|
Statements of Assets & Liabilities
|
|
October 31, 2019 (Unaudited)
|
|
Innovation α® United
States ETF
|
|
|
Innovation α® Global
ETF
|
|
|
Innovation α® Trade
War ETF
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (cost $1,388,621, $1,388,777 and $1,386,331, respectively)
|
|
$
|
1,379,574
|
|
|
$
|
1,381,544
|
|
|
$
|
1,384,916
|
|
|
Dividend and interest receivable
|
|
|
3,349
|
|
|
|
4,289
|
|
|
|
5,929
|
|
|
Total Assets
|
|
|
1,382,923
|
|
|
|
1,385,833
|
|
|
|
1,390,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable to Adviser
|
|
|
1,683
|
|
|
|
1,786
|
|
|
|
1,797
|
|
|
Foreign witholding tax payable
|
|
|
—
|
|
|
|
234
|
|
|
|
380
|
|
|
Total liabilities
|
|
|
1,683
|
|
|
|
2,020
|
|
|
|
2,177
|
|
|
Net Assets
|
|
$
|
1,381,240
|
|
|
$
|
1,383,813
|
|
|
$
|
1,388,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital
|
|
$
|
1,197,445
|
|
|
$
|
1,166,964
|
|
|
$
|
1,166,835
|
|
|
Total distributable earnings
|
|
|
183,795
|
|
|
|
216,849
|
|
|
|
221,833
|
|
|
Net Assets
|
|
$
|
1,381,240
|
|
|
$
|
1,383,813
|
|
|
$
|
1,388,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)
|
|
|
50,000
|
|
|
|
50,000
|
|
|
|
50,000
|
|
|
Net Asset Value, redemption price and offering price per share
|
|
$
|
27.62
|
|
|
$
|
27.68
|
|
|
$
|
27.77
|
|
The accompanying notes are an integral part of these financial
statements.
For the Period Ended October 31, 2019(1) (Unaudited)
|
|
|
Innovation α®
United States ETF
|
|
|
Innovation α®
Global ETF
|
|
|
Innovation α®
Trade War ETF
|
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income (net of withholding tax of $42, $676, and $772, respectively)
|
|
$
|
20,925
|
|
|
$
|
19,359
|
|
|
$
|
20,918
|
|
|
Interest income
|
|
|
16
|
|
|
|
29
|
|
|
|
56
|
|
|
Total investment income
|
|
|
20,941
|
|
|
|
19,388
|
|
|
|
20,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees
|
|
|
8,744
|
|
|
|
8,754
|
|
|
|
8,785
|
|
|
Total expenses
|
|
|
8,744
|
|
|
|
8,754
|
|
|
|
8,785
|
|
|
Net investment income
|
|
|
12,197
|
|
|
|
10,634
|
|
|
|
12,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
180,645
|
|
|
|
213,417
|
|
|
|
211,027
|
|
|
Foreign currency translation
|
|
|
—
|
|
|
|
31
|
|
|
|
32
|
|
|
Net realized gain
|
|
|
180,645
|
|
|
|
213,448
|
|
|
|
211,059
|
|
|
Net change in unrealized appreciation/(depreciation) on:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(9,047
|
)
|
|
|
(7,233
|
)
|
|
|
(1,415
|
)
|
|
Foreign currency
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation
|
|
|
(9,047
|
)
|
|
|
(7,233
|
)
|
|
|
(1,415
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain on investments and foreign currency translation
|
|
|
171,598
|
|
|
|
206,215
|
|
|
|
209,644
|
|
|
Net increase (decrease) in net assets from operations
|
|
$
|
183,795
|
|
|
$
|
216,849
|
|
|
$
|
221,833
|
|
(1) Fund commenced operations on June 4, 2019. The information presented is for the period from June 4, 2019 to October 31, 2019.
The accompanying notes are an integral part of these financial
statements.
|
Statement of Changes in Net Assets
|
Innovation α® United States ETF
|
|
|
Period Ended
October 31, 2019(1)
(Unaudited)
|
|
|
|
|
|
|
|
From Operations
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
12,197
|
|
|
Net realized gain on investments and foreign currency translation
|
|
|
180,645
|
|
|
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation
|
|
|
(9,047
|
)
|
|
Net increase in net assets resulting from operations
|
|
|
183,795
|
|
|
|
|
|
|
|
|
From Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
5,296,400
|
|
|
Cost of shares redeemed
|
|
|
(4,098,955
|
)
|
|
Net increase in net assets resulting from capital share transactions
|
|
|
1,197,445
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets
|
|
|
1,381,240
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
Beginning of period
|
|
|
—
|
|
|
End of period
|
|
$
|
1,381,240
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period
|
|
|
—
|
|
|
Shares sold
|
|
|
200,000
|
|
|
Shares redeemed
|
|
|
(150,000
|
)
|
|
Shares outstanding, end of period
|
|
|
50,000
|
|
(1) The Fund commenced operations on June 4, 2019. The information presented is for the period from June 4, 2019 to October 31, 2019.
