| Pacer WealthShield ETF | ||||||||
| Schedule of Investments | ||||||||
| as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 99.9% | Shares | Value | ||||||
| Communication Services - 6.3% | ||||||||
Alphabet, Inc. - Class C(a) | 1,392 | $ | 197,386 | |||||
Alphabet, Inc. - Class A(a) | 1,660 | 232,566 | ||||||
Match Group, Inc.(a) | 1,604 | 61,562 | ||||||
Meta Platforms, Inc. - Class A(a)(b) | 947 | 369,462 | ||||||
Netflix, Inc.(a) | 424 | 239,183 | ||||||
Pinterest, Inc. - Class A(a) | 2,254 | 84,457 | ||||||
ROBLOX Corp. - Class A(a) | 1,883 | 73,079 | ||||||
Snap, Inc. - Class A(a)(b) | 4,545 | 72,220 | ||||||
ZoomInfo Technologies, Inc.(a)(b) | 2,533 | 40,629 | ||||||
1,370,544 | ||||||||
| Consumer Discretionary - 23.1% | ||||||||
Airbnb, Inc. - Class A(a)(b) | 1,341 | 193,291 | ||||||
Amazon.com, Inc.(a) | 11,713 | 1,817,857 | ||||||
Aptiv PLC(a) | 280 | 22,772 | ||||||
AutoZone, Inc.(a) | 18 | 49,718 | ||||||
| Bath & Body Works, Inc. | 225 | 9,599 | ||||||
Best Buy Co., Inc.(b) | 192 | 13,918 | ||||||
Booking Holdings, Inc.(a) | 35 | 122,761 | ||||||
| BorgWarner, Inc. | 232 | 7,865 | ||||||
Caesars Entertainment, Inc.(a)(b) | 214 | 9,388 | ||||||
CarMax, Inc.(a)(b) | 157 | 11,175 | ||||||
Carnival Corp.(a) | 998 | 16,547 | ||||||
Carvana Co.(a) | 963 | 41,467 | ||||||
Chipotle Mexican Grill, Inc.(a) | 27 | 65,037 | ||||||
| Darden Restaurants, Inc. | 120 | 19,510 | ||||||
Domino's Pizza, Inc.(b) | 35 | 14,918 | ||||||
DoorDash, Inc. - Class A(a)(b) | 939 | 97,844 | ||||||
DR Horton, Inc.(b) | 298 | 42,587 | ||||||
DraftKings, Inc.(a) | 1,950 | 76,148 | ||||||
| eBay, Inc. | 2,414 | 99,143 | ||||||
Etsy, Inc.(a)(b) | 801 | 53,315 | ||||||
Expedia Group, Inc.(a) | 132 | 19,580 | ||||||
| Ford Motor Co. | 3,894 | 45,638 | ||||||
Garmin Ltd.(b) | 152 | 18,162 | ||||||
General Motors Co.(b) | 1,356 | 52,613 | ||||||
| Genuine Parts Co. | 139 | 19,492 | ||||||
Hasbro, Inc.(b) | 129 | 6,315 | ||||||
Hilton Worldwide Holdings, Inc.(b) | 254 | 48,504 | ||||||
| Home Depot, Inc. | 997 | 351,900 | ||||||
Las Vegas Sands Corp.(b) | 365 | 17,856 | ||||||
Lennar Corp. - Class A(b) | 248 | 37,163 | ||||||
| LKQ Corp. | 265 | 12,368 | ||||||
| Lowe's Cos., Inc. | 571 | 121,532 | ||||||
Lululemon Athletica, Inc.(a) | 114 | 51,735 | ||||||
Marriott International, Inc.(b) | 245 | 58,734 | ||||||
| McDonald's Corp. | 723 | 211,636 | ||||||
MGM Resorts International(a)(b) | 271 | 11,753 | ||||||
Mohawk Industries, Inc.(a) | 53 | 5,525 | ||||||
| NIKE, Inc. - Class B | 1,212 | 123,054 | ||||||
Norwegian Cruise Line Holdings Ltd.(a)(b) | 422 | 7,512 | ||||||
NVR, Inc.(a)(b) | 3 | 21,226 | ||||||
