N-CSR

As filed with the U.S. Securities and Exchange Commission on July 9, 2024

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

Pacer Funds Trust
(Exact name of registrant as specified in charter)

500 Chesterfield Parkway

Malvern, PA 19355
(Address of principal executive offices) (Zip code)

Joe M. Thomson, President

500 Chesterfield Parkway

Malvern, PA 19355
(Name and address of agent for service)

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2023 to April 30, 2024

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Letter to Shareholders	1
Portfolio Allocation	22
Performance Summary	36
Expense Example	68
Schedules of Investments	71
Statements of Assets & Liabilities	168
Statements of Operations	174
Statements of Changes in Net Assets	180
Financial Highlights	197
Notes to Financial Statements	226
Report of Independent Registered Public Accounting Firm	253
Additional Information	257

Pacer Funds

Dear Shareholder,

We celebrate our accomplishments over the last year and anticipate the promising ventures that lie ahead for Pacer as our network grows. We seek to continuously provide a broad and diverse line up of funds that allows investors to achieve their financial goals by offering unique, innovative, and disruptive investment solutions.

Pacer has experienced tremendous growth this year in assets under management, surpassing $43 billion, as of April 30th, 2024. The Pacer Cash Cows ETF™ Series was a lead contributor, with over $36 billion, an 80.8% increase in AUM since April 30th of last year.

By building out the growth side of the Cash Cows series, we hope to replicate the success we have with our Cash Cows value series which focuses on free cash flow yield. The launch of the Pacer Developed Markets Cash Cows Growth Leaders ETF (EAFG) coincides with a new partnership between Pacer and MSCI, as EAFG is the first of Pacer’s funds to screen equity names using an MSCI Index. EAFG’s strategy tracks the Pacer Developed Markets Cash Cows Growth Leaders Index, pulling the top 100 international large- and mid-cap securities in developed markets with above-average free cash flow margin from the MSCI EAFE Index. EAFG joins COWG (large-cap U.S.) and CAFG (small-cap U.S.) in the Cash Cows growth series.

As technology increasingly permeates every aspect of our daily lives, the Pacer Data and Digital Revolution ETF (ticker: TRFK) provides exposure to the companies driving the ongoing digital and technological revolution; also, having been our strongest performing fund in 2023.

We deeply value the strong relationships we have built and the trust our partners, financial advisors, and investors have placed in us. Pacer remains committed to delivering long-term value to help investors reach their goals.

Joe M. Thomson,
Chairman, Pacer Funds Trust

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From 5/1/2023 to 4/30/2024, the S&P 500 gained 22.66%, the Nasdaq-100 gained 32.77%, and the Dow Jones Industrial Average gained 13.41%.

From 5/1/2023 to the end of the year, the market was positive, with the S&P 500 gaining 15.72%, the Nasdaq-100 gaining 27.92%, and the Dow Jones Industrial Average gaining 13.38%.

While inflation decreased, ending 2023 with a Consumer Price Index (CPI) of 3.4%, it remained above the Federal Reserve’s (the “Fed”) 2.0% target, prompting two additional 25 basis point rate hikes in the second half of 2023, one in May and one in June. However, the progress in moderating price pressures allowed the Fed to refrain from further interest rate hikes since July. Raising interest rates helped drive down inflation but also cooled the housing market. Rising interest rates pushed mortgage rates higher, peaking at about 8.0% in October, more than double the rate during the pandemic and well above pre-pandemic levels. Higher mortgage rates led to fewer buyers, but home prices climbed year over year due to diminishing inventory. Fortunately, mortgage rates fell by more than a full point over the last few months of the year, settling at about 6.61% at the end of December 2023.

While the number of new jobs trended lower during the second half of the year, job growth averaged 225,000 through December. There were 6.3 million unemployed in December 2023, compared to 6.0 million a year earlier. The unemployment rate was 3.7% and remained within a range of 3.5%-3.8% for most of the year. Average hourly earnings increased by 4.0% in 2023. The number of job openings decreased during the year but remained solid at 8.7 million.

One of the primary factors in the drop in overall inflation was a decline in energy prices. According to the Consumer Price Index, energy prices fell 6.4% over the 12 months ended in December. Gasoline prices dropped 10.9% over the same period. Food prices, on the other hand, rose 5.8%, while prices for shelter increased 7.9%.

Inflation fell in most major countries during the last quarter of the year. Declining prices for food, energy, and goods, coupled with tightened monetary policies, helped reduce inflation. Several countries saw consumer prices, as measured by the Consumer Price Index, trend lower in December, including Canada, the Eurozone, the United Kingdom, and Japan. For 2023, the STOXX Europe 600 Index rose 12.7%; the United Kingdom’s FTSE advanced 3.8%; Japan’s Nikkei 225 Index gained 28.2%; and China’s Shanghai Composite Index lost 3.7%.

At the start of 2024, investors entered the first quarter optimistic that a soft landing was in store for the economy, expecting a recession to be avoided, inflation to continue improving, and the Fed to start cutting interest rates in March. The economy not only avoided recession but also performed stronger than expected. However, inflation turned sticky again, with April inflation at 3.4%. Consequently, Fed rate cuts have been pushed out to at least June. Investors had previously priced in five cuts for 2024, but expectations now center on two cuts later on the year.

The bull market continued into early 2024. Even the threat of higher interest rates for a longer period didn’t hinder its strong performance. Stocks staged impressive returns in the first quarter, gaining over 10%, bringing total returns to just shy of 30% over the last 12 months.

Stock prices rose in the first quarter despite diminished expectations for Federal Reserve rate cuts in 2024. Gains were led by technology stocks, particularly those expected to benefit from the artificial intelligence boom. Value stocks also joined in the rally. Meanwhile, the bond market’s performance was dented by the prospect of the Fed delaying rate cuts until the middle of the year.

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The Pacer Trendpilot™ Series

The Pacer Trendpilot series is based on a trend following strategy that alternates exposure between a Benchmark Index and 3-Month US T-Bills using three indicators. It is designed to participate in the market when it is trending up, maintain some exposure during short term market declines and exit the market when it is trending down. The period referenced in this section for all Trendpilot Funds is for the fiscal year end of April 30, 2024.

Pacer Trendpilot^® US Large Cap ETF

The Pacer Trendpilot^® US Large Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot^® US Large Cap Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Index, (ii) 50% to the S&P 500 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average.

The S&P 500 Total Return Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

The Fund

The Fund had a NAV total return of 19.96%. The Index had a total return of 20.68%. The S&P 500 Index had a total return of 22.66%.

Since the end of the previous fiscal year, the Fund switched from Equities to 50/50 in November 1, 2023. From there the Fund switched to equities a week later in November 8, 2023. During this time (11/1/2023 – 11/8/2023), the U.S. Treasury 3-Month Yield was relatively unchanged, from 5.4511% to 5.4223%, due to Fed’s rate policy.

PTLC EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
November 1, 2023	50/50	5.4511%
November 8, 2023	Equities	5.4223

Pacer Trendpilot^® US Mid Cap ETF

The Pacer Trendpilot^® US Mid Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Mid Cap Trendpilot Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.

The S&P MidCap 400 Total Return Index is a total return version of the S&P MidCap 400 Index and reflects the reinvestment of dividends paid by the securities in the S&P MidCap 400 Index. The S&P Midcap 400 measures the performance of mid-capitalization stocks in the United States.

The Fund

The Fund had a NAV total return of 7.02%. The Index had a total return of 7.77% The S&P MidCap 400 Index had a total return of 16.82%.

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The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTMC EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
5/9/2023	50/50	5.1819%
5/19/2023	T-Bills	5.2172
6/9/2023	Equities	5.2354
9/28/2023	50/50	5.4616
10/25/2023	T-Bills	5.4596
11/27/2023	Equities	5.3979

Pacer Trendpilot^® 100 ETF

The Pacer Trendpilot^® 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer NASDAQ-100 Trendpilot™ Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Nasdaq-100 Index, (ii) 50% to the Nasdaq-100 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Nasdaq-100 Total Return Index and its 200-business day historical simple moving average.

The Nasdaq-100 Total Return Index is a total return version of the Nasdaq-100 Index and reflects the reinvestment of dividends paid by the securities in the Nasdaq-100 Index. The Nasdaq-100 Index includes approximately 100 of the largest non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Nasdaq-100 Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The Nasdaq-100 Index was developed by Nasdaq OMX. There is no minimum market capitalization requirement for inclusion in the Nasdaq-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.

The Fund

The Fund had a NAV total return of 23.36%. The Index had a total return of 24.13%. The NASDAQ-100 Index had a total return of 32.77%.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTNQ EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
6/5/2023	50/50	5.2828%

Pacer Trendpilot^® European Index ETF

The Pacer Trendpilot^® European Index ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot European Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the FTSE Eurozone Total Return Index and its 200-business day historical simple moving average.

The FTSE Eurozone Index is a rules-based, float-adjusted, market capitalization weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands and Italy. The FTSE Eurozone Index is a subset of the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The FTSE Eurozone Total Return Index is a total return version of the FTSE Eurozone Index and reflects the reinvestment of dividend paid by the securities in the FTSE Eurozone Index.

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The Fund

The Fund had a NAV total return of -0.02%. The Index had a total return of 1.40%. The FTSE Eurozone Index (USD) had a total return of 10.33%.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTEU EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
10/2/2023	50/50	5.4555%
10/31/2023	T-Bills	5.4623
11/21/2023	Equities	5.3849

Pacer Trendpilot^® International ETF

The Pacer Trendpilot^® International ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot International Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P Developed Ex-U.S. LargeCap Index, (ii) 50% to the S&P Developed Ex-U.S. LargeCap Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P Developed Ex-U.S. LargeCap Index and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for the S&P Developed Ex-U.S. LargeCap Index is based on the total return version of the S&P Developed Ex-U.S. LargeCap Local Currency Index and reflects the reinvestment of dividends paid by the securities in the S&P Developed Ex-U.S. LargeCap Index. The Index is expected to be predominantly invested in the components of the S&P Developed Ex-U.S. LargeCap Index over most short- and long-term periods and is only expected to invest in 3-Month US Treasury bills from time to time in response to adverse market conditions as defined by the “50/50 Indicator” and “T-Bill Indicator” below.

The S&P Developed Ex-U.S. LargeCap Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large-capitalization stocks providing coverage of the developed markets excluding the United States. The S&P Developed Ex-U.S. LargeCap Index is a subset of the S&P Global BMI, a comprehensive, rules-based index measuring global stock market performance.

The Fund

The Fund had a NAV total return of 6.85%. The Index had a total return of 7.91%. The S&P Developed Ex-US Large Cap Index had a total return of 10.97%.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTIN EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
10/26/2023	50/50	5.4484%
11/9/2023	Equities	5.4241%

Pacer Trendpilot^® US Bond ETF

The Pacer Trendpilot US Bond ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Bond Index (the “Index”).

The 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 “Risk Ratio,” described below.

The iBoxx USD Liquid High Yield Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The iBoxx USD Treasuries 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years. The Index uses a “Risk Ratio” to signal a change in the position of the Index. The Risk Ratio is calculated by dividing the value of the iBoxx USD Liquid High Yield Index by the value of the iBoxx USD Treasuries 7-10 Year Index.

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The Index, and consequently the Fund, may stay in any of its three possible positions for an extended period of time. As described below, the Index will change its position based on the following indicators, and each change will become effective by the close of business on the sixth business day after the indicator for the change is triggered. The Index will be in a new position effective on the seventh business day.

The Fund

The Fund had a NAV total return of 6.30%. The Index had a total return of 7.16%. The iBoxx USD Liquid High Yield Index had a total return of 8.32%.

PTBD had one exposure change initiated on May 30, 2023. This was to switch from T-Bills to Equities, the rate at the time was 5.252.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTBD EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 10-Year Yield
May 30, 2023	Equities	5.252%

Pacer Trendpilot^® Fund of Funds ETF

The Pacer Trendpilot Fund of Funds ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot Fund of Funds Index (the “Index” or the “Fund of Funds Index”).

The 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 ETFs”). Each of the Trendpilot 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 Indexes”). Each Trendpilot Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Equity Component” specified in the table below, (ii) 50% to the applicable Equity 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 Equity 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 Equity Component is based on the total return version of such Equity Component and reflects the reinvestment of dividends paid by the securities in such Equity Component.

Weight	Trendpilot ETF	Trendpilot Index	Equity Universe
20%	Pacer Trendpilot® US Large Cap ETF	Pacer Trendpilot US Large Cap Index S	S&P 500® Index
20%	Pacer Trendpilot® US Mid Cap ETF	Pacer Trendpilot US Mid Cap Index	S&P MidCap 400® Index
20%	Pacer Trendpilot® 100 ETF	Pacer NASDAQ-100 Trendpilot Index	NASDAQ-100® Index
20%	Pacer Trendpilot® International ETF	Pacer Trendpilot International Index	S&P Developed Ex-U.S. LargeCap Index
20%	Pacer Trendpilot® US Bond ETF	Pacer Trendpilot US Bond Index	iBoxx USD Liquid High Yield Index

The Fund

The Fund had a NAV total return of 12.39%. The Index had a return of 13.30%. The S&P 1200 Index had a total return of 18.45%.

The Pacer Cash Cows Index^® ETF Series

The Pacer Cash Cows ETFs aim to provide capital appreciation over time by screening broad based indexes to identify quality companies with high free cash flow yield. The period referenced in this section for all Cash Cows Funds is for the fiscal year end of April 30, 2024.

Pacer US Cash Cows 100 ETF

The Pacer US Cash Cows 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the Russell 1000 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash

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flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The Russell 1000 Index is a market-capitalization weighted index representing the top 1,000 large-cap stocks in the Russell 3000 Index. The Russell 1000 Total Return Index is a total return version of the Russell 1000 Index that reflects the reinvestment of dividends paid by the securities in the Russell 1000 Index.

The Fund

The Fund had a NAV total return of 19.70%. The Index had a total return of 20.34%. The Russell 1000 Value Index had a total return of 13.37%. The Russell 1000 Index had a total return of 22.82%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary 6.62%, Energy at 6.58%, and Industrials at 2.99%. The three sectors with the lowest contribution to performance were Consumer Staples at -0.46%, Health Care at -0.01%, and Communication Services at 0.27%. These return numbers reflect the contribution to the total return of the fund.

Pacer US Small Cap Cash Cows 100 ETF

The Pacer US Small Cap Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer US Small Cap Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the S&P Small Cap 600 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The S&P SmallCap 600 Index measures the performance of 600 small sized companies in the US equity market, with market capitalization ranging from $450 million to $2.1 billion USD. The Index does not overlap holdings with the S&P 500 or S&P MidCap 400.

The Fund

The Fund had a NAV total return of 25.18%. The Index had a total return of 25.37%. The S&P Small Cap 600 Value Index had a total return of 6.95%. The S&P Small Cap 600 Index had a total return of 12.55%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary 11.48%, Industrials at 8.34%, and Energy at 6.37%. The three sectors with the lowest contribution to performance were Health Care at -0.62%, Consumer Staples at -0.36%, and Real Estate at -0.05%. These return numbers reflect the contribution to the total return of the Fund.

Pacer Global Cash Cows Dividend ETF

The Pacer Global Cash Cows Dividend ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Global Cash Cows Dividend Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yield backed by a high free cash flow yield. The initial index universe is derived from the component companies of the FTSE Developed Large Cap Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The 300 companies with the highest free cash flow yield are then ranked by their dividend yield. The equity securities of the 100 companies with the highest dividend yield are included in the Index.

The FTSE Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets. The FTSE Developed Large-Cap Total Return Index is a total return version of the FTSE Developed Large-Cap Index and reflects the reinvestment of dividends paid by the securities in the FTSE Developed Large-Cap Index.

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The Fund

The Fund had a NAV total return of 6.17%. The Index had a total return of 7.19%. The MSCI World Value Index had a total return of 12.54%. The FTSE Developed Large-Cap Index had a total return of 20.05%.

During the fiscal year, the top three sectors for contribution to performance were Energy 3.48%, Consumer Discretionary at 2.25%, and Materials at 1.76%. The three sectors with the lowest contribution to performance were Utilities at -0.18%, Consumer Staples at 0.09%, and Communication Services at 0.11%. These return numbers reflect the contribution to the total return of the Fund.

During the fiscal year, the top three countries for contribution to performance were the United States at 3.51%, Japan at 2.21%, and Italy at 0.99%. The three countries with the lowest contribution to performance were Denmark at -0.27%, Hong Kong at -0.27%, and Switzerland at -0.26%. These return numbers reflect the contribution to the total return of the Fund.

Pacer Developed Markets International Cash Cows 100 ETF

The Pacer Developed Markets International Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer Developed Markets International Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. The initial index universe is derived from the component companies of the FTSE Developed ex US Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts and companies with a market capitalization of less than $3 billion are excluded from the Index universe. The remaining companies are ranked by their average daily trading value (“ADTV”) for the prior three months. The 500 companies with the highest ADTV are then ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US. The index is derived from the FTSE Global Equity Index Series, which covers over 99% of the world’s investable market capitalization.

The Fund

The Fund had a NAV total return of 10.00%. The Index had a total return of 11.26%. The MSCI EAFE Value Index had a total return of 12.44%. The FTSE Developed ex-US Index had a total return of 9.31%.

During the fiscal year, the top three sectors for contribution to performance were Energy 3.92%, Consumer Discretionary at 3.47%, and Industrials at 3.17%. The three sectors with the lowest contribution to performance were Health Care at -0.26%, Utilities at -0.20%, and Consumer Staples at -0.03%. These return numbers reflect the contribution to the total return of the Fund.

During the fiscal year, the top three countries for contribution to performance were Japan at 6.28%, Italy at 1.32%, and South Korea at 0.98%. The three countries with the lowest contribution to performance were Denmark at -0.47%, Netherlands at -0.32%, and Singapore at -0.19%. These return numbers reflect the contribution to the total return of the Fund.

Pacer Emerging Markets Cash Cows 100 ETF

The Pacer Emerging Markets Cash Cows 100 ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Emerging Markets Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial index universe is derived from the component companies of the FTSE Emerging Markets Index. The Fund defines emerging markets countries as those countries included in the FTSE Emerging Markets Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), companies with a market capitalization of less than $2 billion, and companies whose average daily trading value (“ADTV”) for the prior 90 days does not exceed $5 million are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month

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period. The equity securities of the 100 companies with the highest free cash flow yield (the “Top 100 Companies”) are included in the Index, subject to the exceptions described below. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their trailing twelve-month free cash flow, and weightings are capped at 2% of the weight of the Index for any individual company. Additionally, the Index is limited to a maximum of twenty companies from any individual country and any sector. If the Top 100 Companies include more than 20 companies from an individual country or sector (the “Exposure Limit”), the Index will exclude the companies with the lowest free cash flow yield from each country and/or sector needed to meet the Exposure Limit and will include companies outside the Top 100 Companies based on their free cash flow yield until the Index includes 100 companies and satisfies the Exposure Limit. The Index is reconstituted and rebalanced semi-annually as of the close of business on the 3rd Friday of June and December based on data as of the 1st Friday of the applicable rebalance month.

The Fund

The Fund had a NAV total return of 11.79%. The Index had a total return of 14.50%. The MSCI Emerging Markets Value Index had a total return of 11.60%. The FTSE Emerging Market Index had a total return of 10.80%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology 7.54%, Energy at 4.83%, and Industrials at 4.10%. The three sectors with the lowest contribution to performance were Communication Services at -1.07%, Health Care at -0.58%, and Consumer Discretionary at 0.50%. These return numbers reflect the contribution to the total return of the Fund.

During the fiscal year, the top three countries for contribution to performance were Taiwan at 8.70%, Turkey at 4.38%, and Brazil at 2.61%. The three countries with the lowest contribution to performance were South Africa at -1.96%, Indonesia at -1.54%, and Thailand at -0.46%. These return numbers reflect the contribution to the total return of the Fund.

Pacer US Large Cap Cash Cows Growth Leaders ETF

The Pacer US Large Cap Cash Cows Growth Leaders ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the Pacer US Large Cap Cash Cows Growth Leaders Index (the “Index”).

The Index uses a rules-based methodology that seeks to provide exposure to large capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The initial Index universe is typically derived from the component companies of the Russell 1000 Index^®. The initial universe of companies is typically screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will typically remain in the Index universe. A company’s projected free cash flows and earnings are typically determined by the Index Provider. Companies with negative average projected free cash flows or earnings are typically removed from the Index universe. Additionally, companies in the financial or real estate sectors are typically excluded from the Index universe.

The Fund

The Fund had a NAV total return of 22.96%. The Index had a total return of 23.49%. The Russell 1000 Growth Index had a total return of 31.80%. The Russell 1000 Index had a total return of 22.82%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology 21.92%, Energy at 1.39%, and Industrials at 1.09%. The three sectors with the lowest contribution to performance were Health Care at -1.46%, Consumer Staples at -0.31%, and Utilities at -0.02%. These return numbers reflect the contribution to the total return of the Fund.

Pacer US Small Cap Cash Cows Growth Leaders ETF

The Pacer US Small Cap Cash Cows Growth Leaders ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the Pacer US Small Cap Cash Cows Growth Leaders Index (the “Index”).

The Index uses a rules-based methodology that seeks to provide exposure to small-capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The Fund considers a company to be a small-capitalization at the time of purchase if it was included in the S&P SmallCap 600^® Index (the “S&P SmallCap 600”) at any time within the prior six months. The initial Index universe is derived from the component companies of the S&P SmallCap 600. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. A

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company’s projected free cash flows and earnings are determined by the Index Provider. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, companies in the financial or real estate sectors are excluded from the Index universe.

The Fund

The Fund’s inception occurred during the fiscal year on 5/1/2023. Since inception, it had a NAV total return of 14.26%. The Index had a total return of 15.08%. The S&P SmallCap 600 Index had a total return of 12.55%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology 5.79%, Consumer Discretionary at 5.56%, and Industrials at 5.55%. The three sectors with the lowest contribution to performance were Health Care at -2.57%, Communication Services at -1.04%, and Utilities at 0.01%. These return numbers reflect the contribution to the total return of the Fund.

Pacer US Cash Cows Growth ETF

The Pacer US Cash Cows Growth ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows Growth Index (the “Index”).

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial Index universe is derived from the component companies of the S&P 900^® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 50 companies with the highest free cash flow yield are included in the Index. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their current market capitalization, and weightings are capped at 5% of the weight of the Index for any individual company. Weight above the 5% limitation is redistributed among the other Index constituents in proportion to their weights. The Index is reconstituted and rebalanced quarterly as of the close of business on the 3nd Friday of March, June, September, and December based on data as of the 2nd Friday of the applicable rebalance month.

The Fund

The Fund had a NAV total return of 17.34%. The Index had a total return of 17.31%. The S&P 900 Pure Growth Index had a total return of 22.79%.

During the fiscal year, the top three sectors for contribution to performance were Industrials 4.75%, Information Technology at 4.05%, and Energy at 4.01%. The three sectors with the lowest contribution to performance were Health Care at -2.95%, Consumer Staples at -0.03%, and Utilities at 1.58%. These return numbers reflect the contribution to the total return of the Fund.

Pacer Cash Cows Fund of Funds ETF

The Pacer Cash Cows Fund of Funds ETF is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Cash Cows Fund of Funds Index (the “Index” or the “Fund of Funds Index”).

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The 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,

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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 US Cash Cows 100 ETF	Pacer US Cash Cows 100 Index	Russell 1000 Index
20%	Pacer Global Cash Cows Dividend ETF	Pacer Global Cash Cows Dividend Index	FTSE Developed Large Cap Index
20%	Pacer US Small Cap Cash Cows 100 ETF	Pacer US Small Cap Cash Cows Index	S&P Small Cap 600® Index
20%	Pacer US Cash Cows Growth ETF	Pacer US Cash Cows Growth Index	S&P 900® Pure Growth Index
20%	Pacer Developed Markets International Cash Cows 100 ETF	Pacer Developed Markets International Cash Cows 100 Index	FTSE Developed ex US Index

The Fund

The Fund had a NAV total return of 15.38%. The Index had a total return of 16.25%. The FTSE All-World Developed Index had a total return of 17.95%.

The Fund’s top contributor to its return was Pacer US Small Cap Cash Cows ETF at 5.41%. The Fund’s bottom contributor to its return was Pacer Global Cash Cows Dividend ETF at 1.07%. These return numbers reflect the contribution to the total return of the Fund.

The Pacer Custom ETF Series

The Pacer Custom ETFs are strategy-driven, rules-based and are each designed to offer a specific investment focus. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2024.

Pacer WealthShield ETF

The Pacer WealthShield ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer WealthShield Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a trend-following strategy that directs some or all of the Index’s exposure to (i) U.S. equity securities or (ii) U.S. Treasury securities depending on the strength of the high yield corporate (“junk”) bond market relative to U.S. Treasury bonds and the momentum of certain U.S. equity sectors or industries and of long-term U.S. Treasury bonds.

The Fund

The Fund had a NAV total return of 4.06%. The Index had a total return of 4.65%. The S&P 500 Index had a total return of 22.66%.

The fund was “risk on” for the entire fiscal year 2024.

Pacer Industrial Real Estate ETF

The Pacer Industrial Real Estate ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Solactive GPR Industrial Real Estate Index (the “Index”).

The Index is generally composed of the equity securities of developed markets companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derive at least 85% of their earnings or revenues from self-storage real estate operations (“Self-Storage Companies”). At the time of each reconstitution of the Index, Industrial Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares that are part of the GPR 250 Index are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Fund

The Fund had a NAV total return of -9.31%. The Solactive GPR Industrial Real Estate Index had a total return of -8.72%.

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The Fund’s top three contributors to its return were SEGRO plc at 4.67% total return and a contribution of 0.37%, AB Sagax Class B at 4.85% total return and a contribution of 0.35%, and STAG Industrial at 5.77% total return and a contribution of 0.28%. The Fund’s bottom three contributors to its return were Prologis, Inc. at -16.21% total return and a contribution of -2.41%, Public storage at -8.17% total return and a contribution of -1.46%, and Rexford Industries Reality at -20.90% total return and a contribution of -0.98%.

Pacer Data & Infrastructure Real Estate ETF

The Pacer Data & Infrastructure Real Estate ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Solactive GPR Data & Infrastructure Real Estate Index (the “Index”).

The Index is generally composed of equity securities of developed markets companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $500 million and average daily traded volume of at least 10,000 shares that are part of the GPR 250 Index and the GPR Pure Infrastructure Index are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Fund

The Fund had a NAV total return of -7.74%. The Solactive GPR Data & Infrastructure Real Estate Index had a total return of -6.85%.

The Fund’s top three contributors to its return Uniti Group Inc at 88.43% total return and a contribution of 2.25%, Digital Reality Trust at 45.48% total return and a contribution of 2.12%, and Iron Mountain at 45.87% total return with a contribution of 1.70%. The Fund’s bottom three contributors to its return were Crown Castle at -19.30% total return and a contribution of -3.10%, American Tower Corporation at -13.07% total return and a contribution of -2.15, and Eutelsat Communications SA at -39.14% total return and a contribution of -1.37%.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index (the “Index”).

The Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (“EWI”). The S&P 500 EWI is an equal-weighted version of the S&P 500^®, which measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 EWI includes stocks covering all 11 Global Industry Classification Standard (“GICS^®”) sectors, six of which are eligible for inclusion in the Index.

The Fund

The Fund had a NAV total return of 3.13%. The Index had a total return of 3.83%. The S&P 500 Index had a total return of 22.66%.

Between 5/1/2024 and 4/30/2024, the fund’s returns were influenced by Information Technology which contributed 6.29%, Industrials which contributed 6.22%, and Consumer Discretionary which contributed 5.61%.

Conversely, the bottom three contributors to the Fund’s return were Real Estate which did not contribute to the performance of the fund, Health Care which contributed -8.97%, and Consumer Staples which contributed -10.04% to the fund’s performance.

These return numbers reflect the contribution to the total return of the Fund.

Pacer CSOP FTSE China A50 ETF

The Pacer CSOP FTSE China A50 ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to provide investment results that, before fees and expenses, track the performance for the FTSE China A50 Net Total Return Index (the “Index.”)

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is comprised of A-Shares issued by the 50 largest companies in the China A-Shares market. The Index is a net total return index, which means that the performance of the Index assumes that dividends paid by the Index constituents, net of any withholding taxes, are reinvested in additional shares of such Index constituents. The Index is a free float-adjusted market capitalization-weighted index compiled and published by FTSE International Limited (“FTSE” or the “Index Provider”), which is not affiliated with the Fund, Pacer Advisors, Inc. (the “Adviser”), CSOP Asset Management Limited (the “Sub-Adviser”), or the Fund’s distributor. The Index is

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a real-time, tradable index comprising the largest 50 China A-Share companies by full market capitalization of the FTSE China AAll Cap Free Index. The Index is a subset of the FTSE China AAll Cap Free Index, FTSE’s most comprehensive benchmark for the Chinese A-Share market. It is denominated and quoted in Chinese Yuan (“CNY”) and comprised of stocks listed on the Shanghai Stock and Shenzhen Stock Exchange main markets, the Shenzhen SME Board and/or the Shenzhen ChiNext Board. The Index Provider determines the composition of the Index and relative weightings of the Index constituents based on the Index’s methodology and publishes information regarding the market value of the Index.

The Fund

The Fund had a NAV total return of -7.50%. The FTSE China A50 Index had a total return of -6.95%.

During the fiscal year, the top three sectors for contribution to performance were Energy, which contributed 1.15%, Utilities which contributed 0.72%, and Material which contributed 0.66% to the performance of the fund.

Conversely, the bottom three contributors to the Fund’s return were Consumer staples which contributed -3.47%, Industrial which contributed -2.09%, and Consumer Discretionary which contributed -1.43% to the performance of the fund.

These return numbers reflect the contribution to the total return of the Fund.

The Pacer Factor ETF Series

The Pacer Factor ETFs invest in equities based on certain shared characteristics (factors) and seeks to outperform the market over time. Three of these funds, the Pacer Lunt funds, have the ability to rotate their factor exposures on a monthly basis based on certain signals in an effort to realize greater returns than the overall market. The period referenced in this section for all factor funds is for the fiscal year end of April 30, 2024.

Pacer BioThreat Strategy ETF

The Pacer BioThreat Strategy ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.

The Index is based on a proprietary methodology developed by LifeSci Index Partners, LLC, the Fund’s Index Provider (the “Index Provider”), which is not affiliated with the Fund, its distributor, or Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index is generally composed of U.S.-listed stocks of companies whose products or services help protect against, endure, or recover from biological threats to human health. Companies helping to protect against such threats include those that conduct research to identify or anticipate such threats and those developing or producing the tools necessary to detect them. Companies helping to endure biological threats include those offering goods or services to help individuals, organizations, businesses, and governments adapt to requirements for social distancing or remote connectivity. Such companies may reflect a variety of industries, ranging from the provision of consumer staples that may be stockpiled in an emergency to critical healthcare supplies to basic energy resources. Companies helping to recover from a biological threat include those that support the treatment of diseases or responses to chemical or biological attacks. The Index selects companies based on a proprietary, multi-step research process. First, the Index Provider conducts fundamental research to identify the most important current and emerging biological threats to human health. Such threats may include pandemic diseases, biological warfare, food and water safety, environmental safety, and natural disasters. Next, the Index Provider utilizes publicly available information such as financial reports and screens, corporate websites, news reports, and interviews with key opinion leaders to identify publicly traded companies which protect against and prepare for recovering from these threats. These companies have products, technologies, and services that seek to: ● research or combat pandemic diseases such as the novel coronavirus (COVID-19), Zika, H1N1, Ebola, avian flu, and MERS; ● combat agents of biological or chemical warfare such as anthrax, sarin gas, variola virus, and brucellosis; ● detect the presence of biological or chemical threats; ● enable social distancing and increased productivity for working and shopping at home; ● secure national borders and ports and strengthen homeland security; ● aid in stockpiling of products in times of natural disasters and disease outbreaks, such as canned foods, power sources, consumer first aid kits, anti-microbial agents, gas masks, and sterilization supplies and services; and ● test and improve food and water safety and purity. Finally, the Index Provider only includes those companies with a minimum market capitalization of $1 billion and a minimum average daily value traded for the last six months of at least $2 million. Index components are weighted based on their market capitalization, subject to a maximum weight of 4.9% at the time of rebalance. The Index is reconstituted (i.e., components are added or removed and weights are reset based on the Index methodology) on the third Friday of each January and rebalanced (i.e., weights are reset based on the Index methodology, but no components are added or removed) semi-annually as of the close of business on the third Friday of each January and July. The weights are fixed as of closing prices on the second Friday in each January and July. As of April 30, 2024, the Index was made up of 50 companies and included significant allocations to companies in the health care and industrial sectors.

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The Fund

The Fund had a NAV total return of 18.52%. The Index had a total return of 19.38%. The S&P 500 Index had a total return of 22.66%.

During the fiscal year (5/1/2024 – 4/30/2024) the top three sectors for contribution to performance were Information Technology, which contributed 11.09%, Consumer Discretionary which contributed 4.58%, and Communication Services which contributed 3.35% to the total return of the funds performance.

Conversely, the bottom three contributors to the Fund’s return were Health Care, which contributed -1.15%, Consumer Staples which contributed 0.25%, and Material which contributed 0.70% to the total return of the fund’s performance.

These return numbers reflect the contribution to the total return of the Fund.

Pacer Lunt Large Cap Alternator ETF

The Pacer Lunt Large Cap Alternator ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.

The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. Accordingly, each Sub-Index is composed of large-capitalization equity 4 securities. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The S&P 500 Low Volatility Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the lowest realized volatility over the prior 12 months. Each stock comprising the S&P 500 Low Volatility Index is weighted by the inverse of its volatility with the least volatile stocks receiving the highest weights. Volatility is a statistical measurement of the magnitude of price fluctuations in a stock’s price over time. The S&P 500 High Beta Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the highest sensitivity to market movements, or “beta,” over the prior 12 months. The weight of each stock in the S&P 500 High Beta Index is proportionate to its beta, rather than to its market capitalization. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which Sub-Index is likely to exhibit better price performance than the other Sub-Index. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. Each Sub-Index’s “Risk-Adjusted Score” is calculated using the Sub-Index’s standard deviation of returns over the prior 12 months. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers the Sub-Index with the higher Risk-Adjusted Score to have the higher relative strength. The Index is composed of the securities comprising the Sub-Index demonstrating the greater relative strength. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Index comprising the Index at such time.

The Fund

The Fund had a NAV total return of -5.65%. The Index had a total return of -4.91%. The S&P 500 Index had a total return of 22.66%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Staples which contributed 1.52%, Industrials which contributed 1.07%, and Energy which contributed 0.53% to the fund’s total performance.

Conversely, the bottom three contributors to the Fund’s return were Consumer Discretionary which contributed -2.17%, Health Care which contributed -0.96%, and Financial which contributed -0.73% to the fund’s total performance.

These return numbers reflect the contribution to the total return of the fund.

Pacer Lunt Midcap Multi-Factor Alternator ETF

The Pacer Lunt Midcap Multi-Factor Alternator ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.

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The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to mid-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P MidCap 400 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P MidCap 400 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility. 9 The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P MidCap 400 Momentum Index S&P MidCap 400 Quality Index S&P MidCap 400 Enhanced Value Index S&P MidCap 400 Volatility - Highest Quintile Index Lowest Quintile S&P MidCap 400 Momentum - Lowest Quintile Index S&P MidCap 400 Quality - Lowest Quintile Index S&P MidCap 400 Enhanced Value - Lowest Quintile Index S&P MidCap 400 Low Volatility Index Each Sub-Index is composed of the 80 securities (a quintile) comprising the S&P MidCap 400 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P MidCap 400 Index is a market-weighted index and measures the performance of mid-capitalization stocks in the United States. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P MidCap 400 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time.

The Fund

The Fund had a NAV total return of 30.16%. The Index had a total return of 31.19%. The S&P MidCap 400 Index had a total return of 16.82%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology which contributed 8.81%, Industrials which contributed 7.63%, and Consumer Discretionary which contributed 6.97% to the total performance of the fund.

Conversely, the bottom three contributors to the Fund’s return were Health Care which contributed -0.38%, Communication Service which contributed -0.17%, and Utilities which contributed 0.04% to the total returns of the fund’s performance.

These return numbers reflect the contribution to the total return of the fund.

Pacer Lunt Large Cap Multi-Factor Alternator ETF

The Pacer Lunt Large Cap Multi-Factor Alternator ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P 500 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P 500 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility. 14 The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P 500 Momentum Index S&P 500 Quality Index S&P 500 Enhanced Value Index S&P 500 Volatility - Highest Quintile Index Lowest Quintile S&P 500 Momentum - Lowest Quintile Index S&P 500 Quality - Lowest Quintile Index S&P 500 Enhanced Value - Lowest Quintile Index S&P 500 Low Volatility Index Each Sub-Index is composed of the 100 securities (a quintile) comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score

15

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would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time. The Fund’s Investment Strategy Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Fund’s underlying Index or in one or more ETFs that track the performance of all or a portion of such component securities in the same approximate proportion as in the Fund’s underlying Index. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

The Fund

The Fund had a NAV total return of 27.83%. The Index had a total return of 28.83%. The S&P 500 Index had a total return of 22.66%

During the fiscal year, the top three sectors for contribution to performance were Consumer Staples which contributed 1.52%, Industrials which contributed 1.07%, and Energy which contributed 0.53% to the total return performance of the fund.

Conversely, the bottom three contributors to the Fund’s return were Consumer Discretionary which contributed -2.17%, Health Care which contributed -0.96%, and Financial which contributed -0.73% to the total return performance of the fund.

These return numbers reflect the contribution to the total return of the fund.

The Pacer Leaders ETF Series

The Pacer Leaders ETFs are strategy-driven, rules-based and are each designed to offer exposure to leaders in specific themes. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2024.

Pacer US Export Leaders ETF

The Pacer US Export Leaders ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Export Leaders Index (the “Index”).

The Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900^® Index (which is comprised of the S&P 500^® Index (“S&P 500”) and S&P MidCap 400^® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly. From time to time, the Index may include more or less than 100 companies as a result of events such as acquisitions, spin-offs and other corporate actions. The S&P 500 consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The S&P MidCap 400 measures the performance of mid-capitalization stocks in the United States.

