| Pacer Pacific Asset Floating Rate High Income ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2024 (Unaudited) | ||||||||
| BANK LOANS - 55.7% | Par | Value | ||||||
| Communication Services - 1.1% | ||||||||
| SBA Senior Finance II LLC, Senior Secured First Lien, 7.35% (1 mo. SOFR US + 2.00%), 01/27/2031 | $ | 3,945,349 | $ | 3,956,041 | ||||
| Consumer Discretionary - 13.6% | ||||||||
| 1011778 BC ULC, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 09/23/2030 | 2,308,912 | 2,302,331 | ||||||
| AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 10.29% (3 mo. SOFR US + 4.75%), 04/20/2028 | 750,000 | 776,858 | ||||||
| Allied Universal Holdco LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 05/15/2028 | 1,969,671 | 1,971,640 | ||||||
| Aramark Services, Inc., Senior Secured First Lien, 7.21% (1 mo. SOFR US + 1.75%), 01/15/2027 | 4,000,000 | 4,008,740 | ||||||
| Bombardier Recreational Products, Inc., Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 05/24/2027 | 212,534 | 212,907 | ||||||
| Carnival Corp., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/18/2028 | 1,148,779 | 1,157,400 | ||||||
| Chariot Buyer LLC, Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 11/03/2028 | 3,989,770 | 3,988,114 | ||||||
| ClubCorp Holdings, Inc., Senior Secured First Lien | ||||||||
| 10.56% (3 mo. SOFR US + 5.00%), 09/18/2026 | 73,754 | 74,331 | ||||||
| 10.60% (3 mo. SOFR US + 5.00%), 09/18/2026 | 2,842,582 | 2,864,797 | ||||||
| Fertitta Entertainment LLC/NV, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 3.75%), 01/29/2029 | 3,972,203 | 3,986,483 | ||||||
| Great Outdoors Group LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 03/06/2028 | 2,263,090 | 2,263,090 | ||||||
| IRB Holding Corp., Senior Secured First Lien, 8.19% (1 mo. SOFR US + 2.75%), 12/15/2027 | 2,734,915 | 2,739,661 | ||||||
| MajorDrive Holdings IV LLC, Senior Secured First Lien | ||||||||
| 9.60% (3 mo. SOFR US + 4.00%), 06/01/2028 | 2,479,566 | 2,481,425 | ||||||
| 10.98% (3 mo. SOFR US + 5.50%), 06/01/2029 | 997,449 | 1,004,516 | ||||||
| MIC Glen LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 07/21/2028 | 2,972,973 | 2,980,405 | ||||||
| SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 08/25/2028 | 3,703,865 | 3,710,810 | ||||||
| Six Flags Entertainment Corp., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 05/01/2031 | 4,000,000 | 4,015,000 | ||||||
| United Airlines, Inc., Senior Secured First Lien, 8.03% (3 mo. SOFR US + 2.75%), 02/24/2031 | 1,795,500 | 1,804,801 | ||||||
| Wand NewCo 3, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/30/2031 | 4,000,000 | 4,020,680 | ||||||
| Whatabrands LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 08/03/2028 | 3,974,861 | 3,982,870 | ||||||
50,346,859 | ||||||||
| Consumer Staples - 0.2% | ||||||||
| Naked Juice LLC, Senior Secured First Lien | ||||||||
| 8.68% (3 mo. SOFR US + 3.25%), 01/24/2029 | 989,873 | 884,511 | ||||||
| 8.69% (1 mo. SOFR US + 3.25%), 01/24/2029 | 2,532 | 2,262 | ||||||
886,773 | ||||||||
| Energy - 2.2% | ||||||||
