| Pacer Trendpilot European Index ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2024 (Unaudited) | ||||||||
| COMMON STOCKS - 97.3% | Shares | Value | ||||||
| Austria - 0.7% | ||||||||
| Andritz AG | 386 | $ | 24,710 | |||||
| Erste Group Bank AG | 1,690 | 87,939 | ||||||
| OMV AG | 792 | 33,171 | ||||||
| Raiffeisen Bank International AG | 719 | 14,014 | ||||||
| Telekom Austria AG | 486 | 4,502 | ||||||
| Verbund AG | 365 | 29,232 | ||||||
| voestalpine AG | 615 | 15,748 | ||||||
209,316 | ||||||||
| Belgium - 2.4% | ||||||||
| Ackermans & van Haaren NV | 125 | 23,999 | ||||||
| Ageas SA/NV | 912 | 43,567 | ||||||
Anheuser-Busch InBev SA/NV - ADR (a) | 4,873 | 289,943 | ||||||
| Cenergy Holdings SA | 198 | 2,070 | ||||||
| D'ieteren Group | 125 | 28,734 | ||||||
| Elia Group SA/NV | 216 | 22,418 | ||||||
| Groupe Bruxelles Lambert NV | 466 | 34,799 | ||||||
| KBC Groep NV | 1,321 | 102,420 | ||||||
| Lotus Bakeries NV | 3 | 32,597 | ||||||
| Sofina SA | 96 | 22,691 | ||||||
| Syensqo SA | 386 | 34,142 | ||||||
| Titan Cement International SA | 219 | 7,798 | ||||||
| UCB SA | 672 | 112,473 | ||||||
| Umicore SA | 1,128 | 15,492 | ||||||
| Viohalco SA | 239 | 1,521 | ||||||
774,664 | ||||||||
| Finland - 3.0% | ||||||||
| Elisa OYJ | 792 | 36,874 | ||||||
| Fortum Oyj | 2,400 | 36,857 | ||||||
| Kesko Oyj - Class B | 1,492 | 26,966 | ||||||
| Kone Oyj - Class B | 1,794 | 91,564 | ||||||
| Metso Oyj | 3,526 | 35,787 | ||||||
| Neste Oyj | 2,295 | 46,347 | ||||||
Nokia Oyj - ADR (a) | 29,289 | 114,813 | ||||||
| Nordea Bank Abp | 18,404 | 215,510 | ||||||
| Orion Oyj - Class B | 576 | 26,475 | ||||||
| Sampo Oyj - Class A | 2,468 | 108,095 | ||||||
| Stora Enso Oyj - Class R | 3,266 | 40,790 | ||||||
| UPM-Kymmene Oyj | 2,926 | 96,678 | ||||||
| Valmet Oyj | 912 | 25,830 | ||||||
| Wartsila OYJ Abp | 2,671 | 55,082 | ||||||
957,668 | ||||||||
France - 29.9%(b) | ||||||||
| Accor SA | 937 | 36,070 | ||||||
| Aeroports de Paris SA | 177 | 23,274 | ||||||
| Air Liquide SA | 3,129 | 571,550 | ||||||
ALD SA (c) | 749 | 4,965 | ||||||
Alstom SA (d) | 1,970 | 38,632 | ||||||
Amundi SA (c) | 313 | 22,882 | ||||||
| Arkema SA | 323 | 29,224 | ||||||
| AXA SA | 9,927 | 349,057 | ||||||
| BioMerieux | 240 | 25,377 | ||||||
| BNP Paribas SA | 5,545 | 380,829 | ||||||
| Bollore SE | 5,225 | 32,571 | ||||||
| Bouygues SA | 987 | 34,118 | ||||||
| Bureau Veritas SA | 1,705 | 53,512 | ||||||
| Capgemini SE | 890 | 176,844 | ||||||
| Carrefour SA | 2,929 | 43,745 | ||||||
| Cie de Saint-Gobain SA | 2,536 | 218,030 | ||||||
| Cie Generale des Etablissements Michelin SCA | 3,885 | 153,886 | ||||||
| Credit Agricole SA | 5,567 | 84,529 | ||||||
| Danone SA | 3,463 | 225,470 | ||||||
| Dassault Aviation SA | 125 | 25,176 | ||||||
| Dassault Systemes SE | 3,697 | 140,198 | ||||||
| Edenred SE | 1,369 | 57,056 | ||||||
| Eiffage SA | 434 | 43,259 | ||||||
| Engie SA | 9,668 | 152,135 | ||||||
| EssilorLuxottica SA | 1,687 | 386,513 | ||||||
| Eurazeo SE | 264 | 20,800 | ||||||
