Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | ||||||||
Schedule of Investments | ||||||||
as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 83.8% | Shares | Value | ||||||
Communication Services - 7.6% | ||||||||
Alphabet, Inc. - Class A(a) | 27,846 | $ | 3,901,225 | |||||
Alphabet, Inc. - Class C(a) | 23,437 | 3,323,367 | ||||||
AT&T, Inc. | 33,639 | 595,074 | ||||||
Charter Communications, Inc. - Class A(a) | 471 | 174,604 | ||||||
Comcast Corp. - Class A | 18,891 | 879,187 | ||||||
Electronic Arts, Inc. | 1,148 | 157,942 | ||||||
Fox Corp. - Class A | 1,159 | 37,436 | ||||||
Fox Corp. - Class B | 608 | 18,246 | ||||||
Interpublic Group of Cos., Inc. | 1,799 | 59,349 | ||||||
Live Nation Entertainment, Inc.(a) | 667 | 59,263 | ||||||
Match Group, Inc.(a) | 1,269 | 48,704 | ||||||
Meta Platforms, Inc. - Class A(a) | 10,439 | 4,072,670 | ||||||
Netflix, Inc.(a) | 2,054 | 1,158,682 | ||||||
News Corp. - Class A | 1,788 | 44,056 | ||||||
News Corp. - Class B | 533 | 13,629 | ||||||
Omnicom Group, Inc. | 928 | 83,873 | ||||||
Paramount Global - Class B | 2,265 | 33,046 | ||||||
Take-Two Interactive Software, Inc.(a) | 738 | 121,718 | ||||||
T-Mobile US, Inc. | 2,383 | 384,211 | ||||||
Verizon Communications, Inc. | 19,773 | 837,387 | ||||||
Walt Disney Co. | 8,595 | 825,550 | ||||||
Warner Bros Discovery, Inc.(a) | 10,437 | 104,579 | ||||||
16,933,798 | ||||||||
Consumer Discretionary - 8.8% | ||||||||
Airbnb, Inc. - Class A(a) | 2,041 | 294,190 | ||||||
Amazon.com, Inc.(a) | 42,780 | 6,639,455 | ||||||
Aptiv PLC(a) | 1,330 | 108,169 | ||||||
AutoZone, Inc.(a) | 77 | 212,684 | ||||||
Bath & Body Works, Inc. | 1,059 | 45,177 | ||||||
Best Buy Co., Inc. | 909 | 65,893 | ||||||
Booking Holdings, Inc.(a) | 153 | 536,643 | ||||||
BorgWarner, Inc. | 1,105 | 37,460 | ||||||
Caesars Entertainment, Inc.(a) | 1,006 | 44,133 | ||||||
CarMax, Inc.(a) | 741 | 52,744 | ||||||
Carnival Corp.(a) | 4,734 | 78,490 | ||||||
Chipotle Mexican Grill, Inc.(a) | 120 | 289,052 | ||||||
Darden Restaurants, Inc. | 557 | 90,557 | ||||||
Domino's Pizza, Inc. | 153 | 65,212 | ||||||
DR Horton, Inc. | 1,411 | 201,646 | ||||||
eBay, Inc. | 2,440 | 100,211 | ||||||
Etsy, Inc.(a) | 555 | 36,941 | ||||||
Expedia Group, Inc.(a) | 616 | 91,371 | ||||||
Ford Motor Co. | 18,491 | 216,715 | ||||||
Garmin Ltd. | 716 | 85,555 | ||||||
General Motors Co. | 6,441 | 249,911 | ||||||
Genuine Parts Co. | 647 | 90,729 | ||||||
Hasbro, Inc. | 602 | 29,468 | ||||||
Hilton Worldwide Holdings, Inc. | 1,199 | 228,961 | ||||||
Home Depot, Inc. | 4,701 | 1,659,264 | ||||||
Las Vegas Sands Corp. | 1,723 | 84,289 | ||||||
Lennar Corp. - Class A | 1,172 | 175,624 | ||||||
LKQ Corp. | 1,248 | 58,244 | ||||||
Lowe's Cos., Inc. | 2,712 | 577,222 | ||||||
Lululemon Athletica, Inc.(a) | 535 | 242,794 | ||||||
Marriott International, Inc. | 1,156 | 277,128 | ||||||
McDonald's Corp. | 3,407 | 997,297 | ||||||
MGM Resorts International | 1,275 | 55,297 | ||||||
Mohawk Industries, Inc.(a) | 247 | 25,750 | ||||||
Nike, Inc. - Class B | 5,758 | 584,610 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 2,000 | 35,600 | ||||||
NVR, Inc.(a) | 14 | 99,054 | ||||||
O'Reilly Automotive, Inc.(a) | 274 | 280,316 | ||||||
Pool Corp. | 170 | 63,113 | ||||||
PulteGroup, Inc. | 1,005 | 105,083 | ||||||
Ralph Lauren Corp. | 174 | 24,999 | ||||||
Ross Stores, Inc. | 1,590 | 223,045 | ||||||
