# EDGAR Filing Document

**Accession Number:** 0001616668
**File Stem:** 0001133228-25-007161
**Filing Date:** 2025-7
**Character Count:** 715291
**Document Hash:** 4b516dab1e1bf03f775476a6008068a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007161.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001133228-25-007161

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pacer Funds Trust
- **CENTRAL INDEX KEY:** 0001616668

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23024
- **FILM NUMBER:** 251108751

**BUSINESS ADDRESS:**
- **STREET 1:** 500 CHESTERFIELD PARKWAY
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355
- **BUSINESS PHONE:** 610-644-8100

**MAIL ADDRESS:**
- **STREET 1:** 500 CHESTERFIELD PARKWAY
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355

## Series and Classes Contracts Data

### Pacer Trendpilot 100 ETF (Series ID: S000048686)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000153415 | Pacer Trendpilot 100 ETF | PTNQ            |

### Pacer US Export Leaders ETF (Series ID: S000048687)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000153416 | Pacer US Export Leaders ETF | PEXL            |

### Pacer Trendpilot US Mid Cap ETF (Series ID: S000048688)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000153417 | Pacer Trendpilot US Mid Cap ETF | PTMC            |

### Pacer Trendpilot US Large Cap ETF (Series ID: S000048689)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000153418 | Pacer Trendpilot US Large Cap ETF | PTLC            |

### Pacer Trendpilot European Index ETF (Series ID: S000051998)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000163549 | Pacer Trendpilot European Index ETF | PTEU            |

### Pacer Global Cash Cows Dividend ETF (Series ID: S000052000)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000163551 | Pacer Global Cash Cows Dividend ETF | GCOW            |

### Pacer US Cash Cows 100 ETF (Series ID: S000055466)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000174482 | Pacer US Cash Cows 100 ETF | COWZ            |

### Pacer Developed Markets International Cash Cows 100 ETF (Series ID: S000055467)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000174483 | Pacer Developed Markets International Cash Cows 100 ETF | ICOW            |

### Pacer US Small Cap Cash Cows ETF (Series ID: S000055468)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000174484 | Pacer US Small Cap Cash Cows ETF | CALF            |

### Pacer WealthShield ETF (Series ID: S000059727)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000195470 | Pacer WealthShield ETF | PWS             |

### Pacer Lunt Large Cap Multi-Factor Alternator ETF (Series ID: S000061568)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000199429 | Pacer Lunt Large Cap Multi-Factor Alternator ETF | PALC            |

### Pacer Industrial Real Estate ETF (Series ID: S000061571)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000199432 | Pacer Industrial Real Estate ETF | INDS            |

### Pacer Data & Infrastructure Real Estate ETF (Series ID: S000061573)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000199434 | Pacer Data & Infrastructure Real Estate ETF | SRVR            |

### Pacer Lunt MidCap Multi-Factor Alternator ETF (Series ID: S000062276)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000201847 | Pacer Lunt MidCap Multi-Factor Alternator ETF | PAMC            |

### Pacer Lunt Large Cap Alternator ETF (Series ID: S000062277)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000201848 | Pacer Lunt Large Cap Alternator ETF | ALTL            |

### Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (Series ID: S000062278)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000201849 | Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | SZNE            |

### Pacer Trendpilot International ETF (Series ID: S000064823)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000209865 | Pacer Trendpilot International ETF | PTIN            |

### Pacer Trendpilot Fund of Funds ETF (Series ID: S000064824)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000209866 | Pacer Trendpilot Fund of Funds ETF | TRND            |

### Pacer US Cash Cows Growth ETF (Series ID: S000064825)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000209867 | Pacer US Cash Cows Growth ETF | BUL             |

### Pacer Cash Cows Fund of Funds ETF (Series ID: S000064826)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000209868 | Pacer Cash Cows Fund of Funds ETF | HERD            |

### Pacer Emerging Markets Cash Cows 100 ETF (Series ID: S000064827)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000209869 | Pacer Emerging Markets Cash Cows 100 ETF | ECOW            |

### Pacer Trendpilot US Bond ETF (Series ID: S000066706)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000214959 | Pacer Trendpilot US Bond ETF | PTBD            |

### Pacer Pacific Asset Floating Rate High Income ETF (Series ID: S000073714)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000230803 | Pacer Pacific Asset Floating Rate High Income ETF | FLRT            |

### Pacer Data and Digital Revolution ETF (Series ID: S000075916)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000235289 | Pacer Data and Digital Revolution ETF | TRFK            |

### Pacer Industrials and Logistics ETF (Series ID: S000075917)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000235290 | Pacer Industrials and Logistics ETF | SHPP            |

### Pacer US Large Cap Cash Cows Growth Leaders ETF (Series ID: S000079104)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000239958 | Pacer US Large Cap Cash Cows Growth Leaders ETF | COWG            |

### Pacer US Small Cap Cash Cows Growth Leaders ETF (Series ID: S000080123)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000241796 | Pacer US Small Cap Cash Cows Growth Leaders ETF | CAFG            |

### Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF (Series ID: S000085681)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000251021 | Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | QQQG            |

### Pacer MSCI World Industry Advantage ETF (Series ID: S000085682)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000251022 | Pacer MSCI World Industry Advantage ETF | GLBL            |

### Pacer Nasdaq International Patent Leaders ETF (Series ID: S000085683)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000251023 | Pacer Nasdaq International Patent Leaders ETF | PATN            |

?xml version='1.0' encoding='ASCII'? 2025-05-06197246_PacerCashCowsFundofFundsETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23024</u>**

**<u>Pacer Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>500 Chesterfield Parkway</u>**

**<u>Malvern, PA 19355</u>**

(Address of principal executive offices) (Zip code)

**<u>Joe M. Thomson, President</u>**

**<u>500 Chesterfield Parkway</u>**

**<u>Malvern, PA 19355</u>**

(Name and address of agent for service)

**<u>610-644-8100</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>April 30</u>**

Date of reporting period: **<u>May 1, 2024 to April 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Cash Cows Fund of Funds ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | HERD (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Cash Cows Fund of Funds ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Cash Cows Fund of Funds ETF | $15 | 0.15% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Cash Cows Fund of Funds ETF (HERD) derives its performance from the collective free cash flow strengths and sector allocations of its underlying Cash Cows ETFs, which target high-quality, cash-generative companies. Its returns are also influenced by macroeconomic conditions, market sentiment, and liquidity dynamics across the broad equity markets.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4205img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2019)** |
| **Pacer Cash Cows Fund of Funds ETF NAV**  | 0.29 | 14.78 | 9.03 |
| **Pacer Cash Cows Fund of Funds Index**  | 0.73 | 15.26 | 9.57 |
| **MSCI World Index\*\***  | 12.16 | 13.95 | 10.75 |
| **FTSE Developed ex US All Cap Net Total Return Index**  | 12.09 | 11.30 | 7.19 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests.

Pacer Cash Cows Fund of Funds ETF PAGE 1 TSR-AR-69374H659

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $82917679 | **Portfolio Turnover** | 6% |
| **Number of Holdings** | 6 | **30-Day SEC Yield** | 2.36% |
| **Net Advisory Fee** | $137509 | **30-Day SEC Yield Unsubsidized** | 2.36% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Affiliated Exchange Traded Funds  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%)** |
|  Pacer US Cash Cows Growth ETF  | 20.5% |
|  Pacer Developed Markets International Cash Cows 100 ETF  | 20.5% |
|  Pacer Global Cash Cows Dividend ETF  | 20.4% |
|  Pacer US Cash Cows 100 ETF  | 19.4% |
|  Pacer US Small Cap Cash Cows ETF  | 19.2% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Cash Cows Fund of Funds ETF PAGE 2 TSR-AR-69374H659

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer CFRA-Stovall Equal Weight** **Seasonal Rotation ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | SZNE (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | $58 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE) rotates sector exposure based on historical seasonal trends, shifting between defensive sectors in summer and growth sectors in winter. Its performance depends on the timing of these rotations, sector conditions, and overall market trends.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4207img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/23/2018)** |
| **Pacer CFRA-Stovall Equal Weight Seasonal Rotation** **ETF NAV**  | -6.81 | 7.51 | 6.06 |
| **CFRA - Stovall Equal Weight Seasonal Rotation Total** **Return Index**  | -6.20 | 8.22 | 6.91 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.50 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF PAGE 1 TSR-AR-69374H691

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $20615078 | **Portfolio Turnover** | 190% |
| **Number of Holdings** | 99 | **30-Day SEC Yield** | 1.01% |
| **Net Advisory Fee** | $197718 | **30-Day SEC Yield Unsubsidized** | 1.01% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.8% |
|  Dollar Tree, Inc.  | 1.6% |
|  Dollar General Corp.  | 1.6% |
|  Monster Beverage Corp.  | 1.4% |
|  Walmart, Inc.  | 1.4% |
|  Philip Morris International, Inc.  | 1.4% |
|  Bunge Global SA  | 1.4% |
|  Costco Wholesale Corp.  | 1.4% |
|  Kroger Co.  | 1.4% |
|  Keurig Dr Pepper, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Health Care  | 49.5% |
|  Consumer Staples  | 49.4% |
|  Cash & Other  | 1.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF PAGE 2 TSR-AR-69374H691

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Data & Infrastructure Real Estate** **ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | SRVR (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Data & Infrastructure Real Estate ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Data & Infrastructure Real Estate ETF | $60 | 0.55% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Data & Infrastructure Real Estate ETF (SRVR) invests in companies focused on data centers and communication infrastructure. Its performance is driven by demand for data storage, technological advances, interest rates, and real estate market risks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4208img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/15/2018)** |
| **Pacer Data & Infrastructure Real Estate ETF NAV**  | 19.05 | 0.53 | 5.45 |
| **Solactive GPR Data & Infrastructure Real Estate Index**  | 20.06 | 3.15 | 7.83 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.76 |
| **FTSE NAREIT All Equity REITS Total Return Index**  | 16.27 | 7.28 | 6.55 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Data & Infrastructure Real Estate ETF PAGE 1 TSR-AR-69374H741

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $432583133 | **Portfolio Turnover** | 40% |
| **Number of Holdings** | 21 | **30-Day SEC Yield** | 2.49% |
| **Net Advisory Fee** | $2398266 | **30-Day SEC Yield Unsubsidized** | 2.45% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Digital Realty Trust, Inc.  | 16.2% |
|  American Tower Corp.  | 16.0% |
|  Equinix, Inc.  | 15.4% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 5.7% |
|  Cellnex Telecom SA  | 5.2% |
|  Infrastrutture Wireless Italiane SpA  | 5.2% |
|  SBA Communications Corp.  | 5.0% |
|  Iron Mountain, Inc.  | 4.7% |
|  Crown Castle, Inc.  | 4.6% |
|  China Tower Corp. Ltd.  | 4.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Real Estate  | 67.2% |
|  Communication Services  | 21.4% |
|  Information Technology  | 9.4% |
|  Financials  | 1.9% |
|  Cash & Other  | 0.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Data & Infrastructure Real Estate ETF PAGE 2 TSR-AR-69374H741

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Data and Digital Revolution ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | TRFK (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Data and Digital Revolution ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Data and Digital Revolution ETF | $65 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Data and Digital Revolution ETF (TRFK) invests in companies focused on data transmission, storage, and technology. Its performance is driven by technological advances, demand for data services, regulatory changes, and economic conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4209img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/08/2022)** |
| **Pacer Data and Digital Revolution ETF NAV**  | 15.90 | 23.63 |
| **Pacer Data Transmission and Communication Revolution TR Index**  | 16.62 | 24.44 |
| **S&P 500 (TR)**  | 12.10 | 12.72 |
| **S&P GLOBAL 1200 (TR)**  | 12.42 | 11.80 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Data and Digital Revolution ETF PAGE 1 TSR-AR-69374H386

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $54487874 | **Portfolio Turnover** | 36% |
| **Number of Holdings** | 76 | **30-Day SEC Yield** | 0.24% |
| **Net Advisory Fee** | $273845 | **30-Day SEC Yield Unsubsidized** | 0.24% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 16.9% |
|  Broadcom, Inc.  | 9.7% |
|  Oracle Corp.  | 9.5% |
|  NVIDIA Corp.  | 9.2% |
|  Cisco Systems, Inc.  | 6.4% |
|  Palo Alto Networks, Inc.  | 4.9% |
|  Advanced Micro Devices, Inc.  | 4.4% |
|  Crowdstrike Holdings, Inc.  | 4.2% |
|  MicroStrategy, Inc.  | 3.8% |
|  Arista Networks, Inc.  | 3.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** **<sup>,</sup><sup>†</sup>**  | **(%)** |
|  Information Technology  | 92.2% |
|  Industrials  | 7.8% |
|  Cash & Other  | 0.0% |

---

\* 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.

† Amount represents less than 0.005.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Data and Digital Revolution ETF PAGE 2 TSR-AR-69374H386

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Developed Markets International** **Cash Cows 100 ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | ICOW (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Developed Markets International Cash Cows 100 ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Developed Markets International Cash Cows 100 ETF | $67 | 0.65% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Developed Markets International Cash Cows 100 ETF (ICOW) invests in high free cash flow companies from developed markets outside the U.S. Its performance is influenced by sector exposure, currency fluctuations, and regional economic conditions, with diversification and cash flow focus helping to manage risk and enhance stability.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4210img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/16/2017)** |
| **Pacer Developed Markets International Cash Cows 100** **ETF NAV**  | 5.53 | 12.79 | 6.43 |
| **Pacer Developed Market International Cash Cows 100** **Index**  | 6.29 | 13.79 | 7.41 |
| **MSCI World Index** **\*\*** | 12.16 | 13.95 | 10.29 |
| **FTSE All World Developed Excluding United States** **Index**  | 8.80 | 8.52 | 3.68 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Developed Markets International Cash Cows 100 ETF PAGE 1 TSR-AR-69374H873

------

\*\* The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1050032545 | **Portfolio Turnover** | 79% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 3.51% |
| **Net Advisory Fee** | $8239472 | **30-Day SEC Yield Unsubsidized** | 3.51% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 3.8% |
|  Vinci SA  | 2.5% |
|  Sony Group Corp.  | 2.4% |
|  British American Tobacco PLC  | 2.2% |
|  Deutsche Post AG  | 2.1% |
|  Telefonica SA  | 2.1% |
|  Mitsubishi Corp.  | 2.1% |
|  Deutsche Telekom AG  | 2.1% |
|  Bayer AG  | 2.0% |
|  Vodafone Group PLC  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Industrials  | 20.8% |
|  Energy  | 18.5% |
|  Consumer Discretionary  | 13.4% |
|  Consumer Staples  | 10.9% |
|  Communication Services  | 10.6% |
|  Materials  | 10.0% |
|  Information Technology  | 8.0% |
|  Health Care  | 4.2% |
|  Utilities  | 2.9% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 22.3% |
|  France  | 14.0% |
|  United Kingdom  | 13.9% |
|  Germany  | 10.1% |
|  Canada  | 5.6% |
|  South Korea  | 5.2% |
|  Netherlands  | 4.4% |
|  United States  | 3.9% |
|  Australia  | 3.4% |
|  Cash & Other  | 17.2% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Developed Markets International Cash Cows 100 ETF PAGE 2 TSR-AR-69374H873

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Emerging Markets Cash Cows 100** **ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | ECOW (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Emerging Markets Cash Cows 100 ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Emerging Markets Cash Cows 100 ETF | $72 | 0.70% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Emerging Markets Cash Cows 100 ETF (ECOW) invests in high free cash flow companies across emerging markets. Its performance is influenced by sector exposure, regional economic conditions, and currency fluctuations, with its cash flow focus helping to manage risk and enhance resilience.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4211img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/02/2019)** |
| **Pacer Emerging Markets Cash Cows 100 ETF NAV**  | 7.07 | 7.16 | 2.74 |
| **Pacer Emerging Market Cash Cow 100 Index**  | 8.90 | 9.47 | 4.89 |
| **MSCI World Index\*\***  | 12.16 | 13.95 | 10.89 |
| **FTSE Emerging Markets Net Total Return Index**  | 11.37 | 7.62 | 4.09 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests.

Pacer Emerging Markets Cash Cows 100 ETF PAGE 1 TSR-AR-69374H865

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $80749008 | **Portfolio Turnover** | 94% |
| **Number of Holdings** | 111 | **30-Day SEC Yield** | 4.64% |
| **Net Advisory Fee** | $689171 | **30-Day SEC Yield Unsubsidized** | 4.64% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.3% |
|  CEZ AS  | 2.5% |
|  JBS S/A  | 2.4% |
|  China Hongqiao Group Ltd.  | 2.4% |
|  NetEase, Inc.  | 2.3% |
|  America Movil SAB de CV  | 2.3% |
|  Ambev SA - ADR  | 2.2% |
|  Li Auto, Inc.  | 2.2% |
|  Tenaga Nasional Bhd  | 2.1% |
|  MediaTek, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Communication Services  | 18.2% |
|  Consumer Staples  | 13.9% |
|  Industrials  | 13.4% |
|  Consumer Discretionary  | 12.4% |
|  Utilities  | 11.9% |
|  Materials  | 11.8% |
|  Energy  | 10.1% |
|  Information Technology  | 6.8% |
|  Health Care  | 0.8% |
|  Cash & Other  | 0.7% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  China  | 23.6% |
|  Brazil  | 19.8% |
|  Taiwan  | 12.5% |
|  Mexico  | 9.2% |
|  United States  | 8.3% |
|  Thailand  | 6.3% |
|  Indonesia  | 4.8% |
|  Turkey  | 4.8% |
|  South Africa  | 4.1% |
|  Cash & Other  | 6.6% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Emerging Markets Cash Cows 100 ETF PAGE 2 TSR-AR-69374H865

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Global Cash Cows Dividend ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | GCOW (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Global Cash Cows Dividend ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Global Cash Cows Dividend ETF | $64 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Global Cash Cows Dividend ETF's performance is influenced by the free cash flow and dividend yields of its global holdings, as well as sector allocations across energy, healthcare, and consumer staples. Additionally, global economic conditions like interest rates, inflation, and currency fluctuations impact the fund's returns.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4212img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(02/22/2016)** |
| **Pacer Global Cash Cows Dividend ETF NAV**  | 12.14 | 13.46 | 8.61 |
| **Pacer Global Cash Cows Dividend Index**  | 13.05 | 14.46 | 9.58 |
| **MSCI World Index\*\***  | 12.16 | 13.95 | 11.63 |
| **MSCI World Value Net Total Return Index**  | 10.98 | 12.76 | 8.91 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* The Fund has changed its benchmark to the MSCI World Index, which represents the overall equity market in which the Fund invests.

Pacer Global Cash Cows Dividend ETF PAGE 1 TSR-AR-69374H709

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $2189516124 | **Portfolio Turnover** | 49% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 4.23% |
| **Net Advisory Fee** | $12058839 | **30-Day SEC Yield Unsubsidized** | 4.23% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 11.3% |
|  Philip Morris International, Inc.  | 2.5% |
|  Engie SA  | 2.4% |
|  Nestle SA  | 2.3% |
|  AT&T, Inc.  | 2.2% |
|  Gilead Sciences, Inc.  | 2.2% |
|  British American Tobacco PLC  | 2.2% |
|  Sanofi SA  | 2.2% |
|  Roche Holding AG  | 2.1% |
|  Novartis AG  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Energy  | 19.0% |
|  Health Care  | 17.9% |
|  Consumer Staples  | 16.7% |
|  Industrials  | 12.3% |
|  Communication Services  | 10.7% |
|  Consumer Discretionary  | 8.5% |
|  Materials  | 8.0% |
|  Utilities  | 5.2% |
|  Information Technology  | 0.7% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  United States  | 35.5% |
|  France  | 11.8% |
|  United Kingdom  | 11.5% |
|  Japan  | 11.0% |
|  Switzerland  | 8.0% |
|  Germany  | 5.3% |
|  Australia  | 4.5% |
|  Hong Kong  | 4.4% |
|  Netherlands  | 3.9% |
|  Cash & Other  | 4.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Global Cash Cows Dividend ETF PAGE 2 TSR-AR-69374H709

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Industrial Real Estate ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | INDS (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Industrial Real Estate ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Industrial Real Estate ETF | $56 | 0.55% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Industrial Real Estate ETF (INDS) focuses on companies in industrial real estate such as warehouses and storage facilities. Its performance is influenced by sector supply and demand, interest rates, economic conditions, and risks related to property values and market liquidity.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4213img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/14/2018)** |
| **Pacer Industrial Real Estate ETF NAV**  | 4.05 | 6.23 | 8.07 |
| **Solactive GPR Industrial Real Estate Index**  | 4.72 | 8.40 | 8.70 |
| **S&P 500 TR\*\***  | 12.10 | 15.61 | 12.64 |
| **FTSE NAREIT All Equity REITS Total Return Index**  | 16.27 | 7.28 | 6.30 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* The Fund has changed its benchmark to the S&P 500 TR, which represents the overall equity market in which the Fund invests.

Pacer Industrial Real Estate ETF PAGE 1 TSR-AR-69374H766

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $138282607 | **Portfolio Turnover** | 22% |
| **Number of Holdings** | 30 | **30-Day SEC Yield** | 3.91% |
| **Net Advisory Fee** | $1002975 | **30-Day SEC Yield Unsubsidized** | 3.86% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Extra Space Storage, Inc.  | 15.5% |
|  Public Storage  | 15.5% |
|  Prologis, Inc.  | 14.0% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.3% |
|  Segro PLC  | 4.6% |
|  WP Carey, Inc.  | 4.6% |
|  CubeSmart  | 4.5% |
|  EastGroup Properties, Inc.  | 4.1% |
|  Rexford Industrial Realty, Inc.  | 3.7% |
|  First Industrial Realty Trust, Inc.  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Real Estate  | 99.5% |
|  Cash & Other  | 0.5% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Industrial Real Estate ETF PAGE 2 TSR-AR-69374H766

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Industrials and Logistics ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | SHPP (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Industrials and Logistics ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Industrials and Logistics ETF | $60 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Industrials and Logistics ETF (SHPP) invests in companies involved in transportation and supply chain infrastructure. Its performance is influenced by demand for goods, fuel costs, labor expenses, and global trade conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4214img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/08/2022)** |
| **Pacer Industrials and Logistics ETF NAV**  | -0.62 | 3.34 |
| **S&P GLOBAL 1200 (TR)**  | 12.42 | 11.80 |
| **S&P 500 TR**  | 12.10 | 12.72 |
| **Pacer Global Supply Chain Infrastructure Total Return Index**  | 0.49 | 4.14 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Industrials and Logistics ETF PAGE 1 TSR-AR-69374H378

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1021546 | **Portfolio Turnover** | 37% |
| **Number of Holdings** | 99 | **30-Day SEC Yield** | 2.11% |
| **Net Advisory Fee** | $6483 | **30-Day SEC Yield Unsubsidized** | 2.11% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  SAP SE  | 10.9% |
|  ABB Ltd.  | 10.1% |
|  Union Pacific Corp.  | 9.5% |
|  United Parcel Service, Inc.  | 7.3% |
|  Canadian Pacific Kansas City Ltd.  | 7.0% |
|  Canadian National Railway Co.  | 3.9% |
|  CSX Corp.  | 3.5% |
|  Deutsche Post AG  | 3.3% |
|  DSV AS  | 3.3% |
|  Norfolk Southern Corp.  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Industrials  | 86.0% |
|  Information Technology  | 12.9% |
|  Energy  | 0.7% |
|  Cash & Other  | 0.4% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Industrials and Logistics ETF PAGE 2 TSR-AR-69374H378

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| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Lunt Large Cap Alternator ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | ALTL (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Lunt Large Cap Alternator ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Lunt Large Cap Alternator ETF | $60 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Lunt Large Cap Alternator ETF (ALTL) alternates monthly between high-beta and low-volatility large cap stocks based on a relative strength signal, with performance shaped by its timing and accuracy in switching regimes. Sector exposures, momentum-driven weighting, and broader market conditions—especially volatility and economic cycles—also play key roles in influencing returns.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4215img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/24/2020)** |
| **Pacer Lunt Large Cap Alternator ETF NAV**  | 1.42 | 9.19 |
| **Lunt Capital US Large Cap Equity Rotation Total Return Index**  | 2.12 | 10.06 |
| **S&P 500 TR**  | 12.10 | 14.95 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Lunt Large Cap Alternator ETF PAGE 1 TSR-AR-69374H717

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $129167550 | **Portfolio Turnover** | 246% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 1.71% |
| **Net Advisory Fee** | $1187662 | **30-Day SEC Yield Unsubsidized** | 1.71% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 4.6% |
|  Coca-Cola Co.  | 1.4% |
|  Berkshire Hathaway, Inc. - Class B  | 1.4% |
|  Republic Services, Inc.  | 1.3% |
|  Marsh & McLennan Cos., Inc.  | 1.3% |
|  Atmos Energy Corp.  | 1.2% |
|  Consolidated Edison, Inc.  | 1.2% |
|  FirstEnergy Corp.  | 1.2% |
|  CME Group, Inc.  | 1.2% |
|  Evergy, Inc.  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Financials  | 20.1% |
|  Utilities  | 17.6% |
|  Industrials  | 16.8% |
|  Consumer Staples  | 13.4% |
|  Health Care  | 7.7% |
|  Real Estate  | 6.6% |
|  Consumer Discretionary  | 5.0% |
|  Information Technology  | 4.6% |
|  Materials  | 4.5% |
|  Cash & Other  | 3.7% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Lunt Large Cap Alternator ETF PAGE 2 TSR-AR-69374H717

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Lunt Large Cap Multi-Factor** **Alternator ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PALC (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Lunt Large Cap Multi-Factor Alternator ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Lunt Large Cap Multi-Factor Alternator ETF | $62 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Lunt Large Cap Multi Factor Alternator ETF (PALC) dynamically rotates monthly among value, momentum, quality, and volatility factor exposures—selecting two of the eight (high and low variants) based on relative strength—to capitalize on prevailing factor trends. Its performance is shaped by the timing and accuracy of these rotations, resulting sector exposures, and macroeconomic conditions like market volatility and economic cycles that drive factor effectiveness.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4216img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/24/2020)** |
| **Pacer Lunt Large Cap Multi-Factor Alternator ETF NAV**  | 6.48 | 15.53 |
| **Lunt Capital US Large Cap Multi-Factor Rotation Index**  | 7.24 | 16.45 |
| **S&P 500 TR**  | 12.10 | 14.95 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Lunt Large Cap Multi-Factor Alternator ETF PAGE 1 TSR-AR-69374H816

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $290112697 | **Portfolio Turnover** | 493% |
| **Number of Holdings** | 183 | **30-Day SEC Yield** | 1.90% |
| **Net Advisory Fee** | $2041870 | **30-Day SEC Yield Unsubsidized** | 1.90% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Berkshire Hathaway, Inc.  | 3.7% |
|  Exxon Mobil Corp.  | 2.9% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.4% |
|  Chevron Corp.  | 2.4% |
|  Bank of America Corp.  | 2.2% |
|  Wells Fargo & Co.  | 2.2% |
|  Verizon Communications, Inc.  | 2.1% |
|  CVS Health Corp.  | 1.8% |
|  AT&T, Inc.  | 1.8% |
|  Chubb Ltd.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Financials  | 27.2% |
|  Health Care  | 11.8% |
|  Utilities  | 10.0% |
|  Consumer Staples  | 9.8% |
|  Industrials  | 9.7% |
|  Energy  | 8.4% |
|  Communication Services  | 6.5% |
|  Consumer Discretionary  | 6.2% |
|  Real Estate  | 3.7% |
|  Cash & Other  | 6.7% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Lunt Large Cap Multi-Factor Alternator ETF PAGE 2 TSR-AR-69374H816

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Lunt MidCap Multi-Factor Alternator** **ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PAMC (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Lunt MidCap Multi-Factor Alternator ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Lunt MidCap Multi-Factor Alternator ETF | $59 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Lunt MidCap Multi Factor Alternator ETF (PAMC) rotates monthly between factor exposures—momentum, quality, value, and volatility—by selecting two of the eight factor styles from the S&P MidCap 400 based on relative strength signals. Its performance depends on the timing and accuracy of these factor rotations, sector composition resulting from those factor exposures, and broader market conditions—especially volatility and economic cycles—that influence factor performance.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4217img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/24/2020)** |
| **Pacer Lunt MidCap Multi-Factor Alternator ETF NAV**  | -3.79 | 12.66 |
| **Lunt Capital US MidCap Multi-Factor Rotation Index**  | -3.39 | 13.55 |
| **S&P MidCap 400®**  | 1.19 | 12.54 |
| **S&P Composite 1500 TR**  | 11.12 | 14.72 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Lunt MidCap Multi-Factor Alternator ETF PAGE 1 TSR-AR-69374H725

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $63456863 | **Portfolio Turnover** | 475% |
| **Number of Holdings** | 150 | **30-Day SEC Yield** | 2.35% |
| **Net Advisory Fee** | $391050 | **30-Day SEC Yield Unsubsidized** | 2.35% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 25.4% |
|  Unum Group  | 2.4% |
|  Performance Food Group Co.  | 2.1% |
|  Reinsurance Group of America, Inc.  | 1.9% |
|  Old Republic International Corp.  | 1.7% |
|  RenaissanceRe Holdings Ltd.  | 1.7% |
|  Tenet Healthcare Corp.  | 1.6% |
|  United States Steel Corp.  | 1.5% |
|  TD SYNNEX Corp.  | 1.4% |
|  Ovintiv, Inc.  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Financials  | 27.3% |
|  Real Estate  | 14.8% |
|  Consumer Discretionary  | 11.9% |
|  Utilities  | 10.4% |
|  Industrials  | 8.6% |
|  Energy  | 7.5% |
|  Materials  | 5.8% |
|  Consumer Staples  | 4.8% |
|  Health Care  | 4.3% |
|  Cash & Other  | 4.6% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Lunt MidCap Multi-Factor Alternator ETF PAGE 2 TSR-AR-69374H725

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer MSCI World Industry Advantage ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | GLBL (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer MSCI World Industry Advantage ETF for the period of September 16, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer MSCI World Industry Advantage ETF | $40 | 0.65% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer MSCI World Industry Advantage ETF (GLBL) invests in companies with industry strengths across developed markets. Its performance is influenced by sector dynamics, regulatory changes, currency fluctuations, and global trade conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4218img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/16/2024)** |
| **Pacer MSCI World Industry Advantage ETF NAV**  | 0.73 |
| **MSCI World Index**  | 1.23 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer MSCI World Industry Advantage ETF PAGE 1 TSR-AR-69374H295

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $808241 | **Portfolio Turnover** | 33% |
| **Number of Holdings** | 363 | **30-Day SEC Yield** | 0.63% |
| **Net Advisory Fee** | $3374 | **30-Day SEC Yield Unsubsidized** | 0.63% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 11.5% |
|  Microsoft Corp.  | 5.3% |
|  Apple, Inc.  | 4.8% |
|  Amazon.com, Inc.  | 4.5% |
|  NVIDIA Corp.  | 4.3% |
|  Meta Platforms, Inc. - Class A  | 3.9% |
|  Alphabet, Inc. - Class A  | 3.0% |
|  Broadcom, Inc.  | 2.8% |
|  Alphabet, Inc. - Class C  | 2.6% |
|  Berkshire Hathaway, Inc. - Class B  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 34.0% |
|  Financials  | 15.8% |
|  Communication Services  | 13.7% |
|  Consumer Discretionary  | 13.5% |
|  Health Care  | 8.9% |
|  Consumer Staples  | 5.1% |
|  Real Estate  | 3.9% |
|  Industrials  | 2.6% |
|  Energy  | 1.2% |
|  Cash & Other  | 1.3% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer MSCI World Industry Advantage ETF PAGE 2 TSR-AR-69374H295

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Nasdaq 100 Top 50 Cash Cows** **Growth Leaders ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | QQQG (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF for the period of August 19, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | $34 | 0.49% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Nasdaq-100 Top 50 Cash Cows Growth Leaders ETF (QQQG) invests in Nasdaq-100 companies with strong free cash flow margins and price momentum. Its performance is influenced by tech sector concentration, market trends in high-growth stocks, and the financial strength of top-performing firms.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4219img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/19/2024)** |
| **Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF NAV**  | -2.16 |
| **Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders Index Total Return Index**  | -1.97 |
| **S&P 500 TR**  | 0.20 |
| **NASDAQ 100 Total Return Index**  | -0.49 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF PAGE 1 TSR-AR-69374H329

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $3655565 | **Portfolio Turnover** | 51% |
| **Number of Holdings** | 51 | **30-Day SEC Yield** | 0.20% |
| **Net Advisory Fee** | $7373 | **30-Day SEC Yield Unsubsidized** | 0.20% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 15.1% |
|  Palantir Technologies, Inc. - Class A  | 5.8% |
|  Crowdstrike Holdings, Inc. - Class A  | 4.4% |
|  Fortinet, Inc.  | 4.3% |
|  Netflix, Inc.  | 4.1% |
|  AppLovin Corp. - Class A  | 3.9% |
|  Atlassian Corp. - Class A  | 3.2% |
|  Gilead Sciences, Inc.  | 2.8% |
|  Booking Holdings, Inc.  | 2.7% |
|  Broadcom, Inc.  | 2.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 61.1% |
|  Communication Services  | 11.2% |
|  Industrials  | 11.0% |
|  Health Care  | 7.3% |
|  Consumer Discretionary  | 6.4% |
|  Consumer Staples  | 1.9% |
|  Energy  | 1.1% |
|  Cash & Other  | 0.0% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF PAGE 2 TSR-AR-69374H329

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Nasdaq International Patent Leaders** **ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PATN (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Nasdaq International Patent Leaders ETF for the period of September 16, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Nasdaq International Patent Leaders ETF | $41 | 0.65% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Nasdaq International Patent Leaders ETF (PATN) invests in non-U.S. companies with valuable patent portfolios. Its performance is influenced by intellectual property strength, sector and regional exposure, currency changes, and economic conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4220img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/16/2024)** |
| **Pacer Nasdaq International Patent Leaders ETF NAV**  | 5.45 |
| **MSCI World Index**  | 4.72 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Nasdaq International Patent Leaders ETF PAGE 1 TSR-AR-69374H311

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $9721638 | **Portfolio Turnover** | 3% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 1.77% |
| **Net Advisory Fee** | $6507 | **30-Day SEC Yield Unsubsidized** | 1.77% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 8.6% |
|  Tencent Holdings Ltd.  | 7.0% |
|  SAP SE  | 4.6% |
|  Toyota Motor Corp.  | 3.9% |
|  Nestle SA  | 3.7% |
|  ASML Holding NV  | 3.4% |
|  Novartis AG  | 3.3% |
|  L'Oreal SA  | 3.1% |
|  Samsung Electronics Co. Ltd.  | 3.1% |
|  Roche Holding AG  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 33.3% |
|  Industrials  | 16.8% |
|  Health Care  | 14.9% |
|  Consumer Discretionary  | 11.9% |
|  Communication Services  | 9.4% |
|  Consumer Staples  | 8.7% |
|  Materials  | 3.6% |
|  Financials  | 0.7% |
|  Energy  | 0.5% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 26.9% |
|  Switzerland  | 11.8% |
|  Taiwan  | 11.0% |
|  China  | 11.0% |
|  Germany  | 10.4% |
|  France  | 10.4% |
|  South Korea  | 6.3% |
|  Netherlands  | 5.6% |
|  United Kingdom  | 5.5% |
|  Cash & Other  | 1.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Nasdaq International Patent Leaders ETF PAGE 2 TSR-AR-69374H311

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Pacific Asset Floating Rate High** **Income ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | FLRT (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Pacific Asset Floating Rate High Income ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Pacific Asset Floating Rate High Income ETF | $62 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Pacific Asset Floating Rate High Income ETF (FLRT) invests in senior secured floating-rate loans from below-investment-grade issuers. Its performance is influenced by interest rates, credit risk, sector exposure, and market liquidity.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4221img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Pacer Pacific Asset Floating Rate High Income ETF** **NAV**  | 5.67 | 6.66 | 4.19 |
| **Morningstar LSTA US Leveraged Loan 100 TR USD**  | 6.97 | 7.13 | 4.60 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.32 |
| **Bloomberg U.S. Aggregate Bond Index**  | 8.02 | -0.67 | 1.54 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Pacific Asset Floating Rate High Income ETF PAGE 1 TSR-AR-69374H428

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $471076288 | **Portfolio Turnover** | 65% |
| **Number of Holdings** | 201 | **Average Credit Quality** | AAA |
| **Net Advisory Fee** | $2402137 | **Effective Duration** | 2 yrs |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Neuberger Berman CLO Ltd.  | 3.7% |
|  Magnetite CLO Ltd.  | 3.5% |
|  United States Treasury Bill  | 3.4% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.5% |
|  Benefit Street Partners CLO Ltd.  | 1.8% |
|  Elmwood CLO Ltd.  | 1.8% |
|  Aimco CDO  | 1.7% |
|  CIFC Funding Ltd.  | 1.5% |
|  Caesars Entertainment, Inc.  | 1.4% |
|  SeaWorld Parks & Entertainment, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Collateralized Loan Obligations  | 29.6% |
|  Industrials  | 20.3% |
|  Consumer Discretionary  | 16.7% |
|  Information Technology  | 6.4% |
|  Materials  | 4.8% |
|  Financials  | 4.7% |
|  Energy  | 2.8% |
|  Health Care  | 2.7% |
|  Communication Services  | 1.5% |
|  Cash & Other  | 10.5% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Pacific Asset Floating Rate High Income ETF PAGE 2 TSR-AR-69374H428

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® 100 ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PTNQ (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® 100 ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® 100 ETF | $66 | 0.65% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The performance of the Pacer Trendpilot® 100 ETF is primarily influenced by the performance of NASDAQ-100 components during favorable market conditions. In periods of market stress, shifts into 3-Month U.S. Treasury bills.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4222img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/11/2015)** |
| **Pacer Trendpilot® 100 ETF NAV**  | 2.17 | 13.09 | 11.19 |
| **Pacer NASDAQ-100 Trendpilot® Index**  | 2.75 | 13.80 | 11.85 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.30 |
| **NASDAQ 100 Total Return Index**  | 13.10 | 17.75 | 17.18 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Trendpilot® 100 ETF PAGE 1 TSR-AR-69374H303

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1227992818 | **Portfolio Turnover** | 5% |
| **Number of Holdings** | 5 | **30-Day SEC Yield** | 3.09% |
| **Net Advisory Fee** | $8453696 | **30-Day SEC Yield Unsubsidized** | 3.09% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Issuers** | **(%)** |
|  United States Treasury Bill  | 98.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Government  | 98.2% |
|  Cash & Other  | 1.8% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® 100 ETF PAGE 2 TSR-AR-69374H303

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® European Index ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PTEU (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® European Index ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® European Index ETF | $67 | 0.65% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Trendpilot® European Index ETF (PTEU) shifts between European stocks and Treasury bills based on trend signals from the FTSE Eurozone Index. Its performance depends on the timing of these shifts, sector and geographic exposure, and overall market conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4223img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/14/2015)** |
| **Pacer Trendpilot® European Index ETF NAV**  | 5.94 | 3.91 | 2.15 |
| **Pacer Trendpilot® European Index**  | 7.41 | 5.45 | 3.59 |
| **FTSE Eurozone Total Return Index**  | 17.51 | 15.04 | 8.87 |
| **MSCI THE WORLD INDEX Net (USD)**  | 12.16 | 13.95 | 10.86 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Trendpilot® European Index ETF PAGE 1 TSR-AR-69374H808

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $30458598 | **Portfolio Turnover** | 153% |
| **Number of Holdings** | 291 | **30-Day SEC Yield** | 3.06% |
| **Net Advisory Fee** | $205776 | **30-Day SEC Yield Unsubsidized** | 3.06% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  SAP SE  | 4.9% |
|  ASML Holding NV  | 3.9% |
|  Siemens AG  | 2.6% |
|  Allianz SE  | 2.4% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 2.1% |
|  Schneider Electric SE  | 1.9% |
|  Sanofi SA  | 1.9% |
|  Deutsche Telekom AG  | 1.8% |
|  Air Liquide SA  | 1.8% |
|  TOTAL SA  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Financials  | 24.3% |
|  Industrials  | 18.5% |
|  Information Technology  | 11.6% |
|  Consumer Discretionary  | 11.2% |
|  Health Care  | 6.8% |
|  Utilities  | 6.4% |
|  Consumer Staples  | 6.1% |
|  Materials  | 4.7% |
|  Communication Services  | 4.7% |
|  Cash & Other  | 5.7% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Germany  | 28.4% |
|  France  | 28.3% |
|  Netherlands  | 13.8% |
|  Italy  | 9.1% |
|  Spain  | 9.0% |
|  Finland  | 2.9% |
|  Belgium  | 2.5% |
|  Ireland  | 0.9% |
|  Greece  | 0.9% |
|  Cash & Other  | 4.2% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® European Index ETF PAGE 2 TSR-AR-69374H808

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® Fund of Funds ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | TRND (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® Fund of Funds ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® Fund of Funds ETF | $15 | 0.15% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Trendpilot® Fund of Funds ETF's performance is influenced by broad market factors such as equity market trends, interest rate movements, and fixed income conditions. Its trend-following strategy uses signals from the S&P 500 to shift allocations between stocks, bonds, and Treasury bills, aiming to manage risk and optimize returns based on changing market environments.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4224img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2019)** |
| **Pacer Trendpilot® Fund of Funds ETF NAV**  | 3.96 | 7.11 | 4.93 |
| **Pacer Trendpilot® Fund of Funds Index**  | 4.64 | 8.12 | 5.93 |
| **S&P GLOBAL 1200 (TR)**  | 12.42 | 14.28 | 11.09 |
| **FTSE All-World Total Return Index**  | 12.48 | 13.60 | 10.36 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Trendpilot® Fund of Funds ETF PAGE 1 TSR-AR-69374H675

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $55757574 | **Portfolio Turnover** | 8% |
| **Number of Holdings** | 6 | **30-Day SEC Yield** | 2.55% |
| **Net Advisory Fee** | $79452 | **30-Day SEC Yield Unsubsidized** | 2.55% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Affiliated Exchange Traded Funds  | 99.9% |
|  Cash & Other  | 0.1% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Pacer Trendpilot® US Mid Cap ETF  | 20.9% |
|  Pacer Trendpilot® US Bond ETF  | 20.9% |
|  Pacer Trendpilot® US Large Cap ETF  | 19.6% |
|  Pacer Trendpilot® 100 ETF  | 19.5% |
|  Pacer Trendpilot® International ETF  | 19.0% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 5.3% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® Fund of Funds ETF PAGE 2 TSR-AR-69374H675

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---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® International ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PTIN (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® International ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® International ETF | $65 | 0.65% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Trendpilot® International ETF's performance is driven by the strength of developed international equity markets and the trend-following model that shifts into 3-Month U.S. Treasury bills during downturns. Currency exchange rates, regional economic conditions, and U.S. interest rates also play key roles in influencing returns.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4225img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/02/2019)** |
| **Pacer Trendpilot® International ETF NAV**  | -0.26 | 4.88 | 3.16 |
| **Pacer Trendpilot® International Index**  | 2.01 | 6.07 | 4.30 |
| **S&P Developed Ex-U.S. LargeCap (USD) TR**  | 11.39 | 11.93 | 8.07 |
| **MSCI THE WORLD INDEX Net (USD)**  | 12.16 | 13.95 | 10.89 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Trendpilot® International ETF PAGE 1 TSR-AR-69374H683

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $147748453 | **Portfolio Turnover** | 74% |
| **Number of Holdings** | 3 | **30-Day SEC Yield** | 2.91% |
| **Net Advisory Fee** | $960254 | **30-Day SEC Yield Unsubsidized** | 2.91% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Issuers** **\*\*** | **(%)** |
|  United States Treasury Bill  | 97.6% |
|  Constellation Software, Inc.  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Government  | 97.6 |
|  Warrants  | 0.0% |
|  Cash & Other  | 2.4% |

---

\* Percentages are stated as a percent of net assets.

\*\* Amount represents less than 0.005.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® International ETF PAGE 2 TSR-AR-69374H683

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® US Bond ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PTBD (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® US Bond ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® US Bond ETF | $62 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Trendpilot® US Bond ETF's performance is influenced by interest rate changes, credit spreads, market liquidity, and key economic indicators like inflation and employment. These factors affect the fund's trend strategy, which shifts between bonds and 3-Month U.S. Treasury bills to manage risk and capture returns.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4226img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/22/2019)** |
| **Pacer Trendpilot® US Bond ETF NAV**  | 5.58 | -0.07 | 0.69 |
| **Pacer Trendpilot® US Bond Index**  | 6.48 | 1.62 | 2.24 |
| **iBoxx USD Liquid High Yield Total Return Index**  | 9.16 | 5.73 | 3.84 |
| **Bloomberg U.S. Aggregate Bond Index**  | 8.02 | -0.67 | 0.34 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

\*\* The Fund has changed its benchmark to the Bloomberg U.S. Aggregate Bond Index, which represents the overall equity market in which the Fund invests.

Pacer Trendpilot® US Bond ETF PAGE 1 TSR-AR-69374H642

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $161501090 | **Portfolio Turnover** | 431% |
| **Number of Holdings** | 14 | **Average Credit Quality** | AAA |
| **Net Advisory Fee** | $1007690 | **Effective Duration** | 2 yrs |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Issuers<sup>†</sup>**  | **(%)** |
|  United States Treasury Note/Bond  | 98.6% |
|  Chobani Holdco II LLC  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** **<sup>,</sup><sup>†</sup>**  | **(%)** |
|  Government  | 98.6% |
|  Consumer Staples  | 0.0% |
|  Cash & Other  | 1.4% |

---

\* 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.

† Amount represents less than 0.005.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® US Bond ETF PAGE 2 TSR-AR-69374H642

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® US Large Cap ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PTLC (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® US Large Cap ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® US Large Cap ETF | $62 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Trendpilot® US Large Cap ETF (PTLC) adjusts exposure between stocks and Treasury bills based on trend signals from the S&P 500. Its performance depends on the timing of these shifts, sector concentration, and overall market conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4227img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/11/2015)** |
| **Pacer Trendpilot® US Large Cap ETF NAV**  | 6.94 | 13.61 | 7.99 |
| **Pacer Trendpilot® US Large Cap Index TR**  | 7.59 | 14.30 | 8.64 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.30 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Trendpilot® US Large Cap ETF PAGE 1 TSR-AR-69374H105

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $3213687073 | **Portfolio Turnover** | 3% |
| **Number of Holdings** | 4 | **30-Day SEC Yield** | 3.21% |
| **Net Advisory Fee** | $18954179 | **30-Day SEC Yield Unsubsidized** | 3.21% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Issuers** | **(%)** |
|  United States Treasury Bill  | 98.8 |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Government  | 98.8% |
|  Cash & Other  | 1.2% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® US Large Cap ETF PAGE 2 TSR-AR-69374H105

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer Trendpilot® US Mid Cap ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PTMC (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer Trendpilot® US Mid Cap ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer Trendpilot® US Mid Cap ETF | $61 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer Trendpilot® US Mid Cap ETF (PTMC) shifts between mid-cap stocks and Treasury bills based on trend signals. Its performance is driven by the timing of these shifts, sector exposure, and overall market conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4228img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/11/2015)** |
| **Pacer Trendpilot® US Mid Cap ETF NAV**  | 3.30 | 5.00 | 4.20 |
| **Pacer Trendpilot® US Mid Cap Index**  | 3.83 | 5.67 | 4.83 |
| **S&P MidCap 400 Total Return Index**  | 1.19 | 13.34 | 8.15 |
| **S&P Composite 1500 TR**  | 11.12 | 15.39 | 11.91 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer Trendpilot® US Mid Cap ETF PAGE 1 TSR-AR-69374H204

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $423240566 | **Portfolio Turnover** | 14% |
| **Number of Holdings** | 1 | **30-Day SEC Yield** | 3.62% |
| **Net Advisory Fee** | $2530329 | **30-Day SEC Yield Unsubsidized** | 3.62% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top Issuers** | **(%)** |
|  United States Treasury Bill  | 99.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Cash & Other  | 100.0% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer Trendpilot® US Mid Cap ETF PAGE 2 TSR-AR-69374H204

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer US Cash Cows 100 ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | COWZ (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Cash Cows 100 ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer US Cash Cows 100 ETF | $48 | 0.49% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer US Cash Cows 100 ETF's performance is influenced by factors like high free cash flow yield of its holdings, sector concentration risks, market liquidity, and broader economic conditions such as inflation and interest rates. These elements affect how well the fund's strategy performs across different market environments.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4229img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/16/2016)** |
| **Pacer US Cash Cows 100 ETF NAV**  | -3.52 | 17.88 | 11.38 |
| **S&P Composite 1500 TR**  | 11.12 | 15.39 | 12.82 |
| **Russell 1000 Value Total Return**  | 11.94 | 15.42 | 13.07 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer US Cash Cows 100 ETF PAGE 1 TSR-AR-69374H881

------

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $20965678322 | **Portfolio Turnover** | 151% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 2.28% |
| **Net Advisory Fee** | $119347209 | **30-Day SEC Yield Unsubsidized** | 2.28% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Booking Holdings, Inc.  | 2.4% |
|  Uber Technologies, Inc.  | 2.3% |
|  Altria Group, Inc.  | 2.2% |
|  AT&T, Inc.  | 2.2% |
|  Ford Motor Co.  | 2.2% |
|  Marathon Petroleum Corp.  | 2.1% |
|  ConocoPhillips  | 2.1% |
|  Exxon Mobil Corp.  | 2.1% |
|  Verizon Communications, Inc.  | 2.1% |
|  HCA Healthcare, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Health Care  | 16.9% |
|  Energy  | 16.8% |
|  Information Technology  | 16.8% |
|  Consumer Discretionary  | 15.5% |
|  Industrials  | 13.9% |
|  Consumer Staples  | 8.2% |
|  Communication Services  | 7.7% |
|  Materials  | 3.2% |
|  Utilities  | 0.8% |
|  Cash & Other  | 0.2% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Cash Cows 100 ETF PAGE 2 TSR-AR-69374H881

------

---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer US Cash Cows Growth ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | BUL (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Cash Cows Growth ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer US Cash Cows Growth ETF | $63 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer US Cash Cows Growth ETF (BUL) invests in U.S. companies with high free cash flow margins, targeting strong, efficient growth firms. Its performance is influenced by sector exposure—especially to tech, consumer discretionary, and industrials.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4230img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/02/2019)** |
| **Pacer US Cash Cows Growth ETF NAV**  | 10.41 | 15.11 | 11.20 |
| **Pacer US Cash Cows Growth TR**  | 10.88 | 15.33 | 11.37 |
| **S&P 500 TR**  | 12.10 | 15.61 | 13.20 |
| **S&P 900 Pure Growth (TR)**  | 2.68 | 11.86 | 8.77 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer US Cash Cows Growth ETF PAGE 1 TSR-AR-69374H667

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $71143782 | **Portfolio Turnover** | 137% |
| **Number of Holdings** | 51 | **30-Day SEC Yield** | 0.25% |
| **Net Advisory Fee** | $395929 | **30-Day SEC Yield Unsubsidized** | 0.25% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 12.8% |
|  Booking Holdings, Inc.  | 5.7% |
|  Uber Technologies, Inc.  | 5.6% |
|  Airbnb, Inc.  | 4.9% |
|  International Business Machines Corp.  | 4.8% |
|  salesforce.com, Inc.  | 4.8% |
|  Caterpillar, Inc.  | 4.5% |
|  Westinghouse Air Brake Technologies Corp.  | 4.1% |
|  Delta Air Lines, Inc.  | 3.5% |
|  GoDaddy, Inc.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Industrials  | 35.8% |
|  Consumer Discretionary  | 30.9% |
|  Information Technology  | 16.6% |
|  Health Care  | 9.1% |
|  Utilities  | 2.8% |
|  Materials  | 1.7% |
|  Consumer Staples  | 1.7% |
|  Energy  | 1.3% |
|  Cash & Other  | 0.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Cash Cows Growth ETF PAGE 2 TSR-AR-69374H667

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| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer US Export Leaders ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PEXL (Principal U.S. Listing Exchange: NYSE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Export Leaders ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer US Export Leaders ETF | $59 | 0.60% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer US Export Leaders ETF (PEXL) invests in U.S. companies with strong foreign sales and free cash flow growth. Its performance is influenced by global demand, currency fluctuations, geopolitical events, and sector exposure.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4231img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(07/23/2018)** |
| **Pacer US Export Leaders ETF NAV**  | -3.95 | 12.88 | 9.63 |
| **Pacer US Export Leaders ETF Total Return Index**  | -3.42 | 13.56 | 10.30 |
| **S&P 900 Index TR**  | 11.46 | 15.49 | 12.17 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer US Export Leaders ETF PAGE 1 TSR-AR-69374H402

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $40520671 | **Portfolio Turnover** | 71% |
| **Number of Holdings** | 100 | **30-Day SEC Yield** | 0.55% |
| **Net Advisory Fee** | $358954 | **30-Day SEC Yield Unsubsidized** | 0.55% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 7.6% |
|  Duolingo, Inc.  | 1.4% |
|  Netflix, Inc.  | 1.3% |
|  Amphenol Corp.  | 1.3% |
|  Cadence Design System, Inc.  | 1.3% |
|  Royal Gold, Inc.  | 1.2% |
|  Mosaic Co.  | 1.2% |
|  Booking Holdings, Inc.  | 1.2% |
|  NewMarket Corp.  | 1.2% |
|  Newmont Goldcorp Corp.  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 38.3% |
|  Consumer Discretionary  | 14.6% |
|  Materials  | 11.9% |
|  Industrials  | 10.3% |
|  Health Care  | 9.2% |
|  Energy  | 6.1% |
|  Communication Services  | 5.2% |
|  Consumer Staples  | 4.3% |
|  Cash & Other  | 0.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Export Leaders ETF PAGE 2 TSR-AR-69374H402

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---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer US Large Cap Cash Cows Growth** **Leaders ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | COWG (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Large Cap Cash Cows Growth Leaders ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer US Large Cap Cash Cows Growth Leaders ETF | $56 | 0.49% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) targets U.S. companies with high free cash flow margins, emphasizing operational efficiency and profitability. Its performance is influenced by sector allocations, particularly in technology, healthcare, and energy, as well as macroeconomic conditions affecting growth stocks.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4232img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/21/2022)** |
| **Pacer US Large Cap Cash Cows Growth Leaders ETF NAV**  | 29.72 | 21.24 |
| **Pacer US Large Cap Cash Cows Growth Leaders TR**  | 30.46 | 21.84 |
| **Russell 1000 Total Return**  | 11.94 | 18.15 |
| **Russell 1000 Growth Total Return**  | 14.41 | 25.52 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer US Large Cap Cash Cows Growth Leaders ETF PAGE 1 TSR-AR-69374H360

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1440420695 | **Portfolio Turnover** | 108% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 0.39% |
| **Net Advisory Fee** | $2377762 | **30-Day SEC Yield Unsubsidized** | 0.39% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Palantir Technologies, Inc.  | 5.3% |
|  AppLovin Corp.  | 3.8% |
|  Doximity, Inc.  | 2.9% |
|  Ubiquiti, Inc.  | 2.9% |
|  Astera Labs, Inc.  | 2.7% |
|  Duolingo, Inc.  | 2.6% |
|  Atlassian Corp.  | 2.6% |
|  Texas Pacific Land Corp.  | 2.3% |
|  Crowdstrike Holdings, Inc.  | 2.3% |
|  Exelixis, Inc.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 55.6% |
|  Health Care  | 14.5% |
|  Consumer Discretionary  | 9.1% |
|  Energy  | 5.8% |
|  Communication Services  | 5.1% |
|  Industrials  | 4.8% |
|  Consumer Staples  | 2.4% |
|  Materials  | 2.0% |
|  Utilities  | 0.6% |
|  Cash & Other  | 0.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Large Cap Cash Cows Growth Leaders ETF PAGE 2 TSR-AR-69374H360

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---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer US Small Cap Cash Cows ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | CALF (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Small Cap Cash Cows ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer US Small Cap Cash Cows ETF | $53 | 0.59% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer US Small Cap Cash Cows ETF's performance is influenced by the free cash flow yield of its small-cap holdings, sector allocations, and market liquidity. Economic factors like interest rates and inflation also impact returns due to the sensitivity of small-cap stocks to these conditions.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4233img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/16/2017)** |
| **Pacer US Small Cap Cash Cows ETF NAV**  | -21.28 | 12.96 | 6.13 |
| **Pacer US Small Cap Cash Cows TR**  | -20.88 | 13.51 | 6.50 |
| **S&P SmallCap 600 TR**  | -1.93 | 11.42 | 6.33 |
| **S&P SmallCap 600 Value TR**  | -2.54 | 11.96 | 5.41 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer US Small Cap Cash Cows ETF PAGE 1 TSR-AR-69374H857

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $4185670049 | **Portfolio Turnover** | 146% |
| **Number of Holdings** | 201 | **30-Day SEC Yield** | 1.42% |
| **Net Advisory Fee** | $48256741 | **30-Day SEC Yield Unsubsidized** | 1.42% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 9.3% |
|  CF Industries Holdings, Inc.  | 2.1% |
|  WP Carey, Inc.  | 2.1% |
|  EMCOR Group, Inc.  | 2.1% |
|  Expedia Group, Inc.  | 2.0% |
|  Flex Ltd.  | 2.0% |
|  Gen Digital, Inc.  | 2.0% |
|  Omnicom Group, Inc.  | 2.0% |
|  United Airlines Holdings, Inc.  | 2.0% |
|  Viatris, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Consumer Discretionary  | 21.0% |
|  Industrials  | 19.2% |
|  Information Technology  | 17.4% |
|  Energy  | 12.0% |
|  Health Care  | 10.2% |
|  Communication Services  | 8.3% |
|  Materials  | 5.6% |
|  Consumer Staples  | 3.6% |
|  Real Estate  | 2.6% |
|  Cash & Other  | 0.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Small Cap Cash Cows ETF PAGE 2 TSR-AR-69374H857

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---

| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer US Small Cap Cash Cows Growth** **Leaders ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | CAFG (Principal U.S. Listing Exchange: Nasdaq) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

---

This annual shareholder report contains important information about the Pacer US Small Cap Cash Cows Growth Leaders ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer US Small Cap Cash Cows Growth Leaders ETF | $59 | 0.59% |

---

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG) invests in small-cap companies with high free cash flow margins and strong pricing momentum. Its performance is influenced by sector exposure, small-cap market volatility, and broader economic conditions like interest rates and liquidity.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4234img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/01/2023)** |
| **Pacer US Small Cap Cash Cows Growth Leaders ETF NAV**  | 0.94 | 7.40 |
| **Pacer US Small Cap Cash Cows Growth Leaders TR**  | 1.65 | 8.16 |
| **S&P Composite 1500 TR**  | 11.12 | 16.49 |
| **S&P SmallCap 600 Growth TR**  | -1.50 | 7.80 |

---

Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer US Small Cap Cash Cows Growth Leaders ETF PAGE 1 TSR-AR-69374H352

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**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $17873638 | **Portfolio Turnover** | 136% |
| **Number of Holdings** | 101 | **30-Day SEC Yield** | 0.33% |
| **Net Advisory Fee** | $98050 | **30-Day SEC Yield Unsubsidized** | 0.33% |

---

Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.4% |
|  Corcept Therapeutics, Inc.  | 4.2% |
|  Pacira BioSciences, Inc.  | 3.2% |
|  Liquidity Services, Inc.  | 2.9% |
|  A10 Networks, Inc.  | 2.6% |
|  InterDigital, Inc.  | 2.5% |
|  Adtalem Global Education, Inc.  | 2.3% |
|  Cal-Maine Foods, Inc.  | 2.0% |
|  Proto Labs, Inc.  | 1.9% |
|  TEGNA, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Health Care  | 27.4% |
|  Industrials  | 22.0% |
|  Information Technology  | 22.0% |
|  Consumer Discretionary  | 8.4% |
|  Communication Services  | 6.8% |
|  Consumer Staples  | 6.1% |
|  Energy  | 4.4% |
|  Materials  | 2.0% |
|  Utilities  | 0.8% |
|  Cash & Other  | 0.1% |

---

\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer US Small Cap Cash Cows Growth Leaders ETF PAGE 2 TSR-AR-69374H352

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| | | |
|:---|:---|:---|
| ![image](i202410282013159.jpg) | **Pacer WealthShield ETF**  | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | PWS (Principal U.S. Listing Exchange: CBOE) | ![image](i202412241507547.jpg) |
| ![image](i202410282013159.jpg) | Annual Shareholder Report \| April 30, 2025  | ![image](i202412241507547.jpg) |

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This annual shareholder report contains important information about the Pacer WealthShield ETF for the period of May 1, 2024, to April 30, 2025. You can find additional information about the Fund at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

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| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Pacer WealthShield ETF | $64 | 0.60% |

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**WHAT FACTORS INFLUENCED PERFORMANCE**

The Pacer WealthShield ETF (PWS) adjusts exposure between U.S. equities and Treasury bonds based on market trends. Its performance is influenced by bond market strength, sector momentum, and overall market conditions, with lower volatility than the broader market.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4235img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(12/11/2017)** |
| **Pacer WealthShield ETF NAV**  | 12.45 | 6.57 | 4.20 |
| **Pacer WealthShield TR**  | 12.70 | 6.86 | 4.50 |
| **S&P 500 TR**  | 12.10 | 15.61 | 12.39 |
| **S&P U.S. Treasury Bond 20+ Year Index**  | 5.63 | -9.27 | -2.01 |

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Visit https://www.paceretfs.com/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

Pacer WealthShield ETF PAGE 1 TSR-AR-69374H840

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**KEY FUND STATISTICS** (as of April 30, 2025)

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| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $26185405 | **Portfolio Turnover** | 514% |
| **Number of Holdings** | 41 | **30-Day SEC Yield** | 3.57% |
| **Net Advisory Fee** | $122520 | **30-Day SEC Yield Unsubsidized** | 3.57% |

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Visit https://www.paceretfs.com/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)\*

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| | |
|:---|:---|
| **Top Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 98.5% |
|  ABIOMED INC  | 0.0% |

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| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Government  | 98.5% |
|  Cash & Other  | 1.5% |

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\* 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 additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.paceretfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Pacer Advisors, Inc. documents not be householded, please contact Pacer Advisors, Inc. at 877-337-0500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Pacer Advisors, Inc. or your financial intermediary.

