OUSA

O’Shares FTSE U.S. Quality Dividend ETF

Why OUSA for Large Cap Quality Dividends?

Quality Advantages. Seek companies with strong balance sheets and profitability, for long-term investors.
Performance. High Quality Dividend paying companies provide a performance alternative to value investing.
Diversified Portfolio. Over 100 major companies selected according to measures of financial quality.

Fund Investment Objective

The Fund seeks to track the performance (before fees and expenses) of its target index, the FTSE USA Qual/Vol/Yield Factor 5% Capped Index (the “Target Index”).

The Target Index is designed to measure the performance of publicly-listed large-capitalization and mid-capitalization dividend-paying issuers in the United States that meet certain market capitalization, liquidity, high quality, low volatility and dividend yield thresholds, as determined by FTSE Russell (the “Index Provider”). The high quality and low volatility requirements are designed to reduce exposure to high dividend equities that have experienced large price declines.

FUND & MARKET DATA

MARKET DATA AS OF	08/16/2019
NAV Price	$33.70
NAV Price Change	$0.39
Premium/Discount	$-0.02
Market Price	$33.68
Market Price Change	$0.38
Shares Outstanding	15,200,000
Volume	57,961
Total Net Assets	$512,267,360

Profile
Symbol	OUSA
Listing Exchange	NYSE/ARCA
Inception Date	7/14/2015
CUSIP	67110P407
Target Index Provider	FTSE Russell
Target Index Symbol	FUSYQVCF
IOPV Ticker	OUSA.IV
Expense Ratio	0.48%
30-Day SEC Yield¹ (as of 7/31/2019)	2.56%

1. The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield. The 30-day SEC yield is as of the prior month end.

IOPV = Indicative Optimized Portfolio Value (IOPV) is an estimated fair value based on most recent intraday price of underlying assets.

There are risks involved with investing, including possible loss of principal. Concentration in a particular industry or sector will subject the Funds to loss due to adverse occurrences that may affect that industry or sector. The Fund may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend after the Fund’s purchase of such a company’s securities. See the prospectus for specific risks regarding the Fund.

PERFORMANCE

Monthly Performance (as of 07/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	0.93%	1.57%	9.97%	11.13%	0.93%	16.10%	10.92%
Market Value	0.96%	1.51%	9.77%	11.10%	0.96%	16.07%	10.91%

Quarterly Performance (as of 06/30/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	5.83%	2.04%	15.03%	14.31%	2.04%	15.03%	10.89%
Market Value	5.77%	1.98%	14.96%	14.16%	1.98%	14.96%	10.88%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns beyond 1 year are annualized.

Shares of the Funds are not individually redeemable and the owners of Shares may purchase or redeem Shares from each Fund in Creation Units only. The purchase and sale price of individual Shares trading on an Exchange may be below, at or above the most recently calculated NAV for such Shares.

Market Price returns are generally based on market value at 4:00PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods. Absent these waivers, results would have been less favorable.