The Fund

The Fund had a NAV total return of 18.40%. The Index had a total return of 19.11%. The S&P 900 Index had a total return of 22.32%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology which contributed 13.17%, Industrial which contributed 4.51%, and Communication Services which contributed 1.10% to the total return of the fun’s performance.

Conversely, the bottom three contributors to the Fund’s return were Health Care which contributed -1.33%, Consumer Staples which contributed -0.45%, and Real Estate which contributed 0.07% to the fund’s total return performance.

These return numbers reflect the contribution to the total return of the fund.

Pacer Pacific Asset Floating Rate High Income ETF

Aristotle Pacific Capital, LLC (the “Sub-Adviser”) seeks to achieve the Fund’s investment objective by selecting a focused portfolio comprised primarily of income-producing adjustable rate securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other adjustable rate securities. Other adjustable rate securities will typically include collateralized loan obligations (“CLOs”), asset-backed securities (“ABS”), and commercial mortgage

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Pacer Funds

backed securities (“CMBS”) (collectively, “Adjustable Rate Securities”). The Fund is expected to invest primarily in loans and Adjustable Rate Securities that are rated below investment grade (i.e., high yield securities, sometimes called “junk bonds” or non-investment grade securities) or, if unrated, of comparable quality as determined by the Sub-Adviser. The Fund may invest in U.S.-dollar denominated senior floating rate loans and Adjustable Rate Securities of domestic and foreign issuers. Senior floating rate loans are debt instruments that may have a right to payment that is senior to most other debts of borrowers. Borrowers may include corporations, partnerships and other entities that operate in a variety of industries and geographic regions, which may from time to time prepay their loan obligations in response, for example, to changes in interest rates. Senior loans in which the Fund may invest include secured and unsecured loans. Generally, secured floating rate loans are secured by specific assets of the borrower. An adjustable rate security includes any fixed income security that requires periodic changes in its interest rate based upon changes in a recognized index interest rate or another method of determining prevailing interest rates. The Fund invests in various types of ABS, such as auto loan and student loan ABS. The Fund is actively managed. The Fund may invest up to 20% of its assets in certain other types of debt instruments or securities, including corporate bonds (including floating rate investment grade bonds) and secured or unsecured second lien floating rate loans. Second lien loans generally are second in line behind senior loans in terms of prepayment priority with respect to pledged collateral and therefore have a lower credit quality as compared to senior loans but may produce a higher yield to compensate for the additional risk. The secondary market on which high yield securities are traded may be less liquid than the market for investment-grade securities. Less liquidity in the secondary trading market could adversely affect the ability of the Fund to sell a high yield security or the price at which the Fund could sell a high yield security, and could adversely affect the daily NAV of Fund shares. When secondary markets for high yield securities are less liquid than the market for investment-grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments, as such term is defined by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). When the Sub-Adviser believes that current market, economic, political or other conditions are unsuitable and would impair the pursuit of the Fund’s investment objectives, the Fund may invest some or all of its assets in cash or cash equivalents, including but not limited to obligations of the U.S. government, money market fund shares, commercial paper, certificates of deposit and/or bankers acceptances, as well as other interest bearing or discount obligations or debt instruments that carry an investment grade rating by a national rating agency. When the Fund takes a temporary defensive position, the Fund may not achieve its investment objectives. The Fund may invest from time to time more heavily in one or more sectors of the economy than in other sectors.

The Fund

The Fund had a NAV total return of 13.25%. The S&P/LSTA Leveraged Loan Total Return Index had a total return of 11.47%.

The Fund’s top three performers in the fund were Neuberger Berman Loan Advisers CLO 48 Ltd with a total return of 14.08% and a contribution to the return of the fund of 0.14%. Harbor Park CLO 18-1 Ltd with a total return of 18.56% and a contribution of 0.14% to the return of the fund. And Goldentree Loan Management US CLO 1 Ltd with a total return of 20.03% which was a contribution to the return of the fund of 0.11%.

The Fund’s bottom three contributors to its return were Altice France Societe Anonyme Term Loan 15-aug-2028 with a total return of -15.63% and a contribution of -0.06%, ROCKLAND OK CLO 2021 with a total return of -1.06% and a contribution of -0.01%, and ELMWOOD CLO LTD 2021-12 with a total return of -2.00% and a contribution of -0.01% to the total return of the fund.

Pacer Data and Digital Revolution ETF

The Pacer Data and Digital Revolution ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Pacer Data Transmission and Communication Revolution Index (the “Index”).

The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index is a rules-based index that consists of globally-listed stocks and depositary receipts of companies that, at the time of being added to the Index, derive at least 50% of their revenues from one of the following activities related to the use, manipulation, transmission, or storage of data (i.e., information that is stored in a digital or electronic format) and the ancillary services that enable these processes (i.e., services that enable companies to use, manipulate, transmit, or store data): electrical equipment and component manufacturing; automatic environmental control or heating and cooling equipment; computer storage device manufacturing; computer systems design services; computer equipment or telephone 3 equipment manufacturing; custom computer programming or record reproducing services; data processing and hosting services; software publishing; semiconductor manufacturing; wireless communications equipment manufacturing; communication and energy wire or wiring device manufacturing or producers of raw materials; cybersecurity systems and data protection services; power and distribution transformer manufacturing; satellite and digital telecommunications; electrical

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Pacer Funds

equipment component manufacturing; industrial value manufacturing; commercial machinery manufacturing; instruments used for measuring, displaying, and controlling industrial process variables (e.g., instruments used for testing electricity and glass thermometers for non-medical uses); computer facilities management services; or electrical equipment or wiring supplies wholesalers (collectively, “Data and Digital Revolution”), as determined by the Index Provider.

The Fund

The Fund had a NAV total return of 58.06%. The index had a total return of 59.18%. The S&P Global 1200 Index had a total return of 18.44%.

The Fund’s top three contributors to its return were NVIDIA Corporation at 211.47% total return and a contribution 15.60%, Advanced Micro Devices, Inc. at 77.22% total return and a contribution of 4.40%, and Broadcom Inc. at 111.66% total return and a contribution of 9.43% to the total return of the fund.

The Fund’s bottom three contributors to its return were Nokia Oyj at a total return of -10.66% and a contribution of -0.28%, Hexatronic Group AB at a total return of -62.73% and a contribution of -0.11%, and Calix, Inc at a total return of -39.32% and a contribution of -0.08%.

Pacer Industrials and Logistics ETF

The Pacer Industrials and Logistics ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Pacer Global Supply Chain Infrastructure Index (the “Index”).

The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index consists of globally-listed stocks and depositary receipts of industrials and logistics companies, as described below. Companies eligible to be added to the Index are those that derive at least 50% of their revenue from the following activities: (i) transportation, including air, ocean, and rail freight, long and short haul trucking, and other courier services that contribute to the movement of products within global supply chains; (ii) software, including transportation management services, logistics software, and other software services that enable companies to draw insights and maximize supply chain efficiency; (iii) hardware, including robotics, forklifts, and other equipment that is instrumental in the logistics process such as conveyor belt technology in warehouses; or (iv) consulting companies responsible for increasing the efficiency of companies with operations in supply chain and logistics management (collectively, “Industrials and Logistics”), as determined by the Index Provider. “Industrials” companies are those companies that are engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment (e.g., capital goods, construction services, machinery, and transportation). “Logistics” companies are those companies involved in the supply chain movements required to move raw materials, intermediate goods, and finished products around the world (e.g., the provision of logistics support, logistics software, rail and air freight, trucking, and marine shipping).

The Fund

The Fund had a NAV total return of 7.54%. The S&P Global 1200 Index had a total return of 18.44%.

The Fund’s top three contributors to its return were SAP SE with a total return of 36.04% and a contribution of 3.43%, Union Pacific Corporation with a total return of 24.03% and a contribution of 2.02%, and Toyota Industries with a total return of 68.55% and a contribution of 0.98% to the total return of the fund’s performance.

The Fund’s bottom three contributors to its return were United Parcel Service at a total return of -14.52% and a contribution of -1.44%, Hapag-Lloyd AG with a total return of -21.29% and a contribution of -0.84%, and DSV A/S at a total return of -23.48% and a contribution of -0.70% to the total return of the fund.

Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing.

The performance data quoted is historical. Past performance is no guarantee of future results. You cannot invest directly in an index.

An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these funds are detailed in the prospectus and could include factors such as alternator strategy risk, cash redemption risk, high yield risk, management risk,

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calculation methodology risk, concentration risk, currency exchange rate risk, emerging markets risk, equity market risk, ETF risks, European investments risk, fixed income risk, foreign sales risk, foreign securities risk, geographic concentration risk, government obligations risk, high portfolio turnover risk, index criteria risk, international operations risk, large and mid-capitalization investing risk, monthly exposure risk, new fund risk, non-diversification risk, other investment companies risk, passive investment risk, real estate companies risk, REIT investment risk, models and data risk, sector risk, sector rotation risk, smaller-capitalization companies risk, style risk, tax risk, tracking risk, trend lag risk, energy infrastructure industry risk, MLP risk, risk of investing in China, risk of investments in A-Shares, A-Shares tax risk, risk of investing through Shanghai-Hong Kong Stock Connect, risk of investing in Issuers listed on the ChiNext Board, authorized participant concentration risk, concentration risk, costs of buying or selling fund shares, emerging markets risk, equity securities risk, financial sector risk, index tracking error risk, international closed market trading risk, large-capitalization securities risk, market risk, non-U.S. currency risk, non-U.S. securities risk, passive investment risk, risk of cash transactions, secondary market trading risk, shares of the fund may trade at prices other than NAV, cybersecurity risk and/or special risks of exchange traded funds.

The Pacer Trendpilot^® US Large Cap Index, Pacer Trendpilot^® US Mid Cap Index, Pacer US Small Cap Cash Cows Index, Pacer US Export Leaders Index, Pacer WealthShield Index, Pacer Trendpilot^® International Index, Pacer US Cash Cows Growth Index, Pacer Trendpilot^® US Bond Index, and Pacer Trendpilot^® Fund of Funds Index (the “Indices”) are the property of Index Design Group, LLC which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Index Design Group, LLC. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

The Pacer NASDAQ-100 Trendpilot^® Index is co-owned by Index Design Group, LLC. and Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”). The NASDAQ-100 is a registered trademark of the Corporations and is licensed for use by Index Design Group, LLC. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

“FTSE^®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The Russell 1000 Index (the “Index”) is a trademark of Frank Russell Company (“Russell”) and has been licensed for use by Index Design Group, LLC (“IDG”). The Pacer US Cash Cows 100 Index is not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies (“LSEG”) (together the “Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the Pacer US Cash Cows 100 Index is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Pacer US Cash Cows 100 Index. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to IDG or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Solactive AG (“Solactive”) is the licensor of the Solactive GPR Data & Infrastructure Real Estate Index (the “Index”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Index.

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Pacer Funds

Solactive AG (“Solactive”) is the licensor of the Solactive GPR Industrial Real Estate Index (the “Index”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Index.

Pacer Cash Cows Fund of Funds ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Indexes are calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Indexes to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Indexes or Indexes trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

The Lunt Capital U.S. Large Cap Equity Rotation Index, Lunt Capital U.S. MidCap Multi-Factor Rotation Index, and Lunt Capital U.S. Large Cap Multi-Factor Rotation Index (the “Indices”) are a service mark of Lunt Capital Management, Inc. and have been licensed for use by Pacer Advisors, Inc. The Products are not sponsored, endorsed, sold, or promoted by Lunt Capital Management, Inc. and Lunt Capital Management, Inc. makes no representation regarding the advisability of investing in the Products. The Index is the property of Lunt Capital Management, Inc., which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Lunt Capital Management, Inc. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

CFRA makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally, or in the Product particularly, or the ability of CFRA’s Index to track general market performance. CFRA is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the product may be converted into cash or other redemption mechanics. CFRA has no obligation or liability in connection with the administration, marketing or trading of the Product. CFRA is not an investment advisor. Inclusion of a security within a CFRA Index is not a recommendation by CFRA to buy, sell, or hold any security, nor is it investment advice. CFRA does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the CFRA Index or any data related thereto or any communication with respect thereto, including oral, written, or electronic communications. CFRA shall not be subject to any damages or liability for any errors, omissions, or delays therein. CFRA makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by users, owners of the product, or any other person or entity from the use of the CFRA Index or with respect to any data related thereto.

The LifeSci BioThreat Strategy Index is a trademark of LifeSci Index Partners, LLC (“LSIP”) and has been licensed for use by Pacer Advisors, Inc. The Pacer BioThreat Strategy ETF (CBOE: VIRS) is not sponsored, endorsed, sold or promoted by LifeSci Index Partners, LLC and LSIP makes no representation or warranty regarding the advisability of investing in the Pacer BioThreat ETF.

Pacer Advisors, Inc. is the fund advisor. Aristotle Pacific Capital, LLC serves as investment sub-advisor to the Fund. The Fund is the successor to the Pacific Global Senior Loan ETF, a series of Pacific Global ETF Trust, and its investment performance as a result of the reorganization of the Predecessor Fund into the Fund at the close of business on October 22, 2021. In addition, the Pacific Global Senior Loan ETF was the successor to the investment performance of AdvisorShares Pacific Asset Enhanced Floating Rate ETF, a series of AdvisorShares Trust, as a result of the reorganization of the series of AdvisorShares Trust into a series of Pacific Global ETF that occurred on December 27, 2019 (together, the “Predecessor Fund”).

From the Predecessor Fund’s inception to October 22, 2021, the Predecessor Fund invested at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans. After the reorganization, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other adjustable rate securities. Other than each Fund’s respective 80% policy and the associated risks with investing in adjustable rate securities, the Funds had similar investment objectives, strategies, and policies.

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The Value Indices listed below are being included to provide a performance comparison of a value index, which the Adviser believes is a more suitable comparison for the Cash Cows Series based on the investment strategy of the Fund.

Russell 1000 Value Index
S&P SmallCap 600 Value Index
MSCI EAFE Value Index
MSCI World Value Index
MSCI Emerging Markets Value Index

Investment products offered are: Not FDIC Insured ● No Bank Guarantee ● May Lose Value

Trendpilot^®, Cash Cows Index^® and Strategy Driven ETFs™ are trademarks of Index Design Group, LLC.

Distributor: Pacer Financial, Inc, member FINRA, SIPC, an affiliate of Pacer Advisors, Inc.

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Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2024

Pacer Trendpilot^® US Large Cap ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.5%
Banks	3.4%
Capital Goods	5.8%
Commercial & Professional Services	1.3%
Consumer Discretionary Distribution & Retail	5.9%
Consumer Durables & Apparel	0.8%
Consumer Services	2.1%
Consumer Staples Distribution & Retail	1.9%
Energy	4.1%
Equity Real Estate Investment Trusts (REITs)	2.0%
Financial Services	7.6%
Food Beverage & Tobacco	2.7%
Health Care Equipment & Services	5.2%
Household & Personal Products	1.5%
Insurance	2.1%
Materials	2.4%
Media & Entertainment	8.3%
Pharmaceuticals Biotechnology & Life Sciences	7.1%
Real Estate Management & Development	0.2%
Semiconductors & Semiconductor Equipment	10.1%
Software & Services	11.4%
Technology Hardware & Equipment	7.5%
Telecommunication Services	0.9%
Transportation	1.7%
Utilities	2.3%
Investments Purchased with Proceeds from Securities Lending	3.7%
Liabilities in Excess of Other Assets	-3.5%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Trendpilot^® US Large Cap Index.

Pacer Trendpilot^® US Mid Cap ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.7%
Banks	5.2%
Capital Goods	15.5%
Commercial & Professional Services	4.3%
Consumer Discretionary Distribution & Retail	4.3%
Consumer Durables & Apparel	4.2%
Consumer Services	4.9%
Consumer Staples Distribution & Retail	2.1%
Energy	5.6%
Equity Real Estate Investment Trusts (REITs)	6.7%
Financial Services	6.2%
Food Beverage & Tobacco	1.8%
Health Care Equipment & Services	4.7%
Household & Personal Products	0.8%
Insurance	4.6%
Materials	6.9%

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Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Trendpilot® US Mid Cap ETF (Continued)
Industry(a)	Percentage of Net Assets
Media & Entertainment	1.1%
Pharmaceuticals Biotechnology & Life Sciences	3.5%
Real Estate Management & Development	0.3%
Semiconductors & Semiconductor Equipment	2.7%
Software & Services	3.2%
Technology Hardware & Equipment	3.4%
Telecommunication Services	0.3%
Transportation	2.3%
Utilities	3.6%
Investments Purchased with Proceeds from Securities Lending	22.5%
Liabilities in Excess of Other Assets	-22.4%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Trendpilot^® US Mid Cap Index.

Pacer Trendpilot^® 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.3%
Capital Goods	0.9%
Commercial & Professional Services	1.2%
Consumer Discretionary Distribution & Retail	3.9%
Consumer Durables & Apparel	0.2%
Consumer Services	1.6%
Consumer Staples Distribution & Retail	1.5%
Energy	0.3%
Financial Services	0.3%
Food Beverage & Tobacco	2.1%
Health Care Equipment & Services	1.0%
Materials	0.9%
Media & Entertainment	7.5%
Pharmaceuticals Biotechnology & Life Sciences	2.3%
Real Estate Management & Development	0.2%
Semiconductors & Semiconductor Equipment	12.4%
Software & Services	8.9%
Technology Hardware & Equipment	5.0%
Telecommunication Services	0.8%
Transportation	0.4%
Utilities	0.7%
U.S. Treasury Bills	45.0%
Investments Purchased with Proceeds from Securities Lending	30.9%
Liabilities in Excess of Other Assets	-29.3%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Nasdaq-100 Trendpilot^® Index.

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Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Trendpilot^® European Index ETF

Country(a)	Percentage of Net Assets
Automobiles & Components	4.9%
Banks	11.0%
Capital Goods	14.8%
Commercial & Professional Services	1.0%
Consumer Discretionary Distribution & Retail	2.0%
Consumer Durables & Apparel	6.6%
Consumer Services	1.0%
Consumer Staples Distribution & Retail	0.8%
Energy	4.2%
Equity Real Estate Investment Trusts (REITs)	0.5%
Financial Services	3.0%
Food Beverage & Tobacco	3.6%
Health Care Equipment & Services	2.4%
Household & Personal Products	2.5%
Insurance	6.2%
Materials	5.2%
Media & Entertainment	1.3%
Pharmaceuticals Biotechnology & Life Sciences	4.3%
Real Estate Management & Development	0.5%
Semiconductors & Semiconductor Equipment	8.0%
Software & Services	4.7%
Technology Hardware & Equipment	0.3%
Telecommunication Services	2.9%
Transportation	1.4%
Utilities	5.6%
Investments Purchased with Proceeds from Securities Lending	14.4%
Liabilities in Excess of Other Assets	-13.1%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Trendpilot European Index.

Pacer Trendpilot^® International ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	4.3%
Banks	12.3%
Capital Goods	10.1%
Commercial & Professional Services	2.0%
Consumer Discretionary Distribution & Retail	1.6%
Consumer Durables & Apparel	3.9%
Consumer Services	1.3%
Consumer Staples Distribution & Retail	1.2%
Energy	6.0%
Equity Real Estate Investment Trusts (REITs)	0.4%
Financial Services	3.1%
Food Beverage & Tobacco	4.6%
Health Care Equipment & Services	1.6%
Household & Personal Products	2.4%
Insurance	4.7%

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Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Trendpilot® International ETF (Continued)
Industry(a)	Percentage of Net Assets
Materials	7.1%
Media & Entertainment	1.1%
Pharmaceuticals Biotechnology & Life Sciences	10.2%
Real Estate Management & Development	0.8%
Semiconductors & Semiconductor Equipment	3.9%
Software & Services	3.3%
Technology Hardware & Equipment	1.8%
Telecommunication Services	2.2%
Transportation	2.4%
Utilities	2.6%
Exchange Traded Funds	4.4%
Investments Purchased with Proceeds from Securities Lending	22.0%
Liabilities in Excess of Other Assets	-21.3%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Trendpilot^® International Index.

Pacer Trendpilot^® US Bond ETF

Industry(a)	Percentage of Net Assets
Corporate Bonds	98.7%
Investments Purchased with Proceeds from Securities Lending	11.6%
Liabilities in Excess of Other Assets	-10.3%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Trendpilot^® US Bond Index.

Pacer Trendpilot^® Fund of Funds ETF

Industry(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	99.9%
Other Assets in Excess of Liabilities	0.1%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Trendpilot^® Fund of Funds Index.

25

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer US Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	0.4%
Capital Goods	10.9%
Commercial & Professional Services	0.3%
Consumer Discretionary Distribution & Retail	5.4%
Consumer Durables & Apparel	9.9%
Consumer Services	1.6%
Energy	23.9%
Food Beverage & Tobacco	5.1%
Health Care Equipment & Services	7.2%
Household & Personal Products	2.2%
Materials	9.8%
Media & Entertainment	2.2%
Pharmaceuticals Biotechnology & Life Sciences	6.1%
Semiconductors & Semiconductor Equipment	1.1%
Software & Services	3.2%
Technology Hardware & Equipment	5.0%
Telecommunication Services	2.0%
Transportation	1.0%
Utilities	2.5%
Investments Purchased with Proceeds from Securities Lending	4.8%
Liabilities in Excess of Other Assets	-4.6%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer US Cash Cows 100 Index.

Pacer US Small Cap Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	4.1%
Capital Goods	17.5%
Commercial & Professional Services	2.0%
Consumer Discretionary Distribution & Retail	8.5%
Consumer Durables & Apparel	15.8%
Consumer Services	0.9%
Consumer Staples Distribution & Retail	2.1%
Energy	13.9%
Food Beverage & Tobacco	2.1%
Health Care Equipment & Services	4.3%
Household & Personal Products	1.9%
Materials	5.4%
Media & Entertainment	2.3%
Pharmaceuticals Biotechnology & Life Sciences	5.1%
Semiconductors & Semiconductor Equipment	1.2%
Software & Services	2.5%
Technology Hardware & Equipment	7.0%
Transportation	3.4%
Investments Purchased with Proceeds from Securities Lending	10.4%
Liabilities in Excess of Other Assets	-10.4%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer US Small Cap Cash Cows 100 Index.

26

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Global Cash Cows Dividend ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	9.3%
Capital Goods	3.5%
Commercial & Professional Services	0.2%
Consumer Discretionary Distribution & Retail	1.6%
Consumer Services	0.1%
Consumer Staples Distribution & Retail	1.0%
Energy	23.2%
Food Beverage & Tobacco	8.8%
Health Care Equipment & Services	1.5%
Household & Personal Products	2.5%
Materials	10.4%
Media & Entertainment	0.1%
Pharmaceuticals Biotechnology & Life Sciences	13.5%
Software & Services	2.0%
Telecommunication Services	8.6%
Transportation	8.4%
Utilities	4.4%
Investments Purchased with Proceeds from Securities Lending	12.1%
Liabilities in Excess of Other Assets	-11.2%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Global Cash Cows Dividend 100 Index.

Pacer Developed Markets International Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	8.4%
Capital Goods	13.6%
Commercial & Professional Services	0.9%
Consumer Discretionary Distribution & Retail	1.4%
Consumer Durables & Apparel	0.7%
Consumer Services	0.2%
Consumer Staples Distribution & Retail	6.1%
Energy	25.4%
Food Beverage & Tobacco	1.8%
Health Care Equipment & Services	2.3%
Household & Personal Products	0.3%
Materials	12.3%
Media & Entertainment	2.0%
Pharmaceuticals Biotechnology & Life Sciences	0.7%
Semiconductors & Semiconductor Equipment	0.3%
Telecommunication Services	4.1%
Transportation	15.5%
Utilities	3.2%
Investments Purchased with Proceeds from Securities Lending	8.6%
Liabilities in Excess of Other Assets	-7.8%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Developed Markets International Cash Cows 100 Index.

27

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Emerging Markets Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.9%
Capital Goods	10.1%
Consumer Discretionary Distribution & Retail	7.0%
Consumer Durables & Apparel	1.7%
Consumer Services	1.7%
Consumer Staples Distribution & Retail	3.0%
Energy	17.2%
Food Beverage & Tobacco	3.8%
Household & Personal Products	0.3%
Materials	12.6%
Media & Entertainment	0.3%
Pharmaceuticals Biotechnology & Life Sciences	0.2%
Semiconductors & Semiconductor Equipment	0.9%
Technology Hardware & Equipment	13.7%
Telecommunication Services	7.4%
Transportation	6.8%
Utilities	9.6%
Investments Purchased with Proceeds from Securities Lending	0.0%*
Other Assets in Excess of Liabilities	0.8%
Total	100.0%

* Less than 0.05%.

^(a) The Fund may classify a company in a different category than the Pacer Emerging Markets Cash Cows 100 Index.

Pacer US Large Cap Cash Cows Growth Leaders ETF

Industry(a)	Percentage of Net Assets
Capital Goods	4.9%
Commercial & Professional Services	1.1%
Consumer Discretionary Distribution & Retail	0.5%
Consumer Durables & Apparel	4.3%
Consumer Services	3.3%
Energy	6.4%
Food Beverage & Tobacco	1.0%
Health Care Equipment & Services	3.1%
Household & Personal Products	0.2%
Materials	1.4%
Media & Entertainment	5.7%
Pharmaceuticals Biotechnology & Life Sciences	6.8%
Semiconductors & Semiconductor Equipment	15.6%
Software & Services	39.2%
Technology Hardware & Equipment	4.5%
Telecommunication Services	0.3%
Transportation	1.2%
Utilities	0.4%
Other Assets in Excess of Liabilities	0.1%
Total	100.0%

^(a) The Fund generally classifies a company in a different category than the Pacer US Large Cap Cash Cows Growth Leaders Index.

28

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer US Small Cap Cash Cows Growth Leaders ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	0.6%
Capital Goods	21.3%
Commercial & Professional Services	3.1%
Consumer Discretionary Distribution & Retail	7.8%
Consumer Durables & Apparel	10.3%
Consumer Services	3.1%
Energy	5.1%
Food Beverage & Tobacco	3.2%
Health Care Equipment & Services	5.7%
Household & Personal Products	1.9%
Materials	7.3%
Media & Entertainment	3.3%
Pharmaceuticals Biotechnology & Life Sciences	10.0%
Semiconductors & Semiconductor Equipment	2.2%
Software & Services	8.5%
Technology Hardware & Equipment	3.5%
Telecommunication Services	0.3%
Transportation	2.2%
Utilities	0.5%
Other Assets in Excess of Liabilities	0.1%
Total	100.0%

^(a) The Fund generally classifies a company in a different category than the Pacer US Small Cap Cash Cows Growth Leaders Index.

Pacer US Cash Cows Growth ETF

Industry(a)	Percentage of Net Assets
Capital Goods	15.2%
Commercial & Professional Services	0.5%
Consumer Discretionary Distribution & Retail	7.7%
Consumer Durables & Apparel	18.3%
Consumer Services	8.3%
Energy	10.3%
Food Beverage & Tobacco	0.9%
Health Care Equipment & Services	0.9%
Materials	8.0%
Media & Entertainment	6.0%
Pharmaceuticals Biotechnology & Life Sciences	1.5%
Semiconductors & Semiconductor Equipment	9.5%
Software & Services	3.9%
Technology Hardware & Equipment	5.7%
Utilities	3.2%
Investments Purchased with Proceeds from Securities Lending	15.1%
Liabilities in Excess of Other Assets	-15.0%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer US Cash Cows Growth Index.

29

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Cash Cows Fund of Funds ETF

Industry(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	100.0%
Other Assets in Excess of Liabilities	0.0%*
Total	100.0%

* Less than 0.05%.

^(a) The Fund may classify a company in a different category than the Pacer Cash Cows Fund of Funds Index.

Pacer WealthShield ETF

Industry(a)	Percentage of Net Assets
Banks	5.3%
Capital Goods	13.8%
Commercial & Professional Services	2.9%
Consumer Discretionary Distribution & Retail	2.7%
Consumer Services	1.5%
Financial Services	12.6%
Health Care Equipment & Services	0.5%
Insurance	3.4%
Media & Entertainment	6.4%
Semiconductors & Semiconductor Equipment	7.0%
Software & Services	14.0%
Technology Hardware & Equipment	7.2%
Transportation	3.9%
U.S. Treasury Bills	17.8%
Investments Purchased with Proceeds from Securities Lending	21.0%
Liabilities in Excess of Other Assets	-20.0%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer WealthShield Index.

Pacer Industrial Real Estate ETF

Industry(a)	Percentage of Net Assets
Equity Real Estate Investment Trusts	94.9%
Common Stock	4.7%
Investments Purchased with Proceeds from Securities Lending	7.5%
Liabilities in Excess of Other Assets	-7.1%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Industrial Real Estate Index.

30

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Data & Infrastructure Real Estate ETF

Industry(a)	Percentage of Net Assets
Equity Real Estate Investment Trusts (REITs)	61.0%
Media & Entertainment	3.6%
Real Estate Management & Development	4.0%
Software & Services	6.3%
Telecommunication Services	24.9%
Investments Purchased with Proceeds from Securities Lending	6.3%
Liabilities in Excess of Other Assets	-6.1%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Data & Infrastructure Real Estate Index.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Industry(a)	Percentage of Net Assets
Consumer Staples Distribution & Retail	9.8%
Food Beverage & Tobacco	31.1%
Health Care Equipment & Services	28.7%
Household & Personal Products	9.4%
Pharmaceuticals Biotechnology & Life Sciences	21.7%
Investments Purchased with Proceeds from Securities Lending	18.8%
Liabilities in Excess of Other Assets	-19.5%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index.

Pacer CSOP FTSE China A50 ETF    

Industry(a)	Percentage of Net Assets
Automobiles & Components	3.2%
Banks	21.6%
Capital Goods	8.9%
Consumer Discretionary Distribution & Retail	1.0%
Consumer Durables & Apparel	2.4%
Energy	6.7%
Financial Services	3.7%
Food Beverage & Tobacco	26.8%
Health Care Equipment & Services	2.5%
Insurance	4.6%
Materials	4.3%
Pharmaceuticals Biotechnology & Life Sciences	2.0%
Semiconductors & Semiconductor Equipment	1.3%
Technology Hardware & Equipment	3.5%
Transportation	2.2%
Utilities	4.5%
Other Assets in Excess of Liabilities	0.8%
Total	100.0%

^(a) The Fund may classify a company in a different category than the FTSE China A50 Net Total Return Index.

31

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer BioThreat Strategy ETF

Industry(a)	Percentage of Net Assets
Capital Goods	3.0%
Commercial & Professional Services	1.6%
Consumer Discretionary Distribution & Retail	14.1%
Consumer Staples Distribution & Retail	7.1%
Food Beverage & Tobacco	1.2%
Health Care Equipment & Services	9.1%
Household & Personal Products	4.6%
Materials	2.3%
Media & Entertainment	5.3%
Pharmaceuticals Biotechnology & Life Sciences	40.1%
Semiconductors & Semiconductor Equipment	7.9%
Software & Services	2.9%
Technology Hardware & Equipment	0.6%
Investments Purchased with Proceeds from Securities Lending	13.9%
Liabilities in Excess of Other Assets	-13.7%
Total	100.0%

^(a) The Fund may classify a company in a different category than the BioShares BioThreat Index.

Pacer Lunt Large Cap Alternator ETF

Industry(a)	Percentage of Net Assets
Banks	1.0%
Capital Goods	6.9%
Commercial & Professional Services	6.2%
Consumer Discretionary Distribution & Retail	2.7%
Consumer Services	3.4%
Consumer Staples Distribution & Retail	4.3%
Energy	2.2%
Equity Real Estate Investment Trusts (REITs)	1.8%
Financial Services	8.1%
Food Beverage & Tobacco	14.2%
Health Care Equipment & Services	7.5%
Household & Personal Products	4.9%
Insurance	7.3%
Materials	2.0%
Media & Entertainment	0.8%
Pharmaceuticals Biotechnology & Life Sciences	3.7%
Software & Services	3.6%
Technology Hardware & Equipment	3.7%
Telecommunication Services	1.0%
Transportation	0.8%
Utilities	13.7%
Investments Purchased with Proceeds from Securities Lending	5.2%
Liabilities in Excess of Other Assets	-5.0%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Equity Rotation Index.

32

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Lunt Midcap Multi-Factor Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	0.5%
Banks	0.2%
Capital Goods	28.7%
Commercial & Professional Services	4.3%
Consumer Discretionary Distribution & Retail	4.5%
Consumer Durables & Apparel	6.2%
Consumer Services	3.9%
Consumer Staples Distribution & Retail	1.7%
Energy	6.0%
Equity Real Estate Investment Trusts (REITs)	0.5%
Financial Services	4.7%
Food Beverage & Tobacco	2.8%
Health Care Equipment & Services	2.5%
Household & Personal Products	1.9%
Insurance	5.4%
Materials	5.7%
Media & Entertainment	0.5%
Pharmaceuticals Biotechnology & Life Sciences	1.9%
Semiconductors & Semiconductor Equipment	2.5%
Software & Services	7.5%
Technology Hardware & Equipment	2.2%
Transportation	2.9%
Utilities	2.9%
Investments Purchased with Proceeds from Securities Lending	22.5%
Liabilities in Excess of Other Assets	-22.4%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Lunt Capital U.S. MidCap Multi-Factor Rotation Index.

Pacer Lunt Large Cap Multi-Factor Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.3%
Banks	13.0%
Capital Goods	3.8%
Commercial & Professional Services	0.9%
Consumer Discretionary Distribution & Retail	5.1%
Consumer Durables & Apparel	1.6%
Consumer Services	1.1%
Consumer Staples Distribution & Retail	2.2%
Energy	9.1%
Equity Real Estate Investment Trusts (REITs)	0.1%
Financial Services	7.8%
Food Beverage & Tobacco	1.5%
Health Care Equipment & Services	5.9%
Insurance	2.1%
Materials	3.2%
Media & Entertainment	5.3%
Pharmaceuticals Biotechnology & Life Sciences	3.9%
Semiconductors & Semiconductor Equipment	10.7%

33

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Lunt Large Cap Multi-Factor Alternator ETF (Continued)
Industry(a)	Percentage of Net Assets
Software & Services	9.9%
Technology Hardware & Equipment	5.8%
Telecommunication Services	1.7%
Transportation	2.0%
Utilities	0.8%
Investments Purchased with Proceeds from Securities Lending	3.1%
Liabilities in Excess of Other Assets	-2.9%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index.

Pacer US Export Leaders ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	4.0%
Capital Goods	12.6%
Commercial & Professional Services	3.9%
Consumer Discretionary Distribution & Retail	0.9%
Consumer Durables & Apparel	4.2%
Consumer Services	3.1%
Energy	5.5%
Equity Real Estate Investment Trusts (REITs)	0.8%
Food Beverage & Tobacco	4.3%
Health Care Equipment & Services	0.9%
Household & Personal Products	0.9%
Materials	12.3%
Media & Entertainment	5.0%
Pharmaceuticals Biotechnology & Life Sciences	7.7%
Semiconductors & Semiconductor Equipment	14.5%
Software & Services	7.5%
Technology Hardware & Equipment	8.9%
Transportation	2.9%
Investments Purchased with Proceeds from Securities Lending	11.4%
Liabilities in Excess of Other Assets	-11.3%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer US Export Leaders Index.

Pacer Pacific Asset Floating Rate High Income ETF

Industry(a)	Percentage of Net Assets
Bank Loans	53.4%
Collateralized Loan Obligations	33.0%
Corporate Bonds	8.9%
Exchange Traded Funds	0.5%
Closed End Funds	0.0%*
Other Assets in Excess of Liabilities	4.2%
Total	100.0%

* Less than 0.05%.

^(a) The Fund may classify a company in a different category than the S&P LSTA U.S. Leverage Loan 100 Index.

34

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2024

Pacer Data and Digital Revolution ETF

Industry(a)	Percentage of Net Assets
Capital Goods	7.4%
Semiconductors & Semiconductor Equipment	36.9%
Software & Services	29.2%
Technology Hardware & Equipment	26.5%
Other Assets in Excess of Liabilities	0.0%*
Total	100.0%

* Less than 0.05%.

^(a) The Fund may classify a company in a different category than the Pacer Data Transmission and Communication Revolution Index.

Pacer Industrials and Logistics ETF

Industry(a)	Percentage of Net Assets
Capital Goods	8.0%
Energy	0.1%
Pharmaceuticals Biotechnology & Life Sciences	0.1%
Software & Services	10.4%
Technology Hardware & Equipment	1.9%
Transportation	76.9%
Exchange Traded Funds	2.3%
Other Assets in Excess of Liabilities	0.3%
Total	100.0%

^(a) The Fund may classify a company in a different category than the Pacer Global Supply Chain Infrastructure Index.

35

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Trendpilot^® US Large Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Total Return Index, (ii) 50% to the S&P 500 Total Return Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Large Cap ETF - NAV	19.96%	8.96%	9.59%	8.11%
Pacer Trendpilot® US Large Cap ETF - Market	20.09%	8.98%	9.59%	8.12%
Pacer Trendpilot® US Large Cap Index(3)	20.68%	9.61%	10.23%	8.76%
S&P 500® Index(3)	22.66%	8.06%	13.19%	12.33%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

36

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Trendpilot^® US Mid Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.

The S&P Midcap 400 Index measures the performance of mid-capitalization stocks in the United States.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Mid Cap ETF - NAV	7.02%	-0.74%	2.79%	4.30%
Pacer Trendpilot® US Mid Cap ETF - Market	7.10%	-0.75%	2.79%	4.30%
Pacer Trendpilot® US Mid Cap Index(3)	7.77%	-0.22%	3.43%	4.94%
S&P MidCap 400 Index(3)	16.82%	3.25%	9.47%	8.96%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

37

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

Pacer NASDAQ-100 Trendpilot^® Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the NASDAQ-100 Index, (ii) 50% to the NASDAQ-100 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the NASDAQ-100 Index and its 200-business day historical simple moving average.

