 6,922 | ||||
Invitation Homes, Inc. | 228 | 8,183 | ||||
Kimco Realty Corp. | 451 | 8,776 | ||||
Lamar Advertising Co. - Class A | 70 | 8,367 | ||||
Mid-America Apartment Communities, Inc. | 56 | 7,986 | ||||
NNN REIT, Inc. | 184 | 7,838 | ||||
Public Storage | 27 | 7,767 | ||||
Regency Centers Corp. | 143 | 8,895 | ||||
Rexford Industrial Realty, Inc. | 169 | 7,536 | ||||
Rithm Capital Corp. | 535 | 5,837 | ||||
Ryman Hospitality Properties, Inc. | 86 | 8,588 | ||||
Simon Property Group, Inc. | 57 | 8,653 | ||||
STAG Industrial, Inc. | 224 | 8,077 | ||||
Terreno Realty Corp. | 101 | 5,977 | ||||
UDR, Inc. | 203 | 8,353 | ||||
VICI Properties, Inc. | 296 | 8,477 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $291,088) | 286,882 | |||||
SHORT-TERM INVESTMENTS - 0.1% | ||||||
Money Market Funds - 0.1% | ||||||
First American Treasury Obligations Fund - Class X, 5.20%(b) | 3,384 | 3,384 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,384) | 3,384 | |||||
TOTAL INVESTMENTS - 99.7% (Cost $3,505,543) | 3,562,406 | |||||
Other Assets in Excess of Liabilities - 0.3% | 10,340 | |||||
TOTAL NET ASSETS - 100.0% | $3,572,746 | |||||
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
9 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $3,272,140 | $ — | $ — | $3,272,140 | ||||||||
Real Estate Investment Trusts | 286,882 | — | — | 286,882 | ||||||||
Money Market Funds | 3,384 | — | — | 3,384 | ||||||||
Total Investments | $3,562,406 | $— | $— | $3,562,406 | ||||||||
10 |
Shares | Value | |||||
COMMON STOCKS - 40.9% | ||||||
Agriculture - 1.5% | ||||||
Altria Group, Inc. | 10,590 | $ 482,375 | ||||
British American Tobacco PLC - ADR | 37,223 | 1,151,307 | ||||
Universal Corp. | 3,580 | 172,520 | ||||
Vector Group Ltd. | 33,593 | 355,078 | ||||
2,161,280 | ||||||
Auto Manufacturers - 0.2% | ||||||
PACCAR, Inc. | 2,561 | 263,629 | ||||
Beverages - 1.0% | ||||||
Coca-Cola Consolidated, Inc. | 989 | 1,073,065 | ||||
Coca-Cola Femsa SAB de CV - ADR | 3,016 | 258,894 | ||||
PepsiCo, Inc. | 940 | 155,034 | ||||
1,486,993 | ||||||
Biotechnology - 0.9% | ||||||
Gilead Sciences, Inc. | 20,634 | 1,415,699 | ||||
Building Materials - 1.9% | ||||||
Boise Cascade Co. | 6,796 | 810,219 | ||||
Griffon Corp. | 27,058 | 1,727,924 | ||||
LSI Industries, Inc. | 18,851 | 272,774 | ||||
2,810,917 | ||||||
Chemicals - 0.2% | ||||||
Sociedad Quimica y Minera de Chile SA - ADR | 8,723 | 355,462 | ||||
Coal - 0.7% | ||||||
Arch Resources, Inc. | 6,445 | 981,122 | ||||
Commercial Services - 0.5% | ||||||
Booz Allen Hamilton Holding Corp. | 3,428 | 527,569 | ||||
H&R Block, Inc. | 5,414 | 293,602 | ||||
821,171 | ||||||
Cosmetics/Personal Care - 0.5% | ||||||
Colgate-Palmolive Co. | 1,793 | 173,993 | ||||
Inter Parfums, Inc. | 3,152 | 365,726 | ||||
Procter & Gamble Co. | 977 | 161,127 | ||||
700,846 | ||||||
Distribution/Wholesale - 0.5% | ||||||
A-Mark Precious Metals, Inc. | 13,889 | 449,587 | ||||
Watsco, Inc. | 774 | 358,548 | ||||
808,135 | ||||||
Diversified Financial Services - 1.6% | ||||||
Ares Management Corp. - Class A | 7,552 | 1,006,531 | ||||
B Riley Financial, Inc. | 67,838 | 1,196,662 | ||||
Houlihan Lokey, Inc. | 1,262 | 170,193 | ||||
2,373,386 | ||||||
Shares | Value | |||||
Electric - 0.5% | ||||||
Clearway Energy, Inc. - Class C | 25,961 | $ 640,977 | ||||
National Grid PLC - ADR | 2,780 | 157,904 | ||||
798,881 | ||||||
Energy-Alternate Sources - 1.5% | ||||||
NextEra Energy Partners LP | 78,310 | 2,164,488 | ||||
Food - 1.9% | ||||||
Campbell Soup Co. | 6,244 | 282,166 | ||||
General Mills, Inc. | 10,159 | 642,658 | ||||
Hershey Co. | 2,390 | 439,354 | ||||
Kellanova | 4,573 | 263,771 | ||||
Kroger Co. | 19,521 | 974,684 | ||||
Weis Markets, Inc. | 2,599 | 163,139 | ||||
2,765,772 | ||||||
Household Products/Wares - 0.4% | ||||||
Clorox Co. | 1,265 | 172,634 | ||||
Kimberly-Clark Corp. | 2,763 | 381,847 | ||||
554,481 | ||||||
Insurance - 1.4% | ||||||
CNA Financial Corp. | 44,603 | 2,054,860 | ||||
Internet - 1.4% | ||||||
Cogent Communications Holdings, Inc. | 35,941 | 2,028,510 | ||||
Leisure Time - 0.8% | ||||||
Camping World Holdings, Inc. - Class A | 66,130 | 1,181,082 | ||||
Mining - 0.9% | ||||||
Gold Fields Ltd. - ADR | 27,984 | 416,962 | ||||
Newmont Corp. | 22,808 | 954,971 | ||||
1,371,933 | ||||||
Miscellaneous Manufacturing - 0.1% | ||||||
Smith & Wesson Brands, Inc. | 10,371 | 148,720 | ||||
Oil & Gas - 1.4% | ||||||
Civitas Resources, Inc. | 2,672 | 184,368 | ||||
Coterra Energy, Inc. | 6,111 | 162,980 | ||||
CVR Energy, Inc. | 15,648 | 418,897 | ||||
Imperial Oil Ltd. | 2,565 | 175,061 | ||||
Sabine Royalty Trust | 17,105 | 1,106,523 | ||||
2,047,829 | ||||||
Pharmaceuticals - 1.3% | ||||||
AbbVie, Inc. | 5,926 | 1,016,428 | ||||
Cardinal Health, Inc. | 5,119 | 503,300 | ||||
Dr. Reddy’s Laboratories Ltd. - ADR | 2,442 | 186,056 | ||||
Pfizer, Inc. | 9,490 | 265,530 | ||||
1,971,314 | ||||||
11 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Pipelines - 0.2% | ||||||
Targa Resources Corp. | 2,340 | $ 301,345 | ||||
Retail - 2.7% | ||||||
Costco Wholesale Corp. | 834 | 708,892 | ||||
Dick’s Sporting Goods, Inc. | 2,808 | 603,299 | ||||
Dillard’s, Inc. - Class A | 981 | 432,022 | ||||
Penske Automotive Group, Inc. | 4,225 | 629,609 | ||||
Sonic Automotive, Inc. - Class A | 16,838 | 917,166 | ||||
Tractor Supply Co. | 1,383 | 373,410 | ||||
Winmark Corp. | 1,060 | 373,788 | ||||
4,038,186 | ||||||
Savings & Loans - 0.8% | ||||||
New York Community Bancorp, Inc. | 364,167 | 1,172,618 | ||||
Transportation - 16.1% | ||||||
Ardmore Shipping Corp. | 19,251 | 433,725 | ||||
Danaos Corp. | 18,770 | 1,733,597 | ||||
