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: May 31
 
Date of reporting period: February 29, 2020
 Item 1. Schedule of Investments.
 
Wahed FTSE USA Shariah ETF
 
Schedule of Investments
 
February 29, 2020 (Unaudited)
 
      
Number
of Shares
   
Value
 
COMMON STOCKS — 99.7%
           
Administrative and Support Services — 1.4%
           
Booking Holdings, Inc. (a)
   
133
   
$
225,523
 
FleetCor Technologies, Inc. (a)
   
272
     
72,295
 
Gartner, Inc. (a)
   
287
     
37,135
 
Robert Half International, Inc.
   
359
     
18,097
 
Rollins, Inc.
   
448
     
16,773
 
               
369,823
 
Air Transportation — 0.2%
               
Alaska Air Group, Inc.
   
97
     
4,895
 
Delta Air Lines, Inc.
   
515
     
23,757
 
Southwest Airlines Co.
   
423
     
19,538
 
United Airlines Holdings, Inc. (a)
   
197
     
12,133
 
               
60,323
 
Ambulatory Health Care Services — 0.3%
               
DaVita, Inc. (a)
   
312
     
24,218
 
Quest Diagnostics, Inc.
   
423
     
44,863
 
               
69,081
 
Apparel Manufacturing — 0.8%
               
Lululemon Athletica, Inc. (a)(b)
   
378
     
82,181
 
PVH Corp.
   
231
     
17,119
 
Ralph Lauren Corp.
   
151
     
15,932
 
Under Armour, Inc. - Class A (a)
   
599
     
8,500
 
Under Armour, Inc. - Class C (a)
   
608
     
7,588
 
VF Corp.
   
980
     
70,560
 
               
201,880
 
Beverage and Tobacco Product Manufacturing — 0.5%
               
Coca-Cola European Partners PLC (b)
   
556
     
28,334
 
Keurig Dr. Pepper, Inc.
   
635
     
17,704
 
Monster Beverage Corp. (a)
   
1,225
     
76,452
 
               
122,490
 
Chemical Manufacturing — 17.5%
               
Abbott Laboratories
   
5,524
     
425,514
 
Air Products & Chemicals, Inc.
   
708
     
155,484
 
Albemarle Corp.
   
337
     
27,584
 
Alexion Pharmaceuticals, Inc. (a)
   
684
     
64,316
 
Allergan PLC
   
1,057
     
201,538
 
Biogen, Inc. (a)
   
574
     
177,016
 
BioMarin Pharmaceutical, Inc. (a)
   
568
     
51,330
 
CF Industries Holdings, Inc.
   
733
     
27,018
 
Church & Dwight Co., Inc.
   
783
     
54,434
 
Dow, Inc.
   
2,396
     
96,822
 
DuPont de Nemours, Inc.
   
2,357
     
101,115
 
FMC Corp.
   
408
     
37,985
 
International Flavors & Fragrances, Inc.
   
341
     
40,845
 
Jazz Pharmaceuticals PLC (a)(b)
   
174
     
19,937
 
Johnson & Johnson
   
8,512
     
1,144,694
 
Linde PLC (b)
   
1,724
     
329,301
 
Merck & Co., Inc.
   
8,153
     
624,194
 
Perrigo Co. PLC (b)
   
391
     
19,820
 
Pfizer, Inc.
   
17,877
     
597,449
 
PPG Industries, Inc.
   
759
     
79,278
 
Regeneron Pharmaceuticals, Inc. (a)
   
258
     
114,699
 
The Estee Lauder Cos., Inc. - Class A
   
695
     
127,602
 
The Mosaic Co.
   
1,105
     
18,818
 
Westlake Chemical Corp.
   
102
     
5,699
 
               
4,542,492
 
Clothing and Clothing Accessories Stores — 1.7%
               
Foot Locker, Inc.
   
340
     
12,325
 
Nordstrom, Inc.
   
344
     
11,937
 
Ross Stores, Inc.
   
1,136
     
123,574
 
The Gap, Inc.
   
691
     
9,902
 
The TJX Cos., Inc.
   
3,913
     
233,997
 
Tiffany & Co.
   
383
     
51,165
 
               
442,900
 
Computer and Electronic Product Manufacturing — 28.7% (c)
               
Advanced Micro Devices, Inc. (a)
   
3,303
     
150,221
 
Agilent Technologies, Inc.
   
989
     
76,222
 
Analog Devices, Inc.
   
1,179
     
128,570
 
Apple, Inc.
   
14,255
     
3,896,747
 
Danaher Corp.
   
1,969
     
284,678
 
Eaton Corp. PLC
   
1,321
     
119,841
 
Flex Ltd. (a)
   
1,624
     
18,043
 
Fortive Corp.
   
