| Pacer Trendpilot US Bond ETF | ||||||||
| Schedule of Investments | ||||||||
| July 31, 2024 (Unaudited) | ||||||||
| CORPORATE BONDS - 98.1% | Par | Value | ||||||
| Communication Services - 16.4% | ||||||||
| Altice Financing SA | ||||||||
5.00%, 01/15/2028 (a) | $ | 212,000 | $ | 169,070 | ||||
5.75%, 08/15/2029 (a) | 341,000 | 259,184 | ||||||
| Altice France Holding SA | ||||||||
10.50%, 05/15/2027 (a) | 389,000 | 147,966 | ||||||
6.00%, 02/15/2028 (a) | 98,000 | 29,400 | ||||||
| Altice France SA/France | ||||||||
8.13%, 02/01/2027 (a) | 310,000 | 249,178 | ||||||
5.50%, 01/15/2028 (a) | 191,000 | 139,831 | ||||||
5.13%, 01/15/2029 (a) | 56,000 | 39,123 | ||||||
5.13%, 07/15/2029 (a) | 429,000 | 300,096 | ||||||
5.50%, 10/15/2029 (a)(b) | 342,000 | 239,067 | ||||||
| AMC Entertainment Holdings, Inc. | ||||||||
10.00% (includes 12.00% PIK), 06/15/2026 (a) | 252,000 | 238,770 | ||||||
7.50%, 02/15/2029 (a) | 86,000 | 62,672 | ||||||
| AMC Networks, Inc. | ||||||||
10.25%, 01/15/2029 (a) | 164,000 | 161,696 | ||||||
| 4.25%, 02/15/2029 | 171,000 | 117,869 | ||||||
| Arches Buyer, Inc. | ||||||||
4.25%, 06/01/2028 (a) | 199,000 | 177,434 | ||||||
6.13%, 12/01/2028 (a) | 59,000 | 49,076 | ||||||
| British Telecommunications PLC | ||||||||
4.25% to 02/23/2027 then 5 yr. CMT Rate + 2.99%, 11/23/2081 (a) | 82,000 | 77,800 | ||||||
4.88% to 11/23/2031 then 5 yr. CMT Rate + 3.49%, 11/23/2081 (a) | 59,000 | 53,193 | ||||||
C&W Senior Finance Ltd., 6.88%, 09/15/2027 (a) | 212,000 | 207,516 | ||||||
| CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||
5.50%, 05/01/2026 (a) | 129,000 | 128,385 | ||||||
5.13%, 05/01/2027 (a) | 541,000 | 524,606 | ||||||
5.00%, 02/01/2028 (a) | 416,000 | 396,148 | ||||||
5.38%, 06/01/2029 (a) | 265,000 | 247,075 | ||||||
6.38%, 09/01/2029 (a) | 267,000 | 260,183 | ||||||
4.75%, 03/01/2030 (a) | 504,000 | 451,080 | ||||||
4.50%, 08/15/2030 (a) | 451,000 | 395,000 | ||||||
4.25%, 02/01/2031 (a) | 496,000 | 421,600 | ||||||
7.38%, 03/01/2031 (a)(b) | 198,000 | 199,996 | ||||||
4.75%, 02/01/2032 (a) | 217,000 | 186,265 | ||||||
| 4.50%, 05/01/2032 | 479,000 | 401,372 | ||||||
4.50%, 06/01/2033 (a) | 313,000 | 257,142 | ||||||
4.25%, 01/15/2034 (a) | 355,000 | 280,450 | ||||||
| Clear Channel Outdoor Holdings, Inc. | ||||||||
5.13%, 08/15/2027 (a) | 213,000 | 206,344 | ||||||
7.75%, 04/15/2028 (a)(b) | 173,000 | 153,327 | ||||||
9.00%, 09/15/2028 (a) | 131,000 | 139,369 | ||||||
7.50%, 06/01/2029 (a) | 183,000 | 156,922 | ||||||
7.88%, 04/01/2030 (a) | 151,000 | 153,714 | ||||||
CMG Media Corp., 8.88%, 12/15/2027 (a) | 193,000 | 111,052 | ||||||
| Cogent Communications Group LLC | ||||||||
3.50%, 05/01/2026 (a) | 85,000 | 81,900 | ||||||
7.00%, 06/15/2027 (a) | 85,000 | 85,916 | ||||||
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 (a) | 355,000 | 347,989 | ||||||
| Consolidated Communications, Inc. | ||||||||
5.00%, 10/01/2028 (a) | 47,000 | 40,547 | ||||||
6.50%, 10/01/2028 (a) | 124,000 | 112,613 | ||||||
| CSC Holdings LLC | ||||||||
5.50%, 04/15/2027 (a) | 225,000 | 188,916 | ||||||
5.38%, 02/01/2028 (a) | 173,000 | 137,102 | ||||||
7.50%, 04/01/2028 (a) | 194,000 | 109,925 | ||||||
11.25%, 05/15/2028 (a) | 173,000 | 156,565 | ||||||
11.75%, 01/31/2029 (a) | 352,000 | 318,120 | ||||||
6.50%, 02/01/2029 (a) | 303,000 | 233,310 | ||||||
5.75%, 01/15/2030 (a) | 392,000 | 158,062 | ||||||
4.13%, 12/01/2030 (a) | 188,000 | 130,190 | ||||||
4.63%, 12/01/2030 (a) | 406,000 | 159,091 | ||||||
3.38%, 02/15/2031 (a) | 171,000 | 113,854 | ||||||
4.50%, 11/15/2031 (a) | 257,000 | 177,407 | ||||||
5.00%, 11/15/2031 (a) | 59,000 | 23,358 | ||||||
Directv Financing LLC, 8.88%, 02/01/2030 (a) | 146,000 | 146,493 | ||||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a) | 636,000 | 612,547 | ||||||
| DISH DBS Corp. | ||||||||
| 7.75%, 07/01/2026 | 333,000 | 214,847 | ||||||
5.25%, 12/01/2026 (a)(b) | 476,000 | 396,020 | ||||||
| 7.38%, 07/01/2028 | 102,000 | 47,940 | ||||||
5.75%, 12/01/2028 (a)(b) | 429,000 | 315,315 | ||||||
| 5.13%, 06/01/2029 | 296,000 | 126,085 | ||||||
DISH Network Corp., 11.75%, 11/15/2027 (a) | 581,000 | 581,000 | ||||||
| Frontier Communications Holdings LLC | ||||||||
5.88%, 10/15/2027 (a) | 199,000 | 197,134 | ||||||
5.00%, 05/01/2028 (a) | 266,000 | 255,895 | ||||||
6.75%, 05/01/2029 (a) | 170,000 | 161,062 | ||||||
| 5.88%, 11/01/2029 | 129,000 | 116,122 | ||||||
6.00%, 01/15/2030 (a) | 173,000 | 155,700 | ||||||
8.75%, 05/15/2030 (a) | 205,000 | 214,738 | ||||||
8.63%, 03/15/2031 (a) | 129,000 | 135,143 | ||||||
| Go Daddy Operating Co. LLC / GD Finance Co., Inc. | ||||||||
5.25%, 12/01/2027 (a) | 60,000 | 59,025 | ||||||
3.50%, 03/01/2029 (a) | 162,000 | 147,190 | ||||||
| Gray Television, Inc. | ||||||||
7.00%, 05/15/2027 (a)(b) | 129,000 | 124,634 | ||||||
10.50%, 07/15/2029 (a) | 207,000 | 216,056 | ||||||
4.75%, 10/15/2030 (a) | 139,000 | 92,518 | ||||||
5.38%, 11/15/2031 (a) | 239,000 | 154,490 | ||||||
| Hughes Satellite Systems Corp. | ||||||||
| 5.25%, 08/01/2026 | 126,000 | 95,760 | ||||||
| 6.63%, 08/01/2026 | 73,000 | 34,648 | ||||||
| iHeartCommunications, Inc. | ||||||||
6.38%, 05/01/2026 (b) | 273,000 | 233,278 | ||||||
| 8.38%, 05/01/2027 | 94,000 | 38,534 | ||||||
5.25%, 08/15/2027 (a) | 68,000 | 44,427 | ||||||
4.75%, 01/15/2028 (a) | 59,000 | 36,572 | ||||||
| Iliad Holding SASU | ||||||||
6.50%, 10/15/2026 (a) | 119,000 | 119,149 | ||||||
7.00%, 10/15/2028 (a) | 154,000 | 154,160 | ||||||
8.50%, 04/15/2031 (a) | 164,000 | 170,276 | ||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/2030 (a) | 518,000 | 494,144 | ||||||
| Lamar Media Corp. | ||||||||
| 3.75%, 02/15/2028 | 101,000 | 95,139 | ||||||
| 4.88%, 01/15/2029 | 34,000 | 32,971 | ||||||
| 4.00%, 02/15/2030 | 103,000 | 95,057 | ||||||
| 3.63%, 01/15/2031 | 103,000 | 91,541 | ||||||
| LCPR Senior Secured Financing DAC | ||||||||
6.75%, 10/15/2027 (a) | 198,000 | 184,573 | ||||||
5.13%, 07/15/2029 (a) | 147,000 | 122,455 | ||||||
| Level 3 Financing, Inc. | ||||||||
4.25%, 07/01/2028 (a) | 105,000 | 57,225 | ||||||
10.50%, 04/15/2029 (a) | 131,000 | 135,094 | ||||||
4.88%, 06/15/2029 (a) | 161,000 | 113,505 | ||||||
3.75%, 07/15/2029 (a) | 86,000 | 40,635 | ||||||
11.00%, 11/15/2029 (a) | 278,000 | 294,333 | ||||||
4.50%, 04/01/2030 (a) | 227,000 | 152,658 | ||||||
10.50%, 05/15/2030 (a) | 167,000 | 171,718 | ||||||
10.75%, 12/15/2030 (a) | 126,000 | 130,095 | ||||||
| Live Nation Entertainment, Inc. | ||||||||
6.50%, 05/15/2027 (a) | 207,000 | 209,769 | ||||||
4.75%, 10/15/2027 (a) | 164,000 | 158,875 | ||||||
3.75%, 01/15/2028 (a) | 100,000 | 94,250 | ||||||
| Match Group Holdings II LLC | ||||||||
5.00%, 12/15/2027 (a) | 53,000 | 51,418 | ||||||
4.63%, 06/01/2028 (a) | 44,000 | 42,021 | ||||||
4.13%, 08/01/2030 (a) | 85,000 | 76,181 | ||||||
3.63%, 10/01/2031 (a) | 59,000 | 50,981 | ||||||
| McGraw-Hill Education, Inc. | ||||||||
5.75%, 08/01/2028 (a) | 157,000 | 151,309 | ||||||
8.00%, 08/01/2029 (a) | 126,000 | 122,888 | ||||||
| News Corp. | ||||||||
3.88%, 05/15/2029 (a) | 167,000 | 154,734 | ||||||
5.13%, 02/15/2032 (a) | 59,000 | 56,050 | ||||||
| Nexstar Media, Inc. | ||||||||
5.63%, 07/15/2027 (a) | 294,000 | 285,045 | ||||||
4.75%, 11/01/2028 (a) | 175,000 | 161,167 | ||||||
| Optics Bidco SpA | ||||||||
6.00%, 09/30/2034 (a) | 86,000 | 81,270 | ||||||
7.20%, 07/18/2036 (a) | 91,000 | 93,328 | ||||||
| Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||
5.00%, 08/15/2027 (a) | 117,000 | 114,367 | ||||||
4.25%, 01/15/2029 (a) | 107,000 | 99,162 | ||||||
4.63%, 03/15/2030 (a) | 59,000 | 54,250 | ||||||
7.38%, 02/15/2031 (a) | 78,000 | 81,537 | ||||||
| Paramount Global | ||||||||
6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057 (c) | 56,000 | 48,821 | ||||||
| 6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 | 234,000 | 215,280 | ||||||
| Radiate Holdco LLC / Radiate Finance, Inc. | ||||||||
4.50%, 09/15/2026 (a) | 156,000 | 124,627 | ||||||
6.50%, 09/15/2028 (a) | 199,000 | 109,261 | ||||||
ROBLOX Corp., 3.88%, 05/01/2030 (a) | 173,000 | 155,051 | ||||||
Rogers Communications, Inc., 5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 (a) | 134,000 | 129,980 | ||||||
Scripps Escrow II, Inc., 3.88%, 01/15/2029 (a) | 61,000 | 39,650 | ||||||
Scripps Escrow, Inc., 5.88%, 07/15/2027 (a) | 52,000 | 36,156 | ||||||
Shutterfly Finance LLC, 9.75%, 10/01/2027 (a) | 0 | 0 | ||||||
| Sinclair Television Group, Inc. | ||||||||
5.50%, 03/01/2030 (a) | 59,000 | 35,916 | ||||||
4.13%, 12/01/2030 (a) | 169,000 | 117,861 | ||||||
| Sirius XM Radio, Inc. | ||||||||
3.13%, 09/01/2026 (a) | 171,000 | 162,418 | ||||||
5.00%, 08/01/2027 (a) | 267,000 | 257,989 | ||||||
4.00%, 07/15/2028 (a) | 354,000 | 324,043 | ||||||
5.50%, 07/01/2029 (a) | 226,000 | 215,762 | ||||||
4.13%, 07/01/2030 (a) | 251,000 | 218,438 | ||||||
3.88%, 09/01/2031 (a) | 270,000 | 225,320 | ||||||
Stagwell Global LLC, 5.63%, 08/15/2029 (a) | 190,000 | 178,362 | ||||||
Sunrise FinCo I BV, 4.88%, 07/15/2031 (a) | 216,000 | 195,584 | ||||||
Sunrise HoldCo IV BV, 5.50%, 01/15/2028 (a) | 28,000 | 27,357 | ||||||
| TEGNA, Inc. | ||||||||
4.75%, 03/15/2026 (a) | 95,000 | 93,422 | ||||||
| 4.63%, 03/15/2028 | 187,000 | 172,507 | ||||||
| 5.00%, 09/15/2029 | 203,000 | 184,705 | ||||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 (a) | 200,000 | 191,546 | ||||||
| Univision Communications, Inc. | ||||||||
6.63%, 06/01/2027 (a) | 260,000 | 258,614 | ||||||
8.00%, 08/15/2028 (a) | 247,000 | 248,442 | ||||||
4.50%, 05/01/2029 (a) | 185,000 | 161,718 | ||||||
7.38%, 06/30/2030 (a) | 154,000 | 147,840 | ||||||
8.50%, 07/31/2031 (a) | 85,000 | 84,044 | ||||||
Virgin Media Finance PLC, 5.00%, 07/15/2030 (a) | 88,000 | 74,426 | ||||||
| Virgin Media Secured Finance PLC | ||||||||
5.50%, 05/15/2029 (a) | 246,000 | 229,247 | ||||||
4.50%, 08/15/2030 (a) | 163,000 | 141,511 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028 (a) | 81,000 | 75,694 | ||||||
| Vmed O2 UK Financing I PLC | ||||||||
4.25%, 01/31/2031 (a) | 232,000 | 196,626 | ||||||
4.75%, 07/15/2031 (a) | 243,000 | 209,281 | ||||||
7.75%, 04/15/2032 (a) | 129,000 | 129,055 | ||||||