Pacer WealthShield ETF PAGE 2 TSR-AR-69374H840

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** *A copy of the registrant's Code of Ethics is filed herewith.* 

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Deborah Wolk is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. "Other services" refer to services not covered within the other services. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

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| | | |
|:---|:---|:---|
| | FYE 04/30/2025 | FYE 04/30/2024 |
| (a) Audit Fees | $249000 | $234100 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $36000 | $29000 |
| (d) All Other Fees | $0 | $0 |

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(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

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| | | |
|:---|:---|:---|
| | FYE 04/30/2025 | FYE 04/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

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(f) N/A

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

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| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 04/30/2025 | FYE 04/30/2024 |
| Registrant | $0 | $0 |
| Registrant's Investment Adviser | $0 | $0 |

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(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jane Sagendorph, Colin Lake and Deborah Wolk.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under
 Item 7 of this Form.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](pacer_etfs-logox1.jpg)

**Pacer Funds** 

**Pacer Cash Cows Fund of Funds ETF *Ticker: HERD*** 

**Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF *Ticker: SZNE*** 

**Pacer Data & Infrastructure Real Estate ETF *Ticker: SRVR*** 

**Pacer Data and Digital Revolution ETF *Ticker: TRFK*** 

**Pacer Developed Markets International Cash Cows 100 ETF *Ticker: ICOW*** 

**Pacer Emerging Markets Cash Cows 100 ETF *Ticker: ECOW*** 

**Pacer Global Cash Cows Dividend ETF *Ticker: GCOW*** 

**Pacer Industrial Real Estate ETF *Ticker: INDS*** 

**Pacer Industrials and Logistics ETF *Ticker: SHPP*** 

**Pacer Lunt Large Cap Alternator ETF *Ticker: ALTL*** 

**Pacer Lunt Large Cap Multi-Factor Alternator ETF *Ticker: PALC*** 

**Pacer Lunt MidCap Multi-Factor Alternator ETF *Ticker: PAMC*** 

**Pacer MSCI World Industry Advantage ETF *Ticker: GLBL*** 

**Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF *Ticker: QQQG*** 

**Pacer Nasdaq International Patent Leaders ETF *Ticker: PATN*** 

**Pacer Pacific Asset Floating Rate High Income ETF *Ticker: FLRT*** 

**Pacer Trendpilot<sup>®</sup> 100 ETF *Ticker: PTNQ*** 

**Pacer Trendpilot<sup>®</sup> European Index ETF *Ticker: PTEU*** 

**Pacer Trendpilot<sup>®</sup> Fund of Funds ETF *Ticker: TRND*** 

**Pacer Trendpilot<sup>®</sup> International ETF *Ticker: PTIN*** 

**Pacer Trendpilot<sup>®</sup> US Bond ETF *Ticker: PTBD*** 

**Pacer Trendpilot<sup>®</sup> US Large Cap ETF *Ticker: PTLC*** 

**Pacer Trendpilot<sup>®</sup> US Mid Cap ETF *Ticker: PTMC*** 

**Pacer US Cash Cows 100 ETF *Ticker: COWZ*** 

**Pacer US Cash Cows Growth ETF *Ticker: BUL*** 

**Pacer US Export Leaders ETF *Ticker: PEXL*** 

**Pacer US Large Cap Cash Cows Growth Leaders ETF *Ticker: COWG*** 

**Pacer US Small Cap Cash Cows ETF *Ticker: CALF*** 

**Pacer US Small Cap Cash Cows Growth Leaders ETF *Ticker: CAFG*** 

**Pacer WealthShield ETF *Ticker: PWS***

April 30, 2025

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [62](#sal) |
| [Statements of Operations](#sop) | [68](#sop) |
| [Statements of Changes in Net Assets](#scna) | [74](#scna) |
| [Financial Highlights](#fihi) | [89](#fihi) |
| [Notes to Financial Statements](#notes) | [119](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [148](#rep) |
| [Additional Information](#ai1) | [151](#ai1) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER CASH COWS FUND OF FUNDS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **AFFILIATED EXCHANGE TRADED** <br>**FUNDS - 100.0%** | &nbsp;&nbsp;&nbsp; **AFFILIATED EXCHANGE TRADED** <br>**FUNDS - 100.0%** | &nbsp;&nbsp;&nbsp; **AFFILIATED EXCHANGE TRADED** <br>**FUNDS - 100.0%** |
|  Pacer Developed Markets International Cash Cows 100 ETF<sup>(a)</sup> | 534129 | $16958596  |
| Pacer Global Cash Cows Dividend ETF<sup>(a)</sup> | 459633 | 16900705  |
| Pacer US Cash Cows 100 ETF<sup>(a)</sup> | 310475 | 16098129  |
| Pacer US Cash Cows Growth ETF<sup>(a)</sup> | 382490 | 16994031  |
| &nbsp;&nbsp;&nbsp; Pacer US Small Cap Cash Cows <br>ETF<sup>(a)(b)</sup> | 447577 | 15956120  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $81,413,022)** |  | 82907581  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 2.7%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 2.7%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 2.7%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 2212350 | 2212350 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING**<br>**(Cost $2,212,350)** |  | 2212350 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.7%** <br>**(Cost $83,625,372)** |  | $85119931 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.7)% |  | (2202252)  |
| **TOTAL NET ASSETS - 100.0%** |  | $82917679 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard

& Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $2,146,130 which represented 2.6% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER CFRA-STOVALL EQUAL WEIGHT SEASONAL ROTATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%**<br>|  |  |
| **Consumer Staples - 49.4%<sup>(a)</sup>**<br>|  |  |
| Altria Group, Inc. | 4568 | $270197  |
| Archer-Daniels-Midland Co. | 5609 | 267830  |
| Brown-Forman Corp. - Class B | 7721 | 269000  |
| Bunge Global SA | 3611 | 284258  |
| Church & Dwight Co., Inc. | 2422 | 240601  |
| Clorox Co. | 1790 | 254717  |
| Coca-Cola Co. | 3776 | 273949  |
| Colgate-Palmolive Co. | 2908 | 268089  |
| Conagra Brands, Inc. | 10192 | 251844  |
| Constellation Brands, Inc. - Class A | 1436 | 269307  |
| Costco Wholesale Corp. | 285 | 283432  |
| Dollar General Corp. | 3420 | 320420  |
| Dollar Tree, Inc.<sup>(b)</sup> | 4140 | 338528  |
| Estee Lauder Cos., Inc. - Class A | 3974 | 238281  |
| General Mills, Inc. | 4399 | 249599  |
| Hershey Co. | 1545 | 258309  |
| Hormel Foods Corp. | 9037 | 270206  |
| J M Smucker Co. | 2378 | 276490  |
| Kellanova | 3209 | 265609  |
| Kenvue, Inc. | 11446 | 270126  |
| Keurig Dr Pepper, Inc. | 8048 | 278380  |
| Kimberly-Clark Corp. | 1887 | 248669  |
| Kroger Co. | 3922 | 283208  |
| Lamb Weston Holdings, Inc. | 5146 | 271760  |
| McCormick & Co., Inc. | 3238 | 248225  |
| Molson Coors Beverage Co. - Class B | 4447 | 255836  |
| Mondelez International, Inc. - Class A | 4064 | 276880  |
| Monster Beverage Corp.<sup>(b)</sup> | 4854 | 291822  |
| PepsiCo, Inc. | 1782 | 241604  |
| Philip Morris International, Inc. | 1686 | 288913  |
| Procter & Gamble Co. | 1568 | 254910  |
| Sysco Corp. | 3586 | 256040  |
| Target Corp. | 2461 | 237979  |
| The Campbell's Co. | 6845 | 249569  |
| The Kraft Heinz Co. | 8715 | 253606  |
| Tyson Foods, Inc. - Class A | 4391 | 268905  |
| Walgreens Boots Alliance, Inc. | 23577 | 258640  |
| Walmart, Inc. | 2994 | 291166  |
|  |  | 10176904  |
| **Health Care - 49.5%<sup>(a)</sup>**<br>|  |  |
| Abbott Laboratories | 1346 | 175989  |
| AbbVie, Inc. | 827 | 161348  |
| Agilent Technologies, Inc. | 1463 | 157419  |
| Align Technology, Inc.<sup>(b)</sup> | 1066 | 184738  |
| Amgen, Inc. | 561 | 163206  |
| Baxter International, Inc. | 5096 | 158842  |
| Becton Dickinson & Co. | 784 | 162359  |
| Biogen, Inc.<sup>(b)</sup> | 1251 | 151471  |
| Bio-Techne Corp. | 2911 | 146569  |
| Boston Scientific Corp.<sup>(b)</sup> | 1819 | 187121  |
| Bristol-Myers Squibb Co. | 2932 | 147186  |

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cardinal Health, Inc. | 1383 | $195404  |
| Cencora, Inc. | 690 | 201942  |
| Centene Corp.<sup>(b)</sup> | 3000 | 179550  |
|  Charles River Laboratories International, Inc.<sup>(b)</sup> | 1028 | 121941  |
| Cigna Group | 564 | 191783  |
| Cooper Cos., Inc.<sup>(b)</sup> | 2218 | 181144  |
| CVS Health Corp. | 2705 | 180451  |
| Danaher Corp. | 856 | 170626  |
| DaVita, Inc.<sup>(b)</sup> | 1230 | 174106  |
| DexCom, Inc.<sup>(b)</sup> | 2478 | 176880  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 2560 | 193254  |
| Elevance Health, Inc. | 427 | 179588  |
| Eli Lilly & Co. | 213 | 191476  |
| GE HealthCare Technologies, Inc. | 2093 | 147201  |
| Gilead Sciences, Inc. | 1538 | 163859  |
| HCA Healthcare, Inc. | 561 | 193590  |
| Henry Schein, Inc.<sup>(b)</sup> | 2507 | 162880  |
| Hologic, Inc.<sup>(b)</sup> | 2870 | 167034  |
| Humana, Inc. | 704 | 184617  |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 425 | 183876  |
| Incyte Corp.<sup>(b)</sup> | 2589 | 162227  |
| Insulet Corp.<sup>(b)</sup> | 706 | 178117  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 353 | 182077  |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 946 | 146696  |
| Johnson & Johnson | 1077 | 168346  |
| Labcorp Holdings, Inc. | 740 | 178347  |
| McKesson Corp. | 274 | 195304  |
| Medtronic PLC | 1916 | 162400  |
| Merck & Co., Inc. | 1879 | 160091  |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 144 | 154162  |
| Moderna, Inc.<sup>(b)</sup> | 5009 | 142957  |
| Molina Healthcare, Inc.<sup>(b)</sup> | 557 | 182145  |
| Pfizer, Inc. | 6821 | 166501  |
| Quest Diagnostics, Inc. | 1054 | 187844  |
| Regeneron Pharmaceuticals, Inc. | 254 | 152085  |
| ResMed, Inc. | 796 | 188326  |
| Revvity, Inc. | 1573 | 146965  |
| Solventum Corp.<sup>(b)</sup> | 2369 | 156638  |
| STERIS PLC | 781 | 175522  |
| Stryker Corp. | 482 | 180229  |
| Thermo Fisher Scientific, Inc. | 342 | 146718  |
| UnitedHealth Group, Inc. | 365 | 150176  |
| Universal Health Services, Inc. - Class B | 1053 | 186455  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 354 | 180363  |
| Viatris, Inc. | 18979 | 159803  |
| Waters Corp.<sup>(b)</sup> | 470 | 163433  |
| West Pharmaceutical Services, Inc. | 782 | 165229  |
| Zimmer Biomet Holdings, Inc. | 1686 | 173742  |
| Zoetis, Inc. | 1085 | 169694  |
|  |  | 10200042  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $20,379,096)** |  | 20376946 |

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The accompanying notes are an integral part of these financial statements.

2<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER CFRA-STOVALL EQUAL WEIGHT SEASONAL ROTATION ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

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| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 8.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 8.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 8.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)(d)</sup> | 1817130 | $1817130  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,817,130)** |  | 1817130  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.7%**<br>**(Cost $22,196,226)** |  | $22194076 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.7)% |  | (1578998)  |
| **TOTAL NET ASSETS - 100.0%** |  | $20615078 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(d)</sup> Due to settlement of open trades there are no positions on loan as of April 30, 2025. The total value of securities on loan is $1,769,177 or 8.6% of net assets.

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER DATA & INFRASTRUCTURE REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 67.2%<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 67.2%<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 67.2%<sup>(a)</sup>** |
| American Tower Corp. | 306923 | $69183513  |
| Crown Castle, Inc. | 188526 | 19938510  |
| Digital Realty Trust, Inc. | 435690 | 69945673  |
| Equinix, Inc. | 77276 | 66515317  |
| Iron Mountain, Inc. | 224667 | 20145890  |
| Keppel DC REIT | 10133034 | 16762927  |
| SBA Communications Corp. | 89192 | 21709333  |
| Uniti Group, Inc. | 1324870 | 6518360  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $279,375,673)** |  | 290719523  |
| **COMMON STOCKS - 32.7%**<br>|  |  |
| **Communication Services - 21.4%**<br>|  |  |
| Cellnex Telecom SA<sup>(b)</sup> | 555051 | 22487231  |
| China Tower Corp. Ltd.<sup>(b)</sup> | 12401888 | 17975837  |
| Eutelsat Communications SACA<sup>(c)(d)</sup> | 739705 | 2997668  |
| HKBN Ltd. | 4834659 | 3160886  |
| Infrastrutture Wireless Italiane SpA<sup>(b)</sup> | 1865344 | 22349353  |
| Iridium Communications, Inc. | 533437 | 12871835  |
| SES SA<sup>(d)</sup> | 2004603 | 10614346  |
|  |  | 92457156  |
| **Financials - 1.9%**<br>|  |  |
| DigitalBridge Group, Inc.<sup>(d)</sup> | 956748 | 8036683  |
| **Information Technology - 9.4%**<br>|  |  |
| GDS Holdings Ltd. - ADR<sup>(c)(d)</sup> | 552074 | 13917786  |
| NEXTDC Ltd.<sup>(c)</sup> | 2343600 | 17739663  |
| SUNeVision Holdings Ltd. | 3411703 | 2837696  |
| Vnet Group, Inc. - ADR<sup>(c)(d)</sup> | 1009962 | 6352661  |
|  |  | 40847806  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $152,393,564)** |  | 141341645  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 5.7%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 5.7%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 5.7%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(e)</sup> | 24545995 | 24545995  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $24,545,995)** |  | 24545995 |
|  **TOTAL INVESTMENTS - 105.6% (Cost $456,315,232)** |  | $456607163 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (5.6)% |  | (24024030)  |
| **TOTAL NET ASSETS - 100.0%** |  | $432583133 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> 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 April 30, 2025, the value of these securities total $62,812,421 or 14.5% of the Fund's net assets.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $24,621,790 which represented 5.7% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER DATA AND DIGITAL REVOLUTION ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Industrials - 7.8%**<br>|  |  |
| AAON, Inc. | 1833 | $167298  |
| Atkore, Inc. | 769 | 49116  |
| Carrier Global Corp. | 19608 | 1226284  |
| Johnson Controls International PLC | 14906 | 1250613  |
| Legrand SA | 5904 | 646306  |
| Lennox International, Inc. | 804 | 439587  |
| Nexans SA | 983 | 107496  |
| nVent Electric PLC | 3715 | 203991  |
| SPX Technologies, Inc.<sup>(a)</sup> | 1047 | 140455  |
|  |  | 4231146  |
| **Information Technology - 92.2%<sup>(b)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 24707 | 2405226  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 3378 | 272199  |
| Ambarella, Inc.<sup>(a)</sup> | 941 | 45159  |
| Arista Networks, Inc.<sup>(a)</sup> | 24285 | 1997927  |
| AvePoint, Inc.<sup>(a)</sup> | 4225 | 69079  |
| Belden, Inc. | 903 | 93108  |
| BlackBerry Ltd.<sup>(a)</sup> | 13316 | 45116  |
| Broadcom, Inc. | 27402 | 5274063  |
| Calix, Inc.<sup>(a)</sup> | 1492 | 61038  |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies <br>Ltd.<sup>(a)</sup> | 2479 | 544289  |
| Ciena Corp.<sup>(a)(c)</sup> | 3213 | 215785  |
| Cisco Systems, Inc. | 60736 | 3506289  |
| Commvault Systems, Inc.<sup>(a)</sup> | 992 | 165793  |
| Computacenter PLC | 2395 | 77096  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 5806 | 138241  |
| Couchbase, Inc.<sup>(a)</sup> | 1283 | 22632  |
| Credo Technology Group Holding Ltd.<sup>(a)</sup> | 3762 | 161954  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 5295 | 2270867  |
| CyberArk Software Ltd.<sup>(a)</sup> | 1111 | 391250  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 7096 | 724927  |
| Digi International, Inc.<sup>(a)(c)</sup> | 911 | 24779  |
| DigitalOcean Holdings, Inc.<sup>(a)(c)</sup> | 2079 | 64241  |
| Dropbox, Inc. - Class A<sup>(a)(c)</sup> | 5062 | 144520  |
| DXC Technology Co.<sup>(a)</sup> | 4072 | 63197  |
| Dynatrace, Inc.<sup>(a)</sup> | 6736 | 316390  |
| Elastic NV<sup>(a)</sup> | 2333 | 201105  |
| Extreme Networks, Inc.<sup>(a)</sup> | 2992 | 39375  |
| F5, Inc.<sup>(a)</sup> | 1299 | 343897  |
| Fortinet, Inc.<sup>(a)(c)</sup> | 17352 | 1800444  |
| Hewlett Packard Enterprise Co.<sup>(c)</sup> | 29558 | 479431  |
| Informatica, Inc. - Class A<sup>(a)</sup> | 5882 | 110758  |
| Intel Corp. | 98049 | 1970785  |
| InterDigital, Inc.<sup>(c)</sup> | 583 | 117183  |
| Juniper Networks, Inc. | 7447 | 270475  |
| Marvell Technology, Inc. | 19530 | 1139966  |
| MaxLinear, Inc.<sup>(a)</sup> | 1900 | 18981  |
| MicroStrategy, Inc.<sup>(a)(c)</sup> | 5399 | 2052214  |
| MongoDB, Inc.<sup>(a)</sup> | 1678 | 288901  |
| Motorola Solutions, Inc. | 3783 | 1665995  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NET One Systems Co. Ltd. | 1928 | $60824  |
| NetApp, Inc. | 4580 | 411055  |
| NetScout Systems, Inc.<sup>(a)</sup> | 1613 | 33905  |
| Nokia OYJ | 126125 | 629263  |
| Nutanix, Inc.<sup>(a)</sup> | 6027 | 414055  |
| NVIDIA Corp. | 45989 | 5009122  |
| Okta, Inc.<sup>(a)</sup> | 3680 | 412749  |
| Oracle Corp. | 36672 | 5160484  |
| Oracle Corp. Japan | 2890 | 347574  |
| Palo Alto Networks, Inc.<sup>(a)(c)</sup> | 14223 | 2658705  |
| Pure Storage, Inc.<sup>(a)(c)</sup> | 7341 | 332988  |
| Qorvo, Inc.<sup>(a)</sup> | 2100 | 150507  |
| Qualys, Inc.<sup>(a)</sup> | 823 | 103459  |
| Rapid7, Inc.<sup>(a)</sup> | 1417 | 33470  |
| Sandisk Corp./DE<sup>(a)(c)</sup> | 2609 | 83775  |
| Seagate Technology Holdings PLC | 4762 | 433485  |
| Semtech Corp.<sup>(a)</sup> | 1896 | 59250  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 6636 | 122766  |
| Snowflake, Inc.<sup>(a)(c)</sup> | 7472 | 1191709  |
| Super Micro Computer, Inc.<sup>(a)(c)</sup> | 13179 | 419883  |
| TE Connectivity PLC | 6756 | 988943  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 2701 | 82572  |
| Teradata Corp.<sup>(a)</sup> | 2157 | 46376  |
| Trend Micro, Inc./Japan | 3170 | 227349  |
| Varonis Systems, Inc.<sup>(a)</sup> | 2531 | 108428  |
| Western Digital Corp.<sup>(a)(c)</sup> | 7830 | 343424  |
| Zscaler, Inc.<sup>(a)</sup> | 3473 | 785488  |
|  |  | 50246283  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $51,333,824)** |  | 54477429  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 16.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 16.9%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 16.9%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 9220919 | 9220919  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $9,220,919)** |  | 9220919  |
|  **TOTAL INVESTMENTS - 116.9% (Cost $60,554,743)** |  | $63698348 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (16.9)% |  | (9210474)  |
| **TOTAL NET ASSETS - 100.0%** |  | $54487874 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER DATA AND DIGITAL REVOLUTION ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $8,948,031 which represented 16.4% of net assets. 

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.4%**<br>|  |  |
| **Australia - 3.4%**<br>|  |  |
| BHP Group Ltd. | 766253 | $18744525  |
| Fortescue Ltd. | 1591744 | 16507171  |
|  |  | 35251696  |
| **Canada - 5.6%**<br>|  |  |
| Canadian Natural Resources Ltd. | 618505 | 17748483  |
| Cenovus Energy, Inc. | 1050856 | 12371531  |
| Imperial Oil Ltd.<sup>(a)</sup> | 146455 | 9868138  |
| Suncor Energy, Inc. | 519846 | 18345365  |
|  |  | 58333517  |
| **China - 0.8%**<br>|  |  |
| AAC Technologies Holdings, Inc. | 378905 | 1814988  |
| Lenovo Group Ltd. | 5433858 | 6298724  |
|  |  | 8113712  |
| **Denmark - 2.3%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 9763 | 16647034  |
| Genmab AS<sup>(b)</sup> | 17020 | 3590499  |
| Vestas Wind Systems AS | 334871 | 4434792  |
|  |  | 24672325  |
| **Finland - 2.1%**<br>|  |  |
| Fortum Oyj | 254692 | 4254340  |
| Nokia OYJ | 3644145 | 18118963  |
|  |  | 22373303  |
| **France - 14.0%**<br>|  |  |
| Bouygues SA | 405658 | 17784560  |
| Capgemini SE | 63452 | 10052635  |
| Carrefour SA | 832507 | 12821511  |
| Cie de Saint-Gobain SA | 173842 | 18807462  |
|  Cie Generale des Etablissements Michelin SCA | 366785 | 13367024  |
| Eiffage SA | 109420 | 14843774  |
| Rexel SA | 144187 | 3983915  |
| Sodexo SA | 53997 | 3419429  |
| Teleperformance SE | 56444 | 6167898  |
| TOTAL SA | 348225 | 20181925  |
| Vinci SA | 186765 | 25939289  |
|  |  | 147369422  |
| **Germany - 9.1%**<br>|  |  |
| Bayer AG | 822004 | 21445688  |
| Deutsche Post AG | 525251 | 22319582  |
| Deutsche Telekom AG | 617042 | 22088892  |
| Fresenius SE & Co. KGaA<sup>(b)</sup> | 271154 | 12839982  |
| HeidelbergCement AG | 65082 | 12847120  |
| Zalando SE<sup>(b)(c)</sup> | 101656 | 3681695  |
|  |  | 95222959  |
| **Hong Kong - 1.0%**<br>|  |  |
| Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> | 3460575 | 3667792  |
| WH Group Ltd.<sup>(c)</sup> | 7269864 | 6505345  |
|  |  | 10173137  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 2.4%**<br>|  |  |
| Eni SpA | 1405340 | $20218887  |
| Moncler SpA | 73742 | 4514424  |
|  |  | 24733311  |
| **Japan - 22.3%**<br>|  |  |
| ANA Holdings, Inc. | 250984 | 4802715  |
| Daifuku Co. Ltd. | 99333 | 2630956  |
| Idemitsu Kosan Co. Ltd. | 1207073 | 7467171  |
| Inpex Corp. | 1131273 | 14313001  |
| Isuzu Motors Ltd. | 268264 | 3614566  |
| J Front Retailing Co. Ltd. | 190449 | 2330996  |
| Kansai Electric Power Co., Inc. | 1552692 | 19058431  |
| Kawasaki Kisen Kaisha Ltd. | 233803 | 3188669  |
| KDDI Corp. | 1209970 | 21355150  |
| Kobe Steel Ltd. | 293407 | 3424928  |
| Kuraray Co. Ltd. | 132780 | 1544828  |
| LY Corp. | 4567722 | 17244764  |
| Makita Corp. | 142726 | 4174571  |
| Mazda Motor Corp. | 787510 | 4705893  |
| Mitsubishi Corp. | 1168134 | 22156801  |
| Murata Manufacturing Co. Ltd. | 499966 | 7741815  |
| Nexon Co. Ltd. | 159989 | 2512067  |
| NIPPON EXPRESS HOLDINGS INC | 186137 | 3316436  |
| Nippon Steel Corp. | 733242 | 15436134  |
| Niterra Co. Ltd. | 83102 | 2581753  |
| Nitto Denko Corp. | 194194 | 3396154  |
| Ono Pharmaceutical Co. Ltd. | 206818 | 2375123  |
| Sankyo Co. Ltd. | 87891 | 1338220  |
| Sega Sammy Holdings, Inc. | 88171 | 1845375  |
| Seiko Epson Corp. | 151892 | 2112975  |
| Shionogi & Co. Ltd. | 234013 | 3918220  |
| Skylark Holdings Co. Ltd. | 83388 | 1728939  |
| Sony Group Corp. | 949745 | 25048877  |
| Square Enix Holdings Co. Ltd. | 28564 | 1653947  |
| Subaru Corp. | 720680 | 13067302  |
| Sumitomo Electric Industries Ltd. | 296786 | 4751316  |
| Toyota Tsusho Corp. | 449885 | 8888831  |
|  |  | 233726924  |
| **Luxembourg - 0.8%**<br>|  |  |
| Tenaris SA - ADR | 269085 | 8957840  |
| **Netherlands - 4.4%**<br>|  |  |
| Koninklijke Ahold Delhaize NV | 457573 | 18733574  |
| Shell PLC - ADR | 316570 | 20412434  |
| Stellantis NV<sup>(a)</sup> | 784423 | 7233473  |
|  |  | 46379481  |
| **Norway - 2.5%**<br>|  |  |
| Aker BP ASA | 345020 | 7402240  |
| Equinor ASA - ADR<sup>(a)</sup> | 855374 | 19066286  |
|  |  | 26468526  |
| **Poland - 0.3%**<br>|  |  |
| Allegro.eu SA<sup>(b)(c)</sup> | 368390 | 3212820  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Singapore - 1.0%**<br>|  |  |
| Singapore Airlines Ltd. | 2006810 | $10309850  |
| **South Korea - 5.2%**<br>|  |  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 47926 | 9170504  |
| Hyundai Mobis Co. Ltd. | 21730 | 4089184  |
| Kia Corp. | 267772 | 17028905  |
| Krafton, Inc.<sup>(b)</sup> | 12962 | 3387537  |
| SK Hynix, Inc. | 169207 | 21128556  |
|  |  | 54804686  |
| **Spain - 3.0%**<br>|  |  |
|  ACS Actividades de Construccion y Servicios SA | 151726 | 9470736  |
| Telefonica SA | 4347356 | 22250693  |
|  |  | 31721429  |
| **Sweden - 2.6%**<br>|  |  |
| Evolution AB<sup>(c)</sup> | 55221 | 3851844  |
|  H & M Hennes & Mauritz AB - Class B<sup>(a)</sup> | 583447 | 8453960  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>Class B | 1759092 | 14810916  |
|  |  | 27116720  |
| **Switzerland - 1.6%**<br>|  |  |
| Glencore PLC | 4147747 | 13509640  |
| Logitech International SA | 44743 | 3363247  |
|  |  | 16872887  |
| **United Kingdom - 13.9%**<br>|  |  |
| Associated British Foods PLC | 308354 | 8481831  |
| B&M European Value Retail SA | 550210 | 2466691  |
| BP PLC - ADR | 695029 | 19085496  |
|  British American Tobacco PLC - ADR<sup>(a)</sup> | 525433 | 22882607  |
| Centrica PLC | 3427112 | 7314516  |
| Imperial Brands PLC | 333282 | 13653565  |
|  International Consolidated Airlines Group SA | 2036402 | 7056140  |
| J Sainsbury PLC | 1575177 | 5600741  |
| Kingfisher PLC | 1634761 | 6257041  |
| Rio Tinto PLC | 318328 | 18865673  |
| Tesco PLC | 2635515 | 13020222  |
| Vodafone Group PLC - ADR | 2197071 | 21443413  |
|  |  | 146127936  |
| **United States - 0.1%**<br>|  |  |
| Samsonite International SA<sup>(c)</sup> | 610879 | 1098001  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $989,683,395)** |  | 1033040482  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** |
| **Germany - 1.0%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 132578 | $10273056  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $11,613,359)** |  | 10273056  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 3.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 3.8%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 3.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 39814960 | 39814960  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $39,814,960)** |  | 39814960  |
|  **TOTAL INVESTMENTS - 103.2% (Cost $1,041,111,714)** |  | $1083128498 |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.2)% |  | (33095953)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1050032545 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $37,420,295 which represented 3.6% of net assets. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 April 30, 2025, the value of these securities total $22,017,497 or 2.1% of the Fund's net assets. 

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER EMERGING MARKETS CASH COWS 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.4%**<br>|  |  |
| **Brazil - 16.9%**<br>|  |  |
| Ambev SA - ADR | 704024 | $1781181  |
| BRF SA | 177998 | 711973  |
| CPFL Energia SA | 167710 | 1125031  |
| Gerdau SA - ADR | 174942 | 456599  |
| JBS S/A | 250000 | 1931667  |
| Klabin SA | 187588 | 612165  |
| Lojas Renner SA | 120606 | 308786  |
| Petroleo Brasileiro SA - ADR | 125219 | 1322313  |
| PRIO SA/Brazil<sup>(a)</sup> | 92750 | 550929  |
| Telefonica Brasil SA | 333856 | 1627174  |
| TIM SA/Brazil | 436049 | 1451409  |
| TOTVS SA | 25058 | 165577  |
| Vale SA - ADR<sup>(b)</sup> | 171769 | 1599169  |
|  |  | 13643973  |
| **Chile - 2.3%**<br>|  |  |
| Cencosud SA | 304908 | 1043312  |
| Latam Airlines Group SA | 53290777 | 841383  |
|  |  | 1884695  |
| **China – 23.6%**<br>|  |  |
| BAIC Motor Corp. Ltd. - Class H<sup>(c)</sup> | 4758386 | 1171865  |
| Baidu, Inc. - ADR<sup>(a)(b)</sup> | 18310 | 1607984  |
| China Coal Energy Co. Ltd. - Class H | 1277905 | 1319823  |
| China Hongqiao Group Ltd. | 1055869 | 1900553  |
| China Literature Ltd.<sup>(a)(c)</sup> | 69356 | 241006  |
|  Hisense Home Appliances Group Co. Ltd. | 226975 | 690676  |
| JD Health International, Inc.<sup>(a)(c)</sup> | 176137 | 842576  |
| JD Logistics, Inc.<sup>(a)(c)</sup> | 709035 | 1119009  |
| JD.com, Inc. - ADR<sup>(b)</sup> | 43973 | 1434399  |
| Kingsoft Corp. Ltd. | 75994 | 378226  |
| Li Auto, Inc. - ADR<sup>(a)(b)</sup> | 71643 | 1747373  |
| Li Ning Co. Ltd. | 194576 | 368800  |
| Midea Group Co. Ltd. - Class H<sup>(a)</sup> | 174138 | 1651433  |
| NetEase, Inc. | 87714 | 1888731  |
|  New Oriental Education & Technology Group, Inc. | 97373 | 480864  |
| Sinotruk Hong Kong Ltd. | 421309 | 1012584  |
| Yangzijiang Shipbuilding Holdings Ltd. | 681093 | 1162880  |
|  |  | 19018782  |
| **Czech Republic - 2.5%**<br>|  |  |
| CEZ AS | 40480 | 2050821  |
| **Greece - 1.4%**<br>|  |  |
|  Hellenic Telecommunications Organization SA | 26233 | 496886  |
| OPAP SA | 27083 | 600426  |
|  |  | 1097312  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hong Kong - 2.0%**<br>|  |  |
| Bosideng International Holdings Ltd. | 1306744 | $677331  |
| China Medical System Holdings Ltd. | 146560 | 156848  |
| Kunlun Energy Co. Ltd. | 824015 | 786233  |
|  |  | 1620412  |
| **Indonesia - 4.8%**<br>|  |  |
| Alamtri Resources Indonesia Tbk PT | 5965515 | 682800  |
| Astra International Tbk PT | 3247988 | 939177  |
| Indofood Sukses Makmur Tbk PT | 1432210 | 690222  |
| Telekom Indonesia Persero Tbk PT | 8194878 | 1303282  |
| United Tractors Tbk PT | 192745 | 263573  |
|  |  | 3879054  |
| **Malaysia - 3.3%**<br>|  |  |
| Petronas Chemicals Group Bhd | 249486 | 212193  |
| Press Metal Aluminium Holdings Bhd | 304036 | 345255  |
| Telekom Malaysia Bhd | 277126 | 436723  |
| Tenaga Nasional Bhd | 524347 | 1684229  |
|  |  | 2678400  |
| **Mexico - 9.2%**<br>|  |  |
| America Movil SAB de CV<sup>(a)</sup> | 2157226 | 1866762  |
| Arca Continental SAB de CV | 88380 | 930783  |
| Coca-Cola Femsa SAB de CV - ADR | 8840 | 832109  |
| Gruma SAB de CV - Class B | 25723 | 490115  |
|  Grupo Aeroportuario del Sureste SAB de CV - ADR | 2135 | 675813  |
| Grupo Mexico SAB de CV - Class B | 318797 | 1654256  |
| Industrias Penoles SAB de CV<sup>(a)</sup> | 29575 | 592676  |
|  Kimberly-Clark de Mexico SAB de CV - Class A | 236376 | 415847  |
|  |  | 7458361  |
| **Russia - 0.0%<sup>(d)</sup>**<br>|  |  |
| Alrosa PJSC<sup>(e)</sup> | 91900<sup>(f)</sup> | 0<sup>(f)</sup>  |
| Inter RAO UES PJSC<sup>(e)</sup> | 1901988<sup>(f)</sup> | 0<sup>(f)</sup>  |
| LUKOIL PJSC - ADR<sup>(a)(e)</sup> | 2652<sup>(f)</sup> | 0<sup>(f)</sup>  |
| Magnit PJSC<sup>(e)</sup> | 1958<sup>(f)</sup> | 0<sup>(f)</sup>  |
|  Magnitogorsk Iron & Steel Works PJSC<sup>(e)</sup> | 106418<sup>(f)</sup> | 0<sup>(f)</sup>  |
| &nbsp;&nbsp;&nbsp; Magnitogorsk Iron & Steel Works PJSC - <br>GDR<sup>(a)(e)</sup> | 2458<sup>(f)</sup> | 0<sup>(f)</sup>  |
| Severstal PAO<sup>(e)</sup> | 9320<sup>(f)</sup> | 0<sup>(f)</sup>  |
| Severstal PAO - GDR<sup>(a)(e)</sup> | 2129<sup>(f)</sup> | 0<sup>(f)</sup>  |
| Surgutneftegas PAO<sup>(e)</sup> | 477461<sup>(f)</sup> | 0<sup>(f)</sup>  |
|  TATNEFT PJSC ADS (REPR 6 ORD RUB0.1)<sup>(a)(e)</sup> | 3600<sup>(f)</sup> | 0<sup>(f)</sup>  |
|  |  | 0<sup>(f)</sup>  |
| **South Africa - 4.1%**<br>|  |  |
| Exxaro Resources Ltd. | 50919 | 416139  |
| Foschini Group Ltd. | 24032 | 167011  |
|  Harmony Gold Mining Co. Ltd. - ADR<sup>(b)</sup> | 32943 | 524123  |
| Kumba Iron Ore Ltd. | 44485 | 773652  |
| Mr Price Group Ltd. | 15943 | 203183  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER EMERGING MARKETS CASH COWS 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **South Africa - (Continued)**  | **South Africa - (Continued)**  | **South Africa - (Continued)**  |
| Sasol Ltd.<sup>(a)</sup> | 56569 | $195089  |
| Vodacom Group Ltd. | 144285 | 1062285  |
|  |  | 3341482  |
| **Taiwan - 12.5%**<br>|  |  |
| Catcher Technology Co. Ltd. | 29571 | 200635  |
| Cheng Shin Rubber Industry Co. Ltd. | 246324 | 380080  |
| Chicony Electronics Co. Ltd. | 36638 | 176414  |
| China Airlines Ltd. | 640280 | 421408  |
| Compal Electronics, Inc. | 458693 | 392248  |
| Eva Airways Corp. | 406033 | 488768  |
| Evergreen Marine Corp. Taiwan Ltd. | 127762 | 824902  |
| Foxconn Technology Co. Ltd. | 38740 | 71465  |
| MediaTek, Inc. | 39845 | 1681854  |
| Novatek Microelectronics Corp. | 27018 | 438431  |
| Pegatron Corp. | 401242 | 1013675  |
| Powertech Technology, Inc. | 74034 | 251155  |
| Realtek Semiconductor Corp. | 28678 | 469852  |
| Synnex Technology International Corp. | 93695 | 207703  |
| Teco Electric and Machinery Co. Ltd. | 95436 | 146513  |
| Uni-President Enterprises Corp. | 371952 | 893159  |
| Wan Hai Lines Ltd. | 154214 | 397794  |
| Yageo Corp. | 28018 | 402097  |
| Yang Ming Marine Transport Corp. | 573506 | 1219348  |
|  |  | 10077501  |
| **Thailand - 6.3%**<br>|  |  |
| Advanced Info Service PCL | 137267 | 1212207  |
| Global Power Synergy PCL | 223255 | 208852  |
| PTT Exploration & Production PCL | 427232 | 1272551  |
| PTT PCL | 1695572 | 1573499  |
| True Corp. PCL<sup>(a)</sup> | 2238728 | 810915  |
|  |  | 5078024  |
| **Turkey - 4.8%**<br>|  |  |
| AG Anadolu Grubu Holding AS | 35789 | 253811  |
| BIM Birlesik Magazalar AS | 25360 | 297115  |
| Migros Ticaret AS | 25462 | 316499  |
| MLP Saglik Hizmetleri AS<sup>(a)(c)</sup> | 7411 | 62858  |
| Oyak Cimento Fabrikalari AS<sup>(a)</sup> | 328424 | 199982  |
| Turk Hava Yollari AO<sup>(a)</sup> | 185792 | 1371911  |
| Turkcell Iletisim Hizmetleri AS | 185951 | 434267  |
| Turkiye Petrol Rafinerileri AS | 283583 | 918639  |
|  |  | 3855082  |
| **United Arab Emirates - 2.7%**<br>|  |  |
|  Dubai Electricity & Water Authority PJSC | 1926892 | 1405935  |
| Fertiglobe PLC | 582794 | 360176  |
| Pure Health Holding PJSC | 543468 | 417250  |
|  |  | 2183361  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $76,880,060)** |  | 77867260  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 2.9%**<br>|  |  |
| **Brazil - 2.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA, <br>0.00% | 100925 | $857706  |
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais, <br>0.00% | 412068 | 803784  |
|  Companhia Paranaense de Energia, 0.00% | 324772 | 658683  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,954,665)** |  | 2320173  |
|  | **Units** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 8.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(g)</sup> | 6685444 | 6685444  |
| &nbsp;&nbsp;&nbsp; **TOTAL Investments Purchased with Proceeds from Securities Lending** <br>**(Cost $6,685,444)** |  | 6685444  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.6%** <br>**(Cost $85,520,169)** |  | $86872877  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.6)% |  | (6123869)  |
| **TOTAL NET ASSETS - 100.0%** |  | $80749008 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

LLC - Limited Liability Company

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $6,451,257 which represented 8.0% of net assets.

<sup>(c)</sup> 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 April 30, 2025, the value of these securities total $3,437,314 or 4.3% of the Fund's net assets.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025.

<sup>(f)</sup> Rounds to zero.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER GLOBAL CASH COWS DIVIDEND ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.0%**<br>|  |  |
| **Australia - 4.5%**<br>|  |  |
| BHP Group Ltd. - ADR<sup>(a)</sup> | 806526 | $38350311  |
| Coles Group Ltd. | 572282 | 7778718  |
| Endeavour Group Ltd. | 1074749 | 2746835  |
| Fortescue Ltd. | 3342156 | 34659808  |
| Sonic Healthcare Ltd. | 213481 | 3566313  |
| Woolworths Group Ltd. | 507922 | 10271271  |
|  |  | 97373256  |
| **Canada - 3.6%**<br>|  |  |
| Canadian Natural Resources Ltd. | 1172739 | 33645882  |
| Enbridge, Inc.<sup>(a)</sup> | 964921 | 45052162  |
|  |  | 78698044  |
| **China - 0.5%**<br>|  |  |
| Lenovo Group Ltd. | 5999777 | 6954716  |
|  Shenzhou International Group Holdings Ltd. | 687094 | 4766318  |
|  |  | 11721034  |
| **Denmark - 0.6%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 7882 | 13439713  |
| **Finland - 0.6%**<br>|  |  |
| Kone Oyj - Class B | 218427 | 13485745  |
| **France - 11.8%**<br>|  |  |
|  Cie Generale des Etablissements Michelin SCA | 362257 | 13202007  |
| Engie SA | 2591287 | 53382749  |
| Kering<sup>(a)</sup> | 71526 | 14450565  |
| Orange SA | 2371599 | 34349000  |
| Publicis Groupe SA | 97754 | 9884701  |
| Sanofi SA - ADR | 867394 | 47663300  |
| TotalEnergies SE - ADR<sup>(a)</sup> | 735083 | 41789469  |
| Vinci SA | 306870 | 42620351  |
|  |  | 257342142  |
| **Germany - 5.3%**<br>|  |  |
| BASF SE | 831972 | 42063723  |
| Daimler AG | 734994 | 43688484  |
| Deutsche Post AG | 732281 | 31116944  |
|  |  | 116869151  |
| **Hong Kong - 4.4%**<br>|  |  |
| Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> | 8471671 | 8978949  |
| Cathay Pacific Airways Ltd. | 4855443 | 5590684  |
| Chow Tai Fook Jewellery Group Ltd. | 8252014 | 11044394  |
| CK Hutchison Holdings Ltd. | 2589167 | 14622404  |
| CK Infrastructure Holdings Ltd. | 1391345 | 9382555  |
| CLP Holdings Ltd. | 1395146 | 11926631  |
| Jardine Matheson Holdings Ltd. | 164930 | 7332788  |
| Orient Overseas International Ltd. | 479428 | 6707145  |
| Power Assets Holdings Ltd. | 1353768 | 8963328  |
| SITC International Holdings Co. Ltd. | 1843684 | 5099157  |
| WH Group Ltd.<sup>(b)</sup> | 8345591 | 7467946  |
|  |  | 97115981  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 1.8%**<br>|  |  |
| Eni SpA | 2685866 | $38642052  |
| **Japan - 11.0%**<br>|  |  |
| Aisin Corp. | 321182 | 4069249  |
| Astellas Pharma, Inc. | 960582 | 9590368  |
| Bridgestone Corp. | 310720 | 13019468  |
| Idemitsu Kosan Co. Ltd. | 521639 | 3226953  |
| Inpex Corp. | 569971 | 7211341  |
| Isuzu Motors Ltd. | 394253 | 5312130  |
| Japan Tobacco, Inc. | 971286 | 29937456  |
| JFE Holdings, Inc. | 431711 | 5012171  |
| KAJIMA Corp. | 202990 | 4836949  |
| Kawasaki Kisen Kaisha Ltd. | 378412 | 5160885  |
| Kirin Holdings Co. Ltd. | 325475 | 4914677  |
| Komatsu Ltd. | 464304 | 13317322  |
| Marubeni Corp. | 758892 | 13417814  |
| Mitsubishi Chemical Group Corp. | 687432 | 3322251  |
| Nippon Steel Corp. | 662115 | 13938776  |
| Oracle Corp. Japan | 67532 | 8102612  |
| SoftBank Corp. | 24045230 | 36308331  |
| Subaru Corp. | 366929 | 6653122  |
| Sumitomo Corp. | 553408 | 13539105  |
| Takeda Pharmaceutical Co. Ltd. | 863587 | 26170950  |
| Toyota Tsusho Corp. | 482088 | 9525099  |
| Yamaha Motor Co. Ltd. | 426379 | 3345903  |
|  |  | 239932932  |
| **Netherlands - 3.9%**<br>|  |  |
| Koninklijke Ahold Delhaize NV | 380627 | 15583315  |
| Shell PLC - ADR | 658213 | 42441574  |
| Stellantis NV<sup>(a)</sup> | 3043230 | 28062819  |
|  |  | 86087708  |
| **Norway - 1.9%**<br>|  |  |
| Equinor ASA | 1781803 | 40745423  |
| **Singapore - 1.0%**<br>|  |  |
| Genting Singapore Ltd. | 7193782 | 4075797  |
| Jardine Cycle & Carriage Ltd. | 247223 | 4908118  |
| Singapore Airlines Ltd. | 2626348 | 13492684  |
|  |  | 22476599  |
| **South Korea - 1.6%**<br>|  |  |
| HMM Co. Ltd. | 369548 | 4747060  |
| Kia Corp. | 296176 | 18835252  |
| Korean Air Lines Co. Ltd. | 150952 | 2224723  |
| KT&G Corp. | 59530 | 4803441  |
| LG Corp. | 80053 | 3750637  |
|  |  | 34361113  |
| **Spain - 2.3%**<br>|  |  |
| Endesa SA | 486239 | 14597140  |
| Naturgy Energy Group SA | 558708 | 16608134  |
| Telefonica SA | 3803458 | 19466907  |
|  |  | 50672181  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER GLOBAL CASH COWS DIVIDEND ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Sweden - 0.5%**<br>|  |  |
|  H & M Hennes & Mauritz AB - Class B<sup>(a)</sup> | 771909 | $11184714  |
| **Switzerland - 8.0%**<br>|  |  |
| Kuehne + Nagel International AG | 64591 | 14779197  |
| Nestle SA | 482006 | 51240330  |
| Novartis AG - ADR | 407620 | 46260794  |
| Roche Holding AG - ADR<sup>(a)</sup> | 1147326 | 46776481  |
| Swisscom AG | 25654 | 17095414  |
|  |  | 176152216  |
| **United Kingdom - 11.5%**<br>|  |  |
| BP PLC - ADR | 1454156 | 39931124  |
|  British American Tobacco PLC - ADR<sup>(a)</sup> | 1099385 | 47878216  |
| GSK PLC - ADR<sup>(a)</sup> | 1082388 | 43133162  |
| Imperial Brands PLC | 565050 | 23148405  |
| Reckitt Benckiser Group PLC | 337785 | 21778930  |
| Rio Tinto PLC - ADR | 668017 | 39680210  |
| Tesco PLC | 2713376 | 13404879  |
| Vodafone Group PLC - ADR | 2257388 | 22032107  |
|  |  | 250987033  |
| **United States - 24.2%**<br>|  |  |
| AbbVie, Inc. | 237027 | 46243968  |
| Altria Group, Inc. | 728468 | 43088882  |
| AT&T, Inc. | 1748379 | 48430098  |
| Bristol-Myers Squibb Co. | 703371 | 35309224  |
| Chevron Corp. | 269035 | 36604902  |
| EOG Resources, Inc. | 267436 | 29506214  |
| Exxon Mobil Corp. | 367745 | 38844904  |
| Gilead Sciences, Inc. | 453140 | 48277536  |
| Pfizer, Inc. | 1623224 | 39622898  |
| Philip Morris International, Inc. | 319746 | 54791675  |
| Phillips 66 | 166624 | 17338893  |
| Target Corp.<sup>(a)</sup> | 181735 | 17573775  |
| United Parcel Service, Inc. - Class B | 332487 | 31686011  |
| Verizon Communications, Inc. | 985707 | 43430250  |
|  |  | 530749230  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,025,317,538)** |  | 2168036267 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 11.3%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 11.3%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 11.3%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 246898987 | $246898987  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $246,898,987)** |  | 246898987  |
|  **TOTAL INVESTMENTS - 110.3% (Cost $2,272,216,525)** |  | $2414935254  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.3)% |  | (225419130)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2189516124 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $239,182,697 which represented 10.9% of net assets.

