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: April 30
 
Date of reporting period: January 31, 2020
Item 1. Schedule of Investments.
 
Schedule of Investments
     
Core Alternative ETF
     
January 31, 2020 (Unaudited)
     
    
Number
of Shares
   
Value
     
COMMON STOCKS — 95.1%
               
Communication Services — 2.1%
               
AT&T, Inc.
   
62,003
   
$
2,332,553
     
                     
Consumer Discretionary — 5.7%
                   
Genuine Parts Co.
   
18,397
     
1,721,407
     
McDonald's Corp.
   
10,975
     
2,348,321
     
Starbucks Corp.
   
26,300
     
2,231,029
     
             
6,300,757
     
Consumer Staples— 16.5%
                   
Altria Group, Inc.
   
38,092
     
1,810,513
     
Diageo PLC - ADR (a)
   
12,817
     
2,024,445
     
Dollar General Corp.
   
15,660
     
2,402,401
     
Kimberly-Clark Corp.
   
16,673
     
2,388,241
     
PepsiCo, Inc.
   
16,696
     
2,371,166
     
Sysco Corp.
   
29,709
     
2,440,297
     
The Procter & Gamble Co.
   
19,202
     
2,392,953
     
Walmart, Inc.
   
19,874
     
2,275,374
     
             
18,105,390
     
Energy — 4.2%
                   
Chevron Corp.
   
16,708
     
1,790,095
     
Exxon Mobil Corp.
   
25,400
     
1,577,848
     
Occidental Petroleum Corp.
   
31,293
     
1,242,958
     
             
4,610,901
     
Financials — 14.4%
                   
Aflac, Inc.
   
42,684
     
2,201,214
     
CME Group, Inc.
   
11,565
     
2,510,877
     
Eaton Vance Corp.
   
49,582
     
2,268,376
     
JPMorgan Chase & Co.
   
18,126
     
2,399,157
     
Morgan Stanley
   
45,318
     
2,368,319
     
US Bancorp (d)
   
39,292
     
2,091,120
     
Wells Fargo & Co.
   
42,390
     
1,989,787
     
             
15,828,850
     
Health Care — 14.0%
                   
Abbott Laboratories
   
25,936
     
2,260,063
     
Amgen, Inc.
   
10,200
     
2,203,710
     
Anthem, Inc.
   
7,174
     
1,903,119
     
Eli Lilly & Co.
   
16,642
     
2,323,889
     
Johnson & Johnson
   
15,410
     
2,294,086
     
Merck & Co., Inc.
   
25,570
     
2,184,701
     
UnitedHealth Group, Inc.
   
8,243
     
2,245,805
     
             
15,415,373
     
Industrials — 12.9%
                   
Emerson Electric Co.
   
29,425
     
2,107,713
     
L3Harris Technologies, Inc.
   
11,509
     
2,547,287
     
Lockheed Martin Corp.
   
6,021
     
2,577,710
     
Norfolk Southern Corp.
   
10,884
     
2,266,158
     
United Technologies Corp.
   
15,358
     
2,306,772
     
Waste Management, Inc.
   
19,897
     
2,421,465
     
             
14,227,105
     
Information Technology — 16.8%
                   
Accenture PLC - Class A (a)
   
11,514
     
2,362,788
     
Apple, Inc.
   
8,734
     
2,703,260
     
Broadridge Financial Solutions, Inc.
   
18,978
     
2,261,229
     
Cisco Systems, Inc.
   
37,828
     
1,738,953
     
FactSet Research Systems, Inc.
   
8,310
     
2,377,574
     
Microsoft Corp.
   
15,861
     
2,700,018
     
Oracle Corp.
   
38,860
     
2,038,207
     
Paychex, Inc.
   
25,980
     
2,228,305
     
             
18,410,334
     
Materials  — 3.6%
                   
3M Co.
   
9,711
     
1,540,747
     
Air Products & Chemicals, Inc.
   
10,260
     
2,449,165
     
             
3,989,912
     
Utilities — 4.9%
                   
NextEra Energy, Inc.
   
9,952
     
2,669,126
     
The Southern Co.
   
38,790
     
2,730,816
     
             
5,399,942
     
                     
TOTAL COMMON STOCKS (Cost $86,108,607)
           
104,621,117
     
                     
MONEY MARKET FUNDS — 1.5%
                   
First American Government Obligations Fund - Class X, 1.49% (b)
   
1,634,073
     
1,634,073
     
TOTAL MONEY MARKET FUNDS (Cost $1,634,073)
           
1,634,073
     
                     
    

             
    
Number of
Contracts (c)
 
 
    Notional Value
PURCHASED OPTIONS — 3.3%
         
 
     
PURCHASED CALL OPTIONS — 0.1%
                   
S&P 500 Index
                   
Expiration: February 2020, Strike Price: $3,275
   
50
     
124,750
  $
16,127,600
TOTAL PURCHASED CALL OPTIONS (Cost $155,059)
           
