Pacer Trendpilot® US Bond ETF
Schedule of Investments
July 31, 2026 (Unaudited)
CORPORATE BONDS - 98.2%									Par						Value
Communication Services - 16.9%
Altice Financing SA
5.00%, 01/15/2028 (a)									$        90,000						$        56,797
5.75%, 08/15/2029 (a)(b)									180,000						113,731
Altice France Lux 3 / Altice Holdings 1, 10.00%, 01/15/2033 (a)									90,000						88,018
Altice France SA
9.50%, 11/01/2029 (a)									80,000						80,951
6.88%, 10/15/2030 (a)									50,000						48,868
6.50%, 04/15/2032 (a)									140,000						135,473
6.88%, 07/15/2032 (a)									110,000						106,750
AMC Global Media, Inc., 10.50%, 07/15/2032 (a)									40,000						41,208
APLD ComputeCo 2 LLC, 6.75%, 03/15/2031 (a)									160,000						156,470
APLD ComputeCo 3 LLC, 7.00%, 06/15/2031 (a)									100,000						97,467
APLD ComputeCo LLC, 9.25%, 12/15/2030 (a)									165,000						175,315
Arches Buyer, Inc.
4.25%, 06/01/2028 (a)									80,000						77,442
6.13%, 12/01/2028 (a)(b)									145,000						141,415
Bell Telephone Co. of Canada or Bell Canada
6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 (b)									85,000						85,725
7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.36%, 09/15/2055									80,000						80,657
Black Pearl Compute LLC, 6.13%, 02/15/2031 (a)									150,000						149,492
British Telecommunications Ltd., 4.88% to 11/23/2031 then 5 yr. CMT Rate + 3.49%, 11/23/2081 (a)									40,000						38,261
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, 02/01/2028 (a)									185,000						182,605
5.38%, 06/01/2029 (a)									105,000						101,911
6.38%, 09/01/2029 (a)									105,000						104,177
4.75%, 03/01/2030 (a)									215,000						200,673
4.50%, 08/15/2030 (a)									190,000						173,310
4.25%, 02/01/2031 (a)									210,000						185,800
7.38%, 03/01/2031 (a)(b)									95,000						94,654
4.75%, 02/01/2032 (a)									100,000						87,406
4.50%, 05/01/2032									205,000						176,741
7.00%, 02/01/2033 (a)(b)									125,000						119,737
4.50%, 06/01/2033 (a)(b)									150,000						127,551
4.25%, 01/15/2034 (a)(b)									75,000						61,294
7.38%, 02/01/2036 (a)(b)									110,000						104,634
Cipher Compute LLC, 7.13%, 11/15/2030 (a)									120,000						122,311
Clear Channel Outdoor Holdings, Inc.
7.88%, 04/01/2030 (a)									80,000						83,040
7.13%, 02/15/2031 (a)									90,000						92,788
7.50%, 03/15/2033 (a)									85,000						89,188
Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029 (a)									145,000						152,184
Connect Holding II LLC, 10.50%, 04/03/2031 (a)									165,000						161,482
Core Scientific Finance I LLC, 7.75%, 05/15/2031 (a)									200,000						196,140
CSC Holdings LLC
5.38%, 02/01/2028 (a)									90,000						51,844
7.50%, 04/01/2028 (a)									100,000						23,075
11.25%, 05/15/2028 (a)									90,000						52,275
11.75%, 01/31/2029 (a)									150,000						85,712
6.50%, 02/01/2029 (a)									130,000						73,429
5.75%, 01/15/2030 (a)									200,000						43,500
4.13%, 12/01/2030 (a)									110,000						61,572
3.38%, 02/15/2031 (a)									75,000						42,058
4.50%, 11/15/2031 (a)									120,000						67,980

---

Directv Financing LLC
8.88%, 02/01/2030 (a)									140,000						142,399
8.88%, 02/01/2030 (a)									75,000						76,202
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
10.00%, 02/15/2031 (a)									150,000						156,643
9.25%, 06/01/2032 (a)									90,000						92,064
EchoStar Corp.
10.75%, 11/30/2029									380,000						410,919
6.75% (or 6.75% PIK), 11/30/2030									175,000						177,478
Edged Compute LLC, 7.50%, 04/30/2031 (a)									100,000						94,421
EW Scripps Co., 9.88%, 08/15/2030 (a)									95,000						83,966
Fibercop SpA
6.38%, 11/15/2033 (a)									40,000						39,269
7.72%, 06/04/2038 (a)									40,000						41,516
Flash Compute LLC, 7.25%, 12/31/2030 (a)									105,000						106,065
Galaxy Helios Data Centers II LLC, 9.88%, 08/01/2031 (a)									240,000						240,675
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 03/01/2029 (a)									60,000						56,228
Gray Media, Inc.
10.50%, 07/15/2029 (a)									100,000						105,369
4.75%, 10/15/2030 (a)									85,000						65,684
5.38%, 11/15/2031 (a)									90,000						66,180
9.63%, 07/15/2032 (a)									80,000						80,800
7.25%, 08/15/2033 (a)									35,000						34,598
iHeartCommunications, Inc.
9.13%, 05/01/2029 (a)									65,000						60,250
10.88%, 05/01/2030 (a)									75,000						57,426
7.75%, 08/15/2030 (a)									50,000						43,850
Iliad Holding SAS
7.00%, 10/15/2028 (a)									80,000						80,132
8.50%, 04/15/2031 (a)									80,000						84,070
7.00%, 04/15/2032 (a)									75,000						75,483
Lamar Media Corp.
3.75%, 02/15/2028									40,000						39,101
4.88%, 01/15/2029									40,000						39,417
4.00%, 02/15/2030									35,000						33,353
3.63%, 01/15/2031									40,000						37,063
5.38%, 11/01/2033 (a)									25,000						24,262
LCPR Senior Secured Financing DAC, 6.75%, 10/15/2027 (a)									100,000						56,775
Level 3 Financing, Inc.
6.88%, 06/30/2033 (a)									150,000						151,638
7.00%, 03/31/2034 (a)									185,000						188,069
8.50%, 01/15/2036 (a)									135,000						140,453
7.50%, 02/15/2037 (a)									75,000						74,419
Live Nation Entertainment, Inc., 4.75%, 10/15/2027 (a)									105,000						104,344
Match Group Holdings II LLC
3.63%, 10/01/2031 (a)									35,000						31,187
6.13%, 09/15/2033 (a)									55,000						53,570
McGraw-Hill Education, Inc.
5.75%, 08/01/2028 (a)									60,000						59,381
8.00%, 08/01/2029 (a)									60,000						59,449
7.38%, 09/01/2031 (a)									50,000						50,603
Meridian Arc Holdco LLC, 6.25%, 04/30/2031 (a)									440,000						423,651
Neptune Bidco US, Inc.
9.29%, 04/15/2029 (a)									190,000						193,555
10.38%, 05/15/2031 (a)									85,000						88,992
9.50%, 02/15/2033 (a)									120,000						122,295
Nexstar Media, Inc.
4.75%, 11/01/2028 (a)									80,000						78,464
6.50%, 09/15/2033 (a)									245,000						243,715
7.25%, 04/15/2034 (a)									130,000						130,216

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Optics Bidco SpA
6.00%, 09/30/2034 (a)									40,000						38,590
7.20%, 07/18/2036 (a)									40,000						40,610
Outfront Media Capital LLC / Outfront Media Capital Corp., 6.00%, 06/15/2034 (a)									50,000						49,350
Paramount Global
3.38%, 02/15/2028									35,000						34,182
3.70%, 06/01/2028									40,000						38,845
4.20%, 06/01/2029									40,000						38,165
4.95%, 01/15/2031									95,000						86,949
4.20%, 05/19/2032									70,000						59,422
Photo Holdings LLC, 12.00%, 07/01/2031 (a)									75,000						77,245
PR RNO Property Owner 1 LLC, 6.50%, 05/01/2031 (a)									290,000						271,866
ROBLOX Corp., 3.88%, 05/01/2030 (a)									80,000						74,329
Rogers Communications, Inc.
7.00% to 04/15/2030 then 5 yr. CMT Rate + 2.65%, 04/15/2055									95,000						95,486
7.13% to 04/15/2035 then 5 yr. CMT Rate + 2.62%, 04/15/2055									90,000						90,650
6.88% to 07/31/2031 then 5 yr. CMT Rate + 2.84%, 07/31/2056									40,000						39,936
Scripps Escrow II, Inc., 3.88%, 01/15/2029 (a)									40,000						36,536
Sinclair Television Group, Inc.
5.50%, 03/01/2030 (a)									40,000						34,500
8.13%, 02/15/2033 (a)									105,000						108,187
Sirius XM Radio LLC
5.00%, 08/01/2027 (a)									20,000						19,958
4.00%, 07/15/2028 (a)									145,000						140,906
5.50%, 07/01/2029 (a)									110,000						109,237
4.13%, 07/01/2030 (a)									105,000						98,129
3.88%, 09/01/2031 (a)									100,000						90,226
5.88%, 04/15/2032 (a)									80,000						78,483
Snap, Inc.
6.88%, 03/01/2033 (a)									110,000						107,433
6.88%, 03/15/2034 (a)									75,000						72,616
Stagwell Global LLC, 5.63%, 08/15/2029 (a)									80,000						77,677
Sunrise FinCo I BV, 4.88%, 07/15/2031 (a)									110,000						102,850
SV RNO Property Owner 1 LLC, 5.88%, 03/01/2031 (a)									275,000						255,504
TELUS Corp.
6.63% to 10/15/2030 then 5 yr. CMT Rate + 2.77%, 10/15/2055									50,000						49,930
7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055									50,000						50,400
6.38% to 06/09/2031 then 5 yr. CMT Rate + 2.69%, 06/09/2056									75,000						74,025
6.63% to 06/09/2036 then 5 yr. CMT Rate + 2.52%, 06/09/2056									30,000						29,280
Uniti Services LLC, 7.50%, 10/15/2033 (a)									95,000						96,974
Univision Communications, Inc.
4.50%, 05/01/2029 (a)									100,000						94,573
7.38%, 06/30/2030 (a)									60,000						59,722
8.50%, 07/31/2031 (a)									90,000						89,736
9.38%, 08/01/2032 (a)									130,000						129,744
8.88%, 04/15/2033 (a)									110,000						106,390
Versant Media Group, Inc., 7.25%, 01/30/2031 (a)									75,000						77,218
Virgin Media Finance PLC, 5.00%, 07/15/2030 (a)									80,000						49,080
Virgin Media Secured Finance PLC
5.50%, 05/15/2029 (a)									100,000						89,673
4.50%, 08/15/2030 (a)									80,000						65,674
Vmed O2 UK Financing I PLC
4.25%, 01/31/2031 (a)									100,000						79,883
4.75%, 07/15/2031 (a)									95,000						75,141
7.75%, 04/15/2032 (a)									45,000						37,888
6.75%, 01/15/2033 (a)									65,000						51,747
Vodafone Group PLC
7.00% to 04/04/2029 then 5 yr. Swap Rate USD + 4.87%, 04/04/2079									150,000						154,207
4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081									60,000						54,949
VZ Secured Financing BV