Royal Caribbean Cruises Ltd.(a) | 1,108 | 141,269 | ||||||
Starbucks Corp. | 5,371 | 499,664 | ||||||
Tapestry, Inc. | 1,067 | 41,389 | ||||||
Tesla Motors, Inc.(a) | 13,000 | 2,434,769 | ||||||
TJX Cos., Inc. | 5,377 | 510,331 | ||||||
Tractor Supply Co. | 504 | 113,198 | ||||||
Ulta Beauty, Inc.(a) | 231 | 115,974 | ||||||
VF Corp. | 1,554 | 25,579 | ||||||
Whirlpool Corp. | 255 | 27,928 | ||||||
Wynn Resorts Ltd. | 451 | 42,588 | ||||||
Yum! Brands, Inc. | 1,306 | 169,114 | ||||||
19,581,899 | ||||||||
Consumer Staples - 5.2% | ||||||||
Altria Group, Inc. | 8,312 | 333,477 | ||||||
Archer-Daniels-Midland Co. | 2,503 | 139,117 | ||||||
Brown-Forman Corp. - Class B | 849 | 46,610 | ||||||
Bunge Global SA | 682 | 60,077 | ||||||
Campbell Soup Co. | 921 | 41,104 | ||||||
Church & Dwight Co., Inc. | 1,155 | 115,327 | ||||||
Clorox Co. | 574 | 83,374 | ||||||
Coca-Cola Co. | 18,296 | 1,088,429 | ||||||
Colgate-Palmolive Co. | 3,867 | 325,601 | ||||||
Conagra Brands, Inc. | 2,245 | 65,442 | ||||||
Constellation Brands, Inc. - Class A | 754 | 184,790 | ||||||
Costco Wholesale Corp. | 2,076 | 1,442,571 | ||||||
Dollar General Corp. | 1,022 | 134,976 | ||||||
Dollar Tree, Inc.(a) | 976 | 127,485 | ||||||
Estee Lauder Cos., Inc. | 1,080 | 142,549 | ||||||
General Mills, Inc. | 2,730 | 177,204 | ||||||
Hershey Co. | 702 | 135,865 | ||||||
Hormel Foods Corp. | 1,360 | 41,303 | ||||||
J M Smucker Co. | 495 | 65,117 | ||||||
Kellanova | 1,231 | 67,410 | ||||||
Kenvue, Inc. | 8,100 | 168,156 | ||||||
Keurig Dr Pepper, Inc. | 4,731 | 148,743 | ||||||
Kimberly-Clark Corp. | 1,586 | 191,858 | ||||||
Kroger Co. | 3,111 | 143,542 | ||||||
Lamb Weston Holdings, Inc. | 680 | 69,659 | ||||||
McCormick & Co., Inc. | 1,177 | 80,224 | ||||||
Molson Coors Beverage Co. - Class B | 859 | 53,078 | ||||||
Mondelez International, Inc. | 6,388 | 480,825 | ||||||
Monster Beverage Corp.(a) | 3,465 | 190,644 | ||||||
PepsiCo, Inc. | 6,464 | 1,089,378 | ||||||
Philip Morris International, Inc. | 7,303 | 663,478 | ||||||
Procter & Gamble Co. | 11,086 | 1,742,053 | ||||||
Sysco Corp. | 2,362 | 191,157 | ||||||
Target Corp. | 2,161 | 300,552 | ||||||
The Kraft Heinz Co. | 3,737 | 138,755 | ||||||
Tyson Foods, Inc. - Class A | 1,340 | 73,378 | ||||||
Walgreens Boots Alliance, Inc. | 3,370 | 76,061 | ||||||
Walmart, Inc. | 6,706 | 1,108,167 | ||||||
11,727,536 | ||||||||
Energy - 3.2% | ||||||||
APA Corp. | 1,435 | 44,959 | ||||||
Baker Hughes Co. | 4,728 | 134,748 | ||||||
Chevron Corp. | 8,255 | 1,217,035 | ||||||
ConocoPhillips | 5,582 | 624,458 | ||||||
Coterra Energy, Inc. | 3,537 | 88,001 | ||||||
Devon Energy Corp. | 3,006 | 126,312 | ||||||
Diamondback Energy, Inc. | 830 | 127,604 | ||||||
EOG Resources, Inc. | 2,738 | 311,557 | ||||||
EQT Corp. | 1,923 | 68,074 | ||||||
Exxon Mobil Corp. | 18,843 | 1,937,248 | ||||||
Halliburton Co. | 4,211 | 150,122 | ||||||
Hess Corp. | 1,289 | 181,143 | ||||||
Kinder Morgan, Inc. | 9,097 | 153,921 | ||||||
Marathon Oil Corp. | 2,748 | 62,792 | ||||||
Marathon Petroleum Corp. | 1,785 | 295,596 | ||||||
Occidental Petroleum Corp. | 3,105 | 178,755 | ||||||
ONEOK, Inc. | 2,730 | 186,323 | ||||||
Phillips 66 | 2,064 | 297,856 | ||||||
Pioneer Natural Resources Co. | 1,085 | 249,366 | ||||||
Schlumberger Ltd. | 6,714 | 326,972 | ||||||
Targa Resources Corp. | 1,039 | 88,273 | ||||||
Valero Energy Corp. | 1,597 | 221,823 | ||||||
