# EDGAR Filing Document

**Accession Number:** 0001616668
**File Stem:** 0001133228-25-009108
**Filing Date:** 2025-8
**Character Count:** 490257
**Document Hash:** 612011980a0b57f40430bf50b3716408
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009108.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001133228-25-009108

**CONFORMED SUBMISSION TYPE**: N-CSRS/A

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**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-CSRS/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23024
- **FILM NUMBER:** 251269239

**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 American Energy Independence ETF (Series ID: S000067253)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000216332 | Pacer American Energy Independence ETF | USAI            |

### Pacer Swan SOS Conservative (January) ETF (Series ID: S000070374)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000223806 | Pacer Swan SOS Conservative (January) ETF | PSCX            |

### Pacer Swan SOS Flex (April) ETF (Series ID: S000070375)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000223807 | Pacer Swan SOS Flex (April) ETF | PSFM            |

### Pacer Swan SOS Flex (July) ETF (Series ID: S000070376)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000223808 | Pacer Swan SOS Flex (July) ETF | PSFJ            |

### Pacer Swan SOS Flex (October) ETF (Series ID: S000070377)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223809 | Pacer Swan SOS Flex (October) ETF | PSFO            |

### Pacer Swan SOS Fund of Funds ETF (Series ID: S000070378)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000223810 | Pacer Swan SOS Fund of Funds ETF | PSFF            |

### Pacer Swan SOS Conservative (April) ETF (Series ID: S000070379)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000223811 | Pacer Swan SOS Conservative (April) ETF | PSCW            |

### Pacer Swan SOS Conservative (July) ETF (Series ID: S000070380)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000223812 | Pacer Swan SOS Conservative (July) ETF | PSCJ            |

### Pacer Swan SOS Conservative (October) ETF (Series ID: S000070381)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000223813 | Pacer Swan SOS Conservative (October) ETF | PSCQ            |

### Pacer Swan SOS Moderate (January) ETF (Series ID: S000070382)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000223814 | Pacer Swan SOS Moderate (January) ETF | PSMD            |

### Pacer Swan SOS Moderate (April) ETF (Series ID: S000070383)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000223815 | Pacer Swan SOS Moderate (April) ETF | PSMR            |

### Pacer Swan SOS Moderate (July) ETF (Series ID: S000070384)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000223816 | Pacer Swan SOS Moderate (July) ETF | PSMJ            |

### Pacer Swan SOS Moderate (October) ETF (Series ID: S000070385)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000223817 | Pacer Swan SOS Moderate (October) ETF | PSMO            |

### Pacer Swan SOS Flex (January) ETF (Series ID: S000070386)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223818 | Pacer Swan SOS Flex (January) ETF | PSFD            |

### Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (Series ID: S000072257)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000228210 | Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | QDPL            |

### Pacer BlueStar Digital Entertainment ETF (Series ID: S000075353)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000234327 | Pacer BlueStar Digital Entertainment ETF | ODDS            |

### Pacer BlueStar Engineering the Future ETF (Series ID: S000075354)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000234328 | Pacer BlueStar Engineering the Future ETF | BULD            |

### Pacer Developed Markets Cash Cows Growth Leaders ETF (Series ID: S000084319)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000248690 | Pacer Developed Markets Cash Cows Growth Leaders ETF | EAFG            |

### Pacer Metarus Nasdaq 100 Dividend Multiplier 600 ETF (Series ID: S000085680)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000251020 | Pacer Metarus Nasdaq 100 Dividend Multiplier 600 ETF | QSIX            |

### Pacer US Cash Cows Bond ETF (Series ID: S000089366)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000255887 | Pacer US Cash Cows Bond ETF | MILK            |

### Pacer Solactive Whitney Future of Warfare ETF (Series ID: S000089367)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000255888 | Pacer Solactive Whitney Future of Warfare ETF | FOWF            |

### Pacer PE/VC ETF (Series ID: S000089368)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000255889 | Pacer PE/VC ETF | PEVC            |

?xml version='1.0' encoding='ASCII'? 2025-05-06197202_PacerAmericanEnergyIndependenceETF_TF_TSRSemiAnnual

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>October 31</u>**

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

**EXPLANATORY NOTE**

The Registrant is filing this amendment to its [Form N-CSRS](https://www.sec.gov/ix?doc=/Archives/edgar/data/1616668/000113322825007142/pes-efp16215_ncsrs.htm) for the period ended April 30, 2025, originally filed with the Securities and Exchange Commission on July 7, 2025 (Accession Number 0001133228-25-007142). The purpose of this amendment is to include in the Notes to the Financial Statements the required disclosure regarding the Board of Trustees' considerations in approving the Investment Advisory Agreement for the new Funds launched during the period covered by the report. The original Form N-CSRS filing unintentionally omitted such disclosures in error. Except as set forth above this amendment does not amend, update or change any other items found in the original Form N-CSRS filing, the entirety of which is incorporated here by reference.

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer American Energy Independence ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | USAI (Principal U.S. Listing Exchange: NYSE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer American Energy Independence ETF for the period of November 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 LAST SIX MONTHS?** (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 American Energy Independence ETF | $38 | 0.75% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $89781406 | **30-Day SEC Yield** | 3.40% |
| **Number of Holdings** | 27 | **30-Day SEC Yield Unsubsidized** | 3.40% |
| **Portfolio Turnover** | 13% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Enbridge, Inc.  | 8.3% |
|  Cheniere Energy, Inc.  | 8.0% |
|  Williams Cos., Inc.  | 7.7% |
|  Kinder Morgan, Inc.  | 7.4% |
|  Energy Transfer LP  | 7.0% |
|  ONEOK, Inc.  | 6.5% |
|  TC Energy Corp.  | 4.8% |
|  MPLX LP  | 4.4% |
|  Pembina Pipeline Corp.  | 4.4% |
|  Enterprise Products Partners LP  | 4.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Energy  | 99.6% |
|  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 American Energy Independence ETF PAGE 1 TSR-SAR-69374H634

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer BlueStar Digital Entertainment ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | ODDS (Principal U.S. Listing Exchange: Nasdaq) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer BlueStar Digital Entertainment ETF for the period of November 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 LAST SIX MONTHS?** (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 BlueStar Digital Entertainment ETF | $32 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1619765 | **30-Day SEC Yield** | 0.21% |
| **Number of Holdings** | 44 | **30-Day SEC Yield Unsubsidized** | 0.21% |
| **Portfolio Turnover** | 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** | **(%)** |
|  Flutter Entertainment PLC  | 8.0% |
|  Tencent Holdings Ltd.  | 7.2% |
|  Evolution AB  | 6.8% |
|  DraftKings, Inc.  | 6.7% |
|  AppLovin Corp.  | 5.3% |
|  Nintendo Co. Ltd.  | 5.2% |
|  ROBLOX Corp.  | 3.4% |
|  Entain PLC  | 3.4% |
|  NetEase, Inc.  | 3.3% |
|  Playtech PLC  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Consumer Discretionary  | 52.2% |
|  Communication Services  | 40.4% |
|  Information Technology  | 7.3% |
|  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 BlueStar Digital Entertainment ETF PAGE 1 TSR-SAR-69374H394

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer BlueStar Engineering the Future ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | BULD (Principal U.S. Listing Exchange: Nasdaq) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer BlueStar Engineering the Future ETF for the period of November 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 LAST SIX MONTHS?** (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 BlueStar Engineering the Future ETF | $29 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1202028 | **30-Day SEC Yield** | 0.39% |
| **Number of Holdings** | 55 | **30-Day SEC Yield Unsubsidized** | 0.39% |
| **Portfolio Turnover** | 16% |  |  |

---

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  | 18.7% |
|  ASML Holding NV  | 8.6% |
|  Siemens AG  | 8.5% |
|  Autodesk, Inc.  | 8.1% |
|  Proto Labs, Inc.  | 7.2% |
|  Dassault Systemes SE  | 6.0% |
|  Stratasys Ltd.  | 5.4% |
|  Applied Materials, Inc.  | 5.0% |
|  ANSYS, Inc.  | 5.0% |
|  3D Systems Corp.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 62.0% |
|  Industrials  | 35.2% |
|  Consumer Discretionary  | 1.5% |
|  Health Care  | 1.1% |
|  Energy  | 0.1% |
|  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 BlueStar Engineering the Future ETF PAGE 1 TSR-SAR-69374H410

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Developed Markets Cash Cows** **Growth Leaders ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | EAFG (Principal U.S. Listing Exchange: NYSE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Developed Markets Cash Cows Growth Leaders ETF for the period of November 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 LAST SIX MONTHS?** (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 Cash Cows Growth Leaders ETF | $33 | 0.65% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1006268 | **30-Day SEC Yield** | 1.33% |
| **Number of Holdings** | 102 | **30-Day SEC Yield Unsubsidized** | 1.33% |
| **Portfolio Turnover** | 60% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Spotify Technology SA  | 4.4% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 4.0% |
|  Grab Holdings Ltd.  | 3.1% |
|  Pro Medicus Ltd.  | 2.8% |
|  Konami Group Corp.  | 2.8% |
|  Nintendo Co. Ltd.  | 2.7% |
|  Daifuku Co. Ltd.  | 2.3% |
|  Computershare Ltd.  | 2.2% |
|  Sony Group Corp.  | 2.1% |
|  CyberArk Software Ltd.  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Communication Services  | 21.8% |
|  Industrials  | 19.5% |
|  Consumer Discretionary  | 19.2% |
|  Information Technology  | 19.0% |
|  Health Care  | 10.3% |
|  Consumer Staples  | 3.0% |
|  Materials  | 3.0% |
|  Energy  | 2.1% |
|  Utilities  | 1.6% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Japan  | 25.9% |
|  Australia  | 9.6% |
|  Sweden  | 9.5% |
|  Israel  | 7.9% |
|  United Kingdom  | 7.7% |
|  Switzerland  | 7.5% |
|  United States  | 4.1% |
|  Singapore  | 4.1% |
|  Netherlands  | 3.7% |
|  Cash & Other  | 20.0% |

---

\* 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/.

Pacer Developed Markets Cash Cows Growth Leaders ETF PAGE 1 TSR-SAR-69374H345

------

**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 Cash Cows Growth Leaders ETF PAGE 2 TSR-SAR-69374H345

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Metaurus Nasdaq-100 Dividend** **Multiplier 600 ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | QSIX (Principal U.S. Listing Exchange: Nasdaq) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF for the period of November 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 LAST SIX MONTHS?** (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 Metaurus Nasdaq-100 Dividend Multiplier 600 ETF | $29 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $6105212 | **30-Day SEC Yield** | 0.41% |
| **Number of Holdings** | 105 | **30-Day SEC Yield Unsubsidized** | 0.41% |
| **Portfolio Turnover** | 3% |  |  |

---

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  | 8.2% |
|  Apple, Inc.  | 7.8% |
|  Microsoft Corp.  | 7.2% |
|  NVIDIA Corp.  | 6.5% |
|  Amazon.com, Inc.  | 4.8% |
|  Alphabet, Inc.  | 4.4% |
|  Broadcom, Inc.  | 3.7% |
|  Meta Platforms, Inc.  | 2.9% |
|  Netflix, Inc.  | 2.9% |
|  Costco Wholesale Corp.  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 43.9% |
|  Communication Services  | 13.8% |
|  Consumer Discretionary  | 12.1% |
|  Consumer Staples  | 5.5% |
|  Health Care  | 5.0% |
|  Industrials  | 4.4% |
|  Utilities  | 1.3% |
|  Materials  | 1.3% |
|  Energy  | 0.4% |
|  Cash & Other  | 12.3% |

---

\* 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/.

Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF PAGE 1 TSR-SAR-69374H287

------

**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 Metaurus Nasdaq-100 Dividend Multiplier 600 ETF PAGE 2 TSR-SAR-69374H287

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Metaurus US Large Cap Dividend** **Multiplier 400 ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | QDPL (Principal U.S. Listing Exchange: NYSE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Metaurus US Large Cap Dividend Multiplier 400 ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $853590159 | **30-Day SEC Yield** | 1.09% |
| **Number of Holdings** | 518 | **30-Day SEC Yield Unsubsidized** | 1.09% |
| **Portfolio Turnover** | 4% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 9.8% |
|  Apple, Inc.  | 6.0% |
|  Microsoft Corp.  | 5.5% |
|  NVIDIA Corp.  | 5.0% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 4.9% |
|  Amazon.com, Inc.  | 3.3% |
|  Alphabet, Inc.  | 3.2% |
|  Meta Platforms, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc.  | 1.8% |
|  Broadcom, Inc.  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 26.8% |
|  Financials  | 12.8% |
|  Government  | 9.8% |
|  Health Care  | 9.5% |
|  Consumer Discretionary  | 9.1% |
|  Communication Services  | 8.2% |
|  Industrials  | 7.5% |
|  Consumer Staples  | 5.4% |
|  Energy  | 2.8% |
|  Cash & Other  | 8.1% |

---

\* 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/.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF PAGE 1 TSR-SAR-69374H436

------

**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 Metaurus US Large Cap Dividend Multiplier 400 ETF PAGE 2 TSR-SAR-69374H436

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer PE/VC ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PEVC (Principal U.S. Listing Exchange: NYSE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer PE/VC ETF for the period of February 3, 2025, 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 LAST SIX MONTHS?** (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 PE/VC ETF | $19 | 0.83% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from February 03, 2025 to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year.

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1776058 | **30-Day SEC Yield** | 0.60% |
| **Number of Holdings** | 216 | **30-Day SEC Yield Unsubsidized** | 0.60% |
| **Portfolio Turnover** | 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** | **(%)** |
|  Microsoft Corp.  | 4.2% |
|  Alphabet, Inc.  | 4.1% |
|  Meta Platforms, Inc.  | 3.7% |
|  Berkshire Hathaway, Inc.  | 3.4% |
|  Netflix, Inc.  | 2.9% |
|  Visa, Inc.  | 2.7% |
|  NVIDIA Corp.  | 2.6% |
|  Apple, Inc.  | 2.6% |
|  Mastercard, Inc.  | 2.5% |
|  Amazon.com, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 29.4% |
|  Financials  | 15.1% |
|  Communication Services  | 12.8% |
|  Industrials  | 7.6% |
|  Health Care  | 6.3% |
|  Consumer Discretionary  | 5.8% |
|  Consumer Staples  | 5.6% |
|  Energy  | 2.9% |
|  Materials  | 2.3% |
|  Cash & Other  | 12.2% |

---

\* 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/.

Pacer PE/VC ETF PAGE 1 TSR-SAR-69374H253

------

**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 PE/VC ETF PAGE 2 TSR-SAR-69374H253

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Solactive Whitney Future of Warfare** **ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | FOWF (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Solactive Whitney Future of Warfare ETF for the period of December 17, 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 LAST SIX MONTHS?** (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 Solactive Whitney Future of Warfare ETF | $23 | 0.60% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from December 17, 2024 to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year.

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1295432 | **30-Day SEC Yield** | 1.05% |
| **Number of Holdings** | 88 | **30-Day SEC Yield Unsubsidized** | 1.05% |
| **Portfolio Turnover** | 26% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  General Dynamics Corp.  | 7.8% |
|  Lockheed Martin Corp.  | 7.6% |
|  Boeing Co.  | 7.5% |
|  RTX Corp.  | 7.1% |
|  BAE Systems PLC  | 6.6% |
|  Northrop Grumman Corp.  | 5.3% |
|  Honeywell International, Inc.  | 3.9% |
|  Leidos Holdings, Inc.  | 2.8% |
|  L3Harris Technologies, Inc.  | 2.3% |
|  Dell Technologies, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Industrials  | 69.5% |
|  Information Technology  | 22.9% |
|  Communication Services  | 4.7% |
|  Materials  | 1.7% |
|  Consumer Discretionary  | 1.1% |
|  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/.

Pacer Solactive Whitney Future of Warfare ETF PAGE 1 TSR-SAR-69374H261

------

**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 Solactive Whitney Future of Warfare ETF PAGE 2 TSR-SAR-69374H261

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Conservative (April) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSCW (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Conservative (April) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Conservative (April) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $58094847 | **30-Day SEC Yield** | -0.54% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.54% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 102.6% |
|  Written Options  | -3.5% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.15  | 97.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42  | 5.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $391.57  | -1.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $631.50  | -2.3% |

---

\* 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 Swan SOS Conservative (April) ETF PAGE 1 TSR-SAR-69374H543

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Conservative (January)** **ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSCX (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Conservative (January) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Conservative (January) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $31245196 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 100.8% |
|  Written Options  | -1.6% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.45  | 95.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78  | 5.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $659.01  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $410.26  | -1.0% |

---

\* 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 Swan SOS Conservative (January) ETF PAGE 1 TSR-SAR-69374H584

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Conservative (July) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSCJ (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Conservative (July) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Conservative (July) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $44464898 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 99.6% |
|  Written Options  | -0.2% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $5.99  | 98.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $517.01  | 1.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $627.0  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $380.95  | -0.1% |

---

\* 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 Swan SOS Conservative (July) ETF PAGE 1 TSR-SAR-69374H535

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Conservative (October)** **ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSCQ (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Conservative (October) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Conservative (October) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $38926641 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 100.1% |
|  Written Options  | -0.9% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $6.31  | 96.0% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $545.07  | 4.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $641.18  | -0.3% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $401.63  | -0.6% |

---

\* 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 Swan SOS Conservative (October) ETF PAGE 1 TSR-SAR-69374H527

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Flex (April) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSFM (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Flex (April) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Flex (April) ETF | $29 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $21351954 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 5 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 105.3% |
|  Written Options  | -6.4% |
|  Cash & Other  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.27  | 97.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.39  | 6.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $335.63  | 0.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $637.42  | -2.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $447.51  | -4.2% |

---

\* 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 Swan SOS Flex (April) ETF PAGE 1 TSR-SAR-69374H477

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Flex (January) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSFD (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Flex (January) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Flex (January) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $50159738 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 5 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 103.8% |
|  Written Options  | -4.6% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.56  | 95.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.08  | 7.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $351.65  | 0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $665.32  | -0.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $468.86  | -4.1% |

---

\* 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 Swan SOS Flex (January) ETF PAGE 1 TSR-SAR-69374H576

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Flex (July) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSFJ (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Flex (July) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Flex (July) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $22015903 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 5 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 99.7% |
|  Written Options  | -0.6% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $6.10  | 97.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.22  | 2.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $326.53  | 0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $627.32  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $435.38  | -0.5% |

---

\* 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 Swan SOS Flex (July) ETF PAGE 1 TSR-SAR-69374H469

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Flex (October) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSFO (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Flex (October) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Flex (October) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $14084890 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 5 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 102.0% |
|  Written Options  | -2.6% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $6.43  | 95.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.76  | 5.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $344.26  | 0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $650.13  | -0.2% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $459.01  | -2.4% |

---

\* 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 Swan SOS Flex (October) ETF PAGE 1 TSR-SAR-69374H451

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Fund of Funds ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSFF (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Fund of Funds ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Fund of Funds ETF | $6 | 0.12% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $423749568 | **30-Day SEC Yield** | -0.09% |
| **Number of Holdings** | 13 | **30-Day SEC Yield Unsubsidized** | -0.09% |
| **Portfolio Turnover** | 0% |  |  |

---

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  | 99.5% |
|  Investments Purchased with Proceeds from Securities Lending  | 0.5% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Pacer Swan SOS Moderate (January) ETF  | 15.6% |
|  Pacer Swan SOS Moderate (October) ETF  | 13.8% |
|  Pacer Swan SOS Moderate (July) ETF  | 13.8% |
|  Pacer Swan SOS Moderate (April) ETF  | 12.4% |
|  Pacer Swan SOS Conservative (October) ETF  | 8.0% |
|  Pacer Swan SOS Conservative (April) ETF  | 7.9% |
|  Pacer Swan SOS Conservative (July) ETF  | 7.1% |
|  Pacer Swan SOS Conservative (January) ETF  | 6.1% |
|  Pacer Swan SOS Flex (January) ETF  | 5.3% |
|  Pacer Swan SOS Flex (July) ETF  | 3.8% |

---

\* 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 Swan SOS Fund of Funds ETF PAGE 1 TSR-SAR-69374H568

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Moderate (April) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSMR (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Moderate (April) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Moderate (April) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $78388175 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 104.5% |
|  Written Options  | -5.5% |
|  Cash & Other  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $6.21  | 97.8% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.45  | 6.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $629.15  | -2.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.48  | -2.9% |

---

\* 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 Swan SOS Moderate (April) ETF PAGE 1 TSR-SAR-69374H519

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Moderate (January) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSMD (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Moderate (January) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Moderate (January) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $85916570 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 102.6% |
|  Written Options  | -3.5% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $6.51  | 94.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.14  | 7.7% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $656.53  | -0.6% |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $498.17  | -2.9% |

---

\* 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 Swan SOS Moderate (January) ETF PAGE 1 TSR-SAR-69374H550

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Moderate (July) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSMJ (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Moderate (July) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Moderate (July) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $70786200 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 99.6% |
|  Written Options  | -0.5% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $6.04  | 97.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.27  | 2.5% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $619.54  | -0.1% |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $462.59  | -0.4% |

---

\* 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 Swan SOS Moderate (July) ETF PAGE 1 TSR-SAR-69374H493

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer Swan SOS Moderate (October) ETF**  | ![image](image001.jpg) |
| ![image](image002.jpg) | PSMO (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Swan SOS Moderate (October) ETF for the period of November 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 Swan SOS Moderate (October) ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $103961278 | **30-Day SEC Yield** | -0.55% |
| **Number of Holdings** | 4 | **30-Day SEC Yield Unsubsidized** | -0.55% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Purchased Options  | 101.3% |
|  Written Options  | -2.2% |
|  Cash & Other  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $6.37  | 95.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.82  | 5.9% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $640.55  | -0.4% |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $487.70  | -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 Swan SOS Moderate (October) ETF PAGE 1 TSR-SAR-69374H485

------

---

| | | |
|:---|:---|:---|
| ![image](image002.jpg) | **Pacer US Cash Cows Bond Fund**  | ![image](image001.jpg) |
| ![image](image002.jpg) | MILK (Principal U.S. Listing Exchange: CBOE) | ![image](image001.jpg) |
| ![image](image002.jpg) | Semi-Annual Shareholder Report \| April 30, 2025  | ![image](image001.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Cash Cows Bond Fund for the period of December 17, 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 LAST SIX MONTHS?** (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 Bond Fund | $19 | 0.51% |

---

\* Expense ratio is annualized. Amount shown reflects the expenses of the Fund for the current fiscal period from December 17, 2024 to April 30, 2025. Expenses would be higher if the Fund had been in operations for a full year.

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

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $4796602 | **30-Day SEC Yield** | 6.07% |
| **Number of Holdings** | 101 | **30-Day SEC Yield Unsubsidized** | 6.07% |
| **Portfolio Turnover** | 0% |  |  |

---

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

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CVS Health Corp.  | 4.0% |
|  Pilgrim's Pride Corp.  | 4.0% |
|  Altria Group, Inc.  | 3.9% |
|  Royalty Pharma PLC  | 3.9% |
|  Occidental Petroleum Corp.  | 3.6% |
|  Berry Global, Inc.  | 3.2% |
|  Leggett & Platt, Inc.  | 3.0% |
|  Cleveland-Cliffs, Inc.  | 3.0% |
|  Fox Corp.  | 2.9% |
|  Williams Cos., Inc.  | 2.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Energy  | 22.0% |
|  Consumer Discretionary  | 17.5% |
|  Health Care  | 14.5% |
|  Materials  | 11.7% |
|  Information Technology  | 10.8% |
|  Consumer Staples  | 9.8% |
|  Communication Services  | 7.0% |
|  Industrials  | 4.7% |
|  Cash & Other  | 2.0% |

---

\* 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/.

Pacer US Cash Cows Bond Fund PAGE 1 TSR-SAR-69374H279

------

**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 Bond Fund PAGE 2 TSR-SAR-69374H279

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports**.**

**<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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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

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

**Pacer Funds** 

**Pacer American Energy Independence ETF *Ticker: USAI*** 

**Pacer BlueStar Digital Entertainment ETF *Ticker: ODDS*** 

**Pacer Bluestar Engineering the Future ETF *Ticker: BULD*** 

**Pacer Developed Markets Cash Cows Growth Leaders ETF *Ticker: EAFG*** 

**Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF *Ticker: QSIX*** 

**Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF *Ticker: QDPL*** 

**Pacer PE/VC ETF *Ticker: PEVC*** 

**Pacer Solactive Whitney Future of Warfare ETF *Ticker: FOWF*** 

**Pacer Swan SOS Conservative (April) ETF *Ticker: PSCW*** 

**Pacer Swan SOS Conservative (January) ETF *Ticker: PSCX*** 

**Pacer Swan SOS Conservative (July) ETF *Ticker: PSCJ*** 

**Pacer Swan SOS Conservative (October) ETF *Ticker: PSCQ*** 

**Pacer Swan SOS Flex (April) ETF *Ticker: PSFM*** 

**Pacer Swan SOS Flex (January) ETF *Ticker: PSFD*** 

**Pacer Swan SOS Flex (July) ETF *Ticker: PSFJ*** 

**Pacer Swan SOS Flex (October) ETF *Ticker: PSFO*** 

**Pacer Swan SOS Fund of Funds ETF *Ticker: PSFF*** 

**Pacer Swan SOS Moderate (April) ETF *Ticker: PSMR*** 

**Pacer Swan SOS Moderate (January) ETF *Ticker: PSMD*** 

**Pacer Swan SOS Moderate (July) ETF *Ticker: PSMJ*** 

**Pacer Swan SOS Moderate (October) ETF *Ticker: PSMO*** 

**Pacer US Cash Cows Bond ETF *Ticker: MILK***

Core Financial Statements

April 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [49](#sal) |
| [Statements of Operations](#sop) | [55](#sop) |
| [Statements of Changes in Net Assets](#scna) | [60](#scna) |
| [Financial Highlights](#fihi) | [71](#fihi) |
| [Notes to Financial Statements](#notes) | [93](#notes) |
| [Additional Information](#ai1) | [121](#ai1) |

---

------

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

**PACER AMERICAN ENERGY INDEPENDENCE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Energy - 99.6%<sup>(a)</sup>**<br>|  |  |
| Antero Midstream Corp. | 150494 | $2490676  |
| Archrock, Inc. | 93564 | 2201561  |
| Cheniere Energy, Inc. | 30973 | 7158170  |
| DT Midstream, Inc. | 33832 | 3288470  |
| Enbridge, Inc. | 160072 | 7485741  |
| Energy Transfer LP | 377688 | 6246960  |
| Enterprise Products Partners LP | 121647 | 3637245  |
| Excelerate Energy, Inc. - Class A | 62590 | 1601052  |
| Genesis Energy LP | 101799 | 1398718  |
| Gibson Energy, Inc. | 136622 | 2149522  |
| Hess Midstream LP - Class A<sup>(b)</sup> | 58864 | 2187975  |
| Keyera Corp. | 91730 | 2847183  |
| Kinder Morgan, Inc. | 251520 | 6614976  |
| Kinetik Holdings, Inc. | 39092 | 1616063  |
| Kodiak Gas Services, Inc. | 52407 | 1782362  |
| MPLX LP | 78104 | 3977837  |
| New Fortress Energy, Inc.<sup>(b)</sup> | 176668 | 959307  |
| NextDecade Corp.<sup>(b)(c)</sup> | 215362 | 1610908  |
| ONEOK, Inc. | 70740 | 5811998  |
| Pembina Pipeline Corp. | 103826 | 3968976  |
| Plains GP Holdings LP - Class A | 112747 | 2101604  |
| Targa Resources Corp. | 20827 | 3559334  |
| TC Energy Corp. | 84942 | 4291463  |
| Venture Global, Inc. - Class A<sup>(b)</sup> | 162060 | 1359684  |
| Western Midstream Partners LP | 59742 | 2246299  |
| Williams Cos., Inc. | 117848 | 6902357  |
|  |  | 89496441 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $66,455,809)** |  | 89496441 |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 3547401 | 3547401  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,547,401)** |  | 3547401  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.6%** <br>**(Cost $70,003,210)** |  | $93043842  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.6)% |  | (3262436)  |
| **TOTAL NET ASSETS - 100.0%** |  | $89781406 |

---

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

LP - Limited Partnership

<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 $3,293,654 which represented 3.7% of net assets.

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

<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.

1<br>

------

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

**PACER BLUESTAR DIGITAL ENTERTAINMENT ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 40.4%<sup>(a)</sup>**<br>|  |  |
| Better Collective AS<sup>(b)</sup> | 1728 | $22772  |
| Capcom Co. Ltd. | 864 | 25071  |
| CD Projekt SA | 298 | 18445  |
| Electronic Arts, Inc. | 266 | 38594  |
| Embracer Group AB<sup>(b)</sup> | 1393 | 17571  |
| Kingsoft Corp. Ltd. | 3213 | 15993  |
| Konami Group Corp. | 194 | 27677  |
| Krafton, Inc.<sup>(b)</sup> | 82 | 21430  |
| MIXI, Inc. | 583 | 12957  |
| &nbsp;&nbsp;&nbsp; Modern Times Group MTG AB - <br>Class B<sup>(b)</sup> | 1190 | 14337  |
| NCSoft Corp. | 131 | 13482  |
| NetEase, Inc. - ADR | 502 | 53744  |
| Nexon Co. Ltd. | 1255 | 19752  |
| Nintendo Co. Ltd. | 1020 | 84595  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 816 | 54713  |
| Skillz, Inc.<sup>(b)</sup> | 1795 | 9190  |
| Square Enix Holdings Co. Ltd. | 346 | 20082  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 179 | 41764  |
| Tencent Holdings Ltd. | 1905 | 117228  |
| Ubisoft Entertainment SA<sup>(b)</sup> | 1013 | 11930  |
| XD, Inc.<sup>(b)</sup> | 2832 | 13111  |
|  |  | 654438  |
| **Consumer Discretionary - 52.2%<sup>(a)</sup>**<br>|  |  |
| Aristocrat Leisure Ltd. | 799 | 34171  |
| Bandai Namco Holdings, Inc. | 855 | 29665  |
| Betsson AB | 2370 | 41700  |
| DraftKings, Inc.<sup>(b)</sup> | 3252 | 108259  |
| Entain PLC | 6411 | 54599  |
| Everi Holdings, Inc.<sup>(b)</sup> | 2165 | 30418  |
| Evoke PLC<sup>(b)</sup> | 23233 | 15454  |
| Evolution AB<sup>(c)</sup> | 1577 | 110236  |
| Flutter Entertainment PLC<sup>(b)</sup> | 95 | 22894  |
| Flutter Entertainment PLC<sup>(b)</sup> | 442 | 106032  |
| GameStop Corp.<sup>(b)</sup> | 931 | 25938  |
| Genius Sports Ltd.<sup>(b)</sup> | 3754 | 40506  |
| Jumbo Interactive Ltd. | 3086 | 20101  |
| Kambi Group PLC<sup>(b)</sup> | 2000 | 21981  |
| Playtech PLC<sup>(b)</sup> | 4782 | 48544  |
| PointsBet Holdings Ltd.<sup>(b)</sup> | 27016 | 18928  |
| Rank Group PLC | 6278 | 7144  |
| Rush Street Interactive, Inc.<sup>(b)</sup> | 2533 | 30725  |
| Sportradar Group AG<sup>(b)</sup> | 1759 | 40651  |
| Super Group SGHC Ltd. | 4600 | 37352  |
|  |  | 845298  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 7.3%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 321 | $86449  |
| Micro-Star International Co. Ltd. | 3039 | 13255  |
| Unity Software, Inc.<sup>(b)</sup> | 858 | 18078  |
|  |  | 117782  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,427,081)** |  | 1617518  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $1,427,081)** |  | $1617518  |
| Other Assets in Excess of Liabilities - 0.1% |  | 2247  |
| **TOTAL NET ASSETS - 100.0%** |  | $1619765 |

---

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

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 $110,236 or 6.8% of the Fund's net assets. 

