# EDGAR Filing Document

**Accession Number:** 0001616668
**File Stem:** 0001133228-26-000099
**Filing Date:** 2026-1
**Character Count:** 777036
**Document Hash:** 3fc25b299f1e3568a3f7812028ab56e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000099.hdr.sgml**: 20260106

**ACCESSION NUMBER**: 0001133228-26-000099

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260106

**DATE AS OF CHANGE**: 20260106

**EFFECTIVENESS DATE**: 20260106

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23024
- **FILM NUMBER:** 26512703

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-09-23196919_PacerPacificAssetFloatingRateHighIncomeETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Pacer Funds Trust</u>**

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>May 1, 2025 through October 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Aristotle Pacific Floating Rate High** **Income ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | FLRT (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Aristotle Pacific Floating Rate High Income ETF for the period of May 1, 2025, to October 31, 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 Aristotle Pacific Floating Rate High Income ETF | $31 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $567415676 |
| **Number of Holdings** | 225 |
| **Net Advisory Fee** | $1601468 |
| **Portfolio Turnover** | 17% |
| **Average Credit Quality** | AAA |
| **Effective Duration** | 2 yrs |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Magnetite CLO Ltd.  | 4.1% |
|  Elmwood CLO Ltd.  | 3.5% |
|  Neuberger Berman CLO Ltd.  | 3.4% |
|  Benefit Street Partners CLO Ltd.  | 2.0% |
|  OHA Credit Funding  | 2.0% |
|  Rad CLO  | 1.3% |
|  UKG, Inc.  | 1.3% |
|  SPX FLOW, Inc.  | 1.3% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 1.2% |
|  Apple Bidco LLC  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Asset Backed Securities  | 31.8% |
|  Industrials  | 20.0% |
|  Consumer Discretionary  | 16.8% |
|  Information Technology  | 9.0% |
|  Materials  | 5.4% |
|  Financials  | 5.2% |
|  Energy  | 2.8% |
|  Health Care  | 2.4% |
|  Consumer Staples  | 1.6% |
|  Cash & Other  | 5.0% |

---

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

Effective 8/29/2025, the Fund changed its name from Pacer Pacific Asset Floating Rate High Income ETF to Pacer Aristotle Pacific Floating Rate High Income ETF. No changes were made to the Fund's investment objectives, principal investment strategies, or principal risks as a result of this name change.

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 Aristotle Pacific Floating Rate High Income ETF PAGE 1 TSR-SAR-69374H428

------

**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 Aristotle Pacific Floating Rate High Income ETF PAGE 2 TSR-SAR-69374H428

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Cash Cows Fund of Funds ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | HERD (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Cash Cows Fund of Funds ETF for the period of May 1, 2025, to October 31, 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 Cash Cows Fund of Funds ETF | $8 | 0.15% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $87841648 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $65389 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 1.70% |
| **30-Day SEC Yield Unsubsidized** | 1.70% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

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

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Pacer Developed Markets International Cash Cows 100 ETF  | 20.7% |
|  Pacer Global Cash Cows Dividend ETF  | 20.0% |
|  Pacer US Cash Cows 100 ETF  | 20.0% |
|  Pacer US Cash Cows Growth ETF  | 19.8% |
|  Pacer US Small Cap Cash Cows ETF  | 19.5% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 16.4% |

---

\* 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 Cash Cows Fund of Funds ETF PAGE 1 TSR-SAR-69374H659

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer CFRA-Stovall Equal Weight** **Seasonal Rotation ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | SZNE (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF for the period of May 1, 2025, to October 31, 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 CFRA-Stovall Equal Weight Seasonal Rotation ETF | $30 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11993863 |
| **Number of Holdings** | 225 |
| **Net Advisory Fee** | $51184 |
| **Portfolio Turnover** | 207% |
| **30-Day SEC Yield** | 1.66% |
| **30-Day SEC Yield Unsubsidized** | 1.66% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 22.1% |
|  Albemarle Corp.  | 1.2% |
|  Steel Dynamics, Inc.  | 1.1% |
|  Newmont Goldcorp Corp.  | 1.0% |
|  DuPont de Nemours, Inc.  | 1.0% |
|  Avery Dennison Corp.  | 1.0% |
|  Nucor Corp.  | 1.0% |
|  Dow, Inc.  | 1.0% |
|  Martin Marietta Materials, Inc.  | 1.0% |
|  Vulcan Materials Co.  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 25.2% |
|  Industrials  | 25.1% |
|  Consumer Discretionary  | 24.8% |
|  Materials  | 24.3% |
|  Cash & Other  | 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Data & Infrastructure Real Estate** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | SRVR (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Data & Infrastructure Real Estate ETF for the period of May 1, 2025, to October 31, 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 Data & Infrastructure Real Estate ETF | $27 | 0.53% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $424818131 |
| **Number of Holdings** | 22 |
| **Net Advisory Fee** | $1173050 |
| **Portfolio Turnover** | 12% |
| **30-Day SEC Yield** | 2.56% |
| **30-Day SEC Yield Unsubsidized** | 2.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Equinix, Inc.  | 16.3% |
|  Digital Realty Trust, Inc.  | 14.9% |
|  American Tower Corp.  | 13.9% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 6.8% |
|  Iron Mountain, Inc.  | 4.9% |
|  Keppel DC REIT  | 4.8% |
|  China Tower Corp. Ltd.  | 4.5% |
|  SBA Communications Corp.  | 4.4% |
|  Crown Castle, Inc.  | 4.3% |
|  GDS Holdings Ltd.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Real Estate  | 63.5% |
|  Communication Services  | 23.4% |
|  Information Technology  | 10.5% |
|  Financials  | 2.5% |
|  Cash & Other  | 0.1% |

---

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

The Fund's Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 29, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Data and Digital Revolution ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | TRFK (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Data and Digital Revolution ETF for the period of May 1, 2025, to October 31, 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 Data and Digital Revolution ETF | $34 | 0.52% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $317179170 |
| **Number of Holdings** | 84 |
| **Net Advisory Fee** | $318636 |
| **Portfolio Turnover** | 13% |
| **30-Day SEC Yield** | 0.02% |
| **30-Day SEC Yield Unsubsidized** | 0.02% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Broadcom, Inc.  | 10.2% |
|  NVIDIA Corp.  | 9.3% |
|  Oracle Corp.  | 8.8% |
|  Advanced Micro Devices, Inc.  | 6.5% |
|  ARM Holdings PLC  | 4.5% |
|  Cisco Systems, Inc.  | 4.5% |
|  Intel Corp.  | 4.4% |
|  Arista Networks, Inc.  | 4.3% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 4.1% |
|  Palo Alto Networks, Inc.  | 3.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 91.4% |
|  Industrials  | 8.6% |
|  Cash & Other  | 0.0% |

---

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

The Fund's Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 1, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

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 Data and Digital Revolution ETF PAGE 1 TSR-SAR-69374H386

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Developed Markets International** **Cash Cows 100 ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | ICOW (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Developed Markets International Cash Cows 100 ETF for the period of May 1, 2025, to October 31, 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 International Cash Cows 100 ETF | $36 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1351250297 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $3906099 |
| **Portfolio Turnover** | 36% |
| **30-Day SEC Yield** | 2.83% |
| **30-Day SEC Yield Unsubsidized** | 2.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  SK hynix, Inc.  | 4.2% |
|  Samsung Electronics Co. Ltd.  | 3.0% |
|  Kia Corp.  | 2.1% |
|  Glencore PLC  | 2.1% |
|  Vodafone Group PLC  | 2.1% |
|  Mitsubishi Corp.  | 2.1% |
|  Eni SpA  | 2.1% |
|  BP PLC  | 2.1% |
|  BHP Group Ltd.  | 2.0% |
|  Daimler AG  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 22.2% |
|  Energy  | 20.1% |
|  Consumer Discretionary  | 15.1% |
|  Information Technology  | 13.1% |
|  Communication Services  | 8.6% |
|  Materials  | 8.6% |
|  Consumer Staples  | 8.3% |
|  Health Care  | 3.4% |
|  Financials  | 0.1% |
|  Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 19.0% |
|  United Kingdom  | 13.3% |
|  South Korea  | 13.2% |
|  France  | 10.7% |
|  Germany  | 8.5% |
|  Canada  | 6.7% |
|  Australia  | 4.1% |
|  Denmark  | 3.3% |
|  Italy  | 3.2% |
|  Cash & Other  | 18.0% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Emerging Markets Cash Cows 100** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | ECOW (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Emerging Markets Cash Cows 100 ETF for the period of May 1, 2025, to October 31, 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 Emerging Markets Cash Cows 100 ETF | $39 | 0.70% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $121838592 |
| **Number of Holdings** | 109 |
| **Net Advisory Fee** | $358883 |
| **Portfolio Turnover** | 46% |
| **30-Day SEC Yield** | 3.87% |
| **30-Day SEC Yield Unsubsidized** | 3.87% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  CMOC Group Ltd.  | 4.3% |
|  China Hongqiao Group Ltd.  | 3.6% |
|  Shanghai Electric Group Co. Ltd.  | 2.9% |
|  Grupo Mexico SAB de CV  | 2.7% |
|  Centrais Eletricas Brasileiras SA  | 2.3% |
|  Yangzijiang Shipbuilding Holdings Ltd.  | 2.3% |
|  Astra International Tbk PT  | 2.3% |
|  China Coal Energy Co. Ltd.  | 2.3% |
|  Dongfeng Motor Group Co. Ltd.  | 2.1% |
|  Telekom Indonesia Persero Tbk PT  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 22.0% |
|  Materials  | 17.0% |
|  Energy  | 14.3% |
|  Communication Services  | 12.7% |
|  Utilities  | 11.6% |
|  Consumer Discretionary  | 8.5% |
|  Information Technology  | 6.4% |
|  Consumer Staples  | 5.1% |
|  Health Care  | 2.1% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  China  | 28.3% |
|  Brazil  | 13.3% |
|  Taiwan  | 10.8% |
|  Thailand  | 7.5% |
|  Indonesia  | 7.1% |
|  Mexico  | 5.9% |
|  Turkey  | 5.2% |
|  South Africa  | 4.9% |
|  United Arab Emirates  | 3.7% |
|  Cash & Other  | 13.3% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Global Cash Cows Dividend ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | GCOW (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Global Cash Cows Dividend ETF for the period of May 1, 2025, to October 31, 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 Global Cash Cows Dividend ETF | $32 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2483257409 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $7198745 |
| **Portfolio Turnover** | 42% |
| **30-Day SEC Yield** | 4.06% |
| **30-Day SEC Yield Unsubsidized** | 4.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Rio Tinto PLC  | 2.3% |
|  Johnson & Johnson  | 2.3% |
|  BP PLC  | 2.2% |
|  AbbVie, Inc.  | 2.2% |
|  BHP Group Ltd.  | 2.2% |
|  Chevron Corp.  | 2.1% |
|  PepsiCo, Inc.  | 2.1% |
|  Daimler AG  | 2.1% |
|  Shell PLC  | 2.1% |
|  Exxon Mobil Corp.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Health Care  | 23.8% |
|  Energy  | 19.4% |
|  Consumer Staples  | 15.0% |
|  Industrials  | 10.8% |
|  Communication Services  | 9.6% |
|  Materials  | 7.6% |
|  Consumer Discretionary  | 7.1% |
|  Utilities  | 5.1% |
|  Information Technology  | 1.0% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  United States  | 30.8% |
|  United Kingdom  | 14.7% |
|  France  | 10.9% |
|  Japan  | 9.4% |
|  Switzerland  | 6.6% |
|  Hong Kong  | 4.8% |
|  Australia  | 4.4% |
|  Germany  | 3.2% |
|  Italy  | 1.9% |
|  Cash & Other  | 13.3% |

---

\* 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 Global Cash Cows Dividend ETF PAGE 1 TSR-SAR-69374H709

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Industrial Real Estate ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | INDS (Principal U.S. Listing Exchange: NSYE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Industrial Real Estate ETF for the period of May 1, 2025, to October 31, 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 Industrial Real Estate ETF | $28 | 0.53% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $116600241 |
| **Number of Holdings** | 30 |
| **Net Advisory Fee** | $350658 |
| **Portfolio Turnover** | 7% |
| **30-Day SEC Yield** | 3.78% |
| **30-Day SEC Yield Unsubsidized** | 3.78% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 21.2% |
|  Prologis, Inc.  | 16.1% |
|  Public Storage  | 14.3% |
|  Extra Space Storage, Inc.  | 13.6% |
|  Segro PLC  | 5.0% |
|  WP Carey, Inc.  | 4.3% |
|  Rexford Industrial Realty, Inc.  | 4.3% |
|  EastGroup Properties, Inc.  | 4.1% |
|  CubeSmart  | 3.8% |
|  First Industrial Realty Trust, Inc.  | 3.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Real Estate  | 99.4% |
|  Cash & Other  | 0.6% |

---

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

The Fund's Investment Advisory Fee has been reduced from 0.60% to 0.49%, effective August 29, 2025. This is a summary of certain changes to the Fund since the beginning of the fiscal period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at https://www.paceretfs.com/. You can also request this information by contacting us at 877-337-0500.

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 Industrial Real Estate ETF PAGE 1 TSR-SAR-69374H766

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Industrials and Logistics ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | SHPP (Principal U.S. Listing Exchange: NSYE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Industrials and Logistics ETF for the period of May 1, 2025, to October 31, 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 Industrials and Logistics ETF | $32 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $577579 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $2456 |
| **Portfolio Turnover** | 18% |
| **30-Day SEC Yield** | 1.69% |
| **30-Day SEC Yield Unsubsidized** | 1.69% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 12.4% |
|  ABB Ltd.  | 10.9% |
|  Union Pacific Corp.  | 9.7% |
|  SAP SE  | 8.7% |
|  United Parcel Service, Inc.  | 4.2% |
|  CSX Corp.  | 4.0% |
|  Canadian Pacific Kansas City Ltd.  | 4.0% |
|  Norfolk Southern Corp.  | 3.8% |
|  Canadian National Railway Co.  | 3.6% |
|  FedEx Corp.  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 84.6% |
|  Information Technology  | 14.0% |
|  Energy  | 0.8% |
|  Cash & Other  | 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Lunt Large Cap Alternator ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | ALTL (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Lunt Large Cap Alternator ETF for the period of May 1, 2025, to October 31, 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 Lunt Large Cap Alternator ETF | $35 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $108987101 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $349491 |
| **Portfolio Turnover** | 147% |
| **30-Day SEC Yield** | 0.39% |
| **30-Day SEC Yield Unsubsidized** | 0.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.2% |
|  Micron Technology, Inc.  | 2.5% |
|  Intel Corp.  | 2.0% |
|  Tesla Motors, Inc.  | 2.0% |
|  Western Digital Corp.  | 1.9% |
|  Teradyne, Inc.  | 1.8% |
|  Lam Research Corp.  | 1.8% |
|  Advanced Micro Devices, Inc.  | 1.7% |
|  Monolithic Power Systems, Inc.  | 1.7% |
|  Warner Bros Discovery, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 44.5% |
|  Financials  | 14.9% |
|  Consumer Discretionary  | 11.6% |
|  Industrials  | 10.6% |
|  Materials  | 4.7% |
|  Health Care  | 4.2% |
|  Utilities  | 3.3% |
|  Communication Services  | 2.8% |
|  Energy  | 2.6% |
|  Cash & Other  | 0.8% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Lunt Large Cap Multi-Factor** **Alternator ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PALC (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Lunt Large Cap Multi-Factor Alternator ETF for the period of May 1, 2025, to October 31, 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 Lunt Large Cap Multi-Factor Alternator ETF | $32 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $272958287 |
| **Number of Holdings** | 180 |
| **Net Advisory Fee** | $873985 |
| **Portfolio Turnover** | 187% |
| **30-Day SEC Yield** | 1.63% |
| **30-Day SEC Yield Unsubsidized** | 1.63% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.8% |
|  Bank of America Corp.  | 4.4% |
|  Exxon Mobil Corp.  | 4.3% |
|  Wells Fargo & Co.  | 3.3% |
|  Broadcom, Inc.  | 3.2% |
|  Citigroup, Inc.  | 3.2% |
|  Tesla Motors, Inc.  | 3.1% |
|  UnitedHealth Group, Inc.  | 2.7% |
|  JPMorgan Chase & Co.  | 2.6% |
|  Microsoft Corp.  | 2.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 28.1% |
|  Consumer Discretionary  | 15.8% |
|  Health Care  | 12.8% |
|  Energy  | 12.2% |
|  Information Technology  | 11.0% |
|  Industrials  | 5.1% |
|  Consumer Staples  | 4.7% |
|  Communication Services  | 3.9% |
|  Utilities  | 2.6% |
|  Cash & Other  | 3.8% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Lunt MidCap Multi-Factor Alternator** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PAMC (Principal U.S. Listing Exchange: NSYE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Lunt MidCap Multi-Factor Alternator ETF for the period of May 1, 2025, to October 31, 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 Lunt MidCap Multi-Factor Alternator ETF | $32 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $57200107 |
| **Number of Holdings** | 143 |
| **Net Advisory Fee** | $188838 |
| **Portfolio Turnover** | 304% |
| **30-Day SEC Yield** | 1.60% |
| **30-Day SEC Yield Unsubsidized** | 1.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.8% |
|  Comfort Systems USA, Inc.  | 2.7% |
|  ALLETE, Inc.  | 2.6% |
|  Medpace Holdings, Inc.  | 2.0% |
|  Carlisle Cos., Inc.  | 1.9% |
|  AECOM  | 1.8% |
|  United Therapeutics Corp.  | 1.8% |
|  Donaldson Co., Inc.  | 1.5% |
|  RPM International, Inc.  | 1.5% |
|  Graco, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 21.8% |
|  Financials  | 17.1% |
|  Real Estate  | 14.4% |
|  Utilities  | 12.9% |
|  Health Care  | 9.5% |
|  Consumer Discretionary  | 7.5% |
|  Consumer Staples  | 5.6% |
|  Materials  | 5.3% |
|  Information Technology  | 3.8% |
|  Cash & Other  | 2.1% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer MSCI World Industry Advantage ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | GLBL (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer MSCI World Industry Advantage ETF for the period of May 1, 2025, to October 31, 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 MSCI World Industry Advantage ETF | $37 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1012635 |
| **Number of Holdings** | 372 |
| **Net Advisory Fee** | $3031 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | 0.37% |
| **30-Day SEC Yield Unsubsidized** | 0.37% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 15.4% |
|  Apple, Inc.  | 5.4% |
|  NVIDIA Corp.  | 5.2% |
|  Amazon.com, Inc.  | 4.9% |
|  Microsoft Corp.  | 4.7% |
|  Broadcom, Inc.  | 4.3% |
|  Alphabet, Inc. - Class A  | 4.3% |
|  Meta Platforms, Inc. - Class A  | 3.7% |
|  Alphabet, Inc. - Class C  | 3.6% |
|  Berkshire Hathaway, Inc. - Class B  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 38.3% |
|  Communication Services  | 15.4% |
|  Financials  | 14.0% |
|  Consumer Discretionary  | 12.5% |
|  Health Care  | 7.2% |
|  Consumer Staples  | 3.9% |
|  Industrials  | 3.1% |
|  Real Estate  | 3.0% |
|  Energy  | 1.1% |
|  Cash & Other  | 1.5% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Nasdaq 100 Top 50 Cash Cows** **Growth Leaders ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | QQQG (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF for the period of May 1, 2025, to October 31, 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 Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | $27 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8413454 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $15504 |
| **Portfolio Turnover** | 34% |
| **30-Day SEC Yield** | 0.04% |
| **30-Day SEC Yield Unsubsidized** | 0.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 18.1% |
|  Palantir Technologies, Inc. - Class A  | 6.0% |
|  NVIDIA Corp.  | 5.3% |
|  Zscaler, Inc.  | 4.7% |
|  Broadcom, Inc.  | 4.4% |
|  Lam Research Corp.  | 3.8% |
|  Electronic Arts, Inc.  | 3.6% |
|  Idexx Laboratories, Inc.  | 3.5% |
|  DoorDash, Inc. - Class A  | 3.5% |
|  KLA Corp.  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 60.1% |
|  Health Care  | 9.8% |
|  Consumer Discretionary  | 9.6% |
|  Communication Services  | 9.4% |
|  Industrials  | 7.3% |
|  Consumer Staples  | 2.9% |
|  Energy  | 0.8% |
|  Cash & Other  | 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Nasdaq International Patent Leaders** **ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PATN (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Nasdaq International Patent Leaders ETF for the period of May 1, 2025, to October 31, 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 Nasdaq International Patent Leaders ETF | $38 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18591018 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $44306 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 1.27% |
| **30-Day SEC Yield Unsubsidized** | 1.27% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 12.3% |
|  Tencent Holdings Ltd.  | 7.4% |
|  Samsung Electronics Co. Ltd.  | 4.7% |
|  ASML Holding NV  | 4.3% |
|  Toyota Motor Corp.  | 3.3% |
|  SAP SE  | 3.2% |
|  SK Hynix, Inc.  | 3.1% |
|  SoftBank Group Corp.  | 2.9% |
|  Novartis AG  | 2.7% |
|  AstraZeneca PLC  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 39.2% |
|  Industrials  | 16.5% |
|  Health Care  | 12.3% |
|  Communication Services  | 11.3% |
|  Consumer Discretionary  | 10.1% |
|  Consumer Staples  | 6.4% |
|  Materials  | 2.6% |
|  Financials  | 0.7% |
|  Energy  | 0.6% |
|  Cash & Other  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 25.4% |
|  Taiwan  | 15.6% |
|  China  | 10.3% |
|  South Korea  | 9.5% |
|  Switzerland  | 9.5% |
|  France  | 8.6% |
|  Germany  | 8.4% |
|  Netherlands  | 6.7% |
|  United Kingdom  | 5.0% |
|  Cash & Other  | 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot 100 ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PTNQ (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot 100 ETF for the period of May 1, 2025, to October 31, 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 Trendpilot 100 ETF | $36 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1324596469 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $4098777 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 0.01% |
| **30-Day SEC Yield Unsubsidized** | 0.01% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  NVIDIA Corp.  | 10.2% |
|  Apple, Inc.  | 8.3% |
|  Microsoft Corp.  | 8.0% |
|  Alphabet, Inc.  | 6.6% |
|  Broadcom, Inc.  | 6.0% |
|  Amazon.com, Inc.  | 5.4% |
|  Tesla Motors, Inc.  | 3.5% |
|  Meta Platforms, Inc.  | 2.9% |
|  Netflix, Inc.  | 2.4% |
|  Palantir Technologies, Inc.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 56.1% |
|  Communication Services  | 14.7% |
|  Consumer Discretionary  | 13.2% |
|  Health Care  | 4.4% |
|  Consumer Staples  | 4.4% |
|  Industrials  | 3.8% |
|  Utilities  | 1.4% |
|  Materials  | 1.0% |
|  Energy  | 0.5% |
|  Cash & Other  | 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/.

Pacer Trendpilot 100 ETF PAGE 1 TSR-SAR-69374H303

------

**HOUSEHOLDING**

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

Pacer Trendpilot 100 ETF PAGE 2 TSR-SAR-69374H303

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot European Index ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PTEU (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot European Index ETF for the period of May 1, 2025, to October 31, 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 Trendpilot European Index ETF | $35 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $36096296 |
| **Number of Holdings** | 291 |
| **Net Advisory Fee** | $117258 |
| **Portfolio Turnover** | 5% |
| **30-Day SEC Yield** | 2.13% |
| **30-Day SEC Yield Unsubsidized** | 2.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  ASML Holding NV  | 5.9% |
|  SAP SE  | 3.8% |
|  Siemens AG  | 2.9% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 2.5% |
|  Allianz SE  | 2.2% |
|  Schneider Electric SE  | 2.2% |
|  Banco Santander SA  | 2.1% |
|  Airbus SE  | 2.0% |
|  Iberdrola SA  | 1.9% |
|  Safran SA  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 25.1% |
|  Industrials  | 20.4% |
|  Information Technology  | 12.5% |
|  Consumer Discretionary  | 10.9% |
|  Utilities  | 6.7% |
|  Health Care  | 6.4% |
|  Consumer Staples  | 5.3% |
|  Materials  | 4.2% |
|  Communication Services  | 4.1% |
|  Cash & Other  | 4.4% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  France  | 29.4% |
|  Germany  | 26.2% |
|  Netherlands  | 14.7% |
|  Spain  | 9.9% |
|  Italy  | 9.4% |
|  Finland  | 3.2% |
|  Belgium  | 2.3% |
|  Greece  | 0.9% |
|  Austria  | 0.9% |
|  Cash & Other  | 3.1% |

---

\* 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/.

Pacer Trendpilot European Index ETF PAGE 1 TSR-SAR-69374H808

------

**HOUSEHOLDING**

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

Pacer Trendpilot European Index ETF PAGE 2 TSR-SAR-69374H808

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot Fund of Funds ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | TRND (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot Fund of Funds ETF for the period of May 1, 2025, to October 31, 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 Trendpilot Fund of Funds ETF | $8 | 0.15% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $54670860 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $43518 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 2.13% |
| **30-Day SEC Yield Unsubsidized** | 2.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Affiliated Exchange Traded Funds  | 100.0% |
|  Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Issuers** | **(%)** |
|  Pacer Trendpilot 100 ETF  | 20.7% |
|  Pacer Trendpilot International ETF  | 20.2% |
|  Pacer Trendpilot US Large Cap ETF  | 20.2% |
|  Pacer Trendpilot US Mid Cap ETF  | 19.5% |
|  Pacer Trendpilot US Bond ETF  | 19.4% |

---

\* 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 Trendpilot Fund of Funds ETF PAGE 1 TSR-SAR-69374H675

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot International ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PTIN (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot International ETF for the period of May 1, 2025, to October 31, 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 Trendpilot International ETF | $35 | 0.65% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $162854303 |
| **Number of Holdings** | 503 |
| **Net Advisory Fee** | $522447 |
| **Portfolio Turnover** | 9% |
| **30-Day SEC Yield** | 1.86% |
| **30-Day SEC Yield Unsubsidized** | 1.86% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Samsung Electronics Co. Ltd.  | 2.1% |
|  ASML Holding NV  | 2.1% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 1.4% |
|  SAP SE  | 1.3% |
|  AstraZeneca PLC  | 1.3% |
|  Nestle SA  | 1.2% |
|  HSBC Holdings PLC  | 1.2% |
|  Toyota Motor Corp.  | 1.2% |
|  Novartis AG  | 1.2% |
|  Roche Holding AG  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Financials  | 26.7% |
|  Industrials  | 18.2% |
|  Information Technology  | 12.6% |
|  Health Care  | 9.5% |
|  Consumer Discretionary  | 9.3% |
|  Consumer Staples  | 6.4% |
|  Materials  | 5.6% |
|  Energy  | 4.7% |
|  Communication Services  | 3.7% |
|  Cash & Other  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Countries** | **(%)** |
|  Japan  | 22.0% |
|  United Kingdom  | 11.5% |
|  Canada  | 10.2% |
|  France  | 7.5% |
|  Switzerland  | 7.3% |
|  Germany  | 7.3% |
|  South Korea  | 5.9% |
|  Australia  | 5.8% |
|  Netherlands  | 5.0% |
|  Cash & Other  | 17.5% |

---

\* 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/.

Pacer Trendpilot International ETF PAGE 1 TSR-SAR-69374H683

------

**HOUSEHOLDING**

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

Pacer Trendpilot International ETF PAGE 2 TSR-SAR-69374H683

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot US Bond ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PTBD (Principal U.S. Listing Exchange: NSYE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot US Bond ETF for the period of May 1, 2025, to October 31, 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 Trendpilot US Bond ETF | $30 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $125188928 |
| **Number of Holdings** | 16 |
| **Net Advisory Fee** | $420751 |
| **Portfolio Turnover** | 316% |
| **Average Credit Quality** | AAA |
| **Effective Duration** | 2 yrs |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Issuers** | **(%)** |
|  United States Treasury Note/Bond  | 98.4% |
|  Radiate Holdco LLC / Radiate Finance, Inc.  | 0.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Government  | 98.4% |
|  Communication Services  | 0.2% |
|  Cash & Other  | 1.4% |

---

\* 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 Trendpilot US Bond ETF PAGE 1 TSR-SAR-69374H642

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot US Large Cap ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PTLC (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot US Large Cap ETF for the period of May 1, 2025, to October 31, 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 Trendpilot US Large Cap ETF | $33 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3459588809 |
| **Number of Holdings** | 506 |
| **Net Advisory Fee** | $10070093 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 0.56% |
| **30-Day SEC Yield Unsubsidized** | 0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.6% |
|  Alphabet, Inc.  | 5.1% |
|  Amazon.com, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.0% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 2.4% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla Motors, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 36.2% |
|  Financials  | 12.8% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 9.0% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.3% |
|  Cash & Other  | 3.5% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer Trendpilot US Mid Cap ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PTMC (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer Trendpilot US Mid Cap ETF for the period of May 1, 2025, to October 31, 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 Trendpilot US Mid Cap ETF | $31 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $400520944 |
| **Number of Holdings** | 403 |
| **Net Advisory Fee** | $1280598 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | 0.83% |
| **30-Day SEC Yield Unsubsidized** | 0.83% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 9.7% |
|  Comfort Systems USA, Inc.  | 1.1% |
|  Pure Storage, Inc.  | 1.0% |
|  Ciena Corp.  | 0.9% |
|  Flex Ltd.  | 0.8% |
|  Curtiss-Wright Corp.  | 0.7% |
|  Twilio, Inc.  | 0.7% |
|  Coherent Corp.  | 0.7% |
|  United Therapeutics Corp.  | 0.6% |
|  Guidewire Software, Inc.  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Industrials  | 24.3% |
|  Financials  | 15.9% |
|  Information Technology  | 14.4% |
|  Consumer Discretionary  | 11.8% |
|  Health Care  | 8.9% |
|  Real Estate  | 6.6% |
|  Materials  | 4.8% |
|  Consumer Staples  | 4.5% |
|  Energy  | 3.9% |
|  Cash & Other  | 4.9% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Cash Cows 100 ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | COWZ (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Cash Cows 100 ETF for the period of May 1, 2025, to October 31, 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 100 ETF | $26 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18136574086 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $49623443 |
| **Portfolio Turnover** | 47% |
| **30-Day SEC Yield** | 1.74% |
| **30-Day SEC Yield Unsubsidized** | 1.74% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Applied Materials, Inc.  | 2.8% |
|  Warner Bros Discovery, Inc.  | 2.6% |
|  McKesson Corp.  | 2.3% |
|  Qualcomm, Inc.  | 2.2% |
|  Ford Motor Co.  | 2.2% |
|  Cisco Systems, Inc.  | 2.2% |
|  HCA Healthcare, Inc.  | 2.1% |
|  Uber Technologies, Inc.  | 2.1% |
|  Amgen, Inc.  | 2.1% |
|  Exxon Mobil Corp.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 21.1% |
|  Health Care  | 20.7% |
|  Energy  | 15.8% |
|  Communication Services  | 10.4% |
|  Consumer Discretionary  | 9.9% |
|  Industrials  | 9.7% |
|  Consumer Staples  | 9.3% |
|  Materials  | 3.0% |
|  Cash & Other  | 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Cash Cows Growth ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | BUL (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Cash Cows Growth ETF for the period of May 1, 2025, to October 31, 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 Growth ETF | $33 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $90607176 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $245336 |
| **Portfolio Turnover** | 44% |
| **30-Day SEC Yield** | 0.05% |
| **30-Day SEC Yield Unsubsidized** | 0.05% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 7.8% |
|  International Business Machines Corp.  | 6.1% |
|  salesforce.com, Inc.  | 5.4% |
|  Airbnb, Inc.  | 5.2% |
|  Uber Technologies, Inc.  | 5.0% |
|  Booking Holdings, Inc.  | 4.6% |
|  Carnival Corp.  | 4.3% |
|  Delta Air Lines, Inc.  | 4.2% |
|  ResMed, Inc.  | 4.0% |
|  Westinghouse Air Brake Technologies Corp.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 32.2% |
|  Industrials  | 29.7% |
|  Information Technology  | 20.4% |
|  Health Care  | 12.3% |
|  Energy  | 4.1% |
|  Consumer Staples  | 1.3% |
|  Cash & Other  | 0.0% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Export Leaders ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PEXL (Principal U.S. Listing Exchange: NYSE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Export Leaders ETF for the period of May 1, 2025, to October 31, 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 Export Leaders ETF | $35 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35538141 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $110518 |
| **Portfolio Turnover** | 39% |
| **30-Day SEC Yield** | 0.29% |
| **30-Day SEC Yield Unsubsidized** | 0.29% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 14.8% |
|  Advanced Micro Devices, Inc.  | 1.5% |
|  Western Digital Corp.  | 1.5% |
|  Micron Technology, Inc.  | 1.4% |
|  Applied Materials, Inc.  | 1.3% |
|  Lam Research Corp.  | 1.3% |
|  Repligen Corp.  | 1.2% |
|  KLA Corp.  | 1.2% |
|  MKS, Inc.  | 1.2% |
|  Fabrinet  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 38.6% |
|  Health Care  | 14.6% |
|  Consumer Discretionary  | 13.5% |
|  Industrials  | 10.7% |
|  Materials  | 7.2% |
|  Energy  | 7.0% |
|  Communication Services  | 4.7% |
|  Consumer Staples  | 3.7% |
|  Cash & Other  | 0.0% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Large Cap Cash Cows Growth** **Leaders ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | COWG (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Large Cap Cash Cows Growth Leaders ETF for the period of May 1, 2025, to October 31, 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 Large Cap Cash Cows Growth Leaders ETF | $27 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2613026444 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $5433232 |
| **Portfolio Turnover** | 65% |
| **30-Day SEC Yield** | 0.33% |
| **30-Day SEC Yield Unsubsidized** | 0.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Palantir Technologies, Inc.  | 4.3% |
|  Astera Labs, Inc.  | 3.7% |
|  Ubiquiti, Inc.  | 3.2% |
|  Newmont Goldcorp Corp.  | 3.1% |
|  AppLovin Corp.  | 2.7% |
|  Medpace Holdings, Inc.  | 2.4% |
|  Lam Research Corp.  | 2.4% |
|  Broadcom, Inc.  | 2.4% |
|  Zscaler, Inc.  | 2.3% |
|  Arista Networks, Inc.  | 2.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 60.1% |
|  Health Care  | 14.7% |
|  Materials  | 6.3% |
|  Communication Services  | 5.6% |
|  Consumer Discretionary  | 4.2% |
|  Energy  | 3.2% |
|  Industrials  | 2.8% |
|  Consumer Staples  | 2.1% |
|  Utilities  | 0.9% |
|  Cash & Other  | 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Small Cap Cash Cows ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | CALF (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Small Cap Cash Cows ETF for the period of May 1, 2025, to October 31, 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 Small Cap Cash Cows ETF | $33 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3755058708 |
| **Number of Holdings** | 202 |
| **Net Advisory Fee** | $12285125 |
| **Portfolio Turnover** | 63% |
| **30-Day SEC Yield** | 1.13% |
| **30-Day SEC Yield Unsubsidized** | 1.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 8.2% |
|  Halliburton Co.  | 2.4% |
|  Fox Corp.  | 2.2% |
|  Biogen, Inc.  | 2.1% |
|  Zoom Communications, Inc.  | 2.1% |
|  Expedia Group, Inc.  | 2.0% |
|  CF Industries Holdings, Inc.  | 2.0% |
|  Omnicom Group, Inc.  | 2.0% |
|  NetApp, Inc.  | 1.8% |
|  United Airlines Holdings, Inc.  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Consumer Discretionary  | 19.3% |
|  Information Technology  | 16.8% |
|  Energy  | 16.2% |
|  Health Care  | 14.6% |
|  Industrials  | 10.8% |
|  Communication Services  | 10.1% |
|  Materials  | 5.7% |
|  Consumer Staples  | 4.8% |
|  Real Estate  | 1.7% |
|  Cash & Other  | 0.0% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer US Small Cap Cash Cows Growth** **Leaders ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | CAFG (Principal U.S. Listing Exchange: Nasdaq) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer US Small Cap Cash Cows Growth Leaders ETF for the period of May 1, 2025, to October 31, 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 Small Cap Cash Cows Growth Leaders ETF | $31 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19720724 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $55953 |
| **Portfolio Turnover** | 64% |
| **30-Day SEC Yield** | 0.01% |
| **30-Day SEC Yield Unsubsidized** | 0.01% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.6% |
|  Sterling Infrastructure, Inc.  | 4.9% |
|  Semtech Corp.  | 2.4% |
|  Mercury Systems, Inc.  | 2.3% |
|  Supernus Pharmaceuticals, Inc.  | 2.2% |
|  Dorian LPG Ltd.  | 2.1% |
|  Worthington Enterprises, Inc.  | 2.0% |
|  Premier, Inc.  | 2.0% |
|  ANI Pharmaceuticals, Inc.  | 2.0% |
|  Agilysys, Inc.  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 26.2% |
|  Industrials  | 25.0% |
|  Health Care  | 23.3% |
|  Energy  | 8.9% |
|  Consumer Discretionary  | 8.7% |
|  Consumer Staples  | 3.8% |
|  Communication Services  | 2.5% |
|  Utilities  | 1.0% |
|  Materials  | 0.6% |
|  Cash & Other  | 0.0% |

---

\* 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/.

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img216203_202410282013159.jpg) | **Pacer WealthShield ETF**  | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | PWS (Principal U.S. Listing Exchange: CBOE) | ![image](img216202_202412241507547.jpg) |
| ![image](img216203_202410282013159.jpg) | Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img216202_202412241507547.jpg) |

---

This semi-annual shareholder report contains important information about the Pacer WealthShield ETF for the period of May 1, 2025, to October 31, 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 WealthShield ETF | $32 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $26932956 |
| **Number of Holdings** | 353 |
| **Net Advisory Fee** | $83332 |
| **Portfolio Turnover** | 184% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)\*

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 12.0% |
|  Amazon.com, Inc.  | 9.5% |
|  NVIDIA Corp.  | 4.8% |
|  Tesla Motors, Inc.  | 4.0% |
|  Apple, Inc.  | 3.9% |
|  Microsoft Corp.  | 3.7% |
|  Alphabet, Inc.  | 2.2% |
|  Netflix, Inc.  | 1.7% |
|  Broadcom, Inc.  | 1.7% |
|  Meta Platforms, Inc.  | 1.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** |
|  Information Technology  | 27.3% |
|  Consumer Discretionary  | 24.4% |
|  Health Care  | 22.0% |
|  Industrials  | 19.6% |
|  Communication Services  | 6.1% |
|  Financials  | 0.5% |
|  Materials  | 0.0% |
|  Cash & Other  | 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/.

Pacer WealthShield ETF PAGE 1 TSR-SAR-69374H840

------

**HOUSEHOLDING**

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

Pacer WealthShield ETF PAGE 2 TSR-SAR-69374H840

------

&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-logox1.jpg)

**Pacer Funds** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

October 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statements of Assets and Liabilities](#sal) | [83](#sal) |
| [Statements of Operations](#sop) | [89](#sop) |
| [Statements of Changes in Net Assets](#scna) | [95](#scna) |
| [Financial Highlights](#fihi) | [110](#fihi) |
| [Notes to Financial Statements](#notes) | [140](#notes) |
| [Additional Information](#add) | [170](#add) |

---

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - 57.7%**<br>|  |  |
| **Communication Services - 0.5%**<br>|  |  |
|  StubHub Holdco Sub LLC, Senior Secured First Lien, 8.71% (1 mo. SOFR US + 4.75%), 03/15/2030 | $3015196 | $3020217  |
| **Consumer Discretionary - 14.7%**<br>|  |  |
|  1011778 BC ULC, Senior Secured First Lien, 5.71% (1 mo. SOFR US + 1.75%), 09/23/2030 | 5252463 | 5244505  |
|  Allied Universal Holdco LLC, Senior Secured First Lien, 7.41% (1 mo. SOFR US + 3.25%), 08/20/2032 | 6250000 | 6282406  |
|  Alterra Mountain Co., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 08/17/2028 | 4000000 | 4020000  |
|  Caesars Entertainment, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.21% (1 mo. SOFR US + 2.25%), 02/06/2030 | 1489334 | 1482044  |
| &nbsp;&nbsp;&nbsp; 6.21% (1 mo. SOFR US + 2.25%), 02/06/2031 | 2964862 | 2944479  |
|  Chariot Buyer LLC, Senior Secured First Lien, 6.96% (1 mo. SOFR US + 3.00%), 09/08/2032 | 4946694 | 4968336  |
|  Fertitta Entertainment LLC, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 3.25%), 01/29/2029 | 4961440 | 4962705  |
|  Golden State Foods LLC, Senior Secured First Lien, 8.00% (3 mo. SOFR US + 4.00%), 12/04/2031 | 3466951 | 3484407  |
|  Great Outdoors Group LLC, Senior Secured First Lien, 7.21% (1 mo. SOFR US + 3.25%), 01/23/2032 | 4962500 | 4968703  |
|  IRB Holding Corp., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 12/15/2027 | 4712550 | 4724426  |
|  MajorDrive Holdings IV LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.38% (3 mo. SOFR US + 4.00%), 06/01/2028 | 2445049 | 2380096  |
| &nbsp;&nbsp;&nbsp; 9.80% (3 mo. SOFR US + 5.50%), 06/01/2029 | 984694 | 968284  |
|  Motion Finco Sarl, Senior Secured First Lien, 7.50% (3 mo. SOFR US + 3.50%), 11/30/2029 | 4957644 | 4310497  |
|  Ovg Business Services LLC, First Lien, 7.16% (1 mo. Term SOFR + 3.00%), 06/25/2031 | 1500000 | 1502347  |
| &nbsp;&nbsp;&nbsp; Pacific Bells 9/25 TL, <br>7.80%, 11/13/2028 | 1000000 | 1002810  |
|  Peer Holding III BV, Senior Secured First Lien, 6.50% (3 mo. SOFR US + 2.50%), 10/28/2030 | 2972318 | 2988576  |
|  Pre-Paid Legal Services, Inc., First Lien, 7.41% (1 mo. Term SOFR + 3.75%), 12/15/2028 | 2247990 | 2101882  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 12/04/2031 | $4650095 | $4645747  |
|  Six Flags Entertainment Corp., Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 05/01/2031 | 3945000 | 3926104  |
|  SkyMiles IP Ltd., Senior Secured First Lien, 5.38% (3 mo. SOFR US + 1.50%), 10/20/2028 | 2750000 | 2766747  |
|  TRQ Sales LLC, 7.61% (1 mo. Term SOFR + 3.25%), 08/13/2032 | 4000000 | 3956660  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 01/30/2031 | 4730654 | 4725568  |
|  Whatabrands LLC, Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 08/03/2028 | 4927662 | 4944145  |
|  |  | 83301474  |
| **Consumer Staples - 1.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Opal US LLC, First Lien, <br>7.08% (6 mo. Term SOFR + 3.00%), 04/23/2032 | 2000000 | 2010940  |
|  Pioneer Acquisitionco T/L (10/25), 7.53%, 10/22/2032 | 2000000 | 2005000  |
|  Savor Acquisition, Inc., Senior Secured First Lien, 6.84% (1 mo. SOFR US + 3.00%), 02/19/2032 | 4557543 | 4582222  |
|  Savor Acquisition, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 02/19/2032<sup>(a)</sup> | 431035 | 433369  |
|  |  | 9031531  |
| **Energy - 1.8%**<br>|  |  |
|  CQP Holdco LP, Senior Secured First Lien, 12.38% (3 mo. SOFR US + 2.00%), 12/31/2030 | 5128029 | 5143464  |
|  Traverse Midstream Partners LLC, Senior Secured First Lien, 6.34% (3 mo. SOFR US + 2.50%), 02/16/2028 | 4934823 | 4956413  |
|  |  | 10099877  |
| **Financials - 3.9%**<br>|  |  |
|  Acrisure LLC, Senior Secured First Lien, 7.16% (1 mo. SOFR US + 3.00%), 11/06/2030 | 4217517 | 4220153  |
|  Apex Group Treasury LLC, Senior Secured First Lien, 7.75% (3 mo. SOFR US + 3.50%), 02/27/2032 | 4987469 | 4678869  |
|  Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 5.78% (1 mo. SOFR US + 1.75%), 06/24/2030 | 3115514 | 3124441  |
|  Boost Newco Borrower LLC, Senior Secured First Lien, 6.00% (3 mo. SOFR US + 2.00%), 01/31/2031 | 985050 | 988744  |

---

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

1<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Coninued)** | **BANK LOANS - (Coninued)** | **BANK LOANS - (Coninued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
|  Chrysaor Bidco USD T/L B (10/25) - Target, Senior Secured First Lien, 7.14% (3 mo. SOFR US + 3.25%), 10/30/2031 | $1500000 | $1505250  |
|  HUB International Ltd., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.12% (1 mo. SOFR US + 2.25%), 06/20/2030 | 16701 | 16775  |
| &nbsp;&nbsp;&nbsp; 6.12% (3 mo. SOFR US + 2.25%), 06/20/2030 | 5654603 | 5679568  |
|  Hyperion Refinance Sarl, Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 02/18/2031 | 1995000 | 2000506  |
|  |  | 22214306  |
| **Health Care - 2.1%**<br>|  |  |
|  Bausch + Lomb Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.96% (1 mo. SOFR US + 4.00%), 09/29/2028 | 3991175 | 4008656  |
| &nbsp;&nbsp;&nbsp; 8.21% (1 mo. SOFR US + 4.25%), 01/15/2031 | 857146 | 863575  |
|  Medline Borrower LP, Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 10/23/2030 | 4739082 | 4746333  |
|  Phoenix Newco, Inc., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 11/15/2028 | 2362325 | 2371491  |
|  |  | 11990055  |
| **Industrials - 19.3%**<br>|  |  |
|  Apple Bidco LLC, Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 09/23/2031 | 6931837 | 6957658  |
| &nbsp;&nbsp;&nbsp; Bleriot US Bidco, Inc., First Lien, <br>6.50% (3 mo. Term SOFR + 3.25%), 10/17/2030 | 4987406 | 5004537  |
|  Chart Industries, Inc., Senior Secured First Lien, 6.48% (3 mo. SOFR US + 2.50%), 03/18/2030 | 3791653 | 3812981  |
|  Core & Main LP, Senior Secured First Lien, 5.99% (1 mo. SOFR US + 2.00%), 02/10/2031 | 3437769 | 3442066  |
|  CoreLogic, Inc., Senior Secured First Lien, 7.69% (1 mo. SOFR US + 3.50%), 06/02/2028 | 4923180 | 4930565  |
|  Crosby US Acquisition Corp., Senior Secured First Lien, 16.02% (1 mo. SOFR US + 3.50%), 08/16/2029 | 3450063 | 3476852  |
|  Cube Industrials Buyer, Inc., Senior Secured First Lien, 6.91% (3 mo. SOFR US + 3.00%), 10/20/2031 | 3880500 | 3901125  |
|  DG Investment Intermediate Holdings 2, Inc., First Lien, 7.91% (1 mo. Term SOFR + 3.75%), 07/12/2032 | 500000 | 501878  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Doosan Bobcat North America, Inc., Senior Secured First Lien, <br>6.00% (3 mo. SOFR US + 2.00%), 04/20/2029 | $4437637 | $4453168  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien, 5.96% (1 mo. SOFR US + 2.00%), 10/31/2031 | 6451250 | 6469378  |
|  Emrld Borrower LP, Senior Secured First Lien, 14.71% (3 mo. SOFR US + 2.25%), 05/31/2030 | 4272952 | 4267397  |
| &nbsp;&nbsp;&nbsp; Engineered Machinery Holdings, Inc., Senior Secured First Lien, <br>8.02% (3 mo. SOFR US + 3.50%), 05/22/2028 | 1964286 | 1976808  |
|  Engineered Machinery Holdings, Inc., SEN Second Lien, 10.52% (3 mo. SOFR US + 6.00%), 05/21/2029 | 600000 | 603000  |
|  FCG Acquisitions, Inc., Senior Secured First Lien, 7.21% (1 mo. SOFR US + 3.25%), 04/03/2028 | 4986985 | 5005063  |
|  Filtration Group Corp., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 10/23/2028 | 3961519 | 3981742  |
|  Gates Corp./DE, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.71% (1 mo. SOFR US + 1.75%), 11/16/2029 | 3459261 | 3461596  |
| &nbsp;&nbsp;&nbsp; 5.71% (1 mo. SOFR US + 1.75%), 06/04/2031 | 744361 | 744860  |
|  Goat Holdco LLC, Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 01/27/2032 | 5306335 | 5310766  |
|  Husky Injection Molding Systems Ltd., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.59% (3 mo. SOFR US + 3.75%), 02/15/2029 | 2093796 | 2103197  |
| &nbsp;&nbsp;&nbsp; 7.92% (6 mo. SOFR US + 3.75%), 02/15/2029 | 2093796 | 2103197  |
|  Indicor LLC, Senior Secured First Lien, 11.20% (3 mo. SOFR US + 2.75%), 11/23/2029 | 3941524 | 3958394  |
|  Madison IAQ LLC, Senior Secured First Lien, 6.70% (6 mo. SOFR US + 2.50%), 06/21/2028 | 4916257 | 4931497  |
|  OPENLANE, Inc., Senior Secured First Lien, 6.59% (1 mo. SOFR US + 2.50%), 10/08/2032 | 1250000 | 1253125  |
|  Oregon Tool Lux LP, Senior Secured Second Lien, 8.71% (3 mo. SOFR US + 4.00%), 10/15/2029 | 3149711 | 2426065  |
|  Pro Mach Group, Inc., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 10/15/2032 | 1000000 | 1003465  |
|  SBA Senior Finance II LLC, Senior Secured First Lien, 5.72% (1 mo. SOFR US + 1.75%), 01/27/2031 | 2900972 | 2910371  |

---

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

2<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Coninued)**  | **BANK LOANS - (Coninued)**  | **BANK LOANS - (Coninued)**  |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
|  SPX FLOW, Inc., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 04/05/2029 | $5272617 | $5308735  |
|  TK Elevator US Newco, Inc., Senior Secured First Lien, 7.20% (6 mo. SOFR US + 3.00%), 04/30/2030 | 4450234 | 4482699  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.50% (3 mo. SOFR US + 2.25%), 03/22/2030 | 1601205 | 1604312  |
| &nbsp;&nbsp;&nbsp; 15.10% (3 mo. SOFR US + 2.50%), 02/28/2031 | 3954962 | 3964790  |
|  WEC US Holdings, Inc., Senior Secured First Lien, 6.38% (1 mo. SOFR US + 2.25%), 01/27/2031 | 4939975 | 4956993  |
|  |  | 109308280  |
| **Information Technology - 8.7%**<br>|  |  |
|  Applied Systems, Inc., Senior Secured First Lien, 6.25% (3 mo. SOFR US + 2.25%), 02/24/2031 | 5451425 | 5468133  |
|  AthenaHealth Group, Inc., Senior Secured First Lien, 6.71% (1 mo. SOFR US + 2.75%), 02/15/2029 | 4767634 | 4753474  |
|  BCPE Pequod Buyer, Inc., Senior Secured First Lien, 6.96% (1 mo. SOFR US + 3.00%), 11/25/2031 | 4992500 | 5012994  |
|  Central Parent LLC, Senior Secured First Lien, 7.25% (3 mo. SOFR US + 3.25%), 07/06/2029 | 3960006 | 3272826  |
|  Dawn Bidco LLC, 7.67% (1 mo. Term SOFR + 3.00%), 10/07/2032 | 1250000 | 1247319  |
|  Epicor Software Corp., First Lien, 6.66% (1 mo. Term SOFR + 2.75%), 05/30/2031 | 4391294 | 4405939  |
|  Peraton Corp., Senior Secured First Lien, 7.79% (3 mo. SOFR US + 3.75%), 02/01/2028 | 2924451 | 2533979  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.22% (3 mo. SOFR US + 4.00%), 06/05/2028 | 5164859 | 4951447  |
|  Tempo Acquisition LLC, Senior Secured First Lien, 5.71% (1 mo. SOFR US + 1.75%), 08/31/2028 | 5014447 | 4892220  |
|  UKG, Inc., Senior Secured First Lien, 6.34% (3 mo. SOFR US + 2.50%), 02/10/2031 | 5945000 | 5951034  |
| X Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 10.60% (6 mo. SOFR US + 6.50%), 10/29/2029 | 3989744 | 3894987  |
| &nbsp;&nbsp;&nbsp; 9.50% (Fixed Rate), 10/29/2029 | 3000000 | 3013125  |
|  |  | 49397477  |
| **Materials - 5.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Arnott 10/25 Cov-Lite TLB, <br>7.05%, 10/08/2032 | 1000000 | 1005205  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Asplundh Tree Expert LLC, Senior Secured First Lien, 5.71% (1 mo. SOFR US + 1.75%), 05/23/2031 | $4935965 | $4943665  |
|  Chemours Co., Senior Secured First Lien, 7.46% (1 mo. SOFR US + 3.50%), 10/15/2032 | 2000000 | 1972000  |
|  CoorsTek, Inc., 7.05% (1 mo. Term SOFR + 3.00%), 10/28/2032 | 1000000 | 997500  |
|  Graham Packaging Co., Inc., Senior Secured First Lien, 6.46% (1 mo. SOFR US + 2.50%), 08/04/2027 | 5146301 | 5160582  |
|  Iris Holding, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 15.03% (3 mo. SOFR US + 4.75%), 06/28/2028 | 761421 | 741164  |
| &nbsp;&nbsp;&nbsp; 8.79% (3 mo. SOFR US + 4.75%), 06/28/2028 | 715736 | 696694  |
|  Nouryon Finance BV, Senior Secured First Lien, 7.04% (6 mo. SOFR US + 3.25%), 04/03/2028 | 1167573 | 1168303  |
|  Pregis TopCo LLC, Senior Secured First Lien, 7.96% (1 mo. SOFR US + 4.00%), 02/01/2029 | 1949229 | 1964287  |
|  Proampac PG Borrower LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 17.52% (3 mo. SOFR US + 4.00%), 09/15/2028 | 1281920 | 1283592  |
| &nbsp;&nbsp;&nbsp; 7.90% (3 mo. SOFR US + 4.00%), 09/15/2028 | 1630413 | 1632540  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.41% (1 mo. SOFR US + 2.25%), 04/14/2031 | 6874883 | 6893617  |
|  |  | 28459149  |
| **Utilities - 0.1%**<br>|  |  |
|  Talen Energy Supply LLC, 6.09% (1 mo. Term SOFR + 2.00%), 10/12/2032 | 500000 | 500312  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $328,568,161)** |  | 327322678  |
| **COLLATERALIZED LOAN OBLIGATIONS - 31.8%** | **COLLATERALIZED LOAN OBLIGATIONS - 31.8%** | **COLLATERALIZED LOAN OBLIGATIONS - 31.8%** |
| Aimco CDO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-10A, Class ERR, 9.51% (3 mo. Term SOFR + 5.65%), 07/22/2037<sup>(b)</sup> | 825000 | 831291  |
| &nbsp;&nbsp;&nbsp; Series 2020-11A, Class ER2, 9.23% (3 mo. Term SOFR + 5.35%), 07/17/2037<sup>(b)</sup> | 3000000 | 3006797  |
| &nbsp;&nbsp;&nbsp; Series 2021-15A, Class ER, 8.48% (3 mo. Term SOFR + 4.60%), 04/17/2038<sup>(b)</sup> | 2000000 | 1972625  |
|  AIMCO CLO Series 2018-B, Series 2018-BA, Class ER, 10.19% (3 mo. Term SOFR + 6.30%), 04/16/2037<sup>(b)</sup> | 2000000 | 2019565  |
|  ARES CLO, Series 2017-43A, Class A1R2, 5.25% (3 mo. Term SOFR + 1.35%), 01/15/2038<sup>(b)</sup> | 5000000 | 5015221  |

---

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

3<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
|  Beechwood Park CLO Ltd., Series 2019-1A, Class ER, 10.38% (3 mo. Term SOFR + 6.50%), 01/17/2035<sup>(b)</sup> | $1000000 | $1003466  |
| Benefit Street Partners CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-6BR, Class A1R, 5.06% (3 mo. Term SOFR + 1.18%), 04/20/2038<sup>(b)</sup> | 5000000 | 5002878  |
| &nbsp;&nbsp;&nbsp; Series 2021-23A, Class DR, 6.76% (3 mo. Term SOFR + 2.90%), 04/25/2034<sup>(b)</sup> | 3000000 | 3011069  |
| &nbsp;&nbsp;&nbsp; Series 2021-24A, Class ER, 8.48% (3 mo. Term SOFR + 4.60%), 10/20/2034<sup>(b)</sup> | 1625000 | 1611066  |
| &nbsp;&nbsp;&nbsp; Series 2021-25A, Class ER, 8.50% (3 mo. Term SOFR + 4.60%), 01/15/2035<sup>(b)</sup> | 1000000 | 997890  |
| &nbsp;&nbsp;&nbsp; Series 2022-29A, Class ER, 8.46% (3 mo. Term SOFR + 4.60%), 01/25/2038<sup>(b)</sup> | 1000000 | 998345  |
|  Birch Grove CLO, Series 2025-12A, Class SUB, 0.00%, 04/22/2038<sup>(b)(c)(d)</sup> | 1000000 | 975320  |
|  Bowling Green Park CLO LLC, Series 2019-1A, Class ERR, 8.38% (3 mo. Term SOFR + 4.50%), 04/18/2035<sup>(b)</sup> | 2000000 | 1951874  |
|  Buttermilk Park CLO, Series 2018-1A, Class DR, 6.85% (3 mo. Term SOFR + 2.95%), 10/15/2031<sup>(b)</sup> | 2000000 | 2008471  |
|  CarVal CLO, Series 2023-1A, Class ER, 10.23% (3 mo. Term SOFR + 6.35%), 07/20/2037<sup>(b)</sup> | 2000000 | 1972313  |
| CIFC Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2014-2RA, Class AR, 5.23% (3 mo. Term SOFR + 1.36%), 10/24/2037<sup>(b)</sup> | 3000000 | 3009104  |
| &nbsp;&nbsp;&nbsp; Series 2019-6A, Class A1R, 5.34% (3 mo. Term SOFR + 1.45%), 07/16/2037<sup>(b)</sup> | 2000000 | 2007956  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 10.48% (3 mo. Term SOFR + 6.60%), 04/18/2037<sup>(b)</sup> | 1000000 | 1017535  |
| Clover CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class ERR, 10.28% (3 mo. Term SOFR + 6.40%), 04/20/2037<sup>(b)</sup> | 1650000 | 1647248  |
| &nbsp;&nbsp;&nbsp; Series 2021-3A, Class ER, 8.76% (3 mo. Term SOFR + 4.90%), 01/25/2035<sup>(b)</sup> | 1000000 | 997916  |
|  Diameter Capital CLO, Series 2024-6A, Class D, 11.07% (3 mo. Term SOFR + 7.17%), 04/15/2037<sup>(b)</sup> | 1200000 | 1225614  |
|  Eldridge CLO Ltd., Series 2025-1A, Class D1, 0.00% (3 mo. Term SOFR + 2.95%), 10/20/2038<sup>(b)</sup> | 1750000 | 1754167  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Elmwood CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-2A, Class D1RR, 7.03% (3 mo. Term SOFR + 3.15%), 10/20/2037<sup>(b)</sup> | $3000000 | $3021223  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class ER, 9.58% (3 mo. Term SOFR + 5.70%), 07/17/2037<sup>(b)</sup> | 1275000 | 1273254  |
| &nbsp;&nbsp;&nbsp; Series 2023-1A, Class AR, 5.08% (3 mo. Term SOFR + 1.20%), 04/17/2038<sup>(b)</sup> | 2500000 | 2504893  |
| &nbsp;&nbsp;&nbsp; Series 2023-2A, Class ER, 9.79% (3 mo. Term SOFR + 5.90%), 04/16/2036<sup>(b)</sup> | 2500000 | 2517401  |
| &nbsp;&nbsp;&nbsp; Series 2023-3A, Class ER, 8.98% (3 mo. Term SOFR + 5.10%), 01/17/2038<sup>(b)</sup> | 3000000 | 2994323  |
| &nbsp;&nbsp;&nbsp; Series 2024-10A, Class E, 9.23% (3 mo. Term SOFR + 5.35%), 10/17/2037<sup>(b)</sup> | 2000000 | 2013886  |
| &nbsp;&nbsp;&nbsp; Series 2024-13A, Class E1, 8.63% (3 mo. Term SOFR + 4.75%), 01/17/2038<sup>(b)</sup> | 1000000 | 1003609  |
| &nbsp;&nbsp;&nbsp; Series 2024-1A, Class E, 9.13% (3 mo. Term SOFR + 5.25%), 04/17/2037<sup>(b)</sup> | 2930000 | 2925839  |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class E, 9.88% (3 mo. Term SOFR + 6.00%), 04/17/2037<sup>(b)</sup> | 1550000 | 1562766  |
| Flatiron CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-1A, Class ER, 9.78% (3 mo. Term SOFR + 5.90%), 10/19/2037<sup>(b)</sup> | 1250000 | 1235684  |
| &nbsp;&nbsp;&nbsp; Series 2021-2A, Class ER, 8.15% (3 mo. Term SOFR + 4.25%), 10/15/2034<sup>(b)</sup> | 1200000 | 1193258  |
| &nbsp;&nbsp;&nbsp; Series 2025-32A, Class E, 9.22% (3 mo. Term SOFR + 4.90%), 10/22/2038<sup>(b)</sup> | 2000000 | 2001303  |
| &nbsp;&nbsp;&nbsp; Series 2025-32A, Class SUB, 0.00%, 10/22/2038<sup>(b)(c)(d)</sup> | 1000000 | 817490  |
|  Galaxy CLO Ltd., Series 2024-34A, Class E, 9.78% (3 mo. Term SOFR + 5.90%), 10/20/2037<sup>(b)</sup> | 1875000 | 1871704  |
|  Garnet CLO Ltd., Series 2025-1A, Class D, 7.67% (3 mo. Term SOFR + 3.40%), 07/20/2037<sup>(b)</sup> | 1000000 | 1015177  |
|  GoldenTree Loan Management US CLO, Series 2017-1A, Class FR2, 11.65% (3 mo. Term SOFR + 7.76%), 04/20/2034<sup>(b)</sup> | 1000000 | 975002  |
| Goldentree Loan Opportunities Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-6A, Class ER2, 8.38% (3 mo. Term SOFR + 4.50%), 04/20/2035<sup>(b)</sup> | 1575000 | 1557993  |
| &nbsp;&nbsp;&nbsp; Series 2022-12A, Class ER, 9.58% (3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(b)</sup> | 1000000 | 994247  |

---

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

4<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2025-25A, Class E, 9.63% (3 mo. Term SOFR + 5.75%), 04/20/2038<sup>(b)</sup> | $2000000 | $2011377  |
|  Golub Capital Partners CLO Ltd., Series 2023-66A, Class AR, 5.31% (3 mo. Term SOFR + 1.45%), 07/25/2038<sup>(b)</sup> | 4000000 | 4015322  |
|  Greenacre Park CLO LLC, Series 2021-2A, Class ER, 9.88% (3 mo. Term SOFR + 6.00%), 07/20/2038<sup>(b)</sup> | 700000 | 699851  |
|  Invesco CLO Ltd., Series 2023-1A, Class ER, 10.76% (3 mo. Term SOFR + 6.90%), 04/22/2037<sup>(b)</sup> | 1180000 | 1188640  |
| Magnetite CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-17A, Class DR2, 7.38% (3 mo. Term SOFR + 3.50%), 04/20/2037<sup>(b)</sup> | 3000000 | 3005644  |
| &nbsp;&nbsp;&nbsp; Series 2019-22A, Class ERR, 9.30% (3 mo. Term SOFR + 5.40%), 07/15/2036<sup>(b)</sup> | 1900000 | 1905824  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class AR2, 5.01% (3 mo. Term SOFR + 1.15%), 01/25/2038<sup>(b)</sup> | 3000000 | 2999127  |
| &nbsp;&nbsp;&nbsp; Series 2020-26A, Class ER2, 8.56% (3 mo. Term SOFR + 4.70%), 01/25/2038<sup>(b)</sup> | 3000000 | 2954474  |
| &nbsp;&nbsp;&nbsp; Series 2021-29A, Class ER, 9.90% (3 mo. Term SOFR + 6.00%), 07/15/2037<sup>(b)</sup> | 1000000 | 1010474  |
| &nbsp;&nbsp;&nbsp; Series 2021-30A, Class ER, 9.21% (3 mo. Term SOFR + 5.35%), 10/25/2037<sup>(b)</sup> | 1475000 | 1475483  |
| &nbsp;&nbsp;&nbsp; Series 2021-31A, Class E, 10.17% (3 mo. Term SOFR + 6.26%), 07/15/2034<sup>(b)</sup> | 1000000 | 1004833  |
| &nbsp;&nbsp;&nbsp; Series 2023-37A, Class D, 7.88% (3 mo. Term SOFR + 4.00%), 10/20/2036<sup>(b)</sup> | 2000000 | 2000100  |
| &nbsp;&nbsp;&nbsp; Series 2023-37A, Class D1R, 0.00% (3 mo. Term SOFR + 2.50%), 10/25/2038<sup>(b)</sup> | 2000000 | 2004788  |
| &nbsp;&nbsp;&nbsp; Series 2024-40A, Class E, 9.65% (3 mo. Term SOFR + 5.75%), 07/15/2037<sup>(b)</sup> | 1955000 | 1981636  |
| &nbsp;&nbsp;&nbsp; Series 2025-48A, Class E, 9.14% (3 mo. Term SOFR + 4.85%), 10/15/2038<sup>(b)</sup> | 3000000 | 3006758  |
| Neuberger Berman CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-34A, Class A1R2, 5.18% (3 mo. Term SOFR + 1.30%), 07/20/2039<sup>(b)</sup> | 5000000 | 5012602  |
| &nbsp;&nbsp;&nbsp; Series 2019-34A, Class ER2, 8.88% (3 mo. Term SOFR + 5.00%), 07/20/2039<sup>(b)</sup> | 2125000 | 2094202  |
| &nbsp;&nbsp;&nbsp; Series 2021-42A, Class ER, 8.49% (3 mo. Term SOFR + 4.60%), 07/16/2036<sup>(b)</sup> | 1050000 | 1035328  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-43A, Class ER, 8.48% (3 mo. Term SOFR + 4.60%), 07/17/2036<sup>(b)</sup> | $1670000 | $1643735  |
| &nbsp;&nbsp;&nbsp; Series 2021-44A, Class ER, 9.04% (3 mo. Term SOFR + 5.15%), 10/16/2035<sup>(b)</sup> | 2400000 | 2376819  |
| &nbsp;&nbsp;&nbsp; Series 2022-49A, Class ER, 9.36% (3 mo. Term SOFR + 5.50%), 07/25/2035<sup>(b)</sup> | 2875000 | 2881393  |
| &nbsp;&nbsp;&nbsp; Series 2022-50A, Class ER, 9.36% (3 mo. Term SOFR + 5.50%), 07/23/2036<sup>(b)</sup> | 3000000 | 3006550  |
| &nbsp;&nbsp;&nbsp; Series 2024-59A, Class E, 8.66% (3 mo. Term SOFR + 4.80%), 01/23/2039<sup>(b)</sup> | 1000000 | 1002809  |
|  Neuberger Berman Loan Advisers NBLA CLO 53 Ltd., Series 2024-56A, Class E, 9.62% (3 mo. Term SOFR + 5.75%), 07/24/2037<sup>(b)</sup> | 1395000 | 1409167  |
|  Ocean Trails CLO, Series 2024-16A, Class E, 10.57% (3 mo. Term SOFR + 6.69%), 01/20/2038<sup>(b)</sup> | 1000000 | 1024816  |
| OCP CLO Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2017-14A, Class A1R, 5.25% (3 mo. Term SOFR + 1.37%), 07/20/2037<sup>(b)</sup> | 2000000 | 2006067  |
| &nbsp;&nbsp;&nbsp; Series 2019-17A, Class D1R2, 6.98% (3 mo. Term SOFR + 3.10%), 07/20/2037<sup>(b)</sup> | 1500000 | 1511433  |
| &nbsp;&nbsp;&nbsp; Series 2024-37A, Class E, 9.40% (3 mo. Term SOFR + 5.50%), 10/15/2037<sup>(b)</sup> | 2090000 | 2114300  |
| &nbsp;&nbsp;&nbsp; Series 2025-40A, Class SUB, 0.00%, 04/16/2038<sup>(b)(c)(d)</sup> | 1000000 | 773790  |
|  Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 5.29% (3 mo. Term SOFR + 1.38%), 07/15/2034<sup>(b)</sup> | 1000000 | 1000983  |
| OHA Credit Funding<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class ER, 10.38% (3 mo. Term SOFR + 6.50%), 04/20/2037<sup>(b)</sup> | 1000000 | 1012067  |
| &nbsp;&nbsp;&nbsp; Series 2019-3A, Class ER2, 8.88% (3 mo. Term SOFR + 5.00%), 01/20/2038<sup>(b)</sup> | 1860000 | 1862682  |
| &nbsp;&nbsp;&nbsp; Series 2020-5A, Class ER, 9.28% (3 mo. Term SOFR + 5.40%), 10/18/2037<sup>(b)</sup> | 2000000 | 1999184  |
| &nbsp;&nbsp;&nbsp; Series 2022-11A, Class ER, 9.28% (3 mo. Term SOFR + 5.40%), 07/19/2037<sup>(b)</sup> | 3000000 | 3010194  |
| &nbsp;&nbsp;&nbsp; Series 2025-21A, Class E, 8.60% (3 mo. Term SOFR + 4.65%), 10/20/2038<sup>(b)</sup> | 2000000 | 2004867  |
| &nbsp;&nbsp;&nbsp; Series 2025-22A, Class E, 9.83% (3 mo. Term SOFR + 5.55%), 07/20/2038<sup>(b)</sup> | 1275000 | 1286475 |

---

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

5<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
| OHA Credit Partners Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-11A, Class ER2, 9.63% (3 mo. Term SOFR + 5.75%), 04/20/2037<sup>(b)</sup> | $1330000 | $1330215  |
| &nbsp;&nbsp;&nbsp; Series 2017-14A, Class ER, 9.32% (3 mo. Term SOFR + 5.45%), 07/21/2037<sup>(b)</sup> | 1175000 | 1178623  |
| &nbsp;&nbsp;&nbsp; Series 2021-16A, Class ER, 9.38% (3 mo. Term SOFR + 5.50%), 10/18/2037<sup>(b)</sup> | 1000000 | 1006035  |
|  OHA Loan Funding Ltd., Series 2016-1A, Class ER2, 9.58% (3 mo. Term SOFR + 5.70%), 07/20/2037<sup>(b)</sup> | 1625000 | 1637461  |
| Palmer Square Loan Funding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-4A, Class DR, 8.62% (3 mo. Term SOFR + 4.75%), 07/24/2031<sup>(b)</sup> | 1000000 | 1001217  |
| &nbsp;&nbsp;&nbsp; Series 2024-2A, Class D, 8.60% (3 mo. Term SOFR + 4.70%), 01/15/2033<sup>(b)</sup> | 1000000 | 1001833  |
| &nbsp;&nbsp;&nbsp; Series 2024-3A, Class D, 9.63% (3 mo. Term SOFR + 5.40%), 08/08/2032<sup>(b)</sup> | 1000000 | 1001891  |
|  Parallel CLO Ltd., Series 2020-1A, Class A1R, 5.37% (3 mo. Term SOFR + 1.48%), 07/20/2034<sup>(b)</sup> | 2000000 | 2002238  |
|  Pikes Peak CLO, Series 2020-6A, Class ERR, 8.79% (3 mo. Term SOFR + 4.60%), 05/18/2034<sup>(b)</sup> | 3000000 | 2948225  |
|  Point Au Roche Park CLO, Series 2021-1A, Class E, 10.25% (3 mo. Term SOFR + 6.36%), 07/20/2034<sup>(b)</sup> | 370000 | 372053  |
| Rad CLO<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-12A, Class A1AR, 5.16% (3 mo. Term SOFR + 1.32%), 07/30/2040<sup>(b)</sup> | 5000000 | 5015365  |
| &nbsp;&nbsp;&nbsp; Series 2024-25A, Class D1, 7.03% (3 mo. Term SOFR + 3.15%), 07/20/2037<sup>(b)</sup> | 2500000 | 2512249  |
|  RR Ltd./Cayman Islands, Series 2020-8A, Class DR, 10.15% (3 mo. Term SOFR + 6.25%), 07/15/2037<sup>(b)</sup> | 1000000 | 1005070  |
|  Symphony CLO Ltd., Series 2022-37A, Class DR, 8.78% (3 mo. Term SOFR + 4.90%), 01/20/2037<sup>(b)</sup> | 1250000 | 1252915  |
|  Trimaran CAVU LLC, Series 2021-3A, Class E, 11.52% (3 mo. Term SOFR + 7.63%), 01/18/2035<sup>(b)</sup> | 1925000 | 1936598  |
|  Voya CLO Ltd., Series 2020-2A, Class A1RR, 5.19% (3 mo. Term SOFR + 1.31%), 01/20/2038<sup>(b)</sup> | 5000000 | 5012485  |
|  Wellington Management Clo 2 Ltd., Series 2024-2A, Class E, 10.78% (3 mo. Term SOFR + 6.90%), 04/20/2037<sup>(b)</sup> | 1510000 | 1544645  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Wellington Management CLO Ltd., Series 2023-1A, Class ER, 0.00% <br>(3 mo. Term SOFR + 5.50%), 10/20/2038<sup>(b)</sup> | $1825000 | $1829563  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $180,382,977)** |  | 180439258  |
| **CORPORATE BONDS - 7.7%**<br>|  |  |
| **Communication Services - 0.3%**<br>|  |  |
|  Discovery Communications LLC, 3.63%, 05/15/2030 | 2000000 | 1853500  |
| **Consumer Discretionary - 2.1%**<br>|  |  |
|  1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030<sup>(b)</sup> | 2000000 | 1893728  |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc., <br>4.63%, 10/15/2029<sup>(b)(e)</sup> | 2000000 | 1882707  |
| &nbsp;&nbsp;&nbsp; MajorDrive Holdings IV LLC, <br>6.38%, 06/01/2029<sup>(b)</sup> | 2000000 | 1572525  |
| &nbsp;&nbsp;&nbsp; Merlin Entertainments Group US Holdings, Inc., <br>7.38%, 02/15/2031<sup>(b)</sup> | 2000000 | 1677027  |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, 10.00%, 01/15/2031<sup>(b)</sup> | 3000000 | 2674939  |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029<sup>(b)</sup> | 2000000 | 1962790  |
|  |  | 11663716  |
| **Energy - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP / Antero Midstream Finance Corp., <br>5.38%, 06/15/2029<sup>(b)</sup> | 2000000 | 2001073  |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(b)</sup> | 1800000 | 1842750  |
|  Energy Transfer LP, 7.13% to 10/01/2029 then 5 yr. CMT Rate + 2.83%, 10/01/2054<sup>(e)</sup> | 2000000 | 2068900  |
|  |  | 5912723  |
| **Financials - 1.3%**<br>|  |  |
|  Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual | 3000000 | 3175200  |
| &nbsp;&nbsp;&nbsp; Boost Newco Borrower LLC, <br>7.50%, 01/15/2031<sup>(b)</sup> | 1000000 | 1062770  |
|  UBS Group AG, 7.13% to 02/10/2035 then USISSO05 + 3.18%, Perpetual<sup>(b)</sup> | 3000000 | 3062514  |
|  |  | 7300484  |
| **Health Care - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP, <br>3.88%, 04/01/2029<sup>(b)</sup> | 1500000 | 1459459  |
| **Industrials - 0.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc., <br>4.13%, 04/15/2029<sup>(b)</sup> | 2000000 | 1958168  |

---

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

6<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Oregon Tool Lux LP, <br>7.88%, 10/15/2029<sup>(b)</sup> | $397800 | $206856  |
| &nbsp;&nbsp;&nbsp; SPX FLOW, Inc., <br>8.75%, 04/01/2030<sup>(b)</sup> | 2000000 | 2051988  |
|  |  | 4217012  |
| **Information Technology - 0.3%**<br>|  |  |
| UKG, Inc., 6.88%, 02/01/2031<sup>(b)</sup> | 1500000 | 1545175  |
| **Materials - 0.4%**<br>|  |  |
|  Olympus Water US Holding Corp., 7.25%, 06/15/2031<sup>(b)</sup> | 2000000 | 1998100  |
| &nbsp;&nbsp;&nbsp; Standard Industries, Inc., <br>4.75%, 01/15/2028<sup>(b)</sup> | 500000 | 498765  |
|  |  | 2496865  |
| **Utilities - 1.3%**<br>|  |  |
| Calpine Corp., 5.13%, 03/15/2028<sup>(b)</sup> | 2000000 | 2000928  |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc., <br>3.63%, 02/15/2031<sup>(b)</sup> | 1500000 | 1401254  |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC, <br>4.38%, 05/01/2029<sup>(b)</sup> | 2000000 | 1963965  |
|  XPLR Infrastructure Operating Partners LP, 7.25%, 01/15/2029<sup>(b)(e)</sup> | 2000000 | 2058316  |
|  |  | 7424463  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $44,004,726)** |  | 43873397  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 1.5%** |  |  |
|  iShares 0-5 Year High Yield Corporate Bond ETF | 46980 | 2023898  |
|  iShares iBoxx $ High Yield Corporate Bond ETF<sup>(e)</sup> | 27002 | 2181762  |
|  State Street SPDR Bloomberg High Yield Bond ETF<sup>(e)</sup> | 22196 | 2161668  |
|  State Street SPDR Bloomberg Short Term High Yield Bond ETF | 79365 | 2019046  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $8,204,260)** |  | 8386374  |
| **CLOSED-END FUNDS - 0.0%<sup>(f)</sup>**<br>|  |  |
| Eagle Point Credit Co., Inc.<sup>(e)</sup> | 1905 | 11830  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $33,494)** |  | 11830 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(g)</sup> | 7050439 | $7050439 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,050,439)** |  | 7050439  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $568,244,057)** |  | $567083976 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 331700  |
| **TOTAL NET ASSETS - 100.0%** |  | $567415676 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

CMT - Constant Maturity Treasury

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

USISSO05- 5 Year US Dollar SOFR Swap Rate

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

7<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

<sup>(a)</sup> As of October 31, 2025, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. All values are reflected at par. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company**  | **Investment**<br>**Type**  | **Total revolving** <br>**and delayed** <br>**draw loan** <br>**commitments**  | **Less: funded** <br>**commitments**  | **Total** <br>**unfunded** <br>**commitments**  |
| Savor Acquisition, Inc.  | First Lien | &nbsp;&nbsp; $431035 | $0 | $431035 |
|  |  | &nbsp;&nbsp; $431035 | $0 | $431035 |

---

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $217,215,055 or 38.3% of the Fund's net assets.