DHT Holdings, Inc. | 377,816 | 4,371,331 | ||||
Euronav NV | 256,223 | 4,237,928 | ||||
Frontline PLC | 63,041 | 1,623,936 | ||||
Genco Shipping & Trading Ltd. | 25,008 | 532,921 | ||||
Golden Ocean Group Ltd. | 33,785 | 466,233 | ||||
International Seaways, Inc. | 71,311 | 4,216,620 | ||||
Nordic American Tankers Ltd. | 1,098,719 | 4,372,902 | ||||
Scorpio Tankers, Inc. | 23,056 | 1,874,222 | ||||
23,863,415 | ||||||
TOTAL COMMON STOCKS (Cost $63,066,658) | 60,642,074 | |||||
CLOSED END FUNDS - 24.5% | ||||||
Ares Capital Corp. | 27,342 | 569,807 | ||||
FS KKR Capital Corp. | 33,943 | 669,696 | ||||
Gladstone Capital Corp. | 62,334 | 1,450,512 | ||||
Goldman Sachs BDC, Inc. | 95,676 | 1,438,010 | ||||
Golub Capital BDC, Inc. | 88,408 | 1,388,890 | ||||
Main Street Capital Corp. | 3,423 | 172,827 | ||||
Oaktree Specialty Lending Corp. | 225,547 | 4,242,539 | ||||
Prospect Capital Corp. | 380,932 | 2,106,554 | ||||
Sixth Street Specialty Lending, Inc. | 205,040 | 4,377,604 | ||||
Brookfield Real Assets Income Fund, Inc. | 82,082 | 1,047,366 | ||||
Cornerstone Strategic Value Fund, Inc. | 584,405 | 4,499,919 | ||||
Cornerstone Total Return Fund, Inc. | 270,805 | 2,125,819 | ||||
Eagle Point Credit Co., Inc. | 143,712 | 1,444,306 | ||||
Guggenheim Strategic Opportunities Fund | 301,053 | 4,488,700 | ||||
Oxford Lane Capital Corp. | 303,196 | 1,643,322 | ||||
Pimco Dynamic Income Fund | 81,704 | 1,536,852 | ||||
Shares | Value | |||||
Reaves Utility Income Fund | 6,005 | $ 164,057 | ||||
Hercules Capital, Inc. | 147,418 | 3,014,698 | ||||
TOTAL CLOSED END FUNDS (Cost $36,321,375) | 36,381,478 | |||||
EXCHANGE TRADED FUNDS - 17.9% | ||||||
BlackRock Short Duration Bond ETF | 11,702 | 588,962 | ||||
BlackRock Ultra Short-Term Bond ETF | 7,646 | 386,352 | ||||
First Trust Enhanced Short Maturity ETF | 6,432 | 383,347 | ||||
First Trust Exchange-Traded Fund VI First Trust Nasdaq BuyWrite Income ETF | 164,211 | 3,353,189 | ||||
First Trust Long Duration Opportunities ETF | 8,060 | 169,502 | ||||
First Trust Senior Loan ETF | 12,720 | 581,431 | ||||
FlexShares High Yield Value-Scored Bond Index Fund | 9,553 | 385,941 | ||||
Franklin International Low Volatility High Dividend Index ETF | 58,344 | 1,729,316 | ||||
Global X Nasdaq 100 Covered Call ETF | 64,165 | 1,133,796 | ||||
Global X S&P 500 Covered Call ETF | 6,576 | 265,868 | ||||
Goldman Sachs Access Treasury 0-1 Year ETF | 6,941 | 694,655 | ||||
Invesco Senior Loan ETF | 67,985 | 1,430,404 | ||||
Invesco Short Term Treasury ETF | 9,525 | 1,004,602 | ||||
Invesco Variable Rate Investment Grade ETF | 27,641 | 694,895 | ||||
iShares 1-3 Year Treasury Bond ETF | 3,368 | 274,997 | ||||
iShares 20+ Year Treasury Bond ETF | 4,020 | 368,956 | ||||
iShares Agency Bond ETF | 1,534 | 165,089 | ||||
iShares Floating Rate Bond ETF | 5,449 | 278,389 | ||||
iShares Short Treasury Bond ETF | 10,222 | 1,129,531 | ||||
iShares Treasury Floating Rate Bond ETF | 26,289 | 1,331,801 | ||||
iShares U.S. Treasury Bond ETF | 12,304 | 277,701 | ||||
Janus Henderson Short Duration Income ETF | 7,647 | 371,185 | ||||
JPMorgan Ultra-Short Income ETF | 5,508 | 277,989 | ||||
JPMorgan Ultra-Short Municipal Income ETF | 7,613 | 386,322 | ||||
PGIM Ultra Short Bond ETF | 3,408 | 169,378 | ||||
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | 4,889 | 367,115 | ||||
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 1,685 | 169,595 | ||||
Schwab Short-Term U.S. Treasury ETF | 7,993 | 384,703 | ||||
SPDR Blackstone Senior Loan ETF | 29,190 | 1,220,142 | ||||
12 |
Shares | Value | |||||
EXCHANGE TRADED FUNDS - (Continued) | ||||||
SPDR Bloomberg 1-3 Month T-Bill ETF | 9,936 | $ 911,926 | ||||
SPDR Bloomberg Investment Grade Floating Rate ETF | 9,016 | 278,144 | ||||
SPDR Bloomberg Short Term High Yield Bond ETF | 6,789 | 169,521 | ||||
SPDR Portfolio Intermediate Term Treasury ETF | 6,057 | 169,717 | ||||
SPDR Portfolio Long Term Treasury ETF | 10,142 | 276,065 | ||||
SPDR Portfolio Short Term Treasury ETF | 12,901 | 372,452 | ||||
SPDR Portfolio TIPS ETF | 6,656 | 169,195 | ||||
VanEck BDC Income ETF | 36,515 | 624,772 | ||||
VanEck IG Floating Rate ETF | 27,332 | 697,239 | ||||
Vanguard Extended Duration Treasury ETF | 3,752 | 275,434 | ||||
Vanguard Long-Term Treasury ETF | 4,789 | 276,230 | ||||
Vanguard Short-Term Treasury ETF | 8,280 | 480,157 | ||||
WisdomTree Bloomberg U.S. Dollar Bullish Fund | 14,467 | 391,911 | ||||
WisdomTree Floating Rate Treasury Fund | 24,247 | 1,219,867 | ||||
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund | 7,620 | 169,926 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $26,455,305) | 26,457,709 | |||||
REAL ESTATE INVESTMENT TRUSTS - 15.9% | ||||||
AGNC Investment Corp. | 180,776 | 1,724,603 | ||||
Annaly Capital Management, Inc. | 46,529 | 886,843 | ||||
Arbor Realty Trust, Inc. | 201,573 | 2,892,573 | ||||
ARMOUR Residential REIT, Inc. | 87,296 | 1,691,796 | ||||
Blackstone Mortgage Trust, Inc. - Class A | 45,971 | 800,815 | ||||
BrightSpire Capital, Inc. | 74,672 | 425,630 | ||||
Dynex Capital, Inc. | 104,808 | 1,251,407 | ||||
Easterly Government Properties, Inc. | 31,823 | 393,650 | ||||
Global Net Lease, Inc. | 458,073 | 3,366,837 | ||||
Innovative Industrial Properties, Inc. | 2,563 | 279,931 | ||||
KKR Real Estate Finance Trust, Inc. | 144,156 | 1,304,612 | ||||
Ladder Capital Corp. | 15,390 | 173,753 | ||||
Medical Properties Trust, Inc. | 83,529 | 360,010 | ||||
Omega Healthcare Investors, Inc. | 17,988 | 616,089 | ||||
Orchid Island Capital, Inc. | 382,958 | 3,193,870 | ||||
PennyMac Mortgage Investment Trust | 36,191 | 497,626 | ||||