Williams Cos., Inc. | 5,712 | 197,978 | ||||||
7,270,916 | ||||||||
Financials - 11.3% | ||||||||
Aflac, Inc. | 2,498 | 210,681 | ||||||
Allstate Corp. | 1,222 | 189,716 | ||||||
American Express Co. | 2,706 | 543,202 | ||||||
American International Group, Inc. | 3,290 | 228,688 | ||||||
Ameriprise Financial, Inc. | 474 | 183,357 | ||||||
Aon PLC | 938 | 279,927 | ||||||
Arch Capital Group Ltd.(a) | 1,743 | 143,675 | ||||||
Arthur J Gallagher & Co. | 1,006 | 233,553 | ||||||
Assurant, Inc. | 246 | 41,316 | ||||||
Bank of America Corp. | 32,389 | 1,101,550 | ||||||
Bank of New York Mellon Corp. | 3,614 | 200,432 | ||||||
Berkshire Hathaway, Inc. - Class B(a) | 8,550 | 3,280,978 | ||||||
BlackRock, Inc. | 645 | 499,430 | ||||||
Blackstone, Inc. | 3,340 | 415,663 | ||||||
Brown & Brown, Inc. | 1,111 | 86,169 | ||||||
Capital One Financial Corp. | 1,790 | 242,223 | ||||||
Cboe Global Markets, Inc. | 493 | 90,638 | ||||||
Charles Schwab Corp. | 6,993 | 440,000 | ||||||
Chubb Ltd. | 1,911 | 468,196 | ||||||
Cincinnati Financial Corp. | 733 | 81,216 | ||||||
Citigroup, Inc. | 8,996 | 505,305 | ||||||
Citizens Financial Group, Inc. | 2,181 | 71,319 | ||||||
CME Group, Inc. | 1,685 | 346,840 | ||||||
Comerica, Inc. | 608 | 31,969 | ||||||
Discover Financial Services | 1,171 | 123,564 | ||||||
Everest Group Ltd. | 190 | 73,144 | ||||||
FactSet Research Systems, Inc. | 167 | 79,479 | ||||||
Fidelity National Information Services, Inc. | 2,779 | 173,021 | ||||||
Fifth Third Bancorp | 3,197 | 109,465 | ||||||
Fiserv, Inc.(a) | 2,813 | 399,080 | ||||||
FleetCor Technologies, Inc.(a) | 332 | 96,257 | ||||||
Franklin Resources, Inc. | 1,326 | 35,311 | ||||||
Global Payments, Inc. | 1,217 | 162,141 | ||||||
Globe Life, Inc. | 390 | 47,900 | ||||||
Goldman Sachs Group, Inc. | 1,522 | 584,463 | ||||||
Hartford Financial Services Group, Inc. | 1,409 | 122,527 | ||||||
Huntington Bancshares, Inc. | 6,802 | 86,589 | ||||||
Intercontinental Exchange, Inc. | 2,689 | 342,390 | ||||||
Invesco Ltd. | 2,108 | 33,370 | ||||||
Jack Henry & Associates, Inc. | 334 | 55,387 | ||||||
JPMorgan Chase & Co. | 13,595 | 2,370,424 | ||||||
KeyCorp. | 4,391 | 63,801 | ||||||
Loews Corp. | 850 | 61,931 | ||||||
M&T Bank Corp. | 773 | 106,751 | ||||||
MarketAxess Holdings, Inc. | 166 | 37,435 | ||||||
Marsh & McLennan Cos., Inc. | 2,314 | 448,546 | ||||||
Mastercard, Inc. - Class A | 3,887 | 1,746,157 | ||||||
MetLife, Inc. | 2,923 | 202,622 | ||||||
Moody's Corp. | 735 | 288,149 | ||||||
Morgan Stanley | 5,934 | 517,682 | ||||||
MSCI, Inc. | 362 | 216,700 | ||||||
Nasdaq, Inc. | 1,597 | 92,259 | ||||||
Northern Trust Corp. | 968 | 77,092 | ||||||
PayPal Holdings, Inc.(a) | 5,060 | 310,431 | ||||||
PNC Financial Services Group, Inc. | 1,866 | 282,158 | ||||||
Principal Financial Group, Inc. | 1,022 | 80,840 | ||||||
Progressive Corp. | 2,747 | 489,653 | ||||||
Prudential Financial, Inc. | 1,690 | 177,332 | ||||||
Raymond James Financial, Inc. | 884 | 97,399 | ||||||
Regions Financial Corp. | 4,364 | 81,476 | ||||||
S&P Global, Inc. | 1,512 | 677,905 | ||||||
Signature Bank(a) | 150 | 225 | ||||||
State Street Corp. | 1,445 | 106,742 | ||||||
SVB Financial Group(a) | 141 | 10 | ||||||
Synchrony Financial | 1,936 | 75,252 | ||||||
T Rowe Price Group, Inc. | 1,042 | 113,005 | ||||||
Travelers Cos., Inc. | 1,063 | 224,676 | ||||||
Truist Financial Corp. | 6,269 | 232,329 | ||||||
