(null)

NPORT-P false 0001683471 XXXXXXXX S000070458 C000223962 Listed Funds Trust 811-23226 0001683471 549300C5D73JL0P1YC11 615 East Michigan Street Milwaukee 53202 414-765-4711 Horizon Kinetics Inflation Beneficiaries ETF S000070458 5493002HSH81OPEVAK36 2022-12-31 2022-03-31 N 1346761748.430000000000 30281747.040000000000 1316480001.390000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 N Cohen & Steers Inc 549300XXIA338A0X2K65 Cohen & Steers Inc 19247A100 222051.000000000000 NS USD 19071960.390000000000 1.4487087058 Long EC CORP US N 1 N N N Altius Minerals Corp 54930083UJGDUCMJMU61 Altius Minerals Corp 020936100 616483.000000000000 NS 11894832.310000000000 0.9035330804 Long EC CORP CA N 1 N N N Dorchester Minerals LP 529900J537JTEZOMXG05 Dorchester Minerals LP 25820R105 276759.000000000000 NS USD 7181896.050000000000 0.5455378010 Long EC CORP US N 1 N N N Franco-Nevada Corp N/A Franco-Nevada Corp 351858105 360716.000000000000 NS USD 57541416.320000000000 4.3708538116 Long EC CORP CA N 1 N N N Intercontinental Exchange Inc 5493000F4ZO33MV32P92 Intercontinental Exchange Inc 45866F104 433848.000000000000 NS USD 57319997.760000000000 4.3540348277 Long EC CORP US N 1 N N N Marsh & McLennan Cos Inc 549300XMP3KDCKJXIU47 Marsh & McLennan Cos Inc 571748102 239728.000000000000 NS USD 40854445.760000000000 3.1033092578 Long EC CORP US N 1 N N N Mesabi Trust N/A Mesabi Trust 590672101 425221.000000000000 NS USD 11327887.440000000000 0.8604678710 Long EC CORP US N 1 N N N ASX Ltd N/A ASX Ltd Q0604U105 768807.000000000000 NS 47225932.190000000000 3.5872882338 Long EC CORP AU N 1 N N N Singapore Exchange Ltd 549300IQ650PPXM76X03 Singapore Exchange Ltd Y79946102 4176040.000000000000 NS 30764487.240000000000 2.3368746360 Long EC CORP SG N 1 N N N NUTRIEN LTD COM N/A NUTRIEN LTD COM 67077M108 407403.000000000000 NS USD 42365837.970000000000 3.2181148157 Long EC CORP CA N 1 N N N Japan Exchange Group Inc 353800578ADEGIJTVW07 Japan Exchange Group Inc J2740B106 502023.000000000000 NS 9455197.350000000000 0.7182180770 Long EC CORP JP N 1 N N N Osisko Gold Royalties Ltd 549300TJZTXZMPQ6K004 Osisko Gold Royalties Ltd 68827L101 2077836.000000000000 NS USD 27406656.840000000000 2.0818133820 Long EC CORP CA N 1 N N Deutsche Boerse AG 529900G3SW56SHYNPR95 Deutsche Boerse AG D1882G119 267328.000000000000 NS 48482869.730000000000 3.6827653803 Long EC CORP DE N 1 N N N Permian Basin Royalty Trust N/A Permian Basin Royalty Trust 714236106 163000.000000000000 NS USD 2039130.000000000000 0.1548925922 Long EC CORP US N 1 N N N St Joe Co/The 529900XVHOT3BF8PWG49 St Joe Co/The 790148100 375455.000000000000 NS USD 22241954.200000000000 1.6895018668 Long EC CORP US N 1 N N N Sandstorm Gold Ltd 549300QWJPV45VQF1B33 Sandstorm Gold Ltd 80013R206 2586822.000000000000 NS USD 20901521.760000000000 1.5876824363 Long EC CORP CA N 1 N N N Sprott Inc 254900QHJAD5TP2JNM15 Sprott Inc 852066208 215932.000000000000 NS USD 10848423.680000000000 0.8240477386 Long EC CORP CA N 1 N N Texas Pacific Land Corp N/A Texas Pacific Land Corp 88262P102 46350.000000000000 NS USD 62670298.500000000000 4.7604443998 Long EC CORP US N 1 N N N US BANK MMDA - USBGFS 7 N/A US BANK MMDA - USBGFS 7 N/A 24811440.250000000000 NS USD 24811440.250000000000 1.8846803767 Long STIV RF US N 1 N N Verisk Analytics Inc 549300I1YSWNIRKBWP67 Verisk Analytics Inc 92345Y106 132999.000000000000 NS USD 28545575.370000000000 2.1683257885 Long EC CORP US N 1 N N N Viper Energy Partners LP 5299009LINL232255G03 Viper Energy Partners LP 