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5.00%, 01/15/2032 (a)									135,000						110,749
7.50%, 01/15/2033 (a)									100,000						89,284
Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (a)									160,000						165,856
WULF Compute LLC, 7.75%, 10/15/2030 (a)									225,000						233,433
Zayo Group Holdings, Inc.
9.25% (or .50% PIK), 03/09/2030 (a)									97,728						97,593
13.75% (or 1.88% PIK), 09/09/2030 (a)									60,000						59,099
Ziggo BV, 4.88%, 01/15/2030 (a)									90,000						81,040
															14,409,925
Consumer Discretionary - 18.8%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028 (a)									195,000						191,318
4.38%, 01/15/2028 (a)									65,000						64,150
3.50%, 02/15/2029 (a)									50,000						47,842
6.13%, 06/15/2029 (a)									100,000						100,964
4.00%, 10/15/2030 (a)									210,000						197,288
Adient Global Holdings Ltd., 7.50%, 02/15/2033 (a)									75,000						77,263
Advance Auto Parts, Inc.
7.00%, 08/01/2030 (a)									90,000						92,178
7.38%, 08/01/2033 (a)									75,000						77,340
Alaska Airlines, Inc., 6.50%, 06/01/2031 (a)									30,000						29,788
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a)									170,000						176,546
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.00%, 06/01/2029 (a)									75,000						74,405
6.88%, 06/15/2030 (a)									90,000						91,831
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/2028 (a)									100,000						98,434
4.63%, 06/01/2028 (a)									75,000						73,666
American Airlines, Inc., 7.25%, 02/15/2028 (a)									50,000						50,368
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a)									192,500						191,459
American Axle & Manufacturing, Inc.
6.38%, 10/15/2032 (a)									50,000						49,713
7.75%, 10/15/2033 (a)									110,000						108,071
Aramark Services, Inc., 5.00%, 02/01/2028 (a)									150,000						149,432
Asbury Automotive Group, Inc., 4.63%, 11/15/2029 (a)									60,000						58,207
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029 (a)									70,000						39,215
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
4.75%, 04/01/2028 (a)									45,000						44,224
5.38%, 03/01/2029 (a)									45,000						43,769
8.25%, 01/15/2030 (a)									50,000						51,127
8.00%, 02/15/2031 (a)									40,000						39,941
8.38%, 06/15/2032 (a)									45,000						44,809
Bath & Body Works, Inc., 6.63%, 10/01/2030 (a)									55,000						55,871
Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 (a)									160,000						171,540
Beazer Homes USA, Inc., 8.00%, 01/15/2032 (a)									30,000						30,649
Belron UK Finance PLC, 5.75%, 10/15/2029 (a)									90,000						89,968
Boyd Gaming Corp.
4.75%, 12/01/2027									185,000						183,860
4.75%, 06/15/2031 (a)									80,000						76,258
Brightstar Lottery PLC, 5.25%, 01/15/2029 (a)									75,000						74,012
Brightstar Lottery PLC/ Brightstar Global Solutions Corp., 5.75%, 01/15/2033 (a)									75,000						72,305
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030 (a)									35,000						32,575
Caesars Entertainment, Inc.
4.63%, 10/15/2029 (a)									100,000						94,924
7.00%, 02/15/2030 (a)									145,000						145,460
6.50%, 02/15/2032 (a)									130,000						124,107
6.00%, 10/15/2032 (a)									95,000						83,260
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (a)									75,000						38,638

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Carvana Co.
9.00% (or 13.00% PIK), 06/01/2030 (a)									120,000						123,833
9.00% (or 14.00% PIK), 06/01/2031 (a)									135,000						148,449
Century Communities, Inc.
3.88%, 08/15/2029 (a)									35,000						33,128
6.63%, 09/15/2033 (a)									75,000						75,253
Churchill Downs, Inc.
4.75%, 01/15/2028 (a)									75,000						74,180
5.75%, 04/01/2030 (a)									100,000						99,442
6.75%, 05/01/2031 (a)									50,000						50,663
Cinemark USA, Inc., 5.25%, 07/15/2028 (a)									50,000						49,686
Clarios Global LP / Clarios US Finance Co.
6.75%, 05/15/2028 (a)									50,000						50,692
6.75%, 02/15/2030 (a)									85,000						87,075
6.75%, 09/15/2032 (a)									100,000						100,925
Clarivate Science Holdings Corp.
3.88%, 07/01/2028 (a)									85,000						82,130
4.88%, 07/01/2029 (a)									110,000						101,196
Cooper-Standard Automotive, Inc., 9.25%, 03/01/2031 (a)									95,000						96,937
Cyprium Corp. / Cyprium Holdings Luxembourg Sarl
6.13%, 04/15/2031 (a)									50,000						49,620
6.38%, 04/15/2034 (a)									75,000						73,873
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/2029 (a)									85,000						82,588
6.75%, 01/15/2030 (a)(b)									95,000						93,096
Forvia SE, 8.00%, 06/15/2030 (a)									40,000						42,058
FXI Holdings, Inc., 11.00%, 11/15/2030 (a)									85,000						70,738
Gaia Purchaser, Inc., 7.63%, 07/15/2033 (a)									70,000						70,072
Gap, Inc.
3.63%, 10/01/2029 (a)									55,000						51,669
3.88%, 10/01/2031 (a)									75,000						67,896
Garda World Security Corp.
7.75%, 02/15/2028 (a)									40,000						40,539
6.00%, 06/01/2029 (a)									40,000						39,387
6.50%, 01/15/2031 (a)									50,000						50,503
8.25%, 08/01/2032 (a)									35,000						35,493
8.38%, 11/15/2032 (a)									75,000						76,151
Global Auto Holdings Ltd./AAG FH UK Ltd.
8.38%, 01/15/2029 (a)									40,000						39,680
11.50%, 08/15/2029 (a)									45,000						47,267
8.75%, 01/15/2032 (a)									40,000						38,816
Goodyear Tire & Rubber Co.
5.00%, 07/15/2029									75,000						71,656
6.63%, 07/15/2030									40,000						38,668
5.25%, 04/30/2031									40,000						35,943
5.25%, 07/15/2031									50,000						44,384
8.88%, 07/15/2032									70,000						71,737
Group 1 Automotive, Inc., 4.00%, 08/15/2028 (a)									55,000						53,101
Hertz Corp.
12.63%, 07/15/2029 (a)(b)									95,000						62,011
5.00%, 12/01/2029 (a)									35,000						9,522
Hilton Domestic Operating Co., Inc.
5.88%, 04/01/2029 (a)									95,000						95,680
3.75%, 05/01/2029 (a)									75,000						71,808
4.88%, 01/15/2030									85,000						83,814
4.00%, 05/01/2031 (a)									95,000						89,016
5.50%, 09/15/2031 (a)									65,000						64,411
3.63%, 02/15/2032 (a)									55,000						49,683
5.88%, 03/15/2033 (a)									85,000						84,858
5.75%, 09/15/2033 (a)									85,000						84,124