US Bancorp | 7,323 | 304,197 | ||||||
Visa, Inc. - Class A | 7,487 | 2,045,898 | ||||||
W R Berkley Corp. | 953 | 78,032 | ||||||
Wells Fargo & Co. | 17,084 | 857,275 | ||||||
Willis Towers Watson PLC | 483 | 118,963 | ||||||
Zions Bancorp | 694 | 29,079 | ||||||
25,052,557 | ||||||||
Health Care - 10.9% | ||||||||
Abbott Laboratories | 8,152 | 922,399 | ||||||
AbbVie, Inc. | 8,299 | 1,364,356 | ||||||
Agilent Technologies, Inc. | 1,373 | 178,627 | ||||||
Align Technology, Inc.(a) | 327 | 87,414 | ||||||
Amgen, Inc. | 2,511 | 789,107 | ||||||
Baxter International, Inc. | 2,376 | 91,927 | ||||||
Becton Dickinson & Co. | 1,362 | 325,259 | ||||||
Biogen, Inc.(a) | 680 | 167,729 | ||||||
Bio-Rad Laboratories, Inc. - Class A(a) | 92 | 29,522 | ||||||
Bio-Techne Corp. | 738 | 51,896 | ||||||
Boston Scientific Corp.(a) | 6,886 | 435,608 | ||||||
Bristol-Myers Squibb Co. | 9,571 | 467,735 | ||||||
Cardinal Health, Inc. | 1,155 | 126,114 | ||||||
Catalent, Inc.(a) | 837 | 43,223 | ||||||
Cencora, Inc. | 776 | 180,560 | ||||||
Centene Corp.(a) | 2,509 | 188,953 | ||||||
Charles River Laboratories International, Inc.(a) | 240 | 51,907 | ||||||
Cigna Corp. | 1,373 | 413,204 | ||||||
Cooper Cos., Inc. | 232 | 86,543 | ||||||
CVS Health Corp. | 6,038 | 449,046 | ||||||
Danaher Corp. | 3,080 | 738,923 | ||||||
DaVita, Inc.(a) | 251 | 27,148 | ||||||
Dentsply Sirona, Inc. | 989 | 34,368 | ||||||
DexCom, Inc.(a) | 1,814 | 220,129 | ||||||
Edwards Lifesciences Corp.(a) | 2,841 | 222,933 | ||||||
Elevance Health, Inc. | 1,105 | 545,251 | ||||||
Eli Lilly & Co. | 3,738 | 2,413,289 | ||||||
GE HealthCare Technologies, Inc. | 1,836 | 134,689 | ||||||
Gilead Sciences, Inc. | 5,854 | 458,134 | ||||||
HCA Healthcare, Inc. | 928 | 282,947 | ||||||
Henry Schein, Inc.(a) | 602 | 45,054 | ||||||
Hologic, Inc.(a) | 1,149 | 85,532 | ||||||
Humana, Inc. | 570 | 215,494 | ||||||
IDEXX Laboratories, Inc.(a) | 379 | 195,215 | ||||||
Illumina, Inc.(a) | 741 | 105,970 | ||||||
Incyte Corp.(a) | 862 | 50,660 | ||||||
Insulet Corp.(a) | 321 | 61,269 | ||||||
Intuitive Surgical, Inc.(a) | 1,648 | 623,307 | ||||||
IQVIA Holdings, Inc.(a) | 850 | 176,996 | ||||||
Johnson & Johnson | 11,322 | 1,799,066 | ||||||
Laboratory Corp. of America Holdings | 387 | 86,030 | ||||||
McKesson Corp. | 615 | 307,432 | ||||||
Medtronic PLC | 6,255 | 547,563 | ||||||
Merck & Co., Inc. | 11,910 | 1,438,490 | ||||||
Mettler-Toledo International, Inc.(a) | 95 | 113,733 | ||||||
Moderna, Inc.(a) | 1,559 | 157,537 | ||||||
Molina Healthcare, Inc.(a) | 271 | 96,595 | ||||||
Pfizer, Inc. | 26,565 | 719,380 | ||||||
Quest Diagnostics, Inc. | 523 | 67,169 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 500 | 471,390 | ||||||
ResMed, Inc. | 690 | 131,238 | ||||||
Revvity, Inc. | 571 | 61,200 | ||||||
STERIS PLC | 463 | 101,374 | ||||||
Stryker Corp. | 1,587 | 532,407 | ||||||
Teleflex, Inc. | 221 | 53,665 | ||||||
Thermo Fisher Scientific, Inc. | 1,814 | 977,710 | ||||||
UnitedHealth Group, Inc. | 4,342 | 2,221,975 | ||||||
Universal Health Services, Inc. - Class B | 282 | 44,784 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 1,205 | 522,223 | ||||||
Viatris, Inc. | 5,636 | 66,336 | ||||||
Waters Corp.(a) | 274 | 87,053 | ||||||
West Pharmaceutical Services, Inc. | 339 | 126,457 | ||||||
Zimmer Biomet Holdings, Inc. | 976 | 122,586 | ||||||
Zoetis, Inc. | 2,150 | 403,792 | ||||||
24,345,622 | ||||||||