| CQP Holdco LP, Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 12/31/2030 | 4,161,702 | 4,175,894 | ||||||
| Traverse Midstream Partners LLC, Senior Secured First Lien, 8.75% (3 mo. SOFR US + 3.50%), 02/16/2028 | 4,147,518 | 4,169,810 | ||||||
8,345,704 | ||||||||
| Financials - 7.6% | ||||||||
| Acrisure LLC, Senior Secured First Lien, 8.34% (3 mo. SOFR US + 3.00%), 02/16/2027 | 1,735,771 | 1,736,890 | ||||||
| Acrisure LLC First Lien, 8.83% (1 mo. Term SOFR + 3.25%), 11/06/2030 | 2,250,000 | 2,250,596 | ||||||
| AssuredPartners, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 02/14/2031 | 1,995,000 | 2,003,988 | ||||||
| Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 7.35% (1 mo. SOFR US + 2.00%), 06/22/2028 | 4,154,508 | 4,172,788 | ||||||
| Boost Newco Borrower LLC, Senior Secured First Lien, 8.33% (3 mo. SOFR US + 3.00%), 01/31/2031 | 3,500,000 | 3,512,863 | ||||||
| Boost Newco T/L (06/24), 7.83%, 01/31/2031 | 1,000,000 | 1,003,675 | ||||||
| Deerfield Dakota Holding LLC, Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 04/09/2027 | 3,962,018 | 3,966,733 | ||||||
| HUB International Ltd., 8.60% (3 mo. Term SOFR + 3.25%), 06/20/2030 | 1,992,506 | 1,997,238 | ||||||
| USI, Inc./NY, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 11/23/2029 | 3,360,896 | 3,371,046 | ||||||
| Wec US Holdings Ltd., Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 01/27/2031 | 4,000,000 | 4,012,980 | ||||||
28,028,797 | ||||||||
| Health Care - 3.3% | ||||||||
| Bausch + Lomb Corp., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 09/29/2028 | 2,486,237 | 2,476,914 | ||||||
| Gainwell Acquisition Corp., Senior Secured First Lien, 9.43% (3 mo. SOFR US + 4.00%), 10/01/2027 | 486,146 | 433,885 | ||||||
| ICON Luxembourg Sarl, Senior Secured First Lien | ||||||||
| 7.33% (1 mo. SOFR US + 2.00%), 07/03/2028 | 572,175 | 576,400 | ||||||
| 7.33% (1 mo. SOFR US + 2.00%), 07/03/2028 | 142,558 | 143,611 | ||||||
| Medline Borrower LP, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 10/23/2028 | 3,793,863 | 3,809,987 | ||||||
| Phoenix Newco, Inc., Senior Secured First Lien, 8.34% (1 mo. SOFR US + 3.00%), 11/15/2028 | 2,392,621 | 2,404,895 | ||||||
| Star Parent, Inc., Senior Secured First Lien, 9.08% (3 mo. SOFR US + 3.75%), 09/30/2030 | 2,493,750 | 2,500,832 | ||||||
12,346,524 | ||||||||
| Industrials - 16.8% | ||||||||
| Apple Bidco LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 09/25/2028 | 3,989,950 | 4,003,994 | ||||||
| Chart Industries, Inc., Senior Secured First Lien, 7.82% (3 mo. SOFR US + 2.50%), 03/18/2030 | 4,366,799 | 4,391,384 | ||||||
| Clark Equipment (Doosan Bobcat/Doosan Infracore) T/L B (6/24)- Target, Senior Secured First Lien, 7.32% (3 mo. SOFR US + 2.00%), 04/20/2029 | 4,491,303 | 4,496,939 | ||||||
| Core & Main LP, Senior Secured First Lien, 7.59% (3 mo. SOFR US + 2.25%), 02/10/2031 | 4,481,241 | 4,500,846 | ||||||
| CoreLogic, Inc., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 06/02/2028 | 2,984,707 | 2,946,473 | ||||||
