Pacer Trendpilot International ETF
Schedule of Investments
January 31, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS - 94.3%
Australia - 6.7%
APA Group		8,446	$	62,955
Aristocrat Leisure Ltd.		4,765		114,220
ASX Ltd.		1,386		67,474
Australia & New Zealand Banking Group Ltd.		21,412		379,202
BHP Group Ltd. - ADR (a)		18,044		1,265,787
Brambles Ltd.		9,933		84,064
Cochlear Ltd.		475		71,230
Coles Group Ltd.		9,569		119,956
Commonwealth Bank of Australia		12,100		940,000
Computershare Ltd.		4,096		68,665
CSL Ltd.		3,450		725,880
Endeavour Group Ltd/Australia		8,982		42,034
Fortescue Metals Group Ltd.		12,126		190,355
Macquarie Group Ltd.		2,600		343,809
National Australia Bank Ltd.		22,734		510,128
Newcrest Mining Ltd.		6,392		100,658
QBE Insurance Group Ltd.		10,621		103,007
Ramsay Health Care Ltd.		1,335		62,777
REA Group Ltd.		374		33,162
Rio Tinto Ltd.		2,666		238,311
Santos Ltd.		24,029		120,592
Scentre Group		37,166		80,013
Sonic Healthcare Ltd.		3,440		76,680
South32 Ltd.		33,147		106,222
Suncorp Group Ltd.		9,043		79,979
Telstra Corp. Ltd.		28,960		83,401
Transurban Group		21,989		214,344
Wesfarmers Ltd.		8,122		284,639
Westpac Banking Corp.		25,067		419,691
WiseTech Global Ltd.		1,244		53,159
Woodside Energy Group Ltd. - ADR (a)		13,511		351,016
Woolworths Group Ltd.		8,689		221,284
				7,614,694
Austria - 0.2%
Andritz AG		516		30,741
BAWAG Group AG (b)		647		39,847
Erste Group Bank AG		2,557		96,599
OMV AG		1,032		51,441
Raiffeisen Bank International AG (c)		971		17,375
Telekom Austria AG		1,002		6,721
Verbund AG		240		20,364
				263,088
Belgium - 0.8%
Anheuser-Busch InBev SA/NV - ADR (a)		7,090		427,456
D'ieteren Group		169		32,134
Elia Group SA/NV		258		36,126
Groupe Bruxelles Lambert SA		728		62,065
KBC Groep NV		2,418		178,385
Solvay SA		526		60,986
UCB SA		908		74,410
				871,562
Bermuda - 0.0% (d)
CK Infrastructure Holdings Ltd. (d)		4,328		24,038
Canada - 9.6%
Agnico Eagle Mines Ltd.		3,268		184,577
Alimentation Couche-Tard, Inc.		5,645		257,781
Bank of Montreal (a)		4,834		486,494
Barrick Gold Corp.		12,725		248,774
BCE, Inc. (a)		2,155		101,931
Brookfield Asset Management Ltd. - Class A (a)(c)		2,585		84,400
Brookfield Corp.		10,046		373,711
Canadian Imperial Bank of Commerce (a)		6,473		295,298
Canadian National Railway Co.		4,315		513,873
Canadian Natural Resources Ltd.		7,927		487,035
Canadian Pacific Railway Ltd.		6,645		524,291
Cenovus Energy, Inc.		10,016		200,120
CGI, Inc. (a)(c)		1,525		130,875
Constellation Software, Inc./Canada		149		263,248
Enbridge, Inc.		14,474		593,000
Fortis, Inc./Canada		3,437		141,433
Franco-Nevada Corp.		1,373		201,419
Great-West Lifeco, Inc.		1,940		51,454
Imperial Oil Ltd.		1,406		76,993
Intact Financial Corp.		1,262		183,085
Loblaw Cos. Ltd.		1,110		99,442
Magna International, Inc.		1,952		126,763