| Vodafone Group PLC | ||||||||
| 7.00% to 04/04/2029 then 5 yr. Swap Rate USD + 4.87%, 04/04/2079 | 332,000 | 343,588 | ||||||
| 3.25% to 09/04/2026 then 5 yr. CMT Rate + 2.45%, 06/04/2081 | 46,000 | 43,480 | ||||||
| 4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081 | 166,000 | 146,146 | ||||||
VZ Secured Financing BV, 5.00%, 01/15/2032 (a) | 260,000 | 228,332 | ||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 (a) | 243,000 | 234,580 | ||||||
| WMG Acquisition Corp. | ||||||||
3.75%, 12/01/2029 (a) | 33,000 | 29,947 | ||||||
3.88%, 07/15/2030 (a) | 124,000 | 111,407 | ||||||
3.00%, 02/15/2031 (a) | 145,000 | 125,157 | ||||||
| Zayo Group Holdings, Inc. | ||||||||
4.00%, 03/01/2027 (a)(b) | 255,000 | 218,137 | ||||||
6.13%, 03/01/2028 (a) | 181,000 | 126,112 | ||||||
| Ziggo Bond Co. BV | ||||||||
6.00%, 01/15/2027 (a) | 188,000 | 187,172 | ||||||
5.13%, 02/28/2030 (a) | 34,000 | 30,073 | ||||||
Ziggo BV, 4.88%, 01/15/2030 (a) | 177,000 | 161,676 | ||||||
27,512,700 | ||||||||
| Consumer Discretionary - 18.5% | ||||||||
| 1011778 BC ULC / New Red Finance, Inc. | ||||||||
3.88%, 01/15/2028 (a) | 266,000 | 250,040 | ||||||
4.38%, 01/15/2028 (a) | 129,000 | 122,836 | ||||||
3.50%, 02/15/2029 (a)(b) | 129,000 | 118,035 | ||||||
6.13%, 06/15/2029 (a) | 207,000 | 209,708 | ||||||
4.00%, 10/15/2030 (a) | 504,000 | 449,106 | ||||||
| Adient Global Holdings Ltd. | ||||||||
4.88%, 08/15/2026 (a) | 144,000 | 141,723 | ||||||
7.00%, 04/15/2028 (a) | 82,000 | 83,720 | ||||||
8.25%, 04/15/2031 (a) | 59,000 | 62,117 | ||||||
| Advance Auto Parts, Inc., 3.90%, 04/15/2030 | 90,000 | 82,861 | ||||||
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a) | 288,000 | 293,093 | ||||||
| Allied Universal Holdco LLC / Allied Universal Finance Corp. | ||||||||
9.75%, 07/15/2027 (a) | 179,000 | 178,776 | ||||||
6.00%, 06/01/2029 (a) | 187,000 | 163,249 | ||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl | ||||||||
4.63%, 06/01/2028 (a) | 218,000 | 200,979 | ||||||
4.63%, 06/01/2028 (a) | 142,000 | 130,939 | ||||||
| American Airlines, Inc. | ||||||||
7.25%, 02/15/2028 (a) | 151,000 | 151,124 | ||||||
8.50%, 05/15/2029 (a) | 171,000 | 176,358 | ||||||
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||||
5.50%, 04/20/2026 (a) | 278,833 | 277,152 | ||||||
5.75%, 04/20/2029 (a) | 498,000 | 486,656 | ||||||
| American Axle & Manufacturing, Inc. | ||||||||
| 6.50%, 04/01/2027 | 46,000 | 46,158 | ||||||
| 6.88%, 07/01/2028 | 47,000 | 46,941 | ||||||
5.00%, 10/01/2029 (b) | 70,000 | 64,286 | ||||||
| American Builders & Contractors Supply Co., Inc. | ||||||||
4.00%, 01/15/2028 (a) | 118,000 | 111,303 | ||||||
3.88%, 11/15/2029 (a) | 27,000 | 24,435 | ||||||
| APX Group, Inc. | ||||||||
6.75%, 02/15/2027 (a) | 106,000 | 105,787 | ||||||
5.75%, 07/15/2029 (a) | 142,000 | 138,296 | ||||||
Aramark Services, Inc., 5.00%, 02/01/2028 (a) | 199,000 | 194,310 | ||||||
| Asbury Automotive Group, Inc. | ||||||||
| 4.50%, 03/01/2028 | 35,000 | 33,402 | ||||||
4.63%, 11/15/2029 (a) | 133,000 | 124,355 | ||||||
| 4.75%, 03/01/2030 | 52,000 | 48,842 | ||||||
5.00%, 02/15/2032 (a) | 70,000 | 64,507 | ||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/2030 (a) | 47,000 | 42,936 | ||||||
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | ||||||||
5.75%, 07/15/2027 (a) | 34,000 | 32,926 | ||||||
4.75%, 04/01/2028 (a) | 84,000 | 77,318 | ||||||
5.38%, 03/01/2029 (a)(b) | 106,000 | 97,031 | ||||||
8.00%, 02/15/2031 (a) | 116,000 | 114,840 | ||||||
| Bath & Body Works, Inc. | ||||||||
| 5.25%, 02/01/2028 | 100,000 | 98,053 | ||||||
| 7.50%, 06/15/2029 | 84,000 | 86,857 | ||||||
6.63%, 10/01/2030 (a) | 173,000 | 174,517 | ||||||
BCPE Ulysses Intermediate, Inc., 7.75% (includes 8.50% PIK), 04/01/2027 (a) | 70,000 | 67,566 | ||||||
| Boyd Gaming Corp. | ||||||||
| 4.75%, 12/01/2027 | 173,000 | 168,259 | ||||||
4.75%, 06/15/2031 (a) | 177,000 | 163,011 | ||||||
Brightline East LLC, 11.00%, 01/31/2030 (a) | 288,000 | 262,327 | ||||||
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC | ||||||||
6.25%, 09/15/2027 (a) | 99,000 | 98,129 | ||||||
4.88%, 02/15/2030 (a) | 59,000 | 54,357 | ||||||
| Caesars Entertainment, Inc. | ||||||||
8.13%, 07/01/2027 (a)(b) | 309,000 | 316,203 | ||||||
4.63%, 10/15/2029 (a)(b) | 240,000 | 223,078 | ||||||
7.00%, 02/15/2030 (a) | 347,000 | 357,812 | ||||||
6.50%, 02/15/2032 (a) | 257,000 | 260,328 | ||||||
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (a) | 137,000 | 135,390 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (a) | 348,000 | 376,360 | ||||||
| Carvana Co. | ||||||||
12.00% (includes 12.00% PIK), 12/01/2028 (a) | 187,000 | 201,960 | ||||||
13.00% (includes 13.00% PIK), 06/01/2030 (a) | 272,000 | 300,043 | ||||||
14.00% (includes 14.00% PIK), 06/01/2031 (a) | 308,000 | 357,927 | ||||||
| Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op | ||||||||
| 5.38%, 04/15/2027 | 59,000 | 58,654 | ||||||
| 5.25%, 07/15/2029 | 46,000 | 44,688 | ||||||
| Century Communities, Inc. | ||||||||
| 6.75%, 06/01/2027 | 44,000 | 44,241 | ||||||
3.88%, 08/15/2029 (a) | 59,000 | 53,740 | ||||||
| Churchill Downs, Inc. | ||||||||
5.50%, 04/01/2027 (a) | 104,000 | 102,830 | ||||||
4.75%, 01/15/2028 (a) | 126,000 | 120,730 | ||||||
5.75%, 04/01/2030 (a) | 207,000 | 202,575 | ||||||
6.75%, 05/01/2031 (a) | 106,000 | 107,590 | ||||||
| Cinemark USA, Inc. | ||||||||
5.25%, 07/15/2028 (a) | 70,000 | 67,655 | ||||||
7.00%, 08/01/2032 (a) | 85,000 | 86,556 | ||||||
| Clarios Global LP / Clarios US Finance Co. | ||||||||
6.25%, 05/15/2026 (a) | 91,000 | 90,772 | ||||||
8.50%, 05/15/2027 (a) | 336,000 | 338,945 | ||||||
6.75%, 05/15/2028 (a) | 124,000 | 126,347 | ||||||
Cooper-Standard Automotive, Inc., 13.50% (includes 4.50% PIK), 03/31/2027 (a) | 116,000 | 124,671 | ||||||
| Dana, Inc. | ||||||||
| 5.38%, 11/15/2027 | 34,000 | 33,407 | ||||||
| 5.63%, 06/15/2028 | 34,000 | 33,107 | ||||||
| 4.25%, 09/01/2030 | 47,000 | 41,501 | ||||||
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | ||||||||
4.63%, 01/15/2029 (a) | 173,000 | 161,660 | ||||||
6.75%, 01/15/2030 (a)(b) | 241,000 | 213,586 | ||||||
| Gap, Inc. | ||||||||
3.63%, 10/01/2029 (a) | 139,000 | 120,930 | ||||||
3.88%, 10/01/2031 (a) | 144,000 | 121,626 | ||||||
| Garda World Security Corp. | ||||||||
4.63%, 02/15/2027 (a) | 115,000 | 110,256 | ||||||
9.50%, 11/01/2027 (a)(b) | 71,000 | 71,354 | ||||||
7.75%, 02/15/2028 (a) | 115,000 | 118,342 | ||||||
6.00%, 06/01/2029 (a)(b) | 59,000 | 54,655 | ||||||
8.25%, 08/01/2032 (a) | 90,000 | 90,144 | ||||||
| Global Auto Holdings Ltd./AAG FH UK Ltd. | ||||||||
8.38%, 01/15/2029 (a) | 60,000 | 58,575 | ||||||
8.75%, 01/15/2032 (a) | 126,000 | 120,355 | ||||||
| Goodyear Tire & Rubber Co. | ||||||||
| 5.00%, 05/31/2026 | 154,000 | 151,996 | ||||||
| 4.88%, 03/15/2027 | 128,000 | 124,981 | ||||||
| 5.00%, 07/15/2029 | 142,000 | 133,888 | ||||||
| 5.25%, 04/30/2031 | 64,000 | 59,867 | ||||||
5.25%, 07/15/2031 (b) | 146,000 | 136,182 | ||||||
| 5.63%, 04/30/2033 | 53,000 | 48,750 | ||||||
| Group 1 Automotive, Inc. | ||||||||
4.00%, 08/15/2028 (a) | 115,000 | 107,201 | ||||||
6.38%, 01/15/2030 (a) | 80,000 | 80,800 | ||||||
| Hanesbrands, Inc. | ||||||||
4.88%, 05/15/2026 (a) | 150,000 | 146,874 | ||||||
9.00%, 02/15/2031 (a) | 70,000 | 74,218 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 11.00%, 04/15/2029 (a)(b) | 179,025 | 170,253 | ||||||
| Hertz Corp. | ||||||||
4.63%, 12/01/2026 (a)(b) | 46,000 | 35,047 | ||||||
12.63%, 07/15/2029 (a) | 151,000 | 163,464 | ||||||
5.00%, 12/01/2029 (a)(b) | 224,000 | 147,784 | ||||||
| Hilton Domestic Operating Co., Inc. | ||||||||
5.75%, 05/01/2028 (a) | 44,000 | 43,945 | ||||||
5.88%, 04/01/2029 (a) | 50,000 | 50,362 | ||||||
3.75%, 05/01/2029 (a) | 135,000 | 125,272 | ||||||
| 4.88%, 01/15/2030 | 173,000 | 167,161 | ||||||
4.00%, 05/01/2031 (a) | 221,000 | 200,005 | ||||||
3.63%, 02/15/2032 (a) | 291,000 | 254,635 | ||||||
6.13%, 04/01/2032 (a) | 38,000 | 38,393 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | ||||||||
5.00%, 06/01/2029 (a) | 142,000 | 133,566 | ||||||
4.88%, 07/01/2031 (a) | 59,000 | 53,124 | ||||||
6.63%, 01/15/2032 (a) | 156,000 | 157,538 | ||||||
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027 | 101,000 | 99,587 | ||||||
| IHO Verwaltungs GmbH | ||||||||
4.75% (includes 5.50% PIK), 09/15/2026 (a) | 90,000 | 87,756 | ||||||
6.00% (includes 6.75% PIK), 05/15/2027 (a) | 40,000 | 39,721 | ||||||
6.38% (includes 7.13% PIK), 05/15/2029 (a) | 80,000 | 80,100 | ||||||
| International Game Technology PLC | ||||||||
4.13%, 04/15/2026 (a) | 129,000 | 126,358 | ||||||
6.25%, 01/15/2027 (a) | 134,000 | 135,101 | ||||||
5.25%, 01/15/2029 (a) | 139,000 | 135,791 | ||||||
| Jaguar Land Rover Automotive PLC | ||||||||
7.75%, 10/15/2025 (a) | 147,000 | 146,882 | ||||||
4.50%, 10/01/2027 (a) | 44,000 | 42,002 | ||||||
5.88%, 01/15/2028 (a) | 90,000 | 88,875 | ||||||
5.50%, 07/15/2029 (a) | 39,000 | 38,138 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a) | 136,000 | 133,426 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/2029 (a)(b) | 142,000 | 125,492 | ||||||
| LCM Investments Holdings II LLC | ||||||||
4.88%, 05/01/2029 (a) | 178,000 | 167,318 | ||||||
8.25%, 08/01/2031 (a) | 146,000 | 152,776 | ||||||
| Life Time, Inc. | ||||||||
5.75%, 01/15/2026 (a) | 157,000 | 156,411 | ||||||
8.00%, 04/15/2026 (a) | 56,000 | 56,799 | ||||||
| Light & Wonder International, Inc. | ||||||||
7.00%, 05/15/2028 (a) | 123,000 | 123,982 | ||||||
7.25%, 11/15/2029 (a) | 59,000 | 60,718 | ||||||
7.50%, 09/01/2031 (a) | 91,000 | 94,909 | ||||||
| Lithia Motors, Inc. | ||||||||
4.63%, 12/15/2027 (a) | 32,000 | 30,777 | ||||||
3.88%, 06/01/2029 (a) | 79,000 | 71,495 | ||||||
4.38%, 01/15/2031 (a) | 64,000 | 57,360 | ||||||
| Macy's Retail Holdings LLC | ||||||||
5.88%, 04/01/2029 (a) | 152,000 | 148,354 | ||||||
5.88%, 03/15/2030 (a) | 37,000 | 35,520 | ||||||
6.13%, 03/15/2032 (a) | 50,000 | 47,707 | ||||||
| Mattamy Group Corp. | ||||||||
5.25%, 12/15/2027 (a) | 46,000 | 45,112 | ||||||
4.63%, 03/01/2030 (a) | 55,000 | 51,651 | ||||||
| Melco Resorts Finance Ltd. | ||||||||