Ready Capital Corp. | 376,820 | 3,082,388 | ||||
Two Harbors Investment Corp. | 43,673 | 576,920 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $23,908,855) | 23,519,353 | |||||
Shares | Value | |||||
SHORT-TERM INVESTMENTS - 0.4% | ||||||
Money Market Funds - 0.4% | ||||||
First American Treasury Obligations Fund - Class X, 5.21%(a) | 527,444 | $527,444 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $527,444) | 527,444 | |||||
TOTAL INVESTMENTS - 99.6% (Cost $150,279,637) | 147,528,058 | |||||
Other Assets in Excess of Liabilities - 0.4% | 621,566 | |||||
TOTAL NET ASSETS - 100.0% | $148,149,624 | |||||
(a) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
13 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $60,642,074 | $ — | $ — | $60,642,074 | ||||||||
Closed End Funds | 36,381,478 | — | — | 36,381,478 | ||||||||
Exchange Traded Funds | 26,457,709 | — | — | 26,457,709 | ||||||||
Real Estate Investment Trusts | 23,519,353 | — | — | 23,519,353 | ||||||||
Money Market Funds | 527,444 | — | — | 527,444 | ||||||||
Total Investments | $147,528,058 | $— | $— | $147,528,058 | ||||||||
14 |
Shares | Value | |||||
COMMON STOCKS - 95.8% | ||||||
Electric - 93.2%(a) | ||||||
AES Corp. | 9,357 | $164,403 | ||||
AGL Energy Ltd. | 11,382 | 82,231 | ||||
Black Hills Corp. | 1,330 | 72,325 | ||||
Boralex, Inc. - Class A | 2,209 | 54,109 | ||||
Clearway Energy, Inc. - Class A | 2,825 | 64,015 | ||||
E.ON SE | 3,312 | 43,468 | ||||
EDP Renovaveis SA | 5,002 | 69,908 | ||||
Electric Power Development Co. Ltd. | 3,425 | 53,443 | ||||
Endesa SA | 3,821 | 71,755 | ||||
Enel SpA | 27,100 | 188,474 | ||||
Evergy, Inc. | 1,168 | 61,869 | ||||
Fortum Oyj | 5,050 | 73,823 | ||||
Iberdrola SA | 8,824 | 114,488 | ||||
Mercury NZ Ltd. | 15,118 | 60,453 | ||||
NextEra Energy, Inc. | 2,785 | 197,206 | ||||
Northland Power, Inc. | 7,129 | 122,564 | ||||
Orsted AS(b)(c) | 3,254 | 173,169 | ||||
PG&E Corp. | 5,556 | 97,008 | ||||
Portland General Electric Co. | 1,083 | 46,829 | ||||
RWE AG | 5,271 | 180,357 | ||||
SSE PLC | 9,141 | 206,778 | ||||
Verbund AG - Class A | 624 | 49,218 | ||||
2,247,893 | ||||||
Engineering & Construction - 2.6% | ||||||
Acciona SA | 532 | 62,843 | ||||
TOTAL COMMON STOCKS (Cost $2,531,039) | 2,310,736 | |||||
REAL ESTATE INVESTMENT TRUSTS - 2.3% | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 1,899 | 56,210 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $48,341) | 56,210 | |||||
SHORT-TERM INVESTMENTS - 0.0%(d) | ||||||
Money Market Funds - 0.0%(d) | ||||||
First American Treasury Obligations Fund - Class X, 5.21%(e) | 1,125 | 1,125 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,125) | 1,125 | |||||
TOTAL INVESTMENTS - 98.1% (Cost $2,580,505) | 2,368,071 | |||||
Other Assets in Excess of Liabilities - 1.9% | 45,695 | |||||
TOTAL NET ASSETS - 100.0% | $ 2,413,766 | |||||
(a) | 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. |
(b) | Non-income producing security. |
(c) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $173,169 or 7.2% of the Fund’s net assets. |
(d) | Represents less than 0.05% of net assets. |
(e) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
15 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $ 2,310,736 | $ — | $ — | $ 2,310,736 | ||||||||
Real Estate Investment Trusts | 56,210 | — | — | 56,210 | ||||||||
Money Market Funds | 1,125 | — | — | 1,125 | ||||||||
Total Investments | $ 2,368,071 | $— | $— | $ 2,368,071 | ||||||||
16 |
Shares | Value | |||||
COMMON STOCKS - 97.3% | ||||||
Auto Parts & Equipment - 2.8% | ||||||
Mobileye Global, Inc. - Class A(a) | 41,947 | $1,178,082 | ||||
Biotechnology - 3.6% | ||||||
Relay Therapeutics, Inc.(a) | 52,449 | 341,967 | ||||
Structure Therapeutics, Inc. - ADR(a) | 28,788 | 1,130,505 | ||||
1,472,472 | ||||||
Computers - 11.0% | ||||||
Crowdstrike Holdings, Inc. - Class A(a) | 10,335 | 3,960,269 | ||||
Zscaler, Inc.(a) | 3,108 | 597,326 | ||||
4,557,595 | ||||||
Internet - 6.2% | ||||||
Amazon.com, Inc.(a) | 8,262 | 1,596,631 | ||||
Okta, Inc.(a) | 10,593 | 991,611 | ||||
2,588,242 | ||||||
Pharmaceuticals - 10.0% | ||||||
AbCellera Biologics, Inc.(a) | 105,925 | 313,538 | ||||
Eli Lilly & Co. | 2,191 | 1,983,687 | ||||
Novo Nordisk AS - ADR | 12,955 | 1,849,197 | ||||
4,146,422 | ||||||
Semiconductors - 23.2% | ||||||
Advanced Micro Devices, Inc.(a) | 14,910 | 2,418,551 | ||||
NVIDIA Corp. | 58,202 | 7,190,275 | ||||
9,608,826 | ||||||
Software - 40.5%(b) | ||||||
Cloudflare, Inc. - Class A(a) | 25,207 | 2,087,896 | ||||
Datadog, Inc. - Class A(a) | 15,438 | 2,002,154 | ||||
Elastic N.V.(a) | 19,511 | 2,222,498 | ||||
MongoDB, Inc.(a) | 6,819 | 1,704,477 | ||||
Samsara, Inc. - Class A(a) | 81,104 | 2,733,205 | ||||
Schrodinger, Inc. (a) | 44,864 | 867,670 | ||||
SentinelOne, Inc. - Class A(a) | 76,758 | 1,615,756 | ||||
ServiceNow, Inc.(a) | 2,349 | 1,847,888 | ||||
Snowflake, Inc. - Class A(a) | 12,556 | 1,696,190 | ||||
16,777,734 | ||||||
TOTAL COMMON STOCKS (Cost $35,843,591) | 40,329,373 | |||||
Shares | Value | |||||
SHORT-TERM INVESTMENTS - 2.9% | ||||||
Money Market Funds - 2.9% | ||||||
First American Treasury Obligations Fund - Class X, 5.21%(c) | 1,214,235 | $1,214,235 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,214,235) | 1,214,235 | |||||
TOTAL INVESTMENTS - 100.2% (Cost $37,057,826) | 41,543,608 | |||||
Liabilities in Excess of Other Assets - (0.2)% | (70,224) | |||||
TOTAL NET ASSETS - 100.0% | $41,473,384 | |||||
(a) | Non-income producing security. |
(b) | 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. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