935
     
64,665
 
HP, Inc.
   
4,732
     
98,378
 
Intel Corp.
   
13,971
     
775,670
 
Jabil, Inc.
   
472
     
15,128
 
Juniper Networks, Inc.
   
1,060
     
22,493
 
Marvell Technology Group Ltd.
   
2,122
     
45,199
 
Medtronic PLC (b)
   
4,311
     
433,988
 
Micron Technology, Inc. (a)
   
3,529
     
185,484
 
NXP Semiconductors NV (b)
   
885
     
100,616
 
Roper Technologies, Inc.
   
322
     
113,247
 
Seagate Technology PLC
   
840
     
40,278
 
Sensata Technologies Holding PLC (a)
   
493
     
20,114
 
Texas Instruments, Inc.
   
3,016
     
344,246
 
Thermo Fisher Scientific, Inc.
   
1,275
     
370,770
 
Trimble, Inc. (a)
   
832
     
32,847
 
Varian Medical Systems, Inc. (a)
   
284
     
34,924
 
Waters Corp. (a)
   
198
     
38,588
 
Western Digital Corp.
   
949
     
52,726
 
               
7,463,683
 
Construction of Buildings — 0.7%
               
D.R. Horton, Inc.
   
1,061
     
56,519
 
Lennar Corp. - Class A
   
883
     
53,280
 
NVR, Inc. (a)
   
10
     
36,672
 
PulteGroup, Inc.
   
798
     
32,080
 
Toll Brothers, Inc.
   
405
     
14,997
 
               
193,548
 
Couriers and Messengers — 0.4%
               
FedEx Corp.
   
771
     
108,842
 
                   
Data Processing, Hosting and Related Services — 0.2%
               
Hewlett Packard Enterprise Co.
   
4,185
     
53,526
 
                   
Electrical Equipment, Appliance and Component Manufacturing — 0.4%
               
Acuity Brands, Inc.
   
126
     
12,960
 
Rockwell Automation, Inc.
   
363
     
66,611
 
Whirlpool Corp.
   
193
     
24,677
 
               
104,248
 
Fabricated Metal Product Manufacturing — 0.7%
               
Emerson Electric Co.
   
1,957
     
125,463
 
Stanley Black & Decker, Inc.
   
480
     
68,976
 
               
194,439
 
Food Manufacturing — 1.3%
               
Archer-Daniels-Midland Co.
   
1,773
     
66,753
 
Bunge Ltd.
   
438
     
20,564
 
Mondelez International, Inc. - Class A
   
4,537
     
239,554
 
               
326,871
 
Funds, Trusts and Other Financial Vehicles — 0.2%
               
Garmin Ltd. (b)
   
469
     
41,455
 
                   
General Merchandise Stores — 1.2%
               
Burlington Stores, Inc. (a)
   
205
     
44,333
 
Dollar Tree, Inc. (a)
   
756
     
62,771
 
Kohl's Corp.
   
508
     
19,888
 
Macy's, Inc.
   
986
     
13,045
 
Target Corp.
   
1,599
     
164,697
 
               
304,734
 
Health and Personal Care Stores — 1.5%
               
CVS Health Corp.
   
4,127
     
244,236
 
Ulta Beauty, Inc. (a)
   
177
     
45,505
 
Walgreens Boots Alliance, Inc.
   
2,414
     
110,464
 
               
400,205
 
Leather and Allied Product Manufacturing — 1.4%
               
NIKE, Inc. - Class B
   
3,785
     
338,304
 
Tapestry, Inc.
   
885
     
20,753
 
               
359,057
 
Machinery Manufacturing — 2.1%
               
Applied Materials, Inc.
   
2,944
     
171,105
 
Baker Hughes, a GE Co.
   
2,080
     
33,467
 
Cummins, Inc.
   
477
     
72,166
 
Flowserve Corp.
   
420
     
16,880
 
IDEX Corp.
   
237
     
35,076
 
Ingersoll-Rand PLC
   
771
     
99,490
 
National Oilwell Varco, Inc.
   
1,228
     
22,976
 
Pentair PLC (b)
   
526
     
20,719
 
Snap-on, Inc.
   
172
     
24,897
 
Xylem, Inc.
   
565
     
43,697
 
               
540,473
 
Management of Companies and Enterprises — 0.1%
               
Xerox Holdings Corp.
   
569
     
18,322
 
                   
Merchant Wholesalers, Durable Goods — 3.0%
               
3M Co.
   
1,800
     
268,632
 
Arrow Electronics, Inc. (a)
   
258
     
17,301
 
Copart, Inc. (a)
   
642
     
54,236
 
Fastenal Co.
   
1,813
     
62,041
 
Genuine Parts Co.
   