| Getlink SE | 1,944 | 34,662 | ||||||
| Hermes International SCA | 192 | 420,364 | ||||||
| Ipsen SA | 192 | 21,610 | ||||||
JCDecaux SE (d) | 406 | 8,463 | ||||||
| Kering | 406 | 125,008 | ||||||
La Francaise des Jeux SAEM (c) | 553 | 21,486 | ||||||
| Legrand SA | 1,407 | 152,090 | ||||||
| L'Oreal SA | 1,276 | 553,279 | ||||||
LVMH Moet Hennessy Louis Vuitton SE - ADR (a) | 6,852 | 962,295 | ||||||
Neoen SA (c) | 385 | 16,050 | ||||||
| Orange SA | 10,520 | 116,699 | ||||||
| Pernod Ricard SA | 1,115 | 149,632 | ||||||
Pluxee NV (d) | 480 | 11,249 | ||||||
| Publicis Groupe SA | 1,260 | 131,755 | ||||||
| Remy Cointreau SA | 125 | 9,889 | ||||||
| Renault SA | 1,056 | 51,246 | ||||||
| Rexel SA | 1,314 | 33,447 | ||||||
| Safran SA | 1,873 | 411,695 | ||||||
Sanofi SA - ADR (a) | 12,247 | 634,517 | ||||||
| Sartorius Stedim Biotech | 135 | 27,022 | ||||||
| Schneider Electric SE | 2,949 | 711,239 | ||||||
| SCOR SE | 834 | 17,880 | ||||||
| SEB SA | 145 | 14,524 | ||||||
| Societe Generale SA | 4,048 | 105,055 | ||||||
| Sodexo SA | 480 | 45,481 | ||||||
SOITEC (d) | 145 | 18,721 | ||||||
| Teleperformance SE | 323 | 41,668 | ||||||
| Thales SA | 542 | 86,198 | ||||||
TotalEnergies SE - ADR (a) | 11,146 | 755,476 | ||||||
| Valeo SE | 1,152 | 13,197 | ||||||
| Veolia Environnement SA | 3,460 | 108,743 | ||||||
| Vinci SA | 2,747 | 313,943 | ||||||
| Vivendi SE | 3,698 | 39,509 | ||||||
| Wendel SA | 156 | 14,967 | ||||||
Worldline SA (c)(d) | 1,346 | 15,295 | ||||||
9,524,056 | ||||||||
| Germany - 24.4% | ||||||||
| adidas AG | 913 | 228,546 | ||||||
| Allianz SE | 2,160 | 609,662 | ||||||
| BASF SE | 4,920 | 229,494 | ||||||
| Bayer AG - ADR | 21,620 | 161,285 | ||||||
| Bayerische Motoren Werke AG | 1,633 | 151,671 | ||||||
| Bechtle AG | 456 | 20,175 | ||||||
| Beiersdorf AG | 544 | 79,010 | ||||||
| Brenntag SE | 725 | 51,645 | ||||||
| Carl Zeiss Meditec AG | 208 | 14,261 | ||||||
| Commerzbank AG | 5,712 | 93,284 | ||||||
| Continental AG | 602 | 36,941 | ||||||
Covestro AG (c)(d) | 1,053 | 62,063 | ||||||
| CTS Eventim AG & Co. KGaA | 333 | 29,372 | ||||||
| Daimler AG | 4,632 | 306,594 | ||||||
| Daimler Truck Holding AG | 2,938 | 113,641 | ||||||
Delivery Hero SE (c)(d) | 1,103 | 24,603 | ||||||
| Deutsche Bank AG | 10,817 | 168,998 | ||||||
| Deutsche Boerse AG | 1,024 | 209,898 | ||||||
| Deutsche Lufthansa AG | 3,297 | 20,688 | ||||||
| Deutsche Post AG | 5,449 | 243,259 | ||||||
| Deutsche Telekom AG | 18,504 | 484,028 | ||||||
| Deutsche Wohnen SE | 271 | 5,385 | ||||||
DWS Group GmbH & Co. KGaA (c) | 192 | 7,273 | ||||||
| E.ON SE | 12,264 | 172,081 | ||||||
| Evonik Industries AG | 1,321 | 26,828 | ||||||
| Fielmann Group AG | 145 | 6,567 | ||||||
Fraport AG Frankfurt Airport Services Worldwide (d) | 198 | 10,067 | ||||||
| Fresenius Medical Care AG & Co. KGaA | 1,128 | 43,802 | ||||||
Fresenius SE & Co. KGaA (d) | 2,262 | 81,251 | ||||||
| FUCHS SE | 187 | 6,486 | ||||||
| GEA Group AG | 946 | 41,812 | ||||||
| Hannover Rueck SE | 332 | 82,533 | ||||||