The NASDAQ-100 Index includes approximately 100 of the largest non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. The NASDAQ-100 Index was developed by NASDAQ OMX. There is no minimum market capitalization requirement for inclusion in the NASDAQ-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® 100 ETF - NAV	23.36%	8.26%	13.88%	12.25%
Pacer Trendpilot® 100 ETF - Market	23.72%	8.28%	13.89%	12.27%
Pacer NASDAQ-100 Trendpilot® Index(3)	24.13%	8.93%	14.53%	12.92%
NASDAQ-100 Index(3)	32.77%	8.84%	18.53%	17.65%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus August 31, 2023, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

38

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 14, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Trendpilot^® European Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the FTSE Eurozone Total Return Index and its 200-business day historical simple moving average.

The FTSE Eurozone Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands, and Italy. The FTSE Eurozone Index is a subset of the FTSE Global Equity Index Series, which covers 99% of the investable market capitalization globally.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® European Index ETF - NAV	-0.02%	3.75%	0.98%	1.70%
Pacer Trendpilot® European Index ETF - Market	-1.01%	3.80%	0.72%	1.67%
Pacer Trendpilot® European Index(3)	1.40%	5.03%	2.43%	3.15%
FTSE Eurozone Index(3)	10.33%	3.76%	7.48%	7.88%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 14, 2015.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

39

Pacer Trendpilot^® International ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Trendpilot International Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P Developed Ex-U.S. LargeCap Index, (ii) 50% to the S&P Developed Ex-U.S. LargeCap Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P Developed Ex-U.S. LargeCap Index and its 200-business day historical simple moving average (the “200-day moving average”).

The S&P Developed Ex-US LargeCap Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large-capitalization stocks providing coverage of the developed markets excluding the United States.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot International ETF - NAV	6.85%	1.57%	3.85%
Pacer Trendpilot International ETF - Market	6.31%	1.49%	3.80%
Pacer Trendpilot International Index	7.91%	2.25%	4.76%
S&P Developed Ex-US Large Cap Index(3)	10.97%	3.39%	7.40%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.66%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 2, 2019.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

40

Pacer Trendpilot^® US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on October 22, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Trendpilot US 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

The iBoxx USD Liquid High Yield Index is designed to track the performance of liquid U.S. dollar-denominated high yield bonds, selected to provide a balanced representation of the U.S. dollar high yield corporate bond universe. The iBoxx USD Treasuries 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot US Bond ETF - NAV	6.30%	-4.84%	-0.36%
Pacer Trendpilot US Bond ETF - Market	6.07%	-4.94%	-0.41%
Pacer Trendpilot US Bond Index(3)	7.16%	-2.96%	1.33%
iBoxx USD Liquid High Yield Index(3)	8.32%	1.25%	2.73%
S&P U.S. High Yield Corporate Bond IndexTM(3)	8.51%	1.32%	3.23%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is October 22, 2019.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

41

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 3, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Trendpilot 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 Pacer Advisors, Inc. (collectively, the “Trendpilot ETFs”). Each of the Trendpilot 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 Indexes”). Each Trendpilot Index other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot 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 US Bond Index (the “Trendpilot 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 ETF	Trendpilot Index	Equity Component
20%	Pacer Trendpilot® US Large Cap ETF	Pacer Trendpilot® US Large Cap Index	S&P 500® Index
20%	Pacer Trendpilot® US Mid Cap ETF	Pacer Trendpilot® US Mid Cap Index	S&P MidCap 400® Index
20%	Pacer Trendpilot® 100 ETF	Pacer NASDAQ-100 Trendpilot® Index	NASDAQ-100® Index
20%	Pacer Trendpilot® International ETF	Pacer Trendpilot® International Index	S&P Developed Ex-US Large Cap Index
20%	Pacer Trendpilot® US Bond ETF	Pacer Trendpilot® US Bond Index	iBoxx USD Liquid High Yield Index

The S&P 1200 Index captures approximately 70% of global market capitalization.

42

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot Fund of Funds ETF - NAV	12.39%	2.47%	5.12%
Pacer Trendpilot Fund of Funds ETF - Market	12.53%	2.51%	5.15%
Pacer Trendpilot Fund of Funds Index(3)	13.30%	3.44%	6.19%
S&P 1200 Index(3)	18.45%	6.03%	10.82%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.77%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 3, 2019.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

43

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 16, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows.” The initial index universe is derived from the component companies of the Russell 1000^® Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The Russell 1000 Index is a market-capitalization weighted index representing the top 1,000 large-cap stocks in the Russell 3000 Index.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Cash Cows 100 ETF - NAV	19.70%	11.45%	15.56%	13.57%
Pacer US Cash Cows 100 ETF - Market	19.68%	11.41%	15.47%	13.54%
Pacer US Cash Cows 100 Index(3)	20.34%	12.01%	16.04%	14.05%
Russell 1000® Index(3)	22.82%	6.98%	12.87%	13.22%
Russell 1000® Value Index(3)	13.37%	5.16%	8.58%	8.41%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 16, 2016.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

44

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 16, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer US Small Cap Cash Cows Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows.” The initial Index universe is derived from the component companies of the S&P Small Cap 600^® Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The S&P SmallCap 600^® Index seeks to measure the small-cap segment of the U.S. equity market.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Small Cap Cash Cows 100 ETF - NAV	25.18%	4.84%	13.68%	10.85%
Pacer US Small Cap Cash Cows 100 ETF - Market	25.36%	4.86%	13.65%	10.83%
Pacer US Small Cap Cash Cows Index(3)	25.37%	5.35%	14.09%	11.20%
S&P SmallCap 600® Index(3)	12.55%	-0.34%	7.08%	7.58%
S&P SmallCap 600® Value Index(3)	6.95%	-0.36%	6.40%	6.62%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 16, 2017.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

45

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on February 22, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Global Cash Cows Dividend Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yield backed by a high free cash flow yield. The initial index universe is derived from the component companies of the FTSE All-World Developed Large Cap Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The 300 companies with the highest free cash flow yield are then ranked by their dividend yield. The equity securities of the 100 companies with the highest dividend yield are included in the Index.

The FTSE All-World Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Global Cash Cows Dividend ETF - NAV	6.17%	8.29%	6.75%	8.18%
Pacer Global Cash Cows Dividend ETF - Market	5.56%	8.19%	6.65%	8.15%
Pacer Global Cash Cows Dividend Index(3)	7.19%	9.22%	7.74%	9.16%
FTSE All-World Developed Large-Cap Index(3)	20.05%	6.66%	11.48%	12.51%
MSCI World Value Index(3)	12.54%	5.30%	6.97%	8.65%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is February 22, 2016.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

46

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 16, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Developed Markets International Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial index universe is derived from the component companies of the FTSE Developed ex US Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years (if available). Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, and companies with a market capitalization of less than $3 billion are excluded from the Index universe. The remaining companies are ranked by their average daily trading value (“ADTV”) for the prior three months. The 500 companies with the highest ADTV are then ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Developed Markets International Cash Cows 100 ETF - NAV	10.00%	3.42%	6.70%	6.57%
Pacer Developed Markets International Cash Cows 100 ETF - Market	9.03%	3.22%	6.49%	6.52%
Pacer Developed Markets International Cash Cows 100 Index(3)	11.26%	4.32%	7.77%	7.57%
FTSE Developed ex-US Index(3)	9.31%	2.15%	6.23%	5.48%
MSCI EAFE Value Index(3)	12.44%	5.55%	5.67%	4.53%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 16, 2017.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

47

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Emerging Markets Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows.” The initial index universe is derived from the component companies of the FTSE Emerging Markets Index. The Fund defines emerging markets countries as those countries included in the FTSE Emerging Markets Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), companies with a market capitalization of less than $2 billion, and companies whose average daily trading value (“ADTV”) for the prior 90 days does not exceed $5 million are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield (the “Top 100 Companies”) are included in the Index.

The FTSE Emerging Markets Index is comprised of all the countries that make up the advanced emerging markets and secondary emerging markets within the FTSE Global Equity Index Series.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Emerging Markets Cash Cows 100 ETF - NAV	11.79%	-2.23%	1.89%
Pacer Emerging Markets Cash Cows 100 ETF - Market	10.80%	-2.35%	1.92%
Pacer Emerging Markets Cash Cows 100 Index(3)	14.50%	0.08%	4.10%
FTSE Emerging Markets Index(3)	10.80%	-4.01%	2.69%
MSCI Emerging Markets Value Index(3)	11.60%	-1.44%	2.02%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 2, 2019.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

48

Pacer US Large Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 21, 2022, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer US Large Cap Cash Cows Growth Leaders Index is a rules-based methodology that seeks to provide exposure to large capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The initial Index universe is typically derived from the component companies of the Russell 1000 Index^®. The initial universe of companies is typically screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will typically remain in the Index universe. A company’s projected free cash flows and earnings are typically determined by the Index Provider. Companies with negative average projected free cash flows or earnings are typically removed from the Index universe. Additionally, companies in the financial or real estate sectors are typically excluded from the Index universe. The remaining companies are typically ranked by their free cash flow margin (defined as a company’s free cash flow divided by sales) for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow margin are typically included in the Index.

The Russell 1000 Index is a market-capitalization weighted index representing the top 1,000 large-cap stocks in the Russell 3000 Index.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Since Inception(2)
Pacer US Large Cap Cash Cows Growth Leaders - NAV	22.96%	15.35%
Pacer US Large Cap Cash Cows Growth Leaders - Market	23.14%	15.42%
Pacer US Large Cap Cash Cows Growth Leaders Index(3)	23.49%	15.84%
Russell 1000 Index	22.82%	22.95%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023 is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 21, 2022.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower
performance. It is not possible to invest directly in an index.

49

Pacer US Small Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 1, 2023, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer US Small Cap Cash Cows Growth Leaders Index is a rules-based methodology that seeks to provide exposure to small-capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The Fund considers a company to be a small-capitalization at the time of purchase if it was included in the S&P SmallCap 600^®Index (the “S&P SmallCap 600”) at any time within the prior six months. The initial Index universe is derived from the component companies of the S&P SmallCap 600. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. A company’s projected free cash flows and earnings are determined by the Index Provider. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, companies in the financial or real estate sectors are excluded from the Index universe. The remaining companies are ranked by their free cash flow margin (defined as a company’s free cash flow divided by sales)
for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow margin are included in the Index.

The S&P SmallCap 600^® Index seeks to measure the small-cap segment of the U.S. equity market.

Cumulative Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	Since Inception(2)
Pacer US Small Cap Cash Cows Growth Leaders - NAV	14.26%
Pacer US Small Cap Cash Cows Growth Leaders - Market	14.31%
Pacer US Small Cap Cash Cows Growth Leaders Total Return Index(3)	15.08%
S&P SmallCap 600 Growth TR	17.97%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated April 4, 2023 is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 1, 2023.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower
performance. It is not possible to invest directly in an index.

50

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer US Cash Cows Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial Index universe is derived from the component companies of the S&P 900^® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 50 companies with the highest free cash flow yield are included in the Index.

The S&P 900 Pure Growth Index is composed of companies found in the S&P 400 and S&P 500 Indices, including mid- and large-cap stocks based on growth potential with respect to sales, earnings relative to price, and momentum.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer US Cash Cows Growth ETF - NAV	17.34%	4.75%	11.35%
Pacer US Cash Cows Growth ETF - Market	17.44%	4.72%	11.36%
Pacer US Cash Cows Growth Index(3)	17.31%	4.80%	11.47%
S&P 900 Pure Growth Index(3)	22.79%	1.93%	10.04%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 2, 2019.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

51

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 3, 2019, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

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 Pacer Advisors, Inc. (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 US Cash Cows 100 ETF	Pacer US Cash Cows 100 ETF	Russell 1000 Index
20%	Pacer Global Cash Cows Dividend ETF	Pacer Global Cash Cows Dividend Index	FTSE Developed Large Cap Index
20%	Pacer US Small Cap Cash Cows 100 ETF	Pacer US Small Cap Cash Cows 100 Index	S&P Small Cap 600® Index
20%	Pacer US Cash Cows Growth ETF	Pacer US Cash Cows Growth Index	S&P 900® Pure Growth Index
20%	Pacer Developed Markets International Cash Cows 100 ETF	Pacer Developed Markets International Cash Cows 100 Index	FTSE Developed ex US Index

The FTSE All World Developed Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks from the FTSE Global Equity Index Series.

52

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Cash Cows Fund of Funds ETF - NAV	15.38%	6.66%	10.88%
Pacer Cash Cows Fund of Funds ETF - Market	15.38%	6.70%	10.89%
Pacer Cash Cows Fund of Funds Index(3)	16.25%	7.18%	11.43%
FTSE All World Developed Index(3)	17.95%	5.23%	10.24%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.74%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 3, 2019.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

53

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 11, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer WealthShield Index uses an objective, rules-based methodology to implement a trend-following strategy that directs some or all of the Index’s exposure to (i) U.S. equity securities or (ii) U.S. Treasury securities depending on the strength of the high-yield corporate (“junk”) bond market relative to U.S. Treasury bonds and the momentum of certain U.S. equity sectors or industries and of long-term U.S. Treasury bonds.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer WealthShield ETF - NAV	4.06%	-3.25%	3.46%	2.97%
Pacer WealthShield ETF - Market	4.22%	-3.23%	3.46%	2.97%
Pacer WealthShield Index(3)	4.65%	-2.98%	3.57%	3.27%
S&P 500® Index (3)	-13.78%	-11.65%	-4.28%	-3.27%
S&P U.S. Treasury Bond 20+ Year Total Return Index(3)	22.66%	8.06%	13.19%	12.44%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 11, 2017.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

54

Pacer Industrial Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 14, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Solactive GPR Industrial Real Estate Index is generally composed of the equity securities of developed markets companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derive at least 85% of their earnings or revenues from self-storage real estate operations (“SelfStorage Companies”).

The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Industrial Real Estate ETF - NAV	-9.31%	-3.06%	6.29%	8.77%
Pacer Industrial Real Estate ETF - Market	-9.32%	-3.08%	6.22%	8.73%
Kelly Industrial Real Estate Index / Solactive GPR Industrial Real Estate Index (3)(4)	-8.72%	2.40%	7.15%	9.58%
Solactive GPR Industrial Real Estate Index	-8.72%	-0.88%	8.33%	9.38%
FTSE NAREIT All Equity REITS Total Return Index(3)	-0.82%	-2.87%	2.30%	4.71%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses after Fee Waiver as stated in the fee table to the Fund’s prospectus dated August 31, 2023 supplemented November 1, 2023 is 0.55%. The Fund’s investment adviser has agreed to waive 5 basis points (0.05%) of its management fee for the Fund until October 31, 2024. The fee waiver agreement may only be terminated prior to October 31, 2024 with the consent of the Adviser and the Fund’s Board of Trustees, and may be renewed by the Adviser in its sole discretion. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 14, 2018.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

⁽⁴⁾ Effective November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Solactive GPR Industrial Real Estate Index. Prior to November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Kelly Industrial Real Estate Index. Performance shown for periods beginning November 1, 2022 is that of the Solactive GPR Industrial Real Estate Index, and performance shown for periods prior to November 1, 2022 is that of the Kelly Industrial Real Estate Index.

55

Pacer Data & Infrastructure Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 15, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Solactive GPR Data & Infrastructure Real Estate ETF is generally composed of equity securities of developed markets companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $500 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Data & Infrastructure Real Estate ETF - NAV	-7.74%	-9.79%	0.60%	3.32%
Pacer Data & Infrastructure Real Estate ETF - Market	-7.97%	-9.92%	0.47%	3.24%
Kelly Data Center & Tech Infrastructure Real Estate Index / Solactive GPR Data & Infrastructure Real Estate Index (3)(4)	-6.85%	-9.34%	1.13%	3.98%
Solactive GPR Data & Infrastructure Real Estate Index	-6.85%	-6.30%	3.21%	5.91%
FTSE NAREIT All Equity REITS Total Return Index(3)	-0.82%	-2.87%	2.31%	4.99%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023 supplemented November 1, 2023 is 0.55%. The Fund’s investment adviser has agreed to waive 5 basis points (0.05%) of its management fee for the Fund until October 31, 2024. The fee waiver agreement may only be terminated prior to October 31, 2024 with the consent of the Adviser and the Fund’s Board of Trustees, and may be renewed by the Adviser in its sole discretion. For performance information current to the most recent month-end, please call 1-877-337-0500.

56

Pacer Data & Infrastructure Real Estate ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

⁽²⁾ Inception date is May 15, 2018.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

⁽⁴⁾ Effective November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Solactive GPR Data & Infrastructure Real Estate Index. Prior to November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Kelly Data Center & Tech Infrastructure Real Estate Index. Performance shown for periods beginning November 1, 2022 is that of the Solactive GPR Data & Infrastructure Real Estate Index, and performance shown for periods prior to November 1, 2022 is that of the Kelly Data Center & Tech Infrastructure Real Estate Index.`

57

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The CFRA-Stovall Equal Weight Seasonal Rotation Index (formerly known as Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index) uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (“EWI”). The S&P 500 EWI is an equal-weighted version of the S&P 500^®, which measures the performance of the large-cap segment of the U.S. equity market.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	3.13%	1.21%	7.05%	8.46%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	3.31%	1.23%	7.02%	8.44%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3)	3.83%	1.91%	7.99%	9.36%
S&P 500® Index(3)	22.66%	8.06%	13.19%	12.57%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 23, 2018.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

58

Pacer CSOP FTSE China A50 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on March 10, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The FTSE China A50 Net Total Return Index^® is comprised of the A-Shares issued by the 50 largest companies in the China A-Shares market. The Index is a free float-adjusted market capitalization-weighted index compiled and published by FTSE International Limited, which is not affiliated with the Fund, Pacer Advisors, Inc, CSOP Asset Management Limited (“CSOP” or “CSOP Sub-Adviser”) or the Fund’s distributor. The Index is a real-time, tradable index comprising of the largest 50 China A-Share companies by full market capitalization of the FTSE China A All Cap Free Index.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer CSOP FTSE China A50 ETF - NAV	-7.50%	-12.10%	-1.44%	2.33%
Pacer CSOP FTSE China A50 ETF - Market	-8.79%	-12.37%	-1.70%	2.24%
FTSE China A50 Net Total Return Index®(3)	-6.95%	-11.65%	-0.83%	2.78%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is March 10, 2015. The Fund is the successor to the investment performance of the CSOP FTSE China A50 ETF (the “Predecessor CSOP”) as a result of the reorganization of the Predecessor CSOP Fund into the Fund on January 23, 2020. Accordingly, the performance information shown in the chart and table above for periods prior to January 23, 2020 is that of the Predecessor CSOP Fund’s Shares for the Fund. The Predecessor CSOP Fund was managed by the same portfolio managers as the Fund and had substantially the same investment objectives, policies, and strategies as the Fund.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

59

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The LifeSci BioThreat Strategy Index is generally composed of U.S.-listed stocks of companies whose products or services help protect against, endure, or recover from biological threats to human health. Companies helping to protect against such threats include those that conduct research to identify or anticipate such threats and those developing or producing the tools necessary to detect them. Companies helping to endure biological threats include those offering goods or services to help individuals, organizations, businesses, and governments adapt to requirements for social distancing or remote 2 connectivity. The Index Provider only includes those companies with a minimum market capitalization of $1 billion and a minimum average daily value traded for the last six moths of at least $2 million.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer BioThreat Strategy ETF - NAV	18.52%	5.66%	10.21%
Pacer BioThreat Strategy ETF - Market	18.75%	5.68%	10.22%
LifeSci BioThreat Strategy Index(3)	19.38%	6.41%	10.99%
S&P 500® Index(3)	22.66%	8.06%	15.70%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

60

Pacer Lunt Large Cap Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Lunt Capital U.S. Large Cap Equity Rotation Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Lunt Large Cap Alternator ETF - NAV	-5.65%	-4.79%	11.30%
Pacer Lunt Large Cap Alternator ETF - Market	-5.61%	-4.82%	11.30%
Lunt Capital U.S. Large Cap Equity Rotation Index(3)	-4.91%	-4.11%	12.22%
S&P 500® Index(3)	22.66%	8.06%	15.70%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

61

Pacer Lunt Midcap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Lunt Capital U.S. MidCap Multi-Factor Rotation Index uses an objective, rules-based methodology to provide exposure to mid-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P MidCap 400 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P MidCap 400 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility.

The S&P MidCap 400 Index is comprised of 400 companies that broadly represent companies with midrange market capitalization between $3.6 billion and $13.1 billion.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	30.16%	5.89%	17.37%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	30.25%	5.88%	17.38%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3)	31.19%	6.54%	18.42%
S&P MidCap 400® Index(3)	16.82%	3.25%	15.69%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

62

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 24, 2020, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Lunt Capital U.S. Large Cap Multi-Factor Rotation Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of the highest and lowest quintile components of four factor-based indices of the S&P 500 Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the components of the S&P 500 Index that most strongly exhibit a particular factor. The four factor groups are Momentum, Quality, Value, and Volatility.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Since Inception(2)
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	27.83%	6.77%	18.01%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	28.05%	6.84%	18.05%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3)	28.83%	7.61%	18.96%
S&P 500® Index(3)	22.66%	8.06%	15.70%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

63

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer US Export Leaders Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900^® Index (which is comprised of the S&P 500^® Index (“S&P 500”) and S&P MidCap 400^® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly.

The S&P 900^® combines the S&P 500^® and the S&P MidCap 400^® to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Export Leaders ETF - NAV	18.40%	5.72%	13.21%	12.17%
Pacer US Export Leaders ETF - Market	18.69%	5.94%	13.25%	12.20%
Pacer US Export Leaders Index(3)	19.11%	6.31%	13.90%	12.87%
S&P 900 IndexTM(3)	22.32%	7.77%	12.96%	12.29%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 23, 2018.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

64

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on February 18, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The S&P/LSTA U.S. Leveraged Loan 100 Index is an index designed to reflect the performance of the largest facilities in the leveraged loan market.

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Pacific Asset Floating Rate High Income ETF - NAV	13.25%	5.59%	4.75%	4.04%
Pacer Pacific Asset Floating Rate High Income ETF - Market	13.40%	5.53%	4.75%	4.04%
S&P 500® Index(3)	22.66%	5.57%	4.83%	4.39%
S&P/LSTA U.S. Leveraged Loan 100 Index(3)	11.47%	8.06%	13.19%	12.03%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.61%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is February 18, 2015. The Fund is the successor to the investment performance of the Pacific Global Senior Loan ETF (the “Predecessor Fund”) as a result of the reorganization of the Predecessor Fund into the Fund on October 22, 2021. Accordingly, the performance information shown in the chart and table above for periods prior to October 22, 2021 is that of the Predecessor Fund’s Shares for the Fund. The Predecessor Fund was managed by the same portfolio managers as the Fund and had substantially the same investment objectives, policies, and strategies as the Fund.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

65

Pacer Data and Digital Revolution ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 8, 2022, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Data Transmission and Communication Revolution TR Index will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the applicable Index in the same approximate proportion as in such Index, but may, when the Adviser believes it is in the best interests of such Fund, use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the applicable Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the applicable Index as a whole (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to a Fund but not to its Index).

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Since Inception(2)
Pacer Data and Digital Revolution ETF - NAV	58.06%	27.92%
Pacer Data and Digital Revolution ETF - Market	57.73%	28.01%
Pacer Data Transmission and Communication Revolution Index(3)	59.18%	28.77%
S&P 500® Index(3)	22.66%	13.05%
S&P 1200® Index(3)	18.44%	11.45%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 8, 2022.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

66

Pacer Industrials and Logistics ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 8, 2022, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The Pacer Global Supply Chain Infrastructure Total Return Index will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the applicable Index in the same approximate proportion as in such Index, but may, when the Adviser believes it is in the best interests of such Fund, use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the applicable Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the applicable Index as a whole (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to a Fund but not to its Index).

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2024)

	One Year	Since Inception(2)
Pacer Industrials and Logistics ETF - NAV	7.54%	5.49%
Pacer Industrials and Logistics ETF - Market	6.57%	5.24%
Pacer Global Supply Chain Infrastructure Index(3)	8.45%	6.12%
S&P 500® Index(3)	22.66%	13.05%
S&P 1200® Index(3)	18.44%	11.45%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 8, 2022.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

67

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2024

As a shareholder of a Fund, you pay ongoing expenses, such as advisory fees, and other fund expenses. The following examples are intended to help you understand the ongoing cost (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. You may pay brokerage commissions on your purchase and sale of Fund shares, which are not reflected in the following examples. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.

Hypothetical Example for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/23	Ending Account Value 04/30/24	Expenses Paid During Period(a)
Pacer Trendpilot® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,186.30	$ 3.26
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Trendpilot® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 1,127.80	$ 3.17
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer TrendpilotTM 100 ETF
Actual	0.65%	$1,000.00	$ 1,116.40	$ 3.42
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Trendpilot® European Index ETF
Actual	0.65%	$1,000.00	$ 1,098.00	$ 3.39
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 1,154.90	$ 3.48
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 1,084.60	$ 3.11
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,131.80	$ 0.80
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.12	$ 0.75
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 1,160.30	$ 2.63
Hypothetical(b)	0.49%	$1,000.00	$ 1,022.43	$ 2.46

68

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2024 (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/23	Ending Account Value 04/30/24	Expenses Paid During Period(a)
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 1,162.70	$ 3.17
Hypothetical(b)	0.59%	$1,000.00	$ 1,021.93	$ 2.97
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 1,105.60	$ 3.14
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 1,116.70	$ 3.42
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 1,153.70	$ 3.75
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.38	$ 3.52
Pacer US Large Cap Cash Cows Growth Leaders ETF
Actual	0.49%	$1,000.00	$ 1,194.10	$ 2.67
Hypothetical(b)	0.49%	$1,000.00	$ 1,022.43	$ 2.46
Pacer U.S. Small Cap Cash Cows Growth Leaders ETF
Actual	0.59%	$1,000.00	$ 1,181.60	$ 3.20
Hypothetical(b)	0.59%	$1,000.00	$ 1,021.93	$ 2.97
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 1,175.60	$ 3.25
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,143.20	$ 0.80
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.12	$ 0.75
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 1,083.10	$ 3.11
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Industrial Real Estate ETF
Actual	0.55%	$1,000.00	$ 1,106.00	$ 2.88
Hypothetical(b)	0.55%	$1,000.00	$ 1,022.13	$ 2.77
Pacer Data & Infrastructure Real Estate ETF
Actual	0.55%	$1,000.00	$ 1,043.80	$ 2.79
Hypothetical(b)	0.55%	$1,000.00	$ 1,022.13	$ 2.77
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 1,221.50	$ 3.31
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 1,051.60	$ 3.57
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.38	$ 3.52
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 1,215.40	$ 3.86
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.38	$ 3.52
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 1,085.10	$ 3.11
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Lunt Midcap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 1,317.50	$ 3.46
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02

69

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2024 (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/23	Ending Account Value 04/30/24	Expenses Paid During Period(a)
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 1,247.50	$ 3.35
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 1,218.90	$ 3.31
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Pacific Asset Floating Rate High Income ETF
Actual	0.60%	$1,000.00	$ 1,075.40	$ 3.10
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Industrials and Logistics ETF
Actual	0.60%	$1,000.00	$ 1,138.90	$ 3.19
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Data and Digital Revolution ETF
Actual	0.60%	$1,000.00	$ 1,342.50	$ 3.49
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02

^(a) The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (182) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (366).

^(b) Assumes 5% return before expenses.

70

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 97.8%
Communication Services — 9.1%
Alphabet, Inc. - Class A(a)		366,209	$	59,611,500
Alphabet, Inc. - Class C(a)		305,634		50,319,582
AT&T, Inc.		444,687		7,510,763
Charter Communications, Inc. - Class A(a)(b)		6,353		1,625,987
Comcast Corp. - Class A		245,996		9,374,908
Electronic Arts, Inc.		15,362		1,948,209
Fox Corp. - Class A(b)		15,817		490,485
Fox Corp. - Class B		8,206		235,348
Interpublic Group of Cos., Inc.(b)		23,993		730,347
Live Nation Entertainment, Inc.(a)(b)		8,840		785,964
Match Group, Inc.(a)		17,338		534,357
Meta Platforms, Inc. - Class A		136,288		58,627,009
Netflix, Inc.(a)		26,840		14,779,178
News Corp. - Class A		23,691		563,846
News Corp. - Class B(b)		7,155		175,584
Omnicom Group, Inc.		12,267		1,138,868
Paramount Global - Class B(b)		30,022		341,951
Take-Two Interactive Software, Inc.(a)		9,880		1,410,963
T-Mobile US, Inc.(b)		32,378		5,315,496
Verizon Communications, Inc.		257,331		10,162,001
Walt Disney Co.		113,662		12,627,848
Warner Bros Discovery, Inc.(a)(b)		137,952		1,015,327
				239,325,521
Consumer Discretionary — 10.3%
Airbnb, Inc. - Class A(a)		26,493		4,200,995
Amazon.com, Inc.(a)		566,191		99,083,424
Aptiv PLC(a)		17,539		1,245,269
AutoZone, Inc.(a)		1,079		3,189,956
Bath & Body Works, Inc.		14,219		645,827
Best Buy Co., Inc.		12,065		888,467
Booking Holdings, Inc.		2,135		7,370,084
BorgWarner, Inc.		14,651		480,113
Caesars Entertainment, Inc.(a)(b)		13,410		480,346
CarMax, Inc.(a)(b)		9,880		671,544
Carnival Corp.(a)(b)		62,637		928,280
Chipotle Mexican Grill, Inc.(a)		1,672		5,282,851
Darden Restaurants, Inc.(b)		7,495		1,149,808
Deckers Outdoor Corp.(a)		1,614		1,321,011
Domino’s Pizza, Inc.		2,185		1,156,455
DR Horton, Inc.		18,920		2,695,911
eBay, Inc.		33,140		1,708,036
Etsy, Inc.(a)		7,695		528,416
Expedia Group, Inc.(a)		7,746		1,042,844
Ford Motor Co.		244,510		2,970,797
Garmin Ltd.		9,541		1,378,388

	Shares		Value
Consumer Discretionary — 10.3% (Continued)
General Motors Co.		71,534	$	3,185,409
Genuine Parts Co.		8,738		1,373,701
Hasbro, Inc.(b)		8,098		496,407
Hilton Worldwide Holdings, Inc.		15,290		3,016,411
Home Depot, Inc.		61,707		20,623,713
Las Vegas Sands Corp.		22,999		1,020,236
Lennar Corp. - Class A		15,693		2,379,373
LKQ Corp.		16,627		717,123
Lowe’s Cos., Inc.		35,289		8,045,539
Lululemon Athletica, Inc.(a)		6,951		2,506,531
Marriott International, Inc. - Class A		14,884		3,514,559
McDonald’s Corp.		44,486		12,146,457
MGM Resorts International(a)		17,463		688,741
Mohawk Industries, Inc.(a)		3,327		383,670
NIKE, Inc. - Class B		74,805		6,901,509
Norwegian Cruise Line Holdings Ltd.(a)(b)		26,479		500,983
NVR, Inc.(a)		200		1,487,770
O’Reilly Automotive, Inc.(a)		3,568		3,615,312
Pool Corp.(b)		2,385		864,634
PulteGroup, Inc.		13,616		1,517,095
Ralph Lauren Corp.		2,485		406,645
Ross Stores, Inc.		21,205		2,747,108
Royal Caribbean Cruises Ltd.(a)(b)		14,650		2,045,580
Starbucks Corp.		69,702		6,167,930
Tapestry, Inc.		14,450		576,844
Tesla Motors, Inc.(a)		171,866		31,499,599
TJX Cos., Inc.		69,772		6,564,847
Tractor Supply Co.(b)		6,755		1,844,655
Ulta Beauty, Inc.(a)		3,125		1,265,125
Wynn Resorts Ltd.		6,021		551,825
Yum! Brands, Inc.(b)		17,447		2,464,389
				269,538,542
Consumer Staples — 6.1%
Altria Group, Inc.		110,437		4,838,245
Archer-Daniels-Midland Co.		33,342		1,955,842
Brown-Forman Corp. - Class B(b)		11,425		546,686
Bunge Global SA		9,372		953,695
Campbell Soup Co.		12,267		560,725
Church & Dwight Co., Inc.(b)		15,254		1,645,754
Clorox Co.		7,697		1,138,155
Coca-Cola Co.		241,976		14,946,857
Colgate-Palmolive Co.		51,420		4,726,526
Conagra Brands, Inc.		29,706		914,351
Constellation Brands, Inc. - Class A		10,082		2,555,384
Costco Wholesale Corp.		27,470		19,858,062
Dollar General Corp.		13,610		1,894,376
Dollar Tree, Inc.(a)		12,977		1,534,530
Estee Lauder Cos., Inc.		14,450		2,119,960

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

71

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Consumer Staples — 6.1% (Continued)
General Mills, Inc.		36,367	$	2,562,419
Hershey Co.		9,340		1,811,213
Hormel Foods Corp.		17,980		639,369
J M Smucker Co.		6,655		764,327
Kellanova		16,396		948,673
Kenvue, Inc.		107,184		2,017,203
Keurig Dr Pepper, Inc.		62,592		2,109,350
Kimberly-Clark Corp.		20,974		2,863,580
Kroger Co.		41,031		2,272,297
Lamb Weston Holdings, Inc.(b)		9,040		753,394
McCormick & Co., Inc.		15,593		1,186,004
Molson Coors Beverage Co. - Class B(b)		11,525		659,922
Mondelez International, Inc. - Class A		84,654		6,090,009
Monster Beverage Corp.(a)		46,218		2,470,352
PepsiCo, Inc.		84,366		14,840,822
Philip Morris International, Inc.		94,955		9,015,028
Procter & Gamble Co.		145,385		23,726,831
Sysco Corp.		31,357		2,330,452
Target Corp.		28,664		4,614,331
The Kraft Heinz Co.		49,637		1,916,485
Tyson Foods, Inc. - Class A		17,778		1,078,236
Walgreens Boots Alliance, Inc.		44,579		790,386
Walmart, Inc.		265,465		15,755,347
				161,405,178
Energy — 4.1%
APA Corp.(b)		19,129		601,416
Baker Hughes Co.		62,837		2,049,743
Chevron Corp.		109,104		17,595,202
ConocoPhillips		72,791		9,144,005
Coterra Energy, Inc.		47,151		1,290,051
Devon Energy Corp.		39,897		2,041,928
Diamondback Energy, Inc.		11,125		2,237,571
EOG Resources, Inc.(b)		36,258		4,790,770
EQT Corp.(b)		22,554		904,190
Exxon Mobil Corp.		247,220		29,238,710
Halliburton Co.		55,890		2,094,198
Hess Corp.		17,238		2,714,813
Kinder Morgan, Inc.		120,599		2,204,550
Marathon Oil Corp.		37,718		1,012,728
Marathon Petroleum Corp.		23,688		4,304,583
Occidental Petroleum Corp.		41,258		2,728,804
ONEOK, Inc.		36,286		2,870,948
Phillips 66		26,588		3,807,667
Pioneer Natural Resources Co.		14,556		3,920,222
Schlumberger Ltd.		88,423		4,198,324

	Shares		Value
Energy — 4.1% (Continued)
Targa Resources Corp.		13,910	$	1,586,575
Valero Energy Corp.		20,364		3,255,593
Williams Cos., Inc.		75,616		2,900,630
				107,493,221
Financials — 13.2%
Aflac, Inc.		31,896		2,668,100
Allstate Corp.		16,304		2,772,658
American Express Co.		35,152		8,226,623
American International Group, Inc.(b)		42,199		3,178,007
Ameriprise Financial, Inc.		6,353		2,616,102
Aon PLC - Class A		12,068		3,403,297
Arch Capital Group Ltd.(a)		23,151		2,165,545
Arthur J Gallagher & Co.		13,410		3,147,193
Assurant, Inc.		3,327		580,229
Bank of America Corp.		428,031		15,841,427
Bank of New York Mellon Corp.		48,442		2,736,489
Berkshire Hathaway, Inc. - Class B(a)		112,859		44,774,550
BlackRock, Inc.		8,526		6,434,061
Blackstone, Inc.		44,202		5,154,395
Brown & Brown, Inc.		14,653		1,194,806
Capital One Financial Corp.(b)		23,691		3,398,000
Cboe Global Markets, Inc.		6,555		1,187,438
Charles Schwab Corp.		92,467		6,837,935
Chubb Ltd.		24,834		6,174,725
Cincinnati Financial Corp.		9,780		1,131,448
Citigroup, Inc.		116,612		7,151,814
Citizens Financial Group, Inc.		29,411		1,003,209
CME Group, Inc.		22,348		4,685,035
Comerica, Inc.		8,198		411,294
Corpay, Inc.(a)(b)		4,570		1,380,780
Discover Financial Services		15,601		1,977,115
Everest Group Ltd.		2,685		983,811
FactSet Research Systems, Inc.		2,385		994,283
Fidelity National Information Services, Inc.		36,869		2,504,142
Fifth Third Bancorp		42,382		1,545,248
Fiserv, Inc.(a)		36,469		5,567,722
Franklin Resources, Inc.(b)		17,649		403,103
Global Payments, Inc.		16,203		1,989,242
Globe Life, Inc.		5,410		412,080
Goldman Sachs Group, Inc.		19,960		8,517,132
Hartford Financial Services Group, Inc.		19,032		1,844,010
Huntington Bancshares, Inc.		90,048		1,212,947
Intercontinental Exchange, Inc.		35,554		4,577,933
Invesco Ltd.		27,929		395,754
Jack Henry & Associates, Inc.		4,570		743,493
JPMorgan Chase & Co.		179,337		34,386,075