17 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $ 40,329,373 | $ — | $ — | $ 40,329,373 | ||||||||
Money Market Funds | 1,214,235 | — | — | 1,214,235 | ||||||||
Total Investments | $ 41,543,608 | $— | $— | $ 41,543,608 | ||||||||
18 |
Opal Dividend Income ETF | RiverNorth Enhanced Pre-Merger SPAC ETF | RiverNorth Patriot ETF | TrueShares Active Yield ETF | TrueShares Eagle Global Renewable Energy Income ETF | TrueShares Technology, AI & Deep Learning ETF | |||||||||||||
ASSETS: | ||||||||||||||||||
Investments, at value | $104,812,295 | $5,129,071 | $3,562,406 | $147,528,058 | $2,368,071 | $41,543,608 | ||||||||||||
Receivable for fund shares sold | 301,694 | — | — | 1,987,088 | — | — | ||||||||||||
Dividends and interest receivable | 224,898 | 1,358 | 12,390 | 667,535 | 3,716 | 5,431 | ||||||||||||
Cash held as collateral for swap contracts | — | 27,500 | — | — | — | — | ||||||||||||
Receivable for investments sold | — | — | — | — | — | 1,527,849 | ||||||||||||
Foreign currency, at value | — | — | — | — | 43,528 | — | ||||||||||||
Total assets | 105,338,887 | 5,157,929 | 3,574,796 | 150,182,681 | 2,415,315 | 43,076,888 | ||||||||||||
LIABILITIES: | ||||||||||||||||||
Payable for capital shares redeemed | — | — | — | — | — | 1,579,940 | ||||||||||||
Payable for investments purchased | 293,689 | — | — | — | — | — | ||||||||||||
Payable to adviser | 55,862 | 3,757 | 2,050 | 89,555 | 1,549 | 23,564 | ||||||||||||
Payable to Custodian | — | — | — | 19,443,502 | — | — | ||||||||||||
Payable for swap contacts | — | 65 | — | — | — | — | ||||||||||||
Total liabilities | 349,551 | 3,822 | 2,050 | 2,033,057 | 1,549 | 1,603,504 | ||||||||||||
NET ASSETS | $ 104,989,336 | $ 5,154,107 | $ 3,572,746 | $ 148,149,624 | $ 2,413,766 | $ 41,473,384 | ||||||||||||
Net Assets Consists of: | ||||||||||||||||||
Paid-in capital | $ 106,389,725 | $ 4,883,764 | $ 3,792,378 | $ 150,075,662 | $ 2,798,448 | $ 47,510,972 | ||||||||||||
Total distributable earnings/(accumulated losses) | (1,400,389) | 270,343 | (219,632 ) | (1,926,038 ) | (384,682 ) | (6,037,588 ) | ||||||||||||
Total net assets | $ 104,989,336 | $ 5,154,107 | $ 3,572,746 | $ 148,149,624 | $ 2,413,766 | $ 41,473,384 | ||||||||||||
Net asset | $ 104,989,336 | $ 5,154,107 | $ 3,572,746 | $2,413,766 | $ 2,413,766 | $ 41,473,384 | ||||||||||||
Shares issued and outstanding(a) | 3,480,000 | 195,000 | 140,000 | 5,960,000 | 110,000 | 1,050,000 | ||||||||||||
Net asset value per share | $30.17 | $26.43 | $25.52 | $24.86 | $21.94 | $39.5 | ||||||||||||
COST: | ||||||||||||||||||
Investments, at cost | $ 103,000,265 | $ 4,872,491 | $ 3,505,543 | $ 150,279,637 | $ 2,580,505 | $ 37,057,826 | ||||||||||||
Foreign currency, at cost | $— | $— | $— | $— | $44,194 | $— | ||||||||||||
(a) | Unlimited shares authorized without par value. |
19 |
Opal Dividend Income ETF | RiverNorth Enhanced Pre-Merger SPAC ETF | RiverNorth Patriot ETF | TrueShares Active Yield ETF(1) | TrueShares Eagle Global Renewable Energy Income ETF | TrueShares Technology, AI & Deep Learning ETF | |||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||
Dividend income | $ 1,217,703 | $— | $34,759 | $ 2,139,380 | $38,481 | $3,743 | ||||||||||||
Less: Dividend withholding taxes | (3,466 ) | — | — | (22,220) | (5,968 ) | — | ||||||||||||
Less: Issuance fees | (1,653 ) | — | — | — | — | — | ||||||||||||
Interest income | 29,938 | 19,370 | 384 | 5,728 | 1,866 | 58,491 | ||||||||||||
Total investment income | 1,242,522 | 19,370 | 35,143 | 2,122,888 | 34,379 | 62,234 | ||||||||||||
EXPENSES: | ||||||||||||||||||
Investment advisory fee | 241,834 | 23,246 | 12,178 | 130,596 | 8,850 | 139,531 | ||||||||||||
Total expenses | 241,834 | 23,246 | 12,178 | 130,596 | 8,850 | 139,531 | ||||||||||||
Net INVESTMENT INCOME/(LOSS) | 1,000,688 | (3,876 ) | 22,965 | 1,992,292 | 25,529 | (77,297 ) | ||||||||||||
REALIZED AND UNREALIZED GAIN/(LOSS) | ||||||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||||||
Investments | 5,295,992 | 99,500 | 252,411 | 215,799 | (68,478 ) | (2,720,611 ) | ||||||||||||
Swap contracts | — | (672 ) | — | — | — | — | ||||||||||||
Foreign currency translation | — | — | — | — | (190 ) | — | ||||||||||||
Net realized gain/(loss) | 5,295,992 | 98,828 | 252,411 | 215,799 | (68,668 ) | (2,720,611 ) | ||||||||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||||||
Investments | 29,360 | 69,574 | (68,532 ) | (2,751,579 ) | (27,883 ) | 4,088,911 | ||||||||||||
Foreign currency translation | — | — | — | — | (663 ) | — | ||||||||||||
Net change in unrealized appreciation/(depreciation) | 29,360 | 69,574 | (68,532 ) | (2,751,579 ) | (28,546 ) | 4,088,911 | ||||||||||||
Net realized and unrealized gain/(loss) | 5,325,352 | 168,402 | 183,879 | (2,535,780) | (97,214 ) | 1,368,300 | ||||||||||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ 6,326,040 | $ 164,526 | $ 206,844 | $(543,488) | $ (71,685 ) | $1,291,003 | ||||||||||||
| (1) | The Fund commenced operations on April 30, 2024. |
20 |
Opal Dividend Income ETF | RiverNorth Enhanced Pre-Merger SPAC ETF | |||||||||||
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income/(loss) | $1,000,688 | $2,263,966 | $(3,876 ) | $(32,406 ) | ||||||||
Net realized gain/(loss) | 5,295,992 | (41,965 ) | 98,828 | 238,401 | ||||||||
Net change in unrealized appreciation/ (depreciation) | 29,360 | (3,038,764 ) | 69,574 | 125,425 | ||||||||
Net increase/(decrease) in net assets from operations | 6,326,040 | (816,763 ) | 164,526 | 331,420 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Distributions to shareholders | (870,640) | (2,263,590 ) | — | (289,752 ) | ||||||||