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

2<br>

------

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

**PACER BLUESTAR ENGINEERING THE FUTURE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Consumer Discretionary - 1.5%**<br>|  |  |
| Denso Corp. | 1414 | $18314  |
| **Energy - 0.1%**<br>|  |  |
| Oceaneering International, Inc.<sup>(a)</sup> | 70 | 1242  |
| **Health Care - 1.1%**<br>|  |  |
| BICO Group AB<sup>(a)</sup> | 3576 | 12851  |
| **Industrials - 35.2%<sup>(b)</sup>**<br>|  |  |
| 3D Systems Corp.<sup>(a)</sup> | 28051 | 51614  |
| Amada Co. Ltd. | 250 | 2499  |
| ANDRITZ AG | 61 | 4372  |
| ATS Corp.<sup>(a)</sup> | 67 | 1686  |
| AutoStore Holdings Ltd.<sup>(a)(c)</sup> | 1527 | 685  |
| Daifuku Co. Ltd.  | 240 | 6372 |
| Emerson Electric Co. | 310 | 32584  |
| FANUC Corp. | 483 | 12373  |
| IMI PLC | 171 | 4038  |
| Kadant, Inc.<sup>(d)</sup> | 6 | 1770  |
| Konecranes Oyj | 55 | 3676  |
| Lincoln Electric Holdings, Inc. | 33 | 5815  |
| Nano Dimension Ltd. - ADR<sup>(a)(d)</sup> | 16357 | 25517  |
| Proto Labs, Inc.<sup>(a)</sup> | 2470 | 86845  |
| Rockwell Automation, Inc. | 56 | 13870  |
| Siemens AG | 445 | 102157  |
| Stratasys Ltd.<sup>(a)</sup> | 6864 | 64796  |
| Yaskawa Electric Corp. | 139 | 2940  |
|  |  | 423609  |
| **Information Technology - 62.0%<sup>(b)</sup>**<br>|  |  |
| Advantest Corp.  | 280  | 11509 |
| Amkor Technology, Inc. | 78 | 1361  |
| ANSYS, Inc.<sup>(a)</sup> | 186 | 59870  |
| Applied Materials, Inc. | 398 | 59983  |
| ASM International NV | 27 | 13053  |
| ASML Holding NV<sup>(d)</sup> | 154 | 102884  |
| ASMPT Ltd. | 206 | 1387  |
| Autodesk, Inc.<sup>(a)(d)</sup> | 357 | 97907  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 25 | 1225  |
| Azbil Corp. | 429 | 3705  |
| BE Semiconductor Industries NV | 49 | 5249  |
| Belden, Inc. | 22 | 2268  |
| Bentley Systems, Inc. - Class B | 411 | 17669  |
| Camtek Ltd./Israel<sup>(d)</sup> | 30 | 1960  |
| Dassault Systemes SE | 1948 | 72721  |
| Disco Corp. | 48 | 9294  |
| Keyence Corp. | 123 | 51601  |
| KLA Corp. | 69 | 48486  |
| Kulicke & Soffa Industries, Inc. | 39 | 1257  |
| Lam Research Corp. | 664 | 47589  |
| Lasertec Corp. | 46 | 4286  |
| Materialise NV - ADR<sup>(a)</sup> | 2199 | 11303  |
| Nemetschek SE | 186 | 24590  |
| Nova Ltd.<sup>(a)</sup> | 17 | 3336  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Omron Corp. | 120 | $3559  |
| Onto Innovation, Inc.<sup>(a)</sup> | 30 | 3659  |
| PTC, Inc.<sup>(a)</sup> | 223 | 34558  |
| Renishaw PLC | 42 | 1257  |
| SCREEN Holdings Co. Ltd. | 58 | 3848  |
| Teradyne, Inc. | 78 | 5788  |
| Tokyo Electron Ltd. | 219 | 32587  |
| Tokyo Seimitsu Co. Ltd. | 34 | 1900  |
| Yokogawa Electric Corp. | 148 | 3204  |
|  |  | 744853  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,237,179)** |  | 1200869  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets <br>Portfolio, LLC, 4.47%<sup>(e)</sup> | 224284 | 224284  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $224,284)** |  | 224284  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.6%** <br>**(Cost $1,461,463)** |  | $1425153  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (18.6)% |  | (223125)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1202028 |

---

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

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> 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 $685 or 0.1% 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 $218,056 which represented 18.1% 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.

3<br>

------

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

**PACER DEVELOPED MARKETS CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Australia - 9.6%**<br>|  |  |
| Aristocrat Leisure Ltd. | 377 | $16141  |
| BHP Group Ltd. | 190 | 4648  |
| CAR Group Ltd. | 222 | 4737  |
| Computershare Ltd. | 855 | 22301  |
| Fortescue Ltd. | 395 | 4096  |
| Pro Medicus Ltd. | 191 | 28067  |
| REA Group Ltd. | 50 | 7950  |
| Transurban Group | 589 | 5324  |
| WiseTech Global Ltd. | 51 | 2892  |
|  |  | 96156  |
| **Belgium - 0.7%**<br>|  |  |
| Anheuser-Busch InBev SA | 110 | 7178  |
| **Denmark - 2.6%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 8 | 13641  |
| Genmab AS<sup>(a)</sup> | 15 | 3165  |
| Novo Nordisk AS | 30 | 1981  |
| Pandora AS | 48 | 7082  |
|  |  | 25869  |
| **Finland - 1.8%**<br>|  |  |
| Fortum OYJ | 425 | 7099  |
| Nokia OYJ | 2259 | 11232  |
|  |  | 18331  |
| **France - 2.9%**<br>|  |  |
| Dassault Systemes SE | 193 | 7180  |
| Hermes International SCA | 6 | 16252  |
| LVMH Moet Hennessy Louis Vuitton SE | 10 | 5527  |
|  |  | 28959  |
| **Germany - 1.9%**<br>|  |  |
| Deutsche Telekom AG | 519 | 18579  |
| **Hong Kong - 2.0%**<br>|  |  |
| Galaxy Entertainment Group Ltd. | 2462 | 8952  |
| Power Assets Holdings Ltd. | 966 | 6396  |
| Yangzijiang Shipbuilding Holdings Ltd. | 3038 | 5187  |
|  |  | 20535  |
| **Ireland - 0.7%**<br>|  |  |
| Experian PLC | 150 | 7427  |
| **Israel - 7.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies <br>Ltd.<sup>(a)</sup> | 61 | 13393  |
| CyberArk Software Ltd.<sup>(a)</sup> | 57 | 20073  |
| Global-e Online Ltd.<sup>(a)</sup> | 461 | 16555  |
| Monday.com Ltd.<sup>(a)</sup> | 51 | 14330  |
| Wix.com Ltd.<sup>(a)</sup> | 88 | 14924  |
|  |  | 79275  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 1.8%**<br>|  |  |
| Moncler SpA | 192 | $11754  |
|  Recordati Industria Chimica e Farmaceutica SpA | 111 | 6520  |
|  |  | 18274  |
| **Japan - 25.9%<sup>(b)</sup>**<br>|  |  |
| Advantest Corp. | 303 | 12425  |
| Capcom Co. Ltd. | 552 | 15979  |
| Central Japan Railway Co. | 204 | 4182  |
| Chugai Pharmaceutical Co. Ltd. | 148 | 8508  |
| Daifuku Co. Ltd. | 858 | 22725  |
| Disco Corp. | 19 | 3670  |
| FANUC Corp. | 233 | 5954  |
| Fast Retailing Co. Ltd. | 19 | 6243  |
| Hoya Corp. | 33 | 3873  |
| Inpex Corp. | 323 | 4087  |
| Kansai Electric Power Co., Inc. | 215 | 2639  |
| Keyence Corp. | 10 | 4185  |
| Konami Group Corp. | 195 | 27754  |
| LY Corp. | 4911 | 18541  |
| M3, Inc.<sup>(a)</sup> | 1408 | 17593  |
| Makita Corp. | 186 | 5440  |
| Murata Manufacturing Co. Ltd. | 218 | 3376  |
| Nexon Co. Ltd. | 209 | 3282  |
| Nintendo Co. Ltd. | 331 | 27386  |
| Obic Co. Ltd. | 135 | 4712  |
| Ono Pharmaceutical Co. Ltd. | 274 | 3147  |
| Oriental Land Co. Ltd. | 153 | 3245  |
| Recruit Holdings Co. Ltd. | 94 | 5221  |
| Shimano, Inc. | 21 | 2965  |
| Shin-Etsu Chemical Co. Ltd. | 92 | 2786  |
| Shionogi & Co. Ltd. | 401 | 6714  |
| Sony Group Corp. | 798 | 21047  |
| Takeda Pharmaceutical Co. Ltd. | 216 | 6546  |
| ZOZO, Inc. | 651 | 6620  |
|  |  | 260845  |
| **Luxembourg - 1.7%**<br>|  |  |
| Tenaris SA | 1054 | 17534  |
| **Macao - 1.4%**<br>|  |  |
| Sands China Ltd.<sup>(a)</sup> | 7853 | 14156  |
| **Netherlands - 3.7%**<br>|  |  |
| ASM International NV | 7 | 3373  |
| ASML Holding NV | 5 | 3299  |
| BE Semiconductor Industries NV | 38 | 4057  |
| Koninklijke KPN NV | 1426 | 6615  |
| Prosus NV | 317 | 14697  |
| Wolters Kluwer NV | 32 | 5635  |
|  |  | 37676  |

---

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

4<br>

------

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

**PACER DEVELOPED MARKETS CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **New Zealand - 1.2%**<br>|  |  |
| Xero Ltd.<sup>(a)</sup> | 113 | $11884  |
| **Norway - 1.5%**<br>|  |  |
| Kongsberg Gruppen ASA | 97 | 15552  |
| **Singapore - 4.1%**<br>|  |  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> | 6373 | 31100  |
| Singapore Airlines Ltd. | 1893 | 9725  |
|  |  | 40825  |
| **Spain - 3.3%**<br>|  |  |
| Aena SME SA<sup>(c)</sup> | 52 | 13042  |
| Amadeus IT Holding SA | 160 | 12540  |
| Industria de Diseno Textil SA | 140 | 7492  |
|  |  | 33074  |
| **Sweden - 9.5%**<br>|  |  |
| Atlas Copco AB - Class A | 315 | 4884  |
| Evolution AB<sup>(c)</sup> | 39 | 2720  |
| Hexagon AB - Class B | 1059 | 10264  |
| Spotify Technology SA<sup>(a)(d)</sup> | 72 | 44207  |
| Tele2 AB - Class B | 773 | 11376  |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson - <br>Class B | 1388 | 11686  |
| Telia Co. AB | 2844 | 10637  |
|  |  | 95774  |
| **Switzerland - 7.5%**<br>|  |  |
| Cie Financiere Richemont SA | 107 | 18830  |
| Geberit AG | 8 | 5527  |
| Givaudan SA | 1 | 4825  |
| LafargeHolcim Ltd. | 117 | 12985  |
| Logitech International SA | 116 | 8720  |
| Novartis AG | 43 | 4886  |
| Roche Holding AG | 20 | 6526  |
| Sonova Holding AG | 17 | 5219  |
| Swisscom AG | 8 | 5331  |
| VAT Group AG<sup>(c)</sup> | 8 | 2853  |
|  |  | 75702  |
| **United Kingdom - 7.7%**<br>|  |  |
| Auto Trader Group PLC<sup>(c)</sup> | 451 | 5044  |
| British American Tobacco PLC | 236 | 10216  |
| Halma PLC | 257 | 9439  |
| Informa PLC | 724 | 7022  |
| Reckitt Benckiser Group PLC | 202 | 13024  |
| RELX PLC | 193 | 10461  |
| Sage Group PLC | 1017 | 16773  |
| Vodafone Group PLC | 5398 | 5270  |
|  |  | 77249  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $970,419)** |  | 1000854  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 0.1%**<br>|  |  |
| iShares MSCI EAFE Growth ETF | 10 | $1043  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $998)** |  | 1043  |
|  | **Units**  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 4.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, <br>LLC, 4.47%<sup>(e)</sup> | 40018 | 40018  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $40,018)** |  | 40018  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.5%** <br>**(Cost $1,011,435)** |  | $1041915  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (3.5)% |  | (35647)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1006268 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

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 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>(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 $23,659 or 2.4% 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 $41,751 which represented 4.1% 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.

5<br>

------

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

**PACER METAURUS NASDAQ-100 DIVIDEND MULTIPLIER 600 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 88.3%**<br>|  |  |
| **Communication Services - 13.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 872 | $138474  |
| Alphabet, Inc. - Class C | 822 | 132252  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 52 | 20377  |
| Comcast Corp. - Class A | 1387 | 47435  |
| Electronic Arts, Inc. | 96 | 13929  |
| Meta Platforms, Inc. - Class A<sup>(b)</sup> | 327 | 179522  |
| Netflix, Inc.<sup>(a)</sup> | 157 | 177679  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 65 | 15166  |
| T-Mobile US, Inc. | 420 | 103719  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 166 | 8903  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 903 | 7829  |
|  |  | 845285  |
| **Consumer Discretionary - 12.1%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 159 | 19385  |
| Amazon.com, Inc.<sup>(a)</sup> | 1584 | 292122  |
| Booking Holdings, Inc. | 12 | 61191  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 145 | 27969  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 43 | 11643  |
| Marriott International, Inc. - Class A | 101 | 24097  |
| MercadoLibre, Inc.<sup>(a)</sup> | 19 | 44286  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 21 | 29719  |
| PDD Holdings, Inc. - ADR<sup>(a)(b)</sup> | 246 | 25970  |
| Ross Stores, Inc. | 121 | 16819  |
| Starbucks Corp. | 418 | 33461  |
| Tesla Motors, Inc.<sup>(a)</sup> | 543 | 153213  |
|  |  | 739875  |
| **Consumer Staples - 5.5%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 169 | 15335  |
| Costco Wholesale Corp. | 163 | 162103  |
| Keurig Dr Pepper, Inc. | 499 | 17260  |
| Mondelez International, Inc. - Class A | 476 | 32430  |
| Monster Beverage Corp.<sup>(a)</sup> | 358 | 21523  |
| PepsiCo, Inc. | 504 | 68332  |
| The Kraft Heinz Co. | 439 | 12775  |
|  |  | 329758  |
| **Energy - 0.4%**<br>|  |  |
| Baker Hughes Co. | 364 | 12886  |
| Diamondback Energy, Inc. | 106 | 13993  |
|  |  | 26879  |
| **Financials - 0.4%**<br>|  |  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 364 | 23966  |
| **Health Care - 5.0%**<br>|  |  |
| Amgen, Inc. | 198 | 57602  |
| AstraZeneca PLC - ADR<sup>(b)</sup> | 214 | 15363  |
| Biogen, Inc.<sup>(a)</sup> | 54 | 6538  |
| DexCom, Inc.<sup>(a)</sup> | 144 | 10279  |
| GE HealthCare Technologies, Inc. | 168 | 11815  |
| Gilead Sciences, Inc. | 458 | 48795  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 30 | 12980  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 131 | $67571  |
| Regeneron Pharmaceuticals, Inc. | 40 | 23950  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 94 | 47893  |
|  |  | 302786  |
| **Industrials - 4.4%**<br>|  |  |
| Automatic Data Processing, Inc. | 150 | 45089  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 28 | 17172  |
| Cintas Corp. | 148 | 31329  |
| Copart, Inc.<sup>(a)</sup> | 355 | 21666  |
| CSX Corp. | 697 | 19565  |
| Fastenal Co. | 211 | 17085  |
| Honeywell International, Inc. | 239 | 50309  |
| Old Dominion Freight Line, Inc. | 78 | 11956  |
| PACCAR, Inc. | 193 | 17411  |
| Paychex, Inc. | 132 | 19420  |
| Verisk Analytics, Inc. | 52 | 15414  |
|  |  | 266416  |
| **Information Technology - 43.9%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 160 | 59997  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 596 | 58021  |
| Analog Devices, Inc. | 182 | 35475  |
| ANSYS, Inc.<sup>(a)</sup> | 32 | 10300  |
| Apple, Inc. | 2245 | 477062  |
| Applied Materials, Inc. | 299 | 45062  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 114 | 30701  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 48 | 5474  |
| ASML Holding NV<sup>(b)</sup> | 33 | 22047  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 60 | 13699  |
| Autodesk, Inc.<sup>(a)(b)</sup> | 79 | 21666  |
| Broadcom, Inc. | 1159 | 223072  |
| Cadence Design System, Inc.<sup>(a)(b)</sup> | 101 | 30072  |
| CDW Corp. | 49 | 7867  |
| Cisco Systems, Inc. | 1463 | 84459  |
|  Cognizant Technology Solutions Corp. - Class A<sup>(b)</sup> | 182 | 13390  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 86 | 36883  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 117 | 11953  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 283 | 29364  |
| GlobalFoundries, Inc.<sup>(a)</sup> | 203 | 7119  |
| Intel Corp. | 1592 | 31999  |
| Intuit, Inc.<sup>(b)</sup> | 103 | 64629  |
| KLA Corp. | 49 | 34432  |
| Lam Research Corp. | 472 | 33828  |
| Marvell Technology, Inc. | 318 | 18562  |
| Microchip Technology, Inc. | 198 | 9124  |
| Micron Technology, Inc. | 410 | 31550  |
| Microsoft Corp. | 1111 | 439133  |
| MicroStrategy, Inc. - Class A<sup>(a)(b)</sup> | 87 | 33070  |
| MongoDB, Inc.<sup>(a)</sup> | 27 | 4649  |
| NVIDIA Corp. | 3647 | 397230  |
| NXP Semiconductors NV | 93 | 17141  |
| ON Semiconductor Corp.<sup>(a)(b)</sup> | 155 | 6154  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 827 | 97950  |

---

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

6<br>

------

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

**PACER METAURUS NASDAQ-100 DIVIDEND MULTIPLIER 600 ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 243 | $45424  |
| QUALCOMM, Inc. | 407 | 60423  |
| Roper Technologies, Inc. | 39 | 21843  |
| Synopsys, Inc.<sup>(a)</sup> | 57 | 26164  |
| Texas Instruments, Inc. | 335 | 53617  |
| Workday, Inc. - Class A<sup>(a)</sup> | 79 | 19355  |
| Zscaler, Inc.<sup>(a)</sup> | 56 | 12666  |
|  |  | 2682626  |
| **Materials - 1.3%**<br>|  |  |
| Linde PLC | 174 | 78862  |
| **Real Estate - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 151 | 11200  |
| **Utilities - 1.3%**<br>|  |  |
| American Electric Power Co., Inc. | 196 | 21235  |
| Constellation Energy Corp. | 115 | 25695  |
| Exelon Corp. | 370 | 17353  |
| Xcel Energy, Inc.<sup>(b)</sup> | 211 | 14918  |
|  |  | 79201  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,495,758)** |  | 5386854  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Mount Vernon Liquid Assets Portfolio, <br>LLC, 4.47%<sup>(d)</sup> | 503216 | 503216  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $503,216)** |  | 503216  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.5%** <br>**(Cost $5,998,974)** |  | $5890070  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 3.5% |  | 215142  |
| **TOTAL NET ASSETS - 100.0%** |  | $6105212 |

---

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

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 $491,496 which represented 8.1% 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.

7<br>

------

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

**PACER METAURUS NASDAQ-100 DIVIDEND MULTIPLIER 600 ETF** 

**SCHEDULE OF FUTURES CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| NASDAQ 100 Annual Dividend Index | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 12/19/2025 | $231300 | &nbsp;&nbsp;&nbsp;&nbsp; $(14056)  |
| NASDAQ 100 Annual Dividend Index | &nbsp;&nbsp;&nbsp;&nbsp; 16 | 12/18/2026 | 264320 | &nbsp;&nbsp;&nbsp;&nbsp; (2548)  |
| NASDAQ 100 Annual Dividend Index | &nbsp;&nbsp;&nbsp;&nbsp; 16 | 12/17/2027 | 264000 | &nbsp;&nbsp;&nbsp;&nbsp; (5068)  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(21672) |

---

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

8<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 86.3%**<br>|  |  |
| **Communication Services - 8.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 93197 | $14799684  |
| Alphabet, Inc. - Class C | 75517 | 12149930  |
| AT&T, Inc. | 114685 | 3176774  |
|  Charter Communications, Inc. - Class A<sup>(a)</sup> | 1518 | 594843  |
| Comcast Corp. - Class A | 60253 | 2060653  |
| Electronic Arts, Inc. | 3769 | 546844  |
| Fox Corp. - Class A<sup>(b)</sup> | 3470 | 172771  |
| Fox Corp. - Class B | 2091 | 96688  |
| Interpublic Group of Cos., Inc. | 5938 | 149163  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 2501 | 331257  |
| Match Group, Inc. | 4010 | 118937  |
| Meta Platforms, Inc. - Class A | 34982 | 19205118  |
| Netflix, Inc.<sup>(a)</sup> | 6818 | 7716067  |
| News Corp. - Class A | 6024 | 163371  |
| News Corp. - Class B<sup>(b)</sup> | 1778 | 55865  |
| Omnicom Group, Inc.<sup>(b)</sup> | 3115 | 237238  |
| Paramount Global - Class B<sup>(b)</sup> | 9505 | 111589  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 2615 | 610132  |
| TKO Group Holdings, Inc. | 1055 | 171870  |
| T-Mobile US, Inc. | 7644 | 1887686  |
| Verizon Communications, Inc. | 67257 | 2963343  |
| Walt Disney Co. | 28870 | 2625726  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 35664 | 309207  |
|  |  | 70254756  |
| **Consumer Discretionary - 9.1%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 6897 | 840882  |
| Amazon.com, Inc.<sup>(a)</sup> | 150705 | 27793016  |
| Aptiv PLC<sup>(a)</sup> | 3650 | 208269  |
| AutoZone, Inc.<sup>(a)</sup> | 260 | 978276  |
| Best Buy Co., Inc. | 3085 | 205739  |
| Booking Holdings, Inc. | 512 | 2610831  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 3387 | 91652  |
| CarMax, Inc.<sup>(a)</sup> | 2455 | 158765  |
| Carnival Corp.<sup>(a)</sup> | 16736 | 306938  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 21645 | 1093505  |
| Darden Restaurants, Inc.<sup>(b)</sup> | 1862 | 373592  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 2423 | 268541  |
| Domino's Pizza, Inc. | 534 | 261858  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 5399 | 1041413  |
| DR Horton, Inc. | 4513 | 570172  |
| eBay, Inc. | 7636 | 520470  |
| Expedia Group, Inc. | 1958 | 307269  |
| Ford Motor Co. | 62176 | 622382  |
| Garmin Ltd. | 2452 | 458205  |
| General Motors Co. | 15895 | 719090  |
| Genuine Parts Co. | 2201 | 258728  |
| Hasbro, Inc. | 2079 | 128690  |
| Hilton Worldwide Holdings, Inc.<sup>(b)</sup> | 3823 | 862010  |
| Home Depot, Inc. | 15869 | 5720616  |
| Las Vegas Sands Corp. | 5467 | 200475  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Lennar Corp. - Class A | 3713 | $403269  |
| LKQ Corp. | 4147 | 158457  |
| Lowe's Cos., Inc. | 9011 | 2014499  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 1783 | 482783  |
| Marriott International, Inc. - Class A | 3640 | 868431  |
| McDonald's Corp. | 11437 | 3655837  |
| MGM Resorts International<sup>(a)(b)</sup> | 3561 | 112029  |
| Mohawk Industries, Inc.<sup>(a)(b)</sup> | 836 | 88909  |
| NIKE, Inc. - Class B | 18851 | 1063196  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 7003 | 112258  |
| NVR, Inc.<sup>(a)</sup> | 46 | 327785  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 914 | 1293493  |
| Pool Corp. | 589 | 172660  |
| PulteGroup, Inc. | 3232 | 331539  |
| Ralph Lauren Corp. | 617 | 138794  |
| Ross Stores, Inc. | 5255 | 730445  |
| Royal Caribbean Cruises Ltd. | 3956 | 850184  |
| Starbucks Corp. | 18149 | 1452827  |
| Tapestry, Inc. | 3303 | 233357  |
| Tesla Motors, Inc.<sup>(a)</sup> | 44696 | 12611423  |
| TJX Cos., Inc. | 17943 | 2308905  |
| Tractor Supply Co.<sup>(b)</sup> | 8515 | 431029  |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> | 717 | 283674  |
| Williams-Sonoma, Inc. | 1955 | 301989  |
| Wynn Resorts Ltd. | 1411 | 113317  |
| Yum! Brands, Inc. | 4443 | 668405  |
|  |  | 77810878  |
| **Consumer Staples - 5.4%**<br>|  |  |
| Altria Group, Inc. | 27072 | 1601309  |
| Archer-Daniels-Midland Co. | 7629 | 364285  |
| Brown-Forman Corp. - Class B | 2893 | 100792  |
| Bunge Global SA | 2115 | 166493  |
| Church & Dwight Co., Inc. | 3906 | 388022  |
| Clorox Co. | 1956 | 278339  |
| Coca-Cola Co. | 61854 | 4487508  |
| Colgate-Palmolive Co. | 12956 | 1194414  |
| Conagra Brands, Inc. | 7610 | 188043  |
| Constellation Brands, Inc. - Class A<sup>(b)</sup> | 2479 | 464912  |
| Costco Wholesale Corp. | 7068 | 7029126  |
| Dollar General Corp. | 3503 | 328196  |
| Dollar Tree, Inc.<sup>(a)</sup> | 3227 | 263872  |
| Estee Lauder Cos., Inc. - Class A | 3723 | 223231  |
| General Mills, Inc. | 8804 | 499539  |
| Hershey Co.<sup>(b)</sup> | 2336 | 390556  |
| Hormel Foods Corp. | 4627 | 138347  |
| J M Smucker Co. | 1696 | 197194  |
| Kellanova | 4285 | 354669  |
| Kenvue, Inc. | 30614 | 722490  |
| Keurig Dr Pepper, Inc. | 19072 | 659700  |
| Kimberly-Clark Corp. | 5282 | 696062  |
| Kroger Co. | 10625 | 767231  |
| Lamb Weston Holdings, Inc. | 2257 | 119192  |
| McCormick & Co., Inc. | 4032 | 309093  |

---

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

9<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| Molson Coors Beverage Co. - Class B | 2739 | $157575  |
| Mondelez International, Inc. - Class A | 20663 | 1407770  |
| Monster Beverage Corp.<sup>(a)</sup> | 11184 | 672382  |
| PepsiCo, Inc. | 21895 | 2968524  |
| Philip Morris International, Inc. | 24832 | 4255211  |
| Procter & Gamble Co. | 37454 | 6088897  |
| Sysco Corp. | 7794 | 556492  |
| Target Corp. | 7314 | 707264  |
| The Campbell's Co. | 3119 | 113719  |
| The Kraft Heinz Co. | 13922 | 405130  |
| Tyson Foods, Inc. - Class A | 4553 | 278826  |
| Walgreens Boots Alliance, Inc. | 11447 | 125573  |
| Walmart, Inc.<sup>(b)</sup> | 69292 | 6738647  |
|  |  | 46408625  |
| **Energy - 2.8%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 5899 | 91670  |
| Baker Hughes Co. | 15819 | 559993  |
| Chevron Corp.<sup>(b)</sup> | 26683 | 3630489  |
| ConocoPhillips | 20365 | 1814929  |
| Coterra Energy, Inc. | 11744 | 288433  |
| Devon Energy Corp. | 10488 | 318940  |
| Diamondback Energy, Inc. | 2966 | 391542  |
| EOG Resources, Inc. | 8977 | 990432  |
| EQT Corp. | 9532 | 471262  |
| Expand Energy Corp. | 3354 | 348481  |
| Exxon Mobil Corp. | 69549 | 7346461  |
| Halliburton Co. | 13856 | 274626  |
| Hess Corp. | 4401 | 567949  |
| Kinder Morgan, Inc. | 30884 | 812249  |
| Marathon Petroleum Corp. | 5039 | 692409  |
| Occidental Petroleum Corp.<sup>(b)</sup> | 10778 | 424761  |
| ONEOK, Inc. | 9899 | 813302  |
| Phillips 66 | 6590 | 685755  |
| Schlumberger Ltd.<sup>(b)</sup> | 22374 | 743935  |
| Targa Resources Corp. | 3474 | 593707  |
| Texas Pacific Land Corp. | 291 | 375061  |
| Valero Energy Corp. | 5048 | 586022  |
| Williams Cos., Inc. | 19460 | 1139772  |
|  |  | 23962180  |
| **Financials - 12.8%**<br>|  |  |
| Aflac, Inc. | 7908 | 859441  |
| Allstate Corp. | 4225 | 838198  |
| American Express Co. | 8862 | 2360925  |
| American International Group, Inc. | 9480 | 772810  |
| Ameriprise Financial, Inc. | 1513 | 712653  |
| Aon PLC - Class A | 3446 | 1222606  |
| Apollo Global Management, Inc. | 7141 | 974604  |
| Arch Capital Group Ltd. | 5975 | 541813  |
| Arthur J Gallagher & Co. | 4060 | 1302001  |
| Assurant, Inc. | 819 | 157854  |
| Bank of America Corp. | 105796 | 4219145  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bank of New York Mellon Corp. | 11454 | $921016  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 29284 | 15615693  |
| Blackrock, Inc. | 2302 | 2104627  |
| Blackstone, Inc. | 11674 | 1537583  |
| Brown & Brown, Inc. | 3772 | 417183  |
| Capital One Financial Corp.<sup>(b)</sup> | 6073 | 1094719  |
| Cboe Global Markets, Inc. | 1670 | 370406  |
| Charles Schwab Corp. | 27216 | 2215382  |
| Chubb Ltd. | 5941 | 1699601  |
| Cincinnati Financial Corp. | 2495 | 347329  |
| Citigroup, Inc. | 29992 | 2050853  |
| Citizens Financial Group, Inc. | 6963 | 256865  |
| CME Group, Inc. | 5750 | 1593210  |
| Corpay, Inc.<sup>(a)(b)</sup> | 1104 | 359209  |
| Discover Financial Services | 4008 | 732141  |
| Erie Indemnity Co. - Class A<sup>(b)</sup> | 386 | 138427  |
| Everest Group Ltd. | 665 | 238622  |
| FactSet Research Systems, Inc. | 588 | 254145  |
|  Fidelity National Information Services, Inc. | 8445 | 666142  |
| Fifth Third Bancorp | 10689 | 384163  |
| Fiserv, Inc.<sup>(a)</sup> | 9077 | 1675342  |
| Franklin Resources, Inc. | 4946 | 92787  |
| Global Payments, Inc. | 3956 | 301882  |
| Globe Life, Inc. | 1324 | 163302  |
| Goldman Sachs Group, Inc. | 4978 | 2725704  |
| Hartford Financial Services Group, Inc. | 4575 | 561215  |
| Huntington Bancshares, Inc. | 23217 | 337343  |
| Intercontinental Exchange, Inc. | 9165 | 1539445  |
| Invesco Ltd. | 7156 | 99683  |
| Jack Henry & Associates, Inc. | 1153 | 199965  |
| JPMorgan Chase & Co. | 44661 | 10924974  |
| KeyCorp. | 15912 | 236134  |
| KKR & Co., Inc. | 10769 | 1230574  |
| Loews Corp. | 2808 | 243819  |
| M&T Bank Corp. | 2642 | 448506  |
| MarketAxess Holdings, Inc. | 583 | 129187  |
| Marsh & McLennan Cos., Inc. | 7824 | 1764077  |
| Mastercard, Inc. - Class A<sup>(b)</sup> | 13000 | 7124780  |
| MetLife, Inc. | 9232 | 695816  |
| Moody's Corp. | 2470 | 1119206  |
| Morgan Stanley | 19770 | 2281853  |
| MSCI, Inc. | 1226 | 668305  |
| Nasdaq, Inc. | 6603 | 503215  |
| Northern Trust Corp. | 3107 | 291996  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 15805 | 1040601  |
| PNC Financial Services Group, Inc. | 6326 | 1016525  |
| Principal Financial Group, Inc. | 3356 | 248847  |
| Progressive Corp. | 9339 | 2631170  |
| Prudential Financial, Inc. | 5652 | 580517  |
| Raymond James Financial, Inc. | 2928 | 401253  |
| Regions Financial Corp. | 14514 | 296231  |
| S&P Global, Inc. | 5024 | 2512251  |
| State Street Corp. | 4588 | 404203  |