5.25%, 04/26/2026 (a) | 44,000 | 42,603 | ||||||
5.63%, 07/17/2027 (a) | 104,000 | 99,302 | ||||||
5.75%, 07/21/2028 (a) | 161,000 | 150,937 | ||||||
5.38%, 12/04/2029 (a) | 214,000 | 192,600 | ||||||
7.63%, 04/17/2032 (a) | 129,000 | 128,499 | ||||||
Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (a) | 101,000 | 104,718 | ||||||
| MGM China Holdings Ltd. | ||||||||
5.88%, 05/15/2026 (a) | 129,000 | 127,732 | ||||||
4.75%, 02/01/2027 (a) | 129,000 | 123,176 | ||||||
7.13%, 06/26/2031 (a) | 85,000 | 86,130 | ||||||
| MGM Resorts International | ||||||||
| 4.63%, 09/01/2026 | 47,000 | 46,094 | ||||||
| 5.50%, 04/15/2027 | 115,000 | 114,289 | ||||||
| 4.75%, 10/15/2028 | 124,000 | 119,557 | ||||||
| 6.50%, 04/15/2032 | 129,000 | 129,492 | ||||||
| Michaels Cos., Inc. | ||||||||
5.25%, 05/01/2028 (a) | 80,000 | 59,200 | ||||||
7.88%, 05/01/2029 (a) | 287,000 | 165,025 | ||||||
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a) | 126,000 | 127,890 | ||||||
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (a) | 96,000 | 89,825 | ||||||
| Mohegan Tribal Gaming Authority | ||||||||
8.00%, 02/01/2026 (a) | 227,000 | 212,529 | ||||||
13.25%, 12/15/2027 (a) | 86,000 | 96,965 | ||||||
Motion Bondco DAC, 6.63%, 11/15/2027 (a) | 66,000 | 65,134 | ||||||
| NCL Corp. Ltd. | ||||||||
5.88%, 03/15/2026 (a) | 246,000 | 244,918 | ||||||
5.88%, 02/15/2027 (a) | 170,000 | 168,761 | ||||||
8.38%, 02/01/2028 (a) | 104,000 | 109,460 | ||||||
8.13%, 01/15/2029 (a) | 134,000 | 142,562 | ||||||
7.75%, 02/15/2029 (a)(b) | 111,000 | 116,828 | ||||||
NCL Finance Ltd., 6.13%, 03/15/2028 (a) | 98,000 | 97,755 | ||||||
| Newell Brands, Inc. | ||||||||
| 5.70%, 04/01/2026 | 344,000 | 342,538 | ||||||
6.38%, 09/15/2027 (b) | 86,000 | 86,169 | ||||||
| 6.63%, 09/15/2029 | 86,000 | 86,343 | ||||||
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (a) | 188,000 | 188,737 | ||||||
| Nordstrom, Inc. | ||||||||
| 4.38%, 04/01/2030 | 46,000 | 41,873 | ||||||
| 4.25%, 08/01/2031 | 50,000 | 44,490 | ||||||
Odeon Finco PLC, 12.75%, 11/01/2027 (a) | 47,000 | 49,467 | ||||||
| Penske Automotive Group, Inc. | ||||||||
| 3.50%, 09/01/2025 | 83,000 | 80,925 | ||||||
| 3.75%, 06/15/2029 | 59,000 | 53,881 | ||||||
| PetSmart, Inc. / PetSmart Finance Corp. | ||||||||
4.75%, 02/15/2028 (a) | 222,000 | 208,466 | ||||||
7.75%, 02/15/2029 (a) | 196,000 | 190,255 | ||||||
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | ||||||||
5.63%, 09/01/2029 (a) | 65,000 | 48,587 | ||||||
5.88%, 09/01/2031 (a) | 88,000 | 62,286 | ||||||
| Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||
5.75%, 04/15/2026 (a) | 232,000 | 231,930 | ||||||
3.38%, 08/31/2027 (a) | 167,000 | 155,592 | ||||||
6.25%, 01/15/2028 (a) | 224,000 | 223,283 | ||||||
| QVC, Inc. | ||||||||
| 4.75%, 02/15/2027 | 55,000 | 48,125 | ||||||
| 4.38%, 09/01/2028 | 44,000 | 33,936 | ||||||
| Rakuten Group, Inc. | ||||||||
5.13% to 04/22/2026 then 5 yr. CMT Rate + 4.58%, Perpetual (a) | 136,000 | 125,086 | ||||||
11.25%, 02/15/2027 (a) | 313,000 | 339,283 | ||||||
9.75%, 04/15/2029 (a)(b) | 343,000 | 364,437 | ||||||
6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual (a) | 180,000 | 151,200 | ||||||
| Resorts World Las Vegas LLC / RWLV Capital, Inc. | ||||||||
4.63%, 04/16/2029 (a) | 173,000 | 156,993 | ||||||
8.45%, 07/27/2030 (a) | 70,000 | 74,549 | ||||||
| Service Corp. International/US | ||||||||
| 4.63%, 12/15/2027 | 93,000 | 90,538 | ||||||
| 5.13%, 06/01/2029 | 134,000 | 131,644 | ||||||
| 3.38%, 08/15/2030 | 156,000 | 137,795 | ||||||
| 4.00%, 05/15/2031 | 155,000 | 139,539 | ||||||
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc., 6.63%, 05/01/2032 (a) | 159,000 | 163,044 | ||||||
| Six Flags Entertainment Corp./DE | ||||||||
5.50%, 04/15/2027 (a) | 44,000 | 43,781 | ||||||
7.25%, 05/15/2031 (a) | 135,000 | 139,219 | ||||||
| Sonic Automotive, Inc. | ||||||||
4.63%, 11/15/2029 (a) | 147,000 | 134,413 | ||||||
4.88%, 11/15/2031 (a) | 59,000 | 52,670 | ||||||
Sotheby's, 7.38%, 10/15/2027 (a) | 151,000 | 126,387 | ||||||
| Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. | ||||||||
8.00%, 09/20/2025 (a) | 58,000 | 36,540 | ||||||
8.00%, 09/20/2025 (a) | 45,000 | 28,350 | ||||||
| Staples, Inc. | ||||||||
10.75%, 09/01/2029 (a) | 409,000 | 396,219 | ||||||
12.75%, 01/15/2030 (a) | 159,062 | 123,671 | ||||||
| Station Casinos LLC | ||||||||
4.50%, 02/15/2028 (a) | 139,000 | 131,932 | ||||||
4.63%, 12/01/2031 (a) | 120,000 | 109,436 | ||||||
6.63%, 03/15/2032 (a) | 50,000 | 50,541 | ||||||
| Stena International SA | ||||||||
7.25%, 01/15/2031 (a) | 161,000 | 165,103 | ||||||
7.63%, 02/15/2031 (a) | 45,000 | 46,394 | ||||||
| Studio City Finance Ltd. | ||||||||
6.50%, 01/15/2028 (a) | 46,000 | 44,078 | ||||||
5.00%, 01/15/2029 (a) | 183,000 | 163,053 | ||||||
| Taylor Morrison Communities, Inc. | ||||||||
5.88%, 06/15/2027 (a) | 81,000 | 81,304 | ||||||
5.75%, 01/15/2028 (a) | 53,000 | 53,239 | ||||||
5.13%, 08/01/2030 (a) | 59,000 | 57,563 | ||||||
| Tempur Sealy International, Inc. | ||||||||
4.00%, 04/15/2029 (a) | 140,000 | 127,645 | ||||||
3.88%, 10/15/2031 (a) | 137,000 | 117,709 | ||||||
Tenneco, Inc., 8.00%, 11/17/2028 (a) | 340,000 | 308,261 | ||||||
| TKC Holdings, Inc. | ||||||||
6.88%, 05/15/2028 (a) | 50,000 | 48,625 | ||||||
10.50%, 05/15/2029 (a) | 110,000 | 107,239 | ||||||
| Travel + Leisure Co. | ||||||||
6.63%, 07/31/2026 (a) | 76,000 | 76,730 | ||||||
| 6.00%, 04/01/2027 | 47,000 | 47,157 | ||||||
4.50%, 12/01/2029 (a) | 107,000 | 99,456 | ||||||
| United Airlines, Inc. | ||||||||
4.38%, 04/15/2026 (a) | 345,000 | 336,472 | ||||||
4.63%, 04/15/2029 (a) | 360,000 | 340,289 | ||||||
| Viking Cruises Ltd. | ||||||||
5.88%, 09/15/2027 (a) | 143,000 | 142,106 | ||||||
7.00%, 02/15/2029 (a) | 86,000 | 86,860 | ||||||
9.13%, 07/15/2031 (a) | 131,000 | 143,150 | ||||||
| VistaJet Malta Finance PLC / Vista Management Holding, Inc. | ||||||||
7.88%, 05/01/2027 (a) | 46,000 | 41,681 | ||||||
9.50%, 06/01/2028 (a) | 46,000 | 41,170 | ||||||
6.38%, 02/01/2030 (a) | 92,000 | 73,623 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/2028 (a) | 130,000 | 126,880 | ||||||
Wand NewCo 3, Inc., 7.63%, 01/30/2032 (a) | 209,000 | 218,563 | ||||||
| Williams Scotsman, Inc. | ||||||||
4.63%, 08/15/2028 (a) | 59,000 | 56,161 | ||||||
6.63%, 06/15/2029 (a) | 85,000 | 86,452 | ||||||
7.38%, 10/01/2031 (a) | 101,000 | 105,108 | ||||||
| Wynn Macau Ltd. | ||||||||
5.50%, 01/15/2026 (a) | 171,000 | 168,025 | ||||||
5.50%, 10/01/2027 (a) | 131,000 | 125,115 | ||||||
5.63%, 08/26/2028 (a) | 232,000 | 219,820 | ||||||
5.13%, 12/15/2029 (a) | 173,000 | 158,243 | ||||||
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | ||||||||
5.13%, 10/01/2029 (a) | 129,000 | 123,983 | ||||||
7.13%, 02/15/2031 (a) | 176,000 | 182,952 | ||||||
| Yum! Brands, Inc. | ||||||||
4.75%, 01/15/2030 (a) | 140,000 | 134,855 | ||||||
| 3.63%, 03/15/2031 | 183,000 | 163,588 | ||||||
| 4.63%, 01/31/2032 | 190,000 | 177,040 | ||||||
| 5.38%, 04/01/2032 | 173,000 | 167,720 | ||||||
| ZF North America Capital, Inc. | ||||||||
6.88%, 04/14/2028 (a) | 124,000 | 127,030 | ||||||
7.13%, 04/14/2030 (a) | 109,000 | 113,177 | ||||||
6.75%, 04/23/2030 (a) | 146,000 | 149,818 | ||||||
6.88%, 04/23/2032 (a) | 119,000 | 122,975 | ||||||
31,015,781 | ||||||||
| Consumer Staples - 3.5% | ||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC | ||||||||
3.25%, 03/15/2026 (a) | 129,000 | 124,698 | ||||||
7.50%, 03/15/2026 (a) | 124,000 | 125,936 | ||||||
4.63%, 01/15/2027 (a) | 240,000 | 233,760 | ||||||
5.88%, 02/15/2028 (a) | 88,000 | 87,393 | ||||||
6.50%, 02/15/2028 (a) | 88,000 | 89,160 | ||||||
3.50%, 03/15/2029 (a) | 225,000 | 204,907 | ||||||
4.88%, 02/15/2030 (a) | 176,000 | 168,502 | ||||||
| B&G Foods, Inc. | ||||||||
| 5.25%, 09/15/2027 | 53,000 | 49,621 | ||||||
8.00%, 09/15/2028 (a) | 89,000 | 90,625 | ||||||
| Central Garden & Pet Co. | ||||||||
| 4.13%, 10/15/2030 | 46,000 | 41,547 | ||||||
4.13%, 04/30/2031 (a) | 87,000 | 77,493 | ||||||
Coty, Inc., 5.00%, 04/15/2026 (a) | 114,000 | 112,746 | ||||||
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC | ||||||||
4.75%, 01/15/2029 (a) | 84,000 | 80,482 | ||||||
6.63%, 07/15/2030 (a)(b) | 131,000 | 134,963 | ||||||
| Darling Ingredients, Inc. | ||||||||
5.25%, 04/15/2027 (a) | 55,000 | 54,066 | ||||||
6.00%, 06/15/2030 (a) | 187,000 | 185,364 | ||||||
| Edgewell Personal Care Co. | ||||||||
5.50%, 06/01/2028 (a) | 126,000 | 123,480 | ||||||
4.13%, 04/01/2029 (a) | 46,000 | 42,711 | ||||||
| Energizer Holdings, Inc. | ||||||||
4.75%, 06/15/2028 (a) | 104,000 | 98,653 | ||||||
4.38%, 03/31/2029 (a) | 140,000 | 129,290 | ||||||
| HLF Financing Sarl LLC / Herbalife International, Inc. | ||||||||
12.25%, 04/15/2029 (a) | 212,000 | 212,706 | ||||||
4.88%, 06/01/2029 (a) | 55,000 | 37,909 | ||||||
| Kronos Acquisition Holdings, Inc. | ||||||||
8.25%, 06/30/2031 (a) | 90,000 | 90,788 | ||||||
10.75%, 06/30/2032 (a) | 75,000 | 72,765 | ||||||
| Lamb Weston Holdings, Inc. | ||||||||
4.88%, 05/15/2028 (a) | 46,000 | 44,691 | ||||||
4.13%, 01/31/2030 (a) | 163,000 | 148,656 | ||||||
4.38%, 01/31/2032 (a) | 121,000 | 108,918 | ||||||
| Performance Food Group, Inc. | ||||||||
5.50%, 10/15/2027 (a) | 180,000 | 177,624 | ||||||
4.25%, 08/01/2029 (a) | 173,000 | 160,142 | ||||||
| Pilgrim's Pride Corp. | ||||||||
| 4.25%, 04/15/2031 | 171,000 | 158,661 | ||||||
| 3.50%, 03/01/2032 | 157,000 | 135,957 | ||||||
| 6.25%, 07/01/2033 | 171,000 | 177,348 | ||||||
| 6.88%, 05/15/2034 | 85,000 | 91,931 | ||||||
| Post Holdings, Inc. | ||||||||
5.63%, 01/15/2028 (a) | 161,000 | 159,334 | ||||||
5.50%, 12/15/2029 (a) | 216,000 | 209,233 | ||||||
4.63%, 04/15/2030 (a) | 241,000 | 225,245 | ||||||
4.50%, 09/15/2031 (a) | 170,000 | 154,645 | ||||||
6.25%, 02/15/2032 (a) | 171,000 | 173,385 | ||||||
| US Foods, Inc. | ||||||||
6.88%, 09/15/2028 (a) | 85,000 | 87,335 | ||||||
4.75%, 02/15/2029 (a) | 157,000 | 150,405 | ||||||
4.63%, 06/01/2030 (a) | 84,000 | 78,586 | ||||||
7.25%, 01/15/2032 (a) | 85,000 | 88,959 | ||||||
| Vector Group Ltd. | ||||||||
10.50%, 11/01/2026 (a) | 94,000 | 95,074 | ||||||