| Heidelberg Materials AG | 770 | 80,400 | ||||||
| Henkel AG & Co. KGaA | 553 | 42,881 | ||||||
| HOCHTIEF AG | 122 | 14,524 | ||||||
| Infineon Technologies AG | 7,180 | 249,047 | ||||||
| KION Group AG | 396 | 15,694 | ||||||
| Knorr-Bremse AG | 365 | 29,409 | ||||||
| LEG Immobilien SE | 408 | 35,704 | ||||||
| Merck KGaA | 714 | 128,118 | ||||||
| MTU Aero Engines AG | 294 | 83,268 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG | 728 | 358,958 | ||||||
| Nemetschek SE | 302 | 28,876 | ||||||
| Puma SE | 553 | 27,470 | ||||||
| Rational AG | 24 | 21,026 | ||||||
| Rheinmetall AG | 241 | 131,402 | ||||||
| RWE AG | 3,942 | 147,142 | ||||||
SAP SE - ADR (a) | 6,099 | 1,290,548 | ||||||
| Sartorius AG | 20 | 4,481 | ||||||
Scout24 SE (c) | 408 | 32,322 | ||||||
| Siemens AG - ADR | 8,242 | 753,319 | ||||||
Siemens Energy AG (d) | 2,945 | 85,768 | ||||||
Siemens Healthineers AG (c) | 1,525 | 81,911 | ||||||
| Sixt SE | 73 | 5,100 | ||||||
| Symrise AG | 721 | 91,100 | ||||||
| Talanx AG | 337 | 25,622 | ||||||
| ThyssenKrupp AG | 2,713 | 10,391 | ||||||
| Traton SE | 281 | 8,880 | ||||||
| Volkswagen AG | 166 | 19,600 | ||||||
| Vonovia SE | 3,819 | 117,422 | ||||||
| Wacker Chemie AG | 83 | 8,336 | ||||||
Zalando SE (c)(d) | 1,200 | 30,792 | ||||||
7,782,714 | ||||||||
| Greece - 0.8% | ||||||||
| Aegean Airlines SA | 208 | 2,589 | ||||||
| Alpha Services and Holdings SA | 11,784 | 21,719 | ||||||
| Athens International Airport SA | 260 | 2,240 | ||||||
| Athens Water Supply & Sewage Co. SA | 229 | 1,440 | ||||||
| Autohellas Tourist and Trading SA | 114 | 1,463 | ||||||
| Ellaktor SA | 459 | 973 | ||||||
| Epsilon Net SA | 135 | 1,753 | ||||||
| Eurobank Ergasias SA | 14,042 | 32,187 | ||||||
FF Group (d)(e) | 1,259 | 6,540 | ||||||
| GEK TERNA SA | 312 | 6,044 | ||||||
| Hellenic Telecommunications Organization SA | 949 | 15,581 | ||||||
| HELLENiQ ENERGY Holdings SA | 513 | 4,108 | ||||||
| Holding Co. ADMIE IPTO SA | 626 | 1,528 | ||||||
| JUMBO SA | 605 | 16,212 | ||||||
LAMDA Development SA (d) | 448 | 3,690 | ||||||
| Motor Oil Hellas Corinth Refineries SA | 313 | 7,967 | ||||||
| Mytilineos SA | 603 | 23,807 | ||||||
| National Bank of Greece SA | 4,073 | 35,749 | ||||||
| OPAP SA | 1,033 | 18,010 | ||||||
| Optima bank SA | 365 | 4,835 | ||||||
| Piraeus Financial Holdings SA | 5,528 | 23,333 | ||||||
| Piraeus Port Authority SA | 49 | 1,376 | ||||||
| Public Power Corp. SA | 1,179 | 15,018 | ||||||
| Quest Holdings SA | 146 | 850 | ||||||
| Sarantis SA | 177 | 2,103 | ||||||
| Terna Energy SA | 289 | 6,015 | ||||||
257,130 | ||||||||
| Ireland - 0.9% | ||||||||
| AIB Group PLC | 7,940 | 45,543 | ||||||
| Bank of Ireland Group PLC | 5,833 | 66,126 | ||||||
| Glanbia PLC | 980 | 19,611 | ||||||
| Kerry Group PLC - Class A | 855 | 79,948 | ||||||
| Kingspan Group PLC | 845 | 79,013 | ||||||
290,241 | ||||||||
| Italy - 8.0% | ||||||||
| A2A SpA | 8,462 | 17,922 | ||||||
| Amplifon SpA | 719 | 22,877 | ||||||
| Banca Mediolanum SpA | 1,335 | 15,763 | ||||||