<sup>(b)</sup> 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 April 30, 2025, the value of these securities total $16,446,895 or 0.8% of the Fund's net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER INDUSTRIAL REAL ESTATE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 96.2%<sup>(a)</sup>**<br>|  |  |
| Big Yellow Group PLC | 126331 | $1693707  |
| Centuria Industrial REIT | 355290 | 669087  |
| CubeSmart | 152742 | 6212017  |
|  Dream Industrial Real Estate Investment Trust | 182221 | 1401090  |
| EastGroup Properties, Inc. | 34629 | 5659071  |
| ESR-REIT | 402094 | 677289  |
| Extra Space Storage, Inc. | 146405 | 21451261  |
| First Industrial Realty Trust, Inc. | 88728 | 4221678  |
| GLP J-Reit | 3198 | 2755585  |
| Granite Real Estate Investment Trust | 41941 | 1923944  |
| Lexington Realty Trust<sup>(b)</sup> | 197403 | 1557510  |
| LondonMetric Property PLC | 1309877 | 3356913  |
| Mapletree Industrial Trust | 1396047 | 2159111  |
| Mapletree Logistics Trust | 2298452 | 1970957  |
| National Storage Affiliates Trust<sup>(b)</sup> | 47537 | 1768376  |
| National Storage REIT | 863511 | 1272179  |
| Prologis, Inc. | 189662 | 19383456  |
| Public Storage | 71222 | 21397225  |
| Rexford Industrial Realty, Inc. | 153896 | 5093958  |
| Safestore Holdings PLC | 144443 | 1211777  |
| Segro PLC | 707230 | 6414797  |
| STAG Industrial, Inc.<sup>(b)</sup> | 125922 | 4159204  |
| Terreno Realty Corp.<sup>(b)</sup> | 66400 | 3740312  |
| Tritax Big Box REIT PLC | 1492017 | 2843414  |
| Urban Logistics REIT PLC | 310553 | 602598  |
| Warehouses De Pauw CVA | 120428 | 3066874  |
| WP Carey, Inc.<sup>(b)</sup> | 101584 | 6342905  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $145,977,651)** |  | 133006295  |
| **COMMON STOCKS - 3.3%**<br>|  |  |
| **Real Estate - 3.3%**<br>|  |  |
| Catena AB | 28814 | 1352832  |
| Sagax AB - Class B | 143990 | 3265491  |
|  |  | 4618323  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,265,463)** |  | 4618323 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 11445441 | $11445441  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $11,445,441)** |  | 11445441  |
|  **TOTAL INVESTMENTS - 107.8% (Cost $161,688,555)** |  | $149070059  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.8)% |  | (10787452)  |
| **TOTAL NET ASSETS - 100.0%** |  | $138282607 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $11,263,261 which represented 8.1% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER INDUSTRIALS AND LOGISTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Energy - 0.7%**<br>|  |  |
| ADNOC Logistics & Services | 4841 | $6392  |
| SFL Corp. Ltd. | 90 | 740  |
|  |  | 7132  |
| **Industrials - 86.0%<sup>(a)</sup>**<br>|  |  |
| ABB Ltd. | 1959 | 102962  |
| Abu Dhabi Ports Co. PJSC<sup>(b)</sup> | 3330 | 3599  |
| AP Moller - Maersk AS - Class B | 4 | 6845  |
| ArcBest Corp. | 15 | 878  |
| ATS Corp.<sup>(b)</sup> | 64 | 1610  |
| AutoStore Holdings Ltd.<sup>(b)(c)</sup> | 2243 | 1006  |
| AZ-COM MARUWA Holdings, Inc. | 94 | 870  |
| Canadian National Railway Co. | 413 | 39919  |
| Canadian Pacific Kansas City Ltd. | 988 | 71620  |
| Cargojet, Inc. | 10 | 618  |
| Cargotec Oyj | 36 | 1711  |
| CH Robinson Worldwide, Inc. | 78 | 6959  |
| China Merchants Port Holdings Co. Ltd. | 2747 | 4470  |
| CJ Logistics Corp. | 15 | 878  |
| Clarkson PLC | 21 | 921  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | 2094 | 3159  |
| COSCO SHIPPING Ports Ltd. | 2509 | 1301  |
| Costamare, Inc. | 79 | 737  |
| CSX Corp. | 1268 | 35593  |
| D/S Norden AS | 22 | 599  |
| Daifuku Co. Ltd. | 249 | 6611  |
| Danaos Corp. | 12 | 973  |
| Deutsche Post AG | 789 | 33643  |
| Dfds AS<sup>(b)</sup> | 40 | 556  |
| DSV AS | 158 | 33451  |
| Expeditors International of Washington, Inc. | 92 | 10112  |
| FedEx Corp. | 158 | 33232  |
| Full Truck Alliance Co. Ltd. - ADR | 614 | 6975  |
| Golden Ocean Group Ltd. | 125 | 965  |
| GXO Logistics, Inc.<sup>(b)(d)</sup> | 78 | 2827  |
| Hapag-Lloyd AG<sup>(c)</sup> | 116 | 18171  |
| HMM Co. Ltd. | 574 | 7373  |
| Hoegh Autoliners ASA | 130 | 1041  |
| Hyundai Glovis Co. Ltd. | 49 | 3930  |
| &nbsp;&nbsp;&nbsp; International Container Terminal <br>Services, Inc. | 1325 | 8070  |
| International Distribution Services PLC | 627 | 3072  |
| Interroll Holding AG | 1 | 2190  |
| JB Hunt Trasport Services, Inc. | 66 | 8618  |
| JD Logistics, Inc.<sup>(b)(c)</sup> | 4336 | 6844  |
| Kalmar Oyj - Class B | 37 | 1173  |
| Kamigumi Co. Ltd. | 73 | 1788  |
| Kardex Holding AG | 5 | 1256  |
| Kawasaki Kisen Kaisha Ltd. | 442 | 6043  |
| KION Group AG | 86 | 3639  |
| Kirby Corp.<sup>(b)</sup> | 38 | 3662  |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation <br>Holdings, Inc.<sup>(d)</sup> | 106 | 4152  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kuehne + Nagel International AG | 79 | $18155  |
| Landstar System, Inc. | 23 | 3085  |
| Logista Integral SA | 87 | 2979  |
| Mainfreight Ltd. | 66 | 2174  |
| Marten Transport Ltd. | 50 | 642  |
| Matson, Inc. | 22 | 2400  |
| Mitsubishi Logisnext Co. Ltd. | 73 | 1027  |
| Mitsubishi Logistics Corp. | 254 | 1749  |
| Mitsui OSK Lines Ltd. | 237 | 7874  |
| Navios Maritime Partners LP | 20 | 686  |
| Nikkon Holdings Co. Ltd. | 86 | 1779  |
| NIPPON EXPRESS HOLDINGS INC | 171 | 3054  |
| Nippon Yusen KK | 302 | 9845  |
| Nishi-Nippon Railroad Co. Ltd. | 54 | 830  |
| Norfolk Southern Corp. | 149 | 33383  |
| Old Dominion Freight Line, Inc. | 140 | 21459  |
| Orient Overseas International Ltd. | 432 | 6044  |
| Pacific Basin Shipping Ltd. | 3537 | 794  |
| Pan Ocean Co. Ltd. | 365 | 856  |
| Rumo SA | 1214 | 4143  |
| RXO, Inc.<sup>(b)(d)</sup> | 106 | 1494  |
| Ryder System, Inc. | 28 | 3855  |
| Saia, Inc.<sup>(b)</sup> | 17 | 4148  |
| Sankyu, Inc. | 38 | 1665  |
| Santos Brasil Participacoes SA | 544 | 1299  |
| Schneider National, Inc. - Class B | 60 | 1289  |
| Seino Holdings Co. Ltd. | 123 | 1938  |
| Senko Group Holdings Co. Ltd. | 110 | 1309  |
| SG Holdings Co. Ltd. | 419 | 4419  |
| SITC International Holdings Co. Ltd. | 1758 | 4863  |
| Star Bulk Carriers Corp.<sup>(d)</sup> | 78 | 1150  |
| Sumitomo Warehouse Co. Ltd. | 54 | 1048  |
| Symbotic, Inc.<sup>(b)(d)</sup> | 68 | 1467  |
| TFI International, Inc. | 55 | 4462  |
| Toyota Industries Corp. | 214 | 25145  |
| Transcoal Pacific Tbk PT | 3416 | 1147  |
| Union Pacific Corp. | 448 | 96616  |
| United Parcel Service, Inc. - Class B | 783 | 74620  |
| Wallenius Wilhelmsen ASA | 277 | 1997  |
| Werner Enterprises, Inc. | 39 | 962  |
| XPO Logistics, Inc.<sup>(b)</sup> | 77 | 8171  |
| Yamato Holdings Co. Ltd. | 236 | 3354  |
| Yaskawa Electric Corp. | 174 | 3680  |
| ZIM Integrated Shipping Services Ltd.<sup>(d)</sup> | 79 | 1213  |
| ZTO Express Cayman, Inc. | 395 | 7452  |
|  |  | 878343  |
| **Information Technology - 12.9%**<br>|  |  |
| Celestica, Inc.<sup>(b)</sup> | 76 | 6486  |
| Cognex Corp. | 111 | 3030  |
| Flex Ltd.<sup>(b)(d)</sup> | 251 | 8619  |
| Sanmina Corp.<sup>(b)</sup> | 35 | 2688  |
| SAP SE | 384 | 111442  |
|  |  | 132265  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $988,970)** |  | 1017740 |

---

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER INDUSTRIALS AND LOGISTICS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(e)</sup> | 20303 | $20303  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $20,303)** |  | 20303  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.6%** <br>**(Cost $1,009,273)** |  | $1038043  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.6)% |  | (16497)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1021546 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

LP - Limited Partnership

PJSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 April 30, 2025, the value of these securities total $26,021 or 2.5% of the Fund's net assets.

<sup>(d)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $19,804 which represented 1.9% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT LARGE CAP ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.3%**<br>|  |  |
| **Communication Services - 1.9%**<br>|  |  |
| T-Mobile US, Inc. | 4761 | $1175729  |
| Verizon Communications, Inc. | 28353 | 1249233  |
|  |  | 2424962  |
| **Consumer Discretionary - 5.0%**<br>|  |  |
| Hilton Worldwide Holdings, Inc. | 4452 | 1003837  |
| McDonald's Corp. | 4152 | 1327187  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 912 | 1290662  |
| TJX Cos., Inc. | 10791 | 1388586  |
| Yum! Brands, Inc. | 9375 | 1410375  |
|  |  | 6420647  |
| **Consumer Staples - 13.4%**<br>|  |  |
| Altria Group, Inc. | 22542 | 1333359  |
| Church & Dwight Co., Inc. | 12692 | 1260823  |
| Coca-Cola Co. | 24418 | 1771526  |
| Colgate-Palmolive Co. | 16201 | 1493570  |
| Costco Wholesale Corp. | 1131 | 1124780  |
| General Mills, Inc. | 20326 | 1153297  |
| Keurig Dr Pepper, Inc. | 40800 | 1411272  |
| Kimberly-Clark Corp. | 9720 | 1280902  |
| Mondelez International, Inc. - Class A | 20993 | 1430253  |
| PepsiCo, Inc. | 9181 | 1244760  |
| Procter & Gamble Co. | 8865 | 1441183  |
| Sysco Corp. | 17036 | 1216370  |
| Walmart, Inc. | 12348 | 1200843  |
|  |  | 17362938  |
| **Energy - 1.7%**<br>|  |  |
| Chevron Corp. | 7630 | 1038138  |
| Exxon Mobil Corp. | 11040 | 1166155  |
|  |  | 2204293  |
| **Financials - 20.1%**<br>|  |  |
| Aon PLC - Class A | 3011 | 1068273  |
| Arthur J Gallagher & Co. | 3997 | 1281798  |
| Assurant, Inc. | 5498 | 1059684  |
| Bank of New York Mellon Corp. | 13878 | 1115930  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 3275 | 1746394  |
| Blackrock, Inc. | 1234 | 1128197  |
| Brown & Brown, Inc. | 12077 | 1335716  |
| Chubb Ltd. | 4738 | 1355447  |
| CME Group, Inc. | 5521 | 1529759  |
|  Fidelity National Information Services, Inc. | 15718 | 1239836  |
| Fiserv, Inc.<sup>(a)(b)</sup> | 5487 | 1012736  |
| Intercontinental Exchange, Inc. | 8158 | 1370299  |
| Jack Henry & Associates, Inc. | 7628 | 1322924  |
| Loews Corp. | 15795 | 1371480  |
| Marsh & McLennan Cos., Inc. | 7216 | 1626991  |
| Mastercard, Inc. - Class A | 2414 | 1323017  |
| Nasdaq, Inc. | 15324 | 1167842  |
| S&P Global, Inc. | 2611 | 1305630  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Visa, Inc. - Class A | 3810 | $1316355  |
| Willis Towers Watson PLC | 4017 | 1236433  |
|  |  | 25914741  |
| **Health Care - 7.7%**<br>|  |  |
| Abbott Laboratories | 9130 | 1193747  |
| Becton Dickinson & Co. | 5682 | 1176685  |
| Boston Scientific Corp.<sup>(a)</sup> | 12432 | 1278880  |
| Cencora, Inc. | 5092 | 1490276  |
| Hologic, Inc.<sup>(a)</sup> | 20116 | 1170751  |
| Johnson & Johnson | 9002 | 1407103  |
| Medtronic PLC | 13384 | 1134428  |
| Stryker Corp. | 3059 | 1143821  |
|  |  | 9995691  |
| **Industrials - 16.8%**<br>|  |  |
| Automatic Data Processing, Inc. | 4792 | 1440475  |
| Broadridge Financial Solutions, Inc. | 5122 | 1241573  |
|  Expeditors International of Washington, Inc. | 10438 | 1147241  |
| General Dynamics Corp. | 5044 | 1372573  |
| Honeywell International, Inc. | 6150 | 1294575  |
| Illinois Tool Works, Inc. | 5622 | 1348774  |
| L3Harris Technologies, Inc. | 5800 | 1276116  |
| Lockheed Martin Corp. | 2636 | 1259349  |
| Northrop Grumman Corp. | 2706 | 1316469  |
| Otis Worldwide Corp. | 12824 | 1234567  |
| Paychex, Inc. | 8234 | 1211386  |
| Republic Services, Inc. | 6777 | 1699333  |
| RTX Corp. | 9880 | 1246164  |
| Union Pacific Corp. | 4620 | 996349  |
| Veralto Corp. | 12012 | 1151951  |
| Verisk Analytics, Inc. | 3979 | 1179495  |
| Waste Management, Inc. | 5212 | 1216272  |
|  |  | 21632662  |
| **Information Technology - 4.6%**<br>|  |  |
| Cisco Systems, Inc. | 19537 | 1127871  |
|  Cognizant Technology Solutions Corp. - Class A | 12920 | 950525  |
| Motorola Solutions, Inc. | 2788 | 1227807  |
| Roper Technologies, Inc. | 2152 | 1205292  |
| VeriSign, Inc.<sup>(a)</sup> | 5242 | 1478873  |
|  |  | 5990368  |
| **Materials - 4.5%**<br>|  |  |
| Avery Dennison Corp. | 6678 | 1142673  |
| Ecolab, Inc. | 4486 | 1127915  |
| Linde PLC | 3337 | 1512428  |
| LyondellBasell Industries NV - Class A | 15536 | 904351  |
| PPG Industries, Inc. | 10291 | 1120278  |
|  |  | 5807645  |
| **Utilities - 17.6%**<br>|  |  |
| Alliant Energy Corp. | 20722 | 1264871  |
| Ameren Corp. | 13183 | 1308281  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT LARGE CAP ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| American Electric Power Co., Inc. | 11867 | $1285671  |
| Atmos Energy Corp.<sup>(b)</sup> | 10045 | 1613528  |
| CMS Energy Corp. | 19995 | 1472632  |
| Consolidated Edison, Inc. | 13819 | 1558092  |
| DTE Energy Co. | 9927 | 1359999  |
| Duke Energy Corp. | 11833 | 1443863  |
| Evergy, Inc. | 22007 | 1520684  |
| Exelon Corp. | 28793 | 1350392  |
| FirstEnergy Corp. | 35997 | 1543551  |
| NiSource, Inc.<sup>(b)</sup> | 35947 | 1405887  |
| Pinnacle West Capital Corp. | 14197 | 1351270  |
| PPL Corp. | 40229 | 1468359  |
| Southern Co. | 14725 | 1353080  |
| WEC Energy Group, Inc.<sup>(b)</sup> | 12914 | 1414341  |
|  |  | 22714501  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $123,854,569)** |  | 120468448  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.6%**<br>|  |  |
| AvalonBay Communities, Inc. | 5663 | 1189117  |
| Federal Realty Investment Trust | 11220 | 1054905  |
| Realty Income Corp.<sup>(b)</sup> | 23894 | 1382507  |
| Regency Centers Corp. | 17468 | 1260840  |
| UDR, Inc. | 27622 | 1156809  |
| VICI Properties, Inc. | 39455 | 1263349  |
| Welltower, Inc. | 8188 | 1249407  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $9,048,832)** |  | 8556934  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 5906003 | 5906003  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,906,003)** |  | 5906003  |
|  **TOTAL INVESTMENTS - 104.5% (Cost $138,809,404)** |  | $134931385  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.5)% |  | (5763835)  |
| **TOTAL NET ASSETS - 100.0%** |  | $129167550 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $5,774,145 which represented 4.5% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.2%**<br>|  |  |
| **Communication Services - 6.5%**<br>|  |  |
| AT&T, Inc. | 185897 | $5149347  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 2617 | 1025498  |
| Comcast Corp. - Class A | 125870 | 4304754  |
| Fox Corp. - Class A | 6782 | 337676  |
| Paramount Global - Class B | 19602 | 230127  |
| T-Mobile US, Inc. | 5408 | 1335506  |
| Verizon Communications, Inc. | 138866 | 6118436  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 49784 | 431627  |
|  |  | 18932971  |
| **Consumer Discretionary - 6.2%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 10724 | 611911  |
| Best Buy Co., Inc. | 6478 | 432018  |
| CarMax, Inc.<sup>(a)</sup> | 4781 | 309187  |
| DR Horton, Inc. | 9172 | 1158791  |
| Ford Motor Co. | 235847 | 2360829  |
| General Motors Co. | 74396 | 3365675  |
| Hilton Worldwide Holdings, Inc. | 5056 | 1140027  |
| Lennar Corp. - Class A | 8432 | 915800  |
| LKQ Corp. | 9249 | 353404  |
| McDonald's Corp. | 4713 | 1506510  |
| MGM Resorts International<sup>(a)</sup> | 7001 | 220252  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 2118 | 225249  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1032 | 1460486  |
| PulteGroup, Inc. | 6776 | 695082  |
| TJX Cos., Inc. | 12238 | 1574786  |
| Yum! Brands, Inc. | 10664 | 1604292  |
|  |  | 17934299  |
| **Consumer Staples - 9.8%**<br>|  |  |
| Altria Group, Inc. | 25551 | 1511342  |
| Archer-Daniels-Midland Co. | 25172 | 1201963  |
| Bunge Global SA | 8170 | 643142  |
| Church & Dwight Co., Inc. | 14424 | 1432880  |
| Coca-Cola Co. | 27742 | 2012682  |
| Colgate-Palmolive Co. | 18402 | 1696480  |
| Conagra Brands, Inc. | 12346 | 305070  |
| Costco Wholesale Corp. | 1290 | 1282905  |
| Dollar General Corp. | 8924 | 836089  |
| General Mills, Inc. | 23050 | 1307857  |
| J M Smucker Co. | 3019 | 351019  |
| Keurig Dr Pepper, Inc. | 46396 | 1604838  |
| Kimberly-Clark Corp. | 11036 | 1454324  |
| Kroger Co. | 26036 | 1880059  |
| Molson Coors Beverage Co. - Class B<sup>(b)</sup> | 6830 | 392930  |
| Mondelez International, Inc. | 23878 | 1626808  |
| PepsiCo, Inc. | 10446 | 1416269  |
| Procter & Gamble Co. | 10054 | 1634479  |
| Sysco Corp. | 19320 | 1379448  |
| Target Corp. | 14032 | 1356894  |
| The Kraft Heinz Co. | 27246 | 792859  |
| Tyson Foods, Inc. - Class A | 12182 | 746026  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Walgreens Boots Alliance, Inc. | 22330 | $244960  |
| Walmart, Inc. | 14032 | 1364612  |
|  |  | 28475935  |
| **Energy - 8.4%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 14990 | 232945  |
| Chevron Corp. | 51788 | 7046275  |
| Devon Energy Corp. | 23446 | 712993  |
| Diamondback Energy, Inc. | 6528 | 861761  |
| Exxon Mobil Corp. | 79430 | 8390191  |
| Halliburton Co. | 27424 | 543544  |
| Marathon Petroleum Corp. | 14672 | 2016079  |
| Occidental Petroleum Corp. | 19612 | 772909  |
| Phillips 66 | 18610 | 1936557  |
| Valero Energy Corp. | 16160 | 1876014  |
|  |  | 24389268  |
| **Financials - 27.2%<sup>(c)</sup>**<br>|  |  |
| Allstate Corp. | 7986 | 1584343  |
| Aon PLC - Class A | 3428 | 1216220  |
| Arch Capital Group Ltd. | 13164 | 1193712  |
| Arthur J Gallagher & Co. | 4539 | 1455612  |
| Assurant, Inc. | 7688 | 1481785  |
| Bank of America Corp. | 162497 | 6480380  |
| Bank of New York Mellon Corp. | 33098 | 2661410  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 19940 | 10633005  |
| Blackrock, Inc. | 1411 | 1290021  |
| Brown & Brown, Inc. | 13738 | 1519423  |
| Capital One Financial Corp. | 10620 | 1914361  |
| Chubb Ltd. | 16552 | 4735196  |
| Cincinnati Financial Corp. | 5412 | 753405  |
| Citigroup, Inc. | 58792 | 4020197  |
| Citizens Financial Group, Inc. | 14112 | 520592  |
| CME Group, Inc. | 6270 | 1737292  |
| Everest Group Ltd. | 2074 | 744213  |
|  Fidelity National Information Services, Inc. | 17822 | 1405799  |
| Fifth Third Bancorp | 16200 | 582228  |
| Fiserv, Inc.<sup>(a)</sup> | 6218 | 1147656  |
| Franklin Resources, Inc.<sup>(b)</sup> | 9772 | 183323  |
| Globe Life, Inc. | 3006 | 370760  |
| Hartford Financial Services Group, Inc. | 8938 | 1096424  |
| Huntington Bancshares, Inc. | 36764 | 534181  |
| Intercontinental Exchange, Inc. | 9256 | 1554730  |
| Jack Henry & Associates, Inc. | 8656 | 1501210  |
| Loews Corp. | 25292 | 2196104  |
| M&T Bank Corp. | 4645 | 788535  |
| Marsh & McLennan Cos., Inc. | 8224 | 1854265  |
| Mastercard, Inc. - Class A | 2738 | 1500588  |
| MetLife, Inc. | 18100 | 1364197  |
| Nasdaq, Inc. | 17419 | 1327502  |
| Prudential Financial, Inc. | 15580 | 1600222  |
| Regions Financial Corp. | 25148 | 513271  |
| S&P Global, Inc. | 2972 | 1486149  |
| State Street Corp. | 8615 | 758981  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Synchrony Financial | 12325 | $640284  |
| Travelers Cos., Inc. | 6632 | 1751710  |
| US Bancorp | 39036 | 1574712  |
| Visa, Inc. - Class A | 4326 | 1494633  |
| Wells Fargo & Co. | 89573 | 6360579  |
| Willis Towers Watson PLC | 4561 | 1403876  |
|  |  | 78933086  |
| **Health Care - 11.8%**<br>|  |  |
| Abbott Laboratories | 10382 | 1357446  |
| Becton Dickinson & Co. | 6434 | 1332417  |
| Biogen, Inc.<sup>(a)</sup> | 4153 | 502845  |
| Boston Scientific Corp.<sup>(a)</sup> | 14126 | 1453142  |
| Cardinal Health, Inc. | 7440 | 1051198  |
| Cencora, Inc. | 11394 | 3334682  |
| Centene Corp.<sup>(a)</sup> | 31834 | 1905265  |
| Cigna Group | 10818 | 3678553  |
| CVS Health Corp. | 78864 | 5261017  |
| Elevance Health, Inc. | 8680 | 3650634  |
| Hologic, Inc.<sup>(a)</sup> | 22856 | 1330219  |
| Humana, Inc. | 5040 | 1321690  |
| Johnson & Johnson | 10228 | 1598739  |
| McKesson Corp. | 3872 | 2759923  |
| Medtronic PLC | 15218 | 1289878  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 2014 | 658598  |
| Stryker Corp. | 3472 | 1298250  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B | 1970 | 348828  |
|  |  | 34133324  |
| **Industrials - 9.7%**<br>|  |  |
| Automatic Data Processing, Inc. | 5452 | 1638871  |
| Broadridge Financial Solutions, Inc. | 5814 | 1409314  |
| Delta Air Lines, Inc. | 23955 | 997247  |
|  Expeditors International of Washington, Inc. | 11860 | 1303533  |
| FedEx Corp. | 6136 | 1290585  |
| General Dynamics Corp. | 5744 | 1563057  |
| Honeywell International, Inc. | 6984 | 1470132  |
| Huntington Ingalls Industries, Inc. | 1538 | 354263  |
| Illinois Tool Works, Inc. | 6384 | 1531585  |
| L3Harris Technologies, Inc. | 6574 | 1446411  |
| Lockheed Martin Corp. | 2996 | 1431339  |
| Northrop Grumman Corp. | 3076 | 1496474  |
| Otis Worldwide Corp. | 14539 | 1399670  |
| Paychex, Inc. | 9340 | 1374101  |
| Republic Services, Inc. | 7711 | 1933533  |
| RTX Corp. | 11231 | 1416566  |
| Union Pacific Corp. | 5248 | 1131784  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 11549 | 794802  |
| Veralto Corp. | 13655 | 1309514  |
| Verisk Analytics, Inc. | 4514 | 1338085  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Waste Management, Inc. | 5938 | $1385692  |
|  |  | 28016558  |
| **Information Technology - 3.0%**<br>|  |  |
| Cisco Systems, Inc. | 22153 | 1278893  |
| Cognizant Technology Solutions Corp. | 14692 | 1080890  |
| Hewlett Packard Enterprise Co. | 44194 | 716827  |
| HP, Inc. | 24952 | 638023  |
| Jabil, Inc. | 3472 | 508856  |
| Motorola Solutions, Inc. | 3157 | 1390311  |
| Roper Technologies, Inc. | 2446 | 1369956  |
| VeriSign, Inc.<sup>(a)</sup> | 5971 | 1684538  |
|  |  | 8668294  |
| **Materials - 3.6%**<br>|  |  |
| Avery Dennison Corp. | 7594 | 1299409  |
| Ball Corp. | 10168 | 528126  |
| Dow, Inc. | 21076 | 644715  |
| Eastman Chemical Co. | 3294 | 253638  |
| Ecolab, Inc. | 5094 | 1280784  |
| Linde PLC | 3800 | 1722274  |
| LyondellBasell Industries NV - Class A | 27682 | 1611369  |
| Mosaic Co. | 11850 | 360240  |
| Nucor Corp. | 7604 | 907690  |
| PPG Industries, Inc. | 11666 | 1269961  |
| Steel Dynamics, Inc. | 4152 | 538556  |
|  |  | 10416762  |
| **Utilities - 10.0%**<br>|  |  |
| AES Corp. | 24909 | 249090  |
| Alliant Energy Corp. | 23496 | 1434196  |
| Ameren Corp. | 14946 | 1483241  |
| American Electric Power Co., Inc. | 13502 | 1462807  |
| Atmos Energy Corp.<sup>(b)</sup> | 11427 | 1835519  |
| CMS Energy Corp. | 22709 | 1672518  |
| Consolidated Edison, Inc. | 24602 | 2773875  |
| DTE Energy Co. | 11260 | 1542620  |
| Duke Energy Corp. | 13442 | 1640193  |
| Evergy, Inc. | 31000 | 2142100  |
| Exelon Corp. | 62214 | 2917837  |
| FirstEnergy Corp.<sup>(b)</sup> | 40938 | 1755421  |
| NiSource, Inc.<sup>(b)</sup> | 40877 | 1598699  |
| Pinnacle West Capital Corp. | 19106 | 1818509  |
| PPL Corp. | 45693 | 1667795  |
| Southern Co. | 16696 | 1534195  |
| WEC Energy Group, Inc. | 14642 | 1603592  |
|  |  | 29132207  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $287,085,133)** |  | 279032704  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 3.7%**<br>|  |  |
| AvalonBay Communities, Inc. | 6414 | 1346812  |
| Federal Realty Investment Trust | 12718 | 1195747  |
| Realty Income Corp.<sup>(b)</sup> | 27092 | 1567543  |
| Regency Centers Corp. | 19806 | 1429597  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT LARGE CAP MULTI-FACTOR ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)**  |
| UDR, Inc. | 31391 | $1314655  |
| VICI Properties, Inc. | 76350 | 2444727  |
| Welltower, Inc. | 9270 | 1414509  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $10,865,407)** |  | 10713590  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 7082995 | 7082995  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,082,995)** |  | 7082995  |
|  **TOTAL INVESTMENTS - 102.3% (Cost $305,033,535)** |  | $296829289  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.3)% |  | (6716592)  |
| **TOTAL NET ASSETS - 100.0%** |  | $290112697 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $6,932,796 which represented 2.4% of net assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 85.9%**<br>|  |  |
| **Communication Services - 1.1%**<br>|  |  |
| New York Times Co. - Class A | 7602 | $395760  |
| Nexstar Media Group, Inc.<sup>(a)</sup> | 1860 | 278368  |
|  |  | 674128  |
| **Consumer Discretionary - 11.9%**<br>|  |  |
| Aramark | 9122 | 304949  |
| AutoNation, Inc.<sup>(b)</sup> | 2516 | 438161  |
| Choice Hotels International, Inc.<sup>(a)</sup> | 2251 | 283874  |
| Churchill Downs, Inc. | 2885 | 260833  |
| Gap, Inc.<sup>(a)</sup> | 12922 | 282992  |
| Gentex Corp. | 15624 | 340291  |
| Goodyear Tire & Rubber Co.<sup>(a)(b)</sup> | 24518 | 266756  |
| Graham Holdings Co. - Class B | 246 | 226332  |
| Harley-Davidson, Inc.<sup>(a)</sup> | 10572 | 237024  |
| KB Home | 5508 | 297597  |
| Lear Corp.<sup>(a)</sup> | 6680 | 572810  |
| Lithia Motors, Inc. | 2604 | 762347  |
| Macy's, Inc.<sup>(a)</sup> | 29488 | 336753  |
| Marriott Vacations Worldwide Corp. | 1845 | 101124  |
| Nordstrom, Inc.<sup>(a)</sup> | 8694 | 209873  |
| Penske Automotive Group, Inc. | 3590 | 558855  |
| Polaris, Inc.<sup>(a)</sup> | 3158 | 107246  |
| PVH Corp.<sup>(a)</sup> | 4906 | 338416  |
| Service Corp. International | 5120 | 409088  |
| Taylor Morrison Home Corp.<sup>(b)</sup> | 8428 | 483346  |
| Thor Industries, Inc.<sup>(a)</sup> | 3580 | 259264  |
| Visteon Corp.<sup>(b)</sup> | 2170 | 171842  |
| Whirlpool Corp.<sup>(a)</sup> | 4332 | 330445  |
|  |  | 7580218  |
| **Consumer Staples - 4.8%**<br>|  |  |
| Flowers Foods, Inc. | 23620 | 415476  |
| Ingredion, Inc. | 2754 | 365786  |
| Performance Food Group Co.<sup>(b)</sup> | 16366 | 1320082  |
| Pilgrim's Pride Corp.<sup>(a)</sup> | 2406 | 131319  |
| Post Holdings, Inc.<sup>(b)</sup> | 4087 | 462526  |
| US Foods Holding Corp.<sup>(b)</sup> | 5140 | 337492  |
|  |  | 3032681  |
| **Energy - 7.5%**<br>|  |  |
| Antero Midstream Corp. | 23626 | 391010  |
| Chord Energy Corp. | 6192 | 558704  |
| Civitas Resources, Inc. | 9676 | 263671  |
| CNX Resources Corp.<sup>(a)(b)</sup> | 8468 | 249213  |
| HF Sinclair Corp.<sup>(a)</sup> | 19494 | 586185  |
| Matador Resources Co. | 8328 | 329289  |
| Murphy Oil Corp.<sup>(a)</sup> | 12170 | 249850  |
| NOV, Inc.<sup>(a)</sup> | 41230 | 478680  |
| Ovintiv, Inc. | 24329 | 816968  |
| PBF Energy, Inc. - Class A | 8268 | 142044  |
| Permian Resources Corp. | 46788 | 552099  |
| Valaris Ltd.<sup>(b)</sup> | 4924 | 159095  |
|  |  | 4776808  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financials - 27.3%<sup>(c)</sup>**<br>|  |  |
| Affiliated Managers Group, Inc. | 3580 | $592955  |
| Ally Financial, Inc.<sup>(a)</sup> | 18863 | 616065  |
| American Financial Group, Inc. | 3288 | 416458  |
| Associated Banc-Corp.<sup>(a)</sup> | 8690 | 191701  |
| Bank OZK<sup>(a)</sup> | 8440 | 359544  |
| Cadence Bank<sup>(a)</sup> | 11164 | 326659  |
| CNO Financial Group, Inc. | 6449 | 244675  |
| Columbia Banking System, Inc.<sup>(a)</sup> | 12452 | 279174  |
| Commerce Bancshares, Inc. | 5440 | 330426  |
| Essent Group Ltd. | 14348 | 816832  |
| Euronet Worldwide, Inc.<sup>(b)</sup> | 3608 | 357553  |
| Federated Hermes, Inc. | 11180 | 454020  |
| First American Financial Corp. | 5450 | 331414  |
| First Horizon Corp. | 28700 | 518896  |
| FNB Corp./PA | 23324 | 305311  |
| FNF Group | 6182 | 395957  |
| Hancock Whitney Corp. | 5046 | 262846  |
| Hanover Insurance Group, Inc. | 2490 | 413589  |
| Janus Henderson Group PLC | 8240 | 273650  |
| MGIC Investment Corp. | 32208 | 802301  |
| Morningstar, Inc.<sup>(a)</sup> | 1194 | 339956  |
| Old National Bancorp/IN<sup>(a)</sup> | 18126 | 373214  |
| Old Republic International Corp.<sup>(a)</sup> | 28560 | 1073856  |
| Primerica, Inc. | 1392 | 364801  |
| Prosperity Bancshares, Inc. | 5282 | 358648  |
| Reinsurance Group of America, Inc. | 6370 | 1193165  |
| RenaissanceRe Holdings Ltd. | 4360 | 1054815  |
| RLI Corp. | 5364 | 396990  |
| SEI Investments Co. | 5234 | 409770  |
| United Bankshares, Inc./WV | 7510 | 257518  |
| Unum Group | 19494 | 1513904  |
| Valley National Bancorp | 32466 | 279208  |
| Voya Financial, Inc. | 6670 | 394864  |
| Webster Financial Corp. | 10080 | 476784  |
| Western Union Co.<sup>(a)</sup> | 57554 | 570360  |
|  |  | 17347879  |
| **Health Care - 4.3%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(b)</sup> | 6220 | 145548  |
| Chemed Corp. | 650 | 377981  |
| Encompass Health Corp. | 4050 | 473810  |
| Ensign Group, Inc. | 2998 | 386712  |
| Roivant Sciences Ltd.<sup>(a)(b)</sup> | 27918 | 324407  |
| Tenet Healthcare Corp.<sup>(b)</sup> | 6954 | 994074  |
|  |  | 2702532  |
| **Industrials - 8.6%**<br>|  |  |
| AECOM | 3580 | 353167  |
| American Airlines Group, Inc.<sup>(a)(b)</sup> | 35847 | 356678  |
| Avis Budget Group, Inc.<sup>(b)</sup> | 1377 | 127551  |
| CNH Industrial NV - Class A<sup>(a)</sup> | 64979 | 751807  |
| Concentrix Corp.<sup>(a)</sup> | 5499 | 280779  |
| Donaldson Co., Inc. | 6042 | 397141  |
| Graco, Inc. | 4990 | 407234  |

---

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Landstar System, Inc. | 2264 | $303716  |
| ManpowerGroup, Inc. | 4510 | 194246  |
| Maximus, Inc. | 5488 | 367476  |
| MSA Safety, Inc. | 2500 | 393550  |
| Oshkosh Corp. | 4952 | 414779  |
| Ryder System, Inc. | 2647 | 364412  |
| Terex Corp.<sup>(a)</sup> | 5638 | 198458  |
| WESCO International, Inc. | 3176 | 517561  |
|  |  | 5428555  |
| **Information Technology - 3.3%**<br>|  |  |
| Arrow Electronics, Inc.<sup>(b)</sup> | 6144 | 684196  |
| Avnet, Inc.<sup>(a)</sup> | 10842 | 509465  |
| TD SYNNEX Corp.<sup>(a)</sup> | 8136 | 901469  |
|  |  | 2095130  |
| **Materials - 5.8%**<br>|  |  |
| AptarGroup, Inc. | 3478 | 521526  |
| Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | 36376 | 299738  |
| Commercial Metals Co.<sup>(a)</sup> | 6832 | 304297  |
| Greif, Inc. - Class A | 1886 | 98977  |
| NewMarket Corp. | 650 | 399945  |
| RPM International, Inc. | 3194 | 340960  |
| Silgan Holdings, Inc. | 7422 | 383347  |
| Sonoco Products Co. | 9094 | 372854  |
| United States Steel Corp. | 21804 | 953053  |
|  |  | 3674697  |
| **Real Estate - 0.9%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 2584 | 587627  |
| **Utilities - 10.4%** |  |  |
| ALLETE, Inc. | 9856 | 645469  |
| Black Hills Corp. | 6850 | 417165  |
| Essential Utilities, Inc. | 10560 | 434333  |
| IDACORP, Inc. | 4162 | 491491  |
| National Fuel Gas Co. | 5506 | 422751  |
| New Jersey Resources Corp. | 9396 | 459840  |
| Northwestern Energy Group, Inc. | 11378 | 662541  |
| OGE Energy Corp.<sup>(a)</sup> | 10600 | 481028  |
| ONE Gas, Inc. | 5328 | 418301  |
| Portland General Electric Co. | 10666 | 449252  |
| Southwest Gas Holdings, Inc. | 4406 | 318157  |
| Spire, Inc. | 5356 | 409948  |
| TXNM Energy, Inc. | 8519 | 453211  |
| UGI Corp. | 17174 | 563136  |
|  |  | 6626623  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $57,575,571)** |  | 54526878  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 13.9%**<br>|  |  |
| Agree Realty Corp.<sup>(a)</sup> | 6334 | $491582  |
| American Homes 4 Rent - Class A | 13152 | 491753  |
| Annaly Capital Management, Inc. | 20359 | 399037  |
| Brixmor Property Group, Inc. | 14902 | 371209  |
| Corporate Office Properties Trust<sup>(a)</sup> | 14784 | 386010  |
| CubeSmart | 8436 | 343092  |
| EastGroup Properties, Inc. | 2246 | 367041  |
| EPR Properties | 9404 | 465404  |
| Equity LifeStyle Properties, Inc. | 6418 | 415758  |
| First Industrial Realty Trust, Inc. | 7122 | 338865  |
| Gaming and Leisure Properties, Inc.<sup>(a)</sup> | 9104 | 435717  |
| Independence Realty Trust, Inc. | 17342 | 336955  |
| Kilroy Realty Corp.<sup>(a)</sup> | 6164 | 194228  |
| Kite Realty Group Trust | 17094 | 370085  |
| Lamar Advertising Co. - Class A<sup>(a)</sup> | 3232 | 367834  |
| NNN REIT, Inc.<sup>(a)</sup> | 10974 | 451141  |
| Omega Healthcare Investors, Inc.<sup>(a)</sup> | 11276 | 440328  |
| Park Hotels & Resorts, Inc. | 18304 | 181942  |
| Rayonier, Inc. | 15144 | 370422  |
| Sabra Health Care REIT, Inc. | 22040 | 393414  |
| STAG Industrial, Inc. | 11630 | 384139  |
| Starwood Property Trust, Inc.<sup>(a)</sup> | 21028 | 403527  |
| WP Carey, Inc.<sup>(a)</sup> | 6728 | 420096  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $9,136,179)** |  | 8819579  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 25.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 16117748 | 16117748  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $16,117,748)** |  | 16117748  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 125.2%** <br>**(Cost $82,829,498)** |  | $79464205  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (25.2)% |  | (16007342)  |
| **TOTAL NET ASSETS - 100.0%** |  | $63456863 |

---

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER LUNT MIDCAP MULTI-FACTOR ALTERNATOR ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $15,560,720 which represented 24.5% of net assets. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER MSCI WORLD INDUSTRY ADVANTAGE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.2%**<br>|  |  |
| **Communication Services - 13.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 153 | $24295  |
| Alphabet, Inc. - Class C | 130 | 20915  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 3 | 1176  |
| Comcast Corp. - Class A | 100 | 3420  |
| Electronic Arts, Inc. | 7 | 1016  |
| Fox Corp. - Class A<sup>(b)</sup> | 6 | 299  |
| Fox Corp. - Class B | 4 | 185  |
| Interpublic Group of Cos., Inc. | 10 | 251  |
| KDDI Corp. | 80 | 1411  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class C<sup>(a)</sup> | 6 | 532  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 4 | 530  |
| Meta Platforms, Inc. - Class A<sup>(b)</sup> | 57 | 31292  |
| Netflix, Inc.<sup>(a)</sup> | 11 | 12449  |
| News Corp. - Class A | 10 | 271  |
| Nippon Telegraph & Telephone Corp. | 782 | 817  |
| Omnicom Group, Inc.<sup>(b)</sup> | 5 | 381  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 16 | 405  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 2 | 233  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 13 | 872  |
| Roku, Inc.<sup>(a)</sup> | 3 | 205  |
| Snap, Inc. - Class A<sup>(a)</sup> | 28 | 223  |
| SoftBank Corp. | 749 | 1131  |
| SoftBank Group Corp. | 25 | 1253  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 5 | 1167  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 12 | 644  |
| Walt Disney Co. | 47 | 4275  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 61 | 529  |
|  |  | 110177  |
| **Consumer Discretionary - 13.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 11 | 1341  |
| Aisin Corp. | 14 | 177  |
| Amazon.com, Inc.<sup>(a)</sup> | 197 | 36332  |
| Best Buy Co., Inc. | 5 | 333  |
| Booking Holdings, Inc. | 1 | 5099  |
| Bridgestone Corp. | 15 | 629  |
| Burlington Stores, Inc.<sup>(a)(b)</sup> | 2 | 450  |
| CarMax, Inc.<sup>(a)</sup> | 4 | 259  |
| Carnival Corp.<sup>(a)</sup> | 27 | 495  |
| Carvana Co.<sup>(a)(b)</sup> | 3 | 733  |
| Chipotle Mexican Grill, Inc.<sup>(a)(b)</sup> | 36 | 1819  |
| Darden Restaurants, Inc.<sup>(b)</sup> | 3 | 602  |
| Denso Corp. | 49 | 633  |
| Dick's Sporting Goods, Inc.<sup>(b)</sup> | 2 | 375  |
| Domino's Pizza, Inc. | 1 | 490  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 9 | 1736  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 11 | 366  |
| eBay, Inc. | 13 | 886  |
| Expedia Group, Inc. | 3 | 471  |
| Flutter Entertainment PLC<sup>(a)</sup> | 5 | 1205  |
| Genuine Parts Co. | 4 | 470  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hermes International SCA | 1 | $2709  |
| Hilton Worldwide Holdings, Inc.<sup>(b)</sup> | 6 | 1353  |
| Home Depot, Inc. | 26 | 9373  |
| Honda Motor Co. Ltd. | 117 | 1189  |
| Hyatt Hotels Corp. - Class A | 1 | 113  |
| Isuzu Motors Ltd. | 15 | 202  |
| Kering<sup>(b)</sup> | 2 | 404  |
| Las Vegas Sands Corp. | 9 | 330  |
| LKQ Corp. | 7 | 267  |
| Lowe's Cos., Inc. | 15 | 3353  |
| LVMH Moet Hennessy Louis Vuitton SE | 7 | 3869  |
| Marriott International, Inc. - Class A | 6 | 1431  |
| McDonald's Corp. | 19 | 6073  |
| MercadoLibre, Inc.<sup>(a)</sup> | 1 | 2331  |
| MGM Resorts International<sup>(a)</sup> | 6 | 189  |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | 58 | 139  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 2 | 2830  |
| Pool Corp. | 1 | 293  |
| Ross Stores, Inc. | 9 | 1251  |
| Royal Caribbean Cruises Ltd. | 7 | 1505  |
| Starbucks Corp. | 30 | 2402  |
| Subaru Corp. | 15 | 272  |
| Sumitomo Electric Industries Ltd. | 19 | 304  |
| Suzuki Motor Corp. | 41 | 490  |
| TJX Cos., Inc. | 29 | 3732  |
| Toyota Motor Corp. | 248 | 4733  |
| Tractor Supply Co. | 14 | 709  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 1 | 396  |
| Williams-Sonoma, Inc. | 3 | 463  |
| Wynn Resorts Ltd. | 2 | 161  |
| Yamaha Motor Co. Ltd. | 24 | 188  |
| Yum! Brands, Inc. | 7 | 1053  |
|  |  | 109008  |
| **Consumer Staples - 5.1%**<br>|  |  |
| Albertsons Cos., Inc. - Class A | 10 | 220  |
| Costco Wholesale Corp. | 12 | 11935  |
| Dollar General Corp. | 6 | 562  |
| Dollar Tree, Inc.<sup>(a)</sup> | 5 | 409  |
| Kroger Co. | 18 | 1300  |
| Nestle SA | 69 | 7335  |
| Reckitt Benckiser Group PLC | 18 | 1161  |
| Sysco Corp. | 13 | 928  |
| Target Corp. | 12 | 1160  |
| Unilever PLC | 65 | 4122  |
| Walgreens Boots Alliance, Inc. | 19 | 208  |
| Walmart, Inc.<sup>(b)</sup> | 116 | 11281  |
|  |  | 40621  |
| **Energy - 1.2%**<br>|  |  |
| ARC Resources Ltd. | 15 | 278  |
| Cameco Corp. | 11 | 497  |
| Canadian Natural Resources Ltd. | 55 | 1578  |
| Cenovus Energy, Inc. | 36 | 424  |
| Enbridge, Inc. | 57 | 2665  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER MSCI WORLD INDUSTRY ADVANTAGE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
| Imperial Oil Ltd. | 5 | $337  |
| Keyera Corp. | 6 | 186  |
| Pembina Pipeline Corp. | 15 | 573  |
| Suncor Energy, Inc. | 33 | 1166  |
| TC Energy Corp. | 27 | 1364  |
| Tourmaline Oil Corp. | 9 | 398  |
|  |  | 9466  |
| **Financials - 15.8%**<br>|  |  |
| Allianz SE | 10 | 4125  |
| Ally Financial, Inc. | 7 | 229  |
| American Express Co. | 15 | 3996  |
| Ameriprise Financial, Inc. | 3 | 1413  |
| Apollo Global Management, Inc. | 10 | 1365  |
| Ares Management Corp. - Class A | 5 | 763  |
| Bank of Montreal | 19 | 1820  |
| Bank of New York Mellon Corp. | 19 | 1528  |
| Bank of Nova Scotia | 33 | 1651  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 35 | 18663  |
| Blackrock, Inc. | 4 | 3657  |
| Blackstone, Inc. | 19 | 2502  |
| Block, Inc.<sup>(a)</sup> | 15 | 877  |
| Canadian Imperial Bank of Commerce | 25 | 1577  |
| Capital One Financial Corp.<sup>(b)</sup> | 10 | 1803  |
| Carlyle Group, Inc. | 6 | 232  |
| Cboe Global Markets, Inc. | 3 | 665  |
| Charles Schwab Corp. | 45 | 3663  |
| CME Group, Inc. | 9 | 2494  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 5 | 1014  |
| Corebridge Financial, Inc. | 7 | 207  |
| Corpay, Inc.<sup>(a)(b)</sup> | 2 | 651  |
| Discover Financial Services | 7 | 1279  |
| Equitable Holdings, Inc. | 8 | 396  |
| FactSet Research Systems, Inc. | 1 | 432  |
| &nbsp;&nbsp;&nbsp; Fidelity National Information <br>Services, Inc. | 14 | 1104  |
| Fiserv, Inc.<sup>(a)</sup> | 15 | 2769  |
| Franklin Resources, Inc. | 8 | 150  |
| Global Payments, Inc. | 7 | 534  |
| Goldman Sachs Group, Inc. | 8 | 4380  |
| Hannover Rueck SE | 2 | 640  |
| Interactive Brokers Group, Inc. - Class A | 3 | 516  |
| Intercontinental Exchange, Inc. | 15 | 2520  |
| Jack Henry & Associates, Inc.<sup>(b)</sup> | 2 | 347  |
| KKR & Co., Inc. | 16 | 1828  |
| LPL Financial Holdings, Inc. | 2 | 640  |
| Mastercard, Inc. - Class A | 22 | 12057  |
| Moody's Corp. | 4 | 1812  |
| Morgan Stanley | 32 | 3693  |
| MSCI, Inc. | 2 | 1090  |
|  Muenchener Rueckversicherungs-Gesellschaft AG - Class R | 3 | 2045  |
| Nasdaq, Inc. | 11 | 838  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| National Bank of Canada | 10 | $878  |
| Northern Trust Corp. | 5 | 470  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 25 | 1646  |
| Raymond James Financial, Inc. | 5 | 685  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 16 | 786  |
| Royal Bank of Canada | 37 | 4441  |
| S&P Global, Inc. | 8 | 4000  |
| SEI Investments Co. | 3 | 235  |
| State Street Corp. | 8 | 705  |
| Synchrony Financial | 10 | 520  |
| T Rowe Price Group, Inc. | 6 | 531  |
| Talanx AG | 2 | 229  |
| Toast, Inc. - Class A<sup>(a)(b)</sup> | 10 | 356  |
| Toronto-Dominion Bank | 46 | 2939  |
| Tradeweb Markets, Inc. - Class A | 3 | 415  |
| Visa, Inc. - Class A<sup>(b)</sup> | 45 | 15548  |
|  |  | 128349  |
| **Health Care - 8.9%**<br>|  |  |
| Abbott Laboratories | 45 | 5885  |
| Align Technology, Inc.<sup>(a)</sup> | 2 | 347  |
| Baxter International, Inc.<sup>(b)</sup> | 13 | 405  |
| Becton Dickinson & Co. | 8 | 1657  |
| Boston Scientific Corp.<sup>(a)</sup> | 39 | 4012  |
| Cardinal Health, Inc. | 6 | 848  |
| Cencora, Inc. | 5 | 1463  |
| Centene Corp.<sup>(a)</sup> | 13 | 778  |
| Cigna Group | 7 | 2380  |
| Cooper Cos., Inc.<sup>(a)</sup> | 5 | 408  |
| CVS Health Corp. | 33 | 2201  |
| DaVita, Inc.<sup>(a)</sup> | 1 | 142  |
| DexCom, Inc.<sup>(a)</sup> | 10 | 714  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 15 | 1132  |
| Elevance Health, Inc. | 6 | 2523  |
| Galderma Group AG | 2 | 232  |
| GE HealthCare Technologies, Inc. | 12 | 844  |
| HCA Healthcare, Inc. | 5 | 1725  |
| Hologic, Inc.<sup>(a)</sup> | 6 | 349  |
| Humana, Inc. | 3 | 787  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 2 | 865  |
| Insulet Corp.<sup>(a)(b)</sup> | 2 | 505  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 9 | 4642  |
| Labcorp Holdings, Inc.<sup>(b)</sup> | 2 | 482  |
| Lonza Group AG | 2 | 1426  |
| McKesson Corp. | 3 | 2138  |
| Medtronic PLC | 34 | 2882  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 1 | 327  |
| Novartis AG | 52 | 5910  |
| Quest Diagnostics, Inc. | 3 | 535  |
| ResMed, Inc.<sup>(b)</sup> | 4 | 946  |
| Roche Holding AG | 18 | 5873  |
| Roche Holding AG | 1 | 348  |
| Sandoz Group AG | 11 | 477  |
| Solventum Corp.<sup>(a)</sup> | 4 | 264  |
| STERIS PLC | 3 | 674  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER MSCI WORLD INDUSTRY ADVANTAGE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Stryker Corp. | 9 | $3365  |
| UnitedHealth Group, Inc. | 24 | 9876  |
| Universal Health Services, Inc. - Class B | 2 | 354  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 4 | 935  |
| Zimmer Biomet Holdings, Inc. | 5 | 515  |
|  |  | 72171  |
| **Industrials - 2.6%**<br>|  |  |
| Acciona SA | 1 | 145  |
| Air Canada<sup>(a)</sup> | 6 | 61  |
| Airbus Group SE | 16 | 2667  |
| Alstom SA<sup>(a)</sup> | 9 | 216  |
| Bouygues SA | 5 | 220  |
| Canadian National Railway Co. | 14 | 1356  |
| Canadian Pacific Kansas City Ltd. | 24 | 1743  |
| Cie de Saint-Gobain SA | 12 | 1298  |
| Dassault Aviation SA | 1 | 359  |
| Eiffage SA | 2 | 271  |
| Experian PLC | 24 | 1188  |
| Intertek Group PLC | 4 | 244  |
| Legrand SA | 7 | 764  |
| RELX PLC | 49 | 2656  |
| Rentokil Initial PLC | 66 | 301  |
| Rexel SA | 6 | 166  |
| Safran SA | 9 | 2376  |
| Schneider Electric SE | 14 | 3238  |
| TFI International, Inc. | 2 | 163  |
| Thales SA | 2 | 555  |
| Vinci SA | 13 | 1806  |
|  |  | 21793  |
| **Information Technology - 34.0%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 16 | 4786  |
| Adobe, Inc.<sup>(a)</sup> | 11 | 4125  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 42 | 4089  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 4 | 322  |
| Amphenol Corp. - Class A | 32 | 2462  |
| Analog Devices, Inc. | 13 | 2534  |
| ANSYS, Inc.<sup>(a)</sup> | 2 | 644  |
| Apple, Inc. | 182 | 38674  |
| Applied Materials, Inc. | 21 | 3165  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 5 | 1347  |
| Arista Networks, Inc.<sup>(a)</sup> | 28 | 2304  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 4 | 913  |
| Autodesk, Inc.<sup>(a)(b)</sup> | 6 | 1646  |
| Bentley Systems, Inc. - Class B | 4 | 172  |
| Broadcom, Inc. | 117 | 22519  |
| Cadence Design System, Inc.<sup>(a)(b)</sup> | 7 | 2084  |
| CDW Corp. | 3 | 482  |
| Cisco Systems, Inc. | 104 | 6004  |
| Cloudflare, Inc. - Class A<sup>(a)(b)</sup> | 8 | 966  |
|  Cognizant Technology Solutions Corp. - Class A<sup>(b)</sup> | 13 | 956  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Corning, Inc. | 21 | $932  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 6 | 2573  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 7 | 715  |
| Dell Technologies, Inc. - Class C | 8 | 734  |
| DocuSign, Inc.<sup>(a)(b)</sup> | 5 | 409  |
| Dynatrace, Inc.<sup>(a)</sup> | 8 | 376  |
| Entegris, Inc. | 4 | 316  |
| EPAM Systems, Inc.<sup>(a)</sup> | 1 | 157  |
| F5, Inc.<sup>(a)</sup> | 2 | 529  |
| Fair Isaac Corp.<sup>(a)</sup> | 1 | 1990  |
| First Solar, Inc.<sup>(a)</sup> | 3 | 377  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 17 | 1764  |
| Gartner, Inc.<sup>(a)</sup> | 2 | 842  |
| Gen Digital, Inc. | 15 | 388  |
| GoDaddy, Inc. - Class A<sup>(a)(b)</sup> | 4 | 753  |
| Hewlett Packard Enterprise Co.<sup>(b)</sup> | 34 | 551  |
| HP, Inc.<sup>(b)</sup> | 25 | 639  |
| HubSpot, Inc.<sup>(a)</sup> | 1 | 612  |
| Intel Corp. | 113 | 2271  |
| International Business Machines Corp.<sup>(b)</sup> | 24 | 5804  |
| Intuit, Inc.<sup>(b)</sup> | 7 | 4392  |
| Jabil, Inc. | 3 | 440  |
| Juniper Networks, Inc. | 9 | 327  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 5 | 727  |
| KLA Corp. | 4 | 2811  |
| Lam Research Corp. | 34 | 2437  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 2 | 355  |
| Marvell Technology, Inc. | 23 | 1343  |
| Microchip Technology, Inc. | 14 | 645  |
| Micron Technology, Inc. | 29 | 2232  |
| Microsoft Corp. | 109 | 43082  |
| MicroStrategy, Inc. - Class A<sup>(a)(b)</sup> | 6 | 2281  |
| MongoDB, Inc.<sup>(a)</sup> | 2 | 344  |
| Monolithic Power Systems, Inc. | 1 | 593  |
| Motorola Solutions, Inc. | 5 | 2202  |
| NetApp, Inc. | 5 | 449  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 7 | 481  |
| NVIDIA Corp. | 320 | 34854  |
| NXP Semiconductors NV | 7 | 1290  |
| Okta, Inc.<sup>(a)</sup> | 4 | 449  |
| ON Semiconductor Corp.<sup>(a)(b)</sup> | 11 | 437  |
| Oracle Corp. | 44 | 6192  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 55 | 6514  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 17 | 3178  |
| PTC, Inc.<sup>(a)</sup> | 3 | 465  |
| Pure Storage, Inc. - Class A<sup>(a)(b)</sup> | 8 | 363  |
| QUALCOMM, Inc. | 29 | 4305  |
| Roper Technologies, Inc. | 3 | 1680  |
| salesforce.com, Inc. | 25 | 6718  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 7 | 278  |
| Seagate Technology Holdings PLC | 6 | 546  |
| ServiceNow, Inc.<sup>(a)</sup> | 5 | 4775  |
| Skyworks Solutions, Inc. | 4 | 257  |
| Snowflake, Inc. - Class A<sup>(a)(b)</sup> | 8 | 1276  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER MSCI WORLD INDUSTRY ADVANTAGE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 14 | $446  |
| Synopsys, Inc.<sup>(a)</sup> | 4 | 1836  |
| TE Connectivity PLC | 8 | 1171  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 1 | 466  |
| Teradyne, Inc. | 4 | 297  |
| Texas Instruments, Inc. | 24 | 3841  |
| Trimble, Inc.<sup>(a)</sup> | 6 | 373  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 4 | 387  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 1 | 543  |
| VeriSign, Inc.<sup>(a)</sup> | 2 | 564  |
| Western Digital Corp.<sup>(a)(b)</sup> | 9 | 395  |
| Workday, Inc. - Class A<sup>(a)</sup> | 6 | 1470  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 1 | 250  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 7 | 543  |
| Zscaler, Inc.<sup>(a)</sup> | 3 | 679  |
|  |  | 274905  |
| **Materials - 0.7%**<br>|  |  |
| BHP Group Ltd. | 133 | 3253  |
| BlueScope Steel Ltd. | 11 | 168  |
| Fortescue Ltd. | 44 | 456  |
| James Hardie Industries PLC<sup>(a)</sup> | 11 | 261  |
| Northern Star Resources Ltd. | 30 | 369  |
| Rio Tinto Ltd. | 10 | 750  |
| South32 Ltd. | 118 | 208  |
|  |  | 5465  |
| **Real Estate - 0.3%**<br>|  |  |
| Daito Trust Construction Co. Ltd. | 2 | 222  |
| Daiwa House Industry Co. Ltd. | 15 | 541  |
| Hulic Co. Ltd. | 15 | 156  |
| Mitsubishi Estate Co. Ltd. | 28 | 491  |
| Mitsui Fudosan Co. Ltd. | 69 | 679  |
|  Sumitomo Realty & Development Co. Ltd. | 8 | 297  |
|  |  | 2386  |
| **Utilities - 0.4%**<br>|  |  |
| Endesa SA | 8 | 240  |
| Iberdrola SA | 154 | 2773  |
| Redeia Corp. SA | 11 | 231  |
|  |  | 3244  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $823,415)** |  | 777585  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 3.6%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 3.6%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 3.6%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 4 | 291  |
| American Homes 4 Rent - Class A | 9 | 337  |
| American Tower Corp. | 12 | 2706  |
| Annaly Capital Management, Inc. | 15 | 294  |
| AvalonBay Communities, Inc. | 4 | 840  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| BXP, Inc. | 4 | $255  |
| Camden Property Trust | 3 | 341  |
| Crown Castle, Inc. | 11 | 1163  |
| Digital Realty Trust, Inc. | 9 | 1445  |
| Equinix, Inc. | 3 | 2582  |
| Equity LifeStyle Properties, Inc. | 5 | 324  |
| Equity Residential | 9 | 632  |
| Essex Property Trust, Inc. | 2 | 558  |
| Extra Space Storage, Inc. | 6 | 879  |
| Gaming and Leisure Properties, Inc. | 7 | 335  |
| Healthpeak Properties, Inc. | 18 | 321  |
| Host Hotels & Resorts, Inc. | 18 | 254  |
| Invitation Homes, Inc. | 15 | 513  |
| Iron Mountain, Inc. | 8 | 717  |
| Kimco Realty Corp. | 18 | 360  |
|  Mid-America Apartment Communities, Inc. | 3 | 479  |
| Prologis, Inc. | 24 | 2453  |
| Public Storage | 4 | 1202  |
| Realty Income Corp.<sup>(b)</sup> | 23 | 1331  |
| Regency Centers Corp. | 5 | 361  |
| SBA Communications Corp. | 3 | 730  |
| Simon Property Group, Inc. | 9 | 1416  |
| Sun Communities, Inc. | 3 | 373  |
| UDR, Inc. | 8 | 335  |
| Ventas, Inc. | 11 | 771  |
| VICI Properties, Inc. | 28 | 897  |
| Welltower, Inc. | 16 | 2441  |
| Weyerhaeuser Co. | 19 | 492  |
| WP Carey, Inc. | 6 | 375  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $30,811)** |  | 28803  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 11.5%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 11.5%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 11.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(e)</sup> | 92714 | 92714  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $92,714)** |  | 92714  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.3%** <br>**(Cost $946,940)** |  | $899102  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (11.3)% |  | (90861)  |
| **TOTAL NET ASSETS - 100.0%** |  | $808241 |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER MSCI WORLD INDUSTRY ADVANTAGE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $90,760 which represented 11.2% of net assets. 