| Crosby US Acquisition Corp., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 08/16/2029 | 3,491,228 | 3,512,769 | ||||||
| Dun & Bradstreet Corp., Senior Secured First Lien, 8.10% (1 mo. SOFR US + 2.75%), 01/18/2029 | 1,488,361 | 1,493,310 | ||||||
| Dynasty Acquisition Co., Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028 | 2,882,379 | 2,899,198 | ||||||
| Emrld Borrower LP, Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 05/31/2030 | 4,324,631 | 4,331,680 | ||||||
| Engineered Machinery Holdings, Inc., Senior Secured First Lien, 9.35% (3 mo. SOFR US + 3.75%), 05/22/2028 | 1,989,796 | 2,001,615 | ||||||
| Engineered Machinery Holdings, Inc., Senior Secured Second Lien, 11.60% (3 mo. SOFR US + 6.00%), 05/21/2029 | 600,000 | 601,500 | ||||||
| Filtration Group Corp., Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 10/23/2028 | 2,992,308 | 3,012,880 | ||||||
| GFL Environmental, Inc. First Lien, 6.84% (1 mo. Term SOFR + 2.00%), 06/27/2031 | 4,000,000 | 4,017,800 | ||||||
| Madison IAQ LLC, Senior Secured First Lien, 7.89% (6 mo. SOFR US + 2.75%), 06/21/2028 | 2,957,105 | 2,965,843 | ||||||
| Roper Industrial Products Investment Co., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 11/23/2029 | 4,481,287 | 4,494,843 | ||||||
| SPX FLOW, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 04/05/2029 | 2,272,617 | 2,291,912 | ||||||
| Standard Aero Ltd., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028 | 1,111,371 | 1,117,856 | ||||||
| Titan Acquisition Ltd./Canada, Senior Secured First Lien, 10.33% (1 mo. SOFR US + 5.00%), 02/15/2029 | 3,238,094 | 3,248,974 | ||||||
| TK Elevator US Newco, Inc., Senior Secured First Lien | ||||||||
| 8.59% (6 mo. SOFR US + 3.50%), 04/30/2030 | 950,346 | 956,434 | ||||||
| 8.59% (6 mo. SOFR US + 3.50%), 04/30/2030 | 545,904 | 549,400 | ||||||
| TransDigm, Inc., Senior Secured First Lien | ||||||||
| 8.08% (3 mo. SOFR US + 2.75%), 03/22/2030 | 1,617,420 | 1,624,286 | ||||||
| 7.84% (3 mo. SOFR US + 2.50%), 02/28/2031 | 3,000,000 | 3,011,070 | ||||||
62,471,006 | ||||||||
| Information Technology - 7.4% | ||||||||
| Applied Systems, Inc., Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 02/24/2031 | 3,500,000 | 3,523,957 | ||||||
| AthenaHealth Group, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/15/2029 | 3,811,036 | 3,809,854 | ||||||
| Central Parent LLC, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 07/06/2029 | 1,997,487 | 1,980,469 | ||||||
| Epicor Software Corp. First Lien, 8.57% (1 mo. Term SOFR + 3.25%), 05/30/2031 | 293,340 | 295,668 | ||||||
| Epicor Software Corp., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 05/30/2031 | 3,969,871 | 4,001,372 | ||||||
| Peraton Corp., Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/01/2028 | 2,966,237 | 2,971,383 | ||||||
| Polaris Newco LLC, Senior Secured First Lien, 9.51% (1 mo. SOFR US + 4.00%), 06/05/2028 | 3,219,170 | 3,227,218 | ||||||
| Tempo Acquisition LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 08/31/2028 | 3,569,046 | 3,585,160 | ||||||