| Banco BPM SpA | 7,544 | 52,253 | ||||||
| Brunello Cucinelli SpA | 191 | 17,849 | ||||||
| Buzzi SpA | 479 | 18,797 | ||||||
| Davide Campari-Milano NV | 2,736 | 24,695 | ||||||
| DiaSorin SpA | 122 | 13,336 | ||||||
| Enel SpA | 42,961 | 306,585 | ||||||
| Eni SpA | 12,475 | 199,789 | ||||||
| Ferrari NV | 649 | 267,186 | ||||||
| FinecoBank Banca Fineco SpA | 3,370 | 57,261 | ||||||
| Generali | 6,926 | 179,371 | ||||||
| Hera SpA | 4,248 | 15,539 | ||||||
Infrastrutture Wireless Italiane SpA (c) | 1,961 | 21,817 | ||||||
| Interpump Group SpA | 438 | 19,009 | ||||||
| Intesa Sanpaolo SpA | 89,175 | 361,960 | ||||||
| Italgas SpA | 2,702 | 14,440 | ||||||
| Leonardo SpA | 2,209 | 52,619 | ||||||
| Mediobanca Banca di Credito Finanziario SpA | 3,017 | 48,961 | ||||||
| Moncler SpA | 1,128 | 67,241 | ||||||
Nexi SpA (c)(d) | 4,507 | 27,686 | ||||||
Pirelli & C SpA (c) | 2,040 | 12,774 | ||||||
Poste Italiane SpA (c) | 2,504 | 33,915 | ||||||
| Prysmian SpA | 1,498 | 103,012 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 542 | 29,534 | ||||||
| Reply SpA | 125 | 17,749 | ||||||
| Snam SpA | 12,529 | 59,892 | ||||||
Telecom Italia SpA (d) | 59,102 | 14,501 | ||||||
Telecom Italia SpA - Savings Shares (d) | 25,899 | 7,010 | ||||||
| Terna Rete Elettrica Nazionale SpA | 7,753 | 64,525 | ||||||
| UniCredit SpA | 9,022 | 370,595 | ||||||
2,536,463 | ||||||||
| Luxembourg - 0.5% | ||||||||
| ArcelorMittal | 2,736 | 62,004 | ||||||
Eurofins Scientific SE (d) | 713 | 42,317 | ||||||
| RTL Group SA | 216 | 6,814 | ||||||
| Tenaris SA - ADR | 1,300 | 41,392 | ||||||
152,527 | ||||||||
| Netherlands - 17.5% | ||||||||
| Aalberts Industries NV | 532 | 20,324 | ||||||
ABN AMRO Group NV (c) | 2,558 | 44,613 | ||||||
Adyen NV (c)(d) | 168 | 205,564 | ||||||
| Aegon Ltd. | 7,903 | 51,062 | ||||||
| Airbus SE | 3,245 | 491,526 | ||||||
| Akzo Nobel NV | 939 | 58,047 | ||||||
Argenx SE - ADR (d) | 333 | 171,785 | ||||||
| ASM International NV | 260 | 178,286 | ||||||
| ASML Holding NV | 2,191 | 2,052,310 | ||||||
| ASR Nederland NV | 803 | 40,298 | ||||||
| BE Semiconductor Industries NV | 417 | 53,772 | ||||||
CTP NV (c) | 579 | 10,114 | ||||||
DSM BV (d)(e) | 1,312 | 167,621 | ||||||
Euronext NV (c) | 456 | 46,143 | ||||||
| EXOR NV | 559 | 57,231 | ||||||
| Heineken Holding NV | 720 | 53,065 | ||||||
| Heineken NV | 1,547 | 137,321 | ||||||
| IMCD NV | 313 | 45,053 | ||||||
ING Groep NV - ADR (a) | 17,196 | 311,763 | ||||||
| JDE Peet's NV | 532 | 11,676 | ||||||
| Koninklijke Ahold Delhaize NV | 5,225 | 168,399 | ||||||
| Koninklijke KPN NV | 20,929 | 82,357 | ||||||
Koninklijke Philips NV (d) | 4,408 | 124,416 | ||||||
| Koninklijke Vopak NV | 362 | 16,133 | ||||||
| NN Group NV | 1,537 | 77,083 | ||||||
| OCI NV | 532 | 12,811 | ||||||
| Prosus NV | 8,049 | 279,755 | ||||||
| QIAGEN NV | 1,227 | 54,817 | ||||||
| Randstad Holding NV | 605 | 29,438 | ||||||
Signify NV (c) | 696 | 17,249 | ||||||
| Stellantis NV | 11,430 | 190,549 | ||||||
| Universal Music Group NV | 4,163 | 99,074 | ||||||