HOLDINGS

DOWNLOAD HOLDINGS

Name (as of 08/16/2019)	Ticker	Sector	Fund Weight
Procter & Gamble	PG	Consumer Goods	5.12%
Johnson & Johnson	JNJ	Health Care	4.74%
Exxon Mobil Corporation	XOM	Energy	4.60%
Cisco Systems	CSCO	Technology	4.21%
Home Depot	HD	Consumer Services	3.15%
Intel Corp	INTC	Technology	3.08%
Chevron	CVX	Energy	2.85%
Merck & Co	MRK	Health Care	2.40%
AT&T	T	Telecommunications	2.34%
Pepsico	PEP	Consumer Goods	2.33%
Philip Morris International	PM	Consumer Goods	2.31%
Starbucks	SBUX	Consumer Services	2.23%
Texas Instruments	TXN	Technology	2.16%
Pfizer	PFE	Health Care	2.14%
Verizon Communications	VZ	Telecommunications	2.00%
International Bus Machns.	IBM	Technology	1.83%
McDonalds Corp	MCD	Consumer Services	1.83%
Public Storage	PSA	Financials	1.77%
Coca-Cola	KO	Consumer Goods	1.75%
Boeing	BA	Industrials	1.71%
Walmart	WMT	Consumer Services	1.63%
Marsh & Mclennan	MMC	Financials	1.54%
Simon Property Group	SPG	Financials	1.36%
Disney (Walt) Company	DIS	Consumer Services	1.33%
Altria Group	MO	Consumer Goods	1.33%
Lockheed Martin Corp	LMT	Industrials	1.31%
Accenture Cl A	ACN	Industrials	1.18%
Amgen Corp	AMGN	Health Care	1.15%
3M Company	MMM	Industrials	1.12%
Prologis	PLD	Financials	1.07%
Lilly (Eli) & Co	LLY	Health Care	0.95%
Medtronic plc	MDT	Health Care	0.94%
Colgate-Palmolive	CL	Consumer Goods	0.93%
Honeywell International Incorporatio	HON	Industrials	0.90%
Union Pacific Corp	UNP	Industrials	0.86%
NextEra Energy Inc	NEE	Utilities	0.83%
Price (T. Rowe) Group	TROW	Financials	0.82%
Bristol Myers Squibb	BMY	Health Care	0.80%
Automatic Data Process	ADP	Industrials	0.79%
AbbVie Inc	ABBV	Health Care	0.70%
Kimberly-Clark	KMB	Consumer Goods	0.69%
Southern Co	SO	Utilities	0.67%
Duke Energy Corp	DUK	Utilities	0.65%
United Technologies	UTX	Industrials	0.59%
Avalonbay Communities	AVB	Financials	0.59%
General Dynamics Corp	GD	Industrials	0.58%
TJX Companies	TJX	Consumer Services	0.55%
Illinois Tool Wks	ITW	Industrials	0.51%
Waste Mgmt Inc	WM	Industrials	0.51%
Paychex	PAYX	Industrials	0.50%
Lowes Cos Inc	LOW	Consumer Services	0.50%
CVS Health Corporation	CVS	Consumer Services	0.49%
Dominion Energy	D	Utilities	0.47%
Linde plc	LIN	Basic Materials	0.45%
Raytheon	RTN	Industrials	0.44%
American Elec Power Com	AEP	Utilities	0.43%
Walgreens Boots Alliance	WBA	Consumer Services	0.43%
Cons Edison Holding	ED	Utilities	0.42%
CASHUSD	CASHUSD	Cash	0.40%
Occidental Petroleum	OXY	Energy	0.38%
Emerson Electric	EMR	Industrials	0.37%
Target Corp	TGT	Consumer Services	0.37%
Exelon Corporation	EXC	Utilities	0.37%
Sempra Energy	SRE	Utilities	0.36%
Extra Space Storage	EXR	Financials	0.36%
Air Products And Chemcom	APD	Basic Materials	0.35%
Hershey Company	HSY	Consumer Goods	0.31%
XCEL Energy	XEL	Utilities	0.31%
Phillips 66	PSX	Energy	0.30%
Sysco Corp	SYY	Consumer Services	0.30%
Cummins	CMI	Industrials	0.29%
WEC Energy Group	WEC	Utilities	0.28%
MSCI	MSCI	Financials	0.28%
Xilinx	XLNX	Technology	0.28%
Schlumberger	SLB	Energy	0.28%
Public Svc Enterprise Group	PEG	Utilities	0.28%
Eaton Corp PLC	ETN	Industrials	0.26%
Edison International	EIX	Utilities	0.26%
Yum Brands	YUM	Consumer Services	0.26%
DTE Energy	DTE	Utilities	0.25%
FNF Group	FNF	Financials	0.24%
Franklin Resources	BEN	Financials	0.24%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.24%
Arthur J Gallagher	AJG	Financials	0.24%
TE Connectivity	TEL	Industrials	0.23%
KLA Corporation	KLAC	Technology	0.22%
Eversource Energy	ES	Utilities	0.21%
Clorox	CLX	Consumer Goods	0.21%
Ingersoll-Rand	IR	Industrials	0.21%
Maxim Integrated Prod.	MXIM	Technology	0.20%
Entergy Corp	ETR	Utilities	0.20%
VF Corp	VFC	Consumer Goods	0.20%
Carnival Corp A	CCL	Consumer Services	0.19%
PPL Corporation	PPL	Utilities	0.19%
Fastenal Co	FAST	Industrials	0.19%
Ameren Corp	AEE	Utilities	0.18%
Host Hotels & Resorts	HST	Financials	0.18%
Darden Restaurants	DRI	Consumer Services	0.18%
Paccar	PCAR	Industrials	0.18%
Evergy	EVRG	Utilities	0.18%
Firstenergy Corp.	FE	Utilities	0.17%
Omnicom Group	OMC	Consumer Services	0.17%
American Water Works Company	AWK	Utilities	0.16%
Rockwell Automation	ROK	Industrials	0.15%
CMS Energy Corp	CMS	Utilities	0.15%
Kellogg	K	Consumer Goods	0.13%
Hasbro	HAS	Consumer Goods	0.13%
Republic Services	RSG	Industrials	0.13%
Parker-Hannifin	PH	Industrials	0.13%
Amdocs	DOX	Technology	0.13%
Liberty Property Trust	LPT	Financials	0.13%
Federal Realty Invs	FRT	Financials	0.13%
CenterPoint Energy	CNP	Utilities	0.12%
Alliant Energy	LNT	Utilities	0.11%
Pinnacle West Capital Corp	PNW	Utilities	0.11%
Hormel Foods	HRL	Consumer Goods	0.11%
Garmin Ltd	GRMN	Consumer Goods	0.10%
J M Smucker	SJM	Consumer Goods	0.10%
ConAgra Brands Inc	CAG	Consumer Goods	0.09%
Campbell Soup	CPB	Consumer Goods	0.09%
Cardinal Health	CAH	Health Care	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.09%
Interpublic Group Cos	IPG	Consumer Services	0.08%
Expeditors Intl Washington	EXPD	Industrials	0.08%
Intl Flavours & Fragrances	IFF	Basic Materials	0.06%
Snap-On Inc	SNA	Industrials	0.06%
Packaging Corp of America	PKG	Industrials	0.06%
Molson Coors CL B	TAP	Consumer Goods	0.05%
Gentex Corp	GNTX	Consumer Goods	0.05%
Leggett & Platt	LEG	Consumer Goods	0.05%
Bunge	BG	Consumer Goods	0.05%
Block (H & R) NPV	HRB	Consumer Services	0.04%
Ingredion	INGR	Consumer Goods	0.04%
Autoliv	ALV	Consumer Goods	0.04%
Avangrid	AGR	Utilities	0.03%
MDU Resources	MDU	Industrials	0.03%
Kontoor Brands	KTB	Consumer Goods	0.01%
Southern Copper Corp.	SCCO	Basic Materials	0.01%