Manulife Financial Corp.		13,185		261,063
National Bank of Canada		2,408		180,887
Nutrien Ltd.		3,707		306,903
Pembina Pipeline Corp.		3,974		141,077
Power Corp of Canada		4,047		109,771
Restaurant Brands International, Inc.		2,193		146,777
Rogers Communications, Inc. - Class B		2,499		121,576
Royal Bank of Canada		9,984		1,021,962
Shopify, Inc. - Class A (c)		8,494		418,499
Sun Life Financial, Inc. (a)		4,196		210,765
Suncor Energy, Inc.		9,651		335,083
TC Energy Corp.		7,242		312,420
Telus Corp.		3,354		72,279
The Bank of Nova Scotia (a)		8,537		462,108
The Toronto-Dominion Bank		12,992		899,306
Thomson Reuters Corp. (a)		1,143		135,983
Tourmaline Oil Corp.		2,264		105,513
				10,867,969
Cayman Islands - 0.1%
Chow Tai Fook Jewellery Group Ltd.		15,751		33,627
Grab Holdings Ltd. - Class A (c)		13,543		51,328
				84,955
China - 0.1%
ENN Energy Holdings Ltd.		5,423		81,610
Denmark - 2.3%
AP Moller - Maersk A/S - Class A		20		42,410
AP Moller - Maersk A/S - Class B		40		86,603
Coloplast A/S - Class B		857		103,025
DSV A/S		1,376		226,428
Genmab A/S - ADR (a)(c)		4,692		183,692
Novo Nordisk A/S - ADR		11,762		1,632,330
Orsted AS (b)		1,363		120,510
Vestas Wind Systems A/S		7,232		210,089
				2,605,087
Finland - 1.0%
Kone Oyj - Class B		2,891		157,273
Neste Oyj		3,093		147,380
Nokia Oyj - ADR (a)		38,959		185,445
Nordea Bank Abp		23,648		275,384
Sampo Oyj - Class A		3,549		185,853
UPM-Kymmene Oyj		3,822		138,156
				1,089,491
France - 9.2%
Air Liquide SA		3,751		595,616
Airbus SE - ADR		17,618		551,796
AXA SA		14,223		442,459
BNP Paribas SA - ADR		16,252		557,769
Capgemini SE		1,123		212,308
Christian Dior SE		30		25,830
Credit Agricole SA		9,749		116,966
Danone SA		4,550		248,859
Dassault Systemes SE		4,965		183,845
Electricite de France SA		4,459		58,486
Engie SA		13,252		187,577
EssilorLuxottica SA		2,185		398,832
Hermes International		258		480,889
Kering		516		320,032
L'Oreal SA		1,811		744,313
LVMH Moet Hennessy Louis Vuitton SE - ADR		9,354		1,634,050
Pernod Ricard SA		1,462		301,828
Safran SA		2,509		359,504
Sanofi - ADR		16,487		810,171
Sartorius Stedim Biotech		172		59,631
Schneider Electric SE		4,062		654,979
TotalEnergies SE - ADR		17,630		1,093,765
Vinci SA		3,852		434,012
				10,473,517
Germany - 6.3%
adidas AG - ADR		2,567		205,488
Allianz SE		2,924		696,796
Allianz SE - ADR		1		24
BASF SE		6,584		375,067
Bayer AG		7,039		436,188
Bayerische Motoren Werke AG		2,284		231,494
Beiersdorf AG		708		85,898
BioNTech SE - ADR		665		95,368
Daimler AG (c)		5,595		414,528
Daimler Truck Holding AG		3,713		124,205
Deutsche Boerse AG		1,363		243,382
Deutsche Post AG		7,100		303,964
Deutsche Telekom AG		24,994		555,670
E.ON SE		16,082		174,590
Hapag-Lloyd AG (b)		58		12,649
Henkel AG & Co. KGaA		708		47,182
Infineon Technologies AG		9,356		334,789
Merck KGaA		928		192,745
Muenchener Rueckversicherungs-Gesellschaft AG		1,009		363,084