The accompanying notes are an integral part of these financial
statements.
|
Statement of Changes in Net Assets
|
Innovation α® Global ETF
|
|
|
Period Ended
October 31, 2019(1)
(Unaudited)
|
|
|
|
|
|
|
|
From Operations
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
10,634
|
|
|
Net realized gain on investments and foreign currency translation
|
|
|
213,448
|
|
|
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation
|
|
|
(7,233
|
)
|
|
Net increase in net assets resulting from operations
|
|
|
216,849
|
|
|
|
|
|
|
|
|
From Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
5,247,905
|
|
|
Cost of shares redeemed
|
|
|
(4,080,960
|
)
|
|
Transaction Fees (Note 4)
|
|
|
19
|
|
|
Net increase in net assets resulting from capital share transactions
|
|
|
1,166,964
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets
|
|
|
1,383,813
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
Beginning of period
|
|
|
—
|
|
|
End of period
|
|
$
|
1,383,813
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding
|
|
|
|
|
|
Shares outstanding, beginning of period
|
|
|
—
|
|
|
Shares sold
|
|
|
200,000
|
|
|
Shares redeemed
|
|
|
(150,000
|
)
|
|
Shares outstanding, end of period
|
|
|
50,000
|
|
(1) The Fund commenced operations on June 4, 2019. The information presented is for the period from June 4, 2019 to October 31, 2019.
The accompanying notes are an integral part of these financial
statements.
|
Statement of Changes in Net Assets
|
Innovation α® Trade War ETF
|
|
|
Period Ended
October 31, 2019(1)
(Unaudited)
|
|
|
|
|
|
|
|
From Operations
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
12,189
|
|
|
Net realized gain on investments and foreign currency translation
|
|
|
211,059
|
|
|
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation
|
|
|
(1,415
|
)
|
|
Net increase in net assets resulting from operations
|
|
|
221,833
|
|
|
|
|
|
|
|
|
From Capital Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares sold
|
|
|
5,259,585
|
|
|
Cost of shares redeemed
|
|
|
(4,092,785
|
)
|
|
Transaction Fees (Note 4)
|
|
|
35
|
|
|
Net increase in net assets resulting from capital share transactions
|
|
|
1,166,835
|
|
|
|
|
|
|
|
|
Total Increase in Net Assets
|
|
|
1,388,668
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
Beginning of period
|
|
|
—
|
|
|
End of period
|
|
$
|
1,388,668
|
|
|
|
|
|
|
|
|
Changes in Shares Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding, beginning of period
|
|
|
—
|
|
|
Shares sold
|
|
|
200,000
|
|
|
Shares redeemed
|
|
|
(150,000
|
)
|
|
Shares outstanding, end of period
|
|
|
50,000
|
|
(1) The Fund commenced operations on June 4, 2019. The information presented is for the period from June 4, 2019 to October 31, 2019.
The accompanying notes are an integral part of these financial
statements.
Innovation α® United States ETF
For a Share Outstanding Throughout Each Period
|
|
|
Period Ended
October 31, 2019(1)
(Unaudited)
|
|
Net Asset Value, Beginning of Period
|
|
|
$
|
25.78
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income(2)
|
|
|
|
0.12
|
|
|
Net realized and unrealized gain on investments
|
|
|
|
1.72
|
|
|
Total from investment operations
|
|
|
|
1.84
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of Period
|
|
|
$
|
27.62
|
|
|
|
|
|
|
|
|
|
Total return, at NAV(3)(4)
|
|
|
|
7.16
|
%
|
|
|
|
|
|
|
|
|
Total return, at Market(3)(4)
|
|
|
|
10.47
|
%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$
|
1,381
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets(5)
|
|
|
|
0.81
|
%
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets(5)
|
|
|
|
1.13
|
%
|
|
|
|
|
|
|
|
|
Portfolio turnover rate(4)(6)
|
|
|
|
48
|
%
|
|
(1)
|
The Fund commenced investment operations on June 4, 2019.
|
|
(2)
|
Per share net investment income was calculated using average shares outstanding.
|
|
(3)
|
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming
reinvestment of dividends.
|
|
(4)
|
Not annualized for periods less than one year.
|
|
(5)
|
Annualized for periods less than one year.
|
|
(6)
|
Excludes impact of in-kind transactions.
|
The accompanying notes are an integral part of these financial
statements.