445
     
38,822
 
Henry Schein, Inc. (a)
   
463
     
28,215
 
Johnson Controls International PLC
   
2,502
     
91,498
 
KLA Corp.
   
518
     
79,622
 
LKQ Corp. (a)
   
977
     
28,900
 
Mohawk Industries, Inc. (a)
   
194
     
23,503
 
TE Connectivity Ltd. (b)
   
1,055
     
87,428
 
               
780,198
 
Merchant Wholesalers, Nondurable Goods — 4.6%
               
AmerisourceBergen Corp.
   
482
     
40,642
 
Ashland Global Holdings, Inc.
   
189
     
13,521
 
Capri Holdings Ltd. (a)(b)
   
447
     
11,541
 
Cardinal Health, Inc.
   
927
     
48,315
 
LyondellBasell Industries NV - Class A
   
845
     
60,384
 
McKesson Corp.
   
580
     
81,119
 
The Procter & Gamble Co.
   
7,930
     
897,914
 
Tractor Supply Co.
   
382
     
33,811
 
               
1,187,247
 
Mining (except Oil and Gas) — 1.0%
               
Freeport-McMoRan, Inc.
   
4,640
     
46,214
 
Martin Marietta Materials, Inc.
   
200
     
45,506
 
Newmont Goldcorp Corp.
   
2,619
     
116,886
 
Southern Copper Corp. (b)
   
263
     
8,850
 
Vulcan Materials Co.
   
421
     
50,630
 
               
268,086
 
Miscellaneous Manufacturing — 3.6%
               
Align Technology, Inc. (a)
   
242
     
52,841
 
Baxter International, Inc.
   
1,541
     
128,627
 
DENTSPLY SIRONA, Inc.
   
737
     
36,290
 
Edwards Lifesciences Corp. (a)
   
660
     
135,194
 
Hasbro, Inc.
   
397
     
30,668
 
Intuitive Surgical, Inc. (a)
   
368
     
196,497
 
STERIS PLC
   
266
     
42,193
 
Stryker Corp.
   
1,094
     
208,506
 
Teleflex, Inc.
   
150
     
50,253
 
The Cooper Cos., Inc.
   
157
     
50,958
 
               
932,027
 
Motor Vehicle and Parts Dealers — 0.1%
               
Advance Auto Parts, Inc.
   
210
     
27,926
 
                   
Nonstore Retailers — 0.1%
               
WW Grainger, Inc.
   
137
     
38,023
 
                   
Oil and Gas Extraction — 1.6%
               
Cabot Oil & Gas Corp.
   
1,270
     
17,691
 
Cimarex Energy Co.
   
312
     
10,312
 
Concho Resources, Inc.
   
635
     
43,193
 
Devon Energy Corp.
   
1,226
     
19,910
 
EOG Resources, Inc.
   
1,866
     
118,043
 
Occidental Petroleum Corp.
   
2,865
     
93,800
 
Phillips 66
   
1,434
     
107,349
 
               
410,298
 
Other Information Services — 0.1%
               
Yandex NV - Class A (a)(b)
   
931
     
37,808
 
                   
Paper Manufacturing — 0.1%
               
Packaging Corp. of America
   
297
     
26,914
 
                   
Petroleum and Coal Products Manufacturing — 5.7%
               
Chevron Corp.
   
6,108
     
570,121
 
Exxon Mobil Corp.
   
13,602
     
699,687
 
HollyFrontier Corp.
   
472
     
15,897
 
Marathon Oil Corp.
   
2,570
     
21,279
 
Marathon Petroleum Corp.
   
2,054
     
97,401
 
Valero Energy Corp.
   
1,329
     
88,046
 
               
1,492,431
 
Primary Metal Manufacturing — 0.4%
               
Corning, Inc.
   
2,421
     
57,765
 
Nucor Corp.
   
975
     
40,316
 
Steel Dynamics, Inc.
   
651
     
17,336
 
               
115,417
 
Professional, Scientific and Technical Services — 4.1%
               
Amdocs Ltd.
   
429
     
27,349
 
Cerner Corp.
   
995
     
68,924
 
Cognizant Technology Solutions Corp. - Class A
   
1,774
     
108,090
 
F5 Networks, Inc. (a)
   
189
     
22,670
 
GoDaddy, Inc.- Class A (a)
   
548
     
38,349
 
International Business Machines Corp.
   
2,849
     
370,797
 
International Paper Co.
   
1,260
     
46,570
 
Omnicom Group, Inc.
   
706
     
48,911
 
Paychex, Inc.
   
1,043
     
80,812
 
ServiceNow, Inc. (a)
   
595
     
194,024
 
The Interpublic Group of Cos., Inc.
   
