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	01/23/2020
NAV Price	$37.42
NAV Price Change	$0.06
Premium/Discount	$-0.01
Market Price	$37.41
Market Price Change	$-0.01
Shares Outstanding	16,450,000
Volume	57,359
Total Net Assets	$615,590,255

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 12/31/2019)	2.53%

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 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	2.76%	6.24%	8.88%	25.24%	6.24%	25.24%	11.72%
Market Value	2.64%	6.19%	8.88%	25.17%	6.19%	25.17%	11.71%

Quarterly Performance (as of 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	2.76%	6.24%	8.88%	25.24%	6.24%	25.24%	11.72%
Market Value	2.64%	6.19%	8.88%	25.17%	6.19%	25.17%	11.71%

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 01/24/2020)	Ticker	Sector	Fund Weight
Apple Inc.	AAPL	Technology	5.57%
Johnson & Johnson	JNJ	Health Care	5.05%
Exxon Mobil Corporation	XOM	Energy	4.63%
Procter & Gamble	PG	Consumer Goods	3.68%
Home Depot	HD	Consumer Services	3.11%
Pfizer	PFE	Health Care	3.07%
Chevron	CVX	Energy	2.98%
Cisco Systems	CSCO	Technology	2.78%
Verizon Communications	VZ	Telecommunications	2.68%
Pepsico	PEP	Consumer Goods	2.67%
Intel Corp	INTC	Technology	2.63%
Merck & Co	MRK	Health Care	2.61%
Philip Morris International	PM	Consumer Goods	2.06%
AT&T	T	Telecommunications	2.05%
Coca-Cola	KO	Consumer Goods	1.98%
Unitedhealth Group	UNH	Health Care	1.80%
Amgen Corp	AMGN	Health Care	1.53%
3M Company	MMM	Industrials	1.45%
Simon Property Group	SPG	Financials	1.44%
Texas Instruments	TXN	Technology	1.41%
McDonalds Corp	MCD	Consumer Services	1.37%
Boeing	BA	Industrials	1.35%
Altria Group	MO	Consumer Goods	1.26%
Lilly (Eli) & Co	LLY	Health Care	1.23%
Public Storage	PSA	Financials	1.19%
AbbVie Inc	ABBV	Health Care	1.18%
Honeywell International Incorporatio	HON	Industrials	1.17%
Bristol Myers Squibb	BMY	Health Care	1.16%
Accenture Cl A	ACN	Industrials	1.11%
Union Pacific Corp	UNP	Industrials	1.06%
Medtronic plc	MDT	Health Care	1.05%
Marsh & Mclennan	MMC	Financials	1.03%
International Bus Machns.	IBM	Technology	0.99%
United Parcel Service	UPS	Industrials	0.93%
Starbucks	SBUX	Consumer Services	0.90%
Price (T. Rowe) Group	TROW	Financials	0.88%
Lockheed Martin Corp	LMT	Industrials	0.81%
Prologis	PLD	Financials	0.79%
Colgate-Palmolive	CL	Consumer Goods	0.77%
Oracle Corp.	ORCL	Technology	0.75%
TJX Companies	TJX	Consumer Services	0.75%
Automatic Data Process	ADP	Industrials	0.74%
Illinois Tool Wks	ITW	Industrials	0.72%
Kimberly-Clark	KMB	Consumer Goods	0.70%
Gilead Sciences	GILD	Health Care	0.69%
Lowes Cos Inc	LOW	Consumer Services	0.62%
Dominion Energy	D	Utilities	0.61%
Southern Co	SO	Utilities	0.60%
Raytheon	RTN	Industrials	0.60%
Duke Energy Corp	DUK	Utilities	0.59%
Emerson Electric	EMR	Industrials	0.52%
Avalonbay Communities	AVB	Financials	0.50%
Paychex	PAYX	Industrials	0.48%
Air Products & Chemicals Inc	APD	Basic Materials	0.47%
Walgreens Boots Alliance	WBA	Consumer Services	0.46%
Occidental Petroleum	OXY	Energy	0.45%
American Elec Power Com	AEP	Utilities	0.42%
Eaton Corp PLC	ETN	Industrials	0.41%
Phillips 66	PSX	Energy	0.40%
