Pacer Trendpilot US Bond ETF
Schedule of Investments
July 31, 2025 (Unaudited)
CORPORATE BONDS - 98.0%	Par			Value
Communication Services - 15.4%
Altice Financing SA
5.00%, 01/15/2028 (a)	$	145,000		$	115,504
5.75%, 08/15/2029 (a)		345,000			263,925
AMC Networks, Inc.
10.25%, 01/15/2029 (a)		130,000			133,419
10.50%, 07/15/2032 (a)		60,000			61,050
Arches Buyer, Inc., 4.25%, 06/01/2028 (a)		115,000			110,659
Bell Telephone Co. of Canada or Bell Canada
6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055		130,000			132,524
7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.36%, 09/15/2055		185,000			188,029
British Telecommunications PLC, 4.25% to 02/23/2027 then 5 yr. CMT Rate + 2.99%, 11/23/2081 (a)		70,000			68,977
CCO Holdings LLC / CCO Holdings Capital Corp.
5.13%, 05/01/2027 (a)		415,000			411,369
5.00%, 02/01/2028 (a)		320,000			313,965
5.38%, 06/01/2029 (a)		180,000			176,625
6.38%, 09/01/2029 (a)		190,000			191,667
4.75%, 03/01/2030 (a)		370,000			351,589
4.50%, 08/15/2030 (a)		335,000			313,319
7.38%, 03/01/2031 (a)		135,000			138,738
4.75%, 02/01/2032 (a)		175,000			161,758
4.50%, 05/01/2032		385,000			349,477
4.50%, 06/01/2033 (a)		230,000			204,185
4.25%, 01/15/2034 (a)(b)		295,000			253,895
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027 (a)		160,000			159,768
7.75%, 04/15/2028 (a)(b)		135,000			127,406
9.00%, 09/15/2028 (a)(b)		110,000			115,253
7.50%, 06/01/2029 (a)(b)		200,000			182,258
7.88%, 04/01/2030 (a)		125,000			128,663
Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032 (a)		70,000			68,600
Connect Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029 (a)(b)		310,000			313,007
CSC Holdings LLC
5.50%, 04/15/2027 (a)		35,000			33,819
5.38%, 02/01/2028 (a)		145,000			133,286
7.50%, 04/01/2028 (a)		135,000			108,897
11.25%, 05/15/2028 (a)		145,000			145,805
11.75%, 01/31/2029 (a)		260,000			243,622
6.50%, 02/01/2029 (a)		245,000			194,205
5.75%, 01/15/2030 (a)		395,000			194,306
4.13%, 12/01/2030 (a)(b)		175,000			117,798
4.63%, 12/01/2030 (a)		430,000			201,025
3.38%, 02/15/2031 (a)		140,000			91,891
4.50%, 11/15/2031 (a)		210,000			140,070
Directv Financing LLC, 8.88%, 02/01/2030 (a)		115,000			112,090
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.
5.88%, 08/15/2027 (a)		475,000			472,568
10.00%, 02/15/2031 (a)		340,000			327,529
DISH Network Corp., 11.75%, 11/15/2027 (a)		465,000			484,535
EchoStar Corp., 6.75%, 11/30/2030		279,478			265,155
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)		145,000			145,080
5.00%, 05/01/2028 (a)		195,000			194,756
6.75%, 05/01/2029 (a)		145,000			146,333
5.88%, 11/01/2029		110,000			111,077
6.00%, 01/15/2030 (a)		145,000			146,631
8.75%, 05/15/2030 (a)		175,000			183,373
8.63%, 03/15/2031 (a)		110,000			116,600
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
5.25%, 12/01/2027 (a)		65,000			64,749
3.50%, 03/01/2029 (a)		120,000			112,482
Gray Media, Inc.
10.50%, 07/15/2029 (a)		160,000			173,000
4.75%, 10/15/2030 (a)		120,000			89,463
5.38%, 11/15/2031 (a)		185,000			135,845
9.63%, 07/15/2032 (a)		130,000			130,812
7.25%, 08/15/2033 (a)		70,000			69,636
iHeartCommunications, Inc., 9.13%, 05/01/2029 (a)		140,000			117,236
Iliad Holding SASU
7.00%, 10/15/2028 (a)		130,000			131,996
8.50%, 04/15/2031 (a)		140,000			150,201
7.00%, 04/15/2032 (a)		125,000			128,281
Lamar Media Corp.
3.75%, 02/15/2028		90,000			86,909
4.00%, 02/15/2030		80,000			75,900
3.63%, 01/15/2031		80,000			73,600
LCPR Senior Secured Financing DAC
6.75%, 10/15/2027 (a)		140,000			107,450
5.13%, 07/15/2029 (a)		130,000			87,653
Level 3 Financing, Inc.
4.88%, 06/15/2029 (a)		90,000			84,527
11.00%, 11/15/2029 (a)		178,858			202,932
4.50%, 04/01/2030 (a)		200,000			180,000
10.75%, 12/15/2030 (a)		100,000			112,939
6.88%, 06/30/2033 (a)		240,000			243,300
Live Nation Entertainment, Inc.
6.50%, 05/15/2027 (a)		205,000			207,108
4.75%, 10/15/2027 (a)		115,000			113,288
3.75%, 01/15/2028 (a)		75,000			72,839
Lumen Technologies, Inc., 4.13%, 04/15/2030 (a)		75,000			73,080
Match Group Holdings II LLC, 4.63%, 06/01/2028 (a)		115,000			112,389
McGraw-Hill Education, Inc.
5.75%, 08/01/2028 (a)		130,000			129,624
8.00%, 08/01/2029 (a)		105,000			106,706
7.38%, 09/01/2031 (a)		95,000			98,601
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a)		325,000			314,470
Nexstar Media, Inc.
5.63%, 07/15/2027 (a)		210,000			209,580
4.75%, 11/01/2028 (a)(b)		145,000			140,824
Optics Bidco SpA
6.38%, 11/15/2033 (a)		75,000			73,060
6.00%, 09/30/2034 (a)		75,000			70,859
7.20%, 07/18/2036 (a)		75,000			74,132
7.72%, 06/04/2038 (a)		75,000			74,625
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, 08/15/2027 (a)		90,000			89,122
7.38%, 02/15/2031 (a)		60,000			62,991
Paramount Global
6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057 (c)		100,000			96,303
6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062		125,000			122,720
Radiate Holdco LLC / Radiate Finance, Inc., 6.25%, 09/25/2029 (a)		303,800			273,830
ROBLOX Corp., 3.88%, 05/01/2030 (a)		145,000			136,331
Rogers Communications, Inc.
7.00% to 04/15/2030 then 5 yr. CMT Rate + 2.65%, 04/15/2055		150,000			153,584
7.13% to 04/15/2035 then 5 yr. CMT Rate + 2.62%, 04/15/2055		145,000			148,199
5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 (a)		90,000			88,921
Scripps Escrow II, Inc., 3.88%, 01/15/2029 (a)		80,000			71,000
Shutterfly Finance LLC, 9.75%, 10/01/2027 (a)		0	(d)		0
Sinclair Television Group, Inc., 8.13%, 02/15/2033 (a)		335,000			342,308
Sirius XM Radio LLC
3.13%, 09/01/2026 (a)		145,000			141,542
5.00%, 08/01/2027 (a)		220,000			217,250
4.00%, 07/15/2028 (a)		265,000			252,333
5.50%, 07/01/2029 (a)		185,000			182,526
4.13%, 07/01/2030 (a)		220,000			200,453
3.88%, 09/01/2031 (a)(b)		225,000			198,456
Snap, Inc., 6.88%, 03/01/2033 (a)		180,000			184,291
Stagwell Global LLC, 5.63%, 08/15/2029 (a)		135,000			129,769
Sunrise FinCo I BV, 4.88%, 07/15/2031 (a)		185,000			174,371
TEGNA, Inc.
4.63%, 03/15/2028 (b)		120,000			117,062
5.00%, 09/15/2029		135,000			129,769
TELUS Corp.
0.00% to 10/15/2030 then 5 yr. CMT Rate + 2.77%, 10/15/2055		75,000			75,894
7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055 (b)		100,000			101,601
Univision Communications, Inc.
8.00%, 08/15/2028 (a)		185,000			190,093
4.50%, 05/01/2029 (a)		155,000			143,473
7.38%, 06/30/2030 (a)		130,000			129,334
8.50%, 07/31/2031 (a)		175,000			177,794
9.38%, 08/01/2032 (a)		125,000			129,688
Virgin Media Finance PLC, 5.00%, 07/15/2030 (a)(b)		135,000			121,628
Virgin Media Secured Finance PLC
5.50%, 05/15/2029 (a)		175,000			170,872
4.50%, 08/15/2030 (a)		135,000			125,576
Vmed O2 UK Financing I PLC
4.25%, 01/31/2031 (a)		200,000			182,187
4.75%, 07/15/2031 (a)		205,000			189,404
7.75%, 04/15/2032 (a)		110,000			114,713
Vodafone Group PLC
7.00% to 04/04/2029 then 5 yr. Swap Rate USD + 4.87%, 04/04/2079		295,000			308,275
4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081		140,000			129,344
VZ Secured Financing BV, 5.00%, 01/15/2032 (a)		235,000			207,046
Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (a)		325,000			340,031
Zayo Group Holdings, Inc.