Industrials - 7.4% | ||||||||
3M Co. | 2,588 | 244,178 | ||||||
A O Smith Corp. | 568 | 44,082 | ||||||
Allegion PLC | 400 | 49,556 | ||||||
American Airlines Group, Inc.(a) | 3,062 | 43,572 | ||||||
AMETEK, Inc. | 1,074 | 174,042 | ||||||
Automatic Data Processing, Inc. | 1,925 | 473,127 | ||||||
Axon Enterprise, Inc.(a) | 324 | 80,695 | ||||||
Boeing Co.(a) | 2,673 | 564,110 | ||||||
Broadridge Financial Solutions, Inc. | 546 | 111,493 | ||||||
Builders FirstSource, Inc.(a) | 567 | 98,505 | ||||||
Carrier Global Corp. | 3,935 | 215,284 | ||||||
Caterpillar, Inc. | 2,388 | 717,140 | ||||||
Ceridian HCM Holding, Inc.(a) | 729 | 50,680 | ||||||
CH Robinson Worldwide, Inc. | 541 | 45,493 | ||||||
Cintas Corp. | 395 | 238,805 | ||||||
Copart, Inc.(a) | 4,102 | 197,060 | ||||||
CSX Corp. | 9,297 | 331,903 | ||||||
Cummins, Inc. | 666 | 159,374 | ||||||
Deere & Co. | 1,251 | 492,369 | ||||||
Delta Air Lines, Inc. | 3,018 | 118,125 | ||||||
Dover Corp. | 645 | 96,608 | ||||||
Eaton Corp. PLC | 1,870 | 460,170 | ||||||
Emerson Electric Co. | 2,679 | 245,745 | ||||||
Equifax, Inc. | 570 | 139,274 | ||||||
Expeditors International of Washington, Inc. | 682 | 86,157 | ||||||
Fastenal Co. | 2,685 | 183,198 | ||||||
FedEx Corp. | 1,076 | 259,628 | ||||||
Fortive Corp. | 1,646 | 128,684 | ||||||
Generac Holdings, Inc.(a) | 284 | 32,282 | ||||||
General Dynamics Corp. | 1,055 | 279,564 | ||||||
General Electric Co. | 5,118 | 677,726 | ||||||
Honeywell International, Inc. | 3,100 | 627,006 | ||||||
Howmet Aerospace, Inc. | 1,835 | 103,237 | ||||||
Hubbell, Inc. | 250 | 83,893 | ||||||
Huntington Ingalls Industries, Inc. | 174 | 45,052 | ||||||
IDEX Corp. | 347 | 73,391 | ||||||
Illinois Tool Works, Inc. | 1,277 | 333,169 | ||||||
Ingersoll Rand, Inc. | 1,897 | 151,494 | ||||||
Jacobs Solutions, Inc. | 582 | 78,436 | ||||||
JB Hunt Trasport Services, Inc. | 372 | 74,765 | ||||||
Johnson Controls International PLC | 3,194 | 168,292 | ||||||
L3Harris Technologies, Inc. | 891 | 185,702 | ||||||
Leidos Holdings, Inc. | 635 | 70,148 | ||||||
Lockheed Martin Corp. | 1,030 | 442,292 | ||||||
Masco Corp. | 1,046 | 70,385 | ||||||
Nordson Corp. | 252 | 63,433 | ||||||
Norfolk Southern Corp. | 1,053 | 247,708 | ||||||
Northrop Grumman Corp. | 666 | 297,542 | ||||||
Old Dominion Freight Line, Inc. | 409 | 159,927 | ||||||
Otis Worldwide Corp. | 1,916 | 169,451 | ||||||
PACCAR, Inc. | 2,458 | 246,759 | ||||||
Parker-Hannifin Corp. | 593 | 275,449 | ||||||
Paychex, Inc. | 1,501 | 182,717 | ||||||
Paycom Software, Inc. | 230 | 43,755 | ||||||
Pentair PLC | 770 | 56,341 | ||||||
Quanta Services, Inc. | 682 | 132,342 | ||||||
Republic Services, Inc. | 957 | 163,762 | ||||||
Robert Half, Inc. | 494 | 39,293 | ||||||
Rockwell Automation, Inc. | 533 | 134,998 | ||||||
Rollins, Inc. | 1,306 | 56,563 | ||||||
RTX Corp. | 6,758 | 615,789 | ||||||
Snap-On, Inc. | 246 | 71,323 | ||||||
Southwest Airlines Co. | 2,795 | 83,543 | ||||||
Stanley Black & Decker, Inc. | 717 | 66,896 | ||||||
Textron, Inc. | 919 | 77,848 | ||||||
Trane Technologies PLC | 1,063 | 267,929 | ||||||
TransDigm Group, Inc. | 257 | 280,819 | ||||||
Uber Technologies, Inc.(a) | 9,580 | 625,287 | ||||||
Union Pacific Corp. | 2,854 | 696,176 | ||||||
United Airlines Holdings, Inc.(a) | 1,530 | 63,311 | ||||||
United Parcel Service, Inc. - Class B | 3,398 | 482,176 | ||||||
United Rentals, Inc. | 312 | 195,125 | ||||||