Total distributions to shareholders | (870,640 ) | (2,263,590 ) | — | (289,752 ) | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Subscriptions | 81,752,600 | 31,593,422 | 259,410 | 2,430,981 | ||||||||
Redemptions | (43,858,314 ) | (45,144,721 ) | (1,038,405 ) | (522,192 ) | ||||||||
Net increase (decrease) in net assets from capital transactions | 37,894,286 | (13,551,229 ) | (778,995 ) | 1,908,789 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 43,349,686 | 16,631,562 | (614,469 ) | 1,950,457 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of the period | 61,639,650 | 78,271,302 | 5,768,576 | 3,818,119 | ||||||||
End of the period | $104,989,336 | $61,639,650 | $5,154,107 | $ 5,768,576 | ||||||||
SHARES TRANSACTIONS | ||||||||||||
Subscriptions | 2,760,000 | 1,150,000 | 10,000 | 95,000 | ||||||||
Redemptions | (1,500,000) | (1,630,000 ) | (40,000) | (20,000 ) | ||||||||
Total increase/(decrease) in shares outstanding | (1,260,000) | (480,000 ) | (30,000) | 75,000 | ||||||||
21 |
RiverNorth Patriot ETF | TrueShares Active Yield ETF | ||||||||
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | Period Ended June 30, 2024(1) (Unaudited) | |||||||
OPERATIONS: | |||||||||
Net investment income | $22,965 | $45,849 | $1,992,292 | ||||||
Net realized gain/(loss) | 252,411 | (101,063) | 215,799 | ||||||
Net change in unrealized appreciation/(depreciation) | (68,532) | 420,862 | (2,751,579) | ||||||
Net increase/(decrease) in net assets from operations | 206,844 | 365,648 | (543,488) | ||||||
DISTRIBUTIONS TO SHAREHOLDERS: | |||||||||
Distributions to shareholders | — | (46,695) | (1,382,550) | ||||||
Total distributions to shareholders | — | (46,695) | (1,382,550) | ||||||
CAPITAL TRANSACTIONS: | |||||||||
Subscriptions | 1,538,638 | 929,571 | 165,778,766 | ||||||
Redemptions | (1,534,417) | (1,141,872) | (15,703,104) | ||||||
Net increase (decrease) in net assets from capital transactions | 4,221 | (212,301 ) | 150,075,662 | ||||||
NET INCREASE (DECREASE) IN NET ASSETS | 211,065 | 106,652 | 148,149,624 | ||||||
NET ASSETS: | |||||||||
Beginning of the period | 3,361,681 | 3,255,029 | — | ||||||
End of the period | $3,572,746 | $3,361,681 | $ 148,149,624 | ||||||
SHARES TRANSACTIONS | |||||||||
Subscriptions | 60,000 | 40,000 | 6,580,000 | ||||||
Redemptions | (60,000) | (50,000 ) | (620,000) | ||||||
Total increase/(decrease) in shares outstanding | — | (10,000) | 5,960,000 | ||||||
(1) | The Fund commenced operations on April 30, 2024. |
22 |
TrueShares Eagle Global Renewable Energy Income ETF | TrueShares Technology AI & Deep Learning ETF | |||||||||||
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | |||||||||
OPERATIONS: | ||||||||||||
Net investment income | $25,529 | $66,699 | $(77,297 ) | $(70,750 ) | ||||||||
Net realized gain/(loss) | (68,668 ) | (48,651 ) | (2,720,611 ) | (3,242,058 ) | ||||||||
Net change in unrealized appreciation/(depreciation) | (28,546 ) | (146,795) | 4,088,911 | 14,066,644 | ||||||||
Net increase/(decrease) in net assets from operations | (71,685 ) | (128,747 ) | 1,291,003 | 10,753,836 | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Distributions to shareholders | (22,550) | (64,494 ) | — | — | ||||||||
Total distributions to shareholders | (22,550) | (64,494 ) | — | — | ||||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Subscriptions | — | 1,162,454 | 8,176,529 | 23,341,002 | ||||||||
Redemptions | — | (916,481 ) | (5,840,388 ) | (10,458,470 ) | ||||||||
Net increase (decrease) in net assets from capital transactions | — | 245,973 | 2,336,141 | 12,792,532 | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (94,235) | 52,732 | 3,627,144 | 23,546,368 | ||||||||
NET ASSETS: | ||||||||||||
Beginning of the period | 2,508,001 | 2,455,269 | 37,846,240 | 14,299,872 | ||||||||
End of the period | $2,413,766 | $ 2,508,001 | $ 41,473,384 | $37,846,240 | ||||||||
SHARES TRANSACTIONS | ||||||||||||
Subscriptions | — | 50,000 | 210,000 | 730,000 | ||||||||
Redemptions | — | (40,000) | (150,000 ) | (365,000 ) | ||||||||
Total increase/(decrease) in shares outstanding | — | 10,000 | 60,000 | 365,000 | ||||||||
23 |
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, | Period Ended December 31, 2021(a) | ||||||||||
2023 | 2022 | |||||||||||
PER SHARE DATA: | ||||||||||||
Net asset value, beginning of period | $27.77 | $28.99 | $28.89 | $25.00 | ||||||||
INVESTMENTS OPERATIONS: | ||||||||||||
Net investment income(b) | 0.39 | 0.94 | 0.99 | 0.81 | ||||||||
Net realized and unrealized gain (loss) on investments | 2.33 | (1.18) | 0.04 | 4.19 | ||||||||
Total from investment operations | 2.72 | (0.24) | 1.03 | 5.00 | ||||||||
LESS DISTRIBUTIONS FROM: | ||||||||||||
Net investment income | (0.32) | (0.98) | (0.93) | (0.69) | ||||||||
Net realized gains | — | — | (0.00)(f) | — | ||||||||
Return of capital | — | — | — | (0.42) | ||||||||
Total distributions | (0.32) | (0.98) | (0.93) | (1.11) | ||||||||
Net asset value, end of period | $30.17 | $27.77 | $28.99 | $28.89 | ||||||||
Total return(c) | 9.81% | (0.73)% | 3.65% | 20.10% | ||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||
Net assets, end of period (in thousands) | $104,989 | $61,640 | $78,271 | $46,225 | ||||||||
Ratio of expenses to average net assets(d) | 0.65% | 0.65% | 0.65% | 0.65% | ||||||||
Ratio of net investment income to average net assets(d) | 2.69% | 3.39% | 3.42% | 3.08% | ||||||||
Portfolio turnover rate(c)(e) | 30% | 81% | 41% | 55% | ||||||||
(a) | Inception date of the Fund was January 27, 2021. |
(b) | Net investment income per share has been calculated based on average shares outstanding during the year/period. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