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

72

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Financials — 13.2% (Continued)
KeyCorp.		58,260	$	844,187
Loews Corp.		11,533		866,705
M&T Bank Corp.		10,300		1,487,217
MarketAxess Holdings, Inc.		2,385		477,215
Marsh & McLennan Cos., Inc.		30,748		6,132,074
Mastercard, Inc. - Class A		51,105		23,058,576
MetLife, Inc.		39,261		2,790,672
Moody’s Corp.		9,780		3,621,827
Morgan Stanley		77,185		7,011,485
MSCI, Inc.		4,870		2,268,397
Nasdaq, Inc.		23,601		1,412,520
Northern Trust Corp.		12,868		1,060,195
PayPal Holdings, Inc.(a)		65,263		4,432,663
PNC Financial Services Group, Inc.		24,733		3,790,580
Principal Financial Group, Inc.		13,818		1,093,557
Progressive Corp.		36,461		7,593,003
Prudential Financial, Inc.		22,548		2,491,103
Raymond James Financial, Inc.		11,733		1,431,426
Regions Financial Corp.		58,358		1,124,559
S&P Global, Inc.		19,849		8,253,810
State Street Corp.		18,084		1,310,909
Synchrony Financial		25,992		1,143,128
T Rowe Price Group, Inc.		13,910		1,524,119
Travelers Cos., Inc.		14,219		3,016,703
Truist Financial Corp.		82,871		3,111,806
US Bancorp		96,857		3,935,300
Visa, Inc. - Class A(b)		98,389		26,428,269
W R Berkley Corp.		12,668		975,056
Wells Fargo & Co.		223,117		13,235,300
Willis Towers Watson PLC		6,553		1,645,720
				343,877,331
Health Care — 12.2%
Abbott Laboratories		106,356		11,270,545
AbbVie, Inc.		108,786		17,692,955
Agilent Technologies, Inc.		18,344		2,513,862
Align Technology, Inc.(a)		4,470		1,262,239
Amgen, Inc.		32,754		8,972,631
Baxter International, Inc.		31,488		1,271,171
Becton Dickinson & Co.		18,080		4,241,568
Biogen, Inc.(a)		9,040		1,941,973
Bio-Rad Laboratories, Inc. - Class A(a)		1,339		361,195
Bio-Techne Corp.(b)		9,780		618,194
Boston Scientific Corp.(a)		91,132		6,549,657
Bristol-Myers Squibb Co.		124,054		5,450,933
Cardinal Health, Inc.		15,793		1,627,311
Catalent, Inc.(a)(b)		11,225		626,916

	Shares		Value
Health Care — 12.2% (Continued)
Cencora, Inc.		10,383	$	2,482,056
Centene Corp.(a)		33,650		2,458,469
Charles River Laboratories International, Inc.(a)		3,227		738,983
Cigna Corp.		17,853		6,374,235
Cooper Cos., Inc.		12,488		1,112,181
CVS Health Corp.		79,943		5,412,941
Danaher Corp.		40,241		9,924,235
DaVita, Inc.(a)		3,327		462,486
DexCom, Inc.(a)		24,094		3,069,335
Edwards Lifesciences Corp.(a)		37,812		3,201,542
Elevance Health, Inc.		14,343		7,581,423
Eli Lilly & Co.		49,419		38,601,180
GE HealthCare Technologies, Inc.		26,232		1,999,928
Gilead Sciences, Inc.		77,498		5,052,870
HCA Healthcare, Inc.(b)		11,927		3,695,223
Henry Schein, Inc.(a)		8,098		561,029
Hologic, Inc.(a)		15,262		1,156,402
Humana, Inc.		7,695		2,324,583
IDEXX Laboratories, Inc.(a)		5,210		2,567,280
Illumina, Inc.(a)		9,880		1,215,734
Incyte Corp.(a)		11,525		599,876
Insulet Corp.(a)		4,386		754,129
Intuitive Surgical, Inc.(a)		21,809		8,082,852
IQVIA Holdings, Inc.(a)		11,425		2,647,972
Johnson & Johnson		148,539		21,477,254
Laboratory Corp. of America Holdings		4,898		986,310
McKesson Corp.		8,006		4,300,903
Medtronic PLC		82,811		6,644,755
Merck & Co., Inc.		156,114		20,173,051
Mettler-Toledo International, Inc.(a)		1,339		1,646,568
Moderna, Inc.(a)(b)		20,565		2,268,525
Molina Healthcare, Inc.(a)		3,628		1,241,139
Pfizer, Inc.		346,365		8,873,871
Quest Diagnostics, Inc.		6,955		961,042
Regeneron Pharmaceuticals, Inc.(a)		6,655		5,927,342
ResMed, Inc.(b)		9,140		1,955,869
Revvity, Inc.(b)		7,697		788,712
Solventum Corp.(a)		8,597		558,891
STERIS PLC		6,113		1,250,475
Stryker Corp.		20,974		7,057,751
Teleflex, Inc.		2,925		610,594
Thermo Fisher Scientific, Inc.		23,996		13,647,005
UnitedHealth Group, Inc.		57,167		27,651,677
Universal Health Services, Inc. - Class B		3,845		655,303
Vertex Pharmaceuticals, Inc.(a)		15,715		6,173,009
Viatris, Inc.		74,581		862,902

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

73

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Health Care — 12.2% (Continued)
Waters Corp.(a)		3,628	$	1,121,197
West Pharmaceutical Services, Inc.		4,570		1,633,684
Zimmer Biomet Holdings, Inc.		12,977		1,560,874
Zoetis, Inc.(b)		27,930		4,447,573
				320,954,370
Industrials — 8.8%
3M Co.		34,367		3,316,759
A O Smith Corp.(b)		7,797		645,903
Allegion PLC		5,512		670,039
American Airlines Group, Inc.(a)		40,696		549,803
AMETEK, Inc.		14,350		2,506,371
Automatic Data Processing, Inc.		25,054		6,060,312
Axon Enterprise, Inc.(a)		4,350		1,364,421
Boeing Co.(a)		35,299		5,924,584
Broadridge Financial Solutions, Inc.		7,356		1,422,724
Builders FirstSource, Inc.(a)		7,719		1,411,188
Carrier Global Corp.(b)		52,154		3,206,949
Caterpillar, Inc.		31,696		10,604,531
CH Robinson Worldwide, Inc.(b)		7,255		515,105
Cintas Corp.		5,412		3,562,936
Copart, Inc.(a)		54,064		2,936,216
CSX Corp.		119,555		3,971,617
Cummins, Inc.		8,840		2,497,212
Dayforce Inc.(a)(b)		9,641		591,668
Deere & Co.		16,322		6,388,594
Delta Air Lines, Inc.		39,989		2,002,249
Dover Corp.(b)		8,738		1,566,723
Eaton Corp. PLC		24,833		7,903,351
Emerson Electric Co.		35,587		3,835,567
Equifax, Inc.(b)		7,597		1,672,783
Expeditors International of Washington, Inc.		9,248		1,029,395
Fastenal Co.		35,531		2,413,976
FedEx Corp.		14,450		3,782,721
Fortive Corp.		21,900		1,648,413
GE Vernova, Inc.(a)		16,639		2,557,581
Generac Holdings, Inc.(a)		3,828		520,455
General Dynamics Corp.		14,111		4,051,127
General Electric Co.		66,545		10,768,313
Honeywell International, Inc.		40,325		7,771,837
Howmet Aerospace, Inc.		24,386		1,627,766
Hubbell, Inc.(b)		3,315		1,228,274
Huntington Ingalls Industries, Inc.		2,485		688,171
IDEX Corp.		4,670		1,029,548
Illinois Tool Works, Inc.		16,618		4,056,620
Ingersoll Rand, Inc.		25,135		2,345,598
Jacobs Solutions, Inc.		7,797		1,119,103

	Shares		Value
Industrials — 8.8% (Continued)
JB Hunt Trasport Services, Inc.		5,079	$	825,693
Johnson Controls International PLC		42,282		2,751,290
L3Harris Technologies, Inc.		11,726		2,509,950
Leidos Holdings, Inc.		8,507		1,192,852
Lockheed Martin Corp.		13,418		6,238,431
Masco Corp.		14,010		958,985
Nordson Corp.		3,327		858,998
Norfolk Southern Corp.		14,119		3,251,888
Northrop Grumman Corp.		8,838		4,286,695
Old Dominion Freight Line, Inc.		11,224		2,039,513
Otis Worldwide Corp.		25,644		2,338,733
PACCAR, Inc.		32,556		3,454,517
Parker-Hannifin Corp.		7,998		4,358,190
Paychex, Inc.		19,932		2,368,121
Paycom Software, Inc.		3,025		568,640
Pentair PLC		10,283		813,282
Quanta Services, Inc.		9,040		2,337,382
Republic Services, Inc.		12,768		2,447,626
Robert Half, Inc.		6,653		459,988
Rockwell Automation, Inc.		7,155		1,938,719
Rollins, Inc.		17,459		777,973
RTX Corp.		82,174		8,342,304
Snap-On, Inc.		3,327		891,503
Southwest Airlines Co.		37,070		961,596
Stanley Black & Decker, Inc.		9,541		872,047
Textron, Inc.		12,365		1,045,955
Trane Technologies PLC		14,219		4,512,257
TransDigm Group, Inc.		3,428		4,278,247
Uber Technologies, Inc.(a)		125,738		8,332,657
Union Pacific Corp.		37,302		8,846,542
United Airlines Holdings, Inc.(a)		20,365		1,047,983
United Parcel Service, Inc. - Class B		44,967		6,631,733
United Rentals, Inc.		4,268		2,850,981
Veralto Corp.		13,614		1,275,360
Verisk Analytics, Inc.		9,003		1,962,294
W.W. Grainger, Inc.		2,785		2,565,960
Waste Management, Inc.		22,958		4,775,723
Westinghouse Air Brake Technologies Corp.		11,125		1,792,015
Xylem, Inc.		14,964		1,955,795
				231,484,921
Information Technology — 29.1%(c)
Accenture PLC - Class A		38,506		11,586,840
Adobe, Inc.(a)		28,263		13,080,964
Advanced Micro Devices, Inc.(a)		100,143		15,860,648
Akamai Technologies, Inc.(a)		9,448		953,587
Amphenol Corp. - Class A		37,070		4,476,944
Analog Devices, Inc.		30,367		6,091,924
ANSYS, Inc.(a)		5,412		1,758,251

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

74

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Information Technology — 29.1%(c) (Continued)
Apple, Inc.		900,219	$	153,334,303
Applied Materials, Inc.		51,151		10,161,146
Arista Networks, Inc.(a)		15,595		4,001,053
Autodesk, Inc.(a)		13,308		2,832,608
Broadcom, Inc.		27,308		35,507,773
Cadence Design System, Inc.(a)		16,938		4,668,621
CDW Corp.		8,298		2,006,954
Cisco Systems, Inc.		251,992		11,838,584
Cognizant Technology Solutions Corp. - Class A		31,357		2,059,528
Corning, Inc.		47,784		1,595,030
Enphase Energy, Inc.(a)		8,499		924,351
EPAM Systems, Inc.(a)		3,628		853,523
F5, Inc.(a)		3,728		616,276
Fair Isaac Corp.(a)		1,568		1,777,061
First Solar, Inc.(a)		6,647		1,171,866
Fortinet, Inc.(a)		38,061		2,404,694
Gartner, Inc.(a)		4,870		2,009,313
Gen Digital, Inc.		35,024		705,383
Hewlett Packard Enterprise Co.		80,286		1,364,862
HP, Inc.		53,915		1,514,472
Intel Corp.		259,094		7,894,594
International Business Machines Corp.		56,669		9,418,388
Intuit, Inc.		17,167		10,740,019
Jabil, Inc.		8,019		941,110
Juniper Networks, Inc.		19,932		694,032
Keysight Technologies, Inc.(a)		11,123		1,645,537
KLA Corp.		8,257		5,691,468
Lam Research Corp.		8,015		7,168,696
Microchip Technology, Inc.		33,873		3,115,639
Micron Technology, Inc.		68,191		7,702,855
Microsoft Corp.		460,846		179,421,174
Monolithic Power Systems, Inc.		3,022		2,022,715
Motorola Solutions, Inc.		10,383		3,521,394
NetApp, Inc.		13,077		1,336,600
NVIDIA Corp.		153,208		132,374,777
NXP Semiconductors NV		15,995		4,097,759
ON Semiconductor Corp.(a)		26,787		1,879,376
Oracle Corp.		98,835		11,242,481
Palo Alto Networks, Inc.(a)		19,055		5,542,909
PTC, Inc.(a)(b)		7,391		1,311,459
Qorvo, Inc.(a)		6,121		715,178
QUALCOMM, Inc.		69,257		11,486,273
Roper Technologies, Inc.		6,655		3,403,766
salesforce.com, Inc.		59,925		16,116,230
Seagate Technology Holdings PLC		11,934		1,025,250
ServiceNow, Inc.(a)		12,568		8,713,771

	Shares		Value
Information Technology — 29.1%(c) (Continued)
Skyworks Solutions, Inc.		9,882	$	1,053,322
Super Micro Computer, Inc.(a)(b)		3,040		2,610,752
Synopsys, Inc.(a)		9,440		5,008,770
TE Connectivity Ltd.		19,531		2,763,246
Teledyne Technologies, Inc.(a)		2,925		1,115,829
Teradyne, Inc.(b)		9,549		1,110,740
Texas Instruments, Inc.		55,586		9,806,482
Trimble, Inc.(a)		15,493		930,665
Tyler Technologies, Inc.(a)		2,585		1,193,107
VeriSign, Inc.(a)		5,612		951,122
Western Digital Corp.(a)		19,915		1,410,579
Zebra Technologies Corp. - Class A(a)(b)		3,227		1,015,085
				763,349,708
Materials — 2.4%
Air Products & Chemicals, Inc.		13,810		3,263,855
Albemarle Corp.(b)		7,256		872,969
Amcor PLC		91,515		818,144
Avery Dennison Corp.		4,970		1,079,882
Ball Corp.		19,623		1,365,172
Celanese Corp.(b)		6,214		954,533
CF Industries Holdings, Inc.		12,065		952,773
Corteva, Inc.		44,156		2,390,164
Dow, Inc.		43,725		2,487,953
DuPont de Nemours, Inc.		26,771		1,940,898
Eastman Chemical Co.		7,364		695,456
Ecolab, Inc.		15,795		3,572,039
FMC Corp.		7,797		460,101
Freeport-McMoRan, Inc.		89,226		4,455,946
International Flavors & Fragrances, Inc.		15,895		1,345,512
International Paper Co.		21,516		751,769
Linde PLC		30,031		13,242,470
LyondellBasell Industries NV - Class A		15,895		1,589,023
Martin Marietta Materials, Inc.		3,828		2,247,304
Mosaic Co.		20,673		648,925
Newmont Goldcorp Corp.(b)		71,695		2,913,685
Nucor Corp.		15,493		2,611,035
Packaging Corp. of America		5,612		970,764
PPG Industries, Inc.		14,653		1,890,237
Sherwin-Williams Co.		14,281		4,278,730
Steel Dynamics, Inc.		9,649		1,255,528
Vulcan Materials Co.		8,298		2,137,814
Westrock Co.		15,895		762,324
				61,955,005

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

75

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Real Estate — 0.2%
CBRE Group, Inc. - Class A(a)(b)		19,321	$	1,678,802
CoStar Group, Inc.(a)(b)		25,436		2,328,157
				4,006,959
Utilities — 2.3%
AES Corp.		41,640		745,356
Alliant Energy Corp.		15,695		781,611
Ameren Corp.		16,296		1,203,786
American Electric Power Co., Inc.		32,091		2,760,789
American Water Works Co., Inc.		12,094		1,479,338
Atmos Energy Corp.		9,240		1,089,396
CenterPoint Energy, Inc.		39,255		1,143,891
CMS Energy Corp.		18,180		1,101,890
Consolidated Edison, Inc.		21,416		2,021,670
Constellation Energy Corp.		20,063		3,730,514
Dominion Energy, Inc.		52,022		2,652,082
DTE Energy Co.		12,813		1,413,530
Duke Energy Corp.		47,977		4,714,220
Edison International		23,893		1,697,837
Entergy Corp.		13,200		1,408,044
Evergy, Inc.(b)		14,350		752,658
Eversource Energy		21,708		1,315,939
Exelon Corp.		61,905		2,326,390
FirstEnergy Corp.		32,107		1,230,982
NextEra Energy, Inc.		125,334		8,393,617
NiSource, Inc.		25,767		717,869
NRG Energy, Inc.(b)		14,219		1,033,295
PG&E Corp.		130,095		2,225,925
Pinnacle West Capital Corp.(b)		7,055		519,601
PPL Corp.		45,869		1,259,563
Public Service Enterprise Group, Inc.		31,040		2,144,243
Sempra		39,093		2,800,232
Southern Co.		67,818		4,984,622
WEC Energy Group, Inc.		19,624		1,621,727
Xcel Energy, Inc.		34,276		1,841,649
				61,112,266
TOTAL COMMON STOCKS (Cost $2,152,003,959)				2,564,503,022

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.0%
Alexandria Real Estate Equities, Inc.(b)		9,694	$	1,123,244
American Tower Corp.		28,972		4,970,436
AvalonBay Communities, Inc.		8,840		1,675,799
Boston Properties, Inc.(b)		8,940		553,297
Camden Property Trust(b)		6,655		663,370
Crown Castle, Inc.		27,018		2,533,748
Digital Realty Trust, Inc.		18,816		2,611,284
Equinix, Inc.		5,813		4,133,682
Equity Residential		21,508		1,385,115
Essex Property Trust, Inc.		3,937		969,486
Extra Space Storage, Inc.		13,084		1,756,920
Federal Realty Investment Trust		4,570		476,057
Healthpeak Properties, Inc.		43,879		816,588
Host Hotels & Resorts, Inc.(b)		44,257		835,130
Invitation Homes, Inc.		35,727		1,221,863
Iron Mountain, Inc.		18,180		1,409,314
Kimco Realty Corp.		38,549		718,168
Mid-America Apartment Communities, Inc.		7,255		943,150
Prologis, Inc.		57,435		5,861,242
Public Storage		9,880		2,563,366
Realty Income Corp.		51,469		2,755,650
Regency Centers Corp.		10,175		602,564
SBA Communications Corp.		6,755		1,257,241
Simon Property Group, Inc.		20,365		2,861,893
UDR, Inc.		18,920		720,474
Ventas, Inc.		25,035		1,108,550
VICI Properties, Inc.		63,023		1,799,307
Welltower, Inc.(b)		34,512		3,288,303
Weyerhaeuser Co.		45,467		1,371,739
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $54,994,447)				52,986,980

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

76

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.7%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		95,811,917	$	95,811,917
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,811,917)				95,811,917
TOTAL INVESTMENTS — 103.5% (Cost $2,302,810,323)				2,713,301,919
Liabilities in Excess of Other Assets — (3.5)%				(93,520,175	)
TOTAL NET ASSETS — 100.0%			$	2,619,781,744

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $92,102,045 which represented 3.5% of net assets.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

77

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 92.6%
Communication Services — 1.4%
Frontier Communications Parent, Inc.(a)(b)		32,813	$	759,293
Iridium Communications, Inc.		18,374		565,735
New York Times Co. - Class A		24,590		1,058,108
Nexstar Media Group, Inc.		4,782		765,407
TEGNA, Inc.		29,221		398,574
TKO Group Holdings, Inc.(b)		8,903		842,847
Ziff Davis, Inc.(a)		6,817		341,600
ZoomInfo Technologies, Inc.(a)		43,956		697,142
				5,428,706
Consumer Discretionary — 15.2%
Adient PLC(a)		13,893		414,984
Aramark		39,455		1,243,227
Autoliv, Inc.		10,978		1,315,055
AutoNation, Inc.(a)(b)		3,841		618,977
Boyd Gaming Corp.		10,305		551,421
Brunswick Corp. (b)		10,290		829,786
Burlington Stores, Inc.(a)		9,556		1,719,507
Capri Holdings Ltd.(a)(b)		17,434		618,558
Carter’s, Inc.(b)		5,464		373,792
Choice Hotels International, Inc.(b)		3,691		436,498
Churchill Downs, Inc.		10,154		1,309,866
Columbia Sportswear Co.(b)		5,115		407,307
Crocs, Inc.(a)		9,052		1,125,797
Dick’s Sporting Goods, Inc.		8,718		1,751,795
Duolingo, Inc.(a)		5,350		1,207,763
Five Below, Inc.(a)		8,270		1,210,232
Floor & Decor Holdings, Inc.(a)(b)		15,880		1,752,040
GameStop Corp.(a)(b)		39,856		442,003
Gap, Inc.		32,162		659,964
Gentex Corp.		35,085		1,203,416
Goodyear Tire & Rubber Co.(a)		42,076		503,229
Graham Holdings Co. - Class B(b)		528		370,323
Grand Canyon Education, Inc.(a)		4,383		569,878
H&R Block, Inc.		20,756		980,306
Harley-Davidson, Inc.		18,800		646,532
Helen of Troy Ltd.(a)		3,517		326,061
Hilton Grand Vacations, Inc.(a)		10,571		440,176
Hyatt Hotels Corp. - Class A(b)		6,608		983,204
KB Home		11,057		716,051
Lear Corp.(b)		8,541		1,075,056
Leggett & Platt, Inc.		19,776		357,352
Light & Wonder, Inc.(a)		13,497		1,204,742
Lithia Motors, Inc.(b)		4,116		1,047,028
Macy’s, Inc.		40,981		755,280
Marriott Vacations Worldwide Corp.(b)		4,891		470,074

	Shares		Value
Consumer Discretionary — 15.2% (Continued)
Mattel, Inc.(a)		52,823	$	967,717
Murphy USA, Inc.		2,835		1,173,180
Nordstrom, Inc.(b)		14,390		273,554
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		9,149		669,158
Penn Entertainment, Inc.(a)(b)		22,514		372,382
Penske Automotive Group, Inc.(b)		2,887		441,451
Planet Fitness, Inc. - Class A(a)		12,668		758,053
Polaris, Inc.(b)		7,875		670,635
PVH Corp.		8,918		970,278
RH(a)(b)		2,290		565,745
Service Corp. International (b)		22,186		1,590,958
Skechers USA, Inc. - Class A(a)		20,084		1,326,548
Taylor Morrison Home Corp.(a)		15,945		893,079
Tempur Sealy International, Inc.		25,865		1,294,802
Texas Roadhouse, Inc.		9,990		1,606,192
Thor Industries, Inc.(b)		7,905		785,915
Toll Brothers, Inc.		15,595		1,857,520
TopBuild Corp.(a)(b)		4,728		1,913,280
Travel + Leisure Co.		10,743		467,750
Under Armour, Inc. - Class A(a)		28,009		188,501
Under Armour, Inc. - Class C(a)(b)		28,530		186,016
Vail Resorts, Inc.		5,682		1,076,000
Valvoline, Inc.(a)		19,473		827,992
Visteon Corp.(a)		4,120		455,796
Wendy’s Co.(b)		24,790		495,552
Whirlpool Corp.(b)		8,264		783,923
Williams-Sonoma, Inc.(b)		9,563		2,742,476
Wingstop, Inc.		4,413		1,698,078
Wyndham Hotels & Resorts, Inc.		12,452		915,347
YETI Holdings, Inc.(a)(b)		12,880		460,074
				58,065,232
Consumer Staples — 4.7%
BellRing Brands, Inc.(a)		19,658		1,084,532
BJ’s Wholesale Club Holdings, Inc.(a)(b)		20,014		1,494,646
Boston Beer Co., Inc. - Class A(a)		1,394		388,104
Casey’s General Stores, Inc.		5,533		1,768,235
Celsius Holdings, Inc.(a)		22,170		1,580,056
Coca-Cola Consolidated, Inc.		692		571,592
Coty, Inc. - Class A(a)(b)		55,559		635,595
Darling Ingredients, Inc.(a)		23,965		1,015,397
elf Beauty, Inc.(a)(b)		8,329		1,353,712
Flowers Foods, Inc.		28,507		710,965
Grocery Outlet Holding Corp.(a)		14,722		382,330
Ingredion, Inc.		9,754		1,117,711
Lancaster Colony Corp.		3,021		576,437
Performance Food Group Co.(a)		23,339		1,584,251

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

78

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 92.6% (Continued)
Consumer Staples — 4.7% (Continued)
Pilgrim’s Pride Corp.(a)		6,091	$	219,398
Post Holdings, Inc.(a)(b)		7,539		800,265
Sprouts Farmers Market, Inc.(a)(b)		15,188		1,002,864
US Foods Holding Corp.(a)		33,700		1,693,425
				17,979,515
Energy — 5.6%
Antero Midstream Corp.		50,533		699,377
Antero Resources Corp.(a)		42,463		1,444,167
ChampionX Corp.		28,571		959,128
Chesapeake Energy Corp.(b)		16,562		1,488,593
Chord Energy Corp.(b)		6,170		1,091,967
Civitas Resources, Inc.		12,834		923,535
CNX Resources Corp.(a)(b)		22,695		533,786
DT Midstream, Inc.		14,371		893,876
Equitrans Midstream Corp.		64,289		869,830
HF Sinclair Corp.		23,230		1,260,228
Matador Resources Co.(b)		16,564		1,031,937
Murphy Oil Corp.		21,765		971,590
NOV, Inc.		59,155		1,093,776
Ovintiv, Inc.		37,779		1,938,817
PBF Energy, Inc. - Class A		16,139		859,725
Permian Resources Corp.(b)		68,832		1,152,936
Range Resources Corp.		36,254		1,301,881
Southwestern Energy Co.(a)		165,482		1,239,460
Valaris Ltd.(a)		9,296		604,798
Weatherford International PLC(a)		10,866		1,343,255
				21,702,662
Financials — 15.4%
Affiliated Managers Group, Inc.		5,016		782,998
Ally Financial, Inc.(b)		40,444		1,551,027
American Financial Group, Inc./OH		9,774		1,248,629
Associated Banc-Corp.		22,052		464,636
Bank OZK		15,610		696,987
Brighthouse Financial, Inc.(a)		9,520		459,340
Cadence Bank		27,103		749,940
Carlyle Group, Inc.(b)		32,247		1,444,666
CNO Financial Group, Inc.		16,638		438,079
Columbia Banking System, Inc.(b)		30,951		582,188
Commerce Bancshares, Inc.(b)		17,615		963,188
Cullen Frost Bankers, Inc.(b)		9,549		996,343
East West Bancorp, Inc.(b)		20,993		1,563,769
Equitable Holdings, Inc.		46,921		1,731,854
Erie Indemnity Co. - Class A(b)		3,745		1,433,062
Essent Group Ltd.		15,834		838,727
Euronet Worldwide, Inc.(a)		6,495		666,907
Evercore, Inc.		5,184		940,896

	Shares		Value
Financials — 15.4% (Continued)
Federated Hermes, Inc.		12,219	$	401,394
Fidelity National Financial, Inc.(b)		38,529		1,907,185
First American Financial Corp.		15,306		819,942
First Financial Bankshares, Inc.(b)		19,050		563,118
First Horizon Corp.		83,936		1,252,325
FirstCash Holdings, Inc.		5,483		619,469
FNB Corp.		53,241		710,235
Glacier Bancorp, Inc.(b)		16,444		594,944
Hancock Whitney Corp.		12,783		580,220
Hanover Insurance Group, Inc.		5,299		687,916
Home BancShares, Inc./AR		27,843		659,322
Houlihan Lokey, Inc.(b)		7,848		1,000,542
Interactive Brokers Group, Inc.		15,943		1,835,358
International Bancshares Corp.		7,915		440,470
Janus Henderson Group PLC		19,662		613,848
Jefferies Financial Group, Inc.		25,456		1,096,135
Kemper Corp.		8,935		521,000
Kinsale Capital Group, Inc.		3,293		1,196,182
MGIC Investment Corp.(b)		41,141		834,339
Morningstar, Inc.		3,897		1,101,487
New York Community Bancorp, Inc.(b)		105,895		280,622
Old National Bancorp		46,870		775,230
Old Republic International Corp.		39,229		1,171,378
Pinnacle Financial Partners, Inc.		11,369		872,002
Primerica, Inc.		5,234		1,108,875
Prosperity Bancshares, Inc.		13,903		861,569
Reinsurance Group of America, Inc.		9,873		1,846,151
RenaissanceRe Holdings Ltd.		7,906		1,733,390
RLI Corp.		6,010		849,514
SEI Investments Co.		14,945		985,623
Selective Insurance Group, Inc.		9,064		921,356
SLM Corp.		32,944		698,083
SouthState Corp.(b)		11,284		854,199
Stifel Financial Corp.(b)		15,348		1,226,612
Synovus Financial Corp.		21,698		776,571
Texas Capital Bancshares, Inc.(a)		7,121		408,745
UMB Financial Corp.		6,481		516,276
United Bankshares, Inc.		20,020		649,849
Unum Group		27,291		1,383,654
Valley National Bancorp(b)		63,278		443,579
Voya Financial, Inc.(b)		15,399		1,049,596
Webster Financial Corp.		25,832		1,132,217
Western Union Co.		52,414		704,444
WEX, Inc.(a)		6,386		1,349,106
Wintrust Financial Corp.		9,168		885,996
Zions Bancorp		22,302		909,476
				59,382,780

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

79

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 92.6% (Continued)
Health Care — 8.2%
Acadia Healthcare Co., Inc.(a)		13,820	$	1,021,851
Amedisys, Inc.(a)		4,841		445,614
Arrowhead Pharmaceuticals, Inc.(a)		18,598		420,687
Azenta, Inc.(a)(b)		8,427		442,080
Bruker Corp.		13,800		1,076,538
Chemed Corp.		2,249		1,277,432
Cytokinetics, Inc.(a)(b)		14,736		903,612
DENTSPLY SIRONA, Inc.		31,680		950,717
Doximity, Inc. - Class A(a)(b)		18,323		445,066
Encompass Health Corp.		14,918		1,243,863
Enovis Corp.(a)		7,367		406,879
Envista Holdings Corp.(a)		25,434		500,541
Exelixis, Inc.(a)		45,562		1,068,885
Globus Medical, Inc. - Class A(a)(b)		17,114		852,106
Haemonetics Corp.(a)		7,529		692,292
Halozyme Therapeutics, Inc.(a)		19,602		746,836
HealthEquity, Inc.(a)		12,834		1,012,731
Integra LifeSciences Holdings Corp.(a)		10,091		294,354
Jazz Pharmaceuticals PLC(a)		9,432		1,044,594
Lantheus Holdings, Inc.(a)		10,154		675,647
LivaNova PLC(a)(b)		7,997		445,833
Masimo Corp.(a)(b)		6,585		885,090
Medpace Holdings, Inc.(a)		3,490		1,355,342
Neogen Corp.(a)(b)		29,209		360,147
Neurocrine Biosciences, Inc.(a)		14,836		2,040,544
Option Care Health, Inc.(a)		26,273		785,300
Penumbra, Inc.(a)		5,767		1,133,042
Perrigo Co. PLC		20,100		656,466
Progyny, Inc.(a)(b)		12,365		396,422
QuidelOrtho Corp.(a)		7,335		297,434
R1 RCM, Inc.(a)		29,219		359,102
Repligen Corp.(a)(b)		7,797		1,280,267
Roivant Sciences Ltd.(a)(b)		50,490		550,341
Shockwave Medical, Inc.(a)		5,506		1,818,026
Sotera Health Co.(a)		18,654		208,925
Tenet Healthcare Corp.(a)		15,122		1,698,049
United Therapeutics Corp.(a)		7,028		1,646,871
				31,439,526
Industrials — 21.9%
Acuity Brands, Inc.		4,587		1,138,952
Advanced Drainage Systems, Inc.		10,237		1,607,209
AECOM		20,378		1,882,112
AGCO Corp.		9,308		1,062,881
Applied Industrial Technologies, Inc.		5,775		1,058,269
ASGN, Inc.(a)		6,997		674,861
Avis Budget Group, Inc.		2,736		261,151

	Shares		Value
Industrials — 21.9% (Continued)
Brink’s Co.		6,681	$	584,320
BWX Technologies, Inc.		13,681		1,310,229
CACI International, Inc. - Class A(a)		3,313		1,332,588
Carlisle Cos., Inc.		7,261		2,819,084
Chart Industries, Inc.(a)(b)		6,274		903,832
Clean Harbors, Inc.(a)		7,526		1,425,801
Comfort Systems USA, Inc.		5,337		1,651,321
Concentrix Corp.(b)		7,013		383,401
Core & Main, Inc. - Class A(a)		25,405		1,434,620
Crane Co.		7,301		1,022,213
Curtiss-Wright Corp.		5,704		1,445,508
Donaldson Co., Inc.		17,888		1,291,514
EMCOR Group, Inc.		7,038		2,513,762
EnerSys		5,991		541,886
Esab Corp.		8,405		889,921
ExlService Holdings, Inc.(a)		24,463		709,427
Exponent, Inc.(b)		7,509		690,152
Flowserve Corp.		19,468		918,111
Fluor Corp.(a)		25,647		1,034,344
Fortune Brands Innovations, Inc.		18,904		1,381,882
FTI Consulting, Inc.(a)		5,203		1,112,557
GATX Corp.(b)		5,261		643,736
Genpact Ltd.		24,764		761,245
Graco, Inc.		25,235		2,023,847
GXO Logistics, Inc.(a)		17,926		890,205
Hertz Global Holdings, Inc.(a)(b)		19,642		89,371
Hexcel Corp.		12,619		810,266
Insperity, Inc.(b)		5,249		540,280
ITT, Inc.		12,315		1,592,822
KBR, Inc.		20,280		1,316,983
Kirby Corp.(a)(b)		8,761		956,088
Knight-Swift Transportation Holdings, Inc.		24,258		1,121,447
Landstar System, Inc.		5,378		937,977
Lennox International, Inc.(b)		4,774		2,212,367
Lincoln Electric Holdings, Inc.(b)		8,528		1,872,152
ManpowerGroup, Inc.		7,241		546,333
MasTec, Inc.(a)(b)		8,965		795,106
Maximus, Inc.		9,123		732,394
MDU Resources Group, Inc.		30,220		746,434
Middleby Corp.(a)		8,058		1,119,820
MSA Safety, Inc.		5,506		993,282
MSC Industrial Direct Co., Inc. - Class A(b)		6,877		627,457
nVent Electric PLC		24,891		1,793,895
Oshkosh Corp.		9,786		1,098,674
Owens Corning		13,244		2,227,773
Paylocity Holding Corp.(a)(b)		6,450		1,000,782
RBC Bearings, Inc.(a)(b)		4,317		1,055,722

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

80

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 92.6% (Continued)
Industrials — 21.9% (Continued)
Regal Rexnord Corp.(b)		9,932	$	1,602,727
Ryder System, Inc.		6,569		800,433
Saia, Inc.(a)		3,965		1,573,431
Science Applications International Corp.		7,753		997,811
Sensata Technologies Holding PLC		22,457		860,328
Simpson Manufacturing Co., Inc.		6,376		1,108,723
Stericycle, Inc.(a)		13,728		614,053
Terex Corp.(b)		9,978		559,267
Tetra Tech, Inc.		8,004		1,558,539
Timken Co.		9,625		858,743
Toro Co.(b)		15,541		1,361,236
Trex Co., Inc.(a)		16,177		1,432,473
UFP Industries, Inc.		9,260		1,043,602
Valmont Industries, Inc.		3,097		634,266
Watsco, Inc.(b)		4,681		2,095,777
Watts Water Technologies, Inc. - Class A		4,057		805,152
Werner Enterprises, Inc.(b)		9,403		321,583
WESCO International, Inc.		6,570		1,003,568
Woodward, Inc.		9,055		1,470,170
XPO Logistics, Inc.(a)(b)		17,365		1,866,043
				84,156,291
Information Technology — 9.4%
Allegro MicroSystems, Inc.(a)(b)		10,563		313,615
Amkor Technology, Inc.		15,316		495,473
Appfolio, Inc. - Class A(a)		3,060		693,947
Arrow Electronics, Inc.(a)		8,035		1,025,828
Aspen Technology, Inc.(a)(b)		4,159		818,782
Avnet, Inc.		13,421		655,884
Belden, Inc.		6,185		502,655
Blackbaud, Inc.(a)		6,389		497,831
Ciena Corp.(a)		21,670		1,001,804
Cirrus Logic, Inc.(a)		7,997		708,294
Cognex Corp.		25,914		1,076,468
Coherent Corp.(a)		19,894		1,086,809
CommVault Systems, Inc.(a)		6,491		665,133
Crane NXT Co.(b)		7,163		435,582
Dolby Laboratories, Inc. - Class A		8,830		685,738
Dropbox, Inc. - Class A(a)		38,461		890,757
Dynatrace, Inc.(a)		35,725		1,618,700
GoDaddy, Inc. - Class A(a)		21,060		2,577,323
IPG Photonics Corp.(a)		4,383		368,084
Kyndryl Holdings, Inc.(a)		34,405		676,402
Lattice Semiconductor Corp.(a)(b)		20,558		1,410,279
Littelfuse, Inc.		3,721		858,211
Lumentum Holdings, Inc.(a)(b)		9,936		434,799

	Shares		Value
Information Technology — 9.4% (Continued)
MACOM Technology Solutions Holdings, Inc.(a)(b)		8,185	$	834,461
Manhattan Associates, Inc.(a)		9,178		1,891,219
MKS Instruments, Inc.		9,412		1,119,840
Novanta, Inc.(a)		5,358		838,527
Onto Innovation, Inc.(a)(b)		7,306		1,355,190
Power Integrations, Inc.(b)		8,435		562,783
Pure Storage, Inc.(a)		44,418		2,238,667
Qualys, Inc.(a)(b)		5,487		899,374
Rambus, Inc.(a)		16,160		885,891
Silicon Laboratories, Inc.(a)(b)		4,709		572,096
Synaptics, Inc.(a)		5,807		522,398
TD SYNNEX Corp.		11,605		1,367,533
Teradata Corp.(a)		14,506		538,173
Universal Display Corp.		6,510		1,028,450
Vishay Intertechnology, Inc.		18,726		433,320
Vontier Corp.		23,073		937,456
Wolfspeed, Inc.(a)(b)		18,590		502,488
				36,026,264
Materials — 6.9%
Alcoa Corp.		26,481		930,542
AptarGroup, Inc.		9,833		1,419,689
Arcadium Lithium PLC(a)(b)		154,180		678,392
Ashland, Inc.(b)		7,441		709,351
Avient Corp.		13,524		573,688
Axalta Coating Systems Ltd.(a)		33,044		1,038,903
Berry Global Group, Inc.		17,318		980,892
Cabot Corp.		8,290		756,297
Chemours Co.(b)		22,026		589,196
Cleveland-Cliffs, Inc.(a)		74,513		1,259,270
Commercial Metals Co.(b)		17,342		931,959
Crown Holdings, Inc.		17,829		1,463,225
Eagle Materials, Inc.		5,167		1,295,419
Graphic Packaging Holding Co.		45,963		1,188,144
Greif, Inc. - Class A		3,771		231,087
Knife River Corp.(a)		8,390		656,014
Louisiana-Pacific Corp.		9,520		696,769
MP Materials Corp.(a)(b)		21,374		341,984
NewMarket Corp.		1,023		539,039
Olin Corp.		17,946		938,217
Reliance, Inc.		8,598		2,448,022
Royal Gold, Inc.(b)		9,833		1,181,238
RPM International, Inc.		19,322		2,065,714
Scotts Miracle-Gro Co.		6,165		422,549
Silgan Holdings, Inc.		12,002		560,013
Sonoco Products Co.		14,535		814,687
United States Steel Corp.(b)		33,634		1,227,641
Westlake Chemical Corp.		4,749		699,813
				26,637,754

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

81

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 92.6% (Continued)
Real Estate — 0.3%
Jones Lang LaSalle, Inc.(a)		7,153	$	1,292,547
Utilities — 3.6%
ALLETE, Inc.		8,527		504,969
Black Hills Corp.		10,083		553,557
Essential Utilities, Inc.		37,763		1,381,371
IDACORP, Inc.(b)		7,509		711,703
National Fuel Gas Co.		13,771		731,240
New Jersey Resources Corp.		14,704		642,418
Northwestern Energy Group, Inc.		9,089		458,449
OGE Energy Corp.		30,126		1,043,866
ONE Gas, Inc.(b)		8,221		530,419
Ormat Technologies, Inc.		7,967		508,534
PNM Resources, Inc.		12,733		471,885
Portland General Electric Co.		15,003		648,580
Southwest Gas Holdings, Inc.(b)		8,915		665,237
Spire, Inc.		8,303		513,042
UGI Corp.(b)		31,081		794,430
Vistra Corp.		50,255		3,811,339
				13,971,039
TOTAL COMMON STOCKS (Cost $323,710,288)				356,082,316
REAL ESTATE INVESTMENT TRUSTS — 7.3%
Agree Realty Corp.(b)		14,912		853,265
American Homes 4 Rent - Class A		47,390		1,696,562
Annaly Capital Management, Inc.(b)		75,140		1,408,124
Apartment Income REIT Corp.		21,808		836,991
Brixmor Property Group, Inc.		45,133		997,439
COPT Defense Properties		16,698		400,251
Cousins Properties, Inc.		22,524		516,701
CubeSmart		33,743		1,364,567
EastGroup Properties, Inc.		7,099		1,102,901
EPR Properties		11,175		453,593
Equity LifeStyle Properties, Inc.		27,968		1,686,191
First Industrial Realty Trust, Inc.		19,882		903,040
Gaming and Leisure Properties, Inc.		39,788		1,700,141
Healthcare Realty Trust, Inc.(b)		56,507		804,095
Independence Realty Trust, Inc.(b)		33,341		525,788
Kilroy Realty Corp.		15,824		534,851
Kite Realty Group Trust		32,549		709,568
Lamar Advertising Co. - Class A		13,113		1,519,141
National Storage Affiliates Trust(b)		11,461		401,593
NNN REIT, Inc.(b)		27,435		1,111,941
Omega Healthcare Investors, Inc.(b)		36,899		1,122,099
Park Hotels & Resorts, Inc.		31,155		502,530
PotlatchDeltic Corp.		11,770		470,918

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 7.3% (Continued)
Rayonier, Inc.		20,244	$	600,437
Rexford Industrial Realty, Inc.		31,380		1,343,378
Sabra Health Care REIT, Inc.		34,313		477,637
STAG Industrial, Inc.(b)		27,300		938,847
Starwood Property Trust, Inc.(b)		44,152		837,563
Vornado Realty Trust(b)		23,714		617,275
WP Carey, Inc.		32,586		1,787,015
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $28,651,701)				28,224,442
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.5%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(c)		86,595,764		86,595,764
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $86,595,764)				86,595,764
TOTAL INVESTMENTS — 122.4% (Cost $438,957,753)				470,902,522
Liabilities in Excess of Other Assets — (22.4)%				(86,433,619	)
TOTAL NET ASSETS — 100.0%			$	384,468,903

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $82,949,350 which represented 21.6% of net assets.