Veralto Corp. | 1,021 | 78,300 | ||||||
Verisk Analytics, Inc. | 681 | 164,482 | ||||||
W.W. Grainger, Inc. | 194 | 173,754 | ||||||
Waste Management, Inc. | 1,714 | 318,170 | ||||||
Westinghouse Air Brake Technologies Corp. | 832 | 109,466 | ||||||
Xylem, Inc. | 1,132 | 127,282 | ||||||
16,313,607 | ||||||||
Information Technology - 25.4% | ||||||||
Accenture PLC - Class A | 2,948 | 1,072,717 | ||||||
Adobe, Inc.(a) | 2,133 | 1,317,725 | ||||||
Advanced Micro Devices, Inc.(a) | 7,597 | 1,273,941 | ||||||
Akamai Technologies, Inc.(a) | 706 | 87,000 | ||||||
Amphenol Corp. | 2,805 | 283,586 | ||||||
Analog Devices, Inc. | 2,337 | 449,545 | ||||||
ANSYS, Inc.(a) | 395 | 129,493 | ||||||
Apple, Inc. | 68,789 | 12,684,693 | ||||||
Applied Materials, Inc. | 3,924 | 644,713 | ||||||
Arista Networks, Inc.(a) | 1,180 | 305,242 | ||||||
Autodesk, Inc.(a) | 997 | 253,049 | ||||||
Broadcom, Inc. | 2,059 | 2,429,620 | ||||||
Cadence Design System, Inc.(a) | 1,270 | 366,344 | ||||||
CDW Corp. | 617 | 139,886 | ||||||
Cisco Systems, Inc. | 19,057 | 956,280 | ||||||
Cognizant Technology Solutions Corp. | 2,350 | 181,232 | ||||||
Corning, Inc. | 3,608 | 117,224 | ||||||
Enphase Energy, Inc.(a) | 631 | 65,706 | ||||||
EPAM Systems, Inc.(a) | 268 | 74,533 | ||||||
F5, Inc.(a) | 277 | 50,885 | ||||||
Fair Isaac Corp.(a) | 108 | 129,474 | ||||||
First Solar, Inc.(a) | 498 | 72,857 | ||||||
Fortinet, Inc.(a) | 2,991 | 192,890 | ||||||
Gartner, Inc.(a) | 357 | 163,306 | ||||||
Gen Digital, Inc. | 2,652 | 62,269 | ||||||
Hewlett Packard Enterprise Co. | 6,031 | 92,214 | ||||||
HP, Inc. | 4,085 | 117,280 | ||||||
Intel Corp. | 19,825 | 854,061 | ||||||
International Business Machines Corp. | 4,290 | 787,901 | ||||||
Intuit, Inc. | 1,306 | 824,517 | ||||||
Jabil, Inc. | 587 | 73,545 | ||||||
Juniper Networks, Inc. | 1,490 | 55,070 | ||||||
Keysight Technologies, Inc.(a) | 823 | 126,133 | ||||||
KLA Corp. | 628 | 373,057 | ||||||
Lam Research Corp. | 608 | 501,703 | ||||||
Microchip Technology, Inc. | 2,539 | 216,272 | ||||||
Micron Technology, Inc. | 5,161 | 442,556 | ||||||
Microsoft Corp. | 34,968 | 13,902,578 | ||||||
Monolithic Power Systems, Inc. | 225 | 135,612 | ||||||
Motorola Solutions, Inc. | 773 | 246,974 | ||||||
NetApp, Inc. | 975 | 85,020 | ||||||
NVIDIA Corp. | 11,614 | 7,145,747 | ||||||
NXP Semiconductors NV | 1,205 | 253,737 | ||||||
ON Semiconductor Corp.(a) | 2,023 | 143,896 | ||||||
Oracle Corp. | 7,464 | 833,729 | ||||||
Palo Alto Networks, Inc.(a) | 1,453 | 491,855 | ||||||
PTC, Inc.(a) | 551 | 99,538 | ||||||
Qorvo, Inc.(a) | 457 | 45,581 | ||||||
QUALCOMM, Inc. | 5,226 | 776,113 | ||||||
Roper Technologies, Inc. | 498 | 267,426 | ||||||
salesforce.com, Inc.(a) | 4,567 | 1,283,738 | ||||||
Seagate Technology Holdings PLC | 913 | 78,226 | ||||||
ServiceNow, Inc.(a) | 959 | 734,019 | ||||||
Skyworks Solutions, Inc. | 744 | 77,718 | ||||||
Synopsys, Inc.(a) | 712 | 379,745 | ||||||
TE Connectivity Ltd. | 1,454 | 206,744 | ||||||
Teledyne Technologies, Inc.(a) | 222 | 92,900 | ||||||
Teradyne, Inc. | 715 | 69,062 | ||||||
Texas Instruments, Inc. | 4,268 | 683,392 | ||||||
Trimble, Inc.(a) | 1,166 | 59,303 | ||||||
Tyler Technologies, Inc.(a) | 184 | 77,786 | ||||||
VeriSign, Inc.(a) | 406 | 80,745 | ||||||
Western Digital Corp.(a) | 1,513 | 86,619 | ||||||
Zebra Technologies Corp.(a) | 240 | 57,492 | ||||||
56,363,814 | ||||||||