| UKG, Inc., Senior Secured First Lien, 8.55% (3 mo. SOFR US + 3.25%), 02/10/2031 | 3,984,848 | 4,001,386 | ||||||
27,396,467 | ||||||||
| Materials - 5.0% | ||||||||
| Asplundh Tree Expert LLC, Senior Secured First Lien, 7.09% (1 mo. SOFR US + 1.75%), 05/23/2031 | 3,998,000 | 4,006,676 | ||||||
| Graham Packaging Co., Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 08/04/2027 | 1,954,728 | 1,958,999 | ||||||
| Iris Holding, Inc. First Lien, 10.18% (3 mo. Term SOFR + 4.75%), 06/28/2028 | 1,496,193 | 1,354,055 | ||||||
| Nouryon USA LLC, Senior Secured First Lien | ||||||||
| 8.83% (3 mo. SOFR US + 3.50%), 04/03/2028 | 960,216 | 966,971 | ||||||
| 8.83% (3 mo. SOFR US + 3.50%), 04/03/2028 | 249,249 | 251,003 | ||||||
| Pregis TopCo LLC, Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 07/31/2026 | 2,974,531 | 2,992,750 | ||||||
| Proampac PG Borrower LLC, Senior Secured First Lien | ||||||||
| 9.30% (3 mo. SOFR US + 4.00%), 09/15/2028 | 1,474,157 | 1,481,071 | ||||||
| 9.32% (1 mo. SOFR US + 4.00%), 09/15/2028 | 980,216 | 984,813 | ||||||
| Quikrete Holdings, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 04/14/2031 | 4,436,516 | 4,455,682 | ||||||
18,452,020 | ||||||||
TOTAL BANK LOANS (Cost $211,620,961) | 212,230,191 | |||||||
| COLLATERALIZED LOAN OBLIGATIONS - 31.1% | Par | Value | ||||||
| Aimco CDO | ||||||||
Series 2015-AA, Class ER2, 12.15% (3 mo. Term SOFR + 6.86%), 10/17/2034 (a) | 1,000,000 | 1,003,389 | ||||||
Series 2019-10A, Class ERR, 10.93% (3 mo. Term SOFR + 5.65%), 07/22/2037 (a) | 825,000 | 830,167 | ||||||
Series 2021-15A, Class E, 11.50% (3 mo. Term SOFR + 6.21%), 10/17/2034 (a) | 1,250,000 | 1,258,364 | ||||||
AIMCO CLO Series 2018-B, Series 2018-BA, Class ER, 11.59% (3 mo. Term SOFR + 6.30%), 04/16/2037 (a) | 2,000,000 | 2,023,999 | ||||||
Beechwood Park CLO Ltd., Series 2019-1A, Class ER, 11.79% (3 mo. Term SOFR + 6.50%), 01/17/2035 (a) | 1,000,000 | 1,005,079 | ||||||
Benefit Street Partners CLO Ltd., Series 2022-28A, Class E, 12.87% (3 mo. Term SOFR + 7.59%), 10/20/2035 (a) | 1,000,000 | 1,019,242 | ||||||
Blackstone, Inc., Series 2017-1A, Class A1R, 6.58% (3 mo. Term SOFR + 1.30%), 04/20/2034 (a) | 3,000,000 | 3,002,100 | ||||||
| CarVal CLO | ||||||||
Series 2019-2A, Class E, 11.98% (3 mo. Term SOFR + 6.70%), 07/20/2032 (a) | 1,000,000 | 990,440 | ||||||
Series 2023-1A, Class ER, 11.63% (3 mo. Term SOFR + 6.35%), 07/20/2037 (a) | 2,000,000 | 2,009,607 | ||||||
| CIFC Funding Ltd. | ||||||||
Series 2019-1A, Class E, 12.37% (3 mo. Term SOFR + 7.09%), 04/20/2032 (a) | 2,500,000 | 2,514,199 | ||||||
Series 2019-6A, Class A1R, 6.78% (3 mo. Term SOFR + 1.45%), 07/16/2037 (a) | 2,000,000 | 2,010,600 | ||||||
Series 2019-FAL, Class E, 12.95% (3 mo. Term SOFR + 7.67%), 01/20/2033 (a) | 1,000,000 | 1,007,764 | ||||||
| Clover CLO | ||||||||
Series 2018-1A, Class ERR, 11.72% (3 mo. Term SOFR + 6.40%), 04/20/2037 (a) | 1,650,000 | 1,673,571 | ||||||
Series 2021-2A, Class E, 12.04% (3 mo. Term SOFR + 6.76%), 07/20/2034 (a) | 1,000,000 | 1,005,625 | ||||||
Series 2021-3A, Class E, 12.01% (3 mo. Term SOFR + 6.72%), 01/25/2035 (a) | 1,000,000 | 1,004,098 | ||||||