Exelon Corporation	EXC	Utilities	0.39%
Healthpeak Properties Inc	PEAK	Financials	0.39%
Cummins	CMI	Industrials	0.36%
Western Union	WU	Financials	0.36%
Host Hotels & Resorts	HST	Financials	0.35%
Sysco Corp	SYY	Consumer Services	0.32%
Waste Mgmt Inc	WM	Industrials	0.32%
CASHUSD	CASHUSD	Cash	0.31%
General Mills	GIS	Consumer Goods	0.28%
TE Connectivity	TEL	Industrials	0.27%
Dow Inc	DOW	Basic Materials	0.27%
Public Svc Enterprise Group	PEG	Utilities	0.26%
Clorox	CLX	Consumer Goods	0.26%
Rockwell Automation	ROK	Industrials	0.26%
PPL Corporation	PPL	Utilities	0.25%
FNF Group	FNF	Financials	0.24%
Valero Energy	VLO	Energy	0.24%
VF Corp	VFC	Consumer Goods	0.23%
XCEL Energy	XEL	Utilities	0.23%
HP	HPQ	Technology	0.22%
Cons Edison Holding	ED	Utilities	0.22%
WEC Energy Group	WEC	Utilities	0.22%
Yum Brands	YUM	Consumer Services	0.22%
DTE Energy	DTE	Utilities	0.21%
Fastenal Co	FAST	Industrials	0.21%
Eversource Energy	ES	Utilities	0.20%
W. P. Carey Inc.	WPC	Financials	0.20%
Genuine Parts	GPC	Consumer Goods	0.19%
PPG Industries	PPG	Basic Materials	0.19%
Franklin Resources	BEN	Financials	0.19%
Extra Space Storage	EXR	Financials	0.19%
Maxim Integrated Prod.	MXIM	Technology	0.18%
Carnival Corp A	CCL	Consumer Services	0.18%
Entergy Corp	ETR	Utilities	0.18%
Darden Restaurants	DRI	Consumer Services	0.18%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.17%
Garmin Ltd	GRMN	Consumer Goods	0.17%
Duke Realty Corp	DRE	Financials	0.17%
Edison International	EIX	Utilities	0.16%
Paccar	PCAR	Industrials	0.16%
Ameren Corp	AEE	Utilities	0.15%
CenterPoint Energy	CNP	Utilities	0.15%
Omnicom Group	OMC	Consumer Services	0.14%
Cardinal Health	CAH	Health Care	0.13%
C.H. Robinson Worldwide	CHRW	Industrials	0.13%
International Paper	IP	Basic Materials	0.13%
Hormel Foods	HRL	Consumer Goods	0.13%
Kellogg	K	Consumer Goods	0.12%
CMS Energy Corp	CMS	Utilities	0.12%
Park Hotels & Resorts	PK	Financials	0.11%
Dover Corp	DOV	Industrials	0.11%
Kimco Realty Cp	KIM	Financials	0.11%
Pinnacle West Capital Corp	PNW	Utilities	0.10%
Nucor Corp	NUE	Basic Materials	0.10%
Snap-On Inc	SNA	Industrials	0.10%
Tiffany & Co	TIF	Consumer Services	0.10%
Celanese	CE	Basic Materials	0.10%
Amdocs	DOX	Technology	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.09%
Leggett & Platt	LEG	Consumer Goods	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.08%
Alliant Energy	LNT	Utilities	0.08%
J M Smucker	SJM	Consumer Goods	0.08%
Atmos Energy	ATO	Utilities	0.08%
Avery Dennison Corp	AVY	Basic Materials	0.07%
Huntington Ingalls Industries	HII	Industrials	0.07%
Vail Resorts	MTN	Consumer Services	0.07%
Ingredion	INGR	Consumer Goods	0.07%
Packaging Corp of America	PKG	Industrials	0.07%
Molson Coors Beverage Company	TAP	Consumer Goods	0.06%
Eastman Chemical	EMN	Basic Materials	0.06%
Robert Half International	RHI	Industrials	0.06%
Lear Corp	LEA	Consumer Goods	0.06%
Pentair plc	PNR	Industrials	0.06%
Gentex Corp	GNTX	Consumer Goods	0.05%
Tapestry	TPR	Consumer Goods	0.05%
Autoliv	ALV	Consumer Goods	0.04%
Avnet	AVT	Industrials	0.03%
Rollins Inc	ROL	Consumer Services	0.03%
Avangrid	AGR	Utilities	0.02%
Equitrans Midstream	ETRN	Energy	0.01%