RWE AG		4,844		214,858
SAP SE - ADR		7,839		929,157
Sartorius AG		20		7,338
Siemens AG - ADR (b)		10,740		838,579
Siemens Healthineers AG		2,021		107,813
Volkswagen AG		212		37,003
Vonovia SE		5,704		160,422
				7,188,281
Hong Kong - 2.2%
AIA Group Ltd. - ADR		21,147		957,959
BOC Hong Kong Holdings Ltd.		25,735		89,764
Budweiser Brewing Co. APAC Ltd. (b)		12,331		38,843
CK Asset Holdings Ltd.		14,093		90,046
CK Hutchison Holdings Ltd.		19,219		122,062
CLP Holdings Ltd.		11,944		88,653
Galaxy Entertainment Group Ltd.		14,365		99,661
Hang Seng Bank Ltd.		5,208		86,610
Henderson Land Development Co. Ltd.		9,364		34,573
Hong Kong & China Gas Co. Ltd.		77,489		77,675
Hong Kong Exchanges & Clearing Ltd.		8,537		383,673
MTR Corp Ltd.		11,097		59,298
Sands China Ltd. (c)		17,380		64,944
Sun Hung Kai Properties Ltd.		10,793		152,924
Techtronic Industries Co. Ltd.		13,138		168,557
				2,515,242
Ireland - 0.9%
CRH PLC - ADR (a)		5,451		256,633
Experian PLC		6,948		252,949
Flutter Entertainment PLC (c)		1,100		170,195
ICON PLC (c)		584		134,734
James Hardie Industries PLC		3,187		70,748
Kerry Group PLC		1,118		104,454
Ryanair Holdings PLC - ADR (c)		722		65,363
				1,055,076
Israel - 0.8%
Airport City Ltd. (c)		480		7,569
Alony Hetz Properties & Investments Ltd.		1,080		11,515
Amot Investments Ltd.		1,548		9,041
Ashtrom Group Ltd.		304		5,731
Azrieli Group Ltd.		263		16,839
Bank Hapoalim BM		8,810		78,869
Bank Leumi Le-Israel BM		11,056		97,150
Bezeq The Israeli Telecommunication Corp. Ltd.		14,658		24,227
Big Shopping Centers Ltd.		86		8,596
Check Point Software Technologies Ltd. (c)		728		92,602
CyberArk Software Ltd. (c)		293		41,278
Delek Group Ltd. (c)		68		7,348
Elbit Systems Ltd.		178		29,771
Global-e Online Ltd. (c)		645		19,331
ICL Group Ltd.		5,160		40,662
Inmode Ltd. (c)		503		17,630
Isracard Ltd.		1		3
Israel Corp Ltd.		30		11,047
Israel Discount Bank Ltd.		8,858		45,013
Melisron Ltd.		169		11,756
Mivne Real Estate KD Ltd.		4,287		13,687
Mizrahi Tefahot Bank Ltd.		1,072		35,219
Monday.com Ltd. (c)		131		17,055
Nice Ltd. - ADR (a)(c)		465		96,455
Nova Ltd. (c)		212		19,228
Shapir Engineering and Industry Ltd.		1,029		7,781
Strauss Group Ltd.		364		9,284
Teva Pharmaceutical Industries Ltd. - ADR (c)		7,950		83,793
The First International Bank Of Israel Ltd.		374		15,040
The Phoenix Holdings Ltd		1,204		12,868
Tower Semiconductor Ltd. (c)		779		32,554
Wix.com Ltd. (a)(c)		412		35,836
ZIM Integrated Shipping Services Ltd. (a)		584		11,067
				965,845
Italy - 1.4%
Assicurazioni Generali SpA		8,638		168,095
Enel SpA		55,323		324,237
Eni SpA - ADR (a)		8,741		270,097
Intesa Sanpaolo SpA		122,054		319,784
Prada SpA		3,670		23,426
Snam SpA		14,686		74,624
Terna - Rete Elettrica Nazionale		10,075		79,431
UniCredit SpA		14,486		281,644
				1,541,338
Japan - 20.4%