4.00%, 03/01/2027 (a)		185,000			176,047
6.13%, 03/01/2028 (a)(b)		170,000			153,325
Ziggo BV, 4.88%, 01/15/2030 (a)		145,000			133,951
					20,589,583
Consumer Discretionary - 18.6%
Adient Global Holdings Ltd.
7.00%, 04/15/2028 (a)		75,000			76,771
8.25%, 04/15/2031 (a)		75,000			78,376
7.50%, 02/15/2033 (a)		105,000			107,093
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a)		290,000			304,138
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.00%, 06/01/2029 (a)		115,000			111,981
6.88%, 06/15/2030 (a)		120,000			122,869
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/2028 (a)		265,000			257,263
American Airlines, Inc.
7.25%, 02/15/2028 (a)		110,000			111,989
8.50%, 05/15/2029 (a)		145,000			151,491
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a)(b)		370,000			369,906
American Axle & Manufacturing, Inc.
6.50%, 04/01/2027		70,000			70,087
5.00%, 10/01/2029		85,000			77,226
American Builders & Contractors Supply Co., Inc., 4.00%, 01/15/2028 (a)		85,000			82,740
Aptiv Swiss Holdings Ltd., 6.88% to 12/15/2029 then 5 yr. CMT Rate + 3.39%, 12/15/2054		80,000			80,653
Aramark Services, Inc., 5.00%, 02/01/2028 (a)		145,000			143,711
Asbury Automotive Group, Inc.
4.63%, 11/15/2029 (a)		115,000			110,499
5.00%, 02/15/2032 (a)		80,000			75,708
Ashton Woods USA LLC / Ashton Woods Finance Co., 6.88%, 08/01/2033 (a)		80,000			79,900
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029 (a)		210,000			199,666
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.38%, 03/01/2029 (a)		80,000			76,500
8.25%, 01/15/2030 (a)(b)		90,000			92,466
8.38%, 06/15/2032 (a)(b)		85,000			87,550
Bath & Body Works, Inc.
7.50%, 06/15/2029		80,000			81,938
6.63%, 10/01/2030 (a)(b)		125,000			127,969
BCPE Ulysses Intermediate, Inc., 7.75% (or 8.50% PIK), 04/01/2027 (a)		55,000			55,000
Beach Acquisition Bidco LLC, 10.00% (or 10.75% PIK), 07/15/2033 (a)		260,000			271,185
Belron UK Finance PLC, 5.75%, 10/15/2029 (a)		165,000			166,485
Boyd Gaming Corp.
4.75%, 12/01/2027		145,000			143,775
4.75%, 06/15/2031 (a)		135,000			128,660
Brightline East LLC, 11.00%, 01/31/2030 (a)		195,000			126,750
Brightstar Lottery PLC
6.25%, 01/15/2027 (a)		105,000			105,970
5.25%, 01/15/2029 (a)		110,000			109,175
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 6.25%, 09/15/2027 (a)		80,000			79,800
Caesars Entertainment, Inc.
4.63%, 10/15/2029 (a)(b)		145,000			137,025
7.00%, 02/15/2030 (a)		265,000			272,205
6.50%, 02/15/2032 (a)		190,000			193,727
6.00%, 10/15/2032 (a)(b)		160,000			154,387
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (a)		85,000			77,883
Carvana Co.
9.00% (or 12.00% PIK), 12/01/2028 (a)		85,000			87,072
9.00% (or 13.00% PIK), 06/01/2030 (a)		220,000			229,856
9.00% (or 14.00% PIK), 06/01/2031 (a)		270,000			321,062
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.25%, 07/15/2029		80,000			77,788
Century Communities, Inc., 6.75%, 06/01/2027		80,000			80,080
Churchill Downs, Inc.
5.50%, 04/01/2027 (a)		80,000			79,891
4.75%, 01/15/2028 (a)		105,000			103,556
5.75%, 04/01/2030 (a)		150,000			149,693
6.75%, 05/01/2031 (a)		90,000			91,920
Cinemark USA, Inc.
5.25%, 07/15/2028 (a)		115,000			114,247
7.00%, 08/01/2032 (a)		75,000			77,447
Clarios Global LP / Clarios US Finance Co.
8.50%, 05/15/2027 (a)		165,000			166,080
6.75%, 05/15/2028 (a)		110,000			112,450
6.75%, 02/15/2030 (a)		105,000			108,127
Cooper-Standard Automotive, Inc., 13.50% (or 4.50% PIK), 03/31/2027 (a)		70,000			73,551
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/2029 (a)		145,000			137,911
6.75%, 01/15/2030 (a)		210,000			197,037
Gap, Inc.
3.63%, 10/01/2029 (a)		110,000			101,492
3.88%, 10/01/2031 (a)		115,000			102,181
Garda World Security Corp.
4.63%, 02/15/2027 (a)		85,000			84,156
6.00%, 06/01/2029 (a)		75,000			73,540
8.25%, 08/01/2032 (a)		60,000			61,800
8.38%, 11/15/2032 (a)		125,000			128,825
Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, 08/15/2029 (a)		70,000			69,744
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		105,000			104,561
5.00%, 07/15/2029		145,000			140,650
6.63%, 07/15/2030		65,000			66,934
5.25%, 04/30/2031		75,000			71,085
5.25%, 07/15/2031		85,000			80,701
Group 1 Automotive, Inc.
4.00%, 08/15/2028 (a)		110,000			106,047
6.38%, 01/15/2030 (a)		75,000			76,570
Hertz Corp.
12.63%, 07/15/2029 (a)(b)		160,000			166,485
5.00%, 12/01/2029 (a)(b)		160,000			112,915
Hilton Domestic Operating Co., Inc.
5.88%, 04/01/2029 (a)		80,000			81,245
3.75%, 05/01/2029 (a)		120,000			114,323
4.88%, 01/15/2030		120,000			118,620
4.00%, 05/01/2031 (a)		135,000			125,839
3.63%, 02/15/2032 (a)		190,000			171,223
6.13%, 04/01/2032 (a)		50,000			51,000
5.88%, 03/15/2033 (a)		120,000			121,214
5.75%, 09/15/2033 (a)		105,000			105,100
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.
5.00%, 06/01/2029 (a)(b)		110,000			105,279
6.63%, 01/15/2032 (a)		140,000			141,575
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		115,000			114,896
Jaguar Land Rover Automotive PLC, 5.88%, 01/15/2028 (a)		65,000			65,266
JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (a)(b)		315,000			301,807
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a)		110,000			109,413
LBM Acquisition LLC, 6.25%, 01/15/2029 (a)(b)		105,000			92,137
LCM Investments Holdings II LLC
4.88%, 05/01/2029 (a)		145,000			140,737
8.25%, 08/01/2031 (a)		100,000			105,750
LGI Homes, Inc., 8.75%, 12/15/2028 (a)		55,000			57,527
Light & Wonder International, Inc.
7.00%, 05/15/2028 (a)		85,000			85,174
7.25%, 11/15/2029 (a)		75,000			77,003
7.50%, 09/01/2031 (a)		80,000			83,465
Lithia Motors, Inc.
3.88%, 06/01/2029 (a)		125,000			118,077
4.38%, 01/15/2031 (a)		75,000			70,594
Macy's Retail Holdings LLC, 7.38%, 08/01/2033 (a)		65,000			65,244
Mattamy Group Corp.
5.25%, 12/15/2027 (a)		75,000			74,501
4.63%, 03/01/2030 (a)		85,000			81,048
Melco Resorts Finance Ltd.
5.63%, 07/17/2027 (a)		80,000			79,839
5.75%, 07/21/2028 (a)		110,000			108,084
5.38%, 12/04/2029 (a)		160,000			152,447
MGM China Holdings Ltd.
4.75%, 02/01/2027 (a)		110,000			109,089
7.13%, 06/26/2031 (a)		55,000			57,177
MGM Resorts International
5.50%, 04/15/2027		100,000			100,363
4.75%, 10/15/2028		110,000			108,553
6.13%, 09/15/2029		125,000			126,518
6.50%, 04/15/2032 (b)		90,000			91,350
Michaels Cos., Inc.
5.25%, 05/01/2028 (a)		125,000			99,946
7.88%, 05/01/2029 (a)		280,000			187,485
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a)		100,000			102,046
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC
8.25%, 04/15/2030 (a)		110,000			114,111
11.88%, 04/15/2031 (a)		60,000			62,267
NCL Corp. Ltd.
5.88%, 02/15/2027 (a)		130,000			130,228
8.13%, 01/15/2029 (a)		115,000			120,898
7.75%, 02/15/2029 (a)		90,000			95,522
6.75%, 02/01/2032 (a)		220,000			226,009
NCL Finance Ltd., 6.13%, 03/15/2028 (a)		75,000			76,047
New Red Finance, Inc.
3.88%, 01/15/2028 (a)		205,000			197,294
4.38%, 01/15/2028 (a)		110,000			107,614
3.50%, 02/15/2029 (a)		110,000			104,237
6.13%, 06/15/2029 (a)		175,000			179,270
5.63%, 09/15/2029 (a)		75,000			75,532
4.00%, 10/15/2030 (a)		360,000			333,292
Newell Brands, Inc.