---

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

10<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Synchrony Financial | 6190 | $321571  |
| T Rowe Price Group, Inc. | 3545 | 313910  |
| Travelers Cos., Inc. | 3608 | 952981  |
| Truist Financial Corp. | 21010 | 805523  |
| US Bancorp | 24911 | 1004910  |
| Visa, Inc. - Class A<sup>(b)</sup> | 27514 | 9506087  |
| W R Berkley Corp. | 4795 | 343754  |
| Wells Fargo & Co. | 52535 | 3730510  |
| Willis Towers Watson PLC | 1594 | 490633  |
|  |  | 108919953  |
| **Health Care - 9.5%**<br>|  |  |
| Abbott Laboratories | 27710 | 3623083  |
| AbbVie, Inc. | 28188 | 5499479  |
| Agilent Technologies, Inc. | 4539 | 488396  |
| Align Technology, Inc.<sup>(a)</sup> | 1111 | 192536  |
| Amgen, Inc. | 8562 | 2490857  |
| Baxter International, Inc.<sup>(b)</sup> | 8150 | 254036  |
| Becton Dickinson & Co. | 4568 | 945987  |
| Biogen, Inc.<sup>(a)</sup> | 2315 | 280300  |
| Bio-Techne Corp. | 2521 | 126932  |
| Boston Scientific Corp.<sup>(a)</sup> | 23528 | 2420325  |
| Bristol-Myers Squibb Co. | 32422 | 1627584  |
| Cardinal Health, Inc. | 3838 | 542271  |
| Cencora, Inc. | 2745 | 803379  |
| Centene Corp.<sup>(a)</sup> | 7923 | 474192  |
|  Charles River Laboratories International, Inc.<sup>(a)(b)</sup> | 816 | 96794  |
| Cigna Group | 4361 | 1482914  |
| Cooper Cos., Inc.<sup>(a)</sup> | 3188 | 260364  |
| CVS Health Corp. | 20132 | 1343006  |
| Danaher Corp. | 10202 | 2033565  |
| DaVita, Inc.<sup>(a)(b)</sup> | 681 | 96396  |
| DexCom, Inc.<sup>(a)</sup> | 6220 | 443984  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 9400 | 709606  |
| Elevance Health, Inc. | 3688 | 1551099  |
| Eli Lilly & Co. | 12566 | 11296206  |
| GE HealthCare Technologies, Inc. | 7300 | 513409  |
| Gilead Sciences, Inc. | 19907 | 2120892  |
| HCA Healthcare, Inc. | 2841 | 980372  |
| Henry Schein, Inc.<sup>(a)(b)</sup> | 1979 | 128576  |
| Hologic, Inc.<sup>(a)</sup> | 3572 | 207890  |
| Humana, Inc. | 1917 | 502714  |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 1292 | 558984  |
| Incyte Corp.<sup>(a)</sup> | 2560 | 160410  |
| Insulet Corp.<sup>(a)(b)</sup> | 1110 | 280042  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 5693 | 2936449  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 2663 | 412951  |
| Johnson & Johnson | 38450 | 6010120  |
| Labcorp Holdings, Inc.<sup>(b)</sup> | 1315 | 316928  |
| McKesson Corp. | 1989 | 1417739  |
| Medtronic PLC | 20464 | 1734529  |
| Merck & Co., Inc. | 40413 | 3443188  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 324 | $346865  |
| Moderna, Inc.<sup>(a)</sup> | 5389 | 153802  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 884 | 289077  |
| Pfizer, Inc. | 90529 | 2209813  |
| Quest Diagnostics, Inc. | 1767 | 314915  |
| Regeneron Pharmaceuticals, Inc. | 1678 | 1004719  |
| ResMed, Inc.<sup>(b)</sup> | 2322 | 549362  |
| Revvity, Inc.<sup>(b)</sup> | 1933 | 180600  |
| Solventum Corp.<sup>(a)</sup> | 2188 | 144671  |
| STERIS PLC | 1545 | 347223  |
| Stryker Corp. | 5463 | 2042725  |
| Thermo Fisher Scientific, Inc. | 6093 | 2613897  |
| UnitedHealth Group, Inc. | 14689 | 6043642  |
|  Universal Health Services, Inc. - Class B | 933 | 165206  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 4098 | 2087931  |
| Viatris, Inc. | 19067 | 160544  |
| Waters Corp.<sup>(a)</sup> | 944 | 328257  |
| West Pharmaceutical Services, Inc. | 1146 | 242138  |
| Zimmer Biomet Holdings, Inc. | 3180 | 327699  |
| Zoetis, Inc. | 7153 | 1118729  |
|  |  | 81480299  |
| **Industrials - 7.5%**<br>|  |  |
| 3M Co. | 8650 | 1201572  |
| A O Smith Corp. | 1877 | 127373  |
| Allegion PLC | 1370 | 190704  |
| AMETEK, Inc. | 3679 | 623885  |
| Automatic Data Processing, Inc. | 6495 | 1952397  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1146 | 702842  |
| Boeing Co.<sup>(a)</sup> | 11980 | 2195215  |
| Broadridge Financial Solutions, Inc. | 1861 | 451106  |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> | 1831 | 219043  |
| Carrier Global Corp. | 12894 | 806391  |
| Caterpillar, Inc. | 7619 | 2356328  |
| CH Robinson Worldwide, Inc. | 1887 | 168358  |
| Cintas Corp. | 5457 | 1155138  |
| Copart, Inc.<sup>(a)</sup> | 13991 | 853871  |
| CSX Corp. | 30811 | 864865  |
| Cummins, Inc. | 2177 | 639690  |
| Dayforce, Inc.<sup>(a)</sup> | 2535 | 146700  |
| Deere & Co. | 4044 | 1874637  |
| Delta Air Lines, Inc. | 10227 | 425750  |
| Dover Corp. | 2173 | 370822  |
| Eaton Corp. PLC | 6314 | 1858652  |
| Emerson Electric Co. | 9000 | 945990  |
| Equifax, Inc. | 1969 | 512196  |
|  Expeditors International of Washington, Inc. | 2216 | 243561  |
| Fastenal Co. | 9147 | 740633  |
| FedEx Corp. | 3528 | 742044  |
| Fortive Corp. | 5429 | 378347  |
| GE Vernova, Inc. | 4394 | 1629383  |
| Generac Holdings, Inc.<sup>(a)</sup> | 947 | 108318  |
| General Dynamics Corp. | 4051 | 1102358  |

---

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

11<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| General Electric Co.<sup>(b)</sup> | 17131 | $3452582  |
| Honeywell International, Inc. | 10386 | 2186253  |
| Howmet Aerospace, Inc. | 6466 | 896058  |
| Hubbell, Inc. | 855 | 310519  |
| Huntington Ingalls Industries, Inc. | 605 | 139356  |
| IDEX Corp. | 1197 | 208242  |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 4257 | 1021297  |
| Ingersoll Rand, Inc. | 6433 | 485241  |
| Jacobs Solutions, Inc. | 1946 | 240915  |
| JB Hunt Trasport Services, Inc. | 1254 | 163747  |
| Johnson Controls International PLC | 10539 | 884222  |
| L3Harris Technologies, Inc. | 2989 | 657640  |
| Leidos Holdings, Inc. | 2079 | 305987  |
| Lennox International, Inc. | 495 | 270641  |
| Lockheed Martin Corp. | 3341 | 1596163  |
| Masco Corp. | 3380 | 204862  |
| Nordson Corp.<sup>(b)</sup> | 864 | 163788  |
| Norfolk Southern Corp. | 3603 | 807252  |
| Northrop Grumman Corp. | 2155 | 1048407  |
| Old Dominion Freight Line, Inc. | 2982 | 457081  |
| Otis Worldwide Corp. | 6335 | 609870  |
| PACCAR, Inc. | 8363 | 754426  |
| Parker-Hannifin Corp.<sup>(b)</sup> | 2042 | 1235533  |
| Paychex, Inc. | 5108 | 751489  |
| Paycom Software, Inc. | 729 | 165038  |
| Pentair PLC | 2631 | 238711  |
| Quanta Services, Inc.<sup>(b)</sup> | 2334 | 683138  |
| Republic Services, Inc. | 3241 | 812681  |
| Rockwell Automation, Inc. | 1799 | 445576  |
| Rollins, Inc. | 4470 | 255371  |
| RTX Corp. | 21260 | 2681524  |
| Snap-On, Inc. | 836 | 262345  |
| Southwest Airlines Co.<sup>(b)</sup> | 9470 | 264781  |
| Stanley Black & Decker, Inc. | 2460 | 147649  |
| Textron, Inc. | 2900 | 204073  |
| Trane Technologies PLC | 3570 | 1368417  |
| TransDigm Group, Inc. | 893 | 1261872  |
| Uber Technologies, Inc.<sup>(a)</sup> | 33371 | 2703385  |
| Union Pacific Corp. | 9649 | 2080903  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 5238 | 360479  |
| United Parcel Service, Inc. - Class B | 11666 | 1111770  |
| United Rentals, Inc. | 1035 | 653551  |
| Veralto Corp. | 3951 | 378901  |
| Verisk Analytics, Inc. | 2235 | 662521  |
| W.W. Grainger, Inc. | 686 | 702677  |
| Waste Management, Inc. | 5826 | 1359555  |
|  Westinghouse Air Brake Technologies Corp. | 2718 | 502123  |
| Xylem, Inc. | 3859 | 465280  |
|  |  | 64212061  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 26.8%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 9977 | $2984620  |
| Adobe, Inc.<sup>(a)</sup> | 6935 | 2600486  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 25872 | 2518639  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 2399 | 193311  |
| Amphenol Corp. - Class A | 19338 | 1488059  |
| Analog Devices, Inc. | 7926 | 1544936  |
| ANSYS, Inc.<sup>(a)</sup> | 1378 | 443551  |
| Apple, Inc. | 240019 | 51004037  |
| Applied Materials, Inc. | 12974 | 1955312  |
| Arista Networks, Inc.<sup>(a)</sup> | 16482 | 1355974  |
| Autodesk, Inc.<sup>(a)</sup> | 3426 | 939580  |
| Broadcom, Inc. | 74872 | 14410614  |
| Cadence Design System, Inc.<sup>(a)</sup> | 4368 | 1300528  |
| CDW Corp./DE | 2112 | 339103  |
| Cisco Systems, Inc. | 63621 | 3672840  |
|  Cognizant Technology Solutions Corp. - Class A<sup>(b)</sup> | 7903 | 581424  |
| Corning, Inc. | 12302 | 545963  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 3911 | 1677311  |
| Dell Technologies, Inc. - Class C | 4977 | 456689  |
| Enphase Energy, Inc.<sup>(a)(b)</sup> | 2100 | 93639  |
| EPAM Systems, Inc.<sup>(a)</sup> | 903 | 141690  |
| F5, Inc.<sup>(a)</sup> | 917 | 242767  |
| Fair Isaac Corp.<sup>(a)</sup> | 378 | 752099  |
| First Solar, Inc.<sup>(a)</sup> | 1706 | 214649  |
| Fortinet, Inc.<sup>(a)</sup> | 10143 | 1052438  |
| Gartner, Inc.<sup>(a)</sup> | 1214 | 511191  |
| Gen Digital, Inc. | 8641 | 223543  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 2235 | 420918  |
| Hewlett Packard Enterprise Co.<sup>(b)</sup> | 20971 | 340150  |
| HP, Inc.<sup>(b)</sup> | 14959 | 382502  |
| Intel Corp. | 69168 | 1390277  |
|  International Business Machines Corp.<sup>(b)</sup> | 14756 | 3568296  |
| Intuit, Inc. | 4456 | 2796006  |
| Jabil, Inc. | 1745 | 255747  |
| Juniper Networks, Inc. | 5273 | 191515  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 2750 | 399850  |
| KLA Corp. | 2106 | 1479865  |
| Lam Research Corp. | 20486 | 1468232  |
| Microchip Technology, Inc. | 8571 | 394952  |
| Micron Technology, Inc. | 17788 | 1368787  |
| Microsoft Corp. | 118767 | 46943844  |
| Monolithic Power Systems, Inc. | 740 | 438894  |
| Motorola Solutions, Inc. | 2661 | 1171878  |
| NetApp, Inc. | 3246 | 291328  |
| NVIDIA Corp. | 391281 | 42618326  |
| NXP Semiconductors NV | 4057 | 747746  |
| ON Semiconductor Corp.<sup>(a)</sup> | 6720 | 266784  |
| Oracle Corp. | 25899 | 3644507  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 32739 | 3877607  |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 10569 | 1975663  |
| PTC, Inc.<sup>(a)</sup> | 1912 | 296303  |

---

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

12<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| QUALCOMM, Inc. | 17662 | $2622100  |
| Roper Technologies, Inc. | 1709 | 957177  |
| salesforce.com, Inc. | 15282 | 4106426  |
| Seagate Technology Holdings PLC | 3376 | 307317  |
| ServiceNow, Inc.<sup>(a)</sup> | 3287 | 3139118  |
| Skyworks Solutions, Inc. | 2562 | 164685  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 8041 | 256186  |
| Synopsys, Inc.<sup>(a)(b)</sup> | 2467 | 1132378  |
| TE Connectivity PLC | 4766 | 697647  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 721 | 336008  |
| Teradyne, Inc. | 2595 | 192575  |
| Texas Instruments, Inc. | 14535 | 2326327  |
| Trimble, Inc.<sup>(a)</sup> | 3903 | 242532  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 662 | 359665  |
| VeriSign, Inc.<sup>(a)</sup> | 1284 | 362242  |
| Western Digital Corp.<sup>(a)</sup> | 5556 | 243686  |
| Workday, Inc. - Class A<sup>(a)</sup> | 3411 | 835695  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 820 | 205262  |
|  |  | 228461996  |
| **Materials - 1.8%**<br>|  |  |
| Air Products & Chemicals, Inc. | 3542 | 960201  |
| Albemarle Corp.<sup>(b)</sup> | 1869 | 109430  |
| Amcor PLC<sup>(b)</sup> | 23087 | 212400  |
| Avery Dennison Corp. | 1268 | 216967  |
| Ball Corp. | 4767 | 247598  |
| CF Industries Holdings, Inc. | 2767 | 216850  |
| Corteva, Inc. | 10932 | 677675  |
| Dow, Inc. | 11240 | 343832  |
| DuPont de Nemours, Inc. | 6668 | 440021  |
| Eastman Chemical Co. | 1832 | 141064  |
| Ecolab, Inc. | 4024 | 1011754  |
| Freeport-McMoRan, Inc. | 22959 | 827213  |
| International Flavors & Fragrances, Inc. | 4081 | 320195  |
| International Paper Co. | 8408 | 384077  |
| Linde PLC | 7592 | 3440922  |
| LyondellBasell Industries NV - Class A | 4135 | 240698  |
| Martin Marietta Materials, Inc. | 971 | 508785  |
| Mosaic Co. | 5065 | 153976  |
| Newmont Goldcorp Corp. | 18189 | 958197  |
| Nucor Corp. | 3733 | 445608  |
| Packaging Corp. of America | 1405 | 260782  |
| PPG Industries, Inc. | 3689 | 401585  |
| Sherwin-Williams Co.<sup>(b)</sup> | 3685 | 1300510  |
| Smurfit WestRock PLC<sup>(b)</sup> | 7900 | 331958  |
| Steel Dynamics, Inc.<sup>(b)</sup> | 2241 | 290680  |
| Vulcan Materials Co. | 2093 | 549057  |
|  |  | 14992035  |
| **Real Estate - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 4698 | 574002  |
| CoStar Group, Inc.<sup>(a)</sup> | 6720 | 498422  |
|  |  | 1072424  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Utilities - 2.3%**<br>|  |  |
| AES Corp. | 11351 | $113510  |
| Alliant Energy Corp. | 4095 | 249959  |
| Ameren Corp. | 4301 | 426831  |
| American Electric Power Co., Inc. | 8500 | 920890  |
| American Water Works Co., Inc. | 3090 | 454261  |
| Atmos Energy Corp.<sup>(b)</sup> | 2531 | 406554  |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 10408 | 403622  |
| CMS Energy Corp. | 4773 | 351531  |
| Consolidated Edison, Inc. | 5535 | 624071  |
| Constellation Energy Corp. | 4990 | 1114966  |
| Dominion Energy, Inc.<sup>(b)</sup> | 13422 | 729888  |
| DTE Energy Co. | 3306 | 452922  |
| Duke Energy Corp. | 12381 | 1510730  |
| Edison International | 6165 | 329889  |
| Entergy Corp. | 6835 | 568467  |
| Evergy, Inc. | 3658 | 252768  |
| Eversource Energy | 5850 | 347958  |
| Exelon Corp. | 16053 | 752886  |
| FirstEnergy Corp. | 8186 | 351016  |
| NextEra Energy, Inc. | 32841 | 2196406  |
| NiSource, Inc.<sup>(b)</sup> | 7496 | 293168  |
| NRG Energy, Inc. | 3234 | 354382  |
| PG&E Corp. | 35039 | 578844  |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 1809 | 172181  |
| PPL Corp.<sup>(b)</sup> | 11773 | 429714  |
| Public Service Enterprise Group, Inc. | 7958 | 636083  |
| Sempra | 10100 | 750127  |
| Southern Co. | 17502 | 1608259  |
| Vistra Corp. | 5414 | 701817  |
| WEC Energy Group, Inc.<sup>(b)</sup> | 5065 | 554719  |
| Xcel Energy, Inc. | 9160 | 647612  |
|  |  | 19286031  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $705,029,800)** |  | 736861238  |
|  | **Par**  |  |
| **U.S. TREASURY SECURITIES - 9.8%** | **U.S. TREASURY SECURITIES - 9.8%** | **U.S. TREASURY SECURITIES - 9.8%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2025 | $10000000 | 10005366  |
| &nbsp;&nbsp;&nbsp; 3.00%, 09/30/2025 | 11000000 | 10945776  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2025 | 5000000 | 5005834  |
| &nbsp;&nbsp;&nbsp; 4.63%, 03/15/2026 | 8000000 | 8045683  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/30/2026 | 8000000 | 8070313  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/30/2026 | 8000000 | 7971719  |
| &nbsp;&nbsp;&nbsp; 4.25%, 12/31/2026 | 1000000 | 1008848  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/31/2027 | 8500000 | 8323359  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 8000000 | 7941250  |
| &nbsp;&nbsp;&nbsp; 4.13%, 09/30/2027 | 8000000 | 8097812  |
| &nbsp;&nbsp;&nbsp; 3.88%, 12/31/2027 | 8000000 | 8056562  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $82,921,856)** |  | 83472522  |

---

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

13<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%** |
| **Real Estate - 1.8%**<br>|  |  |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 2458 | $178598  |
| American Tower Corp. | 7455 | 1680431  |
| AvalonBay Communities, Inc. | 2248 | 472035  |
| BXP, Inc. | 2301 | 146643  |
| Camden Property Trust | 1701 | 193574  |
| Crown Castle, Inc. | 6924 | 732282  |
| Digital Realty Trust, Inc. | 5046 | 810085  |
| Equinix, Inc. | 1531 | 1317808  |
| Equity Residential | 5437 | 382004  |
| Essex Property Trust, Inc. | 1019 | 284454  |
| Extra Space Storage, Inc. | 3380 | 495238  |
| Federal Realty Investment Trust | 1218 | 114516  |
| Healthpeak Properties, Inc. | 11174 | 199344  |
| Host Hotels & Resorts, Inc.<sup>(b)</sup> | 11165 | 157650  |
| Invitation Homes, Inc. | 9090 | 310787  |
| Iron Mountain, Inc. | 4670 | 418759  |
| Kimco Realty Corp. | 10838 | 216543  |
|  Mid-America Apartment Communities, Inc. | 1859 | 296789  |
| Prologis, Inc. | 14790 | 1511538  |
| Public Storage | 2513 | 754981  |
| Realty Income Corp.<sup>(b)</sup> | 13966 | 808073  |
| Regency Centers Corp. | 2600 | 187668  |
| SBA Communications Corp. | 1714 | 417188  |
| Simon Property Group, Inc. | 4895 | 770375  |
| UDR, Inc. | 4808 | 201359  |
| Ventas, Inc. | 6963 | 487967  |
| VICI Properties, Inc. | 16835 | 539057  |
| Welltower, Inc. | 9726 | 1484090  |
| Weyerhaeuser Co. | 11576 | 299934  |
|  |  | 15869770 |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $15,659,962)** |  | 15869770 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 5.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 42220079 | 42220079  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $42,220,079)** |  | 42220079  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.9%** <br>**(Cost $845,831,697)** |  | $878423609  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (2.9)% |  | (24833450)  |
| **TOTAL NET ASSETS - 100.0%** |  | $853590159 |

---

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 $41,408,543 which represented 4.9% 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.

14<br>

------

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

**Pacer Metaurus US Large Cap DIVIDEND Multiplier 400 ETF** 

**Schedule of Futures Contracts** 

**April 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 12/19/2025 | $37085100 | &nbsp;&nbsp; $1732711  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 12/18/2026 | 35618050 | &nbsp;&nbsp; (590531)  |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 12/17/2027 | 35569950 | &nbsp;&nbsp; (1707362)  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp; $(565182) |

---

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

15<br>

------

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

**PACER PE/VC ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 88.5%**<br>|  |  |
| **Communication Services - 12.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 454 | $72095  |
| AT&T, Inc. | 230 | 6371  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 3 | 1176  |
| Comcast Corp. - Class A | 124 | 4241  |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 1 | 36  |
| Liberty Global Ltd. - Class A<sup>(a)</sup> | 2 | 22  |
| Lumen Technologies, Inc.<sup>(a)</sup> | 4 | 14  |
| Meta Platforms, Inc. - Class A | 120 | 65880  |
| Netflix, Inc.<sup>(a)</sup> | 45 | 50927  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 52 | 3487  |
| Spotify Technology SA<sup>(a)</sup> | 12 | 7368  |
| T-Mobile US, Inc. | 16 | 3951  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 39 | 2091  |
| Verizon Communications, Inc. | 128 | 5640  |
| Walt Disney Co. | 35 | 3183  |
|  |  | 226482  |
| **Consumer Discretionary - 5.8%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 41 | 4999  |
| Amazon.com, Inc.<sup>(a)</sup> | 188 | 34671  |
| Booking Holdings, Inc. | 1 | 5099  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 25 | 1263  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 31 | 5980  |
| General Motors Co. | 20 | 905  |
| Hilton Worldwide Holdings, Inc. | 4 | 902  |
| Home Depot, Inc. | 20 | 7210  |
| Lowe's Cos., Inc. | 11 | 2459  |
| Marriott International, Inc. - Class A | 5 | 1193  |
| McDonald's Corp. | 14 | 4475  |
| MercadoLibre, Inc.<sup>(a)</sup> | 4 | 9323  |
| NIKE, Inc. - Class B | 22 | 1241  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1 | 1415  |
| Ross Stores, Inc. | 6 | 834  |
| Royal Caribbean Cruises Ltd. | 3 | 645  |
| Starbucks Corp. | 22 | 1761  |
| Tesla Motors, Inc.<sup>(a)</sup> | 55 | 15519  |
| TJX Cos., Inc. | 21 | 2702  |
|  |  | 102596  |
| **Consumer Staples - 5.6%**<br>|  |  |
| Altria Group, Inc. | 69 | 4081  |
| Archer-Daniels-Midland Co. | 14 | 668  |
| Church & Dwight Co., Inc. | 8 | 795  |
| Coca-Cola Co. | 168 | 12188  |
| Colgate-Palmolive Co. | 35 | 3227  |
| Constellation Brands, Inc. - Class A | 5 | 938  |
| Costco Wholesale Corp. | 9 | 8951  |
| General Mills, Inc. | 17 | 965  |
| Kellanova | 9 | 745  |
| Kenvue, Inc. | 54 | 1274  |
| Keurig Dr Pepper, Inc. | 30 | 1038  |
| Kimberly-Clark Corp. | 14 | 1845  |
| Kroger Co. | 27 | 1950  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mondelez International, Inc. - Class A | 57 | $3883  |
| Monster Beverage Corp.<sup>(a)</sup> | 24 | 1443  |
| PepsiCo, Inc. | 56 | 7592  |
| Philip Morris International, Inc. | 57 | 9768  |
| Procter & Gamble Co. | 101 | 16420  |
| Sysco Corp. | 16 | 1142  |
| Target Corp. | 9 | 870  |
| The Kraft Heinz Co. | 30 | 873  |
| Walmart, Inc. | 189 | 18380  |
|  |  | 99036  |
| **Energy - 2.9%**<br>|  |  |
| Baker Hughes Co. | 30 | 1062  |
| Cheniere Energy, Inc. | 8 | 1849  |
| Chevron Corp. | 62 | 8436  |
| ConocoPhillips | 39 | 3476  |
| Diamondback Energy, Inc. | 6 | 792  |
| EOG Resources, Inc. | 17 | 1876  |
| EQT Corp. | 17 | 840  |
| Expand Energy Corp. | 7 | 727  |
| Exxon Mobil Corp. | 160 | 16901  |
| Hess Corp. | 8 | 1032  |
| Kinder Morgan, Inc. | 70 | 1841  |
| Marathon Petroleum Corp. | 10 | 1374  |
| Occidental Petroleum Corp. | 21 | 828  |
| ONEOK, Inc. | 20 | 1643  |
| Phillips 66 | 14 | 1457  |
| Schlumberger Ltd. | 45 | 1496  |
| Targa Resources Corp. | 6 | 1025  |
| Texas Pacific Land Corp. | 1 | 1289  |
| Valero Energy Corp. | 10 | 1161  |
| Williams Cos., Inc. | 41 | 2401  |
|  |  | 51506  |
| **Financials - 15.1%**<br>|  |  |
| American Express Co. | 18 | 4795  |
| Bank of America Corp. | 229 | 9133  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 114 | 60790  |
| Blackrock, Inc. | 5 | 4571  |
| Blackstone, Inc. | 17 | 2239  |
| Charles Schwab Corp. | 39 | 3175  |
| Chubb Ltd. | 9 | 2575  |
| Citigroup, Inc. | 48 | 3282  |
| CME Group, Inc. | 9 | 2494  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 18 | 3652  |
| Fidelity National Information Services, Inc. | 46 | 3628  |
| Fiserv, Inc.<sup>(a)</sup> | 36 | 6645  |
| Goldman Sachs Group, Inc. | 10 | 5475  |
| Intercontinental Exchange, Inc. | 15 | 2520  |
| JPMorgan Chase & Co. | 93 | 22750  |
| KKR & Co., Inc. | 18 | 2057  |
| Marsh & McLennan Cos., Inc. | 12 | 2706  |
| Mastercard, Inc. - Class A | 81 | 44393  |
| Moody's Corp. | 6 | 2719  |
| Morgan Stanley | 41 | 4732  |