(c) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

82

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 53.4%
Communication Services — 8.3%
Alphabet, Inc. - Class A(a)		109,176	$	17,771,669
Alphabet, Inc. - Class C(a)		105,066		17,298,066
Charter Communications, Inc. - Class A(a)(b)		6,949		1,778,527
Comcast Corp. - Class A		189,606		7,225,885
Electronic Arts, Inc.		12,794		1,622,535
Meta Platforms, Inc. - Class A		64,841		27,892,653
Netflix, Inc.(a)		20,702		11,399,349
Sirius XM Holdings, Inc.(b)		183,873		540,587
Take-Two Interactive Software, Inc.(a)		8,226		1,174,755
T-Mobile US, Inc.(b)		56,797		9,324,363
Trade Desk, Inc. - Class A(a)		21,295		1,764,291
Warner Bros Discovery, Inc.(a)(b)		116,747		859,258
				98,651,938
Consumer Discretionary — 7.1%
Airbnb, Inc. - Class A(a)		20,965		3,324,420
Amazon.com, Inc.(a)		192,447		33,678,225
Booking Holdings, Inc.		1,635		5,644,069
DoorDash, Inc. - Class A(a)(b)		18,023		2,329,653
Lululemon Athletica, Inc.(a)		5,794		2,089,316
Marriott International, Inc.		13,852		3,270,873
MercadoLibre, Inc.(a)		2,416		3,524,219
O’Reilly Automotive, Inc.(a)		2,820		2,857,393
PDD Holdings, Inc. - ADR(a)		31,960		4,000,753
Ross Stores, Inc.		16,107		2,086,662
Starbucks Corp.		54,171		4,793,592
Tesla Motors, Inc.(a)		89,314		16,369,470
				83,968,645
Consumer Staples — 3.5%
Coca-Cola Europacific Partners PLC(b)		21,853		1,573,853
Costco Wholesale Corp.		21,229		15,346,445
Dollar Tree, Inc.(a)		10,421		1,232,283
Keurig Dr Pepper, Inc.		66,397		2,237,579
Mondelez International, Inc.		64,429		4,635,022
Monster Beverage Corp.(a)		49,798		2,661,703
PepsiCo, Inc.		65,765		11,568,721
The Kraft Heinz Co.		58,049		2,241,272
Walgreens Boots Alliance, Inc.		41,262		731,575
				42,228,453
Energy — 0.3%
Baker Hughes Co.		47,893		1,562,270
Diamondback Energy, Inc.		8,539		1,717,449
				3,279,719

	Shares		Value
Financials — 0.3%
PayPal Holdings, Inc.(a)		51,284	$	3,483,209
Health Care — 3.3%
Amgen, Inc.		25,636		7,022,725
AstraZeneca PLC - ADR		27,864		2,114,320
Biogen, Inc.(a)		6,952		1,493,429
DexCom, Inc.(a)		18,449		2,350,218
GE HealthCare Technologies, Inc.		21,787		1,661,041
Gilead Sciences, Inc.		59,613		3,886,768
IDEXX Laboratories, Inc.(a)(b)		3,976		1,959,214
Illumina, Inc.(a)		7,603		935,549
Intuitive Surgical, Inc.(a)		16,853		6,246,059
Moderna, Inc.(a)(b)		18,280		2,016,467
Regeneron Pharmaceuticals, Inc.(a)		5,160		4,595,806
Vertex Pharmaceuticals, Inc.(a)		12,356		4,853,560
				39,135,156
Industrials — 2.5%
Automatic Data Processing, Inc.		19,653		4,753,864
Cintas Corp.		4,846		3,190,316
Copart, Inc.(a)		46,003		2,498,423
CSX Corp.		93,752		3,114,441
Fastenal Co.		27,380		1,860,197
Honeywell International, Inc.		31,204		6,013,947
Old Dominion Freight Line, Inc.		10,404		1,890,511
PACCAR, Inc.		25,066		2,659,753
Paychex, Inc.		17,288		2,053,987
Verisk Analytics, Inc.		6,857		1,494,552
				29,529,991
Information Technology — 26.3%(c)
Adobe, Inc.(a)		21,628		10,010,087
Advanced Micro Devices, Inc.(a)		77,317		12,245,466
Analog Devices, Inc.		23,723		4,759,071
ANSYS, Inc.(a)		4,163		1,352,476
Apple, Inc.		286,091		48,729,881
Applied Materials, Inc.		39,756		7,897,529
ASML Holding NV		4,126		3,599,811
Atlassian Corp. - Class A(a)		7,566		1,303,622
Autodesk, Inc.(a)		10,240		2,179,584
Broadcom, Inc.		22,166		28,821,785
Cadence Design System, Inc.(a)		13,025		3,590,081
CDW Corp.		6,424		1,553,709
Cisco Systems, Inc.		193,764		9,103,033
Cognizant Technology Solutions Corp. - Class A		23,818		1,564,366
Crowdstrike Holdings, Inc. - Class A(a)		10,884		3,184,005
Datadog, Inc. - Class A(a)		14,634		1,836,567
Fortinet, Inc.(a)		36,506		2,306,449
GLOBALFOUNDRIES, Inc.(a)(b)		26,211		1,281,194

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

83

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 53.4% (Continued)
Information Technology — 26.3%(c) (Continued)
Intel Corp.		202,322	$	6,164,751
Intuit, Inc.		13,395		8,380,180
KLA Corp.		6,473		4,461,774
Lam Research Corp.		6,265		5,603,479
Marvell Technology, Inc.		41,361		2,726,104
Microchip Technology, Inc.		25,852		2,377,867
Micron Technology, Inc.		52,820		5,966,547
Microsoft Corp.		137,662		53,595,947
MongoDB, Inc.(a)(b)		3,467		1,266,079
NVIDIA Corp.		46,313		40,015,359
NXP Semiconductors NV		12,269		3,143,195
ON Semiconductor Corp.(a)(b)		20,445		1,434,421
Palo Alto Networks, Inc.(a)		15,453		4,495,123
QUALCOMM, Inc.		53,396		8,855,727
Roper Technologies, Inc.		5,122		2,619,698
Synopsys, Inc.(a)		7,294		3,870,123
Texas Instruments, Inc.		43,504		7,674,976
Workday, Inc. - Class A(a)		9,995		2,446,076
Zscaler, Inc.(a)		7,093		1,226,663
				311,642,804
Materials — 0.9%
Linde PLC		23,040		10,159,719
Real Estate — 0.2%
CoStar Group, Inc.(a)(b)		19,545		1,788,954
Utilities — 0.7%
American Electric Power Co., Inc.		25,175		2,165,805
Constellation Energy Corp.		15,150		2,816,991
Exelon Corp.		47,827		1,797,339
Xcel Energy, Inc.		26,562		1,427,176
				8,207,311
TOTAL COMMON STOCKS (Cost $482,588,357)				632,075,899
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.9%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		364,781,969		364,781,969
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $364,781,969)				364,781,969

	Par		Value
U.S. TREASURY BILLS - 45.0%
5.29%, 05/16/2024(e)		40,000,000	$	39,912,333
5.30%, 05/23/2024(b)(e)		473,000,000		471,475,232
5.27%, 07/05/2024(e)		20,000,000		19,810,056
U.S. Treasury Bills Total (Cost $531,213,280)				531,197,621
TOTAL SHORT-TERM INVESTMENTS (Cost $895,995,249)				895,979,590
TOTAL INVESTMENTS — 129.3% (Cost $1,378,583,606)				1,528,055,489
Liabilities in Excess of Other Assets — (29.3)%				(346,586,024	)
TOTAL NET ASSETS — 100.0%			$	1,181,469,465

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $357,002,972 which represented 30.2% of net assets.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

(e) The rate shown is the effective yield as of April 30, 2024.

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

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

84

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 97.2%
Austria — 0.6%
ANDRITZ AG		498	$	27,318
Erste Group Bank AG		2,180		102,065
OMV AG		1,016		48,445
Raiffeisen Bank International AG		922		17,101
Telekom Austria AG		978		8,402
Verbund AG		470		35,913
voestalpine AG		790		21,178
				260,422
Belgium — 2.5%
Ackermans & van Haaren NV		160		27,577
Ageas SA/NV		1,176		54,142
Anheuser-Busch InBev SA/NV - ADR(a)		7,027		419,231
Cenergy Holdings SA		254		2,152
D’ieteren Group		160		34,697
Elia Group SA/NV		274		26,420
Groupe Bruxelles Lambert NV		599		44,652
KBC Groep NV		1,748		130,395
Lotus Bakeries NV		3		30,191
Sofina SA		124		29,219
Solvay SA		498		16,162
Syensqo SA(b)		498		46,340
Titan Cement International SA		282		8,953
UCB SA		866		115,109
Umicore SA		1,457		32,435
Viohalco SA		302		1,869
				1,019,544
Finland — 2.9%
Elisa Oyj		1,016		45,887
Fortum Oyj		3,100		40,957
Kesko Oyj - Class B		1,926		32,949
Kone Oyj - Class B		2,250		109,974
Metso Oyj		4,548		51,813
Neste Oyj		2,960		67,411
Nokia Oyj - ADR(a)		37,829		138,076
Nordea Bank Abp		23,392		274,730
Orion Oyj - Class B		744		28,417
Sampo Oyj - Class A		3,140		127,070
Stora Enso Oyj - Class R		4,088		54,752
UPM-Kymmene Oyj		3,691		129,673
Valmet Oyj		1,176		29,443
Wartsila OYJ Abp		3,448		63,880
				1,195,032
France — 32.8%(c)
Accor SA		1,306		57,576
Aeroports de Paris SA		226		28,822

	Shares		Value
France — 32.8%(c) (Continued)
Air Liquide SA		3,600	$	706,453
Airbus SE - ADR(a)		16,560		679,622
ALD SA(d)		1,392		9,218
Alstom SA		2,030		32,225
Amundi SA(d)		404		28,348
Arkema SA		414		42,879
AXA SA(a)		12,511		433,132
BioMerieux		310		33,083
BNP Paribas SA - ADR		14,498		521,928
Bollore SE		6,200		40,362
Bouygues SA		1,274		47,056
Bureau Veritas SA		2,030		59,403
Capgemini SE		1,118		236,121
Carrefour SA		3,776		63,630
Cie de Saint-Gobain SA		3,229		257,278
Cie Generale des Etablissements Michelin SCA		4,856		187,497
Credit Agricole SA		7,066		109,719
Danone SA		4,385		274,510
Dassault Aviation SA		160		34,355
Dassault Systemes SE		4,706		185,974
Edenred SE		1,724		81,800
Eiffage SA		518		55,447
Engie SA(a)		12,332		214,125
EssilorLuxottica SA		2,145		459,661
Eurazeo SE		340		30,770
Getlink SE		2,510		42,859
Hermes International SCA		246		590,958
Ipsen SA		246		29,955
JCDecaux SE(b)		518		10,846
Kering		498		175,384
La Francaise des Jeux SAEM(d)		714		27,020
Legrand SA		1,813		187,408
L’Oreal SA		1,625		762,443
LVMH Moet Hennessy Louis Vuitton SE - ADR		8,710		1,429,747
Neoen SA(d)		490		15,039
Orange SA		13,276		147,703
Pernod Ricard SA		1,427		216,251
Pluxee NV(b)		620		19,116
Publicis Groupe SA		1,583		175,442
Remy Cointreau SA		160		15,265
Renault SA		1,364		68,038
Rexel SA		1,692		44,113
Safran SA		2,398		522,578
Sanofi SA - ADR		15,399		758,093
Sartorius Stedim Biotech		170		36,829
Schneider Electric SE		3,740		858,536
SCOR SE		1,072		35,053

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

85

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)
France — 32.8%(c) (Continued)
SEB SA		160	$	18,988
Societe Generale SA		5,036		136,457
Sodexo SA		620		54,091
SOITEC(b)		180		17,788
Teleperformance SE		414		37,767
Thales SA		686		115,635
TotalEnergies SE - ADR(a)		14,503		1,051,032
Valeo SE		1,486		18,935
Veolia Environnement SA		4,404		137,192
Vinci SA		3,449		405,806
Vivendi SE		4,368		44,592
Wendel SA		198		20,296
Worldline SA/France(b)(d)		1,738		18,184
				13,156,433
Germany — 23.8%
adidas AG - ADR(a)		2,321		278,822
Allianz SE		2,742		780,143
BASF SE		6,194		324,927
Bayer AG - ADR		27,696		202,181
Bayerische Motoren Werke AG		2,149		234,961
Bechtle AG		584		28,233
Beiersdorf AG		688		103,197
Brenntag SE		935		74,698
Carl Zeiss Meditec AG		264		27,921
Commerzbank AG		7,123		106,119
Continental AG		772		50,125
Covestro AG(b)(d)		1,354		67,886
CTS Eventim AG & Co. KGaA		424		37,647
Daimler Truck Holding AG		3,709		167,474
Delivery Hero SE(b)(d)		1,344		37,866
Deutsche Bank AG		14,267		228,539
Deutsche Boerse AG		1,277		246,874
Deutsche Lufthansa AG(b)		4,256		30,495
Deutsche Post AG		6,961		291,653
Deutsche Telekom AG		22,657		519,619
Deutsche Wohnen SE		348		6,588
DWS Group GmbH & Co. KGaA(d)		246		10,407
E.ON SE		15,590		206,308
Evonik Industries AG		1,457		30,391
Fielmann Group AG		180		8,423
Fraport AG Frankfurt Airport Services Worldwide(b)		254		12,762
Fresenius Medical Care AG - ADR(a)		2,982		62,741
Fresenius SE & Co. KGaA		2,816		84,057
FUCHS SE		236		8,651
GEA Group AG		1,147		46,393
Hannover Rueck SE		423		104,911

	Shares		Value
Germany — 23.8% (Continued)
Heidelberg Materials AG		958	$	96,758
Henkel AG & Co. KGaA		714		51,167
HOCHTIEF AG		152		16,011
Infineon Technologies AG		9,075		316,888
KION Group AG		508		23,518
Knorr-Bremse AG		470		34,885
LEG Immobilien SE(b)		527		44,948
Mercedez-Benz Group AG		6,024		456,060
Merck KGaA		896		142,427
MTU Aero Engines AG		367		88,751
Muenchener Rueckversicherungs-Gesellschaft AG		949		417,466
Nemetschek SE		386		34,418
Puma SE		714		33,177
Rational AG		31		26,599
Rheinmetall AG		304		167,794
RWE AG		5,014		174,601
SAP SE - ADR(a)		7,717		1,398,398
Sartorius AG		20		4,696
Scout24 SE(d)		527		38,863
Siemens AG - ADR		10,527		985,011
Siemens Energy AG(b)		3,799		78,248
Siemens Healthineers AG(d)		1,912		106,309
Sixt SE		94		9,029
Symrise AG		898		96,506
Talanx AG		376		28,370
ThyssenKrupp AG		3,504		17,605
Traton SE		358		12,742
Volkswagen AG		208		29,479
Vonovia SE		4,828		140,044
Wacker Chemie AG		104		11,165
Zalando SE(b)(d)		1,550		40,792
				9,543,737
Greece — 0.8%
Aegean Airlines SA(b)		264		3,550
Alpha Services and Holdings SA(b)		15,220		25,867
Athens Water Supply & Sewage Co. SA		292		1,782
Autohellas Tourist and Trading SA		142		1,952
Ellaktor SA(b)		592		1,655
Eurobank Ergasias SA(b)		18,132		38,894
FF Group(b)(e)		1,259		6,449
GEK TERNA SA		396		7,091
Hellenic Telecommunications Organization SA		1,222		18,623
HELLENiQ ENERGY Holdings SA		414		3,725
Holding Co. ADMIE IPTO SA		808		1,927
JUMBO SA		780		24,290

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

86

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)
Greece — 0.8% (Continued)
LAMDA Development SA(b)		574	$	4,221
Motor Oil Hellas Corinth Refineries SA		404		11,710
Mytilineos SA		714		29,108
National Bank of Greece SA(b)		5,256		42,405
OPAP SA		1,334		22,223
Piraeus Financial Holdings SA(b)		7,138		28,757
Piraeus Port Authority SA		58		1,535
Public Power Corp. SA(b)		1,522		18,258
Quest Holdings SA		188		1,164
Sarantis SA		226		2,870
Terna Energy SA		368		7,163
				305,219
Ireland — 0.9%
AIB Group PLC		10,882		56,510
Bank of Ireland Group PLC		7,534		80,765
Glanbia PLC		1,260		23,989
Kerry Group PLC - Class A		1,100		94,853
Kingspan Group PLC		1,046		93,601
				349,718
Italy — 7.7%
A2A SpA		10,926		21,636
Amplifon SpA		922		30,926
Assicurazioni Generali SpA		8,750		213,841
Banca Mediolanum SpA		1,720		18,686
Banco BPM SpA		9,742		64,293
Brunello Cucinelli SpA		240		24,614
Buzzi SpA		612		22,115
Davide Campari-Milano NV		3,534		35,527
DiaSorin SpA		152		15,401
Enel SpA		54,097		356,843
Eni SpA - ADR(a)		7,502		240,289
Ferrari NV		827		341,733
FinecoBank Banca Fineco SpA		4,350		67,035
Hera SpA		5,487		19,851
Infrastrutture Wireless Italiane SpA(d)		2,528		27,194
Interpump Group SpA		564		24,726
Intesa Sanpaolo SpA		113,211		426,008
Italgas SpA		3,486		19,345
Leonardo SpA		2,848		65,742
Mediobanca Banca di Credito Finanziario SpA		4,586		65,337
Moncler SpA		1,457		99,701
Nexi SpA(b)(d)		5,816		34,001
Pirelli & C SpA(d)		3,486		22,203
Poste Italiane SpA(d)		3,232		41,114
Prysmian SpA		1,880		102,685

	Shares		Value
Italy — 7.7% (Continued)
Recordati Industria Chimica e Farmaceutica SpA		696	$	37,175
Reply SpA		160		21,003
Snam SpA		16,178		74,275
Telecom Italia SpA(b)		76,336		18,159
Telecom Italia SpA - Savings Shares(b)		42,912		10,593
Terna Rete Elettrica Nazionale SpA		10,014		80,409
UniCredit SpA		11,641		429,599
UnipolSai Assicurazioni SpA		2,978		8,536
				3,080,595
Luxembourg — 0.5%
ArcelorMittal		3,534		88,970
Eurofins Scientific SE		874		53,725
RTL Group SA		274		8,465
Tenaris SA - ADR		1,678		55,357
				206,517
Netherlands — 15.5%
Aalberts Industries NV		686		32,886
ABN AMRO Group NV(d)		3,076		49,536
Adyen NV - ADR(b)		20,932		249,928
Aegon Ltd.		12,054		75,332
Akzo Nobel NV		1,212		80,375
Argenx SE - ADR(a)(b)		424		159,212
ASM International NV		330		209,615
ASML Holding NV		2,775		2,421,104
ASR Nederland NV		1,034		51,831
BE Semiconductor Industries NV		536		71,789
CTP NV(d)		734		12,502
DSM BV(e)		1,312		147,998
Euronext NV(d)		584		52,758
EXOR NV		688		75,406
Heineken Holding NV		930		74,983
Heineken NV		1,973		192,240
IMCD NV		404		61,331
ING Groep NV - ADR		23,940		378,252
JDE Peet’s NV		856		19,020
Koninklijke Ahold Delhaize NV		6,638		201,471
Koninklijke KPN NV		22,630		82,306
Koninklijke Philips NV(b)		5,502		148,262
Koninklijke Vopak NV		462		18,401
NN Group NV		1,914		88,547
OCI NV		686		18,522
Prosus NV		10,539		354,400
QIAGEN NV		1,520		63,393
Randstad Holding NV		780		39,290
Signify NV(d)		894		24,577
Stellantis NV		14,857		331,061

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

87

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)
Netherlands — 15.5% (Continued)
Universal Music Group NV		5,186	$	153,306
Wolters Kluwer NV		1,729		259,711
				6,199,345
Poland — 0.1%
InPost SA(b)		1,448		23,381
Portugal — 0.5%
EDP - Energias de Portugal SA		21,410		80,565
Galp Energia SGPS SA		3,052		65,793
Jeronimo Martins SGPS SA		1,954		40,351
				186,709
Spain — 8.1%
Acciona SA		160		18,561
ACS Actividades de Construccion y Servicios SA		1,689		67,738
Aena SME SA(d)		498		91,200
Amadeus IT Holding SA		3,165		201,851
Banco Bilbao Vizcaya Argentaria SA - ADR(a)		41,466		444,101
Banco de Sabadell SA		37,342		71,573
Banco Santander SA - ADR(a)		114,206		548,189
Bankinter SA		4,867		38,540
CaixaBank SA		26,100		137,933
Cellnex Telecom SA(d)		3,876		128,438
Corp. ACCIONA Energias Renovables SA		404		8,218
EDP Renovaveis SA		2,096		28,788
Enagas SA		1,767		25,948
Endesa SA		2,256		41,170
Ferrovial SE		3,635		131,119
Grifols SA(b)		2,330		21,499
Iberdrola SA		41,132		505,244
Industria de Diseno Textil SA		7,304		334,009
Mapfre SA		7,046		17,009
Naturgy Energy Group SA		978		24,757
Redeia Corp. SA		3,072		51,308
Repsol SA		8,534		134,108
Telefonica SA		35,694		160,218
				3,231,519

	Shares		Value
Switzerland — 0.5%
STMicroelectronics NV		4,584	$	184,161
United Kingdom — 0.0%(f)
Allfunds Group PLC		2,396		15,189
TOTAL COMMON STOCKS (Cost $36,035,076)				38,957,521
PREFERRED STOCKS — 1.0%
Germany — 1.0%
Bayerische Motoren Werke AG, 0.00%,		404		41,606
FUCHS SE, 0.00%,		490		22,915
Henkel AG & Co. KGaA, 0.00%,		1,147		91,145
Sartorius AG, 0.00%,		170		51,216
Sixt SE, 0.00%,		124		8,602
Volkswagen AG, 0.00%,		1,390		170,814
				386,298
Spain — 0.0%(f)
Grifols SA, Class B, 0.00%,		1,824		11,689
TOTAL PREFERRED STOCKS (Cost $389,570)				397,987
REAL ESTATE INVESTMENT TRUSTS — 0.5%
Belgium — 0.1%
Warehouses De Pauw CVA		1,128		30,023
France — 0.3%
Covivio SA		376		18,803
Gecina SA		368		37,702
Klepierre		1,466		39,520
Unibail-Rodamco-Westfield(b)		734		61,476
				157,501
Spain — 0.1%
Merlin Properties Socimi SA		2,378		26,926
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $192,447)				214,450

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

88

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.4%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(g)		5,787,866	$	5,787,866
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,787,866)				5,787,866
TOTAL INVESTMENTS — 113.1% (Cost $42,404,959)				45,357,824
Liabilities in Excess of Other Assets — (13.1)%				(5,267,252	)
TOTAL NET ASSETS — 100.0%			$	40,090,572

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $5,470,347 which represented 13.6% of net assets.

(b) Non-income producing security.

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

(d) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $883,455 or 2.2% of the Fund’s net assets.

(e) 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 $154,447 or 0.4% of net assets as of April 30, 2024.

(f) Represents less than 0.05% of net assets.

(g) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

89

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SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 94.2%
Australia — 5.6%
ANZ Group Holdings Ltd.		26,518	$	483,741
Aristocrat Leisure Ltd.		5,904		152,678
ASX Ltd.		1,766		72,771
BHP Group Ltd. - ADR(a)		22,837		1,259,689
Brambles Ltd.		12,638		119,692
Cochlear Ltd.		604		127,202
Coles Group Ltd.		12,172		127,895
Commonwealth Bank of Australia		14,902		1,105,712
Computershare Ltd.		5,219		92,061
CSL Ltd.		4,284		768,055
EBOS Group Ltd.		1,426		29,460
Fortescue Ltd.		15,397		259,827
Macquarie Group Ltd.		3,162		384,002
National Australia Bank Ltd.		27,676		605,982
QBE Insurance Group Ltd.		13,576		155,927
Ramsay Health Care Ltd.		1,694		57,338
REA Group Ltd.		468		54,461
Rio Tinto Ltd.		3,375		285,292
Santos Ltd.		29,532		147,307
Sonic Healthcare Ltd.		4,294		74,465
South32 Ltd.		41,332		96,122
Suncorp Group Ltd.		11,520		124,029
Telstra Group Ltd.		36,776		87,432
Transurban Group		28,018		227,601
Wesfarmers Ltd.		9,976		431,626
Westpac Banking Corp.		30,974		520,885
WiseTech Global Ltd.		1,658		99,661
Woodside Energy Group Ltd. - ADR(a)		17,120		304,907
Woolworths Group Ltd.		11,082		229,007
				8,484,827
Austria — 0.3%
ANDRITZ AG		652		35,765
Erste Group Bank AG		3,238		151,597
EVN AG		328		10,099
OMV AG		1,284		61,224
Raiffeisen Bank International AG		1,226		22,740
Strabag SE		112		4,769
Telekom Austria AG		1,267		10,885
Verbund AG		762		58,225
voestalpine AG		956		25,629
				380,933

	Shares		Value
Belgium — 0.6%
Anheuser-Busch InBev SA/NV - ADR(a)		8,068	$	481,337
Groupe Bruxelles Lambert NV		876		65,301
KBC Groep NV		3,074		229,312
UCB SA		1,098		145,946
				921,896
Canada — 9.4%
Agnico Eagle Mines Ltd.		4,528		286,849
Alimentation Couche-Tard, Inc.		6,610		366,355
Bank of Montreal		6,576		587,368
Barrick Gold Corp.(a)		16,038		266,872
BCE, Inc.(a)		2,744		90,140
Brookfield Corp.(a)		12,972		520,437
Canadian Imperial Bank of Commerce(a)		8,394		391,916
Canadian National Railway Co.(a)		5,171		627,966
Canadian Natural Resources Ltd.		9,719		736,894
Canadian Pacific Kansas City Ltd.(a)		8,442		662,107
Cenovus Energy, Inc.		12,232		251,490
CGI, Inc.(b)		1,900		192,318
Constellation Software, Inc.		174		447,975
Enbridge, Inc.(a)		19,264		684,643
Fortis, Inc.(a)		4,426		173,898
Franco-Nevada Corp.		1,718		206,847
Great-West Lifeco, Inc.		2,456		72,628
Imperial Oil Ltd.(a)		1,588		109,493
Intact Financial Corp.		1,594		261,994
Loblaw Cos. Ltd.		1,356		148,696
Manulife Financial Corp.		16,410		382,681
National Bank of Canada		3,074		246,831
Nutrien Ltd.(a)		4,514		238,204
Pembina Pipeline Corp.		5,004		176,141
Power Corp. of Canada		5,064		134,927
Restaurant Brands International, Inc.(a)		2,842		215,566
Rogers Communications, Inc. - Class B		3,378		126,574
Royal Bank of Canada		12,730		1,232,645
Shopify, Inc. - Class A(b)		10,876		763,495
Sun Life Financial, Inc.		5,340		272,554
Suncor Energy, Inc.(a)		11,717		447,472
TC Energy Corp.		9,426		337,922
Teck Resources Ltd. - Class B(a)		4,164		204,827
TELUS Corp.(a)		4,347		69,856
The Bank of Nova Scotia(a)		10,924		501,412
The Toronto-Dominion Bank		16,069		953,213
Thomson Reuters Corp.		1,352		204,287
Tourmaline Oil Corp.		2,896		141,534

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

90

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 94.2% (Continued)
Canada — 9.4% (Continued)
Wheaton Precious Metals Corp.(a)		4,090	$	213,253
				13,950,280
Denmark — 3.0%
AP Moller - Maersk AS - Class A		20		28,502
AP Moller - Maersk AS - Class B		40		58,321
Coloplast AS - Class B		1,132		137,092
DSV AS		1,628		232,428
Novo Nordisk AS - ADR(a)		29,256		3,753,837
Orsted AS(b)(c)		1,720		94,923
Svitzer AS(b)		120		4,032
Vestas Wind Systems AS(b)		9,192		247,790
				4,556,925
Finland — 0.7%
Kone Oyj - Class B		3,668		179,284
Neste Oyj		3,922		89,320
Nokia Oyj - ADR		48,016		175,258
Nordea Bank Abp		31,230		364,431
Sampo Oyj - Class A		4,240		171,586
UPM-Kymmene Oyj		4,860		170,743
				1,150,622
France — 9.1%
Air Liquide SA		4,718		925,846
Airbus SE - ADR		22,296		915,028
AXA SA(a)		15,742		544,988
BNP Paribas SA		9,188		662,947
Capgemini SE		1,416		299,058
Christian Dior SE		30		23,388
Credit Agricole SA		10,184		158,135
Danone SA		5,536		346,565
Dassault Systemes SE		6,094		240,826
Engie SA(a)		15,942		276,807
EssilorLuxottica SA		2,528		541,735
Hermes International SCA		303		727,888
Kering		634		223,280
L’Oreal SA		2,048		960,912
LVMH Moet Hennessy Louis Vuitton SE - ADR		11,798		1,936,642
Pernod Ricard SA		1,811		274,444
Safran SA		3,056		665,971
Sanofi SA - ADR		20,392		1,003,898
Schneider Electric SE		4,783		1,097,962
TotalEnergies SE - ADR(a)		20,241		1,466,865
Vinci SA		4,638		545,702
				13,838,887

	Shares		Value
Germany — 6.3%
adidas AG		1,508	$	364,355
Allianz SE		3,578		1,017,998
BASF SE		7,868		412,742
Bayer AG		8,932		260,706
Bayerische Motoren Werke AG		2,636		288,207
Beiersdorf AG		896		134,395
BioNTech SE - ADR(b)		816		72,477
Daimler Truck Holding AG		4,716		212,943
Deutsche Boerse AG		1,724		333,290
Deutsche Post AG		8,294		347,504
Deutsche Telekom AG		30,950		709,812
E.ON SE		20,419		270,211
Hapag-Lloyd AG(c)		72		13,255
Henkel AG & Co. KGaA		896		64,210
Infineon Technologies AG		11,526		402,475
Mercedez-Benz Group AG		7,082		536,158
Merck KGaA		1,176		186,937
Muenchener Rueckversicherungs-Gesellschaft AG		1,204		529,640
RWE AG		6,158		214,439
SAP SE - ADR(a)		9,252		1,676,555
Sartorius AG		20		4,696
Siemens AG - ADR		13,584		1,271,055
Siemens Healthineers AG(c)		2,568		142,784
Uniper SE(b)		34		1,904
Volkswagen AG		264		37,415
				9,506,163
Hong Kong — 1.6%
AIA Group Ltd. - ADR		25,548		747,023
BOC Hong Kong Holdings Ltd.		32,687		100,910
Budweiser Brewing Co. APAC Ltd.(c)		15,663		22,025
Chow Tai Fook Jewellery Group Ltd.		20,919		28,774
CK Asset Holdings Ltd.		17,311		74,465
CK Hutchison Holdings Ltd.		24,389		119,253
CK Infrastructure Holdings Ltd.		5,506		31,181
CLP Holdings Ltd.		15,170		119,650
Galaxy Entertainment Group Ltd.		18,283		82,853
Hang Seng Bank Ltd.		6,610		87,793
Henderson Land Development Co. Ltd.		11,886		36,162
Hong Kong & China Gas Co. Ltd.		98,425		75,114
Hong Kong Exchanges & Clearing Ltd.		10,845		348,805
MTR Corp. Ltd.		14,129		46,689
Prudential PLC - ADR		12,328		216,480
Sun Hung Kai Properties Ltd.		13,697		127,380
Techtronic Industries Co. Ltd.		12,016		168,043

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

91

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 94.2% (Continued)
Hong Kong — 1.6% (Continued)
Wharf Real Estate Investment Co. Ltd.		14,082	$	44,014
				2,476,614
Ireland — 1.2%
CRH PLC		6,578		509,269
Experian PLC		8,388		340,010
Flutter Entertainment PLC(b)		1,610		300,257
ICON PLC(b)		750		223,410
James Hardie Industries PLC(b)		4,004		140,609
Kerry Group PLC - Class A		1,421		122,533
Ryanair Holdings PLC - ADR(a)		830		113,046
				1,749,134
Israel — 0.9%
Airport City Ltd.(b)		590		9,120
Amot Investments Ltd.		1,966		8,281
Azrieli Group Ltd.		336		21,740
Bank Hapoalim BM		11,438		103,508
Bank Leumi Le-Israel BM		13,938		109,144
Bezeq The Israeli Telecommunication Corp. Ltd.		18,368		22,817
Big Shopping Centers Ltd.(b)		107		11,056
Check Point Software Technologies Ltd.(b)		848		126,708
CyberArk Software Ltd.(a)(b)		380		90,915
Delek Group Ltd.		92		10,893
Elbit Systems Ltd.		230		46,963
First International Bank Of Israel Ltd.		478		19,048
Global-e Online Ltd.(a)(b)		866		29,037
ICL Group Ltd.		6,566		30,921
Inmode Ltd.(b)		650		11,174
Isracard Ltd.		1		3
Israel Corp. Ltd.		40		9,574
Israel Discount Bank Ltd. - Class A		11,249		57,964
JFrog Ltd.(b)		720		28,714
Melisron Ltd.		232		15,948
Mivne Real Estate KD Ltd.		5,422		13,078
Mizrahi Tefahot Bank Ltd.		1,358		49,614
Monday.com Ltd.(b)		228		43,167
Nice Ltd. - ADR(a)(b)		582		130,083
Nova Ltd.(b)		264		44,854
Phoenix Holdings Ltd.		1,548		14,857
Shapir Engineering and Industry Ltd.		1,302		7,127
Strauss Group Ltd.		458		8,422
Teva Pharmaceutical Industries Ltd. - ADR(b)		10,196		143,253
Tower Semiconductor Ltd.(b)		998		32,804