| Dryden Senior Loan Fund | ||||||||
Series 2017-50A, Class E, 11.82% (3 mo. Term SOFR + 6.52%), 07/15/2030 (a) | 1,000,000 | 973,018 | ||||||
Series 2018-64A, Class A, 6.51% (3 mo. Term SOFR + 1.23%), 04/18/2031 (a) | 2,738,495 | 2,740,403 | ||||||
Series 2019-76A, Class A1R, 6.69% (3 mo. Term SOFR + 1.41%), 10/20/2034 (a) | 1,000,000 | 1,000,522 | ||||||
| Eaton Vance Management | ||||||||
Series 2020-1A, Class ER, 11.81% (3 mo. Term SOFR + 6.51%), 10/15/2034 (a) | 1,000,000 | 1,000,050 | ||||||
Series 2020-1A, Class ERR, 0.00% (3 mo. Term SOFR + 6.25%), 10/15/2037 (a) | 1,000,000 | 1,005,000 | ||||||
| Elmwood CLO | ||||||||
Series 2022-4A, Class ER, 10.99% (3 mo. Term SOFR + 5.70%), 07/17/2037 (a) | 1,275,000 | 1,281,294 | ||||||
Series 2022-8A, Class ER, 11.78% (3 mo. Term SOFR + 6.50%), 10/20/2036 (a) | 1,000,000 | 1,032,354 | ||||||
| Flatiron CLO Ltd. | ||||||||
Series 2020-1A, Class ER, 11.73% (3 mo. Term SOFR + 6.45%), 05/20/2036 (a) | 1,500,000 | 1,519,425 | ||||||
Series 2021-1A, Class E, 11.54% (3 mo. Term SOFR + 6.26%), 07/19/2034 (a) | 2,000,000 | 2,008,620 | ||||||
GoldenTree Loan Management US CLO, Series 2017-1A, Class FR2, 13.04% (3 mo. Term SOFR + 7.76%), 04/20/2034 (a) | 1,000,000 | 994,850 | ||||||
| Goldentree Loan Opportunities Ltd. | ||||||||
Series 2019-6A, Class ER, 11.98% (3 mo. Term SOFR + 6.70%), 04/20/2035 (a) | 1,000,000 | 1,005,690 | ||||||
Series 2023-17A, Class E, 11.78% (3 mo. Term SOFR + 6.50%), 07/20/2036 (a) | 1,000,000 | 1,023,940 | ||||||
Harbor Park CLO Ltd., Series 2018-1A, Class E, 11.14% (3 mo. Term SOFR + 5.86%), 01/20/2031 (a) | 1,000,000 | 1,005,422 | ||||||
Juniper Valley Park CLO Ltd., Series 2023-1A, Class ER, 10.78% (3 mo. Term SOFR + 5.50%), 07/20/2036 (a) | 1,550,000 | 1,557,750 | ||||||
Madison Park Funding Ltd., Series 2018-32A, Class A1R, 6.54% (3 mo. Term SOFR + 1.26%), 01/22/2031 (a) | 3,083,484 | 3,084,158 | ||||||
| Magnetite CLO Ltd. | ||||||||
Series 2016-17A, Class DR2, 8.78% (3 mo. Term SOFR + 3.50%), 04/20/2037 (a) | 3,000,000 | 3,051,239 | ||||||
Series 2019-22A, Class ERR, 10.68% (3 mo. Term SOFR + 5.40%), 07/15/2036 (a) | 1,900,000 | 1,909,500 | ||||||
Series 2020-28A, Class ER, 11.69% (3 mo. Term SOFR + 6.41%), 01/20/2035 (a) | 1,750,000 | 1,758,800 | ||||||
Series 2021-30A, Class E, 11.75% (3 mo. Term SOFR + 6.46%), 10/25/2034 (a) | 1,500,000 | 1,507,724 | ||||||
Series 2021-31A, Class E, 11.56% (3 mo. Term SOFR + 6.26%), 07/15/2034 (a) | 500,000 | 503,360 | ||||||
Series 2023-37A, Class D, 9.28% (3 mo. Term SOFR + 4.00%), 10/20/2036 (a) | 2,000,000 | 2,045,319 | ||||||
Series 2024-40A, Class E, 11.08% (3 mo. Term SOFR + 5.75%), 07/15/2037 (a) | 1,125,000 | 1,135,279 | ||||||
| Magnetite Xxix Ltd. | ||||||||
Series 2021-29A, Class A, 6.55% (3 mo. Term SOFR + 1.25%), 01/15/2034 (a) | 1,617,706 | 1,619,324 | ||||||
Series 2021-29A, Class E, 11.31% (3 mo. Term SOFR + 6.01%), 01/15/2034 (a) | 2,110,000 | 2,118,510 | ||||||
Morgan Stanley Eaton Vance CLO Ltd., Series 2021-1A, Class A, 6.70% (3 mo. Term SOFR + 1.42%), 10/20/2034 (a) | 2,000,000 | 2,010,661 | ||||||