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5.50%, 03/31/2034 (a)									85,000						83,205
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
5.00%, 06/01/2029 (a)									60,000						58,084
6.63%, 01/15/2032 (a)									90,000						90,020
IHO Verwaltungs GmbH
8.00% (or 8.75% PIK), 11/15/2032 (a)									30,000						31,418
7.38% (or 8.13% PIK), 05/15/2033 (a)									40,000						41,442
JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (a)									145,000						126,077
Kohl's Corp., 5.13%, 05/01/2031 (c)									40,000						35,860
LBM Acquisition LLC
6.25%, 01/15/2029 (a)									60,000						38,577
9.50%, 06/15/2031 (a)									85,000						71,660
LCM Investments Holdings II LLC
4.88%, 05/01/2029 (a)									80,000						77,974
8.25%, 08/01/2031 (a)									65,000						67,553
Light & Wonder International, Inc.
7.50%, 09/01/2031 (a)									45,000						46,239
6.25%, 10/01/2033 (a)									90,000						88,296
Lithia Motors, Inc.
3.88%, 06/01/2029 (a)									60,000						57,493
5.50%, 10/01/2030 (a)									90,000						88,867
4.38%, 01/15/2031 (a)									35,000						33,131
Macy's Retail Holdings LLC, 7.38%, 08/01/2033 (a)									35,000						36,439
Marriott Ownership Resorts, Inc., 6.50%, 10/01/2033 (a)									75,000						73,607
Mattamy Group Corp.
4.63%, 03/01/2030 (a)									45,000						43,161
6.00%, 12/15/2033 (a)									35,000						33,302
Melco Resorts Finance Ltd.
5.75%, 07/21/2028 (a)									75,000						74,295
5.38%, 12/04/2029 (a)									100,000						96,824
7.63%, 04/17/2032 (a)									50,000						50,969
6.50%, 09/24/2033 (a)									40,000						38,585
MGM China Holdings Ltd., 6.25%, 05/15/2033 (a)									50,000						47,961
MGM Resorts International
4.75%, 10/15/2028									50,000						49,494
6.13%, 09/15/2029									75,000						75,451
6.50%, 04/15/2032									50,000						49,563
Michaels Cos., Inc.
8.50%, 03/15/2033 (a)									145,000						143,455
11.00%, 03/15/2034 (a)(b)									70,000						68,319
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a)									55,000						54,070
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC
8.25%, 04/15/2030 (a)									75,000						77,980
11.88%, 04/15/2031 (a)									75,000						81,278
Motion Finco Sarl, 8.38%, 02/15/2032 (a)									75,000						58,766
Muvico LLC, 15.00% (or 6.00% PIK), 02/19/2029 (a)									103,000						112,916
NCL Corp. Ltd.
5.88%, 01/15/2031 (a)									100,000						95,663
6.75%, 02/01/2032 (a)									110,000						107,751
6.25%, 09/15/2033 (a)									75,000						71,357
Newell Brands, Inc.
6.38%, 09/15/2027									25,000						25,177
8.50%, 06/01/2028 (a)									95,000						99,140
6.63%, 09/15/2029									35,000						35,391
6.38%, 05/15/2030 (b)									75,000						75,706
Nissan Motor Acceptance Co. LLC
7.05%, 09/15/2028 (a)									50,000						50,981
5.63%, 09/29/2028 (a)									75,000						74,465
6.13%, 09/30/2030 (a)									85,000						82,939
Nissan Motor Co. Ltd.

---

4.35%, 09/17/2027 (a)									150,000						147,457
7.50%, 07/17/2030 (a)									90,000						91,967
4.81%, 09/17/2030 (a)									180,000						166,737
7.75%, 07/17/2032 (a)									45,000						46,412
8.13%, 07/17/2035 (a)									110,000						115,981
Nordstrom, Inc.
4.38%, 04/01/2030									40,000						38,263
4.25%, 08/01/2031									35,000						32,486
Park River Holdings, Inc., 8.00%, 03/15/2031 (a)									60,000						59,691
Penn Entertainment, Inc., 6.75%, 04/01/2031 (a)									40,000						40,106
PetSmart LLC / PetSmart Finance Corp.
7.50%, 09/15/2032 (a)									140,000						141,482
10.00%, 09/15/2033 (a)									50,000						49,625
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.88%, 09/01/2031 (a)									115,000						75,683
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027 (a)									115,000						112,786
QXO Building Products, Inc.
6.50%, 07/15/2031 (a)									90,000						90,450
6.88%, 07/15/2034 (a)									90,000						91,086
Rakuten Group, Inc.
9.75%, 04/15/2029 (a)									210,000						227,651
8.13% to 12/15/2029 then 5 yr. CMT Rate + 4.25%, Perpetual (a)									45,000						46,031
6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual (a)									90,000						85,208
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (a)									100,000						97,225
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 (a)									75,000						67,417
Rivers Enterprise Borrower LLC, 6.25%, 10/15/2030 (a)									50,000						50,212
Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (a)									45,000						45,262
RR Donnelley & Sons Co., 11.00% (or 11.00% PIK), 06/01/2031 (a)									40,000						38,081
Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (a)									75,000						78,928
Sabre GLBL, Inc.
10.75%, 11/15/2029 (a)									150,000						144,360
11.13%, 07/15/2030 (a)									40,000						38,439
Service Corp. International/US
5.13%, 06/01/2029									60,000						59,347
3.38%, 08/15/2030									75,000						69,158
4.00%, 05/15/2031									45,000						41,970
5.75%, 10/15/2032									50,000						49,606
Six Flags Entertainment Corp., 7.25%, 05/15/2031 (a)									75,000						73,438
Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co., 6.63%, 05/01/2032 (a)									50,000						50,316
Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC, 8.63%, 01/15/2032 (a)									90,000						90,906
Somnigroup International, Inc.
4.00%, 04/15/2029 (a)									60,000						57,665
3.88%, 10/15/2031 (a)									75,000						68,404
Sonic Automotive, Inc., 4.63%, 11/15/2029 (a)									55,000						53,519
Sotheby's, 8.25%, 04/15/2031 (a)									60,000						59,852
Staples, Inc., 10.75%, 09/01/2029 (a)									170,000						162,169
Stena International SA, 7.25%, 01/15/2031 (a)									60,000						61,141
Studio City Finance Ltd., 5.00%, 01/15/2029 (a)									95,000						90,675
Taylor Morrison Communities, Inc.
5.13%, 08/01/2030 (a)									40,000						39,894
5.75%, 11/15/2032 (a)									35,000						35,873
Tenneco, Inc., 8.00%, 11/17/2028 (a)									210,000						210,469
TKC Holdings, Inc.
8.50%, 08/15/2030 (a)									95,000						96,991
12.00%, 02/15/2031 (a)									50,000						52,524
Travel + Leisure Co.
4.50%, 12/01/2029 (a)									55,000						52,909
6.25%, 06/01/2031 (a)									60,000						60,018
Vail Resorts, Inc., 6.50%, 05/15/2032 (a)									45,000						45,529
Veritiv Operating Co., 10.50%, 11/30/2030 (a)									75,000						76,966
VF Corp., 2.95%, 04/23/2030									55,000						49,302

---

Viking Cruises Ltd.
9.13%, 07/15/2031 (a)									75,000						78,606
5.88%, 10/15/2033 (a)									150,000						148,383
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
6.38%, 02/01/2030 (a)									80,000						75,346
8.75%, 01/15/2032 (a)									35,000						34,414
Voyager Parent LLC, 9.25%, 07/01/2032 (a)									135,000						143,400
Wand NewCo 3, Inc., 7.63%, 01/30/2032 (a)									90,000						92,436
Wayfair LLC
7.25%, 10/31/2029 (a)									85,000						87,437
7.75%, 09/15/2030 (a)									60,000						62,792
6.75%, 11/15/2032 (a)									75,000						76,197
Whirlpool Corp.
4.75%, 02/26/2029									40,000						37,361
6.13%, 06/15/2030									45,000						40,813
7.50%, 07/01/2031 (a)									65,000						64,584
6.50%, 06/15/2033									50,000						42,330
7.88%, 07/01/2034 (a)									65,000						61,761
Williams Scotsman, Inc.
6.63%, 06/15/2029 (a)									40,000						40,678
6.63%, 04/15/2030 (a)									35,000						35,749
Wyndham Hotels & Resorts, Inc., 5.63%, 03/01/2033 (a)									50,000						48,672
Wynn Macau Ltd.
5.50%, 10/01/2027 (a)									75,000						74,696
5.63%, 08/26/2028 (a)									115,000						113,774
5.13%, 12/15/2029 (a)									95,000						92,155
6.75%, 02/15/2034 (a)									125,000						122,734
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.13%, 10/01/2029 (a)									50,000						49,419
7.13%, 02/15/2031 (a)									55,000						57,525
6.25%, 03/15/2033 (a)									75,000						74,279
Yum! Brands, Inc.
4.75%, 01/15/2030 (a)									75,000						73,283
3.63%, 03/15/2031									90,000						83,007
4.63%, 01/31/2032									95,000						90,285
5.38%, 04/01/2032									85,000						83,783
ZF North America Capital, Inc.
6.88%, 04/14/2028 (a)									50,000						50,824
7.13%, 04/14/2030 (a)									50,000						50,255
6.75%, 04/23/2030 (a)									50,000						49,627
7.50%, 03/24/2031 (a)									105,000						105,536
6.88%, 04/23/2032 (a)									50,000						49,104
															16,030,039
Consumer Staples - 3.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
6.50%, 02/15/2028 (a)									160,000						160,976
3.50%, 03/15/2029 (a)									115,000						108,078
4.88%, 02/15/2030 (a)									85,000						80,990
5.50%, 03/31/2031 (a)									50,000						48,061
5.63%, 03/31/2032 (a)									100,000						95,045
6.25%, 03/15/2033 (a)									50,000						48,432
5.75%, 03/31/2034 (a)									150,000						139,402
B&G Foods, Inc., 8.00%, 09/15/2028 (a)									60,000						58,528
Chobani LLC / Chobani Finance Corp., Inc., 6.38%, 04/15/2034 (a)									75,000						75,161
Darling Ingredients, Inc., 6.00%, 06/15/2030 (a)									145,000						145,642
Edgewell Personal Care Co., 5.50%, 06/01/2028 (a)									85,000						84,726
Energizer Holdings, Inc., 4.38%, 03/31/2029 (a)									65,000						62,465
HLF Financing Sarl LLC / Herbalife International, Inc.