Materials - 2.0% | ||||||||
Air Products & Chemicals, Inc. | 1,034 | 264,404 | ||||||
Albemarle Corp. | 544 | 62,419 | ||||||
Amcor PLC | 6,790 | 64,030 | ||||||
Avery Dennison Corp. | 368 | 73,398 | ||||||
Ball Corp. | 1,474 | 81,733 | ||||||
Celanese Corp. | 469 | 68,610 | ||||||
CF Industries Holdings, Inc. | 898 | 67,808 | ||||||
Corteva, Inc. | 3,301 | 150,129 | ||||||
Dow, Inc. | 3,287 | 176,183 | ||||||
DuPont de Nemours, Inc. | 2,022 | 124,960 | ||||||
Eastman Chemical Co. | 550 | 45,953 | ||||||
Ecolab, Inc. | 1,188 | 235,485 | ||||||
FMC Corp. | 577 | 32,427 | ||||||
Freeport-McMoRan, Inc. | 6,740 | 267,511 | ||||||
International Flavors & Fragrances, Inc. | 1,194 | 96,332 | ||||||
International Paper Co. | 1,622 | 58,116 | ||||||
Linde PLC | 2,276 | 921,393 | ||||||
LyondellBasell Industries NV | 1,198 | 112,756 | ||||||
Martin Marietta Materials, Inc. | 286 | 145,408 | ||||||
Mosaic Co. | 1,525 | 46,833 | ||||||
Newmont Goldcorp Corp. | 5,398 | 186,285 | ||||||
Nucor Corp. | 1,153 | 215,530 | ||||||
Packaging Corp. of America | 410 | 68,011 | ||||||
PPG Industries, Inc. | 1,109 | 156,413 | ||||||
Sherwin-Williams Co. | 1,107 | 336,949 | ||||||
Steel Dynamics, Inc. | 712 | 85,931 | ||||||
Vulcan Materials Co. | 612 | 138,318 | ||||||
Westrock Co. | 1,199 | 48,272 | ||||||
4,331,597 | ||||||||
Real Estate - 0.1% | ||||||||
CBRE Group, Inc.(a) | 1,426 | 123,078 | ||||||
CoStar Group, Inc.(a) | 1,912 | 159,614 | ||||||
282,692 | ||||||||
Utilities - 1.9% | ||||||||
AES Corp. | 3,146 | 52,475 | ||||||
Alliant Energy Corp. | 1,194 | 58,100 | ||||||
Ameren Corp. | 1,228 | 85,432 | ||||||
American Electric Power Co., Inc. | 2,470 | 193,006 | ||||||
American Water Works Co., Inc. | 914 | 113,354 | ||||||
Atmos Energy Corp. | 696 | 79,302 | ||||||
CenterPoint Energy, Inc. | 2,964 | 82,814 | ||||||
CMS Energy Corp. | 1,369 | 78,252 | ||||||
Consolidated Edison, Inc. | 1,618 | 147,076 | ||||||
Constellation Energy Corp. | 1,492 | 182,024 | ||||||
Dominion Energy, Inc. | 3,925 | 179,451 | ||||||
DTE Energy Co. | 964 | 101,625 | ||||||
Duke Energy Corp. | 3,621 | 347,000 | ||||||
Edison International | 1,800 | 121,464 | ||||||
Entergy Corp. | 987 | 98,463 | ||||||
Evergy, Inc. | 1,069 | 54,273 | ||||||
Eversource Energy | 1,636 | 88,704 | ||||||
Exelon Corp. | 4,681 | 162,946 | ||||||
FirstEnergy Corp. | 2,416 | 88,619 | ||||||
NextEra Energy, Inc. | 9,643 | 565,369 | ||||||
NiSource, Inc. | 1,934 | 50,226 | ||||||
NRG Energy, Inc. | 1,052 | 55,798 | ||||||
PG&E Corp. | 10,030 | 169,206 | ||||||
Pinnacle West Capital Corp. | 527 | 36,310 | ||||||
PPL Corp. | 3,458 | 90,600 | ||||||
Public Service Enterprise Group, Inc. | 2,337 | 135,523 | ||||||
Sempra | 2,956 | 211,531 | ||||||
Southern Co. | 5,128 | 356,499 | ||||||
WEC Energy Group, Inc. | 1,475 | 119,121 | ||||||
Xcel Energy, Inc. | 2,586 | 154,824 | ||||||
4,259,387 | ||||||||
TOTAL COMMON STOCKS (Cost $163,928,407) | 186,463,425 | |||||||
U.S. TREASURY OBLIGATIONS - 9.3% | Par | |||||||
United States Treasury Note/Bond | ||||||||
1.50%, 02/29/2024 | 6,500,000 | 6,480,441 | ||||||
0.38%, 09/15/2024 | 4,000,000 | 3,887,617 | ||||||
1.75%, 03/15/2025 | 5,500,000 | 5,330,059 | ||||||
4.63%, 03/15/2026 | 5,000,000 | 5,043,359 | ||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $20,722,704) | 20,741,476 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 1.9% | Shares | |||||||