O'Reilly Automotive, Inc.(a)(b) | 60 | 61,383 | ||||||
Pool Corp.(b) | 39 | 14,479 | ||||||
| PulteGroup, Inc. | 214 | 22,376 | ||||||
| Ralph Lauren Corp. | 40 | 5,747 | ||||||
| Ross Stores, Inc. | 335 | 46,994 | ||||||
Royal Caribbean Cruises Ltd.(a) | 233 | 29,708 | ||||||
| Starbucks Corp. | 1,131 | 105,217 | ||||||
| Tapestry, Inc. | 227 | 8,805 | ||||||
Tesla Motors, Inc.(a)(b) | 2,754 | 515,796 | ||||||
TJX Cos., Inc.(b) | 1,133 | 107,533 | ||||||
Tractor Supply Co.(b) | 107 | 24,032 | ||||||
Ulta Beauty, Inc.(a) | 49 | 24,600 | ||||||
VF Corp.(b) | 328 | 5,399 | ||||||
| Whirlpool Corp. | 55 | 6,024 | ||||||
| Wynn Resorts Ltd. | 95 | 8,971 | ||||||
| Yum! Brands, Inc. | 278 | 35,998 | ||||||
5,050,220 | ||||||||
| Financials - 21.2% | ||||||||
Aflac, Inc.(b) | 445 | 37,531 | ||||||
| Allstate Corp. | 219 | 34,000 | ||||||
American Express Co.(b) | 482 | 96,757 | ||||||
| American International Group, Inc. | 588 | 40,872 | ||||||
| Ameriprise Financial, Inc. | 85 | 32,881 | ||||||
| Aon PLC | 168 | 50,136 | ||||||
Arch Capital Group Ltd.(a) | 312 | 25,718 | ||||||
Arthur J Gallagher & Co.(b) | 181 | 42,021 | ||||||
| Assurant, Inc. | 44 | 7,390 | ||||||
| Bank of America Corp. | 5,784 | 196,713 | ||||||
| Bank of New York Mellon Corp. | 644 | 35,716 | ||||||
Berkshire Hathaway, Inc. - Class B(a) | 1,532 | 587,889 | ||||||
BlackRock, Inc.(b) | 117 | 90,594 | ||||||
Blackstone, Inc.(b) | 595 | 74,048 | ||||||
| Brown & Brown, Inc. | 198 | 15,357 | ||||||
Capital One Financial Corp.(b) | 319 | 43,167 | ||||||
| Cboe Global Markets, Inc. | 88 | 16,179 | ||||||
| Charles Schwab Corp. | 1,246 | 78,398 | ||||||
| Chubb Ltd. | 342 | 83,790 | ||||||
| Cincinnati Financial Corp. | 132 | 14,626 | ||||||
Citigroup, Inc.(b) | 1,603 | 90,041 | ||||||
Citizens Financial Group, Inc.(b) | 391 | 12,786 | ||||||
| CME Group, Inc. | 301 | 61,958 | ||||||
| Comerica, Inc. | 110 | 5,784 | ||||||
| Discover Financial Services | 210 | 22,159 | ||||||
| Everest Group Ltd. | 37 | 14,244 | ||||||
| FactSet Research Systems, Inc. | 32 | 15,229 | ||||||
| Fidelity National Information Services, Inc. | 496 | 30,881 | ||||||
| Fifth Third Bancorp | 570 | 19,517 | ||||||
Fiserv, Inc.(a) | 503 | 71,361 | ||||||
FleetCor Technologies, Inc.(a) | 60 | 17,396 | ||||||
| Franklin Resources, Inc. | 236 | 6,285 | ||||||
| Global Payments, Inc. | 218 | 29,044 | ||||||
| Globe Life, Inc. | 72 | 8,843 | ||||||
| Goldman Sachs Group, Inc. | 273 | 104,835 | ||||||
| Hartford Financial Services Group, Inc. | 252 | 21,914 | ||||||
| Huntington Bancshares, Inc./OH | 1,213 | 15,441 | ||||||