<sup>(c)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of October 31, 2025.

<sup>(d)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(e)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $6,902,514.

<sup>(f)</sup> Represents less than 0.05% of net assets.

<sup>(g)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

8<br>

------

**Pacer Cash Cows Fund of Funds ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **AFFILIATED EXCHANGE TRADED FUNDS - 99.9%**<br>|  |  |
|  Pacer Developed Markets International Cash Cows 100 ETF<sup>(a)(b)</sup> | 478776 | $18198275  |
|  Pacer Global Cash Cows Dividend ETF<sup>(a)(b)</sup> | 441571 | 17601020  |
| Pacer US Cash Cows 100 ETF<sup>(a)(b)</sup> | 302468 | 17524996  |
| Pacer US Cash Cows Growth ETF<sup>(a)(b)</sup> | 326211 | 17387699  |
| &nbsp;&nbsp;&nbsp; Pacer US Small Cap Cash Cows <br>ETF<sup>(a)(b)</sup> | 394003 | 17095790  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS** <br>**(Cost $75,045,762)** |  | 87807780  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 16.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(c)</sup> | 14373000 | 14373000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $14,373,000)** |  | 14373000  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 116.3%** <br>**(Cost $89,418,762)** |  | $102180780  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (16.3)% |  | (14339132)  |
| **TOTAL NET ASSETS - 100.0%** |  | $87841648 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $14,116,935.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

9<br>

------

**Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Consumer Discretionary - 24.8%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 513 | $64915  |
| Amazon.com, Inc.<sup>(a)</sup> | 275 | 67160  |
| Aptiv PLC<sup>(a)</sup> | 776 | 62934  |
| AutoZone, Inc.<sup>(a)</sup> | 15 | 55116  |
| Best Buy Co., Inc. | 827 | 67930  |
| Booking Holdings, Inc. | 12 | 60933  |
| Carnival Corp.<sup>(a)</sup> | 2021 | 58265  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1637 | 51877  |
| Darden Restaurants, Inc. | 299 | 53865  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 555 | 45232  |
| Domino's Pizza, Inc. | 140 | 55784  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 246 | 62575  |
| DR Horton, Inc. | 359 | 53520  |
| eBay, Inc. | 694 | 56429  |
| Expedia Group, Inc. | 293 | 64460  |
| Ford Motor Co. | 5553 | 72911  |
| Garmin Ltd. | 268 | 57336  |
| General Motors Co. | 1105 | 76344  |
| Genuine Parts Co. | 454 | 57799  |
| Hasbro, Inc. | 816 | 62269  |
| Hilton Worldwide Holdings, Inc. | 232 | 59615  |
| Home Depot, Inc. | 153 | 58077  |
| Las Vegas Sands Corp. | 1163 | 69024  |
| Lennar Corp. - Class A | 464 | 57429  |
| LKQ Corp. | 1976 | 63153  |
| Lowe's Cos., Inc. | 237 | 56437  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 386 | 65828  |
| Marriott International, Inc. | 241 | 62800  |
| McDonald's Corp. | 207 | 61775  |
| MGM Resorts International<sup>(a)</sup> | 1763 | 56469  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 467 | 53070  |
| NIKE, Inc. - Class B | 854 | 55160  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 2492 | 55871  |
| NVR, Inc.<sup>(a)</sup> | 8 | 57687  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 603 | 56947  |
| Pool Corp. | 198 | 52878  |
| PulteGroup, Inc. | 468 | 56099  |
| Ralph Lauren Corp. | 202 | 64571  |
| Ross Stores, Inc. | 424 | 67382  |
| Royal Caribbean Cruises Ltd. | 185 | 53064  |
| Starbucks Corp. | 765 | 61866  |
| Tapestry, Inc. | 601 | 66002  |
| Tesla Motors, Inc.<sup>(a)</sup> | 182 | 83094  |
| TJX Cos., Inc. | 453 | 63483  |
| Tractor Supply Co. | 1084 | 58655  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 125 | 64985  |
| Williams-Sonoma, Inc. | 312 | 60634  |
| Wynn Resorts Ltd. | 515 | 61280  |
| Yum! Brands, Inc. | 434 | 59983  |
|  |  | 2970972  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 25.1%<sup>(b)</sup>**<br>|  |  |
| 3M Co. | 247 | $41126  |
| A O Smith Corp. | 523 | 34513  |
| Allegion PLC | 222 | 36801  |
| AMETEK, Inc. | 202 | 40826  |
| Automatic Data Processing, Inc. | 129 | 33579  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 52 | 38076  |
| Boeing Co.<sup>(a)</sup> | 166 | 33369  |
| Broadridge Financial Solutions, Inc. | 151 | 33280  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 270 | 31366  |
| Carrier Global Corp. | 607 | 36110  |
| Caterpillar, Inc. | 89 | 51376  |
| CH Robinson Worldwide, Inc. | 297 | 45735  |
| Cintas Corp. | 188 | 34455  |
| Copart, Inc.<sup>(a)</sup> | 782 | 33634  |
| CSX Corp. | 1184 | 42648  |
| Cummins, Inc. | 93 | 40704  |
| Dayforce, Inc.<sup>(a)</sup> | 551 | 37876  |
| Deere & Co. | 80 | 36930  |
| Delta Air Lines, Inc. | 618 | 35461  |
| Dover Corp. | 216 | 39195  |
| Eaton Corp. PLC | 104 | 39682  |
| EMCOR Group, Inc. | 60 | 40547  |
| Emerson Electric Co. | 283 | 39498  |
| Equifax, Inc. | 154 | 32509  |
| &nbsp;&nbsp;&nbsp; Expeditors International of <br>Washington, Inc. | 312 | 38033  |
| Fastenal Co. | 791 | 32550  |
| FedEx Corp. | 168 | 42642  |
| Fortive Corp. | 794 | 39970  |
| GE Vernova, Inc. | 60 | 35108  |
| Generac Holdings, Inc.<sup>(a)</sup> | 204 | 34276  |
| General Dynamics Corp. | 117 | 40353  |
| General Electric Co. | 133 | 41090  |
| Honeywell International, Inc. | 190 | 38253  |
| Howmet Aerospace, Inc. | 206 | 42426  |
| Hubbell, Inc. | 85 | 39950  |
| Huntington Ingalls Industries, Inc. | 139 | 44761  |
| IDEX Corp. | 236 | 40465  |
| Illinois Tool Works, Inc. | 144 | 35124  |
| Ingersoll Rand, Inc. | 472 | 36028  |
| Jacobs Solutions, Inc. | 262 | 40822  |
| JB Hunt Trasport Services, Inc. | 277 | 46774  |
| Johnson Controls International PLC | 352 | 40265  |
| L3Harris Technologies, Inc. | 137 | 39607  |
| Leidos Holdings, Inc. | 210 | 39999  |
| Lennox International, Inc. | 67 | 33835  |
| Lockheed Martin Corp. | 81 | 39842  |
| Masco Corp. | 518 | 33546  |
| Nordson Corp. | 169 | 39200  |
| Norfolk Southern Corp. | 139 | 39390  |
| Northrop Grumman Corp. | 65 | 37924  |
| Old Dominion Freight Line, Inc. | 259 | 36369  |
| Otis Worldwide Corp. | 433 | 40165  |

---

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

10<br>

------

**Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| PACCAR, Inc. | 384 | $37786  |
| Parker-Hannifin Corp. | 50 | 38641  |
| Paychex, Inc. | 285 | 33354  |
| Paycom Software, Inc. | 171 | 31992  |
| Pentair PLC | 347 | 36903  |
| Quanta Services, Inc. | 97 | 43566  |
| Republic Services, Inc. | 166 | 34568  |
| Rockwell Automation, Inc. | 111 | 40888  |
| Rollins, Inc. | 673 | 38772  |
| RTX Corp. | 244 | 43554  |
| Snap-On, Inc. | 116 | 38924  |
| Southwest Airlines Co. | 1219 | 36936  |
| Stanley Black & Decker, Inc. | 492 | 33318  |
| Textron, Inc. | 468 | 37819  |
| Trane Technologies PLC | 90 | 40378  |
| TransDigm Group, Inc. | 30 | 39255  |
| Uber Technologies, Inc.<sup>(a)</sup> | 402 | 38793  |
| Union Pacific Corp. | 176 | 38785  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 352 | 33102  |
| United Parcel Service, Inc. - Class B | 452 | 43582  |
| United Rentals, Inc. | 40 | 34847  |
| Veralto Corp. | 357 | 35229  |
| Verisk Analytics, Inc. | 144 | 31501  |
| W.W. Grainger, Inc. | 38 | 37202  |
| Waste Management, Inc. | 174 | 34760  |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies <br>Corp. | 200 | 40888  |
| Xylem, Inc. | 275 | 41484  |
|  |  | 3014890  |
| **Information Technology - 25.2%<sup>(b)</sup>**<br>|  |  |
| Accenture PLC - Class A | 166 | 41517  |
| Adobe, Inc.<sup>(a)</sup> | 115 | 39136  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 253 | 64798  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 526 | 39503  |
| Amphenol Corp. | 339 | 47236  |
| Analog Devices, Inc. | 163 | 38163  |
| Apple, Inc. | 178 | 48126  |
| Applied Materials, Inc. | 247 | 57576  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 71 | 45250  |
| Arista Networks, Inc.<sup>(a)</sup> | 268 | 42261  |
| Autodesk, Inc.<sup>(a)</sup> | 124 | 37366  |
| Broadcom, Inc. | 109 | 40290  |
| Cadence Design System, Inc.<sup>(a)</sup> | 119 | 40304  |
| CDW Corp. | 236 | 37611  |
| Cisco Systems, Inc. | 593 | 43354  |
| Cognizant Technology Solutions Corp. | 584 | 42562  |
| Corning, Inc. | 539 | 48014  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 95 | 51586  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 290 | 47215  |
| Dell Technologies, Inc. - Class C | 324 | 52491  |
| EPAM Systems, Inc.<sup>(a)</sup> | 263 | 43011  |
| F5, Inc.<sup>(a)</sup> | 123 | 31125  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Fair Isaac Corp.<sup>(a)</sup> | 28 | $46467  |
| First Solar, Inc.<sup>(a)</sup> | 198 | 52854  |
| Fortinet, Inc.<sup>(a)</sup> | 508 | 43906  |
| Gartner, Inc.<sup>(a)</sup> | 173 | 42963  |
| Gen Digital, Inc. | 1382 | 36429  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 278 | 37010  |
| Hewlett Packard Enterprise Co. | 1655 | 40415  |
| HP, Inc. | 1425 | 39430  |
| Intel Corp.<sup>(a)</sup> | 1633 | 65304  |
| International Business Machines Corp. | 157 | 48263  |
| Intuit, Inc. | 61 | 40720  |
| Jabil, Inc. | 187 | 41306  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 237 | 43361  |
| KLA Corp. | 43 | 51976  |
| Lam Research Corp. | 376 | 59205  |
| Microchip Technology, Inc. | 624 | 38950  |
| Micron Technology, Inc. | 288 | 64446  |
| Microsoft Corp. | 83 | 42978  |
| Monolithic Power Systems, Inc. | 47 | 47235  |
| Motorola Solutions, Inc. | 83 | 33757  |
| NetApp, Inc. | 327 | 38514  |
| NVIDIA Corp. | 228 | 46168  |
| NXP Semiconductors NV | 184 | 38478  |
| ON Semiconductor Corp.<sup>(a)</sup> | 840 | 42067  |
| Oracle Corp. | 123 | 32301  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 242 | 48514  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 204 | 44929  |
| PTC, Inc.<sup>(a)</sup> | 197 | 39112  |
| Qualcomm, Inc. | 254 | 45949  |
| Roper Technologies, Inc. | 78 | 34800  |
| salesforce.com, Inc. | 166 | 43228  |
| Seagate Technology Holdings PLC | 209 | 53479  |
| ServiceNow, Inc.<sup>(a)</sup> | 45 | 41368  |
| Skyworks Solutions, Inc. | 548 | 42591  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 921 | 47855  |
| Synopsys, Inc.<sup>(a)</sup> | 104 | 47197  |
| TE Connectivity PLC | 192 | 47426  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 74 | 38985  |
| Teradyne, Inc. | 343 | 62344  |
| Texas Instruments, Inc. | 219 | 35360  |
| Trimble, Inc.<sup>(a)</sup> | 504 | 40194  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 74 | 35243  |
| VeriSign, Inc. | 142 | 34052  |
| Western Digital Corp. | 425 | 63839  |
| Workday, Inc. - Class A<sup>(a)</sup> | 178 | 42706  |
| Zebra Technologies Corp.<sup>(a)</sup> | 132 | 35541  |
|  |  | 3017710  |
| **Materials - 24.3%**<br>|  |  |
| Air Products & Chemicals, Inc. | 398 | 96551  |
| Albemarle Corp. | 1508 | 148131  |
| Amcor PLC | 13932 | 110063  |
| Avery Dennison Corp. | 663 | 115952  |
| Ball Corp. | 2291 | 107677  |
| CF Industries Holdings, Inc. | 1319 | 109860  |

---

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

11<br>

------

**Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)** | **Materials - (Continued)** | **Materials - (Continued)** |
| Corteva, Inc. | 1598 | $98181  |
| Dow, Inc. | 4813 | 114790  |
| DuPont de Nemours, Inc. | 1438 | 117413  |
| Eastman Chemical Co. | 1762 | 104874  |
| Ecolab, Inc. | 426 | 109226  |
| Freeport-McMoRan, Inc. | 2556 | 106585  |
| International Flavors & Fragrances, Inc. | 1779 | 112024  |
| International Paper Co. | 2468 | 95364  |
| Linde PLC | 242 | 101229  |
| LyondellBasell Industries NV | 2108 | 97853  |
| Martin Marietta Materials, Inc. | 187 | 114650  |
| Mosaic Co. | 3433 | 94236  |
| Newmont Goldcorp Corp. | 1462 | 118378  |
| Nucor Corp. | 770 | 115539  |
| Packaging Corp. of America | 538 | 105319  |
| PPG Industries, Inc. | 1054 | 103028  |
| Sherwin-Williams Co. | 323 | 111416  |
| Smurfit WestRock PLC | 2534 | 93555  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 1662 | 74906  |
| Steel Dynamics, Inc. | 828 | 129830  |
| Vulcan Materials Co. | 389 | 112615  |
|  |  | 2919245  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $11,923,796)** |  | 11922817  |
| **RIGHTS - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00<sup>(a)(d)</sup> | 17786 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 22.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(e)</sup> | 2646709 | 2646709  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,646,709)** |  | 2646709  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 121.5%** <br>**(Cost $14,570,505)** |  | $14569526  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (21.5)% |  | (2575663)  |
| **TOTAL NET ASSETS - 100.0%** |  | $11993863 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

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

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

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

12<br>

------

**Pacer Data & Infrastructure Real Estate ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 63.5%**<br>|  |  |
| **Real Estate - 63.5%<sup>(a)</sup>**<br>|  |  |
| American Tower Corp. | 331014 | $59244886  |
| Crown Castle, Inc.<sup>(b)</sup> | 203052 | 18319351  |
| Digital Realty Trust, Inc. | 372092 | 63408198  |
| Equinix, Inc. | 81811 | 69212924  |
| Iron Mountain, Inc. | 200241 | 20614811  |
| Keppel DC REIT | 11053971 | 20299659  |
| SBA Communications Corp. | 96874 | 18549433  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $273,201,336)** |  | 269649262  |
| **COMMON STOCKS - 36.4%**<br>|  |  |
| **Communication Services - 23.4%**<br>|  |  |
| Cellnex Telecom SA<sup>(c)</sup> | 542307 | 16918927  |
| China Tower Corp. Ltd.<sup>(c)</sup> | 13214405 | 19093406  |
| &nbsp;&nbsp;&nbsp; Eutelsat Communications <br>SACA<sup>(b)(d)</sup> | 739180 | 2862360  |
| Helios Towers PLC<sup>(d)</sup> | 4276841 | 8406236  |
| HKBN Ltd. | 3951593 | 3472553  |
| Infrastrutture Wireless Italiane SpA<sup>(c)</sup> | 1629158 | 17910584  |
| Iridium Communications, Inc. | 517793 | 9915736  |
| SES SA | 2089840 | 16028378  |
| Uniti Group, Inc.<sup>(d)</sup> | 806083 | 4643038  |
|  |  | 99251218  |
| **Financials - 2.5%**<br>|  |  |
| DigitalBridge Group, Inc.<sup>(b)</sup> | 907162 | 10731727  |
| **Information Technology - 10.5%**<br>|  |  |
| GDS Holdings Ltd. - ADR<sup>(b)(d)</sup> | 507312 | 18111038  |
| NEXTDC Ltd.<sup>(d)</sup> | 1698807 | 17527118  |
| SUNeVision Holdings Ltd. | 3412419 | 2651889  |
| Vnet Group, Inc. - ADR<sup>(b)(d)</sup> | 625440 | 6504576  |
|  |  | 44794621  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $151,335,661)** |  | 154777566 |

---

---

| | | |
|:---|:---|:---|
|  | **Units**  | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(e)</sup> | 28834365 | $28834365  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $28,834,365)** |  | 28834365  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.7%** <br>**(Cost $453,371,362)** |  | $453261193  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (6.7)% |  | (28443062)  |
| **TOTAL NET ASSETS - 100.0%** |  | $424818131 |

---

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

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $27,917,455.

<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 October 31, 2025, the value of these securities total $53,922,917 or 12.7% of the Fund's net assets.

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

13<br>

------

**Pacer Data and Digital Revolution ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Industrials - 8.6%**<br>|  |  |
| AAON, Inc.<sup>(a)</sup> | 6512 | $640716  |
| Atkore, Inc. | 2646 | 183236  |
| Carrier Global Corp. | 68173 | 4055612  |
| Johnson Controls International PLC | 52462 | 6001128  |
| Legrand SA | 21355 | 3684871  |
| Lennox International, Inc. | 2835 | 1431675  |
| Nexans SA | 3519 | 495519  |
| nVent Electric PLC | 12841 | 1468368  |
| SPX Technologies, Inc.<sup>(b)</sup> | 3711 | 830856  |
| Time Interconnect Technology Ltd. | 156095 | 314311  |
| Trane Technologies PLC | 17842 | 8004813  |
|  |  | 27111105  |
| **Information Technology - 91.4%<sup>(c)</sup>**<br>|  |  |
| A10 Networks, Inc. | 5700 | 101688  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 80527 | 20624575  |
| Akamai Technologies, Inc.<sup>(b)</sup> | 11724 | 880472  |
| Ambarella, Inc.<sup>(b)</sup> | 3312 | 282282  |
| Arista Networks, Inc.<sup>(b)</sup> | 86620 | 13659108  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 84962 | 14428247  |
| AvePoint, Inc.<sup>(b)</sup> | 16949 | 238472  |
| Belden, Inc. | 3096 | 377248  |
| BlackBerry Ltd.<sup>(b)</sup> | 47577 | 232596  |
| Broadcom, Inc. | 87531 | 32354084  |
| Calix, Inc.<sup>(b)</sup> | 5216 | 356879  |
| CGI, Inc. | 15886 | 1383895  |
|  Check Point Software Technologies Ltd.<sup>(b)</sup> | 8682 | 1698894  |
| Ciena Corp.<sup>(b)</sup> | 11306 | 2147235  |
| Cisco Systems, Inc. | 196244 | 14347399  |
| Commvault Systems, Inc.<sup>(b)</sup> | 3508 | 488384  |
| Computacenter PLC | 8570 | 322704  |
| Confluent, Inc. - Class A<sup>(b)</sup> | 23297 | 544451  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(b)</sup> | 13704 | 2571144  |
| Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 19968 | 10842824  |
| CyberArk Software Ltd.<sup>(b)</sup> | 4016 | 2091452  |
| Datadog, Inc. - Class A<sup>(b)</sup> | 25612 | 4169890  |
| Digi International, Inc.<sup>(b)</sup> | 2886 | 105858  |
| DigitalOcean Holdings, Inc.<sup>(a)(b)</sup> | 7222 | 293647  |
| Dropbox, Inc. - Class A<sup>(b)</sup> | 16327 | 473483  |
| DXC Technology Co.<sup>(b)</sup> | 14338 | 203600  |
| Dynatrace, Inc.<sup>(b)</sup> | 24119 | 1219698  |
| Elastic NV<sup>(b)</sup> | 8333 | 743470  |
| ePlus, Inc. | 2026 | 148222  |
| Extreme Networks, Inc.<sup>(b)</sup> | 10651 | 202582  |
| F5, Inc.<sup>(b)</sup> | 4582 | 1159475  |
| Fortinet, Inc.<sup>(b)</sup> | 61262 | 5294875  |
| Hewlett Packard Enterprise Co. | 105101 | 2566566  |
| Informatica, Inc. - Class A<sup>(b)</sup> | 20854 | 518639  |
| Intel Corp.<sup>(b)</sup> | 350799 | 14028452  |
| InterDigital, Inc.<sup>(a)</sup> | 2030 | 734779  |
| Kingsoft Cloud Holdings Ltd.<sup>(b)</sup> | 335099 | 280679  |
| Marvell Technology, Inc. | 69054 | 6473122  |
| MongoDB, Inc.<sup>(b)</sup> | 6527 | 2348545  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Motorola Solutions, Inc. | 13346 | $5427952  |
| NetApp, Inc. | 16012 | 1885893  |
| NetScout Systems, Inc.<sup>(b)</sup> | 5693 | 158265  |
| Nokia OYJ | 444717 | 3009950  |
| Nutanix, Inc.<sup>(b)</sup> | 21483 | 1530449  |
| NVIDIA Corp. | 146159 | 29595736  |
| Okta, Inc.<sup>(b)</sup> | 13304 | 1217715  |
| Oracle Corp. | 106828 | 28054101  |
| Oracle Corp. Japan | 10236 | 945495  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 53515 | 11786144  |
| Pure Storage, Inc.<sup>(a)(b)</sup> | 26111 | 2577156  |
| Qorvo, Inc.<sup>(b)</sup> | 7396 | 702028  |
| Qualys, Inc.<sup>(b)</sup> | 2848 | 351044  |
| Radware Ltd.<sup>(b)</sup> | 3331 | 85374  |
| Rapid7, Inc.<sup>(b)</sup> | 5056 | 93587  |
| Rubrik, Inc. - Class A<sup>(b)</sup> | 9822 | 739302  |
| Seagate Technology Holdings PLC | 17035 | 4358916  |
| Semtech Corp.<sup>(b)</sup> | 6816 | 462534  |
| SentinelOne, Inc. - Class A<sup>(b)</sup> | 25444 | 454175  |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp. - <br>ADR | 2657 | 260678  |
| Snowflake, Inc.<sup>(b)</sup> | 26762 | 7356339  |
| Softcat PLC | 16362 | 343526  |
| Strategy, Inc.<sup>(b)</sup> | 21120 | 5692051  |
| Super Micro Computer, Inc.<sup>(b)</sup> | 47783 | 2482805  |
| TE Connectivity PLC | 23673 | 5847468  |
| Tenable Holdings, Inc.<sup>(b)</sup> | 9781 | 283845  |
| Teradata Corp.<sup>(b)</sup> | 7458 | 155499  |
| Trend Micro, Inc. | 11290 | 577710  |
| Ubiquiti, Inc. | 4867 | 3831205  |
| Varonis Systems, Inc.<sup>(b)</sup> | 8932 | 314674  |
| VSTECS Holdings Ltd. | 114676 | 142235  |
| Western Digital Corp. | 27948 | 4198069  |
| Zscaler, Inc.<sup>(b)</sup> | 12457 | 4125011  |
|  |  | 289986546  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $266,371,215)** |  | 317097651  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 4.1%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 4.1%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 4.1%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 13140105 | 13140105  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $13,140,105)** |  | 13140105  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.1%** <br>**(Cost $279,511,320)** |  | $330237756  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (4.1)% |  | (13058586)  |
| **TOTAL NET ASSETS - 100.0%** |  | $317179170 |

---

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

14<br>

------

**Pacer Data and Digital Revolution ETF** 

**Schedule of Investments** 

**October 31, 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.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $13,096,882.

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

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

15<br>

------

**Pacer Developed Markets International Cash Cows 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.6%**<br>|  |  |
| **Australia - 4.1%**<br>|  |  |
| BHP Group Ltd. | 951582 | $27052859  |
| Fortescue Ltd. | 1458786 | 20320970  |
| Qantas Airways Ltd. | 612835 | 4089977  |
| Whitehaven Coal Ltd. | 768795 | 3621765  |
|  |  | 55085571  |
| **Canada - 6.7%**<br>|  |  |
| Canadian Natural Resources Ltd. | 746164 | 23871077  |
| Cenovus Energy, Inc. | 818246 | 13826552  |
| Imperial Oil Ltd. | 205497 | 18175397  |
| Magna International, Inc.<sup>(a)</sup> | 180809 | 8541873  |
| Suncor Energy, Inc. | 640346 | 25498787  |
|  |  | 89913686  |
| **China - 0.9%**<br>|  |  |
| Lenovo Group Ltd. | 6353804 | 9288816  |
|  Shenzhou International Group Holdings Ltd. | 387683 | 3347708  |
|  |  | 12636524  |
| **Denmark - 3.3%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 12524 | 25815606  |
| Genmab AS<sup>(b)</sup> | 22971 | 6516596  |
| Vestas Wind Systems AS | 566806 | 11543545  |
|  |  | 43875747  |
| **Finland - 0.8%**<br>|  |  |
| Nokia OYJ | 1602861 | 10833912  |
| **France - 10.7%**<br>|  |  |
| Bouygues SA | 390895 | 17630533  |
| Capgemini SE | 64179 | 9875741  |
| Carrefour SA | 829724 | 12480720  |
|  Cie Generale des Etablissements Michelin SCA | 272191 | 8687447  |
| Dassault Aviation SA | 21360 | 6864193  |
| Eiffage SA | 99720 | 12264283  |
| Publicis Groupe SA | 95997 | 9604458  |
| Renault SA | 409875 | 15921237  |
| Teleperformance SE | 65445 | 4673942  |
| TotalEnergies SE | 396542 | 24659037  |
| Vinci SA | 163857 | 21889907  |
|  |  | 144551498  |
| **Germany - 7.6%**<br>|  |  |
| Aumovio SE<sup>(b)</sup> | 53315 | 2292185  |
| Bayer AG | 678277 | 21069845  |
| Continental AG | 107219 | 8092373  |
| Daimler AG | 403771 | 26160388  |
| Deutsche Post AG | 508472 | 23326285  |
| Deutsche Telekom AG | 612930 | 18997531  |
| Evonik Industries AG | 196388 | 3289092  |
|  |  | 103227699  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hong Kong - 2.4%**<br>|  |  |
| Orient Overseas International Ltd. | 660873 | $11439012  |
| SITC International Holdings Co. Ltd. | 1356093 | 4994676  |
| Techtronic Industries Co. Ltd. | 637045 | 7443963  |
| WH Group Ltd.<sup>(c)</sup> | 8273097 | 7942463  |
|  |  | 31820114  |
| **Italy - 3.2%**<br>|  |  |
| Buzzi SpA | 60698 | 3648583  |
| Eni SpA | 1553436 | 28548686  |
| Telecom Italia SpA<sup>(b)</sup> | 19281545 | 11361303  |
|  |  | 43558572  |
| **Japan - 19.0%**<br>|  |  |
| ANA Holdings, Inc. | 283804 | 5320289  |
| Daifuku Co. Ltd. | 118954 | 3803811  |
| Dentsu Group, Inc. | 192810 | 3808407  |
| ENEOS Holdings, Inc. | 2140538 | 13511877  |
| Idemitsu Kosan Co. Ltd. | 1572483 | 10933200  |
| Inpex Corp. | 773192 | 14253705  |
| Isuzu Motors Ltd. | 341611 | 4200589  |
| J Front Retailing Co. Ltd. | 147165 | 2217359  |
| Kawasaki Kisen Kaisha Ltd. | 259808 | 3730810  |
| Kobe Steel Ltd. | 308907 | 3641098  |
| LY Corp. | 4067496 | 11956237  |
| Makita Corp. | 141775 | 4301732  |
| Mazda Motor Corp. | 1167703 | 8122624  |
| Mitsubishi Corp. | 1187812 | 28610461  |
| Murata Manufacturing Co. Ltd. | 631465 | 13898704  |
| Nexon Co. Ltd. | 212430 | 4342058  |
| Nippon Steel Corp. | 4241506 | 17512623  |
| Nitto Denko Corp. | 197909 | 4949330  |
| Ono Pharmaceutical Co. Ltd. | 218077 | 2655386  |
| Otsuka Holdings Co. Ltd. | 193664 | 10523278  |
| Seiko Epson Corp. | 219658 | 2788663  |
| Shionogi & Co. Ltd. | 277405 | 4644117  |
| Sony Financial Holdings, Inc.<sup>(b)</sup> | 885783 | 893198  |
| Sony Group Corp. | 892745 | 25094876  |
| Subaru Corp. | 617953 | 13164231  |
| Sumitomo Electric Industries Ltd. | 326847 | 11982905  |
| Suzuki Motor Corp. | 897154 | 13436061  |
| TDK Corp. | 738532 | 12809656  |
|  |  | 257107285  |
| **Luxembourg - 0.8%**<br>|  |  |
| Tenaris SA | 569875 | 11353884  |
| **Mexico - 0.5%**<br>|  |  |
| Fresnillo PLC | 229288 | 6693001  |
| **Netherlands - 1.4%**<br>|  |  |
| Koninklijke Ahold Delhaize NV | 460431 | 18845632  |
| **Norway - 2.2%**<br>|  |  |
| Aker BP ASA | 255494 | 6631228  |
| Equinor ASA | 967420 | 23112831  |
|  |  | 29744059  |

---

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

16<br>

------

**Pacer Developed Markets International Cash Cows 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Singapore - 0.7%**<br>|  |  |
| Singapore Airlines Ltd. | 1909781 | $9727910  |
| **South Korea - 13.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; HD Hyundai Heavy <br>Industries Co. Ltd. | 41897 | 17643938  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 75175 | 25009967  |
| HMM Co. Ltd. | 508566 | 7335344  |
| Kia Corp. | 345088 | 29040920  |
| Krafton, Inc.<sup>(b)</sup> | 14178 | 2746537  |
| Samsung Electronics Co. Ltd. | 542352 | 40921453  |
| SK hynix, Inc. | 143100 | 56145218  |
|  |  | 178843377  |
| **Spain - 2.7%**<br>|  |  |
|  ACS Actividades de Construccion y Servicios SA | 163651 | 13430560  |
| Telefonica SA | 4423224 | 22366707  |
|  |  | 35797267  |
| **Sweden - 2.8%**<br>|  |  |
| Evolution AB<sup>(c)</sup> | 88218 | 5898379  |
|  H & M Hennes & Mauritz AB - Class B<sup>(a)</sup> | 597376 | 11337269  |
|  Telefonaktiebolaget LM Ericsson - Class B | 2062549 | 20798631  |
|  |  | 38034279  |
| **Switzerland - 2.3%**<br>|  |  |
| Adecco Group AG | 88767 | 2473012  |
| Glencore PLC | 6029358 | 28867192  |
|  |  | 31340204  |
| **United Kingdom - 13.3%**<br>|  |  |
| Associated British Foods PLC | 272946 | 8229149  |
| Berkeley Group Holdings PLC | 34795 | 1841204  |
| BP PLC | 4817886 | 27994259  |
| British American Tobacco PLC | 494643 | 25368640  |
| Bunzl PLC | 148651 | 4514932  |
| Imperial Brands PLC | 364374 | 14479991  |
|  International Consolidated Airlines Group SA | 3830521 | 21029344  |
| J Sainsbury PLC | 1787467 | 8021423  |
| Kingfisher PLC | 1536893 | 6234713  |
| Marks & Spencer Group PLC | 813700 | 4252307  |
| Shell PLC | 694703 | 25987136  |
| Vodafone Group PLC | 23678451 | 28661374  |
| WPP PLC | 896268 | 3385098  |
|  |  | 179999570  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,124,791,444)** |  | 1332989791  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 0.9%**<br>|  |  |
| **Germany - 0.9%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 152282 | $12332530  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $13,025,417)** |  | 12332530  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.3%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 17182115 | 17182115  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $17,182,115)** |  | 17182115  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.8%** <br>**(Cost $1,154,998,976)** |  | $1362504436  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.8)% |  | (11254139)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1351250297 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $16,746,753.

<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 October 31, 2025, the value of these securities total $13,840,842 or 1.0% of the Fund's net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

17<br>

------

**Pacer Emerging Markets Cash Cows 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.3%**<br>|  |  |
| **Brazil - 7.9%**<br>|  |  |
| Ambev SA | 846367 | $2005814  |
| CPFL Energia SA | 209609 | 1616108  |
| Lojas Renner SA | 120768 | 332227  |
| Rede D'Or Sao Luiz SA<sup>(a)</sup> | 157321 | 1262674  |
| Telefonica Brasil SA | 385927 | 2314149  |
| TIM SA | 457869 | 2064685  |
|  |  | 9595657  |
| **Chile - 2.1%**<br>|  |  |
| Cia Sud Americana de Vapores SA | 7797006 | 387968  |
| Enel Chile SA | 11601305 | 886207  |
| Latam Airlines Group SA<sup>(b)</sup> | 58656805 | 1336744  |
|  |  | 2610919  |
| **China - 28.3%<sup>(c)</sup>**<br>|  |  |
| China Coal Energy Co. Ltd. - Class H | 1948810 | 2746198  |
|  China Communications Services Corp. Ltd. - Class H | 1360815 | 816081  |
| China Hongqiao Group Ltd. | 1140462 | 4332568  |
| China Literature Ltd.<sup>(a)(b)</sup> | 118037 | 634651  |
| CMOC Group Ltd. - Class H | 2439795 | 5281139  |
|  COSCO Shipping Holdings Co. Ltd. - Class H | 1265479 | 2196924  |
|  Dongfeng Motor Group Co. Ltd. - Class H<sup>(b)</sup> | 2078836 | 2514759  |
|  Hisense Home Appliances Group Co. Ltd. | 211811 | 625302  |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 1367455 | 2227896  |
| JD.com, Inc. - Class A | 128989 | 2118125  |
| Kingsoft Corp. Ltd. | 164978 | 718888  |
| Li Ning Co. Ltd. | 337733 | 733659  |
|  New Oriental Education & Technology Group, Inc.<sup>(b)</sup> | 194814 | 1170807  |
|  Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 521394 | 364346  |
|  Shanghai Electric Group Co. Ltd. - Class H<sup>(b)</sup> | 6011162 | 3504329  |
| Sinotruk Hong Kong Ltd. | 385941 | 1289359  |
| &nbsp;&nbsp;&nbsp; Topsports International Holdings <br>Ltd.<sup>(a)</sup> | 1156636 | 458454  |
|  Yangzijiang Shipbuilding Holdings Ltd. | 1029209 | 2783356  |
|  |  | 34516841  |
| **Colombia - 1.8%**<br>|  |  |
| Ecopetrol SA | 4747346 | 2192218  |
| **Czech Republic - 1.9%**<br>|  |  |
| CEZ AS | 38208 | 2340207  |
| **Greece - 1.1%**<br>|  |  |
|  Hellenic Telecommunications Organization SA | 28488 | 535564  |
| OPAP SA | 40342 | 834675  |
|  |  | 1370239  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Hong Kong - 1.9%**<br>|  |  |
| Guangdong Investment Ltd. | 1347838 | $1281830  |
| Kunlun Energy Co. Ltd. | 1111152 | 1020986  |
|  |  | 2302816  |
| **Hungary - 2.1%**<br>|  |  |
|  Magyar Telekom Telecommunications PLC | 132308 | 693704  |
| MOL Hungarian Oil & Gas PLC | 120596 | 1060997  |
| Richter Gedeon Nyrt | 23880 | 736042  |
|  |  | 2490743  |
| **Indonesia - 7.1%**<br>|  |  |
| Alamtri Resources Indonesia Tbk PT | 9880233 | 1119918  |
| Astra International Tbk PT | 7507523 | 2776384  |
| Perusahaan Gas Negara Tbk PT | 6679652 | 698893  |
| Sumber Alfaria Trijaya Tbk PT | 2467255 | 298207  |
| Telekom Indonesia Persero Tbk PT | 12198450 | 2354602  |
| United Tractors Tbk PT | 861564 | 1393630  |
|  |  | 8641634  |
| **Malaysia - 2.1%**<br>|  |  |
| Telekom Malaysia Bhd | 339632 | 592004  |
| Tenaga Nasional Bhd | 632704 | 2006282  |
|  |  | 2598286  |
| **Mexico - 5.9%**<br>|  |  |
| Alfa SAB de CV - Class A | 1123897 | 851158  |
|  Grupo Aeroportuario del Sureste SAB de CV - Class B | 20567 | 622307  |
| Grupo Mexico SAB de CV - Class B | 375360 | 3238903  |
| Industrias Penoles SAB de CV<sup>(b)</sup> | 50106 | 2116839  |
|  Kimberly-Clark de Mexico SAB de CV - Class A | 177199 | 343458  |
|  |  | 7172665  |
| **Russia - 0.0%<sup>(d)</sup>**<br>|  |  |
| Alrosa PJSC<sup>(e)</sup> | 91900 | 0  |
| Inter RAO UES PJSC<sup>(b)(e)</sup> | 1901988 | 0  |
| LUKOIL PJSC - ADR<sup>(b)(e)</sup> | 2652 | 0  |
| Magnit PJSC<sup>(b)(e)</sup> | 1958 | 0  |
|  Magnitogorsk Iron & Steel Works PJSC<sup>(e)</sup> | 106418 | 0  |
| &nbsp;&nbsp;&nbsp; Magnitogorsk Iron & Steel Works <br>PJSC - GDR<sup>(b)(e)</sup> | 2458 | 0  |
| Severstal PAO<sup>(b)(e)</sup> | 9320 | 0  |
| Severstal PAO - GDR<sup>(b)(e)</sup> | 2129 | 0  |
| Surgutneftegas PAO<sup>(b)(e)</sup> | 477461 | 0  |
| Tatneft PJSC - ADR<sup>(b)(e)</sup> | 3600 | 0  |
|  |  | 0  |
| **South Africa - 4.9%**<br>|  |  |
| Exxaro Resources Ltd. | 67957 | 693191  |
| Foschini Group Ltd. | 42699 | 226825  |
| Harmony Gold Mining Co. Ltd. | 38222 | 641975  |
| Kumba Iron Ore Ltd. | 70697 | 1407824  |
| Mr Price Group Ltd. | 27858 | 332400  |
| Sasol Ltd.<sup>(b)</sup> | 161744 | 1004749  |

---

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

18<br>

------

**Pacer Emerging Markets Cash Cows 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **South Africa - (Continued)**  | **South Africa - (Continued)**  | **South Africa - (Continued)**  |
| Tiger Brands Ltd. | 20734 | $392735  |
| Vodacom Group Ltd. | 161594 | 1305242  |
|  |  | 6004941  |
| **Taiwan - 10.8%**<br>|  |  |
| Alchip Technologies Ltd. | 5953 | 676807  |
| Asustek Computer, Inc. | 43270 | 981074  |
| Catcher Technology Co. Ltd. | 42379 | 273649  |
| Cheng Shin Rubber Industry Co. Ltd. | 255549 | 265184  |
| Chicony Electronics Co. Ltd. | 52090 | 220282  |
| China Airlines Ltd. | 1059363 | 689218  |
| Compal Electronics, Inc. | 849191 | 912975  |
| Eva Airways Corp. | 606272 | 713934  |
| Evergreen Marine Corp. Taiwan Ltd. | 268678 | 1691200  |
|  Far EasTone Telecommunications Co. Ltd. | 285413 | 858811  |
| Foxconn Technology Co. Ltd. | 64410 | 149810  |
| Largan Precision Co. Ltd. | 6727 | 484705  |
| Micro-Star International Co. Ltd. | 59983 | 213661  |
| Novatek Microelectronics Corp. | 32264 | 412470  |
| Powertech Technology, Inc. | 54517 | 306803  |
| Realtek Semiconductor Corp. | 44994 | 753779  |
| Wan Hai Lines Ltd. | 394825 | 1054459  |
| Yageo Corp. | 204755 | 1658502  |
| Zhen Ding Technology Holding Ltd. | 151067 | 801012  |
|  |  | 13118335  |
| **Thailand - 7.5%**<br>|  |  |
| Advanced Info Service PCL | 239000 | 2232194  |
| Bumrungrad Hospital PCL | 53086 | 282381  |
| Charoen Pokphand Foods PCL | 1515040 | 988630  |
| Global Power Synergy PCL | 477383 | 612692  |
| PTT Exploration & Production PCL | 677893 | 2243221  |
| PTT Oil & Retail Business PCL<sup>(a)</sup> | 1222594 | 555810  |
| PTT PCL | 2287525 | 2175395  |
|  |  | 9090323  |
| **Turkey - 5.2%**<br>|  |  |
| BIM Birlesik Magazalar AS | 67535 | 865586  |
| Gubre Fabrikalari TAS<sup>(b)</sup> | 26428 | 198898  |
| Migros Ticaret AS | 34441 | 371403  |
| Oyak Cimento Fabrikalari AS | 233699 | 118144  |
| Turk Hava Yollari AO | 289371 | 2005794  |
| Turk Telekomunikasyon AS<sup>(b)</sup> | 277443 | 336463  |
| Turkcell Iletisim Hizmetleri AS | 363819 | 862528  |
| Turkiye Petrol Rafinerileri AS | 323469 | 1519891  |
|  |  | 6278707  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **United Arab Emirates - 3.7%**<br>|  |  |
| Alpha Dhabi Holding PJSC | 650705 | $1775158  |
| Borouge PLC | 2223380 | 1519401  |
| Fertiglobe PLC | 773932 | 526778  |
| NMDC Group PJSC | 104112 | 678027  |
|  |  | 4499364  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $97,546,588)** |  | 114823895  |
| **PREFERRED STOCKS - 5.4%**<br>|  |  |
| **Brazil - 5.4%**<br>|  |  |
|  Centrais Eletricas Brasileiras SA, 0.00% | 257417 | 2834963  |
| &nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais, <br>0.00% | 447603 | 941805  |
| Gerdau SA, 0.00% | 173403 | 608528  |
|  Petroleo Brasileiro SA - Petrobras, 0.00% | 401463 | 2214783  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $5,695,504)** |  | 6600079  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $103,242,092)** |  | $121423974  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 414618  |
| **TOTAL NET ASSETS - 100.0%** |  | $121838592 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

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 October 31, 2025, the value of these securities total $5,139,485 or 4.2% of the Fund's net assets.

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

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025. 

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

19<br>

------

**Pacer Global Cash Cows Dividend ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Australia - 4.4%**<br>|  |  |
| BHP Group Ltd. | 1885360 | $53599563  |
| Fortescue Ltd. | 3318073 | 46220941  |
| Sonic Healthcare Ltd. | 235328 | 3258115  |
| South32 Ltd. | 1793864 | 3720711  |
| Treasury Wine Estates Ltd. | 471684 | 1848652  |
|  |  | 108647982  |
| **Canada - 1.6%**<br>|  |  |
| Canadian Natural Resources Ltd. | 1257028 | 40214500  |
| **China - 0.7%**<br>|  |  |
| Lenovo Group Ltd. | 6276635 | 9176001  |
|  Shenzhou International Group Holdings Ltd. | 850696 | 7345902  |
|  |  | 16521903  |
| **Denmark - 1.6%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 16020 | 33021879  |
| Coloplast A/S - Class B | 88060 | 7959304  |
|  |  | 40981183  |
| **France - 10.9%**<br>|  |  |
|  Cie Generale des Etablissements Michelin SCA | 336999 | 10755907  |
| Engie SA | 2128556 | 49805418  |
| Kering | 48127 | 17019219  |
| Orange SA | 1785997 | 28481008  |
| Pernod Ricard SA | 151916 | 14876936  |
| Publicis Groupe SA | 107125 | 10717810  |
| Sanofi SA | 463824 | 46833088  |
| TotalEnergies SE | 781639 | 48606365  |
| Veolia Environnement SA | 384417 | 12694707  |
| Vinci SA | 239739 | 32027099  |
|  |  | 271817557  |
| **Germany - 3.2%**<br>|  |  |
| Daimler AG | 798057 | 51706242  |
| Deutsche Post AG | 592915 | 27200130  |
|  |  | 78906372  |
| **Hong Kong - 4.8%**<br>|  |  |
|  Budweiser Brewing Co. APAC Ltd.<sup>(a)</sup> | 7933432 | 8045176  |
| Cathay Pacific Airways Ltd. | 5079501 | 7236306  |
|  Chow Tai Fook Jewellery Group Ltd. | 5019341 | 9831269  |
| CK Hutchison Holdings Ltd. | 2203756 | 14605586  |
| CK Infrastructure Holdings Ltd. | 1493203 | 9713780  |
| CLP Holdings Ltd. | 1440160 | 12287754  |
| Jardine Matheson Holdings Ltd. | 179636 | 10553615  |
| Orient Overseas International Ltd. | 946997 | 16391516  |
| Power Assets Holdings Ltd. | 1417513 | 9004310  |
|  SITC International Holdings Co. Ltd. | 2846843 | 10485313  |
| WH Group Ltd.<sup>(a)</sup> | 10435094 | 10018056  |
|  |  | 118172681  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland - 1.8%**<br>|  |  |
| Medtronic PLC | 489958 | $44439191  |
| **Italy - 1.9%**<br>|  |  |
| Eni SpA<sup>(b)</sup> | 2624395 | 48230522  |
| **Japan - 9.4%**<br>|  |  |
| Aisin Corp. | 295981 | 5328657  |
| Asahi Kasei Corp. | 567840 | 4357088  |
| Astellas Pharma, Inc. | 1050143 | 10994781  |
| Bridgestone Corp. | 273053 | 11984495  |
| Canon, Inc. | 375728 | 10807879  |
| ENEOS Holdings, Inc. | 1054360 | 6655515  |
| Idemitsu Kosan Co. Ltd. | 548180 | 3811400  |
| Inpex Corp. | 589393 | 10865392  |
| Isuzu Motors Ltd. | 422327 | 5193107  |
| Japan Tobacco, Inc. | 904475 | 31487304  |
| JFE Holdings, Inc. | 426033 | 4888971  |
| Kawasaki Kisen Kaisha Ltd. | 348333 | 5002017  |
| Komatsu Ltd. | 418879 | 14041457  |
| Mitsubishi Chemical Group Corp. | 686984 | 3593393  |
| Nippon Steel Corp. | 3387582 | 13986882  |
| Oracle Corp. Japan | 57104 | 5272791  |
| SoftBank Corp. | 21281200 | 30200496  |
| Subaru Corp. | 349408 | 7443426  |
| Sumitomo Corp. | 484414 | 14100845  |
| Takeda Pharmaceutical Co. Ltd. | 807120 | 21750499  |
| Toyota Tsusho Corp. | 409095 | 12521583  |
|  |  | 234287978  |
| **Netherlands - 0.5%**<br>|  |  |
| Koninklijke Philips NV | 434140 | 11879714  |
| **Norway - 1.8%**<br>|  |  |
| Equinor ASA | 1889638 | 45145731  |
| **Singapore - 0.5%**<br>|  |  |
| Genting Singapore Ltd. | 7858933 | 4407668  |
| Jardine Cycle & Carriage Ltd. | 274294 | 6846813  |
|  |  | 11254481  |
| **South Korea - 1.4%**<br>|  |  |
| Kia Corp. | 327042 | 27522257  |
| Korean Air Lines Co. Ltd. | 143949 | 2237916  |
| LG Corp. | 76472 | 4310020  |
|  |  | 34070193  |
| **Spain - 1.9%**<br>|  |  |
| Endesa SA | 472183 | 16921020  |
| Naturgy Energy Group SA | 468521 | 14192206  |
| Telefonica SA | 3292435 | 16648699  |
|  |  | 47761925  |
| **Sweden - 0.7%**<br>|  |  |
|  H & M Hennes & Mauritz AB - Class B<sup>(b)</sup> | 869067 | 16493543  |

---

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

20<br>

------

**Pacer Global Cash Cows Dividend ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Switzerland - 6.6%**<br>|  |  |
| Kuehne + Nagel International AG | 58100 | $11118235  |
| Nestle SA | 442191 | 42243733  |
| Novartis AG | 395271 | 48758686  |
| Roche Holding AG | 143042 | 46018731  |
| Swisscom AG | 22416 | 16420294  |
|  |  | 164559679  |
| **Thailand - 0.2%**<br>|  |  |
| Thai Beverage PCL | 15393476 | 5676758  |
| **United Kingdom - 14.7%**<br>|  |  |
| BP PLC | 9534741 | 55401478  |
| British American Tobacco PLC | 979319 | 50226106  |
| Diageo PLC | 1038981 | 23885876  |
| GSK PLC | 1891760 | 44249007  |
| Imperial Brands PLC | 608505 | 24181601  |
| Reckitt Benckiser Group PLC | 310633 | 23733812  |
| Rio Tinto PLC | 791861 | 57069001  |
| Shell PLC | 1380256 | 51631993  |
| Tesco PLC | 2675556 | 16147324  |
| Vodafone Group PLC | 14688528 | 17779601  |
|  |  | 364305799  |
| **United States - 30.8%<sup>(c)</sup>**<br>|  |  |
| AbbVie, Inc. | 245950 | 53626938  |
| Altria Group, Inc. | 788861 | 44475983  |
| Amgen, Inc. | 160935 | 48027832  |
| AT&T, Inc. | 1662838 | 41155241  |
| Bristol-Myers Squibb Co. | 964543 | 44436496  |
| Chevron Corp. | 333047 | 52528173  |
| Comcast Corp. - Class A | 1345012 | 37438409  |
| ConocoPhillips | 535485 | 47583197  |
| EOG Resources, Inc. | 217929 | 23065605  |
| Exxon Mobil Corp. | 447704 | 51199430  |
| Johnson & Johnson | 301285 | 56903698  |
| Merck & Co., Inc. | 592135 | 50911767  |
| PepsiCo, Inc. | 358946 | 52438421  |
| Pfizer, Inc. | 1998484 | 49262631  |
| Target Corp.<sup>(b)</sup> | 251031 | 23275594  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. - <br>Class B | 474640 | 45764789  |
| Verizon Communications, Inc. | 1065546 | 42344798  |
|  |  | 764439002  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,229,179,046)** |  | 2467806694 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 10311601 | $10311601  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $10,311,601)** |  | 10311601  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $2,239,490,647)** |  | $2478118295  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 5139114  |
| **TOTAL NET ASSETS - 100.0%** |  | $2483257409 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PCL - Public Company Limited

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 October 31, 2025, the value of these securities total $18,063,232 or 0.7% of the Fund's net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $9,819,865.

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

21<br>

------

**Pacer Industrial Real Estate ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 96.3%**<br>|  |  |
| **Real Estate - 96.3%<sup>(a)</sup>**<br>|  |  |
| Big Yellow Group PLC | 96147 | $1404546  |
| Centuria Industrial REIT | 272379 | 630891  |
| CubeSmart | 116968 | 4406184  |
|  Dream Industrial Real Estate Investment Trust | 145425 | 1253565  |
| EastGroup Properties, Inc. | 27369 | 4776712  |
| ESR-REIT<sup>(b)</sup> | 309257 | 679529  |
| Extra Space Storage, Inc. | 118859 | 15872431  |
| First Industrial Realty Trust, Inc. | 67752 | 3745331  |
| GLP J-Reit | 2369 | 2147487  |
| Granite Real Estate Investment Trust | 31186 | 1752580  |
| Lexington Realty Trust | 150828 | 1431358  |
| LondonMetric Property PLC | 1101747 | 2752883  |
| Mapletree Industrial Trust | 1071508 | 1753466  |
| Mapletree Logistics Trust | 1772704 | 1825003  |
| National Storage Affiliates Trust | 36275 | 1055240  |
| National Storage REIT | 661726 | 995825  |
| Nippon Prologis REIT, Inc. | 3667 | 2132004  |
| Prologis, Inc. | 151686 | 18822716  |
| Public Storage<sup>(c)</sup> | 59735 | 16639782  |
| Rexford Industrial Realty, Inc.<sup>(c)</sup> | 120927 | 4996704  |
| Safestore Holdings PLC | 110048 | 1033674  |
| Segro PLC | 633863 | 5807281  |
| STAG Industrial, Inc.<sup>(c)</sup> | 96242 | 3683181  |
| Terreno Realty Corp. | 52465 | 2997325  |
| Tritax Big Box REIT PLC | 1139098 | 2246142  |
| Warehouses De Pauw CVA | 94305 | 2393578  |
| WP Carey, Inc. | 76330 | 5037780  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $119,122,212)** |  | 112273198  |
| **COMMON STOCKS - 3.1%**<br>|  |  |
| **Real Estate - 3.1%**<br>|  |  |
| Catena AB | 21932 | 1063328  |
| Sagax AB - Class B | 112690 | 2528934  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,375,586)** |  | 3592262 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 21.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 24723428 | $24723428  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $24,723,428)** |  | 24723428  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 120.6%** <br>**(Cost $147,221,226)** |  | $140588888  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (20.6)% |  | (23988647)  |
| **TOTAL NET ASSETS - 100.0%** |  | $116600241 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $24,053,552.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

22<br>

------

**Pacer Industrials and Logistics ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **Energy - 0.8%**<br>|  |  |
| ADNOC Logistics & Services | 2586 | $4041  |
| SFL Corp. Ltd. | 50 | 373  |
|  |  | 4414  |
| **Industrials - 84.6%<sup>(a)</sup>**<br>|  |  |
| ABB Ltd. | 849 | 63097  |
| ANE Cayman, Inc. | 403 | 595  |
| AP Moller - Maersk AS - Class B | 2 | 4129  |
| ArcBest Corp. | 8 | 595  |
| ATS Corp.<sup>(b)</sup> | 34 | 936  |
| AutoStore Holdings Ltd.<sup>(b)(c)</sup> | 1175 | 1142  |
| Brambles Ltd. | 478 | 7779  |
| Canadian National Railway Co. | 216 | 20733  |
| Canadian Pacific Kansas City Ltd. | 318 | 22907  |
| CH Robinson Worldwide, Inc.<sup>(d)</sup> | 41 | 6314  |
| China Merchants Port Holdings Co. Ltd. | 1469 | 2843  |
| CJ Logistics Corp. | 8 | 463  |
| Clarkson PLC | 11 | 524  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | 1027 | 1783  |
| COSCO SHIPPING Ports Ltd. | 1328 | 979  |
| Costamare, Inc. | 41 | 501  |
| CSX Corp. | 645 | 23233  |
| CTT-Correios de Portugal SA | 46 | 401  |
| Daifuku Co. Ltd. | 133 | 4254  |
| Danaos Corp. | 7 | 637  |
| Deutsche Post AG | 415 | 19064  |
| DSV AS | 83 | 17640  |
| Expeditors International of Washington, Inc. | 47 | 5729  |
| FedEx Corp. | 81 | 20559  |
| Full Truck Alliance Co. Ltd. - ADR | 327 | 4251  |
| GXO Logistics, Inc.<sup>(b)(d)</sup> | 40 | 2248  |
| Hapag-Lloyd AG<sup>(c)</sup> | 61 | 8773  |
| Hiab Oyj | 19 | 1053  |
| HMM Co. Ltd. | 352 | 5077  |
| Hoegh Autoliners ASA | 65 | 584  |
| Hyundai Glovis Co. Ltd. | 26 | 3445  |
| ID Logistics Group SACA<sup>(b)</sup> | 2 | 909  |
| &nbsp;&nbsp;&nbsp; International Container Terminal Services, <br>Inc. | 702 | 6322  |
| J&T Global Express Ltd.<sup>(b)</sup> | 2791 | 3580  |
| JB Hunt Trasport Services, Inc. | 33 | 5572  |
| JD Logistics, Inc.<sup>(b)(c)</sup> | 2328 | 3792  |
| Kalmar Oyj - Class B | 19 | 788  |
| Kamigumi Co. Ltd. | 37 | 1111  |
| Kardex Holding AG | 3 | 1129  |
| Kawasaki Kisen Kaisha Ltd. | 224 | 3218  |
| KION Group AG | 46 | 3265  |
| Kirby Corp.<sup>(b)</sup> | 20 | 2070  |
| Knight-Swift Transportation Holdings, Inc. | 57 | 2572  |
| Konoike Transport Co. Ltd. | 20 | 415  |
| Kuehne + Nagel International AG | 41 | 7865  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Landstar System, Inc. | 12 | $1541  |
| Logista Integral SA | 46 | 1535  |
| Mainfreight Ltd. | 35 | 1208  |
| Marten Transport Ltd. | 28 | 287  |
| Matson, Inc. | 11 | 1110  |
| Mitsubishi Logisnext Co. Ltd. | 37 | 370  |
| Mitsubishi Logistics Corp. | 130 | 944  |
| Mitsui OSK Lines Ltd. | 127 | 3778  |
| Mitsui-Soko Holdings Co. Ltd. | 26 | 683  |
| Navios Maritime Partners LP | 10 | 491  |
| Nikkon Holdings Co. Ltd. | 44 | 993  |
| NIPPON EXPRESS HOLDINGS INC | 90 | 1914  |
| Nippon Yusen KK | 151 | 5225  |
| Norfolk Southern Corp. | 77 | 21820  |
| Old Dominion Freight Line, Inc. | 72 | 10110  |
| Orient Overseas International Ltd. | 232 | 4015  |
| Pacific Basin Shipping Ltd. | 1790 | 592  |
| Pan Ocean Co. Ltd. | 183 | 492  |
| Qube Holdings Ltd. | 631 | 1813  |
| Rumo SA | 636 | 1890  |
| RXO, Inc.<sup>(b)(d)</sup> | 56 | 993  |
| Ryder System, Inc.<sup>(d)</sup> | 14 | 2369  |
| Saia, Inc.<sup>(b)</sup> | 9 | 2632  |
| Sankyu, Inc. | 20 | 1022  |
| Schneider National, Inc. - Class B | 32 | 684  |
| Seino Holdings Co. Ltd. | 69 | 976  |
| Senko Group Holdings Co. Ltd. | 65 | 849  |
| SG Holdings Co. Ltd. | 225 | 2069  |
| SITC International Holdings Co. Ltd. | 945 | 3480  |
| Star Bulk Carriers Corp. | 40 | 753  |
| Sumitomo Warehouse Co. Ltd. | 27 | 570  |
| Symbotic, Inc.<sup>(b)</sup> | 39 | 3157  |
| TFI International, Inc. | 29 | 2609  |
| Toyota Industries Corp. | 113 | 12341  |
| Transcoal Pacific Tbk PT | 1714 | 809  |
| TS Lines Ltd. | 571 | 641  |
| Union Pacific Corp.<sup>(d)</sup> | 253 | 55754  |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. - <br>Class B | 252 | 24298  |
| Wallenius Wilhelmsen ASA | 145 | 1136  |
| Werner Enterprises, Inc. | 21 | 550  |
| Westshore Terminals Investment Corp. | 21 | 386  |
| Wilson Sons SA | 153 | 526  |
| XPO Logistics, Inc.<sup>(b)</sup> | 40 | 5755  |
| Yamato Holdings Co. Ltd. | 127 | 1856  |
| Yaskawa Electric Corp. | 92 | 2535  |
| ZIM Integrated Shipping Services Ltd.<sup>(d)</sup> | 41 | 631  |
| ZTO Express Cayman, Inc. | 209 | 3835  |
|  |  | 488903  |
| **Information Technology - 14.0%**<br>|  |  |
| Celestica, Inc.<sup>(b)</sup> | 40 | 13785  |
| Cognex Corp. | 58 | 2401  |
| Cybozu, Inc. | 18 | 359  |

---

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

23<br>

------

**Pacer Industrials and Logistics ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Flex Ltd.<sup>(b)(d)</sup> | 129 | $8065  |
| Open Text Corp. | 89 | 3418  |
| Sanmina Corp.<sup>(b)</sup> | 18 | 2467  |
| SAP SE | 194 | 50258  |
|  |  | 80753  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $586,702)** |  | 574070  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(e)</sup> | 71862 | 71862  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM** <br>**SECURITIES LENDING** <br>**(Cost $71,862)** |  | 71862  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.8%** <br>**(Cost $658,564)** |  | $645932  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (11.8)% |  | (68353)  |
| **TOTAL NET ASSETS - 100.0%** |  | $577579 |

---

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

LP - Limited Partnership

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 October 31, 2025, the value of these securities total $13,707 or 2.4% of the Fund's net assets.