Advantest Corp.		1,365		96,478
Aeon Co. Ltd.		6,250		127,603
AGC, Inc.		1,634		59,817
Aisin Corp.		1,315		38,188
Ajinomoto Co., Inc.		3,852		126,452
ANA Holdings, Inc. (c)		1,143		25,198
Asahi Group Holdings Ltd.		3,632		119,481
Asahi Kasei Corp.		9,984		75,353
Astellas Pharma, Inc.		13,148		193,182
Bandai Namco Holdings, Inc.		1,596		106,134
Bridgestone Corp.		4,391		163,104
Canon, Inc.		7,454		165,670
Central Japan Railway Co.		1,477		179,739
Chubu Electric Power Co., Inc.		5,433		58,352
Chugai Pharmaceutical Co. Ltd.		4,573		117,974
Daifuku Co. Ltd.		908		49,458
Dai-ichi Life Holdings, Inc.		7,393		172,720
Daiichi Sankyo Co. Ltd.		13,940		435,233
Daikin Industries Ltd.		2,102		362,862
Daiwa House Industry Co. Ltd.		4,773		114,077
Denso Corp.		3,612		193,469
Dentsu Group, Inc.		1,717		54,940
Disco Corp.		212		63,031
East Japan Railway Co.		2,709		150,679
Eisai Co. Ltd.		2,132		131,230
Eneos Holdings, Inc.		23,132		82,317
FANUC Corp.		1,376		242,133
Fast Retailing Co. Ltd.		455		274,122
Fujifilm Holdings Corp.		2,881		151,304
Fujitsu Ltd.		1,305		185,576
Hamamatsu Photonics KK		1,048		55,554
Hankyu Hanshin Holdings, Inc.		1,730		51,236
Hitachi Ltd.		6,938		361,491
Honda Motor Co. Ltd. - ADR		12,104		300,421
Hoya Corp.		2,554		278,622
Idemitsu Kosan Co Ltd.		1,626		40,286
Inpex Corp.		7,555		82,419
Isuzu Motors Ltd.		4,459		56,009
Itochu Corp.		11,006		353,690
Japan Airlines Co. Ltd. (c)		1,032		21,803
Japan Exchange Group, Inc.		3,784		57,531
Japan Post Bank Co. Ltd.		2,952		26,171
Japan Post Holdings Co. Ltd.		17,289		151,419
Japan Tobacco, Inc.		7,879		160,709
Kao Corp.		3,409		137,654
KDDI Corp.		11,218		349,817
Keyence Corp.		1,434		653,075
Kikkoman Corp.		1,386		72,833
Kirin Holdings Co. Ltd.		5,957		91,484
Kobe Bussan Co. Ltd.		1,029		29,487
Komatsu Ltd.		6,969		168,918
Konami Group Corp.		718		35,137
Kubota Corp.		8,170		121,641
Kyocera Corp.		2,494		128,489
Kyowa Kirin Co. Ltd.		1,821		40,431
Lasertec Corp.		556		109,051
M3, Inc.		3,063		82,526
Marubeni Corp.		12,301		149,929
MEIJI Holdings Co. Ltd.		1,009		51,936
MinebeaMitsuni, Inc.		2,911		50,162
MISUMI Group, Inc.		2,041		50,725
Mitsubishi Chemical Holdings Corp.		10,247		57,161
Mitsubishi Corp.		10,641		354,468
Mitsubishi Electric Corp.		15,374		168,427
Mitsubishi Estate Co. Ltd.		9,468		121,582
Mitsubishi Heavy Industries Ltd.		2,418		94,368
Mitsubishi UFJ Financial Group, Inc. - ADR (a)		91,894		677,259
Mitsui & Co. Ltd.		11,378		333,914
Mitsui Fudosan Co. Ltd.		6,827		127,503
Mitsui OSK Lines Ltd. (a)		2,590		63,773
Mizuho Financial Group, Inc.		18,187		283,288
MonotaRO Co. Ltd.		1,758		26,391
MS&AD Insurance Group Holdings, Inc.		3,278		104,738
Murata Manufacturing Co. Ltd.		4,601		261,359
NEC Corp.		1,960		70,395
Nexon Co. Ltd.		3,361		80,691
Nidec Corp.		3,804		209,539
Nintendo Co. Ltd. - ADR (a)		33,525		361,064
