UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
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)
Kent Barnes
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
Registrant's telephone number, including area code: (414) 765-6511
Copies to:
Laura E. Flores
John McGuire
Morgan Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, D.C. 20004-2541
Date of fiscal year end: August 31
Date of reporting period: November 30, 2019
Item 1. Schedule of Investments.
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Schedule of Investments
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|
|
EventShares U.S. Legislative Opportunities ETF
|
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November 30, 2019 (Unaudited)
|
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Number
of Shares
|
|
|
Value
|
|
|
COMMON STOCKS — 91.2%
|
|
|
|
|
|
|
|
Aerospace/Defense — 3.6%
|
|
|
|
|
|
|
|
Aerojet Rocketdyne Holdings, Inc.*
|
|
|
2,407
|
|
|
$
|
106,389
|
|
|
Aerovironment, Inc.*
|
|
|
3,389
|
|
|
|
207,881
|
|
|
General Dynamics Corp.
|
|
|
209
|
|
|
|
37,984
|
|
|
HEICO Corp.
|
|
|
220
|
|
|
|
28,576
|
|
|
Lockheed Martin Corp.
|
|
|
177
|
|
|
|
69,212
|
|
|
Mercury Systems, Inc.*
|
|
|
3,195
|
|
|
|
234,034
|
|
|
|
|
|
|
|
|
|
684,076
|
|
|
Agriculture — 4.1%
|
|
|
|
|
|
|
|
|
|
Altria Group, Inc.
|
|
|
2,751
|
|
|
|
136,725
|
|
|
British American Tobacco PLC - ADR (a)
|
|
|
3,693
|
|
|
|
146,280
|
|
|
Philip Morris International, Inc.
|
|
|
1,658
|
|
|
|
137,498
|
|
|
Turning Point Brands, Inc.
|
|
|
6,346
|
|
|
|
175,213
|
|
|
Universal Corporation of Virginia
|
|
|
2,157
|
|
|
|
112,638
|
|
|
Vector Group Ltd.
|
|
|
4,276
|
|
|
|
57,469
|
|
|
|
|
|
|
|
|
|
765,823
|
|
|
Beverages — 1.0%
|
|
|
|
|
|
|
|
|
|
Brown-Forman Corp. - Class B
|
|
|
2,706
|
|
|
|
183,521
|
|
|
|
|
|
|
|
|
|
|
|
|
Building Materials — 1.7%
|
|
|
|
|
|
|
|
|
|
Martin Marietta Materials, Inc.
|
|
|
375
|
|
|
|
100,650
|
|
|
Summit Materials, Inc. - Class A*
|
|
|
2,926
|
|
|
|
69,843
|
|
|
Vulcan Materials Co.
|
|
|
1,010
|
|
|
|
143,289
|
|
|
|
|
|
|
|
|
|
313,782
|
|
|
Commercial Services — 4.0%
|
|
|
|
|
|
|
|
|
|
Avalara, Inc.*
|
|
|
6,042
|
|
|
|
471,457
|
|
|
Booz Allen Hamilton Holding Corp.
|
|
|
1,679
|
|
|
|
122,164
|
|
|
HMS Holdings Corp.*
|
|
|
5,297
|
|
|
|
159,970
|
|
|
|
|
|
|
|
|
|
753,591
|
|
|
Computers — 4.0%
|
|
|
|
|
|
|
|
|
|
CACI International, Inc. - Class A*
|
|
|
911
|
|
|
|
218,021
|
|
|
Leidos Holdings, Inc.
|
|
|
487
|
|
|
|
44,239
|
|
|
Perspecta, Inc.
|
|
|
2,530
|
|
|
|
69,777
|
|
|
PlayAGS, Inc.*
|
|
|
8,824
|
|
|
|
101,388
|
|
|
Science Applications International Corp.
|
|
|
1,878
|
|
|
|
160,287
|
|
|
Vocera Communications, Inc.*
|
|
|
7,444
|
|
|
|
161,535
|
|
|
|
|
|
|
|
|
|
755,247
|
|
|
Electric — 0.5%
|
|
|
|
|
|
|
|
|
|
Brookfield Renewable Partners L.P. (a)
|
|
|
2,148
|
|
|
|
99,775
|
|
|
|
|
|
|
|
|
|
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|
|
Electrical Equipment — 0.3%
|
|
|
|
|
|
|
|
|
|
Insteel Industries, Inc.