Innovation α® Global ETF
For a Share Outstanding Throughout Each Period
|
|
|
Period Ended
October 31, 2019(1)
(Unaudited)
|
|
Net Asset Value, Beginning of Period
|
|
|
$
|
25.50
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income(2)
|
|
|
|
0.11
|
|
|
Net realized and unrealized gain on investments
|
|
|
|
2.07
|
|
|
Total from investment operations
|
|
|
|
2.18
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of Period
|
|
|
$
|
27.68
|
|
|
|
|
|
|
|
|
|
Total return, at NAV(3)(4)
|
|
|
|
8.53
|
%
|
|
|
|
|
|
|
|
|
Total return, at Market(3)(4)
|
|
|
|
10.77
|
%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$
|
1,384
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets(5)
|
|
|
|
0.81
|
%
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets(5)
|
|
|
|
0.98
|
%
|
|
|
|
|
|
|
|
|
Portfolio turnover rate(4)(6)
|
|
|
|
3
|
%
|
|
(1)
|
The Fund commenced investment operations on June 4, 2019.
|
|
(2)
|
Per share net investment income was calculated using average shares outstanding.
|
|
(3)
|
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming
reinvestment of dividends.
|
|
(4)
|
Not annualized for periods less than one year.
|
|
(5)
|
Annualized for periods less than one year.
|
|
(6)
|
Excludes impact of in-kind transactions.
|
The accompanying notes are an integral part of these financial
statements.
Innovation α® Trade War ETF
For a Share Outstanding Throughout Each Period
|
|
|
Period Ended
October 31, 2019(1)
(Unaudited)
|
|
Net Asset Value, Beginning of Period
|
|
|
$
|
25.54
|
|
|
|
|
|
|
|
|
|
Income from investment operations:
|
|
|
|
|
|
|
Net investment income(2)
|
|
|
|
0.12
|
|
|
Net realized and unrealized gain on investments
|
|
|
|
2.11
|
|
|
Total from investment operations
|
|
|
|
2.23
|
|
|
|
|
|
|
|
|
|
Net Asset Value, End of Period
|
|
|
$
|
27.77
|
|
|
|
|
|
|
|
|
|
Total return, at NAV(3)(4)
|
|
|
|
8.72
|
%
|
|
|
|
|
|
|
|
|
Total return, at Market(3)(4)
|
|
|
|
11.00
|
%
|
|
|
|
|
|
|
|
|
Supplemental Data and Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period (000’s)
|
|
|
$
|
1,389
|
|
|
|
|
|
|
|
|
|
Ratio of expenses to average net assets(5)
|
|
|
|
0.81
|
%
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets(5)
|
|
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
Portfolio turnover rate(4)(6)
|
|
|
|
5
|
%
|
|
(1)
|
The Fund commenced investment operations on June 4, 2019.
|
|
(2)
|
Per share net investment income was calculated using average shares outstanding.
|
|
(3)
|
Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming
reinvestment of dividends.
|
|
(4)
|
Not annualized for periods less than one year.
|
|
(5)
|
Annualized for periods less than one year.
|
|
(6)
|
Excludes impact of in-kind transactions.
|
The accompanying notes are an integral part of these financial
statements.
Innovation α® ETFs
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Innovation α® United States ETF (“INAU”), Innovation α® Global ETF (“INAG”) and Innovation α® Trade War ETF (“TWAR”) (each a “Fund” and collectively,
the “Funds”) are non-diversified series of Listed Funds Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on August 26, 2016, amended on December 21, 2018, and is registered with the Securities and Exchange Commission
(the “SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
Each Fund represents a distinct portfolio with its own investment objective and policies within the Trust. The Funds commenced operations on June 4, 2019.
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FUND
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INVESTMENT OBJECTIVE
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Innovation α® United States ETF
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Seeks to track the total return performance, before fees and expenses, of the
Innovation α® United States Index
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Innovation α® Global ETF
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Seeks to track the total return performance, before fees and expenses, of the
Innovation α® Global Index
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Innovation α® Trade War ETF
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Seeks to track the total return performance, before fees and expenses, of the
Martin Global Innovation Equity (MGIE) Trade War Index.
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Cost incurred by the Funds in connection with the organization, registration and the initial public offering of shares were paid by M·CAM International LLC (“M·CAM” or “Adviser”), the Funds’ investment
Adviser.
2. SIGNIFICANT ACCOUNTING POLICIES
The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Account Standards Board
(“FASB”) Accounting Standard Codification Topic 946, Financial Services — Investment Companies. The Funds prepare financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”) and follow the significant accounting policies described below.
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ
from these estimates.
Share Transactions
The Funds issue and redeem shares on a continuous basis at net asset value (“NAV”) only in large blocks of shares called “Creation Units.” A Creation Unit consists of 50,000 shares.