6.38%, 09/15/2027		75,000			75,779
8.50%, 06/01/2028 (a)		160,000			167,752
6.63%, 09/15/2029		70,000			69,772
6.38%, 05/15/2030		105,000			101,978
Nissan Motor Acceptance Co. LLC
1.85%, 09/16/2026 (a)		135,000			129,397
2.75%, 03/09/2028 (a)		90,000			83,418
7.05%, 09/15/2028 (a)		105,000			108,092
Nissan Motor Co. Ltd.
4.35%, 09/17/2027 (a)		335,000			325,592
7.50%, 07/17/2030 (a)		110,000			113,421
4.81%, 09/17/2030 (a)		330,000			303,264
8.13%, 07/17/2035 (a)		140,000			146,928
Nordstrom, Inc., 4.38%, 04/01/2030		120,000			109,407
Odeon Finco PLC, 12.75%, 11/01/2027 (a)		55,000			57,269
PetSmart, Inc. / PetSmart Finance Corp.
4.75%, 02/15/2028 (a)		145,000			141,964
7.75%, 02/15/2029 (a)		145,000			141,849
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38%, 08/31/2027 (a)		145,000			139,912
6.25%, 01/15/2028 (a)		160,000			160,000
Rakuten Group, Inc.
11.25%, 02/15/2027 (a)		225,000			244,082
9.75%, 04/15/2029 (a)		440,000			484,175
Raven Acquisition Holdings LLC, 6.88%, 11/15/2031 (a)		195,000			196,950
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 (a)		275,000			244,909
Sabre GLBL, Inc.
10.75%, 11/15/2029 (a)		100,000			103,050
11.13%, 07/15/2030 (a)		150,000			158,296
Service Corp. International/US
4.63%, 12/15/2027		80,000			79,158
5.13%, 06/01/2029		110,000			109,102
3.38%, 08/15/2030		125,000			113,851
4.00%, 05/15/2031		120,000			111,364
5.75%, 10/15/2032		95,000			95,218
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc., 6.63%, 05/01/2032 (a)		125,000			127,292
Six Flags Entertainment Corp./DE, 7.25%, 05/15/2031 (a)		120,000			121,997
Sonic Automotive, Inc.
4.63%, 11/15/2029 (a)		95,000			91,426
4.88%, 11/15/2031 (a)		85,000			79,907
Sotheby's, 7.38%, 10/15/2027 (a)		125,000			123,437
Staples, Inc.
10.75%, 09/01/2029 (a)		320,000			300,000
12.75%, 01/15/2030 (a)		220,000			154,040
Station Casinos LLC
4.50%, 02/15/2028 (a)		100,000			97,750
6.63%, 03/15/2032 (a)		70,000			71,313
Stena International SA, 7.25%, 01/15/2031 (a)		145,000			147,407
Studio City Finance Ltd., 5.00%, 01/15/2029 (a)		140,000			131,250
Taylor Morrison Communities, Inc.
5.88%, 06/15/2027 (a)		75,000			75,459
5.75%, 01/15/2028 (a)		75,000			75,586
5.13%, 08/01/2030 (a)		75,000			74,056
Tempur Sealy International, Inc.
4.00%, 04/15/2029 (a)		120,000			114,000
3.88%, 10/15/2031 (a)		95,000			85,738
Tenneco, Inc., 8.00%, 11/17/2028 (a)		265,000			263,012
TKC Holdings, Inc., 10.50%, 05/15/2029 (a)		85,000			87,298
Travel + Leisure Co., 4.50%, 12/01/2029 (a)		90,000			86,194
VF Corp., 2.95%, 04/23/2030		145,000			122,944
Viking Cruises Ltd.
5.88%, 09/15/2027 (a)		120,000			119,858
7.00%, 02/15/2029 (a)		60,000			60,453
9.13%, 07/15/2031 (a)		105,000			112,800
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
7.88%, 05/01/2027 (a)		75,000			75,247
9.50%, 06/01/2028 (a)		75,000			77,041
6.38%, 02/01/2030 (a)		120,000			113,400
VOC Escrow Ltd., 5.00%, 02/15/2028 (a)		100,000			99,107
Voyager Parent LLC, 9.25%, 07/01/2032 (a)		330,000			348,430
Wand NewCo 3, Inc., 7.63%, 01/30/2032 (a)(b)		155,000			162,576
Wayfair LLC
7.25%, 10/31/2029 (a)		120,000			122,214
7.75%, 09/15/2030 (a)		95,000			97,678
Whirlpool Corp.
4.75%, 02/26/2029		105,000			102,585
6.50%, 06/15/2033		65,000			64,054
Williams Scotsman, Inc.
4.63%, 08/15/2028 (a)		75,000			73,765
6.63%, 06/15/2029 (a)		75,000			76,896
6.63%, 04/15/2030 (a)		75,000			77,305
7.38%, 10/01/2031 (a)		50,000			52,185
Wynn Macau Ltd.
5.50%, 10/01/2027 (a)		110,000			109,607
5.63%, 08/26/2028 (a)		175,000			173,092
5.13%, 12/15/2029 (a)		120,000			115,439
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.13%, 10/01/2029 (a)		110,000			109,213
7.13%, 02/15/2031 (a)		155,000			164,901
6.25%, 03/15/2033 (a)		95,000			95,231
Yum! Brands, Inc.
4.75%, 01/15/2030 (a)		95,000			93,620
3.63%, 03/15/2031		130,000			119,809
4.63%, 01/31/2032		130,000			124,438
5.38%, 04/01/2032		120,000			119,396
ZF North America Capital, Inc.
6.75%, 04/23/2030 (a)		210,000			200,014
6.88%, 04/23/2032 (a)		95,000			88,323
					24,873,978
Consumer Staples - 3.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 01/15/2027 (a)		165,000			163,639
5.88%, 02/15/2028 (a)		110,000			109,897
6.50%, 02/15/2028 (a)		110,000			111,773
3.50%, 03/15/2029 (a)		200,000			188,539
4.88%, 02/15/2030 (a)		120,000			117,044
6.25%, 03/15/2033 (a)(b)		65,000			66,185
B&G Foods, Inc.
5.25%, 09/15/2027		90,000			79,980
8.00%, 09/15/2028 (a)		120,000			112,200
Central Garden & Pet Co., 4.13%, 10/15/2030		65,000			61,269
Chobani Holdco II LLC, 8.75% (or 9.50% PIK), 10/01/2029 (a)		105,000			112,491
Chobani LLC / Chobani Finance Corp., Inc., 7.63%, 07/01/2029 (a)		55,000			57,215
Darling Ingredients, Inc.
5.25%, 04/15/2027 (a)		75,000			74,850
6.00%, 06/15/2030 (a)		145,000			145,865
Edgewell Personal Care Co., 5.50%, 06/01/2028 (a)		105,000			104,396
Energizer Holdings, Inc.
4.75%, 06/15/2028 (a)		90,000			87,686
4.38%, 03/31/2029 (a)		95,000			90,080
HLF Financing Sarl LLC / Herbalife International, Inc.
12.25%, 04/15/2029 (a)		120,000			130,950
4.88%, 06/01/2029 (a)(b)		100,000			83,831
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (a)		120,000			125,138
Lamb Weston Holdings, Inc.
4.88%, 05/15/2028 (a)		75,000			74,063
4.13%, 01/31/2030 (a)		145,000			137,739
4.38%, 01/31/2032 (a)		80,000			74,656
Opal Bidco SAS, 6.50%, 03/31/2032 (a)		160,000			161,600
Performance Food Group, Inc.
5.50%, 10/15/2027 (a)		135,000			134,830
4.25%, 08/01/2029 (a)		145,000			139,381
6.13%, 09/15/2032 (a)		120,000			122,009
Perrigo Finance Unlimited Co.
4.90%, 06/15/2030 (e)		80,000			78,092
6.13%, 09/30/2032		75,000			75,654
Pilgrim's Pride Corp.
4.25%, 04/15/2031		120,000			114,689
3.50%, 03/01/2032		130,000			116,660
6.25%, 07/01/2033		120,000			125,891
6.88%, 05/15/2034		75,000			81,904
Post Holdings, Inc.
5.50%, 12/15/2029 (a)		155,000			153,586
4.63%, 04/15/2030 (a)		170,000			162,393
4.50%, 09/15/2031 (a)		115,000			106,200
6.25%, 02/15/2032 (a)		120,000			122,250
6.38%, 03/01/2033 (a)(b)		150,000			150,203
6.25%, 10/15/2034 (a)		65,000			65,081
Prestige Brands, Inc., 3.75%, 04/01/2031 (a)		65,000			59,507
Primo Water Holdings, Inc. / Triton Water Holdings, Inc.
6.25%, 04/01/2029 (a)		105,000			105,363
4.38%, 04/30/2029 (a)		110,000			105,914
US Foods, Inc.