| Neuberger Berman CLO Ltd. | ||||||||
Series 2017-26A, Class E, 11.44% (3 mo. Term SOFR + 6.16%), 10/18/2030 (a) | 1,000,000 | 1,003,467 | ||||||
Series 2019-35A, Class E, 12.54% (3 mo. Term SOFR + 7.26%), 01/19/2033 (a) | 1,000,000 | 1,027,744 | ||||||
Series 2021-41A, Class E, 12.06% (3 mo. Term SOFR + 6.76%), 04/15/2034 (a) | 1,000,000 | 1,007,146 | ||||||
Series 2021-45A, Class E, 11.81% (3 mo. Term SOFR + 6.51%), 10/14/2035 (a) | 1,000,000 | 1,005,256 | ||||||
Series 2022-48A, Class E, 11.78% (3 mo. Term SOFR + 6.50%), 04/25/2036 (a) | 1,500,000 | 1,508,136 | ||||||
Series 2022-49A, Class ER, 10.78% (3 mo. Term SOFR + 5.50%), 07/25/2035 (a) | 2,875,000 | 2,885,598 | ||||||
Series 2022-50A, Class ER, 10.78% (3 mo. Term SOFR + 5.50%), 07/23/2036 (a) | 3,000,000 | 3,015,000 | ||||||
Niagara Park CLO, Series 2019-1A, Class AR, 6.55% (3 mo. Term SOFR + 1.26%), 07/17/2032 (a) | 2,000,000 | 2,002,762 | ||||||
| Oak Hill Credit Partners | ||||||||
Series 2014-10RA, Class ER, 11.79% (3 mo. Term SOFR + 6.51%), 04/20/2034 (a) | 1,000,000 | 1,005,008 | ||||||
Series 2015-11A, Class ER2, 11.03% (3 mo. Term SOFR + 5.75%), 04/20/2037 (a) | 1,000,000 | 1,005,478 | ||||||
Series 2017-14A, Class ER, 0.00% (3 mo. Term SOFR + 5.45%), 07/21/2037 (a) | 1,175,000 | 1,183,812 | ||||||
Series 2021-16A, Class E, 11.64% (3 mo. Term SOFR + 6.36%), 10/18/2034 (a) | 1,000,000 | 1,005,064 | ||||||
| OCP CLO Ltd. | ||||||||
Series 2017-14A, Class D, 11.39% (3 mo. Term SOFR + 6.06%), 11/20/2030 (a) | 1,000,000 | 1,000,050 | ||||||
Series 2018-15A, Class D, 11.39% (3 mo. Term SOFR + 6.11%), 07/20/2031 (a) | 1,000,000 | 1,003,186 | ||||||
Series 2020-19A, Class ER, 12.04% (3 mo. Term SOFR + 6.76%), 10/20/2034 (a) | 250,000 | 250,619 | ||||||
Series 2021-21A, Class E, 11.82% (3 mo. Term SOFR + 6.54%), 07/20/2034 (a) | 1,000,000 | 1,004,118 | ||||||
Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 6.68% (3 mo. Term SOFR + 1.38%), 07/15/2034 (a) | 1,000,000 | 1,000,395 | ||||||
| OHA Credit Funding | ||||||||
Series 2018-1A, Class ER, 11.78% (3 mo. Term SOFR + 6.50%), 04/20/2037 (a) | 1,000,000 | 1,033,878 | ||||||
Series 2019-2A, Class ER, 11.90% (3 mo. Term SOFR + 6.62%), 04/21/2034 (a) | 810,000 | 814,247 | ||||||
Series 2022-11A, Class ER, 0.00% (3 mo. Term SOFR + 5.40%), 07/19/2037 (a) | 3,000,000 | 3,015,000 | ||||||
OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 11.04% (3 mo. Term SOFR + 5.70%), 07/20/2037 (a) | 1,625,000 | 1,632,319 | ||||||
| Palmer Square Loan Funding Ltd. | ||||||||
Series 2022-4A, Class D, 12.57% (3 mo. Term SOFR + 7.29%), 07/24/2031 (a) | 1,000,000 | 1,004,163 | ||||||
Series 2024-3A, Class D, 10.74% (3 mo. Term SOFR + 5.40%), 08/08/2032 (a) | 1,000,000 | 1,003,162 | ||||||
Parallel CLO Ltd., Series 2020-1A, Class A1R, 6.76% (3 mo. Term SOFR + 1.48%), 07/20/2034 (a) | 2,000,000 | 2,004,305 | ||||||
Point Au Roche Park CLO, Series 2021-1A, Class E, 11.64% (3 mo. Term SOFR + 6.36%), 07/20/2034 (a) | 370,000 | 371,919 | ||||||