The NAV is determined as of the close of trading (generally, 4:00 PM Eastern Time) on each day the New York Stock Exchange (“NYSE”) is open for trading. The NAV of the shares of the Funds will be equal to a Fund’s total assets minus a Fund’s
total liabilities divided by the total number of shares outstanding. The NAV that is published will be rounded to the nearest cent; however, for purposes of determining the price of Creation Units, the NAV will be calculated to five decimal
places.
Fair Value Measurement
In calculating the NAV, the Funds’ exchange-traded equity securities will be valued at fair value, which will generally be determined using the last reported official closing or
last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Such valuations are typically categorized as Level 1 in the fair value hierarchy described below.
Securities listed on the NASDAQ Stock Market, Inc. are generally valued at the NASDAQ official closing price.
If market quotations are not readily available, or if it is determined that a quotation of a security does not represent fair value, then the security is valued
at fair value as determined in good faith by the Adviser using procedures adopted by the Board of Trustees of the Trust (the “Board”). The circumstances in which a security may be fair valued include, among others: the occurrence of events that
are significant to a particular issuer, such as mergers, restructurings or defaults; the occurrence of events that are significant to an entire market, such as natural disasters in a particular region or government actions; trading restrictions
on securities; thinly traded securities; and market events such as trading halts and early market closings. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an
active market existed. Fair valuation could result in a different NAV than a NAV determined by using market quotations. Such valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy described below.
Money market funds are valued at NAV. If NAV is not readily available, the securities will be valued at fair value.
FASB Accounting Standards Codification, Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) defines fair value, establishes a framework for
measuring fair value in accordance with U.S. GAAP, and requires disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or
liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurements. Under ASC 820, various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in
the following hierarchy:
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●
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Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
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●
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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 securities, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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●
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Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ 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.
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The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to
unobservable inputs (Level 3).
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the
security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the
market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Debt securities, including short-term debt instruments having a maturity of less than 60 days, are generally valued using the last available bid prices or
current market quotations provided by dealers or prices (including evaluated prices) supplied by approved independent third-party pricing services. Pricing services may use matrix pricing or valuation models that utilize certain inputs and
assumptions to derive values. Due to the inherent uncertainty of valuations, fair values may differ significantly from the values that would have been used had an active market existed.
All other securities and investments for which market values are not readily available, including restricted securities, and those securities for which it is
inappropriate to determine prices in accordance with the aforementioned procedures, are valued at fair value as determined in good faith under procedures adopted by the Board, although the actual calculations may be done by others. Factors
considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial
statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The hierarchy
classification of inputs used to value the Funds’ investments at October 31, 2019 are as follows:
Innovation α® United States ETF
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Common Stocks(1)
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$
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1,368,812
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|
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$
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—
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|
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$
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—
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|
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$
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1,368,812
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Real Estate Investment Trusts(1)
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9,318
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|
|
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—
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—
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9,318
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Money Market Funds
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1,444
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|
|
|
—
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|
|
|
—
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|
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1,444
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Total Investments in Securities
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$
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1,379,574
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|
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$
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—
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|
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$
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—
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|
|
$
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1,379,574
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|
Innovation α® Global ETF
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|
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Level 1
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Level 2
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|
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Level 3
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Total
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Assets:
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|
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|
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|
|
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Common Stocks(l)
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$
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1,378,980
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$
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—
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$
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—
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$
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1,378,980
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Money Market Funds
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2,564
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|
|
|
—
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|
|
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—
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|
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2,564
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Total Investments in Securities
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$
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1,381,544
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$
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—
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$
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—
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$
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1,381,544
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(1) See the Schedule of Investments for industry classifications.
Innovation α® Trade War ETF
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Level 1
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Level 2
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Level 3
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Total
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Assets:
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Common Stocks(1)
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$
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1,383,216
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$
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—
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|
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$
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—
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$
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1,383,216
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Money Market Funds
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1,700
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|
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—
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|
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—
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|
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1,700
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Total Investments in Securities
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$
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1,384,916
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$
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—
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|
|
$
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—
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|
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$
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1,384,916
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(1) See the Schedule of Investments for industry classifications.
Security Transactions
Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are
calculated based on the specific identified cost-method.
Investment Income
Dividend income is recognized on the ex-dividend date. Interest income is accrued daily. An amortized cost method of valuation may be used with respect to debt
obligations with sixty days or less remaining to maturity, unless the Adviser determines in good faith that such method does not represent fair value. The Funds distribute substantially all net investment income to shareholders in the form of
dividends.
Tax Information, Dividends and Distributions to Shareholders and Uncertain Tax Positions
The Funds are treated as separate entities for Federal income tax purposes. The Funds intend to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal
Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify and remain eligible for the special tax treatment accorded to RICs, the Funds must meet certain annual income and quarterly asset diversification requirements and must
distribute annually at least 90% of the sum of (i) their investment company taxable income (which includes dividends, interest and net short-term capital gains) and (ii) certain net tax-exempt income, if any. If so qualified, the Funds will not
be subject to Federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders.