<sup>(d)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $70,727.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

24<br>

------

**Pacer Lunt Large Cap Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 2.8%**<br>|  |  |
| Meta Platforms, Inc. - Class A | 1083 | $702163  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 11205 | 563387  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 79498 | 1784730  |
|  |  | 3050280  |
| **Consumer Discretionary - 11.6%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 6331 | 801125  |
| Amazon.com, Inc.<sup>(a)</sup> | 3815 | 931699  |
| Carnival Corp.<sup>(a)</sup> | 37855 | 1091360  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 8324 | 678406  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 2967 | 754716  |
| Expedia Group, Inc. | 4789 | 1053580  |
| MGM Resorts International<sup>(a)</sup> | 26166 | 838097  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 43902 | 984283  |
| Ralph Lauren Corp. | 2883 | 921580  |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 3217 | 922732  |
| Tapestry, Inc. | 6816 | 748533  |
| Tesla Motors, Inc.<sup>(a)</sup> | 4655 | 2125287  |
| Williams-Sonoma, Inc. | 4319 | 839354  |
|  |  | 12690752  |
| **Consumer Staples - 0.8%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A<sup>(b)</sup> | 9091 | 879009  |
| **Energy - 2.6%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 51842 | 1174221  |
| Devon Energy Corp. | 23503 | 763613  |
| Texas Pacific Land Corp. | 931 | 878287  |
|  |  | 2816121  |
| **Financials - 14.9%**<br>|  |  |
| American Express Co. | 2851 | 1028441  |
| Apollo Global Management, Inc. | 7568 | 940778  |
| Blackstone, Inc. | 5683 | 833355  |
| Block, Inc.<sup>(a)(b)</sup> | 13671 | 1038176  |
| Capital One Financial Corp. | 4410 | 970156  |
| Citigroup, Inc. | 8745 | 885256  |
| Citizens Financial Group, Inc. | 16811 | 855176  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 4876 | 1676271  |
| Corpay, Inc.<sup>(a)</sup> | 2701 | 703205  |
| Global Payments, Inc. | 8903 | 692297  |
| Goldman Sachs Group, Inc. | 1184 | 934614  |
| Huntington Bancshares, Inc.<sup>(b)</sup> | 47944 | 740255  |
| Invesco Ltd. | 44694 | 1059248  |
| KeyCorp. | 45733 | 804444  |
| KKR & Co., Inc. | 8031 | 950308  |
| Morgan Stanley | 6016 | 986624  |
| Synchrony Financial | 14675 | 1091527  |
|  |  | 16190131  |
| **Health Care - 4.2%**<br>|  |  |
| Align Technology, Inc.<sup>(a)</sup> | 6085 | 839000  |
| Bio-Techne Corp. | 15232 | 953066  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 5719 | $1029820  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1632 | 871945  |
| Moderna, Inc.<sup>(a)</sup> | 30662 | 832780  |
|  |  | 4526611  |
| **Industrials - 10.6%**<br>|  |  |
| Dayforce, Inc.<sup>(a)</sup> | 15314 | 1052684  |
| Delta Air Lines, Inc. | 19851 | 1139050  |
| Eaton Corp. PLC | 2506 | 956189  |
| Emerson Electric Co. | 5987 | 835606  |
| GE Vernova, Inc. | 1624 | 950267  |
| Howmet Aerospace, Inc. | 4430 | 912359  |
| Parker-Hannifin Corp. | 1247 | 963719  |
| Quanta Services, Inc. | 2054 | 922513  |
| Southwest Airlines Co. | 25987 | 787406  |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 12802 | 866952  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 13891 | 1306310  |
| United Rentals, Inc. | 991 | 863339  |
|  |  | 11556394  |
| **Information Technology - 44.5%<sup>(c)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 7399 | 1895032  |
| Amphenol Corp. - Class A | 7644 | 1065115  |
| Analog Devices, Inc. | 4697 | 1099709  |
| Applied Materials, Inc. | 5923 | 1380651  |
| Arista Networks, Inc.<sup>(a)</sup> | 7805 | 1230770  |
| Broadcom, Inc. | 4081 | 1508460  |
| Cadence Design System, Inc.<sup>(a)</sup> | 2479 | 839613  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 2145 | 1164756  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 5951 | 968882  |
| Dell Technologies, Inc. - Class C | 9020 | 1461330  |
| Hewlett Packard Enterprise Co. | 49635 | 1212087  |
| Intel Corp.<sup>(a)</sup> | 54216 | 2168098  |
| Jabil, Inc. | 3860 | 852635  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 5156 | 943342  |
| KLA Corp. | 1235 | 1492794  |
| Lam Research Corp. | 12222 | 1924476  |
| Microchip Technology, Inc. | 20503 | 1279797  |
| Micron Technology, Inc. | 12194 | 2728651  |
| Monolithic Power Systems, Inc. | 1857 | 1866285  |
| NetApp, Inc. | 7588 | 893715  |
| NVIDIA Corp. | 7210 | 1459953  |
| NXP Semiconductors NV | 5384 | 1125902  |
| ON Semiconductor Corp.<sup>(a)</sup> | 26953 | 1349806  |
| Oracle Corp. | 3484 | 914933  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 7314 | 1466238  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 4452 | 980509  |
| Qualcomm, Inc. | 6649 | 1202804  |
| Seagate Technology Holdings PLC | 5756 | 1472845  |
| ServiceNow, Inc.<sup>(a)</sup> | 924 | 849415  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 15229 | 1183598  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 27158 | 1411130  |
| Synopsys, Inc.<sup>(a)</sup> | 1457 | 661216  |
| Teradyne, Inc. | 10883 | 1978094  |

---

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

25<br>

------

**Pacer Lunt Large Cap Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Texas Instruments, Inc. | 4753 | $767419  |
| Trimble, Inc.<sup>(a)</sup> | 9916 | 790801  |
| Western Digital Corp. | 14035 | 2108197  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 3122 | 840599  |
|  |  | 48539657  |
| **Materials - 4.7%**<br>|  |  |
| Albemarle Corp.<sup>(b)</sup> | 15482 | 1520797  |
| Dow, Inc.<sup>(b)</sup> | 35612 | 849346  |
| DuPont de Nemours, Inc. | 11143 | 909826  |
| Freeport-McMoRan, Inc. | 23818 | 993210  |
| Nucor Corp. | 5572 | 836079  |
|  |  | 5109258  |
| **Utilities - 3.3%**<br>|  |  |
| Constellation Energy Corp. | 3089 | 1164553  |
| NRG Energy, Inc. | 7018 | 1206114  |
| Vistra Corp. | 6464 | 1217171  |
|  |  | 3587838  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $86,553,847)** |  | 108946051 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 8978009 | 8978009  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $8,978,009)** |  | 8978009  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%** <br>**(Cost $95,531,856)** |  | $117924060  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.2)% |  | (8936959)  |
| **TOTAL NET ASSETS - 100.0%** |  | $108987101 |

---

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 October 31, 2025. The fair value of these securities was $8,791,821.

<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 yield as of October 31, 2025.

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

26<br>

------

**Pacer Lunt Large Cap Multi-Factor Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%**<br>|  |  |
| **Communication Services - 3.9%**<br>|  |  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 3315 | $775180  |
| Comcast Corp. - Class A | 121859 | 3391945  |
| Fox Corp. - Class A<sup>(b)</sup> | 4559 | 294739  |
| Match Group, Inc.<sup>(b)</sup> | 4074 | 131753  |
| Omnicom Group, Inc. | 5001 | 375175  |
| Paramount Skydance Corp.<sup>(b)</sup> | 18379 | 282853  |
| Verizon Communications, Inc. | 110732 | 4400490  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 45055 | 1011485  |
|  |  | 10663620  |
| **Consumer Discretionary - 15.8%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 6563 | 532259  |
| AutoZone, Inc.<sup>(a)(b)</sup> | 349 | 1282376  |
| Best Buy Co., Inc. | 5566 | 457191  |
| Booking Holdings, Inc. | 498 | 2528714  |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 2915 | 58591  |
| CarMax, Inc.<sup>(a)(b)</sup> | 6626 | 277696  |
| Domino's Pizza, Inc. | 684 | 272547  |
| DR Horton, Inc. | 8588 | 1280299  |
| Ford Motor Co. | 247449 | 3249005  |
| General Motors Co. | 54918 | 3794285  |
| Hilton Worldwide Holdings, Inc. | 4251 | 1092337  |
| Home Depot, Inc. | 12962 | 4920246  |
| Lennar Corp. - Class A | 8284 | 1025311  |
| LKQ Corp. | 7098 | 226852  |
| Lowe's Cos., Inc. | 10176 | 2423211  |
| Marriott International, Inc. - Class A | 4134 | 1077238  |
| McDonald's Corp. | 14695 | 4385429  |
| MGM Resorts International<sup>(a)</sup> | 9099 | 291441  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 1984 | 225462  |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings <br>Ltd.<sup>(a)</sup> | 15578 | 349259  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 16802 | 1586781  |
| PulteGroup, Inc. | 6111 | 732526  |
| Starbucks Corp. | 19917 | 1610688  |
| Tesla Motors, Inc.<sup>(a)</sup> | 18501 | 8446816  |
| Wynn Resorts Ltd. | 1568 | 186576  |
| Yum! Brands, Inc.<sup>(b)</sup> | 5507 | 761122  |
|  |  | 43074258  |
| **Consumer Staples - 4.7%**<br>|  |  |
| Altria Group, Inc. | 31477 | 1774673  |
| Archer-Daniels-Midland Co. | 20230 | 1224522  |
| Bunge Global SA | 6862 | 649145  |
| Campbell's Co.<sup>(b)</sup> | 2756 | 83038  |
| Conagra Brands, Inc. | 11032 | 189640  |
| Dollar General Corp. | 4742 | 467846  |
| J M Smucker Co. | 2004 | 207514  |
| Kroger Co. | 21295 | 1355001  |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> | 1677 | 103521  |
| Molson Coors Beverage Co. - Class B | 6666 | 291438  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Philip Morris International, Inc.<sup>(b)</sup> | 24843 | $3585590  |
| Target Corp. | 15420 | 1429743  |
| The Kraft Heinz Co. | 30069 | 743606  |
| Tyson Foods, Inc. - Class A | 11072 | 569212  |
|  |  | 12674489  |
| **Energy - 12.2%**<br>|  |  |
| APA Corp. | 16760 | 379614  |
| Chevron Corp. | 36619 | 5775549  |
| ConocoPhillips | 42747 | 3798499  |
| Devon Energy Corp. | 25476 | 827715  |
| Diamondback Energy, Inc. | 8110 | 1161271  |
| EQT Corp. | 9146 | 490043  |
| Expand Energy Corp. | 3242 | 334931  |
| Exxon Mobil Corp. | 101595 | 11618404  |
| Halliburton Co. | 26560 | 712870  |
| Marathon Petroleum Corp. | 8887 | 1732165  |
| Occidental Petroleum Corp. | 20432 | 841799  |
| ONEOK, Inc.<sup>(b)</sup> | 9190 | 615730  |
| Phillips 66 | 13166 | 1792419  |
| SLB Ltd. | 30737 | 1108376  |
| Targa Resources Corp. | 2381 | 366769  |
| Texas Pacific Land Corp. | 218 | 205657  |
| Valero Energy Corp. | 9700 | 1644732  |
|  |  | 33406543  |
| **Financials - 28.1%<sup>(c)</sup>**<br>|  |  |
| Allstate Corp. | 6357 | 1217493  |
| Arch Capital Group Ltd. | 10394 | 897106  |
| Assurant, Inc. | 1243 | 263168  |
| Bank of America Corp. | 225229 | 12038490  |
| Bank of New York Mellon Corp. | 6923 | 747199  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 13551 | 6471145  |
| Chubb Ltd. | 7965 | 2205827  |
| Citigroup, Inc. | 85601 | 8665389  |
| Citizens Financial Group, Inc. | 13109 | 666855  |
| Everest Group Ltd. | 1326 | 417054  |
| Fifth Third Bancorp<sup>(b)</sup> | 15518 | 645859  |
| Franklin Resources, Inc.<sup>(b)</sup> | 7520 | 170027  |
| Global Payments, Inc. | 7583 | 589654  |
| Globe Life, Inc. | 2170 | 285377  |
| Goldman Sachs Group, Inc. | 5728 | 4521511  |
| Hartford Financial Services Group, Inc. | 6493 | 806301  |
| Huntington Bancshares, Inc.<sup>(b)</sup> | 35781 | 552459  |
| Invesco Ltd. | 15312 | 362894  |
| JPMorgan Chase & Co. | 22504 | 7001444  |
| KeyCorp | 8889 | 156358  |
| KKR & Co., Inc. | 6819 | 806892  |
| Loews Corp. | 5154 | 513132  |
| M&T Bank Corp. | 4333 | 796709  |
| MetLife, Inc. | 15744 | 1256686  |
| Morgan Stanley | 17532 | 2875248  |
| MSCI, Inc. | 1994 | 1173569  |
| Northern Trust Corp. | 4825 | 620833  |

---

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

27<br>

------

**Pacer Lunt Large Cap Multi-Factor Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| PNC Financial Services Group, Inc. | 9315 | $1700453  |
| Prudential Financial, Inc. | 14440 | 1501760  |
| Regions Financial Corp. | 24910 | 602822  |
| State Street Corp.<sup>(b)</sup> | 11314 | 1308577  |
| Synchrony Financial | 10706 | 796312  |
| Travelers Cos., Inc.<sup>(b)</sup> | 4875 | 1309522  |
| Truist Financial Corp. | 39379 | 1757485  |
| US Bancorp | 41556 | 1939834  |
| Wells Fargo & Co.<sup>(b)</sup> | 104902 | 9123327  |
|  |  | 76764771  |
| **Health Care - 12.8%**<br>|  |  |
| Biogen, Inc.<sup>(a)</sup> | 3898 | 601344  |
| Boston Scientific Corp.<sup>(a)</sup> | 15191 | 1530038  |
| Cardinal Health, Inc. | 10242 | 1953866  |
| Cencora, Inc. | 4207 | 1421167  |
| Centene Corp.<sup>(a)</sup> | 26477 | 936492  |
| Cigna Group | 9713 | 2373954  |
| CVS Health Corp. | 54066 | 4225258  |
| DaVita, Inc.<sup>(a)(b)</sup> | 775 | 92241  |
| Elevance Health, Inc. | 7112 | 2255926  |
| HCA Healthcare, Inc. | 3517 | 1616695  |
| Humana, Inc. | 4649 | 1293305  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 4404 | 2352969  |
| McKesson Corp. | 5257 | 4265214  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 367 | 519778  |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 1645 | 251784  |
| Quest Diagnostics, Inc. | 1166 | 205158  |
| UnitedHealth Group, Inc. | 21324 | 7283425  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B | 1924 | 417527  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 3351 | 1426085  |
|  |  | 35022226  |
| **Industrials - 5.1%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 883 | 646559  |
| Boeing Co.<sup>(a)</sup> | 15100 | 3035402  |
| Carrier Global Corp. | 9107 | 541776  |
| Delta Air Lines, Inc. | 23632 | 1356004  |
| FedEx Corp. | 6237 | 1583075  |
| Honeywell International, Inc. | 6828 | 1374681  |
| Huntington Ingalls Industries, Inc. | 967 | 311393  |
| Ingersoll Rand, Inc. | 4183 | 319289  |
| Masco Corp.<sup>(b)</sup> | 3507 | 227113  |
| Nordson Corp. | 530 | 122934  |
| Otis Worldwide Corp. | 7584 | 703492  |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 4157 | 281512  |
| TransDigm Group, Inc. | 902 | 1180276  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 12953 | 1218100  |
| Waste Management, Inc. | 5325 | 1063775  |
|  |  | 13965381  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Information Technology - 11.0%**<br>|  |  |
| Broadcom, Inc. | 23970 | $8860031  |
| Cadence Design System, Inc.<sup>(a)</sup> | 2747 | 930381  |
| Cisco Systems, Inc. | 47714 | 3488371  |
| Dell Technologies, Inc. - Class C | 5964 | 966228  |
| EPAM Systems, Inc.<sup>(a)</sup> | 636 | 104011  |
| Fair Isaac Corp.<sup>(a)</sup> | 452 | 750108  |
| Hewlett Packard Enterprise Co. | 53316 | 1301977  |
| HP, Inc. | 44944 | 1243600  |
| Microsoft Corp. | 12826 | 6641431  |
| Oracle Corp. | 15873 | 4168408  |
| Seagate Technology Holdings PLC | 3101 | 793484  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 6390 | 332024  |
| VeriSign, Inc. | 1166 | 279607  |
|  |  | 29859661  |
| **Materials - 1.6%**<br>|  |  |
| Air Products & Chemicals, Inc. | 2509 | 608658  |
| Dow, Inc.<sup>(b)</sup> | 18419 | 439293  |
| Eastman Chemical Co. | 3426 | 203916  |
| LyondellBasell Industries NV - Class A | 7739 | 359244  |
| Martin Marietta Materials, Inc. | 716 | 438980  |
| Mosaic Co. | 8490 | 233051  |
| Nucor Corp. | 5802 | 870590  |
| Smurfit WestRock PLC | 7638 | 281995  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 1707 | 76934  |
| Steel Dynamics, Inc. | 2848 | 446566  |
| Vulcan Materials Co. | 1437 | 416012  |
|  |  | 4375239  |
| **Utilities - 2.6%**<br>|  |  |
| AES Corp. | 32234 | 447086  |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 7125 | 272460  |
| CMS Energy Corp. | 2812 | 206823  |
| Edison International | 14076 | 779529  |
| Eversource Energy | 3636 | 268373  |
| Exelon Corp. | 21363 | 985261  |
| FirstEnergy Corp. | 4982 | 228325  |
| NextEra Energy, Inc. | 19273 | 1568822  |
| NiSource, Inc. | 4639 | 195348  |
| PG&E Corp. | 87749 | 1400474  |
| Vistra Corp. | 3816 | 718553  |
|  |  | 7071054  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $254,591,170)** |  | 266877242  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 2.1%**<br>|  |  |
| **Real Estate - 2.1%**<br>|  |  |
| American Tower Corp. | 8562 | 1532427  |
| BXP, Inc.<sup>(b)</sup> | 1796 | 127857  |
| Crown Castle, Inc.<sup>(b)</sup> | 11019 | 994134  |
| Iron Mountain, Inc. | 7171 | 738255  |
| SBA Communications Corp. | 2784 | 533080  |

---

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

28<br>

------

**Pacer Lunt Large Cap Multi-Factor Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)** |
| **Real Estate - (Continued)** | **Real Estate - (Continued)** | **Real Estate - (Continued)** |
| Simon Property Group, Inc. | 4488 | $788811  |
| UDR, Inc. | 3218 | 108414  |
| Ventas, Inc. | 4214 | 310951  |
| VICI Properties, Inc.<sup>(b)</sup> | 23739 | 711933  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $6,491,695)** |  | 5845862  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 23952630 | 23952630  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $23,952,630)** |  | 23952630  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.7%** <br>**(Cost $285,035,495)** |  | $296675734  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.7)% |  | (23717447)  |
| **TOTAL NET ASSETS - 100.0%** |  | $272958287 |

---

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 October 31, 2025. The fair value of these securities was $23,497,355.

<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 yield as of October 31, 2025.

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

29<br>

------

**Pacer Lunt MidCap Multi-Factor Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 84.2%**<br>|  |  |
| **Communication Services - 1.2%**<br>|  |  |
| New York Times Co. - Class A | 5606 | $319486  |
| Warner Music Group Corp. - Class A<sup>(a)</sup> | 10590 | 338456  |
|  |  | 657942 |
| **Consumer Discretionary - 7.5%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(b)</sup> | 1998 | 144955  |
| Autoliv, Inc. | 2843 | 332062  |
| Chewy, Inc. - Class A<sup>(b)</sup> | 12352 | 416509  |
| Choice Hotels International, Inc.<sup>(a)</sup> | 2474 | 229983  |
| Columbia Sportswear Co.<sup>(a)</sup> | 1460 | 72460  |
| Crocs, Inc.<sup>(a)(b)</sup> | 2840 | 232000  |
| GameStop Corp. - Class A<sup>(a)(b)</sup> | 17121 | 381627  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 1798 | 338563  |
| Mattel, Inc.<sup>(b)</sup> | 11970 | 220009  |
| Murphy USA, Inc.<sup>(a)</sup> | 813 | 291217  |
| Service Corp. International | 4380 | 365774  |
| Texas Roadhouse, Inc. | 2761 | 451644  |
| TopBuild Corp.<sup>(b)</sup> | 1106 | 467263  |
| Valvoline, Inc.<sup>(b)</sup> | 4490 | 148215  |
| Visteon Corp. | 1000 | 107160  |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 2860 | 97211  |
|  |  | 4296652  |
| **Consumer Staples - 5.6%**<br>|  |  |
| Albertsons Cos., Inc. - Class A<sup>(a)</sup> | 16152 | 285729  |
| Boston Beer Co., Inc. - Class A<sup>(b)</sup> | 360 | 74516  |
| Celsius Holdings, Inc.<sup>(b)</sup> | 5500 | 331265  |
| Flowers Foods, Inc.<sup>(a)</sup> | 23730 | 283099  |
| Ingredion, Inc. | 5614 | 647912  |
| Lancaster Colony Corp. | 730 | 114457  |
| Performance Food Group Co.<sup>(b)</sup> | 3126 | 302409  |
| Pilgrim's Pride Corp.<sup>(a)</sup> | 2286 | 87097  |
| Post Holdings, Inc.<sup>(a)(b)</sup> | 4326 | 449601  |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 4122 | 325473  |
| US Foods Holding Corp.<sup>(b)</sup> | 4220 | 306456  |
|  |  | 3208014  |
| **Energy - 0.8%**<br>|  |  |
| Antero Midstream Corp. | 16408 | 283038  |
| Weatherford International PLC<sup>(a)</sup> | 2389 | 176046  |
|  |  | 459084  |
| **Financials - 15.8%**<br>|  |  |
| American Financial Group, Inc. | 5485 | 722265  |
| Commerce Bancshares, Inc. | 5426 | 285570  |
| Essent Group Ltd. | 9792 | 593101  |
| Evercore, Inc. - Class A | 1458 | 429469  |
| Federated Hermes, Inc. | 10943 | 530517  |
| Fidelity National Financial, Inc. | 5650 | 312106  |
| First American Financial Corp. | 5208 | 325552  |
| First Financial Bankshares, Inc. | 4500 | 139005  |
| FirstCash Holdings, Inc. | 2372 | 375962  |
| Hamilton Lane, Inc. - Class A | 2290 | 260968  |
| Hanover Insurance Group, Inc. | 2005 | 342614  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Houlihan Lokey, Inc. | 2186 | $391469  |
| Kinsale Capital Group, Inc. | 1102 | 440216  |
| MGIC Investment Corp. | 21520 | 590078  |
| Morningstar, Inc. | 2440 | 518012  |
| Old Republic International Corp. | 10475 | 413344  |
| Primerica, Inc. | 1250 | 324838  |
| Prosperity Bancshares, Inc. | 5016 | 330153  |
| RenaissanceRe Holdings Ltd. | 1866 | 474132  |
| RLI Corp. | 9023 | 531996  |
| SEI Investments Co. | 8726 | 703403  |
|  |  | 9034770  |
| **Health Care - 9.5%**<br>|  |  |
| Avantor, Inc.<sup>(b)</sup> | 24270 | 286871  |
| Chemed Corp. | 613 | 264387  |
| Doximity, Inc. - Class A<sup>(b)</sup> | 5026 | 331716  |
| Encompass Health Corp. | 2670 | 303980  |
| Ensign Group, Inc. | 1954 | 351915  |
| Exelixis, Inc.<sup>(b)</sup> | 13579 | 525100  |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 4580 | 298570  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 8489 | 385910  |
| Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 2240 | 129226  |
| Medpace Holdings, Inc.<sup>(b)</sup> | 1976 | 1155782  |
| Penumbra, Inc.<sup>(b)</sup> | 1710 | 388803  |
| United Therapeutics Corp.<sup>(b)</sup> | 2324 | 1035179  |
|  |  | 5457439  |
| **Industrials - 21.8%**<br>|  |  |
| Acuity, Inc. | 1128 | 411776  |
| AECOM | 7797 | 1047527  |
| Applied Industrial Technologies, Inc. | 1371 | 352470  |
| BWX Technologies, Inc. | 3188 | 680989  |
| Carlisle Cos., Inc. | 3385 | 1100294  |
| Comfort Systems USA, Inc. | 1602 | 1546859  |
| Donaldson Co., Inc. | 10391 | 875442  |
| EnerSys | 1340 | 169054  |
| Exponent, Inc. | 6586 | 466355  |
| Fluor Corp.<sup>(a)(b)</sup> | 5771 | 281452  |
| FTI Consulting, Inc.<sup>(b)</sup> | 3244 | 535292  |
| GATX Corp. | 2196 | 344443  |
| Genpact Ltd. | 5970 | 227756  |
| Graco, Inc. | 10369 | 847873  |
| Insperity, Inc. | 1860 | 82063  |
| Landstar System, Inc. | 3770 | 484181  |
| Lincoln Electric Holdings, Inc. | 2080 | 487656  |
| MSA Safety, Inc. | 3550 | 557457  |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. - <br>Class A | 1620 | 137554  |
| NEXTracker, Inc. - Class A<sup>(b)</sup> | 5869 | 594060  |
| Paylocity Holding Corp.<sup>(b)</sup> | 1694 | 239311  |
| RB Global, Inc. | 3000 | 297660  |
| Toro Co. | 4672 | 349139  |
| Valmont Industries, Inc. | 883 | 365059  |
|  |  | 12481722  |

---

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

30<br>

------

**Pacer Lunt MidCap Multi-Factor Alternator ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - 3.8%**<br>|  |  |
| Commvault Systems, Inc.<sup>(b)</sup> | 1630 | $226929  |
| Docusign, Inc.<sup>(b)</sup> | 8128 | 594482  |
| Manhattan Associates, Inc.<sup>(b)</sup> | 3919 | 713532  |
| Pegasystems, Inc. | 3630 | 231049  |
| Qualys, Inc.<sup>(b)</sup> | 1480 | 182425  |
| Vontier Corp. | 5270 | 202895  |
|  |  | 2151312  |
| **Materials - 5.3%**<br>|  |  |
| AptarGroup, Inc. | 2770 | 321348  |
| Cabot Corp. | 2060 | 139009  |
| Crown Holdings, Inc.<sup>(a)</sup> | 3656 | 355290  |
| Eagle Materials, Inc.<sup>(a)</sup> | 1400 | 297248  |
| Louisiana-Pacific Corp. | 2710 | 236068  |
| NewMarket Corp. | 471 | 361681  |
| Royal Gold, Inc. | 2692 | 470534  |
| RPM International, Inc. | 7882 | 861345  |
|  |  | 3042523  |
| **Utilities - 12.9%**<br>|  |  |
| ALLETE, Inc. | 22070 | 1485973  |
| Black Hills Corp. | 7472 | 473949  |
| Essential Utilities, Inc. | 10378 | 405053  |
| IDACORP, Inc.<sup>(a)</sup> | 3630 | 468343  |
| National Fuel Gas Co. | 4595 | 362591  |
| New Jersey Resources Corp. | 9906 | 438836  |
| Northwestern Energy Group, Inc. | 7645 | 456177  |
| OGE Energy Corp. | 9991 | 441003  |
| ONE Gas, Inc. | 5556 | 445536  |
| Ormat Technologies, Inc. | 3888 | 413567  |
| Portland General Electric Co. | 10343 | 472468  |
| Southwest Gas Holdings, Inc. | 4462 | 354729  |
| Spire, Inc.<sup>(a)</sup> | 5390 | 465696  |
| TXNM Energy, Inc. | 6884 | 391011  |
| UGI Corp. | 8686 | 290373  |
|  |  | 7365305  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $49,129,370)** |  | 48154763  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 15.7%**<br>|  |  |
| **Financials - 1.3%**<br>|  |  |
| Annaly Capital Management, Inc. | 18692 | 395709  |
| Starwood Property Trust, Inc. | 20243 | 368018  |
|  |  | 763727  |
| **Real Estate - 14.4%**<br>|  |  |
| Agree Realty Corp.<sup>(a)</sup> | 6408 | 467848  |
| American Homes 4 Rent - Class A | 11156 | 352530  |
| Brixmor Property Group, Inc. | 13120 | 343219  |
| COPT Defense Properties<sup>(a)</sup> | 15074 | 424635  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cousins Properties, Inc. | 12609 | $326951  |
| CubeSmart | 8766 | 330215  |
| EastGroup Properties, Inc. | 2260 | 394438  |
| EPR Properties<sup>(a)</sup> | 7135 | 349758  |
| Equity LifeStyle Properties, Inc.<sup>(a)</sup> | 6682 | 407936  |
| First Industrial Realty Trust, Inc. | 7144 | 394920  |
| Gaming and Leisure Properties, Inc. | 10306 | 460266  |
| Healthcare Realty Trust, Inc.<sup>(a)</sup> | 21674 | 384063  |
| Independence Realty Trust, Inc. | 20886 | 332714  |
| Kite Realty Group Trust<sup>(a)</sup> | 15780 | 349369  |
|  Lamar Advertising Co. - Class A - Class A | 2615 | 310113  |
| National Storage Affiliates Trust | 10168 | 295787  |
| NNN REIT, Inc.<sup>(a)</sup> | 10086 | 408080  |
| Omega Healthcare Investors, Inc.<sup>(a)</sup> | 9748 | 409708  |
| Rayonier, Inc. | 14690 | 324208  |
| Sabra Health Care REIT, Inc. | 19058 | 339614  |
| STAG Industrial, Inc. | 10276 | 393263  |
| WP Carey, Inc. | 6360 | 419760  |
|  |  | 8219395  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $9,344,032)** |  | 8983122  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Consumer Discretionary - 0.0%<sup>(c)</sup>**<br>|  |  |
|  GameStop Corp., Expires 10/30/2026, Exercise Price $32.00<sup>(b)</sup> | 1694 | 5082  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 5082 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 7908768 | 7908768  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,908,768)** |  | 7908768  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.7%** <br>**(Cost $66,382,170)** |  | $65051735  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.7)% |  | (7851628)  |
| **TOTAL NET ASSETS - 100.0%** |  | $57200107 |

---

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

31<br>

------

**Pacer Lunt MidCap Multi-Factor Alternator ETF** 

**Schedule of Investments** 

**October 31, 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.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $7,760,326.

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

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

32<br>

------

**Pacer MSCI World Industry Advantage ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.1%**<br>|  |  |
| **Communication Services - 15.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 154 | $43303  |
| Alphabet, Inc. - Class C<sup>(a)</sup> | 130 | 36637  |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. - <br>Class A<sup>(a)(b)</sup> | 2 | 468  |
| Comcast Corp. - Class A | 99 | 2756  |
| Electronic Arts, Inc. | 6 | 1200  |
| Fox Corp. - Class A<sup>(a)</sup> | 6 | 388  |
| Fox Corp. - Class B | 4 | 234  |
| KDDI Corp. | 83 | 1326  |
|  Liberty Media Corp.-Liberty Formula One - Class C<sup>(b)</sup> | 6 | 599  |
| Live Nation Entertainment, Inc.<sup>(b)</sup> | 4 | 598  |
| Meta Platforms, Inc. - Class A | 58 | 37604  |
| Netflix, Inc.<sup>(b)</sup> | 11 | 12307  |
| News Corp. - Class A | 10 | 265  |
| NTT, Inc. | 793 | 815  |
| Omnicom Group, Inc.<sup>(a)</sup> | 5 | 375  |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 16 | 530  |
| Reddit, Inc. - Class A<sup>(a)(b)</sup> | 3 | 627  |
| ROBLOX Corp. - Class A<sup>(b)</sup> | 15 | 1706  |
| Snap, Inc. - Class A<sup>(b)</sup> | 28 | 218  |
| SoftBank Corp. | 761 | 1080  |
| SoftBank Group Corp. | 25 | 4390  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 5 | 1282  |
| Trade Desk, Inc. - Class A<sup>(b)</sup> | 12 | 603  |
| Walt Disney Co. | 48 | 5406  |
| Warner Bros Discovery, Inc.<sup>(b)</sup> | 62 | 1392  |
|  |  | 156109  |
| **Consumer Discretionary - 12.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 11 | 1392  |
| Aisin Corp. | 13 | 234  |
| Amazon.com, Inc.<sup>(b)</sup> | 205 | 50065  |
| Best Buy Co., Inc. | 5 | 411  |
| Booking Holdings, Inc. | 1 | 5078  |
| Bridgestone Corp. | 15 | 658  |
| Burlington Stores, Inc.<sup>(b)</sup> | 2 | 547  |
| Carnival Corp.<sup>(b)</sup> | 28 | 807  |
| Carvana Co.<sup>(a)(b)</sup> | 3 | 920  |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 36 | 1141  |
| Darden Restaurants, Inc. | 3 | 540  |
| Denso Corp. | 46 | 645  |
| Dick's Sporting Goods, Inc. | 2 | 443  |
| Domino's Pizza, Inc. | 1 | 398  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 10 | 2544  |
| DraftKings, Inc. - Class A<sup>(b)</sup> | 12 | 367  |
| eBay, Inc. | 12 | 976  |
| Expedia Group, Inc. | 3 | 660  |
| Flutter Entertainment PLC<sup>(b)</sup> | 5 | 1163  |
| Genuine Parts Co. | 4 | 509  |
| Hermes International SCA | 1 | 2477  |
| Hilton Worldwide Holdings, Inc. | 6 | 1542  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Home Depot, Inc. | 27 | $10249  |
| Honda Motor Co. Ltd. | 105 | 1063  |
| Hyatt Hotels Corp. - Class A | 1 | 137  |
| Isuzu Motors Ltd. | 14 | 172  |
| Kering | 2 | 707  |
| Las Vegas Sands Corp. | 9 | 534  |
| Lowe's Cos., Inc. | 15 | 3572  |
| LVMH Moet Hennessy Louis Vuitton SE | 7 | 4939  |
| Marriott International, Inc. - Class A<sup>(a)</sup> | 6 | 1564  |
| McDonald's Corp.<sup>(a)</sup> | 19 | 5670  |
| MercadoLibre, Inc.<sup>(b)</sup> | 1 | 2327  |
| Nissan Motor Co. Ltd.<sup>(b)</sup> | 59 | 135  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 23 | 2172  |
| Pool Corp. | 1 | 267  |
| Ross Stores, Inc. | 9 | 1430  |
| Royal Caribbean Cruises Ltd. | 7 | 2008  |
| Starbucks Corp.<sup>(a)</sup> | 30 | 2426  |
| Subaru Corp. | 16 | 341  |
| Sumitomo Electric Industries Ltd. | 19 | 697  |
| Suzuki Motor Corp. | 42 | 629  |
| TJX Cos., Inc. | 30 | 4204  |
| Toyota Motor Corp. | 252 | 5131  |
| Tractor Supply Co.<sup>(a)</sup> | 14 | 758  |
| Ulta Beauty, Inc.<sup>(b)</sup> | 1 | 520  |
| Williams-Sonoma, Inc. | 3 | 583  |
| Yamaha Motor Co. Ltd. | 24 | 174  |
| Yum! Brands, Inc. | 7 | 968  |
|  |  | 126894  |
| **Consumer Staples - 3.9%**<br>|  |  |
| Albertsons Cos., Inc. - Class A<sup>(a)</sup> | 10 | 177  |
| Costco Wholesale Corp. | 12 | 10937  |
| Dollar General Corp. | 6 | 592  |
| Dollar Tree, Inc.<sup>(a)(b)</sup> | 5 | 496  |
| Kroger Co. | 17 | 1082  |
| Nestle SA | 68 | 6496  |
| Reckitt Benckiser Group PLC | 18 | 1375  |
| Sysco Corp. | 13 | 966  |
| Target Corp.<sup>(a)</sup> | 12 | 1113  |
| Unilever PLC | 65 | 3918  |
| Walmart, Inc. | 117 | 11838  |
|  |  | 38990  |
| **Energy - 1.1%**<br>|  |  |
| ARC Resources Ltd. | 16 | 295  |
| Cameco Corp. | 12 | 1226  |
| Canadian Natural Resources Ltd. | 56 | 1792  |
| Cenovus Energy, Inc. | 36 | 608  |
| Enbridge, Inc.<sup>(a)</sup> | 58 | 2705  |
| Imperial Oil Ltd. | 5 | 442  |
| Keyera Corp. | 6 | 177  |
| Pembina Pipeline Corp. | 15 | 567  |
| Suncor Energy, Inc. | 33 | 1314  |
| TC Energy Corp. | 28 | 1405  |

---

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

33<br>

------

**Pacer MSCI World Industry Advantage ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
| Tourmaline Oil Corp. | 10 | $440  |
| Whitecap Resources, Inc. | 33 | 246  |
|  |  | 11217  |
| **Financials - 14.0%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(b)</sup> | 7 | 503  |
| Allianz SE | 10 | 4014  |
| American Express Co. | 15 | 5411  |
| Ameriprise Financial, Inc. | 3 | 1358  |
| Apollo Global Management, Inc. | 11 | 1367  |
| Ares Management Corp. - Class A | 6 | 892  |
| Bank of Montreal | 19 | 2360  |
| Bank of New York Mellon Corp. | 19 | 2051  |
| Bank of Nova Scotia | 33 | 2164  |
| Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 36 | 17192  |
| Blackrock, Inc. | 4 | 4331  |
| Blackstone, Inc. | 19 | 2786  |
| Block, Inc.<sup>(b)</sup> | 15 | 1139  |
| Canadian Imperial Bank of Commerce | 25 | 2072  |
| Capital One Financial Corp. | 17 | 3740  |
| Carlyle Group, Inc. | 6 | 320  |
| Cboe Global Markets, Inc. | 3 | 737  |
| Charles Schwab Corp. | 46 | 4348  |
| CME Group, Inc. | 10 | 2655  |
| Coinbase Global, Inc. - Class A<sup>(b)</sup> | 5 | 1719  |
| Corebridge Financial, Inc. | 7 | 228  |
| Corpay, Inc.<sup>(b)</sup> | 2 | 521  |
| Equitable Holdings, Inc. | 8 | 395  |
| FactSet Research Systems, Inc. | 1 | 267  |
|  Fidelity National Information Services, Inc.<sup>(a)</sup> | 14 | 875  |
| Fiserv, Inc.<sup>(b)</sup> | 15 | 1000  |
| Global Payments, Inc. | 6 | 467  |
| Goldman Sachs Group, Inc. | 8 | 6315  |
| Hannover Rueck SE | 2 | 570  |
| Interactive Brokers Group, Inc. - Class A | 12 | 844  |
| Intercontinental Exchange, Inc. | 15 | 2194  |
| Jack Henry & Associates, Inc. | 2 | 298  |
| KKR & Co., Inc. | 17 | 2012  |
| LPL Financial Holdings, Inc. | 2 | 755  |
| Mastercard, Inc. - Class A | 23 | 12696  |
| Moody's Corp. | 4 | 1921  |
| Morgan Stanley | 32 | 5248  |
| MSCI, Inc. | 2 | 1177  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3 | 1855  |
| Nasdaq, Inc. | 11 | 940  |
| National Bank of Canada | 10 | 1117  |
| Northern Trust Corp. | 5 | 643  |
| PayPal Holdings, Inc.<sup>(b)</sup> | 25 | 1732  |
| Raymond James Financial, Inc. | 5 | 793  |
| Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 19 | 2789  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Royal Bank of Canada | 37 | $5420  |
| S&P Global, Inc. | 8 | 3898  |
| SoFi Technologies, Inc.<sup>(a)(b)</sup> | 29 | 861  |
| State Street Corp.<sup>(a)</sup> | 8 | 925  |
| Synchrony Financial | 10 | 744  |
| T Rowe Price Group, Inc. | 6 | 615  |
| Talanx AG | 2 | 243  |
| Toast, Inc. - Class A<sup>(b)</sup> | 12 | 434  |
| Toronto-Dominion Bank | 46 | 3777  |
| Tradeweb Markets, Inc. - Class A | 3 | 316  |
| Visa, Inc. - Class A<sup>(a)</sup> | 45 | 15333  |
|  |  | 141377  |
| **Health Care - 7.2%**<br>|  |  |
| Abbott Laboratories | 46 | 5686  |
| Align Technology, Inc.<sup>(b)</sup> | 2 | 276  |
| Baxter International, Inc. | 14 | 259  |
| Becton Dickinson & Co. | 8 | 1430  |
| Boston Scientific Corp.<sup>(b)</sup> | 39 | 3928  |
| Cardinal Health, Inc. | 6 | 1145  |
| Cencora, Inc. | 5 | 1689  |
| Centene Corp.<sup>(b)</sup> | 13 | 460  |
| Cigna Group | 7 | 1711  |
| Cooper Cos., Inc.<sup>(a)(b)</sup> | 5 | 350  |
| CVS Health Corp. | 34 | 2657  |
| DaVita, Inc.<sup>(b)</sup> | 1 | 119  |
| DexCom, Inc.<sup>(b)</sup> | 10 | 582  |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 16 | 1319  |
| Elevance Health, Inc. | 6 | 1903  |
| Galderma Group AG | 3 | 554  |
| GE HealthCare Technologies, Inc. | 12 | 899  |
| HCA Healthcare, Inc.<sup>(a)</sup> | 5 | 2298  |
| Hologic, Inc.<sup>(b)</sup> | 6 | 443  |
| Humana, Inc. | 3 | 835  |
| Idexx Laboratories, Inc.<sup>(a)(b)</sup> | 2 | 1259  |
| Insulet Corp.<sup>(b)</sup> | 2 | 626  |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 10 | 5343  |
| Labcorp Holdings, Inc. | 2 | 508  |
| Lonza Group AG | 2 | 1377  |
| McKesson Corp.<sup>(a)</sup> | 3 | 2434  |
| Medtronic PLC | 34 | 3084  |
| Molina Healthcare, Inc.<sup>(b)</sup> | 1 | 153  |
| Novartis AG | 50 | 6168  |
| Quest Diagnostics, Inc. | 3 | 528  |
| ResMed, Inc. | 4 | 987  |
| Roche Holding AG | 19 | 6113  |
| Roche Holding AG | 1 | 338  |
| Sandoz Group AG | 11 | 731  |
| Solventum Corp.<sup>(b)</sup> | 4 | 276  |
| STERIS PLC | 3 | 707  |
| Stryker Corp. | 9 | 3206  |
| UnitedHealth Group, Inc. | 24 | 8197  |
| Universal Health Services, Inc. - Class B | 2 | 434  |

---

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

34<br>

------

**Pacer MSCI World Industry Advantage ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | 4 | $1165  |
| Zimmer Biomet Holdings, Inc. | 5 | 503  |
|  |  | 72680  |
| **Industrials - 3.1%**<br>|  |  |
| AGC, Inc. | 5 | 156  |
| Canadian National Railway Co. | 14 | 1342  |
| Canadian Pacific Kansas City Ltd. | 24 | 1727  |
| Daifuku Co. Ltd. | 9 | 288  |
| Daikin Industries Ltd. | 7 | 817  |
| Experian PLC | 24 | 1118  |
| FANUC Corp. | 25 | 796  |
| Fuji Electric Co. Ltd. | 4 | 287  |
| Fujikura Ltd. | 7 | 962  |
| Hitachi Ltd. | 122 | 4210  |
| IHI Corp. | 28 | 584  |
| Intertek Group PLC | 4 | 266  |
| ITOCHU Corp. | 32 | 1855  |
| Kajima Corp. | 11 | 355  |
| Kawasaki Heavy Industries Ltd. | 4 | 322  |
| Komatsu Ltd. | 25 | 838  |
| Kubota Corp. | 26 | 338  |
| Makita Corp. | 6 | 182  |
| Marubeni Corp. | 37 | 912  |
| Minebea Mitsumi, Inc. | 10 | 198  |
| Mitsubishi Corp. | 85 | 2047  |
| Mitsubishi Electric Corp. | 50 | 1401  |
| Mitsubishi Heavy Industries Ltd. | 85 | 2566  |
| Mitsui & Co. Ltd. | 66 | 1628  |
| MonotaRO Co. Ltd. | 7 | 98  |
| NIDEC CORP | 22 | 269  |
| Obayashi Corp. | 17 | 288  |
| RELX PLC | 49 | 2161  |
| Rentokil Initial PLC | 67 | 371  |
| Sekisui Chemical Co. Ltd. | 10 | 174  |
| SMC Corp. | 2 | 682  |
| Sumitomo Corp. | 29 | 844  |
| Taisei Corp. | 4 | 292  |
| TFI International, Inc. | 2 | 180  |
| Toyota Industries Corp. | 4 | 437  |
| Toyota Tsusho Corp. | 18 | 551  |
|  |  | 31542  |
| **Information Technology - 38.3%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 17 | 4252  |
| Adobe, Inc.<sup>(b)</sup> | 11 | 3743  |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 43 | 11013  |
| Akamai Technologies, Inc.<sup>(b)</sup> | 4 | 300  |
| Amphenol Corp. - Class A | 32 | 4459  |
| Analog Devices, Inc. | 13 | 3044  |
| Apple, Inc.<sup>(a)</sup> | 204 | 55155  |
| Applied Materials, Inc. | 21 | 4895  |
| AppLovin Corp. - Class A<sup>(b)</sup> | 6 | 3824  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Arista Networks, Inc.<sup>(b)</sup> | 28 | $4415  |
| Atlassian Corp. - Class A<sup>(b)</sup> | 4 | 678  |
| Autodesk, Inc.<sup>(b)</sup> | 6 | 1808  |
| Bentley Systems, Inc. - Class B | 4 | 203  |
| Broadcom, Inc. | 119 | 43986  |
| Cadence Design System, Inc.<sup>(b)</sup> | 7 | 2371  |
| CDW Corp. | 3 | 478  |
| Cisco Systems, Inc. | 106 | 7750  |
| Cloudflare, Inc. - Class A<sup>(a)(b)</sup> | 8 | 2026  |
|  Cognizant Technology Solutions Corp. - Class A | 13 | 947  |
| Corning, Inc. | 22 | 1960  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)</sup> | 7 | 3801  |
| Datadog, Inc. - Class A<sup>(b)</sup> | 8 | 1302  |
| Dell Technologies, Inc. - Class C | 9 | 1458  |
| Docusign, Inc.<sup>(b)</sup> | 5 | 366  |
| Dynatrace, Inc.<sup>(a)(b)</sup> | 8 | 405  |
| Entegris, Inc.<sup>(a)</sup> | 4 | 366  |
| F5, Inc.<sup>(b)</sup> | 2 | 506  |
| Fair Isaac Corp.<sup>(b)</sup> | 1 | 1660  |
| First Solar, Inc.<sup>(a)(b)</sup> | 3 | 801  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 17 | 1469  |
| Gartner, Inc.<sup>(b)</sup> | 2 | 497  |
| Gen Digital, Inc. | 14 | 369  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 4 | 533  |
| Hewlett Packard Enterprise Co. | 35 | 855  |
| HP, Inc. | 25 | 692  |
| HubSpot, Inc.<sup>(b)</sup> | 1 | 492  |
| Intel Corp.<sup>(b)</sup> | 116 | 4639  |
| International Business Machines Corp. | 25 | 7685  |
| Intuit, Inc. | 7 | 4673  |
| Jabil, Inc. | 3 | 663  |
| Keysight Technologies, Inc.<sup>(b)</sup> | 5 | 915  |
| KLA Corp. | 4 | 4835  |
| Lam Research Corp.<sup>(a)</sup> | 34 | 5354  |
| Marvell Technology, Inc. | 23 | 2156  |
| Microchip Technology, Inc. | 14 | 874  |
| Micron Technology, Inc. | 30 | 6713  |
| Microsoft Corp. | 91 | 47121  |
| MicroStrategy, Inc. - Class A<sup>(b)</sup> | 7 | 1887  |
| MongoDB, Inc.<sup>(b)</sup> | 2 | 720  |
| Monolithic Power Systems, Inc. | 1 | 1005  |
| Motorola Solutions, Inc.<sup>(a)</sup> | 5 | 2034  |
| NetApp, Inc. | 5 | 589  |
| Nutanix, Inc. - Class A<sup>(a)(b)</sup> | 7 | 499  |
| NVIDIA Corp. | 260 | 52647  |
| NXP Semiconductors NV | 7 | 1464  |
| Okta, Inc.<sup>(a)(b)</sup> | 4 | 366  |
| ON Semiconductor Corp.<sup>(b)</sup> | 11 | 551  |
| Oracle Corp. | 45 | 11817  |
| Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 60 | 12028  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 18 | 3964  |
| PTC, Inc.<sup>(b)</sup> | 3 | 596  |
| Pure Storage, Inc. - Class A<sup>(a)(b)</sup> | 8 | 790  |

---

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

35<br>

------

**Pacer MSCI World Industry Advantage ETF** 

**Schedule of Investments** 

**October 31, 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. | 29 | $5246  |
| Roper Technologies, Inc. | 3 | 1338  |
| salesforce.com, Inc. | 25 | 6510  |
| Samsara, Inc. - Class A<sup>(b)</sup> | 8 | 321  |
| Seagate Technology Holdings PLC | 6 | 1535  |
| ServiceNow, Inc.<sup>(b)</sup> | 5 | 4596  |
| Snowflake, Inc. - Class A<sup>(a)(b)</sup> | 8 | 2199  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 13 | 675  |
| Synopsys, Inc.<sup>(b)</sup> | 5 | 2269  |
| TE Connectivity PLC | 8 | 1976  |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 1 | 527  |
| Teradyne, Inc.<sup>(a)</sup> | 4 | 727  |
| Texas Instruments, Inc. | 24 | 3875  |
| Trimble, Inc.<sup>(b)</sup> | 6 | 478  |
| Twilio, Inc. - Class A<sup>(a)(b)</sup> | 4 | 539  |
| Tyler Technologies, Inc.<sup>(b)</sup> | 1 | 476  |
| VeriSign, Inc. | 2 | 480  |
| Western Digital Corp. | 9 | 1352  |
| Workday, Inc. - Class A<sup>(b)</sup> | 6 | 1440  |
| Zebra Technologies Corp. - Class A<sup>(b)</sup> | 1 | 269  |
| Zoom Communications, Inc. - Class A<sup>(b)</sup> | 7 | 611  |
| Zscaler, Inc.<sup>(b)</sup> | 3 | 993  |
|  |  | 387896  |
| **Materials - 1.0%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 13 | 2091  |
| Alamos Gold, Inc. - Class A | 11 | 339  |
| Barrick Mining Corp. | 45 | 1477  |
| CCL Industries, Inc. - Class B | 4 | 223  |
| First Quantum Minerals Ltd.<sup>(b)</sup> | 19 | 394  |
| Franco-Nevada Corp. | 5 | 934  |
| Ivanhoe Mines Ltd. - Class A<sup>(b)</sup> | 20 | 200  |
| Kinross Gold Corp. | 33 | 768  |
| Lundin Gold, Inc. | 3 | 204  |
| Lundin Mining Corp. | 18 | 290  |
| Nutrien Ltd. | 13 | 708  |
| Pan American Silver Corp. | 10 | 352  |
| Teck Resources Ltd. - Class B | 12 | 515  |
| Wheaton Precious Metals Corp. | 12 | 1159  |
|  |  | 9654  |
| **Real Estate - 0.2%**<br>|  |  |
| Daito Trust Construction Co. Ltd. | 10 | 187  |
| Daiwa House Industry Co. Ltd. | 15 | 509  |
| Hulic Co. Ltd. | 12 | 124  |
| Mitsubishi Estate Co. Ltd. | 28 | 593  |
| Mitsui Fudosan Co. Ltd. | 70 | 727  |
| Sumitomo Realty & Development Co. Ltd. | 8 | 342  |
|  |  | 2482  |
| **Utilities - 0.4%**<br>|  |  |
| Acciona SA | 1 | 221  |
| Endesa SA | 8 | 287  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Iberdrola SA | 166 | $3361  |
| Redeia Corp. SA | 11 | 198  |
|  |  | 4067  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $830,062)** |  | 982908  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 2.8%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 2.8%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 2.8%** |
| **Financials - 0.0%<sup>(d)</sup>**<br>|  |  |
| Annaly Capital Management, Inc. | 16 | 339  |
| **Real Estate - 2.8%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 4 | 233  |
| American Homes 4 Rent - Class A<sup>(a)</sup> | 9 | 284  |
| American Tower Corp. | 12 | 2148  |
| AvalonBay Communities, Inc. | 4 | 696  |
| BXP, Inc.<sup>(a)</sup> | 4 | 285  |
| Camden Property Trust | 3 | 298  |
| Crown Castle, Inc. | 12 | 1083  |
| Digital Realty Trust, Inc. | 9 | 1534  |
| Equinix, Inc. | 3 | 2538  |
| Equity LifeStyle Properties, Inc.<sup>(a)</sup> | 5 | 305  |
| Equity Residential<sup>(a)</sup> | 10 | 594  |
| Essex Property Trust, Inc. | 2 | 504  |
| Extra Space Storage, Inc. | 6 | 801  |
| Gaming and Leisure Properties, Inc. | 7 | 313  |
| Healthpeak Properties, Inc. | 18 | 323  |
| Invitation Homes, Inc. | 15 | 422  |
| Iron Mountain, Inc. | 8 | 824  |
| Kimco Realty Corp. | 18 | 372  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br>Inc. | 3 | 385  |
| Prologis, Inc. | 25 | 3102  |
| Public Storage<sup>(a)</sup> | 4 | 1114  |
| Realty Income Corp.<sup>(a)</sup> | 24 | 1391  |
| Regency Centers Corp. | 5 | 345  |
| SBA Communications Corp. | 3 | 574  |
| Simon Property Group, Inc. | 9 | 1582  |
| Sun Communities, Inc. | 3 | 380  |
| UDR, Inc. | 8 | 269  |
| Ventas, Inc. | 12 | 885  |
| VICI Properties, Inc.<sup>(a)</sup> | 28 | 840  |
| Welltower, Inc.<sup>(a)</sup> | 17 | 3078  |
| Weyerhaeuser Co. | 19 | 437  |
| WP Carey, Inc. | 6 | 396  |
|  |  | 28335  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $31,072)** |  | 28674 |

---

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

36<br>

------

**Pacer MSCI World Industry Advantage ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value**  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 15.4%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 15.4%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 15.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(e)</sup> | 156099 | $156099  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $156,099)** |  | 156099  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 115.3%** <br>**(Cost $1,017,233)** |  | $1167681  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (15.3)% |  | (155046)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1012635 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $152,553.

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

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

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

37<br>

------

**PACER NASDAQ 100 TOP 50 CASH COWS GROWTH LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 9.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 427 | $120068  |
| Electronic Arts, Inc. | 1513 | 302691  |
| Meta Platforms, Inc. - Class A | 223 | 144582  |
| Netflix, Inc.<sup>(a)</sup> | 178 | 199157  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 564 | 28358  |
|  |  | 794856  |
| **Consumer Discretionary - 9.6%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 811 | 102624  |
| Booking Holdings, Inc. | 35 | 177721  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 1157 | 294306  |
| MercadoLibre, Inc.<sup>(a)(b)</sup> | 99 | 230399  |
|  |  | 805050  |
| **Consumer Staples - 2.9%**<br>|  |  |
| Monster Beverage Corp.<sup>(a)</sup> | 3678 | 245801  |
| **Energy - 0.8%**<br>|  |  |
| Diamondback Energy, Inc. | 497 | 71165  |
| **Health Care - 9.8%**<br>|  |  |
| Amgen, Inc. | 389 | 116089  |
| Biogen, Inc.<sup>(a)</sup> | 525 | 80992  |
| Gilead Sciences, Inc. | 1653 | 198013  |
| Idexx Laboratories, Inc.<sup>(a)(b)</sup> | 472 | 297129  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 127 | 67853  |
| Regeneron Pharmaceuticals, Inc. | 102 | 66484  |
|  |  | 826560  |
| **Industrials - 7.3%**<br>|  |  |
| Automatic Data Processing, Inc.<sup>(b)</sup> | 365 | 95010  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 254 | 185986  |
| Cintas Corp. | 724 | 132687  |
| Copart, Inc.<sup>(a)</sup> | 1178 | 50666  |
| Paychex, Inc. | 660 | 77240  |
| Verisk Analytics, Inc. | 329 | 71972  |
|  |  | 613561  |
| **Information Technology - 60.1%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 167 | 56832  |
| Analog Devices, Inc. | 591 | 138371  |
| Apple, Inc.<sup>(b)</sup> | 334 | 90304  |
| Applied Materials, Inc. | 550 | 128205  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 341 | 217329  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 221 | 37442  |
| Autodesk, Inc.<sup>(a)</sup> | 307 | 92511  |
| Broadcom, Inc. | 999 | 369260  |
| Cadence Design System, Inc.<sup>(a)</sup> | 639 | 216423  |
| Cisco Systems, Inc. | 2505 | 183140  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. - <br>Class A<sup>(a)(b)</sup> | 401 | 217747  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 689 | 112176  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 992 | 85739  |
| Intuit, Inc. | 355 | 236980  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| KLA Corp. | 235 | $284054  |
| Lam Research Corp.<sup>(b)</sup> | 2034 | 320274  |
| Marvell Technology, Inc. | 630 | 59056  |
| Microsoft Corp. | 503 | 260458  |
| NVIDIA Corp. | 2187 | 442846  |
| ON Semiconductor Corp.<sup>(a)</sup> | 2480 | 124198  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - <br>Class A<sup>(a)(b)</sup> | 2502 | 501576  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 471 | 103733  |
| Qualcomm, Inc. | 421 | 76159  |
| Roper Technologies, Inc. | 158 | 70492  |
| Synopsys, Inc.<sup>(a)</sup> | 349 | 158383  |
| Workday, Inc. - Class A<sup>(a)</sup> | 301 | 72216  |
| Zscaler, Inc.<sup>(a)</sup> | 1201 | 397699  |
|  |  | 5053603  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $7,283,503)** |  | 8410596  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 18.1%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 1520060 | 1520060  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $1,520,060)** |  | 1520060  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 118.0%**<br>**(Cost $8,803,563)** |  | $9930656  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (18.0)% |  | (1517202)  |
| **TOTAL NET ASSETS - 100.0%** |  | $8413454 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $1,496,299.

<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 yield as of October 31, 2025.

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

38<br>

------

**PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **China - 10.3%**<br>|  |  |
| BYD Co. Ltd. - Class H | 7698 | $99661  |
| Lenovo Group Ltd. | 28306 | 41381  |
| PetroChina Co. Ltd. - Class H | 47522 | 49048  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 15892 | 114836  |
| Tencent Holdings Ltd. | 16886 | 1366865  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 43030 | 239223  |
|  |  | 1911014  |
| **Finland - 0.4%**<br>|  |  |
| Nokia OYJ | 11943 | 80724  |
| **France - 8.6%**<br>|  |  |
| Cie de Saint-Gobain SA | 1064 | 103092  |
|  Cie Generale des Etablissements Michelin SCA | 1574 | 50237  |
| L'Oreal SA | 1045 | 436817  |
| Safran SA | 854 | 303084  |
| Sanofi SA | 2485 | 250915  |
| Schneider Electric SE | 1158 | 328485  |
| Thales SA | 434 | 123511  |
|  |  | 1596141  |
| **Germany - 8.2%**<br>|  |  |
| BASF SE | 1939 | 95635  |
| Bayer AG | 2151 | 66818  |
| Bayerische Motoren Werke AG | 1245 | 115837  |
| Evonik Industries AG | 1076 | 18021  |
| Fresenius Medical Care AG | 669 | 35903  |
| Infineon Technologies AG | 2803 | 110883  |
| Merck KGaA | 296 | 38707  |
| SAP SE | 2328 | 602280  |
| Siemens AG | 1579 | 446907  |
|  |  | 1530991  |
| **Japan - 25.4%<sup>(c)</sup>**<br>|  |  |
| Aisin Corp. | 1771 | 31884  |
| Asahi Kasei Corp. | 3183 | 24424  |
| Bridgestone Corp. | 1548 | 67943  |
| Canon, Inc. | 2856 | 82153  |
| Dai Nippon Printing Co. Ltd. | 1236 | 20688  |
| Daikin Industries Ltd. | 628 | 73248  |
| Denso Corp. | 6240 | 87520  |
| Disco Corp. | 239 | 80039  |
| Ebara Corp. | 1094 | 29325  |
| ENEOS Holdings, Inc. | 6207 | 39181  |
| FANUC Corp. | 2155 | 68645  |
| Fuji Electric Co. Ltd. | 352 | 25262  |
| FUJIFILM Holdings Corp. | 2723 | 63256  |
| Fujitsu Ltd. | 4393 | 114906  |
| Hitachi Ltd. | 9237 | 318749  |
| Honda Motor Co. Ltd. | 11123 | 112594  |
| Idemitsu Kosan Co. Ltd. | 3041 | 21144  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| JFE Holdings, Inc. | 1510 | $17328  |
| Kao Corp. | 1033 | 43704  |
| Kawasaki Heavy Industries Ltd. | 392 | 31541  |
| Komatsu Ltd. | 2077 | 69624  |
| Kyocera Corp. | 3386 | 45041  |
| Mitsubishi Chemical Group Corp. | 3551 | 18574  |
| Mitsubishi Electric Corp. | 4508 | 126280  |
| Mitsubishi Heavy Industries Ltd. | 7019 | 211923  |
| Murata Manufacturing Co. Ltd. | 4290 | 94424  |
| NEC Corp. | 2939 | 107140  |
| NIDEC CORP | 2635 | 32196  |
| Nippon Steel Corp. | 11940 | 49299  |
| Nissan Motor Co. Ltd.<sup>(a)</sup> | 8680 | 19910  |
| Nitto Denko Corp. | 1615 | 40388  |
| NTT, Inc. | 185629 | 190796  |
| Olympus Corp. | 2592 | 31948  |
| Panasonic Holdings Corp. | 5373 | 62704  |
| Renesas Electronics Corp. | 4137 | 51300  |
| SCREEN Holdings Co. Ltd. | 240 | 22869  |
| Sekisui Chemical Co. Ltd. | 1037 | 18000  |
| Shin-Etsu Chemical Co. Ltd. | 4132 | 124810  |
| SoftBank Group Corp. | 3046 | 534943  |
| Sony Financial Holdings, Inc.<sup>(a)</sup> | 12228 | 12330  |
| Sony Group Corp. | 12228 | 343727  |
| Sumitomo Electric Industries Ltd. | 1787 | 65515  |
| Takeda Pharmaceutical Co. Ltd. | 3374 | 90924  |
| TDK Corp. | 4324 | 74999  |
| Terumo Corp. | 3244 | 52446  |
| Tokyo Electron Ltd. | 975 | 216245  |
| TOPPAN Holdings, Inc. | 692 | 16973  |
| Toray Industries, Inc. | 3775 | 23175  |
| Toyota Motor Corp. | 30193 | 614792  |
|  |  | 4716829  |
| **Netherlands - 6.7%**<br>|  |  |
| Airbus Group SE | 1580 | 388640  |
| ASML Holding NV | 753 | 796857  |
| Koninklijke Philips NV | 2087 | 57108  |
|  |  | 1242605  |
| **South Korea - 9.5%**<br>|  |  |
| Hyundai Motor Co. | 449 | 91391  |
| Kia Corp. | 868 | 73047  |
| LG Chem Ltd. | 162 | 45197  |
| LG Corp. | 362 | 20403  |
| LG Electronics, Inc. | 386 | 23733  |
| POSCO Holdings, Inc. | 180 | 39228  |
| Samsung Electronics Co. Ltd. | 11476 | 865885  |
| Samsung SDI Co. Ltd. | 165 | 37291  |
| SK Hynix, Inc. | 1480 | 580677  |
|  |  | 1776852  |
| **Sweden - 0.3%**<br>|  |  |
| Telefonaktiebolaget LM Ericsson - Class B | 6837 | 68944  |

---

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

39<br>

------

**PACER NASDAQ INTERNATIONAL PATENT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Switzerland - 9.5%**<br>|  |  |
| ABB Ltd. | 3762 | $278895  |
| Nestle SA | 4971 | 474893  |
| Novartis AG | 4099 | 505633  |
| Roche Holding AG | 1366 | 439462  |
| STMicroelectronics NV | 2017 | 49613  |
| Swatch Group AG | 70 | 14596  |
|  |  | 1763092  |
| **Taiwan - 15.6%**<br>|  |  |
| AUO Corp. | 19118 | 7556  |
| Delta Electronics, Inc. | 5633 | 182325  |
| Hon Hai Precision Industry Co. Ltd. | 28954 | 242531  |
| MediaTek, Inc. | 3373 | 143737  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 46885 | 2287743  |
| Wistron Corp. | 6902 | 33790  |
|  |  | 2897682  |
| **United Kingdom - 5.0%**<br>|  |  |
| AstraZeneca PLC | 3021 | 494895  |
| British American Tobacco PLC | 4503 | 230944  |
| GSK PLC | 8502 | 198865  |
|  |  | 924704  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $14,513,440)** |  | 18509578  |
| **PREFERRED STOCKS - 0.2%**<br>|  |  |
| **Germany - 0.2%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 421 | 34095  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $32,920)** |  | 34095  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%**<br>**(Cost $14,546,360)** |  | $18543673  |
| Other Assets in Excess of Liabilities - 0.3% |  | 47345  |
| **TOTAL NET ASSETS - 100.0%** |  | $18591018 |

---

Percentages are stated as a percent of net assets.

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

PLC - Public Limited Company

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2025, the value of these securities total $239,223 or 1.3% of the Fund's net assets.