---

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

16<br>

------

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

**PACER PE/VC ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 41 | $2699  |
| PNC Financial Services Group, Inc. | 10 | 1607  |
| Progressive Corp. | 14 | 3944  |
| S&P Global, Inc. | 21 | 10501  |
| Visa, Inc. - Class A | 139 | 48024  |
| Wells Fargo & Co. | 112 | 7953  |
|  |  | 269059  |
| **Health Care - 6.3%**<br>|  |  |
| Abbott Laboratories | 68 | 8891  |
| AbbVie, Inc. | 33 | 6438  |
| Agilent Technologies, Inc. | 6 | 646  |
| Amgen, Inc. | 9 | 2618  |
| Becton Dickinson & Co. | 6 | 1243  |
| Boston Scientific Corp.<sup>(a)</sup> | 53 | 5452  |
| Bristol-Myers Squibb Co. | 33 | 1657  |
| Cencora, Inc. | 4 | 1171  |
| Centene Corp.<sup>(a)</sup> | 10 | 599  |
| Cigna Group | 6 | 2040  |
| CVS Health Corp. | 27 | 1801  |
| Danaher Corp. | 27 | 5382  |
| DexCom, Inc.<sup>(a)</sup> | 8 | 571  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 13 | 981  |
| Elevance Health, Inc. | 5 | 2103  |
| Eli Lilly & Co. | 16 | 14383  |
| GE HealthCare Technologies, Inc. | 8 | 563  |
| HCA Healthcare, Inc. | 4 | 1380  |
| Humana, Inc. | 2 | 524  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 2 | 865  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 13 | 6705  |
| Johnson & Johnson | 45 | 7034  |
| Medtronic PLC | 48 | 4068  |
| Merck & Co., Inc. | 48 | 4090  |
| Natera, Inc.<sup>(a)</sup> | 3 | 453  |
| Pfizer, Inc. | 112 | 2734  |
| ResMed, Inc. | 3 | 710  |
| Stryker Corp. | 14 | 5235  |
| Thermo Fisher Scientific, Inc. | 15 | 6435  |
| UnitedHealth Group, Inc. | 36 | 14812  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 3 | 701  |
| West Pharmaceutical Services, Inc. | 1 | 211  |
|  |  | 112496  |
| **Industrials - 7.6%**<br>|  |  |
| 3M Co. | 22 | 3056  |
| Automatic Data Processing, Inc. | 49 | 14729  |
| Boeing Co.<sup>(a)</sup> | 25 | 4581  |
| Caterpillar, Inc. | 31 | 9587  |
| Copart, Inc.<sup>(a)</sup> | 85 | 5188  |
| Deere & Co. | 17 | 7880  |
| Eaton Corp. PLC | 27 | 7948  |
| Emerson Electric Co. | 23 | 2418  |
| GE Vernova, Inc. | 6 | 2225  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| General Electric Co. | 60 | $12092  |
| Honeywell International, Inc. | 44 | 9262  |
| Lockheed Martin Corp. | 9 | 4300  |
| Parker-Hannifin Corp. | 5 | 3025  |
| RTX Corp. | 74 | 9334  |
| Trane Technologies PLC | 8 | 3066  |
| Uber Technologies, Inc.<sup>(a)</sup> | 268 | 21711  |
| Union Pacific Corp. | 41 | 8842  |
| United Parcel Service, Inc. - Class B | 29 | 2764  |
| Waste Management, Inc. | 14 | 3267  |
|  |  | 135275  |
| **Information Technology - 29.4%<sup>(b)</sup>**<br>|  |  |
| Accenture PLC - Class A | 81 | 24231  |
| Adobe, Inc.<sup>(a)</sup> | 53 | 19874  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 55 | 5354  |
| Apple, Inc. | 214 | 45475  |
| Applied Materials, Inc. | 28 | 4220  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 22 | 5925  |
| Arista Networks, Inc.<sup>(a)</sup> | 38 | 3126  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 13 | 2968  |
| Autodesk, Inc.<sup>(a)</sup> | 19 | 5211  |
| Broadcom, Inc. | 168 | 32335  |
| Cadence Design System, Inc.<sup>(a)</sup> | 24 | 7146  |
| Cisco Systems, Inc. | 135 | 7794  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 21 | 9006  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 29 | 2963  |
| Fair Isaac Corp.<sup>(a)</sup> | 2 | 3979  |
| Fortinet, Inc.<sup>(a)</sup> | 59 | 6122  |
| Gartner, Inc.<sup>(a)</sup> | 7 | 2948  |
| International Business Machines Corp. | 110 | 26600  |
| Intuit, Inc. | 34 | 21334  |
| Lam Research Corp. | 2 | 143  |
| Microsoft Corp. | 187 | 73914  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 16 | 6082  |
| NVIDIA Corp. | 427 | 46509  |
| Oracle Corp. | 209 | 29410  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 273 | 32334  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 58 | 10842  |
| QUALCOMM, Inc. | 38 | 5641  |
| Roper Technologies, Inc. | 9 | 5041  |
| salesforce.com, Inc. | 116 | 31170  |
| ServiceNow, Inc.<sup>(a)</sup> | 25 | 23875  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 31 | 4944  |
| Synopsys, Inc.<sup>(a)</sup> | 14 | 6426  |
| Texas Instruments, Inc. | 31 | 4962  |
| Workday, Inc. - Class A<sup>(a)</sup> | 20 | 4900  |
|  |  | 522804  |
| **Materials - 2.3%**<br>|  |  |
| Air Products & Chemicals, Inc. | 11 | 2982  |
| Corteva, Inc. | 36 | 2232  |
| Dow, Inc. | 30 | 918  |
| DuPont de Nemours, Inc. | 23 | 1518  |
| Ecolab, Inc. | 14 | 3520  |

---

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

17<br>

------

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

**PACER PE/VC ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Freeport-McMoRan, Inc. | 75 | $2702  |
| International Paper Co. | 18 | 822  |
| Linde PLC | 26 | 11784  |
| Martin Marietta Materials, Inc. | 3 | 1572  |
| Newmont Goldcorp Corp. | 60 | 3161  |
| Nucor Corp. | 9 | 1074  |
| PPG Industries, Inc. | 10 | 1089  |
| Sherwin-Williams Co. | 13 | 4588  |
| Smurfit WestRock PLC | 22 | 924  |
| Vulcan Materials Co. | 6 | 1574  |
|  |  | 40460  |
| **Utilities - 0.7%**<br>|  |  |
| American Electric Power Co., Inc. | 11 | 1192  |
| Constellation Energy Corp. | 6 | 1341  |
| Dominion Energy, Inc. | 17 | 924  |
| Duke Energy Corp. | 15 | 1830  |
| NextEra Energy, Inc. | 46 | 3077  |
| PG&E Corp. | 52 | 859  |
| Sempra | 11 | 817  |
| Southern Co. | 23 | 2113  |
| Vistra Corp. | 6 | 778  |
|  |  | 12931  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,664,169)** |  | 1572645  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.4%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - 0.4%** |  |
| **Real Estate - 0.4%**<br>|  |  |
| American Tower Corp. | 12 | 2705  |
| Equinix, Inc. | 2 | 1722  |
| Prologis, Inc. | 22 | 2248  |
|  |  | 6675  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $6,763)** |  | 6675  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 88.9%** <br>**(Cost $1,670,932)** |  | 1579320  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 11.1% |  | 196738  |
| **TOTAL NET ASSETS - 100.0%** |  | $1776058 |

---

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> 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.

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

18<br>

------

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

**PACER PE/VC ETF** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  EA1724CCO Basket | BNP Paribas <br>Securities Corp. | &nbsp;&nbsp; Receive | SOFR + 1.00% | Termination | 05/02/2025 | $679390 | &nbsp;&nbsp;&nbsp;&nbsp; $2210  |
|  EA1725CCO Basket | BNP Paribas <br>Securities Corp. | &nbsp;&nbsp; Receive | SOFR + 1.00% | Termination | 05/02/2025 | 1752657 | &nbsp;&nbsp;&nbsp;&nbsp; 12021  |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $14231 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of April 30, 2025.

SOFR - Secured Overnight Financing Rate was 4.41% as of April 30, 2025.

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

19<br>

------

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

**PACER SOLACTIVE WHITNEY FUTURE OF WARFARE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 4.7%**<br>|  |  |
| Alphabet, Inc. - Class C | 39 | $6275  |
| AT&T, Inc. | 327 | 9058  |
| BT Group PLC | 4390 | 10191  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - <br>Class A<sup>(a)</sup> | 24 | 9404  |
| Deutsche Telekom AG | 233 | 8370  |
| Verizon Communications, Inc. | 199 | 8768  |
| Vodafone Group PLC | 9179 | 8982  |
|  |  | 61048  |
| **Consumer Discretionary - 1.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 34 | 6270  |
| Volkswagen AG | 75 | 8342  |
|  |  | 14612  |
| **Industrials - 69.5%<sup>(b)</sup>**<br>|  |  |
| Airbus Group SE | 45 | 7527  |
| AMETEK, Inc. | 43 | 7292  |
| BAE Systems PLC | 3708 | 85907  |
| Boeing Co.<sup>(a)</sup> | 527 | 96567  |
| Bouygues SA | 246 | 10822  |
| CAE, Inc.<sup>(a)</sup> | 321 | 8015  |
| Carrier Global Corp. | 119 | 7442  |
| Dover Corp. | 38 | 6485  |
| Eaton Corp. PLC | 24 | 7065  |
| Emerson Electric Co. | 60 | 6307  |
| Ferrovial SE | 180 | 8774  |
| Fortive Corp. | 96 | 6690  |
| General Dynamics Corp. | 369 | 100413  |
| Honeywell International, Inc. | 241 | 50731  |
| Howmet Aerospace, Inc. | 62 | 8592  |
| Illinois Tool Works, Inc. | 31 | 7437  |
| Ingersoll Rand, Inc. | 84 | 6336  |
| Johnson Controls International PLC | 101 | 8474  |
| Kongsberg Gruppen ASA | 66 | 10616  |
| L3Harris Technologies, Inc. | 137 | 30143  |
| Leidos Holdings, Inc. | 244 | 35912  |
| Leonardo SpA | 254 | 13223  |
| Lockheed Martin Corp. | 206 | 98417  |
| MTU Aero Engines AG | 23 | 7946  |
| Northrop Grumman Corp. | 140 | 68110  |
| Parker-Hannifin Corp. | 11 | 6656  |
| Rockwell Automation, Inc. | 28 | 6935  |
| Rolls-Royce Holdings PLC | 1058 | 10658  |
| RTX Corp. | 734 | 92579  |
| Saab AB | 369 | 17136  |
| Safran SA | 32 | 8476  |
| Smiths Group PLC | 338 | 8415  |
| Textron, Inc. | 103 | 7248  |
| Thales SA | 49 | 13641  |
| Trane Technologies PLC | 22 | 8433  |
| TransDigm Group, Inc. | 6 | 8478  |
| Vertiv Holdings Co. - Class A | 69 | 5891  |
|  |  | 899789  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 22.9%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 18 | $6750  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 78 | 6285  |
| ANSYS, Inc.<sup>(a)</sup> | 23 | 7403  |
| Applied Materials, Inc. | 43 | 6481  |
| Arista Networks, Inc.<sup>(a)</sup> | 69 | 5677  |
| Cadence Design System, Inc.<sup>(a)</sup> | 27 | 8039  |
| Capgemini SE | 43 | 6836  |
| CGI, Inc. | 66 | 6985  |
| Cisco Systems, Inc. | 130 | 7505  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 58 | 7005  |
|  Cognizant Technology Solutions Corp. - Class A | 95 | 6989  |
| Constellation Software, Inc. | 2 | 7194  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 20 | 8577  |
| Dassault Systemes SE | 200 | 7466  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 55 | 5619  |
| Dell Technologies, Inc. - Class C | 259 | 23766  |
| Halma PLC | 205 | 7546  |
| Hewlett Packard Enterprise Co. | 371 | 6018  |
| Hexagon AB - Class B | 727 | 7061  |
| Intel Corp. | 393 | 7899  |
| International Business Machines Corp. | 31 | 7496  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 46 | 6688  |
| Microsoft Corp. | 19 | 7510  |
| Motorola Solutions, Inc. | 17 | 7487  |
| Nokia OYJ | 1641 | 8187  |
| NVIDIA Corp. | 63 | 6862  |
| Open Text Corp. | 261 | 7052  |
| Oracle Corp. | 46 | 6473  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 97 | 11489  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 42 | 7851  |
| Roper Technologies, Inc. | 14 | 7841  |
| salesforce.com, Inc. | 23 | 6180  |
| SAP SE | 28 | 8126  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 44 | 7018  |
| Synopsys, Inc.<sup>(a)</sup> | 15 | 6885  |
| Teradyne, Inc. | 68 | 5046  |
| Trimble, Inc.<sup>(a)</sup> | 104 | 6463  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 20 | 5006  |
| Zscaler, Inc.<sup>(a)</sup> | 39 | 8821  |
|  |  | 295582  |
| **Materials - 1.7%**<br>|  |  |
| Air Liquide SA | 45 | 9236  |
| Dow, Inc. | 204 | 6240  |
| DuPont de Nemours, Inc. | 103 | 6797  |
|  |  | 22273  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,282,975)** |  | 1293304  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $1,282,975)** |  | $1293304  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 2128  |
| **TOTAL NET ASSETS - 100.0%** |  | $1295432 |

---

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

20<br>

------

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

**PACER SOLACTIVE WHITNEY FUTURE OF WARFARE ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(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.

ASA - Advanced Subscription Agreement

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.

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

21<br>

------

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

**Pacer Swan SOS Conservative April ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>** |
| **Call Options - 97.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: <br>$6.15<sup>(b)(c)</sup> | $57783068 | &nbsp;&nbsp;&nbsp; 1042 | $56537878  |
| **Put Options - 5.3%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $531.42<sup>(b)(c)</sup> | 57783068 | &nbsp;&nbsp;&nbsp; 1042 | 3041598  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $59,371,340)** |  |  | 59579476  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.6%** <br>**(Cost $59,371,340)** |  |  | 59579476  |
|  Liabilities in Excess of Other Assets - (2.6)% |  |  | (1484629)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $58094847 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

22<br>

------

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

**Pacer Swan SOS Conservative April ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%** <br>|  |  |  |
| **Call Options - (2.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $631.50<sup>(a)(b)</sup> | $(57783068) | (1042) | $(1363978)  |
| **Put Options - (1.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $391.57<sup>(a)(b)</sup> | (57783068) | (1042) | (684594)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,892,808)** |  |  | $(2048572) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

23<br>

------

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

**Pacer Swan SOS Conservative January ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.8%<sup>(a)</sup>**  |
| **Call Options - 95.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: <br>$6.45<sup>(b)(c)</sup> | $30222430 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | $29714060  |
| **Put Options - 5.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $556.78<sup>(b)(c)</sup> | 30222430 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | 1774100  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $32,598,234)** |  |  | 31488160  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $32,598,234)** |  |  | 31488160  |
|  Liabilities in Excess of Other Assets - (0.8)% |  |  | (242964)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $31245196 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

24<br>

------

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

**Pacer Swan SOS Conservative January ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%** <br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $659.01<sup>(a)(b)</sup> | $(30222430) | &nbsp;&nbsp;&nbsp;&nbsp;(545) | $(177708)  |
| **Put Options - (1.0)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $410.26<sup>(a)(b)</sup> | (30222430) | &nbsp;&nbsp;&nbsp;&nbsp;(545) | (327992)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $892,991)** |  |  | $(505700) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

25<br>

------

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

**PACER SWAN SOS CONSERVATIVE JULY ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.6%<sup>(a)</sup>** | **PURCHASED OPTIONS - 99.6%<sup>(a)</sup>** |  |  |
| **Call Options - 98.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: <br>$5.99<sup>(b)(c)</sup> | $44141384 | &nbsp;&nbsp;&nbsp;&nbsp; 796 | $43654359  |
| **Put Options - 1.4%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $517.01<sup>(b)(c)</sup> | 44141384 | &nbsp;&nbsp;&nbsp;&nbsp; 796 | 620992  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $43,509,950)** |  |  | 44275351  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $43,509,950)** |  |  | $44275351  |
|  Other Assets in Excess of Liabilities - 0.4% |  |  | 189547  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $44464898 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

26<br>

------

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

**PACER SWAN SOS CONSERVATIVE JULY ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.2)%** | **WRITTEN OPTIONS - (0.2)%** |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $627.00<sup>(a)(b)</sup> | $(44141384) | &nbsp;&nbsp;&nbsp;&nbsp;(796) | $(35589)  |
| **Put Options - (0.1)%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $380.95<sup>(a)(b)</sup> | (44141384) | &nbsp;&nbsp;&nbsp;&nbsp;(796) | (50976)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $739,596)** |  |  | $(86565) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

27<br>

------

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

**Pacer Swan SOS Conservative October ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 100.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.1%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 100.1%<sup>(a)</sup>**  |
| **Call Options - 96.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: <br>$6.31<sup>(b)(c)</sup> | $37819628 | &nbsp;&nbsp;&nbsp;&nbsp; 682 | $37385610  |
| **Put Options - 4.1%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $545.07<sup>(b)(c)</sup> | 37819628 | &nbsp;&nbsp;&nbsp;&nbsp; 682 | 1579417  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $40,459,354)** |  |  | 38965027  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $40,459,354)** |  |  | 38965027  |
|  Liabilities in Excess of Other Assets - (0.1)% |  |  | (38386)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $38926641 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

28<br>

------

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

**Pacer Swan SOS Conservative October ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $641.18<sup>(a)(b)</sup> | $(37819628) | &nbsp;&nbsp;&nbsp;&nbsp;(682) | $(142511)  |
| **Put Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $401.63<sup>(a)(b)</sup> | (37819628) | &nbsp;&nbsp;&nbsp;&nbsp;(682) | (222721)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,330,934)** |  |  | $(365232) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

29<br>

------

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

**Pacer Swan SOS Flex April ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 105.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 105.3%<sup>(a)</sup>**  |
| **Call Options - 97.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: <br>$6.27<sup>(b)(c)</sup> | $21294336 | &nbsp;&nbsp;&nbsp;&nbsp; 384 | $20910313  |
| **Put Options - 7.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $559.39 | 21294336 | &nbsp;&nbsp;&nbsp;&nbsp; 384 | 1432834  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/31/2026; Exercise Price: $335.63 | 21294336 | &nbsp;&nbsp;&nbsp;&nbsp; 384 | 147145  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $22,382,624)** |  |  | 22490292  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 105.3%** <br>**(Cost $22,382,624)** |  |  | 22490292  |
|  Liabilities in Excess of Other Assets - (5.3)% |  |  | (1138338)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $21351954 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

30<br>

------

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

**Pacer Swan SOS Flex April ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (6.4)%** <br>|  |  |  |
| **Call Options - (2.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $637.42<sup>(a)(b)</sup> | $(21294336) | &nbsp;&nbsp;&nbsp;&nbsp;(384) | $(459917)  |
| **Put Options - (4.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $447.51<sup>(a)(b)</sup> | (42588672) | &nbsp;&nbsp;&nbsp;&nbsp;(768) | (906731)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,137,344)** |  |  | $(1366648) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

31<br>

------

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

**Pacer Swan SOS Flex January ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 103.8%<sup>(a)</sup>**  |
| **Call Options - 95.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: <br>$6.56<sup>(b)(c)</sup> | $48688612 | &nbsp;&nbsp;&nbsp;&nbsp; 878 | $47860236  |
| **Put Options - 8.4%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $586.08 | 48688612 | &nbsp;&nbsp;&nbsp;&nbsp; 878 | 3909831  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/31/2025; Exercise Price: $351.65 | 48688612 | &nbsp;&nbsp;&nbsp;&nbsp; 878 | 289090  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $53,141,958)** |  |  | 52059157  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.8%** <br>**(Cost $53,141,958)** |  |  | $52059157  |
|  Liabilities in Excess of Other Assets - (3.8)% |  |  | (1899419)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $50159738 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

32<br>

------

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

**Pacer Swan SOS Flex January ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.6)%** <br>|  |  |  |
| **Call Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $665.32<sup>(a)(b)</sup> | $(48688612) | (878) | $(227753)  |
| **Put Options - (4.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $468.86<sup>(a)(b)</sup> | (97377224) | (1756) | (2078683)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,330,084)** |  |  | $(2306436) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

33<br>

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

**Pacer Swan SOS Flex July ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.7%<sup>(a)</sup>**  |
| **Call Options - 97.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: <br>$6.10<sup>(b)(c)</sup> | $21627060 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | $21384188  |
| **Put Options - 2.6%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $544.22 | 21627060 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | 546460  |
| &nbsp;&nbsp;&nbsp; Expiration: 06/30/2025; Exercise Price: $326.53 | 21627060 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | 14075  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $21,696,207)** |  |  | 21944723  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $21,696,207)** |  |  | $21944723  |
|  Other Assets in Excess of Liabilities - 0.3% |  |  | 71180  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $22015903 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

34<br>

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

**Pacer Swan SOS Flex July ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%** <br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $627.32<sup>(a)(b)</sup> | $(21627060) | &nbsp;&nbsp;&nbsp;&nbsp;(390) | $(17152)  |
| **Put Options - (0.5)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $435.38<sup>(a)(b)</sup> | (43254120) | &nbsp;&nbsp;&nbsp;&nbsp;(780) | (106681)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $746,161)** |  |  | $(123833) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

35<br>

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

**Pacer Swan SOS Flex October ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.0%<sup>(a)</sup>**  |
| **Call Options - 95.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: <br>$6.43<sup>(b)(c)</sup> | $13641684 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | $13482930  |
| **Put Options - 6.3%**<br>|  |  |  |
| SPDR S&P 500 ETF Trust<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $573.76 | 13641684 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | 833438  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/30/2025; Exercise Price: $344.26 | 13641684 | &nbsp;&nbsp;&nbsp;&nbsp; 246 | 45316  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $14,587,930)** |  |  | 14361684  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $14,587,930)** |  |  | $14361684  |
|  Liabilities in Excess of Other Assets - (2.0)% |  |  | (276794)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $14084890 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

36<br>

------

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

**Pacer Swan SOS Flex October ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.6)%** <br>|  |  |  |
| **Call Options - (0.2)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $650.13<sup>(a)(b)</sup> | $(13641684) | &nbsp;&nbsp;&nbsp;&nbsp;(246) | $(34696)  |
| **Put Options - (2.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $459.01<sup>(a)(b)</sup> | (27283368) | &nbsp;&nbsp;&nbsp;&nbsp;(492) | (333507)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $679,167)** |  |  | $(368203) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

37<br>

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

**Pacer Swan SOS Fund of Funds ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **AFFILIATED EXCHANGE TRADED FUNDS - 99.5%** | **AFFILIATED EXCHANGE TRADED FUNDS - 99.5%** | **AFFILIATED EXCHANGE TRADED FUNDS - 99.5%** |
|  Pacer Swan SOS Conservative (April) ETF<sup>(a)(b)(c)</sup> | 1324784 | $33477291  |
|  Pacer Swan SOS Conservative (January) ETF<sup>(a)(c)</sup> | 944668 | 25657372  |
|  Pacer Swan SOS Conservative (July) ETF<sup>(a)(c)</sup> | 1172674 | 30206089  |
|  Pacer Swan SOS Conservative (October) ETF<sup>(a)(c)</sup> | 1315329 | 34026246  |
| &nbsp;&nbsp;&nbsp; Pacer Swan SOS Flex (April) <br>ETF<sup>(a)(c)</sup> | 471123 | 13370989  |
|  Pacer Swan SOS Flex (January) ETF<sup>(a)(c)</sup> | 697076 | 22529357  |
| &nbsp;&nbsp;&nbsp; Pacer Swan SOS Flex (July) <br>ETF<sup>(a)(b)(c)</sup> | 566696 | 16085666  |
|  Pacer Swan SOS Flex (October) ETF<sup>(a)(c)</sup> | 382814 | 10745551  |
|  Pacer Swan SOS Moderate (April) ETF<sup>(a)(b)(c)</sup> | 1947136 | 52494786  |
|  Pacer Swan SOS Moderate (January) ETF<sup>(a)(c)</sup> | 2311646 | 66126483  |
|  Pacer Swan SOS Moderate (July) ETF<sup>(a)(c)</sup> | 2104018 | 58359989  |
|  Pacer Swan SOS Moderate (October) ETF<sup>(a)(c)</sup> | 2161001 | 58411857  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $391,455,473)** |  | 421491676 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.5%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.47%<sup>(d)</sup> | 2277925 | 2277925  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,277,925)** |  | 2277925  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $393,733,398)** |  | $423769601  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(e)</sup> |  | (20033)  |
| **TOTAL NET ASSETS - 100.0%** |  | $423749568 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability 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 $2,225,206 which represented 0.5% of net assets.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield 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.

38<br>

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

**Pacer Swan SOS Moderate April ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 104.5%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.5%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.5%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 104.5%<sup>(a)</sup>**  |
| **Call Options - 97.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: <br>$6.21<sup>(b)(c)</sup> | $78079232 | &nbsp;&nbsp;&nbsp; 1408 | $76679229  |
| **Put Options - 6.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $559.45<sup>(b)(c)</sup> | 78079232 | &nbsp;&nbsp;&nbsp; 1408 | 5256726  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $81,501,760)** |  |  | 81935955  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.5%** <br>**(Cost $81,501,760)** |  |  | $81935955  |
|  Liabilities in Excess of Other Assets - (4.5)% |  |  | (3547780)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $78388175 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

39<br>

------

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

**Pacer Swan SOS Moderate April ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (5.5)%** <br>|  |  |  |
| **Call Options - (2.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $629.15<sup>(a)(b)</sup> | $(78079232) | (1408) | $(2055553)  |
| **Put Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 03/31/2026; Exercise Price: $475.48<sup>(a)(b)</sup> | (78079232) | (1408) | (2239833)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,792,006)** |  |  | $(4295386) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

40<br>

------

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

**Pacer Swan SOS Moderate January ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 102.6%<sup>(a)</sup>**  |
| **Call Options - 94.9%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: <br>$6.51<sup>(b)(c)</sup> | $82903730 | &nbsp;&nbsp;&nbsp; 1495 | $81500493  |
| **Put Options - 7.7%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $586.14<sup>(b)(c)</sup> | 82903730 | &nbsp;&nbsp;&nbsp; 1495 | 6661586  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $90,111,300)** |  |  | 88162079  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.6%** <br>**(Cost $90,111,300)** |  |  | $88162079  |
|  Liabilities in Excess of Other Assets - (2.6)% |  |  | (2245509)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $85916570 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

41<br>

------

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

**Pacer Swan SOS Moderate January ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (3.5)%** <br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $656.53<sup>(a)(b)</sup> | $(82903730) | (1495) | $(533132)  |
| **Put Options - (2.9)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 12/31/2025; Exercise Price: $498.17<sup>(a)(b)</sup> | (82903730) | (1495) | (2498997)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,615,870)** |  |  | $(3032129) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

42<br>

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

**Pacer Swan SOS Moderate July ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 99.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.6%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 99.6%<sup>(a)</sup>**  |
| **Call Options - 97.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise <br>Price: $6.04<sup>(b)(c)</sup> | $69539316 | &nbsp;&nbsp;&nbsp; 1254 | $68765849  |
| **Put Options - 2.5%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $544.27<sup>(b)(c)</sup> | 69539316 | &nbsp;&nbsp;&nbsp; 1254 | 1758898  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $69,313,439)** |  |  | 70524747  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.6%** <br>**(Cost $69,313,439)** |  |  | $70524747  |
|  Other Assets in Excess of Liabilities - 0.4% |  |  | 261453  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $70786200 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

43<br>

------

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

**Pacer Swan SOS Moderate July ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.5)%** <br>|  |  |  |
| **Call Options - (0.1)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $619.54<sup>(a)(b)</sup> | $(69539316) | (1254) | $(84495)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 06/30/2025; Exercise Price: $462.59<sup>(a)(b)</sup> | (69539316) | (1254) | (286200)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $2,307,525)** |  |  | $(370695) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

44<br>

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

**Pacer Swan SOS Moderate October ETF** 

**Schedule of Investments** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 101.3%<sup>(a)</sup>**  |
| **Call Options - 95.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: <br>$6.37<sup>(b)(c)</sup> | $100316286 | &nbsp;&nbsp;&nbsp; 1809 | $99156952  |
| **Put Options - 5.9%**<br>|  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $573.82<sup>(b)(c)</sup> | 100316286 | &nbsp;&nbsp;&nbsp; 1809 | 6133632  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $106,645,190)** |  |  | 105290584  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $106,645,190)** |  |  | $105290584  |
|  Liabilities in Excess of Other Assets - (1.3)% |  |  | (1329306)  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  |  | $103961278 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

45<br>

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

**Pacer Swan SOS Moderate October ETF** 

**Schedule of Written Options** 

**April 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (2.2)%** <br>|  |  |  |
| **Call Options - (0.4)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $640.55<sup>(a)(b)</sup> | $(100316286) | (1809) | $(388790)  |
| **Put Options - (1.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust, Expiration: 09/30/2025; Exercise Price: $487.70<sup>(a)(b)</sup> | (100316286) | (1809) | (1864934)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $4,066,499)** |  |  | $(2253724) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

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

46<br>

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

**PACER US CASH COWS BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 98.0%**<br>|  |  |
| **Communication Services - 7.0%**<br>|  |  |
| AT&T, Inc., 4.50%, 05/15/2035 | $50000 | $47172  |
| Fox Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/13/2033 | 45000 | 47869  |
| &nbsp;&nbsp;&nbsp; 5.48%, 01/25/2039 | 50000 | 48011  |
| &nbsp;&nbsp;&nbsp; 5.58%, 01/25/2049 | 50000 | 45559  |
| Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2027<sup>(a)</sup>  | 50000  | 49532 |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/01/2028<sup>(a)</sup>  | 54000  | 50850 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp., <br>4.25%, 03/15/2029<sup>(a)</sup> | 55000 | 48272  |
|  |  | 337265  |
| **Consumer Discretionary - 17.5%**<br>|  |  |
| BorgWarner, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 08/15/2034 | 50000 | 49464  |
| &nbsp;&nbsp;&nbsp; 4.38%, 03/15/2045 | 60000 | 47764  |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., <br>4.10%, 01/15/2052 | 65000 | 44537  |
| Gap, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 10/01/2029<sup>(a)</sup> | 52000 | 47015  |
| &nbsp;&nbsp;&nbsp; 3.88%, 10/01/2031<sup>(a)</sup> | 59000 | 50547  |
| Kohl's Corp., 5.13%, 05/01/2031<sup>(b)</sup> | 60000 | 37574  |
| Lear Corp., 5.25%, 05/15/2049 | 54000 | 44928  |
| Leggett & Platt, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2027 | 52000 | 49901  |
| &nbsp;&nbsp;&nbsp; 4.40%, 03/15/2029 | 54000 | 51640  |
| &nbsp;&nbsp;&nbsp; 3.50%, 11/15/2051 | 74000 | 43578  |
| Newell Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/15/2029 | 50000 | 46904  |
| &nbsp;&nbsp;&nbsp; 7.00%, 04/01/2046<sup>(b)</sup> | 57000 | 44042  |
| Tapestry, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 03/11/2030 | 45000 | 45177  |
| &nbsp;&nbsp;&nbsp; 3.05%, 03/15/2032 | 54000 | 46720  |
| Under Armour, Inc., 3.25%, 06/15/2026 | 50000 | 48390  |
| VF Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.80%, 04/23/2027 | 54000 | 50113  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/23/2030 | 57000 | 46909  |
| William Carter Co., 5.63%, 03/15/2027<sup>(a)</sup> | 45000 | 43811  |
|  |  | 839014  |
| **Consumer Staples - 9.8%**<br>|  |  |
| Altria Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.40%, 02/04/2041 | 65000 | 46774  |
| &nbsp;&nbsp;&nbsp; 3.88%, 09/16/2046 | 65000 | 46549  |
| &nbsp;&nbsp;&nbsp; 5.95%, 02/14/2049 | 49000 | 47509  |
| &nbsp;&nbsp;&nbsp; 4.45%, 05/06/2050 | 60000 | 46007  |
| Conagra Brands, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 11/01/2038 | 50000 | 47332  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/01/2048 | 50000 | 44471  |
| Pilgrim's Pride Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 04/15/2031 | 52000 | 49162  |
| &nbsp;&nbsp;&nbsp; 3.50%, 03/01/2032 | 49000 | 43479  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/01/2033 | $47000 | $48951  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2034 | 45000 | 48766  |
|  |  | 469000  |
| **Energy - 22.0%**<br>|  |  |
| Cheniere Energy, Inc., 5.65%, 04/15/2034 | 49000 | 48802  |
| Devon Energy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 | 50000 | 46881  |
| &nbsp;&nbsp;&nbsp; 5.00%, 06/15/2045 | 55000 | 43801  |
| &nbsp;&nbsp;&nbsp; 5.75%, 09/15/2054 | 52000 | 44314  |
| Diamondback Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 03/15/2053 | 47000 | 44444  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/18/2054 | 50000 | 44678  |
| &nbsp;&nbsp;&nbsp; 5.90%, 04/18/2064 | 50000 | 44335  |
| EQT Corp., 5.75%, 02/01/2034 | 50000 | 49987  |
| Kinder Morgan Energy Partners LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/01/2044 | 50000 | 45541  |
| &nbsp;&nbsp;&nbsp; 5.40%, 09/01/2044 | 54000 | 48444  |
| Kinder Morgan, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.55%, 06/01/2045 | 52000 | 47607  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2048 | 55000 | 47600  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036 | 45000 | 43838  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 49000 | 45033  |
| &nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 45000 | 42432  |
| &nbsp;&nbsp;&nbsp; 6.05%, 10/01/2054 | 49000 | 42272  |
| Ovintiv, Inc., 6.25%, 07/15/2033 | 47000 | 46323  |
| Phillips 66 Co., 5.65%, 06/15/2054 | 42000 | 37027  |
| &nbsp;&nbsp;&nbsp; Range Resources Corp., <br>8.25%, 01/15/2029 | 49000 | 50181  |
| &nbsp;&nbsp;&nbsp; Weatherford International Ltd., <br>8.63%, 04/30/2030<sup>(a)</sup> | 50000 | 49560  |
| Williams Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/04/2044 | 50000 | 45783  |
| &nbsp;&nbsp;&nbsp; 5.75%, 06/24/2044 | 49000 | 46926  |
| &nbsp;&nbsp;&nbsp; 4.90%, 01/15/2045 | 55000 | 46877  |
|  |  | 1052686  |
| **Health Care - 14.5%**<br>|  |  |
| Amgen, Inc., 5.51%, 03/02/2026 | 50000 | 50011  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 04/01/2040 | 60000 | 48821  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2044 | 50000 | 48429  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2053 | 50000 | 46868  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/01/2063 | 50000 | 46468  |
| DaVita, Inc., 6.88%, 09/01/2032<sup>(a)</sup> | 50000 | 50484  |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc., <br>7.50%, 07/01/2030<sup>(a)</sup> | 50000 | 43389  |
| Mylan, Inc., 5.20%, 04/15/2048 | 59000 | 43910  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.30%, 09/02/2040 | 65000 | 47742  |
| &nbsp;&nbsp;&nbsp; 3.55%, 09/02/2050 | 70000 | 45902  |
| &nbsp;&nbsp;&nbsp; 3.35%, 09/02/2051 | 73000 | 45485  |
| &nbsp;&nbsp;&nbsp; 5.90%, 09/02/2054 | 49000 | 46124  |