	Shares		Value
Israel — 0.9% (Continued)
Wix.com Ltd.(b)		520	$	61,812
				1,312,599
Italy — 1.9%
Assicurazioni Generali SpA		10,068		246,051
Davide Campari-Milano NV		4,862		48,878
Enel SpA		68,244		450,163
Eni SpA - ADR(a)		10,804		346,052
Ferrari NV		1,146		473,551
Intesa Sanpaolo SpA		141,709		533,244
PRADA SpA		4,650		38,221
Snam SpA		18,642		85,587
Terna - Rete Elettrica Nazionale		12,794		102,731
UniCredit SpA		15,358		566,770
				2,891,248
Japan — 22.5%
Advantest Corp.		6,970		220,791
Aeon Co. Ltd.		7,926		165,943
AGC, Inc.		2,063		76,299
Aisin Corp.		1,664		63,230
Ajinomoto Co., Inc.		4,816		179,400
ANA Holdings, Inc.		1,460		27,772
Asahi Group Holdings Ltd.		4,614		158,125
Asahi Kasei Corp.		12,678		88,464
Astellas Pharma, Inc.		16,454		157,952
Bandai Namco Holdings, Inc.		6,062		113,849
Bridgestone Corp.		5,322		235,502
Canon, Inc.		9,224		250,317
Capcom Co. Ltd.		3,048		50,663
Central Japan Railway Co.		9,368		214,844
Chubu Electric Power Co., Inc.		6,892		88,491
Chugai Pharmaceutical Co. Ltd.		5,800		185,715
Daifuku Co. Ltd.		3,454		71,439
Dai-ichi Life Holdings, Inc.		9,000		208,230
Daiichi Sankyo Co. Ltd.		17,168		583,897
Daikin Industries Ltd.		2,580		355,718
Daiwa House Industry Co. Ltd.		6,052		170,376
Denso Corp.		19,500		332,779
Dentsu Group, Inc.		2,090		56,572
Disco Corp.		810		235,222
East Japan Railway Co.		10,320		189,302
Eisai Co. Ltd.		2,692		110,981
ENEOS Holdings, Inc.		27,580		127,814
FANUC Corp.		8,572		251,483
Fast Retailing Co. Ltd.		1,764		464,727
FUJIFILM Holdings Corp.		11,298		241,913
Fujitsu Ltd.		15,820		244,299
Hamamatsu Photonics KK		1,344		49,520
Hankyu Hanshin Holdings, Inc.		2,314		60,654

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

92

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 94.2% (Continued)
Japan — 22.5% (Continued)
Hitachi Ltd.		8,364	$	775,332
Honda Motor Co. Ltd. - ADR(a)		15,168		515,560
Hoya Corp.		3,083		361,050
Inpex Corp.		9,336		141,625
Isuzu Motors Ltd.		5,656		71,706
ITOCHU Corp.		13,130		594,082
Japan Airlines Co. Ltd.		1,314		23,324
Japan Exchange Group, Inc.		4,812		113,103
Japan Post Bank Co. Ltd.		12,832		130,464
Japan Post Holdings Co. Ltd.		18,256		174,903
Japan Tobacco, Inc.		10,008		269,372
JFE Holdings, Inc.		5,314		79,551
Kansai Electric Power Co., Inc.		7,512		112,335
Kao Corp.		4,242		175,500
KDDI Corp.		13,178		367,645
Keyence Corp.		1,798		801,442
Kikkoman Corp.		8,830		105,676
Kirin Holdings Co. Ltd.		7,400		107,940
Kobe Bussan Co. Ltd.		1,322		28,709
Komatsu Ltd.		8,852		266,882
Konami Group Corp.		940		56,943
Kubota Corp.		9,669		156,056
Kyocera Corp.		12,636		154,830
Kyowa Kirin Co. Ltd.		2,306		38,732
Lasertec Corp.		726		159,272
LY Corp.		24,296		59,017
M3, Inc.		3,894		41,763
Marubeni Corp.		15,446		276,572
MEIJI Holdings Co. Ltd.		2,508		56,055
MINEBEA MITSUMI, Inc.		3,884		73,425
Mitsubishi Chemical Group Corp.		13,018		76,062
Mitsubishi Corp.		38,128		875,143
Mitsubishi Electric Corp.		19,528		343,348
Mitsubishi Estate Co. Ltd.		12,040		221,997
Mitsubishi HC Capital, Inc.		8,804		57,134
Mitsubishi Heavy Industries Ltd.		30,740		276,283
Mitsubishi UFJ Financial Group, Inc. - ADR(a)		112,282		1,117,206
Mitsui & Co. Ltd.		13,740		665,503
Mitsui Fudosan Co. Ltd.		25,572		261,534
Mitsui OSK Lines Ltd.		3,294		104,220
Mizuho Financial Group, Inc.		22,316		431,845
MS&AD Insurance Group Holdings, Inc.		12,144		219,180
Murata Manufacturing Co. Ltd.		17,154		315,801
NEC Corp.		2,478		180,687
Nexon Co. Ltd.		4,122		64,595

	Shares		Value
Japan — 22.5% (Continued)
NIDEC CORP		4,776	$	223,273
Nintendo Co. Ltd. - ADR		42,072		512,437
Nippon Paint Holdings Co. Ltd.		9,702		62,470
Nippon Steel Corp.		8,638		193,939
Nippon Telegraph & Telephone Corp.		271,734		294,279
Nippon Yusen KK		4,638		131,334
Nissan Motor Co. Ltd.		21,498		79,291
Nissin Foods Holdings Co. Ltd.		2,286		60,949
Nitori Holdings Co. Ltd.		794		106,956
Nitto Denko Corp.		1,362		112,870
Nomura Holdings, Inc. - ADR		26,424		150,881
Nomura Research Institute Ltd.		4,214		102,468
NTT Data Group Corp.		5,358		84,048
Obic Co. Ltd.		604		77,973
Olympus Corp.		11,516		160,676
Omron Corp.		1,878		65,015
Ono Pharmaceutical Co. Ltd.		4,424		63,843
Oracle Corp. Japan		306		23,079
Oriental Land Co. Ltd./Japan		10,232		282,991
ORIX Corp.		10,672		219,307
Osaka Gas Co. Ltd.		3,792		84,152
Otsuka Holdings Co. Ltd.		5,074		216,903
Pan Pacific International Holdings Corp.		4,852		114,628
Panasonic Holdings Corp.		22,316		195,547
Rakuten Group, Inc.(b)		13,420		64,966
Recruit Holdings Co. Ltd.		15,006		656,700
Renesas Electronics Corp.		12,996		216,593
Resona Holdings, Inc.		21,484		136,357
Rohm Co. Ltd.		3,182		46,293
Secom Co. Ltd.		1,916		133,390
Sekisui House Ltd.		6,026		138,543
Seven & i Holdings Co. Ltd.		21,774		281,640
SG Holdings Co. Ltd.		4,424		51,739
Shimadzu Corp.		2,505		68,472
Shimano, Inc.		749		122,597
Shin-Etsu Chemical Co. Ltd.		17,936		704,520
Shionogi & Co. Ltd.		2,548		119,132
Shiseido Co. Ltd.		3,638		97,227
SMC Corp.		550		291,260
SoftBank Corp.		25,698		311,377
SoftBank Group Corp.		9,183		460,853
Sompo Holdings, Inc.		9,507		188,072
Sony Group Corp. - ADR(a)		11,428		943,610
Subaru Corp.		5,596		125,321
Sumitomo Corp.		11,128		293,167
Sumitomo Electric Industries Ltd.		7,218		111,715
Sumitomo Metal Mining Co. Ltd.		2,484		83,695

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

93

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 94.2% (Continued)
Japan — 22.5% (Continued)
Sumitomo Mitsui Financial Group, Inc. - ADR(a)		60,360	$	683,275
Sumitomo Mitsui Trust Holdings, Inc.		6,624		139,355
Sumitomo Realty & Development Co. Ltd.		4,332		150,850
Suntory Beverage & Food Ltd.		1,152		37,442
Suzuki Motor Corp.		17,864		208,526
Sysmex Corp.		4,350		69,877
Taiyo Nippon Sanso Corp.		1,934		57,696
Takeda Pharmaceutical Co. Ltd. - ADR(a)		28,482		372,545
TDK Corp.		3,532		158,645
Terumo Corp.		13,592		232,128
Toho Co. Ltd.		1,142		38,275
Tokio Marine Holdings, Inc.		17,640		558,230
Tokyo Electron Ltd.		4,230		941,937
Tokyo Gas Co. Ltd.		3,682		82,621
Tokyu Corp.		5,680		67,293
Toray Industries, Inc.		14,840		67,955
Toyota Industries Corp.		1,722		164,104
Toyota Motor Corp. - ADR(a)		11,258		2,559,056
Toyota Tsusho Corp.		2,160		138,052
Unicharm Corp.		4,014		119,543
West Japan Railway Co.		4,448		84,439
Yakult Honsha Co. Ltd.		2,774		54,279
Yamaha Motor Co. Ltd.		9,538		89,263
Yaskawa Electric Corp.		2,428		101,298
				33,974,919
Luxembourg — 0.1%
ArcelorMittal		4,188		105,434
Tenaris SA - ADR		2,102		69,345
				174,779
Macao — 0.0%(e)
Sands China Ltd.(b)		22,086		52,740
Netherlands — 5.6%
Adyen NV - ADR(b)		28,210		336,827
Argenx SE - ADR(a)(b)		542		203,521
ASML Holding NV		3,644		3,179,281
DSM BV(f)		1,378		155,443
Heineken NV		2,306		224,686
ING Groep NV - ADR		31,792		502,314
Koninklijke Ahold Delhaize NV		8,872		269,276
Prosus NV		13,336		448,457
Shell PLC - ADR(a)		29,034		2,080,576
Stellantis NV		19,518		434,923
Universal Music Group NV		6,956		205,630

	Shares		Value
Netherlands — 5.6% (Continued)
Wolters Kluwer NV		2,264	$	340,072
				8,381,006
New Zealand — 0.3%
Auckland International Airport Ltd.		11,926		55,165
Fisher & Paykel Healthcare Corp. Ltd.		5,292		88,778
Infratil Ltd.		7,570		48,710
Mercury NZ Ltd.		6,054		22,760
Meridian Energy Ltd.		11,280		39,880
Spark New Zealand Ltd.		16,772		47,142
Xero Ltd.(b)		1,284		101,543
				403,978
Norway — 0.7%
Adevinta ASA(b)		2,866		29,257
Aker BP ASA		2,820		69,050
AutoStore Holdings Ltd.(b)(c)		8,106		11,675
DNB Bank ASA		8,136		142,160
Equinor ASA - ADR(a)		8,988		238,991
Gjensidige Forsikring ASA		1,730		27,830
Kongsberg Gruppen ASA		802		56,747
Mowi ASA		4,046		71,370
Norsk Hydro ASA		12,250		75,980
Orkla ASA		6,828		46,592
Salmar ASA		642		40,542
Telenor ASA		5,728		65,951
Var Energi ASA		4,996		16,362
Yara International ASA		1,488		42,530
				935,037
Portugal — 0.1%
EDP - Energias de Portugal SA		27,016		101,660
Singapore — 1.2%
CapitaLand Investment Ltd.		21,770		42,422
DBS Group Holdings Ltd.		17,778		454,532
Grab Holdings Ltd. - Class A(b)		18,930		66,255
Jardine Cycle & Carriage Ltd.		828		16,074
Keppel Ltd.		12,588		63,445
Oversea-Chinese Banking Corp. Ltd.		35,310		368,607
Sea Ltd. - ADR(b)		3,124		197,406
Singapore Airlines Ltd.		12,192		58,412
Singapore Technologies Engineering Ltd.		13,912		41,072
Singapore Telecommunications Ltd.		64,576		112,590
United Overseas Bank Ltd.		13,946		310,581
Wilmar International Ltd.		27,368		64,759
				1,796,155

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

94

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 94.2% (Continued)
South Korea — 0.5%
Coupang, Inc.(b)		10,388	$	233,730
KB Financial Group, Inc. - ADR		3,416		184,362
POSCO Holdings, Inc. - ADR(a)		2,726		195,045
				613,137
Spain — 2.0%
Amadeus IT Holding SA		4,096		261,226
Banco Bilbao Vizcaya Argentaria SA - ADR(a)		53,717		575,309
Banco Santander SA - ADR(a)		146,487		703,138
CaixaBank SA		36,844		194,713
Cellnex Telecom SA(c)		5,338		176,883
EDP Renovaveis SA		2,701		37,098
Iberdrola SA		52,111		640,105
Industria de Diseno Textil SA		9,884		451,991
Naturgy Energy Group SA		1,674		42,376
				3,082,839
Sweden — 2.8%
Alfa Laval AB		2,630		113,024
Assa Abloy AB - Class B		9,016		241,345
Atlas Copco AB - Class A		22,750		403,478
Atlas Copco AB - Class B		14,196		215,766
Epiroc AB		5,700		106,962
Epiroc AB - Class B		3,544		59,365
EQT AB		3,128		85,804
Essity AB - Class B		5,486		136,697
Evolution AB(c)		1,744		194,966
H & M Hennes & Mauritz AB - Class B(a)		5,612		90,007
Hexagon AB - Class B		19,122		202,578
Industrivarden AB - Class A		1,416		45,896
Industrivarden AB - Class C		1,368		44,303
Investment AB Latour - Class B		1,246		30,470
Investor AB		16,024		396,006
L E Lundbergforetagen AB - Class B		662		32,919
Nibe Industrier AB - Class B(b)		13,942		65,280
Sandvik AB		9,810		198,240
Skandinaviska Enskilda Banken AB - Class A		15,204		200,459
Skandinaviska Enskilda Banken AB - Class C		186		2,478
Spotify Technology SA(b)		1,296		363,450
Svenska Cellulosa AB SCA - Class B		5,452		80,169
Svenska Handelsbanken AB - Class A		14,324		125,012
Svenska Handelsbanken AB - Class B		318		3,428
Swedbank AB - Class A		8,346		160,855
Telefonaktiebolaget LM Ericsson - ADR(a)		28,338		142,257

	Shares		Value
Sweden — 2.8% (Continued)
Telia Co. AB		21,098	$	48,359
Volvo AB - Class A		1,740		46,230
Volvo AB - Class B		13,960		358,995
Volvo Car AB(b)		4,882		15,474
Volvo Car AB(b)		4,882		997
				4,211,269
Switzerland — 7.5%
ABB Ltd. - ADR		14,712		716,474
Alcon, Inc.		4,544		351,459
Cie Financiere Richemont SA		4,824		671,188
DSM-Firmenich AG		72		8,122
Givaudan SA		72		309,069
Glencore PLC		100,657		588,253
Holcim AG		4,688		393,603
Kuehne + Nagel International AG		510		135,205
Lonza Group AG		672		373,118
Nestle SA - ADR		24,136		2,428,082
Novartis AG - ADR		18,888		1,834,592
Roche Holding AG - ADR(a)		52,816		1,574,973
Sika AG		1,452		415,895
STMicroelectronics NV		5,964		239,603
UBS Group AG		27,043		713,988
Zurich Insurance Group AG		1,322		638,817
				11,392,441
United Kingdom — 10.0%
3i Group PLC		8,848		317,970
Anglo American PLC		12,166		400,420
ARM Holdings PLC - ADR(b)		838		84,814
Ashtead Group PLC		4,106		299,732
Associated British Foods PLC		3,078		102,153
AstraZeneca PLC - ADR		27,918		2,118,417
BAE Systems PLC		26,804		446,460
Barclays PLC - ADR(a)		32,004		327,721
BP PLC - ADR		25,305		981,075
British American Tobacco PLC - ADR		19,888		585,105
BT Group PLC		51,672		66,245
Coca-Cola Europacific Partners PLC		1,880		135,398
Compass Group PLC		15,734		438,820
Diageo PLC - ADR		5,000		690,800
GSK PLC - ADR(a)		18,772		777,912
Haleon PLC - ADR(a)		27,882		237,833
HSBC Holdings PLC - ADR(a)		34,456		1,501,592
Imperial Brands PLC		8,322		190,141
Legal & General Group PLC		54,358		160,298
Lloyds Banking Group PLC - ADR		146,373		374,715
London Stock Exchange Group PLC		3,440		380,241
National Grid PLC - ADR(a)		6,684		445,489

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

95

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 94.2% (Continued)
United Kingdom — 10.0% (Continued)
NatWest Group PLC		50,722	$	192,357
Reckitt Benckiser Group PLC		6,496		362,669
RELX PLC - ADR(a)		17,252		710,610
Rio Tinto PLC - ADR		10,114		686,033
SSE PLC		9,952		207,237
Standard Chartered PLC		19,962		172,060
Tesco PLC		64,864		240,153
Unilever PLC - ADR(a)		22,676		1,175,750
Vodafone Group PLC - ADR		20,322		170,908
				14,981,128
United States — 0.3%
Flex Ltd.(b)		4,060		116,319
Waste Connections, Inc.		2,344		379,939
				496,258
TOTAL COMMON STOCKS (Cost $123,901,816)				141,817,474
EXCHANGE TRADED FUNDS — 4.4%
iShares MSCI South Korea ETF(a)		105,482		6,650,640
TOTAL EXCHANGE TRADED FUNDS (Cost $6,374,321)				6,650,640
REAL ESTATE INVESTMENT TRUSTS — 0.4%
Australia — 0.2%
Goodman Group		15,594		320,125
Scentre Group		47,202		97,236
				417,361
Hong Kong — 0.1%
Link REIT		23,305		100,844
Japan — 0.1%
Nippon Building Fund, Inc.		20		76,467
Singapore — 0.0%(e)
CapitaLand Integrated Commercial Trust		45,988		66,032
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $563,354)				660,704

	Shares		Value
PREFERRED STOCKS — 0.3%
Germany — 0.3%
Bayerische Motoren Werke AG, 0.00%,		535	$	55,097
Dr Ing hc F Porsche AG, 0.00%, (c)		828		73,961
Henkel AG & Co. KGaA, 0.00%,		1,478		117,448
Sartorius AG, 0.00%,		244		73,510
Volkswagen AG, 0.00%,		1,668		204,977
				524,993
TOTAL PREFERRED STOCKS (Cost $531,228)				524,993
	Contracts
WARRANTS — 0.0%(d)
Canada — 0.0%(d)
Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00(b)(e)		162		0
TOTAL WARRANTS (Cost $0)				0
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.0%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(f)		33,098,496		33,098,496
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $33,098,496)				33,098,496
TOTAL INVESTMENTS — 121.3% (Cost $164,469,215)				182,752,307
Liabilities in Excess of Other Assets — (21.3)%				(32,080,720	)
TOTAL NET ASSETS — 100.0%			$	150,671,587

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ARM Adjustable Rate Mortgage

ASA - Advanced Subscription Agreement

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $31,864,146 which represented 21.1% of net assets.

(b) Non-income producing security.

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

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $730,472 or 0.5% of the Fund’s net assets.

(d) Represents less than 0.05% of net assets.

(e) 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 $155,443 or 0.1% of net assets as of April 30, 2024.

(f) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

97

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SCHEDULE OF INVESTMENTS
April 30, 2024

	Par		Value
CORPORATE BONDS — 98.7%
Communications — 15.7%
Altice Financing SA
5.00%, 01/15/2028 (a)(b)	$	241,000	$	189,788
5.75%, 08/15/2029 (a)(b)		395,000		292,793
Altice France Holding SA
10.50%, 05/15/2027 (a)		281,000		99,053
8.13%, 02/01/2027 (a)(b)		345,000		258,060
6.00%, 02/15/2028 (a)		222,000		63,461
5.50%, 01/15/2028 (a)		177,000		119,546
5.13%, 01/15/2029 (a)		111,000		72,428
5.13%, 07/15/2029 (a)		501,000		325,650
5.50%, 10/15/2029 (a)(b)		339,000		221,621
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (a)		172,000		118,042
AMC Networks, Inc.
10.25%, 01/15/2029 (a)		145,000		145,000
4.25%, 02/15/2029		179,000		122,168
Arches Buyer, Inc.
4.25%, 06/01/2028 (a)		164,000		140,414
6.13%, 12/01/2028 (a)		117,000		95,063
British Telecommunications PLC
4.25% to 02/23/2027 then 5 yr. CMT Rate + 2.99%, 11/23/2081 (a)		92,000		86,579
4.88% to 11/23/2031 then 5 yr. CMT Rate + 3.49%, 11/23/2081 (a)(b)		117,000		104,296
C&W Senior Finance Ltd., 6.88%, 09/15/2027 (a)		231,000		218,106
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026 (a)		145,000		142,100
5.13%, 05/01/2027 (a)		597,000		559,919
5.00%, 02/01/2028 (a)		486,000		442,564
5.38%, 06/01/2029 (a)		296,000		260,850
6.38%, 09/01/2029 (a)(b)		286,000		262,179
4.75%, 03/01/2030 (a)		470,000		390,520
4.50%, 08/15/2030 (a)(b)		504,000		408,302
4.25%, 02/01/2031 (a)		553,000		432,425
7.38%, 03/01/2031 (a)(b)		227,000		214,698
4.75%, 02/01/2032 (a)		241,000		189,383
4.50%, 05/01/2032 (b)		550,000		421,690
4.50%, 06/01/2033 (a)		320,000		240,800
4.25%, 01/15/2034 (a)		364,000		263,900
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027 (a)		238,000		220,399
7.75%, 04/15/2028 (a)(b)		204,000		172,890
9.00%, 09/15/2028 (a)		140,000		143,943
7.50%, 06/01/2029 (a)		211,000		168,920

	Par		Value
Communications — 15.7% (Continued)
7.88%, 04/01/2030 (a)	$	150,000	$	146,991
CMG Media Corp., 8.88%, 12/15/2027 (a)		193,000		106,440
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 (a)		386,000		374,218
Consolidated Communications, Inc.
5.00%, 10/01/2028 (a)		93,000		76,711
6.50%, 10/01/2028 (a)		135,000		117,113
CSC Holdings LLC
5.50%, 04/15/2027 (a)		207,000		169,337
5.38%, 02/01/2028 (a)		199,000		152,612
7.50%, 04/01/2028 (a)		205,000		110,188
11.25%, 05/15/2028 (a)		124,000		109,740
11.75%, 01/31/2029 (a)		380,000		336,775
6.50%, 02/01/2029 (a)		350,000		259,875
5.75%, 01/15/2030 (a)		417,000		182,438
4.13%, 12/01/2030 (a)		252,000		160,020
4.63%, 12/01/2030 (a)(b)		395,000		170,344
3.38%, 02/15/2031 (a)		199,000		122,634
4.50%, 11/15/2031 (a)		281,000		177,981
5.00%, 11/15/2031 (a)		117,000		49,093
Directv Financing LLC, 8.88%, 02/01/2030 (a)		130,000		126,272
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)		682,000		636,817
DISH DBS Corp.
7.75%, 07/01/2026 (b)		404,000		252,904
5.25%, 12/01/2026 (a)(b)		554,000		435,069
7.38%, 07/01/2028		204,000		90,780
5.75%, 12/01/2028 (a)		441,000		297,675
5.13%, 06/01/2029		306,000		122,018
DISH Network Corp., 11.75%, 11/15/2027 (a)		510,000		513,350
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)		154,000		147,648
5.00%, 05/01/2028 (a)		298,000		273,096
6.75%, 05/01/2029 (a)		199,000		175,120
5.88%, 11/01/2029		135,000		112,513
6.00%, 01/15/2030 (a)		194,000		161,020
8.75%, 05/15/2030 (a)		256,000		260,181
8.63%, 03/15/2031 (a)		135,000		136,350
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
5.25%, 12/01/2027 (a)		120,000		115,795
3.50%, 03/01/2029 (a)		62,000		54,974
Gray Television, Inc.
5.88%, 07/15/2026 (a)		124,000		119,645

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

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April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Communications — 15.7% (Continued)
7.00%, 05/15/2027 (a)(b)	$	135,000	$	123,019
4.75%, 10/15/2030 (a)		135,000		81,506
5.38%, 11/15/2031 (a)		254,000		152,331
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		150,000		124,125
6.63%, 08/01/2026		145,000		83,375
iHeartCommunications, Inc.
6.38%, 05/01/2026		157,000		132,456
8.38%, 05/01/2027		188,000		100,674
5.25%, 08/15/2027 (a)		135,000		98,904
4.75%, 01/15/2028 (a)		117,000		83,714
Iliad Holding SASU
6.50%, 10/15/2026 (a)		211,000		209,870
7.00%, 10/15/2028 (a)(b)		186,000		181,583
Intelsat Jackson Holdings SA, 6.50%, 03/15/2030 (a)		603,000		577,372
Lamar Media Corp.
3.75%, 02/15/2028		100,000		92,156
4.88%, 01/15/2029		68,000		64,178
4.00%, 02/15/2030		103,000		91,764
3.63%, 01/15/2031		103,000		87,861
LCPR Senior Secured Financing DAC
6.75%, 10/15/2027 (a)		232,000		214,607
5.13%, 07/15/2029 (a)		152,000		126,850
Level 3 Financing, Inc.
4.25%, 07/01/2028 (a)		211,000		81,235
3.75%, 07/15/2029 (a)		171,000		58,354
11.00%, 11/15/2029 (a)		300,000		306,510
10.50%, 05/15/2030 (a)(b)		151,000		151,000
Live Nation Entertainment, Inc.
6.50%, 05/15/2027 (a)		256,000		256,188
4.75%, 10/15/2027 (a)		197,000		185,372
3.75%, 01/15/2028 (a)		117,000		106,142
Match Group Holdings II LLC
5.00%, 12/15/2027 (a)		105,000		99,385
4.63%, 06/01/2028 (a)		87,000		80,333
4.13%, 08/01/2030 (a)		117,000		101,161
3.63%, 10/01/2031 (a)(b)		117,000		96,379
McGraw-Hill Education, Inc.
5.75%, 08/01/2028 (a)		151,000		139,968
8.00%, 08/01/2029 (a)		130,000		119,504
Nexstar Media, Inc.
5.63%, 07/15/2027 (a)(b)		313,000		293,490
4.75%, 11/01/2028 (a)(b)		209,000		185,339
News Corp.
3.88%, 05/15/2029 (a)		204,000		183,855
5.13%, 02/15/2032 (a)		117,000		107,203

	Par		Value
Communications — 15.7% (Continued)
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, 08/15/2027 (a)	$	127,000	$	120,790
4.25%, 01/15/2029 (a)		92,000		81,845
4.63%, 03/15/2030 (a)		117,000		102,989
7.38%, 02/15/2031 (a)		90,000		92,391
Paramount Global
6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057 (c)		137,000		119,875
6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 (b)		194,000		179,314
Radiate Holdco LLC / Radiate Finance, Inc.
4.50%, 09/15/2026 (a)		191,000		145,876
6.50%, 09/15/2028 (a)		184,000		76,518
ROBLOX Corp., 3.88%, 05/01/2030 (a)		154,000		132,906
Rogers Communications, Inc., 5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 (a)		135,000		127,913
Scripps Escrow II, Inc., 3.88%, 01/15/2029 (a)		122,000		90,073
Scripps Escrow, Inc., 5.88%, 07/15/2027 (a)		103,000		80,770
Sinclair Television Group, Inc.
5.50%, 03/01/2030 (a)		117,000		81,023
4.13%, 12/01/2030 (a)		135,000		92,813
Sirius XM Radio, Inc.
3.13%, 09/01/2026 (a)		179,000		166,680
5.00%, 08/01/2027 (a)		286,000		269,913
4.00%, 07/15/2028 (a)		374,000		333,902
5.50%, 07/01/2029 (a)		268,000		248,614
4.13%, 07/01/2030 (a)		286,000		241,936
3.88%, 09/01/2031 (a)(b)		286,000		229,856
Stagwell Global LLC, 5.63%, 08/15/2029 (a)(b)		227,000		202,920
Sunrise FinCo I BV, 4.88%, 07/15/2031 (a)		228,000		198,794
Sunrise HoldCo IV BV, 5.50%, 01/15/2028 (a)		56,000		52,835
TEGNA, Inc.
4.75%, 03/15/2026 (a)		98,000		94,613
4.63%, 03/15/2028 (b)		204,000		185,242
5.00%, 09/15/2029		227,000		200,098
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 (a)		200,000		185,650
Univision Communications, Inc.
6.63%, 06/01/2027 (a)		286,000		276,253
8.00%, 08/15/2028 (a)		250,000		250,000

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

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April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Communications — 15.7% (Continued)
4.50%, 05/01/2029 (a)	$	216,000	$	187,504
7.38%, 06/30/2030 (a)(b)		186,000		177,722
Videotron Ltd.
5.13%, 04/15/2027 (a)		115,000		111,011
3.63%, 06/15/2029 (a)(b)		47,000		41,713
Virgin Media Finance PLC, 5.00%, 07/15/2030 (a)(b)		176,000		143,660
Virgin Media Secured Finance PLC
5.50%, 05/15/2029 (a)(b)		279,000		253,175
4.50%, 08/15/2030 (a)		174,000		146,109
Vmed O2 UK Financing I PLC
4.25%, 01/31/2031 (a)		291,000		238,620
4.75%, 07/15/2031 (a)		263,000		219,013
7.75%, 04/15/2032 (a)		125,000		122,981
Vodafone Group PLC
7.00% to 04/04/2029 then 5 Yr. Swap Rate USD + 4.87%, 04/04/2079		394,000		399,417
4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081		199,000		165,966
3.25% to 09/04/2026 then 5 yr. CMT Rate + 2.45%, 06/04/2081		92,000		85,296
VZ Secured Financing BV, 5.00%, 01/15/2032 (a)		287,000		242,156
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 (a)		203,000		194,880
WMG Acquisition Corp.
3.75%, 12/01/2029 (a)		66,000		58,080
3.88%, 07/15/2030 (a)		95,000		82,820
3.00%, 02/15/2031 (a)		157,000		130,215
Zayo Group Holdings, Inc.
4.00%, 03/01/2027 (a)(b)		286,000		228,064
6.13%, 03/01/2028 (a)(b)		218,000		145,243
Ziggo Bond Co. BV
6.00%, 01/15/2027 (a)		111,000		108,938
5.13%, 02/28/2030 (a)		67,000		55,515
Ziggo BV, 4.88%, 01/15/2030 (a)		172,000		150,571
				27,990,121
Consumer Discretionary — 19.4%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028 (a)		268,000		246,840
4.38%, 01/15/2028 (a)		135,000		125,381
3.50%, 02/15/2029 (a)(b)		145,000		129,471
4.00%, 10/15/2030 (a)		570,000		492,337
Adient Global Holdings Ltd.
4.88%, 08/15/2026 (a)		146,000		140,412

	Par		Value
Consumer Discretionary — 19.4% (Continued)
7.00%, 04/15/2028 (a)	$	92,000	$	92,855
8.25%, 04/15/2031 (a)(b)		117,000		121,316
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a)		180,000		180,066
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.63%, 07/15/2026 (a)		176,000		175,331
9.75%, 07/15/2027 (a)		196,000		195,128
6.00%, 06/01/2029 (a)		200,000		169,598
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/2028 (a)		242,000		217,092
4.63%, 06/01/2028 (a)		141,000		126,164
American Airlines, Inc.
7.25%, 02/15/2028 (a)(b)		130,000		130,936
8.50%, 05/15/2029 (a)		220,000		229,128
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026 (a)		283,333		280,146
5.75%, 04/20/2029 (a)		578,000		557,769
American Axle & Manufacturing, Inc.
6.50%, 04/01/2027		91,000		89,808
6.88%, 07/01/2028		93,000		92,267
5.00%, 10/01/2029 (b)		140,000		126,274
American Builders & Contractors Supply Co., Inc.
4.00%, 01/15/2028 (a)		124,000		114,125
3.88%, 11/15/2029 (a)		93,000		81,387
APX Group, Inc., 5.75%, 07/15/2029 (a)		152,000		141,399
Aramark Services, Inc., 5.00%, 02/01/2028 (a)		194,000		184,543
Asbury Automotive Group, Inc.
4.50%, 03/01/2028		94,000		87,937
4.63%, 11/15/2029 (a)		112,000		101,202
4.75%, 03/01/2030		104,000		94,257
5.00%, 02/15/2032 (a)		140,000		124,108
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/2030 (a)		93,000		82,943
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.75%, 07/15/2027 (a)		93,000		88,350
4.75%, 04/01/2028 (a)		87,000		76,898
5.38%, 03/01/2029 (a)(b)		140,000		124,084
8.00%, 02/15/2031 (a)(b)		100,000		95,750
Bath & Body Works, Inc.
5.25%, 02/01/2028		117,000		112,240
7.50%, 06/15/2029 (b)		117,000		120,205
6.63%, 10/01/2030 (a)		184,000		183,884
Boyd Gaming Corp.
4.75%, 12/01/2027 (b)		164,000		155,536
4.75%, 06/15/2031 (a)		181,000		160,411

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

100

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April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Consumer Discretionary — 19.4% (Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
6.25%, 09/15/2027 (a)	$	115,000	$	110,596
4.88%, 02/15/2030 (a)		117,000		101,233
Caesars Entertainment, Inc.
8.13%, 07/01/2027 (a)		332,000		336,150
4.63%, 10/15/2029 (a)(b)		236,000		210,636
7.00%, 02/15/2030 (a)		399,000		401,493
6.50%, 02/15/2032 (a)		240,000		236,256
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (a)		141,000		138,552
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (a)		371,000		402,053
Carvana Co.
12.00% (12.00% PIK), 12/01/2028 (a)		0		0
13.00% (13.00% PIK), 06/01/2030 (a)		250,000		248,125
Cedar Fair LP, 5.25%, 07/15/2029		92,000		85,612
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.50%, 05/01/2025 (a)		204,000		203,725
5.38%, 04/15/2027		117,000		113,299
Century Communities, Inc.
6.75%, 06/01/2027		117,000		117,004
3.88%, 08/15/2029 (a)		117,000		102,177
Churchill Downs, Inc.
5.50%, 04/01/2027 (a)(b)		140,000		136,219
4.75%, 01/15/2028 (a)		99,000		93,369
5.75%, 04/01/2030 (a)		231,000		219,196
6.75%, 05/01/2031 (a)		140,000		138,874
Cinemark USA, Inc.
5.88%, 03/15/2026 (a)		94,000		92,776
5.25%, 07/15/2028 (a)		139,000		128,509
Clarios Global LP, 6.75%, 05/15/2025 (a)		80,000		80,100
Clarios Global LP / Clarios US Finance Co.
6.25%, 05/15/2026 (a)		181,000		180,489
8.50%, 05/15/2027 (a)(b)		357,000		357,241
6.75%, 05/15/2028 (a)		145,000		145,367
Dana, Inc.
5.38%, 11/15/2027		93,000		89,861
5.63%, 06/15/2028		93,000		89,750
4.25%, 09/01/2030		93,000		80,611
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/2029 (a)		194,000		174,851
6.75%, 01/15/2030 (a)(b)		228,000		198,485

	Par		Value
Consumer Discretionary — 19.4% (Continued)
Gap, Inc.
3.63%, 10/01/2029 (a)	$	135,000	$	114,263
3.88%, 10/01/2031 (a)		175,000		142,727
Garda World Security Corp.
4.63%, 02/15/2027 (a)		108,000		102,490
9.50%, 11/01/2027 (a)		141,000		140,295
7.75%, 02/15/2028 (a)		93,000		93,698
6.00%, 06/01/2029 (a)(b)		117,000		103,253
Global Auto Holdings Ltd./AAG FH UK Ltd.
8.38%, 01/15/2029 (a)		120,000		114,067
8.75%, 01/15/2032 (a)		80,000		75,420
Goodyear Tire & Rubber Co.
9.50%, 05/31/2025		157,000		157,589
5.00%, 05/31/2026		181,000		174,901
4.88%, 03/15/2027		94,000		89,911
5.00%, 07/15/2029 (b)		159,000		144,154
5.25%, 04/30/2031 (b)		128,000		114,567
5.25%, 07/15/2031		60,000		52,800
5.63%, 04/30/2033		105,000		91,775
Hanesbrands, Inc.
4.88%, 05/15/2026 (a)		136,000		131,629
9.00%, 02/15/2031 (a)(b)		140,000		138,976
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026 (a)(b)		251,000		235,356
Hertz Corp.
4.63%, 12/01/2026 (a)		92,000		71,300
5.00%, 12/01/2029 (a)(b)		184,000		126,270
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/2025 (a)(b)		117,000		116,314
5.75%, 05/01/2028 (a)		117,000		115,560
5.88%, 04/01/2029 (a)		100,000		98,692
3.75%, 05/01/2029 (a)		157,000		141,104
4.88%, 01/15/2030		199,000		187,020
4.00%, 05/01/2031 (a)		177,000		154,783
3.63%, 02/15/2032 (a)		296,000		248,538
6.13%, 04/01/2032 (a)		100,000		98,414
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
5.00%, 06/01/2029 (a)		139,000		126,198
4.88%, 07/01/2031 (a)		117,000		101,776
6.63%, 01/15/2032 (a)		160,000		157,600
IHO Verwaltungs GmbH, 6.00% (6.75% PIK), 05/15/2027 (a)		80,000		78,506
International Game Technology PLC
4.13%, 04/15/2026 (a)		135,000		130,106
6.25%, 01/15/2027 (a)		175,000		174,638
5.25%, 01/15/2029 (a)		135,000		127,573