---

4.88%, 06/01/2029 (a)									45,000						41,798
7.75%, 05/01/2033 (a)									40,000						40,262
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)									90,000						93,651
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/2031 (a)									80,000						55,771
Lamb Weston Holdings, Inc., 4.13%, 01/31/2030 (a)									75,000						71,398
Opal Bidco SAS, 6.50%, 03/31/2032 (a)									95,000						95,190
Performance Food Group, Inc.
4.25%, 08/01/2029 (a)									80,000						77,270
6.13%, 09/15/2032 (a)									85,000						85,178
5.63%, 03/01/2034 (a)									90,000						87,261
Perrigo Finance Unlimited Co., 6.13%, 09/30/2032									60,000						56,956
Pilgrim's Pride Corp.
4.25%, 04/15/2031									85,000						80,839
3.50%, 03/01/2032									80,000						71,980
6.25%, 07/01/2033									40,000						41,099
6.88%, 05/15/2034									40,000						42,572
Post Holdings, Inc.
4.63%, 04/15/2030 (a)									95,000						91,537
4.50%, 09/15/2031 (a)									85,000						78,734
6.25%, 02/15/2032 (a)									85,000						85,301
6.38%, 03/01/2033 (a)									100,000						98,466
6.25%, 10/15/2034 (a)									100,000						97,147
6.50%, 03/15/2036 (a)									115,000						112,033
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
6.25%, 04/01/2029 (a)									75,000						75,251
4.38%, 04/30/2029 (a)									55,000						53,392
US Foods, Inc., 4.75%, 02/15/2029 (a)									180,000						177,077
															2,917,669
Energy - 10.6%
Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (a)									70,000						72,680
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.38%, 06/15/2029 (a)									90,000						89,768
6.63%, 02/01/2032 (a)									45,000						45,859
5.75%, 10/15/2033 (a)									45,000						44,232
5.75%, 07/01/2034 (a)									45,000						44,065
Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 (a)									75,000						76,091
Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 02/01/2034 (a)									75,000						73,333
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
6.63%, 10/15/2032 (a)									45,000						45,227
6.63%, 07/15/2033 (a)									40,000						40,121
Buckeye Partners LP, 6.88%, 07/01/2029 (a)									45,000						45,986
California Resources Corp.
7.00%, 01/15/2034 (a)									75,000						73,370
7.25%, 01/15/2035 (a)									40,000						39,476
Calumet Specialty Products Partners LP / Calumet Finance Corp., 9.75%, 02/15/2031 (a)									40,000						42,739
Caturus Energy LLC, 7.13%, 05/15/2031 (a)									50,000						49,605
Chord Energy Corp.
6.00%, 10/01/2030 (a)									75,000						75,235
6.75%, 03/15/2033 (a)									75,000						76,246
CITGO Petroleum Corp., 8.38%, 01/15/2029 (a)									115,000						118,076
CNX Resources Corp., 7.25%, 03/01/2032 (a)									45,000						46,236
Comstock Resources, Inc.
6.75%, 03/01/2029 (a)									90,000						88,597
5.88%, 01/15/2030 (a)									95,000						89,476
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (a)									95,000						92,471
Crescent Energy Finance LLC
7.63%, 04/01/2032 (a)									70,000						70,817
7.88%, 04/15/2032 (a)									85,000						86,312

---

7.38%, 01/15/2033 (a)									60,000						60,201
8.38%, 01/15/2034 (a)									40,000						41,274
CVR Energy, Inc., 7.50%, 02/15/2031 (a)									80,000						81,065
Delek Logistics Partners LP / Delek Logistics Finance Corp.
8.63%, 03/15/2029 (a)									89,000						92,283
7.38%, 06/30/2033 (a)									50,000						51,149
6.88%, 06/01/2034 (a)									50,000						50,181
Energean Israel Finance Ltd.
5.88%, 03/30/2031 (a)									100,000						95,718
8.50%, 09/30/2033 (a)									55,000						57,758
Energy Transfer LP
8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054									75,000						78,565
6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056									100,000						99,856
6.75% to 02/15/2036 then 5 yr. CMT Rate + 2.48%, 02/15/2056									55,000						55,091
6.55% to 01/15/2032 then 5 yr. CMT Rate + 2.34%, 01/15/2057									45,000						44,437
6.70% to 01/15/2037 then 5 yr. CMT Rate + 2.22%, 01/15/2057									75,000						73,851
Genesis Energy LP / Genesis Energy Finance Corp.
7.88%, 05/15/2032									50,000						51,618
8.00%, 05/15/2033									45,000						46,754
6.75%, 03/15/2034									75,000						74,731
Harvest Midstream I LP, 6.75%, 05/15/2034 (a)									65,000						65,200
Hess Midstream Operations LP
5.88%, 03/01/2028 (a)									165,000						165,700
4.25%, 02/15/2030 (a)									50,000						47,900
Hilcorp Energy I LP / Hilcorp Finance Co.
5.75%, 02/01/2029 (a)									45,000						44,858
6.00%, 02/01/2031 (a)									45,000						43,830
6.25%, 04/15/2032 (a)									40,000						38,801
8.38%, 11/01/2033 (a)									40,000						41,939
6.88%, 05/15/2034 (a)									35,000						34,191
7.25%, 02/15/2035 (a)									90,000						89,337
Howard Midstream Energy Partners LLC
7.38%, 07/15/2032 (a)									25,000						25,824
6.63%, 01/15/2034 (a)									50,000						50,535
6.63%, 01/15/2035 (a)									45,000						44,948
ITT Holdings LLC, 6.50%, 08/01/2029 (a)									100,000						98,911
Kinetik Holdings LP
6.63%, 12/15/2028 (a)									150,000						152,360
5.88%, 06/15/2030 (a)									100,000						100,093
Kodiak Gas Services LLC
5.88%, 04/01/2031 (a)									85,000						84,136
6.50%, 10/01/2033 (a)									75,000						74,856
6.75%, 10/01/2035 (a)									45,000						45,307
Matador Resources Co.
6.50%, 04/15/2032 (a)									80,000						79,744
6.25%, 04/15/2033 (a)									75,000						73,855
6.00%, 04/15/2034 (a)									75,000						72,474
Murphy Oil USA, Inc.
3.75%, 02/15/2031 (a)									40,000						37,148
5.88%, 06/01/2034 (a)									35,000						34,667
Nabors Industries, Inc.
9.13%, 01/31/2030 (a)									40,000						41,797
8.88%, 08/15/2031 (a)									75,000						77,100
7.63%, 11/15/2032 (a)									75,000						76,419
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 02/15/2029 (a)									100,000						102,622
8.38%, 02/15/2032 (a)									110,000						114,150
Noble Finance II LLC
8.00%, 04/15/2030 (a)									54,000						55,809
6.25%, 06/15/2034 (a)									50,000						48,475

---

Northern Oil & Gas, Inc., 7.88%, 10/15/2033 (a)									75,000						75,098
PBF Holding Co. LLC / PBF Finance Corp.
9.88%, 03/15/2030 (a)									75,000						80,606
7.88%, 09/15/2030 (a)									35,000						36,286
Rockies Express Pipeline LLC
4.95%, 07/15/2029 (a)									40,000						39,380
6.75%, 03/15/2033 (a)									35,000						35,522
SM Energy Co.
8.38%, 07/01/2028 (a)									40,000						40,847
6.75%, 08/01/2029 (a)									50,000						50,705
8.63%, 11/01/2030 (a)									75,000						78,699
8.75%, 07/01/2031 (a)									100,000						104,555
7.00%, 08/01/2032 (a)									50,000						50,784
9.63%, 06/15/2033 (a)									50,000						55,011
6.63%, 04/15/2034 (a)									90,000						89,409
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055									45,000						47,373
Sunoco LP
7.00%, 05/01/2029 (a)									160,000						163,522
4.50%, 10/01/2029 (a)									60,000						58,156
4.63%, 05/01/2030 (a)									65,000						62,609
5.63%, 03/15/2031 (a)									85,000						83,870
7.25%, 05/01/2032 (a)									55,000						56,617
6.25%, 07/01/2033 (a)									85,000						85,110
5.88%, 03/15/2034 (a)									80,000						78,324
5.63%, 07/15/2034 (a)									40,000						38,666
Sunoco LP / Sunoco Finance Corp.
4.50%, 05/15/2029									75,000						73,057
4.50%, 04/30/2030									60,000						57,750
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.50%, 01/15/2028 (a)									125,000						124,797
7.38%, 02/15/2029 (a)									65,000						66,460
6.00%, 12/31/2030 (a)									50,000						49,545
6.75%, 03/15/2034 (a)									50,000						50,282
Talos Production, Inc., 8.00%, 07/15/2034 (a)									55,000						55,493
Transocean International Ltd.
8.25%, 05/15/2029 (a)									70,000						72,047
8.75%, 02/15/2030 (a)									56,000						58,163
8.50%, 05/15/2031 (a)									75,000						78,243
USA Compression Partners LP / USA Compression Finance Corp.
7.13%, 03/15/2029 (a)									110,000						112,212
6.25%, 10/01/2033 (a)									75,000						73,781
Valaris Ltd., 8.38%, 04/30/2030 (a)									95,000						98,263
Venture Global Calcasieu Pass LLC
3.88%, 08/15/2029 (a)									85,000						80,875
6.25%, 01/15/2030 (a)									85,000						86,330
4.13%, 08/15/2031 (a)									85,000						78,678
3.88%, 11/01/2033 (a)									40,000						35,024
6.00%, 05/01/2036 (a)									55,000						54,279
Venture Global LNG, Inc.
9.50%, 02/01/2029 (a)									210,000						224,755
7.00%, 01/15/2030 (a)									105,000						106,554
8.38%, 06/01/2031 (a)									165,000						170,567
9.88%, 02/01/2032 (a)									145,000						154,269
6.38%, 12/15/2034 (a)									75,000						73,004
6.63%, 06/15/2036 (a)									75,000						73,411
Venture Global Plaquemines LNG LLC
6.13%, 12/15/2030 (a)									125,000						126,842
7.50%, 05/01/2033 (a)									85,000						92,230
6.50%, 01/15/2034 (a)									150,000						154,666
6.50%, 06/15/2034 (a)									85,000						87,591