| Intercontinental Exchange, Inc. | 479 | 60,991 | ||||||
Invesco Ltd.(b) | 376 | 5,952 | ||||||
| Jack Henry & Associates, Inc. | 61 | 10,116 | ||||||
| JPMorgan Chase & Co. | 2,436 | 424,740 | ||||||
| KeyCorp. | 784 | 11,392 | ||||||
| Loews Corp. | 153 | 11,148 | ||||||
M&T Bank Corp.(b) | 139 | 19,196 | ||||||
| MarketAxess Holdings, Inc. | 32 | 7,216 | ||||||
| Marsh & McLennan Cos., Inc. | 413 | 80,056 | ||||||
| Mastercard, Inc. - Class A | 698 | 313,562 | ||||||
| MetLife, Inc. | 520 | 36,046 | ||||||
Moody's Corp.(b) | 132 | 51,749 | ||||||
| Morgan Stanley | 1,059 | 92,387 | ||||||
MSCI, Inc.(b) | 66 | 39,509 | ||||||
| Nasdaq, Inc. | 285 | 16,464 | ||||||
| Northern Trust Corp. | 173 | 13,778 | ||||||
PayPal Holdings, Inc.(a)(b) | 3,088 | 189,449 | ||||||
PNC Financial Services Group, Inc.(b) | 334 | 50,504 | ||||||
| Principal Financial Group, Inc. | 184 | 14,554 | ||||||
| Progressive Corp. | 490 | 87,343 | ||||||
Prudential Financial, Inc.(b) | 302 | 31,689 | ||||||
| Raymond James Financial, Inc. | 157 | 17,298 | ||||||
| Regions Financial Corp. | 779 | 14,544 | ||||||
| S&P Global, Inc. | 271 | 121,503 | ||||||
| State Street Corp. | 259 | 19,132 | ||||||
Synchrony Financial(b) | 346 | 13,449 | ||||||
T Rowe Price Group, Inc.(b) | 187 | 20,280 | ||||||
| Travelers Cos., Inc. | 191 | 40,370 | ||||||
| Truist Financial Corp. | 1,117 | 41,396 | ||||||
US Bancorp(b) | 1,305 | 54,210 | ||||||
Visa, Inc. - Class A(b) | 1,343 | 366,987 | ||||||
| W R Berkley Corp. | 170 | 13,920 | ||||||
| Wells Fargo & Co. | 3,042 | 152,648 | ||||||
| Willis Towers Watson PLC | 87 | 21,428 | ||||||
Zions Bancorp(b) | 124 | 5,196 | ||||||
4,621,703 | ||||||||
| Health Care - 19.8% | ||||||||
4D Molecular Therapeutics, Inc.(a) | 467 | 8,056 | ||||||
89bio, Inc.(a) | 2,479 | 24,542 | ||||||
AbbVie, Inc.(b) | 329 | 54,088 | ||||||
ACADIA Pharmaceuticals, Inc.(a) | 2,373 | 61,484 | ||||||
ADMA Biologics, Inc.(a) | 2,975 | 15,440 | ||||||
Agios Pharmaceuticals, Inc.(a) | 839 | 18,978 | ||||||
Akero Therapeutics, Inc.(a) | 2,505 | 54,133 | ||||||
Alector, Inc.(a) | 1,043 | 6,216 | ||||||
Alkermes PLC(a) | 1,984 | 53,667 | ||||||
Alnylam Pharmaceuticals, Inc.(a) | 293 | 50,663 | ||||||
Alpine Immune Sciences, Inc.(a) | 438 | 11,655 | ||||||
Amgen, Inc.(b) | 183 | 57,510 | ||||||
Amicus Therapeutics, Inc.(a) | 4,362 | 54,220 | ||||||
Anavex Life Sciences Corp.(a)(b) | 1,268 | 7,570 | ||||||
Apellis Pharmaceuticals, Inc.(a) | 783 | 49,556 | ||||||
Arcellx, Inc.(a) | 612 | 37,846 | ||||||
Arcturus Therapeutics Holdings, Inc.(a)(b) | 619 | 20,408 | ||||||
Arcus Biosciences, Inc.(a) | 1,374 | 20,802 | ||||||
Ardelyx, Inc.(a) | 7,626 | 66,575 | ||||||