| Wolters Kluwer NV | 1,334 | 223,921 | ||||||
5,583,576 | ||||||||
| Poland - 0.1% | ||||||||
InPost SA (d) | 1,206 | 20,857 | ||||||
| Portugal - 0.5% | ||||||||
| EDP SA | 16,580 | 68,186 | ||||||
| Galp Energia SGPS SA | 2,366 | 49,817 | ||||||
| Jeronimo Martins SGPS SA | 1,513 | 26,445 | ||||||
144,448 | ||||||||
| Spain - 8.2% | ||||||||
| Acciona SA | 125 | 16,166 | ||||||
| ACS Actividades de Construccion y Servicios SA | 1,279 | 57,112 | ||||||
Aena SME SA (c) | 386 | 73,148 | ||||||
| Amadeus IT Holding SA | 2,411 | 158,489 | ||||||
| Banco Bilbao Vizcaya Argentaria SA - ADR | 31,752 | 334,666 | ||||||
| Banco de Sabadell SA | 28,914 | 61,082 | ||||||
| Banco Santander SA - ADR | 86,558 | 419,806 | ||||||
| Bankinter SA | 3,553 | 30,331 | ||||||
| CaixaBank SA | 20,755 | 120,981 | ||||||
Cellnex Telecom SA (c) | 3,073 | 107,023 | ||||||
| Corp. ACCIONA Energias Renovables SA | 313 | 6,589 | ||||||
| EDP Renovaveis SA | 1,655 | 25,685 | ||||||
| Enagas SA | 1,368 | 20,491 | ||||||
| Endesa SA | 1,752 | 33,940 | ||||||
| Ferrovial SE | 2,909 | 115,667 | ||||||
| Fomento de Construcciones y Contratas SA | 312 | 4,390 | ||||||
Grifols SA (d) | 1,450 | 14,591 | ||||||
| Iberdrola SA | 32,331 | 426,181 | ||||||
| Industria de Diseno Textil SA | 5,809 | 282,026 | ||||||
| Mapfre SA | 5,457 | 13,217 | ||||||
| Naturgy Energy Group SA | 761 | 18,267 | ||||||
| Redeia Corp. SA | 2,379 | 42,148 | ||||||
| Repsol SA | 6,734 | 96,018 | ||||||
| Telefonica SA | 28,482 | 128,816 | ||||||
2,606,830 | ||||||||
| Switzerland - 0.4% | ||||||||
| STMicroelectronics NV | 3,595 | 119,055 | ||||||
United Kingdom - 0.0%(f) | ||||||||
| Allfunds Group PLC | 1,857 | 11,174 | ||||||
TOTAL COMMON STOCKS (Cost $28,428,404) | 30,970,719 | |||||||
| PREFERRED STOCKS - 0.9% | Shares | Value | ||||||
| Germany - 0.9% | ||||||||
| Bayerische Motoren Werke AG | 313 | 26,880 | ||||||
| FUCHS SE | 385 | 16,758 | ||||||
| Henkel AG & Co. KGaA | 908 | 77,730 | ||||||
| Sartorius | 145 | 41,225 | ||||||
| Sixt SE | 96 | 5,330 | ||||||
| Volkswagen AG | 1,010 | 112,805 | ||||||
280,728 | ||||||||
Spain - 0.0%(f) | ||||||||
| Grifols SA - Class B | 1,416 | 11,133 | ||||||
TOTAL PREFERRED STOCKS (Cost $300,063) | 291,861 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 0.5% | Shares | Value | ||||||
| Belgium - 0.1% | ||||||||
| Warehouses De Pauw CVA | 951 | 25,813 | ||||||
| France - 0.4% | ||||||||
| Covivio SA | 292 | 15,087 | ||||||
| Gecina SA | 289 | 28,681 | ||||||
| Klepierre | 1,137 | 32,584 | ||||||
| Unibail-Rodamco-Westfield | 573 | 42,975 | ||||||
119,327 | ||||||||
Spain - 0.0%(f) | ||||||||
| Merlin Properties Socimi SA | 1,846 | 21,077 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $152,605) | 166,217 | |||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.7% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC - 5.51% (g) | 4,053,383 | 4,053,383 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,053,383) | 4,053,383 | |||||||
TOTAL INVESTMENTS - 111.4% (Cost $32,934,455) | 35,482,180 | |||||||