---

7.75%, 05/01/2035 (a)									85,000						94,078
6.75%, 01/15/2036 (a)									150,000						156,963
WBI Operating LLC, 6.25%, 10/15/2030 (a)									70,000						69,985
Weatherford International Ltd., 6.75%, 10/15/2033 (a)									100,000						100,937
															9,045,816
Financials - 13.0%
Acrisure LLC / Acrisure Finance, Inc.
8.25%, 02/01/2029 (a)									70,000						66,968
4.25%, 02/15/2029 (a)									90,000						83,927
8.50%, 06/15/2029 (a)									40,000						38,153
7.50%, 11/06/2030 (a)									115,000						110,978
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
4.25%, 10/15/2027 (a)									55,000						54,327
6.75%, 04/15/2028 (a)									90,000						90,246
7.00%, 01/15/2031 (a)									125,000						126,818
6.50%, 10/01/2031 (a)									65,000						64,971
7.38%, 10/01/2032 (a)									50,000						50,383
AmWINS Group, Inc.
6.38%, 02/15/2029 (a)									50,000						50,205
4.88%, 06/30/2029 (a)									75,000						72,230
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 04/15/2030 (a)									45,000						45,259
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 9.75%, 04/15/2030 (a)									40,000						42,844
Ardonagh Finco Ltd., 7.75%, 02/15/2031 (a)									140,000						142,058
Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 (a)									115,000						114,135
Aretec Group, Inc.
7.50%, 04/01/2029 (a)									40,000						39,885
10.00%, 08/15/2030 (a)									50,000						52,752
Asurion LLC and Asurion Co.-Issuer, Inc.
8.00%, 12/31/2032 (a)									230,000						232,526
8.38%, 02/01/2034 (a)									230,000						209,444
Azorra Finance Ltd.
7.75%, 04/15/2030 (a)									35,000						36,235
7.25%, 01/15/2031 (a)									110,000						113,153
Block, Inc.
5.63%, 08/15/2030 (a)									110,000						109,419
3.50%, 06/01/2031									85,000						77,454
6.50%, 05/15/2032									145,000						146,493
6.00%, 08/15/2033 (a)									95,000						94,139
Brandywine Operating Partnership LP, 8.88%, 04/12/2029									45,000						47,244
Burford Capital Global Finance LLC
9.25%, 07/01/2031 (a)									75,000						73,031
7.50%, 07/15/2033 (a)									40,000						33,634
8.50%, 01/15/2034 (a)									40,000						34,687
CI Financial Holdings Ltd., 0.00% to 07/23/2031 then 5 yr. CMT Rate + 3.25%, 07/23/2056 (a)									35,000						35,162
Coinbase Global, Inc.
3.38%, 10/01/2028 (a)									100,000						94,945
3.63%, 10/01/2031 (a)									55,000						47,424
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a)									90,000						85,830
CoreLogic, Inc.
9.00%, 08/01/2031 (a)									115,000						113,385
12.00%, 02/01/2032 (a)									55,000						51,561
CRC Insurance Group LLC, 7.13%, 06/01/2031 (a)									235,000						234,645
Credit Acceptance Corp., 6.63%, 03/15/2030 (a)									90,000						89,911
CrossCountry Intermediate HoldCo LLC, 6.50%, 10/01/2030 (a)									75,000						72,563
Encore Capital Group, Inc.
8.50%, 05/15/2030 (a)									110,000						116,452
6.63%, 04/15/2031 (a)									75,000						75,099
FirstCash, Inc.

---

5.63%, 01/01/2030 (a)									40,000						39,368
6.88%, 03/01/2032 (a)									80,000						81,150
6.13%, 05/01/2034 (a)									50,000						49,249
Focus Financial Partners LLC, 6.75%, 09/15/2031 (a)									75,000						74,475
Freedom Mortgage Corp., 12.25%, 10/01/2030 (a)									40,000						42,807
Freedom Mortgage Holdings LLC
9.25%, 02/01/2029 (a)									100,000						103,232
6.88%, 05/01/2031 (a)									75,000						72,225
9.13%, 05/15/2031 (a)									75,000						76,838
8.00%, 02/01/2032 (a)									35,000						34,724
8.38%, 04/01/2032 (a)									50,000						50,249
7.88%, 04/01/2033 (a)									75,000						72,317
FS KKR Capital Corp.
6.88%, 08/15/2029									155,000						155,545
7.50%, 08/01/2031									60,000						60,027
Global Atlantic Fin Co., 7.95% to 10/15/2029 then 5 yr. CMT Rate + 3.61%, 10/15/2054 (a)									75,000						74,900
goeasy Ltd.
9.25%, 12/01/2028 (a)									40,000						39,508
7.63%, 07/01/2029 (a)									40,000						37,961
HA Sustainable Infrastructure Capital, Inc., 7.13% to 11/15/2031 then 5 yr. CMT Rate + 3.48%, 11/15/2056									85,000						85,594
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
7.25%, 02/15/2031 (a)									90,000						88,919
8.13%, 02/15/2032 (a)									90,000						83,676
HUB International Ltd.
7.25%, 06/15/2030 (a)									235,000						242,119
7.38%, 01/31/2032 (a)									130,000						132,945
Hudson Pacific Properties LP
3.95%, 11/01/2027									40,000						38,917
4.65%, 04/01/2029									45,000						42,258
3.25%, 01/15/2030									40,000						35,006
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
9.75%, 01/15/2029									50,000						49,769
10.00%, 11/15/2029 (a)									125,000						124,908
9.00%, 06/15/2030									95,000						90,504
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a)									55,000						52,220
Jane Street Group / JSG Finance, Inc.
7.13%, 04/30/2031 (a)									160,000						165,002
6.13%, 11/01/2032 (a)									150,000						149,163
6.75%, 05/01/2033 (a)									175,000						178,205
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a)									80,000						77,203
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/2030 (a)									60,000						61,807
6.88%, 10/01/2033 (a)									40,000						37,803
Kennedy-Wilson, Inc.
7.00%, 06/01/2031 (a)									75,000						76,331
7.25%, 06/01/2033 (a)									45,000						45,539
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/2027 (b)									110,000						106,590
4.63%, 08/01/2029									110,000						88,172
3.50%, 03/15/2031									115,000						78,036
8.50%, 02/15/2032 (a)									130,000						131,996
Navient Corp.
5.50%, 03/15/2029									85,000						81,446
11.50%, 03/15/2031									40,000						42,225
7.88%, 06/15/2032									75,000						70,186
NCR Atleos Corp., 9.50%, 04/01/2029 (a)									90,000						95,520
OneMain Finance Corp.
6.63%, 01/15/2028									75,000						75,704
3.88%, 09/15/2028									40,000						38,580
6.63%, 05/15/2029									80,000						80,928

---

5.38%, 11/15/2029									75,000						73,298
7.88%, 03/15/2030									50,000						51,768
6.13%, 05/15/2030									50,000						49,616
4.00%, 09/15/2030									75,000						68,724
7.50%, 05/15/2031									50,000						51,209
7.13%, 11/15/2031									50,000						50,623
6.75%, 03/15/2032									40,000						39,800
7.13%, 09/15/2032									75,000						75,777
6.50%, 03/15/2033									75,000						73,173
6.75%, 09/15/2033									90,000						88,572
Osaic Holdings, Inc.
6.75%, 08/01/2032 (a)									65,000						65,190
8.00%, 08/01/2033 (a)									55,000						55,730
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
5.88%, 10/01/2028 (a)									80,000						79,885
4.88%, 05/15/2029 (a)									165,000						160,825
PennyMac Financial Services, Inc.
7.88%, 12/15/2029 (a)									55,000						56,365
7.13%, 11/15/2030 (a)									75,000						74,742
6.88%, 05/15/2032 (a)									95,000						90,882
6.88%, 02/15/2033 (a)									95,000						89,838
6.75%, 02/15/2034 (a)									45,000						41,685
PRA Group, Inc., 8.88%, 01/31/2030 (a)									75,000						77,215
RHP Hotel Properties LP / RHP Finance Corp.
4.50%, 02/15/2029 (a)									45,000						44,025
6.50%, 04/01/2032 (a)									80,000						81,318
6.50%, 06/15/2033 (a)									50,000						50,842
Rithm Capital Corp.
8.00%, 04/01/2029 (a)									100,000						100,546
8.00%, 07/15/2030 (a)									35,000						34,904
Rocket Cos., Inc.
6.50%, 08/01/2029 (a)									75,000						75,837
6.13%, 08/01/2030 (a)									175,000						176,178
6.13%, 08/01/2031 (a)									50,000						50,182
7.13%, 02/01/2032 (a)									85,000						86,976
6.38%, 08/01/2033 (a)									175,000						175,840
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
3.63%, 03/01/2029 (a)									75,000						71,654
3.88%, 03/01/2031 (a)									110,000						101,709
4.00%, 10/15/2033 (a)									75,000						66,291
Ryan Specialty LLC, 5.88%, 08/01/2032 (a)									75,000						73,795
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032 (a)									120,000						120,105
SLM Corp., 6.50% to 05/15/2031 then SOFR + 2.71%, 05/15/2032									50,000						49,856
Starwood Property Trust, Inc.
5.88%, 08/15/2029 (a)									35,000						35,028
6.50%, 07/01/2030 (a)									140,000						141,750
6.13%, 06/01/2031 (a)									40,000						39,920
Stonebriar ABF Issuer LLC, 7.00%, 08/15/2031 (a)									35,000						35,035
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (a)									75,000						76,081
StoneX Group, Inc., 7.88%, 03/01/2031 (a)									40,000						41,598
Synchrony Financial, 7.25%, 02/02/2033									110,000						112,869
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (a)									75,000						71,406
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC
4.75%, 04/15/2028 (a)									40,000						39,871
6.50%, 02/15/2029 (a)									100,000						98,405
8.63%, 06/15/2032 (a)									115,000						117,357
UWM Holdings LLC
6.63%, 02/01/2030 (a)									80,000						74,188
6.25%, 03/15/2031 (a)									100,000						88,801
															11,029,705