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER NASDAQ 100 TOP 50 CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 11.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 433 | $68760  |
| Electronic Arts, Inc. | 360 | 52232  |
| Meta Platforms, Inc. - Class A<sup>(a)</sup> | 168 | 92232  |
| Netflix, Inc.<sup>(b)</sup> | 134 | 151651  |
| Trade Desk, Inc. - Class A<sup>(b)</sup> | 855 | 45854  |
|  |  | 410729  |
| **Consumer Discretionary - 6.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 399 | 48646  |
| Booking Holdings, Inc. | 19 | 96887  |
| MercadoLibre, Inc.<sup>(b)</sup> | 38 | 88572  |
|  |  | 234105  |
| **Consumer Staples - 1.9%**<br>|  |  |
| Monster Beverage Corp.<sup>(b)</sup> | 1164 | 69980  |
| **Energy - 1.1%**<br>|  |  |
| Diamondback Energy, Inc. | 292 | 38547  |
| **Health Care - 7.3%**<br>|  |  |
| Amgen, Inc. | 166 | 48293  |
| Biogen, Inc.<sup>(b)</sup> | 282 | 34145  |
| Gilead Sciences, Inc. | 975 | 103876  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 109 | 47159  |
| Regeneron Pharmaceuticals, Inc. | 54 | 32333  |
|  |  | 265806  |
| **Industrials - 11.0%**<br>|  |  |
| Automatic Data Processing, Inc. | 245 | 73647  |
| Cintas Corp. | 312 | 66044  |
| Copart, Inc.<sup>(b)</sup> | 1188 | 72504  |
| CSX Corp. | 1648 | 46259  |
| Paychex, Inc. | 513 | 75472  |
| Verisk Analytics, Inc. | 232 | 68772  |
|  |  | 402698  |
| **Information Technology - 61.1%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(b)</sup> | 104 | 38998  |
| Analog Devices, Inc. | 253 | 49315  |
| ANSYS, Inc.<sup>(b)</sup> | 204 | 65664  |
| Apple, Inc. | 283 | 60138  |
| Applied Materials, Inc. | 266 | 40089  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 532 | 143273  |
| Atlassian Corp. - Class A<sup>(b)</sup> | 519 | 118493  |
| Autodesk, Inc.<sup>(a)(b)</sup> | 302 | 82824  |
| Broadcom, Inc. | 484 | 93156  |
| Cadence Design System, Inc.<sup>(a)(b)</sup> | 234 | 69671  |
| Cisco Systems, Inc. | 1440 | 83131  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 379 | 162541  |
| Datadog, Inc. - Class A<sup>(b)</sup> | 602 | 61500  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 1516 | 157299  |
| GlobalFoundries, Inc.<sup>(a)(b)</sup> | 1197 | 41979  |
| Intuit, Inc.<sup>(a)</sup> | 92 | 57727  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| KLA Corp. | 68 | $47783  |
| Lam Research Corp. | 604 | 43289  |
| Marvell Technology, Inc. | 1404 | 81951  |
| Microsoft Corp. | 141 | 55732  |
| NVIDIA Corp. | 468 | 50975  |
| NXP Semiconductors NV | 211 | 38889  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 1803 | 213546  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 375 | 70099  |
| QUALCOMM, Inc. | 328 | 48695  |
| Roper Technologies, Inc. | 111 | 62169  |
| Synopsys, Inc.<sup>(a)(b)</sup> | 102 | 46819  |
| Workday, Inc. - Class A<sup>(b)</sup> | 277 | 67865  |
| Zscaler, Inc.<sup>(b)</sup> | 351 | 79386  |
|  |  | 2232996  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,666,373)** |  | 3654861  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 15.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 550867 | 550867  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $550,867)** |  | 550867  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.1%** <br>**(Cost $4,217,240)** |  | $4205728  |
|  Liabilities in Excess of Other Assets - (15.1)% |  | (550163)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3655565 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The total market value of these securities was $537,571 which represented 14.7% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **China - 11.0%**<br>|  |  |
| BYD Co. Ltd. - Class H | 1676 | $80001  |
| Lenovo Group Ltd. | 20668 | 23958  |
| PetroChina Co. Ltd. - Class H | 35062 | 26854  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 11198 | 67284  |
| Tencent Holdings Ltd. | 11106 | 683349  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 29255 | 188417  |
|  |  | 1069863  |
| **Finland - 0.5%**<br>|  |  |
| Nokia OYJ | 9150 | 45494  |
| **France - 10.4%** |  |  |
| Arkema SA | 138 | 10420  |
| Cie de Saint-Gobain SA | 748 | 80924  |
| L'Oreal SA | 698 | 306012  |
| Safran SA | 587 | 154941  |
| Sanofi SA | 1723 | 187187  |
| Schneider Electric SE | 768 | 177659  |
| Thales SA | 322 | 89334  |
|  |  | 1006477  |
| **Germany - 10.1%**<br>|  |  |
| BASF SE | 1349 | 68204  |
| Bayer AG | 1583 | 41299  |
| Bayerische Motoren Werke AG | 866 | 72892  |
| Evonik Industries AG | 815 | 18235  |
| Infineon Technologies AG | 1959 | 64114  |
| Merck KGaA | 209 | 28862  |
| SAP SE | 1538 | 444815  |
| Siemens AG | 1067 | 244107  |
|  |  | 982528  |
| **Japan - 26.9%<sup>(c)</sup>**<br>|  |  |
| AGC, Inc. | 391 | 12177  |
| Aisin Corp. | 1426 | 18067  |
| Asahi Kasei Corp. | 2400 | 16685  |
| Bridgestone Corp. | 1122 | 47013  |
| Canon, Inc. | 2001 | 61634  |
| Dai Nippon Printing Co. Ltd. | 966 | 13452  |
| Daikin Industries Ltd. | 445 | 50715  |
| Denso Corp. | 4392 | 56751  |
| Disco Corp. | 166 | 32067  |
| ENEOS Holdings, Inc. | 4995 | 23962  |
| FANUC Corp. | 1575 | 40251  |
| Fuji Electric Co. Ltd. | 259 | 11454  |
| FUJIFILM Holdings Corp. | 1949 | 40015  |
| Fujitsu Ltd. | 3137 | 69133  |
| Hitachi Ltd. | 6345 | 156117  |
| Honda Motor Co. Ltd. | 7898 | 80262  |
| JFE Holdings, Inc. | 1127 | 13084  |
| Kao Corp. | 748 | 31949  |
| Komatsu Ltd. | 1495 | 42880  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kyocera Corp. | 2510 | $29703  |
| Mitsubishi Chemical Group Corp. | 2623 | 12677  |
| Mitsubishi Electric Corp. | 3231 | 62381  |
| Mitsubishi Heavy Industries Ltd. | 5001 | 97813  |
| Murata Manufacturing Co. Ltd. | 3024 | 46826  |
| NEC Corp. | 2157 | 52439  |
| NIDEC CORP | 1908 | 33802  |
| Nippon Steel Corp. | 1721 | 36230  |
| Nippon Telegraph & Telephone Corp. | 126698 | 132298  |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | 6394 | 15272  |
| Nitto Denko Corp. | 1207 | 21109  |
| Olympus Corp. | 1909 | 24907  |
| Omron Corp. | 368 | 10887  |
| Panasonic Holdings Corp. | 3901 | 44772  |
| Renesas Electronics Corp. | 2970 | 34741  |
| SCREEN Holdings Co. Ltd. | 184 | 12179  |
| Seiko Epson Corp. | 668 | 9293  |
| Sekisui Chemical Co. Ltd. | 782 | 13613  |
| Shin-Etsu Chemical Co. Ltd. | 2858 | 86551  |
| SoftBank Group Corp. | 2067 | 103567  |
| Sony Group Corp. | 8483 | 223733  |
| Sumitomo Electric Industries Ltd. | 1309 | 20956  |
| Takeda Pharmaceutical Co. Ltd. | 2392 | 72490  |
| TDK Corp. | 3072 | 32690  |
| Terumo Corp. | 2320 | 44443  |
| Tokyo Electron Ltd. | 674 | 100053  |
| TOPPAN Holdings, Inc. | 552 | 15439  |
| Toray Industries, Inc. | 2783 | 17699  |
| Toyota Motor Corp. | 19988 | 381503  |
|  |  | 2607734  |
| **Netherlands - 5.6%**<br>|  |  |
| Airbus Group SE | 1074 | 179022  |
| ASML Holding NV | 496 | 327303  |
| Koninklijke Philips NV<sup>(a)</sup> | 1485 | 37532  |
|  |  | 543857  |
| **South Korea - 6.3%**<br>|  |  |
| Hyundai Motor Co. | 326 | 43710  |
| Kia Corp. | 628 | 39938  |
| LG Chem Ltd. | 120 | 18234  |
| LG Corp. | 278 | 13025  |
| LG Electronics, Inc. | 278 | 13964  |
| POSCO Holdings, Inc. | 144 | 26389  |
| Samsung Electro-Mechanics Co. Ltd. | 144 | 11923  |
| Samsung Electronics Co. Ltd. | 7660 | 299071  |
| Samsung SDI Co. Ltd. | 120 | 14858  |
| SK Hynix, Inc. | 1025 | 127990  |
|  |  | 609102  |
| **Sweden - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>Class B | 4903 | 41281  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Switzerland - 11.8%**<br>|  |  |
| ABB Ltd. | 2562 | $134068  |
| Nestle SA | 3367 | 357934  |
| Novartis AG | 2809 | 319204  |
| Roche Holding AG | 909 | 296594  |
| STMicroelectronics NV | 1446 | 32467  |
| Swatch Group AG | 50 | 8612  |
|  |  | 1148879  |
| **Taiwan - 11.0%**<br>|  |  |
| AUO Corp. | 14405 | 5540  |
| Delta Electronics, Inc. | 4038 | 42106  |
| Hon Hai Precision Industry Co. Ltd. | 19580 | 86626  |
| MediaTek, Inc. | 2325 | 98138  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 29609 | 840602  |
|  |  | 1073012  |
| **United Kingdom - 5.5%**<br>|  |  |
| AstraZeneca PLC | 2003 | 286372  |
| British American Tobacco PLC | 3117 | 134922  |
| GSK PLC | 5948 | 117595  |
|  |  | 538889  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $9,258,114)** |  | 9667116  |
| **PREFERRED STOCKS - 0.3%**<br>|  |  |
| **Germany - 0.3%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 288 | 22317  |
| Porsche Automobil Holding SE, 0.00% | 276 | 11309  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS**<br>**(Cost $32,980)** |  | 33626  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **South Korea - 0.0%<sup>(d)</sup>**<br>|  |  |
|  Samsung SDI Co. Ltd., Expires 05/23/2025, Exercise Price $146,200<sup>(a)(e)</sup> | 9<sup>(f)</sup> | 0<sup>(f</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $206)** |  | 0<sup>(f</sup><sup>)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $9,291,300)** |  | $9700742 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 20896  |
| **TOTAL NET ASSETS - 100.0%** |  | $9721638 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 April 30, 2025, the value of these securities total $188,417 or 1.9% of the Fund's net assets. 

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025. 

<sup>(f)</sup> Rounds to zero.

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 54.9%**<br>|  |  |
| **Communication Services - 1.0%**<br>|  |  |
|  StubHub Holdco Sub LLC, Senior Secured First Lien, 19.15% (1 mo. SOFR US + 4.75%), 03/15/2030 | $4987247 | $4923361  |
| **Consumer Discretionary - 14.4%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 13.15% (1 mo. SOFR US + 1.75%), 09/23/2030 | 5279057 | 5237406  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%),05/15/2028 | 3946742 | 3947492  |
| &nbsp;&nbsp;&nbsp; Bombardier Recreational Products, Inc., Senior Secured First Lien, 6.52% <br>(1 mo. SOFR US + 2.00%), <br>05/24/2027 | 212534 | 209146  |
|  Caesars Entertainment, Inc., Senior Secured First Lien, 14.60% (3 mo. SOFR US + 2.25%), 02/06/2031 | 2979912 | 2938938  |
|  Caesars Entertainment, Inc. First Lien, 6.56% (1 mo. Term SOFR + 3.25%), 02/06/2030 | 2000000 | 1977000  |
|  Carnival Corp., Senior Secured First Lien, 12.63% (1 mo. SOFR US + 2.00%), 10/18/2028 | 1148779 | 1147705  |
|  Chariot Buyer LLC, Senior Secured First Lien, 7.77% (1 mo. SOFR US + 3.25%), 11/03/2028 | 3971939 | 3930750  |
|  ClubCorp Holdings, Inc., Senior Secured First Lien, 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026 | 3916336 | 3926127  |
|  Fertitta Entertainment LLC/NV, Senior Secured First Lien, 12.32% (1 mo. SOFR US + 3.50%),01/29/2029 | 4987147 | 4870273  |
|  Golden State Foods LLC, Senior Secured First Lien, 17.35% (1 mo. SOFR US + 4.25%), 12/04/2031 | 3233831 | 3244519  |
|  Great Outdoors Group LLC, Senior Secured First Lien, 15.12% (1 mo. SOFR US + 3.25%), 01/23/2032 | 4987500 | 4888997  |
|  IRB Holding Corp., Senior Secured First Lien, 13.89% (1 mo. SOFR US + 2.50%), 12/15/2027 | 726241 | 721760  |
|  MajorDrive Holdings IV LLC, Senior Secured FirstLien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.68% (3 mo. SOFR US + 4.00%), 06/01/2028 | 2457817 | 2290218  |
| &nbsp;&nbsp;&nbsp; 10.10% (3 mo. SOFR US + 5.50%), 06/01/2029 | 989796 | 920510  |
|  Motion Finco Sarl, Senior Secured First Lien, 16.65% (3 mo. SOFR US + 3.50%), 11/30/2029 | 4982525 | 4721989  |
|  Peer Holding III BV First Lien, 6.80% (1 mo. Term SOFR + 2.50%), 10/28/2030 | 2987406 | 2978697  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 12.85% <br>(1 mo. SOFR US + 2.00%), 12/04/2031 | $4673580 | $4626844  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 13.63% (1 mo. SOFR US + 2.00%), 05/01/2031 | 3964975 | 3940194  |
|  United Airlines, Inc., Senior Secured First Lien, 10.91% (3 mo. SOFR US + 2.00%), 02/24/2031 | 1495447 | 1493817  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 13.88% (1 mo. SOFR US + 2.50%), 01/30/2031 | 4847955 | 4788713  |
|  Whatabrands LLC, Senior Secured First Lien, 13.70% (1 mo. SOFR US + 2.50%), 08/03/2028 | 4952486 | 4931017  |
|  |  | 67732112  |
| **Consumer Staples - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8th Avenue Food & Provisions, Inc., Senior Secured First Lien, 8.30% <br>(1 mo. SOFR US + 3.75%), 10/01/2025 | 4970871 | 4722328  |
| Savor Acquisition, Inc. First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.56% (3 mo. Term SOFR + 3.25%), 02/19/2032 | 258621 | 258014  |
| &nbsp;&nbsp;&nbsp; 7.57% (1 mo. Term SOFR + 3.25%), 02/19/2032 | 2741379 | 2734951  |
|  |  | 7715293  |
| **Energy - 1.6%**<br>|  |  |
|  CQP Holdco LP, Senior Secured First Lien, 12.67% (3 mo. SOFR US + 2.00%), 12/31/2030 | 5153798 | 5135940  |
| &nbsp;&nbsp;&nbsp; Traverse Midstream Partners LLC, Senior Secured First Lien, 16.11% <br>(3 mo. SOFR US + 3.00%), 02/16/2028 | 2213106 | 2210340  |
|  |  | 7346280  |
| **Financials - 4.5%**<br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 14.68% (1 mo. SOFR US + 3.00%), 11/06/2030 | 2238764 | 2217787  |
|  AssuredPartners, Inc., Senior Secured First Lien, 16.64% (1 mo. SOFR US + 3.50%), 02/14/2031 | 1980000 | 1982376  |
| &nbsp;&nbsp;&nbsp; Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 13.65% <br>(1 mo. SOFR US + 1.75%), 06/22/2028 | 3131210 | 3122740  |
|  Boost Newco Borrower LLC, Senior Secured First Lien, 12.59% (3 mo. SOFR US + 2.00%), 01/31/2031 | 990000 | 989173  |
|  Deerfield Dakota Holding LLC, Senior Secured First Lien, 12.80% (3 mo. SOFR US + 3.75%), 04/09/2027 | 2931078 | 2785858  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| &nbsp;&nbsp;&nbsp; HUB International Ltd., Senior Secured <br>First Lien | &nbsp;&nbsp;&nbsp; HUB International Ltd., Senior Secured <br>First Lien | &nbsp;&nbsp;&nbsp; HUB International Ltd., Senior Secured <br>First Lien |
| &nbsp;&nbsp;&nbsp; 6.77% (1 mo. SOFR US + 2.50%), 06/20/2030 | $4956 | $4930  |
| &nbsp;&nbsp;&nbsp; 6.77% (3 mo. SOFR US + 2.50%), 06/20/2030 | 1972631 | 1962255  |
|  Hyperion Refinance Sarl, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 02/18/2031 | 4987469 | 4965648  |
|  SBA Senior Finance II LLC, Senior Secured First Lien, 13.42% (1 mo. SOFR US + 1.75%), 01/27/2031 | 2915698 | 2917185  |
|  |  | 20947952  |
| **Health Care - 2.4%**<br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.77% (1 mo. SOFR US + 3.25%), 05/10/2027 | 994885 | 984876  |
| &nbsp;&nbsp;&nbsp; 17.64% (1 mo. SOFR US + 4.00%), 09/29/2028 | 2467450 | 2453065  |
|  Elanco Animal Health, Inc., Senior Secured First Lien, 6.27% (1 mo. SOFR US + 1.75%), 08/02/2027 | 979523 | 975238  |
|  Medline Borrower LP, Senior Secured First Lien, 14.15% (1 mo. SOFR US + 2.25%), 10/23/2028 | 4762927 | 4736373  |
|  Phoenix Newco, Inc., Senior Secured First Lien, 13.63% (1 mo. SOFR US + 2.50%), 11/15/2028 | 2374226 | 2363697  |
|  |  | 11513249  |
| **Industrials - 19.0%**<br>|  |  |
|  Apple Bidco LLC, Senior Secured First Lien, 13.64% (1 mo. SOFR US + 2.50%), 09/23/2031 | 967425 | 957663  |
|  Chart Industries, Inc., Senior Secured First Lien, 14.61% (3 mo. SOFR US + 2.50%), 03/18/2030 | 4263587 | 4254271  |
|  Core & Main LP, Senior Secured First Lien, 12.65% (6 mo. SOFR US + 2.00%), 02/10/2031 | 3463813 | 3465267  |
|  CoreLogic, Inc., Senior Secured First Lien, 8.05% (1 mo. SOFR US + 3.50%), 06/02/2028 | 4948822 | 4894187  |
|  Crosby US Acquisition Corp., Senior Secured First Lien, 16.18% (1 mo. SOFR US + 3.50%), 08/16/2029 | 3467531 | 3469456  |
|  Cube A&D Buyer, Inc., Senior Secured First Lien, 15.90% (3 mo. SOFR US + 3.50%), 10/20/2031 | 3900000 | 3874006  |
| &nbsp;&nbsp;&nbsp; Doosan Bobcat North America, Inc., Senior Secured First Lien, 13.62% <br>(3 mo. SOFR US + 2.00%), 04/20/2029 | 4460106 | 4452679  |
|  Dun & Bradstreet Corp., Senior Secured First Lien, 13.43% (1 mo. SOFR US + 2.25%), 01/18/2029 | 4464601 | 4456230  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 13.26% (1 mo. SOFR US + 2.00%), 10/31/2031 | $4697117 | $4677436  |
| &nbsp;&nbsp;&nbsp; 13.26% (1 mo. SOFR US + 2.00%), 10/31/2031 | 1786633 | 1779147  |
|  Emrld Borrower LP, Senior Secured First Lien, 15.20% (6 mo. SOFR US + 2.50%), 05/31/2030 | 4294533 | 4251867  |
|  Engineered Machinery Holdings, Inc., Senior Secured Second Lien, 10.82% (3 mo. SOFR US + 6.00%), 05/21/2029 | 600000 | 593250  |
| &nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., Senior Secured First Lien, 8.57% <br>(3 mo. SOFR US + 3.75%), 05/22/2028 | 1974490 | 1972269  |
|  Filtration Group Corp., Senior Secured First Lien, 14.63% (1 mo. SOFR US + 3.00%), 12/26/2028 | 3971782 | 3972854  |
|  Gates Corp./DE, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.07% (1 mo. SOFR US + 1.75%), 11/16/2029 | 4236698 | 4209032  |
| &nbsp;&nbsp;&nbsp; 13.65% (1 mo. SOFR US + 1.75%), 06/04/2031 | 748120 | 743037  |
|  Goat Holdco LLC, Senior Secured First Lien, 14.63% (1 mo. SOFR US + 3.00%), 01/27/2032 | 5333000 | 5262338  |
|  Madison IAQ LLC, Senior Secured First Lien, 15.45% (6 mo. SOFR US + 2.50%), 06/21/2028 | 4941862 | 4903884  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 16.91% (3 mo. SOFR US + 4.00%), 10/15/2029 | 1165579 | 873211  |
|  Roper Industrial Products Investment Co., Senior Secured First Lien, 11.49% (3 mo. SOFR US + 2.75%), 11/23/2029 | 3961381 | 3931671  |
|  SPX FLOW, Inc., Senior Secured First Lien, 14.80% (1 mo. SOFR US + 3.00%), 04/05/2029 | 3272617 | 3262734  |
|  Titan Acquisition Ltd./Canada, Senior Secured First Lien, 19.10% (6 mo. SOFR US + 4.50%), 02/15/2029 | 4208795 | 4128386  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 7.24% (1 mo. SOFR US + 3.00%), 04/30/2030 | 4472569 | 4460560  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 15.13% (3 mo. SOFR US + 2.75%), 03/22/2030 | 1605259 | 1603822  |
| &nbsp;&nbsp;&nbsp; 15.40% (3 mo. SOFR US + 2.50%), 02/28/2031 | 3974987 | 3940385  |
|  WEC US Holdings, Inc., Senior Secured First Lien, 11.91% (1 mo. SOFR US + 2.25%), 01/27/2031 | 4964987 | 4926211  |
|  |  | 89315853  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Information Technology - 6.1%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 15.87% (3 mo. SOFR US + 2.75%), 02/24/2031 | $3473794 | $3471623  |
|  AthenaHealth Group, Inc., Senior Secured First Lien, 11.32% (1 mo. SOFR US + 3.00%), 02/15/2029 | 3791592 | 3766131  |
|  BCPE Pequod Buyer, Inc., Senior Secured First Lien, 15.90% (1 mo. SOFR US + 3.50%), 11/25/2031 | 3000000 | 2995005  |
|  Central Parent LLC, Senior Secured First Lien, 16.13% (3 mo. SOFR US + 3.25%), 07/06/2029 | 2980006 | 2496158  |
|  Epicor Software Corp. First Lien, 7.07% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 2413472 | 2404976  |
|  Peraton Corp., Senior Secured First Lien, 8.27% (1 mo. SOFR US + 3.75%), 02/01/2028 | 2940101 | 2660262  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.41% (3 mo. SOFR US + 3.75%), 06/05/2028 | 4191759 | 4052257  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 12.18% (1 mo. SOFR US + 1.75%), 08/31/2028 | 3034684 | 3015004  |
|  UKG, Inc., Senior Secured First Lien, 12.63% (1 mo. SOFR US + 3.00%), 02/10/2031 | 3954962 | 3945984  |
|  |  | 28807400  |
| **Materials - 4.3%**<br>|  |  |
|  Asplundh Tree Expert LLC, Senior Secured First Lien, 13.14% (1 mo. SOFR US + 1.75%), 05/23/2031 | 4960982 | 4952474  |
|  Graham Packaging Co., Inc., Senior Secured First Lien, 14.67% (1 mo. SOFR US + 2.50%), 08/04/2027 | 3146301 | 3145483  |
| &nbsp;&nbsp;&nbsp; Iris Holding, Inc., Senior Secured <br>First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 15.48% (3 mo. SOFR US + 4.75%), 06/28/2028 | 761421 | 717640  |
| &nbsp;&nbsp;&nbsp; 9.24% (3 mo. SOFR US + 4.75%), 06/28/2028 | 723350 | 681758  |
|  Nouryon Finance BV, Senior Secured First Lien, 15.21% (3 mo. SOFR US + 3.25%), 04/03/2028 | 1173512 | 1167644  |
|  Pregis TopCo LLC, Senior Secured First Lien, 16.05% (1 mo. SOFR US + 4.00%), 07/31/2026 | 1959024 | 1958848  |
|  Proampac PG Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 17.58% (3 mo. SOFR US + 4.00%), 09/15/2028 | 1775856 | 1752326  |
| &nbsp;&nbsp;&nbsp; 17.64% (3 mo. SOFR US + 4.00%), 09/15/2028 | 1151259 | 1136005  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 13.14% (1 mo. SOFR US + 2.25%), 04/14/2031 | $4904492 | $4819914  |
|  |  | 20332092  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $261,428,472)** |  | 258633592  |
| **COLLATERALIZED LOAN OBLIGATIONS - 29.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 29.6%** | **COLLATERALIZED LOAN OBLIGATIONS - 29.6%** |
| Aimco CDO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-AA, Class ER3, 10.63% (3 mo. Term SOFR + 6.35%), 10/17/2034<sup>(a)</sup> | 2500000 | 2492571  |
| &nbsp;&nbsp;&nbsp; Series 2019-10A, Class ERR, 9.92% (3 mo. Term SOFR + 5.65%), 07/22/2037<sup>(a)</sup> | 825000 | 801901  |
| &nbsp;&nbsp;&nbsp; Series 2020-11A, Class ER2, 9.63% (3 mo. Term SOFR + 5.35%), 07/17/2037<sup>(a)</sup> | 3000000 | 2859181  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-15A, Class ER, 8.88% <br>(3 mo. Term SOFR + 4.60%), 04/17/2038<sup>(a)</sup> | 2000000 | 1867350  |
| &nbsp;&nbsp;&nbsp; AIMCO CLO Series 2018-B, <br>Series 2018-BA, Class ER, 10.56% (3 mo. Term SOFR + 6.30%),04/16/2037<sup>(a)</sup> | 2000000 | 2028843  |
|  ARES CLO, Series 2017-43A, Class A1R2, 5.61% (3 mo. Term SOFR + 1.35%), 01/15/2038<sup>(a)</sup> | 5000000 | 4996250  |
|  Barrow Hanley Ltd., Series 2023-2A, Class ER, 9.37% (3 mo. Term SOFR + 5.10%), 10/20/2035<sup>(a)</sup> | 500000 | 479230  |
|  Beechwood Park CLO Ltd., Series 2019-1A, Class ER, 10.78% (3 mo. Term SOFR + 6.50%), 01/17/2035<sup>(a)</sup> | 1000000 | 994536  |
| Benefit Street Partners CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-6BR, Class A1R, 5.46% (3 mo. Term SOFR + 1.18%), 04/20/2038<sup>(a)</sup> | 5000000 | 4963585  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-24A, Class ER, 8.87% <br>(3 mo. Term SOFR + 4.60%), 10/20/2034<sup>(a)</sup> | 1625000 | 1537424  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-25A, Class ER, 8.86% <br>(3 mo. Term SOFR + 4.60%), 01/15/2035<sup>(a)</sup> | 1000000 | 944662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-29A, Class ER, 8.88% <br>(3 mo. Term SOFR + 4.60%), 01/25/2038<sup>(a)</sup> | 1000000 | 987760  |
|  Birch Grove CLO, Series 2025-12A, Class SUB, 0.00%, 04/22/2038<sup>(a)(b)(c)</sup> | 1000000 | 970000  |
| &nbsp;&nbsp;&nbsp; Bowling Green Park CLO LLC, <br>Series 2019-1A, Class ERR, 8.81% (3 mo. Term SOFR + 4.50%), 04/18/2035<sup>(a)</sup> | 2000000 | 1846371  |
|  CarVal CLO, Series 2023-1A, Class ER, 10.62% (3 mo. Term SOFR + 6.35%), 07/20/2037<sup>(a)</sup> | 2000000 | 1970878  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2RA, Class AR, 5.64% (3 mo. Term SOFR + 1.36%), 10/24/2037<sup>(a)</sup> | $3000000 | $3002918  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1R, 5.71% <br>(3 mo. Term SOFR + 1.45%), 07/16/2037<sup>(a)</sup> | 2000000 | 2000400  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-FAL, Class E, 11.94% <br>(3 mo. Term SOFR + 7.67%), 01/20/2033<sup>(a)</sup> | 1000000 | 992074  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 10.87% <br>(3 mo. Term SOFR + 6.60%), 04/18/2037<sup>(a)</sup> | 1000000 | 999535  |
| Clover CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class ERR, 10.67% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(a)</sup> | 1650000 | 1662827  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class E, 11.03% <br>(3 mo. Term SOFR + 6.76%), 07/20/2034<sup>(a)</sup> | 1000000 | 960716  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, 9.18% <br>(3 mo. Term SOFR + 4.90%), 01/25/2035<sup>(a)</sup> | 1000000 | 954283  |
| &nbsp;&nbsp;&nbsp; DIAMETER CAPITAL CLO, <br>Series 2024-6A, Class D, 11.43% <br>(3 mo. Term SOFR + 7.17%), 04/15/2037<sup>(a)</sup> | 1200000 | 1188491  |
| Elmwood CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class ER, 9.98% <br>(3 mo. Term SOFR + 5.70%), 07/17/2037<sup>(a)</sup> | 1275000 | 1209155  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class AR, 5.48% <br>(3 mo. Term SOFR + 1.20%), 04/17/2038<sup>(a)</sup> | 2500000 | 2470193  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-3A, Class ER, 9.38% <br>(3 mo. Term SOFR + 5.10%), 01/17/2038<sup>(a)</sup> | 3000000 | 2816807  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-10A, Class E, 9.81% <br>(3 mo. Term SOFR + 5.35%), 10/17/2037<sup>(a)</sup> | 2000000 | 1911768  |
| Flatiron CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class ER, 10.77% <br>(3 mo. Term SOFR + 6.45%), 05/20/2036<sup>(a)</sup> | 1500000 | 1470933  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class ER, 10.17% <br>(3 mo. Term SOFR + 5.90%), 10/19/2037<sup>(a)</sup> | 1250000 | 1194499  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class ER, 8.51% <br>(3 mo. Term SOFR + 4.25%), 10/15/2034<sup>(a)</sup> | 1200000 | 1095443  |
|  Galaxy CLO Ltd., Series 2024-34A, Class E, 10.17% (3 mo. Term SOFR + 5.90%), 10/20/2037<sup>(a)</sup> | 1875000 | 1852032  |
|  GoldenTree Loan Management US CLO, Series 2017-1A, Class FR2, 12.03% (3 mo. Term SOFR + 7.76%), 04/20/2034<sup>(a)</sup> | 1000000 | 924716  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Goldentree Loan Opportunities Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-6A, Class ER2, 8.77% <br>(3 mo. Term SOFR + 4.50%), 04/20/2035<sup>(a)</sup> | $1575000 | $1453330  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-12A, Class ER, 9.97% <br>(3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(a)</sup> | 1000000 | 965909  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-17A, Class E, 10.77% <br>(3 mo. Term SOFR + 6.50%), 07/20/2036<sup>(a)</sup> | 1000000 | 1000297  |
|  Harbor Park CLO Ltd., Series 2018-1A, Class E, 10.13% (3 mo. Term SOFR + 5.86%), 01/20/2031<sup>(a)</sup> | 1000000 | 984845  |
|  Juniper Valley Park CLO Ltd., Series 2023-1A, Class ER, 9.77% (3 mo. Term SOFR + 5.50%), 07/20/2036<sup>(a)</sup> | 2550000 | 2458948  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-17A, Class DR2, 7.77% (3 mo. Term SOFR + 3.50%), 04/20/2037<sup>(a)</sup> | 3000000 | 3015425  |
| &nbsp;&nbsp;&nbsp; Series 2019-22A, Class ERR, 9.66% (3 mo. Term SOFR + 5.40%), 07/15/2036<sup>(a)</sup> | 1900000 | 1791497  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2, 5.42% (3 mo. Term SOFR + 1.15%), 01/25/2038<sup>(a)</sup> | 3000000 | 2974152  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class ER2, 8.97% (3 mo. Term SOFR + 4.70%), 01/25/2038<sup>(a)</sup> | 3000000 | 2784023  |
| &nbsp;&nbsp;&nbsp; Series 2021-29A, Class ER, 10.26% (3 mo. Term SOFR + 6.00%), 07/15/2037<sup>(a)</sup> | 1000000 | 994838  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-30A, Class ER, 9.63% <br>(3 mo. Term SOFR + 5.35%), 10/25/2037<sup>(a)</sup> | 1475000 | 1393130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-31A, Class E, 10.52% <br>(3 mo. Term SOFR + 6.26%), 07/15/2034<sup>(a)</sup> | 500000 | 493749  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-37A, Class D, 8.27% <br>(3 mo. Term SOFR + 4.00%), 10/20/2036<sup>(a)</sup> | 2000000 | 2028873  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-40A, Class E, 10.01% <br>(3 mo. Term SOFR + 5.75%), 07/15/2037<sup>(a)</sup> | 1125000 | 1105651  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-32A, Class AR, 5.52% <br>(3 mo. Term SOFR + 1.25%), 01/20/2032<sup>(a)</sup> | 4507189 | 4505769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-41A, Class E, 11.02% <br>(3 mo. Term SOFR + 6.76%), 04/15/2034<sup>(a)</sup> | 1200000 | 1171318  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-42A, Class ER, 8.86% <br>(3 mo. Term SOFR + 4.60%), 07/16/2036<sup>(a)</sup> | 1050000 | 979357  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-43A, Class ER, 8.88% <br>(3 mo. Term SOFR + 4.60%), 07/17/2036<sup>(a)</sup> | 1275000 | 1188841  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44A, Class ER, 9.41% <br>(3 mo. Term SOFR + 5.15%), 10/16/2035<sup>(a)</sup> | $2400000 | $2285272  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-48A, Class E, 10.78% <br>(3 mo. Term SOFR + 6.50%), 04/25/2036<sup>(a)</sup> | 1500000 | 1475149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-49A, Class ER, 9.78% <br>(3 mo. Term SOFR + 5.50%), 07/25/2035<sup>(a)</sup> | 2875000 | 2847476  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-50A, Class ER, 9.78% <br>(3 mo. Term SOFR + 5.50%), 07/23/2036<sup>(a)</sup> | 3000000 | 2898889  |
| OCP CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-14A, Class A1R, 5.64% (3 mo. Term SOFR + 1.37%), 07/20/2037<sup>(a)</sup> | 2000000 | 2001892  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-37A, Class E, 10.07% <br>(3 mo. Term SOFR + 5.50%), 10/15/2037<sup>(a)</sup> | 2090000 | 2015141  |
| &nbsp;&nbsp;&nbsp; Series 2025-40A, Class SUB, 0.00%, 04/16/2038<sup>(a)(b)(c)</sup> | 1000000 | 861677  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., <br>Series 2021-1A, Class A1, 5.64% <br>(3 mo. Term SOFR + 1.38%), 07/15/2034<sup>(a)</sup> | 1000000 | 999025  |
| OHA Credit Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class ER, 10.77% <br>(3 mo. Term SOFR + 6.50%), 04/20/2037<sup>(a)</sup> | 1000000 | 1001075  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5A, Class ER, 9.67% <br>(3 mo. Term SOFR + 5.40%), 10/18/2037<sup>(a)</sup> | 2000000 | 1903848  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-11A, Class ER, 9.67% <br>(3 mo. Term SOFR + 5.40%), 07/19/2037<sup>(a)</sup> | 3000000 | 2858358  |
| OHA Credit Partners Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-11A, Class ER2, 10.02% (3 mo. Term SOFR + 5.75%), 04/20/2037<sup>(a)</sup> | 1330000 | 1316788  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-14A, Class ER, 9.72% <br>(3 mo. Term SOFR + 5.45%), 07/21/2037<sup>(a)</sup> | 1175000 | 1099660  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-16A, Class ER, 9.77% <br>(3 mo. Term SOFR + 5.50%), 10/18/2037<sup>(a)</sup> | 1000000 | 965845  |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., <br>Series 2016-1A, Class ER2, 9.97% <br>(3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(a)</sup> | 1625000 | 1575794  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class DR, 9.03% <br>(3 mo. Term SOFR + 4.75%), 07/24/2031<sup>(a)</sup> | 1000000 | 986196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 8.96% <br>(3 mo. Term SOFR + 4.70%), 01/15/2033<sup>(a)</sup> | 1000000 | 977068  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 9.70% <br>(3 mo. Term SOFR + 5.40%), 08/08/2032<sup>(a)</sup> | $1000000 | $1005196  |
|  Parallel CLO Ltd., Series 2020-1A, Class A1R, 5.75% (3 mo. Term SOFR + 1.48%), 07/20/2034<sup>(a)</sup> | 2000000 | 2000228  |
|  Pikes Peak CLO, Series 2020-6A, Class ERR, 8.92% (3 mo. Term SOFR + 4.60%), 05/18/2034<sup>(a)</sup> | 3000000 | 2821872  |
|  Point Au Roche Park CLO, Series 2021-1A, Class E, 10.63% (3 mo. Term SOFR + 6.36%), 07/20/2034<sup>(a)</sup> | 370000 | 359621  |
|  Rad CLO, Series 2021-12A, Class E, 10.89% (3 mo. Term SOFR + 6.61%), 10/30/2034<sup>(a)</sup> | 500000 | 477739  |
|  RR Ltd./Cayman Islands, Series 2020-8A, Class DR, 10.51% (3 mo. Term SOFR + 6.25%), 07/15/2037<sup>(a)</sup> | 1000000 | 1005929  |
|  Sixth Street CLO, Series 2021-19A, Class E, 10.43% (3 mo. Term SOFR + 6.16%), 07/20/2034<sup>(a)</sup> | 500000 | 494214  |
|  Symphony CLO Ltd., Series 2022-37A, Class DR, 9.17% (3 mo. Term SOFR + 4.90%), 01/20/2037<sup>(a)</sup> | 1250000 | 1261233  |
|  TCI-Flatiron CLO Ltd., Series 2016-1A, Class ER3, 10.53% (3 mo. Term SOFR + 6.25%), 01/17/2032<sup>(a)</sup> | 1000000 | 1002700  |
|  Trimaran CAVU LLC, Series 2021-3A, Class E, 11.90% (3 mo. Term SOFR + 7.63%), 01/18/2035<sup>(a)</sup> | 1925000 | 1864137  |
|  Voya CLO Ltd., Series 2020-2A, Class A1RR, 5.59% (3 mo. Term SOFR + 1.31%), 01/20/2038<sup>(a)</sup> | 5000000 | 5002889  |
| &nbsp;&nbsp;&nbsp; Wellington Management Clo 2 Ltd., Series 2024-2A, Class E, 11.17% <br>(3 mo. Term SOFR + 6.90%), 04/20/2037<sup>(a)</sup> | 1510000 | 1494508  |
| &nbsp;&nbsp;&nbsp; Wellington Management CLO Ltd., Series 2024-3A, Class A1, 5.63% <br>(3 mo. Term SOFR + 1.36%), 07/18/2037<sup>(a)</sup> | 5000000 | 5002089  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $142,477,964)** |  | 139598792  |
| **CORPORATE BONDS - 8.2%**<br>|  |  |
| **Communication Services - 0.5%**<br>|  |  |
|  DISH Network Corp., 11.75%, 11/15/2027<sup>(a)</sup> | 2000000 | 2104951  |
| **Consumer Discretionary - 2.3%**<br>|  |  |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027<sup>(a)(d)</sup> | 2000000 | 2008972  |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029<sup>(a)(d)</sup> | 2000000 | 1848286  |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/2029<sup>(a)</sup> | 2000000 | 1486204  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer Discretionary - (Continued)** | **Consumer Discretionary - (Continued)** | **Consumer Discretionary - (Continued)** |
|  Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031<sup>(a)</sup> | $2000000 | $1864893  |
|  New Red Finance, Inc., 4.00%, 10/15/2030<sup>(a)</sup> | 2000000 | 1822675  |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(a)</sup> | 2000000 | 1900625  |
|  |  | 10931655  |
| **Energy - 1.2%**<br>|  |  |
|  Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029<sup>(a)</sup> | 2000000 | 1950571  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 1800000 | 1847752  |
|  Energy Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054<sup>(d)</sup> | 2000000 | 1987970  |
|  |  | 5786293  |
| **Financials - 0.2%**<br>|  |  |
|  Boost Newco Borrower LLC, 7.50%, 01/15/2031<sup>(a)</sup> | 1000000 | 1056063  |
| **Health Care - 0.3%**<br>|  |  |
|  Medline Borrower LP, 3.88%, 04/01/2029<sup>(a)</sup> | 1500000 | 1402432  |
| **Industrials - 1.3%**<br>|  |  |
|  BWX Technologies, Inc., 4.13%, 04/15/2029<sup>(a)</sup> | 2000000 | 1895771  |
|  Oregon Tool Lux LP, 7.88%, 10/15/2029<sup>(a)</sup> | 397800 | 206843  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., <br>8.75%, 04/01/2030<sup>(a)</sup> | 2000000 | 2019842  |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/2028<sup>(a)</sup> | 2000000 | 2005343  |
|  |  | 6127799  |
| **Information Technology - 0.3%**<br>|  |  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(a)</sup> | 1500000 | 1544189  |
| **Materials - 0.5%**<br>|  |  |
|  Olympus Water US Holding Corp., 7.25%, 06/15/2031<sup>(a)</sup> | 2000000 | 2002410  |
|  Standard Industries, Inc./NY, 4.75%, 01/15/2028<sup>(a)</sup> | 500000 | 489086  |
|  |  | 2491496  |
| **Utilities - 1.6%**<br>|  |  |
| Calpine Corp., 5.13%, 03/15/2028<sup>(a)</sup> | 2000000 | 1982687  |
|  NextEra Energy Operating Partners LP, 7.25%, 01/15/2029<sup>(a)(d)</sup> | 2000000 | 1982138  |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., <br>3.63%, 02/15/2031<sup>(a)</sup> | 1500000 | 1349207  |
|  Vistra Operations Co. LLC, 4.38%, 05/01/2029<sup>(a)</sup> | 2000000 | 1925818  |
|  |  | 7239850  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $38,956,955)** |  | 38684728 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS - 1.8%** | **EXCHANGE TRADED FUNDS - 1.8%** | **EXCHANGE TRADED FUNDS - 1.8%** |
|  iShares 0-5 Year High Yield Corporate Bond ETF<sup>(d)</sup> | 46980 | $1988194  |
|  Ishares Trust-Ishares iboxx $ High Yield Corporate Bond Etf<sup>(d)</sup> | 27002 | 2122357  |
|  SPDR Bloomberg High Yield Bond ETF<sup>(d)</sup> | 22196 | 2102183  |
|  SPDR Bloomberg Short Term High Yield Bond ETF<sup>(d)</sup> | 79365 | 1983331  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $8,204,260)** |  | 8196065  |
| **CLOSED-END FUNDS - 0.0%<sup>(e)</sup>**<br>|  |  |
| Eagle Point Credit Co., Inc. | 1905 | 14802  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $33,494)** |  | 14802  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 5.8%** | **SHORT-TERM INVESTMENTS - 5.8%** | **SHORT-TERM INVESTMENTS - 5.8%** |
|  **Investments Purchased with Proceeds from Securities Lending - 2.5%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(f)</sup> | 11678926 | 11678926  |
|  | **Par** |  |
| **U.S. Treasury Bills - 3.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.19%, 05/01/2025<sup>(g)</sup> | $4000000 | 4000000  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/06/2025<sup>(g)</sup> | 4000000 | 3997668  |
| &nbsp;&nbsp;&nbsp; 4.23%, 05/13/2025<sup>(g)</sup> | 4000000 | 3994383  |
| &nbsp;&nbsp;&nbsp; 4.23%, 05/20/2025<sup>(g)</sup> | 4000000 | 3991065  |
|  |  | 15983116  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $27,662,046)** |  | 27662042  |
|  **TOTAL INVESTMENTS - 100.3% (Cost $478,763,191)** |  | $472790021  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.3)% |  | (1713733)  |
| **TOTAL NET ASSETS - 100.0%** |  | $471076288 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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 April 30, 2025, the value of these securities total $176,295,550 or 37.4% of the Fund's net assets. 

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER PACIFIC ASSET FLOATING RATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

<sup>(b)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of April 30, 2025. 

<sup>(c)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(d)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $11,384,341 which represented 2.4% of net assets. 

<sup>(e)</sup> Represents less than 0.05% of net assets. 