Holdings subject to change.

SECTORS

Sector Allocation (as of 12/31/2019)	Weight
Health Care	19.61%
Consumer Goods	15.04%
Technology	14.08%
Industrials	13.74%
Energy	9.34%
Consumer Services	8.27%
Financials	8.06%
Utilities	5.11%
Telecommunications	4.90%
Basic Materials	1.66%
Cash	0.20%

DISTRIBUTIONS

Ex-Dividend	Record	Payable	Distribution Per Share
12/27/2019	12/30/2019	01/03/2020	0.106313
11/27/2019	11/29/2019	12/03/2019	0.085099
10/30/2019	10/31/2019	11/04/2019	0.063451
9/27/2019	9/30/2019	10/2/2019	0.081163
8/28/2019	8/30/2019	9/4/2019	0.083196
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	252	0	112	0	139	1
12/31/2019	64	0	24	0	40	0
9/30/2019	64	0	26	0	37	1
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 12/31/2019)	2.53%

MARKET DATA AS OF	01/23/2020
NAV Price	$37.42
NAV Price Change	$0.06
Premium/Discount	$-0.01
Market Price	$37.41
Market Price Change	$-0.01
Shares Outstanding	16,450,000
Volume	57,359
Total Net Assets	$615,590,255

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 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	2.76%	6.24%	8.88%	25.24%	6.24%	25.24%	11.72%
Market Value	2.64%	6.19%	8.88%	25.17%	6.19%	25.17%	11.71%

Quarterly Performance (as of 12/31/2019)	1 MTH	3 MTH	6 MTH	1 YR	QTD	YTD	SI
NAV	2.76%	6.24%	8.88%	25.24%	6.24%	25.24%	11.72%
Market Value	2.64%	6.19%	8.88%	25.17%	6.19%	25.17%	11.71%