---

Health Care - 8.7%
1261229 BC Ltd., 10.00%, 04/15/2032 (a)									480,000						490,350
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 (a)									45,000						46,386
Accendra Health, Inc.
9.00%, 06/15/2032 (a)									45,000						42,863
9.75%, 06/15/2033 (a)									40,000						26,513
Adapthealth LLC, 5.13%, 03/01/2030 (a)									50,000						48,241
Avantor Funding, Inc.
4.63%, 07/15/2028 (a)									120,000						118,376
3.88%, 11/01/2029 (a)									50,000						47,691
Bausch + Lomb Corp., 8.38%, 10/01/2028 (a)									140,000						143,620
Bausch Health Cos., Inc.
4.88%, 06/01/2028 (a)									60,000						56,029
11.00%, 09/30/2028 (a)									65,000						66,443
6.25%, 02/15/2029 (a)									160,000						125,360
Centene Corp.
4.25%, 12/15/2027									75,000						74,722
2.45%, 07/15/2028									100,000						94,813
4.63%, 12/15/2029									200,000						194,253
3.38%, 02/15/2030									140,000						129,594
3.00%, 10/15/2030									160,000						143,918
2.50%, 03/01/2031									100,000						86,908
2.63%, 08/01/2031									45,000						39,012
CHS/Community Health Systems, Inc.
6.88%, 04/15/2029 (a)									85,000						81,777
6.13%, 04/01/2030 (a)(b)									140,000						117,166
5.25%, 05/15/2030 (a)									105,000						97,067
4.75%, 02/15/2031 (a)									50,000						44,507
10.88%, 01/15/2032 (a)									110,000						115,897
9.75%, 01/15/2034 (a)									125,000						126,496
CVS Health Corp.
6.75% to 12/10/2034 then 5 yr. CMT Rate + 2.52%, 12/10/2054									50,000						51,434
7.00% to 03/10/2030 then 5 yr. CMT Rate + 2.89%, 03/10/2055									165,000						169,786
DaVita, Inc.
4.63%, 06/01/2030 (a)									200,000						192,432
3.75%, 02/15/2031 (a)									100,000						92,227
6.88%, 09/01/2032 (a)									85,000						87,207
6.75%, 07/15/2033 (a)									85,000						87,067
DENTSPLY SIRONA, Inc., 8.38% to 09/12/2030 then 5 yr. CMT Rate + 4.38%, 09/12/2055									40,000						39,827
Encompass Health Corp.
4.50%, 02/01/2028									30,000						29,656
4.75%, 02/01/2030									75,000						73,355
5.88%, 06/01/2034 (a)									35,000						34,640
Endo Finance Holdings LP, 8.50%, 04/15/2031 (a)									70,000						73,673
GENMAB AS/GENMAB FINANCE LLC
6.25%, 12/15/2032 (a)									130,000						131,192
7.25%, 12/15/2033 (a)									75,000						77,212
Global Medical Response, Inc., 7.38%, 10/01/2032 (a)									60,000						61,114
Humana, Inc., 6.63% to 09/15/2031 then 5 yr. CMT Rate + 2.89%, 09/15/2056									100,000						98,340
IQVIA, Inc., 6.25%, 06/01/2032 (a)									175,000						177,332
Jazz Securities DAC, 4.38%, 01/15/2029 (a)									200,000						195,551
LifePoint Health, Inc.
9.88%, 08/15/2030 (a)									50,000						52,484
8.38%, 02/15/2032 (a)									50,000						50,281
10.00%, 06/01/2032 (a)									60,000						57,460
7.00%, 05/01/2034 (a)									110,000						102,502
Medline Borrower LP, 5.25%, 10/01/2029 (a)									215,000						212,935
Molina Healthcare, Inc.

---

4.38%, 06/15/2028 (a)									80,000						78,305
3.88%, 11/15/2030 (a)									50,000						46,210
6.50%, 02/15/2031 (a)									85,000						85,839
3.88%, 05/15/2032 (a)									60,000						53,527
6.25%, 01/15/2033 (a)									80,000						79,113
MPH Acquisition Holdings LLC, 5.75%, 12/31/2030 (a)									120,000						92,232
National Mentor Holdings, Inc., 10.50%, 12/15/2030 (a)									125,000						131,405
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/2028 (a)									155,000						152,554
5.13%, 04/30/2031 (a)									130,000						128,577
6.75%, 05/15/2034 (a)									40,000						41,788
7.88%, 05/15/2034 (a)									35,000						37,331
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a)									110,000						114,662
Radiology Partners, Inc.
9.78% (or 9.78% PIK), 02/15/2030 (a)									50,000						49,875
8.50%, 07/15/2032 (a)									80,000						83,963
Star Parent, Inc., 9.00%, 10/01/2030 (a)									65,000						68,231
Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (a)									85,000						85,094
Team Health Holdings, Inc., 13.50% (or 4.50% PIK), 06/30/2028 (a)									56,800						57,970
Teleflex, Inc., 5.88%, 01/15/2032 (a)									40,000						39,674
Tenet Healthcare Corp.
5.13%, 11/01/2027									145,000						144,817
6.13%, 10/01/2028									160,000						160,170
4.25%, 06/01/2029									105,000						101,687
4.38%, 01/15/2030									125,000						120,557
6.13%, 06/15/2030									145,000						146,078
6.75%, 05/15/2031									100,000						101,907
5.50%, 11/15/2032 (a)									105,000						103,199
6.00%, 11/15/2033 (a)(b)									50,000						50,125
Teva Pharmaceutical Finance Netherlands III BV
6.75%, 03/01/2028									85,000						86,621
5.13%, 05/09/2029									85,000						84,803
Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, 12/01/2030									75,000						75,895
US Acute Care Solutions LLC, 9.75%, 05/15/2029 (a)									90,000						83,981
															7,391,899
Industrials - 8.4%
ADT Security Corp.
4.13%, 08/01/2029 (a)									85,000						81,366
5.88%, 10/15/2033 (a)									90,000						87,426
AECOM, 6.00%, 08/01/2033 (a)									100,000						99,435
Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030 (a)									110,000						112,227
Allison Transmission, Inc., 3.75%, 01/30/2031 (a)									85,000						78,646
Amentum Holdings, Inc., 7.25%, 08/01/2032 (a)									100,000						102,682
APi Group DE, Inc., 5.75%, 06/01/2034 (a)									30,000						29,376
Arcosa, Inc., 6.88%, 08/15/2032 (a)									50,000						51,475
Axon Enterprise, Inc.
6.13%, 03/15/2030 (a)									90,000						91,048
6.25%, 03/15/2033 (a)									50,000						50,631
Bombardier, Inc.
8.75%, 11/15/2030 (a)									75,000						79,047
7.25%, 07/01/2031 (a)									50,000						52,113
7.00%, 06/01/2032 (a)									50,000						51,527
6.75%, 06/15/2033 (a)									50,000						51,494
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)(b)									115,000						99,207
Builders FirstSource, Inc.
4.25%, 02/01/2032 (a)									115,000						104,591
6.38%, 03/01/2034 (a)									95,000						93,344
6.75%, 05/15/2035 (a)									75,000						74,165