Nippon Paint Holdings Co. Ltd.		7,646		69,138
Nippon Steel Corp.		6,807		140,936
Nippon Telegraph & Telephone Corp.		8,557		255,859
Nippon Yusen KK (a)		3,660		86,463
Nissan Chemical Corp.		1,012		47,426
Nissan Motor Co. Ltd.		16,932		60,267
Nissin Foods Holdings Co. Ltd.		594		46,365
Nitori Holdings Co. Ltd.		627		82,370
Nitto Denko Corp.		1,070		68,722
Nomura Holdings, Inc.		21,536		85,654
Nomura Research Institute Ltd.		3,197		76,140
NTT Data Corp.		4,621		71,109
Obic Co. Ltd.		475		75,721
Olympus Corp.		9,205		171,739
Omron Corp.		1,477		84,650
Ono Pharmaceutical Co. Ltd.		3,417		74,121
Oracle Corp Japan		240		16,336
Oriental Land Co. Ltd./Japan		1,669		276,703
Orix Corp.		8,567		149,732
Osaka Gas Co. Ltd.		2,992		48,156
Otsuka Holdings Co. Ltd.		3,994		127,585
Pan Pacific International Holdings Corp.		3,822		70,294
Panasonic Holdings Corp.		16,692		153,885
Rakuten Group, Inc. (c)		6,594		33,283
Recruit Holdings Co. Ltd.		12,139		386,463
Renesas Electronics Corp. (c)		10,065		102,804
Resona Holdings, Inc.		17,195		94,875
Rohm Co. Ltd.		627		49,759
Secom Co. Ltd.		1,545		91,645
Sekisui House Ltd.		4,907		92,399
Seven & i Holdings Co. Ltd.		5,714		268,964
SG Holdings Co. Ltd.		3,488		53,540
Shimadzu Corp.		1,978		60,329
Shimano, Inc.		602		106,326
Shin-Etsu Chemical Co. Ltd.		2,992		438,462
Shionogi & Co. Ltd.		2,031		96,475
Shiseido Co. Ltd.		2,863		147,654
SMC Corp.		435		218,394
SoftBank Corp.		19,877		226,998
SoftBank Group Corp.		8,514		401,875
Sompo Holdings, Inc.		2,494		107,010
Sony Group Corp. - ADR		9,130		816,770
Subaru Corp.		4,409		72,199
Sumitomo Corp.		8,962		159,941
Sumitomo Electric Industries Ltd.		5,686		67,905
Sumitomo Metal Mining Co. Ltd.		1,960		79,023
Sumitomo Mitsui Financial Group, Inc. - ADR (a)		49,712		435,477
Sumitomo Mitsui Trust Holdings, Inc.		2,691		97,890
Sumitomo Realty & Development Co. Ltd.		3,417		82,849
Suntory Beverage & Food Ltd.		908		30,554
Suzuki Motor Corp.		3,518		130,785
Sysmex Corp.		1,214		79,845
Taiyo Nippon Sanso Corp.		1,525		24,685
Takeda Pharmaceutical Co. Ltd. - ADR (a)		22,453		354,757
TDK Corp.		2,790		98,705
Terumo Corp.		5,441		157,296
The Kansai Electric Power Co., Inc.		5,916		56,722
TIS, Inc.		1,636		46,881
Toho Co. Ltd./Tokyo		908		33,379
Tokio Marine Holdings, Inc.		14,615		304,729
Tokyo Electron Ltd.		1,123		389,705
Tokyo Gas Co. Ltd.		2,934		61,288
Tokyu Corp.		4,472		57,306
Toray Industries, Inc.		11,681		71,415
Toshiba Corp.		3,106		106,401
Toyota Industries Corp.		1,467		88,697
Toyota Motor Corp. - ADR (a)		9,049		1,331,198
Toyota Tsusho Corp.		1,707		71,603
Trend Micro, Inc. (c)		1,009		49,533
Unicharm Corp.		3,164		120,323
West Japan Railway Co.		1,750		73,071
Yakult Honsha Co. Ltd.		1,143		81,314
Yamaha Corp.		1,234		47,591
Yamaha Motor Co. Ltd.		2,509		61,393
Yaskawa Electric Corp.		1,912		73,886