---

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

47<br>

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

**PACER US CASH COWS BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| &nbsp;&nbsp;&nbsp; Utah Acquisition Sub, Inc., <br>5.25%, 06/15/2046 | $57000 | $43279  |
| Viatris, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.85%, 06/22/2040 | 65000 | 45584  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/22/2050 | 70000 | 44054  |
|  |  | 696550  |
| **Industrials - 4.7%**<br>|  |  |
| AGCO Corp., 5.80%, 03/21/2034 | 49000 | 48673  |
| MasTec, Inc., 5.90%, 06/15/2029 | 49000 | 50080  |
| Owens Corning<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.30%, 07/15/2047 | 60000 | 47456  |
| &nbsp;&nbsp;&nbsp; 5.95%, 06/15/2054 | 30000 | 29616  |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc., <br>7.25%, 06/15/2028<sup>(a)</sup> | 49000 | 49651  |
|  |  | 225476  |
| **Information Technology - 10.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc., <br>6.63%, 09/15/2027<sup>(a)</sup> | 50000 | 49952  |
| Arrow Electronics, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.95%, 02/15/2032 | 59000 | 50581  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/10/2034 | 49000 | 49261  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., <br>3.00%, 02/15/2029 | 55000 | 51001  |
| DXC Technology Co., 2.38%, 09/15/2028 | 57000 | 52242  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., <br>6.35%, 10/15/2045<sup>(b)</sup> | 45000 | 44586  |
| Jabil, Inc., 3.00%, 01/15/2031 | 55000 | 49195  |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc., <br>1.65%, 04/15/2026 | 30000 | 29125  |
| Qorvo, Inc., 4.38%, 10/15/2029 | 50000 | 47790  |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc., <br>3.00%, 06/01/2031 | 59000 | 50826  |
| TD SYNNEX Corp., 6.10%, 04/12/2034 | 45000 | 45256  |
|  |  | 519815  |
| **Materials - 11.7%**<br>|  |  |
| Berry Global, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.57%, 01/15/2026 | 54000 | 52652  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2031 | 49000 | 51005  |
| &nbsp;&nbsp;&nbsp; 5.65%, 01/15/2034 | 50000 | 50379  |
| CF Industries, Inc., 5.38%, 03/15/2044 | 50000 | 44885  |
| Cleveland-Cliffs, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/01/2027 | 50000 | 49328  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030<sup>(a)</sup> | 49000 | 47184  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2032<sup>(a)</sup> | 50000 | 46974  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 10/01/2044 | 55000 | 43842  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/30/2048 | 50000 | 44720  |
| &nbsp;&nbsp;&nbsp; 6.90%, 05/15/2053 | 40000 | 41718  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; LYB International Finance BV, <br>4.88%, 03/15/2044 | $55000 | $45418  |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp., <br>5.88%, 04/23/2045 | 47000 | 45296  |
|  |  | 563401  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,785,948)** |  | 4703207  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.0%** <br>**(Cost $4,785,948)** |  | $4703207  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.0% |  | 93395  |
| **TOTAL NET ASSETS - 100.0%** |  | $4796602 |

---

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.

LP - Limited Partnership

PLC - Public Limited Company

<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 $627,221 or 13.1% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of April 30, 2025.

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

48<br>

------

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

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**American Energy** <br>**Independence** <br>**ETF** | **Pacer** <br>**BlueStar Digital** <br>**Entertainment** <br>**ETF** | **Pacer BlueStar** <br>**Engineering** <br>**the Future** <br>**ETF** | **Pacer Developed** <br>**Markets Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer Metaurus** <br>**Nasdaq-100** <br>**Dividend Multiplier** <br>**600 ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $93043842 | &nbsp;&nbsp; $1617518 | $1425153 | &nbsp;&nbsp; $1041915 | &nbsp;&nbsp;&nbsp;&nbsp; $5890070  |
| Dividends receivable | &nbsp;&nbsp; 186588 | &nbsp;&nbsp; 1289 | 1280 | &nbsp;&nbsp; 2526 | &nbsp;&nbsp;&nbsp;&nbsp; 632  |
| Cash | &nbsp;&nbsp; 54144 | &nbsp;&nbsp; 2 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Cash - interest bearing deposit account | &nbsp;&nbsp; 52471 | &nbsp;&nbsp; 1397 | 175 | &nbsp;&nbsp; 1742 | &nbsp;&nbsp;&nbsp;&nbsp; 471399  |
| Foreign currency, at value | &nbsp;&nbsp; 44511 | &nbsp;&nbsp; 213 |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Security lending income receivable | &nbsp;&nbsp; 2269 | &nbsp;&nbsp; 10 | 14 | &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 52  |
| Interest receivable | &nbsp;&nbsp; 543 | &nbsp;&nbsp; — | 2 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1260  |
|  Dividend tax reclaims receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 96 | 87 | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Deposit at broker for other investments | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 247897  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 93384368 | &nbsp;&nbsp; 1620525 | 1426711 | &nbsp;&nbsp; 1046793 | &nbsp;&nbsp;&nbsp;&nbsp; 6611310  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Payable upon return of securities loaned | &nbsp;&nbsp; 3547401 | &nbsp;&nbsp; — | 224284 | &nbsp;&nbsp; 40018 | &nbsp;&nbsp;&nbsp;&nbsp; 503216  |
| Payable to adviser | &nbsp;&nbsp; 55503 | &nbsp;&nbsp; 760 | 399 | &nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 2882  |
|  Payable for investments purchased | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Payable to custodian foreign currency, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 3602962 | &nbsp;&nbsp; 760 | 224683 | &nbsp;&nbsp; 40525 | &nbsp;&nbsp;&nbsp;&nbsp; 506098  |
| **NET ASSETS** | &nbsp;&nbsp; $89781406 | &nbsp;&nbsp; $1619765 | $1202028 | &nbsp;&nbsp; $1006268 | &nbsp;&nbsp;&nbsp;&nbsp; $6105212  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $69350998 | &nbsp;&nbsp; $1529430 | $1260198 | &nbsp;&nbsp; $1014145 | &nbsp;&nbsp;&nbsp;&nbsp; $6358000  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | &nbsp;&nbsp; 20430408 | &nbsp;&nbsp; 90335 | (58170) | &nbsp;&nbsp; (7877) | &nbsp;&nbsp;&nbsp;&nbsp; (252788)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $89781406 | &nbsp;&nbsp; $1619765 | $1202028 | &nbsp;&nbsp; $1006268 | &nbsp;&nbsp;&nbsp;&nbsp; $6105212  |
| Net assets | &nbsp;&nbsp; $89781406 | &nbsp;&nbsp; $1619765 | $1202028 | &nbsp;&nbsp; $1006268 | &nbsp;&nbsp;&nbsp;&nbsp; $6105212  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 2350000 | &nbsp;&nbsp; 60000 | 60000 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000  |
| Net asset value per share | &nbsp;&nbsp; $38.20 | &nbsp;&nbsp; $27.00 | $20.03 | &nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp;&nbsp; $30.53  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $70003210 | &nbsp;&nbsp; $1427081 | $1461463 | &nbsp;&nbsp; $1011435 | &nbsp;&nbsp;&nbsp;&nbsp; $5998974  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $44365 | &nbsp;&nbsp; $203 | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $3293654 | &nbsp;&nbsp; $— | $218056 | &nbsp;&nbsp; $41751 | &nbsp;&nbsp;&nbsp;&nbsp; $491496 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

49<br>

------

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

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus** <br>**US Large Cap** <br>**Dividend**<br>**Multiplier** <br>**400 ETF** | **Pacer** <br>**PE/VC ETF** | **Pacer** <br>**Solactive** <br>**Whitney** <br>**Future of** <br>**Warfare ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**April ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**January ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $878423609 | $1579320 | $1293304 | $59579476 | $31488160  |
|  Cash - interest bearing deposit account | 10320814 | 182214 | 645 | 526729 | 270506  |
|  Deposit at broker for other investments | 6011465 |  |  | 13306 | 7599  |
| Interest receivable | 719401 | 535 | 1 | 1392 | 754  |
| Dividends receivable | 413440 | 863 | 2084 |  | —  |
|  Security lending income receivable | 5260 |  |  |  | —  |
|  Dividend tax reclaims receivable | 3612 | 37 | 6 |  | —  |
| Receivable for swap contracts |  | 18618 |  |  | —  |
| Receivable for investments sold |  |  |  | 43161 | —  |
| Receivable for fund shares sold |  |  |  | 1262935 | —  |
| Receivable for transaction fee |  |  |  | 126 | —  |
|  Prepaid expenses and other assets | 312369 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 896209970 | 1781587 | 1296040 | 61427125 | 31767019  |
| **LIABILITIES:**<br>|  |  |  |  |  |
|  Written option contracts, at value |  |  |  | 2048572 | 505700  |
|  Payable upon return of securities loaned | 42220079 |  |  |  | —  |
| Payable to adviser | 399732 | 1157 | 608 | 25701 | 15089  |
| Payable for swap contracts |  | 4372 |  |  | —  |
|  Payable for investments purchased |  |  |  | 1258005 | —  |
|  Payable for expense and other liabilities |  |  |  |  | 1034  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 42619811 | 5529 | 608 | 3332278 | 521823  |
| **NET ASSETS** | $853590159 | $1776058 | $1295432 | $58094847 | $31245196  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $837100428 | $1994400 | $1238058 | $58257844 | $31077866  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 16489731 | (218342) | 57374 | (162997) | 167330  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $853590159 | $1776058 | $1295432 | $58094847 | $31245196  |
| Net assets | $853590159 | $1776058 | $1295432 | $58094847 | $31245196  |
| Shares issued and outstanding<sup>(a)</sup> | 23670000 | 80000 | 50000 | 2300000 | 1150000  |
| Net asset value per share | $36.06 | $22.20 | $25.91 | $25.26 | $27.17  |

---

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

50<br>

------

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

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus** <br>**US Large Cap** <br>**Dividend**<br>**Multiplier** <br>**400 ETF** | **Pacer** <br>**PE/VC ETF** | **Pacer** <br>**Solactive** <br>**Whitney** <br>**Future of** <br>**Warfare ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**April ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**January ETF**  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $845831697 | $1670932 | $1282975 | $59371340 | $32598234  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $— | $— | $— | $1892808 | $892991  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $41408543 | $— | $— | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

51<br>

------

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

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**July ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**October ETF** | **Pacer** <br>**Swan SOS** <br>**Flex April** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Flex January** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Flex July** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $44275351 | $38965027 | $22490292 | $52059157 | $21944723  |
| Cash - interest bearing deposit account | 289133 | 332123 | 232977 | 419810 | 200111  |
| Deposit at broker for other investments | 4461 | 12581 | 5235 | 9823 | 5595  |
| Interest receivable | 832 | 912 | 566 | 1114 | 566  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 44569777 | 39310643 | 22729070 | 52489904 | 22150995  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 86565 | 365232 | 1366648 | 2306436 | 123833  |
| Payable to adviser | 18314 | 18770 | 10468 | 23730 | 11259  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 104879 | 384002 | 1377116 | 2330166 | 135092  |
| **NET ASSETS** | $44464898 | $38926641 | $21351954 | $50159738 | $22015903  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $44787810 | $41321731 | $24469044 | $47683517 | $24232414  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (322912) | (2395090) | (3117090) | 2476221 | (2216511)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $44464898 | $38926641 | $21351954 | $50159738 | $22015903  |
| Net assets | $44464898 | $38926641 | $21351954 | $50159738 | $22015903  |
| Shares issued and outstanding<sup>(a)</sup> | 1725000 | 1500000 | 750000 | 1550000 | 775000  |
| Net asset value per share | $25.78 | $25.95 | $28.47 | $32.36 | $28.41  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $43509950 | $40459354 | $22382624 | $53141958 | $21696207  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $739596 | $1330934 | $1137344 | $2330084 | $746161 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

52<br>

------

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

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**Swan SOS** <br>**Flex October** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Fund of Funds** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Moderate April** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Moderate January** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Moderate July** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, <br>at value | $14361684 | $2277925 | $81935955 | &nbsp;&nbsp; $88162079 | $70524747  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, <br>at value |  | 421491676 |  | &nbsp;&nbsp; — | —  |
| Cash - interest bearing deposit account | 90189 | 2290491 | 776173 | &nbsp;&nbsp; 820962 | 659515  |
| Deposit at broker for other investments | 7721 |  | 6386 | &nbsp;&nbsp; 5771 | —  |
| Interest receivable | 249 | 6236 | 1997 | &nbsp;&nbsp; 2170 | 1761  |
| Receivable for fund shares sold |  | 1420985 |  | &nbsp;&nbsp; — | —  |
| Security lending income receivable |  | 2333 |  | &nbsp;&nbsp; — | —  |
| Receivable for transaction fee |  | 2817 |  | &nbsp;&nbsp; — | —  |
| Prepaid expenses and other assets |  |  |  | &nbsp;&nbsp; — | 724976  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 14459843 | 427492463 | 82720511 | &nbsp;&nbsp; 88990982 | 71910999  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 368203 |  | 4295386 | &nbsp;&nbsp; 3032129 | 370695  |
| Payable to adviser | 6750 | 41168 | 36950 | &nbsp;&nbsp; 42282 | 34975  |
| Interest payable |  |  |  | &nbsp;&nbsp; 1 | —  |
| Payable for investments purchased |  | 1423802 |  | &nbsp;&nbsp; — | —  |
| Payable upon return of securities loaned |  | 2277925 |  | &nbsp;&nbsp; — | —  |
| Due to broker |  |  |  | &nbsp;&nbsp; — | 719129  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 374953 | 3742895 | 4332336 | &nbsp;&nbsp; 3074412 | 1124799  |
| **NET ASSETS** | $14084890 | $423749568 | $78388175 | &nbsp;&nbsp; $85916570 | $70786200  |
| **Net Assets Consists of**<br>|  |  |  |  |  |
| Paid-in capital | $16767087 | $386778619 | $81183352 | &nbsp;&nbsp; $82090107 | $73204116  |
|  Total distributable earnings/(accumulated losses) | (2682197) | 36970949 | (2795177) | &nbsp;&nbsp; 3826463 | (2417916)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $14084890 | $423749568 | $78388175 | &nbsp;&nbsp; $85916570 | $70786200  |
| Net assets | $14084890 | $423749568 | $78388175 | &nbsp;&nbsp; $85916570 | $70786200  |
| Shares issued and outstanding<sup>(a)</sup> | 500000 | 14900000 | 2900000 | &nbsp;&nbsp; 3000000 | 2550000  |
| Net asset value per share | $28.17 | $28.44 | $27.03 | &nbsp;&nbsp; $28.64 | $27.76  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $14587930 | $2277925 | $81501760 | &nbsp;&nbsp; $90111300 | $69313439  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated <br>securities, at cost | $— | $391455473 | $— | &nbsp;&nbsp; $— | $—  |
| **Proceeds**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $679167 | $— | $3792006 | &nbsp;&nbsp; $3615870 | $2307525  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $— | $2225206 | $— | &nbsp;&nbsp; $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

53<br>

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

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Pacer** <br>**Swan SOS** <br>**Moderate October** <br>**ETF** | **Pacer** <br>**US Cash Cows** <br>**Bond ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $105290584 | $4703207  |
| Cash - interest bearing deposit account | 967022 | 31757  |
| Deposit at broker for other investments | 5810 | —  |
| Interest receivable | 2514 | 62945  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 106265930 | 4797909  |
| **LIABILITIES:**<br>|  |  |
| Written option contracts, at value | 2253724 | —  |
| Payable to adviser | 50928 | 1307  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2304652 | 1307  |
| **NET ASSETS** | $103961278 | $4796602  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $112808376 | $4873352  |
| Total accumulated losses | (8847098) | (76750)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $103961278 | $4796602  |
| Net assets | $103961278 | $4796602  |
| Shares issued and outstanding<sup>(a)</sup> | 3825000 | 200000  |
| Net asset value per share | $27.18 | $23.98  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $106645190 | $4785948  |
| **Proceeds:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $4066499 | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

54<br>

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

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**American Energy** <br>**Independence** <br>**ETF** | **Pacer** <br>**BlueStar Digital** <br>**Entertainment** <br>**ETF** | **Pacer BlueStar** <br>**Engineering** <br>**the Future** <br>**ETF** | **Pacer Developed** <br>**Markets Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer Metaurus** <br>**Nasdaq-100** <br>**Dividend** <br>**Multiplier** <br>**600 ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $996133 | &nbsp;&nbsp;&nbsp; $10360 | &nbsp;&nbsp;&nbsp; $4417 | &nbsp;&nbsp;&nbsp;&nbsp; $8727 | &nbsp;&nbsp; $22542  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (75885) | &nbsp;&nbsp;&nbsp;&nbsp;(211) | &nbsp;&nbsp;&nbsp;&nbsp;(506) | &nbsp;&nbsp;&nbsp;&nbsp; (1022) | &nbsp;&nbsp;&nbsp;&nbsp;(47)  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(9)  |
| Interest income | &nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; 13695  |
| Securities lending income | &nbsp;&nbsp;&nbsp; 19747 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp; 151  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 942340 | &nbsp;&nbsp;&nbsp; 10222 | &nbsp;&nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp;&nbsp; 7729 | &nbsp;&nbsp; 36332  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 314197 | &nbsp;&nbsp;&nbsp; 3602 | &nbsp;&nbsp;&nbsp; 2596 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp; 19375  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 314197 | &nbsp;&nbsp;&nbsp; 3602 | &nbsp;&nbsp;&nbsp; 2596 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp; 19375  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 628143 | &nbsp;&nbsp;&nbsp; 6620 | &nbsp;&nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp;&nbsp; 5528 | &nbsp;&nbsp; 16957  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (125764) | &nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp; (24945) | &nbsp;&nbsp; 48779  |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (36645)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (5713) | &nbsp;&nbsp;&nbsp; (174) | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (131477) | &nbsp;&nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp; 1123 | &nbsp;&nbsp;&nbsp;&nbsp; (24544) | &nbsp;&nbsp; 12134  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 2473258 | &nbsp;&nbsp;&nbsp; 114220 | &nbsp;&nbsp;&nbsp; (20597) | &nbsp;&nbsp;&nbsp;&nbsp; 26962 | &nbsp;&nbsp; (119802)  |
| &nbsp;&nbsp;&nbsp; Future contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (45299)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 2473641 | &nbsp;&nbsp;&nbsp; 114423 | &nbsp;&nbsp;&nbsp; (20497) | &nbsp;&nbsp;&nbsp;&nbsp; 27129 | &nbsp;&nbsp; (165101)  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 2342164 | &nbsp;&nbsp;&nbsp; 115761 | &nbsp;&nbsp;&nbsp; (19374) | &nbsp;&nbsp;&nbsp;&nbsp; 2585 | &nbsp;&nbsp; (152967)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $2970307 | &nbsp;&nbsp;&nbsp; $122381 | &nbsp;&nbsp;&nbsp; $(18098) | &nbsp;&nbsp;&nbsp;&nbsp; $8113 | &nbsp;&nbsp; $(136010) |

---

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

55<br>

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

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus** <br>**US Large Cap** <br>**Dividend** <br>**Multiplier** <br>**400 ETF** | **Pacer** <br>**PE/VC ETF<sup>(a)</sup>** | **Pacer** <br>**Solactive** <br>**Whitney** <br>**Future of** <br>**Warfare ETF<sup>(b)</sup>** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**April ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**January ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $4507280 | $4463 | &nbsp;&nbsp;&nbsp;&nbsp; $6435 | $— | $—  |
| Less: Dividend withholding taxes | (1062) |  | &nbsp;&nbsp;&nbsp;&nbsp;(41) |  | —  |
| Less: Issuance fees | (52) |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| Interest income | 1930859 | 1491 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 5577 | 1747  |
| Securities lending income | 11428 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6448453 | 5954 | &nbsp;&nbsp;&nbsp;&nbsp; 6406 | 5577 | 1747  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 2291893 | 3629 | &nbsp;&nbsp;&nbsp;&nbsp; 2762 | 122637 | 71247  |
| Income tax expense |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2 |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2291893 | 3629 | &nbsp;&nbsp;&nbsp;&nbsp; 2764 | 122637 | 71247  |
| **Net investment income/(loss)** | 4156560 | 2325 | &nbsp;&nbsp;&nbsp;&nbsp; 3642 | (117060) | (69500)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 8797131 | (27965) | &nbsp;&nbsp;&nbsp;&nbsp; 44228 | 1976685 | 3364212  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 614017 | (728020)  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 1580570 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | (114026) | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 862 |  | —  |
| Net realized gain (loss) | 10377701 | (141991) | &nbsp;&nbsp;&nbsp;&nbsp; 45090 | 2590702 | 2636192  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (35991339) | (91612) | &nbsp;&nbsp;&nbsp;&nbsp; 10329 | (3127083) | (3936667)  |
| &nbsp;&nbsp;&nbsp; Written option contracts |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | (102263) | 983370  |
| &nbsp;&nbsp;&nbsp; Future contracts | (4805244) |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 13713 | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10 |  | —  |
|  Net change in unrealized appreciation (depreciation) | (40796583) | (77899) | &nbsp;&nbsp;&nbsp;&nbsp; 10339 | (3229346) | (2953297)  |
|  **Net realized and unrealized gain (loss)** | (30418882) | (219890) | &nbsp;&nbsp;&nbsp;&nbsp; 55429 | (638644) | (317105)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(26262322) | $(217565) | &nbsp;&nbsp;&nbsp;&nbsp; $59071 | $(755704) | $(386605) |

---

<sup>(a)</sup> Inception date of the fund was February 3, 2025.

<sup>(b)</sup> Inception date of the fund was December 17, 2024.

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

56<br>

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

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**July ETF** | **Pacer** <br>**Swan SOS** <br>**Conservative** <br>**October ETF** | **Pacer** <br>**Swan SOS** <br>**Flex April** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Flex January** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Flex July** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $5163 | $3704 | $2811 | $3485 | $3325  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5163 | 3704 | 2811 | 3485 | 3325  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 115419 | 102428 | 72263 | 145849 | 79409  |
| &nbsp;&nbsp;&nbsp; Total expenses | 115419 | 102428 | 72263 | 145849 | 79409  |
| **Net investment income** | (110256) | (98724) | (69452) | (142364) | (76084)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (165985) | (126751) | 612035 | 6991919 | (57896)  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 4808 | 3660 | 788779 | (625045) | 37670  |
| Net realized gain (loss) | (161177) | (123091) | 1400814 | 6366874 | (20226)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (694458) | (1377050) | (1486594) | (6954455) | (781060)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 745748 | 916750 | (488356) | 574800 | 637384  |
|  Net change in unrealized appreciation (depreciation) | 51290 | (460300) | (1974950) | (6379655) | (143676)  |
| **Net realized and unrealized gain (loss)** | (109887) | (583391) | (574136) | (12781) | (163902)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(220143) | $(682115) | $(643588) | $(155145) | $(239986) |

---

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

57<br>

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

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer** <br>**Swan SOS** <br>**Flex October** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Fund of Funds** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Moderate April** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Moderate January** <br>**ETF** | **Pacer** <br>**Swan SOS** <br>**Moderate July** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $785 | $40997 | $10023 | &nbsp;&nbsp; $8239 | $10945  |
| Securities lending income |  | 15672 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 785 | 56669 | 10023 | &nbsp;&nbsp; 8239 | 10945  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 44441 | 255230 | 214988 | &nbsp;&nbsp; 241129 | 234125  |
| &nbsp;&nbsp;&nbsp; Total expenses | 44441 | 255230 | 214988 | &nbsp;&nbsp; 241129 | 234125  |
| **Net investment loss** | (43656) | (198561) | (204965) | &nbsp;&nbsp; (232890) | (223180)  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (41381) |  | 2673281 | &nbsp;&nbsp; 11150860 | (9997)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  | 7603969 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 8036 |  | 2155122 | &nbsp;&nbsp; (2192306) | 98770  |
| Net realized gain (loss) | (33345) | 7603969 | 4828403 | &nbsp;&nbsp; 8958554 | 88773  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (147282) |  | (5088124) | &nbsp;&nbsp; (11975308) | (2130312)  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  | (12535407) |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 281551 |  | (843739) | &nbsp;&nbsp; 2588023 | 1991929  |
|  Net change in unrealized appreciation (depreciation) | 134269 | (12535407) | (5931863) | &nbsp;&nbsp; (9387285) | (138383)  |
| **Net realized and unrealized gain** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | 100924 | (4931438) | (1103460) | &nbsp;&nbsp; (428731) | (49610)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $57268 | $(5129999) | $(1308425) | &nbsp;&nbsp; $(661621) | $(272790) |

---

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

58<br>

------

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

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Pacer** <br>**Swan SOS** <br>**Moderate October** <br>**ETF** | **Pacer** <br>**US Cash Cows** <br>**Bond ETF<sup>(a)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Interest income | &nbsp;&nbsp; $11239 | &nbsp;&nbsp; $53023  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 11239 | &nbsp;&nbsp; 53023  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp; 263869 | &nbsp;&nbsp; 4211  |
| Income tax expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 150  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 263869 | &nbsp;&nbsp; 4361  |
| **Net investment income/(loss)** | &nbsp;&nbsp; (252630) | &nbsp;&nbsp; 48662  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (498108) | &nbsp;&nbsp; 1  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; (139830) | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp; (637938) | &nbsp;&nbsp; 1  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1097138) | &nbsp;&nbsp; (82741)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 1674037 | &nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 576899 | &nbsp;&nbsp; (82741)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (61039) | &nbsp;&nbsp; (82740)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(313669) | &nbsp;&nbsp; $(34078) |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 2024.

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

59<br>

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

**Pacer Funds** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer American Energy** <br>**Independence ETF** | **Pacer American Energy** <br>**Independence ETF** | **Pacer BlueStar Digital** <br>**Entertainment ETF**  | **Pacer BlueStar Digital** <br>**Entertainment ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $628143 | $1208799 | $6620 | $3479  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (131477) | 3135984 | 1338 | 93801  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2473641 | 13850484 | 114423 | 165976  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2970307 | 18195267 | 122381 | 263256  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1914000) | (1396764) | (5166) | (3735)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (1033236) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1914000) | (2430000) | (5166) | (3735)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 24819425 | 8137985 | 542616 | 435384  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (3386030) |  | (431758)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  |  | 310 | 1  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 24819425 | 4751955 | 542926 | 3627  |
| **Net increase (decrease) in net assets**  | 25875732 | 20517222 | 660141 | 263148  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 63905674 | 43388452 | 959624 | 696476  |
| &nbsp;&nbsp;&nbsp; End of the period | $89781406 | $63905674 | $1619765 | $959624  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 600000 | 250000 | 20000 | 20000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (100000) |  | (20000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 600000 | 150000 | 20000 |  |

---

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 BlueStar Engineering** <br>**the Future ETF** | **Pacer BlueStar Engineering** <br>**the Future ETF** | **Pacer Developed Markets Cash** <br>**Cows Growth Leaders ETF**  | **Pacer Developed Markets Cash** <br>**Cows Growth Leaders ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1276 | $1566 | $5528 | $9552  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1123 | 91317 | (24544) | (33220)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (20497) | 109606 | 27129 | 3477  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (18098) | 202489 | 8113 | (20191)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (521) | (1389) | (4536) | (8278)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (521) | (1389) | (4536) | (8278)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 398688 |  | 513895 | 1005000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (792712) |  | (487735)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1 |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 398689 | (792712) | 513895 | 517265  |
| **Net increase (decrease) in net assets**  | 380070 | (591612) | 517472 | 488796  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 821958 | 1413570 | 488796 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1202028 | $821958 | $1006268 | $488796  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 20000 |  | 25000 | 50000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  | (40000) |  | (25000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 20000 | (40000) | 25000 | 25000 |

---

<sup>(a)</sup> Inception date of the Fund was March 20, 2024.

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 Metaurus Nasdaq-100** <br>**Dividend Multiplier 600 ETF** | **Pacer Metaurus Nasdaq-100** <br>**Dividend Multiplier 600 ETF** | **Pacer Metaurus US Large Cap** <br>**Dividend Multiplier 400 ETF**  | **Pacer Metaurus US Large Cap** <br>**Dividend Multiplier 400 ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $16957 | $(403) | $4156560 | $4058541  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 12134 |  | 10377701 | 4596315  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (165101) | 34525 | (40796583) | 73264866  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (136010) | 34122 | (26262322) | 81919722  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (150900) |  | (22151232) | (7672502)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | (13454992)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (150900) |  | (22151232) | (21127494)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 6358000 | 346773249 | 390260988  |
| &nbsp;&nbsp;&nbsp; Redemptions |  |  | (38875713) | (17723919)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** |  | 6358000 | 307897536 | 372537069  |
| **Net increase (decrease) in net assets**  | (286910) | 6392122 | 259483982 | 433329297  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 6392122 |  | 594106177 | 160776880  |
| &nbsp;&nbsp;&nbsp; End of the period | $6105212 | $6392122 | $853590159 | $594106177  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 200000 | 9000000 | 10830000  |
| &nbsp;&nbsp;&nbsp; Redemptions |  |  | (1080000) | (480000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** |  | 200000 | 7920000 | 10350000 |

---

<sup>(a)</sup> Inception date of the Fund was September 23, 2024.