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

<sup>(g)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 98.2%**<br>|  |  |
| **U.S. Treasury Bills - 98.2%**<br>|  |  |
| 4.27%, 05/15/2025<sup>(a)</sup> | 40301000 | $40235018  |
| 4.25%, 05/20/2025<sup>(a)</sup> | 499582000 | 498466024  |
| 4.20%, 07/03/2025<sup>(a)</sup> | 659321000 | 654486529  |
| 4.25%, 07/17/2025<sup>(a)</sup> | 3911000 | 3876037  |
| 4.24%, 07/24/2025<sup>(a)</sup> | 8100000 | 8021069  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $1,205,124,905)** |  | 1205084677  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.2%** <br>**(Cost $1,205,124,905)** |  | $1205084677 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.8% |  | 22908141  |
| **TOTAL NET ASSETS - 100.0%** |  | $1227992818 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.9%**<br>|  |  |
| **Austria - 0.7%**<br>|  |  |
| ANDRITZ AG | 330 | $23571  |
| Erste Group Bank AG | 1460 | 98328  |
| OMV AG | 670 | 34580  |
| Raiffeisen Bank International AG | 610 | 16225  |
| Telekom Austria AG | 410 | 4329  |
| Verbund AG | 310 | 23775  |
|  |  | 200808  |
| **Belgium - 2.4%**<br>|  |  |
| Ackermans & van Haaren NV | 100 | 24379  |
| Ageas SA/NV | 830 | 51950  |
| Anheuser-Busch InBev SA | 4640 | 302770  |
| Cenergy Holdings SA | 290 | 2871  |
| D'ieteren Group | 100 | 19904  |
| Elia Group SA/NV | 220 | 23826  |
| Groupe Bruxelles Lambert NV | 390 | 32031  |
| KBC Groep NV | 1110 | 101930  |
| Lotus Bakeries NV | 2 | 19168  |
| Sofina SA | 80 | 22258  |
| Syensqo SA | 330 | 23410  |
| Titan Cement International SA | 180 | 8310  |
| UCB SA | 570 | 104058  |
| Viohalco SA | 200 | 1235  |
|  |  | 738100  |
| **Finland - 2.9%**<br>|  |  |
| Elisa OYJ | 680 | 36221  |
| Fortum Oyj | 2060 | 34410  |
| Kesko Oyj - Class B | 1280 | 29291  |
| Kone Oyj - Class B | 1550 | 95698  |
| Metso Oyj | 3030 | 32808  |
| Neste Oyj | 1970 | 20434  |
| Nokia OYJ | 24000 | 119330  |
| Nordea Bank Abp | 15750 | 217231  |
| Orion Oyj - Class B | 500 | 31238  |
| Sampo Oyj - Class A | 11510 | 114979  |
| Stora Enso Oyj - Class R | 2800 | 25902  |
| UPM-Kymmene Oyj | 2420 | 63932  |
| Valmet Oyj | 780 | 23716  |
| Wartsila OYJ Abp | 2300 | 42366  |
|  |  | 887556  |
| **France - 27.9%<sup>(a)</sup>**<br>|  |  |
| Accor SA | 1070 | 52304  |
| Aeroports de Paris SA | 150 | 18658  |
| Air Liquide SA | 2680 | 548187  |
| Alstom SA<sup>(b)</sup> | 1640 | 39424  |
| Amundi SA<sup>(c)</sup> | 270 | 21212  |
| Arkema SA | 280 | 21141  |
| AXA SA | 8060 | 379566  |
| Ayvens SA<sup>(c)</sup> | 640 | 6464  |
| BioMerieux | 190 | 25549  |
| BNP Paribas SA | 4740 | 398915  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bollore SE | 3310 | $20399  |
| Bouygues SA | 860 | 37703  |
| Bureau Veritas SA | 1430 | 45165  |
| Capgemini SE | 760 | 120406  |
| Carrefour SA | 2400 | 36963  |
| Cie de Saint-Gobain SA | 2170 | 234766  |
|  Cie Generale des Etablissements Michelin SCA | 3270 | 119171  |
| Credit Agricole SA | 4760 | 88920  |
| Danone SA | 2960 | 254712  |
| Dassault Aviation SA | 90 | 32320  |
| Dassault Systemes SE | 3170 | 117933  |
| Edenred SE | 1140 | 35360  |
| Eiffage SA | 350 | 47481  |
| Engie SA | 8300 | 170987  |
| EssilorLuxottica SA | 1460 | 417956  |
| Eurazeo SE | 230 | 16728  |
| Getlink SE | 1670 | 31556  |
| Havas NV<sup>(b)</sup> | 3070 | 5071  |
| Hermes International SCA | 160 | 433383  |
| Ipsen SA | 160 | 18506  |
| Kering | 340 | 68691  |
| La Francaise des Jeux SACA<sup>(c)</sup> | 460 | 16384  |
| Legrand SA | 1200 | 130912  |
| L'Oreal SA | 1090 | 477870  |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis <br>Vuitton SE | 1140 | 630098  |
| Orange SA | 9070 | 131365  |
| Pernod Ricard SA | 920 | 99240  |
| Publicis Groupe SA | 1080 | 109208  |
| Renault SA | 910 | 48070  |
| Rexel SA | 1040 | 28735  |
| Safran SA | 1620 | 427605  |
| Sanofi SA | 5210 | 566016  |
| Sartorius Stedim Biotech | 120 | 28031  |
| Schneider Electric SE | 2520 | 582946  |
| SCOR SE | 810 | 25308  |
| SEB SA | 120 | 11242  |
| Societe Generale SA | 3410 | 176153  |
| Sodexo SA | 390 | 24697  |
| Teleperformance SE | 260 | 28411  |
| Thales SA | 420 | 116523  |
| TOTAL SA | 9170 | 531462  |
| Veolia Environnement SA | 3020 | 110094  |
| Vinci SA | 2310 | 320830  |
| Vivendi SE | 3070 | 9508  |
| Wendel SA | 130 | 12724  |
|  |  | 8509029  |
| **Germany - 27.7%<sup>(a)</sup>**<br>|  |  |
| adidas AG | 820 | 187367  |
| Allianz SE | 1790 | 738322  |
| BASF SE | 4210 | 212854  |
| Bayer AG | 4660 | 121577  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Germany - (Continued)**  | **Germany - (Continued)**  | **Germany - (Continued)**  |
| Bayerische Motoren Werke AG | 1380 | $116156 |
| Bechtle AG | 390 | 16524  |
| Beiersdorf AG | 470 | 66022  |
| Brenntag SE | 580 | 38490  |
| Carl Zeiss Meditec AG | 170 | 11574  |
| Commerzbank AG | 4260 | 112058  |
| Continental AG | 510 | 39541  |
| Covestro AG<sup>(b)</sup> | 820 | 55179  |
| CTS Eventim AG & Co. KGaA | 280 | 32925  |
| Daimler AG | 3670 | 218147  |
| Daimler Truck Holding AG | 2410 | 95993  |
| Delivery Hero SE<sup>(b)(c)</sup> | 990 | 27803  |
| Deutsche Bank AG | 8900 | 231693  |
| Deutsche Boerse AG | 880 | 282623  |
| Deutsche Lufthansa AG | 2840 | 20320  |
| Deutsche Post AG | 4610 | 195894  |
| Deutsche Telekom AG | 15580 | 557733  |
| Deutsche Wohnen SE | 230 | 5823  |
| DWS Group GmbH & Co. KGaA<sup>(c)</sup> | 150 | 7837  |
| E.ON SE | 10500 | 183360  |
| Evonik Industries AG | 1190 | 26625  |
| Fielmann Group AG | 120 | 6797  |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(b)</sup> | 170 | 11218  |
| Fresenius Medical Care AG | 1010 | 50927  |
| Fresenius SE & Co. KGaA<sup>(b)</sup> | 1950 | 92339  |
| FUCHS SE | 140 | 5353  |
| GEA Group AG | 710 | 46088  |
| Hannover Rueck SE | 280 | 89577  |
| Heidelberg Materials AG | 610 | 120413  |
| Henkel AG & Co. KGaA | 460 | 32361  |
| HOCHTIEF AG | 90 | 16925  |
| Infineon Technologies AG | 6150 | 201277  |
| KION Group AG | 340 | 14336  |
| Knorr-Bremse AG | 310 | 30623  |
| LEG Immobilien SE | 350 | 29559  |
| Merck KGaA | 610 | 84238  |
| MTU Aero Engines AG | 260 | 89511  |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 630 | 429359  |
| Nemetschek SE | 260 | 34255  |
| Puma SE | 500 | 12784  |
| Rational AG | 20 | 17049  |
| Rheinmetall AG | 206 | 349817  |
| RWE AG | 3490 | 135215  |
| SAP SE | 5140 | 1486572  |
| Sartorius AG | 10 | 2100  |
| Scout24 SE<sup>(c)</sup> | 350 | 41513  |
| Siemens AG | 3450 | 789287  |
| Siemens Energy AG<sup>(b)</sup> | 3180 | 243310  |
| Siemens Healthineers AG<sup>(c)</sup> | 1440 | 77291  |
| Symrise AG | 620 | 71325  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Talanx AG | 290 | $33148  |
| Traton SE | 300 | 9822  |
| Volkswagen AG | 140 | 15519  |
| Vonovia SE | 3330 | 110305  |
| Wacker Chemie AG | 90 | 6729  |
| Zalando SE<sup>(b)(c)</sup> | 1040 | 37666  |
|  |  | 8427048  |
| **Greece - 0.9%**<br>|  |  |
| Aegean Airlines SA | 190 | 2540  |
|  Aktor SA Holding Co. Technical And Energy Projects<sup>(b)</sup> | 240 | 1344  |
| Alpha Services and Holdings SA | 9970 | 24035  |
| Athens International Airport SA | 350 | 3624  |
| Athens Water Supply & Sewage Co. SA | 200 | 1316  |
| Autohellas Tourist and Trading SA | 90 | 1156  |
| Ellaktor SA | 390 | 573  |
| Eurobank Ergasias SA | 11950 | 33587  |
| FF Group<sup>(b)(d)</sup> | 1259 | 6846  |
| GEK TERNA SA | 280 | 5798  |
|  Hellenic Telecommunications Organization SA | 870 | 16479  |
| HELLENiQ ENERGY Holdings SA | 440 | 3801  |
| Holding Co. ADMIE IPTO SA | 540 | 1762  |
|  Intralot SA-Integrated Information Systems & Gaming Services<sup>(b)</sup> | 1230 | 1449  |
| JUMBO SA | 510 | 16061  |
| LAMDA Development SA<sup>(b)</sup> | 380 | 2850  |
| Metlen Energy & Metals SA | 520 | 24506  |
| Motor Oil Hellas Corinth Refineries SA | 270 | 6515  |
| National Bank of Greece SA | 3970 | 41799  |
| OPAP SA | 880 | 19509  |
| Optima bank SA | 310 | 5619  |
| Piraeus Financial Holdings SA | 4810 | 26749  |
| Piraeus Port Authority SA | 40 | 1790  |
| Public Power Corp. SA | 920 | 13726  |
| Quest Holdings SA | 130 | 931  |
| Sarantis SA | 140 | 2141  |
|  |  | 266506  |
| **Ireland - 0.9%**<br>|  |  |
| AIB Group PLC | 9670 | 64797  |
| Bank of Ireland Group PLC | 4760 | 55676  |
| Glanbia PLC | 880 | 11365  |
| Kerry Group PLC - Class A | 790 | 83454  |
| Kingspan Group PLC | 720 | 60603  |
|  |  | 275895  |
| **Italy - 9.1%**<br>|  |  |
| A2A SpA | 7270 | 18440  |
| Amplifon SpA | 610 | 11613  |
| Banca Mediolanum SpA | 1020 | 15160  |
| Banca Monte dei Paschi di Siena SpA | 4970 | 41754  |
| Banco BPM SpA | 7150 | 79330  |
| BPER Banca SPA | 5000 | 40431  |
| Brunello Cucinelli SpA | 160 | 17966  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Italy - (Continued)** | **Italy - (Continued)** | **Italy - (Continued)** |
| Buzzi SpA | 400 | $20899  |
| Davide Campari-Milano NV | 2260 | 15064  |
| DiaSorin SpA | 100 | 11385  |
| Enel SpA | 36780 | 318496  |
| Eni SpA | 9970 | 143440  |
| Ferrari NV | 590 | 268422  |
| FinecoBank Banca Fineco SpA | 2900 | 57706  |
| Generali | 5840 | 212633  |
| Hera SpA | 4080 | 19255  |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | 1630 | 19463  |
| Interpump Group SpA | 380 | 12949  |
| Intesa Sanpaolo SpA | 74450 | 394883  |
| Italgas SpA | 2320 | 19028  |
| Leonardo SpA | 1900 | 98581  |
|  Mediobanca Banca di Credito Finanziario SpA | 2580 | 52566  |
| Moncler SpA | 1080 | 66117  |
| Nexi SpA<sup>(b)(c)</sup> | 3590 | 20920  |
| Pirelli & C SpA<sup>(c)</sup> | 1750 | 10753  |
| Poste Italiane SpA<sup>(c)</sup> | 2140 | 43249  |
| Prysmian SpA | 1370 | 74403  |
|  Recordati Industria Chimica e Farmaceutica SpA | 510 | 29957  |
| Reply SpA | 110 | 19539  |
| Snam SpA | 10770 | 61736  |
| Telecom Italia SpA<sup>(b)</sup> | 47930 | 18896  |
| Telecom Italia SpA - Savings Shares<sup>(b)</sup> | 22170 | 9838  |
| Terna Rete Elettrica Nazionale SpA | 6670 | 66252  |
| UniCredit SpA | 7420 | 428441  |
| Unipol Assicurazioni SpA | 1780 | 31759  |
|  |  | 2771324  |
| **Luxembourg - 0.5%**<br>|  |  |
| ArcelorMittal | 2290 | 67242  |
| CVC Capital Partners PLC<sup>(b)(c)</sup> | 1000 | 17695  |
| Eurofins Scientific SE<sup>(b)</sup> | 610 | 38339  |
| RTL Group SA | 170 | 6933  |
| Tenaris SA | 1780 | 29612  |
|  |  | 159821  |
| **Netherlands - 13.8%**<br>|  |  |
| Aalberts Industries NV | 460 | 15185  |
| ABN AMRO Group NV<sup>(c)</sup> | 2350 | 48452  |
| Adyen NV<sup>(b)(c)</sup> | 142 | 228074  |
| Aegon Ltd. | 6250 | 39876  |
| Airbus SE | 2780 | 463391  |
| Akzo Nobel NV | 810 | 50982  |
| Argenx SE<sup>(b)</sup> | 290 | 186603  |
| ASM International NV | 220 | 105996  |
| ASML Holding NV | 1810 | 1194391  |
| ASR Nederland NV | 700 | 43932  |
| BE Semiconductor Industries NV | 370 | 39501  |
| CTP NV<sup>(c)</sup> | 550 | 10293  |
| Euronext NV<sup>(c)</sup> | 370 | 61616  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| EXOR NV | 440 | $41322  |
| Heineken Holding NV | 620 | 48323  |
| Heineken NV | 1300 | 115902  |
| IMCD NV | 280 | 37065  |
| ING Groep NV | 13910 | 268105  |
| JDE Peet's NV | 730 | 17615  |
| Koninklijke Ahold Delhaize NV | 4240 | 173591  |
| Koninklijke KPN NV | 17910 | 83085  |
| Koninklijke Philips NV<sup>(b)</sup> | 3770 | 95282  |
| Koninklijke Vopak NV | 270 | 11146  |
| NN Group NV | 1270 | 77547  |
| Prosus NV | 5990 | 277707  |
| QIAGEN NV | 1000 | 42771  |
| Randstad Holding NV | 500 | 19949  |
| Stellantis NV | 9880 | 91107  |
| Universal Music Group NV | 3800 | 111280  |
| Wolters Kluwer NV | 1120 | 197234  |
|  |  | 4197323  |
| **Poland - 0.1%**<br>|  |  |
| InPost SA<sup>(b)</sup> | 1130 | 18946  |
| **Portugal - 0.5%**<br>|  |  |
| Banco Comercial Portugues SA | 36210 | 23128  |
| EDP SA | 14240 | 56074  |
| Galp Energia SGPS SA | 2010 | 31047  |
| Jeronimo Martins SGPS SA | 1300 | 31398  |
|  |  | 141647  |
| **Spain - 9.0%**<br>|  |  |
| Acciona SA | 110 | 16000  |
|  ACS Actividades de Construccion y Servicios SA | 920 | 57426  |
| Aena SME SA<sup>(c)</sup> | 330 | 82768  |
| Amadeus IT Holding SA | 2060 | 161443  |
| Banco Bilbao Vizcaya Argentaria SA | 27240 | 372157  |
| Banco de Sabadell SA | 23610 | 68578  |
| Banco Santander SA | 70820 | 495972  |
| Bankinter SA | 3050 | 35381  |
| CaixaBank SA | 18340 | 139867  |
| Cellnex Telecom SA<sup>(c)</sup> | 2790 | 112646  |
|  Corp. ACCIONA Energias Renovables SA | 270 | 5028  |
| EDP Renovaveis SA | 1430 | 13373  |
| Endesa SA | 1500 | 45031  |
| Ferrovial SE | 2250 | 109297  |
| Grifols SA<sup>(b)</sup> | 1240 | 11651  |
| Iberdrola SA | 28680 | 516430  |
| Industria de Diseno Textil SA | 4970 | 265974  |
| Mapfre SA | 4700 | 16687  |
| Naturgy Energy Group SA | 600 | 17836  |
| Redeia Corp. SA | 2040 | 42754  |
| Repsol SA | 5290 | 64782  |
| Telefonica SA | 20080 | 102774  |
|  |  | 2753855  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

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**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Switzerland - 0.5%**<br>|  |  |
| DSM-Firmenich AG | 820 | $88546  |
| STMicroelectronics NV | 3080 | 69156  |
|  |  | 157702  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $29,054,993)** |  | 29505560  |
| **PREFERRED STOCKS - 0.7%**<br>|  |  |
| **Germany - 0.7%**<br>|  |  |
| Bayerische Motoren Werke AG, 0.00% | 270 | 21610  |
| FUCHS SE, 0.00% | 290 | 14468  |
| Henkel AG & Co. KGaA, 0.00% | 770 | 59665  |
| Sartorius AG, 0.00% | 120 | 30872  |
| Volkswagen AG, 0.00% | 870 | 94064  |
|  |  | 220679  |
| **Spain - 0.0%<sup>(e)</sup>**<br>|  |  |
| Grifols SA, Class B, 0.00% | 1220 | 8652  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $229,219)** |  | 229331  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%**<br>|  |  |
| **Belgium - 0.1%**<br>|  |  |
| Warehouses De Pauw CVA | 810 | 20628  |
| **France - 0.4%**<br>|  |  |
| Covivio SA | 260 | 14521  |
| Gecina SA | 250 | 25631  |
| Klepierre | 970 | 35427  |
| Unibail-Rodamco-Westfield | 500 | 42210  |
|  |  | 117789  |
| **Spain - 0.0%<sup>(e)</sup>**<br>|  |  |
| Merlin Properties Socimi SA | 1790 | 20197  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $155,605)** |  | 158614  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.1%** <br>**(Cost $29,439,817)** |  | $29893505 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.9% |  | 565093  |
| **TOTAL NET ASSETS - 100.0%** |  | $30458598 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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 April 30, 2025, the value of these securities total $892,099 or 2.9% of the Fund's net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $6,846 or 0.0% of net assets as of April 30, 2025.

<sup>(e)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

43<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> FUND OF FUNDS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **AFFILIATED EXCHANGE TRADED FUNDS - 99.9%**<br>|  |  |
| Pacer Trendpilot<sup>®</sup> 100 ETF<sup>(a)(b)</sup> | 161335 | $10872366  |
| Pacer Trendpilot<sup>®</sup> International ETF<sup>(b)</sup> | 386164 | 10596649  |
| Pacer Trendpilot<sup>®</sup> US Bond ETF<sup>(a)(b)</sup> | 582464 | 11638912  |
| Pacer Trendpilot<sup>®</sup> US Large Cap ETF<sup>(a)(b)</sup> | 224376 | 10924868  |
| Pacer Trendpilot<sup>®</sup> US Mid Cap ETF<sup>(b)</sup> | 335781 | 11639848  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $54,150,794)** |  | 55672643  |
|  | **Units**  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 2933115 | 2933115  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,933,115)** |  | 2933115  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.2%** <br>**(Cost $57,083,909)** |  | $58605758  |
|  Liabilities in Excess of Other Assets - (5.2)% |  | (2848184)  |
| **TOTAL NET ASSETS - 100.0%** |  | $55757574 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $2,865,927 which represented 5.1% of net assets.

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

44<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Contracts** | **Value** |
| **WARRANTS - 0.0%<sup>(a)</sup>**<br>|  |  |
| **Canada - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc., <br>Expires 03/31/2040, Exercise Price $0.00<sup>(b)(c)</sup> | 162 | $0<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0<sup>(d)</sup>  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 97.6%** | **SHORT-TERM INVESTMENTS - 97.6%** |  |
| **U.S. Treasury Bills - 97.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.26%, 07/10/2025<sup>(e)</sup> | $140000000 | 138862111  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/17/2025<sup>(e)</sup> | 5400000 | 5351726  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $144,204,696)** |  | 144213837  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.6%** <br>**(Cost $144,204,696)** |  | $144213837  |
|  Other Assets in Excess of Liabilities - 2.4% |  | 3534616  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $147748453 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025.

<sup>(d)</sup> Rounds to zero.

<sup>(e)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

45<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> US BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 98.6%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/30/2032 | $5200000 | $5221845  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032 | 12039000 | 11247154  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 11686000 | 10787912  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 11686000 | 11799208  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 11686000 | 11290137  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 11686000 | 11158030  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 12752000 | 12589511  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 13462000 | 13874274  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 14168000 | 14057644  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 14168000 | 14434315  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 14168000 | 13877002  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 14168000 | 14272323  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 14172000 | 14698246  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $158,165,676)** |  | 159307601  |
| **CORPORATE BONDS - 0.0%<sup>(a)</sup>**<br>|  |  |
| **Consumer Staples - 0.0%<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chobani Holdco II LLC, <br>8.75% (includes 9.50% PIK), 10/01/2029<sup>(b)</sup> | 2223 | 2357  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $2,223)** |  | 2357  |
|  **TOTAL INVESTMENTS - 98.6% (Cost $158,167,899)** |  | $159309958 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 2191132  |
| **TOTAL NET ASSETS - 100.0%** |  | $161501090 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PIK - Payment in Kind

<sup>(a)</sup> Represents less than 0.05% of net assets.

<sup>(b)</sup> 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 April 30, 2025, the value of these securities total $2,357 or 0.0% of the Fund's net assets.

The accompanying notes are an integral part of these financial statements.

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 98.8%**<br>|  |  |
| **U.S. Treasury Bills - 98.8%**<br>|  |  |
| 4.23%, 06/12/2025<sup>(a)</sup> | 1578618000 | $1570832130  |
| 4.22%, 07/10/2025<sup>(a)</sup> | 1457652000 | 1445804525  |
| 4.25%, 07/17/2025<sup>(a)</sup> | 58278000 | 57757024  |
| 4.25%, 07/24/2025<sup>(a)</sup> | 101470000 | 100481218  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,174,937,244)** |  | 3174874897  |
|  **TOTAL INVESTMENTS - 98.8% (Cost $3,174,937,244)** |  | $3174874897  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 38812176  |
| **TOTAL NET ASSETS - 100.0%** |  | $3213687073 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

47<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER TRENDPILOT<sup>®</sup> US MID CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **SHORT-TERM INVESTMENTS - 99.0%**<br>|  |  |
| **U.S. Treasury Bills - 99.0%**<br>|  |  |
| 4.23%, 06/05/2025<sup>(a)</sup> | 420900000 | $419171094  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $419,186,951)** |  | 419171094  |
|  **TOTAL INVESTMENTS - 99.0% (Cost $419,186,951)** |  | $419171094 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 4069472  |
| **TOTAL NET ASSETS - 100.0%** |  | $423240566 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> The rate shown is the annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER US CASH COWS 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Communication Services - 7.7%**<br>|  |  |
| AT&T, Inc. | 16706453 | $462768748  |
| Comcast Corp. - Class A | 12053099 | 412215986  |
| Electronic Arts, Inc. | 991408 | 143843387  |
| Omnicom Group, Inc.<sup>(a)</sup> | 1374721 | 104698751  |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 2002472 | 50702591  |
| Verizon Communications, Inc. | 9836878 | 433412845  |
|  |  | 1607642308  |
| **Consumer Discretionary - 15.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 2447431 | 298390787  |
| Aptiv PLC<sup>(b)</sup> | 1774057 | 101227692  |
| Best Buy Co., Inc. | 947988 | 63221320  |
| Booking Holdings, Inc. | 96929 | 494268111  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 579144 | 64186529  |
| DR Horton, Inc. | 1569364 | 198273448  |
| eBay, Inc. | 2034769 | 138689855  |
| Expedia Group, Inc. | 925595 | 145253623  |
| Ford Motor Co. | 45765603 | 458113686  |
| Lennar Corp. - Class A | 1440988 | 156505707  |
| Lowe's Cos., Inc. | 1867285 | 417450235  |
| NIKE, Inc. - Class B | 5150574 | 290492374  |
| NVR, Inc.<sup>(b)</sup> | 13664 | 97366248  |
| PulteGroup, Inc. | 1068289 | 109585086  |
| Tapestry, Inc. | 836740 | 59115681  |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> | 203900 | 80670996  |
| Williams-Sonoma, Inc. | 463048 | 71527025  |
|  |  | 3244338403  |
| **Consumer Staples - 8.2%**<br>|  |  |
| Altria Group, Inc. | 7840080 | 463740732  |
| Dollar General Corp. | 1477384 | 138416107  |
| General Mills, Inc. | 3179540 | 180407100  |
| Hershey Co.<sup>(a)</sup> | 763516 | 127652240  |
| Hormel Foods Corp. | 2173516 | 64988128  |
| Kimberly-Clark Corp. | 1271248 | 167525061  |
| Target Corp. | 2897320 | 280170844  |
| The Kraft Heinz Co. | 6872640 | 199993824  |
| Tyson Foods, Inc. - Class A | 1523873 | 93321983  |
|  |  | 1716216019  |
| **Energy - 16.8%**<br>|  |  |
| Baker Hughes Co. | 3512822 | 124353899  |
| Chevron Corp.<sup>(a)</sup> | 2898240 | 394334534  |
| ConocoPhillips | 4999257 | 445533784  |
| Coterra Energy, Inc. | 2867920 | 70436115  |
| Diamondback Energy, Inc. | 1856813 | 245117884  |
| EOG Resources, Inc. | 3379691 | 372881308  |
| Exxon Mobil Corp. | 4156249 | 439024582  |
| Halliburton Co. | 7097606 | 140674551  |
| Marathon Petroleum Corp. | 3269941 | 449322593  |
| Occidental Petroleum Corp.<sup>(a)</sup> | 6864680 | 270537039  |
| Schlumberger Ltd. | 7930954 | 263704220  |
| Valero Energy Corp. | 2675146 | 310557699  |
|  |  | 3526478208  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 16.9%**<br>|  |  |
| Amgen, Inc. | 1395078 | $405856092  |
| Biogen, Inc.<sup>(b)</sup> | 1225479 | 148380997  |
| Bristol-Myers Squibb Co. | 7416858 | 372326272  |
| Gilead Sciences, Inc. | 3858964 | 411134024  |
| HCA Healthcare, Inc. | 1252901 | 432351077  |
| Hologic, Inc.<sup>(b)</sup> | 1251353 | 72828745  |
| Illumina, Inc.<sup>(b)</sup> | 530060 | 41132656  |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 809341 | 125504509  |
| Johnson & Johnson | 2718412 | 424914980  |
| Merck & Co., Inc. | 4787289 | 407877023  |
| Pfizer, Inc. | 16950335 | 413757677  |
| Regeneron Pharmaceuticals, Inc. | 366500 | 219445540  |
| United Therapeutics Corp.<sup>(b)</sup> | 249751 | 75697030  |
|  |  | 3551206622  |
| **Industrials - 13.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding <br>Corp. | 529960 | 63605799  |
| Builders FirstSource, Inc.<sup>(b)</sup> | 814125 | 97393774  |
| Carlisle Cos., Inc.<sup>(a)</sup> | 197636 | 74998909  |
| Caterpillar, Inc. | 1293511 | 400044147  |
| Delta Air Lines, Inc. | 3965382 | 165078853  |
| EMCOR Group, Inc. | 259548 | 104000884  |
| Emerson Electric Co. | 2018298 | 212143303  |
| Fortive Corp. | 1341624 | 93497777  |
| Leidos Holdings, Inc. | 652720 | 96067330  |
| Masco Corp. | 881376 | 53420199  |
| PACCAR, Inc. | 1926792 | 173815906  |
| Pentair PLC | 573080 | 51995548  |
| Snap-On, Inc. | 242226 | 76012941  |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, <br>Inc. | 964316 | 72902290  |
| Uber Technologies, Inc.<sup>(b)</sup> | 5940809 | 481264937  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 3384184 | 232899543  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. - <br>Class B | 3725553 | 355045201  |
|  Westinghouse Air Brake Technologies Corp. | 665848 | 123008759  |
|  |  | 2927196100  |
| **Information Technology - 16.8%**<br>|  |  |
| Accenture PLC - Class A | 1324147 | 396118575  |
| Applied Materials, Inc. | 2796535 | 421465790  |
| Cisco Systems, Inc. | 7086275 | 409090656  |
|  Cognizant Technology Solutions Corp. - Class A | 1610377 | 118475436  |
| DocuSign, Inc.<sup>(b)</sup> | 814400 | 66577200  |
| F5, Inc.<sup>(b)</sup> | 212364 | 56221245  |
| Gen Digital, Inc. | 5541076 | 143347636  |
| GlobalFoundries, Inc.<sup>(a)(b)</sup> | 2289112 | 80279158  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 525760 | 99016381  |
| Hewlett Packard Enterprise Co.<sup>(a)</sup> | 7645938 | 124017114  |
| HP, Inc. | 7831424 | 200249512  |
| Jabil, Inc. | 515732 | 75585682  |
| NetApp, Inc. | 985808 | 88476268  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER US CASH COWS 100 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| ON Semiconductor Corp.<sup>(b)</sup> | 1951624 | $77479473  |
| QUALCOMM, Inc. | 2810307 | 417218177  |
| salesforce.com, Inc. | 1601800 | 430419678  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 168080 | 78330322  |
| Twilio, Inc. - Class A<sup>(b)</sup> | 452884 | 43798411  |
|  Zebra Technologies Corp. - Class A<sup>(b)</sup> | 238456 | 59690306  |
|  Zoom Communications, Inc. - Class A<sup>(b)</sup> | 1746322 | 135409808  |
|  |  | 3521266828  |
| **Materials - 3.2%**<br>|  |  |
|  LyondellBasell Industries NV - Class A<sup>(a)</sup> | 1864865 | 108553792  |
| Newmont Goldcorp Corp. | 4950919 | 260814413  |
| Reliance, Inc. | 252861 | 72882126  |
| Southern Copper Corp.<sup>(a)</sup> | 2478460 | 221871739  |
|  |  | 664122070  |
| **Utilities - 0.8%**<br>|  |  |
| NRG Energy, Inc. | 1512309 | 165718820  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $21,483,885,495)** |  | 20924185378  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 204294909 | 204294909  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $204,294,909)** |  | 204294909  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $21,688,180,404)** |  | $21128480287  |
|  Liabilities in Excess of Other Assets - (0.8)% |  | (162801965)  |
| **TOTAL NET ASSETS - 100.0%** |  | $20965678322 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $198,417,681 which represented 0.9% of net assets.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US CASH COWS GROWTH ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Consumer Discretionary - 30.9%<sup>(a)</sup>**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(b)</sup> | &nbsp;&nbsp; 4599 | $319263  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | &nbsp;&nbsp; 28723 | 3501908  |
| Booking Holdings, Inc. | &nbsp;&nbsp; 790 | 4028431  |
| Crocs, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 5115 | 493188  |
| Deckers Outdoor Corp.<sup>(b)</sup> | &nbsp;&nbsp; 13916 | 1542310  |
| Expedia Group, Inc. | &nbsp;&nbsp; 11813 | 1853814  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2625 | 468221  |
| H&R Block, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 12273 | 740921  |
| PulteGroup, Inc. | &nbsp;&nbsp; 18564 | 1904295  |
| Ralph Lauren Corp. - Class A | &nbsp;&nbsp; 5665 | 1274342  |
| Tapestry, Inc. | &nbsp;&nbsp; 18981 | 1341008  |
| Toll Brothers, Inc.<sup>(c)</sup> | &nbsp;&nbsp; 9118 | 919733  |
| TopBuild Corp.<sup>(b)</sup> | &nbsp;&nbsp; 2676 | 791454  |
| Travel + Leisure Co. | &nbsp;&nbsp; 6093 | 267665  |
| Williams-Sonoma, Inc. | &nbsp;&nbsp; 11283 | 1742885  |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 9755 | 783424  |
|  |  | 21972862  |
| **Consumer Staples - 1.7%**<br>|  |  |
| Pilgrim's Pride Corp.<sup>(c)</sup> | &nbsp;&nbsp; 21741 | 1186624  |
| **Energy - 1.3%**<br>|  |  |
| DT Midstream, Inc. | &nbsp;&nbsp; 9291 | 903085  |
| **Health Care - 9.1%**<br>|  |  |
| DaVita, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 7334 | 1038128  |
| Exelixis, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 25661 | 1004628  |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 11243 | 690545  |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 6257 | 652855  |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | &nbsp;&nbsp; 2784 | 858558  |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 9142 | 984502  |
| United Therapeutics Corp.<sup>(b)</sup> | &nbsp;&nbsp; 4118 | 1248125  |
|  |  | 6477341  |
| **Industrials - 35.8%<sup>(a)</sup>**<br>|  |  |
| Acuity, Inc. | &nbsp;&nbsp; 2844 | 692827  |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp; 3523 | 857075  |
| Carlisle Cos., Inc.<sup>(c)</sup> | &nbsp;&nbsp; 4090 | 1552073  |
| Caterpillar, Inc. | &nbsp;&nbsp; 10389 | 3213006  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 3259 | 1295615  |
| Delta Air Lines, Inc. | &nbsp;&nbsp; 59220 | 2465328  |
| EMCOR Group, Inc. | &nbsp;&nbsp; 4167 | 1669717  |
| Kirby Corp.<sup>(b)</sup> | &nbsp;&nbsp; 5194 | 500546  |
| MasTec, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 7269 | 925489  |
| Mueller Industries, Inc. | &nbsp;&nbsp; 10346 | 761052  |
| nVent Electric PLC | &nbsp;&nbsp; 15135 | 831063  |
| Owens Corning | &nbsp;&nbsp; 7826 | 1137979  |
| Parsons Corp.<sup>(b)</sup> | &nbsp;&nbsp; 9747 | 651684  |
| Uber Technologies, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 49318 | 3995251  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp; 30013 | 2065495  |
|  Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 15663 | 2893583  |
|  |  | 25507783  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 16.6%**<br>|  |  |
| Belden, Inc. | 3685 | $379960  |
| DocuSign, Inc.<sup>(b)</sup> | 18524 | 1514337  |
| Fabrinet<sup>(b)</sup> | 3288 | 674237  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 12960 | 2440757  |
| &nbsp;&nbsp;&nbsp; International Business Machines <br>Corp.<sup>(c)</sup> | 14212 | 3436746  |
| salesforce.com, Inc. | 12626 | 3392733  |
|  |  | 11838770  |
| **Materials - 1.7%**<br>|  |  |
| Eagle Materials, Inc. | 3043 | 688905  |
| Louisiana-Pacific Corp. | 6359 | 548845  |
|  |  | 1237750  |
| **Utilities - 2.8%**<br>|  |  |
| NRG Energy, Inc. | 18163 | 1990302  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $70,182,983)** |  | 71114517  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 9133796 | 9133796  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $9,133,796)** |  | 9133796  |
|  **TOTAL INVESTMENTS - 112.7% (Cost $79,316,779)** |  | $80248313  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (12.7)% |  | (9104531)  |
| **TOTAL NET ASSETS - 100.0%** |  | $71143782 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $8,996,759 which represented 12.6% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US EXPORT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 5.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 2554 | $405575  |
| Meta Platforms, Inc. - Class A | 690 | 378810  |
| Netflix, Inc.<sup>(a)</sup> | 461 | 521723  |
| News Corp. - Class A | 15660 | 424699  |
| Warner Music Group Corp. - Class A<sup>(b)</sup> | 12839 | 390948  |
|  |  | 2121755  |
| **Consumer Discretionary - 14.6%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 3439 | 419283  |
| Aptiv PLC<sup>(a)</sup> | 6682 | 381275  |
| Autoliv, Inc. | 4687 | 436969  |
| Booking Holdings, Inc. | 97 | 494630  |
| Crocs, Inc.<sup>(a)</sup> | 4285 | 413160  |
| Duolingo, Inc.<sup>(a)</sup> | 1491 | 580715  |
| Garmin Ltd. | 1976 | 369255  |
| NIKE, Inc. - Class B | 5897 | 332591  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 22017 | 352932  |
| Ralph Lauren Corp. - Class A | 1898 | 426955  |
| Royal Caribbean Cruises Ltd. | 1993 | 428316  |
| Tesla Motors, Inc.<sup>(a)</sup> | 1691 | 477132  |
| Visteon Corp.<sup>(a)</sup> | 5242 | 415114  |
| Wynn Resorts Ltd. | 4903 | 393760  |
|  |  | 5922087  |
| **Consumer Staples - 4.3%**<br>|  |  |
| Archer-Daniels-Midland Co. | 8956 | 427649  |
| Bunge Global SA | 5720 | 450278  |
| Ingredion, Inc. | 3219 | 427548  |
| Kellanova | 5139 | 425355  |
|  |  | 1730830  |
| **Energy - 6.1%**<br>|  |  |
| Baker Hughes Co. | 9863 | 349150  |
| Exxon Mobil Corp. | 3777 | 398965  |
| Halliburton Co. | 16853 | 334026  |
| Hess Corp. | 2853 | 368180  |
| NOV, Inc.<sup>(b)</sup> | 29546 | 343029  |
| Valaris Ltd.<sup>(a)</sup> | 11026 | 356250  |
| Weatherford International PLC | 7956 | 329378  |
|  |  | 2478978  |
| **Health Care - 9.2%**<br>|  |  |
| Agilent Technologies, Inc. | 3487 | 375201  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 6085 | 387554  |
| Danaher Corp. | 2005 | 399657  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2282 | 353870  |
| Merck & Co., Inc. | 4468 | 380673  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 344 | 368276  |
| Regeneron Pharmaceuticals, Inc. | 634 | 379614  |
| Repligen Corp.<sup>(a)</sup> | 2806 | 387200  |
| Revvity, Inc. | 3776 | 352792  |
| Thermo Fisher Scientific, Inc. | 810 | 347490  |
|  |  | 3732327  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 10.3%**<br>|  |  |
| Chart Industries, Inc.<sup>(a)</sup> | 2808 | $379024  |
| CNH Industrial NV - Class A<sup>(b)</sup> | 32677 | 378073  |
| Donaldson Co., Inc. | 6174 | 405817  |
| Genpact Ltd. | 8427 | 423541  |
| GXO Logistics, Inc.<sup>(a)(b)</sup> | 10521 | 381281  |
| Howmet Aerospace, Inc. | 3340 | 462857  |
| Ingersoll Rand, Inc. | 5161 | 389294  |
| ITT, Inc. | 3132 | 429147  |
| Uber Technologies, Inc.<sup>(a)</sup> | 5905 | 478364  |
|  Westinghouse Air Brake Technologies Corp. | 2365 | 436910  |
|  |  | 4164308  |
| **Information Technology - 38.3%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 1326 | 396673  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 4185 | 407410  |
| Amphenol Corp. | 6707 | 516104  |
| Analog Devices, Inc. | 2003 | 390425  |
| ANSYS, Inc.<sup>(a)</sup> | 1297 | 417478  |
| Apple, Inc. | 1980 | 420750  |
| Applied Materials, Inc. | 2715 | 409178  |
| Broadcom, Inc. | 2161 | 415928  |
| Cadence Design System, Inc.<sup>(a)</sup> | 1708 | 508540  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 4233 | 406537  |
| Coherent Corp.<sup>(a)</sup> | 6571 | 422647  |
| Corning, Inc. | 9038 | 401106  |
| Dolby Laboratories, Inc. - Class A | 5157 | 396006  |
| Fabrinet<sup>(a)</sup> | 1898 | 389204  |
| Flex Ltd.<sup>(a)</sup> | 12251 | 420699  |
| Fortinet, Inc.<sup>(a)</sup> | 4391 | 455610  |
| Hewlett Packard Enterprise Co.<sup>(b)</sup> | 27050 | 438751  |
| Jabil, Inc. | 3109 | 455655  |
| KLA Corp. | 587 | 412479  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 11980 | 388392  |
| Lam Research Corp. | 5370 | 384868  |
| Littelfuse, Inc. | 2008 | 366078  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 3874 | 401927  |
| Microsoft Corp. | 1088 | 430043  |
| MKS Instruments, Inc. | 4896 | 343405  |
| Monolithic Power Systems, Inc. | 694 | 411611  |
| Novanta, Inc.<sup>(a)</sup> | 3106 | 369179  |
| NVIDIA Corp. | 3473 | 378279  |
| ON Semiconductor Corp.<sup>(a)</sup> | 9783 | 388385  |
| Onto Innovation, Inc.<sup>(a)</sup> | 3047 | 371643  |
| PTC, Inc.<sup>(a)</sup> | 2713 | 420434  |
| QUALCOMM, Inc. | 2699 | 400693  |
| Rambus, Inc.<sup>(a)(b)</sup> | 7763 | 378757  |
| Synopsys, Inc.<sup>(a)</sup> | 938 | 430551  |
| TD SYNNEX Corp.<sup>(b)</sup> | 3322 | 368078  |
| TE Connectivity PLC | 2897 | 424063  |
| Western Digital Corp.<sup>(a)(b)</sup> | 9488 | 416144  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 1515 | 379235  |
|  |  | 15532945  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US EXPORT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - 11.9%**<br>|  |  |
| Amcor PLC<sup>(b)</sup> | 43201 | $397449  |
| Cabot Corp. | 5072 | 398355  |
| Corteva, Inc. | 7063 | 437835  |
| Crown Holdings, Inc. | 4745 | 457086  |
| DuPont de Nemours, Inc. | 5481 | 361691  |
| Freeport-McMoRan, Inc. | 10876 | 391862  |
| Linde PLC | 928 | 420598  |
| Mosaic Co. | 16313 | 495915  |
| NewMarket Corp. | 798 | 491010  |
| Newmont Goldcorp Corp. | 9138 | 481390  |
| Royal Gold, Inc. | 2740 | 500625  |
|  |  | 4833816  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $41,757,281)** |  | 40517046  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 3082328 | 3082328  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,082,328)** |  | 3082328  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.5%** <br>**(Cost $44,839,609)** |  | $43599374  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.5)% |  | (3078703)  |
| **TOTAL NET ASSETS - 100.0%** |  | $40520671 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $3,003,415 which represented 7.4% of net assets. 

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US LARGE CAP CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 5.1%**<br>|  |  |
| Electronic Arts, Inc. | 45635 | $6621182  |
| Iridium Communications, Inc. | 607429 | 14657262  |
| Match Group, Inc. | 196751 | 5835635  |
| Meta Platforms, Inc. - Class A | 33557 | 18422793  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 460141 | 11650770  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 70266 | 3768365  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1460087 | 12498345  |
|  |  | 73454352  |
| **Consumer Discretionary - 9.1%**<br>|  |  |
| ADT, Inc. | 1862568 | 14937795  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 126584 | 15433121  |
| Booking Holdings, Inc. | 4492 | 22905966  |
| Duolingo, Inc.<sup>(a)</sup> | 97005 | 37781508  |
| Etsy, Inc.<sup>(a)</sup> | 165761 | 7207288  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 113251 | 20200581  |
| McDonald's Corp. | 38253 | 12227572  |
|  |  | 130693831  |
| **Consumer Staples - 2.4%**<br>|  |  |
| Altria Group, Inc. | 190864 | 11289605  |
| Philip Morris International, Inc. | 133305 | 22843145  |
|  |  | 34132750  |
| **Energy - 5.8%**<br>|  |  |
| Antero Midstream Corp. | 923335 | 15281194  |
| Diamondback Energy, Inc. | 42190 | 5569502  |
| DT Midstream, Inc. | 210976 | 20506867  |
| EOG Resources, Inc. | 73016 | 8055855  |
| Texas Pacific Land Corp.<sup>(b)</sup> | 26097 | 33635641  |
|  |  | 83049059  |
| **Health Care - 14.5%**<br>|  |  |
| AbbVie, Inc. | 56587 | 11040124  |
| Amgen, Inc. | 23632 | 6875021  |
| Biogen, Inc.<sup>(a)</sup> | 31081 | 3763288  |
| Bristol-Myers Squibb Co.<sup>(b)</sup> | 284617 | 14287773  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 736572 | 41896215  |
| Exelixis, Inc.<sup>(a)</sup> | 762595 | 29855594  |
| Gilead Sciences, Inc. | 236978 | 25247636  |
| Hologic, Inc.<sup>(a)</sup> | 85629 | 4983608  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 138319 | 16177790  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 22802 | 7031909  |
| Merck & Co., Inc. | 58238 | 4961878  |
| Premier, Inc.<sup>(b)</sup> | 387553 | 7886704  |
| Regeneron Pharmaceuticals, Inc. | 5723 | 3426703  |
| ResMed, Inc.<sup>(b)</sup> | 35679 | 8441295  |
| United Therapeutics Corp.<sup>(a)</sup> | 21837 | 6618576  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 44222 | 10334239  |
| Zoetis, Inc. | 43425 | 6791670  |
|  |  | 209620023  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 4.8%**<br>|  |  |
| AMETEK, Inc. | 75244 | $12759877  |
| Graco, Inc. | 129030 | 10530138  |
| Paychex, Inc. | 103294 | 15196613  |
| TransDigm Group, Inc. | 7024 | 9925404  |
| Union Pacific Corp. | 34510 | 7442427  |
| Verisk Analytics, Inc. | 43662 | 12942727  |
|  |  | 68797186  |
| **Information Technology - 55.6%<sup>(c)</sup>** <br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 11874 | 4452513  |
| Analog Devices, Inc. | 40038 | 7804207  |
| ANSYS, Inc.<sup>(a)</sup> | 33655 | 10832871  |
| Apple, Inc. | 49113 | 10436512  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 200639 | 54034089  |
| Arista Networks, Inc.<sup>(a)</sup> | 139756 | 11497726  |
| Astera Labs, Inc.<sup>(a)</sup> | 587499 | 38369560  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 162732 | 37153343  |
| Autodesk, Inc.<sup>(a)</sup> | 46055 | 12630584  |
| Bentley Systems, Inc. - Class B | 149419 | 6423523  |
| Broadcom, Inc. | 95810 | 18440551  |
| Cadence Design System, Inc.<sup>(a)</sup> | 32083 | 9552392  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 873599 | 8089527  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 45172 | 4338319  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. - <br>Class A<sup>(a)</sup> | 78305 | 33582665  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 88412 | 9032170  |
| DocuSign, Inc.<sup>(a)(b)</sup> | 326806 | 26716390  |
| Dolby Laboratories, Inc. - Class A | 184081 | 14135580  |
| Dropbox, Inc. - Class A<sup>(a)(b)</sup> | 410234 | 11712181  |
| Dynatrace, Inc.<sup>(a)</sup> | 283995 | 13339245  |
| Enphase Energy, Inc.<sup>(a)(b)</sup> | 56359 | 2513048  |
| F5, Inc.<sup>(a)</sup> | 99695 | 26393254  |
| Fair Isaac Corp.<sup>(a)</sup> | 7132 | 14190398  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 258929 | 26866473  |
| Gen Digital, Inc.<sup>(b)</sup> | 382417 | 9893128  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 70869 | 13346759  |
| Informatica, Inc. - Class A<sup>(a)</sup> | 292255 | 5503162  |
| Intuit, Inc. | 14559 | 9135336  |
| KLA Corp. | 9295 | 6531504  |
| Lam Research Corp. | 99908 | 7160406  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 26630 | 4723896  |
| Marvell Technology, Inc. | 251697 | 14691554  |
| Microsoft Corp. | 20975 | 8290578  |
| Monolithic Power Systems, Inc. | 7461 | 4425119  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 260552 | 17899922  |
| NVIDIA Corp. | 100848 | 10984364  |
| Okta, Inc.<sup>(a)</sup> | 138538 | 15538422  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - <br>Class A<sup>(a)</sup> | 639507 | 75743209  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 63550 | 11879402  |

---

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US LARGE CAP CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| PTC, Inc.<sup>(a)</sup> | 45725 | $7086003  |
| QUALCOMM, Inc. | 44307 | 6577817  |
| Roper Technologies, Inc. | 19830 | 11106386  |
| salesforce.com, Inc. | 59177 | 15901452  |
| ServiceNow, Inc.<sup>(a)</sup> | 15325 | 14635528  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 57023 | 3665438  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 18535 | 10070065  |
| Ubiquiti, Inc.<sup>(b)</sup> | 127504 | 41623681  |
| Universal Display Corp. | 35544 | 4465393  |
| VeriSign, Inc.<sup>(a)</sup> | 89492 | 25247483  |
| Workday, Inc. - Class A<sup>(a)</sup> | 38133 | 9342585  |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - <br>Class A<sup>(a)</sup> | 160714 | 12461764  |
| Zscaler, Inc.<sup>(a)</sup> | 43272 | 9786828  |
|  |  | 800254305  |
| **Materials - 2.0%**<br>|  |  |
| CF Industries Holdings, Inc. | 114831 | 8999306  |
| Royal Gold, Inc. | 74558 | 13622492  |
| Southern Copper Corp. | 76396 | 6838970  |
|  |  | 29460768  |
| **Utilities - 0.6%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 313388 | 9194804  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,406,031,491)** |  | 1438657078  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.7%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 24106274 | 24106274  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $24,106,274)** |  | 24106274  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.6%** <br>**(Cost $1,430,137,765)** |  | $1462763352  |
|  Liabilities in Excess of Other Assets - (1.6)% |  | (22342657)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1440420695 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $23,551,438 which represented 1.6% of net assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US SMALL CAP CASH COWS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.5%**<br>|  |  |
| **Communication Services - 8.3%**<br>|  |  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 354097 | $2266221  |
| Cable One, Inc.<sup>(b)</sup> | 51019 | 13635848  |
| Cars.com, Inc.<sup>(a)</sup> | 654394 | 7617146  |
| Gray Media, Inc. | 899057 | 3011841  |
| Ibotta, Inc. - Class A<sup>(a)(b)</sup> | 71800 | 3503840  |
| Interpublic Group of Cos., Inc. | 2178535 | 54724799  |
| Magnite, Inc.<sup>(a)(b)</sup> | 940954 | 11187943  |
| Match Group, Inc.<sup>(b)</sup> | 1797322 | 53308571  |
| Nexstar Media Group, Inc.<sup>(b)</sup> | 320188 | 47919336  |
| Omnicom Group, Inc. | 1087379 | 82814785  |
| Playtika Holding Corp. | 566089 | 2983289  |
| PubMatic, Inc. - Class A<sup>(a)</sup> | 229643 | 2243612  |
| TEGNA, Inc. | 1769992 | 28726970  |
| Vimeo, Inc.<sup>(a)</sup> | 649693 | 3274453  |
| YELP, Inc.<sup>(a)</sup> | 448243 | 15724364  |
| Ziff Davis, Inc.<sup>(a)</sup> | 445567 | 13157593  |
|  |  | 346100611  |
| **Consumer Discretionary - 21.0%**<br>|  |  |
| Abercrombie & Fitch Co.<sup>(a)</sup> | 428182 | 29724395  |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, <br>Inc.<sup>(b)</sup> | 602221 | 22691687  |
| Adient PLC<sup>(a)</sup> | 960560 | 12151084  |
| ADT, Inc. | 4431917 | 35543974  |
| A-Mark Precious Metals, Inc.<sup>(b)</sup> | 193828 | 4721650  |
| BorgWarner, Inc. | 1496158 | 42460964  |
| Buckle, Inc. | 328314 | 11412195  |
| Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 72710 | 2565209  |
| Carter's, Inc.<sup>(b)</sup> | 385560 | 12742758  |
| Columbia Sportswear Co.<sup>(b)</sup> | 347073 | 21577528  |
| Coursera, Inc.<sup>(a)</sup> | 529965 | 4462305  |
| Crocs, Inc.<sup>(a)</sup> | 590315 | 56918172  |
| Dillard's, Inc. - Class A<sup>(b)</sup> | 32637 | 11313942  |
| Ethan Allen Interiors, Inc. | 150081 | 4266803  |
| Etsy, Inc.<sup>(a)</sup> | 979439 | 42586008  |
| Everi Holdings, Inc.<sup>(a)</sup> | 752704 | 10575491  |
| Expedia Group, Inc. | 541706 | 85009923  |
| Figs, Inc. - Class A<sup>(a)(b)</sup> | 862961 | 3477733  |
| Funko, Inc. - Class A<sup>(a)</sup> | 394612 | 1582394  |
| Gap, Inc. | 2437007 | 53370453  |
| GARRETT MOTION, Inc.<sup>(b)</sup> | 1337522 | 12331953  |
|  GigaCloud Technology, Inc. - Class A<sup>(a)(b)</sup> | 289027 | 3624399  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 423976 | 10692675  |
| Guess?, Inc.<sup>(b)</sup> | 295600 | 3325500  |
| H&R Block, Inc.<sup>(b)</sup> | 862964 | 52097137  |
| Harley-Davidson, Inc.<sup>(b)</sup> | 1259168 | 28230547  |
| Kontoor Brands, Inc.<sup>(b)</sup> | 350656 | 21091958  |
| LCI Industries | 230829 | 17792299  |
| Leggett & Platt, Inc. | 1473626 | 14176282  |
| Levi Strauss & Co. - Class A<sup>(b)</sup> | 1083401 | 17345250  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Lovesac Co.<sup>(a)(b)</sup> | 112563 | $2189350  |
| Mattel, Inc.<sup>(a)</sup> | 1909506 | 30342050  |
| Perdoceo Education Corp. | 402708 | 10116025  |
| Phinia, Inc. | 299631 | 12030185  |
| PVH Corp.<sup>(b)</sup> | 613005 | 42285085  |
| Shoe Carnival, Inc.<sup>(b)</sup> | 191889 | 3335031  |
| Signet Jewelers Ltd.<sup>(b)</sup> | 484154 | 28710332  |
| Steven Madden Ltd.<sup>(b)</sup> | 429508 | 9019668  |
| Target Hospitality Corp.<sup>(a)</sup> | 365105 | 2482714  |
| Thor Industries, Inc.<sup>(b)</sup> | 422122 | 30570075  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 1028077 | 31613368  |
| Visteon Corp.<sup>(a)</sup> | 227497 | 18015488  |
| Wolverine World Wide, Inc.<sup>(b)</sup> | 755203 | 9855399  |
|  |  | 880427438  |
| **Consumer Staples - 3.6%**<br>|  |  |
| Andersons, Inc. | 274365 | 10346304  |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 361118 | 33717588  |
| Central Garden & Pet Co.<sup>(a)(b)</sup> | 103338 | 3468023  |
| Ingredion, Inc. | 544874 | 72370165  |
| Nu Skin Enterprises, Inc. - Class A | 538421 | 3408205  |
| Pilgrim's Pride Corp.<sup>(b)</sup> | 443214 | 24190620  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 109002 | 3061866  |
|  |  | 150562771  |
| **Energy - 12.0%**<br>|  |  |
| Ardmore Shipping Corp. | 408446 | 3896575  |
| Cactus, Inc. - Class A<sup>(b)</sup> | 389219 | 14766969  |
| ChampionX Corp. | 963670 | 23253357  |
| Chord Energy Corp. | 544974 | 49173004  |
| Civitas Resources, Inc. | 975535 | 26583329  |
| Core Natural Resources, Inc. | 253907 | 18334624  |
| Crescent Energy Co. - Class A | 1920557 | 15902212  |
| Dorian LPG Ltd.<sup>(b)</sup> | 401670 | 8603771  |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, <br>Inc.<sup>(a)</sup> | 1282720 | 7811765  |
| HF Sinclair Corp.<sup>(b)</sup> | 1259126 | 37861919  |
| International Seaways, Inc.<sup>(b)</sup> | 444108 | 15081908  |
| Murphy Oil Corp.<sup>(b)</sup> | 1505493 | 30907771  |
| NOV, Inc.<sup>(b)</sup> | 4200141 | 48763637  |
| Ovintiv, Inc. | 2162574 | 72619235  |
| Patterson-UTI Energy, Inc. | 3897657 | 21982785  |
| Peabody Energy Corp.<sup>(b)</sup> | 907317 | 11196292  |
| ProPetro Holding Corp.<sup>(a)</sup> | 859794 | 4281774  |
| REX American Resources Corp.<sup>(a)</sup> | 50449 | 2003834  |
| RPC, Inc.<sup>(b)</sup> | 895806 | 4237162  |
| Scorpio Tankers, Inc. | 442558 | 16680011  |
| Sitio Royalties Corp. - Class A | 872049 | 14789951  |
| Teekay Corp. Ltd. | 618447 | 4459003  |
| Teekay Tankers Ltd. | 270916 | 11532894  |
| Tidewater, Inc.<sup>(a)(b)</sup> | 385324 | 13944876  |
| Weatherford International PLC | 585937 | 24257792  |
|  |  | 502926450  |

---

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US SMALL CAP CASH COWS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - 10.2%** <br>|  |  |
| Alkermes PLC<sup>(a)(b)</sup> | 752720 | $21655754  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 418304 | 8545951  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 407642 | 9950541  |
| Avanos Medical, Inc.<sup>(a)</sup> | 357188 | 4482709  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 719354 | 17473109  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 355631 | 9600259  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 335607 | 4547475  |
| Envista Holdings Corp.<sup>(a)</sup> | 1148535 | 18468443  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 973194 | 6062999  |
|  Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 420799 | 12400947  |
| Innoviva, Inc.<sup>(a)</sup> | 604749 | 11302759  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 1527396 | 1423991  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 620322 | 72552861  |
| Omnicell, Inc.<sup>(a)</sup> | 258052 | 8066705  |
| Pacira BioSciences, Inc.<sup>(a)(b)</sup> | 494801 | 13310147  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 847826 | 10919999  |
| Premier, Inc.<sup>(b)</sup> | 1055265 | 21474643  |
| Progyny, Inc.<sup>(a)</sup> | 537717 | 12281456  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 96147 | 1880635  |
| Semler Scientific, Inc.<sup>(a)(b)</sup> | 44532 | 1439720  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 345649 | 11226679  |
| United Therapeutics Corp.<sup>(a)</sup> | 221208 | 67045933  |
| Viatris, Inc. | 9658260 | 81322549  |
|  |  | 427436264  |
| **Industrials - 19.2%**<br>|  |  |
| Alamo Group, Inc. | 62644 | 10460295  |
| Apogee Enterprises, Inc. | 166497 | 6604936  |
| Argan, Inc. | 74539 | 11414157  |
| Array Technologies, Inc.<sup>(a)(b)</sup> | 1502970 | 7184197  |
| Atkore, Inc.<sup>(b)</sup> | 311890 | 19920414  |
| Blue Bird Corp.<sup>(a)(b)</sup> | 221697 | 7730574  |
| DNOW, Inc.<sup>(a)</sup> | 1164311 | 18477615  |
| EMCOR Group, Inc. | 216530 | 86763571  |
| Fluor Corp.<sup>(a)</sup> | 1137337 | 39681688  |
| Genco Shipping & Trading Ltd.<sup>(b)</sup> | 314456 | 4075350  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 147246 | 7796676  |
| GMS, Inc.<sup>(a)</sup> | 296507 | 21722103  |
| Granite Construction, Inc. | 273030 | 22194609  |
|  Heidrick & Struggles International, Inc. | 180893 | 7058445  |
| Insteel Industries, Inc. | 105526 | 3578387  |
| Interface, Inc. | 371722 | 6988374  |
| Janus International Group, Inc.<sup>(a)(b)</sup> | 1022425 | 7034284  |
| Kennametal, Inc. | 577309 | 11245979  |
| Kforce, Inc. | 97729 | 3733248  |
| Korn/Ferry International | 296925 | 18320272  |
| Lyft, Inc. - Class A<sup>(a)(b)</sup> | 4013979 | 49773340  |
| MasTec, Inc.<sup>(a)</sup> | 508895 | 64792511  |
| Masterbrand, Inc.<sup>(a)</sup> | 996838 | 12111582  |
| Matson, Inc.<sup>(b)</sup> | 221867 | 24203471  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| MRC Global, Inc.<sup>(a)</sup> | 936586 | $10911227  |
| NEXTracker, Inc. - Class A<sup>(a)(b)</sup> | 708195 | 28759799  |
| Primoris Services Corp. | 358863 | 21521014  |
| Proto Labs, Inc.<sup>(a)</sup> | 117252 | 4122580  |
| QXO, Inc.<sup>(b)</sup> | 412185 | 5498548  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 1317894 | 22114261  |
|  Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 1375834 | 4966761  |
| Steelcase, Inc. - Class A | 918774 | 9114238  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 216430 | 32341135  |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, <br>Inc.<sup>(a)</sup> | 445096 | 4361941  |
| Tutor Perini Corp.<sup>(a)</sup> | 483301 | 10371639  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 1193063 | 82106596  |
| Upwork, Inc.<sup>(a)</sup> | 696777 | 9162617  |
| V2X, Inc.<sup>(a)</sup> | 154365 | 7681202  |
| Vestis Corp. | 1255184 | 10995412  |
| WESCO International, Inc. | 389558 | 63482372  |
| Willdan Group, Inc.<sup>(a)</sup> | 98496 | 3861043  |
|  |  | 804238463  |
| **Information Technology - 17.4%**<br>|  |  |
| Adeia, Inc. | 876898 | 10794614  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 577120 | 64268083  |
| ASGN, Inc.<sup>(a)</sup> | 338600 | 17058668  |
| Avnet, Inc.<sup>(b)</sup> | 954453 | 44849746  |
| Axcelis Technologies, Inc.<sup>(a)(b)</sup> | 137257 | 6722848  |
| Benchmark Electronics, Inc. | 250490 | 8148440  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 289081 | 27763339  |
| Clear Secure, Inc. - Class A<sup>(b)</sup> | 730041 | 18017412  |
| CompoSecure, Inc.<sup>(b)</sup> | 325242 | 3574410  |
| Daktronics, Inc.<sup>(a)(b)</sup> | 324742 | 4120976  |
| Digi International, Inc.<sup>(a)</sup> | 196982 | 5357910  |
| Dropbox, Inc. - Class A<sup>(a)(b)</sup> | 2143848 | 61206860  |
| DXC Technology Co.<sup>(a)</sup> | 1988571 | 30862622  |
| ePlus, Inc.<sup>(a)</sup> | 237441 | 14806821  |
| Flex Ltd.<sup>(a)</sup> | 2468365 | 84763654  |
| Gen Digital, Inc. | 3251596 | 84118789  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 244120 | 33756914  |
| IPG Photonics Corp.<sup>(a)</sup> | 151427 | 9068963  |
| Knowles Corp.<sup>(a)</sup> | 453057 | 7131117  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 286079 | 7483827  |
| Mitek Systems, Inc.<sup>(a)</sup> | 279072 | 2310716  |
| NetScout Systems, Inc.<sup>(a)</sup> | 495729 | 10420224  |
| OneSpan, Inc. | 183472 | 2728229  |
| PC Connection, Inc. | 135780 | 8423791  |
| Photronics, Inc.<sup>(a)</sup> | 520881 | 9516496  |
| Plexus Corp.<sup>(a)</sup> | 203597 | 24926381  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 884983 | 22567066  |
| ScanSource, Inc.<sup>(a)</sup> | 240848 | 7945576  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 1112308 | 71499158  |
| Teradata Corp.<sup>(a)</sup> | 771541 | 16588131  |
| TSS, Inc./MD<sup>(a)(b)</sup> | 118380 | 809719  |
| Xerox Holdings Corp.<sup>(b)</sup> | 1254592 | 5532751  |
|  |  | 727144251  |