Z Holdings Corp.		19,035		54,327
ZOZO, Inc.		809		20,821
				23,239,342
Luxembourg - 0.2%
ArcelorMittal		4,085		125,946
Tenaris SA - ADR		1,659		58,812
				184,758
Netherlands - 5.9%
Adyen NV - ADR (c)		22,210		334,038
Argenx SE - ADR (c)		402		153,664
ASML Holding NV		2,921		1,930,314
Davide Campari-Milano NV		3,832		40,943
Exor NV (c)		837		66,316
Ferrari NV		918		228,442
Heineken NV		1,697		168,881
ING Groep NV - ADR (a)		27,111		391,212
Koninklijke Ahold Delhaize NV		7,485		222,840
Koninklijke DSM NV		1,252		160,202
Prosus NV		8,302		666,261
Shell PLC - ADR		25,273		1,486,305
Stellantis NV		15,488		242,059
STMicroelectronics NV		4,702		220,368
Universal Music Group NV		5,451		139,084
Wolters Kluwer NV		1,889		205,670
				6,656,599
New Zealand - 0.3%
Auckland International Airport Ltd. (c)		8,648		47,516
EBOS Group Ltd.		1,143		31,770
Fisher & Paykel Healthcare Corp. Ltd.		4,138		67,565
Infratil Ltd.		5,188		29,779
Mainfreight Ltd.		617		28,496
Mercury NZ Ltd.		4,652		18,027
Meridian Energy Ltd.		8,676		29,892
Spark New Zealand Ltd.		13,401		45,088
Xero Ltd. (c)		999		54,155
				352,288
Norway - 0.7%
Adevinta ASA (c)		1,922		16,386
Aker BP ASA		2,223		67,526
DNB Bank ASA		6,442		120,010
Equinor ASA - ADR (a)		7,505		228,377
Gjensidige Forsikring ASA		1,363		24,429
Mowi ASA		3,265		60,203
Norsk Hydro ASA		9,781		78,725
Orkla ASA		5,380		40,112
Salmar ASA		435		20,151
Telenor ASA		4,611		48,205
Var Energi ASA		2,863		8,674
Yara International ASA		1,171		51,854
				764,652
Portugal - 0.1%
EDP - Energias de Portugal SA		21,010		104,109
Singapore - 1.2%
Capitaland Investment Ltd/Singapore		17,580		52,989
DBS Group Holdings Ltd.		13,067		355,966
Jardine Cycle & Carriage Ltd.		708		15,650
Keppel Corp. Ltd.		9,971		57,300
Oversea-Chinese Banking Corp. Ltd.		28,993		285,340
Sea Ltd. - ADR (c)		2,580		166,281
Singapore Airlines Ltd.		9,356		42,158
Singapore Technologies Engineering Ltd.		11,157		31,251
Singapore Telecommunications Ltd.		50,827		97,104
United Overseas Bank Ltd.		11,036		250,574
Wilmar International Ltd.		22,406		69,411
				1,424,024
South Korea - 0.3%
Coupang, Inc. (c)		7,300		123,297
KB Financial Group, Inc. - ADR		2,802		128,416
POSCO Holdings, Inc. - ADR		2,033		125,863
				377,576
Spain - 1.9%
Amadeus IT Holding SA (c)		3,225		202,299
Banco Bilbao Vizcaya Argentaria SA - ADR		43,284		305,585
Banco Santander SA - ADR		120,024		414,083
CaixaBank SA		31,166		137,798
Cellnex Telecom SA (b)		4,085		159,343
EDP Renovaveis SA		1,515		32,850
Iberdrola SA		41,349		483,013
Industria de Diseno Textil SA		8,031		249,877
Naturgy Energy Group SA		1,325		37,452
Telefonica SA		40,359		152,996
				2,175,296
Sweden - 2.7%
Alfa Laval AB		2,102		65,728
Assa Abloy AB - Class B		7,100		166,610
Atlas Copco AB - Class B		11,180		117,321
Atlas Copco AB - Class A		18,268		215,458
Boliden AB		1,960		87,620