6.88%, 09/15/2028 (a)		80,000			82,230
4.75%, 02/15/2029 (a)		110,000			107,543
4.63%, 06/01/2030 (a)		65,000			62,627
7.25%, 01/15/2032 (a)		75,000			78,117
Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029		95,000			102,006
					4,923,216
Energy - 11.1%
Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (a)		95,000			99,596
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.75%, 03/01/2027 (a)		105,000			105,119
5.75%, 01/15/2028 (a)		95,000			94,996
5.38%, 06/15/2029 (a)		110,000			109,001
6.63%, 02/01/2032 (a)		90,000			92,364
Archrock Partners LP / Archrock Partners Finance Corp.
6.25%, 04/01/2028 (a)		120,000			120,136
6.63%, 09/01/2032 (a)		80,000			81,209
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
6.63%, 10/15/2032 (a)		65,000			65,975
6.63%, 07/15/2033 (a)		70,000			70,903
Baytex Energy Corp.
8.50%, 04/30/2030 (a)		120,000			122,019
7.38%, 03/15/2032 (a)		85,000			82,140
Blue Racer Midstream LLC / Blue Racer Finance Corp.
7.00%, 07/15/2029 (a)		75,000			77,815
7.25%, 07/15/2032 (a)		50,000			52,744
Buckeye Partners LP
3.95%, 12/01/2026		90,000			88,528
6.88%, 07/01/2029 (a)		70,000			72,154
6.75%, 02/01/2030 (a)		55,000			56,966
CITGO Petroleum Corp., 8.38%, 01/15/2029 (a)		135,000			140,412
Civitas Resources, Inc.
8.38%, 07/01/2028 (a)		175,000			180,115
8.63%, 11/01/2030 (a)		145,000			147,807
8.75%, 07/01/2031 (a)		170,000			171,906
9.63%, 06/15/2033 (a)		80,000			82,287
CNX Resources Corp.
6.00%, 01/15/2029 (a)		75,000			74,971
7.38%, 01/15/2031 (a)		75,000			77,529
7.25%, 03/01/2032 (a)		90,000			92,832
Comstock Resources, Inc.
6.75%, 03/01/2029 (a)		170,000			167,280
5.88%, 01/15/2030 (a)		125,000			117,727
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.50%, 06/15/2031 (a)		170,000			166,235
7.50%, 12/15/2033 (a)		50,000			53,254
Crescent Energy Finance LLC
7.63%, 04/01/2032 (a)		140,000			136,948
7.38%, 01/15/2033 (a)		155,000			148,434
8.38%, 01/15/2034 (a)		65,000			64,341
CVR Energy, Inc., 8.50%, 01/15/2029 (a)		80,000			78,600
Delek Logistics Partners LP / Delek Logistics Finance Corp.
8.63%, 03/15/2029 (a)		145,000			150,965
7.38%, 06/30/2033 (a)		75,000			74,108
eG Global Finance PLC, 12.00%, 11/30/2028 (a)		150,000			165,938
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 (a)		105,000			107,250
Energean Israel Finance Ltd.
5.38%, 03/30/2028 (a)		90,000			86,674
5.88%, 03/30/2031 (a)		90,000			83,961
8.50%, 09/30/2033 (a)		110,000			113,902
Energy Transfer LP, 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054		110,000			116,955
Genesis Energy LP / Genesis Energy Finance Corp.
7.75%, 02/01/2028		95,000			95,905
8.25%, 01/15/2029		90,000			93,884
8.88%, 04/15/2030 (b)		75,000			79,359
7.88%, 05/15/2032		80,000			82,774
8.00%, 05/15/2033		65,000			67,372
Global Partners LP / GLP Finance Corp., 7.13%, 07/01/2033 (a)		70,000			71,066
Harvest Midstream I LP
7.50%, 09/01/2028 (a)		95,000			96,126
7.50%, 05/15/2032 (a)		50,000			51,965
Hess Midstream Operations LP
5.88%, 03/01/2028 (a)		120,000			121,941
5.13%, 06/15/2028 (a)		80,000			79,620
6.50%, 06/01/2029 (a)		90,000			92,677
4.25%, 02/15/2030 (a)(b)		110,000			106,287
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028 (a)		90,000			90,180
5.75%, 02/01/2029 (a)		90,000			88,232
6.00%, 04/15/2030 (a)		75,000			73,500
6.00%, 02/01/2031 (a)		85,000			81,735
8.38%, 11/01/2033 (a)		85,000			88,653
6.88%, 05/15/2034 (a)		75,000			71,985
7.25%, 02/15/2035 (a)		120,000			116,754
Howard Midstream Energy Partners LLC
8.88%, 07/15/2028 (a)		70,000			73,204
7.38%, 07/15/2032 (a)		65,000			67,119
ITT Holdings LLC, 6.50%, 08/01/2029 (a)		160,000			152,409
Kinetik Holdings LP
6.63%, 12/15/2028 (a)		130,000			132,796
5.88%, 06/15/2030 (a)		120,000			120,178
Leviathan Bond Ltd.
6.50%, 06/30/2027 (a)		90,000			89,548
6.75%, 06/30/2030 (a)		80,000			79,113
Matador Resources Co.
6.88%, 04/15/2028 (a)		75,000			76,255
6.50%, 04/15/2032 (a)		130,000			130,488
6.25%, 04/15/2033 (a)		110,000			108,816
Murphy Oil USA, Inc., 4.75%, 09/15/2029		70,000			68,369
Nabors Industries, Inc.
7.38%, 05/15/2027 (a)		105,000			106,019
9.13%, 01/31/2030 (a)		95,000			94,051
8.88%, 08/15/2031 (a)		95,000			76,237
NFE Financing LLC, 12.00%, 11/15/2029 (a)		285,000			99,037
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 02/15/2029 (a)		130,000			128,573
8.38%, 02/15/2032 (a)		190,000			185,682
Noble Finance II LLC, 8.00%, 04/15/2030 (a)		175,000			177,983
Northern Oil & Gas, Inc.
8.13%, 03/01/2028 (a)		90,000			90,900
8.75%, 06/15/2031 (a)		75,000			77,186
NuStar Logistics LP
5.63%, 04/28/2027		80,000			80,240
6.38%, 10/01/2030		65,000			66,906
Parkland Corp.
5.88%, 07/15/2027 (a)		60,000			60,050
4.50%, 10/01/2029 (a)		120,000			115,483
4.63%, 05/01/2030 (a)		120,000			115,032
6.63%, 08/15/2032 (a)		75,000			76,624
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 02/15/2028		105,000			100,891
9.88%, 03/15/2030 (a)		100,000			98,888
Permian Resources Operating LLC
8.00%, 04/15/2027 (a)		70,000			71,434
5.88%, 07/01/2029 (a)		105,000			105,089
7.00%, 01/15/2032 (a)		120,000			124,011
6.25%, 02/01/2033 (a)		120,000			120,818
Range Resources Corp., 8.25%, 01/15/2029		125,000			128,246
Rockies Express Pipeline LLC
4.95%, 07/15/2029 (a)		80,000			78,390
6.75%, 03/15/2033 (a)		50,000			51,909
SM Energy Co.
6.75%, 08/01/2029 (a)		105,000			104,908
7.00%, 08/01/2032 (a)		105,000			103,964
South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055 (a)		120,000			124,547
Sunoco LP
7.00%, 05/01/2029 (a)		85,000			88,106
7.25%, 05/01/2032 (a)		110,000			115,194
6.25%, 07/01/2033 (a)		120,000			121,547
Sunoco LP / Sunoco Finance Corp.
6.00%, 04/15/2027		75,000			75,039
7.00%, 09/15/2028 (a)		75,000			77,117
4.50%, 05/15/2029		95,000			92,110
4.50%, 04/30/2030		95,000			91,150
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.50%, 01/15/2028 (a)		110,000			109,112
7.38%, 02/15/2029 (a)		95,000			97,471
6.00%, 12/31/2030 (a)		105,000			102,941
6.00%, 09/01/2031 (a)		50,000			48,905
Talos Production, Inc.
9.00%, 02/01/2029 (a)		90,000			92,397
9.38%, 02/01/2031 (a)		95,000			96,706
Transocean, Inc.
8.00%, 02/01/2027 (a)		75,000			74,437
8.25%, 05/15/2029 (a)		130,000			122,780
8.75%, 02/15/2030 (a)		104,000			107,775
8.50%, 05/15/2031 (a)		115,000			105,853
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 09/01/2027		100,000			99,965
7.13%, 03/15/2029 (a)		120,000			122,719
Valaris Ltd., 8.38%, 04/30/2030 (a)		135,000			139,517
Venture Global Calcasieu Pass LLC
3.88%, 08/15/2029 (a)		155,000			146,246
6.25%, 01/15/2030 (a)		120,000			123,188
4.13%, 08/15/2031 (a)		150,000			138,510
3.88%, 11/01/2033 (a)		155,000			135,151
Venture Global LNG, Inc.
8.13%, 06/01/2028 (a)		275,000			284,754
9.50%, 02/01/2029 (a)		385,000			419,650
7.00%, 01/15/2030 (a)		190,000			192,861
8.38%, 06/01/2031 (a)(b)		300,000			310,198
9.88%, 02/01/2032 (a)		270,000			291,556
Venture Global Plaquemines LNG LLC
7.50%, 05/01/2033 (a)		150,000			161,872
6.50%, 01/15/2034 (a)		235,000			241,725
7.75%, 05/01/2035 (a)		150,000			164,150
6.75%, 01/15/2036 (a)		235,000			241,612
Vital Energy, Inc., 7.88%, 04/15/2032 (a)(b)		140,000			122,544
Weatherford International Ltd., 8.63%, 04/30/2030 (a)(b)		205,000			210,575
					14,868,937
Financials - 12.4%
Acrisure LLC / Acrisure Finance, Inc.