Rad CLO, Series 2021-12A, Class E, 11.87% (3 mo. Term SOFR + 6.61%), 10/30/2034 (a) | 500,000 | 502,781 | ||||||
Regatta Funding Ltd., Series 2024-2A, Class A1, 6.83% (3 mo. Term SOFR + 1.55%), 04/25/2037 (a) | 1,300,000 | 1,307,560 | ||||||
| RR Ltd./Cayman Islands | ||||||||
Series 2020-8A, Class DR, 11.57% (3 mo. Term SOFR + 6.25%), 07/15/2037 (a) | 1,000,000 | 1,010,879 | ||||||
Series 2021-19A, Class D, 12.06% (3 mo. Term SOFR + 6.76%), 10/15/2035 (a) | 1,000,000 | 1,007,226 | ||||||
Series 2023-26A, Class A1, 7.08% (3 mo. Term SOFR + 1.78%), 04/15/2038 (a) | 2,000,000 | 2,004,697 | ||||||
RRX Ltd., Series 2021-4A, Class D, 11.91% (3 mo. Term SOFR + 6.61%), 07/15/2034 (a) | 1,000,000 | 993,835 | ||||||
Sixth Street CLO, Series 2021-19A, Class E, 11.44% (3 mo. Term SOFR + 6.16%), 07/20/2034 (a) | 500,000 | 500,933 | ||||||
| Symphony CLO Ltd. | ||||||||
Series 2020-22A, Class A1A, 6.83% (3 mo. Term SOFR + 1.55%), 04/18/2033 (a) | 2,000,000 | 2,007,569 | ||||||
Series 2020-24A, Class E, 12.54% (3 mo. Term SOFR + 7.26%), 01/23/2032 (a) | 1,000,000 | 1,014,125 | ||||||
Series 2021-26A, Class AR, 6.62% (3 mo. Term SOFR + 1.34%), 04/20/2033 (a) | 2,814,337 | 2,826,347 | ||||||
Series 2021-29A, Class E, 11.81% (3 mo. Term SOFR + 6.51%), 01/15/2034 (a) | 1,500,000 | 1,508,437 | ||||||
Series 2022-37A, Class DR, 10.18% (3 mo. Term SOFR + 4.90%), 01/20/2037 (a) | 1,250,000 | 1,300,552 | ||||||
TCI-Flatiron CLO Ltd., Series 2016-1A, Class ER3, 11.54% (3 mo. Term SOFR + 6.25%), 01/17/2032 (a) | 1,000,000 | 1,004,344 | ||||||
Trimaran CAVU LLC, Series 2021-3A, Class E, 12.91% (3 mo. Term SOFR + 7.63%), 01/18/2035 (a) | 1,925,000 | 1,940,603 | ||||||
Unity-Peace Park CLO Ltd., Series 2022-1A, Class E, 12.46% (3 mo. Term SOFR + 7.18%), 04/20/2035 (a) | 1,500,000 | 1,511,063 | ||||||
Wellington Management Clo 2 Ltd., Series 2024-2A, Class E, 12.21% (3 mo. Term SOFR + 6.90%), 04/20/2037 (a) | 1,000,000 | 1,019,451 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $113,756,280) | 115,502,690 | |||||||
| CORPORATE BONDS - 8.3% | Par | Value | ||||||
| Communication Services - 0.7% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/2030 (a) | 500,000 | 447,542 | ||||||
DISH Network Corp., 11.75%, 11/15/2027 (a) | 2,000,000 | 2,002,442 | ||||||
2,449,984 | ||||||||
| Consumer Discretionary - 2.1% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030 (a) | 2,000,000 | 1,781,695 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027 (a) | 2,000,000 | 1,999,245 | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 (a) | 291,667 | 289,885 | ||||||
| Ford Motor Credit Co. LLC, 5.11%, 05/03/2029 | 1,000,000 | 977,251 | ||||||
| Las Vegas Sands Corp., 3.90%, 08/08/2029 | 1,000,000 | 925,227 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (a) | 2,000,000 | 1,901,011 | ||||||
7,874,314 | ||||||||
| Consumer Staples - 0.4% | ||||||||
US Foods, Inc., 4.63%, 06/01/2030 (a) | 1,500,000 | 1,405,274 | ||||||
| Energy - 1.4% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029 (a) | 1,500,000 | 1,466,681 | ||||||
Enerflex Ltd., 9.00%, 10/15/2027 (a) | 2,000,000 | 2,068,796 | ||||||