(f) | Amount is less than $(0.005). |
24 |
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | Period Ended December 31, 2021(a) | |||||||
PER SHARE DATA: | |||||||||
Net asset value, beginning of period | $25.64 | $25.45 | $25.00 | ||||||
INVESTMENTS OPERATIONS: | |||||||||
Net investment loss(b) | (0.02) | (0.14) | (0.09) | ||||||
Net realized and unrealized gain on investments | 0.81 | 1.62 | 0.60 | ||||||
Total from investment operations | 0.79 | 1.48 | 0.51 | ||||||
LESS DISTRIBUTIONS FROM: | |||||||||
Net investment income | — | (0.73) | (0.06) | ||||||
Net realized gains | — | (0.56) | — | ||||||
Total distributions | — | (1.29) | (0.06) | ||||||
Net asset value, end of period | $26.43 | $25.64 | $25.45 | ||||||
Total return(c) | 3.17% | 5.71% | 2.02% | ||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||
Net assets, end of period (in thousands) | $5,154 | $5,769 | $3,818 | ||||||
Ratio of expenses to average net assets(d) | 0.89% | 0.89% | 0.89% | ||||||
Ratio of net investment income to average net assets(d) | (0.15)% | (0.55)% | (0.76)% | ||||||
Portfolio turnover rate(c)(e) | 26% | 132% | 43% | ||||||
(a) | Inception date of the Fund was July 11, 2022. |
(b) | Net investment loss per share has been calculated based on average shares outstanding during the year/period. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
25 |
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, | Period Ended December 31, 2021(a) | ||||||||||
2023 | 2022 | |||||||||||
PER SHARE DATA: | ||||||||||||
Net asset value, beginning of period | $24.01 | $21.70 | $25.00 | $25.00 | ||||||||
INVESTMENTS OPERATIONS: | ||||||||||||
Net investment income(b) | 0.16 | 0.32 | 0.34 | — | ||||||||
Net realized and unrealized gain (loss) on investments | 1.35 | 2.32 | (3.31) | — | ||||||||
Total from investment operations | 1.51 | 2.64 | (2.97) | — | ||||||||
LESS DISTRIBUTIONS FROM: | ||||||||||||
Net investment income | — | (0.33) | (0.33) | — | ||||||||
Net realized gains | — | — | (0.00)(f) | — | ||||||||
Return of capital | — | — | — | — | ||||||||
Total distributions | — | (0.33) | (0.33) | — | ||||||||
Net asset value, end of period | $25.52 | $24.01 | $21.70 | $25.00 | ||||||||
Total return(c) | 6.28% | 12.18% | (11.89)% | —% | ||||||||
SUPPLEMENTAL DATA AND RATIOS: | ||||||||||||
Net assets, end of period (in thousands) | $3,573 | $3,362 | $3,255 | $1,250 | ||||||||
Ratio of expenses to average net assets(d) | 0.70% | 0.70% | 0.70% | 0.70% | ||||||||
Ratio of net investment income to average net assets(d) | 1.32% | 1.43% | 1.50% | —% | ||||||||
Portfolio turnover rate(c)(e) | 15% | 46% | 31% | —% | ||||||||
(a) | Inception date of the Fund was December 31, 2021. |
(b) | Net investment income per share has been calculated based on average shares outstanding during the year/period. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
(f) | Amount is less than $(0.005). |
26 |
Period Ended June 30, 2024(a) (Unaudited) | |||
PER SHARE DATA: | |||
Net asset value, beginning of period | $25.00 | ||
INVESTMENTS OPERATIONS: | |||
Net investment income(b) | 0.48 | ||
Net realized and unrealized gain on investments | (0.37) | ||
Total from investment operations | 0.11 | ||
LESS DISTRIBUTIONS FROM: | |||
Net investment income | (0.25) | ||
Total distributions | (0.25) | ||
Net asset value, end of period | $24.86 | ||
Total return(c) | 3.18% | ||
SUPPLEMENTAL DATA AND RATIOS: | |||
Net assets, end of period (in thousands) | $148,150 | ||
Ratio of expenses to average net assets(d) | 0.75% | ||
Ratio of net investment income to average net assets(d) | 11.44% | ||
Portfolio turnover rate(c)(e) | 13% | ||
(a) | Inception date of the Fund was April 30, 2024. |
(b) | Net investment income per share has been calculated based on average shares outstanding during the period. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
27 |
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, 2023 | Period Ended December 31, 2021(a) | |||||||
PER SHARE DATA: | |||||||||
Net asset value, beginning of period | $22.80 | $24.55 | $24.76 | ||||||
INVESTMENTS OPERATIONS: | |||||||||
Net investment income (loss)(b) | 0.23 | 0.62 | (0.00)(f) | ||||||
Net realized and unrealized gain (loss) on investments | (0.88) | (1.78) | (0.21) | ||||||
Total from investment operations | (0.65) | (1.16) | (0.21) | ||||||
LESS DISTRIBUTIONS FROM: | |||||||||
Net investment income | (0.21) | (0.59) | — | ||||||
Return of capital | — | — | (0.00)(f) | ||||||
Total distributions | — | (0.59) | (0.00)(f) | ||||||
Net asset value, end of period | $21.94 | $22.80 | $24.55 | ||||||
Total return(c) | (2.84)% | (4.65)% | (0.83)% | ||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||
Net assets, end of period (in thousands) | $2,414 | $2,508 | $2,455 | ||||||
Ratio of expenses to average net assets(d) | 0.75% | 0.75% | 0.75% | ||||||
Ratio of net investment income (loss) to average net assets(d) | 2.16% | 2.66% | (0.22)% | ||||||
Portfolio turnover rate(c)(e) | 16% | 52% | 2% | ||||||
(a) | Inception date of the Fund was December 8, 2022. |
(b) | Net investment income (loss) per share has been calculated based on average shares outstanding during the year/period. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
(f) | Amount is less than $(0.005). |
28 |
Period Ended June 30, 2024 (Unaudited) | Year Ended December 31, | Period Ended December 31, 2020(a) | |||||||||||||
2023 | 2022 | 2021 | |||||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of period | $38.23 | $22.88 | $47.12 | $47.61 | $25.00 | ||||||||||
INVESTMENTS OPERATIONS: | |||||||||||||||