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 01/24/2020)	Ticker	Sector	Fund Weight
Apple Inc.	AAPL	Technology	5.57%
Johnson & Johnson	JNJ	Health Care	5.05%
Exxon Mobil Corporation	XOM	Energy	4.63%
Procter & Gamble	PG	Consumer Goods	3.68%
Home Depot	HD	Consumer Services	3.11%
Pfizer	PFE	Health Care	3.07%
Chevron	CVX	Energy	2.98%
Cisco Systems	CSCO	Technology	2.78%
Verizon Communications	VZ	Telecommunications	2.68%
Pepsico	PEP	Consumer Goods	2.67%
Intel Corp	INTC	Technology	2.63%
Merck & Co	MRK	Health Care	2.61%
Philip Morris International	PM	Consumer Goods	2.06%
AT&T	T	Telecommunications	2.05%
Coca-Cola	KO	Consumer Goods	1.98%
Unitedhealth Group	UNH	Health Care	1.80%
Amgen Corp	AMGN	Health Care	1.53%
3M Company	MMM	Industrials	1.45%
Simon Property Group	SPG	Financials	1.44%
Texas Instruments	TXN	Technology	1.41%
McDonalds Corp	MCD	Consumer Services	1.37%
Boeing	BA	Industrials	1.35%
Altria Group	MO	Consumer Goods	1.26%
Lilly (Eli) & Co	LLY	Health Care	1.23%
Public Storage	PSA	Financials	1.19%
AbbVie Inc	ABBV	Health Care	1.18%
Honeywell International Incorporatio	HON	Industrials	1.17%
Bristol Myers Squibb	BMY	Health Care	1.16%
Accenture Cl A	ACN	Industrials	1.11%
Union Pacific Corp	UNP	Industrials	1.06%
Medtronic plc	MDT	Health Care	1.05%
Marsh & Mclennan	MMC	Financials	1.03%
International Bus Machns.	IBM	Technology	0.99%
United Parcel Service	UPS	Industrials	0.93%
Starbucks	SBUX	Consumer Services	0.90%
Price (T. Rowe) Group	TROW	Financials	0.88%
Lockheed Martin Corp	LMT	Industrials	0.81%
Prologis	PLD	Financials	0.79%
Colgate-Palmolive	CL	Consumer Goods	0.77%
Oracle Corp.	ORCL	Technology	0.75%
TJX Companies	TJX	Consumer Services	0.75%
Automatic Data Process	ADP	Industrials	0.74%
Illinois Tool Wks	ITW	Industrials	0.72%
Kimberly-Clark	KMB	Consumer Goods	0.70%
Gilead Sciences	GILD	Health Care	0.69%
Lowes Cos Inc	LOW	Consumer Services	0.62%
Dominion Energy	D	Utilities	0.61%
Southern Co	SO	Utilities	0.60%
Raytheon	RTN	Industrials	0.60%
Duke Energy Corp	DUK	Utilities	0.59%
Emerson Electric	EMR	Industrials	0.52%
Avalonbay Communities	AVB	Financials	0.50%
Paychex	PAYX	Industrials	0.48%
Air Products & Chemicals Inc	APD	Basic Materials	0.47%
Walgreens Boots Alliance	WBA	Consumer Services	0.46%
Occidental Petroleum	OXY	Energy	0.45%
American Elec Power Com	AEP	Utilities	0.42%
Eaton Corp PLC	ETN	Industrials	0.41%
Phillips 66	PSX	Energy	0.40%
Exelon Corporation	EXC	Utilities	0.39%
Healthpeak Properties Inc	PEAK	Financials	0.39%
Cummins	CMI	Industrials	0.36%
Western Union	WU	Financials	0.36%
Host Hotels & Resorts	HST	Financials	0.35%
Sysco Corp	SYY	Consumer Services	0.32%
Waste Mgmt Inc	WM	Industrials	0.32%
CASHUSD	CASHUSD	Cash	0.31%
General Mills	GIS	Consumer Goods	0.28%
TE Connectivity	TEL	Industrials	0.27%
Dow Inc	DOW	Basic Materials	0.27%
Public Svc Enterprise Group	PEG	Utilities	0.26%
Clorox	CLX	Consumer Goods	0.26%
Rockwell Automation	ROK	Industrials	0.26%
PPL Corporation	PPL	Utilities	0.25%
FNF Group	FNF	Financials	0.24%
Valero Energy	VLO	Energy	0.24%
VF Corp	VFC	Consumer Goods	0.23%
XCEL Energy	XEL	Utilities	0.23%
HP	HPQ	Technology	0.22%
Cons Edison Holding	ED	Utilities	0.22%