Holdings subject to change.

SECTORS

Sector Allocation (as of 07/31/2019)	Weight
Consumer Goods	15.77%
Health Care	13.65%
Consumer Services	13.59%
Industrials	13.57%
Technology	13.23%
Energy	8.91%
Financials	8.82%
Utilities	6.97%
Telecommunications	4.15%
Basic Materials	1.15%
Cash	0.17%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
7/30/2019	7/31/2019	8/2/2019	0.059927
6/27/2019	6/28/2019	7/2/2019	0.052483
5/30/2019	5/31/2019	6/4/2019	0.049536
4/26/2019	4/30/2019	5/2/2019	0.069547
3/28/2019	3/29/2019	4/2/2019	0.070789
2/27/2019	2/28/2019	3/4/2019	0.080658
1/30/2019	1/31/2019	2/4/2019	0.042709
12/27/2018	12/28/2018	1/3/2019	0.115449
11/29/2018	11/30/2018	12/4/2018	0.077441
10/30/2018	10/31/2018	11/2/2018	0.081878
9/27/2018	9/28/2018	10/2/2018	0.107168
8/29/2018	8/31/2018	9/5/2018	0.0759
7/30/2018	7/31/2018	8/2/2018	0.062
6/26/2018	6/27/2018	6/29/2018	0.072
5/30/2018	5/31/2018	6/4/2018	0.072
4/27/2018	4/30/2018	5/2/2018	0.070
3/27/2018	3/29/2018	4/3/2018	0.079
2/27/2018	2/28/2018	3/2/2018	0.061
1/30/2018	1/31/2018	2/2/2018	0.046
12/22/2017	12/26/2017	12/29/2017	0.144
11/15/2017	11/16/2017	11/21/2017	0.069
10/16/2017	10/17/2017	10/20/2017	0.070
9/15/2017	9/18/2017	9/21/2017	0.060
8/15/2017	8/17/2017	8/21/2017	0.026
7/17/2017	7/19/2017	7/21/2017	0.029
6/15/2017	6/19/2017	6/21/2017	0.065
5/12/2017	5/17/2017	5/19/2017	0.019
4/17/2017	4/19/2017	4/21/2017	0.060
3/15/2017	3/17/2017	3/21/2017	0.074
2/15/2017	2/17/2017	2/22/2017	0.043
1/17/2017	1/19/2017	1/23/2017	0.026
12/23/2016	12/28/2016	12/30/2016	0.093
11/15/2016	11/17/2016	11/21/2016	0.067
10/17/2016	10/19/2016	10/21/2016	0.066
9/15/2016	9/19/2016	9/21/2016	0.061
8/15/2016	8/17/2016	8/19/2016	0.026
7/15/2016	7/19/2016	7/21/2016	0.040
6/15/2016	6/17/2016	6/21/2016	0.099
5/16/2016	5/18/2016	5/20/2016	0.018
4/15/2016	4/19/2016	4/21/2016	0.047
3/15/2016	3/17/2016	3/21/2016	0.073
2/16/2016	2/18/2016	2/22/2016	0.022
1/15/2016	1/20/2016	1/22/2016	0.024
12/24/2015	12/29/2015	12/31/2015	0.091
11/16/2015	11/18/2015	11/20/2015	0.049
10/15/2015	10/19/2015	10/21/2015	0.059
9/15/2015	9/17/2015	9/21/2015	0.069
8/17/2015	8/19/2015	8/21/2015	0.024