Embracer Group AB (c)		5,864		27,218
Epiroc AB - Class A		4,482		86,960
Epiroc AB - Class B		2,790		46,408
EQT AB		2,367		52,942
Essity AB - Class B		4,320		112,651
Evolution AB (b)		1,373		153,638
H & M Hennes & Mauritz AB - Class B		5,127		62,813
Hexagon AB		15,235		173,728
Industrivarden AB - Class A		1,305		34,442
Industrivarden AB - Class C		1,224		32,129
Investment AB Latour - Class B		981		20,600
Investor AB - Class A		4,024		79,998
Investor AB - Class B		13,047		252,454
L E Lundbergforetagen AB - Class B		455		20,984
Nibe Industrier AB		10,985		118,016
Sandvik AB		7,818		161,031
Skandinaviska Enskilda Banken AB - Class A		12,187		147,012
Spotify Technology SA (c)		1,009		113,734
Svenska Cellulosa AB SCA - Class B		4,297		59,457
Svenska Handelsbanken AB - Class A		11,003		114,527
Swedbank AB		6,564		125,787
Telefonaktiebolaget LM Ericsson - ADR (a)		21,916		126,455
Telia Co. AB		17,570		45,330
Volvo AB - Class A		1,373		28,438
Volvo AB - Class B (c)		11,370		224,897
Volvo Car AB		3,842		19,053
				3,093,439
Switzerland - 8.5%
ABB Ltd. - ADR (a)		12,258		427,191
Alcon, Inc.		3,579		268,415
Cie Financiere Richemont SA - Class A		3,741		573,715
Givaudan SA		58		187,272
Glencore PLC		86,678		578,331
Holcim AG		4,057		241,337
Kuehne + Nagel International AG		412		97,926
Lonza Group AG		536		304,211
Nestle SA - ADR		19,688		2,406,169
Novartis AG - ADR		17,185		1,557,305
Roche Holding AG - ADR		42,099		1,648,176
Sika AG		1,110		313,783
UBS Group AG		25,825		548,376
Zurich Insurance Group AG		1,080		533,453
				9,685,660
United Kingdom - 10.3%
Anglo American PLC		9,579		409,375
Ashtead Group PLC		3,215		210,626
Associated British Foods PLC		2,557		58,508
AstraZeneca PLC - ADR		22,121		1,446,050
BAE Systems PLC		23,094		243,943
Barclays PLC - ADR (a)		26,556		246,440
BP PLC - ADR		21,764		788,510
British American Tobacco PLC - ADR		15,690		603,908
BT Group PLC		49,960		76,776
CNH Industrial NV		7,138		126,485
Coca-Cola European Partners PLC (a)		1,444		81,182
Compass Group PLC		12,784		304,340
Diageo PLC - ADR (a)		4,115		727,738
GSK PLC - ADR		14,077		496,355
Haleon PLC - ADR (a)(c)		18,381		148,886
HSBC Holdings PLC - ADR (a)		28,412		1,049,539
Imperial Brands PLC		6,877		172,194
Legal & General Group PLC		42,759		133,897
Lloyds Banking Group PLC - ADR		120,753		312,750
London Stock Exchange Group PLC		2,466		225,157
National Grid PLC - ADR		5,542		353,413
NatWest Group PLC		36,225		137,553
Prudential PLC - ADR (a)		9,852		328,564
Reckitt Benckiser Group PLC		5,279		375,523
RELX PLC - ADR		14,097		418,822
Rio Tinto PLC - ADR (a)		7,497		594,887
SSE PLC		7,505		159,467
Standard Chartered PLC		17,780		148,881
Tesco PLC		53,637		162,605
Unilever PLC - ADR		18,754		958,329
Vodafone Group PLC - ADR		18,932		219,233
				11,719,936
United States - 0.2%
Waste Connections, Inc.		1,839		244,403