Arrowhead Pharmaceuticals, Inc.(a) | 2,024 | 64,970 | ||||||
Avid Bioservices, Inc.(a) | 2,083 | 14,102 | ||||||
Avidity Biosciences, Inc.(a) | 1,073 | 13,123 | ||||||
Beam Therapeutics, Inc.(a) | 1,856 | 45,286 | ||||||
BioCryst Pharmaceuticals, Inc.(a) | 5,223 | 27,682 | ||||||
Biogen, Inc.(a)(b) | 205 | 50,565 | ||||||
Biohaven Ltd.(a) | 1,506 | 66,988 | ||||||
BioMarin Pharmaceutical, Inc.(a) | 528 | 46,506 | ||||||
Biomea Fusion, Inc.(a) | 556 | 10,052 | ||||||
Bluebird Bio, Inc.(a) | 7,129 | 7,272 | ||||||
Blueprint Medicines Corp.(a)(b) | 673 | 53,524 | ||||||
Bridgebio Pharma, Inc.(a)(b) | 1,531 | 52,498 | ||||||
Cabaletta Bio, Inc.(a) | 1,143 | 23,409 | ||||||
CareDx, Inc.(a) | 1,041 | 8,911 | ||||||
Caribou Biosciences, Inc.(a) | 2,083 | 12,769 | ||||||
Catalyst Pharmaceuticals, Inc.(a) | 1,925 | 27,720 | ||||||
Celldex Therapeutics, Inc.(a) | 809 | 28,493 | ||||||
Cerevel Therapeutics Holdings, Inc.(a) | 773 | 32,389 | ||||||
Cogent Biosciences, Inc.(a) | 1,577 | 6,986 | ||||||
Crinetics Pharmaceuticals, Inc.(a) | 1,335 | 48,701 | ||||||
CRISPR Therapeutics AG(a) | 760 | 47,842 | ||||||
Cytokinetics, Inc.(a)(b) | 1,482 | 115,788 | ||||||
Day One Biopharmaceuticals, Inc.(a) | 1,292 | 19,445 | ||||||
Deciphera Pharmaceuticals, Inc.(a) | 763 | 10,926 | ||||||
Denali Therapeutics, Inc.(a) | 1,759 | 28,162 | ||||||
Disc Medicine, Inc.(a) | 218 | 14,334 | ||||||
Dynavax Technologies Corp.(a)(b) | 2,953 | 38,153 | ||||||
Dyne Therapeutics, Inc.(a) | 896 | 19,174 | ||||||
Editas Medicine, Inc.(a) | 1,947 | 13,687 | ||||||
Exact Sciences Corp.(a) | 758 | 49,573 | ||||||
Exelixis, Inc.(a) | 2,230 | 48,525 | ||||||
Geron Corp.(a) | 9,121 | 16,783 | ||||||
Gilead Sciences, Inc.(b) | 621 | 48,599 | ||||||
Halozyme Therapeutics, Inc.(a) | 1,228 | 41,568 | ||||||
Ideaya Biosciences, Inc.(a) | 1,057 | 46,011 | ||||||
ImmunityBio, Inc.(a) | 4,043 | 13,584 | ||||||
ImmunoGen, Inc.(a)(b) | 1,680 | 49,258 | ||||||
Immunovant, Inc.(a) | 1,251 | 45,549 | ||||||
Incyte Corp.(a) | 937 | 55,067 | ||||||
Inhibrx, Inc.(a) | 564 | 21,731 | ||||||
Insmed, Inc.(a) | 1,754 | 48,761 | ||||||
Intellia Therapeutics, Inc.(a) | 1,690 | 40,256 | ||||||
Ionis Pharmaceuticals, Inc.(a)(b) | 1,008 | 51,801 | ||||||
Iovance Biotherapeutics, Inc.(a)(b) | 6,917 | 53,468 | ||||||
Ironwood Pharmaceuticals, Inc.(a)(b) | 3,891 | 55,213 | ||||||
Karuna Therapeutics, Inc.(a) | 242 | 75,848 | ||||||
Keros Therapeutics, Inc.(a) | 357 | 19,764 | ||||||
Kiniksa Pharmaceuticals Ltd. - Class A(a) | 524 | 9,238 | ||||||
Krystal Biotech, Inc.(a)(b) | 460 | 51,175 | ||||||
Kura Oncology, Inc.(a) | 827 | 16,656 | ||||||