|
|
|
2,558
|
|
|
|
59,678
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronics — 0.1%
|
|
|
|
|
|
|
|
|
|
Trimble, Inc.*
|
|
|
418
|
|
|
|
16,942
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy-Alternate Sources — 6.2%
|
|
|
|
|
|
|
|
|
|
First Solar, Inc.*
|
|
|
3,118
|
|
|
|
172,238
|
|
|
Green Plains, Inc.*
|
|
|
17,070
|
|
|
|
260,318
|
|
|
Renewable Energy Group, Inc.*
|
|
|
17,131
|
|
|
|
292,255
|
|
|
REX American Resources Corp.*
|
|
|
3,885
|
|
|
|
356,837
|
|
|
TerraForm Power, Inc. - Class A
|
|
|
5,371
|
|
|
|
83,304
|
|
|
|
|
|
|
|
|
|
1,164,952
|
|
|
Engineering & Construction — 7.2%
|
|
|
|
|
|
|
|
|
|
AECOM*
|
|
|
1,397
|
|
|
|
60,532
|
|
|
Aegion Corp.*
|
|
|
2,668
|
|
|
|
57,789
|
|
|
Argan, Inc.
|
|
|
3,837
|
|
|
|
140,588
|
|
|
Construction Partners, Inc. - Class A*
|
|
|
9,557
|
|
|
|
189,229
|
|
|
Dycom Industries, Inc.*
|
|
|
2,446
|
|
|
|
127,314
|
|
|
Granite Construction, Inc.
|
|
|
10,635
|
|
|
|
273,958
|
|
|
Great Lakes Dredge & Dock Corp.*
|
|
|
13,786
|
|
|
|
147,234
|
|
|
NV5 Global, Inc.*
|
|
|
2,469
|
|
|
|
118,734
|
|
|
Sterling Construction Co., Inc.*
|
|
|
13,009
|
|
|
|
189,541
|
|
|
Tutor Perini Corp.*
|
|
|
3,249
|
|
|
|
51,756
|
|
|
|
|
|
|
|
|
|
1,356,675
|
|
|
Entertainment — 6.3%
|
|
|
|
|
|
|
|
|
|
Churchill Downs, Inc.
|
|
|
1,478
|
|
|
|
192,155
|
|
|
Eldorado Resorts, Inc.*
|
|
|
3,487
|
|
|
|
186,589
|
|
|
Everi Holdings, Inc.*
|
|
|
10,444
|
|
|
|
140,681
|
|
|
Penn National Gaming, Inc.*
|
|
|
7,974
|
|
|
|
183,641
|
|
|
Scientific Games Corp.*
|
|
|
2,052
|
|
|
|
56,143
|
|
|
The Stars Group, Inc. *(a)
|
|
|
11,977
|
|
|
|
290,921
|
|
|
Twin River Worldwide Holdings, Inc.
|
|
|
6,048
|
|
|
|
146,967
|
|
|
|
|
|
|
|
|
|
1,197,097
|
|
|
Environmental Control — 1.8%
|
|
|
|
|
|
|
|
|
|
Evoqua Water Technologies Corp.*
|
|
|
12,357
|
|
|
|
234,041
|
|
|
Tetra Tech, Inc.
|
|
|
1,220
|
|
|
|
107,714
|
|
|
|
|
|
|
|
|
|
341,755
|
|
|
Healthcare-Products — 0.8%
|
|
|
|
|
|
|
|
|
|
BioTelemetry, Inc.*
|
|
|
3,283
|
|
|
|
152,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare-Services — 8.6%
|
|
|
|
|
|
|
|
|
|
Anthem, Inc.
|
|
|
592
|
|
|
|
170,887
|
|
|
Centene Corp.*
|
|
|
3,296
|
|
|
|
199,309
|
|
|
Humana, Inc.
|
|
|
614
|
|
|
|
209,515
|
|
|
IQVIA Holdings, Inc.*
|
|
|
1,051
|
|
|
|
153,425
|
|
|
Medpace Holdings, Inc.*
|
|
|
2,559
|
|
|
|
196,199
|
|
|
Molina Healthcare, Inc.*
|
|
|
1,085
|
|
|
|
147,017
|
|
|
Teladoc Health, Inc.*
|
|
|
2,420
|
|
|
|
202,651
|
|
|
UnitedHealth Group, Inc.