8.25%, 02/01/2029 (a)		110,000			113,792
4.25%, 02/15/2029 (a)		80,000			76,338
8.50%, 06/15/2029 (a)		75,000			78,283
6.00%, 08/01/2029 (a)		75,000			72,984
7.50%, 11/06/2030 (a)		130,000			134,320
AG Issuer LLC, 6.25%, 03/01/2028 (a)		50,000			49,999
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a)		75,000			77,118
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
4.25%, 10/15/2027 (a)		85,000			83,194
6.75%, 10/15/2027 (a)		170,000			170,692
6.75%, 04/15/2028 (a)		145,000			146,812
7.00%, 01/15/2031 (a)		160,000			164,541
6.50%, 10/01/2031 (a)		120,000			121,874
7.38%, 10/01/2032 (a)		85,000			87,421
Ally Financial, Inc.
6.70%, 02/14/2033 (b)		55,000			57,114
6.65% to 01/17/2035 then 5 yr. CMT Rate + 2.45%, 01/17/2040		80,000			79,342
AmWINS Group, Inc.
6.38%, 02/15/2029 (a)		110,000			112,024
4.88%, 06/30/2029 (a)		115,000			111,588
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 04/15/2030 (a)(b)		85,000			81,388
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.75%, 01/15/2029 (a)		70,000			62,116
Ardonagh Finco Ltd., 7.75%, 02/15/2031 (a)		165,000			171,935
Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 (a)		210,000			221,081
Aretec Group, Inc., 10.00%, 08/15/2030 (a)		80,000			87,309
AssuredPartners, Inc.
5.63%, 01/15/2029 (a)		80,000			79,850
7.50%, 02/15/2032 (a)		50,000			53,386
Azorra Finance Ltd., 7.25%, 01/15/2031 (a)		100,000			102,137
Block, Inc.
3.50%, 06/01/2031		140,000			128,367
6.50%, 05/15/2032		240,000			246,209
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a)		295,000			311,939
Bread Financial Holdings, Inc., 9.75%, 03/15/2029 (a)		101,000			108,322
Burford Capital Global Finance LLC
9.25%, 07/01/2031 (a)		105,000			111,038
7.50%, 07/15/2033 (a)		65,000			65,422
Coinbase Global, Inc.
3.38%, 10/01/2028 (a)		115,000			108,244
3.63%, 10/01/2031 (a)		80,000			71,669
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a)		195,000			181,037
Credit Acceptance Corp.
9.25%, 12/15/2028 (a)		70,000			74,011
6.63%, 03/15/2030 (a)(b)		85,000			85,812
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (a)(b)		80,000			80,590
Encore Capital Group, Inc.
9.25%, 04/01/2029 (a)		80,000			84,453
8.50%, 05/15/2030 (a)		80,000			84,345
FirstCash, Inc.
4.63%, 09/01/2028 (a)(b)		75,000			73,279
5.63%, 01/01/2030 (a)		80,000			79,244
6.88%, 03/01/2032 (a)		50,000			51,312
Focus Financial Partners LLC, 6.75%, 09/15/2031 (a)		120,000			122,630
Freedom Mortgage Corp.
6.63%, 01/15/2027 (a)		80,000			80,016
12.00%, 10/01/2028 (a)		95,000			101,591
12.25%, 10/01/2030 (a)		65,000			71,962
Freedom Mortgage Holdings LLC
9.25%, 02/01/2029 (a)		155,000			161,867
9.13%, 05/15/2031 (a)		100,000			103,992
8.38%, 04/01/2032 (a)		90,000			92,261
GGAM Finance Ltd.
8.00%, 02/15/2027 (a)		95,000			97,896
8.00%, 06/15/2028 (a)		95,000			100,454
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (a)		150,000			154,946
Global Atlantic Fin Co., 7.95% to 10/15/2029 then 5 yr. CMT Rate + 3.61%, 10/15/2054 (a)		75,000			78,520
goeasy Ltd.
9.25%, 12/01/2028 (a)		65,000			68,825
7.63%, 07/01/2029 (a)		95,000			97,946
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
7.25%, 02/15/2031 (a)		120,000			124,300
8.13%, 02/15/2032 (a)		75,000			78,034
HUB International Ltd.
5.63%, 12/01/2029 (a)		80,000			79,525
7.25%, 06/15/2030 (a)		420,000			437,740
7.38%, 01/31/2032 (a)		230,000			239,488
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
5.25%, 05/15/2027		185,000			180,213
9.75%, 01/15/2029		95,000			96,205
4.38%, 02/01/2029		110,000			94,599
10.00%, 11/15/2029 (a)		100,000			101,251
9.00%, 06/15/2030		100,000			97,138
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a)		110,000			105,314
Jane Street Group / JSG Finance, Inc.
4.50%, 11/15/2029 (a)		90,000			86,166
7.13%, 04/30/2031 (a)		205,000			211,845
6.13%, 11/01/2032 (a)		245,000			243,163
6.75%, 05/01/2033 (a)		200,000			204,715
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a)		130,000			125,450
Jefferson Capital Holdings LLC, 8.25%, 05/15/2030 (a)		65,000			67,731
Jones Deslauriers Insurance Management, Inc.
8.50%, 03/15/2030 (a)		105,000			110,775
10.50%, 12/15/2030 (a)		75,000			79,971
Kennedy-Wilson, Inc.
4.75%, 03/01/2029		95,000			89,261
4.75%, 02/01/2030		70,000			64,468
5.00%, 03/01/2031 (b)		85,000			77,715
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 (a)		110,000			107,994
4.75%, 06/15/2029 (a)		95,000			92,298
7.00%, 07/15/2031 (a)		75,000			78,537
Midcap Financial Issuer Trust, 6.50%, 05/01/2028 (a)		140,000			138,760
MPT Operating Partnership LP / MPT Finance Corp.
5.00%, 10/15/2027 (b)		205,000			188,088
4.63%, 08/01/2029		110,000			83,600
3.50%, 03/15/2031		170,000			115,974
8.50%, 02/15/2032 (a)		220,000			228,334
Nationstar Mortgage Holdings, Inc.
6.00%, 01/15/2027 (a)		90,000			90,115
5.50%, 08/15/2028 (a)		100,000			99,884
6.50%, 08/01/2029 (a)		110,000			112,430
5.13%, 12/15/2030 (a)		95,000			95,626
5.75%, 11/15/2031 (a)		90,000			90,896
7.13%, 02/01/2032 (a)		120,000			125,310
Navient Corp.
5.00%, 03/15/2027		105,000			103,741
4.88%, 03/15/2028		75,000			73,211
5.50%, 03/15/2029		120,000			117,413
9.38%, 07/25/2030		150,000			164,087
11.50%, 03/15/2031		80,000			89,808
7.88%, 06/15/2032		75,000			78,187
NCR Atleos Corp., 9.50%, 04/01/2029 (a)		175,000			189,052
OneMain Finance Corp.
3.50%, 01/15/2027		110,000			107,376
6.63%, 01/15/2028		95,000			97,303
3.88%, 09/15/2028		90,000			85,838
9.00%, 01/15/2029		130,000			136,509
6.63%, 05/15/2029		140,000			142,975
5.38%, 11/15/2029		90,000			88,200
7.88%, 03/15/2030		105,000			110,525
4.00%, 09/15/2030		135,000			123,734
7.50%, 05/15/2031		120,000			125,085
7.13%, 11/15/2031		95,000			97,974
6.75%, 03/15/2032		65,000			65,994
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (a)		370,000			382,554
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
5.88%, 10/01/2028 (a)		115,000			114,664
4.88%, 05/15/2029 (a)		165,000			158,860
7.00%, 02/01/2030 (a)		80,000			81,725
PennyMac Financial Services, Inc.
4.25%, 02/15/2029 (a)		95,000			91,096
7.88%, 12/15/2029 (a)		110,000			116,237
7.13%, 11/15/2030 (a)		95,000			97,916
5.75%, 09/15/2031 (a)		50,000			48,855
6.88%, 05/15/2032 (a)		110,000			112,134
6.88%, 02/15/2033 (a)		110,000			112,063
PRA Group, Inc., 8.88%, 01/31/2030 (a)		75,000			77,825
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/2027		115,000			113,931
4.50%, 02/15/2029 (a)		90,000			87,238
6.50%, 04/01/2032 (a)		155,000			158,303
6.50%, 06/15/2033 (a)		70,000			71,682
Rithm Capital Corp., 8.00%, 07/15/2030 (a)		80,000			81,068
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/2026 (a)		170,000			165,838
3.63%, 03/01/2029 (a)		110,000			103,813
3.88%, 03/01/2031 (a)		155,000			142,987
4.00%, 10/15/2033 (a)		110,000			97,323
Ryan Specialty LLC, 5.88%, 08/01/2032 (a)		145,000			145,389
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/2032 (a)		160,000			165,150
SLM Corp., 6.50%, 01/31/2030		80,000			83,069
Starwood Property Trust, Inc.