TOTAL COMMON STOCKS (Cost $99,230,345)				107,263,875
EXCHANGE TRADED FUNDS - 4.5%
United States - 4.5%
iShares MSCI South Korea ETF (a)		80,769		5,126,409
TOTAL EXCHANGE TRADED FUNDS (Cost $4,875,823)				5,126,409
PREFERRED STOCKS - 0.4%
Bermuda - 0.0%
Brookfield Property Preferred LP(c)(d)		31		590
Germany - 0.4%
Bayerische Motoren Werke AG		430		40,553
Dr Ing hc F Porsche AG (c)		392		46,452
Henkel AG & Co. KGaA		1,282		91,149
Sartorius AG		192		85,643
Volkswagen AG		1,315		181,473
				445,270
TOTAL PREFERRED STOCKS (Cost $443,486)				445,860
REAL ESTATE INVESTMENT TRUSTS - 0.4%
Australia - 0.2%
Goodman Group		12,177		171,645
Hong Kong - 0.1%
Link REIT		15,121		120,912
Japan - 0.0% (d)
Nippon Building Fund, Inc.		10		43,560
Singapore - 0.1%
CapitaLand Ascendas REIT		24,063		52,749
CapitaLand Integrated Commercial Trust		36,053		58,725
				111,474
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $405,313)				447,591
SHORT-TERM INVESTMENTS- 0.1%	Principal Amount
Money Market Deposit Accounts - 0.1%
U.S. Bank Money Market Deposit Account, 3.300% (e)	$	82,367		82,367
TOTAL SHORT-TERM INVESTMENTS (Cost $82,367)				82,367
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.5%	Shares
Mount Vernon Liquid Assets Portfolio, LLC, 4.530% (e)		13,090,404		13,090,404
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,090,404)				13,090,404
Total Investments (Cost $118,127,738) - 111.2%				126,456,506
Liabilities in Excess of Other Assets - (11.2)%				(12,756,947	)
TOTAL NET ASSETS - 100.0%			$	113,699,559

Percentages are stated as a percent of net assets.
(a)	All or a portion of this security is on loan as of January 31, 2023.  The total value of securities on loan is $12,863,000 or 11.3% of net assets.
(b)	Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund's liquidity guidelines.  The value of those securities total $1,363,409, or 1.20% of total net assets.
(c)	Non-income producing security.
(d)	Less than 0.05%.
(e)	The rate shown is as of January 31, 2023.
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, 2023 (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 principals 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, 2023:

Description^	Level 1	Level 2	Level 3	Investments Measured at Net Asset Value	Total
Common Stock	$     107,263,875	$                    -	$           -	$                -	$ 107,263,875
Exchange Traded Funds	5,126,409	-	-	-	5,126,409
Preferred Stock	445,860	-	-	-	445,860
Real Estate Investment Trusts	447,591	-	-	-	447,591
Short-Term Investments	82,367	-	-	-	82,367
Investments Purchased with Proceeds from Securities Lending	-	-	-	13,090,404	13,090,404
Total Investments in Securities	$      113,366,102	$                    -	$           -	$ 13,090,404	$ 126,456,506

^ See the Schedules of Investments for country breakouts.