Distributions to shareholders are recorded on the ex-dividend date. The Funds generally pay out dividends from their net investment income, if any, at least
annually, and distributes their net capital gains, if any, to shareholders at least annually. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax
regulations, which may differ from U.S. GAAP. These “book/ tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the components of
net assets based on their Federal tax basis treatment; temporary differences do not require reclassification. Dividends and distributions which exceed earnings and profits for tax purposes are reported as a tax return of capital.
Management evaluates the Funds’ tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for
uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is required only when the
position is “more likely than not” to be sustained assuming examination by taxing authorities. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds’ Federal income tax returns are subject to
examination by the Internal Revenue Service (the “IRS”) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
The Funds commenced operations on June 4, 2019; therefore, there is no tax information as of October 31, 2019.
Indemnification
In the normal course of business, the Funds expect to enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The
Funds’ maximum exposure under these anticipated arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Adviser expects the risk of loss to be remote.
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
Investment Advisory Agreement
The Trust has entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser. Under the Advisory Agreement, the Adviser provides a
continuous investment program for the Funds’ assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of the Funds subject to the supervision of the Board, including the Trustees who
are not “interested persons” of the Trust as defined in the 1940 Act (the “Independent Trustees”).
Pursuant to the Advisory Agreement between the Trust, on behalf of the Funds, and M·CAM, the Funds pay a unified management fee to the
Adviser, which is calculated daily and paid monthly, at an annual rate of 0.81% of the Funds’ average daily net assets. M·CAM has agreed to pay all expenses of the Funds except the fee paid to M·CAM under the Advisory Agreement, interest
charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund
fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses (if any). M·CAM, in turn, compensates the Sub-Adviser from the management fee it receives.
Vident Investment Advisory LLC (the “Sub-Adviser”), a Delaware limited liability company serves as the sub-adviser to the Funds. Pursuant to a Sub-Advisory Agreement between the
Adviser and the Sub-Adviser (the “Sub-Advisory Agreement”), the Sub-Adviser is responsible for trading portfolio securities for each Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any
rebalancing or reconstitution of a Fund’s Index, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is entitled to a sub-advisory fee paid by the Adviser, which is calculated daily and paid monthly, at an
annual rate based on the average daily net assets of the Fund, and subject to a minimum annual fee disclosed for each Fund as noted in the table below:
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Fund
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Sub-Advisory Fee
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Minimum Annual Fee
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INAU
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0.04%
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$20,000
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INAG
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0.05%
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$25,000
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TWAR
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0.05%
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$25,000
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Distribution Agreement and 12b-1 Plan
Quasar Distributors, LLC (the “Distributor”) serves as the Funds’ distributor pursuant to a Distribution Services Agreement. The Distributor receives compensation for the statutory
underwriting services it provides to the Funds. The Distributor enters into agreements with certain broker-dealers and others that will allow those parties to be “Authorized Participants” and to subscribe for and redeem shares of the Funds. The
Distributor will not distribute shares in less than whole Creation Units and does not maintain a secondary market in shares.
The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“Rule 12b-1 Plan”). In accordance with the Rule 12b-1 Plan, the
Funds are authorized to pay an amount up to 0.25% of each Fund’s average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans
to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Funds’ assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or
marketing services on behalf of the Funds.
Administrator, Custodian and Transfer Agent
U.S. Bancorp Fund Services LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) serves as administrator, transfer agent and fund accounting
agent of the Funds pursuant to a Fund Servicing Agreement. U.S. Bank N.A., an affiliate of Fund Services, serves as the Funds’ custodian pursuant to a Custody Agreement. Under the terms of these agreements, the Adviser pays the Funds’
administrative, custody and transfer agency fees.
A Trustee and all officers of the Trust are affiliated with the Administrator and Custodian.
4. CREATION AND REDEMPTION TRANSACTIONS
Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the “Exchange”). Market prices for the shares may be different from their NAV. The Funds issue
and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 50,000 shares, called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash
amount. Shares generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.
Creation Transaction Fee
Authorized Participants will be required to pay to the Custodian a fixed transaction fee (the “Creation Transaction Fee”) in connection with the issuance of
Creation Units. The standard Creation Transaction Fee will be the same regardless of the number of Creation Units purchased by an investor on the applicable Business Day. The Creation Transaction Fee for each Fund is listed in the table below:
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Fixed Creation
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Fund
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Transaction Fee
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INAU
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$250
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INAG
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$1,000
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TWAR
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$1,000
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An additional variable fee of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases,
non-standard orders, or partial purchase of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. The Funds may determine to not charge a
variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders.