1,229
     
26,251
 
VMware, Inc. - Class A (a)
   
237
     
28,563
 
               
1,061,310
 
Publishing Industries (Except Internet) — 6.7%
               
Activision Blizzard, Inc.
   
2,410
     
140,093
 
Adobe, Inc. (a)
   
1,556
     
537,007
 
Akamai Technologies, Inc. (a)
   
507
     
43,861
 
ANSYS, Inc. (a)
   
265
     
64,180
 
Autodesk, Inc. (a)
   
697
     
133,044
 
Cadence Design Systems, Inc. (a)
   
888
     
58,732
 
Citrix Systems, Inc.
   
395
     
40,839
 
News Corp. - Class A
   
1,230
     
14,852
 
News Corp. - Class B
   
387
     
4,814
 
NortonLifeLock, Inc.
   
1,821
     
34,654
 
Paycom Software, Inc. (a)
   
150
     
42,398
 
PTC, Inc. (a)
   
322
     
24,327
 
Salesforce.com, Inc. (a)
   
2,699
     
459,910
 
Synopsys, Inc. (a)
   
484
     
66,758
 
Workday, Inc. - Class A (a)
   
513
     
88,877
 
               
1,754,346
 
Rail Transportation — 0.8%
               
Kansas City Southern
   
321
     
48,368
 
Norfolk Southern Corp.
   
831
     
151,533
 
               
199,901
 
Support Activities for Agriculture and Forestry — 0.2%
               
Corteva, Inc.
   
2,404
     
65,389
 
                   
Support Activities for Mining — 2.0%
               
ConocoPhillips
   
3,518
     
170,341
 
Diamondback Energy, Inc.
   
512
     
31,744
 
Halliburton Co.
   
2,732
     
46,335
 
Helmerich & Payne, Inc.
   
340
     
12,543
 
Hess Corp.
   
858
     
48,202
 
Noble Energy, Inc.
   
1,515
     
23,983
 
Pioneer Natural Resources Co.
   
521
     
63,968
 
Schlumberger Ltd.
   
4,462
     
120,876
 
               
517,992
 
Support Activities for Transportation — 0.3%
               
CH Robinson Worldwide, Inc.
   
430
     
29,627
 
Expeditors International of Washington, Inc.
   
546
     
38,449
 
               
68,076
 
Telecommunications — 0.3%
               
ResMed, Inc.
   
444
     
70,578
 
                   
Transportation Equipment Manufacturing — 1.9%
               
Aptiv PLC (b)
   
821
     
64,128
 
Autoliv, Inc. (b)
   
275
     
18,351
 
BorgWarner, Inc.
   
650
     
20,540
 
Gentex Corp.
   
809
     
21,600
 
Lear Corp.
   
190
     
21,128
 
Tesla, Inc. (a)
   
463
     
309,280
 
Westinghouse Air Brake Technologies Corp.
   
570
     
39,159
 
               
494,186
 
Truck Transportation — 0.2%
               
JB Hunt Transport Services, Inc.
   
269
     
25,942
 
Old Dominion Freight Line, Inc.
   
207
     
40,117
 
               
66,059
 
Utilities — 1.6%
               
Atmos Energy Corp.
   
366
     
37,789
 
Avangrid, Inc.
   
178
     
8,845
 
Edison International
   
1,091
     
73,304
 
Exelon Corp.
   
3,015
     
129,977
 
MDU Resources Group, Inc.
   
635
     
17,609
 
PG&E Corp. (a)
   
1,696
     
26,288
 
Pinnacle West Capital Corp.
   
355
     
31,769
 
Public Service Enterprise Group, Inc.
   
1,635
     
83,892
 
               
409,473
 
TOTAL COMMON STOCKS (Cost $26,885,205)
           
25,942,077
 
                 
TOTAL INVESTMENTS — 99.7% (Cost $26,885,205)
           
25,942,077
 
Other assets and liabilities, net — 0.3%
           
76,877
 
NET ASSETS — 100.0%
         
$
26,018,954
 

Percentages are stated as a percent of net assets.
 
                   
PLC
Public Limited Company
               
(a)
Non-income producing security.
               
(b)
Foreign issued security.
               
(c)
To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
               

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 February 29, 2020:
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets:
                       
Common Stocks*
 
$
25,942,077
   
$
-
   
$
-
   
$
25,942,077
 
Total Investments in Securities
 
$
25,942,077
   
$
-
   
$
-
   
$
25,942,077
 
                                 
* See the Schedule of Investments for industry classifications.
                 
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
04/27/2020
 
 
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
04/27/2020
 
 
 
 
 
By (Signature and Title)*
/s/ Travis Babich
 
 
Travis Babich, Treasurer and Principal Financial Officer
 
 
 
 
Date
04/27/2020
 
 
 
*
Print the name and title of each signing officer under his or her signature.

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