PREMIUM DISCOUNT

Date	Days	< -0.5%	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2019	124	0	62	0	62	0
6/30/2019	63	0	20	0	43	0
3/31/2019	61	0	42	0	19	0
2018	251	1	130	1	118	1
12/31/2018	63	1	22	0	39	1
9/30/2018	63	0	46	0	17	0
6/30/2018	64	0	41	0	23	0
3/31/2018	61	0	21	1	39	0
2017	252	25	100	0	111	16
12/31/2017	63	1	26	0	36	0
9/30/2017	63	1	30	0	32	0
6/30/2017	63	22	14	0	11	16
3/31/2017	63	1	30	0	32	0
2016	252	1	117	1	133	0
12/31/2016	63	1	30	0	32	0
9/30/2016	64	0	26	1	37	0
6/30/2016	64	0	31	0	33	0
3/31/2016	61	0	30	0	31	0
2015	121	3	44	0	74	0
12/31/2015	64	2	23	0	39	0
9/30/2015	57	1	21	0	35	0

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund’s reported Net Asset Value. The amount that the Fund’s market price is above the reported NAV is called the premium. The amount that the Fund’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

INVESTOR RESOURCES

Investor Materials
Fact Sheet
Prospectus
Summary Prospectus
SAI
Semi-Annual Report
Annual Report

OUSA RESEARCH | NEWS

Fund & Market Data

Profile
Symbol	OUSA
Listing Exchange	NYSE/ARCA
Inception Date	7/14/2015
CUSIP	67110P407
Target Index Provider	FTSE Russell
Target Index Symbol	FUSYQVCF
IOPV Ticker	OUSA.IV
Expense Ratio	0.48%
30-Day SEC Yield¹ (as of 7/31/2019)	2.56%

MARKET DATA AS OF	08/16/2019
NAV Price	$33.70
NAV Price Change	$0.39
Premium/Discount	$-0.02
Market Price	$33.68
Market Price Change	$0.38
Shares Outstanding	15,200,000
Volume	57,961
Total Net Assets	$512,267,360

1. The 30-day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. A fund’s actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield. The 30-day SEC yield is as of the prior month end.

IOPV = Indicative Optimized Portfolio Value (IOPV) is an estimated fair value based on most recent intraday price of underlying assets.

There are risks involved with investing, including possible loss of principal. Concentration in a particular industry or sector will subject the Funds to loss due to adverse occurrences that may affect that industry or sector. The Fund may use derivatives which may involve risks different from, or greater than, those associated with more traditional investments. The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend after the Fund’s purchase of such a company’s securities. See the prospectus for specific risks regarding the Fund.

Performance

Monthly Performance (as of 07/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	0.93%	1.57%	9.97%	11.13%	0.93%	16.10%	10.92%
Market Value	0.96%	1.51%	9.77%	11.10%	0.96%	16.07%	10.91%

Quarterly Performance (as of 06/30/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	5.83%	2.04%	15.03%	14.31%	2.04%	15.03%	10.89%
Market Value	5.77%	1.98%	14.96%	14.16%	1.98%	14.96%	10.88%

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns beyond 1 year are annualized.