92763M105 2045062.000000000000 NS USD 60472483.340000000000 4.5934980612 Long EC CORP US N 1 N N N West Fraser Timber Co Ltd 5493005WD1ZK6WBVR988 West Fraser Timber Co Ltd 952845105 450583.000000000000 NS USD 37141556.690000000000 2.8212776989 Long EC CORP CA N 1 N N N Weyerhaeuser Co 08IRJODWFYBI7QWRGS31 Weyerhaeuser Co 962166104 848321.000000000000 NS USD 32151365.900000000000 2.4422221276 Long EC CORP US N 1 N N N Archer-Daniels-Midland Co 549300LO13MQ9HYSTR83 Archer-Daniels-Midland Co 039483102 726197.000000000000 NS USD 65546541.220000000000 4.9789241880 Long EC CORP US N 1 N N N Brigham Minerals Inc 549300IQ6JCXW59RO175 Brigham Minerals Inc 10918L103 1801628.000000000000 NS USD 46031595.400000000000 3.4965662487 Long EC CORP US N 1 N N N Wheaton Precious Metals Corp 549300XSFG5ZCGVYD886 Wheaton Precious Metals Corp 962879102 1048090.000000000000 NS USD 49868122.200000000000 3.7879893464 Long EC CORP CA N 1 N N N Wilmar International Ltd 549300H2EAI4YRLWBB20 Wilmar International Ltd Y9586L109 5988204.000000000000 NS 20840463.180000000000 1.5830444183 Long EC CORP SG N 1 N N N Brookfield Asset Management In C6J3FGIWG6MBDGTE8F80 Brookfield Asset Management Inc 112585104 732493.000000000000 NS USD 41437129.010000000000 3.1475699567 Long EC CORP CA N 1 N N N CBRE Group Inc 52990016II9MJ2OSWA10 CBRE Group Inc 12504L109 373567.000000000000 NS USD 34188851.840000000000 2.5969898368 Long EC CORP US N 1 N N N CME Group Inc LCZ7XYGSLJUHFXXNXD88 CME Group Inc 12572Q105 98459.000000000000 NS USD 23419457.740000000000 1.7789451959 Long EC CORP US N 1 N N N CACI International Inc SYRPI2D1O9WRTS2WX210 CACI International Inc 127190304 98694.000000000000 NS USD 29732554.440000000000 2.2584888801 Long EC CORP US N 1 N N N Freehold Royalties Ltd 529900KRYLKJ2WW87P48 Freehold Royalties Ltd 356500108 900000.000000000000 NS 10311036.390000000000 0.7832277269 Long EC CORP CA N 1 N N Glencore PLC 2138002658CPO9NBH955 Glencore PLC G39420107 7099438.000000000000 NS 46737577.350000000000 3.5501927337 Long EC CORP CH N 1 N N N Charles River Laboratories Int 549300BSQ0R4UZ5KX287 Charles River Laboratories International Inc 159864107 167933.000000000000 NS USD 47687934.010000000000 3.6223819549 Long EC CORP US N 1 N N N Cheniere Energy Inc MIHC87W9WTYSYZWV1J40 Cheniere Energy Inc 16411R208 128566.000000000000 NS USD 17825675.900000000000 1.3540407664 Long EC CORP US N 1 N N N TMX Group Ltd 549300N65GFVKSHGJW59 TMX Group Ltd 87262K105 234300.000000000000 NS 24119365.920000000000 1.8321103165 Long EC CORP CA N 1 N N N Labrador Iron Ore Royalty Corp N/A Labrador Iron Ore Royalty Corp 505440107 352972.000000000000 NS 11871705.470000000000 0.9017763625 Long EC CORP CA N 1 N N Deterra Royalties Ltd N/A Deterra Royalties Ltd Q32915102 7211614.000000000000 NS 26157095.050000000000 1.9868964984 Long EC CORP AU N 1 N N N Topaz Energy Corp 5493008M0TDGJOBY9122 Topaz Energy Corp 89055A203 598099.000000000000 NS 10007821.220000000000 0.7601954613 Long EC CORP CA N 1 N N N PrairieSky Royalty Ltd 529900AXG582AP7CV733 PrairieSky Royalty Ltd 739721108 4171271.000000000000 NS 57740903.560000000000 4.3860068895 Long EC CORP CA N 1 N N N Bunge Ltd 5493007M0RIN8HY3MM77 Bunge Ltd G16962105 308070.000000000000 NS USD 34137236.700000000000 2.5930691438 Long EC CORP US N 1 N N N Royalty Pharma PLC 549300FGFN7VOK8BZR03 Royalty Pharma PLC G7709Q104 385442.000000000000 NS USD 15016820.320000000000 1.1406797144 Long EC CORP US N 1 N N N 2022-05-27 Listed Funds Trust /s/Travis Babich Travis Babich Treasurer XXXX