4.38%, 01/15/2027 (a)		70,000			68,811
7.25%, 04/01/2029 (a)		95,000			99,341
6.50%, 07/01/2030 (a)		65,000			66,903
6.50%, 10/15/2030 (a)		90,000			92,621
Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (a)		65,000			66,157
Synchrony Financial, 7.25%, 02/02/2033		105,000			110,292
United Wholesale Mortgage LLC, 5.50%, 04/15/2029 (a)		85,000			83,194
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (a)		110,000			104,050
Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC
10.50%, 02/15/2028 (a)		336,000			355,320
4.75%, 04/15/2028 (a)		85,000			82,565
6.50%, 02/15/2029 (a)		165,000			160,462
					16,614,198
Health Care - 8.7%
1261229 BC Ltd., 10.00%, 04/15/2032 (a)		585,000			595,969
Acadia Healthcare Co., Inc., 7.38%, 03/15/2033 (a)(b)		100,000			102,813
AdaptHealth LLC, 5.13%, 03/01/2030 (a)		85,000			79,868
Avantor Funding, Inc.
4.63%, 07/15/2028 (a)		195,000			190,612
3.88%, 11/01/2029 (a)		120,000			113,154
Bausch + Lomb Corp., 8.38%, 10/01/2028 (a)		180,000			187,915
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (a)		80,000			79,300
Bausch Health Cos., Inc.
4.88%, 06/01/2028 (a)		150,000			132,750
11.00%, 09/30/2028 (a)		220,000			226,050
6.25%, 02/15/2029 (a)		350,000			249,873
CHS/Community Health Systems, Inc.
5.63%, 03/15/2027 (a)		225,000			225,353
6.00%, 01/15/2029 (a)		95,000			90,318
6.88%, 04/15/2029 (a)		175,000			137,375
6.13%, 04/01/2030 (a)		175,000			122,620
5.25%, 05/15/2030 (a)		225,000			197,025
4.75%, 02/15/2031 (a)		145,000			120,731
10.88%, 01/15/2032 (a)(b)		295,000			308,901
CVS Health Corp.
6.75% to 12/10/2034 then 5 yr. CMT Rate + 2.52%, 12/10/2054		110,000			110,455
7.00% to 03/10/2030 then 5 yr. CMT Rate + 2.89%, 03/10/2055		315,000			324,820
DaVita, Inc.
4.63%, 06/01/2030 (a)		380,000			362,767
3.75%, 02/15/2031 (a)		195,000			176,980
6.88%, 09/01/2032 (a)		120,000			123,404
6.75%, 07/15/2033 (a)		140,000			144,213
Encompass Health Corp.
4.50%, 02/01/2028		95,000			93,231
4.75%, 02/01/2030		115,000			112,296
Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (a)		125,000			133,054
Hologic, Inc., 3.25%, 02/15/2029 (a)		145,000			137,329
IQVIA, Inc.
5.00%, 10/15/2026 (a)		125,000			124,672
5.00%, 05/15/2027 (a)		135,000			134,224
6.50%, 05/15/2030 (a)		75,000			77,358
6.25%, 06/01/2032 (a)		240,000			246,192
Jazz Securities DAC, 4.38%, 01/15/2029 (a)		185,000			178,987
LifePoint Health, Inc.
9.88%, 08/15/2030 (a)		105,000			113,042
11.00%, 10/15/2030 (a)		160,000			175,563
8.38%, 02/15/2032 (a)		110,000			117,047
10.00%, 06/01/2032 (a)		150,000			155,812
Medline Borrower LP
3.88%, 04/01/2029 (a)		560,000			533,400
5.25%, 10/01/2029 (a)		285,000			279,675
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)		190,000			193,779
Molina Healthcare, Inc.
4.38%, 06/15/2028 (a)		120,000			114,589
3.88%, 11/15/2030 (a)		95,000			85,512
3.88%, 05/15/2032 (a)		85,000			74,224
6.25%, 01/15/2033 (a)		85,000			83,842
MPH Acquisition Holdings LLC
11.50% (or 5.00% PIK), 12/31/2030 (a)		92,250			91,387
5.75%, 12/31/2030 (a)		110,000			90,354
6.75% (or .75% PIK), 03/31/2031 (a)		180,675			138,954
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/2028 (a)		280,000			264,578
5.13%, 04/30/2031 (a)		265,000			229,225
6.75%, 05/15/2034 (a)		75,000			70,724
7.88%, 05/15/2034 (a)		75,000			67,125
Owens & Minor, Inc., 6.63%, 04/01/2030 (a)(b)		120,000			108,053
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a)		190,000			188,813
Radiology Partners, Inc., 9.78% (or 9.78% PIK), 02/15/2030 (a)		100,000			99,145
Star Parent, Inc., 9.00%, 10/01/2030 (a)		140,000			147,350
Teleflex, Inc.
4.63%, 11/15/2027		75,000			73,773
4.25%, 06/01/2028 (a)		75,000			72,537
Tenet Healthcare Corp.
6.25%, 02/01/2027		200,000			200,334
5.13%, 11/01/2027		190,000			189,339
4.63%, 06/15/2028		90,000			88,480
6.13%, 10/01/2028		315,000			315,000
4.25%, 06/01/2029		170,000			163,753
4.38%, 01/15/2030		180,000			173,056
6.13%, 06/15/2030		270,000			272,290
6.75%, 05/15/2031		170,000			174,988
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/2026		196,000			191,659
4.75%, 05/09/2027		85,000			84,367
6.75%, 03/01/2028		150,000			155,091
5.13%, 05/09/2029		120,000			120,011
8.13%, 09/15/2031		75,000			84,904
Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, 12/01/2030		100,000			101,320
US Acute Care Solutions LLC, 9.75%, 05/15/2029 (a)		155,000			158,270
					11,681,974
Industrials - 8.8%
ADT Security Corp., 4.13%, 08/01/2029 (a)		145,000			138,798
AECOM, 6.00%, 08/01/2033 (a)		140,000			141,138
Air Canada, 3.88%, 08/15/2026 (a)		150,000			148,484
Albion Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030 (a)		200,000			206,000
Allison Transmission, Inc.
5.88%, 06/01/2029 (a)		75,000			75,322
3.75%, 01/30/2031 (a)		140,000			127,726
Amentum Holdings, Inc., 7.25%, 08/01/2032 (a)		145,000			149,928
Arcosa, Inc., 6.88%, 08/15/2032 (a)		70,000			72,366
Axon Enterprise, Inc.
6.13%, 03/15/2030 (a)		145,000			148,415
6.25%, 03/15/2033 (a)		110,000			112,752
Bombardier, Inc.
6.00%, 02/15/2028 (a)		110,000			110,583
7.50%, 02/01/2029 (a)		110,000			114,230
8.75%, 11/15/2030 (a)		85,000			91,485
7.25%, 07/01/2031 (a)		105,000			109,651
7.00%, 06/01/2032 (a)		90,000			93,150
6.75%, 06/15/2033 (a)		75,000			77,063
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)		225,000			204,188
Brink's Co., 4.63%, 10/15/2027 (a)		85,000			83,556
Builders FirstSource, Inc.
5.00%, 03/01/2030 (a)		80,000			78,317
4.25%, 02/01/2032 (a)		180,000			166,050
6.38%, 06/15/2032 (a)		105,000			107,390
6.38%, 03/01/2034 (a)		120,000			121,853
6.75%, 05/15/2035 (a)		80,000			82,100
CACI International, Inc., 6.38%, 06/15/2033 (a)		115,000			118,227
Chart Industries, Inc.
7.50%, 01/01/2030 (a)		185,000			193,788
9.50%, 01/01/2031 (a)		60,000			64,125
Clean Harbors, Inc.
4.88%, 07/15/2027 (a)		80,000			79,390
6.38%, 02/01/2031 (a)		75,000			76,590
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.
6.63%, 12/15/2030 (a)		345,000			351,731
6.75%, 07/15/2031 (a)		65,000			66,947
EquipmentShare.com, Inc.
9.00%, 05/15/2028 (a)		130,000			137,014
8.63%, 05/15/2032 (a)		85,000			90,476
8.00%, 03/15/2033 (a)		85,000			88,882
FTAI Aviation Investors LLC
5.50%, 05/01/2028 (a)		145,000			145,106
7.88%, 12/01/2030 (a)		75,000			79,406
7.00%, 05/01/2031 (a)		105,000			109,101
7.00%, 06/15/2032 (a)		95,000			98,451
5.88%, 04/15/2033 (a)		75,000			74,344
GEO Group, Inc.
8.63%, 04/15/2029		95,000			100,947
10.25%, 04/15/2031		75,000			82,558
GFL Environmental, Inc.
4.00%, 08/01/2028 (a)		110,000			106,605
4.75%, 06/15/2029 (a)		110,000			107,604
4.38%, 08/15/2029 (a)		80,000			77,208
Herc Holdings, Inc.