---

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US SMALL CAP CASH COWS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - 5.6%**<br>|  |  |
|  Alpha Metallurgical Resources, Inc.<sup>(a)(b)</sup> | 120487 | $14621098  |
| CF Industries Holdings, Inc. | 1146924 | 89884434  |
| Commercial Metals Co.<sup>(b)</sup> | 648532 | 28885615  |
| NewMarket Corp. | 55827 | 34350353  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 1165389 | 11805391  |
| Ramaco Resources, Inc.<sup>(b)</sup> | 285279 | 2875612  |
| Scotts Miracle-Gro Co. | 468645 | 23610335  |
| SunCoke Energy, Inc. | 637840 | 5778830  |
| Sylvamo Corp. | 378817 | 22585070  |
|  |  | 234396738  |
| **Real Estate - 0.2%**<br>|  |  |
| eXp World Holdings, Inc.<sup>(b)</sup> | 927947 | 8499994  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,534,972,355)** |  | 4081732980  |
|  **REAL ESTATE INVESTMENT TRUSTS COMMON - 2.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, <br>Inc. | 177820 | 9657404  |
| NET Lease Office Properties<sup>(a)</sup> | 122258 | 3695860  |
| WP Carey, Inc.<sup>(b)</sup> | 1402687 | 87583776  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $103,055,549)** |  | 100937040  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(c)</sup> | 389539639 | 389539639  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $389,539,639)** |  | 389539639  |
|  **TOTAL INVESTMENTS - 109.2% (Cost $5,027,567,543)** |  | $4572209659  |
|  Liabilities in Excess of Other Assets - (9.2)% |  | (386539610)  |
| **TOTAL NET ASSETS - 100.0%** |  | $4185670049 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $375,501,508 which represented 9.0% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**PACER US SMALL CAP CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 6.8%**<br>|  |  |
| Cable One, Inc. | 337 | $90070  |
| Cargurus, Inc.<sup>(a)</sup> | 7563 | 211461  |
| Cars.com, Inc.<sup>(a)</sup> | 6662 | 77546  |
| Gogo, Inc.<sup>(a)(b)</sup> | 18000 | 136260  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 805 | 155019  |
| TEGNA, Inc. | 19905 | 323058  |
| YELP, Inc.<sup>(a)</sup> | 4470 | 156807  |
| Ziff Davis, Inc.<sup>(a)</sup> | 2407 | 71079  |
|  |  | 1221300  |
| **Consumer Discretionary - 8.4%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 3857 | 409613  |
| Buckle, Inc. | 3906 | 135772  |
| Etsy, Inc.<sup>(a)</sup> | 2797 | 121614  |
| Frontdoor, Inc.<sup>(a)</sup> | 3536 | 145365  |
| Kontoor Brands, Inc. | 1685 | 101353  |
| Monarch Casino & Resort, Inc. | 3404 | 266159  |
| Perdoceo Education Corp. | 10186 | 255872  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 2277 | 70018  |
|  |  | 1505766  |
| **Consumer Staples - 6.1%**<br>|  |  |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 3831 | 357701  |
| National Beverage Corp. | 2714 | 120502  |
| Simply Good Foods Co.<sup>(a)</sup> | 8186 | 295596  |
| Tootsie Roll Industries, Inc. | 6064 | 194049  |
| WD-40 Co. | 497 | 113495  |
|  |  | 1081343  |
| **Energy - 4.4%**<br>|  |  |
| Cactus, Inc. - Class A | 2426 | 92043  |
| Core Natural Resources, Inc. | 992 | 71632  |
| Crescent Energy Co. - Class A | 18460 | 152849  |
| Dorian LPG Ltd. | 2383 | 51044  |
| Innovex International, Inc.<sup>(a)</sup> | 13516 | 204092  |
| International Seaways, Inc. | 1870 | 63505  |
| Magnolia Oil & Gas Corp. - Class A | 5206 | 106879  |
| Tidewater, Inc.<sup>(a)(b)</sup> | 1265 | 45780  |
|  |  | 787824  |
| **Health Care - 27.4%<sup>(c)</sup>**<br>|  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 15717 | 229468  |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 7394 | 175977  |
| Alkermes PLC<sup>(a)</sup> | 8510 | 244833  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 2134 | 52091  |
| Avanos Medical, Inc.<sup>(a)</sup> | 4185 | 52522  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 11626 | 282395  |
| Certara, Inc.<sup>(a)</sup> | 14110 | 195565  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 2658 | 71753  |
| Corcept Therapeutics, Inc.<sup>(a)(b)</sup> | 10560 | 759053  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 21834 | 256549  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 4071 | 119972  |
| Innoviva, Inc.<sup>(a)</sup> | 7224 | 135017  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 686 | 116538  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LeMaitre Vascular, Inc. | 2161 | $196089  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 2441 | 268168  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 2017 | 190506  |
| Mesa Laboratories, Inc. | 1523 | 175526  |
| Omnicell, Inc.<sup>(a)</sup> | 3052 | 95405  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 21443 | 576817  |
| Premier, Inc.<sup>(b)</sup> | 6188 | 125926  |
| Prestige Brands Holdings, Inc.<sup>(a)</sup> | 2956 | 240116  |
| Progyny, Inc.<sup>(a)</sup> | 7022 | 160382  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 3845 | 124886  |
| Teleflex, Inc.<sup>(b)</sup> | 388 | 53175  |
|  |  | 4898729  |
| **Industrials - 22.0%**<br>|  |  |
| Arcosa, Inc. | 1512 | 121066  |
| Armstrong World Industries, Inc. | 2089 | 302947  |
| Brady Corp. - Class A | 2180 | 153232  |
| CSW Industrials, Inc. | 406 | 126867  |
| DNOW, Inc.<sup>(a)</sup> | 20243 | 321256  |
| Enerpac Tool Group Corp. | 5446 | 219855  |
| Enpro, Inc. | 1397 | 208712  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 10817 | 144191  |
| Kadant, Inc.<sup>(b)</sup> | 756 | 223020  |
| Liquidity Services, Inc.<sup>(a)</sup> | 16286 | 517569  |
| Matson, Inc. | 1472 | 160581  |
| Mueller Water Products, Inc. - Class A | 10478 | 274943  |
| OPENLANE, Inc.<sup>(a)</sup> | 16290 | 301528  |
| Proto Labs, Inc.<sup>(a)</sup> | 9503 | 334125  |
| SPX Technologies, Inc.<sup>(a)</sup> | 843 | 113088  |
| Verra Mobility Corp.<sup>(a)</sup> | 4529 | 98732  |
| Vestis Corp. | 8975 | 78621  |
| Zurn Elkay Water Solutions Corp. | 6692 | 227260  |
|  |  | 3927593  |
| **Information Technology - 22.0%**<br>|  |  |
| A10 Networks, Inc. | 27828 | 458605  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 4712 | 251432  |
| Adeia, Inc. | 22958 | 282613  |
| Agilysys, Inc.<sup>(a)</sup> | 972 | 72268  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 2604 | 139574  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 864 | 42319  |
| Badger Meter, Inc. | 894 | 197413  |
| BlackLine, Inc.<sup>(a)</sup> | 3042 | 143674  |
| Box, Inc. - Class A<sup>(a)(b)</sup> | 5409 | 168869  |
| Clear Secure, Inc. - Class A | 3385 | 83542  |
| CTS Corp. | 2774 | 105634  |
| Digi International, Inc.<sup>(a)(b)</sup> | 6506 | 176963  |
| DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 6995 | 216145  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 4923 | 65279  |
| Impinj, Inc.<sup>(a)</sup> | 620 | 57121  |
| InterDigital, Inc.<sup>(b)</sup> | 2249 | 452049  |
| Knowles Corp.<sup>(a)</sup> | 7174 | 112919  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 9786 | 256002  |
| NetScout Systems, Inc.<sup>(a)</sup> | 9407 | 197735  |
| Photronics, Inc.<sup>(a)</sup> | 4154 | 75893  |

---

The accompanying notes are an integral part of these financial statements.

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PACER US SMALL CAP CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Progress Software Corp. | 2402 | $144024  |
| Qorvo, Inc.<sup>(a)</sup> | 861 | 61708  |
| SPS Commerce, Inc.<sup>(a)</sup> | 509 | 73047  |
| Teradata Corp.<sup>(a)</sup> | 4302 | 92493  |
|  |  | 3927321  |
| **Materials - 2.0%**<br>|  |  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 430 | 52181  |
| Balchem Corp. | 937 | 146687  |
| FMC Corp. | 1337 | 56047  |
| Sylvamo Corp. | 1756 | 104693  |
|  |  | 359608  |
| **Utilities - 0.8%**<br>|  |  |
| Clearway Energy, Inc. - Class C | 5076 | 148930  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $18,272,401)** |  | 17858414  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 2388627 | 2388627  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,388,627)** |  | 2388627  |
|  **TOTAL INVESTMENTS - 113.3% (Cost $20,661,028)** |  | $20247041  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.3)% |  | (2373403)  |
| **TOTAL NET ASSETS - 100.0%** |  | $17873638 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of April 30, 2025. The fair value of these securities was $2,283,742 which represented 12.8% of net assets.

<sup>(c)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of April 30, 2025.

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer WealthShield ETF** 

**Schedule of Investments** 

**April 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 98.5%**<br>|  |  |
| **United States Treasury Note/Bond**<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 | $263000 | $203609  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2045 | 348000 | 263066  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2045 | 227000 | 174817  |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2046 | 441000 | 309036  |
| &nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 | 426000 | 297526  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 | 584000 | 386649  |
| &nbsp;&nbsp;&nbsp; 2.88%, 11/15/2046 | 245000 | 182434  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 | 516000 | 391888  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 | 394000 | 298655  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 | 572000 | 412667  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2047 | 576000 | 414518  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 | 657000 | 494123  |
| &nbsp;&nbsp;&nbsp; 3.13%, 05/15/2048 | 698000 | 536001  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 | 772000 | 577839  |
| &nbsp;&nbsp;&nbsp; 3.38%, 11/15/2048 | 787000 | 630077  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 | 835000 | 622548  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2049 | 810000 | 588294  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 | 768000 | 487680  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 718000 | 467583  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 | 899000 | 535256  |
| &nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | 1055000 | 514972  |
| &nbsp;&nbsp;&nbsp; 1.38%, 08/15/2050 | 1188000 | 594116  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/15/2050 | 1170000 | 625447  |
| &nbsp;&nbsp;&nbsp; 1.88%, 02/15/2051 | 1307000 | 744709  |
| &nbsp;&nbsp;&nbsp; 2.38%, 05/15/2051 | 1312000 | 843678  |
| &nbsp;&nbsp;&nbsp; 2.00%, 08/15/2051 | 1304000 | 762789  |
| &nbsp;&nbsp;&nbsp; 1.88%, 11/15/2051 | 1217000 | 687058  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 | 1111000 | 688907  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2052 | 1049000 | 749174  |
| &nbsp;&nbsp;&nbsp; 3.00%, 08/15/2052 | 1000000 | 732852  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 | 1005000 | 893272  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053 | 999000 | 828585  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2053 | 1004000 | 832418  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2053 | 1111000 | 1008493  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2053 | 1164000 | 1172844  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/15/2054 | 1217000 | 1129100  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 1218000 | 1203489  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1218000 | 1131788  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2054 | 1218000 | 1181460  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 1217000 | 1206256  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $25,792,735)** |  | 25805673 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **COMMON STOCKS - 0.0%<sup>(a)</sup>**<br>|  |
| **Health Care - 0.0%<sup>(a)</sup>**<br>|  |
| ABIOMED INC<sup>(b)(c)</sup><br> 64<sup>(d)</sup> | $0<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $0)** | 0<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $25,792,735)** | $25805673  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% | 379732  |
| **TOTAL NET ASSETS - 100.0%** | $26185405 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Represents less than 0.05% of net assets. 

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2025. 

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> Rounds to zero.

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Cash** <br>**Cows Fund of** <br>**Funds ETF** | **Pacer CFRA-** <br>**Stovall Equal** <br>**Weight Seasonal** <br>**Rotation ETF** | **Pacer Data &** <br>**Infrastructure** <br>**Real Estate ETF** | **Pacer Data** <br>**and Digital** <br>**Revolution ETF** | **Pacer Developed** <br>**Markets** <br>**International Cash** <br>**Cows 100 ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $2212350 | $22194076 | $456607163 | $63698348 | $1083128498  |
|  Investments in affiliated securities, at value | 82907581 |  |  |  | —  |
|  Cash - interest bearing deposit account | 15682 | 4947 | 435456 | 28221 | 718954  |
| Security lending income receivable | 4364 | 275 | 19770 | 772 | 14222  |
| Interest receivable | 37 | 42 | 804 | 159 | 5007  |
| Receivable for investments sold |  | 20613493 |  |  | 87546  |
| Receivable for fund shares sold |  |  | 36952144 |  | —  |
| Dividends receivable |  | 8560 | 452431 | 2879 | 4468011  |
| Dividend tax reclaims receivable |  | 93 |  | 3884 | 2341869  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 85140014 | 42821486 | 494467768 | 63734263 | 1090764107  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 2212350 | 1817130 | 24545995 | 9220919 | 39814960  |
| Payable to adviser | 9985 | 10182 | 172177 | 25470 | 550411  |
| Payable for investments purchased |  | 20379096 | 34137659 |  | —  |
| Payable for capital shares redeemed |  |  | 3028400 |  | —  |
|  Payable to custodian foreign currency, at value |  |  | 404 |  | 366191  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 2222335 | 22206408 | 61884635 | 9246389 | 40731562  |
| **NET ASSETS**  | $82917679 | $20615078 | $432583133 | $54487874 | $1050032545  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $81599116 | $50124770 | $739405092 | $52348192 | $1057508981  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 1318563 | (29509692) | (306821959) | 2139682 | (7476436)  |
| &nbsp;&nbsp;&nbsp; **Total net assets**  | $82917679 | $20615078 | $432583133 | $54487874 | $1050032545  |
| Net assets | $82917679 | $20615078 | $432583133 | $54487874 | $1050032545  |
| Shares issued and outstanding<sup>(a)</sup> | 2250000 | 600000 | 14050000 | 1180000 | 33050000  |
| Net asset value per share | $36.85 | $34.36 | $30.79 | $46.18 | $31.77  |
| **Cost:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at cost | $2212350 | $22196226 | $456315232 | $60554743 | $1041111714  |
|  Investments in affiliated securities, at cost | $481413022 | $— | $— | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| Foreign currency proceeds | $— | $— | $— | $— | $356505  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $2146130 | $— | $24621790 | $8948031 | $37420295 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Emerging** <br>**Markets Cash** <br>**Cows 100 ETF** | **Pacer Global** <br>**Cash Cows** <br>**Dividend ETF** | **Pacer Industrial** <br>**Real Estate ETF** | **Pacer** <br>**Industrials and** <br>**Logistics ETF** | **Pacer Lunt** <br>**Large Cap** <br>**Alternator ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $86872877 | $2414935254 | $149070059 | $1038043 | $134931385  |
| Dividends receivable | 428928 | 11232792 | 301561 | 1435 | 96965  |
|  Cash - interest bearing deposit account | 176570 | 6789050 | 171594 | 918 | 107337  |
| Dividend tax reclaims receivable | 2918 | 5070858 | 228828 | 1932 | —  |
| Security lending income receivable | 689 | 62759 | 928 | 7 | 679  |
| Interest receivable | 450 | 9252 | 464 | 2 | 283  |
| Foreign currency, at value |  | 3542 | 15570 | 1 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 87482432 | 2438103507 | 149789004 | 1042338 | 135136649  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 6685444 | 246898987 | 11445441 | 20303 | 5906003  |
| Payable to adviser | 47980 | 1041930 | 60898 | 489 | 63096  |
| Payable for investments purchased |  | 646466 | 58 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 6733424 | 248587383 | 11506397 | 20792 | 5969099  |
| **NET ASSETS**  | $80749008 | $2189516124 | $138282607 | $1021546 | $129167550  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $86445077 | $2120415976 | $215055907 | $994800 | $391394375  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (5696069) | 69100148 | (76773300) | 26746 | (262226825)  |
| &nbsp;&nbsp;&nbsp; **Total net assets**  | $80749008 | $2189516124 | $138282607 | $1021546 | $129167550  |
| Net assets | $80749008 | $2189516124 | $138282607 | $1021546 | $129167550 |
| Shares issued and outstanding<sup>(a)</sup> | 3950000 | 59600000 | 3850000 | 40000 | 3800000  |
| Net asset value per share | $20.44 | $36.74 | $35.92 | $25.54 | $33.99  |
| **Cost:**<br>|  |  |  |  |  |
| Investments, at cost | $85520169 | $2272216525 | $161688555 | $1009273 | $138809404  |
| Foreign currency, at cost | $— | $— | $15369 | $— | $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $6451257 | $239182697 | $11263261 | $19804 | $5774145 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Lunt** <br>**Large Cap** <br>**Multi-Factor** <br>**Alternator ETF** | **Pacer Lunt** <br>**MidCap** <br>**Multi-Factor** <br>**Alternator ETF** | **Pacer MSCI** <br>**World Industry** <br>**Advantage ETF** | **Pacer Nasdaq** <br>**100 Top 50 Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer Nasdaq** <br>**International** <br>**Patent** <br>**Leaders ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $296829289 | $79464205 | &nbsp;&nbsp;&nbsp; $899102 | &nbsp;&nbsp; $4205728 | $9700742  |
| Receivable for investments sold | 2323427 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Dividends receivable | 333509 | 32825 | &nbsp;&nbsp;&nbsp; 883 | &nbsp;&nbsp; 65 | 12485  |
|  Cash - interest bearing deposit account | 191335 | 107731 | &nbsp;&nbsp;&nbsp; 1191 | &nbsp;&nbsp; 1745 | 8553  |
| Security lending income receivable | 1203 | 931 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 50 | —  |
| Interest receivable | 400 | 151 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | 302  |
| Dividend tax reclaims receivable |  |  | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp; — | 3237  |
| Foreign currency, at value |  |  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; — | 44  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 299679163 | 79605843 | &nbsp;&nbsp;&nbsp; 901369 | &nbsp;&nbsp; 4207596 | 9725363  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 7082995 | 16117748 | &nbsp;&nbsp;&nbsp; 92714 | &nbsp;&nbsp; 550867 | —  |
| Payable for capital shares redeemed | 2339620 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Payable to adviser | 143851 | 31232 | &nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp; 1164 | 3658  |
| Payable for investments purchased |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 67  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 9566466 | 16148980 | &nbsp;&nbsp;&nbsp; 93128 | &nbsp;&nbsp; 552031 | 3725  |
| **NET ASSETS**  | $290112697 | $63456863 | &nbsp;&nbsp;&nbsp; $808241 | &nbsp;&nbsp; $3655565 | $9721638  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $363386576 | $80855342 | &nbsp;&nbsp;&nbsp; $869859 | &nbsp;&nbsp; $3772805 | $9298088  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (73273879) | (17398479) | &nbsp;&nbsp;&nbsp; (61618) | &nbsp;&nbsp; (117240) | 423550  |
| &nbsp;&nbsp;&nbsp; **Total net assets**  | $290112697 | $63456863 | &nbsp;&nbsp;&nbsp; $808241 | &nbsp;&nbsp; $3655565 | $9721638  |
| Net assets | $290112697 | $63456863 | &nbsp;&nbsp;&nbsp; $808241 | &nbsp;&nbsp; $3655565 | $9721638  |
| Shares issued and outstanding<sup>(a)</sup> | 6200000 | 1550000 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp; 180000 | 460000  |
| Net asset value per share | $46.79 | $40.94 | &nbsp;&nbsp;&nbsp; $20.21 | &nbsp;&nbsp; $20.31 | $21.13  |
| **Cost:**<br>|  |  |  |  |  |
| Investments, at cost | $305033535  | $82829498 | &nbsp;&nbsp;&nbsp; $946940 | &nbsp;&nbsp; $4217240 | $9291300  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $6932796 | $15560720 | &nbsp;&nbsp;&nbsp; $90760 | &nbsp;&nbsp; $537571 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Pacific** <br>**Asset Floating** <br>**Rate High** <br>**Income ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**100 ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**European** <br>**Index ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**Fund of** <br>**Funds ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**International** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $472790021 | $1205084677 | $29893505 | $2933115 | $144213837  |
|  Investments in affiliated securities, at value |  |  |  | 55672643 | —  |
|  Cash - interest bearing deposit account | 21914800 | 23526686 | 182674 | 86322 | 3368624  |
| Receivable for investments sold | 20926482 |  | 9 |  | —  |
| Interest receivable | 2861656 | 36648 | 1355 | 189 | 36222  |
| Security lending income receivable | 5352 | 1209 | 469 | 5174 | 4831  |
| Dividends receivable |  | 1502 | 45015 |  | 331374  |
| Dividend tax reclaims receivable |  |  | 351406 |  | 231950  |
| Foreign currency, at value |  |  | 228 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 518498311 | 1228650722 | 30474661 | 58697443 | 148186838  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | 35508154 |  |  |  | —  |
|  Payable upon return of securities loaned | 11678926 |  |  | 2933115 | —  |
| Payable to adviser | 234886 | 657904 | 16063 | 6754 | 82284  |
|  Payable to custodian foreign currency, at value |  |  |  |  | 356101  |
|  Payable for expense and other liabilities | 57 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 47422023 | 657904 | 16063 | 2939869 | 438385  |
| **NET ASSETS**  | $471076288 | $1227992818 | $30458598 | $55757574 | $147748453  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $482498350 | $1306087685 | $76473182 | $55105216 | $181250702  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (11422062) | (78094867) | (46014584) | 652358 | (33502249)  |
| &nbsp;&nbsp;&nbsp; **Total net assets**  | $471076288 | $1227992818 | $30458598 | $55757574 | $147748453  |
| Net assets | $471076288 | $1227992818 | $30458598 | $55757574 | $147748453 |
| Shares issued and outstanding<sup>(a)</sup> | 10110000 | 18250000 | 1150000 | 1800000 | 5400000  |
| Net asset value per share | $46.60 | $67.29 | $26.49 | $30.98 | $27.36  |
| **Cost:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at cost | $478763191 | $1205124905 | $29439817 | $2933115 | $144204696  |
|  Investments in affiliated securities, at cost | $— | $— | $— | $54150794 | $—  |
| Foreign currency, at cost | $— | $— | $246 | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| Foreign currency proceeds | $— | $— | $— | $— | $355675  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $11384341 | $— | $— | $2865927 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**Trendpilot<sup>®</sup> US** <br>**Bond ETF** | **Pacer** <br>**Trendpilot<sup>®</sup> US** <br>**Large Cap ETF** | **Pacer** <br>**Trendpilot<sup>®</sup> US** <br>**Mid Cap ETF** | **Pacer US** <br>**Cash Cows** <br>**100 ETF** | **Pacer US** <br>**Cash Cows** <br>**Growth ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $159309958 | $3174874897 | $419171094 | $21128480287 | $80248313  |
| Receivable for investments sold | 9353487 |  |  | 61961549 | —  |
| Interest receivable | 2038045 | 141381 | 9849 | 28238 | 181  |
|  Cash - interest bearing deposit account | 655032 | 40084200 | 4262148 | 23838047 | 35899  |
|  Security lending income receivable | 115 | 5427 |  | 22558 | 878  |
| Receivable for fund shares sold |  | 4863603 |  |  | —  |
| Dividends receivable |  | 109417 |  | 26002748 | 26293  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims <br>receivable |  |  |  | 508988 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 171356637 | 3220078925 | 423443091 | 21240842415 | 80311564  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable for investments purchased | 9776599 | 4805995 |  |  | —  |
| Payable to adviser | 78948 | 1585857 | 202525 | 8540944 | 33986  |
|  Payable for capital shares redeemed |  |  |  | 62328240 | —  |
|  Payable upon return of securities loaned |  |  |  | 204294909 | 9133796  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 9855547 | 6391852 | 202525 | 275164093 | 9167782  |
| **NET ASSETS**  | $161501090 | $3213687073 | $423240566 | $20965678322 | $71143782  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $422432847 | $3486786765 | $519155741 | $23835936811 | $79631529  |
| Total accumulated losses  | (260931757) | (273099692) | (95915175) | (2870258489) | (8487747)  |
| &nbsp;&nbsp;&nbsp; **Total net assets**  | $161501090 | $3213687073 | $423240566 | $20965678322 | $71143782  |
| Net assets | $161501090 | $3213687073 | $423240566 | $20965678322 | $71143782  |
| Shares issued and outstanding<sup>(a)</sup> | 8100000 | 66050000 | 12200000 | 403650000 | 1600000  |
| Net asset value per share | $19.94 | $48.66 | $34.69 | $51.94 | $44.46  |
| **Cost:**<br>|  |  |  |  |  |
| Investments, at cost | $158167899 | $3174937244 | $419186951 | $21688180404 | $79316779  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in <br>investments)  | $— | $— | $— | $198417681 | $8996759 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer US** <br>**Export** <br>**Leaders ETF** <br>| **Pacer US** <br>**Large Cap Cash** <br>**Cows Growth** <br>**Leaders ETF** <br>| **Pacer US** <br>**Small Cap Cash** <br>**Cows ETF** <br>| **Pacer US** <br>**Small Cap Cash** <br>**Cows Growth** <br>**Leaders ETF**  | **Pacer** <br>**WealthShield** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $43599374 | $1462763352 | $4572209659 | $20247041 | $25805673  |
|  Cash - interest bearing deposit account | 18935 | 1627625 | 3435441 | 10218 | 255324  |
| Dividends receivable | 3554 | 506214 | 1746425 | 13631 | —  |
| Dividend tax reclaims receivable | 518 |  |  |  | —  |
| Security lending income receivable | 376 | 3916 | 29862 | 225 | —  |
| Interest receivable | 185 | 4164 | 7762 | 31 | 345398  |
| Receivable for investments sold |  |  | 26679736 |  | 25928066  |
| Receivable for fund shares sold |  | 7142580 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets**  | 43622942 | 1472047851 | 4604108885 | 20271146 | 52334461  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 3082328 | 24106274 | 389539639 | 2388627 | —  |
| Payable to adviser | 19943 | 499742 | 2125172 | 8881 | 11625  |
| Payable for investments purchased |  | 7021140 |  |  | 26137431  |
| Payable for capital shares redeemed |  |  | 26774025 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities**  | 3102271 | 31627156 | 418438836 | 2397508 | 26149056  |
| **NET ASSETS**  | $40520671 | $1440420695 | $4185670049 | $17873638 | $26185405  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $44203604 | $1449165389 | $6087659754 | $20339437 | $51153682  |
| Total accumulated losses | (3682933) | (8744694) | (1901989705) | (2465799) | (24968277)  |
| &nbsp;&nbsp;&nbsp; **Total net assets**  | $40520671 | $1440420695 | $4185670049 | $17873638 | $26185405  |
| Net assets | $40520671 | $1440420695 | $4185670049 | $17873638 | $26185405  |
| Shares issued and outstanding<sup>(a)</sup> | 900000 | 45375000 | 117250000 | 775000 | 850000  |
| Net asset value per share | $45.02 | $31.74 | $35.70 | $23.06 | $30.81  |
| **Cost:**<br>|  |  |  |  |  |
| Investments, at cost | $44839609 | $1430137765 | $5027567543 | $20661028 | $25792735  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $3003415 | $23551438 | $375501508 | $2283742 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended April 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Cash** <br>**Cows Fund of** <br>**Funds ETF** | **Pacer CFRA-**<br>**Stovall Equal** <br>**Weight Seasonal** <br>**Rotation ETF** | **Pacer Data &** <br>**Infrastructure** <br>**Real Estate ETF** | **Pacer Data** <br>**and Digital** <br>**Revolution ETF** | **Pacer Developed** <br>**Markets** <br>**International Cash** <br>**Cows 100 ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $— | $586609 | $11715494 | &nbsp;&nbsp; $338365 | &nbsp;&nbsp; $54460850  |
|  Dividend income from affiliated securities | 2184337 |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Less: Dividend withholding taxes |  | (141) | (653481) | &nbsp;&nbsp; (4300) | &nbsp;&nbsp; (5207747)  |
| Less: Issuance fees |  | (26) | (14342) | (48) | &nbsp;&nbsp; (217897)  |
| Interest income | 2330 | 1402 | 22875 | &nbsp;&nbsp; 1703 | &nbsp;&nbsp; 143506  |
| Securities lending income | 30204 | 5873 | 241173 | &nbsp;&nbsp; 2823 | &nbsp;&nbsp; 293523  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2216871 | 593717 | 11311719 | &nbsp;&nbsp; 338543 | &nbsp;&nbsp; 49472235  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 137509 | 197718 | 2616290 | &nbsp;&nbsp; 273845 | &nbsp;&nbsp; 8239472  |
| &nbsp;&nbsp;&nbsp; Total expenses | 137509 | 197718 | 2616290 | &nbsp;&nbsp; 273845 | &nbsp;&nbsp; 8239472  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by <br>Adviser |  |  | (218024) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 137509 | 197718 | 2398266 | &nbsp;&nbsp; 273845 | &nbsp;&nbsp; 8239472  |
| **Net investment income** | 2079362 | 395999 | 8913453 | &nbsp;&nbsp; 64698 | &nbsp;&nbsp; 41232763  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 2 | (1934212) | (24056210) | &nbsp;&nbsp; 1109599 | &nbsp;&nbsp; 23235260  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 4062941 |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | 29004 | &nbsp;&nbsp; (1769) | &nbsp;&nbsp; 161822  |
| Net realized gain (loss) | 4062943 | (1934212) | (24027355) | &nbsp;&nbsp; 1107831 | &nbsp;&nbsp; 23397082  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 4420 | 6247 | 93264616 | &nbsp;&nbsp; 1552714 | &nbsp;&nbsp; (20461460)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | (5807143) |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | (606) | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 463978  |
|  Net change in unrealized appreciation (depreciation) | (5802723) | 6247 | 93264010 | &nbsp;&nbsp; 1553080 | &nbsp;&nbsp; (19997482)  |
|  **Net realized and unrealized gain (loss)** | (1739780) | (1927965) | 69236655 | &nbsp;&nbsp; 2660911 | &nbsp;&nbsp; 3399600  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $339582 | $(1531966) | $78150108 | &nbsp;&nbsp; $2725609 | &nbsp;&nbsp; $44632363 |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Emerging** <br>**Markets Cash** <br>**Cows 100 ETF** | **Pacer Global** <br>**Cash Cows** <br>**Dividend ETF** | **Pacer Industrial** <br>**Real Estate ETF** | **Pacer** <br>**Industrials and** <br>**Logistics ETF** | **Pacer Lunt** <br>**Large Cap** <br>**Alternator ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $5571723 | $108512006 | $6707826 | &nbsp;&nbsp;&nbsp; $28922 | $3968097  |
| Less: Dividend withholding taxes | (588054) | (7930886) | (271034) | &nbsp;&nbsp;&nbsp; (3495) | —  |
| Less: Issuance fees | (31912) | (449683) |  | &nbsp;&nbsp;&nbsp;&nbsp;(24) | —  |
| Interest income | 9631 | 199476 | 11360 | &nbsp;&nbsp;&nbsp; 68 | 7974  |
| Securities lending income | 8585 | 542920 | 11994 | &nbsp;&nbsp;&nbsp; 22 | 11637  |
| Other income |  | 19 |  | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4969973 | 100873852 | 6460146 | &nbsp;&nbsp;&nbsp; 25493 | 3987708  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 689171 | 12058839 | 1094155 | &nbsp;&nbsp;&nbsp; 6483 | 1187662  |
| &nbsp;&nbsp;&nbsp; Total expenses | 689171 | 12058839 | 1094155 | &nbsp;&nbsp;&nbsp; 6483 | 1187662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by <br>Adviser |  |  | (91180) | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 689171 | 12058839 | 1002975 | &nbsp;&nbsp;&nbsp; 6483 | 1187662  |
| **Net investment income** | 4280802 | 88815013 | 5457171 | &nbsp;&nbsp;&nbsp; 19010 | 2800046  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 6465629 | 55246088 | (286254) | &nbsp;&nbsp;&nbsp; 10890 | 14483981  |
| &nbsp;&nbsp;&nbsp; Distributions received from other investment companies |  |  | 3673 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 10592 | (243552) | 11886 | &nbsp;&nbsp;&nbsp; (410) | —  |
| Net realized gain (loss) | 6476221 | 55002536 | (270695) | &nbsp;&nbsp;&nbsp; 10480 | 14483981  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (4418716) | 80336009 | 6556442 | &nbsp;&nbsp;&nbsp; (35390) | (4389021)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 4164 | 469953 | 30363 | &nbsp;&nbsp;&nbsp; 225 | —  |
|  Net change in unrealized appreciation (depreciation) | (4414552) | 80805962 | 6586805 | &nbsp;&nbsp;&nbsp; (35165) | (4389021)  |
|  **Net realized and unrealized gain (loss)** | 2061669 | 135808498 | 6316110 | &nbsp;&nbsp;&nbsp; (24685) | 10094960  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6342471 | $224623511 | $11773281 | &nbsp;&nbsp;&nbsp; $(5675) | $12895006 |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF OPERATIONS** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended April 30, 2025**  | **For the Year Ended April 30, 2025**  | **For the Period Ended April 30, 2025**  | **For the Period Ended April 30, 2025**  | **For the Period Ended April 30, 2025**  |
|  | **Pacer Lunt** <br>**Large Cap** <br>**Multi-Factor** <br>**Alternator ETF** | **Pacer Lunt** <br>**MidCap** <br>**Multi-Factor** <br>**Alternator ETF** | **Pacer MSCI** <br>**World Industry** <br>**Advantage ETF<sup>(a)</sup>** | **Pacer Nasdaq** <br>**100 Top 50 Cash** <br>**Cows Growth** <br>**Leaders ETF<sup>(b)</sup>** | **Pacer Nasdaq** <br>**International** <br>**Patent Leaders** <br>**ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $5405967 | $1169795 | &nbsp;&nbsp;&nbsp;&nbsp; $6428 | &nbsp;&nbsp;&nbsp; $9795 | &nbsp;&nbsp; $29892  |
| Less: Dividend withholding taxes |  | (668) | &nbsp;&nbsp;&nbsp;&nbsp;(355) | &nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp; (4459)  |
| Less: Issuance fees |  | (10) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Interest income | 13676 | 2780 | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp; 421  |
| Securities lending income | 14741 | 14260 | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp; 1  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5434384 | 1186157 | &nbsp;&nbsp;&nbsp;&nbsp; 6118 | &nbsp;&nbsp;&nbsp; 9957 | &nbsp;&nbsp; 25855  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2041870 | 391050 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 | &nbsp;&nbsp;&nbsp; 7373 | &nbsp;&nbsp; 6507  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2041870 | 391050 | &nbsp;&nbsp;&nbsp;&nbsp; 3374 | &nbsp;&nbsp;&nbsp; 7373 | &nbsp;&nbsp; 6507  |
| &nbsp;&nbsp;&nbsp; **Net investment income** | 3392514 | 795107 | &nbsp;&nbsp;&nbsp;&nbsp; 2744 | &nbsp;&nbsp;&nbsp; 2584 | &nbsp;&nbsp; 19348  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 38204437 | 688794 | &nbsp;&nbsp;&nbsp;&nbsp; 55898 | &nbsp;&nbsp;&nbsp; (16259) | &nbsp;&nbsp; (225)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (133) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3208)  |
| Net realized gain (loss) | 38204437 | 688794 | &nbsp;&nbsp;&nbsp;&nbsp; 55765 | &nbsp;&nbsp;&nbsp; (16259) | &nbsp;&nbsp; (2983)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (23082113) | (6259429) | &nbsp;&nbsp;&nbsp;&nbsp; (47838) | &nbsp;&nbsp;&nbsp; (11512) | &nbsp;&nbsp; 409442  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 77  |
|  Net change in unrealized appreciation (depreciation) | (23082113) | (6259429) | &nbsp;&nbsp;&nbsp;&nbsp; (47819) | &nbsp;&nbsp;&nbsp; (11512) | &nbsp;&nbsp; 409519  |
|  **Net realized and unrealized gain (loss)** | 15122324 | (5570635) | &nbsp;&nbsp;&nbsp;&nbsp; 7946 | &nbsp;&nbsp;&nbsp; (27771) | &nbsp;&nbsp; 406536  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18514838 | $(4775528) | &nbsp;&nbsp;&nbsp;&nbsp; $10690 | &nbsp;&nbsp;&nbsp; $(25187) | &nbsp;&nbsp; $425884 |

---

<sup>(a)</sup> Inception date of Fund was September 16, 2024.

<sup>(b)</sup> Inception date of Fund was August 19, 2024.

The accompanying notes are an integral part of these financial statements.

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Pacific** <br>**Asset Floating** <br>**Rate High** <br>**Income ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**100 ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**European** <br>**Index ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**Fund of** <br>**Funds ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**International** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $122438 | $5745898 | $1035177 | $— | $4026015  |
|  Dividend income from affiliated securities |  |  |  | 1259586 | —  |
| Less: Dividend withholding taxes |  | (10818) | (105335) |  | (354146)  |
| Less: Issuance fees |  | (1624) | (9502) |  | (39675)  |
| Interest income | 32937322 | 29360418 | 62957 | 1916 | 330222  |
| Securities lending income | 10255 | 94388 | 33930 | 15534 | 137152  |
| Other income | 625 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 33070640 | 35188262 | 1017227 | 1277036 | 4099568  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2402137 | 8453696 | 205776 | 79452 | 960254  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2402137 | 8453696 | 205776 | 79452 | 960254  |
| **Net investment income** | 30668503 | 26734566 | 811451 | 1197584 | 3139314  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (3000384) | 136154749 | (3651150) | 3 | 15174908  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  |  | 656338 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | (131039) |  | (319053)  |
| Net realized gain (loss) | (3000384) | 136154749 | 3520111 | 656341 | 14855855  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (8678270) | (149512111) | (2499177) |  | (18273951)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  |  | (248009) | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | 13715 |  | 31193  |
|  Net change in unrealized appreciation (depreciation) | (8678270) | (149512111) | (2485462) | (248009) | (18242758)  |
|  **Net realized and unrealized gain (loss)** | (11678654) | (13357362) | 1034649 | 408332 | (3386903)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18989849 | $13377204 | $1846100 | $1605916 | $(247589) |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**Trendpilot<sup>®</sup> US** <br>**Bond ETF** | **Pacer** <br>**Trendpilot<sup>®</sup> US** <br>**Large Cap ETF** | **Pacer** <br>**Trendpilot<sup>®</sup> US** <br>**Mid Cap ETF** | **Pacer US** <br>**Cash Cows** <br>**100 ETF** | **Pacer US** <br>**Cash Cows**<br>**Growth ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $— | $39194724 | $5315867 | $601921010 | $693976  |
| Less: Dividend withholding taxes |  | (8921) | (3586) |  | —  |
| Less: Issuance fees |  | (332) | (73) | (7614) | (26)  |
| Interest income | 10680091 | 12551917 | 2431331 | 1161875 | 2357  |
| Securities lending income | 68225 | 68770 | 71860 | 749256 | 8323  |
| Other income | 135 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 10748451 | 51806158 | 7815399 | 603824527 | 704630  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1007690 | 18954179 | 2530329 | 119347209 | 395929  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1007690 | 18954179 | 2530329 | 119347209 | 395929  |
| **Net investment income** | 9740761 | 32851979 | 5285070 | 484477318 | 308701  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (675094) | 525578640 | 37488719 | 1067700982 | 7612281  |
| Net realized gain (loss) | (675094) | 525578640 | 37488719 | 1067700982 | 7612281  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 220612 | (410553943) | (31960626) | (2471540844) | (3658084)  |
|  Net change in unrealized appreciation (depreciation) | 220612 | (410553943) | (31960626) | (2471540844) | (3658084)  |
|  **Net realized and unrealized gain (loss)** | (454482) | 115024697 | 5528093 | (1403839862) | 3954197  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $9286279 | $147876676 | $10813163 | $(919362544) | $4262898 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer US** <br>**Export** <br>**Leaders ETF** | **Pacer US** <br>**Large Cap Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer US** <br>**Small Cap Cash** <br>**Cows ETF** | **Pacer US** <br>**Small Cap Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer** <br>**WealthShield** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $638430 | $4371432 | $141670135 | &nbsp;&nbsp; $161255 | $216800  |
| Less: Dividend withholding taxes | (352) |  |  | &nbsp;&nbsp; — | (22)  |
| Less: Issuance fees | (69) |  |  | &nbsp;&nbsp; — | —  |
| Interest income | 1982 | 27726 | 381449 | &nbsp;&nbsp; 741 | 313248  |
| Securities lending income | 8433 | 10148 | 828403 | &nbsp;&nbsp; 878 | 2633  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 648424 | 4409306 | 142879987 | &nbsp;&nbsp; 162874 | 532659  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 358954 | 2377762 | 48256741 | &nbsp;&nbsp; 98050 | 122520  |
| &nbsp;&nbsp;&nbsp; Total expenses | 358954 | 2377762 | 48256741 | &nbsp;&nbsp; 98050 | 122520  |
| **Net investment income** | 289470 | 2031544 | 94623246 | &nbsp;&nbsp; 64824 | 410139  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 5109168 | (13965841) | (951870472) | &nbsp;&nbsp; (195515) | 3033255  |
| Net realized gain (loss) | 5109168 | (13965841) | (951870472) | &nbsp;&nbsp; (195515) | 3033255  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (6359555) | 29885244 | (741547757) | &nbsp;&nbsp; (445993) | (1038458)  |
|  Net change in unrealized appreciation (depreciation) | (6359555) | 29885244 | (741547757) | &nbsp;&nbsp; (445993) | (1038458)  |
|  **Net realized and unrealized gain (loss)** | (1250387) | 15919403 | (1693418229) | &nbsp;&nbsp; (641508) | 1994797  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(960917) | $17950947 | $(1598794983) | &nbsp;&nbsp; $(576684) | $2404936 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Cash Cows** <br>**Fund of Funds ETF** | **Pacer Cash Cows** <br>**Fund of Funds ETF** | **Pacer CFRA-Stovall Equal** <br>**Weight Seasonal Rotation ETF**  | **Pacer CFRA-Stovall Equal** <br>**Weight Seasonal Rotation ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2079362 | $1922799 | $395999 | $599921  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4062943 | 2476494 | (1934212) | (1278799)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5802723) | 6775878 | 6247 | (1964)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 339582 | 11175171 | (1531966) | (680842)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (2079362) | (1930615) | (381571) | (614377)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (11498) | (3388) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2090860) | (1934003) | (381571) | (614377)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 21048080 | 55741170 |  | 28483050  |
| &nbsp;&nbsp;&nbsp; Redemptions | (30416545) | (19563140) | (16611710) | (66727240)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (9368465) | 36178030 | (16611710) | (38244190)  |
| **Net increase (decrease) in net assets** | (11119743) | 45419198 | (18525247) | (39539409)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 94037422 | 48618224 | 39140325 | 78679734  |
| &nbsp;&nbsp;&nbsp; End of the year | $82917679 | $94037422 | $20615078 | $39140325  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 550000 | 1600000 |  | 750000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (800000) | (550000) | (450000) | (1850000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (250000) | 1050000 | (450000) | (1100000) |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Data & Infrastructure Real** <br>**Estate ETF** | **Pacer Data & Infrastructure Real** <br>**Estate ETF** | **Pacer Data and Digital** <br>**Revolution ETF**  | **Pacer Data and Digital** <br>**Revolution ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $8913453 | $13526287 | $64698 | $27498  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (24027355) | (82217997) | 1107831 | 151201  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 93264010 | 19541964 | 1553080 | 1590677  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 78150108 | (49149746) | 2725609 | 1769376  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (7675002) | (21236193) | (154338) | (8801)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7675002) | (21236193) | (154338) | (8801)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 42453770 | 27266075 | 28678978 | 26583430  |
| &nbsp;&nbsp;&nbsp; Redemptions | (101559955) | (236283570) | (5574412) | (546454)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 52704 | 17332 |  | 19  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (59053481) | (209000163) | 23104566 | 26036995  |
| **Net increase (decrease) in net assets**  | 11421625 | (279386102) | 25675837 | 27797570  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 421161508 | 700547610 | 28812037 | 1014467  |
| &nbsp;&nbsp;&nbsp; End of the year | $432583133 | $421161508 | $54487874 | $28812037  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1400000 | 950000 | 580000 | 700000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3350000) | (8550000) | (120000) | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1950000) | (7600000) | 460000 | 680000 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Developed Markets** <br>**International Cash Cows 100 ETF** | **Pacer Developed Markets** <br>**International Cash Cows 100 ETF** | **Pacer Emerging Markets** <br>**Cash Cows 100 ETF**  | **Pacer Emerging Markets** <br>**Cash Cows 100 ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $41232763 | $36573827 | $4280802 | $3745856  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23397082 | 28570305 | 6476221 | (1465546)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (19997482) | 33563243 | (4414552) | 5990455  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 44632363 | 98707375 | 6342471 | 8270765  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (63128996) | (31659355) | (6888072) | (3557922)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (63128996) | (31659355) | (6888072) | (3557922)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 221721448 | 847601895 | 36547535 | 37279240  |
| &nbsp;&nbsp;&nbsp; Redemptions | (558583800) | (64189830) | (52366335) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 193091 | 154544 | 27029 | 43514  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (336669261) | 783566609 | (15791771) | 37322754  |
| **Net increase (decrease) in net assets**  | (355165894) | 850614629 | (16337372) | 42035597  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1405198439 | 554583810 | 97086380 | 55050783  |
| &nbsp;&nbsp;&nbsp; End of the year | $1050032545 | $1405198439 | $80749008 | $97086380  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 7200000 | 28000000 | 1750000 | 1900000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (18650000) | (2100000) | (2550000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (11450000) | 25900000 | (800000) | 1900000 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Global Cash Cows** <br>**Dividend ETF**  | **Pacer Global Cash Cows** <br>**Dividend ETF**  | **Pacer Industrial Real** <br>**Estate ETF**  | **Pacer Industrial Real** <br>**Estate ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $88815013 | $91328959 | $5457171 | $6379580  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 55002536 | 16286802 | (270695) | (4854975)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 80805962 | 2715361 | 6586805 | (22877142)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 224623511 | 110331122 | 11773281 | (21352537)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (82367486) | (103433974) | (4737411) | (8470476)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (82367486) | (103433974) | (4737411) | (8470476)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 580566230 | 372460780 |  | 19804965  |
| &nbsp;&nbsp;&nbsp; Redemptions | (450027535) | (42288465) | (63521880) | (15145245)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 37927 | 53609 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 130576622 | 330225924 | (63521880) | 4659720  |
| **Net increase (decrease) in net assets**  | 272832647 | 337123072 | (56486010) | (25163293)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1916683477 | 1579560405 | 194768617 | 219931910  |
| &nbsp;&nbsp;&nbsp; End of the year | $2189516124 | $1916683477 | $138282607 | $194768617  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 16650000 | 11100000 |  | 500000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13150000) | (1250000) | (1650000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3500000 | 9850000 | (1650000) | 100000 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Industrials and** <br>**Logistics ETF** | **Pacer Industrials and** <br>**Logistics ETF** | **Pacer Lunt Large Cap** <br>**Alternator ETF**  | **Pacer Lunt Large Cap** <br>**Alternator ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $19010 | $23587 | $2800046 | $5953329  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10480 | (1853) | 14483981 | (112545215)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (35165) | 53457 | (4389021) | 67003760  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (5675) | 75191 | 12895006 | (39588126)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (28143) | (29550) | (2916487) | (5527814)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (28143) | (29550) | (2916487) | (5527814)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  |  |  | 10274100  |
| &nbsp;&nbsp;&nbsp; Redemptions |  |  | (137440600) | (485208345)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** |  |  | (137440600) | (474934245)  |
| **Net increase (decrease) in net assets**  | (33818) | 45641 | (127462081) | (520050185)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1055364 | 1009723 | 256629631 | 776679816  |
| &nbsp;&nbsp;&nbsp; End of the year | $1021546 | $1055364 | $129167550 | $256629631  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  |  |  | 300000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  |  | (3750000) | (14050000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  |  | (3750000) | (13750000) |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Lunt Large Cap Multi-Factor**<br>**Alternator ETF** | **Pacer Lunt Large Cap Multi-Factor**<br>**Alternator ETF** | **Pacer Lunt MidCap Multi-**<br>**Factor Alternator ETF**  | **Pacer Lunt MidCap Multi-**<br>**Factor Alternator ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3392514 | $2175731 | $795107 | $269461  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 38204437 | 53606610 | 688794 | 7587572  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (23082113) | 5460211 | (6259429) | 2268321  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 18514838 | 61242552 | (4775528) | 10125354  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (3109855) | (2027944) | (583598) | (258009)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3109855) | (2027944) | (583598) | (258009)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 309970905 | 224182620 | 65046150 | 29383790  |
| &nbsp;&nbsp;&nbsp; Redemptions | (332341605) | (192509665) | (52038800) | (18294535)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (22370700) | 31672955 | 13007350 | 11089255  |
| **Net increase (decrease) in net assets**  | (6965717) | 90887563 | 7648224 | 20956600  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 297078414 | 206190851 | 55808639 | 34852039  |
| &nbsp;&nbsp;&nbsp; End of the year | $290112697 | $297078414 | $63456863 | $55808639  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6250000 | 5350000 | 1400000 | 700000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6750000) | (4550000) | (1150000) | (450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (500000) | 800000 | 250000 | 250000 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Pacer MSCI**<br>**World Industry** <br>**Advantage ETF** | **Pacer Nasdaq 100** <br>**Top 50 Cash** <br>**Cows Growth** <br>**LeadersETF** | **Pacer Nasdaq** <br>**International** <br>**Patent Leaders**<br>**ETF**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $2744 | &nbsp;&nbsp;&nbsp; $2584 | &nbsp;&nbsp; $19348  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 55765 | &nbsp;&nbsp;&nbsp; (16259) | &nbsp;&nbsp; (2983)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (47819) | &nbsp;&nbsp;&nbsp; (11512) | &nbsp;&nbsp; 409519  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 10690 | &nbsp;&nbsp;&nbsp; (25187) | &nbsp;&nbsp; 425884  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp; (1271) | &nbsp;&nbsp;&nbsp; (2004) | &nbsp;&nbsp; (2334)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (1271) | &nbsp;&nbsp;&nbsp; (2004) | &nbsp;&nbsp; (2334)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 1225746 | &nbsp;&nbsp;&nbsp; 4121698 | &nbsp;&nbsp; 9292858  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (427030) | &nbsp;&nbsp;&nbsp; (438942) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5230  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 798822 | &nbsp;&nbsp;&nbsp; 3682756 | &nbsp;&nbsp; 9298088  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 808241 | &nbsp;&nbsp;&nbsp; 3655565 | &nbsp;&nbsp; 9721638  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $808241 | &nbsp;&nbsp;&nbsp; $3655565 | &nbsp;&nbsp; $9721638  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp; 460000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (20000) | &nbsp;&nbsp;&nbsp; (20000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp; 460000 |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

<sup>(b)</sup> Inception date of the Fund was August 19, 2024.