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

62<br>

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**Pacer Funds** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer PE/VC** <br>**ETF** | **Pacer Solactive** <br>**Whitney Future of** <br>**Warfare ETF** | **Pacer Swan SOS** <br>**Conservative April ETF**  | **Pacer Swan SOS** <br>**Conservative April ETF**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $2325 | &nbsp;&nbsp;&nbsp; $3642 | $(117060) | $(149822)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (141991) | &nbsp;&nbsp;&nbsp; 45090 | 2590702 | 1412302  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (77899) | &nbsp;&nbsp;&nbsp; 10339 | (3229346) | 3007434  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (217565) | &nbsp;&nbsp;&nbsp; 59071 | (755704) | 4269914  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (777) | &nbsp;&nbsp;&nbsp; (1697) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (777) | &nbsp;&nbsp;&nbsp; (1697) |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 1994400 | &nbsp;&nbsp;&nbsp; 1867848 | 58666505 | 44449320  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (629790) | (37587720) | (21118528)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 2332 | 4058  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 1994400 | &nbsp;&nbsp;&nbsp; 1238058 | 21081117 | 23334850  |
| **Net increase (decrease) in net assets**  | &nbsp;&nbsp; 1776058 | &nbsp;&nbsp;&nbsp; 1295432 | 20325413 | 27604764  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 37769434 | 10164670  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $1776058 | &nbsp;&nbsp;&nbsp; $1295432 | $58094847 | $37769434  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 75000 | 2325000 | 1875000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25000) | (1500000) | (875000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp; 50000 | 825000 | 1000000 |

---

<sup>(a)</sup> Inception date of the Fund was February 3, 2025.

<sup>(b)</sup> Inception date of the Fund was December 17, 2024.

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 Swan SOS Conservative** <br>**January ETF** | **Pacer Swan SOS Conservative** <br>**January ETF** | **Pacer Swan SOS Conservative** <br>**July ETF**  | **Pacer Swan SOS Conservative** <br>**July ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(69500) | $(108640) | $(110256) | $(110201)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2636192 | 1426542 | (161177) | 1667088  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2953297) | 1465187 | 51290 | 1660411  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (386605) | 2783089 | (220143) | 3217298  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 32652635 | 22886263 | 10668645 | 41936132  |
| &nbsp;&nbsp;&nbsp; Redemptions | (20755152) | (16167300) | (3221825) | (16964972)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1464 | 1593 | 1389 | 3136  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 11898947 | 6720556 | 7448209 | 24974296  |
| **Net increase (decrease) in net assets**  | 11512342 | 9503645 | 7228066 | 28191594  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 19732854 | 10229209 | 37236832 | 9045238  |
| &nbsp;&nbsp;&nbsp; End of the period | $31245196 | $19732854 | $44464898 | $37236832  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1175000 | 925000 | 425000 | 1675000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (750000) | (650000) | (125000) | (675000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 425000 | 275000 | 300000 | 1000000 |

---

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 Swan SOS Conservative** <br>**October ETF** | **Pacer Swan SOS Conservative** <br>**October ETF** | **Pacer Swan SOS Flex** <br>**April ETF**  | **Pacer Swan SOS Flex** <br>**April ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(98724) | $(54494) | $(69452) | $(138222)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (123091) | 1207086 | 1400814 | 3103526  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (460300) | 9121 | (1974950) | 1261868  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (682115) | 1161713 | (643588) | 4227172  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 26591387 | 17419863 | 22936400 | 28784565  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1943417) | (10337700) | (25586163) | (24949467)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2854 | 1084 | 287 | 1064  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 24650824 | 7083247 | (2649476) | 3836162  |
| **Net increase (decrease) in net assets**  | 23968709 | 8244960 | (3293064) | 8063334  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 14957932 | 6712972 | 24645018 | 16581684  |
| &nbsp;&nbsp;&nbsp; End of the period | $38926641 | $14957932 | $21351954 | $24645018  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1000000 | 675000 | 800000 | 1075000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (75000) | (400000) | (900000) | (925000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 925000 | 275000 | (100000) | 150000 |

---

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 Swan SOS Flex** <br>**January ETF** | **Pacer Swan SOS Flex** <br>**January ETF** | **Pacer Swan SOS Flex** <br>**July ETF**  | **Pacer Swan SOS Flex** <br>**July ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(142364) | $(238147) | $(76084) | $(163485)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6366874 | 3289764 | (20226) | 4263441  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6379655) | 4200996 | (143676) | 1407792  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (155145) | 7252613 | (239986) | 5507748  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 52043348 | 50810650 |  | 37180479  |
| &nbsp;&nbsp;&nbsp; Redemptions | (48795938) | (29146917) | (4857505) | (38537555)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 489 | 3422 | 486 | 1998  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3247899 | 21667155 | (4857019) | (1355078)  |
| **Net increase (decrease) in net assets**  | 3092754 | 28919768 | (5097005) | 4152670  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 47066984 | 18147216 | 27112908 | 22960238  |
| &nbsp;&nbsp;&nbsp; End of the period | $50159738 | $47066984 | $22015903 | $27112908  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1575000 | 1750000 |  | 1375000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1475000) | (1000000) | (175000) | (1425000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 100000 | 750000 | (175000) | (50000) |

---

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 Swan SOS Flex** <br>**October ETF** | **Pacer Swan SOS Flex** <br>**October ETF** | **Pacer Swan SOS Fund of** <br>**Funds ETF**  | **Pacer Swan SOS Fund of** <br>**Funds ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(43656) | $(92991) | $(198561) | $(324204)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (33345) | 2280880 | 7603969 | 12173994  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 134269 | 79750 | (12535407) | 35921245  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 57268 | 2267639 | (5129999) | 47771035  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1419412 | 21974547 | 89207920 | 223157394  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2130443) | (20219830) | (38214293) | (66801481)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 355 | 1268 | 145043 | 375124  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (710676) | 1755985 | 51138670 | 156731037  |
| **Net increase (decrease) in net assets**  | (653408) | 4023624 | 46008671 | 204502072  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 14738298 | 10714674 | 377740897 | 173238825  |
| &nbsp;&nbsp;&nbsp; End of the period | $14084890 | $14738298 | $423749568 | $377740897  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 50000 | 800000 | 3050000 | 8375000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (75000) | (725000) | (1350000) | (2450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (25000) | 75000 | 1700000 | 5925000 |

---

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 Swan SOS Moderate** <br>**April ETF** | **Pacer Swan SOS Moderate** <br>**April ETF** | **Pacer Swan SOS Moderate** <br>**January ETF**  | **Pacer Swan SOS Moderate** <br>**January ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(204965) | $(358772) | $(232890) | $(387212)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4828403 | 4636413 | 8958554 | 4312373  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (5931863) | 5224639 | (9387285) | 5918853  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (1308425) | 9502280 | (661621) | 9844014  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 80729398 | 99784487 | 100677120 | 92195350  |
| &nbsp;&nbsp;&nbsp; Redemptions | (72107523) | (68071712) | (82203753) | (68014698)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2177 | 8750 | 2842 | 8040  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 8624052 | 31721525 | 18476209 | 24188692  |
| **Net increase (decrease) in net assets**  | 7315627 | 41223805 | 17814588 | 34032706  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 71072548 | 29848743 | 68101982 | 34069276  |
| &nbsp;&nbsp;&nbsp; End of the period | $78388175 | $71072548 | $85916570 | $68101982  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2975000 | 3925000 | 3450000 | 3525000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2675000) | (2625000) | (2825000) | (2575000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 300000 | 1300000 | 625000 | 950000 |

---

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 Swan SOS Moderate** <br>**July ETF** | **Pacer Swan SOS Moderate** <br>**July ETF** | **Pacer Swan SOS Moderate** <br>**October ETF**  | **Pacer Swan SOS Moderate** <br>**October ETF**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(223180) | $(385641) | $(252630) | $(272602)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 88773 | 7174696 | (637938) | 5948667  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (138383) | 4314711 | 576899 | 267020  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (272790) | 11103766 | (313669) | 5943085  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 712695 | 104661249 | 50318365 | 80435795  |
| &nbsp;&nbsp;&nbsp; Redemptions | (8334310) | (78995868) | (11698728) | (57598727)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 905 | 6725 | 6202 | 5372  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (7620710) | 25672106 | 38625839 | 22842440  |
| **Net increase (decrease) in net assets**  | (7893500) | 36775872 | 38312170 | 28785525  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 78679700 | 41903828 | 65649108 | 36863583  |
| &nbsp;&nbsp;&nbsp; End of the period | $70786200 | $78679700 | $103961278 | $65649108  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 25000 | 3950000 | 1825000 | 3000000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (300000) | (2950000) | (425000) | (2150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (275000) | 1000000 | 1400000 | 850000 |

---

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 Cash** <br>**Cows Bond ETF**  |
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $48662  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (82741)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (34078)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (42672)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (42672)  |
| **CAPITAL TRANSACTIONS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 4873352  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 4873352  |
| **Net increase (decrease) in net assets**  | &nbsp;&nbsp; 4796602  |
| **NET ASSETS:**<br>|  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $4796602  |
| **SHARES TRANSACTIONS**<br>|  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 200000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 200000 |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 2024.

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

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**PACER AMERICAN ENERGY INDEPENDENCE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2020<sup>(g)</sup>**  | **For the** <br>**Year Ended** <br>**November 30,** <br>**2019**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021**  | **Period Ended** <br>**October 31,** <br>**2020<sup>(g)</sup>**  | **For the** <br>**Year Ended** <br>**November 30,** <br>**2019**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $36.52 | $27.12 | $27.87 | $25.31 | $14.96 | &nbsp;&nbsp; $21.79  | &nbsp;&nbsp;&nbsp;&nbsp;23.21 |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 0.72 | 0.63 | 0.41 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.28  | &nbsp;&nbsp;&nbsp;&nbsp;0.37 |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | 10.12 | 0.06 | 3.59 | 11.39 | &nbsp;&nbsp; (5.55)  | &nbsp;&nbsp; (0.34) |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | 10.84 | 0.69 | 4.00 | 11.79 | &nbsp;&nbsp; (5.27)  | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.88) | (0.82) | (0.33) | (0.26) | (0.50) | &nbsp;&nbsp; (0.52)  | &nbsp;&nbsp; (0.22) |
| Return of capital | &nbsp;&nbsp;&nbsp; — | (0.62) | (1.11) | (1.18) | (0.94) | &nbsp;&nbsp; (1.04)  | &nbsp;&nbsp; (1.23) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.88) | (1.44) | (1.44) | (1.44) | (1.44) | &nbsp;&nbsp; (1.56)  | &nbsp;&nbsp; (1.45) |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | 0.00<sup>(c)</sup> |  |  |  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $38.20 | $36.52 | $27.12 | $27.87 | $25.31 | &nbsp;&nbsp; $14.96  | &nbsp;&nbsp;&nbsp;&nbsp;21.79 |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 6.91% | 40.90% | 2.68% | 16.26% | 80.71% | &nbsp;&nbsp; -24.76%  | &nbsp;&nbsp; -0.13% |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $89781 | $63906 | $43388 | $47377 | $25309 | &nbsp;&nbsp; $11966  | &nbsp;&nbsp; $10897 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net <br>assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | &nbsp;&nbsp; 0.75%  | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.50% | 2.27% | 2.32% | 1.53% | 1.82% | &nbsp;&nbsp; 1.81%  | &nbsp;&nbsp; 1.58% |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 13% | 22% | 27% | 25% | 22% | &nbsp;&nbsp; 41% | &nbsp;&nbsp; 26% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<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.

<sup>(g)</sup> Shares of the Predecessor USAI Fund converted Shares at the close of business on December 13, 2019. See Note 1 in the Financial Statements. For the period ended December 13, 2019 to October 31, 2020.

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

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**PACER BLUESTAR DIGITAL ENTERTAINMENT ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023**  | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $23.99 | &nbsp;&nbsp; $17.41 | &nbsp;&nbsp; $15.44 | &nbsp;&nbsp; $19.74  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.09 | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | 6.58 | 1.99 | &nbsp;&nbsp; (4.32)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | 6.67 | 2.14 | &nbsp;&nbsp; (4.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.04)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.00<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.00 | &nbsp;&nbsp; $23.99 | &nbsp;&nbsp; $17.41 | &nbsp;&nbsp; $15.44  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 12.96% | &nbsp;&nbsp; 38.38% | &nbsp;&nbsp; 13.74% | &nbsp;&nbsp; -21.58%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1620 | &nbsp;&nbsp; $960 | &nbsp;&nbsp; $696 | &nbsp;&nbsp; $618  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.78% | &nbsp;&nbsp; 0.53%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was April 7, 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 BLUESTAR ENGINEERING THE FUTURE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023**  | **Period Ended** <br>**October 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $20.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.04 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.54) | 2.87 | 0.68 | &nbsp;&nbsp; (3.53)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.51) | 2.91 | 0.72 | &nbsp;&nbsp; (3.52)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $20.55 | &nbsp;&nbsp; $17.67 | &nbsp;&nbsp; $17.00  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -2.45% | &nbsp;&nbsp; 16.48% | &nbsp;&nbsp; 4.18% | &nbsp;&nbsp; -17.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1202 | &nbsp;&nbsp; $822 | &nbsp;&nbsp; $1414 | &nbsp;&nbsp; $1360  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.29% | &nbsp;&nbsp; 0.17% | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.07%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 16% | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was May 4, 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 CASH COWS GROWTH LEADERS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.55 | &nbsp;&nbsp;&nbsp; $20.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.62)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.36)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.19)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $20.13 | &nbsp;&nbsp;&nbsp; $19.55  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.91% | &nbsp;&nbsp;&nbsp; -1.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1006 | &nbsp;&nbsp;&nbsp; $489  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 2.16%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 60% | &nbsp;&nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was March 20, 2024.

<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 METAURUS NASDAQ-100 DIVIDEND MULTIPLIER 600 ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Period Ended** <br>**October 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $31.79  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.00)<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.53 | &nbsp;&nbsp;&nbsp; $31.96  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -2.19% | &nbsp;&nbsp;&nbsp; 0.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $6105 | &nbsp;&nbsp;&nbsp; $6392  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; (0.06)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was September 23, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</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>(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 METAURUS US LARGE CAP DIVIDEND MULTIPLIER 400 ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended** <br>**October 31,** <br>**2024** | **Period Ended** <br>**October 31,** <br>**2023<sup>(h)</sup>** | **Year Ended** <br>**April 30,** <br>**2023** | **Period Ended** <br>**April 30,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $37.72 | $29.77 | &nbsp;&nbsp; $30.39 | $31.64 | &nbsp;&nbsp; $34.65  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.21 | 0.42 | 0.18 | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.12  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.81) | 9.62 | 0.22 | 0.53 | &nbsp;&nbsp; (1.73)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.60) | 10.04 | 0.40 | 0.85 | &nbsp;&nbsp; (1.61)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.60) | (0.56) | &nbsp;&nbsp; (0.16) | (0.30) | &nbsp;&nbsp; (0.10)  |
| Net realized gains | &nbsp;&nbsp; — | (0.20) | &nbsp;&nbsp; (0.04) | (0.33) | &nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp; (0.46) | (1.33) | &nbsp;&nbsp; (0.82) | (1.47) | &nbsp;&nbsp; (1.30)  |
| **Total distributions** | &nbsp;&nbsp; (1.06) | (2.09) | &nbsp;&nbsp; (1.02) | (2.10) | &nbsp;&nbsp; (1.40)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.06 | $37.72 | &nbsp;&nbsp; $29.77 | $30.39 | &nbsp;&nbsp; $31.64  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -1.68% | 34.25% | &nbsp;&nbsp; 1.25% | 3.25% | &nbsp;&nbsp; -5.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $853590 | $594106 | &nbsp;&nbsp; $160777 | $109388 | &nbsp;&nbsp; $55055  |
| Ratio of expenses to average net assets<sup>(e)(g)</sup> | &nbsp;&nbsp; 0.60% | 0.63% | &nbsp;&nbsp; 0.79% | 0.79% | &nbsp;&nbsp; 0.79%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.09% | 1.16% | &nbsp;&nbsp; 1.15% | 1.07% | &nbsp;&nbsp; 0.42%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 4% | 7% | &nbsp;&nbsp; 4% | 9% | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was July 12, 2021.

<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.

<sup>(g)</sup> Effective February 1, 2024 the investment advisory fee changed from 0.79% to 0.60%.

<sup>(h)</sup> For the period May 1, 2023 through October 31, 2023.

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

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**PACER PE/VC ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $24.93  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.75)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (2.72)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $22.20  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -10.91%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1776  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.53%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28% |

---

<sup>(a)</sup> Inception date of the Fund was February 3, 2025.

<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 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 SOLACTIVE WHITNEY FUTURE OF WARFARE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $24.76  |
| **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;1.11  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.18  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.91  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1295  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>(f)</sup>  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 26% |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 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 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> Amount represents less than 0.005%.

<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 SWAN SOS CONSERVATIVE APRIL ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.61 | $21.40 | $20.75 | $21.73 | &nbsp;&nbsp;&nbsp; $20.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.07) | (0.15) | (0.15) | (0.16) | &nbsp;&nbsp;&nbsp; (0.09)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.28) | 4.36 | 0.80 | (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;1.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.35) | 4.21 | 0.65 | (0.98) | &nbsp;&nbsp;&nbsp;&nbsp;1.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.26 | $25.61 | $21.40 | $20.75 | &nbsp;&nbsp;&nbsp; $21.73  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -1.36% | 19.66% | 3.13% | -4.52% | &nbsp;&nbsp;&nbsp; 5.45%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $58095 | $37769 | $10165 | $16081 | &nbsp;&nbsp;&nbsp; $2717  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.63% | 0.76% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.01% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.62% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.57)% | (0.60)% | (0.73)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 13% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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**PACER SWAN SOS CONSERVATIVE JANUARY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $27.22 | $22.73 | $20.89 | $22.19 | &nbsp;&nbsp;&nbsp; $20.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.16) | (0.16) | (0.16) | &nbsp;&nbsp;&nbsp; (0.14)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 4.65 | 2.00 | (1.14) | &nbsp;&nbsp;&nbsp;&nbsp;1.77  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.05) | 4.49 | 1.84 | (1.30) | &nbsp;&nbsp;&nbsp;&nbsp;1.63  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.17 | $27.22 | $22.73 | $20.89 | &nbsp;&nbsp;&nbsp; $22.19  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.17% | 19.74% | 8.79% | -5.85% | &nbsp;&nbsp;&nbsp; 7.94%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $31245 | $19733 | $10229 | $15670 | &nbsp;&nbsp;&nbsp; $2774  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.02% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.63% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.59)% | (0.61)% | (0.74)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 4% | 0% | 19% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 22, 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> 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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%.

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

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**PACER SWAN SOS CONSERVATIVE JULY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $26.13 | $21.28 | $19.50 | $20.94 | &nbsp;&nbsp;&nbsp; $20.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.15) | (0.15) | (0.15) | &nbsp;&nbsp;&nbsp; (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.27) | 5.00 | 1.93 | (1.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.51  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.35) | 4.85 | 1.78 | (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;0.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.78 | $26.13 | $21.28 | $19.50 | &nbsp;&nbsp;&nbsp; $20.94  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -1.36% | 22.80% | 9.16% | -6.88% | &nbsp;&nbsp;&nbsp; 2.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $44465 | $37237 | $9045 | $6336 | &nbsp;&nbsp;&nbsp; $3664  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.76% | 0.76% | &nbsp;&nbsp;&nbsp; 0.76%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.01% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.63% | 0.75% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.57)% | (0.60)% | (0.72)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.76)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 2% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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**PACER SWAN SOS CONSERVATIVE OCTOBER ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $26.01 | $22.38 | $19.89 | $20.86 | &nbsp;&nbsp;&nbsp; $20.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.16) | (0.16) | (0.15) | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 3.79 | 2.65 | (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.06) | 3.63 | 2.49 | (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;0.35  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.95 | $26.01 | $22.38 | $19.89 | &nbsp;&nbsp;&nbsp; $20.86  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.24% | 16.24% | 12.54% | -4.67% | &nbsp;&nbsp;&nbsp; 1.71%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $38927 | $14958 | $6713 | $4971 | &nbsp;&nbsp;&nbsp; $2607  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.02% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.58)% | (0.62)% | (0.74)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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**PACER SWAN SOS FLEX APRIL ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $28.99 | $23.69 | $21.58 | $22.75 | &nbsp;&nbsp;&nbsp; $20.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.17) | (0.17) | (0.17) | &nbsp;&nbsp;&nbsp; (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.44) | 5.47 | 2.28 | (1.00) | &nbsp;&nbsp;&nbsp;&nbsp;2.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.52) | 5.30 | 2.11 | (1.17) | &nbsp;&nbsp;&nbsp;&nbsp;2.14  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $28.47 | $28.99 | $23.69 | $21.58 | &nbsp;&nbsp;&nbsp; $22.75  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -1.81% | 22.39% | 9.80% | -5.15% | &nbsp;&nbsp;&nbsp; 10.37%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $21352 | $24645 | $16582 | $12406 | &nbsp;&nbsp;&nbsp; $7962  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.76% | 0.77% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.01% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.75% | 0.77% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.58)% | (0.62)% | (0.73)% | (0.76)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 7% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

83<br>

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**PACER SWAN SOS FLEX JANUARY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $32.46 | $25.92 | $22.93 | $23.82 | &nbsp;&nbsp;&nbsp; $20.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.10) | (0.19) | (0.19) | (0.17) | &nbsp;&nbsp;&nbsp; (0.15)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — | 6.73 | 3.18 | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;3.41  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.10) | 6.54 | 2.99 | (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;3.26  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.01 | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $32.36 | $32.46 | $25.92 | $22.93 | &nbsp;&nbsp;&nbsp; $23.82  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.30% | 25.23% | 13.05% | -3.74% | &nbsp;&nbsp;&nbsp; 15.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $50160 | $47067 | $18147 | $17196 | &nbsp;&nbsp;&nbsp; $3573  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.02% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.63% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.59)% | (0.61)% | (0.73)% | (0.76)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 6% | 0% | 226% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 22, 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> 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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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**PACER SWAN SOS FLEX JULY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $28.54 | $22.96 | $20.78 | $21.31 | &nbsp;&nbsp;&nbsp; $20.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.17) | (0.16) | (0.16) | &nbsp;&nbsp;&nbsp; (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.05) | 5.75 | 2.34 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.88  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.13) | 5.58 | 2.18 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;0.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $28.41 | $28.54 | $22.96 | $20.78 | &nbsp;&nbsp;&nbsp; $21.31  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.46% | 24.30% | 10.49% | -2.49% | &nbsp;&nbsp;&nbsp; 4.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $22016 | $27113 | $22960 | $12468 | &nbsp;&nbsp;&nbsp; $5327  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.66% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.76%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.02% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.76%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.57)% | (0.62)% | (0.69)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.76)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 12% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

85<br>

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**PACER SWAN SOS FLEX OCTOBER ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $28.07 | $23.81 | $21.32 | $21.26 | &nbsp;&nbsp;&nbsp; $20.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.17) | (0.17) | (0.16) | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 4.43 | 2.66 | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.76  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 4.26 | 2.49 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.75  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $28.17 | $28.07 | $23.81 | $21.32 | &nbsp;&nbsp;&nbsp; $21.26  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.35% | 17.90% | 11.66% | 0.31% | &nbsp;&nbsp;&nbsp; 3.64%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $14085 | $14738 | $10715 | $10662 | &nbsp;&nbsp;&nbsp; $3720  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.77% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.02% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.59)% | (0.62)% | (0.74)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0% | 12% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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**PACER SWAN SOS FUND OF FUNDS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $28.62 | $23.81 | $21.56 | $22.49 | &nbsp;&nbsp; $20.26  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.01) | (0.03) | (0.04) | (0.03) | &nbsp;&nbsp; (0.03)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.18) | 4.81 | 2.27 | (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;2.26  |
| **Total from investment operations** | &nbsp;&nbsp; (0.19) | 4.78 | 2.23 | (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;2.23  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | 0.01 | 0.03 | 0.02 | 0.06 | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $28.44 | $28.62 | $23.81 | $21.56 | &nbsp;&nbsp; $22.49  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -0.62% | 20.19% | 10.42% | -4.12% | &nbsp;&nbsp; 11.01%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $423750 | $377741 | $173239 | $118060 | &nbsp;&nbsp; $38234  |
| Ratio of expenses to average net assets<sup>(e)(h)</sup> | &nbsp;&nbsp; 0.12% | 0.14% | 0.18% | 0.18% | &nbsp;&nbsp; 0.18%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0% | 0.00%<sup>(f)</sup> | 0% | 0% | &nbsp;&nbsp; 0%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.09)% | (0.11)% | (0.15)% | (0.13)% | &nbsp;&nbsp; (0.18)%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% | 0% | 6% | 11% | &nbsp;&nbsp; 69% |

---

<sup>(a)</sup> Inception date of the Fund was December 29, 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> Amount represents less than 0.005%.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.18% to 0.12%. 

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

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

**PACER SWAN SOS MODERATE APRIL ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $27.34 | $22.96 | $21.12 | $21.98 | &nbsp;&nbsp;&nbsp; $20.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.16) | (0.17) | (0.16) | &nbsp;&nbsp;&nbsp; (0.10)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.23) | 4.54 | 2.01 | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;1.47  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.31) | 4.38 | 1.84 | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;1.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.03 | $27.34 | $22.96 | $21.12 | &nbsp;&nbsp;&nbsp; $21.98  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -1.12% | 19.06% | 8.70% | -3.92% | &nbsp;&nbsp;&nbsp; 6.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $78388 | $71073 | $29849 | $17954 | &nbsp;&nbsp;&nbsp; $5496  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.76% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.01% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.63% | 0.75% | 0.76% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.57)% | (0.60)% | (0.73)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 27% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was March 31, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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

**PACER SWAN SOS MODERATE JANUARY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $28.67 | $23.91 | $21.50 | $22.66 | &nbsp;&nbsp;&nbsp; $20.56  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.17) | (0.17) | (0.16) | &nbsp;&nbsp;&nbsp; (0.14)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 4.93 | 2.58 | (0.89) | &nbsp;&nbsp;&nbsp;&nbsp;2.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.03) | 4.76 | 2.41 | (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;2.10  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — |  |  | (0.11) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — |  |  | (0.11) | &nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $28.64 | $28.67 | $23.91 | $21.50 | &nbsp;&nbsp;&nbsp; $22.66  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.12% | 19.93% | 11.21% | -4.65% | &nbsp;&nbsp;&nbsp; 10.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $85917 | $68102 | $34069 | $20425 | &nbsp;&nbsp;&nbsp; $2832  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.76% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.01% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.63% | 0.75% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.58)% | (0.61)% | (0.73)% | (0.75)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 4% | 0% | 48% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 22, 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> 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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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**PACER SWAN SOS MODERATE JULY ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $27.85 | $22.96 | $20.65 | $21.02 | &nbsp;&nbsp; $20.48  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.08) | (0.16) | (0.16) | (0.15) | &nbsp;&nbsp; (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.01) | 5.05 | 2.47 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;0.59  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.09) | 4.89 | 2.31 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;0.54  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — |  |  | (0.00)<sup>(d)</sup> | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — |  |  | (0.00) | &nbsp;&nbsp; —  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.76 | $27.85 | $22.96 | $20.65 | &nbsp;&nbsp; $21.02  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -0.33% | 21.30% | 11.19% | -1.74% | &nbsp;&nbsp; 2.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $70786 | $78680 | $41904 | $33556 | &nbsp;&nbsp; $17866  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.65% | 0.76% | 0.76% | &nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | 0.01% | 0.01% | 0% | &nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.64% | 0.75% | 0.76% | &nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (0.57)% | (0.61)% | (0.73)% | (0.75)% | &nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 0% | 3% | 0% | 0% | &nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was June 30, 2021.

<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.

<sup>(h)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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

**PACER SWAN SOS MODERATE OCTOBER ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**April 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022**  | **Period Ended** <br>**October 31,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $27.07 | $23.41 | $20.68 | $20.97 | &nbsp;&nbsp;&nbsp; $20.51  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp; (0.08) | (0.16) | (0.16) | (0.15) | &nbsp;&nbsp;&nbsp; (0.01)  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.19 | 3.82 | 2.89 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| **Total from investment operations** | 0.11 | 3.66 | 2.73 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;0.46  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| ETF transaction fees per share | 0.00<sup>(d</sup><sup>)</sup> | 0.00<sup>(d</sup><sup>)</sup> | 0.00<sup>(d</sup><sup>)</sup> | 0.00<sup>(d</sup><sup>)</sup> | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $27.18 | $27.07 | $23.41 | $20.68 | &nbsp;&nbsp;&nbsp; $20.97  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 0.40% | 15.64% | 13.22% | -1.40% | &nbsp;&nbsp;&nbsp; 2.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $103961 | $65649 | $36864 | $23261 | &nbsp;&nbsp;&nbsp; $8912  |
| Ratio of expenses to average net assets<sup>(f)(i)</sup> | &nbsp;&nbsp; 0.60% | 0.65% | 0.76% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0% | 0.00%<sup>(g)</sup> | 0.01% | 0% | &nbsp;&nbsp;&nbsp; 0%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)</sup> | &nbsp;&nbsp; 0.60% | 0.65% | 0.75% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; (0.57)% | (0.62)% | (0.72)% | (0.74)% | &nbsp;&nbsp;&nbsp; (0.75)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp; 0% | 0% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was September 30, 2021.

<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> Amount represents less than 0.005%.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(i)</sup> Effective March 1, 2024 the investment advisory fee changed from 0.75% to 0.60%. 

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

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

**PACER US CASH COWS BOND ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $24.86  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.97)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $23.98  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; -1.89%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $4797  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.51%  |
| Ratio of tax expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.02%  |
| Ratio of operational expenses to average net assets excluding tax expense<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; 5.66%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 17, 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 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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**[**TABLE OF CONTENTS**](#TOC)**

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Pacer Funds Trust (the "Trust") is a Delaware statutory trust organized on August 12, 2014. PTLC, PTMC, PTNQ, PTEU, PTIN, PTBD, TRND, COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, ALTL, PAMC, PALC, PEXL, FLRT, SHPP, TRFK, QQQG, GLBL and PATN's fiscal year ends are April 30th 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");

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of** <br>**Operations** | **Exchange** | **Transaction** <br>**Fees**  |
| Pacer American Energy Independence ETF | USAI | December 12, 2017 | NYSE | &nbsp;&nbsp;&nbsp; $300  |
| Pacer BlueStar Digital Entertainment ETF | ODDS | April 7, 2022 | Nasdaq | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Bluestar Engineering the Future ETF | BULD | May 4, 2022 | Nasdaq | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Developed Markets Cash Cows Growth Leaders ETF | EAFG | March 20, 2024 | NYSE | &nbsp;&nbsp;&nbsp; 750  |
| Pacer Metaurus Nasdaq-100 Dividend Multiplier 600 ETF | QSIX | September 24, 2024 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | QDPL | July 12, 2021 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer PE/VC ETF | PEVC | February 3, 2025 | NYSE | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Solactive Whitney Future of Warfare ETF | FOWF | December 18, 2024 | NYSE | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Swan SOS Conservative (April) ETF | PSCW | March 31, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Conservative (January) ETF | PSCX | December 22, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Conservative (July) ETF | PSCJ | June 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Conservative (October) ETF | PSCQ | September 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (April) ETF | PSFM | March 31, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (January) ETF | PSFD | December 22, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (July) ETF | PSFJ | June 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Flex (October) ETF | PSFO | September 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Fund of Funds ETF | PSFF | December 29, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (April) ETF | PSMR | March 31, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (January) ETF | PSMD | December 22, 2020 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (July) ETF | PSMJ | June 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Swan SOS Moderate (October) ETF | PSMO | September 30, 2021 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Cash Cows Bond ETF | MILK | December 18, 2024 | Cboe | &nbsp;&nbsp;&nbsp; 300 |

---

Each Fund (other than QDPL) is classified as a non-diversified series of the Trust.