Only “Authorized Participants” may purchase or redeem shares directly from the Funds. An Authorized Participant is either (i) a broker-dealer or other
participant in the clearing process through the Continuous Net Settlement System of National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail
investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase
shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. Securities received or delivered in connection with in-kind creates and redeems are valued as of the close of business
on the effective date of the creation or redemption.
5. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments), creations in-kind and redemptions in-kind for the period ended October 31, 2019 were as follows:
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Purchases
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Sales
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Creations In-Kind
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Redemptions In-Kind
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INAU
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|
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$
|
1,180,767
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|
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$
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1,400,044
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|
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$
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5,287,745
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$
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3,861,935
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INAG
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|
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$
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68,300
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|
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$
|
884,351
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|
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$
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5,194,380
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|
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$
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3,205,795
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|
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TWAR
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|
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$
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126,213
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|
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$
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891,147
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|
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$
|
5,175,563
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|
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$
|
3,237,260
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6. PRINCIPAL RISKS
As with all exchange traded funds (“ETFs’’), shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to
the principal risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A description of the principal risks is included in the prospectus under the heading “Principal
Investment Risks’’.
7. SUBSEQUENT EVENTS
On November 25, 2019, U.S. Bancorp, the parent company of Quasar Distributors, LLC, the Fund’s distributor, announced that it had signed a purchase agreement to sell Quasar to
Foreside Financial Group, LLC such that Quasar will become a wholly-owned broker-dealer subsidiary of Foreside. The transaction is expected to close by the end of March 2020. Quasar will remain the Funds’ distributor at the close of the
transaction, subject to Board approval.
On December 4, 2019, the Board determined, at the recommendation of the Adviser, that it is in the best interests of the shareholders to liquidate the Funds. The liquidation of the
Funds was effective Tuesday, December 17, 2019. If a shareholder had not redeemed his or her shares as of the liquidation date, the shareholder’s account automatically redeemed, and proceeds were sent to the shareholder at his or her address of
record. Liquidation proceeds were paid in cash for the redeemed shares at their net asset value. All expenses of the liquidation of the Funds were borne by the Adviser.
Other than as disclosed, there were no other subsequent events requiring recognition or disclosure through the date the financial statements were issued.
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Board Consideration and Approval of Advisory and Sub-Advisory
Agreements (Unaudited)
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At an in-person meeting held on March 19, 2019 (the “Meeting”), the Board of
Trustees (the “Board”) of Listed Funds Trust (the “Trust”), including those trustees who are not “interested persons” of the Trust, as defined in the Investment Company Act of 1940 (the “1940 Act”) (the “Independent Trustees”), considered the
approval of an advisory agreement (the “Advisory Agreement”) between M●CAM Financial LLC (the “Adviser”) and the Trust, on behalf of the Innovation α® United States ETF, Innovation α® Global ETF and Innovation α® Trade War ETF (the “Funds”),
and a separate sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”) between the Adviser, the Trust, and Vident Investment Advisory, LLC (the “Sub-Adviser”) with respect to the Funds.
Pursuant to Section 15 of the 1940 Act, the Agreements must be approved by: (i)
the vote of the Trustees or a vote of the shareholders of the Funds; and (ii) the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. In connection with its
consideration of such approval, the Board must request and evaluate, and the Adviser and Sub-Adviser are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Agreements. In addition, rules under the
1940 Act require an investment company to disclose in its shareholder reports the material factors and the conclusions with respect thereto that formed the basis for the Board’s
approval of an investment advisory agreement.
Consistent with those responsibilities, prior to the Meeting, the Board reviewed
written materials from the Adviser and Sub-Adviser and, during the Meeting, representatives from the Adviser and Sub-Adviser presented additional oral and written information to help the Board evaluate the Agreements. Among other things,
representatives from the Adviser and Sub-Adviser provided overviews of their advisory businesses, including information on investment personnel, financial resources, experience, investment processes, and compliance program. The representatives
discussed the services to be provided by the Adviser and Sub-Adviser, as well as the rationale for launching the Funds, each Fund’s proposed fees, and the operational aspects of
the Funds. During the Meeting, the Board discussed the materials it received, including memoranda from legal counsel to the Trust on the responsibilities of the Trustees in considering the approval of investment advisory agreements under the
1940 Act, considered the written materials that it received before the Meeting and the oral presentations, and deliberated on the approval of the Agreements in light of this information. Throughout the process, the Trustees were afforded the
opportunity to ask questions of and request additional materials from the Adviser and Sub-Adviser. The Independent Trustees also met in executive session with counsel to the Trust to further discuss the proposed advisory and sub-advisory
arrangements and the Trustees’ responsibilities relating thereto. The consideration of the Agreements was conducted by both the full Board and the Independent Trustees, who also
voted separately.