5.75%, 02/01/2029 (a) | 151,000 | 144,883 | ||||||
| Walgreens Boots Alliance, Inc. | ||||||||
| 3.45%, 06/01/2026 | 333,000 | 317,095 | ||||||
| 3.20%, 04/15/2030 | 38,000 | 31,376 | ||||||
5,789,048 | ||||||||
| Energy - 12.6% | ||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | ||||||||
5.75%, 03/01/2027 (a) | 56,000 | 55,866 | ||||||
5.75%, 01/15/2028 (a) | 107,000 | 106,367 | ||||||
5.38%, 06/15/2029 (a) | 134,000 | 131,079 | ||||||
6.63%, 02/01/2032 (a) | 116,000 | 118,373 | ||||||
| Antero Resources Corp. | ||||||||
7.63%, 02/01/2029 (a) | 49,000 | 50,615 | ||||||
5.38%, 03/01/2030 (a) | 114,000 | 111,355 | ||||||
| Archrock Partners LP / Archrock Partners Finance Corp. | ||||||||
6.88%, 04/01/2027 (a) | 86,000 | 86,480 | ||||||
6.25%, 04/01/2028 (a) | 145,000 | 144,846 | ||||||
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||||||
7.00%, 11/01/2026 (a) | 55,000 | 55,082 | ||||||
8.25%, 12/31/2028 (a) | 86,000 | 88,390 | ||||||
5.88%, 06/30/2029 (a) | 34,000 | 33,351 | ||||||
| Baytex Energy Corp. | ||||||||
8.50%, 04/30/2030 (a) | 140,000 | 147,816 | ||||||
7.38%, 03/15/2032 (a) | 101,000 | 103,392 | ||||||
| Blue Racer Midstream LLC / Blue Racer Finance Corp. | ||||||||
7.00%, 07/15/2029 (a) | 83,000 | 85,407 | ||||||
7.25%, 07/15/2032 (a) | 88,000 | 91,507 | ||||||
| Buckeye Partners LP | ||||||||
| 3.95%, 12/01/2026 | 104,000 | 100,342 | ||||||
| 4.13%, 12/01/2027 | 34,000 | 32,043 | ||||||
4.50%, 03/01/2028 (a) | 82,000 | 78,161 | ||||||
6.88%, 07/01/2029 (a) | 101,000 | 102,431 | ||||||
| California Resources Corp. | ||||||||
7.13%, 02/01/2026 (a) | 106,000 | 106,249 | ||||||
8.25%, 06/15/2029 (a) | 106,000 | 108,565 | ||||||
| Chesapeake Energy Corp. | ||||||||
5.50%, 02/01/2026 (a) | 59,000 | 58,667 | ||||||
5.88%, 02/01/2029 (a) | 89,000 | 88,614 | ||||||
6.75%, 04/15/2029 (a) | 175,000 | 176,959 | ||||||
| CITGO Petroleum Corp. | ||||||||
6.38%, 06/15/2026 (a) | 61,000 | 61,027 | ||||||
8.38%, 01/15/2029 (a) | 192,000 | 199,688 | ||||||
| Civitas Resources, Inc. | ||||||||
5.00%, 10/15/2026 (a) | 70,000 | 68,299 | ||||||
8.38%, 07/01/2028 (a) | 232,000 | 243,828 | ||||||
8.63%, 11/01/2030 (a) | 171,000 | 184,620 | ||||||
8.75%, 07/01/2031 (a) | 232,000 | 249,706 | ||||||
| CNX Resources Corp. | ||||||||
6.00%, 01/15/2029 (a) | 86,000 | 85,235 | ||||||
7.38%, 01/15/2031 (a) | 84,000 | 86,866 | ||||||
7.25%, 03/01/2032 (a) | 68,000 | 70,272 | ||||||
| Comstock Resources, Inc. | ||||||||
6.75%, 03/01/2029 (a) | 228,000 | 220,572 | ||||||
6.75%, 03/01/2029 (a) | 33,000 | 31,855 | ||||||
5.88%, 01/15/2030 (a) | 160,000 | 148,934 | ||||||
| CQP Holdco LP / BIP-V Chinook Holdco LLC | ||||||||
5.50%, 06/15/2031 (a) | 234,000 | 225,192 | ||||||
7.50%, 12/15/2033 (a) | 50,000 | 52,977 | ||||||
| Crescent Energy Finance LLC | ||||||||
9.25%, 02/15/2028 (a) | 172,000 | 181,322 | ||||||
7.63%, 04/01/2032 (a) | 121,000 | 124,242 | ||||||
7.38%, 01/15/2033 (a) | 131,000 | 132,801 | ||||||
| CrownRock LP / CrownRock Finance, Inc. | ||||||||
5.63%, 10/15/2025 (a) | 218,000 | 217,662 | ||||||
5.00%, 05/01/2029 (a) | 47,000 | 47,280 | ||||||
| CVR Energy, Inc. | ||||||||
5.75%, 02/15/2028 (a) | 34,000 | 32,045 | ||||||
8.50%, 01/15/2029 (a) | 131,000 | 133,211 | ||||||
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | ||||||||
7.13%, 06/01/2028 (a) | 70,000 | 69,727 | ||||||
8.63%, 03/15/2029 (a) | 146,000 | 151,917 | ||||||
| DT Midstream, Inc. | ||||||||
4.13%, 06/15/2029 (a) | 188,000 | 175,545 | ||||||
4.38%, 06/15/2031 (a) | 173,000 | 159,541 | ||||||
eG Global Finance PLC, 12.00%, 11/30/2028 (a) | 224,000 | 240,520 | ||||||
| Encino Acquisition Partners Holdings LLC | ||||||||
8.50%, 05/01/2028 (a) | 121,000 | 124,021 | ||||||
8.75%, 05/01/2031 (a) | 85,000 | 89,373 | ||||||
| Energean Israel Finance Ltd. | ||||||||
4.88%, 03/30/2026 (a) | 107,000 | 101,090 | ||||||
5.38%, 03/30/2028 (a) | 117,000 | 104,957 | ||||||
5.88%, 03/30/2031 (a) | 107,000 | 91,271 | ||||||
8.50%, 09/30/2033 (a) | 129,000 | 123,319 | ||||||
| Energy Transfer LP | ||||||||
| 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 136,000 | 144,499 | ||||||
| 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054 | 70,000 | 70,122 | ||||||
| EQM Midstream Partners LP | ||||||||
| 4.13%, 12/01/2026 | 86,000 | 83,743 | ||||||
7.50%, 06/01/2027 (a) | 46,000 | 47,257 | ||||||
6.50%, 07/01/2027 (a) | 157,000 | 160,184 | ||||||
| 5.50%, 07/15/2028 | 163,000 | 162,185 | ||||||
4.50%, 01/15/2029 (a) | 150,000 | 143,528 | ||||||
6.38%, 04/01/2029 (a) | 106,000 | 108,253 | ||||||
7.50%, 06/01/2030 (a) | 59,000 | 63,653 | ||||||
4.75%, 01/15/2031 (a) | 190,000 | 179,550 | ||||||
| Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||
| 8.00%, 01/15/2027 | 170,000 | 173,825 | ||||||
| 7.75%, 02/01/2028 | 120,000 | 121,753 | ||||||
| 8.25%, 01/15/2029 | 121,000 | 125,840 | ||||||
| 8.88%, 04/15/2030 | 59,000 | 62,466 | ||||||
| 7.88%, 05/15/2032 | 106,000 | 108,120 | ||||||
| Global Partners LP / GLP Finance Corp. | ||||||||
| 7.00%, 08/01/2027 | 90,000 | 90,746 | ||||||
8.25%, 01/15/2032 (a) | 40,000 | 41,092 | ||||||
| Harvest Midstream I LP | ||||||||
7.50%, 09/01/2028 (a) | 132,000 | 135,095 | ||||||
7.50%, 05/15/2032 (a) | 38,000 | 39,238 | ||||||
| Hess Midstream Operations LP | ||||||||
5.63%, 02/15/2026 (a) | 144,000 | 143,219 | ||||||
5.13%, 06/15/2028 (a) | 52,000 | 50,667 | ||||||
6.50%, 06/01/2029 (a) | 124,000 | 126,583 | ||||||
4.25%, 02/15/2030 (a) | 126,000 | 116,987 | ||||||
5.50%, 10/15/2030 (a) | 47,000 | 45,729 | ||||||
| Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||
6.25%, 11/01/2028 (a) | 109,000 | 108,902 | ||||||
5.75%, 02/01/2029 (a) | 116,000 | 113,890 | ||||||
6.00%, 04/15/2030 (a) | 92,000 | 89,977 | ||||||
6.00%, 02/01/2031 (a) | 70,000 | 67,971 | ||||||
6.25%, 04/15/2032 (a) | 100,000 | 97,270 | ||||||
8.38%, 11/01/2033 (a) | 106,000 | 114,644 | ||||||
6.88%, 05/15/2034 (a) | 83,000 | 82,616 | ||||||
| Howard Midstream Energy Partners LLC | ||||||||
8.88%, 07/15/2028 (a) | 96,000 | 101,775 | ||||||
7.38%, 07/15/2032 (a) | 106,000 | 109,283 | ||||||
ITT Holdings LLC, 6.50%, 08/01/2029 (a) | 212,000 | 198,031 | ||||||
| Kinetik Holdings LP | ||||||||
6.63%, 12/15/2028 (a) | 139,000 | 141,981 | ||||||
5.88%, 06/15/2030 (a) | 171,000 | 169,513 | ||||||
| Leviathan Bond Ltd. | ||||||||
6.50%, 06/30/2027 (a) | 164,000 | 153,012 | ||||||
6.75%, 06/30/2030 (a) | 49,000 | 43,872 | ||||||
| Matador Resources Co. | ||||||||
6.88%, 04/15/2028 (a) | 92,000 | 93,894 | ||||||
6.50%, 04/15/2032 (a) | 161,000 | 161,842 | ||||||
| Moss Creek Resources Holdings, Inc. | ||||||||
7.50%, 01/15/2026 (a) | 82,000 | 82,076 | ||||||
10.50%, 05/15/2027 (a) | 102,000 | 104,295 | ||||||
| Murphy Oil Corp., 5.88%, 12/01/2027 | 41,000 | 41,000 | ||||||
| Murphy Oil USA, Inc. | ||||||||
| 4.75%, 09/15/2029 | 44,000 | 42,044 | ||||||
3.75%, 02/15/2031 (a) | 59,000 | 52,363 | ||||||
| Nabors Industries, Inc. | ||||||||
7.38%, 05/15/2027 (a) | 121,000 | 123,269 | ||||||
9.13%, 01/31/2030 (a)(b) | 121,000 | 129,398 | ||||||
8.88%, 08/15/2031 (a) | 90,000 | 91,688 | ||||||
| New Fortress Energy, Inc. | ||||||||
6.75%, 09/15/2025 (a) | 148,000 | 145,895 | ||||||
6.50%, 09/30/2026 (a)(b) | 260,000 | 241,800 | ||||||
8.75%, 03/15/2029 (a)(b) | 131,000 | 118,813 | ||||||
| NGL Energy Operating LLC / NGL Energy Finance Corp. | ||||||||
8.13%, 02/15/2029 (a) | 156,000 | 157,830 | ||||||
8.38%, 02/15/2032 (a) | 222,000 | 226,977 | ||||||
| Northern Oil & Gas, Inc. | ||||||||
8.13%, 03/01/2028 (a) | 121,000 | 123,481 | ||||||
8.75%, 06/15/2031 (a) | 89,000 | 94,046 | ||||||
| NuStar Logistics LP | ||||||||
| 5.75%, 10/01/2025 | 101,000 | 100,985 | ||||||
| 6.00%, 06/01/2026 | 86,000 | 86,168 | ||||||
| 5.63%, 04/28/2027 | 95,000 | 94,665 | ||||||
| 6.38%, 10/01/2030 | 106,000 | 108,238 | ||||||
| Parkland Corp. | ||||||||
5.88%, 07/15/2027 (a) | 59,000 | 58,878 | ||||||
4.50%, 10/01/2029 (a) | 140,000 | 130,907 | ||||||
4.63%, 05/01/2030 (a) | 150,000 | 139,252 | ||||||
| PBF Holding Co. LLC / PBF Finance Corp. | ||||||||
| 6.00%, 02/15/2028 | 140,000 | 137,310 | ||||||
7.88%, 09/15/2030 (a) | 88,000 | 91,080 | ||||||
| Permian Resources Operating LLC | ||||||||
8.00%, 04/15/2027 (a) | 96,000 | 99,121 | ||||||
5.88%, 07/01/2029 (a) | 136,000 | 135,360 | ||||||
9.88%, 07/15/2031 (a) | 38,000 | 42,359 | ||||||
7.00%, 01/15/2032 (a) | 183,000 | 189,640 | ||||||
| Range Resources Corp. | ||||||||
| 8.25%, 01/15/2029 | 116,000 | 120,461 | ||||||
4.75%, 02/15/2030 (a) | 59,000 | 55,907 | ||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/2029 (a) | 96,000 | 91,956 | ||||||
| SM Energy Co. | ||||||||
| 6.75%, 09/15/2026 | 37,000 | 36,972 | ||||||
| 6.63%, 01/15/2027 | 36,000 | 36,013 | ||||||
| 6.50%, 07/15/2028 | 47,000 | 46,783 | ||||||
6.75%, 08/01/2029 (a) | 125,000 | 125,781 | ||||||
7.00%, 08/01/2032 (a) | 125,000 | 126,369 | ||||||
| Southwestern Energy Co. | ||||||||
| 5.38%, 02/01/2029 | 123,000 | 120,368 | ||||||
| 5.38%, 03/15/2030 | 212,000 | 206,940 | ||||||
| 4.75%, 02/01/2032 | 197,000 | 184,141 | ||||||
| Sunoco LP | ||||||||
7.00%, 05/01/2029 (a) | 129,000 | 132,998 | ||||||
7.25%, 05/01/2032 (a) | 129,000 | 134,055 | ||||||
| Sunoco LP / Sunoco Finance Corp. | ||||||||
| 6.00%, 04/15/2027 | 58,000 | 57,752 | ||||||
| 5.88%, 03/15/2028 | 32,000 | 31,898 | ||||||
7.00%, 09/15/2028 (a) | 104,000 | 107,014 | ||||||
| 4.50%, 05/15/2029 | 135,000 | 127,690 | ||||||
| 4.50%, 04/30/2030 | 130,000 | 121,401 | ||||||
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | ||||||||
6.00%, 03/01/2027 (a) | 38,000 | 37,764 | ||||||
5.50%, 01/15/2028 (a) | 149,000 | 143,770 | ||||||
7.38%, 02/15/2029 (a) | 146,000 | 147,836 | ||||||
6.00%, 12/31/2030 (a) | 129,000 | 122,186 | ||||||
6.00%, 09/01/2031 (a) | 59,000 | 55,515 | ||||||
| Talos Production, Inc. | ||||||||
9.00%, 02/01/2029 (a) | 106,000 | 111,698 | ||||||
9.38%, 02/01/2031 (a) | 116,000 | 122,832 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/2028 (a) | 90,000 | 93,600 | ||||||
| Transocean, Inc. | ||||||||
8.00%, 02/01/2027 (a) | 105,000 | 105,187 | ||||||
8.25%, 05/15/2029 (a) | 161,000 | 164,421 | ||||||