Horizon Kinetics Inflation Beneficiaries ETF
Schedule of Investments
March 31, 2022 (Unaudited)
	Shares		Value
COMMON STOCKS — 96.1%
Aerospace & Defense — 2.3%
CACI International, Inc. - Class A (b)		99,734	$	30,045,865

Agriculture Operations — 9.3%
Archer-Daniels-Midland Co.		733,941		66,245,514
Bunge Ltd. (a)		323,070		35,799,387
Wilmar International Ltd. (a)		6,051,612		21,061,139
				123,106,040
Data Processing, Hosting & Related Services — 2.2%
Verisk Analytics, Inc.		134,183		28,799,697

Fertilizer — 3.3%
Nutrien Ltd. (a)		412,795		42,926,552

Global Exchanges — 12.3%
ASX Ltd. (a)		774,951		47,603,343
Deutsche Boerse AG (a)		269,584		48,892,020
Japan Exchange Group, Inc. (a)		507,095		9,550,724
Singapore Exchange Ltd. (a)		4,228,616		31,151,810
TMX Group Ltd. (a)		236,620		24,358,192
				161,556,089
Insurance Brokers — 3.1%
Marsh & McLennan Cos., Inc.		241,968		41,236,187

Investment Management & Advisory Services — 2.3%
Cohen & Steers, Inc.		223,395		19,187,396
Sprott, Inc. (a)(d)(e)		222,204		11,163,529
				30,350,925
Medical Labs & Testing Services — 3.6%
Charles River Laboratories International, Inc. (b)		169,405		48,105,938

Medical, Biomedical & Genetics — 1.2%
Royalty Pharma PLC - Class A (a)		389,538		15,176,400

Metal, Diversified — 4.6%
Altius Minerals Corp. (a)(b)		616,483		11,894,832
Glencore PLC (a)		7,423,886		48,873,509
				60,768,341
Metal, Iron — 3.8%
Deterra Royalties Ltd. (a)		7,317,742		26,542,030
Labrador Iron Ore Royalty Corp. (a)(d)		361,420		12,155,842
Mesabi Trust		429,397		11,439,136
				50,137,008
Oil Company, Exploration & Production — 18.3%
Brigham Minerals, Inc. - Class A		1,818,204		46,455,112
Permian Basin Royalty Trust		164,000		2,051,640
PrairieSky Royalty Ltd. (a)		4,200,455		58,144,884
Texas Pacific Land Corp.		46,836		63,327,424
Topaz Energy Corp. (a)		606,883		10,154,801
Viper Energy Partners LP		2,066,326		61,101,260
				241,235,121
Pipelines — 1.4%
Cheniere Energy, Inc.		132,102		18,315,942