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

101

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Consumer Discretionary — 19.4% (Continued)
Jaguar Land Rover Automotive PLC
7.75%, 10/15/2025 (a)	$	129,000	$	129,420
4.50%, 10/01/2027 (a)		117,000		108,613
5.88%, 01/15/2028 (a)		107,000		103,571
5.50%, 07/15/2029 (a)		77,000		72,143
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a)		110,000		105,832
Kohl’s Corp., 4.63%, 05/01/2031 (b)		57,000		47,096
LBM Acquisition LLC, 6.25%, 01/15/2029 (a)(b)		152,000		139,004
LCM Investments Holdings II LLC
4.88%, 05/01/2029 (a)		214,000		195,361
8.25%, 08/01/2031 (a)		100,000		103,908
Life Time, Inc.
5.75%, 01/15/2026 (a)		171,000		168,920
8.00%, 04/15/2026 (a)		111,000		111,186
Light & Wonder International, Inc.
7.00%, 05/15/2028 (a)		124,000		124,550
7.25%, 11/15/2029 (a)		117,000		118,428
7.50%, 09/01/2031 (a)		100,000		101,519
Lithia Motors, Inc.
4.63%, 12/15/2027 (a)		63,000		59,170
3.88%, 06/01/2029 (a)		157,000		138,703
4.38%, 01/15/2031 (a)(b)		128,000		112,160
Macy’s Retail Holdings LLC
5.88%, 04/01/2029 (a)		92,000		88,698
5.88%, 03/15/2030 (a)		99,000		94,298
6.13%, 03/15/2032 (a)		99,000		93,633
Mattamy Group Corp.
5.25%, 12/15/2027 (a)		92,000		87,975
4.63%, 03/01/2030 (a)		110,000		98,278
Melco Resorts Finance Ltd.
4.88%, 06/06/2025 (a)(b)		164,000		159,593
5.25%, 04/26/2026 (a)		117,000		112,320
5.63%, 07/17/2027 (a)		140,000		132,175
5.75%, 07/21/2028 (a)		159,000		147,633
5.38%, 12/04/2029 (a)		244,000		217,853
7.63%, 04/17/2032 (a)		125,000		122,359
Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (a)		80,000		80,268
MGM China Holdings Ltd.
5.25%, 06/18/2025 (a)		92,000		90,484
5.88%, 05/15/2026 (a)(b)		135,000		132,549
4.75%, 02/01/2027 (a)		135,000		127,358

	Par		Value
Consumer Discretionary — 19.4% (Continued)
MGM Resorts International
6.75%, 05/01/2025	$	135,000	$	134,968
5.75%, 06/15/2025		158,000		157,212
4.63%, 09/01/2026		93,000		89,513
5.50%, 04/15/2027		118,000		115,050
4.75%, 10/15/2028 (b)		135,000		125,805
6.50%, 04/15/2032		125,000		121,279
Michaels Cos., Inc.
5.25%, 05/01/2028 (a)		159,000		134,753
7.88%, 05/01/2029 (a)		249,000		182,704
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (a)		120,000		118,982
Mohegan Tribal Gaming Authority
8.00%, 02/01/2026 (a)		230,000		218,507
13.25%, 12/15/2027 (a)		92,000		101,200
NCL Corp. Ltd.
5.88%, 03/15/2026 (a)(b)		279,000		273,074
5.88%, 02/15/2027 (a)		189,000		185,173
8.38%, 02/01/2028 (a)(b)		140,000		145,899
8.13%, 01/15/2029 (a)		125,000		130,201
7.75%, 02/15/2029 (a)(b)		110,000		112,518
NCL Finance Ltd., 6.13%, 03/15/2028 (a)		93,000		90,704
Newell Brands, Inc.
4.88%, 06/01/2025		117,000		115,247
5.70%, 04/01/2026		414,000		406,606
6.38%, 09/15/2027 (b)		117,000		114,602
6.63%, 09/15/2029		42,000		40,610
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (a)		202,000		200,634
Nordstrom, Inc.
4.38%, 04/01/2030		92,000		82,097
4.25%, 08/01/2031 (b)		99,000		85,388
Odeon Finco PLC, 12.75%, 11/01/2027 (a)		93,000		95,622
Penske Automotive Group, Inc.
3.50%, 09/01/2025		128,000		123,521
3.75%, 06/15/2029		117,000		102,322
PetSmart, Inc. / PetSmart Finance Corp.
4.75%, 02/15/2028 (a)		256,000		236,275
7.75%, 02/15/2029 (a)(b)		239,000		226,687
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 (a)		155,000		115,584
5.88%, 09/01/2031 (a)		175,000		125,296

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

102

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Consumer Discretionary — 19.4% (Continued)
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.75%, 04/15/2026 (a)	$	291,000	$	287,363
3.38%, 08/31/2027 (a)		169,000		153,812
6.25%, 01/15/2028 (a)(b)		234,000		228,426
QVC, Inc.
4.75%, 02/15/2027		109,000		94,887
4.38%, 09/01/2028		117,000		90,033
Rakuten Group, Inc.
5.13% to 04/22/2026 then 5 yr. CMT Rate + 4.58%, Perpetual (a)		90,000		74,942
11.25%, 02/15/2027 (a)		330,000		343,053
9.75%, 04/15/2029 (a)		350,000		345,555
6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual (a)		199,000		143,710
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 (a)		194,000		171,991
Service Corp. International/US
4.63%, 12/15/2027		128,000		121,938
5.13%, 06/01/2029		135,000		129,121
3.38%, 08/15/2030 (b)		169,000		143,228
4.00%, 05/15/2031		147,000		126,839
Six Flags Entertainment Corp.
5.50%, 04/15/2027 (a)		117,000		112,682
7.25%, 05/15/2031 (a)		147,000		146,697
Sonic Automotive, Inc.
4.63%, 11/15/2029 (a)		112,000		100,240
4.88%, 11/15/2031 (a)		117,000		102,050
Sotheby’s, 7.38%, 10/15/2027 (a)		149,000		138,534
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
8.00%, 09/20/2025 (a)		119,000		93,016
8.00%, 09/20/2025 (a)		115,000		89,889
SRS Distribution, Inc.
4.63%, 07/01/2028 (a)		112,000		111,580
6.13%, 07/01/2029 (a)		105,000		106,706
6.00%, 12/01/2029 (a)		149,000		150,741
Staples, Inc.
7.50%, 04/15/2026 (a)		394,000		378,997
10.75%, 04/15/2027 (a)(b)		189,000		172,411
Station Casinos LLC
4.50%, 02/15/2028 (a)		160,000		148,326
4.63%, 12/01/2031 (a)		77,000		67,569
6.63%, 03/15/2032 (a)		100,000		97,973
Stena International SA
7.25%, 01/15/2031 (a)		120,000		120,000
7.63%, 02/15/2031 (a)		90,000		90,884

	Par		Value
Consumer Discretionary — 19.4% (Continued)
Studio City Finance Ltd.
6.50%, 01/15/2028 (a)	$	117,000	$	109,328
5.00%, 01/15/2029 (a)		207,000		177,233
Taylor Morrison Communities, Inc.
5.88%, 06/15/2027 (a)		2,000		1,970
5.75%, 01/15/2028 (a)		105,000		102,375
5.13%, 08/01/2030 (a)		117,000		108,415
Tempur Sealy International, Inc.
4.00%, 04/15/2029 (a)		147,000		130,311
3.88%, 10/15/2031 (a)		162,000		133,138
Tenneco, Inc., 8.00%, 11/17/2028 (a)		375,000		349,542
TKC Holdings, Inc.
6.88%, 05/15/2028 (a)		99,000		93,070
10.50%, 05/15/2029 (a)		118,000		112,918
Travel + Leisure Co.
6.63%, 07/31/2026 (a)		152,000		152,202
6.00%, 04/01/2027		93,000		91,851
4.50%, 12/01/2029 (a)		152,000		136,988
United Airlines, Inc.
4.38%, 04/15/2026 (a)		409,000		393,355
4.63%, 04/15/2029 (a)		389,000		358,824
Viking Cruises Ltd.
5.88%, 09/15/2027 (a)		163,000		157,906
7.00%, 02/15/2029 (a)		92,000		91,595
9.13%, 07/15/2031 (a)		100,000		107,171
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
7.88%, 05/01/2027 (a)(b)		117,000		103,762
9.50%, 06/01/2028 (a)(b)		117,000		104,540
6.38%, 02/01/2030 (a)(b)		184,000		142,600
VOC Escrow Ltd., 5.00%, 02/15/2028 (a)		88,000		83,948
Wand NewCo 3, Inc., 7.63%, 01/30/2032 (a)		225,000		228,909
Williams Scotsman, Inc.
6.13%, 06/15/2025 (a)		93,000		92,651
4.63%, 08/15/2028 (a)		117,000		108,083
7.38%, 10/01/2031 (a)		100,000		102,197
Wynn Macau Ltd.
5.50%, 01/15/2026 (a)		179,000		173,643
5.50%, 10/01/2027 (a)		175,000		164,547
5.63%, 08/26/2028 (a)		291,000		268,375
5.13%, 12/15/2029 (a)(b)		184,000		161,830
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.13%, 10/01/2029 (a)		95,000		88,037
7.13%, 02/15/2031 (a)		140,000		141,858
Yum! Brands, Inc.
4.75%, 01/15/2030 (a)		147,000		137,165
3.63%, 03/15/2031		181,000		156,444

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

103

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Consumer Discretionary — 19.4% (Continued)
4.63%, 01/31/2032	$	227,000	$	204,250
5.38%, 04/01/2032		204,000		192,500
ZF North America Capital, Inc.
6.88%, 04/14/2028 (a)		115,000		115,863
7.13%, 04/14/2030 (a)		115,000		117,444
6.75%, 04/23/2030 (a)		130,000		130,224
6.88%, 04/23/2032 (a)		115,000		116,087
				34,391,883
Consumer Staples — 3.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
3.25%, 03/15/2026 (a)		135,000		128,214
7.50%, 03/15/2026 (a)		115,000		116,539
4.63%, 01/15/2027 (a)		291,000		278,591
5.88%, 02/15/2028 (a)		175,000		171,063
6.50%, 02/15/2028 (a)		175,000		175,000
3.50%, 03/15/2029 (a)		291,000		256,626
4.88%, 02/15/2030 (a)		109,000		101,489
B&G Foods, Inc.
5.25%, 09/15/2027 (b)		106,000		97,858
8.00%, 09/15/2028 (a)		105,000		108,601
Central Garden & Pet Co.
4.13%, 10/15/2030 (b)		92,000		80,270
4.13%, 04/30/2031 (a)		93,000		80,276
Coty, Inc., 5.00%, 04/15/2026 (a)		75,000		73,610
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC
4.75%, 01/15/2029 (a)		117,000		109,007
6.63%, 07/15/2030 (a)		150,000		149,913
Darling Ingredients, Inc.
5.25%, 04/15/2027 (a)		110,000		106,710
6.00%, 06/15/2030 (a)		119,000		115,582
Edgewell Personal Care Co.
5.50%, 06/01/2028 (a)		120,000		115,816
4.13%, 04/01/2029 (a)		92,000		83,236
Energizer Holdings, Inc.
4.75%, 06/15/2028 (a)		115,000		104,363
4.38%, 03/31/2029 (a)		162,000		142,231
HLF Financing Sarl LLC / Herbalife International, Inc.
12.25%, 04/15/2029 (a)		130,000		124,066
4.88%, 06/01/2029 (a)(b)		140,000		81,940
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
5.00%, 12/31/2026 (a)		86,000		82,990
7.00%, 12/31/2027 (a)		98,000		94,737
Lamb Weston Holdings, Inc.
4.88%, 05/15/2028 (a)		92,000		87,584
4.13%, 01/31/2030 (a)		102,000		90,792
4.38%, 01/31/2032 (a)		89,000		77,139

	Par		Value
Consumer Staples — 3.4% (Continued)
Performance Food Group, Inc.
5.50%, 10/15/2027 (a)	$	188,000	$	181,975
4.25%, 08/01/2029 (a)		209,000		187,055
Pilgrim’s Pride Corp.
4.25%, 04/15/2031		109,000		96,068
3.50%, 03/01/2032		181,000		149,317
6.25%, 07/01/2033		139,000		137,850
6.88%, 05/15/2034		100,000		103,502
Post Holdings, Inc.
5.63%, 01/15/2028 (a)		170,000		165,292
5.50%, 12/15/2029 (a)		238,000		225,620
4.63%, 04/15/2030 (a)		284,000		256,103
4.50%, 09/15/2031 (a)		209,000		183,528
6.25%, 02/15/2032 (a)		180,000		178,040
US Foods, Inc.
6.88%, 09/15/2028 (a)		80,000		80,859
4.75%, 02/15/2029 (a)		181,000		168,538
4.63%, 06/01/2030 (a)		117,000		106,137
7.25%, 01/15/2032 (a)		90,000		91,733
Vector Group Ltd.
10.50%, 11/01/2026 (a)		95,000		95,627
5.75%, 02/01/2029 (a)		175,000		159,194
Walgreens Boots Alliance, Inc.
3.45%, 06/01/2026		250,000		236,420
3.20%, 04/15/2030		75,000		64,219
				6,101,320
Energy — 11.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
7.88%, 05/15/2026 (a)		98,000		99,621
5.75%, 03/01/2027 (a)		112,000		109,789
5.75%, 01/15/2028 (a)		112,000		109,296
5.38%, 06/15/2029 (a)		135,000		128,351
6.63%, 02/01/2032 (a)		100,000		99,347
Antero Resources Corp.
7.63%, 02/01/2029 (a)		97,000		99,061
5.38%, 03/01/2030 (a)		140,000		132,841
Archrock Partners LP / Archrock Partners Finance Corp.
6.88%, 04/01/2027 (a)		92,000		91,747
6.25%, 04/01/2028 (a)		147,000		143,868
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
7.00%, 11/01/2026 (a)		110,000		109,863
8.25%, 12/31/2028 (a)		120,000		122,068
5.88%, 06/30/2029 (a)		93,000		88,338
Baytex Energy Corp., 8.50%, 04/30/2030 (a)		147,000		153,170
Buckeye Partners LP
3.95%, 12/01/2026		115,000		108,244
4.13%, 12/01/2027		68,000		63,100
4.50%, 03/01/2028 (a)		92,000		85,714

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

104

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Energy — 11.9% (Continued)
Chesapeake Energy Corp.
5.50%, 02/01/2026 (a)	$	117,000	$	115,391
5.88%, 02/01/2029 (a)		117,000		114,804
6.75%, 04/15/2029 (a)		197,000		196,700
CITGO Petroleum Corp.
7.00%, 06/15/2025 (a)		133,000		132,752
6.38%, 06/15/2026 (a)		122,000		121,768
8.38%, 01/15/2029 (a)		200,000		207,000
Civitas Resources, Inc.
8.38%, 07/01/2028 (a)		250,000		260,468
8.63%, 11/01/2030 (a)		170,000		180,784
8.75%, 07/01/2031 (a)		250,000		264,945
CNX Resources Corp.
6.00%, 01/15/2029 (a)		117,000		113,292
7.38%, 01/15/2031 (a)		117,000		118,316
7.25%, 03/01/2032 (a)		90,000		90,338
Comstock Resources, Inc.
6.75%, 03/01/2029 (a)(b)		242,000		230,698
6.75%, 03/01/2029 (a)		65,000		61,100
5.88%, 01/15/2030 (a)(b)		196,000		177,856
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.50%, 06/15/2031 (a)		213,000		195,428
7.50%, 12/15/2033 (a)		100,000		100,542
Crescent Energy Finance LLC
9.25%, 02/15/2028 (a)		193,000		203,084
7.63%, 04/01/2032 (a)		120,000		120,083
CrownRock LP / CrownRock Finance, Inc.
5.63%, 10/15/2025 (a)		182,000		180,899
5.00%, 05/01/2029 (a)		93,000		91,615
CVR Energy, Inc.
5.75%, 02/15/2028 (a)		93,000		86,549
8.50%, 01/15/2029 (a)		125,000		124,531
Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 (a)		100,000		101,092
DT Midstream, Inc.
4.13%, 06/15/2029 (a)		212,000		192,121
4.38%, 06/15/2031 (a)		204,000		180,675
eG Global Finance PLC, 12.00%, 11/30/2028 (a)		215,000		221,719
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/2031 (a)		90,000		91,584
Energean Israel Finance Ltd.
4.88%, 03/30/2026 (a)		111,000		104,440
5.38%, 03/30/2028 (a)		111,000		98,425
5.88%, 03/30/2031 (a)		111,000		94,691
8.50%, 09/30/2033 (a)		165,000		159,455

	Par		Value
Energy — 11.9% (Continued)
Energy Transfer LP, 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 (b)	$	140,000	$	144,077
EQM Midstream Partners LP
4.13%, 12/01/2026		92,000		87,745
7.50%, 06/01/2027 (a)		92,000		93,704
6.50%, 07/01/2027 (a)		181,000		181,226
5.50%, 07/15/2028		164,000		159,593
4.50%, 01/15/2029 (a)		147,000		135,975
6.38%, 04/01/2029 (a)		100,000		99,065
7.50%, 06/01/2030 (a)		117,000		122,704
4.75%, 01/15/2031 (a)(b)		197,000		180,034
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 01/15/2027		189,000		191,363
7.75%, 02/01/2028		137,000		136,862
8.25%, 01/15/2029		90,000		91,330
8.88%, 04/15/2030		117,000		120,854
Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032 (a)		80,000		82,019
Hess Midstream Operations LP
5.63%, 02/15/2026 (a)		146,000		144,251
5.13%, 06/15/2028 (a)		103,000		98,623
4.25%, 02/15/2030 (a)		150,000		135,000
5.50%, 10/15/2030 (a)		93,000		88,522
Hilcorp Energy I LP / Hilcorp Finance Co.
6.25%, 11/01/2028 (a)		115,000		113,372
5.75%, 02/01/2029 (a)		110,000		105,600
6.00%, 04/15/2030 (a)		82,000		78,243
6.00%, 02/01/2031 (a)		140,000		133,739
6.25%, 04/15/2032 (a)		67,000		64,429
8.38%, 11/01/2033 (a)		130,000		139,357
ITT Holdings LLC, 6.50%, 08/01/2029 (a)		201,000		181,448
Kinetik Holdings LP
6.63%, 12/15/2028 (a)		145,000		145,511
5.88%, 06/15/2030 (a)		169,000		163,153
Leviathan Bond Ltd.
6.13%, 06/30/2025 (a)		115,000		112,092
6.50%, 06/30/2027 (a)		105,000		98,481
6.75%, 06/30/2030 (a)		98,000		87,588
Matador Resources Co.
6.88%, 04/15/2028 (a)		92,000		92,649
6.50%, 04/15/2032 (a)		150,000		148,881
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026 (a)		164,000		163,590
10.50%, 05/15/2027 (a)		92,000		94,056
Murphy Oil Corp., 5.88%, 12/01/2027		82,000		81,128

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

105

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Energy — 11.9% (Continued)
Murphy Oil USA, Inc.
4.75%, 09/15/2029	$	87,000	$	80,774
3.75%, 02/15/2031 (a)		117,000		100,673
Nabors Industries Ltd., 7.25%, 01/15/2026 (a)(b)		131,000		130,107
Nabors Industries, Inc.
7.38%, 05/15/2027 (a)		164,000		161,900
9.13%, 01/31/2030 (a)		140,000		143,980
New Fortress Energy, Inc.
6.75%, 09/15/2025 (a)		153,000		151,005
6.50%, 09/30/2026 (a)(b)		276,000		263,790
8.75%, 03/15/2029 (a)		120,000		117,113
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 02/15/2029 (a)		100,000		101,398
8.38%, 02/15/2032 (a)		240,000		243,299
Northern Oil & Gas, Inc.
8.13%, 03/01/2028 (a)		165,000		167,296
8.75%, 06/15/2031 (a)		117,000		123,143
NuStar Logistics LP
5.75%, 10/01/2025		100,000		99,125
6.00%, 06/01/2026		92,000		91,183
5.63%, 04/28/2027		98,000		95,796
6.38%, 10/01/2030 (b)		110,000		108,586
Parkland Corp.
5.88%, 07/15/2027 (a)		117,000		114,157
4.50%, 10/01/2029 (a)		147,000		132,885
4.63%, 05/01/2030 (a)		147,000		132,594
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 02/15/2028		147,000		143,187
7.88%, 09/15/2030 (a)		100,000		102,712
Permian Resources Operating LLC
8.00%, 04/15/2027 (a)		100,000		102,664
5.88%, 07/01/2029 (a)		100,000		97,020
9.88%, 07/15/2031 (a)		100,000		110,594
7.00%, 01/15/2032 (a)		202,000		205,693
Range Resources Corp.
4.88%, 05/15/2025		90,000		89,105
8.25%, 01/15/2029		140,000		145,661
4.75%, 02/15/2030 (a)		117,000		107,494
Rockies Express Pipeline LLC
3.60%, 05/15/2025 (a)		93,000		90,233
4.95%, 07/15/2029 (a)		128,000		117,963
SM Energy Co.
6.75%, 09/15/2026		73,000		72,821
6.63%, 01/15/2027		97,000		96,632
6.50%, 07/15/2028		93,000		92,083

	Par		Value
Energy — 11.9% (Continued)
Southwestern Energy Co.
5.38%, 02/01/2029	$	123,000	$	117,522
5.38%, 03/15/2030		211,000		200,326
4.75%, 02/01/2032 (b)		179,000		160,570
Sunoco LP
7.00%, 05/01/2029 (a)		125,000		126,954
7.25%, 05/01/2032 (a)		125,000		126,941
Sunoco LP / Sunoco Finance Corp.
6.00%, 04/15/2027		115,000		113,546
5.88%, 03/15/2028		93,000		90,760
7.00%, 09/15/2028 (a)		100,000		101,153
4.50%, 05/15/2029		147,000		134,138
4.50%, 04/30/2030		147,000		132,116
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
6.00%, 03/01/2027 (a)		75,000		73,054
5.50%, 01/15/2028 (a)		135,000		128,081
7.38%, 02/15/2029 (a)		140,000		139,978
6.00%, 12/31/2030 (a)		105,000		98,660
6.00%, 09/01/2031 (a)		117,000		108,466
Talos Production, Inc.
9.00%, 02/01/2029 (a)		100,000		105,592
9.38%, 02/01/2031 (a)		140,000		148,784
Transocean, Inc.
8.00%, 02/01/2027 (a)		87,000		86,957
8.25%, 05/15/2029 (a)		150,000		149,250
8.75%, 02/15/2030 (a)		189,000		196,946
8.50%, 05/15/2031 (a)		150,000		148,875
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 09/01/2027		140,000		139,733
7.13%, 03/15/2029 (a)		170,000		168,764
Valaris Ltd., 8.38%, 04/30/2030 (a)		200,000		204,812
Venture Global Calcasieu Pass LLC
3.88%, 08/15/2029 (a)		223,000		197,043
6.25%, 01/15/2030 (a)		179,000		176,986
4.13%, 08/15/2031 (a)		243,000		211,234
3.88%, 11/01/2033 (a)		253,000		207,665
Venture Global LNG, Inc.
8.13%, 06/01/2028 (a)		427,000		435,672
9.50%, 02/01/2029 (a)		600,000		643,932
8.38%, 06/01/2031 (a)		417,000		427,945
9.88%, 02/01/2032 (a)		250,000		266,175
Vital Energy, Inc.
9.75%, 10/15/2030		100,000		108,917
7.88%, 04/15/2032 (a)		140,000		142,107
Weatherford International Ltd., 8.63%, 04/30/2030 (a)(b)		325,000		336,496
				21,262,643

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

106

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Financials — 12.0%
Acrisure LLC / Acrisure Finance, Inc.
10.13%, 08/01/2026 (a)	$	68,000	$	70,237
8.25%, 02/01/2029 (a)		160,000		158,642
4.25%, 02/15/2029 (a)		134,000		119,954
6.00%, 08/01/2029 (a)		117,000		105,519
AerCap Global Aviation Trust, 6.50% to 06/15/2025 then 3 mo. Term SOFR + 4.56%, 06/15/2045 (a)		42,000		41,742
AG Issuer LLC, 6.25%, 03/01/2028 (a)		117,000		113,100
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a)		97,000		99,923
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
4.25%, 10/15/2027 (a)		150,000		139,754
6.75%, 10/15/2027 (a)		269,000		264,293
6.75%, 04/15/2028 (a)		268,000		266,945
5.88%, 11/01/2029 (a)		105,000		96,258
7.00%, 01/15/2031 (a)		260,000		260,487
Ally Financial, Inc.
5.75%, 11/20/2025		216,000		214,173
6.70%, 02/14/2033 (b)		117,000		114,608
AmWINS Group, Inc.
6.38%, 02/15/2029 (a)		100,000		98,690
4.88%, 06/30/2029 (a)		100,000		90,671
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 04/15/2030 (a)		125,000		109,300
Ardonagh Finco Ltd., 7.75%, 02/15/2031 (a)		140,000		137,813
Ardonagh Group Finance Ltd., 8.88%, 02/15/2032 (a)		180,000		175,275
Aretec Group, Inc., 10.00%, 08/15/2030 (a)		130,000		140,607
AssuredPartners, Inc.
5.63%, 01/15/2029 (a)		98,000		89,303
7.50%, 02/15/2032 (a)		80,000		77,638
Block, Inc.
2.75%, 06/01/2026		184,000		172,276
3.50%, 06/01/2031		179,000		151,479
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a)		400,000		411,174
Brandywine Operating Partnership LP, 8.88%, 04/12/2029		65,000		66,478
Bread Financial Holdings, Inc., 9.75%, 03/15/2029 (a)		165,000		171,298
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
5.75%, 05/15/2026 (a)		181,000		175,132

	Par		Value
Financials — 12.0% (Continued)
4.50%, 04/01/2027 (a)	$	135,000	$	119,715
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)		100,000		96,279
Coinbase Global, Inc.
3.38%, 10/01/2028 (a)		194,000		162,039
3.63%, 10/01/2031 (a)		144,000		112,129
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a)		169,000		157,964
Credit Acceptance Corp., 9.25%, 12/15/2028 (a)		100,000		105,923
Cushman & Wakefield US Borrower LLC
6.75%, 05/15/2028 (a)		100,000		98,602
8.88%, 09/01/2031 (a)		100,000		103,911
FirstCash, Inc.
4.63%, 09/01/2028 (a)		95,000		87,756
5.63%, 01/01/2030 (a)		128,000		120,599
6.88%, 03/01/2032 (a)		80,000		78,889
Freedom Mortgage Corp.
7.63%, 05/01/2026 (a)		90,000		89,465
6.63%, 01/15/2027 (a)		27,000		25,982
12.00%, 10/01/2028 (a)		140,000		149,651
12.25%, 10/01/2030 (a)		100,000		108,500
Freedom Mortgage Holdings LLC, 9.25%, 02/01/2029 (a)		80,000		80,661
GGAM Finance Ltd.
8.00%, 02/15/2027 (a)		150,000		153,533
8.00%, 06/15/2028 (a)		100,000		102,935
6.88%, 04/15/2029 (a)		65,000		65,000
Global Atlantic Fin Co., 4.70% to 10/15/2026 then 5 yr. CMT Rate + 3.80%, 10/15/2051 (a)		135,000		119,207
Goeasy Ltd.
9.25%, 12/01/2028 (a)		100,000		105,569
7.63%, 07/01/2029 (a)		90,000		89,735
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (a)		111,000		111,026
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026 (a)(b)		189,000		175,298
8.00%, 06/15/2027 (a)(b)		160,000		164,040
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC
7.25%, 02/15/2031 (a)		180,000		177,525
8.13%, 02/15/2032 (a)		80,000		78,809
HUB International Ltd.
5.63%, 12/01/2029 (a)		128,000		117,426
7.25%, 06/15/2030 (a)		606,000		614,070
7.38%, 01/31/2032 (a)		350,000		346,254

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

107

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Financials — 12.0% (Continued)
Hudson Pacific Properties LP
3.95%, 11/01/2027	$	75,000	$	66,150
4.65%, 04/01/2029		90,000		75,825
3.25%, 01/15/2030		75,000		56,625
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.38%, 12/15/2025		175,000		171,938
6.25%, 05/15/2026		237,000		230,490
5.25%, 05/15/2027		270,000		248,177
9.75%, 01/15/2029 (a)		95,000		97,965
4.38%, 02/01/2029		135,000		113,523
Intesa Sanpaolo SpA
5.71%, 01/15/2026 (a)		301,000		296,549
4.20% to 06/01/2031 then 1 yr. CMT Rate + 2.60%, 06/01/2032 (a)		135,000		110,579
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a)		135,000		119,696
Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 (a)		250,000		251,445
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a)		194,000		174,583
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a)		125,000		128,220
Kennedy-Wilson, Inc.
4.75%, 03/01/2029		110,000		90,038
4.75%, 02/01/2030 (b)		110,000		87,104
5.00%, 03/01/2031		110,000		85,621
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 (a)		127,000		117,498
4.75%, 06/15/2029 (a)		127,000		113,395
LD Holdings Group LLC
6.50%, 11/01/2025 (a)		117,000		110,952
6.13%, 04/01/2028 (a)		117,000		88,189
Liberty Mutual Group, Inc.
4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.32%, 12/15/2051 (a)		92,000		83,689
4.30%, 02/01/2061 (a)		147,000		90,392
Macquarie Airfinance Holdings Ltd.
8.38%, 05/01/2028 (a)		100,000		104,962
6.40%, 03/26/2029 (a)		80,000		79,817
8.13%, 03/30/2029 (a)		100,000		104,555
6.50%, 03/26/2031 (a)		80,000		80,100

	Par		Value
Financials — 12.0% (Continued)
Midcap Financial Issuer Trust
6.50%, 05/01/2028 (a)	$	189,000	$	170,971
5.63%, 01/15/2030 (a)		93,000		78,018
MPT Operating Partnership LP / MPT Finance Corp.
5.25%, 08/01/2026 (b)		117,000		106,412
5.00%, 10/15/2027 (b)		288,000		236,160
4.63%, 08/01/2029 (b)		171,000		127,079
3.50%, 03/15/2031		249,000		165,592
Nationstar Mortgage Holdings, Inc.
5.00%, 02/01/2026 (a)		80,000		77,809
6.00%, 01/15/2027 (a)		140,000		137,170
5.50%, 08/15/2028 (a)		199,000		187,558
5.13%, 12/15/2030 (a)		122,000		109,563
5.75%, 11/15/2031 (a)		140,000		126,875
7.13%, 02/01/2032 (a)		160,000		157,124
Navient Corp.
6.75%, 06/25/2025		92,000		91,885
6.75%, 06/15/2026		92,000		91,726
5.00%, 03/15/2027		124,000		116,861
4.88%, 03/15/2028		92,000		82,881
5.50%, 03/15/2029		135,000		120,676
9.38%, 07/25/2030		92,000		94,588
11.50%, 03/15/2031		105,000		114,389
NCR Atleos Corp., 9.50%, 04/01/2029 (a)		270,000		286,663
OneMain Finance Corp.
7.13%, 03/15/2026		290,000		292,615
3.50%, 01/15/2027		135,000		124,144
6.63%, 01/15/2028		157,000		156,428
3.88%, 09/15/2028		110,000		96,733
9.00%, 01/15/2029		170,000		178,288
5.38%, 11/15/2029 (b)		135,000		124,875
7.88%, 03/15/2030		135,000		137,462
4.00%, 09/15/2030		159,000		133,595
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (a)		530,000		532,734
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
7.50%, 06/01/2025 (a)		127,000		126,949
5.88%, 10/01/2028 (a)(b)		140,000		134,820
4.88%, 05/15/2029 (a)		145,000		132,737
PennyMac Financial Services, Inc.
5.38%, 10/15/2025 (a)		152,000		149,756
4.25%, 02/15/2029 (a)		152,000		134,991
7.88%, 12/15/2029 (a)		115,000		117,512
5.75%, 09/15/2031 (a)		117,000		106,119
PRA Group, Inc., 8.38%, 02/01/2028 (a)		68,000		66,290

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

108

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Financials — 12.0% (Continued)
Realogy Group LLC / Realogy Co.-Issuer Corp.
5.75%, 01/15/2029 (a)	$	121,000	$	84,277
5.25%, 04/15/2030 (a)		100,000		66,750
RHP Hotel Properties LP / RHP Finance Corp.
4.75%, 10/15/2027		164,000		155,237
4.50%, 02/15/2029 (a)		140,000		128,648
6.50%, 04/01/2032 (a)		160,000		156,765
Rithm Capital Corp., 8.00%, 04/01/2029 (a)		130,000		127,114
RLJ Lodging Trust LP, 4.00%, 09/15/2029 (a)		117,000		100,808
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/2026 (a)		209,000		191,777
3.63%, 03/01/2029 (a)		175,000		153,825
3.88%, 03/01/2031 (a)(b)		223,000		189,029
4.00%, 10/15/2033 (a)(b)		144,000		116,961
SLM Corp.
4.20%, 10/29/2025		117,000		112,862
3.13%, 11/02/2026		117,000		108,303
Starwood Property Trust, Inc.
3.63%, 07/15/2026 (a)		93,000		86,108
4.38%, 01/15/2027 (a)(b)		117,000		108,278
7.25%, 04/01/2029 (a)		100,000		98,659
Synchrony Financial, 7.25%, 02/02/2033		135,000		132,073
UniCredit SpA
5.86% to 06/19/2027 then 5 Year Mid Swap Rate USD + 3.70%, 06/19/2032 (a)		209,000		201,417
7.30% to 04/02/2029 then 5 Year Mid Swap Rate USD + 4.91%, 04/02/2034 (a)		248,000		250,313
5.46% to 06/30/2030 then 5 yr. CMT Rate + 4.75%, 06/30/2035 (a)		321,000		294,922
United Wholesale Mortgage LLC
5.50%, 11/15/2025 (a)		147,000		144,742
5.75%, 06/15/2027 (a)		117,000		112,040
5.50%, 04/15/2029 (a)		144,000		133,560
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (a)		64,000		49,920
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
10.50%, 02/15/2028 (a)		499,000		517,181
4.75%, 04/15/2028 (a)		108,000		94,826
6.50%, 02/15/2029 (a)		220,000		176,550
USI, Inc./NY, 7.50%, 01/15/2032 (a)		110,000		109,409

	Par		Value
Financials — 12.0% (Continued)
XHR LP
6.38%, 08/15/2025 (a)	$	117,000	$	116,835
4.88%, 06/01/2029 (a)		117,000		106,248
				21,480,823
Health Care — 8.7%
AdaptHealth LLC
4.63%, 08/01/2029 (a)		117,000		98,719
5.13%, 03/01/2030 (a)(b)		100,000		85,133
Avantor Funding, Inc.
4.63%, 07/15/2028 (a)		298,000		278,258
3.88%, 11/01/2029 (a)		162,000		143,775
Bausch + Lomb Corp., 8.38%, 10/01/2028 (a)(b)		280,000		288,907
Bausch Health Americas, Inc.
9.25%, 04/01/2026 (a)(b)		118,000		109,740
8.50%, 01/31/2027 (a)		150,000		97,875
Bausch Health Cos., Inc.
5.50%, 11/01/2025 (a)		328,000		307,197
9.00%, 12/15/2025 (a)(b)		114,000		107,490
6.13%, 02/01/2027 (a)		114,000		83,576
5.75%, 08/15/2027 (a)		117,000		80,751
5.00%, 01/30/2028 (a)		101,000		45,504
4.88%, 06/01/2028 (a)		315,000		203,963
11.00%, 09/30/2028 (a)		356,000		277,283
5.00%, 02/15/2029 (a)		106,000		46,269
6.25%, 02/15/2029 (a)		152,000		66,310
5.25%, 01/30/2030 (a)		142,000		60,776
5.25%, 02/15/2031 (a)		108,000		45,201
Catalent Pharma Solutions, Inc.
5.00%, 07/15/2027 (a)		87,000		85,275
3.13%, 02/15/2029 (a)		98,000		93,390
3.50%, 04/01/2030 (a)		102,000		97,061
Charles River Laboratories International, Inc.
4.25%, 05/01/2028 (a)		100,000		93,125
3.75%, 03/15/2029 (a)		82,000		73,510
4.00%, 03/15/2031 (a)		117,000		101,849
CHS/Community Health Systems, Inc.
8.00%, 03/15/2026 (a)		207,000		206,120
5.63%, 03/15/2027 (a)		365,000		334,431
8.00%, 12/15/2027 (a)		124,000		121,356
6.88%, 04/01/2028 (a)		137,000		93,735
6.00%, 01/15/2029 (a)		151,000		131,389
6.88%, 04/15/2029 (a)		265,000		196,113
6.13%, 04/01/2030 (a)		223,000		156,487
5.25%, 05/15/2030 (a)		324,000		264,870
4.75%, 02/15/2031 (a)		163,000		127,333
10.88%, 01/15/2032 (a)(b)		200,000		204,724

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

109

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Health Care — 8.7% (Continued)
DaVita, Inc.
4.63%, 06/01/2030 (a)	$	494,000	$	432,560
3.75%, 02/15/2031 (a)		286,000		235,186
Encompass Health Corp.
4.50%, 02/01/2028		147,000		138,105
4.75%, 02/01/2030		147,000		134,758
4.63%, 04/01/2031		93,000		83,313
Endo Finance Holdings, Inc., 8.50%, 04/15/2031 (a)		170,000		172,635
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (a)		120,000		126,693
Hologic, Inc.
4.63%, 02/01/2028 (a)		93,000		88,307
3.25%, 02/15/2029 (a)		182,000		159,660
IQVIA, Inc.
5.00%, 10/15/2026 (a)		121,000		118,307
5.00%, 05/15/2027 (a)		232,000		223,952
6.50%, 05/15/2030 (a)		82,000		82,277
Jazz Securities DAC, 4.38%, 01/15/2029 (a)		241,000		219,113
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (a)		90,000		84,254
LifePoint Health, Inc.
5.38%, 01/15/2029 (a)		117,000		93,532
9.88%, 08/15/2030 (a)		150,000		156,057
11.00%, 10/15/2030 (a)		200,000		213,000
Medline Borrower LP
3.88%, 04/01/2029 (a)(b)		860,000		769,475
5.25%, 10/01/2029 (a)(b)		461,000		427,548
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)		170,000		168,887
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (a)		67,000		46,409
ModivCare, Inc., 5.88%, 11/15/2025 (a)		117,000		114,108
Molina Healthcare, Inc.
4.38%, 06/15/2028 (a)		157,000		145,618
3.88%, 11/15/2030 (a)(b)		107,000		92,827
3.88%, 05/15/2032 (a)		135,000		112,894
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/2028 (a)		412,000		375,435
5.13%, 04/30/2031 (a)(b)		359,000		310,535
Owens & Minor, Inc.
4.50%, 03/31/2029 (a)		117,000		104,426
6.63%, 04/01/2030 (a)(b)		95,000		91,913