5.50%, 07/15/2027 (a)		145,000			144,439
6.63%, 06/15/2029 (a)		115,000			117,731
7.00%, 06/15/2030 (a)		200,000			206,250
7.25%, 06/15/2033 (a)		125,000			129,354
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a)		135,000			139,161
Madison IAQ LLC
4.13%, 06/30/2028 (a)		80,000			77,447
5.88%, 06/30/2029 (a)		145,000			141,134
Pike Corp., 5.50%, 09/01/2028 (a)		105,000			104,606
QXO Building Products, Inc., 6.75%, 04/30/2032 (a)		315,000			324,034
Reworld Holding Corp., 4.88%, 12/01/2029 (a)		100,000			95,384
Ritchie Bros Holdings, Inc.
6.75%, 03/15/2028 (a)		80,000			81,989
7.75%, 03/15/2031 (a)		95,000			99,673
RR Donnelley & Sons Co.
10.88%, 08/01/2029 (a)		60,000			58,338
9.50%, 08/01/2029 (a)		155,000			158,570
Sensata Technologies BV
4.00%, 04/15/2029 (a)(b)		145,000			138,015
5.88%, 09/01/2030 (a)		75,000			75,094
Sensata Technologies, Inc.
3.75%, 02/15/2031 (a)		140,000			127,752
6.63%, 07/15/2032 (a)		65,000			66,434
Spirit AeroSystems, Inc.
4.60%, 06/15/2028		105,000			103,294
9.38%, 11/30/2029 (a)		115,000			121,613
9.75%, 11/15/2030 (a)		150,000			164,580
Terex Corp.
5.00%, 05/15/2029 (a)		90,000			87,863
6.25%, 10/15/2032 (a)		100,000			100,125
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a)		205,000			204,075
TransDigm, Inc.
6.75%, 08/15/2028 (a)		285,000			290,730
4.63%, 01/15/2029		150,000			146,747
6.38%, 03/01/2029 (a)		370,000			377,816
4.88%, 05/01/2029		105,000			103,031
6.88%, 12/15/2030 (a)		190,000			196,851
7.13%, 12/01/2031 (a)		145,000			150,981
6.63%, 03/01/2032 (a)		265,000			272,254
6.00%, 01/15/2033 (a)		190,000			191,142
6.38%, 05/31/2033 (a)		325,000			327,075
United Rentals North America, Inc.
5.50%, 05/15/2027		75,000			75,015
3.88%, 11/15/2027		85,000			82,769
4.88%, 01/15/2028		220,000			219,100
5.25%, 01/15/2030		110,000			109,689
4.00%, 07/15/2030		110,000			104,266
3.88%, 02/15/2031		135,000			125,813
3.75%, 01/15/2032		105,000			95,658
6.13%, 03/15/2034 (a)		135,000			138,375
WESCO Distribution, Inc.
7.25%, 06/15/2028 (a)		160,000			162,128
6.38%, 03/15/2029 (a)		130,000			133,462
6.63%, 03/15/2032 (a)		115,000			118,613
6.38%, 03/15/2033 (a)		95,000			97,256
Wrangler Holdco Corp., 6.63%, 04/01/2032 (a)		50,000			51,643
XPO, Inc.
7.13%, 06/01/2031 (a)		75,000			77,625
7.13%, 02/01/2032 (a)		85,000			88,427
					11,812,466
Information Technology - 5.3%
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (a)(b)		310,000			304,426
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (a)		130,000			108,930
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (a)		145,000			119,439
Clarivate Science Holdings Corp.
3.88%, 07/01/2028 (a)		135,000			129,027
4.88%, 07/01/2029 (a)		130,000			121,712
Cloud Software Group, Inc.
6.50%, 03/31/2029 (a)		495,000			500,569
9.00%, 09/30/2029 (a)		455,000			470,925
8.25%, 06/30/2032 (a)		220,000			234,060
CommScope LLC
8.25%, 03/01/2027 (a)		125,000			125,223
7.13%, 07/01/2028 (a)		75,000			74,191
4.75%, 09/01/2029 (a)		140,000			136,174
9.50%, 12/15/2031 (a)		145,000			152,782
CommScope Technologies LLC, 5.00%, 03/15/2027 (a)		105,000			102,890
CoreWeave, Inc.
9.25%, 06/01/2030 (a)		245,000			246,225
9.00%, 02/01/2031 (a)		200,000			198,850
Entegris, Inc.
4.75%, 04/15/2029 (a)		190,000			186,109
5.95%, 06/15/2030 (a)		110,000			111,006
Fair Isaac Corp.
4.00%, 06/15/2028 (a)		105,000			101,415
6.00%, 05/15/2033 (a)		180,000			181,147
Gen Digital, Inc.
6.75%, 09/30/2027 (a)		105,000			106,824
7.13%, 09/30/2030 (a)		90,000			92,711
6.25%, 04/01/2033 (a)		115,000			117,200
Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl, 8.75%, 05/01/2029 (a)		105,000			107,187
Imola Merger Corp., 4.75%, 05/15/2029 (a)		265,000			256,893
ION Trading Technologies Sarl, 9.50%, 05/30/2029 (a)		105,000			109,500
Kioxia Holdings Corp.
6.25%, 07/24/2030 (a)		125,000			124,531
6.63%, 07/24/2033 (a)		125,000			124,063
McAfee Corp., 7.38%, 02/15/2030 (a)		275,000			254,662
NCR Voyix Corp., 5.00%, 10/01/2028 (a)		80,000			78,638
Open Text Corp.
3.88%, 02/15/2028 (a)		130,000			125,194
3.88%, 12/01/2029 (a)		125,000			117,058
Open Text Holdings, Inc.
4.13%, 02/15/2030 (a)		130,000			121,904
4.13%, 12/01/2031 (a)		95,000			86,516
Rocket Software, Inc.
9.00%, 11/28/2028 (a)		100,000			103,259
6.50%, 02/15/2029 (a)		85,000			82,706
Seagate Data Storage Technology Pte Ltd.
8.25%, 12/15/2029 (a)		125,000			133,281
5.88%, 07/15/2030 (a)		70,000			70,740
8.50%, 07/15/2031 (a)		130,000			137,901
9.63%, 12/01/2032 (a)		120,000			135,486
SS&C Technologies, Inc.
5.50%, 09/30/2027 (a)		265,000			265,061
6.50%, 06/01/2032 (a)		85,000			87,476
UKG, Inc., 6.88%, 02/01/2031 (a)		320,000			328,400
Viasat, Inc.
5.63%, 04/15/2027 (a)(b)		90,000			89,708
7.50%, 05/30/2031 (a)(b)		105,000			91,228
Xerox Corp., 10.25%, 10/15/2030 (a)		100,000			103,000
Xerox Holdings Corp., 5.50%, 08/15/2028 (a)		90,000			59,751
					7,115,978
Materials - 8.3%
Alcoa Nederland Holding BV, 7.13%, 03/15/2031 (a)		100,000			104,298
Alumina Pty Ltd.
6.13%, 03/15/2030 (a)		75,000			76,020
6.38%, 09/15/2032 (a)		75,000			75,997
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
6.00%, 06/15/2027 (a)		90,000			90,064
3.25%, 09/01/2028 (a)		65,000			61,279
4.00%, 09/01/2029 (a)(b)		140,000			127,313
Arsenal AIC Parent LLC
8.00%, 10/01/2030 (a)		80,000			84,763
11.50%, 10/01/2031 (a)		65,000			72,308
ATI, Inc., 7.25%, 08/15/2030		45,000			47,075
Avient Corp.
7.13%, 08/01/2030 (a)		105,000			107,845
6.25%, 11/01/2031 (a)		95,000			95,306
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031 (a)		50,000			51,971
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (a)		80,000			74,852
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/2027 (a)		75,000			74,428
Ball Corp.
6.88%, 03/15/2028		110,000			112,185
6.00%, 06/15/2029		145,000			147,746
2.88%, 08/15/2030		180,000			161,756
3.13%, 09/15/2031		110,000			98,450
Celanese US Holdings LLC
6.67%, 07/15/2027		195,000			199,812
6.85%, 11/15/2028 (e)		145,000			151,067
6.83%, 07/15/2029 (e)		110,000			114,173
6.50%, 04/15/2030 (b)		105,000			105,917
7.05%, 11/15/2030 (e)		150,000			155,905
6.88%, 07/15/2032 (b)(e)		155,000			160,094
6.75%, 04/15/2033 (b)		135,000			136,170
7.20%, 11/15/2033		145,000			151,247
Cleveland-Cliffs, Inc.
5.88%, 06/01/2027		80,000			80,100
6.88%, 11/01/2029 (a)		135,000			135,061
6.75%, 04/15/2030 (a)		95,000			94,644
7.50%, 09/15/2031 (a)		160,000			159,841
7.00%, 03/15/2032 (a)(b)		210,000			205,078
7.38%, 05/01/2033 (a)(b)		145,000			141,165
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/2029 (a)		75,000			75,891
6.88%, 01/15/2030 (a)		75,000			76,751
8.75%, 04/15/2030 (a)		140,000			142,800
6.75%, 04/15/2032 (a)		180,000			184,058
Crown Americas LLC, 5.88%, 06/01/2033 (a)		95,000			95,239
Fortescue Treasury Pty Ltd.