At the Meeting, the Board and the Independent Trustees evaluated a number of factors, including, among other things: (i) the nature,
extent, and quality of the services to be provided by the Adviser and Sub-Adviser to the Funds; (ii) Fund expenses and performance (iii) the cost of the services to be provided and profits to be realized by the Adviser and Sub-Adviser from the
relationship with the Trust and Sub-Adviser; (iii) comparative fee and expense data for the Funds and other investment companies with similar investment objectives; (iv) the extent to which economies of scale would be realized as the Funds grow
and whether the overall advisory fee for the Funds would enable investors to share in the benefits of economies of scale; (v) any benefits to be derived by the Adviser or Sub-Adviser from the relationship with the Trust, including any fall-out
benefits enjoyed by the Adviser or Sub-Adviser; and (vi) other factors the Board deemed relevant. In its deliberations, the Board did not identify any single piece of information that was paramount or controlling and the individual Trustees may
have attributed different weights to various factors.
Nature, Extent, and Quality of Services to be Provided. The Trustees considered the scope of services to be provided under the
Agreements, noting that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of related
services such as portfolio management compliance services, and the preparation and filing of certain reports on behalf of the Trust. The Trustees reviewed the extensive responsibilities that the Adviser will have as investment adviser to the
Funds, including the oversight of the activities and operations of the Sub-Adviser and other service providers, oversight of general fund compliance with federal and state laws, and the implementation of Board directives as they relate to the
Funds. The Board also considered, among other things, the professional experience and qualifications of the senior management and key professional personnel of the Adviser and Sub-Adviser,
including those individuals responsible for portfolio management. The Board also considered the Adviser’s and Sub-Adviser’s operational capabilities and resources and their experience in managing investment portfolios. The Board concluded that, within the context of its full deliberations, it was satisfied with the nature, extent and quality of the services
to be provided to the Fund by the Adviser and Sub-Adviser.
Fund Expenses and Performance. Because the Funds had not yet commenced
operations, the Board noted that there were no historical performance records to consider. The Board also noted that each Fund is designed to track the performance of an index. The Board was presented with information about each Fund’s investment strategies and expected break-even expense analyses. The Board also reviewed information regarding each Fund’s
proposed advisory and sub-advisory fees, including advisory fees and total expense ratios of those funds that might be considered peers of the Funds, which consisted of ETFs related to innovation and intelligence as reported by Morningstar.
Based on this review, the Board concluded that the investment advisory and sub-advisory fees and expense ratios appeared to be competitive and otherwise satisfactory for the purposes of approving the Agreements.
Cost of Services to be Provided and Profitability. The Board considered
the cost of the services to be provided by the Adviser and Sub-Adviser, the proposed advisory and sub-advisory fees, and the estimated profitability projected by the Adviser and Sub-Adviser with respect to each Fund, including the methodology
used to determine such profitability. The Board also reviewed information regarding the estimated break-even point for the Funds taking into consideration potential direct and ancillary revenue received by the Adviser in connection with the
services to be provided to the Funds. The Board took into consideration that the advisory fee for each Fund is a “unified fee,” meaning the Funds would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses and, to the extent it is implemented, fees pursuant to a Distribution and/or
Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser would be responsible for compensating the Trust’s other service providers, including the Sub-Adviser, and
paying a Fund’s other expenses out of its own fee and resources.
Economies of Scale. The Board discussed whether economies of scale would
be realized by the Funds at higher asset levels. The Board also assessed whether certain of the Adviser’s and Sub-Adviser’s costs would increase if asset levels rise. The Board noted that since the Funds had not yet launched, it was difficult to estimate whether economies of scale might be realized in the future. The Board also noted, however, that any
economies would, to some degree, be shared with Fund shareholders through a Fund’s unitary fee structure. In the event there were to be significant asset growth in the Funds, the
Board determined to reassess whether the advisory and sub-advisory fees appropriately took into account any economies of scale that had been realized as a result of that growth.
Other Benefits to the Adviser and Sub-Adviser. In addition to evaluating
the services provided by the Adviser and Sub-Adviser, the Board also considered the extent to which the Adviser or Sub-Adviser may realize other benefits from its relationship to the Funds. While the Board acknowledged that the Adviser or
Sub-Adviser may experience reputational success if the Funds perform well in the future, it did not identify any other potential benefits at this early stage and agreed to reassess potential benefits at a future time. Based on its review, the
Board concluded that any ancillary benefits would not be disadvantageous to a Fund’s shareholders.
Conclusion. Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent
Trustees separately, unanimously: (i) concluded that the terms of each Agreement are fair and reasonable; (ii) concluded that the proposed advisory and sub-advisory fees were fair and reasonable in light of the services to be provided; and (iii)
determined that the approval of each Agreement for an initial term of two years was in the best interests of each Fund and its future shareholders.