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

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

40<br>

------

**Pacer Trendpilot<sup>®</sup> 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 14.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 160487 | $45127340  |
| Alphabet, Inc. - Class C | 149816 | 42221145  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 9243 | 2161383  |
| Comcast Corp. - Class A | 248967 | 6929996  |
| Electronic Arts, Inc. | 16927 | 3386416  |
| Meta Platforms, Inc. - Class A | 59844 | 38799857  |
| Netflix, Inc.<sup>(a)</sup> | 28814 | 32238832  |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup> | 12465 | 3195652  |
| T-Mobile US, Inc. | 76165 | 15998458  |
| Trade Desk, Inc. - Class A<sup>(a)(b)</sup> | 30177 | 1517300  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 167672 | 3764236  |
|  |  | 195340615  |
| **Consumer Discretionary - 13.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 29085 | 3680416  |
| Amazon.com, Inc.<sup>(a)</sup> | 294351 | 71886401  |
| Booking Holdings, Inc. | 2201 | 11176106  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 27197 | 6918101  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 7773 | 1325608  |
| Marriott International, Inc. | 18366 | 4785812  |
| MercadoLibre, Inc.<sup>(a)</sup> | 3440 | 8005774  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 57423 | 5423028  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 45159 | 6090594  |
| Ross Stores, Inc. | 22137 | 3518012  |
| Starbucks Corp.<sup>(b)</sup> | 76959 | 6223674  |
| Tesla Motors, Inc.<sup>(a)</sup> | 100440 | 45856887  |
|  |  | 174890413  |
| **Consumer Staples - 4.4%**<br>|  |  |
|  Coca-Cola Europacific Partners PLC | 31037 | 2757017  |
| Costco Wholesale Corp. | 30047 | 27386338  |
| Keurig Dr Pepper, Inc.<sup>(b)</sup> | 92001 | 2498747  |
| Mondelez International, Inc. | 87624 | 5034875  |
| Monster Beverage Corp.<sup>(a)</sup> | 66165 | 4421807  |
| PepsiCo, Inc. | 92664 | 13537284  |
| The Kraft Heinz Co.<sup>(b)</sup> | 80185 | 1982975  |
|  |  | 57619043  |
| **Energy - 0.5%**<br>|  |  |
| Baker Hughes Co. | 66703 | 3229092  |
| Diamondback Energy, Inc. | 19560 | 2800797  |
|  |  | 6029889  |
| **Financials - 0.3%**<br>|  |  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 64665 | 4479345  |
| **Health Care - 4.4%**<br>|  |  |
| Amgen, Inc. | 36537 | 10903737  |
| AstraZeneca PLC - ADR | 39753 | 3275647  |
| Biogen, Inc.<sup>(a)</sup> | 9930 | 1531901  |
| DexCom, Inc.<sup>(a)(b)</sup> | 26557 | 1546148  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| GE HealthCare Technologies, Inc. | 30901 | $2316030  |
| Gilead Sciences, Inc. | 84002 | 10062600  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 5407 | 3403761  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 24273 | 12968578  |
| Regeneron Pharmaceuticals, Inc. | 7039 | 4588020  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 17342 | 7380235  |
|  |  | 57976657  |
| **Industrials - 3.8%**<br>|  |  |
| Automatic Data Processing, Inc. | 27403 | 7133001  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 5309 | 3887409  |
| Cintas Corp. | 27253 | 4994657  |
| Copart, Inc.<sup>(a)</sup> | 65439 | 2814531  |
| CSX Corp. | 126414 | 4553432  |
| Fastenal Co.<sup>(b)</sup> | 77629 | 3194433  |
| Honeywell International, Inc. | 42979 | 8652962  |
| Old Dominion Freight Line, Inc. | 14233 | 1998598  |
| PACCAR, Inc. | 35534 | 3496546  |
| Paychex, Inc. | 24335 | 2847925  |
| Thomson Reuters Corp. | 30474 | 4664351  |
| Verisk Analytics, Inc. | 9458 | 2069032  |
|  |  | 50306877  |
| **Information Technology - 56.1%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 28729 | 9776766  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 110003 | 28173968  |
| Analog Devices, Inc. | 33277 | 7791144  |
| Apple, Inc. | 409002 | 110581871  |
| Applied Materials, Inc. | 54062 | 12601852  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 20856 | 13292154  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 9228 | 1567099  |
| ASML Holding NV | 5741 | 6081039  |
| Atlassian Corp. - Class A<sup>(a)(b)</sup> | 11248 | 1905636  |
| Autodesk, Inc.<sup>(a)</sup> | 14473 | 4361294  |
| Broadcom, Inc. | 214530 | 79296724  |
| Cadence Design System, Inc.<sup>(a)</sup> | 18431 | 6242395  |
| CDW Corp. | 8874 | 1414249  |
| Cisco Systems, Inc. | 268429 | 19624844  |
|  Cognizant Technology Solutions Corp. - Class A | 33072 | 2410287  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 17030 | 9247460  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 21856 | 3558375  |
| Fortinet, Inc.<sup>(a)</sup> | 51820 | 4478803  |
| GlobalFoundries, Inc.<sup>(a)</sup> | 37526 | 1335926  |
| Intel Corp.<sup>(a)</sup> | 297714 | 11905583  |
| Intuit, Inc. | 18933 | 12638724  |
| KLA Corp. | 8940 | 10806136  |
| Lam Research Corp. | 85946 | 13533057  |
| Marvell Technology, Inc. | 58328 | 5467667  |
| Microchip Technology, Inc. | 36520 | 2279578  |
| Micron Technology, Inc. | 75980 | 17002045  |
| Microsoft Corp. | 204906 | 106102376  |
| MicroStrategy, Inc. - Class A<sup>(a)(b)</sup> | 17872 | 4816683  |
| NVIDIA Corp. | 669983 | 135664858  |

---

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

41<br>

------

**Pacer Trendpilot<sup>®</sup> 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| NXP Semiconductors NV | 17049 | $3565287  |
| ON Semiconductor Corp.<sup>(a)</sup> | 27665 | 1385463  |
|  Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 154267 | 30925906  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 45278 | 9972027  |
| Qualcomm, Inc. | 73265 | 13253639  |
| Roper Technologies, Inc. | 7284 | 3249757  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 82637 | 14367269  |
| Synopsys, Inc.<sup>(a)</sup> | 12504 | 5674565  |
| Texas Instruments, Inc. | 61692 | 9960790  |
| Workday, Inc. - Class A<sup>(a)(b)</sup> | 14678 | 3521546  |
| Zscaler, Inc.<sup>(a)</sup> | 10522 | 3484255  |
|  |  | 743319097  |
| **Materials - 1.0%**<br>|  |  |
| Linde PLC | 31734 | 13274332  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 10745 | 484266  |
|  |  | 13758598  |
| **Real Estate - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 28651 | 1971475  |
| **Utilities - 1.4%**<br>|  |  |
| American Electric Power Co., Inc. | 36173 | 4350165  |
| Constellation Energy Corp. | 21125 | 7964125  |
| Exelon Corp.<sup>(b)</sup> | 68309 | 3150411  |
| Xcel Energy, Inc. | 39998 | 3246638  |
|  |  | 18711339  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,099,556,260)** |  | 1324403348  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.0%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.0%**  | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 2.0%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 26139080 | 26139080  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $26,139,080)** |  | 26139080  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.0%** <br>**(Cost $1,125,695,340)** |  | $1350542428  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.0)% |  | (25945959)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1324596469 |

---

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 October 31, 2025. The fair value of these securities was $25,885,017.

<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 yield as of October 31, 2025.

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

42<br>

------

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.2%**<br>|  |  |
| **Austria - 0.9%**<br>|  |  |
| ANDRITZ AG | 330 | $24952  |
| BAWAG Group AG<sup>(a)</sup> | 390 | 50302  |
| Erste Group Bank AG | 1424 | 147313  |
| OMV AG | 724 | 39606  |
| Raiffeisen Bank International AG | 646 | 24081  |
| Strabag SE | 80 | 6261  |
| Telekom Austria AG | 383 | 4075  |
| Verbund AG - Class A | 336 | 25929  |
|  |  | 322519  |
| **Belgium - 2.3%**<br>|  |  |
| Ackermans & van Haaren NV | 108 | 26889  |
| Ageas SA/NV | 894 | 59149  |
| Anheuser-Busch InBev SA | 4840 | 295118  |
| Cenergy Holdings SA | 308 | 5112  |
| D'ieteren Group | 104 | 19000  |
| Elia Group SA | 223 | 26861  |
| Groupe Bruxelles Lambert NV | 398 | 34980  |
| KBC Groep NV | 1148 | 137947  |
| Lotus Bakeries NV | 2 | 17451  |
| Sofina SA | 72 | 19785  |
| Syensqo SA | 356 | 29397  |
| Titan SA | 184 | 8250  |
| UCB SA | 607 | 155673  |
| Viohalco SA | 212 | 2075  |
|  |  | 837687  |
| **Cyprus - 0.0%<sup>(b)</sup>**<br>|  |  |
| Bank of Cyprus Holdings PLC | 1710 | 15729  |
| **Finland - 3.2%**<br>|  |  |
| Elisa OYJ | 710 | 31295  |
| Fortum Oyj | 2122 | 47304  |
| Kesko Oyj - Class B | 1337 | 28202  |
| Kone Oyj - Class B | 1583 | 105683  |
| Metso Oyj | 3493 | 57212  |
| Neste Oyj | 2074 | 42923  |
| Nokia OYJ | 25325 | 171174  |
| Nordea Bank Abp | 16717 | 285467  |
| Orion Oyj - Class B | 530 | 36990  |
| Sampo Oyj - Class A | 12050 | 134282  |
| Stora Enso Oyj - Class R | 2953 | 34378  |
| UPM-Kymmene Oyj | 2617 | 70224  |
| Valmet Oyj | 717 | 23314  |
| Wartsila OYJ Abp | 2291 | 74917  |
|  |  | 1143365  |
| **France - 29.0%<sup>(c)</sup>**<br>|  |  |
| Accor SA | 1117 | 56843  |
| Aeroports de Paris SA | 198 | 27136  |
| Air Liquide SA | 2935 | 568076  |
| Airbus SE | 2980 | 733004  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Alstom SA<sup>(d)</sup> | 1700 | $42423  |
| Amundi SA<sup>(a)</sup> | 295 | 21864  |
| Arkema SA | 294 | 17452  |
| AXA SA | 8866 | 384554  |
| Ayvens SA<sup>(a)</sup> | 1477 | 19697  |
| BioMerieux | 222 | 28557  |
| BNP Paribas SA | 5100 | 394211  |
| Bollore SE | 3489 | 19424  |
| Bouygues SA | 951 | 42893  |
| Bureau Veritas SA | 1747 | 57349  |
| Capgemini SE | 782 | 120333  |
| Carrefour SA | 3206 | 48225  |
| Cie de Saint-Gobain SA | 2292 | 222075  |
|  Cie Generale des Etablissements Michelin SCA | 3351 | 106953  |
| Credit Agricole SA | 4697 | 84675  |
| Danone SA | 3223 | 284864  |
| Dassault Aviation SA | 90 | 28922  |
| Dassault Systemes SE | 3350 | 95105  |
| Edenred SE | 1216 | 34942  |
| Eiffage SA | 368 | 45259  |
| Engie SA | 8988 | 210307  |
| EssilorLuxottica SA | 1468 | 536898  |
| Eurazeo SE | 203 | 13840  |
| FDJ UNITED | 558 | 16260  |
| Getlink SE | 1738 | 31712  |
| Hermes International SCA | 173 | 428527  |
| Ipsen SA | 177 | 24849  |
| Kering | 355 | 125539  |
| Legrand SA | 1239 | 213505  |
| L'Oreal SA | 1167 | 487814  |
| LVMH Moet Hennessy Louis Vuitton SE | 1300 | 917194  |
| Orange SA | 10531 | 167936  |
| Pernod Ricard SA | 968 | 94795  |
| Publicis Groupe SA | 1154 | 115457  |
| Renault SA | 955 | 37096  |
| Rexel SA | 1129 | 39040  |
| Safran SA | 1771 | 628527  |
| Sanofi SA | 5466 | 551911  |
| Sartorius Stedim Biotech | 141 | 33675  |
| Schneider Electric SE | 2762 | 783485  |
| SCOR SE | 880 | 26657  |
| SEB SA | 133 | 7355  |
| Societe Generale SA | 3648 | 230678  |
| Sodexo SA | 412 | 22814  |
| SPIE SA | 730 | 37124  |
| Teleperformance SE | 270 | 19283  |
| Thales SA | 452 | 128634  |
| TotalEnergies SE | 9473 | 589080  |
| Veolia Environnement SA | 3058 | 100985  |
| Vinci SA | 2532 | 338254  |
| Wendel SA | 123 | 11541  |
|  |  | 10455608  |

---

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

43<br>

------

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Germany - 25.6%<sup>(c)</sup>**<br>|  |  |
| adidas AG | 846 | $159728  |
| Allianz SE | 1969 | 790260  |
| Aumovio SE<sup>(d)</sup> | 275 | 11802  |
| BASF SE | 4545 | 224167  |
| Bayer AG | 4977 | 154604  |
| Bayerische Motoren Werke AG | 1446 | 134538  |
| Bechtle AG | 416 | 17569  |
| Beiersdorf AG | 519 | 54869  |
| Brenntag SE | 624 | 34632  |
| Carl Zeiss Meditec AG | 176 | 8906  |
| Commerzbank AG | 3792 | 137725  |
| Continental AG | 549 | 41436  |
| Covestro AG<sup>(d)</sup> | 878 | 61329  |
| CTS Eventim AG & Co. KGaA | 290 | 25939  |
| Daimler AG | 3843 | 248989  |
| Daimler Truck Holding AG | 2569 | 102781  |
| Delivery Hero SE<sup>(a)(d)</sup> | 1115 | 28274  |
| Deutsche Bank AG | 9020 | 321575  |
| Deutsche Boerse AG | 931 | 235548  |
| Deutsche Lufthansa AG | 3041 | 26618  |
| Deutsche Post AG | 4807 | 220522  |
| Deutsche Telekom AG | 16771 | 519811  |
| Deutsche Wohnen SE | 250 | 6224  |
| DWS Group GmbH & Co. KGaA<sup>(a)</sup> | 158 | 10098  |
| E.ON SE | 11303 | 210277  |
| Evonik Industries AG | 1266 | 21203  |
| Fielmann Group AG | 116 | 6331  |
|  Fraport AG Frankfurt Airport Services Worldwide<sup>(d)</sup> | 185 | 15822  |
| Fresenius Medical Care AG | 1064 | 57102  |
| Fresenius SE & Co. KGaA | 2088 | 120384  |
| FUCHS SE | 131 | 4643  |
| GEA Group AG | 740 | 52883  |
| Hannover Rueck SE | 304 | 86690  |
| Heidelberg Materials AG | 639 | 149591  |
| Henkel AG & Co. KGaA | 487 | 36347  |
| Hensoldt AG | 300 | 31882  |
| HOCHTIEF AG | 76 | 21778  |
| Infineon Technologies AG | 6624 | 262037  |
| KION Group AG | 357 | 25307  |
| Knorr-Bremse AG | 336 | 31215  |
| LEG Immobilien SE | 377 | 28702  |
| Merck KGaA | 656 | 85784  |
| MTU Aero Engines AG | 273 | 118978  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 662 | 409301  |
| Nemetschek SE | 287 | 33081  |
| Rational AG | 26 | 19045  |
| RENK Group AG | 350 | 26541  |
| Rheinmetall AG | 229 | 449121  |
| RWE AG | 3376 | 166004  |
| SAP SE | 5238 | 1355129  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Scout24 SE<sup>(a)</sup> | 356 | $41116  |
| Siemens AG | 3740 | 1058539  |
| Siemens Energy AG<sup>(d)</sup> | 3270 | 404430  |
| Siemens Healthineers AG<sup>(a)</sup> | 1502 | 84088  |
| Symrise AG | 673 | 55682  |
| Talanx AG | 304 | 36968  |
| Traton SE | 317 | 10172  |
| Volkswagen AG | 145 | 15268  |
| Vonovia SE | 3564 | 107014  |
| Zalando SE<sup>(a)(d)</sup> | 1185 | 33136  |
|  |  | 9249535  |
| **Greece - 0.9%**<br>|  |  |
| Aegean Airlines SA | 202 | 3069  |
|  Aktor SA Holding Co. Technical And Energy Projects<sup>(d)</sup> | 264 | 2559  |
| Alpha Bank SA | 10508 | 41181  |
| Athens International Airport SA | 374 | 4319  |
| Athens Water Supply & Sewage Co. SA | 210 | 1680  |
| Autohellas Tourist and Trading SA | 96 | 1226  |
| Ellaktor SA | 267 | 479  |
| ElvalHalcor SA | 280 | 1033  |
| Eurobank Ergasias SA | 12439 | 46755  |
| FF Group<sup>(d)(e)</sup> | 1259 | 6966  |
| GEK TERNA SA | 351 | 9378  |
|  Hellenic Telecommunications Organization SA | 768 | 14438  |
| HELLENiQ ENERGY Holdings SA | 441 | 3884  |
| Holding Co. ADMIE IPTO SA | 576 | 1982  |
|  Intralot SA-Integrated Information Systems & Gaming Services<sup>(d)</sup> | 1308 | 1683  |
| Jumbo SA | 571 | 18126  |
| LAMDA Development SA<sup>(d)</sup> | 393 | 3352  |
| Motor Oil Hellas Corinth Refineries SA | 316 | 9477  |
| National Bank of Greece SA | 4242 | 62317  |
| OPAP SA | 879 | 18186  |
| Optima bank SA | 912 | 8452  |
| Piraeus Financial Holdings SA | 5447 | 42518  |
| Piraeus Port Authority SA | 33 | 1636  |
| Public Power Corp. SA | 934 | 16245  |
| Quest Holdings SA | 131 | 1065  |
| Sarantis SA | 136 | 1978  |
|  |  | 323984  |
| **Ireland - 0.9%**<br>|  |  |
| AIB Group PLC | 10822 | 99604  |
| Bank of Ireland Group PLC | 4863 | 79511  |
| Kerry Group PLC - Class A | 837 | 76313  |
| Kingspan Group PLC | 778 | 58200  |
| Ryanair Holdings PLC | 260 | 7867  |
|  |  | 321495  |
| **Italy - 9.4%**<br>|  |  |
| A2A SpA | 7921 | 23063  |
| Amplifon SpA | 622 | 10611  |
| Banca Mediolanum SpA | 1081 | 21693  |

---

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

44<br>

------

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Italy - (Continued)** | **Italy - (Continued)** | **Italy - (Continued)** |
| Banca Monte dei Paschi di Siena SpA | 10575 | $92443  |
| Banco BPM SpA | 7436 | 108038  |
| BPER Banca SPA | 7014 | 83717  |
| Brunello Cucinelli SpA | 172 | 17395  |
| Buzzi SpA | 442 | 26569  |
| Davide Campari-Milano NV | 2839 | 19745  |
| DiaSorin SpA | 111 | 9813  |
| Enel SpA | 39561 | 400001  |
| Eni SpA | 9923 | 182363  |
| Ferrari NV | 605 | 241632  |
| FinecoBank Banca Fineco SpA | 3104 | 70876  |
| Generali | 4900 | 188359  |
| Hera SpA | 3868 | 17343  |
| Infrastrutture Wireless Italiane SpA<sup>(a)</sup> | 1641 | 18016  |
| Interpump Group SpA | 368 | 18961  |
| Intesa Sanpaolo SpA | 79883 | 513420  |
| Italgas SpA | 3102 | 32501  |
| Leonardo SpA | 2040 | 119639  |
|  Mediobanca Banca di Credito Finanziario SpA | 572 | 10902  |
| Moncler SpA | 1139 | 68269  |
| Nexi SpA<sup>(a)</sup> | 3034 | 15968  |
| Pirelli & C SpA<sup>(a)</sup> | 1894 | 13265  |
| Poste Italiane SpA<sup>(a)</sup> | 2308 | 55574  |
| Prysmian SpA | 1452 | 150326  |
|  Recordati Industria Chimica e Farmaceutica SpA | 550 | 32649  |
| Reply SpA | 114 | 15978  |
| Snam SpA | 10368 | 63912  |
| Telecom Italia SpA<sup>(d)</sup> | 55318 | 32595  |
| Telecom Italia SpA - Savings Shares<sup>(d)</sup> | 30466 | 20234  |
| Terna Rete Elettrica Nazionale SpA | 7097 | 72690  |
| UniCredit SpA | 7944 | 586298  |
| Unipol Assicurazioni SpA | 1910 | 41752  |
|  |  | 3396610  |
| **Luxembourg - 0.5%**<br>|  |  |
| ArcelorMittal | 2146 | 82024  |
| CVC Capital Partners PLC<sup>(a)</sup> | 1072 | 17904  |
| Eurofins Scientific SE<sup>(d)</sup> | 571 | 40240  |
| RTL Group SA | 187 | 7210  |
| Tenaris SA | 1776 | 35384  |
|  |  | 182762  |
| **Netherlands - 14.7%**<br>|  |  |
| ABN AMRO Group NV<sup>(a)</sup> | 2601 | 77679  |
| Adyen NV<sup>(a)(d)</sup> | 135 | 231637  |
| Aegon Ltd. | 6577 | 50080  |
| Akzo Nobel NV | 854 | 56542  |
| Argenx SE<sup>(d)</sup> | 309 | 251312  |
| ASM International NV | 236 | 152878  |
| ASML Holding NV | 2005 | 2121778  |
| ASR Nederland NV | 790 | 52723  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| BE Semiconductor Industries NV | 359 | $61077  |
| CTP NV<sup>(a)</sup> | 658 | 13713  |
| Euronext NV<sup>(a)</sup> | 440 | 62888  |
| EXOR NV | 485 | 42039  |
| Ferrovial SE | 2395 | 146863  |
| Heineken Holding NV | 577 | 38973  |
| Heineken NV | 1406 | 108646  |
| IMCD NV | 295 | 30596  |
| ING Groep NV | 15152 | 379337  |
| JDE Peet's NV | 787 | 28647  |
| Koninklijke Ahold Delhaize NV | 4608 | 188607  |
| Koninklijke KPN NV | 19084 | 88384  |
| Koninklijke Philips NV | 3939 | 107786  |
| Koninklijke Vopak NV | 288 | 13039  |
| NN Group NV | 1315 | 90004  |
| Prosus NV | 6507 | 449491  |
| QIAGEN NV | 1080 | 50740  |
| Randstad Holding NV | 549 | 21509  |
| Stellantis NV | 10849 | 109769  |
| Universal Music Group NV | 4766 | 127834  |
| Wolters Kluwer NV | 1170 | 143288  |
|  |  | 5297859  |
| **Poland - 0.1%**<br>|  |  |
| InPost SA<sup>(d)</sup> | 1290 | 16237  |
| **Portugal - 0.5%**<br>|  |  |
| Banco Comercial Portugues SA | 46167 | 40719  |
| EDP SA | 15080 | 74916  |
| Galp Energia SGPS SA | 2081 | 41725  |
| Jeronimo Martins SGPS SA | 1395 | 35921  |
|  |  | 193281  |
| **Spain - 9.8%**<br>|  |  |
| Acciona SA | 121 | 26778  |
|  ACS Actividades de Construccion y Servicios SA | 907 | 74436  |
| Aena SME SA<sup>(a)</sup> | 3505 | 95142  |
| Amadeus IT Holding SA | 2216 | 169399  |
| Banco Bilbao Vizcaya Argentaria SA | 28880 | 580383  |
| Banco de Sabadell SA | 26308 | 98340  |
| Banco Santander SA | 75581 | 768904  |
| Bankinter SA | 3151 | 47470  |
| CaixaBank SA | 18302 | 193279  |
| Cellnex Telecom SA<sup>(a)</sup> | 2857 | 89013  |
|  Corp. ACCIONA Energias Renovables SA | 206 | 5665  |
| EDP Renovaveis SA | 1574 | 23005  |
| Endesa SA | 1606 | 57552  |
| Grifols SA | 1453 | 18816  |
| Iberdrola SA | 33976 | 687885  |
| Industria de Diseno Textil SA | 5630 | 310842  |
| Mapfre SA | 4636 | 20477  |
| Naturgy Energy Group SA | 482 | 14601  |
| Redeia Corp. SA | 2057 | 37011  |

---

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

45<br>

------

**PACER TRENDPILOT<sup>®</sup> EUROPEAN INDEX ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Spain - (Continued)** | **Spain - (Continued)** | **Spain - (Continued)** |
| Repsol SA | 5798 | $106093  |
| Telefonica SA | 20660 | 104470  |
|  |  | 3529561  |
| **Switzerland - 0.4%**<br>|  |  |
| DSM-Firmenich AG | 923 | 75217  |
| STMicroelectronics NV | 3251 | 79966  |
|  |  | 155183  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $31,384,589)** |  | 35441415  |
| **PREFERRED STOCKS - 0.6%**<br>|  |  |
| **Germany - 0.6%**<br>|  |  |
| Bayerische Motoren Werke AG, 0.00% | 284 | 24568  |
| FUCHS SE, 0.00% | 333 | 14885  |
| Henkel AG & Co. KGaA, 0.00% | 827 | 66974  |
| Volkswagen AG, 0.00% | 1047 | 108879  |
|  |  | 215306  |
| **Spain - 0.0%<sup>(b)</sup>**<br>|  |  |
| Grifols SA, Class B, 0.00% | 1311 | 12112  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $226,115)** |  | 227418  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.5%**<br>|  |  |
| **Belgium - 0.0%<sup>(b)</sup>**<br>|  |  |
| Warehouses De Pauw CVA | 928 | 23554  |
| **France - 0.4%**<br>|  |  |
| Covivio SA | 273 | 17496  |
| Gecina SA | 260 | 24140  |
| Klepierre | 1052 | 40185  |
| Unibail-Rodamco-Westfield | 516 | 53314  |
|  |  | 135135  |
| **Spain - 0.1%**<br>|  |  |
| Merlin Properties Socimi SA | 1908 | 29712  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $167,746)** |  | 188401  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%**<br>**(Cost $31,778,450)** |  | $35857234  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 239062  |
| **TOTAL NET ASSETS - 100.0%** |  | $36096296 |

---

Percentages are stated as a percent of net assets.

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 October 31, 2025, the value of these securities total $979,374 or 2.7% of the Fund's net assets.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

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

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $6,966 or 0.0% of net assets as of October 31, 2025.

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

46<br>

------

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

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **AFFILIATED EXCHANGE TRADED FUNDS - 100.0%**<br>|  |  |
| Pacer Trendpilot 100 ETF<sup>(a)</sup> | 139150 | $11307329  |
| Pacer Trendpilot International ETF<sup>(a)</sup> | 353488 | 11061665  |
| Pacer Trendpilot US Bond ETF<sup>(a)</sup> | 541911 | 10587857  |
| Pacer Trendpilot US Large Cap ETF<sup>(a)</sup> | 196938 | 11046252  |
| Pacer Trendpilot US Mid Cap ETF<sup>(a)</sup> | 299452 | 10660431  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED EXCHANGE TRADED FUNDS**<br>**(Cost $50,678,324)** |  | 54663534  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $50,678,324)** |  | $54663534  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(b)</sup> |  | 7326  |
| **TOTAL NET ASSETS - 100.0%** |  | $54670860 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Represents less than 0.05% of net assets.

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

47<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%**<br>|  |  |
| **Australia - 5.5%**<br>|  |  |
| ANZ Group Holdings Ltd. | 23734 | $569144  |
| Aristocrat Leisure Ltd. | 4943 | 204887  |
| BHP Group Ltd. | 40754 | 1158610  |
| Brambles Ltd. | 10876 | 176908  |
| Cochlear Ltd. | 520 | 97702  |
| Coles Group Ltd.  | 10676 | 154026  |
| Commonwealth Bank of Australia | 13473 | 1513073  |
| Computershare Ltd. | 4322 | 103416  |
| CSL Ltd. | 3849 | 449535  |
| Fortescue Ltd. | 13223 | 184197  |
| Insurance Australia Group Ltd. | 18820 | 96788  |
| Macquarie Group Ltd. | 2815 | 402556  |
| National Australia Bank Ltd. | 24365 | 695391  |
| Northern Star Resources Ltd. | 11382 | 183277  |
| Origin Energy Ltd. | 13708 | 109872  |
| Pro Medicus Ltd. | 442 | 76236  |
| QBE Insurance Group Ltd. | 12014 | 155958  |
| REA Group Ltd. | 400 | 55770  |
| Rio Tinto Ltd. | 2952 | 256638  |
| Santos Ltd. | 25836 | 106667  |
| Sigma Healthcare Ltd. | 45924 | 93450  |
| Suncorp Group Ltd. | 8620 | 110662  |
| Telstra Group Ltd. | 31706 | 101237  |
| Transurban Group | 24731 | 234308  |
| Wesfarmers Ltd. | 9031 | 496355  |
| Westpac Banking Corp. | 27562 | 698630  |
| WiseTech Global Ltd.  | 1680 | 75978  |
| Woodside Energy Group Ltd. | 15102 | 245055  |
| Woolworths Group Ltd. | 9722 | 180719  |
|  |  | 8987045  |
| **Austria - 0.3%**<br>|  |  |
| Erste Group Bank AG | 2551 | 263901  |
| OMV AG | 1146 | 62691  |
| Raiffeisen Bank International AG | 1022 | 38096  |
| Strabag SE | 128 | 10018  |
| Verbund AG - Class A | 666 | 51395  |
|  |  | 426101  |
| **Belgium - 0.6%**<br>|  |  |
| Anheuser-Busch InBev SA | 7870 | 479873  |
| KBC Groep NV | 1996 | 239846  |
| UCB SA | 959 | 245948  |
|  |  | 965667  |
| **Canada - 10.2%**<br>|  |  |
| Agnico Eagle Mines Ltd.  | 4056 | 652349  |
| Alimentation Couche-Tard, Inc. | 6102 | 310114  |
| Bank of Montreal | 5772 | 717019  |
| Bank of Nova Scotia | 9886 | 648400  |
| Barrick Mining Corp. | 13757 | 451586  |
| BCE, Inc. | 2448 | 55957  |
| Brookfield Corp. | 17381 | 800427  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cameco Corp. | 3464 | $354019  |
| Canadian Imperial Bank of Commerce | 7392 | 612473  |
| Canadian National Railway Co. | 4424 | 424216  |
| Canadian Natural Resources Ltd. | 16620 | 531703  |
| Canadian Pacific Kansas City Ltd. | 7275 | 523522  |
| Cenovus Energy, Inc. | 10014 | 169214  |
| Constellation Software, Inc. | 162 | 426334  |
| Dollarama, Inc. | 2199 | 285836  |
| Enbridge, Inc.<sup>(a)</sup> | 17575 | 819511  |
| Fairfax Financial Holdings Ltd. | 169 | 274377  |
| Franco-Nevada Corp. | 1532 | 286171  |
| Great-West Lifeco, Inc. | 2138 | 90639  |
| Imperial Oil Ltd. | 1250 | 110558  |
| Intact Financial Corp. | 1419 | 264699  |
| Loblaw Cos. Ltd.  | 4558 | 181144  |
| Manulife Financial Corp. | 13516 | 437411  |
| National Bank of Canada | 3115 | 348024  |
| Nutrien Ltd. | 3878 | 211216  |
| Restaurant Brands International, Inc. | 2610 | 171426  |
| Royal Bank of Canada | 11321 | 1658498  |
| Shopify, Inc. - Class A<sup>(b)</sup> | 9852 | 1712958  |
| Sun Life Financial, Inc. | 4483 | 272678  |
| Suncor Energy, Inc. | 9655 | 384465  |
| TC Energy Corp. | 8270 | 414989  |
| TELUS Corp. | 4074 | 59576  |
| Thomson Reuters Corp. | 1080 | 165432  |
| Toronto-Dominion Bank | 13822 | 1134891  |
| Waste Connections, Inc. | 2056 | 344809  |
| Wheaton Precious Metals Corp. | 3671 | 354523  |
|  |  | 16661164  |
| **Denmark - 1.3%**<br>|  |  |
| AP Moller - Maersk AS - Class A | 22 | 45365  |
| AP Moller - Maersk AS - Class B | 37 | 76268  |
| Coloplast AS - Class B | 954 | 86227  |
| Danske Bank A/S | 5250 | 234425  |
| DSV AS | 1569 | 332982  |
| Novo Nordisk AS | 25583 | 1247571  |
| Novonesis Novozymes B | 2738 | 163631  |
|  |  | 2186469  |
| **Finland - 0.9%**<br>|  |  |
| Amer Sports, Inc.<sup>(b)</sup> | 1238 | 38663  |
| Fortum Oyj | 3504 | 78112  |
| Kone Oyj - Class B | 3100 | 206960  |
| Nokia OYJ | 40806 | 275812  |
| Nordea Bank Abp | 27611 | 471700  |
| Sampo Oyj - Class A | 20275 | 225940  |
| UPM-Kymmene Oyj | 4198 | 112647  |
| Wartsila OYJ Abp | 3856 | 126093  |
|  |  | 1535927  |
| **France - 7.5%**<br>|  |  |
| Air Liquide SA | 4660 | 901953  |
| AXA SA | 13627 | 591058  |

---

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

48<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **France - (Continued)** | **France - (Continued)** | **France - (Continued)** |
| BNP Paribas SA | 8099 | $626023  |
| Christian Dior SE | 30 | 19624  |
| Cie de Saint-Gobain SA | 3650 | 353653  |
| Credit Agricole SA | 8914 | 160696  |
| Danone SA | 5132 | 453591  |
| Dassault Systemes SE | 5244 | 148875  |
| Engie SA | 13945 | 326295  |
| EssilorLuxottica SA | 2350 | 859475  |
| Hermes International SCA | 281 | 696046  |
| L'Oreal SA | 1852 | 774148  |
| LVMH Moet Hennessy Louis Vuitton SE | 2057 | 1451283  |
| Safran SA | 2767 | 982006  |
| Sanofi SA | 8585 | 866842  |
| Schneider Electric SE | 4359 | 1236500  |
| Thales SA | 728 | 207180  |
| TotalEnergies SE | 16846 | 1047572  |
| Vinci SA | 3990 | 533030  |
|  |  | 12235850  |
| **Germany - 7.2%**<br>|  |  |
| Allianz SE | 3114 | 1249807  |
| BASF SE | 7103 | 350332  |
| Bayerische Motoren Werke AG | 2100 | 195387  |
| Commerzbank AG | 8292 | 301164  |
| Daimler AG | 5742 | 372025  |
| Deutsche Bank AG | 15502 | 552666  |
| Deutsche Boerse AG | 1499 | 379255  |
| Deutsche Post AG | 7637 | 350349  |
| Deutsche Telekom AG | 28123 | 871662  |
| E.ON SE | 17658 | 328504  |
| Hannover Rueck SE | 484 | 138020  |
| Infineon Technologies AG | 10388 | 410936  |
| Merck KGaA | 1032 | 134952  |
|  Muenchener Rueckversicherungs-Gesellschaft AG | 1041 | 643628  |
| Rheinmetall AG | 371 | 727615  |
| SAP SE | 8215 | 2125312  |
| Siemens AG | 5928 | 1677813  |
| Siemens Energy AG<sup>(b)</sup> | 5442 | 673060  |
| Siemens Healthineers AG<sup>(c)</sup> | 2330 | 130443  |
| Volkswagen AG | 242 | 25481  |
|  |  | 11638411  |
| **Hong Kong - 1.9%**<br>|  |  |
| AIA Group Ltd. | 83570 | 811443  |
| BOC Hong Kong Holdings Ltd. | 28601 | 140529  |
| Budweiser Brewing Co. APAC Ltd.<sup>(c)</sup> | 12649 | 12827  |
| Chow Tai Fook Jewellery Group Ltd. | 17268 | 33822  |
| CK Asset Holdings Ltd. | 15596 | 77152  |
| CK Hutchison Holdings Ltd. | 21861 | 144886  |
| CK Infrastructure Holdings Ltd. | 4939 | 32130  |
| CLP Holdings Ltd. | 12669 | 108095  |
| Futu Holdings Ltd. - ADR<sup>(a)</sup> | 482 | 95937  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Galaxy Entertainment Group Ltd. | 16363 | $81535  |
| Hang Seng Bank Ltd. | 5540 | 108083  |
| Henderson Land Development Co. Ltd. | 10669 | 37456  |
| Hong Kong & China Gas Co. Ltd. | 86110 | 80120  |
| Hong Kong Exchanges & Clearing Ltd. | 9482 | 516897  |
| Jardine Matheson Holdings Ltd. | 1641 | 96409  |
| MTR Corp. Ltd. | 12877 | 47229  |
| Power Assets Holdings Ltd. | 10855 | 68953  |
| Prudential PLC | 20482 | 283870  |
| Sun Hung Kai Properties Ltd. | 12220 | 148532  |
| Techtronic Industries Co. Ltd. | 11361 | 132755  |
| Zijin Gold International Co. Ltd.<sup>(b)</sup> | 1178 | 19920  |
|  |  | 3078580  |
| **Ireland - 0.6%**<br>|  |  |
| AIB Group PLC | 17004 | 156503  |
| Experian PLC | 7304 | 340343  |
| James Hardie Industries PLC<sup>(b)</sup> | 4610 | 97156  |
| Kerry Group PLC - Class A | 1297 | 118253  |
| Kingspan Group PLC | 1216 | 90965  |
| Ryanair Holdings PLC | 4218 | 127624  |
|  |  | 930844  |
| **Israel - 1.2%**<br>|  |  |
| Azrieli Group Ltd. | 300 | 31644  |
| Bank Hapoalim BM | 10474 | 213115  |
| Bank Leumi Le-Israel BM | 11884 | 241914  |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 18526 | 37928  |
| Camtek Ltd.<sup>(b)</sup> | 220 | 27257  |
| Cellebrite DI Ltd.<sup>(b)</sup> | 952 | 16241  |
|  Check Point Software Technologies Ltd.<sup>(b)</sup> | 668 | 130714  |
| CyberArk Software Ltd.<sup>(a)(b)</sup> | 405 | 210916  |
| Elbit Systems Ltd. | 216 | 103411  |
| Etoro Group Ltd. - Class A<sup>(a)(b)</sup> | 100 | 3706  |
| First International Bank Of Israel Ltd. | 420 | 30290  |
| Global-e Online Ltd.<sup>(b)</sup> | 870 | 31694  |
|  Harel Insurance Investments & Financial Services Ltd. | 884 | 30928  |
| ICL Group Ltd. | 5840 | 38337  |
| Isracard Ltd. | 1 | 3  |
| Israel Discount Bank Ltd. - Class A | 9749 | 97656  |
| Melisron Ltd. | 195 | 25386  |
| Menora Mivtachim Holdings Ltd. | 168 | 16808  |
| Mizrahi Tefahot Bank Ltd. | 1235 | 80427  |
| Monday.com Ltd.<sup>(b)</sup> | 333 | 68345  |
| Nice Ltd.<sup>(b)</sup> | 507 | 68711  |
| Nova Ltd.<sup>(b)</sup> | 230 | 79642  |
| Phoenix Financial Ltd. | 1797 | 69267  |
|  Teva Pharmaceutical Industries Ltd. - ADR<sup>(b)</sup> | 9127 | 186921  |
| Tower Semiconductor Ltd.<sup>(b)</sup> | 900 | 74382  |
| Wix.com Ltd.<sup>(b)</sup> | 444 | 64620  |
|  |  | 1980263  |

---

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

49<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Italy - 2.4%**<br>|  |  |
| Enel SpA | 61476 | $621584  |
| Eni SpA | 16527 | 303729  |
| Ferrari NV | 974 | 389007  |
| Generali | 8381 | 322172  |
| Intesa Sanpaolo SpA | 125779 | 808400  |
| Leonardo SpA | 3180 | 186496  |
| Poste Italiane SpA<sup>(c)</sup> | 3640 | 87647  |
| Prysmian SpA | 2360 | 244332  |
| UniCredit SpA | 12504 | 922843  |
|  |  | 3886210  |
| **Japan - 22.0%**<br>|  |  |
| Advantest Corp. | 6093 | 914681  |
| Aeon Co. Ltd. | 22149 | 350610  |
| Aisin Corp. | 4466 | 80403  |
| Ajinomoto Co., Inc. | 7366 | 209016  |
| Asahi Group Holdings Ltd. | 12100 | 130414  |
| Asahi Kasei Corp. | 10871 | 83414  |
| Asics Corp. | 5844 | 149522  |
| Astellas Pharma, Inc. | 14401 | 150776  |
| Bandai Namco Holdings, Inc. | 5171 | 161126  |
| Bridgestone Corp. | 4656 | 204355  |
| Canon, Inc. | 7214 | 207512  |
| Capcom Co. Ltd. | 2736 | 71618  |
| Central Japan Railway Co. | 7698 | 188117  |
| Chugai Pharmaceutical Co. Ltd. | 5075 | 232131  |
| Dai-ichi Life Holdings, Inc. | 29442 | 207284  |
| Daiichi Sankyo Co. Ltd. | 15077 | 358948  |
| Daikin Industries Ltd. | 2329 | 271649  |
| Daiwa House Industry Co. Ltd. | 4824 | 163805  |
| Daiwa Securities Group, Inc. | 11258 | 86895  |
| Denso Corp. | 15521 | 217693  |
| Disco Corp. | 746 | 249828  |
| East Japan Railway Co. | 9027 | 220008  |
| Eisai Co. Ltd. | 2322 | 68857  |
| ENEOS Holdings, Inc. | 21530 | 135905  |
| FANUC Corp. | 7349 | 234094  |
| Fast Retailing Co. Ltd. | 1686 | 619874  |
| FUJIFILM Holdings Corp. | 9894 | 229839  |
| Fujikura Ltd. | 2188 | 300564  |
| Fujitsu Ltd. | 13932 | 364414  |
| Hitachi Ltd. | 36790 | 1269543  |
| Honda Motor Co. Ltd. | 32344 | 327407  |
| Hoya Corp. | 2734 | 445022  |
| IHI Corp. | 8586 | 179119  |
| Inpex Corp. | 7318 | 134907  |
| Isuzu Motors Ltd. | 4424 | 54399  |
| ITOCHU Corp. | 11223 | 650397  |
| Japan Exchange Group, Inc.  | 8310 | 93259  |
| Japan Post Bank Co. Ltd. | 14227 | 159524  |
| Japan Post Holdings Co. Ltd. | 13721 | 128787  |
| Japan Tobacco, Inc. | 8748 | 304542  |
| Kajima Corp. | 3572 | 115335  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kansai Electric Power Co., Inc. | 8164 | $127538  |
| Kao Corp. | 3708 | 156876  |
| Kawasaki Kisen Kaisha Ltd. | 5084 | 73006  |
| KDDI Corp. | 22329 | 356647  |
| Keyence Corp. | 1588 | 591159  |
| Kirin Holdings Co. Ltd. | 6470 | 90872  |
| Komatsu Ltd. | 7569 | 253724  |
| Konami Group Corp. | 819 | 136792  |
| Kubota Corp. | 8054 | 104549  |
| Kyocera Corp. | 11176 | 148665  |
| Kyowa Kirin Co. Ltd. | 1886 | 29151  |
| Lasertec Corp. | 636 | 117246  |
| LY Corp. | 19886 | 58454  |
| Marubeni Corp. | 13211 | 325753  |
| Mitsubishi Corp. | 32003 | 770846  |
| Mitsubishi Electric Corp. | 16810 | 470889  |
| Mitsubishi Estate Co. Ltd. | 9950 | 210738  |
| Mitsubishi HC Capital, Inc. | 7702 | 60273  |
| Mitsubishi Heavy Industries Ltd. | 26845 | 810524  |
| Mitsubishi UFJ Financial Group, Inc. | 96907 | 1465144  |
| Mitsui & Co. Ltd. | 23120 | 570386  |
| Mitsui Fudosan Co. Ltd. | 22133 | 230005  |
| Mitsui OSK Lines Ltd. | 2890 | 85944  |
| Mizuho Financial Group, Inc. | 19996 | 668090  |
| MS&AD Insurance Group Holdings, Inc. | 10365 | 214281  |
| Murata Manufacturing Co. Ltd. | 14792 | 325576  |
| NEC Corp.  | 11044 | 402603  |
| Nexon Co. Ltd. | 3211 | 65633  |
| NIDEC CORP | 8348 | 102000  |
| Nintendo Co. Ltd. | 9304 | 787559  |
| Nippon Paint Holdings Co. Ltd. | 8492 | 54139  |
| Nippon Steel Corp. | 42763 | 176563  |
| Nippon Yusen KK | 3452 | 119412  |
| Nitori Holdings Co. Ltd. | 3474 | 56356  |
| Nitto Denko Corp. | 5622 | 140596  |
| Nomura Holdings, Inc. | 23406 | 167370  |
| Nomura Research Institute Ltd. | 3466 | 135617  |
| NTT, Inc. | 237737 | 244355  |
| Obayashi Corp. | 5338 | 90473  |
| Obic Co. Ltd. | 2610 | 81072  |
| Olympus Corp. | 9058 | 111645  |
| Oracle Corp. Japan | 272 | 25116  |
| Oriental Land Co. Ltd. | 9600 | 194355  |
| ORIX Corp. | 9257 | 225854  |
| Osaka Gas Co. Ltd. | 3170 | 99722  |
| Otsuka Holdings Co. Ltd. | 4105 | 223057  |
| Pan Pacific International Holdings Corp. | 21232 | 126447  |
| Panasonic Holdings Corp. | 19530 | 227920  |
| Rakuten Group, Inc.<sup>(b)</sup> | 12126 | 79432  |
| Recruit Holdings Co. Ltd. | 12442 | 622302  |
| Renesas Electronics Corp. | 14885 | 184578  |
| Resona Holdings, Inc. | 18352 | 177852  |
| Ryohin Keikaku Co. Ltd.  | 4466 | 91835  |
| Sanrio Co. Ltd. | 1688 | 78392  |

---

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

50<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Japan - (Continued)** | **Japan - (Continued)** | **Japan - (Continued)** |
| SBI Holdings, Inc. | 2160 | $96906  |
| Secom Co. Ltd. | 3268 | 110545  |
| Sekisui House Ltd. | 5278 | 113396  |
| Seven & i Holdings Co. Ltd. | 19063 | 243189  |
| Shimano, Inc. | 638 | 67087  |
| Shin-Etsu Chemical Co. Ltd. | 15791 | 476978  |
| Shionogi & Co. Ltd.  | 6372 | 106676  |
| SMC Corp. | 474 | 161691  |
| SoftBank Corp.  | 228250 | 323913  |
| SoftBank Group Corp. | 8025 | 1409361  |
| Sompo Holdings, Inc. | 7438 | 227228  |
| Sony Financial Holdings, Inc.<sup>(b)</sup> | 48931 | 49341  |
| Sony Group Corp. | 49373 | 1387865  |
| Subaru Corp. | 4610 | 98207  |
| Sumitomo Corp. | 9638 | 280553  |
| Sumitomo Electric Industries Ltd. | 6319 | 231668  |
| Sumitomo Mitsui Financial Group, Inc. | 31191 | 842568  |
| Sumitomo Mitsui Trust Group, Inc. | 5674 | 155776  |
|  Sumitomo Realty & Development Co. Ltd. | 3790 | 161845  |
| Suntory Beverage & Food Ltd. | 1034 | 31280  |
| Suzuki Motor Corp. | 15633 | 234125  |
| T&D Holdings, Inc. | 4030 | 86845  |
| Taiyo Nippon Sanso Corp. | 1686 | 56102  |
| Takeda Pharmaceutical Co. Ltd. | 12660 | 341165  |
| TDK Corp. | 15467 | 268271  |
| Terumo Corp. | 11781 | 190464  |
| Tokio Marine Holdings, Inc. | 15388 | 577337  |
| Tokyo Electron Ltd. | 3756 | 833042  |
| Tokyo Gas Co. Ltd. | 2538 | 88964  |
| Toyota Industries Corp. | 1663 | 181558  |
| Toyota Motor Corp. | 95119 | 1936821  |
| Toyota Tsusho Corp. | 5660 | 173241  |
| Unicharm Corp. | 10224 | 63257  |
|  |  | 35878241  |
| **Macao - 0.0%<sup>(d)</sup>**<br>|  |  |
| Sands China Ltd. | 17381 | 45272  |
| **Netherlands - 5.0%**<br>|  |  |
| Adyen NV<sup>(b)(c)</sup> | 254 | 435820  |
| Airbus Group SE | 4981 | 1225199  |
| Argenx SE<sup>(b)</sup> | 488 | 396893  |
| ASML Holding NV | 3174 | 3358864  |
| Ferrovial SE | 3852 | 236207  |
| Heineken NV | 2203 | 170233  |
| ING Groep NV | 23539 | 589309  |
| Koninklijke Ahold Delhaize NV | 7262 | 297237  |
| Prosus NV | 10601 | 732296  |
| Stellantis NV | 16130 | 163202  |
| Universal Music Group NV | 8320 | 223160  |
| Wolters Kluwer NV | 1896 | 232200  |
|  |  | 8060620  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **New Zealand - 0.3%**<br>|  |  |
| Auckland International Airport Ltd. | 13430 | $62405  |
| Fisher & Paykel Healthcare Corp. Ltd. | 4662 | 98976  |
| Infratil Ltd. | 7900 | 55877  |
| Mercury NZ Ltd. | 5482 | 20328  |
| Meridian Energy Ltd. | 10410 | 35266  |
| Xero Ltd.<sup>(b)</sup> | 1321 | 125328  |
|  |  | 398180  |
| **Norway - 0.6%**<br>|  |  |
| Aker BP ASA | 2416 | 62706  |
| DNB Bank ASA | 6702 | 170904  |
| Equinor ASA | 6712 | 160358  |
| Gjensidige Forsikring ASA | 1514 | 40745  |
| Kongsberg Gruppen ASA | 3497 | 89434  |
| Mowi ASA | 3496 | 76828  |
| Norsk Hydro ASA | 10484 | 70940  |
| Orkla ASA | 5990 | 60732  |
| Schibsted ASA - Class B | 1532 | 52785  |
| Telenor ASA | 5006 | 74428  |
| Var Energi ASA | 7532 | 25342  |
| Yara International ASA | 1302 | 47456  |
|  |  | 932658  |
| **Portugal - 0.2%**<br>|  |  |
| EDP SA | 23968 | 119071  |
| Galp Energia SGPS SA | 3322 | 66607  |
| Jeronimo Martins SGPS SA | 2208 | 56856  |
|  |  | 242534  |
| **Singapore - 1.4%**<br>|  |  |
| DBS Group Holdings Ltd. | 16222 | 672136  |
| Grab Holdings Ltd. - Class A<sup>(b)</sup> | 22650 | 136127  |
| Oversea-Chinese Banking Corp. Ltd. | 30537 | 399543  |
| Sea Ltd. - ADR<sup>(b)</sup> | 2953 | 461406  |
| Singapore Airlines Ltd. | 11172 | 56907  |
| &nbsp;&nbsp;&nbsp; Singapore Technologies Engineering <br>Ltd. | 12222 | 79721  |
| Singapore Telecommunications Ltd. | 56495 | 184468  |
| United Overseas Bank Ltd. | 11464 | 305360  |
| Wilmar International Ltd. | 20890 | 50235  |
|  |  | 2345903  |
| **South Korea - 5.6%**<br>|  |  |
| Alteogen, Inc.<sup>(b)</sup> | 343 | 117603  |
| Celltrion, Inc. | 1247 | 153752  |
| Doosan Enerbility Co. Ltd.<sup>(b)</sup> | 3568 | 222131  |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | 428 | 48065  |
| Hana Financial Group, Inc. | 2271 | 136284  |
| Hanwha Aerospace Co. Ltd. | 264 | 181404  |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> | 1050 | 101407  |
| HD Hyundai Electric Co. Ltd. | 178 | 108693  |
| HD Hyundai Heavy Industries Co. Ltd.  | 185 | 77908  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 366 | 121764  |
| HMM Co. Ltd. | 2690 | 38799  |

---

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

51<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **South Korea - (Continued)** | **South Korea - (Continued)** | **South Korea - (Continued)** |
| Hyundai Mobis Co. Ltd. | 471 | $104465  |
| Hyundai Motor Co. | 1074 | 218607  |
| Hyundai Rotem Co. Ltd. | 570 | 92216  |
| Kakao Corp. | 2423 | 110712  |
| KB Financial Group, Inc. | 2823 | 231031  |
| Kia Corp. | 1964 | 165281  |
| Korea Electric Power Corp. | 2080 | 62119  |
| Korea Zinc Co. Ltd. | 91 | 65979  |
| Krafton, Inc.<sup>(b)</sup> | 236 | 45717  |
| KT&G Corp. | 804 | 75730  |
| LG Chem Ltd. | 367 | 102392  |
| LG Corp. | 725 | 40862  |
| LG Electronics, Inc. | 829 | 50971  |
| LG Energy Solution Ltd.<sup>(b)</sup> | 333 | 110552  |
| Meritz Financial Group, Inc. | 617 | 47853  |
| NAVER Corp. | 1138 | 213662  |
| POSCO Future M Co. Ltd.<sup>(b)</sup> | 284 | 43156  |
| POSCO Holdings, Inc. | 604 | 131631  |
| Samsung Biologics Co. Ltd.<sup>(b)(c)(e)</sup> | 152 | 130263  |
| Samsung C&T Corp. | 709 | 112465  |
| Samsung Electronics Co. Ltd. | 39959 | 3014980  |
|  Samsung Fire & Marine Insurance Co. Ltd. | 270 | 83667  |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | 5740 | 119050  |
| Samsung Life Insurance Co. Ltd. | 840 | 90972  |
| Samsung SDI Co. Ltd. | 490 | 110742  |
| Shinhan Financial Group Co. Ltd. | 3666 | 188607  |
| SK Hynix, Inc. | 4368 | 1713783  |
| SK Innovation Co. Ltd. | 502 | 45417  |
| SK Square Co. Ltd.<sup>(b)</sup> | 708 | 129202  |
| Woori Financial Group, Inc. | 5436 | 96911  |
|  |  | 9056805  |
| **Spain - 2.7%**<br>|  |  |
| Aena SME SA<sup>(c)</sup> | 5848 | 158743  |
| Amadeus IT Holding SA | 3582 | 273820  |
| Banco Bilbao Vizcaya Argentaria SA | 46434 | 933154  |
| Banco Santander SA | 119928 | 1220057  |
| CaixaBank SA | 30443 | 321494  |
| Iberdrola SA | 49507 | 1002329  |
| Industria de Diseno Textil SA | 8926 | 492820  |
|  |  | 4402417  |
| **Sweden - 2.9%**<br>|  |  |
| Alfa Laval AB | 2302 | 110008  |
| Assa Abloy AB - Class B | 7890 | 297902  |
| Atlas Copco AB - Class A | 20034 | 337722  |
| Atlas Copco AB - Class B | 12423 | 186667  |
| Epiroc AB | 4978 | 105426  |
| Epiroc AB - Class B<sup>(b)</sup> | 3102 | 58120  |
| EQT AB | 2948 | 102277  |
| Essity AB - Class B | 4693 | 128881  |
| Evolution AB<sup>(c)</sup> | 1157 | 77359  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB - <br>Class B<sup>(a)</sup> | 3820 | $72498  |
| Hexagon AB - Class B | 16722 | 205147  |
| Industrivarden AB - Class A | 1078 | 44912  |
| Industrivarden AB - Class C | 1244 | 51749  |
| Investment AB Latour - Class B | 1110 | 28380  |
| Investor AB<sup>(b)</sup> | 14500 | 478564  |
| L E Lundbergforetagen AB - Class B | 600 | 32146  |
| Saab AB | 2502 | 138001  |
| Sandvik AB | 8486 | 257700  |
|  Skandinaviska Enskilda Banken AB - Class A | 12050 | 230086  |
|  Skandinaviska Enskilda Banken AB - Class C | 166 | 3240  |
| Spotify Technology SA<sup>(a)(b)</sup> | 1255 | 822427  |
| Svenska Handelsbanken AB - Class A | 12380 | 162499  |
| Svenska Handelsbanken AB - Class B | 292 | 6418  |
| Swedbank AB - Class A | 7205 | 219178  |
|  Telefonaktiebolaget LM Ericsson - Class B | 23259 | 234542  |
| Volvo AB - Class A | 1522 | 41878  |
| Volvo AB - Class B | 12637 | 348506  |
|  |  | 4782233  |
| **Switzerland - 7.3%**<br>|  |  |
| ABB Ltd. | 12477 | 924980  |
| Alcon AG | 3973 | 295229  |
| Cie Financiere Richemont SA | 4280 | 844034  |
| Givaudan SA | 70 | 286872  |
| Glencore PLC | 76730 | 367366  |
| Holcim AG | 4016 | 356013  |
| Lonza Group AG | 560 | 385650  |
| Nestle SA | 20754 | 1982687  |
| Novartis AG | 15298 | 1887086  |
| Roche Holding AG | 5652 | 1818332  |
| Roche Holding AG | 225 | 75993  |
| Schindler Holding AG | 324 | 115146  |
| Schindler Holding AG | 168 | 56678  |
| Sika AG | 1273 | 248668  |
| STMicroelectronics NV | 5150 | 126647  |
| Swiss Re AG | 2376 | 432832  |
| UBS Group AG | 24500 | 935551  |
| Zurich Insurance Group AG | 1168 | 811323  |
|  |  | 11951087  |
| **United Kingdom - 11.5%**<br>|  |  |
| 3i Group PLC | 7743 | 447566  |
| Anglo American PLC | 9370 | 353900  |
| ARM Holdings PLC - ADR<sup>(a)(b)</sup> | 1092 | 185443  |
| Ashtead Group PLC | 3382 | 225434  |
| AstraZeneca PLC | 12492 | 2046416  |
| BAE Systems PLC | 23942 | 588477  |
| Barclays PLC | 112065 | 599184  |
| BP PLC | 125850 | 731250  |
| British American Tobacco PLC | 15868 | 813818  |
| Coca-Cola Europacific Partners PLC | 1679 | 149146  |

---

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

52<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **United Kingdom - (Continued)** | **United Kingdom - (Continued)** | **United Kingdom - (Continued)** |
| Compass Group PLC | 13510 | $447429  |
| Diageo PLC | 17707 | 407079  |
| GSK PLC | 32406 | 757989  |
| Haleon PLC | 71376 | 332027  |
| HSBC Holdings PLC | 139978 | 1955474  |
| Imperial Brands PLC | 6047 | 240304  |
| Lloyds Banking Group PLC | 475422 | 556359  |
| London Stock Exchange Group PLC | 3777 | 470680  |
| National Grid PLC | 39714 | 594763  |
| NatWest Group PLC | 64284 | 493187  |
| Reckitt Benckiser Group PLC | 5394 | 412127  |
| RELX PLC | 14593 | 643563  |
| Rio Tinto PLC | 8480 | 611149  |
| Rolls-Royce Holdings PLC | 68036 | 1043050  |
| Shell PLC | 47175 | 1764701  |
| Standard Chartered PLC | 15079 | 308925  |
| Tesco PLC | 52037 | 314050  |
| Unilever PLC | 19753 | 1190821  |
| Verisure PLC<sup>(b)</sup> | 1472 | 27198  |
|  |  | 18711509  |
| **United States - 0.1%**<br>|  |  |
|  Brookfield Asset Management Ltd. - Class A | 2995 | 162012  |
| JFrog Ltd.<sup>(a)(b)</sup> | 812 | 38554  |
|  |  | 200566  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $142,761,356)** |  | 161520556  |
| **PREFERRED STOCKS - 0.4%**<br>|  |  |
| **Germany - 0.1%**<br>|  |  |
| Bayerische Motoren Werke AG, 0.00% | 434 | 37544  |
| Dr Ing hc F Porsche AG, 0.00%<sup>(a)(c)</sup> | 870 | 45577  |
| Volkswagen AG, 0.00% | 1642 | 170754  |
|  |  | 253875  |
| **South Korea - 0.3%**<br>|  |  |
| Hyundai Motor Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.00% | 284 | 43853  |
| &nbsp;&nbsp;&nbsp; 0.00% | 177 | 26959  |
| &nbsp;&nbsp;&nbsp; 0.00% | 20 | 3011  |
| LG Chem Ltd., 0.00% | 61 | 8443  |
| LG Corp., 0.00% | 26 | 1184  |
| LG Electronics, Inc., 0.00% | 155 | 4869  |
| Samsung C&T Corp., 0.00% | 12 | 1199  |
| Samsung Electronics Co. Ltd., 0.00% | 6496 | 384813  |
|  Samsung Fire & Marine Insurance Co. Ltd., 0.00% | 20 | 4745  |
| Samsung SDI Co. Ltd., 0.00% | 12 | 1544  |
|  |  | 480620  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $536,364)** |  | 734495  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%**<br>|  |  |
| **Australia - 0.3%**<br>|  |  |
| Goodman Group | 16163 | $349307  |
| Scentre Group | 41440 | 110355  |
|  |  | 459662  |
| **Singapore - 0.0%<sup>(d)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated Commercial <br>Trust | 45967 | 83698  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $501,031)** |  | 543360 |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Canada - 0.0%<sup>(d)</sup>**<br>|  |  |
|  Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(b)(e)</sup> | 162 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0  |
|  | **Shares** |  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
| **Norway - 0.0%<sup>(d)</sup>**<br>|  |  |
|  Vend Marketplaces ASA, Expires 11/14/2025, Exercise Price $0.50<sup>(b)(e)</sup> | 560 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $1,238)** |  | 0 |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(f)</sup> | 2199322 | 2199322  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,199,322)** |  | 2199322  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%**<br>**(Cost $145,999,311)** |  | $164997733  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.3)% |  | (2143430)  |
| **TOTAL NET ASSETS - 100.0%** |  | $162854303 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

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

53<br>

------

**PACER TRENDPILOT<sup>®</sup> INTERNATIONAL ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $2,132,673.

<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 October 31, 2025, the value of these securities total $1,078,679 or 0.7% of the Fund's net assets.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $130,263 or 0.1% of net assets as of October 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

54<br>

------

**Pacer Trendpilot<sup>®</sup> US Bond ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 98.4%** | **U.S. TREASURY SECURITIES - 98.4%** | **U.S. TREASURY SECURITIES - 98.4%** |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp;&nbsp; 3.75%, 10/31/2032 | $3830000 | $3796959  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 8625000 | 8748772  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 8625000 | 8400567  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2033 | 8625000 | 8313670  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033 | 9410000 | 9362810  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 9930000 | 10293794  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 10455000 | 10462036  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034 | 10455000 | 10731601  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 10455000 | 10334494  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 | 10455000 | 10612595  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 10455000 | 10905852  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 10455000 | 10595593  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2035 | 10450000 | 10578019  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $124,221,175)** |  | 123136762  |
| **CORPORATE BONDS - 0.2%**<br>|  |  |
| **Communication Services - 0.2%**<br>|  |  |
|  Radiate Holdco LLC / Radiate Finance, Inc., 6.25% (or 11.00% PIK), 09/25/2029<sup>(a)</sup> | 304749 | 245323  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $270,770)** |  | 245323  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $124,491,945)** |  | $123382085  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 1806843  |
| **TOTAL NET ASSETS - 100.0%** |  | $125188928 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PIK - Payment in Kind

<sup>(a)</sup> 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 October 31, 2025, the value of these securities total $245,323 or 0.2% of the Fund's net assets.