---

CACI International, Inc., 6.38%, 06/15/2033 (a)									115,000						115,792
Carrix, Inc., 6.13%, 08/01/2033 (a)									175,000						174,147
Clean Harbors, Inc., 5.75%, 10/15/2033 (a)									75,000						74,437
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 (a)									245,000						249,037
EquipmentShare.com, Inc.
9.00%, 05/15/2028 (a)									90,000						91,439
8.63%, 05/15/2032 (a)									45,000						46,024
8.00%, 03/15/2033 (a)(b)									35,000						35,363
7.13%, 07/01/2034 (a)									90,000						85,957
Esab Corp.
6.25%, 04/15/2029 (a)									95,000						95,909
5.63%, 04/01/2031 (a)									85,000						83,975
FTAI Aviation Investors LLC
5.50%, 05/01/2028 (a)									85,000						84,633
7.00%, 05/01/2031 (a)									50,000						51,329
7.00%, 06/15/2032 (a)									110,000						112,274
GEO Group, Inc.
8.63%, 04/15/2029									75,000						78,085
10.25%, 04/15/2031									50,000						53,920
GFL Environmental Holdings US, Inc.
5.63%, 07/01/2031 (a)									45,000						43,737
5.50%, 02/01/2034 (a)									85,000						78,686
GFL Environmental, Inc.
4.00%, 08/01/2028 (a)									55,000						53,567
4.75%, 06/15/2029 (a)									60,000						58,382
6.75%, 01/15/2031 (a)									85,000						86,024
Global Infrastructure Solutions, Inc., 6.38%, 07/15/2034 (a)									35,000						35,222
Herc Holdings, Inc.
6.63%, 06/15/2029 (a)									50,000						50,854
7.00%, 06/15/2030 (a)									120,000						123,689
7.25%, 06/15/2033 (a)									100,000						103,239
6.00%, 03/15/2034 (a)									40,000						39,261
Madison IAQ LLC
4.13%, 06/30/2028 (a)									75,000						73,363
5.88%, 06/30/2029 (a)									85,000						84,850
QXO Building Products, Inc., 6.75%, 04/30/2032 (a)									170,000						173,652
RB Global Holdings, Inc., 7.75%, 03/15/2031 (a)									75,000						77,453
RR Donnelley & Sons Co.
10.88%, 08/01/2029 (a)									35,000						35,624
9.50%, 08/01/2029 (a)									85,000						88,037
Sensata Technologies BV, 4.00%, 04/15/2029 (a)									50,000						48,152
Sensata Technologies, Inc.
3.75%, 02/15/2031 (a)									55,000						51,096
6.63%, 07/15/2032 (a)									40,000						40,945
Solaris Energy Infrastructure LLC, 6.38%, 05/15/2031 (a)									85,000						83,302
Synergy Infrastructure Holdings LLC, 7.00%, 07/15/2034 (a)									50,000						50,378
Terex Corp.
5.00%, 05/15/2029 (a)									45,000						44,364
6.25%, 10/15/2032 (a)									75,000						75,378
TransDigm, Inc.
6.75%, 08/15/2028 (a)									280,000						282,003
4.63%, 01/15/2029									75,000						73,546
6.38%, 03/01/2029 (a)									280,000						283,058
4.88%, 05/01/2029									50,000						49,091
6.88%, 12/15/2030 (a)									125,000						127,999
7.13%, 12/01/2031 (a)									60,000						61,852
6.63%, 03/01/2032 (a)									160,000						162,574
6.00%, 01/15/2033 (a)									130,000						129,861
6.38%, 05/31/2033 (a)									205,000						204,705
6.75%, 01/31/2034 (a)									150,000						152,193

---

6.13%, 07/31/2034 (a)									100,000						98,795
United Airlines Holdings, Inc.
4.88%, 03/01/2029									75,000						73,871
5.38%, 03/01/2031									85,000						83,939
United Rentals North America, Inc.
3.88%, 11/15/2027									80,000						79,082
4.88%, 01/15/2028									125,000						124,364
5.25%, 01/15/2030									50,000						49,739
4.00%, 07/15/2030									50,000						47,444
3.88%, 02/15/2031									95,000						88,691
5.38%, 11/15/2033 (a)									130,000						126,372
6.13%, 03/15/2034 (a)									70,000						70,843
WESCO Distribution, Inc.
6.38%, 03/15/2029 (a)									100,000						101,342
5.25%, 04/15/2031 (a)									45,000						44,239
6.63%, 03/15/2032 (a)									75,000						76,459
6.38%, 03/15/2033 (a)									75,000						76,237
5.50%, 04/15/2034 (a)									75,000						72,868
															7,162,543
Information Technology - 4.9%
AthenaHealth Group, Inc.
6.50%, 02/15/2030 (a)									190,000						183,040
7.50%, 02/15/2032 (a)									35,000						35,874
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (a)									135,000						70,267
Cloud Software Group LLC
6.50%, 03/31/2029 (a)									290,000						283,407
9.00%, 09/30/2029 (a)									280,000						274,382
8.25%, 06/30/2032 (a)									130,000						122,843
6.63%, 08/15/2033 (a)									90,000						78,308
CoreWeave, Inc.
9.25%, 06/01/2030 (a)									150,000						140,550
9.00%, 02/01/2031 (a)(b)									130,000						117,359
9.75%, 10/01/2031 (a)									210,000						190,344
9.63%, 07/15/2032 (a)									80,000						71,576
Entegris, Inc.
4.75%, 04/15/2029 (a)									110,000						108,161
5.95%, 06/15/2030 (a)									60,000						59,998
Fair Isaac Corp.
4.00%, 06/15/2028 (a)									85,000						82,167
6.00%, 05/15/2033 (a)									110,000						106,193
6.25%, 09/15/2034 (a)									100,000						96,551
Gen Digital, Inc.
6.75%, 09/30/2027 (a)									60,000						60,110
6.25%, 04/01/2033 (a)									70,000						68,810
Ingram Micro, Inc., 4.75%, 05/15/2029 (a)									155,000						150,919
ION Platform Finance US, Inc., 7.88%, 09/30/2032 (a)									115,000						91,125
ION Platform Finance US, Inc. / ION Platform Finance SARL
8.75%, 05/01/2029 (a)									50,000						46,566
9.50%, 05/30/2029 (a)									110,000						103,857
McAfee Corp., 7.38%, 02/15/2030 (a)									135,000						114,352
OAK-Eagle Acquireco, Inc.
7.25%, 07/01/2033 (a)									220,000						228,064
8.75%, 07/01/2034 (a)									190,000						200,170
Open Text Corp.
3.88%, 02/15/2028 (a)									65,000						63,316
3.88%, 12/01/2029 (a)									60,000						55,170
Open Text Holdings, Inc.
4.13%, 02/15/2030 (a)									140,000						129,051

---

4.13%, 12/01/2031 (a)									50,000						44,070
Qnity Electronics, Inc.
5.75%, 08/15/2032 (a)									85,000						84,422
6.25%, 08/15/2033 (a)									75,000						75,275
Rocket Software, Inc.
9.00%, 11/28/2028 (a)									50,000						49,587
6.50%, 02/15/2029 (a)									45,000						41,396
Seagate Data Storage Technology Pte Ltd.
4.09%, 06/01/2029									35,000						33,952
9.63%, 12/01/2032									75,000						82,292
SS&C Technologies, Inc.
5.50%, 09/30/2027 (a)									120,000						119,910
6.50%, 06/01/2032 (a)									95,000						95,621
UKG, Inc., 6.88%, 02/01/2031 (a)									180,000						176,023
Viasat, Inc., 7.50%, 05/30/2031 (a)(b)									55,000						54,856
															4,189,934
Materials - 7.8%
Alcoa Nederland Holding BV, 7.13%, 03/15/2031 (a)									160,000						164,502
ARC Falcon I, Inc. / Arclin USA LLC / New Arclin US Holding Corp., 9.75%, 03/01/2033 (a)									100,000						94,786
Ardagh Group SA
11.00% (or 6.50% PIK), 12/01/2030 (a)									108,754						100,531
9.50%, 12/01/2030 (a)									105,000						111,234
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.25%, 09/01/2028 (a)									45,000						43,226
4.00%, 09/01/2029 (a)									80,000						75,923
6.25%, 01/30/2031 (a)									50,000						50,373
Arsenal AIC Parent LLC, 8.00%, 10/01/2030 (a)									95,000						98,876
Avient Corp.
7.13%, 08/01/2030 (a)									50,000						50,623
6.25%, 11/01/2031 (a)									50,000						50,374
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (a)									55,000						52,181
Ball Corp.
6.00%, 06/15/2029									85,000						86,064
2.88%, 08/15/2030									115,000						103,903
3.13%, 09/15/2031									20,000						17,947
5.50%, 09/15/2033									75,000						74,495
Celanese US Holdings LLC
7.35%, 11/15/2028 (c)									50,000						51,900
7.33%, 07/15/2029 (c)									50,000						51,906
6.50%, 04/15/2030									50,000						50,624
7.55%, 11/15/2030 (c)									65,000						68,418
7.00%, 02/15/2031									45,000						46,146
7.38%, 07/15/2032 (c)									50,000						52,141
6.75%, 04/15/2033									70,000						71,415
7.70%, 11/15/2033									90,000						95,443
7.38%, 02/15/2034									50,000						51,436
Chemours Co.
5.75%, 11/15/2028 (a)									40,000						39,763
4.63%, 11/15/2029 (a)									45,000						42,450
8.00%, 01/15/2033 (a)									45,000						44,305
7.88%, 03/15/2034 (a)									75,000						73,134
Cleveland-Cliffs, Inc.
6.88%, 11/01/2029 (a)									70,000						70,681
6.75%, 04/15/2030 (a)									75,000						75,526
7.50%, 09/15/2031 (a)									60,000						61,137
7.00%, 03/15/2032 (a)									115,000						115,247
7.38%, 05/01/2033 (a)									65,000						65,606
7.63%, 01/15/2034 (a)									115,000						116,345