124,750
     
                     
PURCHASED PUT OPTIONS — 3.2%
                   
S&P 500 Index
                   
Expiration: February 2020, Strike Price: $3,240
   
125
     
690,000
  $
40,319,000
Expiration: February 2020, Strike Price: $3,275
   
400
     
2,856,000
    129,020,800
TOTAL PURCHASED PUT OPTIONS (Cost $1,928,622)
           
3,546,000
     
TOTAL PURCHASED OPTIONS (Cost $2,083,681)
           
3,670,750
     
                     
TOTAL INVESTMENTS  (Cost $89,826,361) — 99.9%
           
109,925,940
     
Other assets and liabilities, net — 0.1%
           
56,330
     
NET ASSETS — 100.0%
           $
109,982,270
     

ADR
American Depositary Receipt
           
PLC
Public Limited Company
           
(a)
Foreign issued security.
     
(b)
The rate shown is the annualized seven-day yield at period end.
       
(c)
Each contract is equivalent to 100 shares of the underlying security.
       
(d)
Affiliated Issuer. See Affiliated Issuers Table following this Schedule of Investments.
 
 
 
     
               
Percentages are stated as a percent of net assets.
   
Fair Value Measurements
                 
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 prices in active markets for identical securities. Level 2 includes other significant observable inputs
(including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
                     
The Fund did not hold any investments during the period with significant unobservable inputs which would be classified as Level 3.
                     
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of January 31, 2020:

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                       
Common Stocks*
 
$
104,621,117
   
$
-
   
$
-
   
$
104,621,117
 
Money Market Funds
   
1,634,073
     
-
     
-
     
1,634,073
 
Purchased Call Options
   
-
     
124,750
     
-
     
124,750
 
Purchased Put Options
   
-
     
3,546,000
     
-
     
3,546,000
 
Total Investments in Securities
 
$
106,255,190
   
$
3,670,750
   
$
-
   
$
109,925,940
 

* See the Schedule of Investments for industry classifications.
     
                     
Derivative Investments
                 
The average monthly value outstanding of purchased options during the period ended Janurary 31, 2020 were as follows:

   
Core Alternative ETF
               
Purchased Options
$
                                   2,245,892
                 
                       
                       

The following is a summary of the location of derivative instruments on the Fund's Statement of Assets and Liabilities as of January 31, 2020:

 
 
Equity Risk Contracts
 
 
Location on the Statement of Assets and
Liabilities
 
 
Asset Derivatives,
Investments, at value
   
Liability Derivatives,
Options written, at value
Core Alternative ETF
 
$
3,670,750
   
$
–

Affiliated Issuers Table
The following issuer is affiliated with the U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, U.S. Bank, N.A., and Quasar Distributors, LLC, which provide accounting, administration, transfer agency, custodian and distribution services to the Fund as of the period ended January 31, 2020.  See Section 2(a)(3) of the 1940 Act.
                     

 
Core Alternative ETF
 
US Bancorp
             
 
April 30, 2019
                   
 
Balance
                   
 
Shares
   
                                      35,753
             
 
Cost
  $
                            1,853,146
             
 
Market Value
  $
                            1,906,350
             
                       
 
Gross Additions
                   
 
Shares
   
                                        6,974
             
 
Cost
  $
                                378,943
             
                       
 
Gross Deductions
                   
 
Shares
   
                                        3,435
             
 
Cost
  $
                               178,678
             
 
Proceeds
  $
                              202,174
             
                       
 
January 31, 2020
                   
 
Balance
                   
 
Shares
   
                                      39,292
             
 
Cost
  $
                           2,053,411
             
 
Market Value
  $
                           2,091,120
             
                       
 
Net realized gain (loss)
$
                                 23,496
             
                       
 
Change in net unrealized appreciation/(depreciation)
$
                                (15,495)
             
                       
 
Dividend income
$
                                30,315
             
                       
Item 2. Controls and Procedures.
 
(a)
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)).

(b)
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.
 
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.


(Registrant)
Listed Funds Trust
 
 
 
 
 
By (Signature and Title)*
/s/ Gregory Bakken
 
 
Gregory Bakken, President and Principal Executive Officer
   
 
Date
3/24/2020
 
 
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 Bakken
 
 
Gregory Bakken, President and Principal Executive Officer
   
 
Date
3/24/2020
 
 
 
 
 
By (Signature and Title)*
/s/ Travis Babich
 
 
Travis Babich, Treasurer and Principal Financial Officer
 
 
 
 
Date
3/24/2020
 
 
 
*
Print the name and title of each signing officer under his or her signature.

EventShares US Legislati... (AMEX:PLCY)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more EventShares US Legislati... Charts.
EventShares US Legislati... (AMEX:PLCY)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more EventShares US Legislati... Charts.