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

55<br>

------

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%**<br>|  |  |
| **Communication Services - 10.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 345225 | $97073818  |
| Alphabet, Inc. - Class C | 277130 | 78100777  |
| AT&T, Inc. | 425946 | 10542163  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 5487 | 1283080  |
| Comcast Corp. - Class A | 217081 | 6042450  |
| Electronic Arts, Inc. | 13273 | 2655396  |
| Fox Corp. - Class A | 12389 | 800949  |
| Fox Corp. - Class B | 8896 | 519615  |
| Interpublic Group of Cos., Inc. | 21594 | 554102  |
| Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 9284 | 1388236  |
| Match Group, Inc. | 14191 | 458937  |
| Meta Platforms, Inc. - Class A | 128739 | 83467931  |
| Netflix, Inc.<sup>(a)</sup> | 25225 | 28223243  |
| News Corp. - Class A | 22184 | 587876  |
| News Corp. - Class B<sup>(b)</sup> | 6565 | 200036  |
| Omnicom Group, Inc. | 11433 | 857704  |
| Paramount Skydance Corp.<sup>(b)</sup> | 18198 | 280067  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, <br>Inc.<sup>(a)</sup> | 10234 | 2623691  |
| TKO Group Holdings, Inc. | 4069 | 766600  |
| T-Mobile US, Inc. | 28519 | 5990416  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 26306 | 1322666  |
| Verizon Communications, Inc. | 252537 | 10035820  |
| Walt Disney Co. | 107701 | 12129287  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 145599 | 3268697  |
|  |  | 349173557  |
| **Consumer Discretionary - 10.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 25313 | 3203107  |
| Amazon.com, Inc.<sup>(a)</sup> | 576115 | 140698805  |
| Aptiv PLC<sup>(a)</sup> | 12855 | 1042540  |
| AutoZone, Inc.<sup>(a)(b)</sup> | 1008 | 3703825  |
| Best Buy Co., Inc. | 11607 | 953399  |
| Booking Holdings, Inc. | 1906 | 9678172  |
| CarMax, Inc.<sup>(a)(b)</sup> | 8861 | 371365  |
| Carnival Corp.<sup>(a)</sup> | 64006 | 1845293  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 79137 | 2507852  |
| Darden Restaurants, Inc. | 6898 | 1242675  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 8751 | 713207  |
| Domino's Pizza, Inc. | 1851 | 737549  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 21804 | 5546283  |
| DR Horton, Inc. | 16364 | 2439545  |
| eBay, Inc. | 26961 | 2192199  |
| Expedia Group, Inc. | 6958 | 1530760  |
| Ford Motor Co. | 230362 | 3024653  |
| Garmin Ltd. | 9639 | 2062168  |
| General Motors Co. | 56153 | 3879611  |
| Genuine Parts Co. | 8201 | 1044069  |
| Hasbro, Inc. | 7858 | 599644  |
| Hilton Worldwide Holdings, Inc. | 13878 | 3566091  |
| Home Depot, Inc. | 59094 | 22431491  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Las Vegas Sands Corp. | 18235 | $1082247  |
| Lennar Corp. - Class A | 13443 | 1663840  |
| LKQ Corp. | 15177 | 485057  |
| Lowe's Cos., Inc. | 33041 | 7868053  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 6435 | 1097425  |
| Marriott International, Inc. - Class A | 13283 | 3461284  |
| McDonald's Corp. | 42395 | 12651940  |
| MGM Resorts International<sup>(a)</sup> | 12035 | 385481  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 3085 | 350579  |
| NIKE, Inc. - Class B | 70071 | 4525886  |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 26641 | 597291  |
| NVR, Inc.<sup>(a)</sup> | 180 | 1297948  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 50029 | 4724739  |
| Pool Corp. | 1926 | 514358  |
| PulteGroup, Inc. | 11652 | 1396725  |
| Ralph Lauren Corp. | 2286 | 730743  |
| Ross Stores, Inc. | 19278 | 3063660  |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup> | 14886 | 4269751  |
| Starbucks Corp. | 67097 | 5426134  |
| Tapestry, Inc. | 12280 | 1348590  |
| Tesla Motors, Inc.<sup>(a)</sup> | 166505 | 76019523  |
| TJX Cos., Inc. | 65814 | 9223174  |
| Tractor Supply Co.<sup>(b)</sup> | 31260 | 1691479  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 2656 | 1380801  |
| Williams-Sonoma, Inc. | 7258 | 1410520  |
| Wynn Resorts Ltd. | 4982 | 592808  |
| Yum! Brands, Inc.<sup>(b)</sup> | 16389 | 2265124  |
|  |  | 364539463  |
| **Consumer Staples - 4.7%**<br>|  |  |
| Altria Group, Inc. | 99100 | 5587258  |
| Archer-Daniels-Midland Co. | 28349 | 1715965  |
| Brown-Forman Corp. - Class B<sup>(b)</sup> | 10389 | 282892  |
| Bunge Global SA | 8246 | 780072  |
| Campbell's Co.<sup>(b)</sup> | 11613 | 349900  |
| Church & Dwight Co., Inc. | 14356 | 1258878  |
| Clorox Co. | 7218 | 811736  |
| Coca-Cola Co. | 230108 | 15854441  |
| Colgate-Palmolive Co. | 47657 | 3671972  |
| Conagra Brands, Inc. | 28239 | 485428  |
| Constellation Brands, Inc. - Class A | 8421 | 1106351  |
| Costco Wholesale Corp. | 26313 | 23982984  |
| Dollar General Corp. | 12983 | 1280903  |
| Dollar Tree, Inc.<sup>(a)</sup> | 11462 | 1136113  |
| Estee Lauder Cos., Inc. - Class A<sup>(b)</sup> | 13853 | 1339447  |
| General Mills, Inc. | 31513 | 1468821  |
| Hershey Co. | 8741 | 1482736  |
| Hormel Foods Corp. | 17182 | 370959  |
| J M Smucker Co. | 6295 | 651847  |
| Kellanova | 15859 | 1317249  |
| Kenvue, Inc. | 113186 | 1626483  |
| Keurig Dr Pepper, Inc.<sup>(b)</sup> | 80025 | 2173479  |
| Kimberly-Clark Corp. | 19558 | 2341288  |

---

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

56<br>

------

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** | **Consumer Staples - (Continued)** |
| Kroger Co. | 35897 | $2284126  |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> | 8211 | 506865  |
| McCormick & Co., Inc. | 14916 | 957011  |
| Molson Coors Beverage Co. - Class B | 9984 | 436500  |
| Mondelez International, Inc. - Class A | 76286 | 4383394  |
| Monster Beverage Corp.<sup>(a)</sup> | 42032 | 2808999  |
| PepsiCo, Inc. | 81601 | 11921090  |
| Philip Morris International, Inc.<sup>(b)</sup> | 93233 | 13456319  |
| Procter & Gamble Co. | 139119 | 20919324  |
| Sysco Corp. | 28164 | 2092022  |
| Target Corp. | 26806 | 2485452  |
| The Kraft Heinz Co. | 50198 | 1241397  |
| Tyson Foods, Inc. - Class A | 16852 | 866361  |
| Walmart, Inc. | 260703 | 26377929  |
|  |  | 161813991  |
| **Energy - 2.8%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 21076 | 477371  |
| Baker Hughes Co. | 58166 | 2815816  |
| Chevron Corp. | 114301 | 18027554  |
| ConocoPhillips | 73665 | 6545872  |
| Coterra Energy, Inc. | 45033 | 1065481  |
| Devon Energy Corp. | 37470 | 1217400  |
| Diamondback Energy, Inc. | 11087 | 1587548  |
| EOG Resources, Inc. | 32211 | 3409212  |
| EQT Corp. | 36815 | 1972548  |
| Expand Energy Corp. | 14048 | 1451299  |
| Exxon Mobil Corp. | 254471 | 29101304  |
| Halliburton Co. | 50268 | 1349193  |
| Kinder Morgan, Inc. | 115447 | 3023557  |
| Marathon Petroleum Corp. | 17911 | 3491033  |
| Occidental Petroleum Corp. | 42382 | 1746138  |
| ONEOK, Inc.<sup>(b)</sup> | 37220 | 2493740  |
| Phillips 66 | 23862 | 3248573  |
| SLB Ltd. | 87988 | 3172847  |
| Targa Resources Corp. | 12709 | 1957694  |
| Texas Pacific Land Corp. | 1160 | 1094321  |
| Valero Energy Corp. | 18325 | 3107187  |
| Williams Cos., Inc. | 72069 | 4170633  |
|  |  | 96526321  |
| **Financials - 12.8%**<br>|  |  |
| Aflac, Inc. | 28394 | 3043553  |
| Allstate Corp. | 15539 | 2976029  |
| American Express Co. | 32053 | 11562479  |
| American International Group, Inc. | 32693 | 2581439  |
| Ameriprise Financial, Inc. | 5555 | 2515137  |
| Aon PLC - Class A | 12730 | 4336856  |
| Apollo Global Management, Inc. | 27149 | 3374892  |
| Arch Capital Group Ltd. | 21914 | 1891397  |
| Arthur J Gallagher & Co. | 15116 | 3771291  |
| Assurant, Inc. | 2986 | 632196  |
| Bank of America Corp. | 404679 | 21630093  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Bank of New York Mellon Corp. | 41585 | $4488269  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 108856 | 51983094  |
| Blackrock, Inc. | 8501 | 9204968  |
| Blackstone, Inc. | 43465 | 6373708  |
| Block, Inc.<sup>(a)</sup> | 32446 | 2463949  |
| Brown & Brown, Inc. | 17273 | 1377349  |
| Capital One Financial Corp. | 37713 | 8296483  |
| Cboe Global Markets, Inc. | 6165 | 1514371  |
| Charles Schwab Corp. | 100606 | 9509279  |
| Chubb Ltd. | 21864 | 6055016  |
| Cincinnati Financial Corp. | 9236 | 1427793  |
| Citigroup, Inc. | 108604 | 10993983  |
| Citizens Financial Group, Inc. | 25443 | 1294285  |
| CME Group, Inc. | 21261 | 5644583  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 13268 | 4561273  |
| Corpay, Inc.<sup>(a)</sup> | 4179 | 1088003  |
| Erie Indemnity Co. - Class A | 1493 | 436912  |
| Everest Group Ltd. | 2476 | 778752  |
| FactSet Research Systems, Inc.<sup>(b)</sup> | 2236 | 596565  |
|  Fidelity National Information Services, Inc.<sup>(b)</sup> | 30837 | 1927929  |
| Fifth Third Bancorp<sup>(b)</sup> | 39036 | 1624678  |
| Fiserv, Inc.<sup>(a)</sup> | 32096 | 2140482  |
| Franklin Resources, Inc.<sup>(b)</sup> | 18055 | 408224  |
| Global Payments, Inc. | 14316 | 1113212  |
| Globe Life, Inc. | 4782 | 628881  |
| Goldman Sachs Group, Inc. | 18126 | 14308121  |
|  Hartford Financial Services Group, Inc. | 16594 | 2060643  |
| Huntington Bancshares, Inc.<sup>(b)</sup> | 86430 | 1334479  |
|  Interactive Brokers Group, Inc. - Class A | 26256 | 1847372  |
| Intercontinental Exchange, Inc. | 33786 | 4942554  |
| Invesco Ltd. | 26308 | 623500  |
| Jack Henry & Associates, Inc. | 4309 | 641782  |
| JPMorgan Chase & Co. | 163270 | 50796562  |
| KeyCorp. | 54970 | 966922  |
| KKR & Co., Inc. | 40435 | 4784674  |
| Loews Corp. | 10041 | 999682  |
| M&T Bank Corp. | 9226 | 1696385  |
| Marsh & McLennan Cos., Inc. | 28999 | 5166172  |
| Mastercard, Inc. - Class A | 48985 | 27039230  |
| MetLife, Inc. | 32946 | 2629750  |
| Moody's Corp. | 9121 | 4380816  |
| Morgan Stanley | 72672 | 11918208  |
| MSCI, Inc. | 4552 | 2679080  |
| Nasdaq, Inc. | 26736 | 2285661  |
| Northern Trust Corp. | 11287 | 1452298  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 56378 | 3905304  |
| PNC Financial Services Group, Inc. | 23217 | 4238263  |
| Principal Financial Group, Inc. | 11950 | 1004278  |
| Progressive Corp. | 34574 | 7122244  |
| Prudential Financial, Inc. | 20771 | 2160184  |
| Raymond James Financial, Inc. | 10489 | 1664290  |

---

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

57<br>

------

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Regions Financial Corp. | 52604 | $1273017  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 45636 | 6698452  |
| S&P Global, Inc. | 18435 | 8981716  |
| State Street Corp. | 16732 | 1935223  |
| Synchrony Financial | 21959 | 1633310  |
| T Rowe Price Group, Inc.<sup>(b)</sup> | 12957 | 1328481  |
| Travelers Cos., Inc.<sup>(b)</sup> | 13283 | 3568079  |
| Truist Financial Corp. | 76121 | 3397280  |
| US Bancorp | 91787 | 4284617  |
| Visa, Inc. - Class A | 100855 | 34365333  |
| W R Berkley Corp. | 17682 | 1261434  |
| Wells Fargo & Co. | 190152 | 16537519  |
| Willis Towers Watson PLC | 5745 | 1798760  |
|  |  | 443959078  |
| **Health Care - 9.0%**<br>|  |  |
| Abbott Laboratories | 103329 | 12773531  |
| AbbVie, Inc. | 104915 | 22875667  |
| Agilent Technologies, Inc. | 16722 | 2447432  |
| Align Technology, Inc.<sup>(a)</sup> | 3979 | 548624  |
| Amgen, Inc. | 31718 | 9465603  |
| Baxter International, Inc. | 30285 | 559364  |
| Becton Dickinson & Co. | 16892 | 3018769  |
| Biogen, Inc.<sup>(a)</sup> | 8641 | 1333047  |
| Bio-Techne Corp. | 9246 | 578522  |
| Boston Scientific Corp.<sup>(a)</sup> | 87403 | 8803230  |
| Bristol-Myers Squibb Co. | 119956 | 5526373  |
| Cardinal Health, Inc. | 14098 | 2689475  |
| Cencora, Inc. | 11442 | 3865222  |
| Centene Corp.<sup>(a)</sup> | 27526 | 973595  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 2916 | 525084  |
| Cigna Group | 15734 | 3845547  |
| Cooper Cos., Inc.<sup>(a)</sup> | 11760 | 822142  |
| CVS Health Corp. | 74763 | 5842728  |
| Danaher Corp. | 37625 | 8103672  |
| DaVita, Inc.<sup>(a)(b)</sup> | 2106 | 250656  |
| DexCom, Inc.<sup>(a)</sup> | 23107 | 1345290  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 34644 | 2856398  |
| Elevance Health, Inc. | 13278 | 4211782  |
| Eli Lilly & Co. | 47184 | 40713186  |
| GE HealthCare Technologies, Inc. | 26906 | 2016605  |
| Gilead Sciences, Inc. | 73192 | 8767670  |
| HCA Healthcare, Inc. | 9663 | 4441888  |
| Henry Schein, Inc.<sup>(a)</sup> | 6080 | 384256  |
| Hologic, Inc.<sup>(a)</sup> | 13123 | 969921  |
| Humana, Inc. | 7088 | 1971811  |
| Idexx Laboratories, Inc.<sup>(a)</sup> | 4712 | 2966251  |
| Incyte Corp.<sup>(a)</sup> | 9654 | 902456  |
| Insulet Corp.<sup>(a)</sup> | 4159 | 1301809  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 21161 | 11305899  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 10024 | 2169795  |
| Johnson & Johnson | 143048 | 27017476  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Labcorp Holdings, Inc. | 4902 | $1244912  |
| McKesson Corp. | 7338 | 5953613  |
| Medtronic PLC | 75608 | 6857646  |
| Merck & Co., Inc. | 148350 | 12755133  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 1234 | 1747702  |
| Moderna, Inc.<sup>(a)</sup> | 20406 | 554227  |
| Molina Healthcare, Inc.<sup>(a)(b)</sup> | 3189 | 488108  |
| Pfizer, Inc. | 334943 | 8256345  |
| Quest Diagnostics, Inc. | 6605 | 1162150  |
| Regeneron Pharmaceuticals, Inc. | 5995 | 3907541  |
| ResMed, Inc. | 8641 | 2133290  |
| Revvity, Inc.<sup>(b)</sup> | 6838 | 639968  |
| Solventum Corp.<sup>(a)</sup> | 8691 | 600027  |
| STERIS PLC | 5795 | 1365881  |
| Stryker Corp. | 20313 | 7236303  |
| Thermo Fisher Scientific, Inc. | 22533 | 12784999  |
| UnitedHealth Group, Inc. | 53754 | 18360216  |
|  Universal Health Services, Inc. - Class B | 3329 | 722426  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 15126 | 6437172  |
| Viatris, Inc. | 68663 | 711349  |
| Waters Corp.<sup>(a)</sup> | 3499 | 1223250  |
| West Pharmaceutical Services, Inc. | 4249 | 1198515  |
| Zimmer Biomet Holdings, Inc. | 11702 | 1176753  |
| Zoetis, Inc. | 26138 | 3766224  |
|  |  | 309474526  |
| **Industrials - 8.1%**<br>|  |  |
| 3M Co. | 31410 | 5229765  |
| A O Smith Corp. | 6750 | 445432  |
| Allegion PLC | 5072 | 840785  |
| AMETEK, Inc. | 13633 | 2755366  |
| Automatic Data Processing, Inc. | 23892 | 6219088  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 4607 | 3373384  |
| Boeing Co.<sup>(a)</sup> | 44628 | 8971121  |
| Broadridge Financial Solutions, Inc. | 6918 | 1524727  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 6527 | 758242  |
| Carrier Global Corp. | 47209 | 2808463  |
| Caterpillar, Inc. | 27909 | 16110749  |
| CH Robinson Worldwide, Inc. | 6958 | 1071462  |
| Cintas Corp. | 20223 | 3706269  |
| Copart, Inc.<sup>(a)</sup> | 52484 | 2257337  |
| CSX Corp. | 109987 | 3961732  |
| Cummins, Inc. | 8111 | 3550022  |
| Dayforce, Inc.<sup>(a)</sup> | 9414 | 647118  |
| Deere & Co. | 14866 | 6862592  |
| Delta Air Lines, Inc. | 38243 | 2194383  |
| Dover Corp. | 8081 | 1466378  |
| Eaton Corp. PLC | 22937 | 8751842  |
| EMCOR Group, Inc. | 2636 | 1781356  |
| Emerson Electric Co. | 33201 | 4633864  |
| Equifax, Inc. | 7308 | 1542719  |
|  Expeditors International of Washington, Inc. | 8021 | 977760  |
| Fastenal Co.<sup>(b)</sup> | 67652 | 2783880  |

---

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

58<br>

------

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)** | **Industrials - (Continued)** | **Industrials - (Continued)** |
| FedEx Corp. | 12825 | $3255241  |
| Fortive Corp. | 19968 | 1005189  |
| GE Vernova, Inc. | 16049 | 9390912  |
| Generac Holdings, Inc.<sup>(a)</sup> | 3459 | 581181  |
| General Dynamics Corp. | 14896 | 5137630  |
| General Electric Co. | 62908 | 19435427  |
| Honeywell International, Inc. | 37455 | 7540815  |
| Howmet Aerospace, Inc. | 23787 | 4898933  |
| Hubbell, Inc. | 3129 | 1470630  |
| Huntington Ingalls Industries, Inc. | 2306 | 742578  |
| IDEX Corp. | 4432 | 759911  |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 15639 | 3814665  |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 21341 | 1628958  |
| Jacobs Solutions, Inc. | 7048 | 1098149  |
| JB Hunt Trasport Services, Inc. | 4502 | 760208  |
| Johnson Controls International PLC | 38638 | 4419801  |
| L3Harris Technologies, Inc. | 11037 | 3190797  |
| Leidos Holdings, Inc. | 7568 | 1441477  |
| Lennox International, Inc. | 1876 | 947380  |
| Lockheed Martin Corp. | 12120 | 5961586  |
| Masco Corp.<sup>(b)</sup> | 12350 | 799786  |
| Nordson Corp. | 3159 | 732730  |
| Norfolk Southern Corp. | 13233 | 3749968  |
| Northrop Grumman Corp. | 7953 | 4640178  |
| Old Dominion Freight Line, Inc. | 10897 | 1530157  |
| Otis Worldwide Corp. | 23147 | 2147116  |
| PACCAR, Inc. | 30965 | 3046956  |
| Parker-Hannifin Corp. | 7538 | 5825593  |
| Paychex, Inc. | 19125 | 2238199  |
| Paycom Software, Inc. | 2956 | 553038  |
| Pentair PLC | 9664 | 1027766  |
| Quanta Services, Inc. | 8781 | 3943810  |
| Republic Services, Inc. | 11970 | 2492633  |
| Rockwell Automation, Inc. | 6645 | 2447752  |
| Rollins, Inc. | 16599 | 956268  |
| RTX Corp. | 79703 | 14226985  |
| Snap-On, Inc. | 3085 | 1035172  |
| Southwest Airlines Co. | 30995 | 939148  |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 9141 | 619028  |
| Textron, Inc. | 10497 | 848263  |
| Trane Technologies PLC | 13123 | 5887634  |
| TransDigm Group, Inc. | 3309 | 4329860  |
| Uber Technologies, Inc.<sup>(a)</sup> | 124935 | 12056227  |
| Union Pacific Corp. | 34999 | 7712730  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 19100 | 1796164  |
| United Parcel Service, Inc. - Class B | 43425 | 4187038  |
| United Rentals, Inc. | 3799 | 3309613  |
| Veralto Corp.<sup>(b)</sup> | 14636 | 1444280  |
| Verisk Analytics, Inc. | 8241 | 1802801  |
| W.W. Grainger, Inc. | 2606 | 2551274  |
| Waste Management, Inc. | 21854 | 4365774  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Westinghouse Air Brake Technologies Corp. | 10084 | $2061573  |
| Xylem, Inc. | 14366 | 2167111  |
|  |  | 280179929  |
| **Information Technology - 36.2%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 36740 | 9188674  |
| Adobe, Inc.<sup>(a)</sup> | 25027 | 8516938  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 96314 | 24667942  |
| Akamai Technologies, Inc.<sup>(a)(b)</sup> | 8451 | 634670  |
| Amphenol Corp. - Class A | 71994 | 10031644  |
| Analog Devices, Inc. | 29262 | 6851112  |
| Apple, Inc. | 881459 | 238320070  |
| Applied Materials, Inc. | 47339 | 11034721  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 16204 | 10327295  |
| Arista Networks, Inc.<sup>(a)</sup> | 60782 | 9584714  |
| Autodesk, Inc.<sup>(a)</sup> | 12620 | 3802911  |
| Broadcom, Inc. | 280510 | 103684911  |
| Cadence Design System, Inc.<sup>(a)</sup> | 16059 | 5439023  |
| CDW Corp. | 7738 | 1233205  |
| Cisco Systems, Inc. | 235834 | 17241824  |
|  Cognizant Technology Solutions Corp. - Class A | 28824 | 2100693  |
| Corning, Inc. | 46011 | 4098660  |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. - <br>Class A<sup>(a)</sup> | 14698 | 7981161  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 19067 | 3104298  |
| Dell Technologies, Inc. - Class C | 17893 | 2898845  |
| EPAM Systems, Inc.<sup>(a)</sup> | 3279 | 536248  |
| F5, Inc.<sup>(a)</sup> | 3379 | 855056  |
| Fair Isaac Corp.<sup>(a)</sup> | 1423 | 2361511  |
| First Solar, Inc.<sup>(a)(b)</sup> | 6315 | 1685726  |
| Fortinet, Inc.<sup>(a)</sup> | 38453 | 3323493  |
| Gartner, Inc.<sup>(a)</sup> | 4462 | 1108093  |
| Gen Digital, Inc. | 33036 | 870829  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 8161 | 1086474  |
| Hewlett Packard Enterprise Co. | 77329 | 1888374  |
| HP, Inc. | 55405 | 1533056  |
| Intel Corp.<sup>(a)</sup> | 260164 | 10403958  |
| International Business Machines Corp. | 55575 | 17084311  |
| Intuit, Inc. | 16697 | 11146082  |
| Jabil, Inc. | 6335 | 1399338  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 10174 | 1861435  |
| KLA Corp. | 7788 | 9413667  |
| Lam Research Corp. | 74657 | 11755491  |
| Microchip Technology, Inc. | 31828 | 1986704  |
| Micron Technology, Inc. | 66825 | 14953430  |
| Microsoft Corp. | 441235 | 228475895  |
| Monolithic Power Systems, Inc. | 2826 | 2840130  |
| Motorola Solutions, Inc. | 9834 | 3999586  |
| NetApp, Inc. | 11800 | 1389804  |
| NVIDIA Corp. | 1448402 | 293286921  |
| NXP Semiconductors NV | 14866 | 3108778  |
| ON Semiconductor Corp.<sup>(a)</sup> | 24110 | 1207429  |

---

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

59<br>

------

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Oracle Corp. | 98372 | $25833471  |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. - <br>Class A<sup>(a)</sup> | 134961 | 27055632  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 39426 | 8683182  |
| PTC, Inc.<sup>(a)</sup> | 7058 | 1401295  |
| Qualcomm, Inc. | 63601 | 11505421  |
| Roper Technologies, Inc. | 6345 | 2830822  |
| salesforce.com, Inc. | 56758 | 14780351  |
| Seagate Technology Holdings PLC | 12550 | 3211294  |
| ServiceNow, Inc.<sup>(a)</sup> | 12270 | 11279566  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 8766 | 681294  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 29562 | 1536042  |
| Synopsys, Inc.<sup>(a)</sup> | 10903 | 4947999  |
| TE Connectivity PLC | 17422 | 4303408  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 2776 | 1462452  |
| Teradyne, Inc. | 9384 | 1705636  |
| Texas Instruments, Inc. | 53644 | 8661360  |
| Trimble, Inc.<sup>(a)</sup> | 14048 | 1120328  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 2556 | 1217321  |
| VeriSign, Inc. | 4952 | 1187490  |
| Western Digital Corp. | 20451 | 3071945  |
| Workday, Inc. - Class A<sup>(a)(b)</sup> | 12750 | 3058980  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 3006 | 809365  |
|  |  | 1250649784  |
| **Materials - 1.7%**<br>|  |  |
| Air Products & Chemicals, Inc. | 13123 | 3183508  |
| Albemarle Corp.<sup>(b)</sup> | 6938 | 681520  |
| Amcor PLC<sup>(b)</sup> | 135970 | 1074163  |
| Avery Dennison Corp. | 4602 | 804844  |
| Ball Corp. | 16054 | 754538  |
| CF Industries Holdings, Inc.<sup>(b)</sup> | 9554 | 795753  |
| Corteva, Inc. | 40071 | 2461962  |
| Dow, Inc.<sup>(b)</sup> | 41842 | 997932  |
| DuPont de Nemours, Inc. | 24730 | 2019204  |
| Eastman Chemical Co. | 6787 | 403962  |
| Ecolab, Inc. | 15056 | 3860358  |
| Freeport-McMoRan, Inc. | 84697 | 3531865  |
|  International Flavors & Fragrances, Inc. | 15126 | 952484  |
| International Paper Co.<sup>(b)</sup> | 31165 | 1204216  |
| Linde PLC | 27834 | 11642962  |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV - <br>Class A | 15196 | 705398  |
| Martin Marietta Materials, Inc. | 3559 | 2182023  |
| Mosaic Co. | 18715 | 513727  |
| Newmont Goldcorp Corp. | 64777 | 5244994  |
| Nucor Corp. | 13543 | 2032127  |
| Packaging Corp. of America | 5282 | 1034004  |
| PPG Industries, Inc. | 13313 | 1301346  |
| Sherwin-Williams Co. | 13683 | 4719814  |
| Smurfit WestRock PLC | 30780 | 1136398  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 9364 | 422024  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Steel Dynamics, Inc. | 8151 | $1278077  |
| Vulcan Materials Co. | 7808 | 2260416  |
|  |  | 57199619  |
| **Real Estate - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 17292 | 2635820  |
| CoStar Group, Inc.<sup>(a)</sup> | 24990 | 1719562  |
|  |  | 4355382  |
| **Utilities - 2.3%**<br>|  |  |
| AES Corp. | 42002 | 582568  |
| Alliant Energy Corp. | 15156 | 1012724  |
| Ameren Corp. | 15949 | 1627117  |
| American Electric Power Co., Inc. | 31538 | 3792760  |
| American Water Works Co., Inc. | 11517 | 1479128  |
| Atmos Energy Corp. | 9454 | 1623441  |
| CenterPoint Energy, Inc.<sup>(b)</sup> | 38503 | 1472355  |
| CMS Energy Corp. | 17672 | 1299776  |
| Consolidated Edison, Inc. | 21291 | 2073956  |
| Constellation Energy Corp. | 18395 | 6934915  |
| Dominion Energy, Inc.<sup>(b)</sup> | 50298 | 2951990  |
| DTE Energy Co. | 12250 | 1660365  |
| Duke Energy Corp. | 45871 | 5701765  |
| Edison International | 22699 | 1257071  |
| Entergy Corp. | 26335 | 2530530  |
| Evergy, Inc. | 13573 | 1042542  |
| Eversource Energy | 21844 | 1612306  |
| Exelon Corp. | 59574 | 2747553  |
| FirstEnergy Corp. | 30645 | 1404460  |
| NextEra Energy, Inc. | 121479 | 9888391  |
| NiSource, Inc. | 27769 | 1169353  |
| NRG Energy, Inc. | 11412 | 1961266  |
| PG&E Corp. | 129370 | 2064745  |
| Pinnacle West Capital Corp.<sup>(b)</sup> | 7033 | 622561  |
| PPL Corp.<sup>(b)</sup> | 43620 | 1593002  |
| Public Service Enterprise Group, Inc. | 29442 | 2371847  |
| Sempra<sup>(b)</sup> | 38504 | 3540058  |
| Southern Co. | 64869 | 6100281  |
| Vistra Corp. | 18790 | 3538157  |
| WEC Energy Group, Inc. | 18995 | 2122311  |
| Xcel Energy, Inc. | 34874 | 2830722  |
|  |  | 80610016  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,957,551,019)** |  | 3398481666  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%**<br>|  |  |
| **Real Estate - 1.7%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 9191 | 535100  |
| American Tower Corp. | 27627 | 4944681  |
| AvalonBay Communities, Inc. | 8391 | 1459363  |
| BXP, Inc.<sup>(b)</sup> | 8681 | 618000  |
| Camden Property Trust | 6305 | 627221  |
| Crown Castle, Inc.<sup>(b)</sup> | 25673 | 2316218  |
| Digital Realty Trust, Inc. | 18915 | 3223305  |

---

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

60<br>

------

**PACER TRENDPILOT<sup>®</sup> US LARGE CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)**  | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - (Continued)**  |
| **Real Estate - (Continued)** | **Real Estate - (Continued)** | **Real Estate - (Continued)** |
| Equinix, Inc. | 5765 | $4877248  |
| Equity Residential | 20471 | 1216796  |
| Essex Property Trust, Inc. | 3799 | 956474  |
| Extra Space Storage, Inc. | 12530 | 1673256  |
| Federal Realty Investment Trust | 4622 | 444590  |
| Healthpeak Properties, Inc. | 40994 | 735842  |
| Host Hotels & Resorts, Inc. | 37718 | 604242  |
| Invitation Homes, Inc. | 33261 | 936297  |
| Iron Mountain, Inc. | 17422 | 1793595  |
| Kimco Realty Corp. | 39951 | 825388  |
|  Mid-America Apartment Communities, Inc. | 6888 | 883248  |
| Prologis, Inc. | 54767 | 6796037  |
| Public Storage | 9304 | 2591722  |
| Realty Income Corp.<sup>(b)</sup> | 53926 | 3126630  |
| Regency Centers Corp. | 9634 | 664264  |
| SBA Communications Corp. | 6335 | 1213026  |
| Simon Property Group, Inc. | 19243 | 3382150  |
| UDR, Inc. | 17792 | 599413  |
| Ventas, Inc. | 26801 | 1977646  |
| VICI Properties, Inc.<sup>(b)</sup> | 62813 | 1883762  |
| Welltower, Inc. | 39433 | 7138950  |
| Weyerhaeuser Co. | 42573 | 979179  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $60,748,569)** |  | 59023643  |
| **RIGHTS - 0.0%<sup>(d)</sup>**<br>|  |  |
|  Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00<sup>(a)(e)</sup> | 43781 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(f)</sup> | 84281567 | 84281567  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $84,281,567)** |  | 84281567  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.4%**<br>**(Cost $3,102,581,155)** |  | $3541786876  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.4)% |  | (82198067)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3459588809 |

---

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 October 31, 2025. The fair value of these securities was $82,415,155.

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

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of October 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

61<br>

------

**PACER TRENDPILOT<sup>®</sup> US MID CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 93.3%**<br>|  |  |
| **Communication Services - 1.4%**<br>|  |  |
| EchoStar Corp. - Class A<sup>(a)(b)</sup> | 17254 | $1291807  |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, <br>Inc.<sup>(a)</sup> | 32364 | 1222065  |
| Iridium Communications, Inc. | 13613 | 260689  |
| New York Times Co. - Class A | 20813 | 1186133  |
| Nexstar Media Group, Inc. | 3654 | 715197  |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp. - <br>Class A<sup>(b)</sup> | 18712 | 598036  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 35956 | 403426  |
|  |  | 5677353  |
| **Consumer Discretionary - 11.8%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 6108 | 443135  |
| Aramark | 34022 | 1288753  |
| Autoliv, Inc. | 9070 | 1059376  |
| AutoNation, Inc.<sup>(a)</sup> | 3624 | 724329  |
| Bath & Body Works, Inc. | 27170 | 665122  |
| Boyd Gaming Corp. | 7622 | 593525  |
| Brunswick Corp. | 8398 | 555192  |
| Burlington Stores, Inc.<sup>(a)</sup> | 8070 | 2207871  |
| Capri Holdings Ltd.<sup>(a)</sup> | 15287 | 317205  |
| Cava Group, Inc.<sup>(a)</sup> | 12794 | 687422  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 28598 | 964325  |
| Choice Hotels International, Inc.<sup>(b)</sup> | 2664 | 247645  |
| Churchill Downs, Inc. | 8548 | 847962  |
| Columbia Sportswear Co. | 3304 | 163977  |
| Crocs, Inc.<sup>(a)</sup> | 7014 | 572974  |
| Dick's Sporting Goods, Inc. | 8663 | 1918421  |
| Duolingo, Inc.<sup>(a)(b)</sup> | 5089 | 1377287  |
| Five Below, Inc.<sup>(a)</sup> | 7059 | 1110169  |
| Floor & Decor Holdings, Inc.<sup>(a)(b)</sup> | 13837 | 864536  |
| GameStop Corp.<sup>(a)(b)</sup> | 53408 | 1190464  |
| Gap, Inc. | 29226 | 667814  |
| Gentex Corp. | 28160 | 660352  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 36665 | 252622  |
| Graham Holdings Co. - Class B | 443 | 448374  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 3570 | 672231  |
| H&R Block, Inc. | 17164 | 853737  |
| Harley-Davidson, Inc. | 15586 | 420510  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 7910 | 327869  |
| Hyatt Hotels Corp. - Class A<sup>(b)</sup> | 5436 | 746961  |
| KB Home | 8742 | 545676  |
| Lear Corp. | 6830 | 714759  |
| Light & Wonder, Inc.<sup>(a)(b)</sup> | 10783 | 783924  |
| Lithia Motors, Inc.<sup>(b)</sup> | 3296 | 1035208  |
| Macy's, Inc. | 34846 | 679149  |
| Marriott Vacations Worldwide Corp. | 3560 | 234889  |
| Mattel, Inc.<sup>(a)</sup> | 41342 | 759866  |
| Murphy USA, Inc. | 2260 | 809532  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 7920 | 956815  |
| Penske Automotive Group, Inc. | 2380 | 380967  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 10778 | 977457  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Polaris, Inc. | 6860 | $453446  |
| PVH Corp. | 6178 | 483923  |
| RH<sup>(a)(b)</sup> | 1982 | 341875  |
| Service Corp. International | 18107 | 1512116  |
| Somnigroup International, Inc. | 26999 | 2142101  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 12694 | 752373  |
| Texas Roadhouse, Inc. | 8623 | 1410550  |
| Thor Industries, Inc. | 6830 | 712710  |
| Toll Brothers, Inc. | 12725 | 1717239  |
| TopBuild Corp.<sup>(a)</sup> | 3600 | 1520928  |
| Travel + Leisure Co. | 8338 | 523460  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 24238 | 111737  |
| Under Armour, Inc. - Class C<sup>(a)(b)</sup> | 15566 | 69113  |
| Vail Resorts, Inc.<sup>(b)</sup> | 4774 | 708127  |
| Valvoline, Inc.<sup>(a)</sup> | 16328 | 538987  |
| VF Corp. | 42128 | 591477  |
| Visteon Corp. | 3497 | 374738  |
| Whirlpool Corp.<sup>(b)</sup> | 7184 | 514590  |
| Wingstop, Inc. | 3590 | 777702  |
| Wyndham Hotels & Resorts, Inc. | 9802 | 719761  |
| YETI Holdings, Inc.<sup>(a)</sup> | 10424 | 354312  |
|  |  | 47059667  |
| **Consumer Staples - 4.5%**<br>|  |  |
| Albertsons Cos., Inc. - Class A<sup>(b)</sup> | 51746 | 915387  |
| BellRing Brands, Inc.<sup>(a)</sup> | 16184 | 487624  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 17134 | 1512247  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 1026 | 212372  |
| Casey's General Stores, Inc. | 4787 | 2456640  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 20504 | 1234956  |
| Coca-Cola Consolidated, Inc.<sup>(b)</sup> | 7686 | 1002101  |
| Coty, Inc. - Class A<sup>(a)</sup> | 47009 | 186626  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 20301 | 650647  |
| elf Beauty, Inc.<sup>(a)</sup> | 7707 | 941333  |
| Flowers Foods, Inc. | 27080 | 323064  |
| Ingredion, Inc. | 8244 | 951440  |
| Lancaster Colony Corp. | 2604 | 408281  |
| Maplebear, Inc.<sup>(a)</sup> | 23660 | 872108  |
| Performance Food Group Co.<sup>(a)</sup> | 20138 | 1948150  |
| Pilgrim's Pride Corp. | 5476 | 208636  |
| Post Holdings, Inc.<sup>(a)</sup> | 6128 | 636883  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 12548 | 990790  |
| US Foods Holding Corp.<sup>(a)</sup> | 28954 | 2102639  |
|  |  | 18041924  |
| **Energy - 3.9%**<br>|  |  |
| Antero Midstream Corp. | 42975 | 741319  |
| Antero Resources Corp.<sup>(a)</sup> | 37994 | 1174395  |
| Chord Energy Corp. | 7351 | 666883  |
| Civitas Resources, Inc. | 10718 | 309000  |
| CNX Resources Corp.<sup>(a)</sup> | 18150 | 610929  |
| DT Midstream, Inc. | 13112 | 1435633  |
| HF Sinclair Corp. | 20410 | 1053156  |
| Matador Resources Co. | 15024 | 592847  |
| Murphy Oil Corp. | 17224 | 487439  |

---

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

62<br>

------

**PACER TRENDPILOT<sup>®</sup> US MID CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** |
| NOV, Inc. | 47694 | $696332  |
| Ovintiv, Inc. | 33004 | 1237980  |
| PBF Energy, Inc. - Class A | 10544 | 360288  |
| Permian Resources Corp. | 90762 | 1139971  |
| Range Resources Corp. | 30590 | 1087474  |
| TechnipFMC PLC | 52886 | 2186836  |
| Valaris Ltd.<sup>(a)(b)</sup> | 8508 | 477469  |
| Viper Energy, Inc. - Class A | 21659 | 813512  |
| Weatherford International PLC<sup>(b)</sup> | 9210 | 678685  |
|  |  | 15750148  |
| **Financials - 15.3%**<br>|  |  |
| Affiliated Managers Group, Inc. | 3692 | 878548  |
| Ally Financial, Inc. | 35975 | 1401946  |
| American Financial Group, Inc. | 8953 | 1178931  |
| Associated Banc-Corp. | 20962 | 519229  |
| Bank OZK | 13590 | 611414  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 7418 | 423345  |
| Cadence Bank | 23904 | 902137  |
| Carlyle Group, Inc. | 33454 | 1783767  |
| CNO Financial Group, Inc. | 12430 | 497449  |
| Columbia Banking System, Inc. | 38350 | 1027780  |
| Comerica, Inc. | 16497 | 1262021  |
| Commerce Bancshares, Inc. | 15920 | 837870  |
| Cullen Frost Bankers, Inc. | 8264 | 1017629  |
| East West Bancorp, Inc. | 17792 | 1807667  |
| Equitable Holdings, Inc. | 38530 | 1903382  |
| Essent Group Ltd. | 12644 | 765847  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 4950 | 375507  |
| Evercore, Inc. | 4999 | 1472505  |
| Federated Hermes, Inc. | 9488 | 459978  |
| Fidelity National Financial, Inc. | 32832 | 1813640  |
| First American Financial Corp. | 13187 | 824319  |
| First Financial Bankshares, Inc. | 16716 | 516357  |
| First Horizon Corp. | 65888 | 1407368  |
| FirstCash Holdings, Inc. | 4998 | 792183  |
| Flagstar Bank NA | 38390 | 438414  |
| FNB Corp. | 46078 | 724346  |
| Glacier Bancorp, Inc. | 16536 | 675496  |
| Hamilton Lane, Inc. - Class A | 5192 | 591680  |
| Hancock Whitney Corp.<sup>(b)</sup> | 10872 | 620900  |
| Hanover Insurance Group, Inc. | 4601 | 786219  |
| Home BancShares, Inc. | 23516 | 628112  |
| Houlihan Lokey, Inc. | 7049 | 1262335  |
| International Bancshares Corp.<sup>(b)</sup> | 6940 | 460677  |
| Janus Henderson Group PLC | 16004 | 697134  |
| Jefferies Financial Group, Inc. | 21297 | 1125121  |
| Kemper Corp. | 8040 | 361720  |
| Kinsale Capital Group, Inc. | 2848 | 1137691  |
| MGIC Investment Corp. | 29574 | 810919  |
| Morningstar, Inc. | 3150 | 668745  |
| Old National Bancorp<sup>(b)</sup> | 44752 | 914283  |
| Old Republic International Corp. | 29571 | 1166872  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Pinnacle Financial Partners, Inc. | 9862 | $840341  |
| Primerica, Inc. | 4162 | 1081579  |
| Prosperity Bancshares, Inc. | 12186 | 802083  |
| Reinsurance Group of America, Inc. | 8562 | 1562223  |
| RenaissanceRe Holdings Ltd. | 6080 | 1544867  |
| RLI Corp. | 11768 | 693841  |
| Ryan Specialty Holdings, Inc.<sup>(b)</sup> | 14449 | 791805  |
| SEI Investments Co. | 12057 | 971915  |
| Selective Insurance Group, Inc. | 7816 | 588857  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 8642 | 597162  |
| SLM Corp. | 26752 | 718291  |
| SouthState Bank Corp. | 13085 | 1159985  |
| Stifel Financial Corp. | 13262 | 1570619  |
| Synovus Financial Corp. | 17806 | 794860  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 5864 | 491638  |
| UMB Financial Corp. | 9150 | 977952  |
| United Bankshares, Inc. | 18140 | 649231  |
| Unum Group | 20325 | 1492261  |
| Valley National Bancorp | 61706 | 670744  |
| Voya Financial, Inc. | 12366 | 920772  |
| Webster Financial Corp. | 21326 | 1216435  |
| Western Alliance Bancorp | 13398 | 1036335  |
| WEX, Inc.<sup>(a)(b)</sup> | 4406 | 642747  |
| Wintrust Financial Corp.<sup>(b)</sup> | 8639 | 1123243  |
| Zions Bancorp | 18926 | 986234  |
|  |  | 61477503  |
| **Health Care - 8.9%**<br>|  |  |
| Avantor, Inc.<sup>(a)</sup> | 87392 | 1032973  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 24638 | 1319858  |
|  Bio-Rad Laboratories, Inc. - Class A<sup>(a)(b)</sup> | 2350 | 750942  |
| Bruker Corp. | 14202 | 553026  |
| Chemed Corp. | 1872 | 807394  |
| Cytokinetics, Inc.<sup>(a)</sup> | 15332 | 974962  |
| Dentsply Sirona, Inc. | 25592 | 322715  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 17498 | 1154868  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 63712 | 1411221  |
| Encompass Health Corp. | 13066 | 1487564  |
| Ensign Group, Inc. | 7359 | 1325356  |
| Envista Holdings Corp.<sup>(a)(b)</sup> | 21336 | 434188  |
| Exelixis, Inc.<sup>(a)</sup> | 34926 | 1350588  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 14446 | 872394  |
| Haemonetics Corp.<sup>(a)</sup> | 6188 | 309462  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 15024 | 979415  |
| HealthEquity, Inc.<sup>(a)</sup> | 11096 | 1049460  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 26552 | 1207054  |
| Illumina, Inc.<sup>(a)</sup> | 19917 | 2460546  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 7776 | 1070289  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 8722 | 503172  |
| LivaNova PLC<sup>(a)</sup> | 7004 | 368620  |
| Masimo Corp.<sup>(a)(b)</sup> | 5924 | 833211  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 2858 | 1671673  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 12858 | 1841394  |
| Option Care Health, Inc.<sup>(a)</sup> | 20818 | 541892  |

---

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

63<br>

------

**PACER TRENDPILOT<sup>®</sup> US MID CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Penumbra, Inc.<sup>(a)</sup> | 5008 | $1138669  |
| Perrigo Co. PLC | 17652 | 366102  |
| Repligen Corp.<sup>(a)</sup> | 6833 | 1018527  |
| Roivant Sciences Ltd.<sup>(a)(b)</sup> | 55180 | 1103048  |
| Sotera Health Co.<sup>(a)</sup> | 22580 | 374828  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 11365 | 2346759  |
| United Therapeutics Corp.<sup>(a)</sup> | 5822 | 2593293  |
|  |  | 35575463  |
| **Industrials - 24.3%**<br>|  |  |
| AAON, Inc.<sup>(b)</sup> | 8672 | 853238  |
| Acuity, Inc. | 3925 | 1432821  |
| Advanced Drainage Systems, Inc. | 9190 | 1287059  |
| AECOM | 17026 | 2287443  |
| AeroVironment, Inc.<sup>(a)</sup> | 4083 | 1510343  |
| AGCO Corp.<sup>(b)</sup> | 7955 | 820638  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 14800 | 617604  |
| American Airlines Group, Inc.<sup>(a)</sup> | 84654 | 1111507  |
| API Group Corp.<sup>(a)</sup> | 47543 | 1750533  |
| Applied Industrial Technologies, Inc. | 4897 | 1258970  |
| ATI, Inc.<sup>(a)</sup> | 17895 | 1771068  |
| Avis Budget Group, Inc.<sup>(a)(b)</sup> | 2168 | 295000  |
| Brink's Co. | 5357 | 595484  |
| BWX Technologies, Inc. | 11759 | 2511840  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 2847 | 1600726  |
| Carlisle Cos., Inc. | 5526 | 1796226  |
| Carpenter Technology Corp. | 6407 | 2023971  |
| Chart Industries, Inc.<sup>(a)(b)</sup> | 5675 | 1132844  |
| Clean Harbors, Inc.<sup>(a)</sup> | 6482 | 1364526  |
| CNH Industrial NV | 114932 | 1205637  |
| Comfort Systems USA, Inc. | 4528 | 4372146  |
| Concentrix Corp. | 5740 | 231379  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 24332 | 1269644  |
| Crane Co. | 6288 | 1194720  |
| Curtiss-Wright Corp. | 4847 | 2887503  |
| Donaldson Co., Inc. | 15070 | 1269647  |
| EnerSys | 4814 | 607334  |
| Esab Corp. | 7328 | 856057  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 20718 | 810074  |
| Exponent, Inc. | 6492 | 459699  |
| Flowserve Corp. | 16786 | 1145644  |
| Fluor Corp.<sup>(a)</sup> | 20778 | 1013343  |
| Fortune Brands Innovations, Inc. | 15422 | 783438  |
| FTI Consulting, Inc.<sup>(a)</sup> | 4082 | 673571  |
| GATX Corp. | 4570 | 716804  |
| Genpact Ltd. | 20798 | 793444  |
| Graco, Inc. | 21306 | 1742192  |
| GXO Logistics, Inc.<sup>(a)</sup> | 14687 | 825556  |
| Hexcel Corp.<sup>(b)</sup> | 10220 | 729708  |
| Insperity, Inc. | 4600 | 202952  |
| ITT, Inc. | 10116 | 1872168  |
| KBR, Inc. | 16532 | 708231  |
| Kirby Corp.<sup>(a)</sup> | 7164 | 741331  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Knight-Swift Transportation Holdings, Inc. | 20828 | $939759  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 21648 | 1961309  |
| Landstar System, Inc. | 4446 | 571000  |
| Lincoln Electric Holdings, Inc. | 7134 | 1672566  |
| MasTec, Inc.<sup>(a)</sup> | 7858 | 1604289  |
| Maximus, Inc. | 7238 | 601623  |
| Middleby Corp.<sup>(a)</sup> | 5994 | 744635  |
| MSA Safety, Inc. | 4725 | 741967  |
|  MSC Industrial Direct Co., Inc. - Class A | 5854 | 497063  |
| Mueller Industries, Inc. | 14316 | 1515635  |
| Nextracker, Inc. - Class A<sup>(a)</sup> | 19002 | 1923382  |
| nVent Electric PLC | 20690 | 2365901  |
| Oshkosh Corp.<sup>(b)</sup> | 8224 | 1013937  |
| Owens Corning<sup>(b)</sup> | 10807 | 1375839  |
| Parsons Corp.<sup>(a)</sup> | 6850 | 569509  |
| Paylocity Holding Corp.<sup>(a)</sup> | 5720 | 808064  |
| RB Global, Inc. | 23882 | 2369572  |
| RBC Bearings, Inc.<sup>(a)</sup> | 4072 | 1744974  |
| Regal Rexnord Corp.<sup>(b)</sup> | 8528 | 1201510  |
| Ryder System, Inc. | 5243 | 887273  |
| Saia, Inc.<sup>(a)</sup> | 3420 | 1000350  |
|  Science Applications International Corp. | 6024 | 564509  |
| Sensata Technologies Holding PLC | 18682 | 594648  |
| Simpson Manufacturing Co., Inc. | 5352 | 944628  |
| Terex Corp. | 8428 | 387857  |
| Tetra Tech, Inc. | 33716 | 1078238  |
| Timken Co.<sup>(b)</sup> | 8134 | 638600  |
| Toro Co. | 12664 | 946381  |
| TransUnion | 25228 | 2048009  |
| Trex Co., Inc.<sup>(a)</sup> | 13774 | 665560  |
| UFP Industries, Inc. | 7512 | 692081  |
| Valmont Industries, Inc. | 2534 | 1047632  |
| Watsco, Inc. | 4520 | 1663405  |
|  Watts Water Technologies, Inc. - Class A | 3527 | 961460  |
| WESCO International, Inc.<sup>(b)</sup> | 6302 | 1635558  |
| Woodward, Inc. | 7697 | 2017461  |
| XPO Logistics, Inc.<sup>(a)</sup> | 15130 | 2176753  |
|  |  | 97307000  |
| **Information Technology - 14.4%**<br>|  |  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 15890 | 475429  |
| Amkor Technology, Inc. | 14596 | 471159  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 2932 | 745989  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 6616 | 738015  |
| ASGN, Inc.<sup>(a)</sup> | 5625 | 251775  |
| Avnet, Inc. | 10758 | 521225  |
| Belden, Inc. | 5088 | 619973  |
| Bentley Systems, Inc. - Class B<sup>(b)</sup> | 19155 | 973649  |
| BILL Holdings, Inc.<sup>(a)</sup> | 11778 | 584895  |
| Blackbaud, Inc.<sup>(a)</sup> | 4774 | 305727  |

---

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

64<br>

------

**PACER TRENDPILOT<sup>®</sup> US MID CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Ciena Corp.<sup>(a)</sup> | 18152 | $3447428  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 6586 | 873633  |
| Cognex Corp. | 21550 | 891954  |
| Coherent Corp.<sup>(a)</sup> | 19967 | 2634845  |
| Commvault Systems, Inc.<sup>(a)</sup> | 5710 | 794946  |
| Crane NXT Co. | 6342 | 401131  |
| Docusign, Inc.<sup>(a)</sup> | 26214 | 1917292  |
| Dolby Laboratories, Inc. - Class A | 7856 | 521010  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 23760 | 689040  |
| Dynatrace, Inc.<sup>(a)</sup> | 38750 | 1959587  |
| Entegris, Inc.<sup>(b)</sup> | 19427 | 1778930  |
| Fabrinet<sup>(a)</sup> | 4609 | 2030587  |
| Flex Ltd.<sup>(a)</sup> | 48206 | 3013839  |
| Guidewire Software, Inc.<sup>(a)</sup> | 10827 | 2529620  |
| IPG Photonics Corp.<sup>(a)</sup> | 3256 | 277151  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 29664 | 857883  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 17572 | 1282053  |
| Littelfuse, Inc. | 3176 | 772753  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 9051 | 1824320  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 8314 | 1231553  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 7746 | 1410314  |
| MKS, Inc. | 8612 | 1237630  |
| Novanta, Inc.<sup>(a)</sup> | 4620 | 586786  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 34419 | 2452010  |
| Okta, Inc.<sup>(a)</sup> | 21669 | 1983364  |
| Onto Innovation, Inc.<sup>(a)</sup> | 6298 | 849978  |
| Pegasystems, Inc. | 11838 | 753489  |
| Power Integrations, Inc. | 7194 | 301357  |
| Pure Storage, Inc.<sup>(a)</sup> | 39904 | 3938525  |
| Qualys, Inc.<sup>(a)</sup> | 4630 | 570694  |
| Rambus, Inc.<sup>(a)</sup> | 13810 | 1420220  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 4222 | 553420  |
| Synaptics, Inc.<sup>(a)(b)</sup> | 4944 | 350727  |
| TD Synnex Corp. | 9946 | 1556449  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 19712 | 2658755  |
| Universal Display Corp. | 5670 | 835078  |
| Vontier Corp. | 18832 | 725032  |
|  |  | 57601219  |
| **Materials - 4.8%**<br>|  |  |
| Alcoa Corp. | 33236 | 1222752  |
| AptarGroup, Inc. | 8463 | 981793  |
| Ashland, Inc. | 5864 | 286750  |
| Avient Corp. | 11748 | 376758  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 27802 | 791523  |
| Cabot Corp. | 6840 | 461563  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 63468 | 788907  |
| Commercial Metals Co. | 14372 | 853122  |
| Crown Holdings, Inc. | 14866 | 1444678  |
| Eagle Materials, Inc. | 4172 | 885799  |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 38046 | 608355  |
| Greif, Inc. - Class A | 3366 | 191492  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Knife River Corp.<sup>(a)(b)</sup> | 7258 | $438819  |
| Louisiana-Pacific Corp. | 8134 | 708553  |
| MP Materials Corp.<sup>(a)(b)</sup> | 17258 | 1088807  |
| NewMarket Corp. | 1006 | 772507  |
| Olin Corp. | 14720 | 304704  |
| Reliance, Inc. | 6820 | 1926173  |
| Royal Gold, Inc. | 9738 | 1702105  |
| RPM International, Inc. | 16515 | 1804759  |
| Scotts Miracle-Gro Co. | 5700 | 305064  |
| Silgan Holdings, Inc. | 11390 | 439882  |
| Sonoco Products Co. | 12664 | 513778  |
| Westlake Chemical Corp.<sup>(b)</sup> | 4286 | 294920  |
|  |  | 19193563  |
| **Real Estate - 0.5%**<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 6127 | 1869286  |
| **Utilities - 3.5%**<br>|  |  |
| ALLETE, Inc. | 7432 | 500397  |
| Black Hills Corp. | 9354 | 593324  |
| Essential Utilities, Inc. | 36282 | 1416087  |
| IDACORP, Inc.<sup>(b)</sup> | 6940 | 895399  |
| National Fuel Gas Co. | 11604 | 915672  |
| New Jersey Resources Corp. | 12898 | 571381  |
| Northwestern Energy Group, Inc. | 7875 | 469901  |
| OGE Energy Corp. | 25846 | 1140842  |
| ONE Gas, Inc. | 7706 | 617944  |
| Ormat Technologies, Inc. | 7786 | 828197  |
| Portland General Electric Co. | 14068 | 642626  |
| Southwest Gas Holdings, Inc. | 8214 | 653013  |
| Spire, Inc. | 7582 | 655085  |
| Talen Energy Corp.<sup>(a)</sup> | 5860 | 2342711  |
| TXNM Energy, Inc. | 12176 | 691597  |
| UGI Corp. | 27568 | 921598  |
|  |  | 13855774  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $367,581,483)** |  | 373408900  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 6.7%**<br>|  |  |
| **Financials - 0.6%**<br>|  |  |
| Annaly Capital Management, Inc. | 82522 | 1746991  |
| Starwood Property Trust, Inc. | 44274 | 804901  |
|  |  | 2551892  |
| **Real Estate - 6.1%**<br>|  |  |
| Agree Realty Corp.<sup>(b)</sup> | 14176 | 1034990  |
| American Homes 4 Rent - Class A | 42169 | 1332541  |
| Brixmor Property Group, Inc. | 39276 | 1027460  |
| COPT Defense Properties<sup>(b)</sup> | 14466 | 407507  |
| Cousins Properties, Inc. | 21570 | 559310  |
| CubeSmart | 29270 | 1102601  |
| EastGroup Properties, Inc. | 6897 | 1203734  |
| EPR Properties<sup>(b)</sup> | 9772 | 479024  |
| Equity LifeStyle Properties, Inc.<sup>(b)</sup> | 25159 | 1535957  |

---

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

65<br>

------

**PACER TRENDPILOT<sup>®</sup> US MID CAP ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON - (Continued)** |
| **Real Estate - (Continued)** | **Real Estate - (Continued)** | **Real Estate - (Continued)** |
| First Industrial Realty Trust, Inc. | 16990 | $939207  |
| Gaming and Leisure Properties, Inc. | 36702 | 1639111  |
| Healthcare Realty Trust, Inc.<sup>(b)</sup> | 45140 | 799881  |
| Independence Realty Trust, Inc. | 29952 | 477135  |
| Kilroy Realty Corp. | 13968 | 590148  |
| Kite Realty Group Trust<sup>(b)</sup> | 28210 | 624569  |
| Lamar Advertising Co. - Class A | 11227 | 1331410  |
| National Storage Affiliates Trust | 9060 | 263555  |
| NNN REIT, Inc.<sup>(b)</sup> | 24218 | 979860  |
| Omega Healthcare Investors, Inc.<sup>(b)</sup> | 38280 | 1608908  |
| Park Hotels & Resorts, Inc. | 25632 | 263753  |
| PotlatchDeltic Corp. | 9130 | 365200  |
| Rayonier, Inc. | 18210 | 401895  |
| Rexford Industrial Realty, Inc. | 30296 | 1251831  |
| Sabra Health Care REIT, Inc. | 30764 | 548215  |
| STAG Industrial, Inc. | 23954 | 916720  |
| Vornado Realty Trust | 20700 | 785358  |
| WP Carey, Inc. | 28166 | 1858956  |
|  |  | 24328836  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $27,071,380)** |  | 26880728 |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Consumer Discretionary - 0.0%<sup>(c)</sup>**<br>|  |  |
|  GameStop Corp., Expires 10/30/2026, Exercise Price $32.00<sup>(a)</sup> | 5483 | 16449  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 16449 |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.7%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 38963931 | 38963931  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $38,963,931)** |  | 38963931  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 109.7%**<br>**(Cost $433,616,794)** |  | $439270008  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (9.7)% |  | (38749064)  |
| **TOTAL NET ASSETS - 100.0%** |  | $400520944 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

<sup>(b)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $38,399,039.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

66<br>

------

**Pacer US Cash Cows 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 10.4%**<br>|  |  |
| AT&T, Inc. | 12072315 | $298789796  |
| Comcast Corp. - Class A | 10493751 | 292093559  |
| Omnicom Group, Inc.<sup>(a)</sup> | 1399841 | 105016072  |
| Pinterest, Inc. - Class A<sup>(b)</sup> | 1723801 | 57057813  |
| Verizon Communications, Inc. | 8021259 | 318764833  |
| Walt Disney Co. | 3018984 | 339997978  |
| Warner Bros Discovery, Inc.<sup>(b)</sup> | 21144492 | 474693846  |
|  |  | 1886413897  |
| **Consumer Discretionary - 9.9%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 2164627 | 273911901  |
| Aptiv PLC<sup>(b)</sup> | 1339861 | 108662727  |
| Best Buy Co., Inc.<sup>(a)</sup> | 1115893 | 91659451  |
| Booking Holdings, Inc. | 64972 | 329910923  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 456627 | 37215100  |
| DR Horton, Inc.<sup>(a)</sup> | 963025 | 143567767  |
| Expedia Group, Inc. | 584281 | 128541820  |
| Ford Motor Co. | 30314180 | 398025183  |
| Lululemon Athletica, Inc.<sup>(a)(b)</sup> | 437957 | 74689187  |
| NVR, Inc.<sup>(b)</sup> | 9063 | 65351662  |
| PulteGroup, Inc.<sup>(a)</sup> | 610865 | 73224388  |
| Tapestry, Inc. | 661528 | 72649005  |
|  |  | 1797409114  |
| **Consumer Staples - 9.3%**<br>|  |  |
| Altria Group, Inc. | 5349687 | 301615353  |
| Archer-Daniels-Midland Co. | 4102710 | 248337036  |
| Colgate-Palmolive Co. | 2487338 | 191649393  |
|  Constellation Brands, Inc. - Class A<sup>(a)</sup> | 876037 | 115093741  |
| Dollar General Corp. | 1065643 | 105136338  |
| Dollar Tree, Inc.<sup>(a)(b)</sup> | 1257315 | 124625063  |
| General Mills, Inc. | 2852495 | 132954792  |
| Target Corp.<sup>(a)</sup> | 1986587 | 184196347  |
| The Kraft Heinz Co.<sup>(a)</sup> | 8046616 | 198992814  |
| Tyson Foods, Inc. - Class A | 1452674 | 74681970  |
|  |  | 1677282847  |
| **Energy - 15.8%**<br>|  |  |
| Baker Hughes Co.<sup>(a)</sup> | 2989127 | 144703638  |
| Chevron Corp. | 2317689 | 365545909  |
| ConocoPhillips | 3832718 | 340575322  |
| Coterra Energy, Inc.<sup>(a)</sup> | 3881945 | 91846819  |
| Diamondback Energy, Inc. | 1883474 | 269694642  |
| EOG Resources, Inc. | 2411107 | 255191565  |
| EQT Corp. | 2579580 | 138213896  |
| Expand Energy Corp. | 762118 | 78734411  |
| Exxon Mobil Corp. | 3259973 | 372810512  |
| Halliburton Co. | 6114977 | 164125983  |
| Occidental Petroleum Corp.<sup>(a)</sup> | 6540337 | 269461884  |
| SLB Ltd. | 8098383 | 292027691  |
| TechnipFMC PLC | 2138577 | 88430159  |
|  |  | 2871362431  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 20.7%**<br>|  |  |
| Amgen, Inc. | 1257961 | $375413301  |
| Biogen, Inc.<sup>(b)</sup> | 826061 | 127436430  |
| Bristol-Myers Squibb Co. | 7551514 | 347898250  |
| Cardinal Health, Inc. | 778318 | 148479725  |
| Gilead Sciences, Inc. | 3093531 | 370574078  |
| HCA Healthcare, Inc. | 848054 | 389833463  |
| Illumina, Inc.<sup>(b)</sup> | 594835 | 73485916  |
| Incyte Corp.<sup>(b)</sup> | 681424 | 63699516  |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 674073 | 145909842  |
| Labcorp Holdings, Inc.<sup>(a)</sup> | 285785 | 72577959  |
| McKesson Corp. | 519375 | 421389713  |
| Merck & Co., Inc. | 4202532 | 361333701  |
| Pfizer, Inc. | 14358596 | 353939391  |
| Quest Diagnostics, Inc.<sup>(a)</sup> | 419756 | 73856068  |
| Regeneron Pharmaceuticals, Inc. | 390700 | 254658260  |
| Tenet Healthcare Corp.<sup>(b)</sup> | 498252 | 102884055  |
| United Therapeutics Corp.<sup>(b)</sup> | 166734 | 74268326  |
|  |  | 3757637994  |
| **Industrials - 9.7%**<br>|  |  |
| AECOM | 406772 | 54649818  |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> | 497387 | 57781448  |
| Carlisle Cos., Inc.<sup>(a)</sup> | 133913 | 43528421  |
| EMCOR Group, Inc. | 120858 | 81673419  |
|  Expeditors International of Washington, Inc. | 418286 | 50989063  |
| Fortive Corp. | 1825831 | 91912333  |
| General Dynamics Corp. | 803883 | 277259247  |
| Leidos Holdings, Inc. | 471443 | 89795748  |
| Masco Corp.<sup>(a)</sup> | 663165 | 42946565  |
| PACCAR, Inc. | 1827336 | 179809862  |
| Pentair PLC | 472275 | 50226446  |
| Snap-On, Inc. | 196018 | 65773840  |
| SS&C Technologies Holdings, Inc. | 822063 | 69809590  |
| Uber Technologies, Inc.<sup>(b)</sup> | 3921414 | 378416451  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 2383167 | 224113025  |
|  |  | 1758685276  |
| **Information Technology - 21.1%**<br>|  |  |
| Accenture PLC - Class A | 1399965 | 350131247  |
| Adobe, Inc.<sup>(b)</sup> | 1022480 | 347960169  |
| Applied Materials, Inc. | 2195349 | 511735852  |
| Cisco Systems, Inc. | 5333447 | 389928310  |
|  Cognizant Technology Solutions Corp. - Class A | 1999300 | 145708984  |
| Docusign, Inc.<sup>(b)</sup> | 731553 | 53505786  |
| F5, Inc.<sup>(b)</sup> | 188650 | 47737883  |
| Flex Ltd.<sup>(b)</sup> | 1247957 | 78022272  |
| Gartner, Inc.<sup>(a)(b)</sup> | 388016 | 96359893  |
| Gen Digital, Inc. | 2883869 | 76018787  |
| GlobalFoundries, Inc.<sup>(a)(b)</sup> | 1735950 | 61799820  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 631270 | 84040975  |
| HP, Inc. | 6105642 | 168943114  |
| Jabil, Inc. | 346113 | 76452901  |

---

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

67<br>

------

**Pacer US Cash Cows 100 ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Keysight Technologies, Inc.<sup>(b)</sup> | 530497 | $97059731  |
| NetApp, Inc. | 878008 | 103411782  |
| Okta, Inc.<sup>(a)(b)</sup> | 571712 | 52328799  |
| ON Semiconductor Corp.<sup>(b)</sup> | 1653328 | 82798666  |
| Qualcomm, Inc. | 2229495 | 403315646  |
| salesforce.com, Inc. | 1419926 | 369762930  |
| Twilio, Inc. - Class A<sup>(a)(b)</sup> | 416098 | 56123298  |
|  Zebra Technologies Corp. - Class A<sup>(b)</sup> | 169722 | 45697648  |
|  Zoom Communications, Inc. - Class A<sup>(b)</sup> | 1387879 | 121064685  |
|  |  | 3819909178  |
| **Materials - 3.0%**<br>|  |  |
| Corteva, Inc. | 2254177 | 138496635  |
| Newmont Goldcorp Corp. | 4421493 | 358008288  |
| Reliance, Inc.<sup>(a)</sup> | 174284 | 49223030  |
|  |  | 545727953  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $17,516,171,120)** |  | 18114428690  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 1.5%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 1.5%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED WITH** <br>**PROCEEDS FROM SECURITIES** <br>**LENDING - 1.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(c)</sup> | 280240584 | 280240584  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $280,240,584)** |  | 280240584  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.4%** <br>**(Cost $17,796,411,704)** |  | $18394669274  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.4)% |  | (258095188)  |
| **TOTAL NET ASSETS - 100.0%** |  | $18136574086 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $275,343,086.

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

68<br>

------

**Pacer US Cash Cows Growth ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Consumer Discretionary - 32.2%<sup>(a)</sup>**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(b)</sup> | 4715 | $342073  |
| Airbnb, Inc. - Class A<sup>(b)</sup> | 37101 | 4694761  |
| Booking Holdings, Inc. | 827 | 4199291  |
| Carnival Corp.<sup>(b)</sup> | 135048 | 3893434  |
| Choice Hotels International, Inc.<sup>(c)</sup> | 4620 | 429475  |
| Crocs, Inc.<sup>(b)(c)</sup> | 5460 | 446027  |
| Deckers Outdoor Corp.<sup>(b)</sup> | 14936 | 1217284  |
| Expedia Group, Inc. | 12446 | 2738120  |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 2810 | 529123  |
| H&R Block, Inc.<sup>(c)</sup> | 13421 | 667561  |
| PulteGroup, Inc. | 19844 | 2378700  |
| Tapestry, Inc. | 20926 | 2298093  |
| Toll Brothers, Inc. | 9717 | 1311309  |
| TopBuild Corp.<sup>(b)(c)</sup> | 2822 | 1192239  |
| Travel + Leisure Co. | 6500 | 408070  |
| Williams-Sonoma, Inc. | 12251 | 2380859  |
|  |  | 29126419  |
| **Consumer Staples - 1.3%**<br>|  |  |
| Coca-Cola Consolidated, Inc.<sup>(c)</sup> | 8739 | 1139391  |
| **Energy - 4.1%**<br>|  |  |
| CNX Resources Corp.<sup>(b)</sup> | 14147 | 476188  |
| DT Midstream, Inc. | 10223 | 1119316  |
| TechnipFMC PLC | 41367 | 1710525  |
| Valaris Ltd.<sup>(b)(c)</sup> | 7123 | 399743  |
|  |  | 3705772  |
| **Health Care - 12.3%**<br>|  |  |
| DaVita, Inc.<sup>(b)(c)</sup> | 7197 | 856587  |
| Exelixis, Inc.<sup>(b)</sup> | 27080 | 1047184  |
| Globus Medical, Inc. - Class A<sup>(b)(c)</sup> | 13524 | 816714  |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 11706 | 763114  |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 6802 | 392407  |
| Medpace Holdings, Inc.<sup>(b)</sup> | 2818 | 1648276  |
| ResMed, Inc. | 14727 | 3635802  |
| United Therapeutics Corp.<sup>(b)</sup> | 4546 | 2024925  |
|  |  | 11185009  |
| **Industrials - 29.7%<sup>(a)</sup>**<br>|  |  |
| Acuity, Inc. | 3083 | 1125449  |
| American Airlines Group, Inc.<sup>(b)</sup> | 66485 | 872948  |
| Applied Industrial Technologies, Inc. | 3799 | 976685  |
| Carlisle Cos., Inc. | 4306 | 1399665  |
| Delta Air Lines, Inc. | 65673 | 3768317  |
| EMCOR Group, Inc. | 4500 | 3041010  |
| Kirby Corp.<sup>(b)</sup> | 5587 | 578143  |
| Mueller Industries, Inc. | 11134 | 1178757  |
| Owens Corning<sup>(c)</sup> | 8413 | 1071059  |
| Parsons Corp.<sup>(b)(c)</sup> | 10700 | 889598  |
| Tetra Tech, Inc. | 26425 | 845071  |
| Uber Technologies, Inc.<sup>(b)</sup> | 47376 | 4571784  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 32524 | $3058557  |
|  Westinghouse Air Brake Technologies Corp. | 17204 | 3517186  |
|  |  | 26894229  |
| **Information Technology - 20.4%**<br>|  |  |
| Docusign, Inc.<sup>(b)</sup> | 20220 | 1478891  |
| GoDaddy, Inc. - Class A<sup>(b)</sup> | 13926 | 1853968  |
| International Business Machines Corp. | 17893 | 5500487  |
| Okta, Inc.<sup>(b)</sup> | 17721 | 1622003  |
| Pegasystems, Inc. | 17207 | 1095226  |
| salesforce.com, Inc. | 18728 | 4876959  |
| Twilio, Inc. - Class A<sup>(b)</sup> | 15423 | 2080254  |
|  |  | 18507788  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $80,865,674)** |  | 90558608  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 7090572 | 7090572  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $7,090,572)** |  | 7090572  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.8%** <br>**(Cost $87,956,246)** |  | $97649180  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (7.8)% |  | (7042004)  |
| **TOTAL NET ASSETS - 100.0%** |  | $90607176 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

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

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

<sup>(c)</sup> All or a portion of this security is on loan as of October 31, 2025. The fair value of these securities was $6,935,416.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

69<br>

------

**PACER US EXPORT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 4.7%**<br>|  |  |
| Alphabet, Inc. - Class A | 1401 | $393947  |
| Iridium Communications, Inc. | 18950 | 362893  |
| Meta Platforms, Inc. - Class A | 444 | 287867  |
| Netflix, Inc.<sup>(a)</sup> | 284 | 317756  |
| News Corp. - Class A | 11530 | 305545  |
|  |  | 1668008  |
| **Consumer Discretionary - 13.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 2753 | 348365  |
| Aptiv PLC<sup>(a)</sup> | 4060 | 329266  |
| Autoliv, Inc. | 2658 | 310454  |
| Booking Holdings, Inc. | 62 | 314820  |
| Carnival Corp.<sup>(a)</sup> | 10629 | 306434  |
| Duolingo, Inc.<sup>(a)(b)</sup> | 1094 | 296080  |
| Garmin Ltd. | 1408 | 301227  |
| Lear Corp. | 3190 | 333833  |
| McDonald's Corp.<sup>(b)</sup> | 1104 | 329467  |
| NIKE, Inc. - Class B<sup>(b)</sup> | 4591 | 296533  |
| Ralph Lauren Corp. | 1063 | 339799  |
| Royal Caribbean Cruises Ltd. | 996 | 285683  |
| Tesla Motors, Inc.<sup>(a)</sup> | 847 | 386706  |
| Visteon Corp. | 2700 | 289332  |
| Wynn Resorts Ltd. | 2762 | 328650  |
|  |  | 4796649  |
| **Consumer Staples - 3.7%**<br>|  |  |
| Archer-Daniels-Midland Co. | 5471 | 331160  |
| Coty, Inc. - Class A<sup>(a)</sup> | 82421 | 327211  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 10673 | 342070  |
| Ingredion, Inc. | 2672 | 308375  |
|  |  | 1308816  |
| **Energy - 7.0%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 14754 | 334178  |
| Baker Hughes Co. | 7230 | 350005  |
| Chevron Corp. | 2146 | 338467  |
| Exxon Mobil Corp. | 2986 | 341479  |
| TechnipFMC PLC | 8462 | 349904  |
| Valaris Ltd.<sup>(a)(b)</sup> | 6452 | 362086  |
| Weatherford International PLC | 5393 | 397410  |
|  |  | 2473529  |
| **Health Care - 14.6%**<br>|  |  |
| Abbott Laboratories | 2522 | 311770  |
| Agilent Technologies, Inc. | 2720 | 398099  |
| Align Technology, Inc.<sup>(a)</sup> | 2559 | 352835  |
| BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 6239 | 334223  |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. - <br>Class A<sup>(a)(b)</sup> | 1195 | 381862  |
| Cooper Cos., Inc.<sup>(a)</sup> | 5035 | 351997  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 18164 | 402333  |
| Envista Holdings Corp.<sup>(a)(b)</sup> | 16035 | 326312  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 1790 | 387463  |
| Merck & Co., Inc. | 4044 | 347703  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 267 | $378150  |
| Regeneron Pharmaceuticals, Inc. | 600 | 391080  |
| Repligen Corp.<sup>(a)(b)</sup> | 2954 | 440323  |
| Thermo Fisher Scientific, Inc. | 703 | 398875  |
|  |  | 5203025  |
| **Industrials - 10.7%**<br>|  |  |
| AGCO Corp. | 3075 | 317217  |
| Brink's Co. | 2910 | 323476  |
| CNH Industrial NV | 30693 | 321969  |
| Flowserve Corp. | 5975 | 407794  |
| General Electric Co. | 1196 | 369504  |
| Genpact Ltd. | 7929 | 302491  |
| GXO Logistics, Inc.<sup>(a)(b)</sup> | 6590 | 370424  |
| Howmet Aerospace, Inc. | 1803 | 371328  |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 4279 | 326616  |
| Uber Technologies, Inc.<sup>(a)</sup> | 3516 | 339294  |
|  Westinghouse Air Brake Technologies Corp. | 1788 | 365539  |
|  |  | 3815652  |
| **Information Technology - 38.6%<sup>(c)</sup>**<br>|  |  |
| Accenture PLC - Class A | 1411 | 352891  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 2127 | 544767  |
| Amphenol Corp. | 2841 | 395865  |
| Analog Devices, Inc. | 1366 | 319822  |
| Applied Materials, Inc. | 2006 | 467599  |
| Broadcom, Inc. | 932 | 344495  |
| Cadence Design System, Inc.<sup>(a)</sup> | 982 | 332593  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 2879 | 381899  |
| Dolby Laboratories, Inc. - Class A | 4705 | 312036  |
| Fabrinet<sup>(a)(b)</sup> | 939 | 413695  |
| Flex Ltd.<sup>(a)</sup> | 5849 | 365679  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 4217 | 364475  |
| Jabil, Inc. | 1574 | 347681  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 1977 | 361712  |
| KLA Corp. | 349 | 421850  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 10529 | 304499  |
| Lam Research Corp.<sup>(b)</sup> | 2880 | 453485  |
| Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 5218 | 380705  |
| Littelfuse, Inc. | 1274 | 309977  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 2544 | 376843  |
| Micron Technology, Inc. | 2145 | 479987  |
| Microsoft Corp. | 659 | 341237  |
| MKS, Inc.<sup>(b)</sup> | 2924 | 420208  |
| Monolithic Power Systems, Inc. | 402 | 404010  |
| NetApp, Inc. | 2721 | 320479  |
| Novanta, Inc.<sup>(a)</sup> | 2920 | 370869  |
| NVIDIA Corp. | 1885 | 381694  |
| ON Semiconductor Corp.<sup>(a)</sup> | 6972 | 349158  |
| Onto Innovation, Inc.<sup>(a)</sup> | 3031 | 409064  |
| PTC, Inc.<sup>(a)</sup> | 1632 | 324017  |
| Qualcomm, Inc. | 2071 | 374644  |
| Rambus, Inc.<sup>(a)</sup> | 3914 | 402516  |

---

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

70<br>

------

**PACER US EXPORT LEADERS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Synopsys, Inc.<sup>(a)</sup> | 792 | $359425  |
| TE Connectivity PLC | 1607 | 396945  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 606 | 319253  |
| Western Digital Corp. | 3441 | 516873  |
|  |  | 13722947  |
| **Materials - 7.2%**<br>|  |  |
| Alcoa Corp. | 10113 | 372057  |
| Corteva, Inc. | 4537 | 278753  |
| Crown Holdings, Inc.<sup>(b)</sup> | 3492 | 339353  |
| Freeport-McMoRan, Inc. | 7537 | 314293  |
| NewMarket Corp. | 401 | 307928  |
| Newmont Goldcorp Corp. | 4240 | 343313  |
| Royal Gold, Inc. | 1780 | 311126  |
| Smurfit WestRock PLC | 7602 | 280666  |
|  |  | 2547489  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $30,195,033)** |  | 35536115 |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 14.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 5262487 | 5262487  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $5,262,487)** |  | 5262487  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 114.8%**<br>**(Cost $35,457,520)** |  | $40798602  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (14.8)% |  | (5260461)  |
| **TOTAL NET ASSETS - 100.0%** |  | $35538141 |

---

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 October 31, 2025. The fair value of these securities was $5,193,935.