| Liabilities in Excess of Other Assets - (11.4)% | (3,649,572 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 31,832,608 | ||||||
| Percentages are stated as a percent of net assets. | ||||||||
| ADR - American Depositary Receipt |
| AG - Aktiengesellschaft |
| NV - Naamloze Vennootschap |
| PLC - Public Limited Company |
| SA - Sociedad Anónima |
| SA/NV - Societe Anonime/Naamloze Vennootschap |
| (a) | All or a portion of this security is on loan as of July 31, 2024. The total market value of these securities was $3,996,371 which represented 12.6% of net assets. |
| (b) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. |
| (c) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of July 31, 2024, the value of these securities total $919,688 or 2.9% of the Fund’s net assets. |
| (d) | Non-income producing security. |
| (e) | 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 $174,161 or 0.5% of net assets as of July 31, 2024. |
| (f) | Represents less than 0.05% of net assets. |
| (g) | The rate shown represents the 7-day annualized effective yield as of July 31, 2024. |
Summary of Fair Value Disclosure as of July 31, 2024 (Unaudited)
Pacer Trendpilot European Index ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 Fund’s 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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2024:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Common Stocks | $ | 30,796,558 | $ | – | $ | 174,161 | $ | 30,970,719 | ||||||||
| Preferred Stocks | 291,861 | – | – | 291,861 | ||||||||||||
| Real Estate Investment Trusts | 166,217 | – | – | 166,217 | ||||||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 4,053,383 | ||||||||||||
| Total Investments | $ | 31,254,636 | $ | – | $ | 174,161 | $ | 35,482,180 | ||||||||
| Refer to the Schedule of Investments for further disaggregation of investment categories. | ||||||||||||||||
| (a) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |
PTEU(a) | Balance as of 4/30/2024 | Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | Purchases | Sales | Transfers Into Level 3 | Transfers Out of Level 3 | Balance as of 7/31/2024 | ||||||||||||||||||||||||
Common Stocks | $ | 154,447 | $ | - | $ | 19,714 | $ | - | $ | - | $ | - | $ | - | $ | 174,161 | ||||||||||||||||
The following is a summary of quantitative information about Level 3 Fair Value Measurements: | ||||||||||||||||||||||||||||||||
| PTEU | Fair Value as of 7/31/2024 | Valuation Techniques | Unobservable Input | Impact to Valuation From an Increase to Input | ||||||||||||||||||||||||||||
Common Stocks | $ | 6,540 | Last Trade Price | Stale Data | 4.8 EUR | |||||||||||||||||||||||||||
Common Stocks | $ | 167,621 | Last Trade Price | Stale Data | 115.95 EUR | |||||||||||||||||||||||||||
| (a) Table presents information for two securities: FF Group, which has been valued at 4.8 EUR and DSM BV which has been valued between 98.2 EUR and 115.6 EUR throughout the period. | ||||||||||||||||||||||||||||||||