8.75%, 02/15/2030 (a) | 159,300 | 167,265 | ||||||
8.50%, 05/15/2031 (a) | 166,000 | 169,688 | ||||||
| USA Compression Partners LP / USA Compression Finance Corp. | ||||||||
| 6.88%, 09/01/2027 | 70,000 | 70,473 | ||||||
7.13%, 03/15/2029 (a) | 167,000 | 169,998 | ||||||
Valaris Ltd., 8.38%, 04/30/2030 (a) | 172,000 | 180,144 | ||||||
| Venture Global Calcasieu Pass LLC | ||||||||
3.88%, 08/15/2029 (a) | 213,000 | 197,024 | ||||||
6.25%, 01/15/2030 (a) | 171,000 | 175,784 | ||||||
4.13%, 08/15/2031 (a) | 213,000 | 193,833 | ||||||
3.88%, 11/01/2033 (a) | 213,000 | 184,778 | ||||||
| Venture Global LNG, Inc. | ||||||||
8.13%, 06/01/2028 (a) | 387,000 | 402,490 | ||||||
9.50%, 02/01/2029 (a) | 517,000 | 574,891 | ||||||
7.00%, 01/15/2030 (a) | 250,000 | 252,500 | ||||||
8.38%, 06/01/2031 (a) | 387,000 | 406,743 | ||||||
9.88%, 02/01/2032 (a) | 343,000 | 380,404 | ||||||
Vital Energy, Inc., 7.88%, 04/15/2032 (a) | 176,000 | 179,210 | ||||||
Weatherford International Ltd., 8.63%, 04/30/2030 (a) | 278,000 | 289,155 | ||||||
21,036,305 | ||||||||
| Financials - 12.2% | ||||||||
| Acrisure LLC / Acrisure Finance, Inc. | ||||||||
8.25%, 02/01/2029 (a) | 161,000 | 163,770 | ||||||
4.25%, 02/15/2029 (a) | 123,000 | 113,560 | ||||||
8.50%, 06/15/2029 (a) | 85,000 | 87,213 | ||||||
6.00%, 08/01/2029 (a) | 84,000 | 79,145 | ||||||
7.50%, 11/06/2030 (a) | 192,000 | 194,640 | ||||||
AG Issuer LLC, 6.25%, 03/01/2028 (a) | 89,000 | 85,244 | ||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a) | 49,000 | 50,071 | ||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | ||||||||
4.25%, 10/15/2027 (a) | 149,000 | 141,736 | ||||||
6.75%, 10/15/2027 (a) | 234,000 | 232,450 | ||||||
6.75%, 04/15/2028 (a) | 218,000 | 219,635 | ||||||
5.88%, 11/01/2029 (a) | 38,000 | 36,431 | ||||||
7.00%, 01/15/2031 (a) | 252,000 | 256,638 | ||||||
| Ally Financial, Inc. | ||||||||
| 5.75%, 11/20/2025 | 232,000 | 232,747 | ||||||
6.70%, 02/14/2033 (b) | 59,000 | 60,578 | ||||||
| AmWINS Group, Inc. | ||||||||
6.38%, 02/15/2029 (a) | 131,000 | 132,965 | ||||||
4.88%, 06/30/2029 (a) | 136,000 | 128,288 | ||||||
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 04/15/2030 (a) | 129,000 | 109,327 | ||||||
Ardonagh Finco Ltd., 7.75%, 02/15/2031 (a) | 131,000 | 133,282 | ||||||
Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 (a) | 176,000 | 177,899 | ||||||
| Aretec Group, Inc. | ||||||||
7.50%, 04/01/2029 (a) | 70,000 | 66,526 | ||||||
10.00%, 08/15/2030 (a) | 121,000 | 128,846 | ||||||
| AssuredPartners, Inc. | ||||||||
5.63%, 01/15/2029 (a) | 95,000 | 90,479 | ||||||
7.50%, 02/15/2032 (a) | 85,000 | 86,695 | ||||||
| Block, Inc. | ||||||||
| 2.75%, 06/01/2026 | 173,000 | 164,222 | ||||||
| 3.50%, 06/01/2031 | 181,000 | 157,254 | ||||||
6.50%, 05/15/2032 (a) | 333,000 | 338,411 | ||||||
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a) | 363,000 | 382,230 | ||||||
| Brandywine Operating Partnership LP | ||||||||
| 3.95%, 11/15/2027 | 106,000 | 97,779 | ||||||
| 8.88%, 04/12/2029 | 33,000 | 35,147 | ||||||
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | ||||||||
5.75%, 05/15/2026 (a) | 162,000 | 159,771 | ||||||
4.50%, 04/01/2027 (a) | 134,000 | 126,642 | ||||||
| Burford Capital Global Finance LLC | ||||||||
6.25%, 04/15/2028 (a) | 35,000 | 34,256 | ||||||
9.25%, 07/01/2031 (a) | 111,000 | 118,490 | ||||||
| Coinbase Global, Inc. | ||||||||
3.38%, 10/01/2028 (a) | 171,000 | 150,480 | ||||||
3.63%, 10/01/2031 (a) | 133,000 | 110,590 | ||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a) | 171,000 | 163,821 | ||||||
| Credit Acceptance Corp. | ||||||||
| 6.63%, 03/15/2026 | 70,000 | 70,039 | ||||||
9.25%, 12/15/2028 (a) | 106,000 | 113,093 | ||||||
| Cushman & Wakefield US Borrower LLC | ||||||||
6.75%, 05/15/2028 (a) | 106,000 | 106,231 | ||||||
8.88%, 09/01/2031 (a) | 50,000 | 53,750 | ||||||
| Encore Capital Group, Inc. | ||||||||
9.25%, 04/01/2029 (a) | 88,000 | 92,440 | ||||||
8.50%, 05/15/2030 (a) | 94,000 | 97,586 | ||||||
| FirstCash, Inc. | ||||||||
4.63%, 09/01/2028 (a) | 84,000 | 80,151 | ||||||
5.63%, 01/01/2030 (a) | 64,000 | 62,204 | ||||||
6.88%, 03/01/2032 (a) | 40,000 | 40,443 | ||||||
| Freedom Mortgage Corp. | ||||||||
7.63%, 05/01/2026 (a) | 85,000 | 85,074 | ||||||
6.63%, 01/15/2027 (a) | 89,000 | 87,242 | ||||||
12.00%, 10/01/2028 (a) | 136,000 | 146,370 | ||||||
12.25%, 10/01/2030 (a) | 101,000 | 110,864 | ||||||
| Freedom Mortgage Holdings LLC | ||||||||
9.25%, 02/01/2029 (a) | 187,000 | 188,401 | ||||||
9.13%, 05/15/2031 (a) | 146,000 | 143,628 | ||||||
FWD Group Holdings Ltd., 8.40%, 04/05/2029 (a) | 150,000 | 155,352 | ||||||
| GGAM Finance Ltd. | ||||||||
7.75%, 05/15/2026 (a) | 70,000 | 71,693 | ||||||
8.00%, 02/15/2027 (a) | 121,000 | 125,637 | ||||||
8.00%, 06/15/2028 (a) | 101,000 | 106,822 | ||||||
6.88%, 04/15/2029 (a) | 33,000 | 33,812 | ||||||
| Global Atlantic Fin Co. | ||||||||
4.70% to 10/15/2026 then 5 yr. CMT Rate + 3.80%, 10/15/2051 (a) | 129,000 | 120,644 | ||||||
7.95% to 10/15/2029 then 5 yr. CMT Rate + 3.61%, 10/15/2054 (a) | 106,000 | 107,966 | ||||||
| goeasy Ltd. | ||||||||
9.25%, 12/01/2028 (a) | 91,000 | 97,597 | ||||||
7.63%, 07/01/2029 (a) | 45,000 | 46,035 | ||||||
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (a) | 43,000 | 43,184 | ||||||
| Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC | ||||||||
7.25%, 02/15/2031 (a) | 171,000 | 171,428 | ||||||
8.13%, 02/15/2032 (a) | 85,000 | 84,758 | ||||||
| HUB International Ltd. | ||||||||
5.63%, 12/01/2029 (a) | 47,000 | 45,168 | ||||||
7.25%, 06/15/2030 (a) | 563,000 | 579,890 | ||||||
7.38%, 01/31/2032 (a) | 348,000 | 357,570 | ||||||
| Hudson Pacific Properties LP | ||||||||
| 3.95%, 11/01/2027 | 38,000 | 33,338 | ||||||
| 4.65%, 04/01/2029 | 45,000 | 37,743 | ||||||
| 3.25%, 01/15/2030 | 38,000 | 28,560 | ||||||
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||
| 6.25%, 05/15/2026 | 215,000 | 214,105 | ||||||
| 5.25%, 05/15/2027 | 252,000 | 241,290 | ||||||
9.75%, 01/15/2029 (a) | 144,000 | 151,376 | ||||||
| 4.38%, 02/01/2029 | 68,000 | 58,990 | ||||||
9.00%, 06/15/2030 (a) | 151,000 | 152,888 | ||||||
| Intesa Sanpaolo SpA | ||||||||
5.71%, 01/15/2026 (a) | 259,000 | 259,081 | ||||||
4.20% to 06/01/2031 then 1 yr. CMT Rate + 2.60%, 06/01/2032 (a) | 68,000 | 58,743 | ||||||
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a) | 129,000 | 120,706 | ||||||
| Jane Street Group / JSG Finance, Inc. | ||||||||
4.50%, 11/15/2029 (a) | 100,000 | 94,624 | ||||||
7.13%, 04/30/2031 (a) | 240,000 | 248,400 | ||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a) | 178,000 | 165,225 | ||||||
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a) | 124,000 | 130,045 | ||||||
| Kennedy-Wilson, Inc. | ||||||||
| 4.75%, 03/01/2029 | 55,000 | 48,383 | ||||||
| 4.75%, 02/01/2030 | 187,000 | 159,733 | ||||||
| 5.00%, 03/01/2031 | 55,000 | 46,441 | ||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. | ||||||||
4.25%, 02/01/2027 (a) | 107,000 | 103,424 | ||||||
4.75%, 06/15/2029 (a) | 64,000 | 60,752 | ||||||
7.00%, 07/15/2031 (a) | 85,000 | 87,093 | ||||||
| Liberty Mutual Group, Inc. | ||||||||
4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.32%, 12/15/2051 (a) | 46,000 | 43,167 | ||||||
4.30%, 02/01/2061 (a) | 145,000 | 90,988 | ||||||
| Macquarie Airfinance Holdings Ltd. | ||||||||
8.38%, 05/01/2028 (a) | 50,000 | 52,927 | ||||||
6.40%, 03/26/2029 (a) | 106,000 | 108,725 | ||||||
8.13%, 03/30/2029 (a) | 50,000 | 52,926 | ||||||
6.50%, 03/26/2031 (a) | 111,000 | 115,176 | ||||||
| Midcap Financial Issuer Trust | ||||||||
6.50%, 05/01/2028 (a) | 201,000 | 194,146 | ||||||
5.63%, 01/15/2030 (a) | 47,000 | 42,315 | ||||||
| MPT Operating Partnership LP / MPT Finance Corp. | ||||||||
| 5.25%, 08/01/2026 | 46,000 | 41,285 | ||||||
5.00%, 10/15/2027 (b) | 234,000 | 191,744 | ||||||
4.63%, 08/01/2029 (b) | 86,000 | 62,350 | ||||||
3.50%, 03/15/2031 (b) | 312,000 | 203,993 | ||||||
| Nationstar Mortgage Holdings, Inc. | ||||||||
5.00%, 02/01/2026 (a)(b) | 85,000 | 83,525 | ||||||
6.00%, 01/15/2027 (a) | 104,000 | 103,108 | ||||||
5.50%, 08/15/2028 (a) | 148,000 | 143,676 | ||||||
5.13%, 12/15/2030 (a) | 147,000 | 136,894 | ||||||
5.75%, 11/15/2031 (a) | 70,000 | 66,783 | ||||||
7.13%, 02/01/2032 (a) | 171,000 | 174,469 | ||||||
| Navient Corp. | ||||||||
| 6.75%, 06/15/2026 | 46,000 | 46,494 | ||||||
| 5.00%, 03/15/2027 | 123,000 | 118,767 | ||||||
| 4.88%, 03/15/2028 | 46,000 | 42,974 | ||||||
| 5.50%, 03/15/2029 | 179,000 | 166,600 | ||||||
| 9.38%, 07/25/2030 | 46,000 | 48,889 | ||||||
| 11.50%, 03/15/2031 | 134,000 | 148,395 | ||||||
NCR Atleos Corp., 9.50%, 04/01/2029 (a) | 242,000 | 264,311 | ||||||
| OneMain Finance Corp. | ||||||||
| 7.13%, 03/15/2026 | 278,000 | 282,963 | ||||||
| 3.50%, 01/15/2027 | 129,000 | 122,009 | ||||||
| 6.63%, 01/15/2028 | 137,000 | 138,634 | ||||||
| 3.88%, 09/15/2028 | 101,000 | 92,470 | ||||||
| 9.00%, 01/15/2029 | 156,000 | 165,315 | ||||||
5.38%, 11/15/2029 (b) | 129,000 | 123,840 | ||||||
| 7.88%, 03/15/2030 | 119,000 | 124,362 | ||||||
| 4.00%, 09/15/2030 | 151,000 | 132,378 | ||||||
| 7.50%, 05/15/2031 | 131,000 | 134,470 | ||||||
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (a) | 519,000 | 531,975 | ||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | ||||||||
5.88%, 10/01/2028 (a) | 126,000 | 124,802 | ||||||
4.88%, 05/15/2029 (a) | 134,000 | 126,563 | ||||||
7.00%, 02/01/2030 (a) | 94,000 | 95,669 | ||||||
| PennyMac Financial Services, Inc. | ||||||||
5.38%, 10/15/2025 (a) | 76,000 | 75,509 | ||||||
4.25%, 02/15/2029 (a) | 132,000 | 122,264 | ||||||
7.88%, 12/15/2029 (a) | 134,000 | 140,198 | ||||||
7.13%, 11/15/2030 (a) | 121,000 | 121,953 | ||||||
5.75%, 09/15/2031 (a) | 59,000 | 56,271 | ||||||
| PRA Group, Inc. | ||||||||
8.38%, 02/01/2028 (a) | 34,000 | 34,271 | ||||||
8.88%, 01/31/2030 (a) | 38,000 | 38,730 | ||||||
| Realogy Group LLC / Realogy Co.-Issuer Corp. | ||||||||
5.75%, 01/15/2029 (a) | 61,000 | 41,937 | ||||||
5.25%, 04/15/2030 (a) | 50,000 | 33,457 | ||||||
| RHP Hotel Properties LP / RHP Finance Corp. | ||||||||