<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 yield as of October 31, 2025.

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

71<br>

------

**Pacer US Large Cap Cash Cows Growth Leaders ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 5.6%**<br>|  |  |
| Iridium Communications, Inc. | 371074 | $7106067  |
| Match Group, Inc. | 780363 | 25236939  |
| Meta Platforms, Inc. - Class A | 31507 | 20427564  |
| Nexstar Media Group, Inc. | 155382 | 30412919  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 407884 | 13500960  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 198172 | 41408039  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 176727 | 8885834  |
|  |  | 146978322  |
| **Consumer Discretionary - 4.2%**<br>|  |  |
| ADT, Inc. | 2324806 | 20551285  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 107451 | 13596850  |
| Booking Holdings, Inc. | 4457 | 22631487  |
| Duolingo, Inc.<sup>(a)</sup> | 51053 | 13816984  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 122358 | 23040011  |
| McDonald's Corp. | 53725 | 16033152  |
|  |  | 109669769  |
| **Consumer Staples - 2.1%**<br>|  |  |
| Altria Group, Inc. | 479246 | 27019890  |
| Monster Beverage Corp.<sup>(a)</sup> | 428458 | 28633848  |
|  |  | 55653738  |
| **Energy - 3.2%**<br>|  |  |
| Antero Midstream Corp. | 1047112 | 18062682  |
| Diamondback Energy, Inc. | 94942 | 13594745  |
| DT Midstream, Inc. | 208422 | 22820125  |
| EQT Corp. | 412562 | 22105072  |
| Texas Pacific Land Corp. | 8319 | 7847978  |
|  |  | 84430602  |
| **Health Care - 14.7%**<br>|  |  |
| AbbVie, Inc. | 76737 | 16731735  |
| Amgen, Inc. | 46161 | 13775827  |
| Bristol-Myers Squibb Co. | 200642 | 9243577  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 397248 | 29185810  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 205507 | 13563462  |
| Exelixis, Inc.<sup>(a)</sup> | 380296 | 14706046  |
| Gilead Sciences, Inc. | 133552 | 15998194  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 462740 | 30166021  |
| Jazz Pharmaceuticals PLC<sup>(a)(b)</sup> | 90545 | 12462614  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 108338 | 63367980  |
| QIAGEN NV<sup>(b)</sup> | 684156 | 32052709  |
| Regeneron Pharmaceuticals, Inc. | 17864 | 11643755  |
| ResMed, Inc. | 106595 | 26316174  |
| Royalty Pharma PLC - Class A | 574386 | 21562450  |
| United Therapeutics Corp.<sup>(a)</sup> | 34342 | 15296957  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 116083 | 33803370  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 24932 | 10610311  |
| Zoetis, Inc. | 85674 | 12344767  |
|  |  | 382831759  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Industrials - 2.8%**<br>|  |  |
| AMETEK, Inc. | 78937 | $15953957  |
| Copart, Inc.<sup>(a)</sup> | 241573 | 10390055  |
| Graco, Inc. | 174785 | 14292170  |
| Paychex, Inc. | 93046 | 10889173  |
| Union Pacific Corp. | 55259 | 12177426  |
| Verisk Analytics, Inc. | 44754 | 9790385  |
|  |  | 73493166  |
| **Information Technology - 60.1%<sup>(c)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 28283 | 9624988  |
| Analog Devices, Inc. | 91542 | 21432728  |
| Apple, Inc. | 58796 | 15896674  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 110290 | 70291126  |
| Arista Networks, Inc.<sup>(a)</sup> | 377388 | 59510314  |
| Astera Labs, Inc.<sup>(a)</sup> | 524864 | 97981612  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 40991 | 6944695  |
| Autodesk, Inc.<sup>(a)</sup> | 83414 | 25135975  |
| Bentley Systems, Inc. - Class B<sup>(b)</sup> | 691647 | 35156417  |
| Broadcom, Inc. | 166839 | 61668700  |
| Cadence Design System, Inc.<sup>(a)</sup> | 137643 | 46618308  |
|  Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)</sup> | 53251 | 28915825  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 215878 | 35147097  |
| Docusign, Inc.<sup>(a)</sup> | 158641 | 11603003  |
| Dolby Laboratories, Inc. - Class A | 156633 | 10387901  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 830583 | 24086907  |
| Dynatrace, Inc.<sup>(a)</sup> | 230607 | 11661796  |
| Enphase Energy, Inc.<sup>(a)</sup> | 187240 | 5712692  |
| F5, Inc.<sup>(a)</sup> | 65824 | 16656763  |
| Fair Isaac Corp.<sup>(a)</sup> | 6336 | 10514782  |
| Fortinet, Inc.<sup>(a)</sup> | 106946 | 9243343  |
| Gartner, Inc.<sup>(a)</sup> | 24362 | 6050059  |
| Gen Digital, Inc. | 802993 | 21166895  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 69891 | 9304589  |
| Intuit, Inc. | 32851 | 21929685  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 103483 | 18933250  |
| KLA Corp. | 37754 | 45634770  |
| Lam Research Corp. | 392214 | 61758016  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 307354 | 22424548  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 153657 | 27976330  |
| Microsoft Corp. | 76639 | 39684441  |
| Monolithic Power Systems, Inc.  | 52773 | 53036865  |
| NetApp, Inc. | 216910 | 25547660  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 161096 | 11476479  |
| NVIDIA Corp. | 287089 | 58132652  |
| Okta, Inc.<sup>(a)</sup> | 190165 | 17405802  |
|  Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 558256 | 111913580  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 82101 | 18081924  |
| Pegasystems, Inc. | 841375 | 53553519  |
| PTC, Inc.<sup>(a)</sup> | 188921 | 37508375  |

---

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

72<br>

------

**Pacer US Large Cap Cash Cows Growth Leaders ETF** 

**Schedule of Investments** 

**October 31, 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. | 107985 | $19534486  |
| Roper Technologies, Inc. | 23207 | 10353803  |
| salesforce.com, Inc. | 43543 | 11339033  |
| ServiceNow, Inc.<sup>(a)</sup> | 16674 | 15328075  |
| Skyworks Solutions, Inc. | 336556 | 26157132  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 22783 | 10850632  |
| Ubiquiti, Inc. | 105157 | 82777487  |
| VeriSign, Inc. | 97713 | 23431577  |
| Workday, Inc. - Class A<sup>(a)</sup> | 49002 | 11756560  |
|  Zoom Communications, Inc. - Class A<sup>(a)</sup> | 282900 | 24677367  |
| Zscaler, Inc.<sup>(a)</sup> | 179724 | 59513805  |
|  |  | 1571431042  |
| **Materials - 6.3%**<br>|  |  |
| CF Industries Holdings, Inc.<sup>(b)</sup> | 244852 | 20393723  |
| Newmont Goldcorp Corp. | 1004488 | 81333393  |
| Royal Gold, Inc. | 180689 | 31582630  |
| Southern Copper Corp. | 227808 | 31619751  |
|  |  | 164929497  |
| **Utilities - 0.9%**<br>|  |  |
| Clearway Energy, Inc. - Class C<sup>(b)</sup> | 706859 | 22570008  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,342,482,584)** |  | 2611987903  |
|  | **Units** |  |
| &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.3%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.3%** | &nbsp;&nbsp;&nbsp; **INVESTMENTS PURCHASED** <br>**WITH PROCEEDS FROM** <br>**SECURITIES LENDING - 1.3%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 32690243 | 32690243  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $32,690,243)** |  | 32690243  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.2%** <br>**(Cost $2,375,172,827)** |  | $2644678146  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.2)% |  | (31651702)  |
| **TOTAL NET ASSETS - 100.0%** |  | $2613026444 |

---

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 October 31, 2025. The fair value of these securities was $32,265,366.

<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 yield as of October 31, 2025.

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

73<br>

------

**PACER US SMALL CAP CASH COWS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.4%**<br>|  |  |
| **Communication Services - 10.1%**<br>|  |  |
| Angi, Inc.<sup>(a)</sup> | 186300 | $2472201  |
| Cars.com, Inc.<sup>(a)</sup> | 357765 | 3842396  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 151166 | 3256116  |
| Fox Corp. - Class A | 1301587 | 84147599  |
| FuboTV, Inc. - Class A<sup>(a)(b)</sup> | 1317071 | 4978528  |
| Gray Media, Inc. | 783690 | 3581463  |
| IDT Corp. - Class B | 66839 | 3386064  |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 553162 | 5647784  |
| Interpublic Group of Cos., Inc. | 1366700 | 35069522  |
| Iridium Communications, Inc. | 787154 | 15073999  |
| Match Group, Inc. | 1029687 | 33300078  |
| MediaAlpha, Inc. - Class A<sup>(a)</sup> | 234007 | 2983589  |
| Nexstar Media Group, Inc. | 260027 | 50895085  |
| Omnicom Group, Inc. | 982460 | 73704149  |
| Playtika Holding Corp. | 492551 | 1807662  |
| QuinStreet, Inc.<sup>(a)</sup> | 193759 | 2865696  |
| TEGNA, Inc. | 1175060 | 23113430  |
| TripAdvisor, Inc.<sup>(a)</sup> | 409928 | 6583444  |
| YELP, Inc.<sup>(a)</sup> | 395959 | 13058728  |
| Ziff Davis, Inc.<sup>(a)(b)</sup> | 270533 | 9171069  |
|  |  | 378938602  |
| **Consumer Discretionary - 19.3%**<br>|  |  |
| Abercrombie & Fitch Co.<sup>(a)</sup> | 169282 | 12281409  |
| ADT, Inc. | 4272718 | 37770827  |
| A-Mark Precious Metals, Inc.<sup>(b)</sup> | 177829 | 4726695  |
| American Public Education, Inc.<sup>(a)</sup> | 59864 | 2004845  |
| Bath & Body Works, Inc. | 1237286 | 30288761  |
| Best Buy Co., Inc. | 765881 | 62909465  |
| Biglari Holdings, Inc. - Class B<sup>(a)</sup> | 6194 | 2237954  |
| BorgWarner, Inc.<sup>(b)</sup> | 1154982 | 49618027  |
| Brunswick Corp. | 338096 | 22351527  |
| Buckle, Inc. | 150513 | 8248112  |
| Carter's, Inc.<sup>(b)</sup> | 201736 | 6334510  |
| Columbia Sportswear Co.<sup>(b)</sup> | 203859 | 10117522  |
| Coursera, Inc.<sup>(a)</sup> | 302425 | 2546419  |
| Crocs, Inc.<sup>(a)(b)</sup> | 426380 | 34830982  |
| Dillard's, Inc. - Class A | 27769 | 16663622  |
| Ethan Allen Interiors, Inc. | 73577 | 1778356  |
| Etsy, Inc.<sup>(a)(b)</sup> | 454407 | 28173234  |
| Expedia Group, Inc. | 341173 | 75058060  |
| GameStop Corp. - Class A<sup>(a)(b)</sup> | 830245 | 18506161  |
| Garrett Motion, Inc. | 1081167 | 18314969  |
|  GigaCloud Technology, Inc. - Class A<sup>(a)(b)</sup> | 227914 | 6377034  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 363581 | 9762150  |
| Graham Holdings Co. - Class B | 15114 | 15297333  |
| Groupon, Inc.<sup>(a)(b)</sup> | 120962 | 2434965  |
| H&R Block, Inc.<sup>(b)</sup> | 502244 | 24981617  |
| Harley-Davidson, Inc.<sup>(b)</sup> | 1036210 | 27956946  |
| Helen of Troy Ltd.<sup>(a)</sup> | 197222 | 3674246  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  Hovnanian Enterprises, Inc. - Class A<sup>(a)</sup> | 32962 | $3963021  |
| LCI Industries<sup>(b)</sup> | 127319 | 13176243  |
| Leggett & Platt, Inc. | 1091685 | 10196338  |
| Mattel, Inc.<sup>(a)</sup> | 1281430 | 23552683  |
| Monro, Inc. | 195169 | 2859226  |
| ODP Corp.<sup>(a)</sup> | 194776 | 5430355  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 1834356 | 13317425  |
| Perdoceo Education Corp. | 250644 | 7960453  |
| Polaris, Inc.<sup>(b)</sup> | 364176 | 24072034  |
| Signet Jewelers Ltd.<sup>(b)</sup> | 214196 | 21173275  |
| Strattec Security Corp.<sup>(a)</sup> | 40354 | 2476121  |
| Sturm Ruger & Co., Inc. | 43731 | 1854632  |
| Thor Industries, Inc.<sup>(b)</sup> | 220338 | 22992270  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 479817 | 15282171  |
| Visteon Corp. | 114138 | 12231028  |
| YETI Holdings, Inc.<sup>(a)(b)</sup> | 239889 | 8153827  |
|  |  | 723936850  |
| **Consumer Staples - 4.8%**<br>|  |  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 44359 | 9181869  |
| Cal-Maine Foods, Inc. | 408872 | 35898962  |
| Conagra Brands, Inc. | 2918052 | 50161314  |
| Flowers Foods, Inc.<sup>(b)</sup> | 1167228 | 13925030  |
| Fresh Del Monte Produce, Inc. | 173588 | 6136336  |
| Ingredion, Inc. | 273340 | 31546169  |
| Maplebear, Inc.<sup>(a)</sup> | 723141 | 26654977  |
| Nu Skin Enterprises, Inc. - Class A | 207215 | 2221345  |
| Seneca Foods Corp. - Class A<sup>(a)</sup> | 42352 | 4567028  |
|  |  | 180293030  |
| **Energy - 16.2%**<br>|  |  |
| APA Corp.<sup>(b)</sup> | 2946583 | 66740105  |
| Ardmore Shipping Corp. | 278012 | 3500171  |
| Cactus, Inc. - Class A<sup>(b)</sup> | 251619 | 11114011  |
| California Resources Corp. | 404177 | 19065029  |
| Chord Energy Corp. | 395691 | 35897088  |
| Civitas Resources, Inc. | 806993 | 23265608  |
| CNX Resources Corp.<sup>(a)(b)</sup> | 675590 | 22740359  |
| Crescent Energy Co. - Class A<sup>(b)</sup> | 1744696 | 14707787  |
| Expro Group Holdings NV<sup>(a)</sup> | 385556 | 5235851  |
| Gulfport Energy Corp.<sup>(a)</sup> | 70460 | 13106265  |
| Halliburton Co. | 3412912 | 91602558  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 738411 | 4962122  |
| Innovex International, Inc.<sup>(a)</sup> | 362416 | 7273689  |
| International Seaways, Inc. | 180892 | 9267097  |
| Magnolia Oil & Gas Corp. - Class A | 587224 | 13189051  |
| Murphy Oil Corp. | 749766 | 21218378  |
|  National Energy Services Reunited Corp.<sup>(a)(b)</sup> | 513008 | 6474161  |
| NOV, Inc. | 3027532 | 44201967  |
| Ovintiv, Inc. | 1732726 | 64994552  |
| RPC, Inc. | 794765 | 4132778  |
| Scorpio Tankers, Inc. | 301916 | 18628217  |

---

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

74<br>

------

**PACER US SMALL CAP CASH COWS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** |
| TechnipFMC PLC | 1422711 | $58829100  |
| Teekay Corp. Ltd. | 509729 | 4903593  |
| Teekay Tankers Ltd. | 161180 | 9831980  |
| Tidewater, Inc.<sup>(a)</sup> | 207842 | 10514727  |
| Weatherford International PLC<sup>(b)</sup> | 325218 | 23965315  |
|  |  | 609361559  |
| **Health Care - 14.6%**<br>|  |  |
| AdaptHealth Corp.<sup>(a)</sup> | 989560 | 8896144  |
| Align Technology, Inc.<sup>(a)</sup> | 205948 | 28396110  |
| Alkermes PLC<sup>(a)(b)</sup> | 764185 | 23460480  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 358926 | 7067253  |
| Astrana Health, Inc.<sup>(a)</sup> | 172802 | 5393150  |
| Avanos Medical, Inc.<sup>(a)</sup> | 305843 | 3397916  |
| Biogen, Inc.<sup>(a)</sup> | 523075 | 80694780  |
| BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 548938 | 29406609  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 595175 | 12659372  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 229920 | 8277120  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 298356 | 3061133  |
| Emergent BioSolutions, Inc.<sup>(a)(b)</sup> | 509607 | 6359895  |
| Exelixis, Inc.<sup>(a)</sup> | 826941 | 31977809  |
| GoodRx Holdings, Inc. - Class A<sup>(a)</sup> | 827544 | 2788823  |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, <br>Inc.<sup>(a)</sup> | 345491 | 9870678  |
| Incyte Corp.<sup>(a)</sup> | 488215 | 45638338  |
| Indivior PLC<sup>(a)</sup> | 357888 | 10511171  |
| Innoviva, Inc.<sup>(a)</sup> | 430771 | 7840032  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 421751 | 58049808  |
| Lantheus Holdings, Inc.<sup>(a)(b)</sup> | 386312 | 22286339  |
| National HealthCare Corp. | 48628 | 5808128  |
| Nutex Health, Inc.<sup>(a)(b)</sup> | 30366 | 3736840  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 183467 | 3922525  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 590357 | 10018358  |
| Premier, Inc.<sup>(b)</sup> | 515069 | 14483740  |
| Progyny, Inc.<sup>(a)</sup> | 359194 | 6720520  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 478574 | 32691390  |
| Rigel Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 73616 | 2324793  |
| Supernus Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 173807 | 9581980  |
| United Therapeutics Corp.<sup>(a)</sup> | 113175 | 50411540  |
|  |  | 545732774  |
| **Industrials - 10.8%**<br>|  |  |
| Alamo Group, Inc. | 38408 | 6864278  |
| Allison Transmission Holdings, Inc. | 315722 | 26062851  |
| Astec Industries, Inc. | 70959 | 3301722  |
| Atkore, Inc. | 183511 | 12708137  |
| AZZ, Inc. | 140556 | 14034517  |
| Blue Bird Corp.<sup>(a)</sup> | 104980 | 5244801  |
| DNOW, Inc.<sup>(a)(b)</sup> | 584472 | 8591738  |
| Fortive Corp. | 1219934 | 61411478  |
| Genpact Ltd. | 567516 | 21650735  |
| Healthcare Services Group, Inc.<sup>(a)(b)</sup> | 241148 | 4309315  |
| Janus International Group, Inc.<sup>(a)</sup> | 703320 | 6751872  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Kforce, Inc. | 84593 | $2140203  |
| Korn/Ferry International | 166291 | 10759028  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 526362 | 5247829  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 2292307 | 46900601  |
| Primoris Services Corp. | 175865 | 24888415  |
| Robert Half, Inc. | 345397 | 9045947  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 369147 | 4533125  |
| TriNet Group, Inc. | 284447 | 17066820  |
| Tutor Perini Corp.<sup>(a)</sup> | 379947 | 25593230  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 711435 | 66903347  |
| Upwork, Inc.<sup>(a)(b)</sup> | 501700 | 7997098  |
| V2X, Inc.<sup>(a)</sup> | 133603 | 7627395  |
| Vestis Corp. | 1077611 | 5657458  |
|  |  | 405291940  |
| **Information Technology - 16.8%**<br>|  |  |
| Adeia, Inc. | 498718 | 8498155  |
| ASGN, Inc.<sup>(a)</sup> | 283157 | 12674107  |
| Avnet, Inc. | 463602 | 22461517  |
| Cerence, Inc.<sup>(a)</sup> | 170904 | 1833800  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 166135 | 22037808  |
| Clear Secure, Inc. - Class A | 351235 | 10702131  |
| CTS Corp. | 89198 | 3702609  |
| Daily Journal Corp.<sup>(a)</sup> | 1300 | 526552  |
| Daktronics, Inc.<sup>(a)</sup> | 155700 | 2925603  |
| Digi International, Inc.<sup>(a)</sup> | 122936 | 4509293  |
| Diodes, Inc.<sup>(a)</sup> | 131948 | 7040745  |
| Dolby Laboratories, Inc. - Class A | 263482 | 17474126  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 489236 | 5567506  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 1230424 | 35682296  |
| DXC Technology Co.<sup>(a)</sup> | 1718397 | 24401237  |
| Enphase Energy, Inc.<sup>(a)</sup> | 425786 | 12990731  |
| ePlus, Inc. | 58008 | 4243865  |
| Gartner, Inc.<sup>(a)</sup> | 262591 | 65211849  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 147630 | 1378864  |
| Harmonic, Inc.<sup>(a)</sup> | 506803 | 5422792  |
| Kulicke & Soffa Industries, Inc. | 133288 | 5322190  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 238265 | 6514165  |
| NetApp, Inc. | 574317 | 67643056  |
| NetScout Systems, Inc.<sup>(a)</sup> | 423480 | 11772744  |
| OneSpan, Inc. | 149656 | 1706078  |
| PagerDuty, Inc.<sup>(a)</sup> | 278632 | 4474830  |
| Penguin Solutions, Inc.<sup>(a)(b)</sup> | 250921 | 5588011  |
| Plexus Corp.<sup>(a)</sup> | 78594 | 10995301  |
| Qorvo, Inc.<sup>(a)(b)</sup> | 290259 | 27551384  |
| Ralliant Corp. | 437175 | 19200726  |
| Rapid7, Inc.<sup>(a)</sup> | 354150 | 6555317  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 685278 | 20640573  |
| ScanSource, Inc.<sup>(a)</sup> | 99501 | 4269090  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 764126 | 59387873  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 641958 | 4955916  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 357627 | 10378336  |
| Teradata Corp.<sup>(a)</sup> | 534971 | 11154145  |
| Xerox Holdings Corp.<sup>(b)</sup> | 1096820 | 3641442  |

---

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

75<br>

------

**PACER US SMALL CAP CASH COWS ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
|  Zoom Communications, Inc. - Class A<sup>(a)</sup> | 903023 | $78770696  |
|  |  | 629807459  |
| **Materials - 5.7%**<br>|  |  |
| CF Industries Holdings, Inc. | 885810 | 73779115  |
|  Compass Minerals International, Inc.<sup>(a)(b)</sup> | 275582 | 4778592  |
| Crown Holdings, Inc.<sup>(b)</sup> | 595461 | 57866900  |
| Smurfit WestRock PLC | 1712743 | 63234471  |
| SunCoke Energy, Inc. | 793770 | 6358098  |
| Sylvamo Corp. | 188540 | 7654724  |
|  |  | 213671900  |
| **Real Estate - 0.1%**<br>|  |  |
| eXp World Holdings, Inc.<sup>(b)</sup> | 478487 | 4899707  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,563,721,852)** |  | 3691933821  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.6%**<br>|  |  |
| **Real Estate - 1.6%**<br>|  |  |
| Innovative Industrial Properties, Inc. | 138098 | 6925615  |
| Vornado Realty Trust<sup>(b)</sup> | 1394380 | 52902777  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $68,292,018)** |  | 59828392  |
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Consumer Discretionary - 0.0%<sup>(c)</sup>**<br>|  |  |
|  GameStop Corp., Expires 10/30/2026, Exercise Price $32.00<sup>(a)</sup> | 86617 | 259851  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 259851  |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 309339141 | 309339141  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $309,339,141)** |  | 309339141  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.2%**<br>**(Cost $3,941,353,011)** |  | $4061361205  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (8.2)% |  | (306302497)  |
| **TOTAL NET ASSETS - 100.0%** |  | $3755058708 |

---

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 October 31, 2025. The fair value of these securities was $301,494,477.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

76<br>

------

**Pacer US Small Cap Cash Cows Growth Leaders ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Communication Services - 2.5%**<br>|  |  |
| Cargurus, Inc.<sup>(a)</sup> | 4794 | $168365  |
| Cars.com, Inc.<sup>(a)</sup> | 9774 | 104973  |
| YELP, Inc.<sup>(a)</sup> | 3593 | 118497  |
| Ziff Davis, Inc.<sup>(a)(b)</sup> | 3095 | 104921  |
|  |  | 496756  |
| **Consumer Discretionary - 8.7%**<br>|  |  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 2111 | 206920  |
| Buckle, Inc. | 6141 | 336527  |
| Etsy, Inc.<sup>(a)(b)</sup> | 2569 | 159278  |
| Frontdoor, Inc.<sup>(a)</sup> | 4850 | 322185  |
| Monarch Casino & Resort, Inc. | 2007 | 180770  |
| Perdoceo Education Corp. | 8302 | 263672  |
| Stride, Inc.<sup>(a)(b)</sup> | 1510 | 102740  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 3074 | 148782  |
|  |  | 1720874  |
| **Consumer Staples - 3.8%**<br>|  |  |
| Cal-Maine Foods, Inc. | 2599 | 228192  |
| National Beverage Corp.<sup>(a)</sup> | 4132 | 141604  |
| Tootsie Roll Industries, Inc. | 8035 | 283555  |
| WD-40 Co. | 506 | 98306  |
|  |  | 751657  |
| **Energy - 8.9%**<br>|  |  |
| Cactus, Inc. - Class A<sup>(b)</sup> | 2156 | 95230  |
| California Resources Corp. | 3667 | 172972  |
| Crescent Energy Co. - Class A<sup>(b)</sup> | 9227 | 77784  |
| Dorian LPG Ltd. | 14345 | 413853  |
| Innovex International, Inc.<sup>(a)</sup> | 7108 | 142658  |
| International Seaways, Inc. | 7150 | 366294  |
| Kinetik Holdings, Inc.<sup>(b)</sup> | 1717 | 66122  |
| Magnolia Oil & Gas Corp. - Class A | 6971 | 156569  |
| Tidewater, Inc.<sup>(a)</sup> | 5281 | 267166  |
|  |  | 1758648  |
| **Health Care - 23.3%**<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 9966 | 154274  |
| Alkermes PLC<sup>(a)(b)</sup> | 3487 | 107051  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 6195 | 157972  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 4298 | 389399  |
| Avanos Medical, Inc.<sup>(a)</sup> | 6995 | 77714  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 5289 | 112497  |
| Certara, Inc.<sup>(a)</sup> | 9479 | 110241  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 8604 | 309744  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 2956 | 217177  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 8203 | 84163  |
| Embecta Corp. | 11434 | 152530  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 5629 | 160821  |
| Innoviva, Inc.<sup>(a)</sup> | 10884 | 198089  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 627 | 123839  |
| LeMaitre Vascular, Inc. | 1664 | 144119  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 1898 | 363106  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 1203 | 105311  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 7118 | $152183  |
| Premier, Inc. | 13978 | 393061  |
| Prestige Brands Holdings, Inc.<sup>(a)</sup> | 1375 | 83325  |
| Progyny, Inc.<sup>(a)</sup> | 7069 | 132261  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 7961 | 438890  |
| Teleflex, Inc. | 918 | 114263  |
| UFP Technologies, Inc.<sup>(a)</sup> | 556 | 107108  |
| Veracyte, Inc.<sup>(a)</sup> | 3228 | 116466  |
| Waystar Holding Corp.<sup>(a)(b)</sup> | 2660 | 95361  |
|  |  | 4600965  |
| **Industrials - 25.0%<sup>(c)</sup>**<br>|  |  |
| Armstrong World Industries, Inc. | 1458 | 277647  |
| AZZ, Inc. | 1964 | 196105  |
| CSG Systems International, Inc.<sup>(b)</sup> | 2091 | 163663  |
| CSW Industrials, Inc. | 416 | 104175  |
| Enerpac Tool Group Corp. | 2564 | 105227  |
| Enpro, Inc. | 1099 | 254979  |
| ESCO Technologies, Inc. | 1224 | 268631  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 12342 | 209444  |
| Kadant, Inc.<sup>(b)</sup> | 311 | 86041  |
| Lindsay Corp. | 1097 | 122030  |
| Mercury Systems, Inc.<sup>(a)</sup> | 5900 | 456719  |
| Mueller Water Products, Inc. - Class A | 5822 | 149392  |
| OPENLANE, Inc.<sup>(a)</sup> | 10385 | 274372  |
| Proto Labs, Inc.<sup>(a)</sup> | 5513 | 274327  |
| Sterling Infrastructure, Inc.<sup>(a)(b)</sup> | 2563 | 968558  |
| Verra Mobility Corp.<sup>(a)</sup> | 7265 | 168621  |
| Vicor Corp.<sup>(a)</sup> | 1724 | 156418  |
| Worthington Enterprises, Inc. | 7095 | 397958  |
| Zurn Elkay Water Solutions Corp. | 6218 | 292930  |
|  |  | 4927237  |
| **Information Technology - 26.2%<sup>(c)</sup>**<br>|  |  |
| A10 Networks, Inc. | 5479 | 97745  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 1939 | 92355  |
| Adeia, Inc. | 7735 | 131804  |
| Agilysys, Inc.<sup>(a)</sup> | 3094 | 388173  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 2509 | 123493  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 4592 | 365339  |
| Badger Meter, Inc. | 558 | 100691  |
| BlackLine, Inc.<sup>(a)</sup> | 3728 | 213428  |
| Box, Inc. - Class A<sup>(a)(b)</sup> | 4168 | 133751  |
| Clear Secure, Inc. - Class A | 11582 | 352903  |
| CTS Corp. | 2860 | 118719  |
| Digi International, Inc.<sup>(a)</sup> | 5801 | 212781  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 17405 | 198069  |
| Enphase Energy, Inc.<sup>(a)</sup> | 1823 | 55620  |
| Harmonic, Inc.<sup>(a)</sup> | 11510 | 123157  |
| InterDigital, Inc.<sup>(b)</sup> | 882 | 319249  |
| Knowles Corp.<sup>(a)</sup> | 13275 | 313423  |
| Kulicke & Soffa Industries, Inc. | 3330 | 132967  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 4341 | 118683  |
| N-able, Inc.<sup>(a)</sup> | 10584 | 82873  |
| NetScout Systems, Inc.<sup>(a)</sup> | 7643 | 212475  |

---

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

77<br>

------

**Pacer US Small Cap Cash Cows Growth Leaders ETF** 

**Schedule of Investments** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Progress Software Corp.<sup>(a)</sup> | 2252 | $96025  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 1289 | 79609  |
| Qorvo, Inc.<sup>(a)</sup> | 3127 | 296815  |
| Semtech Corp.<sup>(a)</sup> | 7078 | 480313  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 18713 | 144464  |
| SPS Commerce, Inc.<sup>(a)</sup> | 861 | 70809  |
| Teradata Corp.<sup>(a)</sup> | 4787 | 99809  |
|  |  | 5155542  |
| **Materials - 0.6%**<br>|  |  |
| Balchem Corp. | 727 | 111514  |
| **Utilities - 1.0%**<br>|  |  |
| Clearway Energy, Inc. - Class C<sup>(b)</sup> | 5839 | 186439  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $18,449,710)** |  | 19709632  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 13.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(d)</sup> | 2686749 | 2686749  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $2,686,749)** |  | 2686749  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.6%** <br>**(Cost $21,136,459)** |  | $22396381  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.6)% |  | (2675657)  |
| **TOTAL NET ASSETS - 100.0%** |  | $19720724 |

---

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 October 31, 2025. The fair value of these securities was $2,598,718.

<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 yield as of October 31, 2025.

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

78<br>

------

**PACER WEALTHSHIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Communication Services - 6.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 1191 | $334897  |
| Alphabet, Inc. - Class C | 952 | 268293  |
| Meta Platforms, Inc. - Class A | 680 | 440878  |
| Netflix, Inc.<sup>(a)</sup> | 408 | 456495  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 1280 | 145562  |
|  |  | 1646125  |
| **Consumer Discretionary - 24.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1213 | 153493  |
| Amazon.com, Inc.<sup>(a)</sup> | 10466 | 2556007  |
| Aptiv PLC<sup>(a)</sup> | 186 | 15085  |
| AutoZone, Inc.<sup>(a)(b)</sup> | 15 | 55116  |
| Best Buy Co., Inc.<sup>(b)</sup> | 168 | 13800  |
| Booking Holdings, Inc. | 70 | 355442  |
| CarMax, Inc.<sup>(a)(b)</sup> | 130 | 5448  |
| Carnival Corp.<sup>(a)</sup> | 923 | 26610  |
| Carvana Co.<sup>(a)(b)</sup> | 273 | 83685  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1138 | 36063  |
| Darden Restaurants, Inc. | 99 | 17835  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 128 | 10432  |
| Domino's Pizza, Inc. | 28 | 11157  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 1048 | 266580  |
| DR Horton, Inc.<sup>(b)</sup> | 237 | 35332  |
| DraftKings, Inc.<sup>(a)(b)</sup> | 975 | 29825  |
| Duolingo, Inc.<sup>(a)(b)</sup> | 79 | 21381  |
| eBay, Inc. | 1292 | 105053  |
| Expedia Group, Inc. | 101 | 22220  |
| Flutter Entertainment PLC<sup>(a)</sup> | 349 | 81174  |
| Ford Motor Co. | 3319 | 43578  |
| Garmin Ltd.<sup>(b)</sup> | 140 | 29952  |
| General Motors Co. | 809 | 55894  |
| Genuine Parts Co. | 119 | 15150  |
| Hasbro, Inc. | 113 | 8623  |
| Hilton Worldwide Holdings, Inc. | 201 | 51649  |
| Home Depot, Inc. | 843 | 319994  |
| Las Vegas Sands Corp. | 263 | 15609  |
| Lennar Corp. - Class A | 193 | 23888  |
| LKQ Corp. | 220 | 7031  |
| Lowe's Cos., Inc. | 478 | 113826  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 94 | 16031  |
| Marriott International, Inc. | 194 | 50553  |
| McDonald's Corp.<sup>(b)</sup> | 608 | 181445  |
| MGM Resorts International<sup>(a)</sup> | 175 | 5605  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 46 | 5227  |
| NIKE, Inc. - Class B<sup>(b)</sup> | 1008 | 65107  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 386 | 8654  |
| NVR, Inc.<sup>(a)</sup> | 3 | 21632  |
| O'Reilly Automotive, Inc.<sup>(a)(b)</sup> | 720 | 67997  |
| Pool Corp. | 30 | 8012  |
| PulteGroup, Inc.<sup>(b)</sup> | 168 | 20138  |
| Ralph Lauren Corp. | 32 | 10229  |
| Ross Stores, Inc. | 278 | 44180  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Royal Caribbean Cruises Ltd. | 215 | $61668  |
| Starbucks Corp.<sup>(b)</sup> | 966 | 78120  |
| Tapestry, Inc. | 176 | 19328  |
| Tesla Motors, Inc.<sup>(a)</sup> | 2385 | 1088896  |
| TJX Cos., Inc. | 947 | 132713  |
| Tractor Supply Co.<sup>(b)</sup> | 450 | 24349  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 39 | 20275  |
| Williams-Sonoma, Inc. | 105 | 20406  |
| Wynn Resorts Ltd. | 73 | 8686  |
| Yum! Brands, Inc.<sup>(b)</sup> | 237 | 32756  |
|  |  | 6578939  |
| **Financials - 0.5%**<br>|  |  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 1890 | 130920  |
| **Health Care - 22.0%**<br>|  |  |
| AbbVie, Inc. | 448 | 97682  |
| Abiomed, Inc.<sup>(a)(c)</sup> | 64 | 0  |
| Acadia Pharmaceuticals, Inc.<sup>(a)</sup> | 2299 | 52187  |
| ADMA Biologics, Inc.<sup>(a)(b)</sup> | 4203 | 65062  |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 804 | 34765  |
| Akebia Therapeutics, Inc.<sup>(a)</sup> | 5666 | 12522  |
| Akero Therapeutics, Inc.<sup>(a)</sup> | 1589 | 86124  |
| Alkermes PLC<sup>(a)(b)</sup> | 2123 | 65176  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 202 | 92120  |
| Altimmune, Inc.<sup>(a)</sup> | 1843 | 7464  |
| Amgen, Inc. | 341 | 101765  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 4467 | 40337  |
| AnaptysBio, Inc.<sup>(a)</sup> | 353 | 12913  |
| Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 1280 | 10202  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 1985 | 42618  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 779 | 44084  |
| Arbutus Biopharma Corp.<sup>(a)</sup> | 625 | 2956  |
| Arcellx, Inc.<sup>(a)(b)</sup> | 580 | 52345  |
| Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 426 | 4247  |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 821 | 16190  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 1751 | 44318  |
| Ardelyx, Inc.<sup>(a)</sup> | 3714 | 22507  |
| ArriVent Biopharma, Inc.<sup>(a)</sup> | 405 | 7586  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 1349 | 57184  |
| ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 1444 | 12938  |
| aTyr Pharma, Inc.<sup>(a)</sup> | 2014 | 1744  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 2047 | 142983  |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 1617 | 40441  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 4356 | 31886  |
| Biogen, Inc.<sup>(a)</sup> | 667 | 102898  |
| Biohaven Ltd.<sup>(a)</sup> | 1931 | 33213  |
| BioMarin Pharmaceutical, Inc.<sup>(a)(b)</sup> | 1745 | 93480  |
| Bridgebio Pharma, Inc.<sup>(a)(b)</sup> | 1793 | 112313  |
| CareDx, Inc.<sup>(a)</sup> | 1090 | 16350  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 1855 | 39456  |
| Celcuity, Inc.<sup>(a)</sup> | 97 | 7484  |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 1150 | 30739  |
| CG oncology, Inc.<sup>(a)</sup> | 728 | 31501  |

---

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

79<br>

------

**PACER WEALTHSHIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Cidara Therapeutics, Inc.<sup>(a)</sup> | 371 | $40528  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 1756 | 28623  |
| Compass Therapeutics, Inc.<sup>(a)</sup> | 837 | 3130  |
| CRISPR Therapeutics AG<sup>(a)</sup> | 1820 | 116462  |
| Cullinan Therapeutics, Inc.<sup>(a)</sup> | 481 | 4165  |
| Cytokinetics, Inc.<sup>(a)</sup> | 1203 | 76499  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 1505 | 11197  |
| Denali Therapeutics, Inc.<sup>(a)(b)</sup> | 2159 | 35148  |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | 206 | 7206  |
| Disc Medicine, Inc.<sup>(a)</sup> | 440 | 37937  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 1938 | 19884  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 2512 | 56721  |
| Emergent BioSolutions, Inc.<sup>(a)(b)</sup> | 1112 | 13878  |
| Exact Sciences Corp.<sup>(a)</sup> | 1734 | 112172  |
| Exelixis, Inc.<sup>(a)</sup> | 2519 | 97410  |
| Geron Corp.<sup>(a)</sup> | 11599 | 14615  |
| Gilead Sciences, Inc. | 825 | 98827  |
| GRAIL, Inc.<sup>(a)</sup> | 508 | 46700  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1253 | 81683  |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | 1098 | 34982  |
| ImmunityBio, Inc.<sup>(a)</sup> | 5319 | 12766  |
| Immunome, Inc.<sup>(a)</sup> | 1021 | 16407  |
| Immunovant, Inc.<sup>(a)</sup> | 1200 | 29616  |
| Incyte Corp.<sup>(a)</sup> | 1103 | 103108  |
| Insmed, Inc.<sup>(a)(b)</sup> | 651 | 123430  |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | 2160 | 27259  |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 1486 | 110410  |
| Iovance Biotherapeutics, Inc.<sup>(a)</sup> | 5688 | 11205  |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 896 | 25724  |
| KalVista Pharmaceuticals, Inc.<sup>(a)</sup> | 684 | 7462  |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 520 | 7914  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 409 | 80782  |
| Kura Oncology, Inc.<sup>(a)</sup> | 1337 | 13731  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 806 | 49843  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 220 | 92158  |
| MannKind Corp.<sup>(a)</sup> | 2470 | 13807  |
| Metsera, Inc.<sup>(a)(b)</sup> | 1221 | 76972  |
| MiMedx Group, Inc.<sup>(a)</sup> | 782 | 5982  |
| Mineralys Therapeutics, Inc.<sup>(a)</sup> | 374 | 15282  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 391 | 28406  |
| Moderna, Inc.<sup>(a)(b)</sup> | 3907 | 106114  |
| Myriad Genetics, Inc.<sup>(a)</sup> | 1330 | 10693  |
| Natera, Inc.<sup>(a)(b)</sup> | 561 | 111600  |
| Neurocrine Biosciences, Inc.<sup>(a)(b)</sup> | 672 | 96237  |
| Novavax, Inc.<sup>(a)</sup> | 3050 | 25620  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | 1090 | 14105  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 565 | 56116  |
| ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 1008 | 13265  |
| Oruka Therapeutics, Inc.<sup>(a)</sup> | 151 | 4254  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 443 | 88051  |
| Precigen, Inc.<sup>(a)</sup> | 1212 | 5018  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 882 | 69343  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 1191 | $81357  |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. - <br>Class A<sup>(a)</sup> | 8840 | 48797  |
| Regeneron Pharmaceuticals, Inc. | 170 | 110806  |
| REGENXBIO, Inc.<sup>(a)</sup> | 777 | 9922  |
| Relay Therapeutics, Inc.<sup>(a)</sup> | 1789 | 12773  |
| Replimune Group, Inc.<sup>(a)</sup> | 1280 | 12454  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 2125 | 125035  |
| Rezolute, Inc.<sup>(a)</sup> | 624 | 5816  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 656 | 74627  |
| Rigel Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 161 | 5084  |
| Roivant Sciences Ltd.<sup>(a)(b)</sup> | 5529 | 110525  |
| Sana Biotechnology, Inc.<sup>(a)</sup> | 3164 | 15662  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 2067 | 49629  |
| Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 1669 | 49436  |
| Soleno Therapeutics, Inc.<sup>(a)(b)</sup> | 1091 | 73272  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 705 | 17244  |
| Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 417 | 12527  |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 4001 | 75659  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 1674 | 22934  |
| Tango Therapeutics, Inc.<sup>(a)</sup> | 1713 | 13892  |
| Taysha Gene Therapies, Inc.<sup>(a)</sup> | 2832 | 14047  |
| TG Therapeutics, Inc.<sup>(a)(b)</sup> | 2502 | 87020  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 1066 | 37481  |
| Twist Bioscience Corp.<sup>(a)</sup> | 1346 | 44270  |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 1847 | 63906  |
| uniQure NV<sup>(a)</sup> | 976 | 66065  |
| United Therapeutics Corp.<sup>(a)(b)</sup> | 239 | 106458  |
| Upstream Bio, Inc.<sup>(a)</sup> | 408 | 10547  |
| Vaxcyte, Inc.<sup>(a)</sup> | 1762 | 79783  |
| Veeva Systems, Inc. - Class A<sup>(a)(b)</sup> | 299 | 87069  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | 1033 | 29399  |
| Veracyte, Inc.<sup>(a)</sup> | 1116 | 40265  |
| Verastem, Inc.<sup>(a)</sup> | 1084 | 10244  |
| Vericel Corp.<sup>(a)</sup> | 818 | 28679  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 245 | 104265  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 2352 | 89564  |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 1356 | 8082  |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 802 | 18951  |
| Xencor, Inc.<sup>(a)</sup> | 826 | 12150  |
|  |  | 5925923  |
| **Industrials - 19.6%**<br>|  |  |
| 3M Co. | 580 | 96570  |
| A O Smith Corp.<sup>(b)</sup> | 124 | 8183  |
| Allegion PLC | 95 | 15748  |
| AMETEK, Inc. | 254 | 51336  |
| Automatic Data Processing, Inc. | 444 | 115573  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 86 | 62972  |
| Boeing Co.<sup>(a)</sup> | 823 | 165439  |
| Broadridge Financial Solutions, Inc. | 127 | 27991  |
| Builders FirstSource, Inc.<sup>(a)(b)</sup> | 120 | 13940  |
| Carrier Global Corp. | 873 | 51935  |
| Caterpillar, Inc. | 513 | 296134  |
| CH Robinson Worldwide, Inc.<sup>(b)</sup> | 130 | 20019  |

---

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

80<br>

------

**PACER WEALTHSHIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Cintas Corp. | 374 | $68543  |
| Copart, Inc.<sup>(a)</sup> | 2730 | 117417  |
| CSX Corp. | 2035 | 73301  |
| Cummins, Inc. | 151 | 66090  |
| Dayforce, Inc.<sup>(a)</sup> | 172 | 11823  |
| Deere & Co. | 275 | 126948  |
| Delta Air Lines, Inc.<sup>(b)</sup> | 696 | 39937  |
| Dover Corp. | 148 | 26856  |
| Eaton Corp. PLC | 425 | 162163  |
| EMCOR Group, Inc. | 48 | 32437  |
| Emerson Electric Co. | 613 | 85556  |
| Equifax, Inc.<sup>(b)</sup> | 133 | 28076  |
|  Expeditors International of Washington, Inc. | 146 | 17797  |
| Fastenal Co.<sup>(b)</sup> | 1253 | 51561  |
| FedEx Corp. | 239 | 60663  |
| Fortive Corp. | 364 | 18324  |
| GE Vernova, Inc. | 298 | 174372  |
| Generac Holdings, Inc.<sup>(a)</sup> | 66 | 11089  |
| General Dynamics Corp. | 276 | 95192  |
| General Electric Co. | 1154 | 356528  |
| Honeywell International, Inc. | 692 | 139320  |
| Howmet Aerospace, Inc. | 440 | 90618  |
| Hubbell, Inc. | 58 | 27260  |
| Huntington Ingalls Industries, Inc. | 44 | 14169  |
| IDEX Corp. | 81 | 13888  |
| Illinois Tool Works, Inc.<sup>(b)</sup> | 289 | 70493  |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 388 | 29616  |
| Jacobs Solutions, Inc. | 128 | 19944  |
| JB Hunt Trasport Services, Inc. | 83 | 14015  |
| Johnson Controls International PLC | 715 | 81789  |
| L3Harris Technologies, Inc. | 206 | 59555  |
| Leidos Holdings, Inc. | 140 | 26666  |
| Lennox International, Inc.<sup>(b)</sup> | 35 | 17675  |
| Lockheed Martin Corp. | 224 | 110181  |
| Masco Corp.<sup>(b)</sup> | 225 | 14571  |
| Nordson Corp. | 59 | 13685  |
| Norfolk Southern Corp. | 245 | 69428  |
| Northrop Grumman Corp. | 147 | 85767  |
| Old Dominion Freight Line, Inc.<sup>(b)</sup> | 198 | 27803  |
| Otis Worldwide Corp. | 421 | 39052  |
| PACCAR, Inc. | 573 | 56383  |
| Parker-Hannifin Corp. | 140 | 108196  |
| Paychex, Inc. | 355 | 41546  |
| Paycom Software, Inc. | 153 | 28625  |
| Pentair PLC | 176 | 18718  |
| Quanta Services, Inc. | 162 | 72759  |
| Republic Services, Inc. | 223 | 46438  |
| Rockwell Automation, Inc. | 122 | 44940  |
| Rollins, Inc. | 303 | 17456  |
| RTX Corp. | 1460 | 260610  |
| Snap-On, Inc. | 57 | 19126  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Southwest Airlines Co. | 563 | $17059  |
| Stanley Black & Decker, Inc.<sup>(b)</sup> | 167 | 11309  |
| Textron, Inc. | 194 | 15677  |
| Trane Technologies PLC | 243 | 109022  |
| TransDigm Group, Inc. | 62 | 81128  |
| Uber Technologies, Inc.<sup>(a)</sup> | 2270 | 219055  |
| Union Pacific Corp.<sup>(b)</sup> | 648 | 142800  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 349 | 32820  |
| United Parcel Service, Inc. - Class B | 804 | 77522  |
| United Rentals, Inc. | 71 | 61854  |
| Veralto Corp.<sup>(b)</sup> | 267 | 26348  |
| Verisk Analytics, Inc. | 151 | 33033  |
| W.W. Grainger, Inc. | 48 | 46992  |
| Waste Management, Inc. | 405 | 80907  |
|  Westinghouse Air Brake Technologies Corp. | 185 | 37821  |
| Xylem, Inc. | 262 | 39523  |
|  |  | 5263675  |
| **Information Technology - 27.3%<sup>(d)</sup>**<br>|  |  |
| Accenture PLC - Class A | 163 | 40766  |
| Adobe, Inc.<sup>(a)</sup> | 111 | 37774  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 424 | 108595  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 321 | 24107  |
| Amphenol Corp. | 322 | 44867  |
| Analog Devices, Inc. | 130 | 30437  |
| Apple, Inc. | 3858 | 1043087  |
| Applied Materials, Inc. | 210 | 48951  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 71 | 45250  |
| Arista Networks, Inc.<sup>(a)</sup> | 1798 | 283527  |
| Atlassian Corp. - Class A<sup>(a)(b)</sup> | 325 | 55062  |
| Autodesk, Inc.<sup>(a)</sup> | 56 | 16875  |
| Box, Inc.<sup>(a)(b)</sup> | 285 | 9146  |
| Broadcom, Inc. | 1227 | 453536  |
| Cadence Design System, Inc.<sup>(a)</sup> | 73 | 24724  |
| CDW Corp. | 37 | 5897  |
| Ciena Corp.<sup>(a)</sup> | 277 | 52608  |
| Cisco Systems, Inc. | 4826 | 352829  |
| Cloudflare, Inc. - Class A<sup>(a)(b)</sup> | 621 | 157299  |
| Cognizant Technology Solutions Corp. | 135 | 9839  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 574 | 13414  |
| CoreWeave, Inc. - Class A<sup>(a)</sup> | 430 | 57495  |
| Corning, Inc. | 203 | 18083  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)(b)</sup> | 65 | 35296  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 722 | 117549  |
| Dell Technologies, Inc. - Class C | 79 | 12799  |
| Docusign, Inc.<sup>(a)</sup> | 398 | 29110  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 365 | 10585  |
| EPAM Systems, Inc.<sup>(a)</sup> | 16 | 2617  |
| F5, Inc.<sup>(a)</sup> | 128 | 32390  |
| Fair Isaac Corp.<sup>(a)</sup> | 7 | 11617  |
| First Solar, Inc.<sup>(a)(b)</sup> | 28 | 7474  |
| Fortinet, Inc.<sup>(a)(b)</sup> | 170 | 14693  |
| Gartner, Inc.<sup>(a)(b)</sup> | 21 | 5215  |
| Gen Digital, Inc. | 155 | 4086  |

---

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

81<br>

------

**PACER WEALTHSHIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 311 | $41403  |
| Hewlett Packard Enterprise Co. | 361 | 8816  |
| HP, Inc. | 258 | 7139  |
| HubSpot, Inc.<sup>(a)</sup> | 105 | 51652  |
| Intel Corp.<sup>(a)</sup> | 1142 | 45669  |
| International Business Machines Corp. | 244 | 75008  |
| Intuit, Inc. | 73 | 48731  |
| Jabil, Inc. | 31 | 6848  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 45 | 8233  |
| KLA Corp. | 35 | 42306  |
| Lam Research Corp.<sup>(b)</sup> | 331 | 52119  |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 726 | 13264  |
| Microchip Technology, Inc. | 149 | 9301  |
| Micron Technology, Inc. | 292 | 65341  |
| Microsoft Corp. | 1933 | 1000927  |
| Monolithic Power Systems, Inc. | 13 | 13065  |
| Motorola Solutions, Inc.<sup>(b)</sup> | 44 | 17895  |
| NetApp, Inc. | 57 | 6713  |
| Nutanix, Inc.<sup>(a)</sup> | 527 | 37544  |
| NVIDIA Corp. | 6338 | 1283382  |
| NXP Semiconductors NV | 66 | 13802  |
| Okta, Inc.<sup>(a)(b)</sup> | 329 | 30113  |
| ON Semiconductor Corp.<sup>(a)</sup> | 112 | 5609  |
| Oracle Corp. | 433 | 113710  |
| Palantir Technologies, Inc. - Class A<sup>(a)(b)</sup> | 594 | 119079  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 177 | 38982  |
| PTC, Inc.<sup>(a)</sup> | 33 | 6552  |
| Qualcomm, Inc. | 283 | 51195  |
| Roper Technologies, Inc. | 28 | 12492  |
| salesforce.com, Inc. | 1197 | 311711  |
| Seagate Technology Holdings PLC | 56 | 14329  |
| ServiceNow, Inc.<sup>(a)</sup> | 55 | 50560  |
| Skyworks Solutions, Inc.<sup>(b)</sup> | 42 | 3264  |
| Snowflake, Inc.<sup>(a)(b)</sup> | 659 | 181146  |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 139 | 7222  |
| Synopsys, Inc.<sup>(a)</sup> | 49 | 22237  |
| TE Connectivity PLC | 80 | 19761  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 13 | 6849  |
| Teradyne, Inc. | 46 | 8361  |
| Texas Instruments, Inc. | 240 | 38750  |
| Trimble, Inc.<sup>(a)</sup> | 66 | 5264  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 12 | 5715  |
| VeriSign, Inc. | 190 | 45562  |
| Western Digital Corp. | 90 | 13519  |
| Workday, Inc. - Class A<sup>(a)</sup> | 486 | 116601  |
| Zebra Technologies Corp.<sup>(a)</sup> | 14 | 3770  |
| Zoom Communications, Inc. - Class A<sup>(a)</sup> | 513 | 44749  |
|  |  | 7343859  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 0.0%<sup>(e)</sup>**<br>|  |  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 173 | $7797  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $24,562,282)** |  | 26897238  |
| **RIGHTS - 0.0%<sup>(e)</sup>**<br>|  |  |
| **Health Care - 0.0%<sup>(e)</sup>**<br>|  |  |
|  Roche Holding AG, Expires 10/28/2026, Exercise Price $1.00<sup>(a)(c)</sup> | 2242 | 762  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 762  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.0%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.24%<sup>(f)</sup> | 3242555 | 3242555  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $3,242,555)** |  | 3242555  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 111.9%** <br>**(Cost $27,804,837)** |  | $30140555  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (11.9)% |  | (3207599)  |
| **TOTAL NET ASSETS - 100.0%** |  | $26932956 |

---

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 October 31, 2025. The fair value of these securities was $3,198,585.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $762 or 0.0% of net assets as of October 31, 2025.

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

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of October 31, 2025.

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

82<br>

------

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Aristotle** <br>**Pacific Floating** <br>**Rate High** <br>**Income ETF** | **Pacer Cash** <br>**Cows Fund of** <br>**Funds ETF** | **Pacer CFRA-**<br>**Stovall Equal** <br>**Weight Seasonal** <br>**Rotation ETF** | **Pacer Data &** <br>**Infrastructure** <br>**Real Estate ETF** | **Pacer Data** <br>**and Digital** <br>**Revolution ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at value | $567083976 | $14373000 | $14569526 | $453261193 | $330237756  |
|  Investments in affiliated securities, at value |  | 87807780 |  |  | —  |
| Cash and cash equivalents | 34008498 | 18497 | 9491 | 317522 | 241443  |
| Interest receivable | 3417874 | 120 | 22 | 1081 | 466  |
| Receivable for investments sold | 2249510 |  | 11971319 |  | —  |
| Security lending income receivable | 1639 | 26344 | 597 | 29340 | 1963  |
| Dividends receivable | 267 |  | 20409 | 223495 | 25755  |
| Dividend tax reclaims receivable |  |  |  |  | 8788  |
| Prepaid expenses and other assets | 1673 |  | 1 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 606763437 | 102225741 | 26571365 | 453832631 | 330516171  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | 30117435 |  | 11923797 | 203 | 28888  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned | 7050439 | 14373000 | 2646709 | 28834365 | 13140105  |
| Payable for capital shares redeemed | 1889804 |  |  |  | —  |
| Payable to adviser | 290026 | 11093 | 6996 | 179691 | 102331  |
|  Payable to custodian foreign currency, at value |  |  |  | 241 | 65677  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other <br>liabilities | 57 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 39347761 | 14384093 | 14577502 | 29014500 | 13337001  |
| **NET ASSETS** | $567415676 | $87841648 | $11993863 | $424818131 | $317179170  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $572547692 | $73488226 | $41486120 | $727157814 | $262340158  |
|  Total distributable earnings/(accumulated losses) | (5132016) | 14353422 | (29492257) | (302339683) | 54839012  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $567415676 | $87841648 | $11993863 | $424818131 | $317179170  |
| Net assets | $567415676 | $87841648 | $11993863 | $424818131 | $317179170  |
| Shares issued and outstanding<sup>(a)</sup> | 12010000 | 2050000 | 350000 | 13650000 | 4340000  |
| Net asset value per share | $47.25 | $42.85 | $34.27 | $31.12 | $73.08  |
| **Cost:** <br>|  |  |  |  |  |
|  Investments in unaffiliated securities, at cost | $568244057 | $14373000 | $14570505 | $453371362 | $279511320  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, <br>at cost | $— | $75045762 | $— | $— | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| Foreign currency proceeds | $— | $— | $— | $161 | $66906  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $6902514 | $14116935 | $— | $27917455 | $13096882 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

83<br>

------

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Developed** <br>**Markets** <br>**International** <br>**Cash Cows 100** <br>**ETF** | **Pacer Emerging** <br>**Markets Cash** <br>**Cows 100 ETF** | **Pacer Global** <br>**Cash Cows** <br>**Dividend ETF** | **Pacer Industrial** <br>**Real Estate ETF** | **Pacer** <br>**Industrials and** <br>**Logistics ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1362504436 | $121423974 | $2478118295 | $140588888 | &nbsp;&nbsp;&nbsp; $645932  |
| Receivable for fund shares sold | 5693460 |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| Dividends receivable | 3325892 | 325001 | 6940242 | 83274 | &nbsp;&nbsp;&nbsp; 515  |
| Dividend tax reclaims receivable | 2723096 | 6340 | 4977622 | 277953 | &nbsp;&nbsp;&nbsp; 1772  |
| Cash and cash equivalents | 741758 | 185450 | 1518304 | 73168 | &nbsp;&nbsp;&nbsp; 393  |
| Receivable for investments sold | 95845 |  |  | 312762 | &nbsp;&nbsp;&nbsp; 790  |
| Security lending income receivable | 5313 |  | 5263 | 765 | &nbsp;&nbsp;&nbsp; 8  |
| Interest receivable | 3314 | 1473 | 5202 | 213 | &nbsp;&nbsp;&nbsp; 2  |
| Foreign currency, at value |  | 12 | 3268155 | 37718 | &nbsp;&nbsp;&nbsp; 320  |
| Prepaid expenses and other assets | 64 | 28 | 99 | 4 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1375093178 | 121942278 | 2494833182 | 141374745 | &nbsp;&nbsp;&nbsp; 649732  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned | 17182115 |  | 10311601 | 24723428 | &nbsp;&nbsp;&nbsp; 71862  |
| Payable for investments purchased | 5584721 | 34991 |  |  | &nbsp;&nbsp;&nbsp; —  |
| Payable to adviser | 721398 | 68695 | 1264172 | 51076 | &nbsp;&nbsp;&nbsp; 291  |
|  Payable to custodian foreign currency, at value | 354647 |  |  |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 23842881 | 103686 | 11575773 | 24774504 | &nbsp;&nbsp;&nbsp; 72153  |
| **NET ASSETS** | $1351250297 | $121838592 | $2483257409 | $116600241 | &nbsp;&nbsp;&nbsp; $577579  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $1148382017 | $108026657 | $2227677167 | $187574247 | &nbsp;&nbsp;&nbsp; $444177  |
|  Total distributable earnings/(accumulated losses) | 202868280 | 13811935 | 255580242 | (70974006) | &nbsp;&nbsp;&nbsp; 133402  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1351250297 | $121838592 | $2483257409 | $116600241 | &nbsp;&nbsp;&nbsp; $577579  |
| Net assets | $1351250297 | $121838592 | $2483257409 | $116600241 | &nbsp;&nbsp;&nbsp; $577579  |
| Shares issued and outstanding<sup>(a)</sup> | 35600000 | 4900000 | 62350000 | 3100000 | &nbsp;&nbsp;&nbsp; 20000  |
| Net asset value per share | $37.96 | $24.87 | $39.83 | $37.61 | &nbsp;&nbsp;&nbsp; $28.88  |
| **Cost:** <br>|  |  |  |  |  |
| Investments, at cost | $1154998976 | $103242092 | $2239490647 | $147221226 | &nbsp;&nbsp;&nbsp; $658564  |
| Foreign currency, at cost | $— | $0 | $3314288 | $38065 | &nbsp;&nbsp;&nbsp; $321  |
| **Proceeds:**<br>|  |  |  |  |  |
| Foreign currency proceeds | $358901 | $— | $— | $— | &nbsp;&nbsp;&nbsp; $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $16746753 | $— | $9819865 | $24053552 | &nbsp;&nbsp;&nbsp; $70727 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

84<br>

------

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Lunt** <br>**Large Cap** <br>**Alternator ETF** | **Pacer Lunt** <br>**Large Cap** <br>**Multi-Factor** <br>**Alternator ETF** | **Pacer Lunt** <br>**MidCap Multi-**<br>**Factor Alternator** <br>**ETF** | **Pacer MSCI** <br>**World Industry** <br>**Advantage ETF** | **Pacer Nasdaq** <br>**100 Top 50 Cash** <br>**Cows Growth** <br>**Leaders ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $117924060 | $296675734 | &nbsp;&nbsp; $65051735 | &nbsp;&nbsp; $1167681 | &nbsp;&nbsp;&nbsp; $9930656  |
| Receivable for investments sold | 2213276 | 2575042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Cash and cash equivalents | 55833 | 191479 | &nbsp;&nbsp; 40704 | &nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 6124  |
| Dividends receivable | 50443 | 206323 | &nbsp;&nbsp; 44970 | &nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp; —  |
| Security lending income receivable | 1239 | 945 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 145  |
| Interest receivable | 98 | 290 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 13  |
| Dividend tax reclaims receivable |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; —  |
| Foreign currency, at value |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; —  |
| Prepaid expenses and other assets | 2 | 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 120244951 | 299649818 | &nbsp;&nbsp; 65138661 | &nbsp;&nbsp; 1169283 | &nbsp;&nbsp;&nbsp; 9936938  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities <br>loaned | 8978009 | 23952630 | &nbsp;&nbsp; 7908768 | &nbsp;&nbsp; 156099 | &nbsp;&nbsp;&nbsp; 1520060  |
| Payable for capital shares redeemed | 2224225 | 2595832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| Payable to adviser | 55616 | 143069 | &nbsp;&nbsp; 29786 | &nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp; 3424  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11257850 | 26691531 | &nbsp;&nbsp; 7938554 | &nbsp;&nbsp; 156648 | &nbsp;&nbsp;&nbsp; 1523484  |
| **NET ASSETS** | $108987101 | $272958287 | &nbsp;&nbsp; $57200107 | &nbsp;&nbsp; $1012635 | &nbsp;&nbsp;&nbsp; $8413454  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $340445930 | $318333696 | &nbsp;&nbsp; $67451112 | &nbsp;&nbsp; $798822 | &nbsp;&nbsp;&nbsp; $7448211  |
|  Total distributable earnings/(accumulated losses) | (231458829) | (45375409) | &nbsp;&nbsp; (10251005) | &nbsp;&nbsp; 213813 | &nbsp;&nbsp;&nbsp; 965243  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $108987101 | $272958287 | &nbsp;&nbsp; $57200107 | &nbsp;&nbsp; $1012635 | &nbsp;&nbsp;&nbsp; $8413454  |
| Net assets | $108987101 | $272958287 | &nbsp;&nbsp; $57200107 | &nbsp;&nbsp; $1012635 | &nbsp;&nbsp;&nbsp; $8413454  |
| Shares issued and outstanding<sup>(a)</sup> | 2450000 | 5300000 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 340000  |
| Net asset value per share | $44.48 | $51.50 | &nbsp;&nbsp; $45.76 | &nbsp;&nbsp; $25.32 | &nbsp;&nbsp;&nbsp; $24.75  |
| **Cost:** <br>|  |  |  |  |  |
| Investments, at cost | $95531856 | $285035495 | &nbsp;&nbsp; $66382170 | &nbsp;&nbsp; $1017233 | &nbsp;&nbsp;&nbsp; $8803563  |
| Foreign currency, at cost | $— | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $393 | &nbsp;&nbsp;&nbsp; $—  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $8791821 | $23497355 | &nbsp;&nbsp; $7760326 | &nbsp;&nbsp; $152553 | &nbsp;&nbsp;&nbsp; $1496299 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