The accompanying notes are an integral part of these financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Pacific Asset Floating** <br>**Rate HighIncome ETF** | **Pacer Pacific Asset Floating** <br>**Rate HighIncome ETF** | **Pacer Trendpilot<sup>®</sup> 100 ETF**  | **Pacer Trendpilot<sup>®</sup> 100 ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $30668503 | $13968467 | $26734566 | $22739555  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3000384) | 608118 | 136154749 | 60924103  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (8678270) | 4276383 | (149512111) | 110295271  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 18989849 | 18852968 | 13377204 | 193958929  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (30026014) | (13662425) | (26511031) | (15996062)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (30026014) | (13662425) | (26511031) | (15996062)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 325508316 | 189807930 | 585578760 | 409358020  |
| &nbsp;&nbsp;&nbsp; Redemptions | (91817470) | (46671646) | (525921580) | (156776250)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 233690846 | 143136284 | 59657180 | 252581770  |
| **Net increase (decrease) in net assets** | 222654681 | 148326827 | 46523353 | 430544637  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 248421607 | 100094780 | 1181469465 | 75924828  |
| &nbsp;&nbsp;&nbsp; End of the year | $471076288 | $248421607 | $1227992818 | $1181469465  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6840000 | 4040000 | 8350000 | 6550000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1960000) | (1000000) | (7700000) | (2550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 4880000 | 3040000 | 650000 | 4000000 |

---

The accompanying notes are an integral part of these financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> European** <br>**Index ETF** | **Pacer Trendpilot<sup>®</sup> European** <br>**Index ETF** | **Pacer Trendpilot<sup>®</sup> Fund of** <br>**Funds ETF**  | **Pacer Trendpilot<sup>®</sup> Fund of** <br>**Funds ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $811451 | $1112824 | $1197584 | $1338437  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3520111 | 2112867 | 656341 | 1488529  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2485462) | (3357982) | (248009) | 3174313  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1846100 | (132291) | 1605916 | 6001279  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (918289) | (1192866) | (1236269) | (1304500)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (918289) | (1192866) | (1236269) | (1304500)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1379650 | 7865625 | 8248890 | 1458985  |
| &nbsp;&nbsp;&nbsp; Redemptions | (11939435) | (10293245) | (3154950) | (8680450)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (10559785) | (2427620) | 5093940 | (7221465)  |
| **Net increase (decrease) in net assets**  | (9631974) | (3752777) | 5463587 | (2524686)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 40090572 | 43843349 | 50293987 | 52818673  |
| &nbsp;&nbsp;&nbsp; End of the year | $30458598 | $40090572 | $55757574 | $50293987  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 50000 | 300000 | 250000 | 50000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (450000) | (400000) | (100000) | (300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (400000) | (100000) | 150000 | (250000) |

---

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> International** <br>**ETF** | **Pacer Trendpilot<sup>®</sup> International** <br>**ETF** | **Pacer Trendpilot<sup>®</sup> US Bond** <br>**ETF**  | **Pacer Trendpilot<sup>®</sup> US Bond** <br>**ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3139314 | $3338115 | $9740761 | $13488556  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14855855 | (2040095) | (675094) | (2924156)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (18242758) | 8677036 | 220612 | 53799  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (247589) | 9975056 | 9286279 | 10618199  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (3741817) | (3142461) | (9614449) | (13319148)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3741817) | (3142461) | (9614449) | (1319148)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 98887365 | 24192740 | 26277780 | 6142640  |
| &nbsp;&nbsp;&nbsp; Redemptions | (97821615) | (5496020) | (42467240) | (57768460)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 522 | 1061 | (2250) | 7524  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1066272 | 18697781 | (16191710) | (51618296)  |
| **Net increase (decrease) in net assets**  | (2923134) | 25530376 | (16519880) | (54319245)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 150671587 | 125141211 | 178020970 | 232340215  |
| &nbsp;&nbsp;&nbsp; End of the year | $147748453 | $150671587 | $161501090 | $178020970  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3600000 | 900000 | 1300000 | 300000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3550000) | (200000) | (2100000) | (2900000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 50000 | 700000 | (800000) | (2600000) |

---

The accompanying notes are an integral part of these financial statements.

83<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> US Large** <br>**Cap ETF** | **Pacer Trendpilot<sup>®</sup> US Large** <br>**Cap ETF** | **Pacer Trendpilot<sup>®</sup> US Mid** <br>**Cap ETF**  | **Pacer Trendpilot<sup>®</sup> US Mid** <br>**Cap ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $32851979 | $22934469 | $5285070 | $6636027  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 525578640 | 40175324 | 37488719 | (7550405)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (410553943) | 361242587 | (31960626) | 25933702  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 147876676 | 424352380 | 10813163 | 25019324  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (22354127) | (28840382) | (3747410) | (7000000)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (22354127) | (28840382) | (3747410) | (7000000)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1881251920 | 269651410 | 72696705 | 31186025  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1412869140) | (84990400) | (40990795) | (54988860)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 468382780 | 184661010 | 31705910 | (23802835)  |
| **Net increase (decrease) in net assets**  | 593905329 | 580173008 | 38771663 | (5783511)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 2619781744 | 2039608736 | 384468903 | 390252414  |
| &nbsp;&nbsp;&nbsp; End of the year | $3213687073 | $2619781744 | $423240566 | $384468903  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 37300000 | 6400000 | 2000000 | 950000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (28450000) | (2000000) | (1150000) | (1700000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 8850000 | 4400000 | 850000 | (750000) |

---

The accompanying notes are an integral part of these financial statements.

84<br>

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Cash Cows 100** <br>**ETF** | **Pacer US Cash Cows 100** <br>**ETF** | **Pacer US Cash Cows Growth** <br>**ETF**  | **Pacer US Cash Cows Growth** <br>**ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $484477318 | $359861237 | $308701 | $610121  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1067700982 | 1008210095 | 7612281 | 673502  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2471540844) | 1597970731 | (3658084) | 5645580  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (919362544) | 2966042063 | 4262898 | 6929203  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (441193276) | (341685265) | (138341) | (657918)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | (16317)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (441193276) | (341685265) | (138341) | (674235)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 12304155970 | 11017493590 | 88382680 | 19194280  |
| &nbsp;&nbsp;&nbsp; Redemptions | (12619807555) | (4219840280) | (67775085) | (17537245)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (315651585) | 6797653310 | 20607595 | 1657035  |
| **Net increase (decrease) in net assets**  | (1676207405) | 9422010108 | 24732152 | 7912003  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 22641885727 | 13219875619 | 46411630 | 38499627  |
| &nbsp;&nbsp;&nbsp; End of the year | $20965678322 | $22641885727 | $71143782 | $46411630  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 217750000 | 207250000 | 1950000 | 500000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (227100000) | (77150000) | (1500000) | (450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (9350000) | 130100000 | 450000 | 50000 |

---

The accompanying notes are an integral part of these financial statements.

85<br>

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Export Leaders ETF** | **Pacer US Export Leaders ETF** | **Pacer US Large Cap Cash Cows**<br>**Growth Leaders ETF**  | **Pacer US Large Cap Cash Cows**<br>**Growth Leaders ETF**  |
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $289470 | $199469 | $2031544 | $271997  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5109168 | 2245186 | (13965841) | 2376459  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6359555) | 4469723 | 29885244 | 2806401  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (960917) | 6914378 | 17950947 | 5454857  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (260011) | (199688) | (1361850) | (265559)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (7444) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (260011) | (207132) | (1361850) | (265559)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 17312920 | 48424215 | 1379070988 | 119220635  |
| &nbsp;&nbsp;&nbsp; Redemptions | (36765530) | (13912915) | (75581485) | (23638568)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (19452610) | 34511300 | 1303489503 | 95582067  |
| **Net increase (decrease) in net assets**  | (20673538) | 41218546 | 1320078600 | 100771365  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 61194209 | 19975663 | 120342095 | 19570730  |
| &nbsp;&nbsp;&nbsp; End of the year | $40520671 | $61194209 | $1440420695 | $120342095  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 350000 | 1100000 | 42950000 | 4950000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (750000) | (300000) | (2475000) | (1025000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (400000) | 800000 | 40475000 | 3925000 |

---

The accompanying notes are an integral part of these financial statements.

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Small Cap** <br>**Cash Cows ETF** | **Pacer US Small Cap** <br>**Cash Cows ETF** | **Pacer US Small Cap Cash** <br>**Cows Growth Leaders ETF**  | **Pacer US Small Cap Cash** <br>**Cows Growth Leaders ETF**  |
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**April 30, 2024<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**April 30, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $94623246 | $61630283 | $64824 | $23563  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (951870472) | 364454879 | (195515) | 323418  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (741547757) | 263449038 | (445993) | 32006  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1598794983) | 689534200 | (576684) | 378987  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (86496425) | (58323606) | (54584) | (23563)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | (93)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (86496425) | (58323606) | (54584) | (23656)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2290326815 | 7367718520 | 18663390 | 12786183  |
| &nbsp;&nbsp;&nbsp; Redemptions | (5819056550) | (635002345) | (9328743) | (3971255)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (3528729735) | 6732716175 | 9334647 | 8814928  |
| **Net increase (decrease) in net assets**  | (5214021143) | 7363926769 | 8703379 | 9170259  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 9399691192 | 2035764423 | 9170259 | —  |
| &nbsp;&nbsp;&nbsp; End of the year | $4185670049 | $9399691192 | $17873638 | $9170259  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 51100000 | 163750000 | 750000 | 575000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (138950000) | (13600000) | (375000) | (175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (87850000) | 150150000 | 375000 | 400000 |

---

<sup>(a)</sup> Inception date of the Fund was May 1, 2023.

The accompanying notes are an integral part of these financial statements.

87<br>

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Pacer WealthShield ETF**  | **Pacer WealthShield ETF**  |
|  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $410139 | $354480  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3033255 | (483947)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1038458) | 1055852  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2404936 | 926385  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (281926) | (453354)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (281926) | (453354)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 7672770 | 6713655  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3057930) | (12186680)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1059 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4615899 | (5473025)  |
| **Net increase (decrease) in net assets** | 6738909 | (4999994)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 19446496 | 24446490  |
| &nbsp;&nbsp;&nbsp; End of the year | $26185405 | $19446496  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 250000 | 250000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (100000) | (450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | (200000) |

---

The accompanying notes are an integral part of these financial statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Cash Cows Fund of Funds ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $37.61 | $33.53 | $33.44 | $33.44 | $20.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)(e)</sup> | 0.87 | 0.94 | 0.76 | 0.79 | 0.55  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.74) | 4.13 | 0.11 |  | 12.56  |
| **Total from investment operations** | 0.13 | 5.07 | 0.87 | 0.79 | 13.11  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.89) | (0.99) | (0.78) | (0.79) | (0.50)  |
| Net realized gains |  | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  | —  |
| Return of capital | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  | —  |
| **Total distributions** | (0.89) | (0.99) | (0.78) | (0.79) | (0.50)  |
| **Net asset value, end of year** | $36.85 | $37.61 | $33.53 | $33.44 | $33.44  |
| TOTAL RETURN | 0.29% | 15.38% | 2.81% | 2.29% | 63.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $82918 | $94037 | $48618 | $8361 | $1672  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.15% | 0.15% | 0.15% | 0.16% | 0.15%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 2.27% | 2.64% | 2.33% | 2.27% | 2.09%  |
| Portfolio turnover rate<sup>(d)</sup> | 6% | 4% | 8% | 26% | 9% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(e)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. 

<sup>(f)</sup> Does not include expenses of the investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

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**Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $37.28 | $36.60 | $34.95 | $37.16 | $25.23  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.45 | 0.41 | 0.40 | 0.34 | 0.26  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (2.94) | 0.70 | 1.65 | (2.21) | 11.95  |
| **Total from investment operations** | (2.49) | 1.11 | 2.05 | (1.87) | 12.21  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.43) | (0.40) | (0.34) | (0.28)  |
| **Total distributions** | (0.43) | (0.43) | (0.40) | (0.34) | (0.28)  |
| **Net asset value, end of year** | $34.36 | $37.28 | $36.60 | $34.95 | $37.16  |
| TOTAL RETURN<sup>(d)</sup> | -6.81% | 3.13% | 5.95% | -5.11% | 48.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $20615 | $39140 | $78680 | $80388 | $66883  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 1.20% | 1.16% | 1.16% | 0.89% | 0.89%  |
| Portfolio turnover rate<sup>(c)</sup> | 190% | 185% | 227% | 225% | 217% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(d)</sup> Total return was calculated using the traded NAV due to the re-balancing of the portfolio at April 30, 2022.

The accompanying notes are an integral part of these financial statements.

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**Pacer Data & Infrastructure Real Estate ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $26.32 | $29.68 | $37.50 | $38.48 | $33.27  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.61 | 0.71 | 0.77 | 0.32 | 0.36  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 4.37 | (2.98) | (7.92) | (0.91) | 5.39  |
| **Total from investment operations** | 4.98 | (2.27) | (7.15) | (0.59) | 5.75  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.51) | (1.09) | (0.61) | (0.33) | (0.37)  |
| Net realized gains |  |  | (0.06) | (0.06) | —  |
| Return of capital |  |  |  |  | (0.17)  |
| **Total distributions** | (0.51) | (1.09) | (0.67) | (0.39) | (0.54)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of year** | $30.79 | $26.32 | $29.68 | $37.50 | $38.48  |
| TOTAL RETURN | 19.05% | -7.74% | -19.11% | -1.63% | 17.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $432583 | $421162 | $700548 | $1299321 | $1119810  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.60% | 0.60% | 0.60% | 0.62% | 0.60%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment <br>(See Note 3) | 0.55% | 0.55% | 0.58% | N/A | N/A  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before reimbursement/recoupment  | 2.04% | 2.52% | 2.43% | 0.81% | 1.02%  |
| &nbsp;&nbsp;&nbsp; After reimbursement/recoupment (See Note 3) | 1.99% | 2.57% | 2.41% | N/A | N/A |
| Portfolio turnover rate<sup>(d)</sup> | 40% | 68% | 51% | 23% | 30% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Data and Digital Revolution ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $40.02 | $25.36 | &nbsp;&nbsp;&nbsp;&nbsp; $25.31  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.07 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.29 | 14.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Total from investment operations** | 6.36 | 14.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.05) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) |
| Net realized gains | (0.15) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.20) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)  |
| ETF transaction fees per share (See Note 1) |  | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $46.18 | $40.02 | &nbsp;&nbsp;&nbsp;&nbsp; $25.36  |
| TOTAL RETURN<sup>(e)</sup> | 15.90% | 58.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $54488 | $28812 | &nbsp;&nbsp;&nbsp;&nbsp; $1014  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.14% | 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 36% | 27% | &nbsp;&nbsp;&nbsp;&nbsp; 9% |

---

<sup>(a)</sup> Inception date of the Fund was June 8, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Developed Markets International Cash Cows 100 ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $31.58 | $29.82 | $29.69 | $31.95 | $20.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.00 | 1.19 | 1.52 | 1.03 | 0.66  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.66 | 1.72 | (0.18) | (2.43) | 10.98  |
| **Total from investment operations** | 1.66 | 2.91 | 1.34 | (1.40) | 11.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.47) | (1.16) | (1.23) | (0.87) | (0.68)  |
| **Total distributions** | (1.47) | (1.16) | (1.23) | (0.87) | (0.68)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> | 0.01 | 0.02 | 0.01 | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $31.77 | $31.58 | $29.82 | $29.69 | $31.95  |
| TOTAL RETURN | 5.53% | 10.00% | 5.26% | -4.48% | 56.41%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1050033 | $1405198 | $554584 | $111346 | $20769  |
| Ratio of expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets | 3.25% | 3.89% | 5.43% | 3.28% | 2.52%  |
| Portfolio turnover rate<sup>(d)</sup> | 79% | 67% | 59% | 71% | 83% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Emerging Markets Cash Cows 100 ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $20.44 | $19.32 | $22.14 | $25.94 | $19.11  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.90 | 1.03 | 1.12 | 1.36 | 0.72  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.49 | 1.15 | (2.70) | (4.03) | 6.91  |
| **Total from investment operations** | 1.39 | 2.18 | (1.58) | (2.67) | 7.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.40) | (1.07) | (1.30) | (1.14) | (0.85)  |
| **Total distributions** | (1.40) | (1.07) | (1.30) | (1.14) | (0.85)  |
| ETF transaction fees per share (See Note 1) | 0.01 | 0.01 | 0.06 | 0.01 | 0.05  |
| **Net asset value, end of year** | $20.44 | $20.44 | $19.32 | $22.14 | $25.94  |
| TOTAL RETURN | 7.07% | 11.79% | -6.43% | -10.67% | 41.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $80749 | $97086 | $55051 | $11070 | $3891  |
| Ratio of expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.71% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets | 4.35% | 5.28% | 5.93% | 5.50% | 3.12%  |
| Portfolio turnover rate<sup>(c)</sup> | 94% | 73% | 66% | 97% | 109% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Global Cash Cows Dividend ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $34.17 | $34.15 | $32.83 | $31.10 | $24.63  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.56 | 1.75 | 1.94 | 1.39 | 1.17  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.46 | 0.27 | 0.65 | 1.69 | 6.51  |
| **Total from investment operations** | 4.02 | 2.02 | 2.59 | 3.08 | 7.68  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.45) | (2.00) | (1.28) | (1.35) | (1.21)  |
| **Total distributions** | (1.45) | (2.00) | (1.28) | (1.35) | (1.21)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.01 | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $36.74 | $34.17 | $34.15 | $32.83 | $31.10  |
| TOTAL RETURN | 12.14% | 6.17% | 8.50% | 10.22% | 32.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $2189516 | $1916683 | $1579560 | $351302 | $135269  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 4.42% | 5.21% | 6.07% | 4.32% | 4.32%  |
| Portfolio turnover rate<sup>(d)</sup> | 49% | 65% | 47% | 39% | 76% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Industrial Real Estate ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $35.41 | $40.73 | $47.82 | $42.12 | $30.09  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.15 | 1.18 | 0.90 | 0.78 | 0.63  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.34 | (4.94) | (6.99) | 5.48 | 12.08  |
| **Total from investment operations** | 1.49 | (3.76) | (6.09) | 6.26 | 12.71  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.98) | (1.56) | (1.00) | (0.57) | (0.58)  |
| Return of capital |  |  |  |  | (0.10)  |
| **Total distributions** | (0.98) | (1.56) | (1.00) | (0.57) | (0.68)  |
| ETF transaction fees per share (See Note 1) |  |  |  | 0.01 | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $35.92 | $35.41 | $40.73 | $47.82 | $42.12  |
| TOTAL RETURN | 4.05% | -9.31% | -12.56% | 14.88% | 42.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $138283 | $194769 | $219932 | $384990 | $200086  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.60% | 0.60% | 0.60% | 0.61% | 0.60%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment <br>(See Note 3) | 0.55% | 0.55% | 0.58% | N/A | N/A  |
|  Ratio of net investment income (loss) to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before reimbursement/recoupment  | 2.99% | 3.07% | 2.25% | 1.60% | 1.75%  |
| &nbsp;&nbsp;&nbsp; After reimbursement/recoupment (See Note 3) | 2.94% | 3.12% | 2.23% | N/A | N/A |
| Portfolio turnover rate<sup>(d)</sup> | 22% | 19% | 92% | 43% | 13% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Industrials and Logistics ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $26.38 | $25.24 | &nbsp;&nbsp;&nbsp;&nbsp; $24.87  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.48 | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.43  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.62) | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| **Total from investment operations** | (0.14) | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.67  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.70) | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| **Total distributions** | (0.70) | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| **Net asset value, end of period** | $25.54 | $26.38 | &nbsp;&nbsp;&nbsp;&nbsp; $25.24  |
| TOTAL RETURN<sup>(d)</sup> | -0.62% | 7.54% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $1022 | $1055 | &nbsp;&nbsp;&nbsp;&nbsp; $1010  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.76% | 2.26% | &nbsp;&nbsp;&nbsp;&nbsp; 2.01%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 37% | 26% | &nbsp;&nbsp;&nbsp;&nbsp; 10% |

---

<sup>(a)</sup> Inception date of the Fund was June 8, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Lunt Large Cap Alternator ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended** <br>**April 30, 2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $33.99 | $36.46 | $43.15 | $40.74 | &nbsp;&nbsp;&nbsp; $23.58  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.52 | 0.42 | 0.44 | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.01) | (2.47) | (6.67) | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;17.16  |
| **Total from investment operations** | 0.51 | (2.05) | (6.23) | 2.84 | &nbsp;&nbsp;&nbsp;&nbsp;17.57  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.51) | (0.42) | (0.44) | (0.43) | &nbsp;&nbsp;&nbsp; (0.41)  |
| Return of capital |  |  | (0.02) |  | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.51) | (0.42) | (0.46) | (0.43) | &nbsp;&nbsp;&nbsp; (0.41)  |
| **Net asset value, end of period** | $33.99 | $33.99 | $36.46 | $43.15 | &nbsp;&nbsp;&nbsp; $40.74  |
| TOTAL RETURN<sup>(d)</sup> | 1.42% | -5.65% | -14.49% | 6.97% | &nbsp;&nbsp;&nbsp; 74.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $129168 | $256630 | $776680 | $554454 | &nbsp;&nbsp;&nbsp; $130353  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.41% | 1.19% | 1.11% | 1.09% | &nbsp;&nbsp;&nbsp; 1.59%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 246% | 597% | 384% | 722% | &nbsp;&nbsp;&nbsp; 193% |

---

<sup>(a)</sup> Inception date of the Fund was June 24, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Lunt Large Cap Multi-Factor Alternator ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended** <br>**April 30, 2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $44.34 | $34.95 | $36.34 | $37.61 | &nbsp;&nbsp;&nbsp;&nbsp; $24.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.49 | 0.34 | 0.54 | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.40 | 9.36 | (1.38) | (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;13.14  |
| **Total from investment operations** | 2.89 | 9.70 | (0.84) | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;13.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.44) | (0.31) | (0.55) | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **Total distributions** | (0.44) | (0.31) | (0.55) | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **Net asset value, end of period** | $46.79 | $44.34 | $34.95 | $36.34 | &nbsp;&nbsp;&nbsp;&nbsp; $37.61  |
| TOTAL RETURN<sup>(d)</sup> | 6.48% | 27.83% | -2.26% | -2.58% | &nbsp;&nbsp;&nbsp;&nbsp; 55.41%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $290113 | $297078 | $206191 | $267095 | &nbsp;&nbsp;&nbsp;&nbsp; $43253  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.00% | 0.84% | 1.54% | 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 493% | 417% | 629% | 434% | &nbsp;&nbsp;&nbsp;&nbsp; 304% |

---

<sup>(a)</sup> Inception date of the Fund was June 24, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Lunt MidCap Multi-Factor Alternator ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022** | **Period Ended** <br>**April 30, 2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $42.93 | $33.19 | $32.19 | $37.07 | &nbsp;&nbsp;&nbsp;&nbsp; $23.84  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.55 | 0.25 | 0.37 | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (2.13) | 9.73 | 1.01 | (4.87) | &nbsp;&nbsp;&nbsp;&nbsp;13.26  |
| **Total from investment operations** | (1.58) | 9.98 | 1.38 | (4.67) | &nbsp;&nbsp;&nbsp;&nbsp;13.33  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.41) | (0.24) | (0.36) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| Return of capital |  |  | (0.02) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | (0.41) | (0.24) | (0.38) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)  |
| **Net asset value, end of period** | $40.94 | $42.93 | $33.19 | $32.19 | &nbsp;&nbsp;&nbsp;&nbsp; $37.07  |
| TOTAL RETURN<sup>(d)</sup> | -3.79% | 30.16% | 4.43% | -12.66% | &nbsp;&nbsp;&nbsp;&nbsp; 56.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $63457 | $55809 | $34852 | $35406 | &nbsp;&nbsp;&nbsp;&nbsp; $35219  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.60% | 0.60% | 0.60% | 0.61% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.22% | 0.66% | 1.14% | 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 475% | 367% | 569% | 529% | &nbsp;&nbsp;&nbsp;&nbsp; 322% |

---

<sup>(a)</sup> Inception date of the Fund was June 24, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer MSCI World Industry Advantage ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.09  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $20.21  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $808  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.53%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.78  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.45)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $20.31  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -2.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $3656  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.17%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 51% |

---

<sup>(a)</sup> Inception date of the Fund was August 19, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Nasdaq International Patent Leaders ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.10  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.78  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.02  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $21.13  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.45%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $9722  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.93%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3% |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Pacific Asset Floating Rate High Income ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **For the** <br>**Period Ended** <br>**April 30,** <br>**2022<sup>(b)(d)</sup>**  | **For the** <br>**Year Ended** <br>**June 30,**<br>**2021**  |
|  | **2025** | **2024** | **2023**  | **For the** <br>**Period Ended** <br>**April 30,** <br>**2022<sup>(b)(d)</sup>**  | **For the** <br>**Year Ended** <br>**June 30,**<br>**2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period/year | $47.50 | $45.71 | $47.76 | &nbsp;&nbsp; $48.90 | $46.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)(b)</sup> | 3.64 | 4.23 | 3.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | 1.47  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (1.00) | 1.58 | (2.10) | &nbsp;&nbsp; (1.29) | 2.47  |
| **Total from investment operations** | 2.64 | 5.81 | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 3.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (3.54) | (4.02) | (3.29) | &nbsp;&nbsp; (1.32) | (1.56)  |
| **Total distributions** | (3.54) | (4.02) | (3.29) | &nbsp;&nbsp; (1.32) | (1.56)  |
| **Net asset value, end of period/year** | $46.60 | $47.50 | $45.71 | &nbsp;&nbsp; $47.76 | $48.90  |
| TOTAL RETURN | 5.67% | 13.25% | 2.91% | &nbsp;&nbsp; 0.34% | 8.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $471076 | $248422 | $100095 | &nbsp;&nbsp; $81663 | $31788  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp; 0.62% | 0.68%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | N/A | N/A | N/A | &nbsp;&nbsp; N/A | 0.86%  |
|  Ratio of net investment income (loss) to average net assets | 7.66% | 9.01% | 7.36% | &nbsp;&nbsp; 3.63% | 3.04%  |
| Portfolio turnover rate<sup>(e)</sup> | 65% | 43% | 79% | &nbsp;&nbsp; 37% | 35% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> For the period July 1, 2021 to April 30, 2022.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Ratios have been annualized and portfolio turnover has not been annualized.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> 100 ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $67.13 | $55.22 | $52.18 | $54.01 | $37.91  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 1.49 | 1.43 | 0.48 | (0.13) | 0.01  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.12 | 11.44 | 2.87 | (1.70) | 16.17  |
| **Total from investment operations** | 1.61 | 12.87 | 3.35 | (1.83) | 16.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.45) | (0.96) | (0.31) |  | (0.08)  |
| **Total distributions** | (1.45) | (0.96) | (0.31) |  | (0.08)  |
| ETF transaction fees per share (See Note 1) |  |  |  |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $67.29 | $67.13 | $55.22 | $52.18 | $54.01  |
| TOTAL RETURN | 2.17% | 23.36% | 6.47% | -3.38% | 42.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1227993 | $1181469 | $750925 | $688816 | $783124  |
| Ratio of expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets | 2.06% | 2.24% | 0.93% | -0.22% | 0.01%  |
| Portfolio turnover rate<sup>(d)</sup> | 5% | 20% | 6% | 7% | 6% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> European Index ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $25.86 | $26.57 | $22.40 | $24.33 | $23.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.68 | 0.68 | 0.34 | 0.34 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.78 | (0.71) | 3.99 | (1.89) | 0.47  |
| **Total from investment operations** | 1.46 | (0.03) | 4.33 | (1.55) | 0.57  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.83) | (0.68) | (0.16) | (0.38) | —  |
| **Total distributions** | (0.83) | (0.68) | (0.16) | (0.38) | —  |
| ETF transaction fees per share (See Note 1) |  |  |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $26.49 | $25.86 | $26.57 | $22.40 | $24.33  |
| TOTAL RETURN | 5.94% | -0.02% | 19.43% | -6.47% | 2.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $30459 | $40091 | $43843 | $45925 | $54741  |
| Ratio of expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.66% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets | 2.56% | 2.68% | 1.48% | 1.39% | 0.43%  |
| Portfolio turnover rate<sup>(d)</sup> | 153% | 111% | 5% | 7% | 506% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> Fund of Funds ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $30.48 | $27.80 | $27.81 | $29.82 | $23.81  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)(d)</sup> | 0.74 | 0.77 | 0.48 | 0.35 | 0.22  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.51 | 2.66 | (0.03) | (2.07) | 5.96  |
| **Total from investment operations** | 1.25 | 3.43 | 0.45 | (1.72) | 6.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.75) | (0.75) | (0.46) | (0.29) | (0.17)  |
| **Total distributions** | (0.75) | (0.75) | (0.46) | (0.29) | (0.17)  |
| **Net asset value, end of year** | $30.98 | $30.48 | $27.80 | $27.81 | $29.82  |
| TOTAL RETURN | 3.96% | 12.39% | 1.71% | -5.87% | 26.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $55758 | $50294 | $52819 | $63968 | $44728  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.15% | 0.15% | 0.15% | 0.15% | 0.15%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 2.26% | 2.61% | 1.77% | 1.16% | 0.82%  |
| Portfolio turnover rate<sup>(c)</sup> | 8% | 6% | 6% | 5% | 29% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(d)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

<sup>(e)</sup> Does not include expenses of the investment companies in which the Fund invests.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> International ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $28.16 | $26.91 | $24.40 | $28.22 | $23.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.62 | 0.65 | 0.45 | 0.44 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.68) | 1.18 | 2.16 | (3.57) | 4.72  |
| **Total from investment operations** | (0.06) | 1.83 | 2.61 | (3.13) | 5.00  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.74) | (0.58) | (0.10) | (0.69) | (0.20)  |
| **Total distributions** | (0.74) | (0.58) | (0.10) | (0.69) | (0.20)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $27.36 | $28.16 | $26.91 | $24.40 | $28.22  |
| TOTAL RETURN | -0.26% | 6.85% | 10.75% | -11.46% | 21.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $147748 | $150672 | $125141 | $130527 | $131228  |
| Ratio of expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets | 2.13% | 2.38% | 1.82% | 1.56% | 1.15%  |
| Portfolio turnover rate<sup>(d)</sup> | 74% | 58% | 3% | 202% | 161% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> US Bond ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $20.00 | $20.20 | $23.33 | $27.45 | $25.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.17 | 1.41 | 1.11 | 0.80 | 1.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.07) | (0.19) | (2.83) | (4.17) | 1.34  |
| **Total from investment operations** | 1.10 | 1.22 | (1.72) | (3.37) | 2.43  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.16) | (1.42) | (1.41) | (0.75) | (0.75)  |
| **Total distributions** | (1.16) | (1.42) | (1.41) | (0.75) | (0.75)  |
| ETF transaction fees per share (See Note 1) |  | 0.00<sup>(c)</sup> |  |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $19.94 | $20.00 | $20.20 | $23.33 | $27.45  |
| TOTAL RETURN | 5.58% | 6.30% | -7.30% | -12.54% | 9.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $161501 | $178021 | $232340 | $949550 | $839970  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 5.80% | 7.03% | 5.26% | 3.01% | 4.04%  |
| Portfolio turnover rate<sup>(d)</sup> | 431% | 131% | 711% | 652% | 55% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> US Large Cap ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $45.80 | $38.63 | $37.54 | $36.54 | $26.99  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.54 | 0.42 | 0.66 | 0.28 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.68 | 7.26 | 0.90 | 1.03 | 9.65  |
| **Total from investment operations** | 3.22 | 7.68 | 1.56 | 1.31 | 9.90  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.36) | (0.51) | (0.47) | (0.31) | (0.35)  |
| **Total distributions** | (0.36) | (0.51) | (0.47) | (0.31) | (0.35)  |
| **Net asset value, end of year** | $48.66 | $45.80 | $38.63 | $37.54 | $36.54  |
| TOTAL RETURN | 6.94% | 19.96% | 4.20% | 3.48% | 36.86%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of year (in thousands) | $3213687 | $2619782 | $2039609 | $1841243 | $1894772  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 1.04% | 0.98% | 1.75% | 0.71% | 0.83%  |
| Portfolio turnover rate<sup>(c)</sup> | 3% | 51% | 1% | 58% | 6% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer Trendpilot<sup>®</sup> US Mid Cap ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $33.87 | $32.25 | $34.52 | $35.63 | $28.35  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.46 | 0.56 | 0.39 | 0.00<sup>(b)</sup> | 0.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.68 | 1.69 | (2.41) | (1.07) | 7.36  |
| **Total from investment operations** | 1.14 | 2.25 | (2.02) | (1.07) | 7.45  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.32) | (0.63) | (0.25) | (0.04) | (0.17)  |
| **Total distributions** | (0.32) | (0.63) | (0.25) | (0.04) | (0.17)  |
| **Net asset value, end of year** | $34.69 | $33.87 | $32.25 | $34.52 | $35.63  |
| TOTAL RETURN | 3.30% | 7.02% | -5.81% | -2.98% | 26.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $423241 | $384469 | $390252 | $441894 | $452474  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 1.25% | 1.72% | 1.19% | 0.01% | 0.30%  |
| Portfolio turnover rate<sup>(d)</sup> | 14% | 262% | 441% | 16% | 304% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Amount represents less than $0.005 per share.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer US Cash Cows 100 ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $54.82 | $46.73 | $47.94 | $41.95 | $25.17  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.12 | 1.10 | 1.08 | 0.84 | 0.71  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (2.99) | 8.02 | (1.32) | 5.87 | 16.76  |
| **Total from investment operations** | (1.87) | 9.12 | (0.24) | 6.71 | 17.47  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.01) | (1.03) | (0.97) | (0.72) | (0.69)  |
| **Total distributions** | (1.01) | (1.03) | (0.97) | (0.72) | (0.69)  |
| **Net asset value, end of year** | $51.94 | $54.82 | $46.73 | $47.94 | $41.95  |
| TOTAL RETURN | -3.52% | 19.70% | -0.38% | 16.08% | 70.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of year (in thousands) | $20965678 | $22641886 | $13219876 | $4554750 | $432113  |
| Ratio of expenses to average net assets | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%  |
|  Ratio of net investment income (loss) to average net assets | 1.99% | 2.15% | 2.30% | 1.78% | 2.23%  |
| Portfolio turnover rate<sup>(c)</sup> | 151% | 77% | 90% | 114% | 104% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer US Cash Cows Growth ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $40.36 | $35.00 | $35.44 | $36.21 | $22.89  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.21 | 0.56 | 0.60 | 0.04 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 3.99 | 5.43 | (0.65) | (0.75) | 13.37  |
| **Total from investment operations** | 4.20 | 5.99 | (0.05) | (0.71) | 13.51  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.10) | (0.62) | (0.39) | (0.04) | (0.19)  |
| Return of capital |  | (0.01) |  | (0.02) | —  |
| **Total distributions** | (0.10) | (0.63) | (0.39) | (0.06) | (0.19)  |
| **Net asset value, end of year** | $44.46 | $40.36 | $35.00 | $35.44 | $36.21  |
| TOTAL RETURN | 10.41% | 17.34% | -0.07% | -1.98% | 59.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $71144 | $46412 | $38500 | $8859 | $3621  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 0.47% | 1.52% | 1.69% | 0.10% | 0.43%  |
| Portfolio turnover rate<sup>(c)</sup> | 137% | 123% | 182% | 76% | 170% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer US Export Leaders ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $47.07 | $39.95 | $38.27 | $40.41 | $25.15  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.24 | 0.21 | 0.25 | 0.12 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (2.08) | 7.12 | 1.67 | (2.13) | 15.27  |
| **Total from investment operations** | (1.84) | 7.33 | 1.92 | (2.01) | 15.41  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.21) | (0.21) | (0.24) | (0.12) | (0.15)  |
| Return of capital |  |  |  | (0.01) | —  |
| **Total distributions** | (0.21) | (0.21) | (0.24) | (0.13) | (0.15)  |
| **Net asset value, end of year** | $45.02 | $47.07 | $39.95 | $38.27 | $40.41  |
| TOTAL RETURN | -3.95% | 18.40% | 5.06% | -5.00% | 61.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $40521 | $61194 | $19976 | $3827 | $2021  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.61% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 0.48% | 0.47% | 0.64% | 0.29% | 0.43%  |
| Portfolio turnover rate<sup>(c)</sup> | 71% | 75% | 74% | 79% | 111% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer US Large Cap Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
|  | **2025** | **2024** | **Period Ended** <br>**April 30, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $24.56 | $20.07 | &nbsp;&nbsp;&nbsp;&nbsp; $20.36  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.13 | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.16 | 4.48 | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| **Total from investment operations** | 7.29 | 4.60 | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.11) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | (0.11) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | $31.74 | $24.56 | &nbsp;&nbsp;&nbsp;&nbsp; $20.07  |
| TOTAL RETURN<sup>(d)</sup> | 29.72% | 22.96% | &nbsp;&nbsp;&nbsp;&nbsp; -1.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $1440421 | $120342 | &nbsp;&nbsp;&nbsp;&nbsp; $19571  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.49% | 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.42% | 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 0.44%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 108% | 111% | &nbsp;&nbsp;&nbsp;&nbsp; 30% |

---

<sup>(a)</sup> Inception date of the Fund was December 21, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

115<br>

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**Pacer US Small Cap Cash Cows ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $45.83 | $37.05 | $38.06 | $41.82 | $20.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.51 | 0.54 | 0.51 | 0.72 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (10.18) | 8.76 | (1.09) | (3.37) | 21.13  |
| **Total from investment operations** | (9.67) | 9.30 | (0.58) | (2.65) | 21.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.46) | (0.52) | (0.43) | (0.67) | (0.14)  |
| Return of capital |  |  |  | (0.44) | (0.04)  |
| **Total distributions** | (0.46) | (0.52) | (0.43) | (1.11) | (0.18)  |
| **Net asset value, end of year** | $35.70 | $45.83 | $37.05 | $38.06 | $41.82  |
| TOTAL RETURN | -21.28% | 25.18% | -1.46% | -6.57% | 102.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of year (in thousands) | $4185670 | $9399691 | $2035764 | $831675 | $271840  |
| Ratio of expenses to average net assets | 0.59% | 0.59% | 0.59% | 0.60% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets | 1.16% | 1.20% | 1.36% | 1.70% | 0.33%  |
| Portfolio turnover rate<sup>(c)</sup> | 146% | 108% | 101% | 133% | 123% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

116<br>

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**Pacer US Small Cap Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**April 30, 2025** | **Period End** <br>**April 30, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp;&nbsp; $20.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.75  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.88  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $23.06 | &nbsp;&nbsp;&nbsp;&nbsp; $22.93  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 14.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $17874 | &nbsp;&nbsp;&nbsp;&nbsp; $9170  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 136% | &nbsp;&nbsp;&nbsp;&nbsp; 152% |

---

<sup>(a)</sup> Inception date of the Fund was May 1, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Pacer WealthShield ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $27.78 | $27.16 | $30.16 | $32.10 | $23.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.61 | 0.39 | 0.64 | 0.26 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.85 | 0.71 | (3.07) | (1.94) | 8.20  |
| **Total from investment operations** | 3.46 | 1.10 | (2.43) | (1.68) | 8.34  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.48) | (0.57) | (0.26) | (0.16)  |
| **Total distributions** | (0.43) | (0.48) | (0.57) | (0.26) | (0.16)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> |  |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $30.81 | $27.78 | $27.16 | $30.16 | $32.10  |
| TOTAL RETURN | 12.45% | 4.06% | -8.09% | -5.30% | 35.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $26185 | $19446 | $24446 | $33172 | $48143  |
| Ratio of expenses to average net assets | 0.60% | 0.60% | 0.60% | 0.61% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets | 2.01% | 1.42% | 2.19% | 0.79% | 0.53%  |
| Portfolio turnover rate<sup>(d)</sup> | 514% | 315% | 669% | 448% | 227% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025** 

**NOTE 1 – ORGANIZATION** 

Pacer Funds Trust (the "Trust"), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, QDPL, EAFG, QSIX, FOWF, MILK and PEVC fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust currently consists of multiple operational series, of which are covered in this report, individually the ("Fund") or collectively the ("Funds").

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"), Nasdaq Stock Market LLC ("Nasdaq"), or the NYSE Arca, Inc. ("NYSE"). Market prices for the shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000 shares, and TRFK, SHPP, GLBL, QQQG, PATN and FLRT which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of Operations** | **Exchange** | **Transaction** <br>**Fees**  |
| Pacer Cash Cows Fund of Funds ETF  | HERD  | May 3, 2019  | Nasdaq  | &nbsp;&nbsp; $300 |
|  Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF  | SZNE  | July 23, 2018  | NYSE  | &nbsp;&nbsp; 500 |
| Pacer Data & Infrastructure Real Estate ETF  | SRVR  | May 15, 2018  | NYSE  | &nbsp;&nbsp; 300 |
| Pacer Data and Digital Revolution ETF  | TRFK  | June 8, 2022  | NYSE  | &nbsp;&nbsp; 500 |
|  Pacer Developed Markets International Cash Cows 100 ETF  | ICOW  | June 16, 2017  | Cboe  | &nbsp;&nbsp; 1000 |
| Pacer Emerging Markets Cash Cows 100 ETF  | ECOW  | May 2, 2019  | Nasdaq  | &nbsp;&nbsp; 1750  |
| Pacer Global Cash Cows Dividend ETF  | GCOW  | February 22, 2016  | Cboe  | &nbsp;&nbsp; 1000 |
| Pacer Industrial Real Estate ETF  | INDS  | May 14, 2018  | NYSE  | &nbsp;&nbsp; 300  |
| Pacer Industrials and Logistics ETF  | SHPP  | June 8, 2022  | NYSE  | &nbsp;&nbsp; 750 |
| Pacer Lunt Large Cap Alternator ETF  | ALTL  | June 24, 2020  | NYSE  | &nbsp;&nbsp; 300 |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of Operations** | **Exchange** | **Transaction** <br>**Fees**  |
| Pacer Lunt Large Cap Multi-Factor Alternator ETF  | PALC  | June 24, 2020  | NYSE  | &nbsp;&nbsp; $300 |
| Pacer Lunt Midcap Multi-Factor Alternator ETF  | PAMC  | June 24, 2020  | NYSE  | &nbsp;&nbsp; 300  |
| Pacer MSCI World Industry Advantage ETF  | GLBL  | September 17, 2024  | Cboe  | &nbsp;&nbsp; 1250 |
| Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | QQQG  | August 20, 2024  | Nasdaq  | &nbsp;&nbsp; 300  |
| Pacer Nasdaq International Patent Leaders ETF  | PATN  | September 17, 2024  | Nasdaq  | &nbsp;&nbsp; 500 |
| Pacer Pacific Asset Floating Rate High Income ETF  | FLRT  | February 18, 2015  | NYSE  | &nbsp;&nbsp; 300 |
| Pacer Trendpilot<sup>®</sup> 100 ETF  | PTNQ  | June 11, 2015  | Nasdaq  | &nbsp;&nbsp; 300  |
| Pacer Trendpilot<sup>®</sup> European Index ETF  | PTEU  | December 14, 2015  | Cboe  | &nbsp;&nbsp; 1,250\* |
| Pacer Trendpilot<sup>®</sup> Fund of Funds ETF  | TRND  | May 3, 2019  | NYSE  | &nbsp;&nbsp; 300 |
| Pacer Trendpilot<sup>®</sup> International ETF | PTIN | May 2, 2019 | NYSE | &nbsp;&nbsp; 4,000\*  |
| Pacer Trendpilot<sup>®</sup> US Bond ETF | PTBD | October 22, 2019 | NYSE | &nbsp;&nbsp; 500 |
| Pacer Trendpilot<sup>®</sup> US Large Cap ETF | PTLC | June 11, 2015 | Cboe | &nbsp;&nbsp; 500\*  |
| Pacer Trendpilot<sup>®</sup> US Mid Cap ETF | PTMC | June 11, 2015 | Cboe | &nbsp;&nbsp; 300\*  |
| Pacer US Cash Cows 100 ETF | COWZ | December 16, 2016 | Cboe | &nbsp;&nbsp; 300  |
| Pacer US Cash Cows Growth ETF | BUL | May 2, 2019 | NYSE | &nbsp;&nbsp; 300  |
| Pacer US Export Leaders ETF | PEXL | July 23, 2018 | NYSE | &nbsp;&nbsp; 300 |
| Pacer US Large Cap Cash Cows Growth Leaders ETF | COWG | December 21, 2022 | Nasdaq | &nbsp;&nbsp; 300 |
| Pacer US Small Cap Cash Cows ETF | CALF | June 16, 2017 | Cboe | &nbsp;&nbsp; 300 |
| Pacer US Small Cap Cash Cows Growth Leaders ETF | CAFG | May 1, 2023 | Nasdaq | &nbsp;&nbsp; 300 |
| Pacer WealthShield ETF | PWS | December 11, 2017 | Cboe | &nbsp;&nbsp; 500 |

---

\* For the PTLC, PTMC, PTEU and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. 

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

---

| | | |
|:---|:---|:---|
| **Ticker** | **Index** | **Diversification**  |
| HERD | Pacer Cash Cows Fund of Funds Index | Diversified  |
| SZNE | CFRA-Stovall Equal Weight Seasonal Rotation Index | Diversified  |
| SRVR | Solactive GPR Data & Infrastructure Real Estate Index | Non-Diversified  |
| TRFK | Pacer Data Transmission and Communication Revolution Index | Non-Diversified  |
| ICOW | Pacer Developed Markets International Cash Cows 100 Index | Diversified  |
| ECOW | Pacer Emerging Markets Cash Cows 100 Index | Diversified  |
| GCOW | Pacer Global Cash Cows Dividend Index | Diversified  |
| INDS | Solactive GPR Industrial Real Estate Index | Non-Diversified  |
| SHPP | Pacer Global Supply Chain Infrastructure Index | Non-Diversified  |
| ALTL | Lunt Capital U.S. Large Cap Equity Rotation Index | Diversified  |
| PALC | Lunt Capital U.S. Large Cap Multi-Factor Rotation Index | Non-Diversified  |
| PAMC | Lunt Capital U.S. MidCap Multi-Factor Rotation Index | Diversified  |
| GLBL | MSCI World Ricardo Comparative Advantage Select Index | Non-Diversified  |
| QQQG | Nasdaq International Patent Leaders Index | Non-Diversified  |
| PATN | Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders Index | Non-Diversified  |
| FLRT | Pacer Pacific Asset Floating Rate High Income Index | Diversified  |
| PTNQ | Pacer US Small Cap Cash Cows Index | Diversified  |
| PTEU | Pacer NASDAQ-100 Trendpilot<sup>®</sup> Index | Non-Diversified  |
| TRND | Pacer Trendpilot<sup>®</sup> European Index | Diversified  |
| PTIN | Pacer Trendpilot<sup>®</sup> US Large Cap Index | Diversified  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Ticker** | **Index** | **Diversification**  |
| PTBD | Pacer Trendpilot<sup>®</sup> US Mid-Cap Index | Diversified  |
| PTLC | Pacer Trendpilot<sup>®</sup> Fund of Funds Index | Diversified  |
| PTMC | Pacer Trendpilot<sup>®</sup> International Index | Diversified  |
| COWZ | Pacer Trendpilot<sup>®</sup> US Bond Index | Diversified  |
| BUL | Pacer US Export Leaders Index | Diversified  |
| PEXL | Pacer US Cash Cows 100 Index | Diversified  |
| COWG | Pacer US Cash Cows Growth Index | Non-Diversified  |
| CALF | Pacer US Large Cap Cash Cows Growth Leaders Index | Non-Diversified  |
| CAFG | Pacer US Small Cap Cash Cows Growth Leaders Index | Non-Diversified  |
| PWS | Pacer WealthShield Index | Diversified |

---

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a diversified Fund.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations. The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities, including master limited partnerships ("MLPs"), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market ("Nasdaq"). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price ("NOCP") will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company's net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange ("NYSE") on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share as provided by its administrator.

Cash and cash equivalents - Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

The Trust's Valuation Procedures provide for the designation of the Adviser as "Valuation Designee". If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds' Board of Trustees (the "Board").As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of April 30, 2025:

**HERD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Affiliated Exchange Traded Funds | $82907581 | $— | $— | $— | $82907581 |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 2212350  | 2212350  |
| **Total Investments in Securities** | $82907581 | $— | $— | $2212350 | $85119931 |

---

122<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**SZNE** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $20376946 | $— | $— | $— | $20376946  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 1817130 | 1817130  |
| **Total Investments in Securities** | $20376946 | $— | $— | $1817130 | $22194076 |

---

^ See Schedule of Investments for sector breakouts.

**SRVR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $141341645 | $— | $— | $— | $141341645  |
| Real Estate Investment Trusts | 290719523 |  |  |  | 290719523  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 24545995 | 24545995  |
| **Total Investments in Securities** | $432061168 | $— | $— | $24545995 | $456607163 |

---

^ See Schedule of Investments for sector breakouts.

**TRFK** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $54477429 | $— | $— | $— | $54477429  |
|  Investments Purchased with Proceeds from Securities Lending  |  |  |  | 9220919  | 9220919  |
| **Total Investments in Securities** | $54477429 | $— | $— | $9220919 | $63698348 |

---

^ See Schedule of Investments for sector breakouts.

**ICOW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1033040482 | $— | $— | $— | $1033040482  |
| Preferred Stocks | 10273056 |  |  |  | 10273056  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 39814960 | 39814960  |
| **Total Investments in Securities** | $1043313538 | $— | $— | $39814960 | $1083128498 |

---

^ See Schedule of Investments for country breakouts.

123<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**ECOW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $77867260 | $— | $0 | $— | $77867260  |
| Preferred Stocks | 2320173 |  |  |  | 2320173  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 6685444 | 6685444  |
| **Total Investments in Securities** | $80187433 | $— | $— | $6685444 | $86872877 |

---

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ECOW<sup>(a)</sup>** | **Balance as of** <br>**4/30/2024** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Out of** <br>**Level 3** | **Transfers** <br>**Into** <br>**Level 3** | **Balance as of** <br>**04/30/2025**  |
| Common Stocks | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp; $0 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ECOW** | **Fair Value as of** <br>**04/30/2025** | **Valuation Techniques** | **Unobservable Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $0 | Market comparable companies | Discount for lack of marketability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.00 |

---

<sup>(a)</sup> Table presents information for ten securities, which due to the Russian foreign exchange restrictions are not actively trading.

**GCOW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $2168036267 | $— | $— | $— | $2168036267  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 246898987 | 246898987  |
| **Total Investments in Securities** | $2168036267 | $— | $— | $246898987 | $2414935254 |

---

^ See Schedule of Investments for country breakouts.

**INDS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $4618323 | $— | $— | $— | $4618323  |
| Real Estate Investment Trusts | 133006295 |  |  |  | 133006295  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 11445441 | 11445441  |
| **Total Investments in Securities** | $137624618 | $— | $— | $11445441 | $149070059 |

---

^ See Schedule of Investments for sector breakouts.

124<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**SHPP** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1017740 | $— | $— | $— | $1017740  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 20303 | 20303  |
| **Total Investments in Securities** | $1017740 | $— | $— | $20303 | $1038043 |

---

^ See Schedule of Investments for sector breakouts.

**ALTL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $120468448 | $— | $— | $— | $120468448  |
| Real Estate Investment Trusts | 8556934 |  |  |  | 8556934  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 5906003 | 5906003  |
| **Total Investments in Securities** | $129025382 | $— | $— | $5906003 | $134931385 |

---

^ See Schedule of Investments for sector breakouts.

**PALC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $279032704 | $— | $— | $— | $279032704  |
| Real Estate Investment Trusts | 10713590 |  |  |  | 10713590  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 7082995 | 7082995  |
| **Total Investments in Securities** | $289746294 | $— | $— | $7082995 | $296829289 |

---

^ See Schedule of Investments for sector breakouts.

**PAMC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $54526878 | $— | $— | $— | $54526878  |
| Real Estate Investment Trusts | 8819579 |  |  |  | 8819579  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 16117748 | 16117748  |
| **Total Investments in Securities** | $63346457 | $— | $— | $16117748 | $79464205 |

---

^ See Schedule of Investments for sector breakouts.

125<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**GLBL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $777585 | $— | $— | $— | $777585  |
| Real Estate Investment Trusts | 28803 |  |  |  | 28803  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 92714 | 92714  |
| **Total Investments in Securities** | $806388 | $— | $— | $92714 | $899102 |

---

^ See Schedule of Investments for sector breakouts.

**QQQG** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^**  | **Level 1**  | **Level 2**  | **Level 3**  | **Investments** <br>**Measured at** <br>**Net Asset Value**  | **Total**  |
| Common Stocks  | $3654861  | $—  | $—  | $—  | $3654861  |
|  Investments Purchased with Proceeds from Securities Lending  | —  | —  | —  | 550867  | 550867  |
| **Total Investments in Securities**  | $3654861  | $—  | $—  | $550867  | $4205728 |

---

^ See Schedule of Investments for country breakouts.

**PATN** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $9667116 | $— | $— | $— | $9667116  |
| Preferred Stocks | 33626 |  |  |  | 33626  |
| Rights |  |  | 0 |  | 0  |
| **Total Investments in Securities** | $9700742 | $— | $0 | $— | $9700742 |

---

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PATN<sup>(a)</sup>** | **Balance as of** <br>**4/30/2024** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Out of** <br>**Level 3** | **Transfers** <br>**Into** <br>**Level 3** | **Balance as of** <br>**04/30/2025**  |
| Rights | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(206) | &nbsp;&nbsp;&nbsp; $206  | $— | $— | $— | &nbsp;&nbsp;&nbsp; $0 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PATN** | **Fair Value as of** <br>**04/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; $0 | No intrinsic value of the stocks.  | Pricing at zero.  | 0.00 KRW |

---

<sup>(a)</sup> Table presents information for one security: Samsung SDI Co Ltd, which has been valued at 0.00 KRW throughout the period.

126<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**FLRT** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Bank Loans | $— | $258633592 | $— | $— | $258633592  |
| Closed-End Funds | 14802 |  |  |  | 14802  |
| Collateralized Loan Obligations |  | 139598792 |  |  | 139598792  |
| Corporate Bonds |  | 38684728 |  |  | 38684728  |
| Exchange Traded Funds | 8196065 |  |  |  | 8196065  |
| U.S. Treasury Bills |  | 15983116 |  |  | 15983116  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 11678926 | 11678926  |
| **Total Investments in Securities** | $8210867 | $452900228 | $— | $11678926 | $472790021 |

---

^ See Schedule of Investments for sector breakouts.

**PTNQ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| U.S. Treasury Bills | $— | $1205084677 | $— | $— | $1205084677  |
| **Total Investments in Securities** | $— | $1205084677 | $— | $— | $1205084677 |

---

^ See Schedule of Investments for sector breakouts.

**PTEU** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $29498714 | $— | $6846 | $— | $29505560  |
| Preferred Stocks | 229331 |  |  |  | 229331  |
| Real Estate Investment Trusts | 158614 |  |  |  | 158614  |
| **Total Investments in Securities** | $29886659 | $— | $6846 | $— | $29893505 |

---

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PTEU<sup>(a)</sup>** | **Balance as of** <br>**4/30/2024** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**04/30/2025**  |
| Common Stocks | &nbsp;&nbsp; $154447  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $397 | $— | $(147998)  | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $6846 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PTEU** | **Fair Value as of** <br>**04/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Common Stocks | $6846 | Last Trade Price | Stale Data | 4.8 EUR |

---

<sup>(a)</sup> Table presents information for one security: FF Group, which has been valued at 4.8 EUR throughout the period.

127<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**TRND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Affiliated Exchange Traded Funds | $55672643 | $— | $— | $— | $55672643  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 2933115 | 2933115  |
| **Total Investments in Securities** | $55672643 | $— | $— | $2933115 | $58605758 |

---

**PTIN** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Warrants | $— | $— | $0 | $— | $0  |
| U.S. Treasury Bills |  | 144213837 | 0 |  | 144213837  |
| **Total Investments in Securities** | $— | $144213837 | $0 | $— | $144213837 |

---

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PTIN<sup>(a)</sup>** | **Balance as of** <br>**4/30/2024** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**04/30/2025**  |
| Warrants | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp; $0 |
| Common Stocks  | &nbsp;&nbsp; $155443  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  | $—  | $(155443)  | $—  | $— | &nbsp;&nbsp;&nbsp; $— |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PTIN** | **Fair Value as of** <br>**04/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Warrants | $0 | US Line | Delisting | 0.00 CAD |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Table presents information for one security: Constellation Software, Inc. which has been valued at 0.00 CAD throughout the period.

**PTBD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Corporate Bonds | $— | $2357 | $— | $— | $2357  |
| U.S. Treasury Securities |  | 159307601 |  |  | 159307601  |
| **Total Investments in Securities** | $— | $159309958 | $— | $— | $159309958 |

---

^ See Schedule of Investments for sector breakouts.

128<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**PTLC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| U.S. Treasury Bills | $— | $3174874897 | $— | $— | $3174874897  |
| **Total Investments in Securities** | $— | $3174874897 | $— | $— | $3174874897 |

---

^ See Schedule of Investments for sector breakouts.

**PTMC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| U.S. Treasury Bills | $— | $419171094 | $— | $— | $419171094  |
| **Total Investments in Securities** | $— | $419171094 | $— | $— | $419171094 |

---

^ See Schedule of Investments for sector breakouts.