Kymera Therapeutics, Inc.(a) | 656 | 21,504 | ||||||
MacroGenics, Inc.(a) | 518 | 7,407 | ||||||
Madrigal Pharmaceuticals, Inc.(a) | 246 | 53,311 | ||||||
MannKind Corp.(a) | 4,465 | 14,913 | ||||||
MiMedx Group, Inc.(a) | 993 | 7,686 | ||||||
Mirum Pharmaceuticals, Inc.(a) | 712 | 18,840 | ||||||
Moderna, Inc.(a)(b) | 636 | 64,268 | ||||||
Morphic Holding, Inc.(a) | 1,108 | 35,113 | ||||||
Myriad Genetics, Inc.(a) | 937 | 20,042 | ||||||
Natera, Inc.(a) | 881 | 58,093 | ||||||
Neurocrine Biosciences, Inc.(a) | 436 | 60,940 | ||||||
Novavax, Inc.(a)(b) | 8,809 | 35,236 | ||||||
Nuvalent, Inc. - Class A(a) | 704 | 52,920 | ||||||
Protagonist Therapeutics, Inc.(a) | 917 | 22,934 | ||||||
Prothena Corp. PLC(a) | 1,134 | 32,194 | ||||||
PTC Therapeutics, Inc.(a) | 1,858 | 48,475 | ||||||
RAPT Therapeutics, Inc.(a) | 500 | 12,375 | ||||||
Recursion Pharmaceuticals, Inc. - Class A(a) | 5,606 | 52,752 | ||||||
Regeneron Pharmaceuticals, Inc.(a)(b) | 59 | 55,624 | ||||||
REGENXBIO, Inc.(a) | 660 | 8,131 | ||||||
Relay Therapeutics, Inc.(a) | 1,790 | 16,558 | ||||||
Replimune Group, Inc.(a) | 2,532 | 19,648 | ||||||
REVOLUTION Medicines, Inc.(a) | 2,024 | 56,166 | ||||||
Rhythm Pharmaceuticals, Inc.(a) | 665 | 29,333 | ||||||
Rocket Pharmaceuticals, Inc.(a) | 1,139 | 32,723 | ||||||
Roivant Sciences Ltd.(a) | 4,991 | 49,910 | ||||||
Sage Therapeutics, Inc.(a) | 1,677 | 42,998 | ||||||
Sana Biotechnology, Inc.(a) | 2,392 | 13,132 | ||||||
Sarepta Therapeutics, Inc.(a)(b) | 586 | 69,728 | ||||||
Scholar Rock Holding Corp.(a)(b) | 589 | 8,217 | ||||||
Soleno Therapeutics, Inc.(a) | 283 | 13,117 | ||||||
SpringWorks Therapeutics, Inc.(a) | 789 | 34,819 | ||||||
Syndax Pharmaceuticals, Inc.(a) | 2,204 | 45,160 | ||||||
Teladoc Health, Inc.(a)(b) | 1,732 | 33,653 | ||||||
TG Therapeutics, Inc.(a) | 3,121 | 50,685 | ||||||
Travere Therapeutics, Inc.(a) | 2,345 | 20,941 | ||||||
Twist Bioscience Corp.(a) | 1,254 | 40,630 | ||||||
Ultragenyx Pharmaceutical, Inc.(a) | 1,266 | 55,843 | ||||||
uniQure NV(a) | 2,015 | 11,203 | ||||||
United Therapeutics Corp.(a) | 203 | 43,600 | ||||||
Vaxcyte, Inc.(a) | 878 | 62,707 | ||||||
Veeva Systems, Inc. - Class A(a) | 482 | 99,971 | ||||||
Vera Therapeutics, Inc.(a) | 933 | 33,980 | ||||||
Veracyte, Inc.(a) | 872 | 21,817 | ||||||
Vericel Corp.(a) | 578 | 24,842 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 142 | 61,540 | ||||||
Verve Therapeutics, Inc.(a) | 1,667 | 18,037 | ||||||
Viking Therapeutics, Inc.(a) | 2,291 | 55,305 | ||||||
Vir Biotechnology, Inc.(a) | 2,180 | 20,492 | ||||||
Viridian Therapeutics, Inc.(a) | 1,106 | 21,291 | ||||||