The investment objective of the following Funds is to track the performance, before fees and expenses, of the

---

| | |
|:---|:---|
| **Ticker** | **Index**  |
| USAI | American Energy Independence Index  |
| ODDS | BlueStar Global Online Gambling, Video Gaming, and eSports Index  |
| BULD | BlueStar Robotics and 3D Printing Index  |
| EAFG | Pacer Developed Markets Cash Cows Growth Leaders Index  |
| QSIX | Metaurus Nasdaq-100<sup>®</sup> Dividend Multiplier Total Return Series Index - Series 600  |
| QDPL | Metaurus US Large Cap Dividend Multiplier Index – Series 400  |
| PEVC | FTSE PE/VC Index  |
| FOWF | Solactive Whitney Future of Warfare Index  |
| MILK | Solactive Pacer US Cash Cows Bond Index |

---

The investment objective of the following Funds is to seek

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Ticker** | **Objective**  |
| PSCW | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 12.89% (before fees and expenses of the Fund) and 12.29% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 1, 2025 to March 31, 2026.  |
| PSCX | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 12.44% (before fees and expenses of the Fund) and 11.84% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 2, 2025 to December 31, 2025.  |
| PSCJ | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 15.21%(before fees and expenses of the Fund) and 14.61% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 1, 2024 to June 30, 2025.  |
| PSCQ | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 11.75% (before fees and expenses of the Fund) and 11.15% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 1, 2024 to September 30, 2025  |
| PSFM | to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 13.95% (before fees and expenses of the Fund) and 13.35% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 1, 2025 to March 31, 2026.  |
| PSFD | to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 13.52% (before fees and expenses of the Fund) and 12.92% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 2, 2025 to December 31, 2025.  |
| PSFJ | to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 15.27% (before fees and expenses of the Fund) and 14.67% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 1, 2024 to June 30, 2025  |
| PSFO | to provide investors with returns that match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust (the "Underlying ETF") up to a predetermined upside cap of 13.31% (before fees and expenses of the Fund) and 12.71% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 1, 2024 to September 30, 2025  |
| PSFF | capital appreciation with downside protection.  |
| PSMR | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 12.47% (before fees and expenses of the Fund) and 11.87% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 1, 2025 to March 31, 2026.  |
| PSMD | to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 12.02% (before fees and expenses of the Fund) and 11.42% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 2, 2025 to December 31, 2025.  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| |
|:---|
| **Ticker** |
| PSMJ<br> to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 13.84%% (before fees and expenses of the Fund) and 13.24% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 1, 2024 to June 30, 2025  |
| PSMO<br> to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust ("the Underlying ETF") up to a predetermined upside cap of 11.64% (before fees and expenses of the Fund) and 11.04% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 1, 2024 to September 30, 2025 |

---

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 25,000 shares except USAI and QSIX which generally consist of 50,000 shares, PEVC and MILK which consists of 40,000 shares, QDPL which consists of 30,000 shares, along with ODDS and BULD 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 currently offer one class of Shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Each Fund charges $300 for the standard fixed creation fee, payable to the Custodian except ODDS, BULD, PEVC and FOWF which charges $500 and EAFG which charges $750. The fixed transaction fee may be waived on certain orders if the Funds' 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.A variable fee, payable to a Fund, of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. In regards to PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSMR, PSMD, PSMJ and PSMO for orders comprised entirely of cash, a variable fee of 0.01% of the value of the order will be charged by a Fund. For orders partially comprised of cash in lieu of certain Deposit Securities, a variable fee of 0.01% of the value of such cash in lieu of Deposit Securities will be charged by a Fund. A Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders (e.g., for creation orders that facilitate changes to the Fund's portfolio in a more tax efficient manner than could be achieved without such order). Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Fund to their account or on their order. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements 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 to such 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

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

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.

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.

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.  |

---

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**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| 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:

**USAI** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $89496441 | $— | $— | $— | $89496441  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 3547401 | $3547401  |
| **Total Investments in Securities** | $89496441 | $— | $— | $3547401 | $93043842 |

---

^ See Schedules of Investments for industry breakouts.

**ODDS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1617518 | $— | $— | $— | $1617518  |
| **Total Investments in Securities** | $1617518 | $— | $— | $— | $1617518 |

---

^ See Schedules of Investments for industry breakouts.

**BULD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1200869 | $— | $— | $— | $1200869  |
| **Total Investments in Securities** | $1200869 | $— | $— | $— | $1200869 |

---

^ See Schedules of Investments for industry breakouts.

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**EAFG** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1000854 | $— | $— | $— | $1000854  |
| Exchange Traded Funds | 1043 |  |  |  | 1043  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 40018 | 40018  |
| **Total Investments in Securities** | $1001897 | $— | $— | $40018 | $1041915 |

---

^ See Schedule of Investments for sector breakouts.

**QSIX** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $5386854 | $— | $— | $— | $5386854  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 503216 | 503216  |
| **Total Investments in Securities** | $5386854 | $— | $— | $503216 | $5890070  |
| **Other Financial Instruments<sup>(a)</sup>**<br>|  |  |  |  |  |
| Futures Contracts | $(21672) | $— | $— | $— | $(21672) |

---

^ See Schedule of Investments for sector breakouts.

**QDPL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| **Investments:**<br>|  |  |  |  |  |
| Common Stocks | $736861238 | $— | $— | $— | $736861238  |
| Real Estate Investment Trusts | 15869770 |  |  |  | 15869770  |
| U.S. Treasury Securities |  | 83472522 |  |  | 83472522  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 42220079 | 42220079  |
| **Total Investments in Securities** | $752731008 | $83472522 | $— | $— | $878423609  |
| **Other Financial Instruments<sup>(a)</sup>**<br>|  |  |  |  |  |
| Futures Contracts | $1732711 | $— | $— | $— | $1732711  |
| **Liabilities**<br>|  |  |  |  |  |
| **Other Financial Instruments<sup>(a)</sup>**<br>|  |  |  |  |  |
| Futures Contracts | $(2297893) | $— | $— | $— | $(2297893) |

---

^ See Schedule of Investments for sector breakouts.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**PEVC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Investments:**<br>|  |  |  |  |  |
| Common Stocks | $1572645 | $— | $— | $— | $1572645  |
| Real Estate Investment Trusts | 6675 |  |  |  | 6675  |
| **Total Investments in Securities** | $1579320 | $— | $— | $— | $1579320  |
| **Other Financial Instruments<sup>(a)</sup>**<br>|  |  |  |  |  |
| **Total Return Swaps** | $14231 | $— | $— | $— | $14231 |

---

^ See Schedules of Investments for industry breakouts.

**FOWF** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Common Stocks | $1293304 | $— | $— | $— | $1293304  |
| **Total Investments in Securities** | $1293304 | $— | $— | $— | $1293304 |

---

^ See Schedules of Investments for industry breakouts.

**PSCW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $59579476 | $— | $— | $59579476  |
| **Total Investments in Securities** | $— | $59579476 | $— | $— | $59579476  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(2048572) | $— | $— | $(2048572) |
| **Total Investments in Securities** | $— | $(2048572) | $— | $— | $(2048572) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSCX** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $31488160 | $— | $— | $31488160  |
| **Total Investments in Securities** | $— | $31488160 | $— | $— | $31488160  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(505700) | $— | $— | $(505700)  |
| **Total Investments in Securities** | $— | $(505700) | $— | $— | $(505700) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**PSCJ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $44275351 | $— | $— | $44275351  |
| **Total Investments in Securities** | $— | $44275351 | $— | $— | $44275351  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(86565) | $— | $— | $(86565)  |
| **Total Investments in Securities** | $— | $(86565) | $— | $— | $(86565) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSCQ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $38965027 | $— | $— | $38965027  |
| **Total Investments in Securities** | $— | $38965027 | $— | $— | $38965027  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(365232) | $— | $— | $(365232)  |
| **Total Investments in Securities** | $— | $(365232) | $— | $— | $(365232) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSFM** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $22490292 | $— | $— | $22490292  |
| **Total Investments in Securities** | $— | $22490292 | $— | $— | $22490292  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(1366648) | $— | $— | $(1366648) |
| **Total Investments in Securities** | $— | $(1366648) | $— | $— | $(1366648) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**PSFD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $52059157 | $— | $— | $52059157  |
| **Total Investments in Securities** | $— | $52059157 | $— | $— | $52059157  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(2306436) | $— | $— | $(2306436)  |
| **Total Investments in Securities** | $— | $(2306436) | $— | $— | $(2306436) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSFJ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $21944723 | $— | $— | $21944723  |
| **Total Investments in Securities** | $— | $21944723 | $— | $— | $21944723  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(123833) | $— | $— | $(123833)  |
| **Total Investments in Securities** | $— | $(123833) | $— | $— | $(123833) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSFO** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $14361684 | $— | $— | $14361684  |
| **Total Investments in Securities** | $— | $14361684 | $— | $— | $14361684  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(368203) | $— | $— | $(368203)  |
| **Total Investments in Securities** | $— | $(368203) | $— | $— | $(368203) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSFF** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Affiliated Exchange Traded Funds | $421491676 | $— | $— | $— | $421491676  |
|  Investments Purchased with Proceeds from Securities Lending |  |  |  | 2277925 | 2277925  |
| **Total Investments in Securities** | $421491676 | $— | $— | $2277925 | $423769601 |

---

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**PSMR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $81935955 | $— | $— | $81935955  |
| **Total Investments in Securities** | $— | $81935955 | $— | $— | $81935955  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(4295386) | $— | $— | $(4295386)  |
| **Total Investments in Securities** | $— | $(4295386) | $— | $— | $(4295386) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSMD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $88162079 | $— | $— | $88162079  |
| **Total Investments in Securities** | $— | $88162079 | $— | $— | $88162079  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(3032129) | $— | $— | $(3032129)  |
| **Total Investments in Securities** | $— | $(3032129) | $— | $— | $(3032129) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

**PSMJ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $70524747 | $— | $— | $70524747  |
| **Total Investments in Securities** | $— | $70524747 | $— | $— | $70524747  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(370695) | $— | $— | $(370695)  |
| **Total Investments in Securities** | $— | $(370695) | $— | $— | $(370695) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**PSMO** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| **Assets**<br>|  |  |  |  |  |
| Purchased Options | $— | $105290584 | $— | $— | $105290584  |
| **Total Investments in Securities** | $— | $105290584 | $— | $— | $105290584  |
| **Liabilities**<br>|  |  |  |  |  |
| Options Written | $— | $(2253724) | $— | $— | $(2253724)  |
| **Total Investments in Securities** | $— | $(2253724) | $— | $— | $(2253724) |

---

^ See the Schedules of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

**MILK** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments** <br>**Measured at** <br>**Net Asset Value** | **Total**  |
| Corporate Bonds | $— | $4703207 | $— | $— | $4703207  |
| **Total Investments in Securities** | $— | $4703207 | $— | $— | $4703207 |

---

^ See Schedules of Investments for industry breakouts.

**Options Contracts – In general, an option contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price (commonly known as the "strike price"). PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSMR, PSMD, PSMJ and PSMO portfolios include several types of FLEX Options, including both purchased and written put and call options (as further described below). The FLEX Options are all European style options, which means that they are exercisable at the strike price only on the FLEX Option expiration date. FLEX Options are customized option contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European style versus American style options which are exercisable any time prior to the expiration date) and expiration dates, while achieving price discovery in competitive, transparent auctions markets and avoiding the counterparty exposure of the over-the-counter option positions.**

Each FLEX Option contract entitles the holder thereof (i.e., the purchaser of the FLEX Option) the option to purchase (for the call options) or sell (for the put options) the cash value of the reference asset as of the close of the market on the FLEX Option expiration date at the strike price. The Fund intends to be structured so that any amount owed by the Fund on the written FLEX Options will be covered by payouts at expiration from the purchased FLEX Options. As a result, the FLEX Options will be fully covered, and no additional collateral will be necessary during the life of the Fund. The Fund receives premiums in exchange for the written FLEX Options and pays premiums in exchange for the purchased FLEX Options. The OCC and securities exchange that the FLEX Options are listed on do not charge ongoing fees to writers or purchasers of the FLEX Options during their life for continuing to hold the option contracts. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) at a certain defined price.

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**April 30, 2025 (Unaudited)(Continued)** 

When the Funds purchase an option, an amount equal to the premium paid by the Funds are recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Funds enter into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities. When the Funds write an option, an amount equal to the premium received by the Funds are recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Funds. The Funds, as writers of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

The OCC guarantees performance by each of the counterparties to FLEX Options, becoming the "buyer for every seller and the seller for every buyer," protecting clearing members and options traders from counterparty risk. Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX Options for certain events (collectively, "Corporate Actions") specified in the OCC's by-laws and rules: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC's by-laws, the nature and extent of any such adjustment is to be determined by the OCC's Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest.

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of April 30, 2025, is as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  |
|  | **Asset Derivatives** | **Liability Derivatives**  |
|  | **Investments,** <br>**at Value** | **Written Options,** <br>**at value**  |
| PSCW | $59579476 | &nbsp;&nbsp;&nbsp;&nbsp; $2048572  |
| PSCX | 31488160 | &nbsp;&nbsp;&nbsp;&nbsp; 505700  |
| PSCJ | 44275351 | &nbsp;&nbsp;&nbsp;&nbsp; 86565  |
| PSCQ | 38965027 | &nbsp;&nbsp;&nbsp;&nbsp; 365232  |
| PSFM | 22490292 | &nbsp;&nbsp;&nbsp;&nbsp; 1366648  |
| PSFD | 52059157 | &nbsp;&nbsp;&nbsp;&nbsp; 2306436  |
| PSFJ | 21944723 | &nbsp;&nbsp;&nbsp;&nbsp; 123833  |
| PSFO | 14361684 | &nbsp;&nbsp;&nbsp;&nbsp; 368203  |
| PSMR | 81935955 | &nbsp;&nbsp;&nbsp;&nbsp; 4295386  |
| PSMD | 88162079 | &nbsp;&nbsp;&nbsp;&nbsp; 3032129  |
| PSMJ | 70524747 | &nbsp;&nbsp;&nbsp;&nbsp; 370695  |
| PSMO | 105290584 | &nbsp;&nbsp;&nbsp;&nbsp; 2253724 |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not Accounted for as Hedging Instruments**  |
|  | **Amount of Realized Gain (Loss) on** <br>**Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on** <br>**Derivatives Recognized in Income** | **Amount of Unrealized Gain (Loss) on** <br>**Derivatives Recognized in Income**  | **Amount of Unrealized Gain (Loss) on** <br>**Derivatives Recognized in Income**  |
|  | **Investments** | **Written Options** | **Investments** | **Written Options**  |
| PSCW | $1976685 | &nbsp;&nbsp;&nbsp; $614017 | &nbsp;&nbsp; $(3127083) | &nbsp;&nbsp;&nbsp;&nbsp; $(102263)  |
| PSCX | 3364212 | &nbsp;&nbsp;&nbsp; (728020) | &nbsp;&nbsp; (3936667) | &nbsp;&nbsp;&nbsp;&nbsp; 983370  |
| PSCJ | (165985) | &nbsp;&nbsp;&nbsp; 4808 | &nbsp;&nbsp; (694458) | &nbsp;&nbsp;&nbsp;&nbsp; 745748  |
| PSCQ | (126751) | &nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp; (1377050) | &nbsp;&nbsp;&nbsp;&nbsp; 916750  |
| PSFM | 612035 | &nbsp;&nbsp;&nbsp; 788779 | &nbsp;&nbsp; (1486594) | &nbsp;&nbsp;&nbsp;&nbsp; (488356)  |
| PSFD | 6991919 | &nbsp;&nbsp;&nbsp; (625045) | &nbsp;&nbsp; (6954455) | &nbsp;&nbsp;&nbsp;&nbsp; 574800  |
| PSFJ | (57896) | &nbsp;&nbsp;&nbsp; 37670 | &nbsp;&nbsp; (781060) | &nbsp;&nbsp;&nbsp;&nbsp; 637384  |
| PSFO | (41381) | &nbsp;&nbsp;&nbsp; 8036 | &nbsp;&nbsp; (147282) | &nbsp;&nbsp;&nbsp;&nbsp; 128551  |
| PSMR | 2673281 | &nbsp;&nbsp;&nbsp; 2155122 | &nbsp;&nbsp; (5088124) | &nbsp;&nbsp;&nbsp;&nbsp; (843739)  |
| PSMD | 11150860 | &nbsp;&nbsp;&nbsp; (2192306) | &nbsp;&nbsp; (11975308) | &nbsp;&nbsp;&nbsp;&nbsp; 2588023  |
| PSMJ | (9997) | &nbsp;&nbsp;&nbsp; 98770 | &nbsp;&nbsp; (2130312) | &nbsp;&nbsp;&nbsp;&nbsp; 1991929  |
| PSMO | (498108) | &nbsp;&nbsp;&nbsp; (139830) | &nbsp;&nbsp; (498108) | &nbsp;&nbsp;&nbsp;&nbsp; (139830) |

---

The effect of derivative instruments on the Statement of Operations for the period ended April 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  | **Equity Risk - Call and Put Options not** <br>**Accounted for as Hedging Instruments**  |
|  | **Average Volume of Derivative Activity** <br>**During the Period Ended April 30, 2025**  | **Average Volume of Derivative Activity** <br>**During the Period Ended April 30, 2025**  |
|  | **Investments** | **Written Options**  |
| PSCW | &nbsp;&nbsp; $17567743 | &nbsp;&nbsp;&nbsp; $(437785)  |
| PSCX | &nbsp;&nbsp; 11551287 | &nbsp;&nbsp;&nbsp; (313564)  |
| PSCJ | &nbsp;&nbsp; 15134441 | &nbsp;&nbsp;&nbsp; (200266)  |
| PSCQ | &nbsp;&nbsp; 18872545 | &nbsp;&nbsp;&nbsp; (393619)  |
| PSFM | &nbsp;&nbsp; 4272582 | &nbsp;&nbsp;&nbsp; (222373)  |
| PSFD | &nbsp;&nbsp; 23229174 | &nbsp;&nbsp;&nbsp; (1046359)  |
| PSFJ | &nbsp;&nbsp; 4836396 | &nbsp;&nbsp;&nbsp; (59982)  |
| PSFO | &nbsp;&nbsp; 7662899 | &nbsp;&nbsp;&nbsp; (233746)  |
| PSMR | &nbsp;&nbsp; 26424388 | &nbsp;&nbsp;&nbsp; (880210)  |
| PSMD | &nbsp;&nbsp; 38950203 | &nbsp;&nbsp;&nbsp; (1720048)  |
| PSMJ | &nbsp;&nbsp; 18279717 | &nbsp;&nbsp;&nbsp; (266770)  |
| PSMO | &nbsp;&nbsp; 48120205 | &nbsp;&nbsp;&nbsp; (1386843) |

---

&nbsp;&nbsp;&nbsp;&nbsp;A. *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 result 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.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;B. *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 ended October 31, 2024, 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 year
 or period ended October 31, 2024, 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
 (2020-2022) for the applicable funds, or expected to be taken in each of the Fund's 2024 tax returns. During the period ended October 31,
 2024, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *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 Funds' investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such 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. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each 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 such investments, a portion of the distributions received by each Fund's shareholders may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders.* Distributions to shareholders from net investment income for USAI and MILK are declared and paid on a monthly
 basis, distributions to shareholders from net investment income for BULD are declared and paid on a semi-annual basis, distributions to
 shareholders from net investment income for ODDS, EAFG, QSIX, QDPL, PEVC and FOWF are declared and paid on a quarterly basis, and distributions
 to shareholders from net investment income for PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO are declared
 and paid at least annually. Distributions for all Funds from net realized gains on securities, if any, normally are declared and paid
 on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;E. *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;F. *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. The Funds' shares will not be priced on the days on which the NYSE are closed for trading. The offering and redemption
 price per share of the Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Guarantees and Indemnifications.* In the normal course of business, the Funds enters 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.

106<br>

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;H. *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 account holder. The counter party is generally a single bank rather
 than a group of financial institutions; thus there may be a greater counter party credit risk. The Funds place deposits only with those
 counter parties which are believed to be creditworthy and there has been no history of loss.

&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 ended October 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)** | **Paid-In** <br>**Capital**  |
| USAI | &nbsp;&nbsp;&nbsp;&nbsp; $(2171786) | $2171786  |
| ODDS | &nbsp;&nbsp;&nbsp;&nbsp; (148337) | 148337  |
| BULD | &nbsp;&nbsp;&nbsp;&nbsp; (95746) | 95746  |
| EAFG | &nbsp;&nbsp;&nbsp;&nbsp; 17015 | (17015)  |
| QSIX | &nbsp;&nbsp;&nbsp;&nbsp; — | —  |
| QDPL | &nbsp;&nbsp;&nbsp;&nbsp; (5336016) | 5336016  |
| PSCW | &nbsp;&nbsp;&nbsp;&nbsp; $(2946585) | $2946585  |
| PSCX | &nbsp;&nbsp;&nbsp;&nbsp; (2140485) | 2140485  |
| PSCJ | &nbsp;&nbsp;&nbsp;&nbsp; (2500498) | 2500498  |
| PSCQ | &nbsp;&nbsp;&nbsp;&nbsp; (2256229) | 2256229  |
| PSFM | &nbsp;&nbsp;&nbsp;&nbsp; (5358262) | 5358262  |
| PSFD | &nbsp;&nbsp;&nbsp;&nbsp; (4021847) | 4021847  |
| PSFJ | &nbsp;&nbsp;&nbsp;&nbsp; (6093666) | 6093666  |
| PSFO | &nbsp;&nbsp;&nbsp;&nbsp; (4109260) | 4109260  |
| PSFF | &nbsp;&nbsp;&nbsp;&nbsp; (11922236) | 11922236  |
| PSMR | &nbsp;&nbsp;&nbsp;&nbsp; (9156337) | 9156337  |
| PSMD | &nbsp;&nbsp;&nbsp;&nbsp; (6150641) | 6150641  |
| PSMJ | &nbsp;&nbsp;&nbsp;&nbsp; (10836205) | 10836205  |
| PSMO | &nbsp;&nbsp;&nbsp;&nbsp; (11557527) | 11557527 |

---

PEVC, FOWF and MILK commenced operations after October 31, 2024.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

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 an annual rate based on the Fund's average daily net assets:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Current** <br>**Adviser Fee** | **Previous** <br>**Adviser Fee**  |
| USAI | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| ODDS | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| BULD | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| EAFG | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Ticker** | **Current** <br>**Adviser Fee** | **Previous** <br>**Adviser Fee**  |
| QSIX | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| QDPL | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.79%  |
| PEVC | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |
| FOWF | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |
| PSCW | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSCX | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSCJ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSCQ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSFM | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSFD | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSFJ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSFO | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSFF | &nbsp;&nbsp;&nbsp;&nbsp; 0.12%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.18%  |
| PSMR | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSMD | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSMJ | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| PSMO | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| MILK | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

<sup>1</sup> The new management fee took effect on February 1, 2024.

<sup>2</sup> The new management fee took effect on March 1, 2024.

<sup>3</sup> Commencement Date of the Fund was December 18, 2024.

<sup>4</sup> Commencement Date of the Fund was February 3, 2025.

Swan Global Management, LLC ("Swan") serves as the sub-adviser to PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ and PSMO. The sub-adviser has responsibility for selecting and continuously monitoring the Funds' investments. Sub-Advisory fees earned by Swan are paid by the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and Metaurus (the "Sub-Advisory Agreement"), Metaurus is responsible for the day-to-day management of QSIX and QDPL, including the trading of portfolio securities for the Funds. Metaurus is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of reconstitutions of Indices, subject to the supervision of the Adviser and the Board. For the services it provides to QSIX and QDPL, Metaurus is compensated by the Adviser from the management fees paid by QSIX and QDPL 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 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.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**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 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, USAI, BULD, EAFG, QSIX, QDPL and PSFF 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 NAV of $1.00. Although risk is mitigated by the collateral, the Fund 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 Fund bears the risk of loss associated with the investment of cash collateral received.

During the period ended April 30, 2025, USAI, BULD, EAFG, QSIX, QDPL and PSFF had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in the Fund's Schedule of Investments. Income earned from these investments is allocated to the Fund based on the Fund's portion of total cash collateral received. Securities lending income is disclosed in the Fund's Statement of Operations.

**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\***  |
| USAI | &nbsp;&nbsp; $3547401  |
| ODDS | &nbsp;&nbsp; —  |
| BULD | &nbsp;&nbsp; 224284  |
| EAFG | &nbsp;&nbsp; 40018  |
| QSIX | &nbsp;&nbsp; 503216  |
| QDPL | &nbsp;&nbsp; 42220079  |
| PEVC | &nbsp;&nbsp; —  |
| FOWF | &nbsp;&nbsp; —  |
| PSCW | &nbsp;&nbsp; —  |
| PSCX | &nbsp;&nbsp; —  |
| PSCJ | &nbsp;&nbsp; —  |
| PSCQ | &nbsp;&nbsp; —  |
| PSFM | &nbsp;&nbsp; —  |
| PSFD | &nbsp;&nbsp; —  |
| PSFJ | &nbsp;&nbsp; —  |
| PSFO | &nbsp;&nbsp; —  |

---

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments** <br>**Purchased with** <br>**Proceeds from** <br>**Securities Lending** <br>**Collateral\***  |
| PSFF | &nbsp;&nbsp; $2277925  |
| PSMR | &nbsp;&nbsp; —  |
| PSMD | &nbsp;&nbsp; —  |
| PSMJ | &nbsp;&nbsp; —  |
| PSMO | &nbsp;&nbsp; —  |
| MILK | &nbsp;&nbsp; — |

---

\* 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 – DERIVATIVES TRANSACTIONS** 

The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by "marking- to-market" on a daily basis to reflect the fair value of the contract at the end of each day's trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds' cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

The following table represents a summary of the value of derivative instruments as of April 30, 2025 and the effect of derivative instruments on the Statement of Assets and Liabilities as of April 30, 2025:

**QDPL**

**Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2025** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Derivatives** | **Location** | **Value**  |
| Equity Contracts - Futures | Deposit at Broker for Futures | $6011465 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Amount of Realized** <br>**Gain on Derivatives** <br>**Recognized in Income** | **Derivatives** | **Change in Unrealized** <br>**Appreciation on** <br>**Derivatives** <br>**Recognized in Income**  |
| Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp; $1580570 | Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp; ($4805244) |

---

The average monthly value of long futures during the period ended April 30, 2025 in QDPL was $96,435,845.

110<br>

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

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**QSIX**

**Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2025**

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives**  | **Asset Derivatives**  |
| <br>**Derivatives** | **Location** | **Value**  |
| Equity Contracts - Futures | Deposit at Broker for Futures | $247897 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Amount of Realized** <br>**Gain on Derivatives** <br>**Recognized in Income** | **Derivatives** | **Change in Unrealized** <br>**Appreciation on** <br>**Derivatives** <br>**Recognized in Income**  |
| Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($36645) | Equity Contracts - Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($45299) |

---

The average monthly value of long futures during the period ended April 30, 2025 in QSIX was $885,424.

**NOTE 8 – 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:

**Assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description/Counterparty** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities** | **Gross Amounts not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | **Gross Amounts not Offset** <br>**in the Statement of** <br>**Assets and Liabilities** | |
| **Description/Counterparty** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statement** <br>**of Assets and** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**<br>(Received) | <br>**Net** <br>**Amount** |
| **QDPL**<br>|  |  |  |  |  |  |
| Futures Contracts | $6011465 | $— | $6011465 | $6011465 | $— | $— |
| **QSIX**<br>|  |  |  |  |  |  |
| Futures Contracts | $247897 | $— | $247897 | $247897 | $— | $— |

---

**Liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**  | **Gross Amounts Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | **Gross Amounts Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | |
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**<br>(Received) | <br>**Net** <br>**Amount** |
| **USAI**<br>|  |  |  |  |  |  |
| Securities Lending | $3547401 | $— | $3547401 | $3547401 | $— | $— |
| **ODDS**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **BULD**<br>|  |  |  |  |  |  |
| Securities Lending | $224284 | $— | $224284 | $224284 | $— | $— |
| **EAFG**<br>|  |  |  |  |  |  |
| Securities Lending | $40018 | $— | $40018 | $40018 | $— | $— |
| **QSIX**<br>|  |  |  |  |  |  |
| Securities Lending | $503216 | $— | $503216 | $503216 | $— | $— |
| **QDPL**<br>|  |  |  |  |  |  |
| Securities Lending | $42220079 | $— | $42220079 | $42220079 | $— | $— |

---

111<br>

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

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**  | **Gross Amounts Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | **Gross Amounts Not Offset** <br>**in the Statements of** <br>**Assets and Liabilities** | |
| **Description** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in** <br>**the Statements** <br>**of Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**<br>(Received) | <br>**Net** <br>**Amount** |
| **PEVC**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **FOWF**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSCW**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSCX**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSCJ**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSCQ**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSFM**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSFD**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSFJ**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSFO**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSFF**<br>|  |  |  |  |  |  |
| Securities Lending | $2277925 | $— | $2277925 | $2277925 | $— | $— |
| **PSMR**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSMD**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSMJ**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **PSMO**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |
| **MILK**<br>|  |  |  |  |  |  |
| Securities Lending | $— | $— | $— | $— | $— | $— |

---

**NOTE 9 – INVESTMENT TRANSACTIONS** 

For the period ended April 30, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| USAI | $11283557 | $11634028  |
| ODDS | 370550 | 277626  |
| BULD | 143903 | 140959  |
| EAFG | 423032 | 423651  |
| QSIX | 194830 | 479034  |
| QDPL | 71721722 | 32113864  |

---

112<br>

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

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| PEVC | $467300 | $562666  |
| FOWF | 996126 | 324792  |
| PSCW |  | —  |
| PSCX |  | 958958  |
| PSCJ |  | —  |
| PSCQ |  | —  |
| PSFM |  | 85239  |
| PSFD |  | 1880000  |
| PSFJ |  | 2388375  |
| PSFO |  | —  |
| PSFF | 88714919 | —  |
| PSMR |  | 5032272  |
| PSMD |  | 2861263  |
| PSMJ |  | 363337  |
| PSMO |  | —  |
| MILK |  | 10541 |

---

For the year ended April 30, 2025, in-kind transactions associated with creations and redemptions are as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| USAI | $24744358 | $—  |
| ODDS | 461244 | —  |
| BULD | 396818 | —  |
| EAFG | 513167 | —  |
| QSIX |  | —  |
| QDPL | 266066574 | 32266865  |
| PEVC | 1794297 | —  |
| FOWF | 1237128 | 671108  |
| PSCW |  | 11738339  |
| PSCX |  | 15344455  |
| PSCJ |  | —  |
| PSCQ |  | —  |
| PSFM |  | 21677058  |
| PSFD |  | 29969546  |
| PSFJ |  | —  |
| PSFO |  | —  |
| PSFF |  | 37999680  |
| PSMR |  | 28075311  |
| PSMD |  | 54389615  |
| PSMJ |  | —  |
| PSMO |  | —  |
| MILK | 4718161 |  |

---

113<br>

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

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

For the year ended April 30, 2025, U.S. Government transactions associated with creations and redemptions are as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| USAI | $— | $—  |
| ODDS |  | —  |
| BULD |  | —  |
| EAFG |  | —  |
| QSIX |  | —  |
| QDPL | 33659883 | 8500000  |
| PEVC |  | —  |
| FOWF |  | —  |
| PSCW |  | —  |
| PSCX |  | —  |
| PSCJ |  | —  |
| PSCQ |  | —  |
| PSFM |  | —  |
| PSFD |  | —  |
| PSFJ |  | —  |
| PSFO |  | —  |
| PSFF |  | —  |
| PSMR |  | —  |
| PSMD |  | —  |
| PSMJ |  | —  |
| PSMO |  | —  |
| MILK |  |  |

---

**NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

PSFF seeks capital appreciation with downside protection. The Fund is an actively-managed exchange-traded fund that seeks to achieve its investment objective by investing in a portfolio of other ETFs also managed by the Fund's Adviser, that seek exposure to U.S. equity securities, while limiting downside risk (the "Underlying ETFs"). Certain Underlying ETFs may also be sub-advised by the Fund's Sub-Adviser. Underlying ETFs generally invest in equity securities or options on equity securities (including other ETFs) to obtain their long exposure to the U.S. equity market. Additionally, the Underlying ETFs may invest in cash, short-term U.S. Treasury securities, or high yield corporate bonds or utilize options on equity securities (including other ETFs) to hedge their exposure to U.S. equities. The Fund may also invest directly in equity securities, options on equity securities (including other ETFs) or indices, cash, or cash equivalents. While the Fund is not limited in the types of strategies the Underlying ETFs may utilize, the Fund is expected to primarily utilize "trend-following strategy" and "structured outcome strategy" styles of Underlying ETFs.