---

Clydesdale Acquisition Holdings, Inc.
8.75%, 04/15/2030 (a)									80,000						76,610
6.75%, 04/15/2032 (a)									100,000						95,260
Commercial Metals Co.
5.75%, 11/15/2033 (a)									95,000						93,230
6.00%, 12/15/2035 (a)									75,000						73,714
Crown Americas LLC, 5.88%, 06/01/2033									75,000						74,819
FMC Corp.
5.65%, 05/18/2033									40,000						35,653
8.45% to 11/01/2030 then 5 yr. CMT Rate + 4.37%, 11/01/2055									50,000						37,575
Fortescue Treasury Pty Ltd.
4.38%, 04/01/2031 (a)									100,000						94,104
6.13%, 04/15/2032 (a)									90,000						90,829
Graphic Packaging International LLC, 6.38%, 07/15/2032 (a)									35,000						34,954
Huntsman International LLC
4.50%, 05/01/2029									45,000						43,422
2.95%, 06/15/2031									30,000						26,821
INEOS Finance PLC, 7.50%, 04/15/2029 (a)									50,000						49,011
Inversion Escrow Issuer LLC, 6.75%, 08/01/2032 (a)									95,000						92,415
Magnera Corp., 7.25%, 11/15/2031 (a)									55,000						53,823
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/2030 (a)									205,000						208,857
9.25%, 04/15/2030 (a)									105,000						104,124
Mercer International, Inc., 5.13%, 02/01/2029									135,000						78,423
Methanex Corp.
5.13%, 10/15/2027									75,000						74,919
5.25%, 12/15/2029									75,000						74,333
Methanex US Operations, Inc., 6.25%, 03/15/2032 (a)									45,000						45,486
Mineral Resources Ltd.
9.25%, 10/01/2028 (a)									77,000						79,229
7.00%, 04/01/2031 (a)									75,000						77,139
NOVA Chemicals Corp., 9.00%, 02/15/2030 (a)									75,000						78,590
Novelis Corp.
4.75%, 01/30/2030 (a)									130,000						124,704
6.88%, 01/30/2030 (a)									50,000						51,237
6.38%, 08/15/2033 (a)									60,000						59,822
Olin Corp.
5.63%, 08/01/2029									50,000						49,474
6.63%, 04/01/2033 (a)									45,000						44,089
Olympus Water US Holding Corp.
4.25%, 10/01/2028 (a)									60,000						57,841
7.25%, 06/15/2031 (a)									75,000						75,794
7.25%, 02/15/2033 (a)									140,000						137,117
Owens-Brockway Glass Container, Inc.
7.25%, 05/15/2031 (a)(b)									75,000						71,100
9.50%, 06/01/2033 (a)									40,000						39,360
Quikrete Holdings, Inc.
6.38%, 03/01/2032 (a)									275,000						278,124
6.75%, 03/01/2033 (a)									130,000						131,708
SK Invictus Intermediate II Sarl, 5.00%, 10/30/2029 (a)									55,000						53,610
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028 (a)									95,000						94,739
8.88%, 11/15/2031 (a)									70,000						73,195
Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (a)									85,000						83,225
Standard Building Solutions, Inc.
6.50%, 08/15/2032 (a)									75,000						75,108
6.25%, 08/01/2033 (a)									90,000						88,973
Standard Industries, Inc.
4.75%, 01/15/2028 (a)									175,000						173,977
4.38%, 07/15/2030 (a)									155,000						146,248

---

3.38%, 01/15/2031 (a)									95,000						85,280
Sword Purchaser LLC, 8.25%, 04/15/2033 (a)									135,000						137,922
Trivium Packaging Finance BV, 12.25%, 01/15/2031 (a)									45,000						49,679
Tronox, Inc., 4.63%, 03/15/2029 (a)									85,000						51,963
WR Grace Holdings LLC
5.63%, 08/15/2029 (a)									85,000						78,020
6.63%, 08/15/2032 (a)									75,000						71,228
															6,595,538
Real Estate - 1.5%
Howard Hughes Corp.
4.13%, 02/01/2029 (a)									50,000						48,058
4.38%, 02/01/2031 (a)									45,000						42,101
Iron Mountain, Inc.
4.88%, 09/15/2027 (a)									85,000						84,727
5.25%, 03/15/2028 (a)									75,000						74,693
7.00%, 02/15/2029 (a)									85,000						86,283
4.88%, 09/15/2029 (a)									75,000						73,092
5.25%, 07/15/2030 (a)									95,000						92,846
4.50%, 02/15/2031 (a)									95,000						89,889
6.25%, 01/15/2033 (a)									130,000						130,458
6.25%, 01/15/2035 (a)									100,000						98,577
Millrose Properties, Inc.
6.38%, 08/01/2030 (a)									110,000						110,600
6.25%, 09/15/2032 (a)									75,000						74,988
SBA Communications Corp., 3.13%, 02/01/2029									130,000						124,155
Service Properties Trust
8.63%, 11/15/2031 (a)									70,000						73,459
8.88%, 06/15/2032									80,000						82,163
															1,286,089
Utilities - 4.2%
AES Corp., 7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055									130,000						131,827
Alpha Generation LLC
6.75%, 10/15/2032 (a)									65,000						65,495
6.25%, 01/15/2034 (a)									75,000						73,110
AmeriGas Partners LP / AmeriGas Finance Corp.
9.50%, 06/01/2030 (a)									85,000						91,063
6.88%, 06/01/2031 (a)									35,000						35,485
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032 (a)									85,000						83,772
Clearway Energy Operating LLC
4.75%, 03/15/2028 (a)									80,000						78,833
3.75%, 02/15/2031 (a)									80,000						73,382
5.75%, 01/15/2034 (a)									50,000						48,135
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual (a)									115,000						133,013
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.38%, 12/30/2030 (a)									55,338						51,855
EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 06/30/2032 (a)									25,000						25,952
EUSHI Finance, Inc.
7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054									30,000						31,038
6.25% to 04/01/2031 then 5 yr. CMT Rate + 2.51%, 04/01/2056									50,000						49,346
Ferrellgas LP / Ferrellgas Finance Corp.
5.88%, 04/01/2029 (a)									75,000						73,278
9.25%, 01/15/2031 (a)									35,000						36,752
NextEra Energy Operating Partners LP, 4.50%, 09/15/2027 (a)									90,000						88,914
NRG Energy, Inc.
5.75%, 01/15/2028									75,000						75,022
5.25%, 06/15/2029 (a)									55,000						54,503
5.75%, 07/15/2029 (a)									75,000						74,972
3.63%, 02/15/2031 (a)									90,000						82,854

---

6.00%, 02/01/2033 (a)									80,000						79,741
5.75%, 01/15/2034 (a)									115,000						111,985
6.25%, 11/01/2034 (a)									90,000						89,732
6.00%, 01/15/2036 (a)									175,000						171,167
6.13%, 05/15/2036 (a)									100,000						98,556
PacifiCorp
7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055									50,000						49,772
7.13% to 08/15/2031 then 5 yr. CMT Rate + 3.29%, 08/15/2056									95,000						93,346
PG&E Corp.
5.00%, 07/01/2028									90,000						89,110
5.25%, 07/01/2030									85,000						83,228
7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055									105,000						106,554
6.85% to 09/15/2031 then 5 yr. CMT Rate + 3.23%, 09/15/2056									85,000						83,991
Puget Energy, Inc.
7.00% to 09/15/2031 then 5 yr. CMT Rate + 2.96%, 09/15/2056									50,000						50,124
7.25% to 09/15/2036 then 5 yr. CMT Rate + 2.85%, 09/15/2056									35,000						35,090
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (a)									50,000						47,036
Talen Energy Supply LLC
6.13%, 05/01/2031 (a)									100,000						99,303
6.38%, 05/01/2033 (a)									180,000						177,152
6.25%, 02/01/2034 (a)									75,000						73,586
6.50%, 02/01/2036 (a)									115,000						113,435
TerraForm Power Operating LLC, 5.00%, 01/31/2028 (a)									85,000						83,996
VoltaGrid LLC, 7.38%, 11/01/2030 (a)									135,000						135,500
XPLR Infrastructure Operating Partners LP
7.25%, 01/15/2029 (a)(b)									50,000						51,525
8.38%, 01/15/2031 (a)									50,000						53,119
8.63%, 03/15/2033 (a)									80,000						85,426
7.75%, 04/15/2034 (a)									50,000						52,385
															3,573,460
TOTAL CORPORATE BONDS (Cost $83,690,320)															83,632,617
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.1%									Units						Value
Mount Vernon Liquid Assets Portfolio, LLC, 3.79% (d)									1,787,811						1,787,811
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,787,811)															1,787,811
TOTAL INVESTMENTS - 100.3% (Cost $85,478,131)															85,420,428
Liabilities in Excess of Other Assets - (0.3)%												(0.00264)			(224,681)
TOTAL NET ASSETS - 100.0%															$        85,195,747
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury
PIK - Payment in Kind
SOFR - Secured Overnight Financing Rate
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

---

(a)						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, 2026, the value of these securities total $71,220,618 or 83.6% of the Fund’s net assets.
(b)						All or a portion of this security is on loan as of July 31, 2026. The fair value of these securities was $1,751,721.
(c)						Step coupon bond. The rate disclosed is as of July 31, 2026.
(d)						The rate shown represents the 7-day annualized yield as of July 31, 2026.

---

Summary of Fair Value Disclosure as of July 31, 2026 (Unaudited)

Pacer Trendpilot® US Bond ETF has adopted fair value accounting standards which establish a 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 valuation 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 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, 2026:

Level 1

Level 2

Level 3

Total

Investments:

Corporate Bonds

$        –

$        83,632,617

$        –

$        83,632,617

Investments Purchased with Proceeds from Securities Lending (a)

–

–

–

1,787,811

Total Investments

$        –

$        83,632,617

$        –

$        85,420,428

						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 amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.