Net investment loss(b) | (0.07) | (0.08) | (0.19) | (0.31) | (0.19) | ||||||||||
Net realized and unrealized gain (loss) on investments | 1.34 | 15.43 | (24.05) | (0.12) | (24.05) | ||||||||||
Total from investment operations | 1.27 | 15.35 | (24.24) | (0.43) | (24.24) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net realized gains | — | — | — | (0.06) | — | ||||||||||
Total distributions | — | — | — | (0.06) | — | ||||||||||
Net asset value, end of period | $39.50 | $38.23 | $22.88 | $47.12 | $47.61 | ||||||||||
Total return(c) | 3.32% | 67.08% | (51.44)% | (0.90)% | 90.43% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of period (in thousands) | $41,473 | $37,846 | $14,300 | $37.694 | $27,374 | ||||||||||
Ratio of expenses to average net assets(d) | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | ||||||||||
Ratio of net investment income to average net assets(d) | (0.38)% | (0.29)% | (0.60)% | (0.67)% | (0.59)% | ||||||||||
Portfolio turnover rate(c)(e) | 15% | 18% | 25% | 14% | 30% | ||||||||||
(a) | Inception date of the Fund was February 28, 2020. |
(b) | Net investment loss per share has been calculated based on average shares outstanding during the year/period. |
(c) | Not annualized for periods less than one year. |
(d) | Annualized for periods less than one year. |
(e) | Portfolio turnover rate excludes in-kind transactions. |
29 |
Fund Name | Ticker | Diversified/ Non-Diversified | Commencement of Operations | ||||||
Opal Dividend Income ETF (“DIVZ ETF”) | DIVZ | Non-diversified | January 27, 2021 | ||||||
RiverNorth Enhanced Pre-Merger SPAC ETF (“SPCZ ETF”) | SPCZ | Non-diversified | July 11, 2022 | ||||||
RiverNorth Patriot ETF (“FLDZ ETF”) | FLDZ | Non-diversified | December 31, 2021 | ||||||
TrueShares Active Yield ETF (“ERNZ ETF”) | ERNZ | Non-diversified | April 30, 2024 | ||||||
TrueShares Eagle Global Renewal Energy Income ETF (“RNWZ ETF”) | RNWZ | Non-diversified | December 8, 2022 | ||||||
TrueShares Technology, AI & Deep Learning ETF (“AI ETF”) | LRNZ | Non-diversified | February 28, 2020 | ||||||
Fund Name | Ticker | Diversified/ Non-Diversified | Commencement of Operations | ||||||
TrueShares Structured Outcome (January) ETF (“JANZ ETF”) | JANZ | Diversified | January 4, 2021 | ||||||
TrueShares Structured Outcome (February) ETF (“FEBZ ETF”) | FEBZ | Diversified | February 1, 2021 | ||||||
TrueShares Structured Outcome (March) ETF (“MARZ ETF”) | MARZ | Diversified | March 1, 2021 | ||||||
TrueShares Structured Outcome (April) ETF (“APRZ ETF”) | APRZ | Diversified | April 1, 2021 | ||||||
TrueShares Structured Outcome (May) ETF (“MAYZ ETF”) | MAYZ | Diversified | May 3, 2021 | ||||||
TrueShares Structured Outcome (June) ETF (“JUNZ ETF”) | JUNZ | Diversified | June 1, 2021 | ||||||
TrueShares Structured Outcome (July) ETF (“JULZ ETF”) | JULZ | Diversified | July 1, 2020 | ||||||
TrueShares Structured Outcome (August) ETF (“AUGZ ETF”) | AUGZ | Diversified | August 3, 2020 | ||||||
TrueShares Structured Outcome (September) ETF (“SEPZ ETF”) | SEPZ | Diversified | September 1, 2020 | ||||||
TrueShares Structured Outcome (October) ETF (“OCTZ ETF”) | OCTZ | Diversified | October 1, 2020 | ||||||
TrueShares Structured Outcome (November) ETF (“NOVZ ETF”) | NOVZ | Diversified | November 2, 2020 | ||||||
TrueShares Structured Outcome (December) ETF (“DECZ ETF”) | DECZ | Diversified | December 1, 2020 | ||||||
Fund | Investment Objective | ||
DIVZ ETF | Seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index by investing common stocks with the best combination of dividend yield with potential for dividend growth and are currently under-valued in the market. | ||
SPCZ ETF | Seeks to preserve capital and provide incremental total return by investing primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). | ||
FLDZ ETF | Seeks capital appreciation by investing in mid to large cap companies that are domiciled in, and with revenues which are primarily generated in, the United States of America. FLDZ is designed to provide an alternative approach to charity and seeks to delivers true impact investing. | ||
30 |
Fund | Investment Objective | ||
ERNZ ETF | Seeks to deliver a meaningfully higher yield compared to the S&P 500 Index, with a secondary focus on capital preservation and the opportunity for long-term growth of capital. | ||
RNWZ ETF | Seeks to achieve its long-term growth of capital objective by investing in Common stock that primarily own or operate assets used in the development, generation, production, transmission, storage and sale of alternative and renewable energy such as solar power, wind power, biofuels, hydropower, nuclear or geothermal power. | ||
AI ETF | Seeks to achieve its total return investment objective by investing in Common stock of technology, artificial intelligence and deep learning companies. | ||
31 |
32 |
33 |
Counterparty | Investment Type | Gross Amounts of Recognized Assets/ (Liabilities) Presented in the Statements of Assets & Liabilities | Gross Amounts Offset in the Statements of Assets & Liabilities | Net Amount Presented in the Statements of Assets & Liabilities | Gross Amounts not Offset in the Statements of Assets & Liabilities | Net Amount | ||||||||||||||||||
Financial Instruments | Collateral Paid | |||||||||||||||||||||||
Liabilities | Clear Street Derivatives, LLC | Total Return Swap Contracts | $(65) | $ — | $65 | $ — | $65 | $ — | ||||||||||||||||
Average Monthly Notional Amount of Swap Contracts | |||
RiverNorth Enhanced Pre-Merger SPAC ETF | $103,436 | ||
34 |
Derivative | Statements of Assets and Liabilities | Assets | Liabilities | |||||||||