Alexandria Real Estate Equities, Inc. | 731 | 88,378 | ||||||
American Tower Corp. | 2,181 | 426,713 | ||||||
AvalonBay Communities, Inc. | 668 | 119,579 | ||||||
Boston Properties, Inc. | 678 | 45,087 | ||||||
Camden Property Trust | 498 | 46,732 | ||||||
Crown Castle, Inc. | 2,038 | 220,614 | ||||||
Digital Realty Trust, Inc. | 1,418 | 199,172 | ||||||
Equinix, Inc. | 442 | 366,758 | ||||||
Equity Residential | 1,620 | 97,508 | ||||||
Essex Property Trust, Inc. | 296 | 69,048 | ||||||
Extra Space Storage, Inc. | 986 | 142,418 | ||||||
Federal Realty Investment Trust | 337 | 34,283 | ||||||
Healthpeak Properties, Inc. | 2,565 | 47,453 | ||||||
Host Hotels & Resorts, Inc. | 3,318 | 63,772 | ||||||
Invitation Homes, Inc. | 2,702 | 88,977 | ||||||
Iron Mountain, Inc. | 1,370 | 92,502 | ||||||
Kimco Realty Corp. | 2,912 | 58,822 | ||||||
Mid-America Apartment Communities, Inc. | 542 | 68,498 | ||||||
Prologis, Inc. | 4,338 | 549,580 | ||||||
Public Storage | 739 | 209,277 | ||||||
Realty Income Corp. | 3,399 | 184,872 | ||||||
Regency Centers Corp. | 765 | 47,943 | ||||||
SBA Communications Corp. | 503 | 112,602 | ||||||
Simon Property Group, Inc. | 1,522 | 210,964 | ||||||
UDR, Inc. | 1,417 | 51,040 | ||||||
Ventas, Inc. | 1,884 | 87,399 | ||||||
VICI Properties, Inc. | 4,865 | 146,534 | ||||||
Welltower, Inc. | 2,591 | 224,147 | ||||||
Weyerhaeuser Co. | 3,427 | 112,303 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,355,646) | 4,212,975 | |||||||
SHORT-TERM INVESTMENTS - 2.0% | ||||||||
U.S. Treasury Bills - 2.0% | Par | |||||||
5.43%, 03/07/2024(b) | 4,500,000 | 4,476,979 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,476,771) | 4,476,979 | |||||||
TOTAL INVESTMENTS - 97.0% (Cost $193,483,528) | $ | 215,894,855 | ||||||
Other Assets in Excess of Liabilities – 3.0% | 6,656,250 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 222,551,105 |
Percentages are stated as a percent of net assets. |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | Non-income producing security. |
(b) | The rate shown is the effective yield. |
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.
Schedule of Open Futures Contracts
January 31, 2024 (Unaudited)
Description | Number of Contracts | Expiration Date | Notional Value | Value & Unrealized Appreciation (Depreciation) | |||||||||
S&P 500 Annual Dividend Futures Index | 579 | 12/20/2024 | $ | 10,335,150 | $ | 670,870 | |||||||
S&P 500 Annual Dividend Futures Index | 579 | 12/19/2025 | 10,400,288 | 936,227 | |||||||||
S&P 500 Annual Dividend Futures Index | 579 | 12/18/2026 | 10,284,487 | 70,777 | |||||||||
$ | 1,677,874 |
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 | $ 186,463,425 | $ - | $ - | $ - | $ 186,463,425 |
Real Estate Investment Trusts | 4,212,975 | - | - | - | 4,212,975 |
U.S. Treasury Obligations | - | 20,741,476 | - | - | 20,741,476 |
Short Term Investments | - | 4,476,979 | - | - | 4,476,979 |
Total Investments in Securities | $ 190,676,400 | $ 20,741,476 | $ - | $ - | $ 215,894,855 |
Other Financial Instruments * | |||||
Futures Contracts | $ 1,677,874 | $ - | $ - | $ - | $ 1,677,874 |
Total | $ 1,677,874 | $ - | $ - | $ - | $ 1,677,874 |
* Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as future contracts which are reflected at the unrealized appreciation on the instruments. |
Refer to the Schedule of Investments for industry classifications. |