|
|
|
606
|
|
|
|
169,601
|
|
|
WellCare Health Plans, Inc.*
|
|
|
547
|
|
|
|
176,172
|
|
|
|
|
|
|
|
|
|
1,624,776
|
|
|
Insurance — 1.3%
|
|
|
|
|
|
|
|
|
|
eHealth, Inc.*
|
|
|
2,646
|
|
|
|
244,120
|
|
|
|
|
|
|
|
|
|
|
|
|
Internet — 0.8%
|
|
|
|
|
|
|
|
|
|
Boingo Wireless, Inc.*
|
|
|
13,111
|
|
|
|
150,908
|
|
|
|
|
|
|
|
|
|
|
|
|
Lodging — 1.1%
|
|
|
|
|
|
|
|
|
|
Boyd Gaming Corp.
|
|
|
6,964
|
|
|
|
204,811
|
|
|
|
|
|
|
|
|
|
|
|
|
Machinery-Construction & Mining — 1.6%
|
|
|
|
|
|
|
|
|
|
Astec Industries, Inc.
|
|
|
4,382
|
|
|
|
164,150
|
|
|
BWX Technologies, Inc.
|
|
|
2,288
|
|
|
|
137,577
|
|
|
|
|
|
|
|
|
|
301,727
|
|
|
Media — 5.0%
|
|
|
|
|
|
|
|
|
|
Fox Corp. - Class A
|
|
|
1,440
|
|
|
|
51,494
|
|
|
Gray Television, Inc.*
|
|
|
11,447
|
|
|
|
231,687
|
|
|
Nexstar Media Group, Inc. - Class A
|
|
|
2,104
|
|
|
|
226,622
|
|
|
Sinclair Broadcast Group, Inc. - Class A
|
|
|
2,173
|
|
|
|
75,686
|
|
|
TEGNA, Inc.
|
|
|
12,410
|
|
|
|
190,493
|
|
|
The E.W. Scripps Co. - Class A
|
|
|
10,656
|
|
|
|
158,988
|
|
|
|
|
|
|
|
|
|
934,970
|
|
|
Mining — 2.4%
|
|
|
|
|
|
|
|
|
|
Cameco Corp. (a)
|
|
|
48,635
|
|
|
|
449,874
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous Manufacturers — 2.1%
|
|
|
|
|
|
|
|
|
|
Axon Enterprise, Inc.*
|
|
|
5,408
|
|
|
|
399,110
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Gas — 3.6%
|
|
|
|
|
|
|
|
|
|
HollyFrontier Corp.
|
|
|
3,885
|
|
|
|
200,272
|
|
|
PBF Energy, Inc. - Class A
|
|
|
7,832
|
|
|
|
245,141
|
|
|
Valero Energy Corp.
|
|
|
2,524
|
|
|
|
241,017
|
|
|
|
|
|
|
|
|
|
686,430
|
|
|
Oil & Gas Services — 0.7%
|
|
|
|
|
|
|
|
|
|
Select Energy Services, Inc. - Class A*
|
|
|
17,787
|
|
|
|
136,604
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals — 0.5%
|
|
|
|
|
|
|
|
|
|
Cigna Corp.
|
|
|
499
|
|
|
|
99,760
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail — 2.0%
|
|
|
|
|
|
|
|
|
|
World Fuel Services Corp.
|
|
|
8,849
|
|
|
|
375,198
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors — 1.0%
|
|
|
|
|
|
|
|
|
|
CEVA, Inc.*
|
|
|
3,612
|
|
|
|
93,623
|
|
|
Teradyne, Inc.
|
|
|
1,360
|
|
|
|
85,122
|
|
|
|
|
|
|
|
|
|
178,745
|
|
|
Shipbuilding — 1.0%
|
|
|
|
|
|
|
|
|
|
Huntington Ingalls Industries, Inc.