**COWZ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $20924185378 | $— | $— | $— | $20924185378  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 204294909 | 204294909  |
| **Total Investments in Securities** | $20924185378 | $— | $— | $204294909 | $21128480287 |

---

^ See Schedule of Investments for sector breakouts.

**BUL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $71114517 | $— | $— | $— | $71114517  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 9133796 | 9133796  |
| **Total Investments in Securities** | $71114517 | $— | $— | $9133796 | $80248313 |

---

^ See Schedule of Investments for sector breakouts.

**PEXL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $40517046 | $— | $— | $— | $40517046  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 3082328 | 3082328  |
| **Total Investments in Securities** | $40517046 | $— | $— | $3082328 | $43599374 |

---

^ See Schedule of Investments for sector breakouts.

129<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**COWG** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1438657078 | $— | $— | $— | $1438657078  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 24106274 | 24106274  |
| **Total Investments in Securities** | $1438657078 | $— | $— | $24106274 | $1462763352 |

---

^ See Schedule of Investments for sector breakouts.

**CALF** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $4081732980 | $— | $— | $— | $4081732980  |
| Real Estate Investment Trusts | 100937040 |  |  |  | 100937040  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 389539639 | 389539639  |
| **Total Investments in Securities** | $4182670020 | $— | $— | $389539639 | $4572209659 |

---

^ See Schedule of Investments for sector breakouts.

**CAFG** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $17858414 | $— | $— | $— | $17858414  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 2388627 | 2388627  |
| **Total Investments in Securities** | $17858414 | $— | $— | $2388627 | $20247041 |

---

^ See Schedule of Investments for sector breakouts.

**PWS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $— | $— | $0 | $— | $0  |
| U.S. Treasury Securities |  | 25805673 |  |  | 25805673  |
| **Total Investments in Securities** | $— | $25805673 | $0 | $— | $25805673 |

---

^ See Schedule of Investments for sector breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PWS<sup>(a)</sup>** | **Balance as of** <br>**4/30/2024** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Out of** <br>**Level 3** | **Transfers** <br>**Into** <br>**Level 3** | **Balance as of** <br>**04/30/2025**  |
| Common Stocks | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp; $0  |
| Rights | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp; $— |

---

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PWS** | **Fair Value as of** <br>**04/30/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $0 | Acquisition Price | Stale Data | 0.00 USD |

---

<sup>(a)</sup> Table presents information for one security, Abiomed, Inc. has been valued at 0.00 USD throughout the period.

See Schedule of Investments for sector breakouts.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report
 net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
 trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign
 withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
 foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at
 fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code
 of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income
 and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision
 is required. As of and during the fiscal period/year ended April 30, 2025, the Funds did not have any tax positions that did not
 meet the "more-likely- than-not" threshold of being sustained by the applicable tax authority. As of and during the fiscal
 period/year ended April 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions
 as income tax expense in the Statement of Operations. Management has analyzed each of the Fund's tax positions and concluded that
 no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years
 (2022-2024) or expected to be taken in each of the Fund's 2025 tax returns. During the year/period ended April 30, 2025, the
 Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income
 is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective
 securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable
 tax rules and regulations.

Distributions received from a Fund's investments in Real Estate Investment Trusts ("REIT") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund's shareholders may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income for PTNQ, PTEU, TRND, PTIN, PTLC and PTMC, are declared
 and paid on an annual basis. HERD, SZNE, SRVR, TRFK, ICOW, ECOW, GCOW, INDS, SHPP, ALTL, PALC, PAMC, GLBL, QQQG, PATN, COWZ, BUL, PEXL,

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

COWG, CALF, CAFG and PWS, are declared and paid on a quarterly basis. FLRT and PTBD are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the
 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements,
 and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ
 from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other
 assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to
 the nearest cent. Each Fund's shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption
 price per share for each Fund is equal to the Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be
 reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For
 the fiscal period/year ended April 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)** | **Paid-In** <br>**Capital**  |
| HERD | &nbsp;&nbsp;&nbsp; (4009302) | 4009302  |
| SZNE | &nbsp;&nbsp;&nbsp; (184068) | 184068  |
| SRVR | &nbsp;&nbsp;&nbsp; (12812872) | 12812872  |
| TRFK | &nbsp;&nbsp;&nbsp; (2079620) | 2079620  |
| ICOW | &nbsp;&nbsp;&nbsp; (47599588) | 47599588  |
| ECOW | &nbsp;&nbsp;&nbsp; (7786909) | 7786909  |
| GCOW | &nbsp;&nbsp;&nbsp; (91191292) | 91191292  |
| INDS | &nbsp;&nbsp;&nbsp; (1944888) | 1944888  |
| SHPP | &nbsp;&nbsp;&nbsp; — | —  |
| ALTL | &nbsp;&nbsp;&nbsp; (7831728) | 7831728  |
| PALC | &nbsp;&nbsp;&nbsp; (53960741) | 53960741  |
| PAMC | &nbsp;&nbsp;&nbsp; (6362871) | 6362871  |
| GLBL | &nbsp;&nbsp;&nbsp; (71037) | 71037  |
| QQQG | &nbsp;&nbsp;&nbsp; (90049) | 90049  |
| PATN | &nbsp;&nbsp;&nbsp; — | —  |
| FLRT | &nbsp;&nbsp;&nbsp; — | —  |
| PTNQ | &nbsp;&nbsp;&nbsp; (190662100) | 190662100  |
| PTEU | &nbsp;&nbsp;&nbsp; (726781) | 726781  |
| TRND | &nbsp;&nbsp;&nbsp; (687110) | 687110  |
| PTIN | &nbsp;&nbsp;&nbsp; (22272559) | 22272559  |
| PTBD | &nbsp;&nbsp;&nbsp; (331897) | 331897  |
| PTLC | &nbsp;&nbsp;&nbsp; (498517194) | 498517194  |
| PTMC | &nbsp;&nbsp;&nbsp; (3987554) | 3987554  |
| COWZ | &nbsp;&nbsp;&nbsp; (2701857840) | 2701857840  |
| BUL | &nbsp;&nbsp;&nbsp; (12358867) | 12358867  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)** | **Paid-In** <br>**Capital**  |
| PEXL | &nbsp;&nbsp;&nbsp;&nbsp; (6286369) | 6286369  |
| COWG | &nbsp;&nbsp;&nbsp;&nbsp; (26071688) | 26071688  |
| CALF | &nbsp;&nbsp;&nbsp;&nbsp; (433660038) | 433660038  |
| CAFG | &nbsp;&nbsp;&nbsp;&nbsp; (1698474) | 1698474  |
| PWS | &nbsp;&nbsp;&nbsp;&nbsp; (167866) | 167866 |

---

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Pacer Advisors, Inc. ("the Adviser") serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Investment Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund's average daily net assets:

---

| | |
|:---|:---|
|  | **Annual Rate of** <br>**Average Daily** <br>**Net Assets**  |
| HERD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| SZNE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| SRVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| TRFK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| ICOW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| ECOW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| GCOW | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| INDS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| SHPP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| ALTL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PALC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PAMC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| GLBL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| QQQG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| PATN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| FLRT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PTNQ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| PTEU | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| TRND  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| PTIN  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| PTBD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PTLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PTMC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| COWZ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| BUL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PEXL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| COWG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| CALF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| CAFG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| PWS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60% |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

The Adviser has overall responsibility for overseeing the investment of the Funds' assets, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Asset Management ("Vident") serves as the sub-adviser to PTBD and Aristotle Pacific Capital, LLC ("Aristotle Pacific") serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident and Aristotle Pacific are paid by the Adviser.

Effective November 1, 2024, pursuant to a contractual agreement between the Trust on behalf of each SRVR and INDS, the Adviser shall waive a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund's total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average daily net assets of each Fund. For the year ended April 30, 2025, the Adviser's management fee was reduced by $218,024 and $91,180 in SRVR and INDS, respectively. This contractual agreement expires on October 31, 2025. The Adviser is not entitled to recoup any fees that have been previously waived.

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the "Sub-Advisory Agreement"), Vident is responsible for the day-to-day management of the Fund, including the trading of portfolio securities for the Fund. Vident is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the "Sub-Advisory Agreement"), Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset Management LLC ("Pacific Asset") (the "Sub-Advisory Agreement"), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended April 30, 2025.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

**NOTE 4 – SERVICE AND CUSTODY AGREEMENTS** 

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator") doing business as U.S. Bank Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the "Custodian"), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the "Securities Lending Agent") for the Funds.

**NOTE 5 – SECURITIES LENDING** 

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of April 30, 2025, the Funds in the following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value ("NAV") of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended April 30, 2025, the Funds (excluding PATN, PTNQ, PTEU, PTIN, PTBD PTLC, PTMC, and PWS) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund's Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund's portion of total cash collateral received. Securities lending income is disclosed in each Fund's Statement of Operations, as applicable.

**NOTE 6 – SECURED BORROWINGS** 

The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2025.

**Securities Lending Transactions** 

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments** <br>**Purchased with** <br>**Proceeds from** <br>**Securities Lending** <br>**Collateral\***  |
| HERD | $2212350  |
| SZNE | 1817130  |
| SRVR | 24545995  |
| TRFK | 9220919  |
| ICOW | 39814960  |
| ECOW | 6685444  |
| GCOW | 246898987  |
| INDS | 11445441  |
| SHPP | 20303  |
| ALTL | 5906003  |
| PALC | 7082995  |
| PAMC | 16117748  |
| GLBL | 92714  |
| QQQG | 550867  |
| PATN | —  |
| FLRT | 11678926  |
| PTNQ | —  |
| PTEU | —  |
| TRND | 2933115  |
| PTIN | —  |
| PTBD | —  |
| PTLC | —  |
| PTMC | —  |
| COWZ | 2024294909 |
| BUL | 9133796 |
| PEXL | 3082328  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments** <br>**Purchased with** <br>**Proceeds from** <br>**Securities Lending** <br>**Collateral\***  |
| COWG | $24106274 |
| CALF | 389539639 |
| CAFG | 2388627  |
| PWS |  |

---

\* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

**NOTE 7 – OFFSETTING ASSETS AND LIABILITIES** 

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2025:

**Liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities** | **Net Amount**  |
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** <br>(Received)  | **Net Amount**  |
| **HERD**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | $2212350 | $— | $2212350 | $2212350 | $— | $—  |
| **SZNE**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 1817130 |  | 1817130 | 1817130 |  | —  |
| **SRVR**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 24545995 |  | 24545995 | 24545995 |  | —  |
| **TRFK**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 9220919 |  | 9220919 | 9220919 |  | —  |
| **ICOW**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 39814960 |  | 39814960 | 39814960 |  | —  |
| **ECOW**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 6685444 |  | 6685444 | 6685444 |  | —  |
| **GCOW**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 246898987 |  | 246898987 | 246898987 |  | —  |
| **INDS**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 11445441 |  | 11445441 | 11445441 |  | —  |
| **SHPP**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 20303 |  | 20303 | 20303 |  | —  |
| **ALTL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 5906003 |  | 5906003 | 5906003 |  | —  |
| **PALC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 7082995 |  | 7082995 | 7082995 |  | —  |
| **PAMC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 16117748 |  | 16117748 | 16117748 |  | —  |
| **GLBL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 92714 |  | 92714 | 92714 |  | —  |
| **QQQG**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 550867 |  | 550867 | 550867 |  | —  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities** | **Net Amount**  |
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** <br>(Received)  | **Net Amount**  |
| **PATN**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | $— | $— | $— | $— | $— | $—  |
| **FLRT**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 11678926 |  | 11678926 | 11678926 |  | —  |
| **PTNQ**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  | —  |
| **PTEU**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  | —  |
| **TRND**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 2933115 |  | 2933115 | 2933115 |  | —  |
| **PTIN**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  | —  |
| **PTBD**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  | —  |
| **PTLC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  | —  |
| **PTMC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  | —  |
| **COWZ**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 2024294909 |  | 2024294909 | 2024294909 |  | —  |
| **BUL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 9133796 |  | 9133796 | 9133796 |  | —  |
| **PEXL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 3082328 |  | 3082328 | 3082328 |  | —  |
| **COWG**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 24106274 |  | 24106274 | 24106274 |  | —  |
| **CALF**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 389539639 |  | 389539639 | 389539639 |  | —  |
| **CAFG**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 2388627 |  | 2388627 | 2388627 |  | —  |
| **PWS**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  |  |  |  |  |  |

---

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**NOTE 8 – INVESTMENT TRANSACTIONS** 

For the year/period ended April 30, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales** | **U.S. Government** <br>**Purchases** | **U.S. Government** <br>**Sales**  |
| HERD | $5907129 | $5927996 | $21031236 | $30392013 | $— | $—  |
| SZNE | 61829698 | 62526667 |  | 16423622 |  | —  |
| SRVR | 173690046 | 174613825 | 41998529 | 97241160 |  | —  |
| TRFK | 16250431 | 16221984 | 28527254 | 5551070 |  | —  |
| ICOW | 1024623239 | 999414272 | 155191509 | 535652325 |  | —  |
| ECOW | 90923306 | 91433465 | 25138978 | 42859436 |  | —  |
| GCOW | 1005737046 | 981946168 | 555346286 | 446033117 |  | —  |
| INDS | 40301299 | 39063606 |  | 63271037 |  | —  |
| SHPP | 403476 | 413618 |  |  |  | —  |
| ALTL | 482152907 | 482693106 |  | 136558414 |  | —  |
| PALC | 1655383498 | 1652567419 | 306392412 | 331311355 |  | —  |
| PAMC | 309375613 | 308736074 | 64666314 | 52092331 |  | —  |
| GLBL | 294208 | 276628 | 1207214 | 426326 |  | —  |
| QQQG | 1237390 | 1150503 | 4039964 | 444219 |  | —  |
| PATN | 2876992 | 82667 | 6496749 |  |  | —  |
| FLRT | 465412313 | 249690315 |  |  |  | —  |
| PTNQ | 37173007 | 465837687 | 302715169 | 492788844 |  | —  |
| PTEU | 46630473 | 47150131 | 1346552 | 11635036 |  | —  |
| TRND | 4319065 | 4364598 | 8237567 | 3152113 |  | —  |
| PTIN | 101119185 | 157123076 | 11555026 | 101813082 |  | —  |
| PTBD | 714485278 | 712568315 | 22818435 | 41674264 | 458597172 | 300167838  |
| PTLC | 89779044 | 2862077085 | 1313447242 | 1272492076 |  | —  |
| PTMC | 58552049 | 465635897 | 44397183 | 26843004 |  | —  |
| COWZ | 36709091055 | 36802670237 | 12174002682 | 12348627785 |  | —  |
| BUL | 90284571 | 89313846 | 87888524 | 68094023 |  | —  |
| PEXL | 42094592 | 41964793 | 17207936 | 36743710 |  | —  |
| COWG | 589260589 | 565844059 | 1354933026 | 75168964 |  | —  |
| CALF | 11826430291 | 11848411014 | 2194754924 | 5612951786 |  | —  |
| CAFG | 22823409 | 22478041 | 18542354 | 9348544 |  | —  |
| PWS | 113231231 | 103746393 |  | 1456902 | 67809715 | 40855639 |

---

**NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

The Pacer Trendpilot<sup>®</sup> Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the "Trendpilot<sup>®</sup> ETFs"). Each of the Trendpilot<sup>®</sup> ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the "Trendpilot<sup>®</sup> Indexes"). Each Trendpilot<sup>®</sup> Index other than the Pacer Trendpilot<sup>®</sup> US Bond Index (collectively, the "Trendpilot<sup>®</sup> Equity Indexes") uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the "Underlying Component" specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200-business day historical simple moving average (the "200-day moving average"). The calculation of the 200-day moving average for each Underlying

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component.

The Pacer Trendpilot<sup>®</sup> US Bond Index (the "Trendpilot<sup>®</sup> Bond Index") uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the iBoxx USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index, depending on the value of the iBoxx USD Liquid High Yield Index divided by the value of the iBoxx USD Treasuries 7-10 Year Index (the "Risk Ratio").

---

| | | | |
|:---|:---|:---|:---|
| **Weight** | **Trendpilot<sup>®</sup> ETF** | **Trendpilot<sup>®</sup> Index** | **Equity Component**  |
| 20% | Pacer Trendpilot<sup>®</sup> 100 ETF | Pacer NASDAQ-100 Trendpilot<sup>®</sup> Index | NASDAQ-100<sup>®</sup> Index  |
| 20% | Pacer Trendpilot<sup>®</sup> International ETF | Pacer Trendpilot<sup>®</sup> International Index | S&P Developed Ex-US Large Cap Index  |
| 20% | Pacer Trendpilot<sup>®</sup> US Bond ETF | Pacer Trendpilot<sup>®</sup> US Bond Index | iBoxx USD Liquid High Yield Index  |
| 20% | Pacer Trendpilot<sup>®</sup> US Large Cap ETF | Pacer Trendpilot<sup>®</sup> US Large Cap Index | S&P 500<sup>®</sup> Index  |
| 20% | Pacer Trendpilot<sup>®</sup> US Mid Cap ETF | Pacer Trendpilot<sup>®</sup> US Mid Cap Index | S&P MidCap 400<sup>®</sup> Index |

---

TRND had the following transactions during the current fiscal period with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| <br>**Security Name** | **Balance** <br>**May 1,** <br>**2024** | **Purchases** | **Sales** | **Balance** <br>**April 30,** <br>**2025**  |
| PTNQ | 150803 | 31964 | (21432) | 161335  |
| PTIN | 356544 | 98947 | (69327) | 386164  |
| PTBD | 508593 | 123378 | (49507) | 582464  |
| PTLC | 218565 | 40544 | (34733) | 224376  |
| PTMC | 292679 | 75821 | (32719) | 335781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Value** | **Dividend** <br>**Income** | **Gain (Loss)** <br>**Realized on** <br>**Sale of Shares** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments** <br>**in Affiliate**  |
| PTNQ | $10872366 | $217263 | $306957 | &nbsp;&nbsp; $(359369)  |
| PTIN | 10596649 | 266978 | 102326 | &nbsp;&nbsp; (339114)  |
| PTBD | 11638912 | 604680 | (140245) | &nbsp;&nbsp; 136101  |
| PTLC | 10924868 | 75182 | 303752 | &nbsp;&nbsp; 228395  |
| PTMC | 11639848 | 95483 | 83548 | &nbsp;&nbsp; 85978  |
| Total | 55672643 | 1259586 | 656338 | &nbsp;&nbsp; (248009) |

---

The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the "Cash Cows ETFs"). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the "Cash Cows Indexes"). Each Cash Cows Index uses an objective, rules-based methodology to provide

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

exposure to companies with high free cash flow yields (commonly referred to as "cash cows") selected from the applicable "Equity Universe" as indicated in the following table.

---

| | | | |
|:---|:---|:---|:---|
| **Weight** | **Cash Cows ETF** | **Cash Cows Index** | **Equity Universe**  |
| 20% | Pacer Developed Markets International <br>Cash Cows 100 ETF | Pacer Developed Markets International <br>Cash Cows 100 Index | FTSE Developed ex US Index  |
| 20% | Pacer Global Cash Cows Dividend ETF | Pacer Global Cash Cows Dividend Index | FTSE All-World Developed Large <br>Cap Index  |
| 20% | Pacer US Cash Cows 100 ETF | Pacer US Cash Cows 100 Index | Russell 1000 Index  |
| 20% | Pacer US Cash Cows Growth ETF | Pacer US Cash Cows Growth Index | S&P 900<sup>®</sup> Pure Growth Index  |
| 20% | Pacer US Small Cap Cash Cows ETF | Pacer US Small Cap Cash Cows Index | S&P Small Cap 600<sup>®</sup> Index |

---

HERD had the following transactions during the current fiscal period with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| <br>**Security Name** | **Balance** <br>**May 1,** <br>**2024** | **Purchases** | **Sales** | **Balance** <br>**April 30,** <br>**2025**  |
| ICOW | 609263 | 176039 | (251173) | 534129  |
| GCOW | 563787 | 139482 | (243636) | 459633  |
| COWZ | 339100 | 82613 | (111238) | 310475  |
| BUL | 460089 | 104792 | (182391) | 382490  |
| CALF | 402486 | 176193 | (131102) | 447577 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Value** | **Dividend** <br>**Income** | **Gain (Loss)** <br>**Realized on** <br>**Sale of Shares** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments** <br>**in Affiliate**  |
| ICOW | $16958596 | $866430 | $422592 | $(237493)  |
| GCOW | 16900705 | 770589  | 730678 | 724758  |
| COWZ | 16098129 | 326716 | 931538 | (1871474)  |
| BUL | 16994031 | 38142  | 1253361 | 548014  |
| CALF | 15956120 | 182460  | 724772 | (4970948)  |
| Total | 82907581 | 2184337 | 4062941 | (5807143) |

---

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**NOTE 10 – TAX COST BASIS** 

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **HERD** | **SZNE** | **SRVR** | **TRFK** | **ICOW**  |
| Tax cost of investments | $83781305 | $22195377 | $462661273 | $61230018 | $1051041093  |
|  Gross tax unrealized appreciation | 5164904 | 849 | 44041543 | 8245151 | 125439346  |
|  Gross tax unrealized depreciation | (3826278) | (2150) | (50096259) | (5776522) | (93112521)  |
|  Net tax unrealized appreciation (depreciation) | 1338626 | (1301) | (6054716) | 2468629 | 32326825  |
|  Undistributed ordinary income |  | 22945 | 3653593 | 41991 | 7513731  |
|  Undistributed long-term gain |  |  |  |  | —  |
|  Total distributable earnings |  | 22945 | 3653593 | 41991 | 7513731  |
| Other accumulated (loss) | (20063) | (29531336) | (304420836) | (370938) | (47316992)  |
|  Total accumulated gain (loss) | $1318563 | $(29509692) | $(306821959) | $2139682 | $(7476436) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ECOW**  | **GCOW**  | **INDS**  | **SHPP**  | **ALTL**  |
| Tax cost of investments  | $87568070  | $2300840210  | $164117128  | $1032329  | $138811234  |
|  Gross tax unrealized appreciation  | 8500834  | 266311567  | 2234265  | 149867  | 1882126  |
|  Gross tax unrealized depreciation  | (9195871)  | (151911066)  | (17263528)  | (144002)  | (5761975)  |
|  Net tax unrealized appreciation (depreciation)  | (695037)  | 114400501  | (15029263)  | 5865  | (3879849)  |
|  Undistributed ordinary income  | 1263689  | 28793592  | 966438  | 13262  | 312121  |
|  Undistributed long-term gain  | —  | —  | —  | 7619  | —  |
| &nbsp;&nbsp;&nbsp; Total distributable <br>earnings  | 1263689  | 28793592  | 966438  | 20881  | 312121  |
| Other accumulated (loss) | (6264721)  | (74093945)  | (62710475)  | —  | (258659097)  |
|  Total accumulated gain (loss)  | $(5696069)  | $69100148  | $(76773300)  | $26746  | $(262226825) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PALC**  | **PAMC**  | **GLBL**  | **QQQG**  | **PATN**  |
| Tax cost of investments  | $311642881  | $83915520  | $959211  | $4242938  | $9297977  |
|  Gross tax unrealized appreciation  | 4940368  | 948307  | 17579  | 231764  | 506582  |
|  Gross tax unrealized depreciation  | (19753960)  | (5399622)  | (77687)  | (268974)  | (103773)  |
|  Net tax unrealized appreciation (depreciation)  | (14813592)  | (4451315)  | (60108)  | (37210)  | 402809  |
|  Undistributed ordinary income  | 452987  | 222340  | 1381  | 580  | 20708  |
| &nbsp;&nbsp;&nbsp; Total distributable <br>earnings  | 452987  | 222340  | 1381  | (36629)  | 20708  |
| Other accumulated (loss) | (58913274)  | (13169504)  | (2891)  | (80610)  | 33  |
|  Total accumulated gain (loss)  | $(73273879)  | $(17398479)  | $(61618)  | $(117240)  | $423550 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FLRT**  | **PTNQ**  | **PTEU**  | **TRND**  | **PTIN**  |
| Tax cost of investments  | $479353382  | $1205149841  | $31293662  | $57308380  | $144203541  |
|  Gross tax unrealized appreciation | 1531210  | 1292  | 685554  | 5341155  | 10298  |
|  Gross tax unrealized depreciation | (8094571)  | (66456)  | (2085483)  | (4043777)  | (428)  |
|  Net tax unrealized appreciation (depreciation)  | (6563361)  | (65164)  | (1399929)  | 1297378  | 9870  |
|  Undistributed ordinary income  | 1135939  | 8793728  | 25572  | 174953  | 1406179  |
|  Undistributed long-term gain  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total distributable <br>earnings  | 1135939  | 8793728  | 25572  | 174953  | 1406179  |
| Other accumulated (loss) | (5994640)  | (86823431)  | (44640227)  | (819973)  | (34918298)  |
|  Total accumulated gain (loss)  | $(11422062)  | $(78094867)  | $(46014584)  | $652358  | $(33502249) |

---

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PTBD**  | **PTLC**  | **PTMC**  | **COWZ**  | **BUL**  |
| Tax cost of investments  | $158201507  | $3174981563  | $419175458  | $21790957953  | $79987525  |
|  Gross tax unrealized appreciation | 1318815  | 8782  | 11501  | 847710267  | 5900489  |
|  Gross tax unrealized depreciation | (210364)  | (115448)  | (15865)  | (1510187933)  | (5639701)  |
|  Net tax unrealized appreciation (depreciation)  | 1108451  | (106666)  | (4364)  | (662477666)  | 260788  |
|  Undistributed ordinary income  | 387107  | 16624829  | 2568975  | 79127410  | 168922  |
|  Undistributed long-term gain  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total distributable <br>earnings  | 387107  | 16624829  | 2568975  | 79127410  | 168922  |
| Other accumulated (loss) | (262427315)  | (289617855)  | (98479786)  | (2286908233)  | (8917457)  |
|  Total accumulated gain (loss)  | $(260931757)  | $(273099692)  | $(95915175)  | $(2870258489)  | $(8487747) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PEXL**  | **COWG**  | **CALF**  | **CAFG**  | **PWS**  |
| Tax cost of investments  | $45004771  | $1458898235  | $5040353856  | $20969383  | $26082787  |
|  Gross tax unrealized appreciation | 4049907  | 108821158  | 104444108  | 1135505  | 19185  |
|  Gross tax unrealized depreciation | (5455304)  | (104956041)  | (572588305)  | (1857847)  | (296299)  |
|  Net tax unrealized appreciation (depreciation)  | (1405397)  | 3865117  | (468144197)  | (722342)  | (277114)  |
|  Undistributed ordinary income  | 30534  | 687863  | 13234168  | 10241  | 129885  |
|  Undistributed long-term gain  | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp; Total distributable <br>earnings  | 30534  | 687863  | 13234168  | 10241  | 129885  |
| Other accumulated (loss) | (2308070)  | (13297674)  | (1447079676)  | (1753698)  | (24821048)  |
|  Total accumulated gain (loss)  | $(3682933)  | $(8744694)  | $(1901989705)  | $(2465799)  | $(24968277) |

---

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2025 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

At April 30, 2025, the Funds had the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Expires**  |
| HERD | $(5717) | $(14346) | Indefinite  |
| SZNE | (29531336) |  | Indefinite  |
| SRVR | (41616260) | (262804576) | Indefinite  |
| TRFK | (370938) |  | Indefinite  |
| ICOW | (24911220) | (22405772) | Indefinite  |
| ECOW | (4232809) | (2031912) | Indefinite  |
| GCOW | (6346437) | (67747508) | Indefinite  |
| INDS | (47250099) | (15460376) | Indefinite  |
| SHPP |  |  | Indefinite  |
| ALTL | (258659097) |  | Indefinite  |
| PALC | (57673053) | (1240221) | Indefinite  |
| PAMC | (13169504) |  | Indefinite  |
| GLBL | (2909) |  | Indefinite  |
| QQQG | (80610) |  | Indefinite  |
| PATN |  |  | Indefinite  |
| FLRT | (5020757) | (973883) | Indefinite  |
| PTNQ | (39984508) | (46838923) | Indefinite  |
| PTEU | (37100477) | (7478435) | Indefinite  |
| TRND | (560190) | (259783) | Indefinite  |
| PTIN | (19779460) | (8990016) | Indefinite  |
| PTBD | (262427315) |  | Indefinite  |
| PTLC | (139890212) | (149727643) | Indefinite  |
| PTMC | (98479786) |  | Indefinite  |
| COWZ | (1623521398) | (663386835) | Indefinite  |
| BUL | (8365107) | (552350) | Indefinite  |
| PEXL | (1419505) | (888565) | Indefinite  |
| COWG | (13297674) |  | Indefinite  |
| CALF | (951140094) | (495939582) | Indefinite  |
| CAFG | (1721299) | (32399) | Indefinite  |
| PWS | (24821048) |  | Indefinite |

---

The following Funds utilized capital loss carryforwards during the year ended April 30, 2025:

---

| | |
|:---|:---|
| SHPP  | $2328 |
| ALTL  | $5927450 |
| PTEU  | $4183462 |
| TRND  | $123961 |
| PTMC  | $33375147 |
| PWS  | $2842456 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

**NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| HERD | $2079362 | &nbsp;&nbsp; $— | $11498  |
| SZNE | 381571 | &nbsp;&nbsp; — |  |
| SRVR | 7675002 | &nbsp;&nbsp; — |  |
| TRFK | 144059 | &nbsp;&nbsp; 10279 | —  |
| ICOW | 63128996 | &nbsp;&nbsp; — | —  |
| ECOW | 6888072 | &nbsp;&nbsp; — | —  |
| GCOW | 82367486 | &nbsp;&nbsp; — | —  |
| INDS | 4737411 | &nbsp;&nbsp; — | —  |
| SHPP | 28143 | &nbsp;&nbsp; — | —  |
| ALTL | 2916487 | &nbsp;&nbsp; — | —  |
| PALC | 3109855 | &nbsp;&nbsp; — | —  |
| PAMC | 583598 | &nbsp;&nbsp; — | —  |
| GLBL | 1271 | &nbsp;&nbsp; — | —  |
| QQQG | 2004 | &nbsp;&nbsp; — | —  |
| PATN | 2334 | &nbsp;&nbsp; — | —  |
| FLRT | 30026014 | &nbsp;&nbsp; — | —  |
| PTNQ | 26511031 | &nbsp;&nbsp; — | —  |
| PTEU | 918289 | &nbsp;&nbsp; — | —  |
| TRND | 1236269 | &nbsp;&nbsp; — | —  |
| PTIN | 3741817 | &nbsp;&nbsp; — | —  |
| PTBD | 9614449 | &nbsp;&nbsp; — | —  |
| PTLC | 22354127 | &nbsp;&nbsp; — | —  |
| PTMC | 3747410 | &nbsp;&nbsp; — | —  |
| COWZ | 441193276 | &nbsp;&nbsp; — | —  |
| BUL | 138341 | &nbsp;&nbsp; — | —  |
| PEXL | 260011 | &nbsp;&nbsp; — | —  |
| COWG | 1361850 | &nbsp;&nbsp; — | —  |
| CALF | 86496425 | &nbsp;&nbsp; — | —  |
| CAFG | 54584 | &nbsp;&nbsp; — | —  |
| PWS | 281926 | &nbsp;&nbsp; — |  |

---

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| HERD | $1930353 | $262 | $3388  |
| SZNE | 614377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —  |
| SRVR | 21236193 |  | —  |
| TRFK | 8801 |  | —  |
| ICOW | 31659355 |  | —  |
| ECOW | 3557922 |  | —  |
| GCOW | 103433974 |  | —  |
| INDS | 8470476 |  | —  |
| SHPP | 29550 |  | —  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gain** | **Return of** <br>**Capital**  |
| ALTL | $5527814 | $— | $—  |
| PALC | 2027944 |  | —  |
| PAMC | 258009 |  | —  |
| GLBL | N/A |  | —  |
| QQQG | N/A |  | —  |
| PATN | N/A |  | —  |
| FLRT | 13662425 |  | —  |
| PTNQ | 15996062 |  | —  |
| PTEU | 1192866 |  | —  |
| TRND | 1304500 |  | —  |
| PTIN | 3142461 |  | —  |
| PTBD | 13319148 |  | —  |
| PTLC | 28840382 |  | —  |
| PTMC | 7000000 |  | —  |
| COWZ | 341685265 |  | —  |
| BUL | 657918 |  | 16317  |
| PEXL | 199688 |  | 7444  |
| COWG | 265559 |  | —  |
| CALF | 58323606 |  | —  |
| CAFG | 23563 |  | 93  |
| PWS | 453354 |  |  |

---

**NOTE 12 – RISKS** 

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

**NOTE 13 – SUBSEQUENT EVENT** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On May 21, 2025, the following Funds declared distributions from ordinary income to shareholders of record as of May 22, 2025, payable May 27, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| FLRT | $1873250 | $0.18099038  |
| PTBD | 311807 | 0.03849465 |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025(Continued)** 

On June 4, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 5, 2025, payable June 11, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| SZNE | $30401 | $0.05527440  |
| SRVR | 1796498 | 0.12878124  |
| TRFK |  | —  |
| ICOW | 8086271 | 0.24066284  |
| ECOW | 596962 | 0.14213388  |
| GCOW | 19543913 | 0.32144594  |
| INDS | 254869 | 0.06707083  |
| SHPP | 8283 | 0.13805433  |
| ALTL | 220338 | 0.06779640  |
| PALC | 483234 | 0.07921874  |
| PAMC | 83749 | 0.05583295  |
| GLBL | 444 | 0.01110850  |
| QQQG | 557 | 0.00309167  |
| PATN | 33685 | 0.07017802  |
| COWZ | 63210349 | 0.16420405  |
| BUL | 19219 | 0.01201172  |
| PEXL | 44089 | 0.05511076  |
| COWG | 448449 | 0.00815732  |
| CALF | 8591801 | 0.07821394  |
| CAFG | 7268 | 0.00908531  |
| PWS | 98775 | 0.11620588 |

---

On June 5, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 6, 2025, payable June 12, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| HERD | $355887 | $0.16176697 |

---

On June 25, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 26, 2025, payable June 30, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| FLRT | $3397047 | $0.31600441 |
| PTBD | 868863 | 0.12065043 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Trustees of Pacer Funds Trust and the Shareholders of

Pacer Cash Cows Fund of Funds ETF, Pacer CRFA-Stovall Equal Weight Seasonal Rotation ETF, Pacer Data & Infrastructure Real Estate ETF, Pacer Data and Digital Revolution ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Global Cash Cows Dividend ETF, Pacer Industrial Real Estate ETF, Pacer Industrials and Logistics ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer MSCI World Industry Advantage ETF, Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF, Pacer Nasdaq International Patent Leaders ETF, Pacer Pacific Asset Floating Rate High Income Fund ETF, Pacer Trendpilot<sup>®</sup> 100 ETF, Pacer Trendpilot<sup>®</sup> European Index ETF, Pacer Trendpilot<sup>®</sup> Fund of Funds ETF, Pacer Trendpilot<sup>®</sup> International ETF, Pacer Trendpilot<sup>®</sup> US Bond ETF, Pacer Trendpilot<sup>®</sup> US Large Cap ETF, Pacer Trendpilot<sup>®</sup> US Mid Cap ETF, Pacer US Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer US Export Leaders ETF, Pacer US Large Cap Cash Cows Growth Leaders ETF, Pacer US Small Cap Cash Cows ETF, Pacer US Small Cap Cash Cows Growth Leaders ETF and Pacer WealthShield ETF

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the "Funds") each a series of the Pacer Funds Trust, as of April 30, 2025, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as the "financial statements").

The financial highlights for the one year ended June 30, 2021, for the Pacer Pacific Asset Floating Rate High Income ETF were audited by other auditors whose opinion dated August 16, 2021 expressed an unqualified opinion on those financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2025, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Pacer Cash Cows Fund of Funds ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Data & Infrastructure Real Estate ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Data and Digital Revolution ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the year ended April 30, 2025 and 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023  |
| Pacer Developed Markets International Cash Cows 100 ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Emerging Markets Cash Cows 100 ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Global Cash Cows Dividend ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Industrial Real Estate ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Industrials and Logistics ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the year ended April 30, 2025 and 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023  |

---

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**Pacer Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Pacer Lunt Large Cap Alternator ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021  |
| Pacer Lunt Large Cap Multi- Factor Alternator ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021  |
| Pacer Lunt Midcap Multi- Factor Alternator ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021  |
| Pacer MSCI World Industry Advantage ETF | For the period September 16, 2024 through April 30, 2025 | For the period September 16, 2024 through April 30, 2025 | For the period September 16, 2024 through April 30, 2025  |
| Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | For the period August 19, 2024 through April 30, 2025 | For the period August 19, 2024 through April 30, 2025 | For the period August 19, 2024 through April 30, 2025  |
| Pacer Nasdaq International Patent Leaders ETF | For the period September 16, 2024 through April 30, 2025 | For the period September 16, 2024 through April 30, 2025 | For the period September 16, 2024 through April 30, 2025  |
| Pacer Pacific Asset Floating Rate High Income ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023 and for the period July 1, 2021 through April 30, 2022  |
| Pacer Trendpilot<sup>®</sup> 100 ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Trendpilot<sup>®</sup> European Index ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Trendpilot<sup>®</sup> Fund of Funds ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Trendpilot<sup>®</sup> International ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Trendpilot<sup>®</sup> <br>US Bond ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Trendpilot<sup>®</sup> <br>US Large Cap ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer Trendpilot<sup>®</sup> <br>US Mid Cap ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer US Cash Cows 100 ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer US Cash Cows Growth ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer US Export Leaders ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |

---

149<br>

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**Pacer Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Pacer US Large Cap Cash Cows Growth Leaders ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025 and 2024 and for the period December 21, 2022 (commencement of operations) through April 30, 2023  |
| Pacer US Small Cap Cash Cows ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021  |
| Pacer US Small Cap Cash Cows Growth Leaders ETF | For the year ended April 30, 2025 | For the year ended April 30, 2025 and period May 1, 2023 through April 30, 2024 | For the year ended April 30, 2025 and for the period May 1, 2023 (commencement of operations) through April 30, 2024  |
| Pacer WealthShield ETF | For the year ended April 30, 2025 | For the years ended April 30, 2025 and 2024 | For the years ended April 30, 2025, 2024, 2023, 2022 and 2021 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits**,** we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](signature_16012.jpg)

We have served as the auditor for the Pacer Funds Trust since 2015

Huntingdon Valley, Pennsylvania

June 27, 2025

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**Pacer Funds** 

**ADDITIONAL INFORMATION (Unaudited)** 

**NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds' website at www.PacerETFs.com.

**NOTE 2 – FEDERAL TAX INFORMATION** 

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

For the fiscal year/period ended April 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income ("QDI"), for corporate shareholders, the percent qualifying for the corporate dividends received deduction ("DRD"), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain ("STCG") distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **QDI** | **DRD** | **STCG**  |
| HERD  | 90.76%  | 33.88%  | 0.00%  |
| SZNE  | 100.00%  | 100.00%  | 0.00%  |
| SRVR  | 39.57%  | 3.91%  | 0.00%  |
| TRFK  | 71.85%  | 53.86%  | 70.71%  |
| ICOW  | 82.07%  | 0.00%  | 0.00%  |
| ECOW  | 54.10%  | 0.16%  | 0.00%  |
| GCOW  | 96.70%  | 25.77%  | 0.00%  |
| INDS  | 34.14%  | 0.25%  | 0.00%  |
| SHPP  | 76.71%  | 26.54%  | 0.00%  |
| ALTL  | 100.00%  | 100.00%  | 0.00%  |
| PALC  | 100.00%  | 100.00%  | 0.00%  |
| PAMC  | 87.37%  | 87.37%  | 0.00%  |
| GLBL  | 100.00%  | 100.00%  | 0.00%  |
| QQQG  | 0.00%  | 0.00%  | 0.00%  |
| PATN  | 100.00%  | 0.00%  | 0.00%  |
| FLRT  | 0.00%  | 0.00%  | 0.00%  |
| PTNQ  | 21.96%  | 21.08%  | 0.00%  |
| PTEU  | 100.00%  | 0.21%  | 0.00%  |
| TRND  | 37.19%  | 10.45%  | 0.00%  |
| PTIN  | 100.00%  | 0.27%  | 0.00%  |
| PTBD  | 0.00%  | 0.00%  | 0.00%  |
| PTLC  | 100.00%  | 100.00%  | 0.00%  |
| PTMC  | 72.04%  | 68.84%  | 0.00%  |
| COWZ  | 100.00%  | 100.00%  | 0.00%  |
| BUL  | 100.00%  | 100.00%  | 0.00%  |
| PEXL  | 100.00%  | 100.00%  | 0.00%  |
| COWG  | 100.00%  | 100.00%  | 0.00%  |
| CALF  | 100.00%  | 100.00%  | 0.00%  |
| CAFG  | 100.00%  | 100.00%  | 0.00%  |
| PWS  | 42.07%  | 42.06%  | 0.00% |

---

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**Pacer Funds** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Per Share**  | **Per Share**  |
| <br>**Fund** | <br>**Gross Foreign** <br>**Source Income** | <br>**Foreign Taxes** <br>**Passthrough** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough**  |
| HERD | $1639864 | $135669 | &nbsp;&nbsp;&nbsp;&nbsp; $0.73 | &nbsp;&nbsp;&nbsp;&nbsp; $0.06  |
| SZNE |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| SRVR |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TRFK |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ICOW | 54429825 | 5185719 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.16  |
| ECOW | 5571723 | 588054 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| GCOW | 82357764 | 7930886 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| INDS |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| SHPP | 18978 | 3483 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| ALTL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PALC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PAMC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| GLBL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| QQQG |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PATN | 29892 | 4459 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| FLRT |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTNQ |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTEU | 1035177 | 147650 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| TRND |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTIN |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTBD |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTLC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTMC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| COWZ |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| BUL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PEXL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| COWG |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CALF |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| CAFG |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PWS |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

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**Pacer Funds** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC's website at www.sec.gov. Each Fund's portfolio holdings are posted on their website at www.paceretfs.com daily.

**NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC's website at http://www.sec.gov, or by accessing the Funds' website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

**NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS** 

**ALTL, BUL, CALF, CAFG, ECOW, HERD, ICOW, INDS, PALC, PAMC, PEXL, PTIN, PTLC, PTMC, PTNQ, SRVR, SZNE, TRND, BULD, ODDS, SHPP and TRFK** 

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting on March 20, 2025 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor"), relating to Pacer Lunt Large Cap Alternator ETF (ALTL), Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC), Pacer Lunt Mid Cap Multi-Factor Alternator ETF (PAMC), Pacer Trendpilot<sup>®</sup> US Large Cap ETF (PTLC), Pacer Trendpilot<sup>®</sup> US Mid Cap ETF (PTMC), Pacer Trendpilot<sup>®</sup> 100 ETF (PTNQ), Pacer US Small Cap Cash Cows ETF (CALF), Pacer Developed Markets International Cash Cows 100 ETF (ICOW), Pacer US Export Leaders ETF (PEXL), Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE), Pacer US Cash Cows Growth ETF (BUL), Pacer Trendpilot<sup>®</sup> International ETF (PTIN), Pacer Emerging Markets Cash Cows 100 ETF (ECOW), Pacer Cash Cows Fund of Funds ETF (HERD), Pacer Trendpilot<sup>®</sup> Fund of Funds ETF (TRND), Pacer Industrial Real Estate ETF (INDS) Pacer Data & Infrastructure Real Estate ETF (SRVR), Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG), Pacer BlueStar Engineering the Future ETF (BULD), Pacer BlueStar Digital Entertainment ETF (ODDS), Pacer Industrials and Logistics ETF (SHPP) and Pacer Data and Digital Revolution ETF (TRFK). Each of the aforenamed funds is referred to as a "Fund" and, together, as the "Funds".

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions ("Broadridge") regarding each Fund's fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, respectively, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund's expenses and performance

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relative to the expenses and performance of other comparable funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor's services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Funds; and (iii) potential economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;• *Nature, Extent and Quality of Services to be Provided by the Advisor*. The Board reviewed the scope of services to be provided by the Advisor under
 the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund's investment goal and investment strategy, and
 the Advisor's ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices.
 In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing,
 skills and compensation program, and considered various other Funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel. The Board reviewed, a comparison of each Fund's performance for the one-year, three-year, five-year and since inception periods ended December 31, 2024 (as applicable), to that of its underlying index and that, during the year, the Board received periodic reports on each Fund's short- and longer-term performance in comparison with its underlying index. The Board noted that each Fund performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;• *Costs and Benefits of Advisory Services to be Provided to the Funds*. In considering the advisory fees payable by the Trust to the Advisor
 and each Fund's expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components,
 including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge
 as comprising a Fund's applicable expense peer group ("Peer Group") pursuant to Broadridge's proprietary ETF methodology.
 The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine a Fund's peer
 group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided
 in Broadridge's report may or may not provide meaningful direct comparisons to a Fund in all instances. The Board compared each
 Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each Fund was charged fees that were
 within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating
 expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest,
 taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine
 expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation
 and incidental or "fall-out" benefits received (or proposed or likely to be received) by the Advisor from its relationship
 with the Funds, taking into account assessments of the Advisor's profitability prepared and shared by the Advisor's management.

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Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;• *Economies of Scal* e. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the
 assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow
 and whether advisory fee levels reflect those economies of scale for the benefit of the Funds' investors, the Trustees considered
 that each Fund's fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses
 of each Fund. The Board reviewed the Adviser's methodology for calculating estimated profitability of the Fund, noting that profitability
 may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged
 the difficulty in calculating and comparing profitability at the individual fund level. For each Fund the Trustees considered that, while
 the investment advisory fee would remain the same at all asset levels, the Funds' shareholders benefited from the Advisor's
 commitment to pay each Fund's operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure
 of the Funds would not directly result in economies of scale for shareholders.

**Overall Findings and Conclusions of the Board** 

Based on its deliberations and its evaluation of the information described above, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

**FLRT** 

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting March 20, 2025 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor") with respect to Pacer Pacific Asset Floating Rate High Income ETF ("FLRT" or the "Fund"), and the proposed renewal of an investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Advisor and Aristotle Pacific Capital, LLC (the "Sub-Advisor") with respect to FLRT.

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust's other service providers. Prior to deciding to approve the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund; (2) the

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Advisor's and the Sub-Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor's and the Sub-Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund's expenses and performance relative to the expenses and performance of other funds; (7) a copy of the registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at the Meeting to help the Board evaluate the Advisor's, and the Sub-Advisor's services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board's findings as it relates to each of the factors for the Fund are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;• *Nature, Extent and Quality of Services to be Provided by the Adviser and the Sub-Advisor*. The Board reviewed the scope of services provided by
 the Adviser under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees
 reviewed Fund's investment goal and investment strategy, and the Adviser's and the Sub-Advisor's ability to implement
 such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services
 to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Adviser and considered the Sub-Advisor's
 ability to ensure compliance with the Fund's strategies, policies, and limitations. In addition, the Trustees reviewed the management
 team at the Adviser and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program,
 and considered various other portfolios advised by the Adviser and the Sub-Advisor and any potential conflicts. The Trustees also considered
 the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the
 Fund. The Board also considered a report from the Trust's Chief Compliance Officer regarding the Sub-Advisor's compliance
 programs as such relates to the operation of the Fund.

Based on its review, the Board determined that the Adviser and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Adviser's and the Sub-Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its benchmark index and other products managed by the Adviser and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable). The Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year and since inception periods ended December 31, 2024, to that of its benchmark index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its benchmark index. The Board noted that the Fund had periods of outperformance and underperformance relative to its benchmark index over the relevant periods. The Board also considered other services provided to the Fund by the Adviser and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Adviser and the Sub-Advisor, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;• *Costs and Benefits of Advisory Services to be Provided to the Fund*. In considering the advisory fees payable by the Trust to the Adviser
 and the Fund's expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components,
 including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge
 as comprising the Fund's applicable expense peer group ("Peer Group") pursuant to Broadridge's proprietary ETF
 methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the
 Fund's peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical
 information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The
 Board compared Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees
 that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay
 the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services,
 except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary
 and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board
 also evaluated the compensation and incidental or "fall-out" benefits received by the Adviser from its relationship with the
 Fund, considering the Adviser's profitability analysis prepared and shared by the Adviser's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• *Costs and Benefits of Sub-Advisor's Services to be Provided to the Fund*. The Board noted that the sub-advisory fees paid to the Sub-Advisor
 are paid by the Adviser and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were
 the product of arms-length negotiations between the Adviser and the Sub-Advisor. In considering the sub-advisory fees payable by the Adviser
 to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Adviser
 relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within
 the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Adviser
 were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;• *Economies of Scale*. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the
 Sub-Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized
 as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors, the
 Trustees considered that the Fund's fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the
 operating expenses of the Fund. The Board reviewed the Adviser's methodology for calculating estimated profitability of the Fund,
 noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations.
 The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees
 considered that, while the investment advisory fee would remain the same at all asset levels, the Funds' shareholders benefited
 from the Adviser's commitment to pay each Fund's operating expenses out of its investment advisory fee.

In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information. After further discussion, upon a motion duly made, seconded and approved, the following resolutions were unanimously approved (with the Independent Trustees voting separately):

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**Overall Findings and Conclusions of the Board** 

Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; (d) concluded that the Sub-Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

**QDPL** 

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting March 20, 2025 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor") with respect to Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ("QDPL" or the "Fund"), and the proposed renewal of an investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Advisor and Metaurus Advisors, LLC (the "Sub-Advisor") with respect to QDPL.

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund; (2) the Advisor's and the Sub-Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor's and the Sub-Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund's expenses and performance relative to the expenses and performance of other funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at the Meeting to help the Board evaluate the Advisor's, and the Sub-Advisor's services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the

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performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board's findings as it relates to each of the factors for the Fund are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;• *Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor*. The Board reviewed the scope of services provided by
 the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees
 reviewed the Fund's investment goal and investment strategy, and the Advisor's and the Sub-Advisor's ability to implement
 such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services
 to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor's
 ability to ensure compliance with the Fund's strategies, policies, and limitations. In addition, the Trustees reviewed the management
 team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program,
 and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Trustees also considered
 the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the
 Fund. The Board also considered a report from the Trust's Chief Compliance Officer regarding the Sub-Advisor's compliance
 programs as such relates to the operation of the Fund.

Based on its review, the Board determined that the Advisor and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor's and the Sub-Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its underlying index and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable). The Board reviewed, a comparison of the Fund's performance for the one-year and since inception periods ended December 31, 2024, to that of its underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor and the Sub-Advisor, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• *Costs and Benefits of Advisory Services to be Provided to the Fund*. In considering the advisory fees payable by the Trust to the Adviser
 and the Fund's expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components,
 including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge
 as comprising the Fund's applicable expense peer group ("Peer Group") pursuant to Broadridge's proprietary ETF
 methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the
 Fund's peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical
 information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The
 Board compared the Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged
 fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to
 pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services,
 except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary
 and non-routine

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expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received by the Advisor from its relationship with the Fund, considering the Advisor's profitability analysis prepared and shared by the Advisor's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;• *Costs and Benefits of Sub-Advisor's Services to be Provided to the Fund*. The Board noted that the sub-advisory fees paid to the Sub-Advisor
 are paid by the Advisor and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were
 the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor
 to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor
 relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within
 the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor
 were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;• *Economies of Scale*. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the
 Sub-Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized
 as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors, the
 Trustees considered that the Fund's fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the
 operating expenses of the Fund. The Board reviewed the Adviser's methodology for calculating estimated profitability of the Fund,
 noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations.
 The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees
 considered that, while the investment advisory fee would remain the same at all asset levels, the Funds' shareholders benefited
 from the Adviser's commitment to pay each Fund's operating expenses out of its investment advisory fee.

**Overall Findings and Conclusions of the Board** 

Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; (d) concluded that the Sub-Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

160<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Advisor** 

Pacer Advisors, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Index Provider** 

CFRA

One New York Plaza, 34th Floor

New York, NY 10004

FTSE International Limited

12th Floor, 10 Upper Bank Street

Canary Wharf, London E14 5NP

Index Design Group, LLC

500 Chesterfield Parkway

Malvern, PA 19355

Lunt Capital Management, Inc.

215 S State St, Suite 100

Salt Lake City, UT 84111

Solactive AG

Platz der Einheit 1

60327 Frankfurt am Main

Germany

S&P Dow Jones Indices LLC

55 Water Street

New York, NY 10041

**Custodian** 

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive

Milwaukee, WI 53212

**Sub Adviser** 

Vident Asset Management

1125 Sanctuary Parkway, Suite 515

Alpharetta, GA 30009

Aristotle Pacific Capital, LLC

840 Newport Center Drive, 7th Floor

Newport Beach, CA 92660

**Distributor** 

Pacer Financial, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Transfer Agent** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

**Independent Registered** 

**Public Accounting Firm** 

Sanville & Company

2617 Huntingdon Pike

Huntingdon Valley, PA 19006

**Legal Counsel** 

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

------

**[**TABLE OF CONTENTS**](#TOC)**

![](pacer_blogos_16012-new.jpg)

![](pacer_etfs-logo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under
 Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal
 Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report
 is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's
 service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial
 reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected,
 or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith](pft-efp16012_ex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Not Applicable*

([3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](pft-efp16012_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant*. Not applicable
 to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](pft-efp16012_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Pacer
 Funds Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joe M. Thomson |
|  | Joe M. Thomson, President/Principal Executive Officer |

---

Date <u>7/7/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joe M. Thomson |
|  | Joe M. Thomson, President/Principal Executive Officer |

---

Date <u>7/7/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Sean E. O'Hara |
|  | Sean E. O'Hara, Treasurer/Principal Financial Officer |

---

 

Date <u>7/7/2025</u> <br>

 

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

**PACER FUNDS TRUST**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of Pacer Funds Trust (the "Trust") are valuable assets that are vital to the Trust's success. Each officer and employee of the Trust, including each of the Trust's senior financial officers ("SFOs"), is responsible for conducting the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the
ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable
disclosure in reports and documents that the Trust files with, or submits to, the SEC, and in other public communications made by the
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental
rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal
reporting of violations of the Code to an appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust's financial statements. Specifically, persons subject to this Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Act with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;· Avoid actual or apparent conflicts of interest
with the Trust in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;• Provide
 information to the Trust's employees and service providers (adviser, administrator,
 outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective,
 relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;• Endeavor
 to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's
 periodic reports

&nbsp;&nbsp;&nbsp;&nbsp;• Comply
 with the federal securities laws and other applicable laws and rules, such as the Internal
 Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;• Act
 in good faith, responsibly, and with due care, competence and diligence, without misrepresenting
 material facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;• Respect
 the confidentiality of information acquired in the course of their work, except where disclosure
 is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;• Record
 (or participate in the recording of) entries in the Trust's books and records that
 are accurate

• Refrain
 from using confidential information for personal advantage

<u>Violations of the Code</u>

Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the Code</u>

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust's senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust's senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify (Appendix A) on an annual basis that he/she is in full compliance with the Code and any related policy statements.

<u>Questions about the Code</u>

The Trust's Board of Trustees has designated the Trust's CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Joe M. Thomson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/7/2025 | /s/ Joe M. Thomson |
|  |  | Joe M. Thomson |
|  |  | President (Principal Executive Officer) |

---

**<u>CERTIFICATIONS</u>**

I, Sean E. O'Hara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets,
and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940)
and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 7/7/2025 | /s/ Sean E. O'Hara |
|  |  | Sean E. O'Hara |
|  |  | Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the year ended April 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Pacer funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Joe M. Thomson | /s/ Sean E. O'Hara |
| Joe M. Thomson<br> President (Principal Executive Officer)<br> Pacer Funds Trust | Sean E. O'Hara<br> Treasurer (Principal Financial Officer)<br> Pacer Funds Trust |

---

Dated: <u>7/7/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Pacer Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.