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a) | 1,500,000 | 1,561,938 | ||||||
5,097,415 | ||||||||
| Financials - 0.3% | ||||||||
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a) | 1,000,000 | 1,053,829 | ||||||
| Health Care - 0.4% | ||||||||
Medline Borrower LP, 3.88%, 04/01/2029 (a) | 1,500,000 | 1,399,780 | ||||||
| Industrials - 1.5% | ||||||||
Madison IAQ LLC, 4.13%, 06/30/2028 (a) | 1,500,000 | 1,402,933 | ||||||
OT Merger Corp., 7.88%, 10/15/2029 (a) | 500,000 | 221,053 | ||||||
SPX FLOW, Inc., 8.75%, 04/01/2030 (a) | 2,000,000 | 2,085,650 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a) | 2,000,000 | 2,004,285 | ||||||
5,713,921 | ||||||||
| Information Technology - 0.4% | ||||||||
UKG, Inc., 6.88%, 02/01/2031 (a) | 1,500,000 | 1,542,689 | ||||||
| Materials - 0.1% | ||||||||
Standard Industries, Inc./NJ, 4.75%, 01/15/2028 (a) | 500,000 | 479,185 | ||||||
| Real Estate - 0.1% | ||||||||
Howard Hughes Corp., 5.38%, 08/01/2028 (a) | 500,000 | 485,467 | ||||||
| Utilities - 0.9% | ||||||||
Calpine Corp., 5.13%, 03/15/2028 (a) | 2,000,000 | 1,938,186 | ||||||
NRG Energy, Inc., 3.63%, 02/15/2031 (a) | 1,500,000 | 1,313,042 | ||||||
3,251,228 | ||||||||
TOTAL CORPORATE BONDS (Cost $30,182,741) | 30,753,086 | |||||||
| EXCHANGE TRADED FUNDS - 0.3% | Shares | Value | ||||||
| iShares iBoxx $ High Yield Corporate Bond ETF | 8,065 | 633,425 | ||||||
| SPDR Bloomberg High Yield Bond ETF | 6,533 | 626,123 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405) | 1,259,548 | |||||||
CLOSED END FUNDS - 0.0%(b) | Shares | Value | ||||||
| Eagle Point Credit Co., Inc. | 1,905 | 18,955 | ||||||
TOTAL CLOSED END FUNDS (Cost $33,494) | 18,955 | |||||||
TOTAL INVESTMENTS - 96.9% (Cost $356,794,881) | 359,764,470 | |||||||
| Other Assets in Excess of Liabilities – 3.1% | 11,167,455 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 370,931,925 | ||||||
| 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. | ||||||||
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. | ||||||||
| NV - Naamloze Vennootschap |
| SOFR - Secured Overnight Financing Rate |
| (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, 2024, the value of these securities total $144,353,298 or 38.9% of the Fund’s net assets. |
| (b) | Represents less than 0.05% of net assets. |
Summary of Fair Value Disclosure as of July 31, 2024 (Unaudited)
Pacer Pacific Asset Floating Rate High Income ETF has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Bank Loans | $ | – | $ | 212,230,191 | $ | – | $ | 212,230,191 | ||||||||
| Collateralized Loan Obligations | – | 103,816,627 | – | 115,502,690 | ||||||||||||
| Corporate Bonds | – | 30,753,086 | – | 30,753,086 | ||||||||||||
| Exchange Traded Funds | 1,259,548 | – | – | 1,259,548 | ||||||||||||
| Closed End Funds | 18,955 | – | – | 18,955 | ||||||||||||
| Total Investments | $ | 1,278,503 | $ | 346,799,905 | $ | – | $ | 359,764,470 | ||||||||
| Refer to the Schedule of Investments for further disaggregation of investment categories. | ||||||||||||||||