PSFF had the following transactions during the fiscal year with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| **Security Name** | **Balance** <br>**November 1,** <br>**2024** | **Purchases** | **Sales**  | **Balance** <br>**April 30,** <br>**2025**  |
| PSCW | 1312698 | 125227 | (113141) | 1324784  |
| PSCX | 539983 | 486618 | (81933) | 944668  |
| PSCJ | 1240907 | 40712 | (108945) | 1172674  |
| PSCQ | 438477 | 995954 | (119102) | 1315329  |
| PSFM | 514875 |  | (43752) | 471123  |
| PSFD | 761833 |  | (64757) | 697076  |
| PSFJ | 619348 |  | (52652) | 566696  |

---

114<br>

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

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| **Security Name** | **Balance** <br>**November 1,** <br>**2024** | **Purchases** | **Sales**  | **Balance** <br>**April 30,** <br>**2025**  |
| PSFO | 418350 |  | (35536) | 382814  |
| PSMR | 2001636 | 117123 | (171623) | 1947136  |
| PSMD | 2058558 | 462355 | (209267) | 2311646  |
| PSMJ | 2299512 |  | (195494) | 2104018  |
| PSMO | 1363536 | 995269 | (197804) | 2161001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  | **Period Ended April 30, 2025**  |
| <br>**Security Name** | **Value** | **Dividend** <br>**Income** | **Realized Gain** <br>**on Sale of** <br>**Shares** | **Net Change in**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments** <br>**in Affiliate**  |
| PSCW | $33477291 | $— | $370867 | $(771314)  |
| PSCX | 25657372 |  | 361790 | (836661)  |
| PSCJ | 30206089 |  | 496600 | (951995)  |
| PSCQ | 34026246 |  | 569035 | (1397153)  |
| PSFM | 13370989 |  | 247053 | (560435)  |
| PSFD | 22529357 |  | 492851 | (611475)  |
| PSFJ | 16085666 |  | 383432 | (486543)  |
| PSFO | 10745551 |  | 241873 | (270200)  |
| PSMR | 52494786 |  | 821601 | (1533525)  |
| PSMD | 66126483 |  | 1125767 | (1735287)  |
| PSMJ | 58359989 |  | 1316989 | (1496990)  |
| PSMO | 58411857 |  | 1176111 | (1883829)  |
| Total | $421491676 | $— | $7603969 | $12535407 |

---

**NOTE 11 – TAX COST BASIS** 

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at October 31, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **USAI** | **ODDS** | **BULD** | **EAFG** | **QSIX**  |
| Tax cost of investments | $53969865 | $940675 | $837007 | $483458 | $5731183  |
| Gross tax unrealized appreciation | 22421810 | 149726 | 142959 | 24229 | 180658  |
| Gross tax unrealized depreciation | (2364842) | (131958) | (159378) | (20752) | (169761)  |
|  Net tax unrealized appreciation (depreciation) | 20056968 | 17768 | (16419) | 3477 | 10897  |
| Undistributed ordinary income |  | 1881 | 521 | 3981 | 9048  |
| Undistributed long-term gain |  |  |  |  | 14176  |
| Total distributable earnings |  | 1881 | 521 | 3981 | 23224  |
| Other accumulated (loss) | (682867) | (46529) | (23653) | (18912) | —  |
| Total accumulated gain (loss) | $19374101 | $(26880) | $(39551) | $(11454) | $34121 |

---

115<br>

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

**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **QDPL** | **PSCW** | **PSCX** | **PSCJ** | **PSCQ**  |
| Tax cost of investments | $516845962 | $34183078 | $17416053 | $35587813 | $14890826  |
| Gross tax unrealized appreciation | 80423582 | 4058183 | 3564908 | 1718783 | 80898  |
| Gross tax unrealized depreciation | (15537959) | (886255) | (1448171) | (433049) | (149223)  |
|  Net tax unrealized appreciation (depreciation) | 64885623 | 3171928 | 2116737 | 1285734 | (68325)  |
| Undistributed ordinary income |  |  |  |  | —  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings |  |  |  |  | —  |
| Other accumulated (loss) |  | (2579221) | (1562802) | (1388503) | (1644650)  |
| Total accumulated gain (loss) | $64885623 | $592707 | $553935 | $(102769) | $(1712975) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PSFM** | **PSFD** | **PSFJ** | **PSFO** | **PSFF**  |
| Tax cost of investments | $22643019 | $41705379 | $25944903 | $14644365 | $333192583  |
| Gross tax unrealized appreciation | 2473261 | 8851406 | 1303085 | 52208 | 42665954  |
| Gross tax unrealized depreciation | (638523) | (3817952) | (400574) | (114955) | (150662)  |
|  Net tax unrealized appreciation (depreciation) | 1834738 | 5033454 | 902511 | (62747) | 42515292  |
| Undistributed ordinary income |  |  |  |  | —  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings |  |  |  |  | —  |
| Other accumulated (loss) | (4308240) | (2402088) | (2879035) | (2676718) | (414343)  |
| Total accumulated gain (loss) | $(2473502) | $2631366 | $(1976524) | $(2739465) | $42100949 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PSMR** | **PSMD** | **PSMJ** | **PSMO**  |
| Tax cost of investments | $64876259 | $60336187 | $74768275 | $65253496  |
| Gross tax unrealized appreciation | 7654179 | 12859713 | 4142962 | 269037  |
| Gross tax unrealized depreciation | (2099060) | (5745431) | (1004226) | (413559)  |
| Net tax unrealized appreciation (depreciation) | 5555119 | 7114282 | 3138736 | (144522)  |
| Undistributed ordinary income |  |  |  | —  |
| Undistributed long-term gain |  |  |  | —  |
| Total distributable earnings |  |  |  | —  |
| Other accumulated (loss) | (7041871) | (2626198) | (5283863) | (8388906)  |
| Total accumulated gain (loss) | $(1486752) | $4488084 | $(2145127) | $(8533428) |

---

PEVC, FOWF and MILK commenced operations after October 31, 2024.

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 (REITs), partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of a Fund's next taxable year. At October 31, 2024, the Funds, on a tax basis, did not defer any post—October.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

At October 31, 2024, the following Funds deferred, on a tax basis, ordinary late year loses:

---

| | |
|:---|:---|
|  | **Ordinary** <br>**Late Year** <br>**Loss Deferral**  |
| USAI | $—  |
| ODDS | —  |
| BULD | —  |
| EAFG | —  |
| QSIX | —  |
| QDPL | —  |
| PSCW | 149872  |
| PSCX | 108640  |
| PSCJ | 110921  |
| PSCQ | 58567  |
| PSFM | 129576  |
| PSFD | 224290  |
| PSFJ | 146545  |
| PSFO | 90938  |
| PSFF | 283870  |
| PSMR | 332497  |
| PSMD | 354022  |
| PSMJ | 342507  |
| PSMO | 236686 |

---

PEVC, FOWF and MILK commenced operations after October 31, 2024.

At October 31, 2024, the Funds had the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Expires**  |
| USAI | $(579395) | $(103256) | Indefinite  |
| ODDS | (31139) | (15359) | Indefinite  |
| BULD | (17775) | (5827) | Indefinite  |
| EAFG | (18912) |  | Indefinite  |
| QSIX |  |  | Indefinite  |
| QDPL |  |  | Indefinite  |
| PSCW | (2273932) | (155417) | Indefinite  |
| PSCX | (993410) | (460752) | Indefinite  |
| PSCJ | (1169445) | (108137) | Indefinite  |
| PSCQ | (1280738) | (305345) | Indefinite  |
| PSFM | (3997099) | (181565) | Indefinite  |
| PSFD | (1953225) | (224573) | Indefinite  |
| PSFJ | (2096487) | (636003) | Indefinite  |
| PSFO | (1924649) | (660680) | Indefinite  |
| PSFF | (130264) | (209) | Indefinite  |
| PSMR | (6534036) | (175338) | Indefinite  |
| PSMD | (1523169) | (749007) | Indefinite  |
| PSMJ | (4475229) | (426279) | Indefinite  |
| PSMO | (6607114) | (1545106) | Indefinite |

---

PEVC, FOWF and MILK commenced operations after October 31, 2024.

117<br>

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the fiscal period ended April 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Capital Gains** | **Return of** <br>**Capital**  |
| USAI | $1914000 | $— | $—  |
| ODDS | 5166 |  | —  |
| BULD | 521 |  | —  |
| EAFG | 4536 |  | —  |
| QSIX | 150900 |  | —  |
| QDPL | 22151232 |  | —  |
| PEVC | 777 |  | —  |
| FOWF | 1697 |  | —  |
| PSCW |  |  | —  |
| PSCX |  |  | —  |
| PSCJ |  |  | —  |
| PSCQ |  |  | —  |
| PSFM |  |  | —  |
| PSFD |  |  | —  |
| PSFJ |  |  | —  |
| PSFO |  |  | —  |
| PSFF |  |  | —  |
| PSMR |  |  | —  |
| PSMD |  |  | —  |
| PSMJ |  |  | —  |
| PSMO |  |  | —  |
| MILK | 42672 |  |  |

---

The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Capital Gains** | **Return of** <br>**Capital**  |
| USAI | $572644 | &nbsp;&nbsp; $— | $1917356  |
| ODDS | 6600 | &nbsp;&nbsp; — | —  |
| BULD | 3412 | &nbsp;&nbsp; — | 723  |
| EAFG | 8278 | &nbsp;&nbsp; — | —  |
| QSIX |  | &nbsp;&nbsp; — | —  |
| QDPL | 897292 | &nbsp;&nbsp; 85981 | 3763619  |
| PSCW |  | &nbsp;&nbsp; — | —  |
| PSCX |  | &nbsp;&nbsp; — | —  |
| PSCJ |  | &nbsp;&nbsp; — | —  |
| PSCQ |  | &nbsp;&nbsp; — | —  |
| PSFM |  | &nbsp;&nbsp; — | —  |
| PSFD |  | &nbsp;&nbsp; — | —  |
| PSFJ |  | &nbsp;&nbsp; — | —  |
| PSFO |  | &nbsp;&nbsp; — | —  |
| PSFF |  | &nbsp;&nbsp; — | 6428  |
| PSMR |  | &nbsp;&nbsp; — | —  |
| PSMD |  | &nbsp;&nbsp; — | —  |
| PSMJ |  | &nbsp;&nbsp; — | —  |
| PSMO |  | &nbsp;&nbsp; — |  |

---

PEVC, FOWF and MILK commenced operations after October 31, 2024.

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**Pacer Funds** 

**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

**NOTE 13 – 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 14 – SUBSEQUENT EVENTS** 

Management of the Fund 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 the below:

On May 21, 2025, the following Funds declared a distribution 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**  |
| USAI | $376000 | $0.16000000  |
| MILK | 21343 | 0.10671350 |

---

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**  |
| ODDS | $38799 | $0.64665750 |
| BULD | 1326 | 0.02210283 |
| EAFG | 4958 | 0.03966424 |
| PEVC | 2265 | 0.02831325 |
| FOWF | 5501 | 0.11002460 |
| PSCW |  |  |
| PSCX |  |  |
| PSCJ |  |  |
| PSCQ |  |  |
| PSFM |  |  |
| PSFD |  |  |
| PSFJ |  | —  |
| PSFO |  | —  |
| PSFF |  | —  |
| PSMR |  | —  |
| PSMD |  | —  |
| PSMJ |  | —  |
| PSMO |  |  |

---

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**  |
| USAI | $384000 | $0.16000000  |
| MILK  | $25974 | $0.12986870 |

---

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**NOTES TO FINANCIAL STATEMENTS** 

**April 30, 2025 (Unaudited)(Continued)** 

On June 27, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of June 30, 2025, payable July 1, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| QSIX  | $74340 | $0.37170000 |
| QDPL  | $12875148 | $0.50020000 |

---

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**Pacer Funds** 

**Additional Information** 

**NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Fund trade 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 Fund's website at www.PacerETFs.com.

**NOTE 2 – FEDERAL TAX INFORMATION** 

Qualified Dividend Income/Dividends Received Deduction

---

| | | | |
|:---|:---|:---|:---|
|  | **QDI** | **DRD** | **STCG**  |
| USAI | 100% | 72.05% | 0%  |
| ODDS | 95.22% | 1.82% | 0%  |
| BULD | 100% | 100% | 0%  |
| EAFG | 97.73% | 0% | 0%  |
| QSIX | 0% | 0% | 0%  |
| QDPL | 75.95% | 73.12% | 27.83%  |
| PSCW | 0% | 0% | 0%  |
| PSCX | 0% | 0% | 0%  |
| PSCJ | 0% | 0% | 0%  |
| PSCQ | 0% | 0% | 0%  |
| PSFM | 0% | 0% | 0%  |
| PSFD | 0% | 0% | 0%  |
| PSFJ | 0% | 0% | 0%  |
| PSFO | 0% | 0% | 0%  |
| PSFF | 0% | 0% | 0%  |
| PSMR | 0% | 0% | 0%  |
| PSMD | 0% | 0% | 0%  |
| PSMJ | 0% | 0% | 0%  |
| PSMO | 0% | 0% | 0% |

---

For the fiscal year ended October 31, 2024, 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 percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Pacer American Energy Independence ETF | 100.00%  |
| Pacer Metaurus US Large Cap Dividend 300 Multiplier ETF | 100.00%  |
| Pacer Metaurus US Large Cap Dividend 400 Multiplier ETF | 99.36%  |
| Pacer Swan SOS Conservative (October) ETF | 0.00%  |
| Pacer Swan SOS Moderate (October) ETF | 0.00%  |
| Pacer Swan SOS Flex (October) ETF | 0.00%  |
| Pacer Swan SOS Conservative (April) ETF | 0.00%  |
| Pacer Swan SOS Flex (April) ETF | 0.00%  |
| Pacer Swan SOS Moderate (April) ETF | 0.00%  |
| Pacer Swan SOS Conservative (January) ETF | 0.00%  |
| Pacer Swan SOS Flex (January) ETF | 0.00%  |
| Pacer Swan SOS Moderate (January) ETF | 0.00%  |
| Pacer Swan SOS Fund of Funds ETF | 0.00%  |
| Pacer Swan SOS Conservative (July) ETF | 0.00%  |
| Pacer Swan SOS Flex (July) ETF | 0.00%  |
| Pacer Swan SOS Mod (July) ETF | 0.00%  |
| Pacer Bluestar Engineering the Future ETF | 100.00%  |
| Pacer BlueStar Digital Entertainment ETF | 100.00% |

---

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**Additional Information(Continued)** 

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2024 was as follows:

---

| | |
|:---|:---|
| Pacer American Energy Independence ETF | 100.00%  |
| Pacer Metaurus US Large Cap Dividend 300 Multiplier ETF | 100.00%  |
| Pacer Metaurus US Large Cap Dividend 400 Multiplier ETF | 95.92%  |
| Pacer Swan SOS Conservative (October) ETF | 0.00%  |
| Pacer Swan SOS Moderate (October) ETF | 0.00%  |
| Pacer Swan SOS Flex (October) ETF | 0.00%  |
| Pacer Swan SOS Conservative (April) ETF | 0.00%  |
| Pacer Swan SOS Flex (April) ETF | 0.00%  |
| Pacer Swan SOS Moderate (April) ETF | 0.00%  |
| Pacer Swan SOS Conservative (January) ETF | 0.00%  |
| Pacer Swan SOS Flex (January) ETF | 0.00%  |
| Pacer Swan SOS Moderate (January) ETF | 0.00%  |
| Pacer Swan SOS Fund of Funds ETF | 0.00%  |
| Pacer Swan SOS Conservative (July) ETF | 0.00%  |
| Pacer Swan SOS Flex (July) ETF | 0.00%  |
| Pacer Swan SOS Mod (July) ETF | 0.00%  |
| Pacer Bluestar Engineering the Future ETF | 100.00%  |
| Pacer BlueStar Digital Entertainment ETF | 7.09% |

---

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows.

---

| | |
|:---|:---|
| Pacer American Energy Independence ETF | 0.00%  |
| Pacer Metaurus US Large Cap Dividend 300 Multiplier ETF | 0.00%  |
| Pacer Metaurus US Large Cap Dividend 400 Multiplier ETF | 9.67%  |
| Pacer Swan SOS Conservative (October) ETF | 0.00%  |
| Pacer Swan SOS Moderate (October) ETF | 0.00%  |
| Pacer Swan SOS Flex (October) ETF | 0.00%  |
| Pacer Swan SOS Conservative (April) ETF | 0.00%  |
| Pacer Swan SOS Flex (April) ETF | 0.00%  |
| Pacer Swan SOS Moderate (April) ETF | 0.00%  |
| Pacer Swan SOS Conservative (January) ETF | 0.00%  |
| Pacer Swan SOS Flex (January) ETF | 0.00%  |
| Pacer Swan SOS Moderate (January) ETF | 0.00%  |
| Pacer Swan SOS Fund of Funds ETF | 0.00%  |
| Pacer Swan SOS Conservative (July) ETF | 0.00%  |
| Pacer Swan SOS Flex (July) ETF | 0.00%  |
| Pacer Swan SOS Mod (July) ETF | 0.00%  |
| Pacer Bluestar Engineering the Future ETF | 0.00%  |
| Pacer BlueStar Digital Entertainment ETF | 0.00% |

---

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**Additional Information(Continued)** 

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended October 31, 2024. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough** | **Per Share**  | **Per Share**  |
| **Fund** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough**  |
| USAI | $— | $— | $— | $—  |
| ODDS |  |  |  | —  |
| BULD | 8423 | 909 | 0.21 | 0.02  |
| EAFG | 14550 | 2179 | 0.58 | 0.09  |
| QSIX |  |  |  | —  |
| QDPL |  |  |  | —  |
| PSCW |  |  |  | —  |
| PSCX |  |  |  | —  |
| PSCJ |  |  |  | —  |
| PSCQ |  |  |  | —  |
| PSFM |  |  |  | —  |
| PSFD |  |  |  | —  |
| PSFJ |  |  |  | —  |
| PSFO |  |  |  | —  |
| PSFF |  |  |  | —  |
| PSMR |  |  |  | —  |
| PSMD |  |  |  | —  |
| PSMJ |  |  |  | —  |
| PSMO |  |  |  |  |

---

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.

**NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Funds files 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 on the website of the SEC at www.sec.gov. Each Fund's portfolio holdings are posted on its 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 www.sec.gov, or by accessing the Funds' website at www.paceretfs.com. Information how the Funds 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.

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**Additional Information(Continued)** 

**NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS**

**BULD and ODDS** 

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 BlueStar Engineering the Future ETF (BULD), and Pacer BlueStar Digital Entertainment ETF (ODDS). 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 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.

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

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**Additional Information(Continued)** 

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.

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.

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.

Economies of Scale. 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.

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**Pacer Funds** 

**Additional Information(Continued)** 

**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 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,

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**Additional Information(Continued)** 

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 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,

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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.

**FOWF and PEVC** 

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 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer Solactive Whitney Future of Warfare ETF and Pacer PE/VC ETF (each, a "Fund" and together, the "Funds").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust's other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser 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 approval of the Investment Advisory Agreement.

Representatives from the Adviser presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Investment Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Funds; (3) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as a Fund's

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assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Funds.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Adviser's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Adviser's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding each Fund's fees and expenses relative to the fees and expenses of other comparable funds and each Fund's underlying index; (7) a copy of the Trust's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

In considering the approval of the Investment Advisory Agreement, 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 Adviser; (ii) the costs and benefits, including the fee to be paid to the Adviser by each Fund, of the advisory services to be provided to each Fund; and (iii) potential economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;• *Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser*. The Trustees considered the scope of services
 to be provided under the Investment Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management
 services to each Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed
 the portfolio management services to be provided by the Adviser to each Fund and discussed these services with the Adviser. Among other
 things, the Trustees considered the quality of the Adviser's portfolio management personnel, and the level of services provided
 to the existing Funds. The Adviser's registration form ("Form ADV") was provided to the Trustees, as was the Adviser's
 response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the people
 that will be serving the Funds. The Trustees considered the methodology of each Fund's underlying index. The Trustees also considered
 each Fund's investment strategy and the manner in which the Adviser would manage each Fund pursuant to such strategy. The Trustees
 also considered other services to be provided to each Fund by the Adviser, such as selecting broker-dealers for executing portfolio transactions,
 monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures
 with applicable securities regulations and with any exemptive order applicable to a Fund. Based on the factors above, as well as those
 discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to
 the Funds by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Advisory Services Provided and Economies of Scale*. In considering the advisory fees payable by each Fund to the Adviser 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 Trustees reviewed the
 proposed expense ratio and the proposed advisory fee to be paid by each Fund, considered fees paid by the respective Peer Groups, and
 concluded that the advisory fees were reasonable and comparable to those that would result from an arm's length negotiation. Additionally,
 the Trustees took into consideration that the advisory fee was a "unified fee," meaning that each Fund would pay no expenses
 other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented,
 fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating the Trust's other
 service providers and paying each Fund's other expenses out of its own fee and resources. The Trustees also evaluated the compensation
 and benefits expected to be received by the Adviser from its relationship with each Fund. The Trustees then evaluated the anticipated
 profitability of the Adviser with respect to its costs to manage each Fund.

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&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 as the
 assets of a Fund may grow in the future. In considering the extent to which economies of scale would be realized as a Fund grows and whether
 advisory fee levels reflect those economies of scale for the benefit of the Fund's investors, the Trustees considered that each
 Fund's fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund.
 The Trustees considered that, while the investment advisory fee would remain the same at all asset levels, each Fund's shareholders
 benefited from the Adviser's commitment to pay the Fund's operating expenses out of its investment advisory fee. The Trustees
 noted that the advisory fee structure of each Fund would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, 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 Adviser's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each 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.

**NOTE 6 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT FOR THE FUND** 

**MILK** 

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 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the "MILK Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer US Cash Cows Bond ETF (the "Fund"). The Board also considered the continuation of the investment sub-advisory agreement (the "Vident Sub-Advisory Agreement") between the Adviser and Vident Advisory, LLC ("Vident" or the "Sub-Adviser") with respect to the Fund.

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the MILK Advisory Agreement and the Vident Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust's other service providers. Prior to deciding to approve the MILK Advisory Agreement and Vident Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. 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 MILK Advisory Agreement and the Vident Sub-Advisory Agreement.

Representatives from the Adviser and Vident presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser's and Vident's services, fees and other aspects of the MILK Advisory Agreement and Vident Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the MILK Advisory Agreement and Vident Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser and Sub-Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Fund's assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Fund.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the MILK Advisory Agreement and the Vident Sub-Advisory Agreement; (2) the Adviser's and Vident's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the MILK Advisory Agreement and the Vident Sub-Advisory Agreement; (3) the

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Adviser's and Vident's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Vident is prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Adviser for its services and the sub-advisory fee payable to Vident by the Adviser under the Vident Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions ("Broadridge") regarding the Fund's fees and expenses relative to the fees and expenses of other comparable funds and the Fund's underlying index; (7) a copy of the Trust's registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Vident.

In considering the approval of the MILK Advisory Agreement and the Vident Sub-Advisory Agreement, 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 Adviser and Vident; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Fund, of the advisory services to be provided to the Fund; (iii) the fee paid to Vident by the Adviser; and (iv) potential economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;• *Nature, Quality, and Extent of Services and Investment Performance to be Provided by the Adviser*. The Trustees considered the scope of services
 to be provided under the MILK Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management
 services to the Fund. In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed
 the portfolio management services to be provided by the Adviser to the Fund and discussed these services with the Adviser. Among other
 things, the Trustees considered the quality of the Adviser's portfolio management personnel and the level of services provided to
 the other series in the Trust. The Adviser's registration form ("Form ADV") was provided to the Trustees, as was
 the Adviser's response to the 15(c) Questionnaire which included, among other things, information about the background and experience
 of the people that will be serving the Fund. The Trustees considered the methodology of the Fund's underlying index. The Trustees
 also considered the Fund's investment strategy and the manner in which the Adviser would manage the Fund pursuant to such strategy.
 The Trustees also considered other services to be provided to the Fund by the Adviser, such as selecting broker-dealers for executing
 portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund
 policies and procedures with applicable securities regulations and with any exemptive order applicable to the Fund. Based on the factors
 above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services
 to be provided to the Fund by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• *Cost of Advisory Services Provided and Economies of Scale*. In considering the advisory fees payable by the Fund 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 Trustees
 reviewed the proposed expense ratio and the proposed advisory fee to be paid by the Fund, considered fees paid by the respective Peer
 Group, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm's length negotiation.
 Additionally, the Trustees took into consideration that the advisory fee was a "unified fee," meaning that the Fund would
 pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the
 extent it is implemented, fees pursuant to the Distribution Plan. The Trustees noted that the Adviser would be responsible for compensating
 the Trust's other service providers and paying the Fund's other expenses out of its own fee and resources. The Trustees also
 evaluated the compensation and benefits expected to be received by the Adviser from its relationship with the Fund. The Trustees then
 evaluated the anticipated profitability of the Adviser with respect to its costs to manage the Fund.

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**Additional Information(Continued)** 

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 Adviser. In addition, the Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Fund may grow in the future.

<u>MILK -Sub-Advisory Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;• *Nature, Extent and Quality of Services to be Provided by the Sub-Adviser*. The Board reviewed the scope of services to be provided by Vident under
 the Vident Sub-Advisory Agreement. In this regard, the Trustees reviewed Fund's investment objective and investment strategy, and
 Vident's ability to implement such investment objective and/or investment strategy, including, but not limited to, trading practices.
 With respect to sub-advisory services to be provided by Vident, the Board noted that Vident will have assets allocated to it by the Adviser
 and considered Vident's ability to ensure compliance with Fund's strategies, policies, and limitations. In addition, the Trustees
 reviewed the management team at Vident that is responsible for managing the Fund, including staffing, skills and compensation program,
 and considered various other portfolios advised by Vident and any potential conflicts. The Trustees also considered the strong reputation
 of Vident 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 Vident's compliance program as such relates to the operation
 of the Fund.

Based on its review, the Board determined that the Adviser and Vident are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Adviser's and Vident's management capabilities, the professional qualifications and experience of its portfolio management personnel. The Board also considered other services that will be provided to the Fund by the Adviser and Vident, 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 Vident, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• *Costs and Benefits of Sub-Adviser's Services to be Provided to the Fund*. The Board noted that the sub-advisory fees paid to Vident
 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 Vident. In considering the sub-advisory fees payable by the Adviser to
 Vident, the Board evaluated the compensation and benefits likely to be received by Vident 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 Vident under the Vident 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 Vident.

&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 Vident
 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, Fund shareholders would benefit from the Adviser's commitment
 to pay the Fund's operating expenses out of its investment advisory fee.

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**Additional Information(Continued)** 

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the MILK Advisory Agreement and Vident Sub-Advisory Agreement, with respect to the Fund, are fair and reasonable; (b) concluded that the Adviser's fees and Vident's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and Vident to the Fund; and (c) agreed to approve the MILK Advisory Agreement and Vident Sub-Advisory Agreement as to 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.

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**Advisor** 

Pacer Advisors, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Index Provider** 

SL Advisors, LLC

220 Lenox Avenue, Suite 303

Westfield, New Jersey 07090

MV Index Solutions

Kreuznacher Str. 30,

60486 Frankfurt am

Main, Germany

**Custodian** 

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive

Milwaukee, WI 53212

**Sub Adviser** 

Swan Global Management, LLC

20 Ridge Top Palmas Del Mar

Humacao, PR 00791

Metaurus Advisors LLC

22 Hudson Place, Third Floor

Hoboken, New Jersey 07030

**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

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![](a16215updated.jpg)

![](pacer_etfs-logox1.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 Principal Executive Officer and 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>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) Not Applicable

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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-efp17461_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Not Applicable

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](pft-efp17461_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>8/27/2025</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>8/27/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Sean E. O'Hara |
|  | Sean E. O'Hara Treasurer, (Principal Financial Officer) |

---

Date <u>8/27/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Joe 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: | 8/27/2025 | /s/ Joe M. Thomson |
|  |  | Joe M. Thomson |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Sean 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: | 8/27/2025 | /s/ Sean E. O'Hara |
|  |  | Sean E. O'Hara |
|  |  | 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 period 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 | Sean E. O'Hara |
| Principal Executive Officer, Pacer Funds Trust | Principal Financial Officer, Pacer Funds Trust |

---

Dated: <u>8/27/2025</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.