4.50%, 09/15/2027 (a)		90,000			88,753
5.88%, 04/15/2030 (a)		105,000			106,312
4.38%, 04/01/2031 (a)(b)		180,000			168,836
6.13%, 04/15/2032 (a)		95,000			96,893
Graphic Packaging International LLC, 6.38%, 07/15/2032 (a)		65,000			65,839
INEOS Finance PLC, 7.50%, 04/15/2029 (a)		105,000			104,291
Kaiser Aluminum Corp.
4.63%, 03/01/2028 (a)		50,000			48,803
4.50%, 06/01/2031 (a)		80,000			74,436
LABL, Inc.
10.50%, 07/15/2027 (a)		90,000			84,825
8.63%, 10/01/2031 (a)		280,000			232,442
Magnera Corp., 7.25%, 11/15/2031 (a)		105,000			98,613
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/2027 (a)		345,000			348,171
9.25%, 04/15/2027 (a)		180,000			178,151
Mercer International, Inc.
12.88%, 10/01/2028 (a)		45,000			45,402
5.13%, 02/01/2029		125,000			100,736
Methanex Corp.
5.13%, 10/15/2027		105,000			104,387
5.25%, 12/15/2029		90,000			88,425
Methanex US Operations, Inc., 6.25%, 03/15/2032 (a)		80,000			79,300
Mineral Resources Ltd.
8.13%, 05/01/2027 (a)		90,000			90,317
8.00%, 11/01/2027 (a)		75,000			76,115
9.25%, 10/01/2028 (a)		155,000			162,169
8.50%, 05/01/2030 (a)(b)		100,000			102,387
NOVA Chemicals Corp.
5.25%, 06/01/2027 (a)		125,000			124,231
4.25%, 05/15/2029 (a)		65,000			62,075
9.00%, 02/15/2030 (a)		85,000			91,334
Novelis Corp.
3.25%, 11/15/2026 (a)		110,000			108,213
4.75%, 01/30/2030 (a)		200,000			191,606
3.88%, 08/15/2031 (a)		105,000			94,310
Novelis, Inc., 6.88%, 01/30/2030 (a)(b)		110,000			113,223
Olin Corp.
5.63%, 08/01/2029		100,000			98,673
6.63%, 04/01/2033 (a)		85,000			82,708
Olympus Water US Holding Corp.
4.25%, 10/01/2028 (a)		105,000			99,979
9.75%, 11/15/2028 (a)		215,000			225,541
7.25%, 06/15/2031 (a)		165,000			168,462
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/2027 (a)		90,000			90,092
7.25%, 05/15/2031 (a)		95,000			96,083
Quikrete Holdings, Inc.
6.38%, 03/01/2032 (a)		485,000			496,834
6.75%, 03/01/2033 (a)		190,000			194,883
SCIH Salt Holdings, Inc.
4.88%, 05/01/2028 (a)		160,000			155,363
6.63%, 05/01/2029 (a)		90,000			88,935
Sealed Air Corp./Sealed Air Corp. US
6.13%, 02/01/2028 (a)		115,000			116,063
7.25%, 02/15/2031 (a)		50,000			51,990
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028 (a)		160,000			159,293
8.88%, 11/15/2031 (a)		140,000			147,264
Standard Building Solutions, Inc.
6.50%, 08/15/2032 (a)		140,000			142,891
6.25%, 08/01/2033 (a)		75,000			75,728
Standard Industries, Inc., 4.75%, 01/15/2028 (a)		145,000			143,140
Standard Industries, Inc./NY
4.38%, 07/15/2030 (a)		225,000			213,010
3.38%, 01/15/2031 (a)		145,000			129,591
Trivium Packaging Finance BV
8.25%, 07/15/2030 (a)		85,000			89,431
12.25%, 01/15/2031 (a)		85,000			89,251
Tronox, Inc., 4.63%, 03/15/2029 (a)		170,000			132,739
WR Grace Holdings LLC
4.88%, 06/15/2027 (a)		85,000			84,524
5.63%, 08/15/2029 (a)		150,000			138,235
					11,069,967
Real Estate - 1.8%
Howard Hughes Corp.
5.38%, 08/01/2028 (a)		95,000			94,455
4.13%, 02/01/2029 (a)		105,000			100,134
4.38%, 02/01/2031 (a)		105,000			96,635
Iron Mountain, Inc.
4.88%, 09/15/2027 (a)		145,000			143,912
5.25%, 03/15/2028 (a)		120,000			119,524
7.00%, 02/15/2029 (a)		145,000			148,931
4.88%, 09/15/2029 (a)		120,000			117,275
5.25%, 07/15/2030 (a)		160,000			157,237
4.50%, 02/15/2031 (a)		135,000			127,698
5.63%, 07/15/2032 (a)		90,000			88,817
6.25%, 01/15/2033 (a)		150,000			152,437
SBA Communications Corp.
3.88%, 02/15/2027		220,000			216,042
3.13%, 02/01/2029 (b)		220,000			205,161
Service Properties Trust
8.38%, 06/15/2029		255,000			263,925
8.63%, 11/15/2031 (a)		175,000			185,937
8.88%, 06/15/2032		225,000			235,125
					2,453,245
Utilities - 3.9%
AES Corp.
7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055		150,000			152,063
6.95% to 07/15/2030 then 5 yr. CMT Rate + 2.89%, 07/15/2055		85,000			81,919
Alpha Generation LLC, 6.75%, 10/15/2032 (a)		120,000			122,633
AmeriGas Partners LP / AmeriGas Finance Corp.
5.75%, 05/20/2027		75,000			74,573
9.38%, 06/01/2028 (a)		75,000			77,196
9.50%, 06/01/2030 (a)		80,000			84,000
California Buyer Ltd. / Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/2032 (a)		85,000			86,064
Calpine Corp.
4.50%, 02/15/2028 (a)		160,000			158,230
5.13%, 03/15/2028 (a)		85,000			84,538
4.63%, 02/01/2029 (a)		95,000			93,448
5.00%, 02/01/2031 (a)		100,000			98,799
3.75%, 03/01/2031 (a)		125,000			117,451
Clearway Energy Operating LLC
4.75%, 03/15/2028 (a)		100,000			98,114
3.75%, 02/15/2031 (a)		110,000			100,316
Edison International
8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053		75,000			73,402
7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054		75,000			72,061
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual (a)		190,000			217,960
EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 06/30/2032 (a)		105,000			106,832
EUSHI Finance, Inc., 7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054		80,000			83,522
Lightning Power LLC, 7.25%, 08/15/2032 (a)		185,000			193,473
NextEra Energy Operating Partners LP
4.50%, 09/15/2027 (a)(b)		80,000			77,684
7.25%, 01/15/2029 (a)(b)		110,000			112,247
NRG Energy, Inc.
5.75%, 01/15/2028		145,000			145,470
5.25%, 06/15/2029 (a)		110,000			108,765
5.75%, 07/15/2029 (a)		110,000			109,836
3.63%, 02/15/2031 (a)		145,000			132,734
6.00%, 02/01/2033 (a)		110,000			110,313
6.25%, 11/01/2034 (a)		125,000			126,540
PG&E Corp.
5.00%, 07/01/2028		120,000			117,145
5.25%, 07/01/2030		120,000			114,600
7.38% to 03/15/2030 then 5 yr. CMT Rate + 3.88%, 03/15/2055		220,000			212,300
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (a)		95,000			89,157
Talen Energy Supply LLC, 8.63%, 06/01/2030 (a)		145,000			154,164
TerraForm Power Operating LLC
5.00%, 01/31/2028 (a)		105,000			103,530
4.75%, 01/15/2030 (a)		80,000			76,739
Vistra Operations Co. LLC
5.50%, 09/01/2026 (a)		205,000			204,903
5.63%, 02/15/2027 (a)		160,000			159,810
5.00%, 07/31/2027 (a)		160,000			159,121
4.38%, 05/01/2029 (a)		155,000			150,098
7.75%, 10/15/2031 (a)		185,000			195,464
6.88%, 04/15/2032 (a)		135,000			140,227
XPLR Infrastructure Operating Partners LP
8.38%, 01/15/2031 (a)(b)		120,000			125,850
8.63%, 03/15/2033 (a)(b)		110,000			116,164
					5,219,455
TOTAL CORPORATE BONDS (Cost $129,641,877)					131,222,997
SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.9%	Units			Value
Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(f)		7,912,822			7,912,822
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,912,822)					7,912,822
TOTAL INVESTMENTS - 103.9% (Cost $137,554,699)					139,135,819
Liabilities in Excess of Other Assets - (3.9)%					(5,161,320	)
TOTAL NET ASSETS - 100.0%				$	133,974,499
two					–	%
Par amount is in USD unless otherwise indicated.
Percentages are stated as a percent of net assets.					–	%
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.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

(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, 2025, the value of these securities total $110,686,280 or 82.6% of the Fund’s net assets.
(b)	All or a portion of this security is on loan as of July 31, 2025. The fair value of these securities was $7,653,040.
(c)	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)	Rounds to zero.
(e)	Step coupon bond. The rate disclosed is as of July 31, 2025.
(f)	The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)

Pacer Trendpilot US Bond ETF (the "Fund") 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, 2025:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	131,222,997	$	–	$	131,222,997
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		7,912,822
Total Investments	$	–	$	131,222,997	$	–	$	139,135,819
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 of $7,912,822 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.