Shares of the Funds are not individually redeemable and the owners of Shares may purchase or redeem Shares from each Fund in Creation Units only. The purchase and sale price of individual Shares trading on an Exchange may be below, at or above the most recently calculated NAV for such Shares.

Market Price returns are generally based on market value at 4:00PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods. Absent these waivers, results would have been less favorable.

Holdings

DOWNLOAD HOLDINGS

Name (as of 08/16/2019)	Ticker	Sector	Fund Weight
Procter & Gamble	PG	Consumer Goods	5.12%
Johnson & Johnson	JNJ	Health Care	4.74%
Exxon Mobil Corporation	XOM	Energy	4.60%
Cisco Systems	CSCO	Technology	4.21%
Home Depot	HD	Consumer Services	3.15%
Intel Corp	INTC	Technology	3.08%
Chevron	CVX	Energy	2.85%
Merck & Co	MRK	Health Care	2.40%
AT&T	T	Telecommunications	2.34%
Pepsico	PEP	Consumer Goods	2.33%
Philip Morris International	PM	Consumer Goods	2.31%
Starbucks	SBUX	Consumer Services	2.23%
Texas Instruments	TXN	Technology	2.16%
Pfizer	PFE	Health Care	2.14%
Verizon Communications	VZ	Telecommunications	2.00%
International Bus Machns.	IBM	Technology	1.83%
McDonalds Corp	MCD	Consumer Services	1.83%
Public Storage	PSA	Financials	1.77%
Coca-Cola	KO	Consumer Goods	1.75%
Boeing	BA	Industrials	1.71%
Walmart	WMT	Consumer Services	1.63%
Marsh & Mclennan	MMC	Financials	1.54%
Simon Property Group	SPG	Financials	1.36%
Disney (Walt) Company	DIS	Consumer Services	1.33%
Altria Group	MO	Consumer Goods	1.33%
Lockheed Martin Corp	LMT	Industrials	1.31%
Accenture Cl A	ACN	Industrials	1.18%
Amgen Corp	AMGN	Health Care	1.15%
3M Company	MMM	Industrials	1.12%
Prologis	PLD	Financials	1.07%
Lilly (Eli) & Co	LLY	Health Care	0.95%
Medtronic plc	MDT	Health Care	0.94%
Colgate-Palmolive	CL	Consumer Goods	0.93%
Honeywell International Incorporatio	HON	Industrials	0.90%
Union Pacific Corp	UNP	Industrials	0.86%
NextEra Energy Inc	NEE	Utilities	0.83%
Price (T. Rowe) Group	TROW	Financials	0.82%
Bristol Myers Squibb	BMY	Health Care	0.80%
Automatic Data Process	ADP	Industrials	0.79%
AbbVie Inc	ABBV	Health Care	0.70%
Kimberly-Clark	KMB	Consumer Goods	0.69%
Southern Co	SO	Utilities	0.67%
Duke Energy Corp	DUK	Utilities	0.65%
United Technologies	UTX	Industrials	0.59%
Avalonbay Communities	AVB	Financials	0.59%
General Dynamics Corp	GD	Industrials	0.58%
TJX Companies	TJX	Consumer Services	0.55%
Illinois Tool Wks	ITW	Industrials	0.51%
Waste Mgmt Inc	WM	Industrials	0.51%
Paychex	PAYX	Industrials	0.50%
Lowes Cos Inc	LOW	Consumer Services	0.50%
CVS Health Corporation	CVS	Consumer Services	0.49%
Dominion Energy	D	Utilities	0.47%
Linde plc	LIN	Basic Materials	0.45%
Raytheon	RTN	Industrials	0.44%
American Elec Power Com	AEP	Utilities	0.43%
Walgreens Boots Alliance	WBA	Consumer Services	0.43%
Cons Edison Holding	ED	Utilities	0.42%
CASHUSD	CASHUSD	Cash	0.40%
Occidental Petroleum	OXY	Energy	0.38%
Emerson Electric	EMR	Industrials	0.37%
Target Corp	TGT	Consumer Services	0.37%