| 4.75%, 10/15/2027 | 82,000 | 79,705 | ||||||
7.25%, 07/15/2028 (a) | 70,000 | 72,450 | ||||||
4.50%, 02/15/2029 (a) | 121,000 | 114,569 | ||||||
6.50%, 04/01/2032 (a) | 171,000 | 173,095 | ||||||
Rithm Capital Corp., 8.00%, 04/01/2029 (a) | 146,000 | 144,723 | ||||||
| RLJ Lodging Trust LP | ||||||||
3.75%, 07/01/2026 (a) | 101,000 | 96,329 | ||||||
4.00%, 09/15/2029 (a) | 59,000 | 52,475 | ||||||
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | ||||||||
2.88%, 10/15/2026 (a) | 196,000 | 185,119 | ||||||
3.63%, 03/01/2029 (a) | 129,000 | 118,398 | ||||||
3.88%, 03/01/2031 (a) | 213,000 | 189,707 | ||||||
4.00%, 10/15/2033 (a)(b) | 153,000 | 131,520 | ||||||
| SLM Corp. | ||||||||
| 4.20%, 10/29/2025 | 82,000 | 80,319 | ||||||
| 3.13%, 11/02/2026 | 46,000 | 43,528 | ||||||
| Starwood Property Trust, Inc. | ||||||||
3.63%, 07/15/2026 (a) | 47,000 | 44,738 | ||||||
4.38%, 01/15/2027 (a) | 86,000 | 82,555 | ||||||
7.25%, 04/01/2029 (a) | 121,000 | 124,612 | ||||||
| Synchrony Financial, 7.25%, 02/02/2033 | 139,000 | 141,882 | ||||||
| UniCredit SpA | ||||||||
5.86% to 06/19/2027 then 5 yr. Mid Swap Rate USD + 3.70%, 06/19/2032 (a) | 171,000 | 169,390 | ||||||
7.30% to 04/02/2029 then 5 yr. Mid Swap Rate USD + 4.91%, 04/02/2034 (a) | 216,000 | 224,815 | ||||||
5.46% to 06/30/2030 then 5 yr. CMT Rate + 4.75%, 06/30/2035 (a) | 267,000 | 255,405 | ||||||
| United Wholesale Mortgage LLC | ||||||||
5.50%, 11/15/2025 (a) | 140,000 | 138,950 | ||||||
5.75%, 06/15/2027 (a) | 84,000 | 82,855 | ||||||
5.50%, 04/15/2029 (a) | 121,000 | 116,502 | ||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (a) | 32,000 | 22,930 | ||||||
| Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | ||||||||
10.50%, 02/15/2028 (a) | 479,000 | 483,012 | ||||||
4.75%, 04/15/2028 (a) | 54,000 | 46,904 | ||||||
6.50%, 02/15/2029 (a) | 212,000 | 160,654 | ||||||
| XHR LP | ||||||||
6.38%, 08/15/2025 (a) | 59,000 | 59,000 | ||||||
4.88%, 06/01/2029 (a) | 59,000 | 55,681 | ||||||
20,469,759 | ||||||||
| Health Care - 8.6% | ||||||||
| AdaptHealth LLC | ||||||||
4.63%, 08/01/2029 (a) | 46,000 | 41,156 | ||||||
5.13%, 03/01/2030 (a) | 101,000 | 90,635 | ||||||
| Avantor Funding, Inc. | ||||||||
4.63%, 07/15/2028 (a) | 259,000 | 249,339 | ||||||
3.88%, 11/01/2029 (a) | 81,000 | 74,584 | ||||||
Bausch + Lomb Corp., 8.38%, 10/01/2028 (a) | 242,000 | 248,121 | ||||||
| Bausch Health Americas, Inc. | ||||||||
9.25%, 04/01/2026 (a)(b) | 165,000 | 144,948 | ||||||
8.50%, 01/31/2027 (a) | 55,000 | 40,150 | ||||||
| Bausch Health Cos., Inc. | ||||||||
5.50%, 11/01/2025 (a) | 277,000 | 259,092 | ||||||
9.00%, 12/15/2025 (a) | 159,000 | 143,100 | ||||||
6.13%, 02/01/2027 (a)(b) | 219,000 | 186,052 | ||||||
5.75%, 08/15/2027 (a) | 44,000 | 36,032 | ||||||
5.00%, 01/30/2028 (a) | 51,000 | 28,555 | ||||||
4.88%, 06/01/2028 (a) | 265,000 | 204,076 | ||||||
11.00%, 09/30/2028 (a)(b) | 348,000 | 325,554 | ||||||
5.00%, 02/15/2029 (a) | 38,000 | 19,290 | ||||||
6.25%, 02/15/2029 (a) | 177,000 | 92,482 | ||||||
5.25%, 01/30/2030 (a) | 71,000 | 35,855 | ||||||
5.25%, 02/15/2031 (a) | 54,000 | 27,270 | ||||||
| Catalent Pharma Solutions, Inc. | ||||||||
5.00%, 07/15/2027 (a) | 84,000 | 83,456 | ||||||
3.13%, 02/15/2029 (a) | 95,000 | 91,737 | ||||||
3.50%, 04/01/2030 (a) | 112,000 | 107,991 | ||||||
| Charles River Laboratories International, Inc. | ||||||||
4.25%, 05/01/2028 (a) | 84,000 | 80,010 | ||||||
3.75%, 03/15/2029 (a) | 97,000 | 89,576 | ||||||
4.00%, 03/15/2031 (a) | 59,000 | 53,518 | ||||||
| CHS/Community Health Systems, Inc. | ||||||||
5.63%, 03/15/2027 (a) | 338,000 | 324,505 | ||||||
8.00%, 12/15/2027 (a) | 133,000 | 133,125 | ||||||
6.88%, 04/01/2028 (a) | 140,000 | 111,615 | ||||||
6.00%, 01/15/2029 (a) | 76,000 | 70,602 | ||||||
6.88%, 04/15/2029 (a) | 214,000 | 176,211 | ||||||
6.13%, 04/01/2030 (a) | 213,000 | 163,238 | ||||||
5.25%, 05/15/2030 (a) | 264,000 | 229,020 | ||||||
4.75%, 02/15/2031 (a) | 184,000 | 151,548 | ||||||
10.88%, 01/15/2032 (a) | 382,000 | 410,316 | ||||||
| DaVita, Inc. | ||||||||
4.63%, 06/01/2030 (a) | 476,000 | 436,150 | ||||||
3.75%, 02/15/2031 (a) | 260,000 | 224,900 | ||||||
| Encompass Health Corp. | ||||||||
| 4.50%, 02/01/2028 | 140,000 | 135,572 | ||||||
| 4.75%, 02/01/2030 | 140,000 | 133,441 | ||||||
| 4.63%, 04/01/2031 | 67,000 | 62,262 | ||||||
Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (a) | 171,000 | 180,191 | ||||||
| Hologic, Inc. | ||||||||
4.63%, 02/01/2028 (a) | 47,000 | 45,355 | ||||||
3.25%, 02/15/2029 (a) | 177,000 | 161,203 | ||||||
| IQVIA, Inc. | ||||||||
5.00%, 10/15/2026 (a) | 183,000 | 180,389 | ||||||
5.00%, 05/15/2027 (a) | 188,000 | 184,387 | ||||||
6.50%, 05/15/2030 (a) | 86,000 | 88,363 | ||||||
Jazz Securities DAC, 4.38%, 01/15/2029 (a) | 257,000 | 242,062 | ||||||
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (a) | 101,000 | 97,626 | ||||||
| LifePoint Health, Inc. | ||||||||
5.38%, 01/15/2029 (a) | 46,000 | 41,803 | ||||||
9.88%, 08/15/2030 (a) | 146,000 | 159,035 | ||||||
11.00%, 10/15/2030 (a) | 202,000 | 226,745 | ||||||
10.00%, 06/01/2032 (a) | 151,000 | 159,871 | ||||||
| Medline Borrower LP | ||||||||
3.88%, 04/01/2029 (a) | 749,000 | 698,442 | ||||||
5.25%, 10/01/2029 (a) | 429,000 | 414,826 | ||||||
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a) | 257,000 | 262,480 | ||||||
| Molina Healthcare, Inc. | ||||||||
4.38%, 06/15/2028 (a) | 137,000 | 130,527 | ||||||
3.88%, 11/15/2030 (a) | 110,000 | 99,406 | ||||||
3.88%, 05/15/2032 (a) | 129,000 | 113,693 | ||||||
| Organon & Co. / Organon Foreign Debt Co.-Issuer BV | ||||||||
4.13%, 04/30/2028 (a) | 361,000 | 340,130 | ||||||
5.13%, 04/30/2031 (a) | 342,000 | 314,640 | ||||||
6.75%, 05/15/2034 (a) | 83,000 | 83,994 | ||||||
7.88%, 05/15/2034 (a) | 88,000 | 91,570 | ||||||
| Owens & Minor, Inc. | ||||||||
4.50%, 03/31/2029 (a) | 44,000 | 38,610 | ||||||
6.63%, 04/01/2030 (a)(b) | 109,000 | 101,871 | ||||||
| Perrigo Finance Unlimited Co. | ||||||||
| 4.38%, 03/15/2026 | 117,000 | 114,304 | ||||||
| 4.90%, 06/15/2030 | 73,000 | 68,775 | ||||||
| Prestige Brands, Inc. | ||||||||
5.13%, 01/15/2028 (a) | 34,000 | 33,247 | ||||||
3.75%, 04/01/2031 (a) | 109,000 | 96,253 | ||||||
| Radiology Partners, Inc. | ||||||||
9.25%, 02/01/2028 (a)(b) | 166,000 | 137,614 | ||||||
7.78% (includes 3.50% PIK), 01/31/2029 (a) | 122,208 | 115,181 | ||||||
9.78% (includes 9.78% PIK), 02/15/2030 (a)(b) | 116,000 | 101,187 | ||||||
Select Medical Corp., 6.25%, 08/15/2026 (a) | 213,000 | 214,534 | ||||||
Star Parent, Inc., 9.00%, 10/01/2030 (a) | 174,000 | 185,390 | ||||||
| Teleflex, Inc. | ||||||||
| 4.63%, 11/15/2027 | 46,000 | 44,690 | ||||||
4.25%, 06/01/2028 (a) | 44,000 | 41,816 | ||||||
| Tenet Healthcare Corp. | ||||||||
| 6.25%, 02/01/2027 | 251,000 | 251,433 | ||||||
| 5.13%, 11/01/2027 | 260,000 | 255,944 | ||||||
| 4.63%, 06/15/2028 | 58,000 | 55,902 | ||||||
| 6.13%, 10/01/2028 | 429,000 | 430,072 | ||||||
| 4.25%, 06/01/2029 | 243,000 | 229,481 | ||||||
| 4.38%, 01/15/2030 | 249,000 | 233,697 | ||||||
| 6.13%, 06/15/2030 | 342,000 | 344,065 | ||||||
| 6.75%, 05/15/2031 | 235,000 | 241,105 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV | ||||||||
| 3.15%, 10/01/2026 | 581,000 | 549,771 | ||||||
| 4.75%, 05/09/2027 | 171,000 | 166,016 | ||||||
| 6.75%, 03/01/2028 | 206,000 | 211,239 | ||||||
| 5.13%, 05/09/2029 | 171,000 | 165,856 | ||||||
| 7.88%, 09/15/2029 | 104,000 | 112,349 | ||||||
| 8.13%, 09/15/2031 | 59,000 | 66,301 | ||||||
14,438,525 | ||||||||
| Industrials - 8.2% | ||||||||
ADT Security Corp., 4.13%, 08/01/2029 (a) | 166,000 | 154,986 | ||||||
Air Canada, 3.88%, 08/15/2026 (a) | 220,000 | 211,642 | ||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc., 6.13%, 10/15/2026 (a) | 102,000 | 100,801 | ||||||
Albion Financing 2 Sarl, 8.75%, 04/15/2027 (a) | 53,000 | 53,868 | ||||||
| Allison Transmission, Inc. | ||||||||
4.75%, 10/01/2027 (a) | 47,000 | 45,868 | ||||||
5.88%, 06/01/2029 (a) | 59,000 | 59,120 | ||||||
3.75%, 01/30/2031 (a) | 197,000 | 175,921 | ||||||
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030 (a) | 63,000 | 64,398 | ||||||
| Bombardier, Inc. | ||||||||
7.88%, 04/15/2027 (a) | 171,000 | 171,378 | ||||||
6.00%, 02/15/2028 (a) | 129,000 | 128,639 | ||||||
7.50%, 02/01/2029 (a)(b) | 129,000 | 134,674 | ||||||
8.75%, 11/15/2030 (a) | 131,000 | 141,971 | ||||||
7.25%, 07/01/2031 (a) | 129,000 | 132,887 | ||||||
7.00%, 06/01/2032 (a) | 131,000 | 133,948 | ||||||
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a) | 222,000 | 244,169 | ||||||
| Brink's Co. | ||||||||
4.63%, 10/15/2027 (a) | 70,000 | 67,819 | ||||||
6.50%, 06/15/2029 (a) | 75,000 | 76,300 | ||||||
6.75%, 06/15/2032 (a) | 75,000 | 76,419 | ||||||
| Builders FirstSource, Inc. | ||||||||
5.00%, 03/01/2030 (a) | 64,000 | 61,293 | ||||||
4.25%, 02/01/2032 (a) | 247,000 | 220,139 | ||||||
6.38%, 06/15/2032 (a) | 126,000 | 127,676 | ||||||
6.38%, 03/01/2034 (a) | 187,000 | 188,690 | ||||||
| Chart Industries, Inc. | ||||||||
7.50%, 01/01/2030 (a) | 260,000 | 270,556 | ||||||
9.50%, 01/01/2031 (a) | 85,000 | 92,332 | ||||||
| Clean Harbors, Inc. | ||||||||
4.88%, 07/15/2027 (a) | 92,000 | 89,982 | ||||||
6.38%, 02/01/2031 (a) | 46,000 | 46,517 | ||||||
| Covanta Holding Corp. | ||||||||
4.88%, 12/01/2029 (a) | 151,000 | 138,194 | ||||||
| 5.00%, 09/01/2030 | 47,000 | 42,625 | ||||||
| EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | ||||||||
6.63%, 12/15/2030 (a) | 478,000 | 487,369 | ||||||
6.75%, 07/15/2031 (a) | 85,000 | 86,675 | ||||||
| Fortress Transportation and Infrastructure Investors LLC | ||||||||
5.50%, 05/01/2028 (a) | 267,000 | 261,660 | ||||||
7.88%, 12/01/2030 (a) | 53,000 | 56,255 | ||||||
7.00%, 05/01/2031 (a) | 55,000 | 56,796 | ||||||
7.00%, 06/15/2032 (a) | 141,000 | 145,550 | ||||||
| FXI Holdings, Inc. | ||||||||
12.25%, 11/15/2026 (a) | 127,000 | 126,524 | ||||||
12.25%, 11/15/2026 (a) | 59,000 | 58,679 | ||||||
| GEO Group, Inc. | ||||||||
| 8.63%, 04/15/2029 | 114,000 | 118,560 | ||||||
| 10.25%, 04/15/2031 | 126,000 | 134,896 | ||||||
| GFL Environmental, Inc. | ||||||||
3.75%, 08/01/2025 (a) | 131,000 | 129,526 | ||||||