Xencor, Inc.(a) | 654 | 12,230 | ||||||
Zentalis Pharmaceuticals, Inc.(a) | 1,968 | 23,321 | ||||||
4,307,649 | ||||||||
| Information Technology - 29.5% | ||||||||
| Accenture PLC - Class A | 236 | 85,876 | ||||||
Adobe, Inc.(a) | 171 | 105,640 | ||||||
Advanced Micro Devices, Inc.(a)(b) | 607 | 101,788 | ||||||
Akamai Technologies, Inc.(a) | 679 | 83,673 | ||||||
| Amphenol Corp. | 227 | 22,950 | ||||||
| Analog Devices, Inc. | 187 | 35,971 | ||||||
ANSYS, Inc.(a) | 33 | 10,818 | ||||||
| Apple, Inc. | 5,522 | 1,018,256 | ||||||
Applied Materials, Inc.(b) | 314 | 51,590 | ||||||
Arista Networks, Inc.(a) | 646 | 167,107 | ||||||
Atlassian Corp. - Class A(a) | 480 | 119,890 | ||||||
Autodesk, Inc.(a) | 81 | 20,559 | ||||||
Box, Inc.(a)(b) | 1,431 | 37,177 | ||||||
| Broadcom, Inc. | 165 | 194,700 | ||||||
Cadence Design System, Inc.(a) | 103 | 29,711 | ||||||
| CDW Corp./DE | 51 | 11,563 | ||||||
Ciena Corp.(a) | 1,017 | 53,901 | ||||||
| Cisco Systems, Inc. | 5,465 | 274,234 | ||||||
Cloudflare, Inc. - Class A(a)(b) | 1,053 | 83,240 | ||||||
| Cognizant Technology Solutions Corp. | 188 | 14,499 | ||||||
CommScope Holding Co., Inc.(a) | 9,388 | 21,780 | ||||||
Confluent, Inc. - Class A(a) | 1,763 | 39,421 | ||||||
| Corning, Inc. | 292 | 9,487 | ||||||
Datadog, Inc. - Class A(a)(b) | 856 | 106,521 | ||||||
DocuSign, Inc.(a) | 1,152 | 70,180 | ||||||
Dropbox, Inc. - Class A(a)(b) | 1,721 | 54,521 | ||||||
Enphase Energy, Inc.(a)(b) | 52 | 5,415 | ||||||
EPAM Systems, Inc.(a) | 22 | 6,118 | ||||||
F5, Inc.(a) | 23 | 4,225 | ||||||
Fair Isaac Corp.(a)(b) | 9 | 10,789 | ||||||
Fastly, Inc.(a)(b) | 1,617 | 32,534 | ||||||
First Solar, Inc.(a) | 40 | 5,852 | ||||||
Fortinet, Inc.(a) | 239 | 15,413 | ||||||
Gartner, Inc.(a) | 29 | 13,266 | ||||||
| Gen Digital, Inc. | 214 | 5,025 | ||||||
GoDaddy, Inc. - Class A(a) | 638 | 68,049 | ||||||
| Hewlett Packard Enterprise Co. | 490 | 7,492 | ||||||
| HP, Inc. | 329 | 9,446 | ||||||
| Intel Corp. | 1,589 | 68,454 | ||||||
International Business Machines Corp.(b) | 343 | 62,995 | ||||||
| Intuit, Inc. | 105 | 66,290 | ||||||
Jabil, Inc.(b) | 48 | 6,014 | ||||||
Juniper Networks, Inc.(b) | 1,973 | 72,922 | ||||||
Keysight Technologies, Inc.(a) | 68 | 10,422 | ||||||
KLA Corp.(b) | 51 | 30,296 | ||||||
| Lam Research Corp. | 50 | 41,259 | ||||||
Microchip Technology, Inc.(b) | 203 | 17,292 | ||||||
Micron Technology, Inc.(b) | 415 | 35,586 | ||||||
| Microsoft Corp. | 2,807 | 1,116,006 | ||||||
| Monolithic Power Systems, Inc. | 18 | 10,849 | ||||||
| Motorola Solutions, Inc. | 63 | 20,129 | ||||||
NetApp, Inc.(b) | 80 | 6,976 | ||||||