Exelon Corporation	EXC	Utilities	0.37%
Sempra Energy	SRE	Utilities	0.36%
Extra Space Storage	EXR	Financials	0.36%
Air Products And Chemcom	APD	Basic Materials	0.35%
Hershey Company	HSY	Consumer Goods	0.31%
XCEL Energy	XEL	Utilities	0.31%
Phillips 66	PSX	Energy	0.30%
Sysco Corp	SYY	Consumer Services	0.30%
Cummins	CMI	Industrials	0.29%
WEC Energy Group	WEC	Utilities	0.28%
MSCI	MSCI	Financials	0.28%
Xilinx	XLNX	Technology	0.28%
Schlumberger	SLB	Energy	0.28%
Public Svc Enterprise Group	PEG	Utilities	0.28%
Eaton Corp PLC	ETN	Industrials	0.26%
Edison International	EIX	Utilities	0.26%
Yum Brands	YUM	Consumer Services	0.26%
DTE Energy	DTE	Utilities	0.25%
FNF Group	FNF	Financials	0.24%
Franklin Resources	BEN	Financials	0.24%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.24%
Arthur J Gallagher	AJG	Financials	0.24%
TE Connectivity	TEL	Industrials	0.23%
KLA Corporation	KLAC	Technology	0.22%
Eversource Energy	ES	Utilities	0.21%
Clorox	CLX	Consumer Goods	0.21%
Ingersoll-Rand	IR	Industrials	0.21%
Maxim Integrated Prod.	MXIM	Technology	0.20%
Entergy Corp	ETR	Utilities	0.20%
VF Corp	VFC	Consumer Goods	0.20%
Carnival Corp A	CCL	Consumer Services	0.19%
PPL Corporation	PPL	Utilities	0.19%
Fastenal Co	FAST	Industrials	0.19%
Ameren Corp	AEE	Utilities	0.18%
Host Hotels & Resorts	HST	Financials	0.18%
Darden Restaurants	DRI	Consumer Services	0.18%
Paccar	PCAR	Industrials	0.18%
Evergy	EVRG	Utilities	0.18%
Firstenergy Corp.	FE	Utilities	0.17%
Omnicom Group	OMC	Consumer Services	0.17%
American Water Works Company	AWK	Utilities	0.16%
Rockwell Automation	ROK	Industrials	0.15%
CMS Energy Corp	CMS	Utilities	0.15%
Kellogg	K	Consumer Goods	0.13%
Hasbro	HAS	Consumer Goods	0.13%
Republic Services	RSG	Industrials	0.13%
Parker-Hannifin	PH	Industrials	0.13%
Amdocs	DOX	Technology	0.13%
Liberty Property Trust	LPT	Financials	0.13%
Federal Realty Invs	FRT	Financials	0.13%
CenterPoint Energy	CNP	Utilities	0.12%
Alliant Energy	LNT	Utilities	0.11%
Pinnacle West Capital Corp	PNW	Utilities	0.11%
Hormel Foods	HRL	Consumer Goods	0.11%
Garmin Ltd	GRMN	Consumer Goods	0.10%
J M Smucker	SJM	Consumer Goods	0.10%
ConAgra Brands Inc	CAG	Consumer Goods	0.09%
Campbell Soup	CPB	Consumer Goods	0.09%
Cardinal Health	CAH	Health Care	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.09%
Interpublic Group Cos	IPG	Consumer Services	0.08%
Expeditors Intl Washington	EXPD	Industrials	0.08%
Intl Flavours & Fragrances	IFF	Basic Materials	0.06%
Snap-On Inc	SNA	Industrials	0.06%
Packaging Corp of America	PKG	Industrials	0.06%
Molson Coors CL B	TAP	Consumer Goods	0.05%
Gentex Corp	GNTX	Consumer Goods	0.05%
Leggett & Platt	LEG	Consumer Goods	0.05%
Bunge	BG	Consumer Goods	0.05%
Block (H & R) NPV	HRB	Consumer Services	0.04%
Ingredion	INGR	Consumer Goods	0.04%
Autoliv	ALV	Consumer Goods	0.04%
Avangrid	AGR	Utilities	0.03%
MDU Resources	MDU	Industrials	0.03%
Kontoor Brands	KTB	Consumer Goods	0.01%
Southern Copper Corp.	SCCO	Basic Materials	0.01%

Holdings subject to change.