5.13%, 12/15/2026 (a) | 44,000 | 43,593 | ||||||
4.00%, 08/01/2028 (a) | 149,000 | 140,279 | ||||||
3.50%, 09/01/2028 (a) | 159,000 | 147,818 | ||||||
4.75%, 06/15/2029 (a) | 134,000 | 127,743 | ||||||
4.38%, 08/15/2029 (a) | 49,000 | 45,876 | ||||||
6.75%, 01/15/2031 (a) | 174,000 | 178,975 | ||||||
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (a) | 216,000 | 197,240 | ||||||
| Herc Holdings, Inc. | ||||||||
5.50%, 07/15/2027 (a) | 205,000 | 203,239 | ||||||
6.63%, 06/15/2029 (a) | 136,000 | 138,890 | ||||||
| Hillenbrand, Inc., 6.25%, 02/15/2029 | 50,000 | 50,625 | ||||||
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a) | 187,000 | 192,755 | ||||||
| Madison IAQ LLC | ||||||||
4.13%, 06/30/2028 (a) | 128,000 | 119,360 | ||||||
5.88%, 06/30/2029 (a) | 193,000 | 180,764 | ||||||
| Pike Corp. | ||||||||
5.50%, 09/01/2028 (a) | 121,000 | 117,398 | ||||||
8.63%, 01/31/2031 (a) | 35,000 | 37,750 | ||||||
| Ritchie Bros Holdings, Inc. | ||||||||
6.75%, 03/15/2028 (a) | 93,000 | 94,935 | ||||||
7.75%, 03/15/2031 (a) | 140,000 | 147,404 | ||||||
| Sensata Technologies BV | ||||||||
4.00%, 04/15/2029 (a) | 156,000 | 144,534 | ||||||
5.88%, 09/01/2030 (a) | 84,000 | 82,845 | ||||||
| Sensata Technologies, Inc. | ||||||||
4.38%, 02/15/2030 (a) | 53,000 | 49,298 | ||||||
3.75%, 02/15/2031 (a) | 124,000 | 109,538 | ||||||
6.63%, 07/15/2032 (a) | 96,000 | 97,335 | ||||||
| Spirit AeroSystems, Inc. | ||||||||
| 4.60%, 06/15/2028 | 62,000 | 58,621 | ||||||
9.38%, 11/30/2029 (a) | 150,000 | 162,453 | ||||||
9.75%, 11/15/2030 (a) | 197,000 | 219,760 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a) | 47,000 | 47,092 | ||||||
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a) | 280,000 | 274,456 | ||||||
| TransDigm, Inc. | ||||||||
| 5.50%, 11/15/2027 | 457,000 | 451,324 | ||||||
6.75%, 08/15/2028 (a) | 363,000 | 370,710 | ||||||
| 4.63%, 01/15/2029 | 192,000 | 181,720 | ||||||
6.38%, 03/01/2029 (a) | 474,000 | 483,039 | ||||||
| 4.88%, 05/01/2029 | 134,000 | 127,549 | ||||||
6.88%, 12/15/2030 (a) | 249,000 | 256,229 | ||||||
7.13%, 12/01/2031 (a) | 171,000 | 177,626 | ||||||
6.63%, 03/01/2032 (a) | 378,000 | 386,709 | ||||||
| Uber Technologies, Inc. | ||||||||
8.00%, 11/01/2026 (a) | 260,000 | 261,207 | ||||||
7.50%, 09/15/2027 (a) | 205,000 | 208,780 | ||||||
6.25%, 01/15/2028 (a) | 59,000 | 59,542 | ||||||
4.50%, 08/15/2029 (a) | 248,000 | 239,320 | ||||||
| United Rentals North America, Inc. | ||||||||
| 5.50%, 05/15/2027 | 59,000 | 58,873 | ||||||
| 3.88%, 11/15/2027 | 139,000 | 132,717 | ||||||
| 4.88%, 01/15/2028 | 288,000 | 281,700 | ||||||
| 5.25%, 01/15/2030 | 129,000 | 126,347 | ||||||
| 4.00%, 07/15/2030 | 139,000 | 126,914 | ||||||
| 3.88%, 02/15/2031 | 190,000 | 171,593 | ||||||
| 3.75%, 01/15/2032 | 129,000 | 114,362 | ||||||
6.13%, 03/15/2034 (a) | 192,000 | 192,960 | ||||||
| WESCO Distribution, Inc. | ||||||||
7.25%, 06/15/2028 (a) | 227,000 | 232,373 | ||||||
6.38%, 03/15/2029 (a) | 161,000 | 163,278 | ||||||
6.63%, 03/15/2032 (a) | 146,000 | 148,848 | ||||||
Wrangler Holdco Corp., 6.63%, 04/01/2032 (a) | 85,000 | 85,361 | ||||||
| XPO, Inc. | ||||||||
7.13%, 06/01/2031 (a) | 38,000 | 39,140 | ||||||
7.13%, 02/01/2032 (a) | 136,000 | 140,553 | ||||||
13,744,652 | ||||||||
| Information Technology - 6.1% | ||||||||
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (a)(b) | 388,000 | 365,690 | ||||||
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (a) | 136,000 | 139,975 | ||||||
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (a) | 136,000 | 137,118 | ||||||
| Clarivate Science Holdings Corp. | ||||||||
3.88%, 07/01/2028 (a) | 164,000 | 153,710 | ||||||
4.88%, 07/01/2029 (a) | 169,000 | 159,409 | ||||||
| Cloud Software Group, Inc. | ||||||||
6.50%, 03/31/2029 (a) | 662,000 | 645,627 | ||||||
9.00%, 09/30/2029 (a) | 635,000 | 631,838 | ||||||
8.25%, 06/30/2032 (a) | 308,000 | 319,550 | ||||||
| CommScope LLC | ||||||||
6.00%, 03/01/2026 (a) | 257,000 | 240,785 | ||||||
8.25%, 03/01/2027 (a) | 241,000 | 167,983 | ||||||
7.13%, 07/01/2028 (a) | 67,000 | 42,433 | ||||||
4.75%, 09/01/2029 (a) | 216,000 | 158,355 | ||||||
CommScope Technologies LLC, 5.00%, 03/15/2027 (a) | 60,000 | 38,940 | ||||||
| Entegris, Inc. | ||||||||
4.38%, 04/15/2028 (a) | 34,000 | 32,327 | ||||||
4.75%, 04/15/2029 (a) | 263,000 | 253,453 | ||||||
3.63%, 05/01/2029 (a) | 85,000 | 77,081 | ||||||
5.95%, 06/15/2030 (a) | 158,000 | 157,605 | ||||||
| EquipmentShare.com, Inc. | ||||||||
9.00%, 05/15/2028 (a) | 197,000 | 202,605 | ||||||
8.63%, 05/15/2032 (a) | 104,000 | 108,055 | ||||||
| Fair Isaac Corp. | ||||||||
5.25%, 05/15/2026 (a) | 34,000 | 33,750 | ||||||
4.00%, 06/15/2028 (a) | 148,000 | 139,383 | ||||||
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (a) | 141,000 | 144,842 | ||||||
| Gen Digital, Inc. | ||||||||
6.75%, 09/30/2027 (a) | 148,000 | 150,909 | ||||||
7.13%, 09/30/2030 (a) | 55,000 | 56,793 | ||||||
Imola Merger Corp., 4.75%, 05/15/2029 (a) | 344,000 | 323,493 | ||||||
| ION Trading Technologies Sarl | ||||||||
5.75%, 05/15/2028 (a) | 85,000 | 79,270 | ||||||
9.50%, 05/30/2029 (a) | 111,000 | 115,476 | ||||||
McAfee Corp., 7.38%, 02/15/2030 (a)(b) | 347,000 | 324,003 | ||||||
| MPH Acquisition Holdings LLC | ||||||||
5.50%, 09/01/2028 (a) | 183,000 | 143,143 | ||||||
5.75%, 11/01/2028 (a) | 169,000 | 101,574 | ||||||
| NCR Voyix Corp. | ||||||||
5.00%, 10/01/2028 (a) | 97,000 | 92,635 | ||||||
5.13%, 04/15/2029 (a) | 212,000 | 202,322 | ||||||
5.25%, 10/01/2030 (a) | 53,000 | 49,759 | ||||||
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a) | 452,000 | 442,678 | ||||||
| Newfold Digital Holdings Group, Inc. | ||||||||
11.75%, 10/15/2028 (a) | 90,000 | 90,959 | ||||||
6.00%, 02/15/2029 (a) | 131,000 | 89,848 | ||||||
| Open Text Corp. | ||||||||
3.88%, 02/15/2028 (a) | 164,000 | 153,682 | ||||||
3.88%, 12/01/2029 (a) | 153,000 | 138,790 | ||||||
| Open Text Holdings, Inc. | ||||||||
4.13%, 02/15/2030 (a) | 157,000 | 142,889 | ||||||
4.13%, 12/01/2031 (a) | 112,000 | 99,860 | ||||||
| Rocket Software, Inc. | ||||||||
9.00%, 11/28/2028 (a) | 136,000 | 139,910 | ||||||
6.50%, 02/15/2029 (a) | 101,000 | 91,153 | ||||||
| Sabre GLBL, Inc. | ||||||||
8.63%, 06/01/2027 (a) | 149,000 | 139,129 | ||||||
11.25%, 12/15/2027 (a) | 65,000 | 64,188 | ||||||
| Seagate HDD Cayman | ||||||||
| 4.88%, 06/01/2027 | 47,000 | 46,374 | ||||||
| 4.09%, 06/01/2029 | 44,000 | 41,303 | ||||||
| 8.25%, 12/15/2029 | 98,000 | 105,574 | ||||||
| 8.50%, 07/15/2031 | 93,000 | 100,883 | ||||||
| 9.63%, 12/01/2032 | 171,000 | 196,094 | ||||||
| SS&C Technologies, Inc. | ||||||||
5.50%, 09/30/2027 (a) | 352,000 | 348,641 | ||||||
6.50%, 06/01/2032 (a) | 120,000 | 122,250 | ||||||
| Twilio, Inc. | ||||||||
| 3.63%, 03/15/2029 | 46,000 | 41,780 | ||||||
| 3.88%, 03/15/2031 | 85,000 | 76,153 | ||||||
UKG, Inc., 6.88%, 02/01/2031 (a) | 413,000 | 424,407 | ||||||
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/2027 (a) | 74,000 | 87,301 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (a) | 318,000 | 278,846 | ||||||
| Viasat, Inc. | ||||||||
5.63%, 09/15/2025 (a) | 121,000 | 119,546 | ||||||
5.63%, 04/15/2027 (a) | 55,000 | 51,627 | ||||||
6.50%, 07/15/2028 (a) | 32,000 | 26,127 | ||||||
7.50%, 05/30/2031 (a)(b) | 210,000 | 154,350 | ||||||
| Western Digital Corp., 4.75%, 02/15/2026 | 395,000 | 389,002 | ||||||
| Xerox Holdings Corp. | ||||||||
5.50%, 08/15/2028 (a) | 68,000 | 57,596 | ||||||
8.88%, 11/30/2029 (a) | 50,000 | 46,490 | ||||||
10,297,321 | ||||||||
| Materials - 7.1% | ||||||||
| Alcoa Nederland Holding BV | ||||||||
5.50%, 12/15/2027 (a) | 131,000 | 129,494 | ||||||
6.13%, 05/15/2028 (a) | 85,000 | 85,156 | ||||||
4.13%, 03/31/2029 (a) | 90,000 | 84,118 | ||||||
7.13%, 03/15/2031 (a) | 136,000 | 140,348 | ||||||
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC | ||||||||
6.00%, 06/15/2027 (a) | 111,000 | 110,409 | ||||||
3.25%, 09/01/2028 (a) | 70,000 | 62,349 | ||||||
4.00%, 09/01/2029 (a) | 172,000 | 146,148 | ||||||
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. | ||||||||
4.13%, 08/15/2026 (a) | 211,000 | 179,913 | ||||||
5.25%, 08/15/2027 (a) | 231,000 | 133,711 | ||||||
5.25%, 08/15/2027 (a) | 79,000 | 45,728 | ||||||
| Arsenal AIC Parent LLC | ||||||||
8.00%, 10/01/2030 (a) | 124,000 | 131,781 | ||||||
11.50%, 10/01/2031 (a) | 81,000 | 90,848 | ||||||
| ASP Unifrax Holdings, Inc. | ||||||||
5.25%, 09/30/2028 (a) | 74,000 | 39,590 | ||||||
7.50%, 09/30/2029 (a) | 34,000 | 17,497 | ||||||
| ATI, Inc., 7.25%, 08/15/2030 | 45,000 | 47,084 | ||||||
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031 (a) | 50,000 | 52,409 | ||||||
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (a) | 118,000 | 107,277 | ||||||
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/2027 (a) | 97,000 | 94,985 | ||||||
| Ball Corp. | ||||||||
| 6.88%, 03/15/2028 | 129,000 | 132,727 | ||||||
| 6.00%, 06/15/2029 | 176,000 | 178,107 | ||||||
| 2.88%, 08/15/2030 | 226,000 | 194,479 | ||||||
| 3.13%, 09/15/2031 | 148,000 | 126,690 | ||||||
Berry Global, Inc., 5.63%, 07/15/2027 (a) | 85,000 | 84,249 | ||||||
| Chemours Co. | ||||||||
| 5.38%, 05/15/2027 | 43,000 | 41,328 | ||||||
5.75%, 11/15/2028 (a) | 138,000 | 129,254 | ||||||
4.63%, 11/15/2029 (a) | 104,000 | 91,229 | ||||||
| Cleveland-Cliffs, Inc. | ||||||||
| 5.88%, 06/01/2027 | 50,000 | 49,873 | ||||||
6.75%, 04/15/2030 (a) | 144,000 | 144,900 | ||||||
7.00%, 03/15/2032 (a) | 161,000 | 161,807 | ||||||
| Clydesdale Acquisition Holdings, Inc. | ||||||||
6.63%, 04/15/2029 (a) | 84,000 | 83,664 | ||||||
8.75%, 04/15/2030 (a) | 204,000 | 200,177 | ||||||
Constellium SE, 3.75%, 04/15/2029 (a) | 44,000 | 40,156 | ||||||
| Crown Americas LLC, 5.25%, 04/01/2030 | 59,000 | 57,745 | ||||||
| Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026 | 47,000 | 45,455 | ||||||
| Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026 | 149,000 | 146,689 | ||||||
| FMG Resources August 2006 Pty Ltd. | ||||||||
4.50%, 09/15/2027 (a) | 104,000 | 99,704 | ||||||
5.88%, 04/15/2030 (a) | 133,000 | 130,869 | ||||||
4.38%, 04/01/2031 (a) | 272,000 | 245,745 | ||||||