85<br>

------

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Nasdaq** <br>**International** <br>**Patent Leaders** <br>**ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**100 ETF** | **Pacer Trendpilot<sup>®</sup>** <br>**European Index** <br>**ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**Fund of** <br>**Funds ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**International** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at <br>value | $18543673 | $1350542428 | &nbsp;&nbsp; $35857234 | $— | $164997733  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at <br>value |  |  | &nbsp;&nbsp; — | 54663534 | —  |
| Dividends receivable | 39454 | 153923 | &nbsp;&nbsp; 25832 |  | 392465  |
| Cash and cash equivalents  | 11020 | 747449 | &nbsp;&nbsp; 24871 | 14478 | 21500  |
| Dividend tax reclaims receivable | 7026 |  | &nbsp;&nbsp; 264544 |  | 238736  |
| Interest receivable | 34 | 1497 | &nbsp;&nbsp; 46 | 116 | 279  |
| Security lending income receivable | 1 | 2236 | &nbsp;&nbsp; — | 275 | 1226  |
| Receivable for investments sold |  |  | &nbsp;&nbsp; — |  | 5894  |
| Prepaid expenses and other assets | 1 | 29 | &nbsp;&nbsp; 1 | 2 | 5  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 18601209 | 1351447562 | &nbsp;&nbsp; 36172528 | 54678405 | 165657838  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable to adviser | 10049 | 712013 | &nbsp;&nbsp; 20051 | 7545 | 90887  |
|  Payable to custodian foreign currency, at value | 142 |  | &nbsp;&nbsp; 56180 |  | 513323  |
| Payable for investments purchased |  |  | &nbsp;&nbsp; 1 |  | 3  |
| Payable upon return of securities loaned |  | 26139080 | &nbsp;&nbsp; — |  | 2199322  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 10191 | 26851093 | &nbsp;&nbsp; 76232 | 7545 | 2803535  |
| **NET ASSETS** | $18591018 | $1324596469 | &nbsp;&nbsp; $36096296 | $54670860 | $162854303  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $14551226 | $1165444865 | &nbsp;&nbsp; $77758092 | $48420501 | $174786130  |
|  Total distributable earnings/(accumulated losses) | 4039792 | 159151604 | &nbsp;&nbsp; (41661796) | 6250359 | (11931827)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $18591018 | $1324596469 | &nbsp;&nbsp; $36096296 | $54670860 | $162854303  |
| Net assets | $18591018 | $1324596469 | &nbsp;&nbsp; $36096296 | $54670860 | $162854303  |
| Shares issued and outstanding<sup>(a)</sup> | 680000 | 16300000 | &nbsp;&nbsp; 1200000 | 1600000 | 5200000  |
| Net asset value per share | $27.34 | $81.26 | &nbsp;&nbsp; $30.08 | $34.17 | $31.32  |
| **Cost:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, <br>at cost | $14546360 | $1125695340 | &nbsp;&nbsp; $31778450 | $— | $145999311  |
| Investments in affiliated securities, at cost | $— | $— | &nbsp;&nbsp; $— | $50678324 | $—  |
| **Proceeds:**<br>|  |  |  |  |  |
| Foreign currency proceeds | $143 | $— | &nbsp;&nbsp; $56517 | $— | $525613  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $— | $25885017 | &nbsp;&nbsp; $— | $— | $2132673 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

86<br>

------

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup>** <br>**US Bond ETF** | **Pacer Trendpilot<sup>®</sup>** <br>**US Large Cap** <br>**ETF** | **Pacer Trendpilot<sup>®</sup>** <br>**US Mid Cap** <br>**ETF** | **Pacer US** <br>**Cash Cows** <br>**100 ETF** | **Pacer US** <br>**Cash Cows** <br>**Growth ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $123382085 | $3541786876 | &nbsp;&nbsp; $439270008 | $18394669274 | $97649180  |
| Receivable for investments sold | &nbsp;&nbsp; 7074023 |  | &nbsp;&nbsp; — | 29107834 | —  |
| Interest receivable | &nbsp;&nbsp; 1654302 | 3146 | &nbsp;&nbsp; 599 | 28704 | 131  |
| Cash and cash equivalents. | &nbsp;&nbsp; 210153 | 2223701 | &nbsp;&nbsp; 284666 | 8064688 | 63822  |
| Security lending income receivable | &nbsp;&nbsp; 1206 | 6793 | &nbsp;&nbsp; 5766 | 25089 | 968  |
| Dividends receivable | &nbsp;&nbsp; — | 1576337 | &nbsp;&nbsp; 131278 | 21314938 | 28914  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; — | 15057 | &nbsp;&nbsp; — | 590765 | —  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 72 | 60 | &nbsp;&nbsp; 11 | 3093 | 2  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 132321841 | 3545611970 | &nbsp;&nbsp; 439692328 | 18453804385 | 97743017  |
| **LIABILITIES:** <br>|  |  |  |  |  |
| Payable for investments purchased | &nbsp;&nbsp; 7067957 |  | &nbsp;&nbsp; — |  | —  |
| Payable to adviser | &nbsp;&nbsp; 64956 | 1741594 | &nbsp;&nbsp; 207453 | 7718570 | 45269  |
| Payable for capital shares redeemed | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 29271145 | —  |
|  Payable upon return of securities loaned | &nbsp;&nbsp; — | 84281567 | &nbsp;&nbsp; 38963931 | 280240584 | 7090572  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 7132913 | 86023161 | &nbsp;&nbsp; 39171384 | 317230299 | 7135841  |
| **NET ASSETS** | &nbsp;&nbsp; $125188928 | $3459588809 | &nbsp;&nbsp; $400520944 | $18136574086 | $90607176  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $388957747 | $3258568515 | &nbsp;&nbsp; $485677836 | $18757921131 | $85081334  |
|  Total distributable earnings/(accumulated losses) | &nbsp;&nbsp; (263768819) | 201020294 | &nbsp;&nbsp; (85156892) | (621347045) | 5525842  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $125188928 | $3459588809 | &nbsp;&nbsp; $400520944 | $18136574086 | $90607176  |
| Net assets | &nbsp;&nbsp; $125188928 | $3459588809 | &nbsp;&nbsp; $400520944 | $18136574086 | $90607176  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 6400000 | 61700000 | &nbsp;&nbsp; 11250000 | 312900000 | 1700000  |
| Net asset value per share | &nbsp;&nbsp; $19.56 | $56.07 | &nbsp;&nbsp; $35.60 | $57.96 | $53.30  |
| **Cost:** <br>|  |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $124491945 | $3102581155 | &nbsp;&nbsp; $433616794 | $17796411704 | $87956246  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | &nbsp;&nbsp; $— | $82415155 | &nbsp;&nbsp; $38399039 | $275343086 | $6935416 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

87<br>

------

**PACER FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer US** <br>**Export Leaders** <br>**ETF** | **Pacer US Large** <br>**Cap Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer US** <br>**Small Cap** <br>**Cash Cows ETF** | **Pacer US Small** <br>**Cap Cash Cows** <br>**Growth Leaders** <br>**ETF** | **Pacer** <br>**WealthShield** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $40798602 | $2644678146 | $4061361205 | &nbsp;&nbsp; $22396381 | $30140555  |
| Cash and cash equivalents. | 11205 | 1385712 | 2339764 | &nbsp;&nbsp; 16338 | 11628  |
| Dividends receivable | 8175 | 567164 | 2591899 | &nbsp;&nbsp; 4158 | 5013  |
| Dividend tax reclaims receivable | 623 |  |  | &nbsp;&nbsp; — | 78  |
| Security lending income receivable | 513 | 7063 | 33840 | &nbsp;&nbsp; 329 | 677  |
| Interest receivable | 24 | 3459 | 3840 | &nbsp;&nbsp; 24 | 37  |
| Receivable for investments sold |  |  | 3914 | &nbsp;&nbsp; — | 32509  |
| Receivable for fund shares sold |  | 8222805 |  | &nbsp;&nbsp; — | —  |
| Prepaid expenses and other assets |  | 66 |  | &nbsp;&nbsp; — | 1  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 40819142 | 2654864415 | 4066334462 | &nbsp;&nbsp; 22417230 | 30190498  |
| **LIABILITIES:** <br>|  |  |  |  |  |
|  Payable upon return of securities loaned | 5262487 | 32690243 | 309339141 | &nbsp;&nbsp; 2686749 | 3242555  |
| Payable to adviser | 18514 | 1060483 | 1936613 | &nbsp;&nbsp; 9757 | 14987  |
| Payable for investments purchased |  | 8087245 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5281001 | 41837971 | 311275754 | &nbsp;&nbsp; 2696506 | 3257542  |
| **NET ASSETS** | $35538141 | $2613026444 | $3755058708 | &nbsp;&nbsp; $19720724 | $26932956  |
| **Net Assets Consists of:** <br>|  |  |  |  |  |
| Paid-in capital | $29163724 | $2360248304 | $4831845281 | &nbsp;&nbsp; $20421282 | $49336557  |
|  Total distributable earnings/(accumulated losses) | 6374417 | 252778140 | (1076786573) | &nbsp;&nbsp; (700558) | (22403601)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $35538141 | $2613026444 | $3755058708 | &nbsp;&nbsp; $19720724 | $26932956  |
| Net assets | $35538141 | $2613026444 | $3755058708 | &nbsp;&nbsp; $19720724 | $26932956  |
| Shares issued and outstanding<sup>(a)</sup> | 600000 | 71500000 | 86500000 | &nbsp;&nbsp; 775000 | 800000  |
| Net asset value per share | $59.23 | $36.55 | $43.41 | &nbsp;&nbsp; $25.45 | $33.67  |
| **Cost:** <br>|  |  |  |  |  |
| Investments, at cost | $35457520 | $2375172827 | $3941353011 | &nbsp;&nbsp; $21136459 | $27804837  |
| **Loaned Securities:**<br>|  |  |  |  |  |
| at value (included in investments) | $5193935 | $32265366 | $301494477 | &nbsp;&nbsp; $2598718 | $3198585 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

88<br>

------

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Aristotle** <br>**Pacific Floating** <br>**Rate High** <br>**Income ETF** | **Pacer Cash** <br>**Cows Fund of** <br>**Funds ETF** | **Pacer CFRA-**<br>**Stovall Equal** <br>**Weight Seasonal** <br>**Rotation ETF** | **Pacer Data &** <br>**Infrastructure** <br>**Real Estate ETF** | **Pacer Data** <br>**and Digital** <br>**Revolution ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $278023 | $— | &nbsp;&nbsp;&nbsp; $180584 | &nbsp;&nbsp; $6776853 | $377793  |
| Less: Dividend withholding taxes |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (309022) | (6572)  |
|  Dividend income from affiliated securities |  | 735677 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Less: Issuance fees |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (11041) | (902)  |
| Interest income | 20061148 | 908 | &nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp; 7821 | 1718  |
| Securities lending income | 15664 | 94906 | &nbsp;&nbsp;&nbsp; 2599 | &nbsp;&nbsp; 192504 | 8168  |
| Other income | 112683 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 20467518 | 831491 | &nbsp;&nbsp;&nbsp; 183550 | &nbsp;&nbsp; 6657115 | 380205  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 1601468 | 65389 | &nbsp;&nbsp;&nbsp; 51184 | &nbsp;&nbsp; 1246012 | 318636  |
| Total expenses | 1601468 | 65389 | &nbsp;&nbsp;&nbsp; 51184 | &nbsp;&nbsp; 1246012 | 318636  |
| Expense reimbursement by Adviser |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (72962) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1601468 | 65389 | &nbsp;&nbsp;&nbsp; 51184 | &nbsp;&nbsp; 1173050 | 318636  |
| **NET INVESTMENT INCOME** | 18866050 | 766102 | &nbsp;&nbsp;&nbsp; 132366 | &nbsp;&nbsp; 5484065 | 61569  |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 362954 |  | &nbsp;&nbsp;&nbsp; (21677) | &nbsp;&nbsp; 2938470 | 5060221  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  | 1741162 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10892 | (6410)  |
| Net realized gain (loss) | 362954 | 1741162 | &nbsp;&nbsp;&nbsp; (21677) | &nbsp;&nbsp; 2949362 | 5053811  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 4813090 |  | &nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp; (402100) | 47582832  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  | 11267459 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 323 | 1118  |
|  Net change in unrealized appreciation (depreciation) | 4813090 | 11267459 | &nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp; (401777) | 47583950  |
| **Net realized and unrealized gain (loss)** | 5176044 | 13008621 | &nbsp;&nbsp;&nbsp; (20506) | &nbsp;&nbsp; 2547585 | 52637761  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $24042094 | $13774723 | &nbsp;&nbsp;&nbsp; $111860 | &nbsp;&nbsp; $8031650 | $52699330 |

---

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

89<br>

------

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Developed** <br>**Markets** <br>**International** <br>**Cash Cows 100** <br>**ETF** | **Pacer Emerging** <br>**Markets Cash** <br>**Cows 100 ETF** | **Pacer Global** <br>**Cash Cows** <br>**Dividend ETF** | **Pacer Industrial** <br>**Real Estate ETF** | **Pacer** <br>**Industrials and** <br>**Logistics ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $27189168 | $3257698 | $60143720 | $2869711 | &nbsp;&nbsp; $14520  |
| Less: Issuance fees | (51975) | (3212) | (184329) |  | &nbsp;&nbsp;&nbsp;&nbsp;(11)  |
| Less: Dividend withholding taxes | (2513900) | (355329) | (3540574) | (88070) | &nbsp;&nbsp; (1389)  |
| Interest income | 43732 | 7066 | 81010 | 3008 | &nbsp;&nbsp; 22  |
| Securities lending income | 61645 | 1921 | 180110 | 5045 | &nbsp;&nbsp; 50  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 24728670 | 2908144 | 56679937 | 2789694 | &nbsp;&nbsp; 13192  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 3906099 | 358883 | 7198745 | 372945 | &nbsp;&nbsp; 2456  |
| Total expenses | 3906099 | 358883 | 7198745 | 372945 | &nbsp;&nbsp; 2456  |
| Expense reimbursement by Adviser |  |  |  | (22287) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3906099 | 358883 | 7198745 | 350658 | &nbsp;&nbsp; 2456  |
| **NET INVESTMENT INCOME** | 20822571 | 2549261 | 49481192 | 2439036 | &nbsp;&nbsp; 10736  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 38563253 | 1964000 | 77589652 | (1017774) | &nbsp;&nbsp; 147686  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 169642 | (6714) | 858900 | (1396) | &nbsp;&nbsp; (412)  |
| Net realized gain (loss) | 38732895 | 1957286 | 78448552 | (1019170) | &nbsp;&nbsp; 147274  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 165488676 | 16829173 | 95908919 | 5986158 | &nbsp;&nbsp; (41402)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (208760) | 7811 | (247439) | (19843) | &nbsp;&nbsp; (69)  |
|  Net change in unrealized appreciation (depreciation) | 165279916 | 16836984 | 95661480 | 5966315 | &nbsp;&nbsp; (41471)  |
|  **Net realized and unrealized gain (loss)** | 204012811 | 18794270 | 174110032 | 4947145 | &nbsp;&nbsp; 105803  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $224835382 | $21343531 | $223591224 | $7386181 | &nbsp;&nbsp; $116539 |

---

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

90<br>

------

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Lunt** <br>**Large Cap** <br>**Alternator ETF** | **Pacer Lunt** <br>**Large Cap** <br>**Multi-Factor** <br>**Alternator ETF** | **Pacer Lunt** <br>**MidCap Multi-**<br>**Factor Alternator** <br>**ETF** | **Pacer MSCI** <br>**World Industry** <br>**Advantage ETF** | **Pacer Nasdaq** <br>**100 Top 50 Cash** <br>**Cows Growth** <br>**Leaders ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $724670 | $2575175 | &nbsp;&nbsp;&nbsp; $645543 | &nbsp;&nbsp;&nbsp; $5165 | &nbsp;&nbsp; $16233  |
| Less: Dividend withholding taxes | (1004) |  | &nbsp;&nbsp;&nbsp;&nbsp;(268) | &nbsp;&nbsp;&nbsp;&nbsp;(464) | &nbsp;&nbsp; —  |
| Less: Issuance fees |  | (18) | &nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Interest income | 1391 | 3890 | &nbsp;&nbsp;&nbsp; 1049 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; 103  |
| Securities lending income | 7090 | 5821 | &nbsp;&nbsp;&nbsp; 6232 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; 474  |
| Other income |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 732147 | 2584868 | &nbsp;&nbsp;&nbsp; 652531 | &nbsp;&nbsp;&nbsp; 4797 | &nbsp;&nbsp; 16810  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 349491 | 873985 | &nbsp;&nbsp;&nbsp; 188838 | &nbsp;&nbsp;&nbsp; 3031 | &nbsp;&nbsp; 15504  |
| Total expenses | 349491 | 873985 | &nbsp;&nbsp;&nbsp; 188838 | &nbsp;&nbsp;&nbsp; 3031 | &nbsp;&nbsp; 15504  |
| **NET INVESTMENT INCOME** | 382656 | 1710883 | &nbsp;&nbsp;&nbsp; 463693 | &nbsp;&nbsp;&nbsp; 1766 | &nbsp;&nbsp; 1306  |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4462886 | 7570853 | &nbsp;&nbsp;&nbsp; 4878782 | &nbsp;&nbsp;&nbsp; 5486 | &nbsp;&nbsp; (55558)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp; —  |
| Net realized gain (loss) | 4462886 | 7570853 | &nbsp;&nbsp;&nbsp; 4878782 | &nbsp;&nbsp;&nbsp; 5423 | &nbsp;&nbsp; (55558)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 26270223 | 19844485 | &nbsp;&nbsp;&nbsp; 2034858 | &nbsp;&nbsp;&nbsp; 198286 | &nbsp;&nbsp; 1138605  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp; —  |
|  Net change in unrealized appreciation (depreciation) | 26270223 | 19844485 | &nbsp;&nbsp;&nbsp; 2034858 | &nbsp;&nbsp;&nbsp; 198249 | &nbsp;&nbsp; 1138605  |
|  **Net realized and unrealized gain (loss)** | 30733109 | 27415338 | &nbsp;&nbsp;&nbsp; 6913640 | &nbsp;&nbsp;&nbsp; 203672 | &nbsp;&nbsp; 1083047  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $31115765 | $29126221 | &nbsp;&nbsp;&nbsp; $7377333 | &nbsp;&nbsp;&nbsp; $205438 | &nbsp;&nbsp; $1084353 |

---

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

91<br>

------

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Nasdaq** <br>**International** <br>**Patent Leaders** <br>**ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**100 ETF** | **Pacer Trendpilot<sup>®</sup>** <br>**European Index** <br>**ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**Fund of** <br>**Funds ETF** | **Pacer** <br>**Trendpilot<sup>®</sup>** <br>**International** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
|  Dividend income from unaffiliated securities | $152203 | $3563941 | &nbsp;&nbsp;&nbsp; $673458 | $— | $2360373  |
| Less: Dividend withholding taxes | (18932) | (11678) | &nbsp;&nbsp;&nbsp; (98309) |  | (216636)  |
|  Dividend income from affiliated securities |  |  | &nbsp;&nbsp;&nbsp; — | 318391 | —  |
| Less: Issuance fees |  | (1533) | &nbsp;&nbsp;&nbsp; — |  | (9920)  |
| Interest income | 368 | 2724445 | &nbsp;&nbsp;&nbsp; 1247 | 674 | 88782  |
| Securities lending income | 11 | 16083 | &nbsp;&nbsp;&nbsp; 47 | 10453 | 9298  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 133650 | 6291258 | &nbsp;&nbsp;&nbsp; 576443 | 329518 | 2231897  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 44306 | 4098777 | &nbsp;&nbsp;&nbsp; 117258 | 43518 | 522447  |
| &nbsp;&nbsp;&nbsp; Total expenses | 44306 | 4098777 | &nbsp;&nbsp;&nbsp; 117258 | 43518 | 522447  |
| **NET INVESTMENT INCOME** | 89344 | 2192481 | &nbsp;&nbsp;&nbsp; 459185 | 286000 | 1709450  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | (19012) | 10166674 | &nbsp;&nbsp;&nbsp; 264222 | (2) | 1053395  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | &nbsp;&nbsp;&nbsp; — | 2848642 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1490) |  | &nbsp;&nbsp;&nbsp; 2976 |  | (172351)  |
| Net realized gain (loss) | (20502) | 10166674 | &nbsp;&nbsp;&nbsp; 267198 | 2848640 | 881044  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 3587871 | 224887316 | &nbsp;&nbsp;&nbsp; 3625096 |  | 18989281  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities |  |  | &nbsp;&nbsp;&nbsp; — | 2463361 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (1235) |  | &nbsp;&nbsp;&nbsp; 1309 |  | (9353)  |
|  Net change in unrealized appreciation (depreciation) | 3586636 | 224887316 | &nbsp;&nbsp;&nbsp; 3626405 | 2463361 | 18979928  |
| **Net realized and unrealized gain (loss)** | 3566134 | 235053990 | &nbsp;&nbsp;&nbsp; 3893603 | 5312001 | 19860972  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3655478 | $237246471 | &nbsp;&nbsp;&nbsp; $4352788 | $5598001 | $21570422 |

---

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

92<br>

------

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup>** <br>**US Bond ETF** | **Pacer Trendpilot<sup>®</sup>** <br>**US Large Cap** <br>**ETF** | **Pacer Trendpilot<sup>®</sup>** <br>**US Mid Cap** <br>**ETF** | **Pacer US** <br>**Cash Cows** <br>**100 ETF** | **Pacer US** <br>**Cash Cows** <br>**Growth ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $— | $17367439 | &nbsp;&nbsp; $1690561 | $264702865 | $311157  |
|  Less: Dividend withholding taxes | &nbsp;&nbsp; — | (4788) | &nbsp;&nbsp; (1165) |  | —  |
| Less: Issuance fees | &nbsp;&nbsp; — | (191) | (23) |  | —  |
| Interest income | &nbsp;&nbsp; 4312242 | 7233626 | &nbsp;&nbsp; 3418314 | 368204 | 666  |
| Securities lending income | &nbsp;&nbsp; 19545 | 94622 | &nbsp;&nbsp; 22750 | 175378 | 5149  |
| Other income | &nbsp;&nbsp; 132 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 4331919 | 24690708 | &nbsp;&nbsp; 5130437 | 265246447 | 316972  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 420751 | 10070093 | &nbsp;&nbsp; 1280598 | 49623443 | 245336  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 420751 | 10070093 | &nbsp;&nbsp; 1280598 | 49623443 | 245336  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 3911168 | 14620615 | &nbsp;&nbsp; 3849839 | 215623004 | 71636  |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** | &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED** <br>**GAIN (LOSS)** |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (694358) | 20231303 | &nbsp;&nbsp; 1239373 | 1044621197 | 5251689  |
| Net realized gain (loss) | &nbsp;&nbsp; (694358) | 20231303 | &nbsp;&nbsp; 1239373 | 1044621197 | 5251689  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (2251919) | 439268068 | &nbsp;&nbsp; 5669071 | 1157957687 | 8761400  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2251919) | 439268068 | &nbsp;&nbsp; 5669071 | 1157957687 | 8761400  |
|  **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (2946277) | 459499371 | &nbsp;&nbsp; 6908444 | 2202578884 | 14013089  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE)** <br>**IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $964891 | $474119986 | &nbsp;&nbsp; $10758283 | $2418201888 | $14084725 |

---

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

93<br>

------

**PACER FUNDS** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer US** <br>**Export Leaders** <br>**ETF** | **Pacer US Large** <br>**Cap Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer US** <br>**Small Cap** <br>**Cash Cows ETF** | **Pacer US** <br>**Small Cap Cash** <br>**Cows Growth** <br>**Leaders ETF** | **Pacer** <br>**WealthShield** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $194140 | $9112614 | $39302295 | &nbsp;&nbsp; $71310 | $127852  |
| Less: Dividend withholding taxes |  | (17427) |  | &nbsp;&nbsp; — | (1)  |
| Less: Issuance fees | (47) |  | (2405) | &nbsp;&nbsp; — | —  |
| Interest income | 370 | 38114 | 74983 | &nbsp;&nbsp; 178 | 126615  |
| Securities lending income | 2726 | 36198 | 214246 | &nbsp;&nbsp; 1579 | 1964  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 197189 | 9169499 | 39589119 | &nbsp;&nbsp; 73067 | 256430  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 110518 | 5433232 | 12285125 | &nbsp;&nbsp; 55953 | 83332  |
| &nbsp;&nbsp;&nbsp; Total expenses | 110518 | 5433232 | 12285125 | &nbsp;&nbsp; 55953 | 83332  |
| **NET INVESTMENT INCOME** | 86671 | 3736267 | 27303994 | &nbsp;&nbsp; 17114 | 173098  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3462656 | 23854857 | 246177979 | &nbsp;&nbsp; 87748 | 243251  |
| Net realized gain (loss) | 3462656 | 23854857 | 246177979 | &nbsp;&nbsp; 87748 | 243251  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 6581317 | 236879732 | 575366078 | &nbsp;&nbsp; 1673909 | 2322780  |
|  Net change in unrealized appreciation (depreciation) | 6581317 | 236879732 | 575366078 | &nbsp;&nbsp; 1673909 | 2322780  |
|  **Net realized and unrealized gain (loss)** | 10043973 | 260734589 | 821544057 | &nbsp;&nbsp; 1761657 | 2566031  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $10130644 | $264470856 | $848848051 | &nbsp;&nbsp; $1778771 | $2739129 |

---

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

94<br>

------

**PACER FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Aristotle Pacific Floating** <br>**Rate High Income ETF** | **Pacer Aristotle Pacific Floating** <br>**Rate High Income ETF** | **Pacer Cash Cows** <br>**Fund of Funds ETF**  | **Pacer Cash Cows** <br>**Fund of Funds ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $18866050 | $30668503 | $766102 | $2079362  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 362954 | (3000384) | 1741162 | 4062943  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4813090 | (8678270) | 11267459 | (5802723)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 24042094 | 18989849 | 13774723 | 339582  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (17752048) | (30026014) | (739864) | (2079362)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  |  |  | (11498)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (17752048) | (30026014) | (739864) | (2090860)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 113755672 | 325508316 | 1986345 | 21048080  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (23706330) | (91817470) | (10097235) | (30416545)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 90049342 | 233690846 | (8110890) | (9368465)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 96339388 | 222654681 | 4923969 | (11119743)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 471076288 | 248421607 | 82917679 | 94037422  |
| &nbsp;&nbsp;&nbsp; End of the period | $567415676 | $471076288 | $87841648 | $82917679  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2400000 | 6840000 | 50000 | 550000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (500000) | (1960000) | (250000) | (800000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1900000 | 4880000 | (200000) | (250000) |

---

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

95<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer CFRA-Stovall Equal Weight** <br>**Seasonal Rotation ETF** | **Pacer CFRA-Stovall Equal Weight** <br>**Seasonal Rotation ETF** | **Pacer Data & Infrastructure** <br>**Real Estate ETF**  | **Pacer Data & Infrastructure** <br>**Real Estate ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $132366 | $395999 | $5484065 | $8913453  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (21677) | (1934212) | 2949362 | (24027355)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1171 | 6247 | (401777) | 93264010  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 111860 | (1531966) | 8031650 | 78150108  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (94425) | (381571) | (3549374) | (7675002)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (94425) | (381571) | (3549374) | (7675002)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; — |  | 4725285 | 42453770  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (8638650) | (16611710) | (16973055) | (101559955)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; — |  | 492 | 52704  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (8638650) | (16611710) | (12247278) | (59053481)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (8621215) | (18525247) | (7765002) | 11421625  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 20615078 | 39140325 | 432583133 | 421161508  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $11993863 | $20615078 | $424818131 | $432583133  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; — |  | 150000 | 1400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (250000) | (450000) | (550000) | (3350000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | &nbsp;&nbsp; (250000) | (450000) | (400000) | (1950000) |

---

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

96<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Data and Digital** <br>**Revolution ETF** | **Pacer Data and Digital** <br>**Revolution ETF** | **Pacer Developed Markets** <br>**International Cash Cows 100 ETF**  | **Pacer Developed Markets** <br>**International Cash Cows 100 ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $61569 | $64698 | $20822571 | $41232763  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5053811 | 1107831 | 38732895 | 23397082  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 47583950 | 1553080 | 165279916 | (19997482)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 52699330 | 2725609 | 224835382 | 44632363  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp; From earnings |  | (154338) | (14490666) | (63128996)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (154338) | (14490666) | (63128996)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 222326712 | 28678978 | 258326815 | 221721448  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (12335540) | (5574412) | (167475000) | (558583800)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 794 |  | 21221 | 193091  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 209991966 | 23104566 | 90873036 | (336669261)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 262691296 | 25675837 | 301217752 | (355165894)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 54487874 | 28812037 | 1050032545 | 1405198439  |
| &nbsp;&nbsp;&nbsp; End of the period | $317179170 | $54487874 | $1351250297 | $1050032545  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3360000 | 580000 | 7550000 | 7200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (200000) | (120000) | (5000000) | (18650000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | 3160000 | 460000 | 2550000 | (11450000) |

---

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

97<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Emerging Markets** <br>**Cash Cows 100 ETF** | **Pacer Emerging Markets** <br>**Cash Cows 100 ETF** | **Pacer Global Cash Cows** <br>**Dividend ETF**  | **Pacer Global Cash Cows** <br>**Dividend ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2549261 | $4280802 | $49481192 | $88815013  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1957286 | 6476221 | 78448552 | 55002536  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16836984 | (4414552) | 95661480 | 80805962  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 21343531 | 6342471 | 223591224 | 224623511  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1835527) | (6888072) | (37111130) | (82367486)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1835527) | (6888072) | (37111130) | (82367486)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 38558255 | 36547535 | 578506215 | 580566230  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (17017440) | (52366335) | (471257500) | (450027535)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 40765 | 27029 | 12476 | 37927  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 21581580 | (15791771) | 107261191 | 130576622  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 41089584 | (16337372) | 293741285 | 272832647  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 80749008 | 97086380 | 2189516124 | 1916683477  |
| &nbsp;&nbsp;&nbsp; End of the period | $121838592 | $80749008 | $2483257409 | $2189516124  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1750000 | 1750000 | 15250000 | 16650000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (800000) | (2550000) | (12500000) | (13150000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 950000 | (800000) | 2750000 | 3500000 |

---

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

98<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Industrial Real** <br>**Estate ETF** | **Pacer Industrial Real** <br>**Estate ETF** | **Pacer Industrials and** <br>**Logistics ETF**  | **Pacer Industrials and** <br>**Logistics ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2439036 | $5457171 | &nbsp;&nbsp; $10736 | $19010  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1019170) | (270695) | &nbsp;&nbsp; 147274 | 10480  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5966315 | 6586805 | &nbsp;&nbsp; (41471) | (35165)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7386181 | 11773281 | &nbsp;&nbsp; 116539 | (5675)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1586887) | (4737411) | &nbsp;&nbsp; (9883) | (28143)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1586887) | (4737411) | &nbsp;&nbsp; (9883) | (28143)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1836520 |  | &nbsp;&nbsp; 547708 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (29318180) | (63521880) | &nbsp;&nbsp; (1098464) | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  |  | &nbsp;&nbsp; 133 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (27481660) | (63521880) | &nbsp;&nbsp; (550623) | —  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (21682366) | (56486010) | &nbsp;&nbsp; (443967) | (33818)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 138282607 | 194768617 | &nbsp;&nbsp; 1021546 | 1055364  |
| &nbsp;&nbsp;&nbsp; End of the period | $116600241 | $138282607 | &nbsp;&nbsp; $577579 | $1021546  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 50000 |  | &nbsp;&nbsp; 20000 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (800000) | (1650000) | &nbsp;&nbsp; (40000) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (750000) | (1650000) | &nbsp;&nbsp; (20000) |  |

---

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

99<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Lunt Large Cap** <br>**Alternator ETF** | **Pacer Lunt Large Cap** <br>**Alternator ETF** | **Pacer Lunt Large Cap** <br>**Multi-Factor Alternator ETF**  | **Pacer Lunt Large Cap** <br>**Multi-Factor Alternator ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $382656 | $2800046 | $1710883 | $3392514  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4462886 | 14483981 | 7570853 | 38204437  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 26270223 | (4389021) | 19844485 | (23082113)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 31115765 | 12895006 | 29126221 | 18514838  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (347769) | (2916487) | (1227751) | (3109855)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (347769) | (2916487) | (1227751) | (3109855)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 4916380 | 309970905  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (50948445) | (137440600) | (49969260) | (332341605)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (50948445) | (137440600) | (45052880) | (22370700)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (20180449) | (127462081) | (17154410) | (6965717)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 129167550 | 256629631 | 290112697 | 297078414  |
| &nbsp;&nbsp;&nbsp; End of the period | $108987101 | $129167550 | $272958287 | $290112697  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 100000 | 6250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1350000) | (3750000) | (1000000) | (6750000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1350000) | (3750000) | (900000) | (500000) |

---

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

100<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Lunt MidCap** <br>**Multi-Factor Alternator ETF** | **Pacer Lunt MidCap** <br>**Multi-Factor Alternator ETF** | **Pacer MSCI World** <br>**Industry Advantage ETF**  | **Pacer MSCI World** <br>**Industry Advantage ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $463693 | $795107 | &nbsp;&nbsp; $1766 | &nbsp;&nbsp; $2744  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4878782 | 688794 | &nbsp;&nbsp; 5423 | &nbsp;&nbsp; 55765  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 2034858 | (6259429) | &nbsp;&nbsp; 198249 | &nbsp;&nbsp; (47819)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 7377333 | (4775528) | &nbsp;&nbsp; 205438 | &nbsp;&nbsp; 10690  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (229859) | (583598) | &nbsp;&nbsp; (1044) | &nbsp;&nbsp; (1271)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (229859) | (583598) | &nbsp;&nbsp; (1044) | &nbsp;&nbsp; (1271)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 65046150 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1225746  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (13404230) | (52038800) | &nbsp;&nbsp; — | &nbsp;&nbsp; (427030)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 106  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (13404230) | 13007350 | &nbsp;&nbsp; — | &nbsp;&nbsp; 798822  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (6256756) | 7648224 | &nbsp;&nbsp; 204394 | &nbsp;&nbsp; 808241  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 63456863 | 55808639 | &nbsp;&nbsp; 808241 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $57200107 | $63456863 | &nbsp;&nbsp; $1012635 | &nbsp;&nbsp; $808241  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 1400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (300000) | (1150000) | &nbsp;&nbsp; — | &nbsp;&nbsp; (20000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | (300000) | 250000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40000 |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

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

101<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Nasdaq 100 Top 50** <br>**Cash Cows Growth Leaders ETF** | **Pacer Nasdaq 100 Top 50** <br>**Cash Cows Growth Leaders ETF** | **Pacer Nasdaq International** <br>**Patent Leaders ETF**  | **Pacer Nasdaq International** <br>**Patent Leaders ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(a)</sup>** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Period Ended** <br>**April 30, 2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $1306 | &nbsp;&nbsp; $2584 | $89344 | &nbsp;&nbsp; $19348  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (55558) | &nbsp;&nbsp; (16259) | (20502) | &nbsp;&nbsp; (2983)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; 1138605 | &nbsp;&nbsp; (11512) | 3586636 | &nbsp;&nbsp; 409519  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 1084353 | &nbsp;&nbsp; (25187) | 3655478 | &nbsp;&nbsp; 425884  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (1870) | &nbsp;&nbsp; (2004) | (39236) | &nbsp;&nbsp; (2334)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (1870) | &nbsp;&nbsp; (2004) | (39236) | &nbsp;&nbsp; (2334)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 4117996 | &nbsp;&nbsp; 4121698 | 5249578 | &nbsp;&nbsp; 9292858  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (442590) | &nbsp;&nbsp; (438942) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 3560 | &nbsp;&nbsp; 5230  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 3675406 | &nbsp;&nbsp; 3682756 | 5253138 | &nbsp;&nbsp; 9298088  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 4757889 | &nbsp;&nbsp; 3655565 | 8869380 | &nbsp;&nbsp; 9721638  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 3655565 | &nbsp;&nbsp; — | 9721638 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $8413454 | &nbsp;&nbsp; $3655565 | $18591018 | &nbsp;&nbsp; $9721638  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 200000 | 220000 | &nbsp;&nbsp; 460000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (20000) | &nbsp;&nbsp; (20000) |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | &nbsp;&nbsp; 160000 | &nbsp;&nbsp; 180000 | 220000 | &nbsp;&nbsp; 460000 |

---

<sup>(a)</sup> Inception date of the Fund was August 19, 2024.

<sup>(b)</sup> Inception date of the Fund was September 16, 2024.

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

102<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> 100 ETF** | **Pacer Trendpilot<sup>®</sup> 100 ETF** | **Pacer Trendpilot<sup>®</sup> European** <br>**Index ETF**  | **Pacer Trendpilot<sup>®</sup> European** <br>**Index ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $2192481 | $26734566 | $459185 | $811451  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 10166674 | 136154749 | 267198 | 3520111  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 224887316 | (149512111) | 3626405 | (2485462)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 237246471 | 13377204 | 4352788 | 1846100  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (26511031) |  | (918289)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (26511031) |  | (918289)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13549855 | 585578760 | 4157325 | 1379650  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (154192675) | (525921580) | (2872415) | (11939435)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (140642820) | 59657180 | 1284910 | (10559785)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 96603651 | 46523353 | 5637698 | (9631974)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1227992818 | 1181469465 | 30458598 | 40090572  |
| &nbsp;&nbsp;&nbsp; End of the period | $1324596469 | $1227992818 | $36096296 | $30458598  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 200000 | 8350000 | 150000 | 50000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2150000) | (7700000) | (100000) | (450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1950000) | 650000 | 50000 | (400000) |

---

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

103<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> Fund of Funds ETF** | **Pacer Trendpilot<sup>®</sup> Fund of Funds ETF** | **Pacer Trendpilot<sup>®</sup> International ETF**  | **Pacer Trendpilot<sup>®</sup> International ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $286000 | &nbsp;&nbsp; $1197584 | $1709450 | $3139314  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2848640 | &nbsp;&nbsp; 656341 | 881044 | 14855855  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2463361 | &nbsp;&nbsp; (248009) | 18979928 | (18242758)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 5598001 | &nbsp;&nbsp; 1605916 | 21570422 | (247589)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (1236269) |  | (3741817)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; — | &nbsp;&nbsp; (1236269) |  | (3741817)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 8056960 | &nbsp;&nbsp; 8248890 | 4157710 | 98887365  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (14741675) | &nbsp;&nbsp; (3154950) | (10624680) | (97821615)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2398 | 522  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (6684715) | &nbsp;&nbsp; 5093940 | (6464572) | 1066272  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (1086714) | &nbsp;&nbsp; 5463587 | 15105850 | (2923134)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 55757574 | &nbsp;&nbsp; 50293987 | 147748453 | 150671587  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $54670860 | &nbsp;&nbsp; $55757574 | $162854303 | $147748453  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 250000 | 150000 | 3600000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (450000) | &nbsp;&nbsp; (100000) | (350000) | (3550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (200000) | &nbsp;&nbsp; 150000 | (200000) | 50000 |

---

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

104<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> US Bond ETF** | **Pacer Trendpilot<sup>®</sup> US Bond ETF** | **Pacer Trendpilot<sup>®</sup> US Large Cap ETF**  | **Pacer Trendpilot<sup>®</sup> US Large Cap ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3911168 | $9740761 | $14620615 | $32851979  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (694358) | (675094) | 20231303 | 525578640  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (2251919) | 220612 | 439268068 | (410553943)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 964891 | 9286279 | 474119986 | 147876676  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3801953) | (9614449) |  | (22354127)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3801953) | (9614449) |  | (22354127)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 26277780 | 53559830 | 1881251920  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (33475100) | (42467240) | (281778080) | (1412869140)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  | (2250) |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (33475100) | (16191710) | (228218250) | 468382780  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (36312162) | (16519880) | 245901736 | 593905329  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 161501090 | 178020970 | 3213687073 | 2619781744  |
| &nbsp;&nbsp;&nbsp; End of the period | $125188928 | $161501090 | $3459588809 | $3213687073  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 1300000 | 1100000 | 37300000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1700000) | (2100000) | (5450000) | (28450000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1700000) | (800000) | (4350000) | 8850000 |

---

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

105<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup> US Mid Cap ETF** | **Pacer Trendpilot<sup>®</sup> US Mid Cap ETF** | **Pacer US Cash Cows 100 ETF**  | **Pacer US Cash Cows 100 ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3849839 | $5285070 | $215623004 | $484477318  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1239373 | 37488719 | 1044621197 | 1067700982  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 5669071 | (31960626) | 1157957687 | (2471540844)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 10758283 | 10813163 | 2418201888 | (919362544)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (3747410) | (169290444) | (441193276)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (3747410) | (169290444) | (441193276)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 29571870 | 72696705 | 116422215 | 12304155970  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (63049775) | (40990795) | (5194437895) | (12619807555)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (33477905) | 31705910 | (5078015680) | (315651585)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (22719622) | 38771663 | (2829104236) | (1676207405)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 423240566 | 384468903 | 20965678322 | 22641885727  |
| &nbsp;&nbsp;&nbsp; End of the period | $400520944 | $423240566 | $18136574086 | $20965678322  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 850000 | 2000000 | 2050000 | 217750000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1800000) | (1150000) | (92800000) | (227100000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (950000) | 850000 | (90750000) | (9350000) |

---

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

106<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Cash Cows Growth ETF** | **Pacer US Cash Cows Growth ETF** | **Pacer US Export Leaders ETF**  | **Pacer US Export Leaders ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $71636 | $308701 | $86671 | $289470  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 5251689 | 7612281 | 3462656 | 5109168  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; 8761400 | (3658084) | 6581317 | (6359555)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 14084725 | 4262898 | 10130644 | (960917)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (71136) | (138341) | (73294) | (260011)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (71136) | (138341) | (73294) | (260011)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 7982375 | 88382680 | 5746390 | 17312920  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (2532570) | (67775085) | (20786270) | (36765530)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 5449805 | 20607595 | (15039880) | (19452610)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 19463394 | 24732152 | (4982530) | (20673538)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 71143782 | 46411630 | 40520671 | 61194209  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $90607176 | $71143782 | $35538141 | $40520671  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 150000 | 1950000 | 100000 | 350000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (50000) | (1500000) | (400000) | (750000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** | &nbsp;&nbsp; 100000 | 450000 | (300000) | (400000) |

---

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

107<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Large Cap Cash Cows** <br>**Growth Leaders ETF** | **Pacer US Large Cap Cash Cows** <br>**Growth Leaders ETF** | **Pacer US Small Cap Cash Cows ETF**  | **Pacer US Small Cap Cash Cows ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3736267 | $2031544 | $27303994 | $94623246  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 23854857 | (13965841) | 246177979 | (951870472)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 236879732 | 29885244 | 575366078 | (741547757)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 264470856 | 17950947 | 848848051 | (1598794983)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp; From earnings | (2948022) | (1361850) | (23644919) | (86496425)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (2948022) | (1361850) | (23644919) | (86496425)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1063603155 | 1379070988 | 53996770 | 2290326815  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (152520240) | (75581485) | (1309811255) | (5819056550)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  |  | 12 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 911082915 | 1303489503 | (1255814473) | (3528729735)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1172605749 | 1320078600 | (430611341) | (5214021143)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1440420695 | 120342095 | 4185670049 | 9399691192  |
| &nbsp;&nbsp;&nbsp; End of the period | $2613026444 | $1440420695 | $3755058708 | $4185670049  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 30525000 | 42950000 | 1300000 | 51100000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4400000) | (2475000) | (32050000) | (138950000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 26125000 | 40475000 | (30750000) | (87850000) |

---

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

108<br>

------

**PACER FUNDS** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Small Cap Cash Cows** <br>**Growth Leaders ETF** | **Pacer US Small Cap Cash Cows** <br>**Growth Leaders ETF** | **Pacer WealthShield ETF**  | **Pacer WealthShield ETF**  |
|  | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025** | **Period Ended** <br>**October 31, 2025** <br>(Unaudited) | **Year Ended** <br>**April 30, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $17114 | $64824 | $173098 | $410139  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 87748 | (195515) | 243251 | 3033255  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1673909 | (445993) | 2322780 | (1038458)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1778771 | (576684) | 2739129 | 2404936  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (13530) | (54584) | (174453) | (281926)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (13530) | (54584) | (174453) | (281926)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2507575 | 18663390 | 3113510 | 7672770  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2425730) | (9328743) | (4930635) | (3057930)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  |  |  | 1059  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 81845 | 9334647 | (1817125) | 4615899  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1847086 | 8703379 | 747551 | 6738909  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 17873638 | 9170259 | 26185405 | 19446496  |
| &nbsp;&nbsp;&nbsp; End of the period | $19720724 | $17873638 | $26932956 | $26185405  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 100000 | 750000 | 100000 | 250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (375000) | (150000) | (100000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** |  | 375000 | (50000) | 150000 |

---

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

109<br>

------

**Pacer Aristotle Pacific Floating Rate High Income ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,**<br>**2022<sup>(f)</sup>** | **Year Ended** <br>**June 30,** <br>**2021**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023**  | **Period Ended** <br>**April 30,**<br>**2022<sup>(f)</sup>** | **Year Ended** <br>**June 30,** <br>**2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $46.60 | $47.50 | $45.71 | $47.76 | &nbsp;&nbsp;&nbsp; $48.90 | &nbsp;&nbsp; $46.52  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | 3.64 | 4.23 | 3.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | 1.47  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | (1.00) | 1.58 | (2.10) | &nbsp;&nbsp;&nbsp; (1.29) | 2.47  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | 2.64 | 5.81 | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 3.94  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.57) | (3.54) | (4.02) | (3.29) | &nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (1.56)  |
| **Total distributions** | &nbsp;&nbsp; (1.57) | (3.54) | (4.02) | (3.29) | &nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (1.56)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $47.25 | $46.60 | $47.50 | $45.71 | &nbsp;&nbsp;&nbsp; $47.76 | &nbsp;&nbsp; $48.90  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 4.80% | 5.67% | 13.25% | 2.91% | &nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp; 8.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $567416 | $471076 | $248422 | $100095 | &nbsp;&nbsp;&nbsp; $81663 | &nbsp;&nbsp; $31788  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.68%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp; N/A | N/A | N/A | N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; 0.86%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 7.07% | 7.66% | 9.01% | 7.36% | &nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp; 3.04%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp; 17% | 65% | 43% | 79% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp; 35% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

<sup>(f)</sup> For the period July 1, 2021 to April 30, 2022.

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

110<br>

------

**Pacer Cash Cows Fund of Funds ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $36.85 | $37.61 | $33.53 | $33.44 | $33.44 | $20.83  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | 0.87 | 0.94 | 0.76 | 0.79 | 0.55  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.99 | (0.74) | 4.13 | 0.11 |  | 12.56  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | 0.13 | 5.07 | 0.87 | 0.79 | 13.11  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.35) | (0.89) | (0.99) | (0.78) | (0.79) | (0.50)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  | —  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> | (0.00)<sup>(c)</sup> |  | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.35) | (0.89) | (0.99) | (0.78) | (0.79) | (0.50)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $42.85 | $36.85 | $37.61 | $33.53 | $33.44 | $33.44  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 17.27% | 0.29% | 15.38% | 2.81% | 2.29% | 63.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $87842 | $82918 | $94037 | $48618 | $8361 | $1672  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.15% | 0.15% | 0.15% | 0.15% | 0.16% | 0.15%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.76% | 2.27% | 2.64% | 2.33% | 2.27% | 2.09%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp;&nbsp; 2% | 6% | 4% | 8% | 26% | 9% |

---

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

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

<sup>(h)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. 

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

111<br>

------

**Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $34.36 | $37.28 | $36.60 | $34.95 | $37.16 | $25.23  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.45 | 0.41 | 0.40 | 0.34 | 0.26  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.16) | (2.94) | 0.70 | 1.65 | (2.21) | 11.95  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | (2.49) | 1.11 | 2.05 | (1.87) | 12.21  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20) | (0.43) | (0.43) | (0.40) | (0.34) | (0.28)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.20) | (0.43) | (0.43) | (0.40) | (0.34) | (0.28)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $34.27 | $34.36 | $37.28 | $36.60 | $34.95 | $37.16  |
| TOTAL RETURN<sup>(c)(f)</sup>  | &nbsp;&nbsp;&nbsp; 0.31% | -6.81% | 3.13% | 5.95% | -5.11% | 48.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $11994 | $20615 | $39140 | $78680 | $80388 | $66883  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.55% | 1.20% | 1.16% | 1.16% | 0.89% | 0.89%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; 207% | 190% | 185% | 227% | 225% | 217% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

<sup>(f)</sup> Total return was calculated using the traded NAV due to the re-balancing of the portfolio at April 30, 2022. 

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

112<br>

------

**Pacer Data & Infrastructure Real Estate ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $30.79 | $26.32 | $29.68 | $37.50 | $38.48 | $33.27  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 0.61 | 0.71 | 0.77 | 0.32 | 0.36  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 4.37 | (2.98) | (7.92) | (0.91) | 5.39  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | 4.98 | (2.27) | (7.15) | (0.59) | 5.75  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| Net investment income | &nbsp;&nbsp; (0.25) | (0.51) | (1.09) | (0.61) | (0.33) | (0.37)  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.06) | (0.06) | —  |
| Return of capital | &nbsp;&nbsp; — |  |  |  |  | (0.17)  |
| **Total distributions** | &nbsp;&nbsp; (0.25) | (0.51) | (1.09) | (0.67) | (0.39) | (0.54)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $31.12 | $30.79 | $26.32 | $29.68 | $37.50 | $38.48  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 1.91% | 19.05% | -7.74% | -19.11% | -1.63% | 17.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $424818 | $432583 | $421162 | $700548 | $1299321 | $1119810  |
| Ratio of expenses to average net assets<sup>(g)</sup>:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.56% | 0.60% | 0.60% | 0.60% | 0.62% | 0.60%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> (See Note 3) | &nbsp;&nbsp; 0.53% | 0.55% | 0.55% | 0.58% | N/A | N/A  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.48% | 2.04% | 2.57% | 2.43% | 0.81% | 1.02%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 12% | 40% | 68% | 51% | 23% | 30% |

---

<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> Effective August 29, 2025 the investment advisory fee changed from 0.60% to 0.49% 

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

113<br>

------

**Pacer Data and Digital Revolution ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $46.18 | $40.02 | $25.36 | &nbsp;&nbsp;&nbsp;&nbsp; $25.31  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.07 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26.87 | 6.29 | 14.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;26.90 | 6.36 | 14.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | (0.05) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)  |
| Net realized gains | &nbsp;&nbsp; — | (0.15) |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; — | (0.20) | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $73.08 | $46.18 | $40.02 | &nbsp;&nbsp;&nbsp;&nbsp; $25.36  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp; 58.27% | 15.90% | 58.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $317179 | $54488 | $28812 | &nbsp;&nbsp;&nbsp;&nbsp; $1014  |
| Ratio of expenses to average net assets<sup>(f)(h)</sup> | &nbsp;&nbsp; 0.52% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net <br>assets<sup>(f)</sup> | &nbsp;&nbsp; 0.10% | 0.14% | 0.27% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 13% | 36% | 27% | &nbsp;&nbsp;&nbsp;&nbsp; 9% |

---

<sup>(a)</sup> Inception date of the Fund was June 8, 2022.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

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

<sup>(h)</sup> Effective August 1, 2025 the investment advisory fee changed from 0.60% to 0.49% 

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

114<br>

------

**Pacer Developed Markets International Cash Cows 100 ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $31.77 | $31.58 | $29.82 | $29.69 | $31.95 | $20.99  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)</sup> | 0.61 | 1.00 | 1.19 | 1.52 | 1.03 | 0.66  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 6.00 | 0.66 | 1.72 | (0.18) | (2.43) | 10.98  |
| **Total from investment operations** | 6.61 | 1.66 | 2.91 | 1.34 | (1.40) | 11.64  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| Net investment income | (0.42) | (1.47) | (1.16) | (1.23) | (0.87) | (0.68)  |
| **Total distributions** | (0.42) | (1.47) | (1.16) | (1.23) | (0.87) | (0.68)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.01 | 0.02 | 0.01 | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | $37.96 | $31.77 | $31.58 | $29.82 | $29.69 | $31.95  |
| TOTAL RETURN<sup>(d)</sup> | 20.96% | 5.53% | 10.00% | 5.26% | -4.48% | 56.41%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $1351250 | $1050033 | $1405198 | $554584 | $111346 | $20769  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 3.47% | 3.25% | 3.89% | 5.43% | 3.28% | 2.52%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 36% | 79% | 67% | 59% | 71% | 83% |

---

<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.

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

115<br>

------

**Pacer Emerging Markets Cash Cows 100 ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $20.44 | $20.44 | $19.32 | $22.14 | $25.94 | $19.11  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | 0.90 | 1.03 | 1.12 | 1.36 | 0.72  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | 0.49 | 1.15 | (2.70) | (4.03) | 6.91  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | 1.39 | 2.18 | (1.58) | (2.67) | 7.63  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.41) | (1.40) | (1.07) | (1.30) | (1.14) | (0.85)  |
| **Total distributions** | &nbsp;&nbsp; (0.41) | (1.40) | (1.07) | (1.30) | (1.14) | (0.85)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.01 | 0.01 | 0.06 | 0.01 | 0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp; $24.87 | $20.44 | $20.44 | $19.32 | $22.14 | $25.94  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 23.84% | 7.07% | 11.79% | -6.43% | -10.67% | 41.19%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $121839 | $80749 | $97086 | $55051 | $11070 | $3891  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.70% | 0.70% | 0.70% | 0.70% | 0.71% | 0.70%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 4.97% | 4.35% | 5.28% | 5.93% | 5.50% | 3.12%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp; 46% | 94% | 73% | 66% | 97% | 109% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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

116<br>

------

**Pacer Global Cash Cows Dividend ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $36.74 | $34.17 | $34.15 | $32.83 | $31.10 | $24.63  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)</sup> | 0.81 | 1.56 | 1.75 | 1.94 | 1.39 | 1.17  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 2.88 | 2.46 | 0.27 | 0.65 | 1.69 | 6.51  |
| **Total from investment operations** | 3.69 | 4.02 | 2.02 | 2.59 | 3.08 | 7.68  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| Net investment income | (0.60) | (1.45) | (2.00) | (1.28) | (1.35) | (1.21)  |
| **Total distributions** | (0.60) | (1.45) | (2.00) | (1.28) | (1.35) | (1.21)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.01 | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of period** | $39.83 | $36.74 | $34.17 | $34.15 | $32.83 | $31.10  |
| TOTAL RETURN<sup>(d)</sup> | 10.13% | 12.14% | 6.17% | 8.50% | 10.22% | 32.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | $2483257 | $2189516 | $1916683 | $1579560 | $351302 | $135269  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 4.12% | 4.42% | 5.21% | 6.07% | 4.32% | 4.32%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 42% | 49% | 65% | 47% | 39% | 76% |

---

<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.

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

117<br>

------

**Pacer Industrial Real Estate ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $35.92 | $35.41 | $40.73 | $47.82 | $42.12 | $30.09  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 1.15 | 1.18 | 0.90 | 0.78 | 0.63  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | 0.34 | (4.94) | (6.99) | 5.48 | 12.08  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | 1.49 | (3.76) | (6.09) | 6.26 | 12.71  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.46) | (0.98) | (1.56) | (1.00) | (0.57) | (0.58)  |
| Return of capital | &nbsp;&nbsp; — |  |  |  |  | (0.10)  |
| **Total distributions** | &nbsp;&nbsp; (0.46) | (0.98) | (1.56) | (1.00) | (0.57) | (0.68)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp; — |  |  |  | 0.01 | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $37.61 | $35.92 | $35.41 | $40.73 | $47.82 | $42.12  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 6.04% | 4.05% | -9.31% | -12.56% | 14.88% | 42.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $116600 | $138283 | $194769 | $219932 | $384990 | $200086  |
| Ratio of expenses to average net assets<sup>(g)</sup>:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(e)</sup> | &nbsp;&nbsp; 0.56% | 0.60% | 0.60% | 0.60% | 0.61% | 0.60%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(e)</sup> (See Note 3) | &nbsp;&nbsp; 0.53% | 0.55% | 0.55% | 0.58% | N/A | N/A  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 3.69% | 2.99% | 3.12% | 2.25% | 1.60% | 1.75%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 7% | 22% | 19% | 92% | 43% | 13% |

---

<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> Effective August 29, 2025 the investment advisory fee changed from 0.60% to 0.49% 

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

118<br>

------

**Pacer Industrials and Logistics ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.54 | $26.38 | $25.24 | &nbsp;&nbsp;&nbsp;&nbsp; $24.87  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.48 | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.43  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | (0.62) | 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | (0.14) | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.67  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.70) | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.70) | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; (0.30)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $28.88 | $25.54 | $26.38 | &nbsp;&nbsp;&nbsp;&nbsp; $25.24  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.97% | -0.62% | 7.54% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $578 | $1022 | $1055 | &nbsp;&nbsp;&nbsp;&nbsp; $1010  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | 1.76% | 2.26% | &nbsp;&nbsp;&nbsp;&nbsp; 2.01%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18% | 37% | 26% | &nbsp;&nbsp;&nbsp;&nbsp; 10% |

---

<sup>(a)</sup> Inception date of the Fund was June 8, 2022.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> 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.

119<br>

------

**Pacer Lunt Large Cap Alternator ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**April 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $33.99 | $33.99 | $36.46 | $43.15 | $40.74 | &nbsp;&nbsp; $23.58  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.52 | 0.42 | 0.44 | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.41  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | (0.01) | (2.47) | (6.67) | 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;17.16  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.61 | 0.51 | (2.05) | (6.23) | 2.84 | &nbsp;&nbsp;&nbsp;&nbsp;17.57  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.12) | (0.51) | (0.42) | (0.44) | (0.43) | &nbsp;&nbsp; (0.41)  |
| Return of capital | &nbsp;&nbsp; — |  |  | (0.02) |  | &nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.12) | (0.51) | (0.42) | (0.46) | (0.43) | &nbsp;&nbsp; (0.41)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $44.48 | $33.99 | $33.99 | $36.46 | $43.15 | &nbsp;&nbsp; $40.74  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 31.28% | 1.42% | -5.65% | -14.49% | 6.97% | &nbsp;&nbsp; 74.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $108987 | $129168 | $256630 | $776680 | $554454 | &nbsp;&nbsp; $130353  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.66% | 1.41% | 1.19% | 1.11% | 1.09% | &nbsp;&nbsp; 1.59%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 147% | 246% | 597% | 384% | 722% | &nbsp;&nbsp; 193% |

---

<sup>(a)</sup> Inception date of the Fund was June 24, 2020.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

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

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

120<br>

------

**Pacer Lunt Large Cap Multi-Factor Alternator ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**April 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $46.79 | $44.34 | $34.95 | $36.34 | $37.61 | &nbsp;&nbsp;&nbsp; $24.42  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.49 | 0.34 | 0.54 | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | 2.40 | 9.36 | (1.38) | (1.33) | &nbsp;&nbsp;&nbsp;&nbsp;13.14  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | 2.89 | 9.70 | (0.84) | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;13.46  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.21) | (0.44) | (0.31) | (0.55) | (0.33) | &nbsp;&nbsp;&nbsp; (0.27)  |
| **Total distributions** | &nbsp;&nbsp; (0.21) | (0.44) | (0.31) | (0.55) | (0.33) | &nbsp;&nbsp;&nbsp; (0.27)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $51.50 | $46.79 | $44.34 | $34.95 | $36.34 | &nbsp;&nbsp;&nbsp; $37.61  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 10.53% | 6.48% | 27.83% | -2.26% | -2.58% | &nbsp;&nbsp;&nbsp; 55.41%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $272958 | $290113 | $297078 | $206191 | $267095 | &nbsp;&nbsp;&nbsp; $43253  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.17% | 1.00% | 0.84% | 1.54% | 0.98% | &nbsp;&nbsp;&nbsp; 1.19%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 187% | 493% | 417% | 629% | 434% | &nbsp;&nbsp;&nbsp; 304% |

---

<sup>(a)</sup> Inception date of the Fund was June 24, 2020.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

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

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

121<br>

------

**Pacer Lunt MidCap Multi-Factor Alternator ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**April 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $40.94 | $42.93 | $33.19 | $32.19 | $37.07 | &nbsp;&nbsp;&nbsp; $23.84  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 0.55 | 0.25 | 0.37 | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | (2.13) | 9.73 | 1.01 | (4.87) | &nbsp;&nbsp;&nbsp;&nbsp;13.26  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.98 | (1.58) | 9.98 | 1.38 | (4.67) | &nbsp;&nbsp;&nbsp;&nbsp;13.33  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.16) | (0.41) | (0.24) | (0.36) | (0.19) | &nbsp;&nbsp;&nbsp; (0.07)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  |  | (0.02) | (0.02) | &nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.16) | (0.41) | (0.24) | (0.38) | (0.21) | &nbsp;&nbsp;&nbsp; (0.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $45.76 | $40.94 | $42.93 | $33.19 | $32.19 | &nbsp;&nbsp;&nbsp; $37.07  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 12.17% | -3.79% | 30.16% | 4.43% | -12.66% | &nbsp;&nbsp;&nbsp; 56.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $57200 | $63457 | $55809 | $34852 | $35406 | &nbsp;&nbsp;&nbsp; $35219  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.61% | &nbsp;&nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.47% | 1.22% | 0.66% | 1.14% | 0.55% | &nbsp;&nbsp;&nbsp; 0.27%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 304% | 475% | 367% | 569% | 529% | &nbsp;&nbsp;&nbsp; 322% |

---

<sup>(a)</sup> Inception date of the Fund was June 24, 2020.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

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

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

122<br>

------

**Pacer MSCI World Industry Advantage ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**April 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.21 | &nbsp;&nbsp;&nbsp;&nbsp; $20.09  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.32 | &nbsp;&nbsp;&nbsp;&nbsp; $20.21  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 25.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1013 | &nbsp;&nbsp;&nbsp;&nbsp; $808  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp;&nbsp; 0.53%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp;&nbsp; 33% |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

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

123<br>

------

**Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**April 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $20.31 | &nbsp;&nbsp;&nbsp;&nbsp; $20.78  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp; (0.45)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $24.75 | &nbsp;&nbsp;&nbsp;&nbsp; $20.31  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.89% | &nbsp;&nbsp;&nbsp;&nbsp; -2.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $8413 | &nbsp;&nbsp;&nbsp;&nbsp; $3656  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% | &nbsp;&nbsp;&nbsp;&nbsp; 51% |

---

<sup>(a)</sup> Inception date of the Fund was August 19, 2024.

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

<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.

124<br>

------

**Pacer Nasdaq International Patent Leaders ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**April 30,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $21.13 | &nbsp;&nbsp;&nbsp;&nbsp; $20.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.24  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.78  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.02  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.07  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $27.34 | &nbsp;&nbsp;&nbsp;&nbsp; $21.13  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 29.82% | &nbsp;&nbsp;&nbsp;&nbsp; 5.45%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $18591 | &nbsp;&nbsp;&nbsp;&nbsp; $9722  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 1.93%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 2% | &nbsp;&nbsp;&nbsp;&nbsp; 3% |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2024.

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

125<br>

------

**Pacer Trendpilot<sup>®</sup> 100 ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $67.29 | $67.13 | $55.22 | $52.18 | $54.01 | $37.91  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.13 | 1.49 | 1.43 | 0.48 | (0.13) | 0.01  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 13.84 | 0.12 | 11.44 | 2.87 | (1.70) | 16.17  |
| **Total from investment operations** | 13.97 | 1.61 | 12.87 | 3.35 | (1.83) | 16.18  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income |  | (1.45) | (0.96) | (0.31) |  | (0.08)  |
| **Total distributions** |  | (1.45) | (0.96) | (0.31) |  | (0.08)  |
| ETF transaction fees per share (See Note 1) |  |  |  |  |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | $81.26 | $67.29 | $67.13 | $55.22 | $52.18 | $54.01  |
| TOTAL RETURN<sup>(d)</sup> | 20.77% | 2.17% | 23.36% | 6.47% | -3.38% | 42.69%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1324596 | $1227993 | $1181469 | $750925 | $688816 | $783124  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.35% | 2.06% | 2.24% | 0.93% | (0.22)% | 0.01%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 2% | 5% | 20% | 6% | 7% | 6% |

---

<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.

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

126<br>

------

**Pacer Trendpilot<sup>®</sup> European Index ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $26.49 | $25.86 | $26.57 | $22.40 | $24.33 | $23.76  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 0.68 | 0.68 | 0.34 | 0.34 | 0.10  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | 0.78 | (0.71) | 3.99 | (1.89) | 0.47  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | 1.46 | (0.03) | 4.33 | (1.55) | 0.57  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.83) | (0.68) | (0.16) | (0.38) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.83) | (0.68) | (0.16) | (0.38) | —  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp; — |  |  |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $30.08 | $26.49 | $25.86 | $26.57 | $22.40 | $24.33  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 13.57% | 5.94% | -0.02% | 19.43% | -6.47% | 2.38%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $36096 | $30459 | $40091 | $43843 | $45925 | $54741  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.65% | 0.65% | 0.65% | 0.65% | 0.66% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2.55% | 2.56% | 2.68% | 1.48% | 1.39% | 0.43%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 5% | 153% | 111% | 5% | 7% | 506% |

---

<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.

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

127<br>

------

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

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $30.98 | $30.48 | $27.80 | $27.81 | $29.82 | $23.81  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.74 | 0.77 | 0.48 | 0.35 | 0.22  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.03 | 0.51 | 2.66 | (0.03) | (2.07) | 5.96  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | 1.25 | 3.43 | 0.45 | (1.72) | 6.18  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.75) | (0.75) | (0.46) | (0.29) | (0.17)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.75) | (0.75) | (0.46) | (0.29) | (0.17)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $34.17 | $30.98 | $30.48 | $27.80 | $27.81 | $29.82  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 10.31% | 3.96% | 12.39% | 1.71% | -5.87% | 26.02%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $54671 | $55758 | $50294 | $52819 | $63968 | $44728  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.99% | 2.26% | 2.61% | 1.77% | 1.16% | 0.82%  |
| Portfolio turnover rate<sup>(c)(f)</sup> | &nbsp;&nbsp;&nbsp; 2% | 8% | 6% | 6% | 5% | 29% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> Annualized for periods less than one year.

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

<sup>(g)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests. 

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

128<br>

------

**Pacer Trendpilot<sup>®</sup> International ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $27.36 | $28.16 | $26.91 | $24.40 | $28.22 | $23.42  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 0.62 | 0.65 | 0.45 | 0.44 | 0.28  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | (0.68) | 1.18 | 2.16 | (3.57) | 4.72  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.96 | (0.06) | 1.83 | 2.61 | (3.13) | 5.00  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |
| Net investment income | &nbsp;&nbsp; — | (0.74) | (0.58) | (0.10) | (0.69) | (0.20)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.74) | (0.58) | (0.10) | (0.69) | (0.20)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $31.32 | $27.36 | $28.16 | $26.91 | $24.40 | $28.22  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 14.46% | -0.26% | 6.85% | 10.75% | -11.46% | 21.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $162854 | $147748 | $150672 | $125141 | $130527 | $131228  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.65% | 0.65% | 0.65% | 0.65% | 0.65% | 0.65%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.13% | 2.13% | 2.38% | 1.82% | 1.56% | 1.15%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 9% | 74% | 58% | 3% | 202% | 161% |

---

<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.

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

129<br>

------

**Pacer Trendpilot<sup>®</sup> US Bond ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $19.94 | $20.00 | $20.20 | $23.33 | $27.45 | $25.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 1.17 | 1.41 | 1.11 | 0.80 | 1.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp; (0.37) | (0.07) | (0.19) | (2.83) | (4.17) | 1.34  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 1.10 | 1.22 | (1.72) | (3.37) | 2.43  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.56) | (1.16) | (1.42) | (1.41) | (0.75) | (0.75)  |
| **Total distributions** | &nbsp;&nbsp; (0.56) | (1.16) | (1.42) | (1.41) | (0.75) | (0.75)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp; — |  | 0.00<sup>(c)</sup> |  |  | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp; $19.56 | $19.94 | $20.00 | $20.20 | $23.33 | $27.45  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 0.91% | 5.58% | 6.30% | -7.30% | -12.54% | 9.53%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $125189 | $161501 | $178021 | $232340 | $949550 | $839970  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 5.58% | 5.80% | 7.03% | 5.26% | 3.01% | 4.04%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 316% | 431% | 131% | 711% | 652% | 55% |

---

<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.