WEC Energy Group	WEC	Utilities	0.22%
Yum Brands	YUM	Consumer Services	0.22%
DTE Energy	DTE	Utilities	0.21%
Fastenal Co	FAST	Industrials	0.21%
Eversource Energy	ES	Utilities	0.20%
W. P. Carey Inc.	WPC	Financials	0.20%
Genuine Parts	GPC	Consumer Goods	0.19%
PPG Industries	PPG	Basic Materials	0.19%
Franklin Resources	BEN	Financials	0.19%
Extra Space Storage	EXR	Financials	0.19%
Maxim Integrated Prod.	MXIM	Technology	0.18%
Carnival Corp A	CCL	Consumer Services	0.18%
Entergy Corp	ETR	Utilities	0.18%
Darden Restaurants	DRI	Consumer Services	0.18%
LyondellBasell Industries Cl A	LYB	Basic Materials	0.17%
Garmin Ltd	GRMN	Consumer Goods	0.17%
Duke Realty Corp	DRE	Financials	0.17%
Edison International	EIX	Utilities	0.16%
Paccar	PCAR	Industrials	0.16%
Ameren Corp	AEE	Utilities	0.15%
CenterPoint Energy	CNP	Utilities	0.15%
Omnicom Group	OMC	Consumer Services	0.14%
Cardinal Health	CAH	Health Care	0.13%
C.H. Robinson Worldwide	CHRW	Industrials	0.13%
International Paper	IP	Basic Materials	0.13%
Hormel Foods	HRL	Consumer Goods	0.13%
Kellogg	K	Consumer Goods	0.12%
CMS Energy Corp	CMS	Utilities	0.12%
Park Hotels & Resorts	PK	Financials	0.11%
Dover Corp	DOV	Industrials	0.11%
Kimco Realty Cp	KIM	Financials	0.11%
Pinnacle West Capital Corp	PNW	Utilities	0.10%
Nucor Corp	NUE	Basic Materials	0.10%
Snap-On Inc	SNA	Industrials	0.10%
Tiffany & Co	TIF	Consumer Services	0.10%
Celanese	CE	Basic Materials	0.10%
Amdocs	DOX	Technology	0.09%
Expeditors Intl Washington	EXPD	Industrials	0.09%
Leggett & Platt	LEG	Consumer Goods	0.09%
Coca-Cola European Partners	CCEP	Consumer Goods	0.08%
Alliant Energy	LNT	Utilities	0.08%
J M Smucker	SJM	Consumer Goods	0.08%
Atmos Energy	ATO	Utilities	0.08%
Avery Dennison Corp	AVY	Basic Materials	0.07%
Huntington Ingalls Industries	HII	Industrials	0.07%
Vail Resorts	MTN	Consumer Services	0.07%
Ingredion	INGR	Consumer Goods	0.07%
Packaging Corp of America	PKG	Industrials	0.07%
Molson Coors Beverage Company	TAP	Consumer Goods	0.06%
Eastman Chemical	EMN	Basic Materials	0.06%
Robert Half International	RHI	Industrials	0.06%
Lear Corp	LEA	Consumer Goods	0.06%
Pentair plc	PNR	Industrials	0.06%
Gentex Corp	GNTX	Consumer Goods	0.05%
Tapestry	TPR	Consumer Goods	0.05%
Autoliv	ALV	Consumer Goods	0.04%
Avnet	AVT	Industrials	0.03%
Rollins Inc	ROL	Consumer Services	0.03%
Avangrid	AGR	Utilities	0.02%
Equitrans Midstream	ETRN	Energy	0.01%

Holdings subject to change.

Sector Allocation

Sector Allocation (as of 12/31/2019)	Weight
Health Care	19.61%
Consumer Goods	15.04%
Technology	14.08%
Industrials	13.74%
Energy	9.34%
Consumer Services	8.27%
Financials	8.06%
Utilities	5.11%
Telecommunications	4.90%
Basic Materials	1.66%
Cash	0.20%

Distributions

Ex-Dividend	Record	Payable	Distribution Per Share
12/27/2019	12/30/2019	01/03/2020	0.106313
11/27/2019	11/29/2019	12/03/2019	0.085099
10/30/2019	10/31/2019	11/04/2019	0.063451
9/27/2019	9/30/2019	10/2/2019	0.081163
8/28/2019	8/30/2019	9/4/2019	0.083196
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	252	0	112	0	139	1
12/31/2019	64	0	24	0	40	0
9/30/2019	64	0	26	0	37	1
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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