6.13%, 04/15/2032 (a) | 140,000 | 138,600 | ||||||
| Graphic Packaging International LLC | ||||||||
3.50%, 03/15/2028 (a) | 40,000 | 37,255 | ||||||
3.75%, 02/01/2030 (a) | 47,000 | 42,661 | ||||||
6.38%, 07/15/2032 (a) | 124,000 | 125,512 | ||||||
| INEOS Finance PLC | ||||||||
6.75%, 05/15/2028 (a) | 45,000 | 45,155 | ||||||
7.50%, 04/15/2029 (a) | 121,000 | 123,420 | ||||||
| Kaiser Aluminum Corp. | ||||||||
4.63%, 03/01/2028 (a) | 44,000 | 41,283 | ||||||
4.50%, 06/01/2031 (a) | 145,000 | 128,456 | ||||||
| LABL, Inc. | ||||||||
6.75%, 07/15/2026 (a) | 123,000 | 121,995 | ||||||
10.50%, 07/15/2027 (a) | 113,000 | 110,198 | ||||||
5.88%, 11/01/2028 (a) | 46,000 | 42,537 | ||||||
8.25%, 11/01/2029 (a) | 41,000 | 35,904 | ||||||
| Mauser Packaging Solutions Holding Co. | ||||||||
7.88%, 04/15/2027 (a)(b) | 464,000 | 478,290 | ||||||
9.25%, 04/15/2027 (a)(b) | 230,000 | 231,023 | ||||||
| Mercer International, Inc., 5.13%, 02/01/2029 | 83,000 | 70,367 | ||||||
| Methanex Corp. | ||||||||
| 5.13%, 10/15/2027 | 118,000 | 115,004 | ||||||
| 5.25%, 12/15/2029 | 123,000 | 119,444 | ||||||
| Mineral Resources Ltd. | ||||||||
8.13%, 05/01/2027 (a) | 123,000 | 124,829 | ||||||
8.00%, 11/01/2027 (a) | 109,000 | 111,605 | ||||||
9.25%, 10/01/2028 (a) | 182,000 | 193,557 | ||||||
8.50%, 05/01/2030 (a) | 109,000 | 113,545 | ||||||
| NOVA Chemicals Corp. | ||||||||
5.25%, 06/01/2027 (a) | 185,000 | 180,616 | ||||||
8.50%, 11/15/2028 (a) | 68,000 | 72,175 | ||||||
4.25%, 05/15/2029 (a) | 98,000 | 88,445 | ||||||
9.00%, 02/15/2030 (a) | 111,000 | 117,729 | ||||||
| Novelis Corp. | ||||||||
3.25%, 11/15/2026 (a) | 131,000 | 124,377 | ||||||
4.75%, 01/30/2030 (a) | 278,000 | 262,083 | ||||||
3.88%, 08/15/2031 (a) | 124,000 | 109,025 | ||||||
OI European Group BV, 4.75%, 02/15/2030 (a) | 47,000 | 43,121 | ||||||
| Olin Corp. | ||||||||
| 5.13%, 09/15/2027 | 46,000 | 44,913 | ||||||
| 5.63%, 08/01/2029 | 66,000 | 65,272 | ||||||
| 5.00%, 02/01/2030 | 84,000 | 80,124 | ||||||
| Olympus Water US Holding Corp. | ||||||||
4.25%, 10/01/2028 (a) | 133,000 | 122,788 | ||||||
9.75%, 11/15/2028 (a) | 293,000 | 311,559 | ||||||
6.25%, 10/01/2029 (a) | 34,000 | 31,239 | ||||||
7.25%, 06/15/2031 (a) | 151,000 | 151,137 | ||||||
| Owens-Brockway Glass Container, Inc. | ||||||||
6.63%, 05/13/2027 (a) | 72,000 | 72,068 | ||||||
7.25%, 05/15/2031 (a) | 127,000 | 125,413 | ||||||
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (a) | 97,000 | 91,055 | ||||||
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027 (a) | 181,000 | 170,879 | ||||||
| SCIH Salt Holdings, Inc. | ||||||||
4.88%, 05/01/2028 (a) | 190,000 | 176,709 | ||||||
6.63%, 05/01/2029 (a) | 118,000 | 111,042 | ||||||
| Scotts Miracle-Gro Co. | ||||||||
| 4.50%, 10/15/2029 | 36,000 | 33,505 | ||||||
| 4.00%, 04/01/2031 | 43,000 | 38,074 | ||||||
| 4.38%, 02/01/2032 | 34,000 | 30,243 | ||||||
| Sealed Air Corp. | ||||||||
4.00%, 12/01/2027 (a) | 37,000 | 35,087 | ||||||
5.00%, 04/15/2029 (a) | 71,000 | 68,512 | ||||||
6.50%, 07/15/2032 (a) | 80,000 | 81,103 | ||||||
| Sealed Air Corp./Sealed Air Corp. US | ||||||||
6.13%, 02/01/2028 (a) | 129,000 | 129,911 | ||||||
7.25%, 02/15/2031 (a) | 45,000 | 46,871 | ||||||
| Silgan Holdings, Inc., 4.13%, 02/01/2028 | 106,000 | 100,888 | ||||||
| Smyrna Ready Mix Concrete LLC | ||||||||
6.00%, 11/01/2028 (a) | 190,000 | 188,053 | ||||||
8.88%, 11/15/2031 (a) | 174,000 | 187,517 | ||||||
| Standard Industries, Inc./NJ | ||||||||
5.00%, 02/15/2027 (a) | 148,000 | 144,735 | ||||||
4.75%, 01/15/2028 (a) | 176,000 | 168,425 | ||||||
4.38%, 07/15/2030 (a) | 278,000 | 252,938 | ||||||
3.38%, 01/15/2031 (a) | 188,000 | 160,392 | ||||||
| Summit Materials LLC / Summit Materials Finance Corp. | ||||||||
5.25%, 01/15/2029 (a) | 123,000 | 120,068 | ||||||
7.25%, 01/15/2031 (a) | 136,000 | 142,378 | ||||||
| Trivium Packaging Finance BV | ||||||||
5.50%, 08/15/2026 (a) | 181,000 | 177,295 | ||||||
8.50%, 08/15/2027 (a) | 123,000 | 120,608 | ||||||
Tronox, Inc., 4.63%, 03/15/2029 (a) | 200,000 | 182,000 | ||||||
| WR Grace Holdings LLC | ||||||||
4.88%, 06/15/2027 (a) | 128,000 | 123,657 | ||||||
5.63%, 08/15/2029 (a) | 194,000 | 177,676 | ||||||
11,896,037 | ||||||||
| Real Estate - 1.7% | ||||||||
| Diversified Healthcare Trust | ||||||||
| 4.75%, 02/15/2028 | 44,000 | 37,206 | ||||||
| 4.38%, 03/01/2031 | 36,000 | 27,278 | ||||||
| Howard Hughes Corp. | ||||||||
5.38%, 08/01/2028 (a) | 131,000 | 127,082 | ||||||
4.13%, 02/01/2029 (a) | 112,000 | 102,819 | ||||||
4.38%, 02/01/2031 (a) | 122,000 | 108,827 | ||||||
| Iron Mountain, Inc. | ||||||||
4.88%, 09/15/2027 (a) | 178,000 | 173,689 | ||||||
5.25%, 03/15/2028 (a) | 148,000 | 144,840 | ||||||
5.00%, 07/15/2028 (a) | 89,000 | 86,216 | ||||||
7.00%, 02/15/2029 (a) | 178,000 | 182,673 | ||||||
4.88%, 09/15/2029 (a) | 178,000 | 170,151 | ||||||
5.25%, 07/15/2030 (a) | 231,000 | 222,405 | ||||||
4.50%, 02/15/2031 (a)(b) | 201,000 | 185,186 | ||||||
5.63%, 07/15/2032 (a) | 106,000 | 102,213 | ||||||
| SBA Communications Corp. | ||||||||
| 3.88%, 02/15/2027 | 257,000 | 246,854 | ||||||
| 3.13%, 02/01/2029 | 260,000 | 235,513 | ||||||
| Service Properties Trust | ||||||||
| 4.75%, 10/01/2026 | 40,000 | 38,291 | ||||||
| 4.95%, 02/15/2027 | 47,000 | 44,044 | ||||||
| 5.50%, 12/15/2027 | 40,000 | 38,124 | ||||||
| 3.95%, 01/15/2028 | 34,000 | 29,298 | ||||||
| 8.38%, 06/15/2029 | 141,000 | 140,012 | ||||||
| 4.95%, 10/01/2029 | 77,000 | 61,215 | ||||||
| 4.38%, 02/15/2030 | 34,000 | 25,474 | ||||||
8.63%, 11/15/2031 (a) | 178,000 | 189,312 | ||||||
| 8.88%, 06/15/2032 | 116,000 | 110,292 | ||||||
2,829,014 | ||||||||
| Utilities - 3.2% | ||||||||
| AES Corp., 7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055 | 164,000 | 166,829 | ||||||
| AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||
| 5.88%, 08/20/2026 | 130,000 | 128,106 | ||||||
| 5.75%, 05/20/2027 | 62,000 | 60,007 | ||||||
9.38%, 06/01/2028 (a) | 90,000 | 94,142 | ||||||
| Calpine Corp. | ||||||||
5.25%, 06/01/2026 (a) | 37,000 | 36,708 | ||||||
4.50%, 02/15/2028 (a) | 206,000 | 197,343 | ||||||
5.13%, 03/15/2028 (a) | 243,000 | 235,649 | ||||||
4.63%, 02/01/2029 (a) | 110,000 | 103,869 | ||||||
5.00%, 02/01/2031 (a) | 146,000 | 137,422 | ||||||
3.75%, 03/01/2031 (a) | 157,000 | 139,741 | ||||||
| Clearway Energy Operating LLC | ||||||||
4.75%, 03/15/2028 (a) | 156,000 | 149,967 | ||||||
3.75%, 02/15/2031 (a) | 159,000 | 140,768 | ||||||
| DPL, Inc., 4.35%, 04/15/2029 | 34,000 | 31,966 | ||||||
| Edison International | ||||||||
| 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 46,000 | 48,228 | ||||||
| 7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054 | 43,000 | 44,741 | ||||||
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual (a) | 259,000 | 287,643 | ||||||
Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 (c) | 207,000 | 206,224 | ||||||
EUSHI Finance, Inc., 7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054 (a) | 85,000 | 86,615 | ||||||
| Ferrellgas LP / Ferrellgas Finance Corp. | ||||||||
5.38%, 04/01/2026 (a) | 112,000 | 112,140 | ||||||
5.88%, 04/01/2029 (a) | 143,000 | 133,633 | ||||||
| NextEra Energy Operating Partners LP | ||||||||
3.88%, 10/15/2026 (a) | 46,000 | 43,974 | ||||||
4.50%, 09/15/2027 (a) | 49,000 | 46,935 | ||||||
7.25%, 01/15/2029 (a)(b) | 187,000 | 194,246 | ||||||
| NRG Energy, Inc. | ||||||||
| 5.75%, 01/15/2028 | 81,000 | 80,494 | ||||||
3.38%, 02/15/2029 (a) | 50,000 | 45,031 | ||||||
5.25%, 06/15/2029 (a) | 119,000 | 115,222 | ||||||
3.63%, 02/15/2031 (a) | 195,000 | 171,006 | ||||||
3.88%, 02/15/2032 (a) | 92,000 | 80,353 | ||||||
| PG&E Corp. | ||||||||
| 5.00%, 07/01/2028 | 178,000 | 173,566 | ||||||
| 5.25%, 07/01/2030 | 171,000 | 165,229 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (a) | 56,000 | 50,781 | ||||||
Talen Energy Supply LLC, 8.63%, 06/01/2030 (a) | 210,000 | 225,529 | ||||||
| TerraForm Power Operating LLC | ||||||||
5.00%, 01/31/2028 (a) | 62,000 | 59,794 | ||||||
4.75%, 01/15/2030 (a) | 158,000 | 147,167 | ||||||
| Vistra Operations Co. LLC | ||||||||
5.50%, 09/01/2026 (a) | 171,000 | 169,664 | ||||||
5.63%, 02/15/2027 (a) | 224,000 | 222,247 | ||||||
5.00%, 07/31/2027 (a) | 216,000 | 211,681 | ||||||
4.38%, 05/01/2029 (a) | 216,000 | 203,688 | ||||||
7.75%, 10/15/2031 (a) | 249,000 | 262,695 | ||||||
6.88%, 04/15/2032 (a) | 171,000 | 176,076 | ||||||
5,387,119 | ||||||||
TOTAL CORPORATE BONDS (Cost $161,330,142) | 164,416,261 | |||||||
| INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.6% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC – 5.51% (d) | 7,823,870 | 7,823,870 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,823,870) | 7,823,870 | |||||||
TOTAL INVESTMENTS - 102.7% (Cost $169,154,012) | 172,240,131 | |||||||
| Liabilities in Excess of Other Assets - (2.7)% | (4,569,422 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 167,670,709 | ||||||
| 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. | ||||||||
| AG - Aktiengesellschaft |
| CMT - Constant Maturity Treasury Rate |
| LIBOR - London Interbank Offered Rate |
| PIK - Payment in Kind |
| PLC - Public Limited Company |
| SA - Sociedad Anónima |
| (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 $138,009,066 or 82.3% of the Fund’s net assets. |
| (b) | All or a portion of this security is on loan as of July 31, 2024. The total market value of these securities was $7,616,588 which represented 4.5% of net assets. |
| (c) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
| (d) | The rate shown represents the 7-day annualized effective yield as of July 31, 2024. |
Summary of Fair Value Disclosure as of July 31, 2024 (Unaudited)
Pacer Trendpilot US Bond 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: | ||||||||||||||||
| Corporate Bonds | $ | – | $ | 164,416,261 | $ | – | $ | 164,416,261 | ||||||||
Investments Purchased with Proceeds from Securities Lending(a) | – | – | – | 7,823,870 | ||||||||||||
| Total Investments | $ | – | $ | 164,416,261 | $ | – | $ | 172,240,131 | ||||||||
| 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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. |