Sector Allocation

Sector Allocation (as of 07/31/2019)	Weight
Consumer Goods	15.77%
Health Care	13.65%
Consumer Services	13.59%
Industrials	13.57%
Technology	13.23%
Energy	8.91%
Financials	8.82%
Utilities	6.97%
Telecommunications	4.15%
Basic Materials	1.15%
Cash	0.17%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
7/30/2019	7/31/2019	8/2/2019	0.059927
6/27/2019	6/28/2019	7/2/2019	0.052483
5/30/2019	5/31/2019	6/4/2019	0.049536
4/26/2019	4/30/2019	5/2/2019	0.069547
3/28/2019	3/29/2019	4/2/2019	0.070789
2/27/2019	2/28/2019	3/4/2019	0.080658
1/30/2019	1/31/2019	2/4/2019	0.042709
12/27/2018	12/28/2018	1/3/2019	0.115449
11/29/2018	11/30/2018	12/4/2018	0.077441
10/30/2018	10/31/2018	11/2/2018	0.081878
9/27/2018	9/28/2018	10/2/2018	0.107168
8/29/2018	8/31/2018	9/5/2018	0.0759
7/30/2018	7/31/2018	8/2/2018	0.062
6/26/2018	6/27/2018	6/29/2018	0.072
5/30/2018	5/31/2018	6/4/2018	0.072
4/27/2018	4/30/2018	5/2/2018	0.070
3/27/2018	3/29/2018	4/3/2018	0.079
2/27/2018	2/28/2018	3/2/2018	0.061
1/30/2018	1/31/2018	2/2/2018	0.046
12/22/2017	12/26/2017	12/29/2017	0.144
11/15/2017	11/16/2017	11/21/2017	0.069
10/16/2017	10/17/2017	10/20/2017	0.070
9/15/2017	9/18/2017	9/21/2017	0.060
8/15/2017	8/17/2017	8/21/2017	0.026
7/17/2017	7/19/2017	7/21/2017	0.029
6/15/2017	6/19/2017	6/21/2017	0.065
5/12/2017	5/17/2017	5/19/2017	0.019
4/17/2017	4/19/2017	4/21/2017	0.060
3/15/2017	3/17/2017	3/21/2017	0.074
2/15/2017	2/17/2017	2/22/2017	0.043
1/17/2017	1/19/2017	1/23/2017	0.026
12/23/2016	12/28/2016	12/30/2016	0.093
11/15/2016	11/17/2016	11/21/2016	0.067
10/17/2016	10/19/2016	10/21/2016	0.066
9/15/2016	9/19/2016	9/21/2016	0.061
8/15/2016	8/17/2016	8/19/2016	0.026
7/15/2016	7/19/2016	7/21/2016	0.040
6/15/2016	6/17/2016	6/21/2016	0.099
5/16/2016	5/18/2016	5/20/2016	0.018
4/15/2016	4/19/2016	4/21/2016	0.047
3/15/2016	3/17/2016	3/21/2016	0.073
2/16/2016	2/18/2016	2/22/2016	0.022
1/15/2016	1/20/2016	1/22/2016	0.024
12/24/2015	12/29/2015	12/31/2015	0.091
11/16/2015	11/18/2015	11/20/2015	0.049
10/15/2015	10/19/2015	10/21/2015	0.059
9/15/2015	9/17/2015	9/21/2015	0.069
8/17/2015	8/19/2015	8/21/2015	0.024

Premium Discount

Date	Days	< -0.5%	-0.5% to 0%	0	0% to 0.5%	> 0.5%
2019	124	0	62	0	62	0
6/30/2019	63	0	20	0	43	0
3/31/2019	61	0	42	0	19	0
2018	251	1	130	1	118	1
12/31/2018	63	1	22	0	39	1
9/30/2018	63	0	46	0	17	0
6/30/2018	64	0	41	0	23	0
3/31/2018	61	0	21	1	39	0
2017	252	25	100	0	111	16
12/31/2017	63	1	26	0	36	0
9/30/2017	63	1	30	0	32	0
6/30/2017	63	22	14	0	11	16
3/31/2017	63	1	30	0	32	0
2016	252	1	117	1	133	0
12/31/2016	63	1	30	0	32	0
9/30/2016	64	0	26	1	37	0
6/30/2016	64	0	31	0	33	0
3/31/2016	61	0	30	0	31	0
2015	121	3	44	0	74	0
12/31/2015	64	2	23	0	39	0
9/30/2015	57	1	21	0	35	0

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund’s reported Net Asset Value. The amount that the Fund’s market price is above the reported NAV is called the premium. The amount that the Fund’s market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

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