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Shareholder Expense Example (Unaudited)
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As a shareholder of a Fund you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management
fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The examples
are based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (June 4, 2019 to October 31, 2019), except as noted in footnotes below.
ACTUAL EXPENSES
The first line under the Fund in the table below provides information about actual account values and
actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided
by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line in the table provides information about hypothetical account values and hypothetical
expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to
highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table is useful in comparing ongoing Fund costs only and
will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Expenses
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Hypothetical
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Beginning
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Ending
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Paid
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Account
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Account
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Account
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Annualized
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During
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Value
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Value
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Value
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Expense
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the
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5/1/19
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6/4/19^
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10/31/19
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Ratios
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Period
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Innovation α® United States ETF
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Actual
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N/A
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$
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1,000.00
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$
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1,071.60
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0.81
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%
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$
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3.42
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(1)
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Hypothetical (5% return before expenses)
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$
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1,000.00
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N/A
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$
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1,021.06
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0.81
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%
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$
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4.12
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(2)
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Innovation α® Global ETF
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Actual
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N/A
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$
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1,000.00
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$
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1,085.30
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0.81
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%
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$
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3.44
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(1)
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Hypothetical (5% return before expenses)
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$
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1,000.00
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N/A
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$
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1,021.06
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0.81
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%
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$
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4.12
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(2)
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Innovation α® Trade War ETF
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Actual
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N/A
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$
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1,000.00
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$
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1,087.20
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0.81
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%
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$
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3.44
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(1)
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Hypothetical (5% return before expenses)
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$
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1,000.00
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N/A
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$
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1,021.06
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0.81
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%
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$
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4.12
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(2)
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(^)
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Fund commenced operations on June 4, 2019.
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(1)
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Actual expenses are calculated using the Fund’s annualized expense ratio multiplied by the average account value during the period, multiplied by the number of days in the most recent inception period, 149 days,
and divided by the number of days in the most recent twelve month period, 366 days.
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(2)
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Hypothetical expenses are calculated using the Fund’s annualized expense ratio multiplied by the average account value during the period, multiplied by the number of days in the most recent six month period, 184
days, and divided by the number of days in the most recent twelve month period, 366 days.
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Supplemental Information (Unaudited)
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Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before
investing. The prospectus contains this and other information relevant to an investment in the Funds. Please read the prospectus carefully before investing. A copy of the Prospectus for the Funds may be obtained without charge by writing the
Funds, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-800-617-0004, or by visiting the Funds’ website at www.m-cam.com
QUARTERLY PORTFOLIO HOLDING INFORMATION
The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on
Form N-Q. The Funds’ Form N-Q is available without charge, upon request, by calling toll-free at 1-800-617-0004. Furthermore, you may obtain the Form N-Q on the SEC’s website at www.sec.gov.
PROXY VOTING INFORMATION
The Funds are required to file a Form N-PX, with the Fund’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each
year. The Funds’ proxy voting record will be available without charge, upon request, by calling toll-free 1-800-617-0004 and on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the
Funds is available without charge, on the Funds’ website at, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-800-617-0004, or by visiting the Funds’ website at www.m-cam.com.
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Privacy Policy (Unaudited)
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We are committed to respecting the privacy of personal information you entrust to us in the course of doing business with us.
The Funds collect non-public information about you from the following sources:
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●
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Information we receive about you on applications or other forms;
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Information you give us orally; and/or
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Information about your transactions with us or others.
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We do not disclose any non-public personal information about our customers or former customers without the customer’s authorization, except as permitted by
law or in response to inquiries from governmental authorities. We may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Funds. We will provide unaffiliated third parties with only the
information necessary to carry out their assigned responsibilities. We maintain physical, electronic and procedural safeguards to guard your non-public personal information and require third parties to treat your personal information with the
same high degree of confidentiality.
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the
privacy policy of your financial intermediary would govern how your non-public personal information would be shared by those entities with unaffiliated third parties.
Investment Adviser:
M●CAM International LLC
513 E. Main Street, #2014
Charlottesville, Virginia 22903
Investment Sub-Adviser:
Vident Investment Advisory, LLC
300 Colonial Center Parkway, Suite 330
Roswell, Georgia 30076
Legal Counsel:
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, N.W.
Washington, DC 20004
Independent Registered Public Accounting Firm:
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115
Distributor:
Quasar Distibutors, LLC
777 East Wisconsin Avenue, 6th Floor
Milwaukee, WI 53202
Administrator, Fund Accountant & Transfer Agent:
U.S. Bancorp Fund Services, LLC
d/b/a U.S. Bank Global Fund Services
615 E. Michigan St.
Milwaukee, WI 53202
Custodian:
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, WI 53212
This information must be preceded or accompanied by a current prospectus for the Funds.