|
|
|
721
|
|
|
|
181,454
|
|
|
|
|
|
|
|
|
|
|
|
|
Software — 5.1%
|
|
|
|
|
|
|
|
|
|
ManTech International Corp. - Class A
|
|
|
2,783
|
|
|
|
215,905
|
|
|
Nuance Communications, Inc.*
|
|
|
4,289
|
|
|
|
76,902
|
|
|
Omnicell, Inc.*
|
|
|
2,103
|
|
|
|
168,219
|
|
|
Tabula Rasa HealthCare, Inc.*
|
|
|
3,327
|
|
|
|
148,418
|
|
|
Tyler Technologies, Inc.*
|
|
|
1,201
|
|
|
|
348,494
|
|
|
|
|
|
|
|
|
|
957,938
|
|
|
Telecommunications — 4.7%
|
|
|
|
|
|
|
|
|
|
Ciena Corp.*
|
|
|
5,072
|
|
|
|
192,533
|
|
|
CommScope Holding Co., Inc.*
|
|
|
7,055
|
|
|
|
95,948
|
|
|
Nokia OYJ - ADR (a)
|
|
|
64,142
|
|
|
|
224,497
|
|
|
Telefonaktiebolaget LM Ericsson - ADR (a)
|
|
|
24,178
|
|
|
|
218,569
|
|
|
Viavi Solutions, Inc.*
|
|
|
10,579
|
|
|
|
158,897
|
|
|
|
|
|
|
|
|
|
890,444
|
|
|
Transportation — 8.1%
|
|
|
|
|
|
|
|
|
|
Ardmore Shipping Corp. *(a)
|
|
|
10,541
|
|
|
|
84,223
|
|
|
Diamond S Shipping, Inc.*
|
|
|
18,366
|
|
|
|
265,021
|
|
|
Kansas City Southern
|
|
|
1,493
|
|
|
|
227,563
|
|
|
Scorpio Bulkers, Inc.
|
|
|
35,478
|
|
|
|
217,125
|
|
|
Scorpio Tankers, Inc. (a)
|
|
|
13,860
|
|
|
|
476,632
|
|
|
Star Bulk Carriers Corp. (a)
|
|
|
24,309
|
|
|
|
267,156
|
|
|
|
|
|
|
|
|
|
1,537,720
|
|
|
TOTAL COMMON STOCKS (Cost $15,857,500)
|
|
|
|
|
|
|
17,199,539
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS — 7.9%
|
|
|
|
|
|
|
|
|
|
American Tower Corp.
|
|
|
1,271
|
|
|
|
272,032
|
|
|
Crown Castle International Corp.
|
|
|
1,819
|
|
|
|
243,127
|
|
|
Easterly Government Properties, Inc.
|
|
|
11,422
|
|
|
|
265,676
|
|
|
Rexford Industrial Realty, Inc.
|
|
|
6,850
|
|
|
|
327,841
|
|
|
SBA Communications Corp.
|
|
|
1,009
|
|
|
|
238,598
|
|
|
Uniti Group, Inc.
|
|
|
21,003
|
|
|
|
141,140
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,308,858)
|
|
|
|
|
|
|
1,488,414
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS — 0.9%
|
|
|
|
|
|
|
|
|
|
First American Treasury Obligations Fund - Class X, 1.59% (b)
|
|
|
168,710
|
|
|
|
168,710
|
|
|
TOTAL MONEY MARKET FUNDS (Cost $168,710)
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168,710
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TOTAL INVESTMENTS — 100.0% (Cost $17,335,068)
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18,856,663
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Other assets and liabilities, net — 0.0%(c)
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8,431
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NET ASSETS — 100.0%
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$
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18,865,094
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Percentages are stated as a percent of net assets.
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ADR
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American Depositary Receipt
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PLC
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Public Limited Company
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*
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Non-income producing security.
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(a)
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Foreign issued security.
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(b)
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The rate shown is the annualized seven-day yield at period end.
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(c)
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Amount is less than 0.05%
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Fair Value Measurements
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Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted
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prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities,
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interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining
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the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with
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investing in those securities.
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The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3.
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The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2019:
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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 (d)
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$
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17,199,539
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$
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-
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$
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-
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$
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17,199,539
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Real Estate Investment Trusts
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1,488,414
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-
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-
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1,488,414
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Money Market Funds
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168,710
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-
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-
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168,710
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Total Investments in Securities
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$
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18,856,663
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$
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-
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$
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-
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$
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18,856,663
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(d) See the Schedule of Investments for industry classifications.
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Item 2. Controls and Procedures.
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(a)
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The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c))
are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17
CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
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(b)
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There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
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Item 3. Exhibits.
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed 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.
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(Registrant)
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Listed Funds Trust
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By (Signature and Title)*
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/s/ Gregory Bakken
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Gregory Bakken, President and Principal Executive Officer
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Date
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01/22/2020
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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.
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By (Signature and Title)*
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/s/ Gregory Bakken
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Gregory Bakken, President and Principal Executive Officer
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Date
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01/22/2020
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By (Signature and Title)*
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/s/ Travis Babich
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Travis Babich, Treasurer and Principal Financial Officer
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Date
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01/22/2020
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*
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Print the name and title of each signing officer under his or her signature.
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