Nutanix, Inc.(a) | 1,290 | 72,498 | ||||||
| NVIDIA Corp. | 933 | 574,047 | ||||||
| NXP Semiconductors NV | 98 | 20,636 | ||||||
Okta, Inc.(a)(b) | 804 | 66,451 | ||||||
ON Semiconductor Corp.(a)(b) | 164 | 11,665 | ||||||
Oracle Corp.(b) | 598 | 66,797 | ||||||
Palo Alto Networks, Inc.(a) | 117 | 39,606 | ||||||
PTC, Inc.(a)(b) | 45 | 8,129 | ||||||
Qorvo, Inc.(a) | 38 | 3,790 | ||||||
| QUALCOMM, Inc. | 418 | 62,077 | ||||||
| Roper Technologies, Inc. | 40 | 21,480 | ||||||
salesforce.com, Inc.(a) | 1,201 | 337,589 | ||||||
| Seagate Technology Holdings PLC | 72 | 6,169 | ||||||
ServiceNow, Inc.(a) | 77 | 58,936 | ||||||
Skyworks Solutions, Inc.(b) | 60 | 6,268 | ||||||
Smartsheet, Inc.(a) | 988 | 44,430 | ||||||
Snowflake, Inc.(a)(b) | 675 | 132,057 | ||||||
Synopsys, Inc.(a) | 57 | 30,401 | ||||||
| TE Connectivity Ltd. | 117 | 16,636 | ||||||
Teledyne Technologies, Inc.(a) | 18 | 7,532 | ||||||
Teradyne, Inc.(b) | 58 | 5,602 | ||||||
Texas Instruments, Inc.(b) | 341 | 54,601 | ||||||
Trimble, Inc.(a)(b) | 94 | 4,781 | ||||||
Tyler Technologies, Inc.(a) | 16 | 6,764 | ||||||
VeriSign, Inc.(a) | 34 | 6,762 | ||||||
Western Digital Corp.(a) | 121 | 6,927 | ||||||
Workday, Inc. - Class A(a) | 446 | 129,817 | ||||||
Zebra Technologies Corp.(a) | 20 | 4,791 | ||||||
Zoom Video Communications, Inc. - Class A(a) | 1,024 | 66,161 | ||||||
6,447,567 | ||||||||
TOTAL COMMON STOCKS (Cost $20,691,813) | 21,797,683 | |||||||
CONTINGENT VALUE RIGHTS - 0.0% | ||||||||
Health Care - 0.0%(c)(d) | ||||||||
| Abiomed Inc. 64 | 0 | |||||||
Achillion Pharmaceuticals 6,273 | 2,509 | |||||||
Bristol-Myers Squibb Co.(a) 868 | 0 | |||||||
TOTAL CONTINGENT VALUE RIGHTS (Cost $0) | 2,509 | |||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.54%(e) | 4,853,255 | 4,853,255 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,853,255) | 4,853,255 | |||||||
TOTAL INVESTMENTS - 122.2% (Cost $25,545,068) | $ | 26,653,447 | ||||||
| Liabilities in Excess of Other Assets - (22.2)% | (4,841,365 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 21,812,082 | ||||||
| Percentages are stated as a percent of net assets. |
| PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $4,655,040 which represented 21.3% of net assets. |
| (c) | Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,509 or 0.0% of net assets as of January 31, 2024. |
| (d) | Represents less than 0.05% of net assets. |
| (e) | The rate shown represents the 7-day effective yield as of January 31, 2024. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC ("S&P"). GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by the Fund's Administrator, U.S. Bancorp Fund Services, LLC.