RiverNorth Enhanced Pre-Merger SPAC ETF | Equity Risk Swap Contracts | Payable for open swap contracts | $ — | $65 | ||||||||
Derivative | Statements of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Appreciation/ Depreciation | |||||||||
RiverNorth Enhanced Pre-Merger SPAC ETF | Equity Risk Swap Contracts | Swaps | $(672) | $ — | ||||||||
Opal Dividend Income ETF | 0.65% | ||
RiverNorth Enhanced Pre-Merger SPAC ETF | 0.89% | ||
RiverNorth Patriot ETF | 0.70% | ||
TrueShares Active Yield ETF | 0.75% | ||
TrueShares Eagle Global Renewal Energy Income ETF | 0.75% | ||
TrueShares Technology, AI & Deep Learning ETF | 0.68% | ||
35 |
Fund | Rate | ||
RiverNorth Patriot ETF | 0.60% based on the daily net assets of the Fund | ||
RiverNorth Enhanced Pre-Merger SPAC ETF | 75% of the Net Profits | ||
36 |
37 |
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||||||||||||
Ordinary Income(1) | Long-Term Capital Gain | Return of Capital | Ordinary Income(1) | Long-Term Capital Gain | Return of Capital | |||||||||||||
Opal Dividend Income ETF | $870,640 | $ — | $ — | $2,263,590 | $— | $ — | ||||||||||||
RiverNorth Enhanced Pre-Merger SPAC ETF | — | — | — | 256,763 | 32,989 | — | ||||||||||||
RiverNorth Patriot ETF | — | — | — | 46,695 | — | — | ||||||||||||
TrueShares Active Yield ETF | 1,382,550 | — | — | — | — | — | ||||||||||||
TrueShares Eagle Global Renewable Energy Income ETF | 22,550 | — | — | 64,494 | — | — | ||||||||||||
TrueShares Technology, AI & Deep Learning ETF | — | — | — | — | — | — | ||||||||||||
(1) | Ordinary income may include short-term capital gains. |
Opal Dividend Income ETF | RiverNorth Enhanced Pre-Merger SPAC ETF | RiverNorth Patriot ETF | TrueShares Eagle Global Renewable Energy Income ETF | TrueShares Technology, AI & Deep Learning ETF | |||||||||||
Federal Tax Cost of Investments | $60,926,327 | $5,322,104 | $3,311,883 | $2,754,412 | $38,224,840 | ||||||||||
Gross Tax Unrealized Appreciation | $3,887,221 | $224,172 | $308,120 | $96,393 | $5,754,933 | ||||||||||
Gross Tax Unrealized Depreciation | (3,333,744) | (153,113) | (261,253) | (345,141) | (6,205,719) | ||||||||||
Net Tax Unrealized Appreciation (Depreciation) | 553,477 | 71,059 | 46,867 | (248,748) | (450,786) | ||||||||||
Undistributed Ordinary Income | 376 | 32,711 | — | — | — | ||||||||||
Undistributed Capital Gains | — | 2,585 | — | — | — | ||||||||||
Other Accumulated Gain (Loss) | (7,409,642) | (538) | (473,343) | (41,699) | (6,877,805) | ||||||||||
Total Distributable Earnings / (Accumulated Losses) | $(6,855,789) | $105,817 | $(426,476) | $(290,447) | $(7,328,591) | ||||||||||
38 |
Indefinite Short Term Capital Loss Carryover | Indefinite Long Term Capital Loss Carryover | |||||
Opal Dividend Income ETF | $4,790,444 | $2,619,198 | ||||
RiverNorth Enhanced Pre-Merger SPAC ETF | — | — | ||||
RiverNorth Patriot ETF | 296,924 | 172,843 | ||||
TrueShares Eagle Global Renewable Energy Income ETF | 39,016 | 2,066 | ||||
TrueShares Technology, AI & Deep Learning ETF | 1,109,367 | 5,768,439 | ||||
Realized Gains | Realized Losses | |||||
Opal Dividend Income ETF | $7,198,416 | $(107,083) | ||||
RiverNorth Enhanced Pre-Merger SPAC ETF | 35,889 | (1,387) | ||||
RiverNorth Patriot ETF | 399,751 | (322) | ||||
TrueShares Active Yield ETF | 644,073 | (21,931) | ||||
TrueShares Eagle Global Renewable Energy Income ETF | — | — | ||||
TrueShares Technology, AI & Deep Learning ETF | 1,989,346 | (58,667) | ||||
Purchases | Sales | Creations In-Kind | Redemptions In-Kind | |||||||||
Opal Dividend Income ETF | $31,024,686 | $22,751,104 | $80,720,226 | $42,915,558 | ||||||||
RiverNorth Enhanced Pre-Merger SPAC ETF | 1,525,890 | 1,186,943 | — | 803,253 | ||||||||
RiverNorth Patriot ETF | 507,889 | 546,998 | 1,415,971 | 1,349,767 | ||||||||
TrueShares Active Yield ETF | 11,879,017 | 11,761,270 | 164,122,639 | 14,219,100 | ||||||||
TrueShares Eagle Global Renewable Energy Income ETF | 402,658 | 368,842 | — | — | ||||||||
TrueShares Technology, AI & Deep Learning ETF | 7,406,596 | 5,928,829 | 7,682,107 | 5,546,603 | ||||||||
39 |
Ordinary Income Rate | Ordinary Income Distribution Paid | |||||
Opal Dividend Income ETF | $0.075 | $276,000 | ||||
TrueShares Active Yield ETF | 0.200 | 1,226,000 | ||||
Ordinary Income Rate | Ordinary Income Distribution Paid | |||||
Opal Dividend Income ETF | $0.11 | $405,900 | ||||
TrueShares Active Yield ETF | 0.135 | 824,850 | ||||
40 |
41 |
42 |
43 |
Opal Dividend Income ETF | 100.00% | ||
Opal Dividend Income ETF | 100.00% | ||
44 |
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except those specified in the Fund’s Prospectus. As a result, the Adviser is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Fund’s most recent SAI.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
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.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
| (a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are 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.
Not applicable
Item 19. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Listed Funds Trust | ||
| By (Signature and Title)* | /s/ Gregory C. Bakken | ||
| Gregory C. Bakken, President/Principal Executive Officer | |||
| Date | 9/6/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Gregory C. Bakken | ||
| Gregory C. Bakken, President/Principal Executive Officer |
| Date | 9/6/2024 |
| By (Signature and Title)* | /s/ Travis G. Babich | ||
| Travis G. Babich, Treasurer/Principal Financial Officer |
| Date | 9/6/2024 |
* Print the name and title of each signing officer under his or her signature.