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

130<br>

------

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

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $48.66 | $45.80 | $38.63 | $37.54 | $36.54 | $26.99  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.23 | 0.54 | 0.42 | 0.66 | 0.28 | 0.25  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 7.18 | 2.68 | 7.26 | 0.90 | 1.03 | 9.65  |
| **Total from investment operations** | 7.41 | 3.22 | 7.68 | 1.56 | 1.31 | 9.90  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income |  | (0.36) | (0.51) | (0.47) | (0.31) | (0.35)  |
| **Total distributions** |  | (0.36) | (0.51) | (0.47) | (0.31) | (0.35)  |
| **Net asset value, end of period** | $56.07 | $48.66 | $45.80 | $38.63 | $37.54 | $36.54  |
| Total return<sup>(c)</sup> | 15.24% | 6.94% | 19.96% | 4.20% | 3.48% | 36.86%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $3459589 | $3213687 | $2619782 | $2039609 | $1841243 | $1894772  |
| Ratio of expenses to average net assets<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 0.87% | 1.04% | 0.98% | 1.75% | 0.71% | 0.83%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | 2% | 3% | 51% | 1% | 58% | 6% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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

131<br>

------

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

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $34.69 | $33.87 | $32.25 | $34.52 | $35.63 | $28.35  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.46 | 0.56 | 0.39 | 0.00<sup>(b)</sup> | 0.09  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | 0.68 | 1.69 | (2.41) | (1.07) | 7.36  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | 1.14 | 2.25 | (2.02) | (1.07) | 7.45  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; — | (0.32) | (0.63) | (0.25) | (0.04) | (0.17)  |
| **Total distributions** | &nbsp;&nbsp; — | (0.32) | (0.63) | (0.25) | (0.04) | (0.17)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $35.60 | $34.69 | $33.87 | $32.25 | $34.52 | $35.63  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 2.62% | 3.30% | 7.02% | -5.81% | -2.98% | 26.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $400521 | $423241 | $384469 | $390252 | $441894 | $452474  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.80% | 1.25% | 1.72% | 1.19% | 0.01% | 0.30%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 6% | 14% | 262% | 441% | 16% | 304% |

---

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

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the 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.

132<br>

------

**Pacer US Cash Cows 100 ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $51.94 | $54.82 | $46.73 | $47.94 | $41.95 | $25.17  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.60 | 1.12 | 1.10 | 1.08 | 0.84 | 0.71  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.89 | (2.99) | 8.02 | (1.32) | 5.87 | 16.76  |
| **Total from investment operations** | 6.49 | (1.87) | 9.12 | (0.24) | 6.71 | 17.47  |
| **LESS DISTRIBUTIONS FROM:**  | **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |  |
| Net investment income | (0.47) | (1.01) | (1.03) | (0.97) | (0.72) | (0.69)  |
| **Total distributions** | (0.47) | (1.01) | (1.03) | (0.97) | (0.72) | (0.69)  |
| **Net asset value, end of period** | $57.96 | $51.94 | $54.82 | $46.73 | $47.94 | $41.95  |
| Total return<sup>(c)</sup> | 12.54% | -3.52% | 19.70% | -0.38% | 16.08% | 70.43%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $18136574 | $20965678 | $22641886 | $13219876 | $4554750 | $432113  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average <br>net assets<sup>(d)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | 2.13% | 1.99% | 2.15% | 2.30% | 1.78% | 2.23%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | 47% | 151% | 77% | 90% | 114% | 104% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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

133<br>

------

**Pacer US Cash Cows Growth ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $44.46 | $40.36 | $35.00 | $35.44 | $36.21 | $22.89  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.21 | 0.56 | 0.60 | 0.04 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.85 | 3.99 | 5.43 | (0.65) | (0.75) | 13.37  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | 4.20 | 5.99 | (0.05) | (0.71) | 13.51  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.05) | (0.10) | (0.62) | (0.39) | (0.04) | (0.19)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  | (0.01) |  | (0.02) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.05) | (0.10) | (0.63) | (0.39) | (0.06) | (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $53.30 | $44.46 | $40.36 | $35.00 | $35.44 | $36.21  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 19.97% | 10.41% | 17.34% | -0.07% | -1.98% | 59.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $90607 | $71144 | $46412 | $38500 | $8859 | $3621  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.18% | 0.47% | 1.52% | 1.69% | 0.10% | 0.43%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; 44% | 137% | 123% | 182% | 76% | 170% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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

134<br>

------

**Pacer US Export Leaders ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $45.02 | $47.07 | $39.95 | $38.27 | $40.41 | $25.15  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.24 | 0.21 | 0.25 | 0.12 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14.18 | (2.08) | 7.12 | 1.67 | (2.13) | 15.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;14.31 | (1.84) | 7.33 | 1.92 | (2.01) | 15.41  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.10) | (0.21) | (0.21) | (0.24) | (0.12) | (0.15)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.01) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.10) | (0.21) | (0.21) | (0.24) | (0.13) | (0.15)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $59.23 | $45.02 | $47.07 | $39.95 | $38.27 | $40.41  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 31.81% | -3.95% | 18.40% | 5.06% | -5.00% | 61.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $35538 | $40521 | $61194 | $19976 | $3827 | $2021  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.61% | 0.60%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.47% | 0.48% | 0.47% | 0.64% | 0.29% | 0.43%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; 39% | 71% | 75% | 74% | 79% | 111% |

---

<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> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

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

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

135<br>

------

**Pacer US Large Cap Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,** | **Year Ended April 30,** | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024**  | **Period Ended** <br>**April 30,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $31.74 | $24.56 | $20.07 | &nbsp;&nbsp;&nbsp; $20.36  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.06 | 0.13 | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.79 | 7.16 | 4.48 | &nbsp;&nbsp;&nbsp; (0.30)  |
| **Total from investment operations** | 4.85 | 7.29 | 4.60 | &nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |
| Net investment income | (0.04) | (0.11) | (0.11) | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Total distributions** | (0.04) | (0.11) | (0.11) | &nbsp;&nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | $36.55 | $31.74 | $24.56 | &nbsp;&nbsp;&nbsp; $20.07  |
| Total return<sup>(d)</sup> | 15.27% | 29.72% | 22.96% | &nbsp;&nbsp;&nbsp; -1.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $2613026 | $1440421 | $120342 | &nbsp;&nbsp;&nbsp; $19571  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.49% | 0.49% | 0.49% | &nbsp;&nbsp;&nbsp; 0.49%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.34% | 0.42% | 0.53% | &nbsp;&nbsp;&nbsp; 0.44%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 65% | 108% | 111% | &nbsp;&nbsp;&nbsp; 30% |

---

<sup>(a)</sup> Inception date of the Fund was December 21, 2022.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

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

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

136<br>

------

**Pacer US Small Cap Cash Cows ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $35.70 | $45.83 | $37.05 | $38.06 | $41.82 | $20.76  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.27 | 0.51 | 0.54 | 0.51 | 0.72 | 0.11  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 7.68 | (10.18) | 8.76 | (1.09) | (3.37) | 21.13  |
| **Total from investment operations** | 7.95 | (9.67) | 9.30 | (0.58) | (2.65) | 21.24  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | (0.24) | (0.46) | (0.52) | (0.43) | (0.67) | (0.14)  |
| Return of capital |  |  |  |  | (0.44) | (0.04)  |
| **Total distributions** | (0.24) | (0.46) | (0.52) | (0.43) | (1.11) | (0.18)  |
| ETF transaction fees per share (See Note 1) | 0.00<sup>(c)</sup> |  |  |  |  | —  |
| **Net asset value, end of period** | $43.41 | $35.70 | $45.83 | $37.05 | $38.06 | $41.82  |
| Total return<sup>(d)</sup> | 22.29% | -21.28% | 25.18% | -1.46% | -6.57% | 102.70%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $3755059 | $4185670 | $9399691 | $2035764 | $831675 | $271840  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.59% | 0.59% | 0.59% | 0.59% | 0.60% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.31% | 1.16% | 1.20% | 1.36% | 1.70% | 0.33%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 63% | 146% | 108% | 101% | 133% | 123% |

---

<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.

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

137<br>

------

**Pacer US Small Cap Cash Cows Growth Leaders ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**April 30,** <br>**2025** | **Period Ended** <br>**April 30,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $23.06 | &nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp;&nbsp; $20.18  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.75  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.88  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.00)<sup>(d)</sup>  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.45 | &nbsp;&nbsp; $23.06 | &nbsp;&nbsp;&nbsp;&nbsp; $22.93  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 10.41% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 14.26%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $19721 | &nbsp;&nbsp; $17874 | &nbsp;&nbsp;&nbsp;&nbsp; $9170  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.18% | &nbsp;&nbsp; 0.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 64% | &nbsp;&nbsp; 136% | &nbsp;&nbsp;&nbsp;&nbsp; 152% |

---

<sup>(a)</sup> Inception date of the Fund was May 1, 2023.

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

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

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

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

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

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

138<br>

------

**Pacer WealthShield ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  | **Year Ended April 30,**  |
|  | **Period Ended** <br>**October 31,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $30.81 | $27.78 | $27.16 | $30.16 | $32.10 | $23.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.61 | 0.39 | 0.64 | 0.26 | 0.14  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | 2.85 | 0.71 | (3.07) | (1.94) | 8.20  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | 3.46 | 1.10 | (2.43) | (1.68) | 8.34  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20) | (0.43) | (0.48) | (0.57) | (0.26) | (0.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.20) | (0.43) | (0.48) | (0.57) | (0.26) | (0.16)  |
| ETF transaction fees per share (See Note 1) | &nbsp;&nbsp;&nbsp; — | 0.00<sup>(c)</sup> |  |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $33.67 | $30.81 | $27.78 | $27.16 | $30.16 | $32.10  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 9.99% | 12.45% | 4.06% | -8.09% | -5.30% | 35.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $26933 | $26185 | $19446 | $24446 | $33172 | $48143  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.61% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.25% | 2.01% | 1.42% | 2.19% | 0.79% | 0.53%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 184% | 514% | 315% | 669% | 448% | 227% |

---

<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.

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

139<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Pacer Funds Trust (the "Trust"), a Delaware statutory trust organized on August 12, 2014. USAI, ODDS, BULD, QQWZ, EAFG, QSIX, QDPL, PEVC, LCOW, MCOW, SCOW, FOWF, PSCW, PSCX, PSCJ, PSCQ, PSFM, PSFD, PSFJ, PSFO, PSFF, PSMR, PSMD, PSMJ, PSMO and MILK fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust currently consists of multiple operational series, of which are covered in this report, individually the ("Fund") or collectively the ("Funds").

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"), Nasdaq Stock Market LLC ("Nasdaq"), or the NYSE Arca, Inc. ("NYSE"). Market prices for the shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000 shares, and FLRT, TRFK, SHPP, GLBL, QQQG and PATN which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of Operations** | **Exchange** | **Transaction** <br>**Fees**  |
| Pacer Aristotle Pacific Floating Rate High Income ETF\* | FLRT | February 18, 2015 | NYSE | &nbsp;&nbsp; $300  |
| Pacer Cash Cows Fund of Funds ETF | HERD | May 3, 2019 | Nasdaq | &nbsp;&nbsp; 300  |
|  Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF | SZNE | July 23, 2018 | NYSE | &nbsp;&nbsp; 500  |
| Pacer Data & Infrastructure Real Estate ETF | SRVR | May 15, 2018 | NYSE | &nbsp;&nbsp; 300  |
| Pacer Data and Digital Revolution ETF | TRFK | June 8, 2022 | NYSE | &nbsp;&nbsp; 500  |
|  Pacer Developed Markets International Cash Cows 100 ETF | ICOW | June 16, 2017 | Cboe | &nbsp;&nbsp; 1000  |
| Pacer Emerging Markets Cash Cows 100 ETF | ECOW | May 2, 2019 | Nasdaq | &nbsp;&nbsp; 1750  |
| Pacer Global Cash Cows Dividend ETF | GCOW | February 22, 2016 | Cboe | &nbsp;&nbsp; 1000  |
| Pacer Industrial Real Estate ETF | INDS | May 14, 2018 | NYSE | &nbsp;&nbsp; 300  |

---

140<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement of Operations** | **Exchange** | **Transaction** <br>**Fees**  |
| Pacer Industrials & Logistics ETF | SHPP | June 8, 2022 | NYSE | &nbsp;&nbsp;&nbsp; 750  |
| Pacer Lunt Large Cap Alternator ETF | ALTL | June 24, 2020 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Lunt Large Cap Multi-Factor Alternator ETF | PALC | June 24, 2020 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Lunt MidCap Multi-Factor Alternator ETF | PAMC | June 24, 2020 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer MSCI World Industry Advantage ETF | GLBL | September 16, 2024 | Cboe | &nbsp;&nbsp;&nbsp; 1250  |
|  Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | QQQG | August 19, 2024 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Nasdaq International Patent Leaders ETF | PATN | September 16, 2024 | Nasdaq | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Trendpilot<sup>®</sup> 100 ETF | PTNQ | June 11, 2015 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Trendpilot<sup>®</sup> European Index ETF | PTEU | December 14, 2015 | Cboe | &nbsp;&nbsp;&nbsp; 1,250\*\*  |
| Pacer Trendpilot<sup>®</sup> Fund of Funds ETF | TRND | May 3, 2019 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer Trendpilot<sup>®</sup> International ETF | PTIN | May 2, 2019 | NYSE | &nbsp;&nbsp;&nbsp; 4,000\*\*  |
| Pacer Trendpilot<sup>®</sup> US Bond ETF | PTBD | October 22, 2019 | NYSE | &nbsp;&nbsp;&nbsp; 500  |
| Pacer Trendpilot<sup>®</sup> US Large Cap ETF | PTLC | June 11, 2015 | Cboe | &nbsp;&nbsp;&nbsp; 500\*\*  |
| Pacer Trendpilot<sup>®</sup> US Mid Cap ETF | PTMC | June 11, 2015 | Cboe | &nbsp;&nbsp;&nbsp; 300\*\*  |
| Pacer US Cash Cows 100 ETF | COWZ | December 16, 2016 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Cash Cows Growth ETF | BUL | May 2, 2019 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Export Leaders ETF | PEXL | July 23, 2018 | NYSE | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Large Cap Cash Cows Growth Leaders ETF | COWG | December 21, 2022 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Small Cap Cash Cows ETF | CALF | June 16, 2017 | Cboe | &nbsp;&nbsp;&nbsp; 300  |
| Pacer US Small Cap Cash Cows Growth Leaders ETF | CAFG | May 1, 2023 | Nasdaq | &nbsp;&nbsp;&nbsp; 300  |
| Pacer WealthShield ETF | PWS | December 11, 2017 | Cboe | &nbsp;&nbsp;&nbsp; 500 |

---

\* Effective 8/29/2025, the Fund changed its name from Pacer Pacific Asset Floating Rate High Income ETF to Pacer Aristotle Pacific Floating Rate High Income ETF. No changes were made to the Fund's investment objectives, principal investment strategies, or principal risks as a result of this name change. 

\*\* For the PTLC, PTMC, PTEU and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. 

The investment objectives of the following Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

---

| | | |
|:---|:---|:---|
| **Ticker** | **Index** | **Diversification**  |
| HERD | Pacer Cash Cows Fund of Funds Index | Diversified  |
| SZNE | CFRA-Stovall Equal Weight Seasonal Rotation Index | Diversified  |
| SRVR | Solactive GPR Data & Infrastructure Real Estate Index | Non-Diversified  |
| TRFK | Pacer Data Transmission and Communication Revolution Index | Non-Diversified  |
| ICOW | Pacer Developed Markets International Cash Cows 100 Index | Diversified  |
| ECOW | Pacer Emerging Markets Cash Cows 100 Index | Diversified  |
| GCOW | Pacer Global Cash Cows Dividend Index | Diversified  |
| INDS | Solactive GPR Industrial Real Estate Index | Non-Diversified  |
| SHPP | Pacer Global Supply Chain Infrastructure Index | Non-Diversified  |
| ALTL | Lunt Capital U.S. Large Cap Equity Rotation Index | Diversified  |
| PALC | Lunt Capital U.S. Large Cap Multi-Factor Rotation Index | Non-Diversified  |
| PAMC | Lunt Capital U.S. MidCap Multi-Factor Rotation Index | Diversified  |
| GLBL | MSCI World Ricardo Comparative Advantage Select Index | Non-Diversified  |
| QQQG | Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders Index | Non-Diversified  |
| PATN | Nasdaq International Patent Leaders Index | Non-Diversified  |
| PTNQ | Pacer NASDAQ-100 Trendpilot<sup>®</sup> Index | Non-Diversified  |

---

141<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
| **Ticker** | **Index** | **Diversification**  |
| PTEU | Pacer Trendpilot<sup>®</sup> European Index | Diversified  |
| TRND | Pacer Trendpilot<sup>®</sup> Fund of Funds Index | Diversified  |
| PTIN | Pacer Trendpilot<sup>®</sup> International Index | Diversified  |
| PTBD | Pacer Trendpilot<sup>®</sup> US Bond Index | Diversified  |
| PTLC | Pacer Trendpilot<sup>®</sup> US Large Cap Index | Diversified  |
| PTMC | Pacer Trendpilot<sup>®</sup> US Mid Cap Index | Diversified  |
| COWZ | Pacer US Cash Cows 100 Index | Diversified  |
| BUL | Pacer US Cash Cows Growth Index | Non-Diversified  |
| PEXL | Pacer US Export Leaders Index | Diversified  |
| COWG | Pacer US Large Cap Cash Cows Growth Leaders Index | Non-Diversified  |
| CALF | Pacer US Small Cap Cash Cows Index | Diversified  |
| CAFG | Pacer US Small Cap Cash Cows Growth Leaders Index | Non-Diversified  |
| PWS | Pacer WealthShield Index | Diversified |

---

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a diversified Fund.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations. The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities, including master limited partnerships ("MLPs"), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market ("Nasdaq"). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price ("NOCP") will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company's net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

142<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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.

Cash and cash equivalents - Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

The Trust's Valuation Procedures provide for the designation of the Adviser as "Valuation Designee". If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds' Board of Trustees (the "Board").As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

143<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

The following is a summary of the inputs used to value the Funds' investments as of October 31, 2025:

**FLRT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank Loans | $— | $327322678 | $— | $327322678  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 180439258 |  | 180439258  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 43873397 |  | 43873397  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 8386374 |  |  | 8386374  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 11830 |  |  | 11830  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7050439  |
| **Total Investments** | $8398204 | $551635333 | $— | $567083976 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,050,439 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**HERD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $87807780 | $— | $— | $87807780  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 14373000  |
| **Total Investments** | $87807780 | $— | $— | $102180780 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $14,373,000 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**SZNE** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $11922817 | $— | $— | $11922817  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2646709  |
| **Total Investments** | $11922817 | $— | $0 | $14569526 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,646,709 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

144<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SZNE<sup>(a)</sup>** | **Balance as of** <br>**4/30/2025** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**10/31/2025**  |
| Rights | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SZNE** | **Fair Value as of** <br>**10/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Rights | $0 | Instrinsic Value | Corporate Action | 0.00 USD |

---

<sup>(a)</sup> Table presents information for one security: Sycamore Partners LLC which has been valued at 0.00 USD throughout the period.

**SRVR** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | $269649262 | $— | $— | $269649262  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 154777566 |  |  | 154777566  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 28834365  |
| **Total Investments** | $424426828 | $— | $— | $453261193 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $28,834,365 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**TRFK** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $317097651 | $— | $— | $317097651  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 13140105  |
| **Total Investments** | $317097651 | $— | $— | $330237756 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $13,140,105 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

145<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**ICOW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1332989791 | $— | $— | $1332989791  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 12332530 |  |  | 12332530  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 17182115  |
| **Total Investments** | $1345322321 | $— | $— | $1362504436 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $17,182,115 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

**ECOW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $114823895 | $— | $0 | $114823895  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 6600079 |  |  | 6600079  |
| **Total Investments** | $121423974 | $— | $0 | $121423974 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ECOW<sup>(a)</sup>** | **Balance as of** <br>**4/30/2025** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**10/31/2025**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ECOW** | **Fair Value as of** <br>**10/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Market comparable companies | Discount for lack of marketability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

<sup>(a)</sup> Table presents information for one ten securities, which due to the Russian foreign exchange restrictions are not actively trading.

**GCOW** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2467806694 | $— | $— | $2467806694  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 10311601  |
| **Total Investments** | $2467806694 | $— | $— | $2478118295 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $10,311,601 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

146<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**INDS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | $112273198 | $— | $— | $112273198  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 3592262 |  |  | 3592262  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 24723428  |
| **Total Investments** | $115865460 | $— | $— | $140588888 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $24,723,428 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**SHPP** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $574070 | $— | $— | $574070  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 71862  |
| **Total Investments** | $574070 | $— | $— | $645932 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $71,862 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**ALTL** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $108946051 | $— | $— | $108946051  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 8978009  |
| **Total Investments** | $108946051 | $— | $— | $117924060 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $8,978,009 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

147<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**PALC** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $266877242 | $— | $— | $266877242  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 5845862 |  |  | 5845862  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 23952630  |
| **Total Investments** | $272723104 | $— | $— | $296675734 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $23,952,630 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**PAMC** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $48154763 | $— | $— | $48154763  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 8983122 |  |  | 8983122  |
| &nbsp;&nbsp;&nbsp; Warrants | 5082 |  |  | 5082  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7908768  |
| **Total Investments** | $57142967 | $— | $— | $65051735 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,908,768 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**GLBL** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $982908 | $— | $— | $982908  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 28674 |  |  | 28674  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 156099  |
| **Total Investments** | $1011582 | $— | $— | $1167681 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $156,099 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

148<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**QQQG** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $8410596 | $— | $— | $8410596  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1520060  |
| **Total Investments** | $8410596 | $— | $— | $9930656 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $1,520,060 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**PATN** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $18509578 | $— | $— | $18509578  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 34095 |  |  | 34095  |
| **Total Investments** | $18543673 | $— | $— | $18543673 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PTNQ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1324403348 | $— | $— | $1324403348  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 26139080  |
| **Total Investments** | $1324403348 | $— | $— | $1350542428 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $26,139,080 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**PTEU** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $35434449 | $— | $6966 | $35441415  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 227418 |  |  | 227418  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 188401 |  |  | 188401  |
| **Total Investments** | $35850268 | $— | $6966 | $35857234 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

149<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PTEU<sup>(a)</sup>** | **Balance as of** <br>**4/30/2025** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**10/31/2025**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $6846 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $120 | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $6966 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PTEU** | **Fair Value as of** <br>**10/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $6966 | Last Trade Price  | Stale Data | 4.8 EUR |

---

<sup>(a)</sup> Table presents information for one security: FF Group, which has been valued at 4.8 EUR throughout the period.

**TRND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Affiliated Exchange Traded Funds | $54663534 | $— | $— | $54663534  |
| **Total Investments** | $54663534 | $— | $— | $54663534 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PTIN** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $161520556 | $— | $— | $161520556  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 734495 |  |  | 734495  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 543360 |  |  | 543360  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2199322  |
| **Total Investments** | $162798411 | $— | $0 | $164997733 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,199,322 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PTIN<sup>(a)</sup>** | **Balance as of** <br>**4/30/2025** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**10/31/2025**  |
| Warrants | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Rights | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1238) | &nbsp;&nbsp; $1238 | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

150<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PTIN** | **Fair Value as of** <br>**10/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Warrants | $0 | US Line | Delisting | 0.00 CAD  |
| Rights | $0 | Instrinsic Value | Corporate Action | 0.00 NOK |

---

<sup>(a)</sup> Table presents information for two securities: Constellation Software, Inc. which has been valued at 0.00 CAD throughout the period. As well as Vend Marketplaces ASA which has been valued at 0.00 NOK throughout the period.

**PTBD** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $123136762 | $— | $123136762  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 245323 |  | 245323  |
| **Total Investments** | $— | $123382085 | $— | $123382085 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**PTLC** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3398481666 | $— | $— | $3398481666  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 59023643 |  |  | 59023643  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 84281567  |
| **Total Investments** | $3457505309 | $— | $0 | $3541786876 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $84,281,567 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PTLC<sup>(a)</sup>** | **Balance as of** <br>**4/30/2025** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**10/31/2025**  |
| Rights | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PTLC** | **Fair Value as of** <br>**10/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Rights | $0 | Instrinsic Value | Corporate Action | 0.00 USD |

---

<sup>(a)</sup> Table presents information for one security: Sycamore Partners LLC which has been valued at 0.00 USD throughout the period.

151<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**PTMC** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $373408900 | $— | $— | $373408900  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 26880728 |  |  | 26880728  |
| &nbsp;&nbsp;&nbsp; Warrants | 16449 |  |  | 16449  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 38963931  |
| **Total Investments** | $400306077 | $— | $— | $439270008 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $38,963,931 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**COWZ** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $18114428690 | $— | $— | $18114428690  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 280240584  |
| **Total Investments** | $18114428690 | $— | $— | $18394669274 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $280,240,584 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**BUL** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $90558608 | $— | $— | $90558608  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7090572  |
| **Total Investments** | $90558608 | $— | $— | $97649180 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,090,572 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

152<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**PEXL** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $35536115 | $— | $— | $35536115  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5262487  |
| **Total Investments** | $35536115 | $— | $— | $40798602 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $5,262,487 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**COWG** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2611987903 | $— | $— | $2611987903  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 32690243  |
| **Total Investments** | $2611987903 | $— | $— | $2644678146 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $32,690,243 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**CALF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3691933821 | $— | $— | $3691933821  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts - Common | 59828392 |  |  | 59828392  |
| &nbsp;&nbsp;&nbsp; Warrants | 259851 |  |  | 259851  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 309339141  |
| **Total Investments** | $3752022064 | $— | $— | $4061361205 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $309,339,141 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

153<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

**CAFG** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $19709632 | $— | $— | $19709632  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2686749  |
| **Total Investments** | $19709632 | $— | $— | $22396381 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,686,749 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

**PWS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $26897238 | $— | $0 | $26897238  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 762 | 762  |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 3242555  |
| **Total Investments** | $26897238 | $— | $762 | $30140555 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $3,242,555 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PWS<sup>(a)</sup>** | **Balance as of** <br>**4/30/2025** | **Net Realized** <br>**Gain (Loss)** | **Change in Net** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Purchases** | **Sales** | **Transfers** <br>**Into** <br>**Level 3** | **Transfers** <br>**Out of** <br>**Level 3** | **Balance as of** <br>**10/31/2025**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $762 | $— | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $762 |

---

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PWS** | **Fair Value as of** <br>**10/31/2025** | **Valuation** <br>**Techniques** | **Unobservable** <br>**Input** | **Impact to** <br>**Valuation From** <br>**an Increase** <br>**to Input**  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Acquisition Price | Stale Data | 0.00 USD  |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $762 | Instrinsic Value | Corporate Action | 0.34 USD |

---

<sup>(a)</sup> Table presents information for two securities: Abiomed, Inc. which has been valued at 0.00 USD throughout the period. As well as Roche Holding AG which has been valued at 0.34 USD throughout the period.

154<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report
 net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
 trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign
 withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized
 foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at
 fiscal period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code
 of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income
 and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision
 is required. As of and during the fiscal period/year ended April 30, 2025, the Funds did not have any tax positions that did not
 meet the "more-likely- than-not" threshold of being sustained by the applicable tax authority. As of and during the fiscal
 period/year ended April 30, 2025, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income
 tax expense in the Statement of Operations. Management has analyzed each of the Fund's tax positions and concluded that no liability
 for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024)
 or expected to be taken in each of the Fund's 2025 tax returns. During the year/period ended April 30, 2025, the Funds did
 not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income
 is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective
 securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable
 tax rules and regulations.

Distributions received from a Fund's investments in Real Estate Investment Trusts ("REIT") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund's shareholders may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income for PTNQ, PTEU, TRND, PTIN, PTLC and PTMC, are declared
 and paid on an annual basis. HERD, SZNE, SRVR, TRFK, ICOW, ECOW, GCOW, INDS, SHPP, ALTL, PALC, PAMC, GLBL, QQQG, PATN, COWZ, BUL, PEXL,
 COWG, CALF, CAFG and PWS, are declared and paid on a quarterly basis. FLRT and PTBD are declared and paid on a monthly basis. The net
 realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend
 date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements,
 and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ
 from those estimates.

155<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and
 other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded
 to the nearest cent. Each Fund's shares will not be priced on the days on which the NYSE is closed for trading. The offering and
 redemption price per share for each Fund is equal to the Fund's net asset value per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be
 reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For
 the fiscal period/year ended April 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Deficit)** | **Paid-In** <br>**Capital**  |
| FLRT | &nbsp;&nbsp;&nbsp; — | —  |
| HERD | &nbsp;&nbsp;&nbsp; (4009302) | 4009302  |
| SZNE | &nbsp;&nbsp;&nbsp; (184068) | 184068  |
| SRVR | &nbsp;&nbsp;&nbsp; (12812872) | 12812872  |
| TRFK | &nbsp;&nbsp;&nbsp; (2079620) | 2079620  |
| ICOW | &nbsp;&nbsp;&nbsp; (47599588) | 47599588  |
| ECOW | &nbsp;&nbsp;&nbsp; (7786909) | 7786909  |
| GCOW | &nbsp;&nbsp;&nbsp; (91191292) | 91191292  |
| INDS | &nbsp;&nbsp;&nbsp; (1944888) | 1944888  |
| SHPP | &nbsp;&nbsp;&nbsp; — | —  |
| ALTL | &nbsp;&nbsp;&nbsp; (7831728) | 7831728  |
| PALC | &nbsp;&nbsp;&nbsp; (53960741) | 53960741  |
| PAMC | &nbsp;&nbsp;&nbsp; (6362871) | 6362871  |
| GLBL | &nbsp;&nbsp;&nbsp; (71037) | 71037  |
| QQQG | &nbsp;&nbsp;&nbsp; (90049) | 90049  |
| PATN | &nbsp;&nbsp;&nbsp; — | —  |
| PTNQ | &nbsp;&nbsp;&nbsp; (190662100) | 190662100  |
| PTEU | &nbsp;&nbsp;&nbsp; (726781) | 726781  |
| TRND | &nbsp;&nbsp;&nbsp; (687110) | 687110  |
| PTIN | &nbsp;&nbsp;&nbsp; (22272559) | 22272559  |
| PTBD | &nbsp;&nbsp;&nbsp; (331897) | 331897  |
| PTLC | &nbsp;&nbsp;&nbsp; (498517194) | 498517194  |
| PTMC | &nbsp;&nbsp;&nbsp; (3987554) | 3987554  |
| COWZ | &nbsp;&nbsp;&nbsp; (2701857840) | 2701857840  |
| BUL | &nbsp;&nbsp;&nbsp; (12358867) | 12358867  |
| PEXL | &nbsp;&nbsp;&nbsp; (6286369) | 6286369  |
| COWG | &nbsp;&nbsp;&nbsp; (26071688) | 26071688  |
| CALF | &nbsp;&nbsp;&nbsp; (433660038) | 433660038  |
| CAFG | &nbsp;&nbsp;&nbsp; (1698474) | 1698474  |
| PWS | &nbsp;&nbsp;&nbsp; (167866) | 167866 |

---

156<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

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

Pacer Advisors, Inc. ("the Adviser") serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Investment Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund's average daily net assets:

---

| | | |
|:---|:---|:---|
| **Ticker** | **Current** <br>**Adviser Fee** | **Previous** <br>**Adviser Fee**  |
| FLRT | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| HERD | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| SZNE | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| SRVR | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| TRFK | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| ICOW | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| ECOW | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| GCOW | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| INDS | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| SHPP | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| ALTL | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PALC | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PAMC | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| GLBL | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| QQQG | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| PATN | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| PTNQ | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| PTEU | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| TRND | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15%  |
| PTIN | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| PTBD | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PTLC | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PTMC | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| COWZ | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| BUL | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| PEXL | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| COWG | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49%  |
| CALF | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| CAFG | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59%  |
| PWS | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% |

---

<sup>1</sup> The new advisory fee took effect on August 29, 2025

<sup>2</sup> The new advisory fee took effect on August 1, 2025

The Adviser has overall responsibility for overseeing the investment of the Funds' assets, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Asset Management ("Vident") serves as the sub-adviser to PTBD and Aristotle Pacific Capital, LLC ("Aristotle Pacific") serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident and Aristotle Pacific are paid by the Adviser.

157<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

Effective August 29, 2025, prior to the expiration of the contractual agreement on October 31, 2025, SRVR and INDS' contractual agreement to waive a portion of its advisory fee was terminated. As a result, each Fund will bear the full advisory fee of 0.49% as set forth in its investment advisory agreement. For the year ended April 30, 2025, the Adviser's management fee was reduced by $218,024 and $91,180 in SRVR and INDS, respectively. Per the contractual agreement, the Adviser is not entitled to recoup any fees that have been previously waived.

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

Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the "Sub-Advisory Agreement"), Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset Management LLC ("Pacific Asset") (the "Sub-Advisory Agreement"), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended October 31, 2025.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

**NOTE 4 – SERVICE AND CUSTODY AGREEMENTS** 

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator") doing business as U.S. Bank Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the "Custodian"), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the "Securities Lending Agent") for the Funds.

**NOTE 5 – SECURITIES LENDING** 

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may 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 October 31, 2025, the Funds in the following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value ("NAV") of $1.00. Although risk is mitigated by the collateral, the Funds could

158<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended October 31, 2025, the Funds (excluding ECOW, PATN, PTEU, TRND, and PTBD) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund's Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund's portion of total cash collateral received. Securities lending income is disclosed in each Fund's Statement of Operations, as applicable.

**NOTE 6 – SECURED BORROWINGS** 

The following represents gross obligations for secured borrowings by remaining time to maturity as of

October 31, 2025.

**Securities Lending Transactions** 

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments** <br>**Purchased with** <br>**Proceeds from** <br>**Securities Lending** <br>**Collateral\***  |
| FLRT | $7050439  |
| HERD | 14373000  |
| SZNE | 2646709  |
| SRVR | 28834365  |
| TRFK | 13140105  |
| ICOW | 17182115  |
| ECOW | —  |
| GCOW | 10311601  |
| INDS | 24723428  |
| SHPP | 71862  |
| ALTL | 8978009  |
| PALC | 23952630  |
| PAMC | 7908768  |
| GLBL | 156099  |
| QQQG | 1520060  |
| PATN | —  |
| PTNQ | 26139080  |
| PTEU | —  |
| TRND | —  |
| PTIN | 2199322  |
| PTBD | —  |
| PTLC | 84281567  |
| PTMC | 38963931  |
| COWZ | 280240584  |
| BUL | 7090572  |
| PEXL | 5262487  |
| COWG | 32690243  |
| CALF | 309339141  |
| CAFG | 2686749  |
| PWS | 3242555 |

---

\* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

159<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

**NOTE 7 – OFFSETTING ASSETS AND LIABILITIES** 

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2025:

**Liabilities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  | |
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** <br>(Received) | <br>**Net** <br>**Amount**  |
| **FLRT**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | $7050439 | &nbsp;&nbsp;&nbsp; $— | $7050439 | &nbsp;&nbsp; $7050439 | &nbsp;&nbsp; $— | $—  |
| **HERD**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 14373000 | &nbsp;&nbsp;&nbsp; — | 14373000 | &nbsp;&nbsp; 14373000 | &nbsp;&nbsp; — | —  |
| **SZNE**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 2646709 | &nbsp;&nbsp;&nbsp; — | 2646709 | &nbsp;&nbsp; 2646709 | &nbsp;&nbsp; — | —  |
| **SRVR**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 28834365 | &nbsp;&nbsp;&nbsp; — | 28834365 | &nbsp;&nbsp; 28834365 | &nbsp;&nbsp; — | —  |
| **TRFK**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 13140105 | &nbsp;&nbsp;&nbsp; — | 13140105 | &nbsp;&nbsp; 13140105 | &nbsp;&nbsp; — | —  |
| **ICOW**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 17182115 | &nbsp;&nbsp;&nbsp; — | 17182115 | &nbsp;&nbsp; 17182115 | &nbsp;&nbsp; — | —  |
| **ECOW**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| **GCOW**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 10311601 | &nbsp;&nbsp;&nbsp; — | 10311601 | &nbsp;&nbsp; 10311601 | &nbsp;&nbsp; — | —  |
| **INDS**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 24723428 | &nbsp;&nbsp;&nbsp; — | 24723428 | &nbsp;&nbsp; 24723428 | &nbsp;&nbsp; — | —  |
| **SHPP**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 71862 | &nbsp;&nbsp;&nbsp; — | 71862 | &nbsp;&nbsp; 71862 | &nbsp;&nbsp; — | —  |
| **ALTL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 8978009 | &nbsp;&nbsp;&nbsp; — | 8978009 | &nbsp;&nbsp; 8978009 | &nbsp;&nbsp; — | —  |
| **PALC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 23952630 | &nbsp;&nbsp;&nbsp; — | 23952630 | &nbsp;&nbsp; 23952630 | &nbsp;&nbsp; — | —  |
| **PAMC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 7908768 | &nbsp;&nbsp;&nbsp; — | 7908768 | &nbsp;&nbsp; 7908768 | &nbsp;&nbsp; — | —  |
| **GLBL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 156099 | &nbsp;&nbsp;&nbsp; — | 156099 | &nbsp;&nbsp; 156099 | &nbsp;&nbsp; — | —  |
| **QQQG**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 1520060 | &nbsp;&nbsp;&nbsp; — | 1520060 | &nbsp;&nbsp; 1520060 | &nbsp;&nbsp; — | —  |
| **PATN**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| **PTNQ**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 26139080 | &nbsp;&nbsp;&nbsp; — | 26139080 | &nbsp;&nbsp; 26139080 | &nbsp;&nbsp; — | —  |
| **PTEU**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| **TRND**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |

---

160<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  | **Gross Amounts Not Offset in the** <br>**Statements of Assets and Liabilities**  | |
| **Description** | **Gross Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Assets and** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** <br>(Received) | <br>**Net** <br>**Amount**  |
| **PTIN**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | $2199322 | &nbsp;&nbsp;&nbsp; $— | $2199322 | &nbsp;&nbsp; $2199322 | &nbsp;&nbsp; $— | $—  |
| **PTBD**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| **PTLC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 84281567 | &nbsp;&nbsp;&nbsp; — | 84281567 | &nbsp;&nbsp; 84281567 | &nbsp;&nbsp; — | —  |
| **PTMC**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 38963931 | &nbsp;&nbsp;&nbsp; — | 38963931 | &nbsp;&nbsp; 38963931 | &nbsp;&nbsp; — | —  |
| **COWZ**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 280240584 | &nbsp;&nbsp;&nbsp; — | 280240584 | &nbsp;&nbsp; 280240584 | &nbsp;&nbsp; — | —  |
| **BUL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 7090572 | &nbsp;&nbsp;&nbsp; — | 7090572 | &nbsp;&nbsp; 7090572 | &nbsp;&nbsp; — | —  |
| **PEXL**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 5262487 | &nbsp;&nbsp;&nbsp; — | 5262487 | &nbsp;&nbsp; 5262487 | &nbsp;&nbsp; — | —  |
| **COWG**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 32690243 | &nbsp;&nbsp;&nbsp; — | 32690243 | &nbsp;&nbsp; 32690243 | &nbsp;&nbsp; — | —  |
| **CALF**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 309339141 | &nbsp;&nbsp;&nbsp; — | 309339141 | &nbsp;&nbsp; 309339141 | &nbsp;&nbsp; — | —  |
| **CAFG**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 2686749 | &nbsp;&nbsp;&nbsp; — | 2686749 | &nbsp;&nbsp; 2686749 | &nbsp;&nbsp; — | —  |
| **PWS**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities Lending | 3242555 | &nbsp;&nbsp;&nbsp; — | 3242555 | &nbsp;&nbsp; 3242555 | &nbsp;&nbsp; — |  |

---

**NOTE 8 – INVESTMENT TRANSACTIONS** 

For the year/period ended October 31, 2025, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales** | **U.S. Government** <br>**Purchases** | **U.S. Government** <br>**Sales**  |
| FLRT | $200213292 | $89040986 | $— | $— | $— | $—  |
| HERD | 1692809 | 1702344 | 1986004 | 10084891 |  | —  |
| SZNE | 13995987 | 13847904 |  | 8581698 |  | —  |
| SRVR | 55074743 | 52727389 | 4422629 | 16824787 |  | —  |
| TRFK | 18175169 | 17154097 | 221164145 | 12203539 |  | —  |
| ICOW | 505858656 | 428561503 | 189358828 | 168706502 |  | —  |
| ECOW | 67808456 | 45974737 | 17706627 | 17119332 |  | —  |
| GCOW | 1051836409 | 979332074 | 524546959 | 472496813 |  | —  |
| INDS | 9400422 | 8578782 | 1824499 | 29159715 |  | —  |
| SHPP | 143790 | 147960 | 503525 | 1049067 |  | —  |
| ALTL | 172323253 | 174047849 |  | 50769683 |  | —  |
| PALC | 538865599 | 538660680 | 4945549 | 49509080 |  | —  |
| PAMC | 188917505 | 188670100 |  | 13360247 |  | —  |
| GLBL | 60597 | 58734 |  |  |  | —  |
| QQQG | 2326120 | 2153483 | 4004410 | 442750 |  | —  |

---

161<br>

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**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales** | **U.S. Government** <br>**Purchases** | **U.S. Government** <br>**Sales**  |
| PATN | $2109546 | $333819 | $3499291 | $— | $— | $—  |
| PTNQ | 1249762978 | 22570728 | 6780986 | 143345287 |  | —  |
| PTEU | 2639249 | 1787307 | 4046461 | 2813872 |  | —  |
| TRND | 1765665 | 1410315 | 8050468 | 14726929 |  | —  |
| PTIN | 161105411 | 12888768 | 3887649 | 9938815 |  | —  |
| PTBD | 423074594 | 424200520 |  | 32067135 | 195428588 | 226138718  |
| PTLC | 3327253226 | 51504746 |  | 276304992 |  | —  |
| PTMC | 461782838 | 23271893 | 6868247 | 51925970 |  | —  |
| COWZ | 9355769519 | 9366507386 | 115170930 | 5116731729 |  | —  |
| BUL | 35256978 | 35261152 | 7962007 | 2526716 |  | —  |
| PEXL | 14605859 | 14381929 | 5712283 | 20769802 |  | —  |
| COWG | 1441064420 | 1414914819 | 1045250431 | 148116819 |  | —  |
| CALF | 2566932728 | 2583024588 | 53489910 | 1289609022 |  | —  |
| CAFG | 11968436 | 11964633 | 2493551 | 2407794 |  | —  |
| PWS | 49018438 | 48709781 | 3049778 | 4821081 |  | 24850295 |

---

**NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

The Pacer Trendpilot<sup>®</sup> Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the "Trendpilot<sup>®</sup> ETFs"). Each of the Trendpilot<sup>®</sup> ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the "Trendpilot<sup>®</sup> Indexes"). Each Trendpilot<sup>®</sup> Index other than the Pacer Trendpilot<sup>®</sup> US Bond Index (collectively, the "Trendpilot<sup>®</sup> Equity Indexes") uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the "Underlying Component" specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200-business day historical simple moving average (the "200-day moving average"). The calculation of the 200-day moving average for each Underlying Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component.

The Pacer Trendpilot<sup>®</sup> US Bond Index (the "Trendpilot<sup>®</sup> Bond Index") uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the iBoxx USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index, depending on the value of the iBoxx USD Liquid High Yield Index divided by the value of the iBoxx USD Treasuries 7-10 Year Index (the "Risk Ratio").

---

| | | | |
|:---|:---|:---|:---|
| **Weight** | **Trendpilot<sup>®</sup> ETF** | **Trendpilot<sup>®</sup> Index** | **Equity Component**  |
| 20% | Pacer Trendpilot<sup>®</sup> 100 ETF | Pacer NASDAQ-100 Trendpilot<sup>®</sup> Index | NASDAQ-100<sup>®</sup> Index  |
| 20% | Pacer Trendpilot<sup>®</sup> International ETF | Pacer Trendpilot<sup>®</sup> International Index | S&P Developed Ex-US Large Cap Index  |
| 20% | Pacer Trendpilot<sup>®</sup> US Bond ETF | Pacer Trendpilot<sup>®</sup> US Bond Index | iBoxx USD Liquid High Yield Index  |
| 20% | Pacer Trendpilot<sup>®</sup> US Large Cap ETF | Pacer Trendpilot<sup>®</sup> US Large Cap Index | S&P 500<sup>®</sup> Index  |
| 20% | Pacer Trendpilot<sup>®</sup> US Mid Cap ETF | Pacer Trendpilot<sup>®</sup> US Mid Cap Index | S&P MidCap 400<sup>®</sup> Index |

---

162<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

TRND had the following transactions during the current fiscal period with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| <br>**Security Name** | **Balance** <br>**May 1,** <br>**2025** | **Purchases** | **Sales** | **Balance** <br>**October 31,** <br>**2025**  |
| PTNQ | 161335 | 23958 | (46143) | 139150  |
| PTIN | 386164 | 69660 | (102336) | 353488  |
| PTBD | 582464 | 112815 | (153368) | 541911  |
| PTLC | 224376 | 34994 | (62432) | 196938  |
| PTMC | 335781 | 57295 | (93624) | 299452 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Value** | **Dividend** <br>**Income** | **Gain (Loss)** <br>**Realized on** <br>**Sale of Shares** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments** <br>**in Affiliates**  |
| PTNQ | $11307329 | $— | $984023 | $1164406  |
| PTIN | 11061665 |  | 475012 | 1034309  |
| PTBD | 10587857 | 318391 | (52759) | (206331)  |
| PTLC | 11046252 |  | 1148104 | 461930  |
| PTMC | 10660431 |  | 294262 | 9047  |
| Total  | $54663534  | $318391  | $2848642  | $2463361 |

---

The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the "Cash Cows ETFs"). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the "Cash Cows Indexes"). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as "cash cows") selected from the applicable "Equity Universe" as indicated in the following table.

---

| | | | |
|:---|:---|:---|:---|
| **Weight** | **Cash Cows ETF** | **Cash Cows Index** | **Equity Universe**  |
| 20% | Pacer Developed Markets International <br>Cash Cows 100 ETF | Pacer Developed Markets International <br>Cash Cows 100 Index | FTSE Developed ex US Index  |
| 20% | Pacer Global Cash Cows Dividend ETF | Pacer Global Cash Cows Dividend Index | FTSE All-World Developed Large Cap Index  |
| 20% | Pacer US Cash Cows 100 ETF | Pacer US Cash Cows 100 Index | Russell 1000 Index  |
| 20% | Pacer US Cash Cows Growth ETF | Pacer US Cash Cows Growth Index | S&P 900<sup>®</sup> Pure Growth Index  |
| 20% | Pacer US Small Cap Cash Cows ETF | Pacer US Small Cap Cash Cows Index | S&P Small Cap 600<sup>®</sup> Index |

---

HERD had the following transactions during the current fiscal period with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Activity**  | **Share Activity**  | **Share Activity**  | **Share Activity**  |
| <br>**Security Name** | **Balance** <br>**May 1,** <br>**2025** | **Purchases** | **Sales** | **Balance** <br>**October 31,** <br>**2025**  |
| ICOW | 534129 | 12369 | (67722) | 478776  |
| GCOW | 459633 | 23314 | (41376) | 441571  |
| COWZ | 310475 | 20199 | (28206) | 302468  |
| BUL | 382490 | 16699 | (72978) | 326211  |
| CALF | 447577 | 10046 | (63620) | 394003 |

---

163<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Value** | **Dividend** <br>**Income** | **Gain (Loss)** <br>**Realized on** <br>**Sale of Shares** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) <br>**on Investments** <br>**in Affiliates**  |
| ICOW | $18198275 | $213910 | $290842 | $2847594  |
| GCOW | 17601020 | 265955 | 224206 | 1169601  |
| COWZ | 17524996 | 141291 | 239000 | 1641253  |
| BUL | 17387699 | 15230 | 1018485 | 2208572  |
| CALF | 17095790 | 99291 | (31371) | 3400439  |
| Total  | $87807780  | $735677  | $1741162  | $11267459 |

---

**NOTE 10 – TAX COST BASIS** 

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FLRT** | **HERD** | **SZNE** | **SRVR** | **TRFK**  |
| Tax cost of investments | $479353382 | $83781305 | $22195377 | $462661273 | $61230018  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>appreciation | 1531210 | 5164904 | 849 | 44041543 | 8245151  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>depreciation | (8094571) | (3826278) | (2150) | (50096259) | (5776522)  |
|  Net tax unrealized appreciation (depreciation) | (6563361) | 1338626 | (1301) | (6054716) | 2468629  |
| &nbsp;&nbsp;&nbsp; Undistributed ordinary <br>income | 1135939 |  | 22945 | 3653593 | 41991  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings | 1135939 |  | 22945 | 3653593 | 41991  |
| Other accumulated (loss) | (5994640) | (20063) | (29531336) | (304420836) | (370938)  |
| Total accumulated gain (loss) | $(11422062) | $1318563 | $(29509692) | $(306821959) | $2139682 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ICOW** | **ECOW** | **GCOW** | **INDS** | **SHPP**  |
| Tax cost of investments | $1051041093 | $87568070 | $2300840210 | $164117128 | $1032329  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>appreciation | 125439346 | 8500834 | 266311567 | 2234265 | 149867  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>depreciation | (93112521) | (9195871) | (151911066) | (17263528) | (144002)  |
|  Net tax unrealized appreciation (depreciation) | 32326825 | (695037) | 114400501 | (15029263) | 5865  |
| Undistributed ordinary income | 7513731 | 1263689 | 28793592 | 966438 | 13262  |
| Undistributed long-term gain |  |  |  |  | 7619  |
| Total distributable earnings | 7513731 | 1263689 | 28793592 | 966438 | 20881  |
| Other accumulated (loss) | (47316992) | (6264721) | (74093945) | (62710475) | —  |
| Total accumulated gain (loss) | $(7476436) | $(5696069) | $69100148 | $(76773300) | $26746 |

---

164<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ALTL** | **PALC** | **PAMC** | **GLBL** | **QQQG**  |
| Tax cost of investments | $138811234 | $311642881 | $83915520 | $959211 | $4242938  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>appreciation | 1882126 | 4940368 | 948307 | 17579 | 231764  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>depreciation | (5761975) | (19753960) | (5399622) | (77687) | (268974)  |
|  Net tax unrealized appreciation (depreciation) | (3879849) | (14813592) | (4451315) | (60108) | (37210)  |
| Undistributed ordinary income | 312121 | 452987 | 222340 | 1381 | 580 |
| Undistributed long-term gain |  |  |  |  |  |
| Total distributable earnings | 312121 | 452987 | 222340 | 1381 | 580  |
| Other accumulated (loss) | (258659097) | (58913274) | (13169504) | (2891) | (80610)  |
| Total accumulated gain (loss) | $(262226825) | $(73273879) | $(17398479) | $(61618) | $(117240) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PATN** | **PTNQ** | **PTEU** | **TRND** | **PTIN**  |
| Tax cost of investments | $9297977 | $1205149841 | $31293662 | $57308380 | $144203541  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>appreciation | 506582 | 1292 | 685554 | 5341155 | 10298  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>depreciation | (103773) | (66456) | (2085483) | (4043777) | (428)  |
|  Net tax unrealized appreciation (depreciation) | 402809 | (65164) | (1399929) | 1297378 | 9870  |
| Undistributed ordinary income | 20708 | 8793728 | 25572 | 174953 | 1406179  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings | 20708 | 8793728 | 25572 | 174953 | 1406179  |
| Other accumulated (loss) | 33 | (86823431) | (44640227) | (819973) | (34918298)  |
| Total accumulated gain (loss) | $423550 | $(78094867) | $(46014584) | $652358 | $(33502249) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PTBD** | **PTLC** | **PTMC** | **COWZ** | **BUL**  |
| Tax cost of investments | $158201507 | $3174981563 | $419175458 | $21790957953 | $79987525  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>appreciation | 1318815 | 8782 | 11501 | 847710267 | 5900489  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>depreciation | (210364) | (115448) | (15865) | (1510187933) | (5639701)  |
|  Net tax unrealized appreciation (depreciation) | 1108451 | (106666) | (4364) | (662477666) | 260788  |
| Undistributed ordinary income | 387107 | 16624829 | 2568975 | 79127410 | 168922  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings | 387107 | 16624829 | 2568975 | 79127410 | 168922  |
| Other accumulated (loss) | (262427315) | (289617855) | (98479786) | (2286908233) | (8917457)  |
| Total accumulated gain (loss) | $(260931757) | $(273099692) | $(95915175) | $(2870258489) | $(8487747) |

---

165<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PEXL** | **COWG** | **CALF** | **CAFG** | **PWS**  |
| Tax cost of investments | $45004771 | $1458898235 | $5040353856 | $20969383 | $26082787  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>appreciation | 4049907 | 108821158 | 104444108 | 1135505 | 19185  |
| &nbsp;&nbsp;&nbsp; Gross tax unrealized <br>depreciation | (5455304) | (104956041) | (572588305) | (1857847) | (296299)  |
|  Net tax unrealized appreciation (depreciation) | (1405397) | 3865117 | (468144197) | (722342) | (277114)  |
| Undistributed ordinary income | 30534 | 687863 | 13234168 | 10241 | 129885  |
| Undistributed long-term gain |  |  |  |  | —  |
| Total distributable earnings | 30534 | 687863 | 13234168 | 10241 | 129885  |
| Other accumulated (loss) | (2308070) | (13297674) | (1447079676) | (1753698) | (24821048)  |
| Total accumulated gain (loss) | $(3682933) | $(8744694) | $(1901989705) | $(2465799) | $(24968277) |

---

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2025 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

At April 30, 2025, the Funds had the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Expires**  |
| FLRT | $(5020757) | $(973883) | Indefinite  |
| HERD | (5717) | (14346) | Indefinite  |
| SZNE | (29531336) |  | Indefinite  |
| SRVR | (41616260) | (262804576) | Indefinite  |
| TRFK | (370938) |  | Indefinite  |
| ICOW | (24911220) | (22405772) | Indefinite  |
| ECOW | (4232809) | (2031912) | Indefinite  |
| GCOW | (6346437) | (67747508) | Indefinite  |
| INDS | (47250099) | (15460376) | Indefinite  |
| SHPP |  |  | Indefinite  |
| ALTL | (258659097) |  | Indefinite  |
| PALC | (57673053) | (1240221) | Indefinite  |
| PAMC | (13169504) |  | Indefinite  |
| GLBL | (2909) |  | Indefinite  |
| QQQG | (80610) |  | Indefinite  |
| PATN |  |  | Indefinite  |
| PTNQ | (39984508) | (46838923) | Indefinite  |
| PTEU | (37100477) | (7478435) | Indefinite  |
| TRND | (560190) | (259783) | Indefinite  |
| PTIN | (19779460) | (8990016) | Indefinite  |
| PTBD | (262427315) |  | Indefinite  |
| PTLC | (139890212) | (149727643) | Indefinite  |
| PTMC | (98479786) |  | Indefinite  |
| COWZ | (1623521398) | (663386835) | Indefinite  |
| BUL | (8365107) | (552350) | Indefinite  |
| PEXL | (1419505) | (888565) | Indefinite  |
| COWG | (13297674) |  | Indefinite  |
| CALF | (951140094) | (495939582) | Indefinite  |
| CAFG | (1721299) | (32399) | Indefinite  |
| PWS | (24821048) |  | Indefinite |

---

166<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

The following Funds utilized capital loss carryforwards during the year ended April 30, 2025:

---

| | |
|:---|:---|
| SHPP | $2328  |
| ALTL | $5927450  |
| PTEU | $4183462  |
| TRND | $123961  |
| PTMC | $33375147  |
| PWS | $2842456 |

---

**NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Ordinary** <br>**Income**  |
| FLRT | $17752048  |
| HERD | 739864  |
| SZNE | 94425  |
| SRVR | 3549374  |
| TRFK | —  |
| ICOW | 14490666  |
| ECOW | 1835527  |
| GCOW | 37111130  |
| INDS | 1586887  |
| SHPP | 9883  |
| ALTL | 347769  |
| PALC | 1227751  |
| PAMC | 229859  |
| GLBL | 1044  |
| QQQG | 1870  |
| PATN | 39236  |
| PTNQ | —  |
| PTEU | —  |
| TRND | —  |
| PTIN | —  |
| PTBD | 3801953  |
| PTLC | —  |
| PTMC | —  |
| COWZ | 169290444  |
| BUL | 71136  |
| PEXL | 73294  |
| COWG | 2948022  |
| CALF | 23644919  |
| CAFG | 13530  |
| PWS | 174453 |

---

167<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains** | **Return of** <br>**Capital**  |
| FLRT | $30026014 | &nbsp;&nbsp; $— | $—  |
| HERD | 2079362 | &nbsp;&nbsp; — | 11498  |
| SZNE | 381571 | &nbsp;&nbsp; — | —  |
| SRVR | 7675002 | &nbsp;&nbsp; — | —  |
| TRFK | 144059 | &nbsp;&nbsp; 10279 | —  |
| ICOW | 63128996 | &nbsp;&nbsp; — | —  |
| ECOW | 6888072 | &nbsp;&nbsp; — | —  |
| GCOW | 82367486 | &nbsp;&nbsp; — | —  |
| INDS | 4737411 | &nbsp;&nbsp; — | —  |
| SHPP | 28143 | &nbsp;&nbsp; — | —  |
| ALTL | 2916487 | &nbsp;&nbsp; — | —  |
| PALC | 3109855 | &nbsp;&nbsp; — | —  |
| PAMC | 583598 | &nbsp;&nbsp; — | —  |
| GLBL | 1271 | &nbsp;&nbsp; — | —  |
| QQQG | 2004 | &nbsp;&nbsp; — | —  |
| PATN | 2334 | &nbsp;&nbsp; — | —  |
| PTNQ | 26511031 | &nbsp;&nbsp; — | —  |
| PTEU | 918289 | &nbsp;&nbsp; — | —  |
| TRND | 1236269 | &nbsp;&nbsp; — | —  |
| PTIN | 3741817 | &nbsp;&nbsp; — | —  |
| PTBD | 9614449 | &nbsp;&nbsp; — | —  |
| PTLC | 22354127 | &nbsp;&nbsp; — | —  |
| PTMC | 3747410 | &nbsp;&nbsp; — | —  |
| COWZ | 441193276 | &nbsp;&nbsp; — | —  |
| BUL | 138341 | &nbsp;&nbsp; — | —  |
| PEXL | 260011 | &nbsp;&nbsp; — | —  |
| COWG | 1361850 | &nbsp;&nbsp; — | —  |
| CALF | 86496425 | &nbsp;&nbsp; — | —  |
| CAFG | 54584 | &nbsp;&nbsp; — | —  |
| PWS | 281926 | &nbsp;&nbsp; — |  |

---

**NOTE 12 – RISKS** 

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

**NOTE 13 – SUBSEQUENT EVENT** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

168<br>

------

**PACER FUNDS** 

**NOTES TO FINANCIAL STATEMENTS** 

**October 31, 2025 (Unaudited)(Continued)** 

On November 24, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of November 25, 2025, Payable November 28, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| FLRT | $3552944 | $0.29436155  |
| PTBD | 363134 | 0.05856994 |

---

On December 22, 2025, the following Funds declared a distribution from ordinary income to shareholders of record as of December 23, 2025, Payable December 26, 2025, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Per Share** <br>**Amount**  |
| FLRT | $5072459 | $0.41006136  |
| PTBD | 944633 | 0.15485787 |

---

169<br>

------

**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)** 

**NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds' website at www.PacerETFs.com.

**NOTE 2 – FEDERAL TAX INFORMATION** 

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

For the fiscal year/period ended April 30, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income ("QDI"), for corporate shareholders, the percent qualifying for the corporate dividends received deduction ("DRD"), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain ("STCG") distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **QDI** | **DRD** | **STCG**  |
| FLRT | 0.00% | 0.00% | 0.00%  |
| HERD | 90.76% | 33.88% | 0.00%  |
| SZNE | 100.00% | 100.00% | 0.00%  |
| SRVR | 39.57% | 3.91% | 0.00%  |
| TRFK | 71.85% | 53.86% | 70.71%  |
| ICOW | 82.07% | 0.00% | 0.00%  |
| ECOW | 54.10% | 0.16% | 0.00%  |
| GCOW | 96.70% | 25.77% | 0.00%  |
| INDS | 34.14% | 0.25% | 0.00%  |
| SHPP | 76.71% | 26.54% | 0.00%  |
| ALTL | 100.00% | 100.00% | 0.00%  |
| PALC | 100.00% | 100.00% | 0.00%  |
| PAMC | 87.37% | 87.37% | 0.00%  |
| GLBL | 100.00% | 100.00% | 0.00%  |
| QQQG | 0.00% | 0.00% | 0.00%  |
| PATN | 100.00% | 0.00% | 0.00%  |
| PTNQ | 21.96% | 21.08% | 0.00%  |
| PTEU | 100.00% | 0.21% | 0.00%  |
| TRND | 37.19% | 10.45% | 0.00%  |
| PTIN | 100.00% | 0.27% | 0.00%  |
| PTBD | 0.00% | 0.00% | 0.00%  |
| PTLC | 100.00% | 100.00% | 0.00%  |
| PTMC | 72.04% | 68.84% | 0.00%  |
| COWZ | 100.00% | 100.00% | 0.00%  |
| BUL | 100.00% | 100.00% | 0.00%  |
| PEXL | 100.00% | 100.00% | 0.00%  |
| COWG | 100.00% | 100.00% | 0.00%  |
| CALF | 100.00% | 100.00% | 0.00%  |
| CAFG | 100.00% | 100.00% | 0.00%  |
| PWS | 42.07% | 42.06% | 0.00% |

---

170<br>

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**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Per Share**  | **Per Share**  |
| <br>**Fund** | <br>**Gross Foreign** <br>**Source Income** | <br>**Foreign Taxes** <br>**Passthrough** | **Gross Foreign** <br>**Source Income** | **Foreign Taxes** <br>**Passthrough**  |
| FLRT | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| HERD | 1639864 | 135669 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| SZNE |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| SRVR |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| TRFK |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| ICOW | 54429825 | 5185719 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.16  |
| ECOW | 5571723 | 588054 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.15  |
| GCOW | 82357764 | 7930886 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| INDS |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| SHPP | 18978 | 3483 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| ALTL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PALC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PAMC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| GLBL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| QQQG |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PATN | 29892 | 4459 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| PTNQ |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTEU | 1035177 | 147650 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.13  |
| TRND |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTIN |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTBD |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTLC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PTMC |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| COWZ |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| BUL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PEXL |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| COWG |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| CALF |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| CAFG |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| PWS |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

171<br>

------

**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC's website at www.sec.gov. Each Fund's portfolio holdings are posted on their website at www.paceretfs.com daily.

**NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC's website at http://www.sec.gov, or by accessing the Funds' website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

**NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS** 

**USAI, GCOW, COWZ, PTEU, PWS and COWG** 

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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU), Pacer Wealthshield ETF (PWS) and Pacer US Large Cap Cash Cows Growth Leaders ETF (COWG) (each, a "Fund" and together, the "Funds").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of 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 renewal of 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 renewal of the Investment Advisory Agreement.

The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser's responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser's Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative 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; a copy of the Trust's registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.

Representatives from the Adviser, along with other Trust service providers, 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 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 Trust; (3) comparative fee and expense data for the Trust's series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would

172<br>

------

**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

be realized as the Trust'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 Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the each Fund's Advisory Agreement; (2) the Adviser's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of each Fund's 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 regarding each Fund's fees and expenses relative to the fees and expenses of other comparable funds; (7) performance and tracking error information as it relates to each Fund's underlying index; (8) a copy of the Trust's registration statement and prospectuses; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

Nature, Extent and Quality of Services to be Provided by the Adviser.

The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund's investment goal and investment strategy, and the Adviser'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 Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts.

Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed each Fund's short- and longer-term performance relative to its underlying index. The Board noted that each of the Fund's generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, 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 Adviser.

Costs and Benefits of Advisory Services to be Provided to the Funds.

In considering the advisory fees payable by the Trust 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 each 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 each 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 each 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 the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of 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 Adviser from its relationship with the Funds, taking into account assessments of the Adviser's profitability prepared and shared by the Adviser's management.

173<br>

------

**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

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 Adviser.

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 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 Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. 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 Adviser'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.

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 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.

**PTBD** 

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 renewal of the investment advisory agreement (the "Trendpilot Bond ETF Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Adviser"), relating to the Pacer Trendpilot US Bond ETF ("Trendpilot Bond ETF" or the "Fund"). The Board also considered the continuation of the investment sub-advisory agreement (the "Vident Sub-Advisory Agreement") between the Adviser and Vident Investment 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 renewal of the Trendpilot Bond ETF 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 renewal of the Trendpilot Bond ETF 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 renewal of the Trendpilot Bond ETF 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 Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Trendpilot Bond ETF 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/or Sub-Adviser; (2) the cost of the services provided and the profits realized by the Adviser and/or Sub-Adviser from services rendered to the Trust; (3) comparative fee and expense data for other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust'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, the Sub-Adviser and their respective affiliates resulting from services rendered to the Trust.

174<br>

------

**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Trendpilot Bond ETF 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 Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (3) the Adviser's and Vident's Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Vident are prepared to provide to Trendpilot Bond ETF; (5) the advisory fee payable by the Trendpilot Bond ETF 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; (7) performance and tracking error information as it relates to the Fund's underlying index; (8) a copy of the Trust's registration statement and prospectuses; and (9) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Vident.

In considering the approval of the Trendpilot Bond ETF 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, including the performance of the Adviser and Vident with respect to the Trendpilot Bond ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Trendpilot Bond ETF, of the advisory services to be provided to the Trendpilot Bond ETF; (iii) the fee paid to Vident by the Adviser; and (iv) potential economies of scale.

Nature, Extent and Quality of Services to be Provided by the Adviser and Vident.

The Board reviewed the scope of services provided by the Adviser under the Trendpilot Bond ETF Advisory Agreement and Vident under the Vident Sub-Advisory Agreement. In this regard, the Trustees reviewed PTBD's investment goal and investment strategy, and each of the Adviser's and Vident'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 Vident, the Board considered Vident's ability to ensure compliance with PTBD's strategies, policies, and limitations. The Board reviewed the Fund's short- and longer-term performance relative to its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. In addition, the Trustees reviewed the management team at the Adviser and Vident that is responsible for managing PTBD, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Vident and any potential conflicts. 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 PTBD.

Based on its review, the Board determined that each of the Adviser and Vident is capable of providing all necessary advisory and sub-advisory services required by PTBD, as indicated by the Adviser's and Vident's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of PTBD relative to its underlying index and other products managed by the Adviser and Vident with similar investment objectives and strategies as PTBD (as applicable). The Board also considered other services provided to PTBD by the Adviser and Vident, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to PTBD'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 PTBD by the Adviser and Vident, respectively.

Costs and Benefits of Advisory Services to be Provided to PTBD.

In considering the advisory fees payable by the Trust to the Adviser and PTBD'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 PTBD's expense ratio to the expense ratios of

175<br>

------

**PACER FUNDS** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

funds in its Peer Group, focusing on whether PTBD was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of PTBD, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received by the Adviser from its relationship with PTBD, considering the Adviser's profitability analysis prepared and shared by the Adviser's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that PTBD's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

Costs and Benefits of Vident's Sub-Advisory Advisory Services to be Provided to PTBD.

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 PTBD. 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 received or likely to be received by Vident from the Adviser relating to the services provided to PTBD. 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 the Sub-Advisor.

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 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 Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the 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 the Fund would not directly result in economies of scale for shareholders.

Conclusion

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 Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser 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, respectively, to the Fund; and (c) agreed to approve the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement as to the 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.

176<br>

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**Advisor** 

Pacer Advisors, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Index Provider** 

CFRA

One New York Plaza, 34th Floor

New York, NY 10004

FTSE International Limited

12th Floor, 10 Upper Bank Street

Canary Wharf, London E14 5NP

Index Design Group, LLC

500 Chesterfield Parkway

Malvern, PA 19355

Lunt Capital Management, Inc.

215 S State St, Suite 100

Salt Lake City, UT 84111

Solactive AG

Platz der Einheit 1

60327 Frankfurt am Main

Germany

S&P Dow Jones Indices LLC

55 Water Street

New York, NY 10041

**Custodian** 

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive

Milwaukee, WI 53212

**Sub Adviser** 

Vident Asset Management

1125 Sanctuary Parkway, Suite 515

Alpharetta, GA 30009

Aristotle Pacific Capital, LLC

840 Newport Center Drive, 7th Floor

Newport Beach, CA 92660

**Distributor** 

Pacer Financial, Inc.

500 Chesterfield Parkway

Malvern, PA 19355

**Transfer Agent** 

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

**Independent Registered** 

**Public Accounting Firm** 

Sanville & Company

2617 Huntingdon Pike

Huntingdon Valley, PA 19006

**Legal Counsel** 

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

------

![](efp-21411_pacer_back_cover.jpg)

![](pacer_etfs-logo.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's 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) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not
 Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* 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.](p-efp21411_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not Applicable

&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.](p-efp21411_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>1/5/2026</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>1/5/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Sean E. O'Hara |
|  | Sean E. O'Hara Treasurer, (Principal Financial Officer) |

---

Date <u>1/5/2026</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 M. Thomson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Pacer Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2026 | /s/ Joe M. Thomson |
|  |  | Joe M. Thomson |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Sean E. O'Hara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Pacer Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2026 | /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 October 31, 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>1/5/2026</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.