Precious Metals — 11.9%
Franco-Nevada Corp. (a)		364,540		58,151,421
Osisko Gold Royalties Ltd. (a)(d)		2,097,900		27,671,301
Sandstorm Gold Ltd. (a)		2,614,310		21,123,625
Wheaton Precious Metals Corp. (a)		1,059,226		50,397,973
				157,344,320
Private Equity — 3.2%
Brookfield Asset Management, Inc. - Class A (a)		740,269		41,877,017

Real Estate Management & Services — 2.6%
CBRE Group, Inc. - Class A (b)		377,183		34,519,788

Real Estate Operators & Developers — 1.7%
The St. Joe Co.	378,095		22,398,348

Securities & Commodities Exchanges — 6.2%
CME Group, Inc.	99,611		23,693,473
Intercontinental Exchange, Inc.	438,568		57,943,604
			81,637,077
Timber — 2.8%
West Fraser Timber Co. Ltd. (a)	454,727		37,483,147
TOTAL COMMON STOCKS (Cost $1,153,457,366)			1,267,019,802

PARTNERSHIPS — 0.5%
Oil Company, Exploration & Production — 0.5%
Dorchester Minerals LP	276,759		7,181,896
TOTAL PARTNERSHIPS (Cost $3,426,211)			7,181,896

REAL ESTATE INVESTMENT TRUSTS (REITS) — 2.5%
Timber — 2.5%
Weyerhaeuser Co.	857,329		32,492,769
TOTAL REAL ESTATE INVESTMENT TRUSTS (REITS) (Cost $32,238,690)			32,492,769

SHORT TERM INVESTMENTS — 0.4%
Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 0.02% (c)	5,560,176		5,560,176
TOTAL SHORT TERM INVESTMENTS (Cost $5,560,176)			5,560,176

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.5%
U.S. Bank Money Market Deposit Account, 0.02% (c)	19,466,534		19,466,534
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost - $19,466,534)			19,466,534

TOTAL INVESTMENTS (Cost $1,214,148,977) - 101.0%			1,331,721,177
Other assets and liabilities, net — (1.0)%			(12,767,793	)
NET ASSETS — 100.0%		$	1,318,953,384

PLC	Public Limited Company
(a)	Foreign issued security, or represents a foreign issued security.
(b)	Non-income producing security.
(c)	The rate shown is the effective yield as of March 31, 2022.
(d)	All or a portion of this security is on loan as of March 31, 2022. The market values of securities out on loan is $18,536,477.

Percentages are stated as a percent of net assets.

	COUNTRY	Percentage of Net Assets
	United States	46.6%
	Canada	30.9%	*
	Australia	5.6%
	Singapore	4.0%
	Germany	3.7%
	Jersey	3.7%
	Bermuda	2.7%
	Britain	1.2%
	Japan	0.7%
	Total Country	99.1%
	SHORT-TERM INVESTMENTS	0.4%
	INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING	1.5%
	TOTAL INVESTMENTS	101.0%
	Other assets and liabilities, net	-1.0%
	NET ASSETS	100.0%

*	To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that significantly affect those countries.

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 March 31, 2022:

	Level 1		Level 2		Level 3		Total
Investments - Assets:
Common Stocks*	$	1,267,019,802	$	-	$	-	$	1,267,019,802
Partnerships*		7,181,896		-		-		7,181,896
Real Estate Investment Trusts*		32,492,769		-		-		32,492,769
Deposit Accounts		5,560,176		-		-		5,560,176
Investments Purchased With Proceeds From Securities Lending		19,466,534		-		-		19,466,534
Total Investments - Assets	$	1,331,721,177	$	-	$	-	$	1,331,721,177

* See the Schedule of Investments for industry classifications.