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.
Summary of Fair Value Disclosure at January 31, 2024 (Unaudited)
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.
Securities, including master limited partnerships ("MLPs"), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.
Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value. Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.
Futures contracts are valued at the settlement price on the exchange on which they are principally traded.
Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.
Deposit accounts are valued at acquisition cost, which approximates fair value.
The Trust's Valuation Procedures provide for the designation of the Adviser as "Valuation Designee". If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds' Board of Trustees (the "Board").
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
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 instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
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.
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.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Fund's investments as of January 31, 2024:
| Description^ | Level 1 | Level 2 | Level 3 | Investments Measured at Net Asset Value | Total |
Common Stocks | $ 21,797,683 | $ - | $ - | $ - | $ 21,797,683 |
Contingent Value Rights | - | - | 2,509 | - | 2,509 |
Investments Purchased with Proceeds from Securities Lending | - | - | - | 4,853,255 | 4,853,255 |
Total Investments in Securities | $ 21,797,683 | $ - | $ 2,509 | $ 4,853,255 | $ 26,653,447 |
^ See the Schedules of Investments for sector breakouts.
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:
PWS(a) | Balance as of 4/30/2023 | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Out of Level 3 | Transfers Into Level 3 | Balance as of 1/31/2024 |
Contingent Value Rights | $ 2,509 | $ - | $ - | $ - | $ - | $ - | $ - | $ 2,509 |
The following is a summary of quantitative information about Level 3 Fair Value Measurements:
| PWS | Fair Value as of 1/31/2024 | Valuation Techniques | Unobservable Input | Impact to Valuation From an Increase to Input |
| Contingent Value Rights | $ - | Acquisition Price | Stale Data | $ - |
| Contingent Value Rights | $ 2,509 | Acquisition Price | Stale Data | $ 0.40 |
| Contingent Value Rights | $ - | Acquisition Price | Stale Data | $ - |
(a)Table presents information for three securities, Abiomed was valued at $0.00, Achillion Pharmaceuticals has been valued at $0.40, Bristol-Myers Squibb Co. was valued at $0.00 throughout the period.