	Par		Value
Health Care — 8.7% (Continued)
Perrigo Finance Unlimited Co.
4.38%, 03/15/2026	$	119,000	$	114,741
4.65%, 06/15/2030		145,000		132,534
Prestige Brands, Inc.
5.13%, 01/15/2028 (a)		68,000		65,339
3.75%, 04/01/2031 (a)		140,000		118,626
Radiology Partners, Inc., 9.25%, 02/01/2028 (a)(b)		166,000		123,608
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (a)(b)		269,000		267,830
Select Medical Corp., 6.25%, 08/15/2026 (a)		222,000		222,087
Star Parent, Inc., 9.00%, 10/01/2030 (a)		200,000		209,337
Teleflex, Inc.
4.63%, 11/15/2027		92,000		87,364
4.25%, 06/01/2028 (a)		117,000		108,007
Tenet Healthcare Corp.
6.25%, 02/01/2027		286,000		285,022
5.13%, 11/01/2027 (b)		286,000		276,808
4.63%, 06/15/2028		115,000		108,000
6.13%, 10/01/2028 (b)		431,000		425,198
4.25%, 06/01/2029		263,000		240,424
4.38%, 01/15/2030		275,000		249,777
6.13%, 06/15/2030 (b)		384,000		378,240
6.75%, 05/15/2031 (a)(b)		261,000		261,412
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/2026		622,000		576,406
4.75%, 05/09/2027 (b)		194,000		185,533
6.75%, 03/01/2028 (b)		167,000		169,408
5.13%, 05/09/2029		194,000		184,116
7.88%, 09/15/2029		140,000		147,317
8.13%, 09/15/2031		117,000		126,073
				15,392,486
Industrials — 8.7%
ADT Security Corp., 4.13%, 08/01/2029 (a)		209,000		188,361
Air Canada, 3.88%, 08/15/2026 (a)(b)		156,000		147,877
Albion Financing 1 SARL / Aggreko Holdings, Inc., 6.13%, 10/15/2026 (a)		32,000		31,374
Albion Financing 2 Sarl, 8.75%, 04/15/2027 (a)		105,000		105,508
Allison Transmission, Inc.
4.75%, 10/01/2027 (a)		93,000		88,622
5.88%, 06/01/2029 (a)		117,000		113,961
3.75%, 01/30/2031 (a)		109,000		93,028

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

110

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Industrials — 8.7% (Continued)
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030 (a)	$	125,000	$	124,270
Bombardier, Inc.
7.13%, 06/15/2026 (a)		81,000		81,735
7.88%, 04/15/2027 (a)		264,000		262,022
6.00%, 02/15/2028 (a)		135,000		131,550
7.50%, 02/01/2029 (a)(b)		135,000		137,783
8.75%, 11/15/2030 (a)		170,000		180,300
7.25%, 07/01/2031 (a)		125,000		125,304
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)		250,000		268,743
Brink’s Co.
5.50%, 07/15/2025 (a)		93,000		92,449
4.63%, 10/15/2027 (a)		140,000		131,352
Builders FirstSource, Inc.
5.00%, 03/01/2030 (a)		128,000		119,747
4.25%, 02/01/2032 (a)		240,000		208,992
6.38%, 06/15/2032 (a)		119,000		117,797
6.38%, 03/01/2034 (a)		160,000		156,882
Chart Industries, Inc.
7.50%, 01/01/2030 (a)		277,000		283,269
9.50%, 01/01/2031 (a)		119,000		127,363
Clean Harbors, Inc.
4.88%, 07/15/2027 (a)		102,000		98,290
6.38%, 02/01/2031 (a)		92,000		90,940
Covanta Holding Corp.
4.88%, 12/01/2029 (a)		139,000		121,865
5.00%, 09/01/2030		93,000		80,329
Delta Air Lines, Inc.
7.38%, 01/15/2026 (b)		171,000		174,779
4.38%, 04/19/2028		92,000		87,952
3.75%, 10/28/2029		115,000		103,356
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 (a)		518,000		514,762
Fortress Transportation and Infrastructure Investors LLC
9.75%, 08/01/2027 (a)		68,000		70,208
5.50%, 05/01/2028 (a)(b)		194,000		186,240
7.88%, 12/01/2030 (a)		105,000		108,778
FXI Holdings, Inc.
12.25%, 11/15/2026 (a)		141,000		139,912
12.25%, 11/15/2026 (a)(b)		117,000		116,124
GEO Group, Inc.
8.63%, 04/15/2029 (a)		105,000		106,706
10.25%, 04/15/2031 (a)		100,000		103,051

	Par		Value
Industrials — 8.7% (Continued)
GFL Environmental, Inc.
4.25%, 06/01/2025 (a)	$	87,000	$	85,672
3.75%, 08/01/2025 (a)		150,000		145,755
5.13%, 12/15/2026 (a)		87,000		84,638
4.00%, 08/01/2028 (a)		135,000		122,054
3.50%, 09/01/2028 (a)		135,000		121,236
4.75%, 06/15/2029 (a)		135,000		124,248
4.38%, 08/15/2029 (a)		128,000		115,360
6.75%, 01/15/2031 (a)		200,000		201,499
H&E Equipment Services, Inc., 3.88%, 12/15/2028 (a)		253,000		223,905
Herc Holdings, Inc., 5.50%, 07/15/2027 (a)		256,000		248,732
Hillenbrand, Inc.
5.75%, 06/15/2025		93,000		92,302
6.25%, 02/15/2029		100,000		99,237
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (a)		200,000		205,089
Madison IAQ LLC
4.13%, 06/30/2028 (a)		124,000		115,010
5.88%, 06/30/2029 (a)		217,000		199,928
Pike Corp., 8.63%, 01/31/2031 (a)		70,000		73,308
Ritchie Bros Holdings, Inc.
6.75%, 03/15/2028 (a)		128,000		129,252
7.75%, 03/15/2031 (a)		147,000		152,475
Sensata Technologies BV
5.00%, 10/01/2025 (a)		124,000		122,140
4.00%, 04/15/2029 (a)		179,000		160,098
5.88%, 09/01/2030 (a)		117,000		112,373
Sensata Technologies, Inc.
4.38%, 02/15/2030 (a)		105,000		93,726
3.75%, 02/15/2031 (a)		135,000		114,075
Spirit AeroSystems, Inc.
4.60%, 06/15/2028		124,000		114,179
9.38%, 11/30/2029 (a)		186,000		200,869
9.75%, 11/15/2030 (a)		270,000		298,739
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a)		93,000		91,140
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a)		285,000		272,622
TransDigm, Inc.
5.50%, 11/15/2027		526,000		510,877
6.75%, 08/15/2028 (a)		402,000		403,619
4.63%, 01/15/2029 (b)		231,000		211,654
6.38%, 03/01/2029 (a)		400,000		396,695
4.88%, 05/01/2029		135,000		124,178
6.88%, 12/15/2030 (a)		275,000		276,537
7.13%, 12/01/2031 (a)		200,000		203,312

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

111

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Industrials — 8.7% (Continued)
6.63%, 03/01/2032 (a)	$	400,000	$	399,580
Triumph Group, Inc., 9.00%, 03/15/2028 (a)		226,000		233,967
Uber Technologies, Inc.
8.00%, 11/01/2026 (a)		286,000		287,828
7.50%, 09/15/2027 (a)		256,000		260,840
6.25%, 01/15/2028 (a)		117,000		116,892
4.50%, 08/15/2029 (a)		281,000		262,033
United Rentals North America, Inc.
5.50%, 05/15/2027		117,000		115,260
3.88%, 11/15/2027		135,000		125,809
4.88%, 01/15/2028 (b)		321,000		307,602
5.25%, 01/15/2030		135,000		129,481
4.00%, 07/15/2030		135,000		120,132
3.88%, 02/15/2031 (b)		227,000		198,909
3.75%, 01/15/2032		135,000		114,692
6.13%, 03/15/2034 (a)		180,000		175,725
WESCO Distribution, Inc.
7.13%, 06/15/2025 (a)		256,000		256,077
7.25%, 06/15/2028 (a)		280,000		284,550
6.38%, 03/15/2029 (a)		150,000		149,063
6.63%, 03/15/2032 (a)		140,000		139,230
XPO, Inc.
7.13%, 06/01/2031 (a)		105,000		105,525
7.13%, 02/01/2032 (a)		110,000		110,376
				15,561,685
Information Technology — 6.1%
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (a)(b)		430,000		386,138
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (a)		140,000		143,587
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (a)		140,000		141,455
Clarivate Science Holdings Corp.
3.88%, 07/01/2028 (a)		176,000		160,155
4.88%, 07/01/2029 (a)		186,000		169,655
Cloud Software Group, Inc.
6.50%, 03/31/2029 (a)		783,000		742,871
9.00%, 09/30/2029 (a)		579,000		557,790
CommScope Technologies LLC
6.00%, 06/15/2025 (a)(b)		273,000		215,670
5.00%, 03/15/2027 (a)		120,000		41,114
6.00%, 03/01/2026 (a)(b)		291,000		257,713
8.25%, 03/01/2027 (a)		188,000		72,144
7.13%, 07/01/2028 (a)		133,000		44,282

	Par		Value
Information Technology — 6.1% (Continued)
4.75%, 09/01/2029 (a)	$	258,000	$	180,230
Entegris, Inc.
4.38%, 04/15/2028 (a)		68,000		63,430
4.75%, 04/15/2029 (a)		305,000		287,923
3.63%, 05/01/2029 (a)		93,000		82,129
5.95%, 06/15/2030 (a)		184,000		179,076
EquipmentShare.com, Inc., 9.00%, 05/15/2028 (a)		200,000		205,635
Fair Isaac Corp.
5.25%, 05/15/2026 (a)		68,000		66,842
4.00%, 06/15/2028 (a)		181,000		166,301
Gen Digital, Inc.
6.75%, 09/30/2027 (a)		141,000		141,367
7.13%, 09/30/2030 (a)(b)		140,000		141,094
Imola Merger Corp., 4.75%, 05/15/2029 (a)		384,000		353,651
McAfee Corp., 7.38% 02/15/2030 (a)		393,000		362,599
MPH Acquisition Holdings LLC
5.50%, 09/01/2028 (a)		206,000		167,482
5.75%, 11/01/2028 (a)		175,000		127,953
NCR Voyix Corp.
5.00%, 10/01/2028 (a)		152,000		139,930
5.13%, 04/15/2029 (a)		221,000		202,933
5.25%, 10/01/2030 (a)		105,000		93,347
Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a)		522,000		493,290
Newfold Digital Holdings Group, Inc.
11.75%, 10/15/2028 (a)		100,000		106,925
6.00%, 02/15/2029 (a)		120,000		90,036
Open Text Corp.
3.88%, 02/15/2028 (a)		216,000		197,249
3.88%, 12/01/2029 (a)		174,000		152,026
Open Text Holdings, Inc.
4.13%, 02/15/2030 (a)		171,000		150,238
4.13%, 12/01/2031 (a)(b)		112,000		95,760
Presidio Holdings, Inc., 4.88%, 02/01/2027 (a)		98,000		98,043
Sabre GLBL, Inc.
8.63%, 06/01/2027 (a)		74,000		65,253
11.25%, 12/15/2027 (a)		130,000		120,965
Seagate HDD Cayman
4.88%, 06/01/2027		93,000		89,804
4.09%, 06/01/2029		117,000		106,470
8.25%, 12/15/2029 (a)		93,000		98,394
8.50%, 07/15/2031 (a)		93,000		99,112
9.63%, 12/01/2032		130,000		145,947
SS&C Technologies, Inc., 5.50%, 09/30/2027 (a)		409,000		397,468
Twilio, Inc.
3.63%, 03/15/2029		92,000		81,502

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

112

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SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Information Technology — 6.1% (Continued)
3.88%, 03/15/2031	$	87,000	$	75,317
UKG, Inc., 6.88%, 02/01/2031 (a)		450,000		449,528
Vericast Corp.
11.00%, 09/15/2026 (a)		224,000		240,800
13.00%, 10/15/2027 (a)		78,000		89,076
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (a)		345,000		313,466
Verscend Escrow Corp., 9.75%, 08/15/2026 (a)		192,000		192,421
Viasat, Inc.
5.63%, 09/15/2025 (a)		119,000		114,314
5.63%, 04/15/2027 (a)		110,000		100,683
6.50%, 07/15/2028 (a)		63,000		48,313
7.50%, 05/30/2031 (a)(b)		145,000		102,596
Western Digital Corp., 4.75%, 02/15/2026		444,000		431,502
Xerox Holdings Corp.
5.50%, 08/15/2028 (a)		135,000		116,603
8.88%, 11/30/2029 (a)		100,000		95,250
				10,852,847
Materials — 7.6%
Alcoa Nederland Holding BV
5.50%, 12/15/2027 (a)		140,000		149,450
7.13%, 03/15/2031 (a)		140,000		141,696
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.25%, 09/01/2028 (a)(b)		140,000		120,976
4.00%, 09/01/2029 (a)		191,000		157,037
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.25%, 04/30/2025 (a)		124,000		122,760
4.13%, 08/15/2026 (a)		249,000		207,713
5.25%, 08/15/2027 (a)		189,000		96,366
5.25%, 08/15/2027 (a)		157,000		80,050
Arsenal AIC Parent LLC, 8.00%, 10/01/2030 (a)		125,000		130,000
ASP Unifrax Holdings, Inc.
5.25%, 09/30/2028 (a)		147,000		87,759
7.50%, 09/30/2029 (a)		68,000		34,711
ATI, Inc., 7.25%, 08/15/2030		90,000		92,039
Avient Corp.
5.75%, 05/15/2025 (a)		152,000		151,240
7.13%, 08/01/2030 (a)		130,000		131,293
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031 (a)		100,000		101,822
Axalta Coating Systems LLC, 3.38%, 02/15/2029 (a)		124,000		108,191

	Par		Value
Materials — 7.6% (Continued)
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/2027 (a)	$	12,000	$	11,488
Ball Corp.
6.88%, 03/15/2028		135,000		137,229
6.00%, 06/15/2029 (b)		204,000		202,831
2.88%, 08/15/2030		239,000		199,826
3.13%, 09/15/2031		174,000		144,281
Chemours Co.
5.38%, 05/15/2027		116,000		109,971
5.75%, 11/15/2028 (a)		143,000		131,086
4.63%, 11/15/2029 (a)		145,000		124,639
Cleveland-Cliffs, Inc.
5.88%, 06/01/2027		100,000		98,807
6.75%, 04/15/2030 (a)		135,000		131,541
7.00%, 03/15/2032 (a)		140,000		136,717
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/2029 (a)		117,000		116,708
8.75%, 04/15/2030 (a)		205,000		198,167
Constellium SE, 3.75%, 04/15/2029 (a)		117,000		103,758
Crown Americas LLC, 5.25%, 04/01/2030		117,000		111,370
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026		93,000		89,280
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		175,000		171,159
FMG Resources August 2006 Pty Ltd.
4.50%, 09/15/2027 (a)		115,000		108,448
5.88%, 04/15/2030 (a)		134,000		128,590
4.38%, 04/01/2031 (a)		271,000		238,066
6.13%, 04/15/2032 (a)		157,000		152,285
Graphic Packaging International LLC
3.50%, 03/15/2028 (a)		105,000		95,415
3.75%, 02/01/2030 (a)		93,000		81,004
INEOS Finance PLC
6.75%, 05/15/2028 (a)		90,000		88,425
7.50%, 04/15/2029 (a)		100,000		100,439
Kaiser Aluminum Corp.
4.63%, 03/01/2028 (a)		117,000		108,859
4.50%, 06/01/2031 (a)		88,000		77,110
LABL, Inc.
6.75%, 07/15/2026 (a)		124,000		122,046
10.50%, 07/15/2027 (a)		121,000		118,847
5.88%, 11/01/2028 (a)		117,000		104,276
8.25%, 11/01/2029 (a)		107,000		90,482

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

113

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Materials — 7.6% (Continued)
Mauser Packaging Solutions Holding Co.
7.88%, 04/15/2027 (a)	$	534,000	$	543,479
9.25%, 04/15/2027 (a)		266,000		260,800
Mercer International, Inc., 5.13%, 02/01/2029		165,000		144,375
Methanex Corp.
5.13%, 10/15/2027		124,000		118,899
5.25%, 12/15/2029		124,000		117,608
Mineral Resources Ltd.
8.13%, 05/01/2027 (a)		124,000		125,395
8.00%, 11/01/2027 (a)		146,000		147,643
9.25%, 10/01/2028 (a)		200,000		210,000
8.50%, 05/01/2030 (a)		146,000		149,475
NOVA Chemicals Corp.
5.00%, 05/01/2025 (a)		87,000		85,465
5.25%, 06/01/2027 (a)		186,000		174,608
8.50%, 11/15/2028 (a)		80,000		83,988
4.25%, 05/15/2029 (a)(b)		134,000		112,256
9.00%, 02/15/2030 (a)		90,000		92,453
Novelis Corp.
3.25%, 11/15/2026 (a)		145,000		135,575
4.75%, 01/30/2030 (a)		335,000		305,165
3.88%, 08/15/2031 (a)		135,000		114,269
OI European Group BV, 4.75%, 02/15/2030 (a)		93,000		84,607
Olin Corp.
5.13%, 09/15/2027		92,000		88,674
5.63%, 08/01/2029		131,000		126,193
5.00%, 02/01/2030		96,000		89,640
Olympus Water US Holding Corp.
4.25%, 10/01/2028 (a)		151,000		135,667
9.75%, 11/15/2028 (a)		300,000		318,290
6.25%, 10/01/2029 (a)		93,000		83,628
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/2027 (a)		143,000		142,914
7.25%, 05/15/2031 (a)		121,000		120,979
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc. 4.38%, 10/15/2028 (a)		32,000		29,343
4.00%, 10/15/2027 (a)		204,000		188,374
SCIH Salt Holdings, Inc.
4.88%, 05/01/2028 (a)		187,000		173,910
6.63%, 05/01/2029 (a)		124,000		113,615
Scotts Miracle-Gro Co.
4.50%, 10/15/2029 (b)		96,000		85,689
4.00%, 04/01/2031		111,000		93,509
4.38%, 02/01/2032		93,000		78,385

	Par		Value
Materials — 7.6% (Continued)
Sealed Air Corp.
5.50%, 09/15/2025 (a)	$	93,000	$	92,137
4.00%, 12/01/2027 (a)		99,000		91,430
5.00%, 04/15/2029 (a)		99,000		93,017
6.13%, 02/01/2028 (a)		146,000		144,079
7.25%, 02/15/2031 (a)		90,000		91,543
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/2028 (a)		222,000		214,785
8.88%, 11/15/2031 (a)		220,000		231,838
Standard Industries, Inc.
5.00%, 02/15/2027 (a)		164,000		157,877
4.75%, 01/15/2028 (a)		204,000		191,964
4.38%, 07/15/2030 (a)		325,000		287,778
3.38%, 01/15/2031 (a)		212,000		174,900
Summit Materials LLC / Summit Materials Finance Corp.
5.25%, 01/15/2029 (a)		124,000		119,192
7.25%, 01/15/2031 (a)		130,000		133,477
Trivium Packaging Finance BV
5.50%, 08/15/2026 (a)		221,000		216,909
8.50%, 08/15/2027 (a)		124,000		122,714
Tronox, Inc., 4.63%, 03/15/2029 (a)		207,000		184,079
WR Grace Holdings LLC
4.88%, 06/15/2027 (a)		134,000		126,599
5.63%, 08/15/2029 (a)		215,000		192,406
				13,487,847
Real Estate — 1.9%
Diversified Healthcare Trust
9.75%, 06/15/2025		117,000		117,234
4.75%, 02/15/2028		117,000		92,078
4.38%, 03/01/2031		117,000		84,536
Howard Hughes Corp.
5.38%, 08/01/2028 (a)		175,000		164,719
4.13%, 02/01/2029 (a)		152,000		134,106
4.38%, 02/01/2031 (a)		112,000		94,959
Iron Mountain, Inc.
4.88%, 09/15/2027 (a)		174,000		165,844
5.25%, 03/15/2028 (a)		153,000		146,450
5.00%, 07/15/2028 (a)		87,000		81,872
7.00%, 02/15/2029 (a)		174,000		175,088
4.88%, 09/15/2029 (a)		184,000		169,464
5.25%, 07/15/2030 (a)		249,000		230,919
4.50%, 02/15/2031 (a)(b)		177,000		156,203
5.63%, 07/15/2032 (a)		140,000		129,563
Office Properties Income Trust, 3.45%, 10/15/2031		93,000		39,160
SBA Communications Corp.
3.88%, 02/15/2027 (b)		286,000		268,386
3.13%, 02/01/2029 (b)		286,000		249,177

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

114

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS - 98.7% (Continued)
Real Estate — 1.9% (Continued)
Service Properties Trust
7.50%, 09/15/2025	$	147,000	$	148,092
4.75%, 10/01/2026		105,000		97,428
4.95%, 02/15/2027		93,000		85,713
5.50%, 12/15/2027		80,000		75,278
3.95%, 01/15/2028		93,000		79,199
4.95%, 10/01/2029 (b)		99,000		81,002
4.38%, 02/15/2030 (b)		68,000		51,816
8.63%, 11/15/2031 (a)		195,000		204,376
				3,322,662
Utilities — 3.3%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 05/20/2025		124,000		123,223
5.88%, 08/20/2026		118,000		116,109
5.75%, 05/20/2027		123,000		119,026
Calpine Corp.
5.25%, 06/01/2026 (a)		73,000		71,842
4.50%, 02/15/2028 (a)		228,000		212,294
5.13%, 03/15/2028 (a)(b)		253,000		239,753
4.63%, 02/01/2029 (a)		127,000		116,543
5.00%, 02/01/2031 (a)		159,000		143,838
3.75%, 03/01/2031 (a)		171,000		147,789
Clearway Energy Operating LLC
4.75%, 03/15/2028 (a)		159,000		150,001
3.75%, 02/15/2031 (a)		186,000		156,950
DPL, Inc.
4.13%, 07/01/2025		72,000		70,169
4.35%, 04/15/2029		93,000		83,577
Edison International
8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053		92,000		93,610
7.88% to 06/15/2029 then 5 yr. CMT Rate + 3.66%, 06/15/2054		85,000		86,332
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual (a)		275,000		298,903
Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 (c)		221,000		218,417
Ferrellgas LP / Ferrellgas Finance Corp.
5.38%, 04/01/2026 (a)		92,000		90,086
5.88%, 04/01/2029 (a)		163,000		154,329
NextEra Energy Operating Partners LP
3.88%, 10/15/2026 (a)		92,000		85,789
4.50%, 09/15/2027 (a)		98,000		91,263
7.25%, 01/15/2029 (a)(b)		120,000		121,211

	Par		Value
Utilities — 3.3% (Continued)
NRG Energy, Inc.
5.75%, 01/15/2028	$	161,000	$	158,005
3.38%, 02/15/2029 (a)		100,000		87,603
5.25%, 06/15/2029 (a)		136,000		128,350
3.63%, 02/15/2031 (a)(b)		206,000		173,858
3.88%, 02/15/2032 (a)		71,000		59,743
PG&E Corp.
5.00%, 07/01/2028		199,000		189,425
5.25%, 07/01/2030		179,000		167,755
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (a)		112,000		99,379
Talen Energy Supply LLC, 8.63%, 06/01/2030 (a)		231,000		244,401
TerraForm Power Operating LLC
5.00%, 01/31/2028 (a)		124,000		115,692
4.75%, 01/15/2030 (a)		124,000		110,456
Vistra Operations Co. LLC
5.50%, 09/01/2026 (a)		179,000		174,657
5.63%, 02/15/2027 (a)		254,000		247,184
5.00%, 07/31/2027 (a)		239,000		227,950
4.38%, 05/01/2029 (a)		228,000		207,338
7.75%, 10/15/2031 (a)		275,000		282,267
6.88%, 04/15/2032 (a)		170,000		169,227
				5,834,344
TOTAL CORPORATE BONDS (Cost $174,757,214)				175,678,661

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

115

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.6%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		20,705,300	$	20,705,300
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,705,300)				20,705,300
TOTAL INVESTMENTS — 110.3% (Cost $195,462,514)				196,383,961
Liabilities in Excess of Other Assets — (10.3)%				(18,362,991	)
TOTAL NET ASSETS — 100.0%			$	178,020,970

Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

CMT - Constant Maturity Treasury Rate

LIBOR - London Interbank Offered Rate

PIK - Payment in Kind

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $144,378,337 or 81.1% of the Fund’s net assets.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $20,158,891 which represented 11.3% of net assets.

(c) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

116

Pacer Trendpilot^® Fund of Funds ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.9%
Pacer Trendpilot 100 ETF(a)		150,803	$	10,130,946
Pacer Trendpilot International ETF(a)		356,544		10,020,099
Pacer Trendpilot US Bond ETF(a)		508,593		10,151,516
Pacer Trendpilot US Large Cap ETF(a)		218,565		10,014,648
Pacer Trendpilot US Mid Cap ETF(a)		292,679		9,907,184
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $48,454,535)				50,224,393
TOTAL INVESTMENTS — 99.9% (Cost $48,454,535)				50,224,393
Other Assets in Excess of Liabilities — 0.1%				69,594
TOTAL NET ASSETS — 100.0%			$	50,293,987

Percentages are stated as a percent of net assets.

(a) Affiliated company as defined by the Investment Company Act of 1940.

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

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

117

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 4.2%
AT&T, Inc.		26,355,990	$	445,152,671
Match Group, Inc.(a)(b)		3,498,610		107,827,160
Nexstar Media Group, Inc.(b)		786,536		125,892,952
Omnicom Group, Inc.(b)		2,303,682		213,873,837
Playtika Holding Corp.(b)		8,362,574		60,628,662
				953,375,282
Consumer Discretionary — 17.2%
Best Buy Co., Inc.(b)		2,678,371		197,235,240
Carter’s, Inc.(b)		884,251		60,491,611
Columbia Sportswear Co.(b)		1,085,052		86,402,691
Crocs, Inc.(a)		989,780		123,098,939
Dick’s Sporting Goods, Inc.(b)		963,495		193,604,685
eBay, Inc.		6,218,237		320,487,935
Etsy, Inc.(a)(b)		1,443,980		99,158,107
Expedia Group, Inc.(a)		2,043,727		275,146,966
Gap, Inc.(b)		9,191,041		188,600,161
H&R Block, Inc.(b)		1,885,628		89,058,210
Leggett & Platt, Inc.(b)		2,815,024		50,867,484
Lennar Corp. - Class A		2,779,707		421,459,175
Mohawk Industries, Inc.(a)		886,657		102,249,285
Newell Brands, Inc.		12,962,372		102,921,234
NVR, Inc.(a)(b)		29,138		216,753,211
Polaris, Inc.(b)		891,330		75,905,663
PulteGroup, Inc.		2,874,770		320,306,873
Skechers USA, Inc. - Class A(a)		2,205,549		145,676,512
Tapestry, Inc.		4,161,006		166,107,360
Thor Industries, Inc.(b)		888,164		88,301,265
Toll Brothers, Inc.		1,621,959		193,191,537
VF Corp.(b)		9,775,752		121,805,870
Williams-Sonoma, Inc.(b)		778,703		223,316,446
YETI Holdings, Inc.(a)(b)		774,752		27,674,141
				3,889,820,601
Consumer Staples — 7.3%
Altria Group, Inc.		10,984,374		481,225,425
Bunge Global SA(b)		3,523,320		358,533,043
Ingredion, Inc.		958,402		109,823,285
Kenvue, Inc.		21,752,107		409,374,654
Molson Coors Beverage Co. - Class B(b)		3,435,660		196,725,892
Olaplex Holdings, Inc.(a)(b)		14,542,859		20,214,574
Reynolds Consumer Products, Inc.		2,782,060		79,650,378
				1,655,547,251
Energy — 23.9%
Cheniere Energy, Inc.		2,873,749		453,535,067
Chevron Corp.(b)		2,936,917		473,636,605
Coterra Energy, Inc.		9,108,525		249,209,244

	Shares		Value
Energy — 23.9% (Continued)
Devon Energy Corp.		9,008,376	$	461,048,684
Diamondback Energy, Inc.(b)		2,423,328		487,403,961
EOG Resources, Inc.(b)		3,856,202		509,519,970
Exxon Mobil Corp.(b)		4,230,331		500,321,247
HF Sinclair Corp.		5,207,115		282,485,989
Marathon Oil Corp.		12,510,045		335,894,708
Marathon Petroleum Corp.		2,584,513		469,657,702
Occidental Petroleum Corp.(b)		7,296,879		482,615,577
Ovintiv, Inc.		4,243,412		217,771,904
Valero Energy Corp.		3,124,666		499,540,353
				5,422,641,011
Health Care — 13.3%
Bristol-Myers Squibb Co.		8,793,780		386,398,693
Cardinal Health, Inc.		3,959,300		407,966,272
Cencora, Inc.		1,893,479		452,636,155
CVS Health Corp.		6,060,437		410,352,189
DaVita, Inc.(a)		1,787,544		248,486,492
Gilead Sciences, Inc.		6,188,957		403,519,996
Jazz Pharmaceuticals PLC(a)		1,363,045		150,957,234
Premier, Inc.		1,382,728		28,871,361
Solventum Corp.(a)(b)		1,216,395		79,077,839
United Therapeutics Corp.(a)		488,323		114,428,729
Viatris, Inc.(b)		28,011,534		324,093,448
				3,006,788,408
Industrials — 12.2%
3M Co.		4,886,025		471,550,273
Acuity Brands, Inc.		311,634		77,378,722
AGCO Corp.		802,257		91,609,727
Allison Transmission Holdings, Inc.		1,323,922		97,374,463
Builders FirstSource, Inc.(a)		1,388,314		253,811,566
Carlisle Cos., Inc.		534,237		207,417,515
CH Robinson Worldwide, Inc.(b)		1,327,993		94,287,503
Core & Main, Inc. - Class A(a)		3,230,483		182,425,375
Cummins, Inc.		1,549,431		437,698,763
Expeditors International of Washington, Inc.(b)		1,273,149		141,714,215
Fortune Brands Innovations, Inc.		1,460,035		106,728,559
Gates Industrial Corp. PLC(a)		4,183,926		73,720,776
MSC Industrial Direct Co., Inc. - Class A(b)		936,099		85,409,673
Owens Corning		1,192,885		200,655,186
Robert Half, Inc.		1,108,496		76,641,413
Snap-On, Inc.		579,302		155,229,764
				2,753,653,493
Information Technology — 9.4%
Amdocs Ltd.		1,308,080		109,865,639
Cisco Systems, Inc.		9,246,336		434,392,865
Crane NXT Co.(b)		612,318		37,235,058

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

118

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Information Technology — 9.4%(Continued)
DocuSign, Inc.(a)		2,085,782	$	118,055,261
Dropbox, Inc. - Class A(a)		4,763,529		110,323,332
DXC Technology Co.(a)(b)		6,076,301		118,427,106
HP, Inc.		15,216,839		427,441,007
IPG Photonics Corp.(a)		321,402		26,991,340
RingCentral, Inc. - Class A(a)(b)		1,541,680		45,664,562
Skyworks Solutions, Inc.(b)		2,369,837		252,600,926
TD SYNNEX Corp.		1,810,358		213,332,587
Teradata Corp.(a)		1,398,530		51,885,463
Zoom Video Communications, Inc. - Class A(a)		2,827,267		172,746,014
				2,118,961,160
Materials — 9.8%
Berry Global Group, Inc.		2,545,982		144,204,420
Cleveland-Cliffs, Inc.(a)(b)		11,418,814		192,977,957
LyondellBasell Industries NV - Class A		4,513,079		451,172,508
Mosaic Co.		4,818,200		151,243,298
NewMarket Corp.		124,341		65,517,760
Nucor Corp.(b)		2,347,830		395,679,790
Olin Corp.		1,867,182		97,616,275
Reliance, Inc.(b)		569,248		162,076,290
Scotts Miracle-Gro Co.(b)		1,168,558		80,092,965
Steel Dynamics, Inc.(b)		2,111,932		274,804,592
Westlake Chemical Corp.		1,437,446		211,822,042
				2,227,207,897
Utilities — 2.5%
Vistra Corp.		7,534,223		571,395,472
TOTAL COMMON STOCKS (Cost $20,687,549,848)				22,599,390,575

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.8%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(c)		1,079,037,899	$	1,079,037,899
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,079,037,899)				1,079,037,899
TOTAL INVESTMENTS — 104.6% (Cost $21,766,587,747)				23,678,428,474
Liabilities in Excess of Other Assets — (4.6)%				(1,036,542,747	)
TOTAL NET ASSETS — 100.0%			$	22,641,885,727

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $1,034,824,542 which represented 4.6% of net assets.

(c) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

119

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 100.0%
Communication Services — 2.2%
Marcus Corp.(b)		1,639,170	$	21,374,777
Scholastic Corp.		1,005,605		35,819,650
Thryv Holdings, Inc.(a)(b)		1,973,419		45,408,371
YELP, Inc.(a)		2,734,692		110,044,006
				212,646,804
Consumer Discretionary — 29.3%(c)
American Eagle Outfitters, Inc.(b)		8,949,221		217,108,101
Buckle, Inc.(b)		2,126,075		79,493,944
Caleres, Inc.(b)		1,813,036		66,774,116
Cavco Industries, Inc.(a)(b)		221,343		80,615,334
Designer Brands, Inc. - Class A(b)		11,605,860		107,818,439
Ethan Allen Interiors, Inc.(b)		898,914		25,385,331
G-III Apparel Group Ltd.(a)		6,519,751		183,530,991
Green Brick Partners, Inc.(a)		1,462,498		79,165,017
Hanesbrands, Inc.(a)(b)		34,704,365		158,251,904
Kontoor Brands, Inc.(b)		1,948,011		120,893,563
La-Z-Boy, Inc.(b)		1,373,685		45,111,815
LCI Industries(b)		1,508,310		156,834,074
M/I Homes, Inc.(a)		1,573,022		182,816,617
Monarch Casino & Resort, Inc.		669,350		45,361,850
Monro, Inc.(b)		1,673,370		45,599,333
Movado Group, Inc.		1,011,705		25,768,126
Newell Brands, Inc.		25,379,293		201,511,586
ODP Corp.(a)		1,645,098		83,751,939
Patrick Industries, Inc.(b)		1,168,196		122,064,800
Perdoceo Education Corp.(b)		2,254,552		41,258,302
Signet Jewelers Ltd.(b)		2,056,824		201,630,457
Sonos, Inc.(a)		2,985,218		50,450,184
Standard Motor Products, Inc.		1,423,278		45,687,224
Vista Outdoor, Inc.(a)		4,535,254		159,142,063
Winnebago Industries, Inc.(b)		1,025,082		63,124,550
Worthington Enterprises, Inc.		2,988,330		170,812,943
				2,759,962,603
Consumer Staples — 6.1%
Andersons, Inc.(b)		3,636,448		199,786,453
Cal-Maine Foods, Inc.(b)		2,920,381		161,584,681
Central Garden & Pet Co.(a)(b)		2,987,023		122,318,592
John B Sanfilippo & Son, Inc.		344,006		34,297,398
Medifast, Inc.(b)		1,334,278		36,732,673
USANA Health Sciences, Inc.(a)		423,690		17,591,609
				572,311,406
Energy — 13.9%
California Resources Corp.(b)		3,565,806		188,488,505
CONSOL Energy, Inc.		2,166,569		179,305,251
CVR Energy, Inc.(b)		6,027,990		183,130,336

	Shares		Value
Energy — 13.9% (Continued)
Dorian LPG Ltd.(b)		2,646,241	$	109,342,678
Helmerich & Payne, Inc.(b)		3,703,667		145,665,223
Liberty Energy, Inc.(b)		7,158,562		157,488,364
RPC, Inc.(b)		10,608,987		70,974,123
SM Energy Co.(b)		3,949,328		191,502,915
US Silica Holdings, Inc.(a)(b)		4,994,953		77,072,125
				1,302,969,520
Health Care — 9.4%
Alkermes PLC(a)		4,526,127		111,071,157
Collegium Pharmaceutical, Inc.(a)(b)		2,733,742		100,957,092
Cross Country Healthcare, Inc.(a)(b)		4,642,995		81,716,712
Dynavax Technologies Corp.(a)(b)		2,750,855		31,277,221
Harmony Biosciences Holdings, Inc.(a)(b)		2,640,573		81,620,112
Innoviva, Inc.(a)(b)		3,551,693		53,666,081
Ironwood Pharmaceuticals, Inc.(a)		7,617,134		59,032,789
Omnicell, Inc.(a)		1,655,126		44,373,928
Owens & Minor, Inc.(a)		7,780,219		192,482,618
Pacira BioSciences, Inc.(a)		1,664,509		43,693,361
Pediatrix Medical Group, Inc.(a)		5,536,452		49,108,329
Varex Imaging Corp.(a)		2,063,032		33,524,270
				882,523,670
Industrials — 23.0%
American Woodmark Corp.(a)		755,759		69,590,289
Apogee Enterprises, Inc.		841,384		51,980,704
Boise Cascade Co.(b)		1,369,433		181,134,903
DNOW, Inc.(a)		4,349,775		61,375,325
Encore Wire Corp.		487,494		136,186,324
Forward Air Corp.(b)		2,254,619		49,646,710
Gibraltar Industries, Inc.(a)		1,000,969		71,529,245
GMS, Inc.(a)		1,554,493		143,821,692
Griffon Corp.		2,321,877		152,129,381
Hub Group, Inc. - Class A		2,486,356		100,001,238
Insteel Industries, Inc.		1,011,760		32,477,496
Interface, Inc.		2,806,013		42,903,939
Kelly Services, Inc. - Class A		908,954		20,851,405
Lindsay Corp.		374,646		43,515,133
Liquidity Services, Inc.(a)		884,775		15,271,217
Masterbrand, Inc.(a)		7,243,355		120,746,728
MillerKnoll Inc.(b)		3,688,376		93,795,402
Mueller Industries, Inc.		3,853,733		215,115,376
National Presto Industries, Inc.		186,897		15,323,685
Powell Industries, Inc.(b)		647,478		92,589,354
Quanex Building Products Corp.		1,197,563		39,783,043
Resideo Technologies, Inc.(a)		5,629,233		109,938,920
Resources Connection, Inc.		1,422,724		15,721,100
SkyWest, Inc.(a)		2,328,843		170,075,404
Titan International, Inc.(a)(b)		3,500,474		38,575,223

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

120

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 100.0% (Continued)
Industrials — 23.0% (Continued)
Wabash National Corp.(b)		2,898,885	$	66,993,232
				2,151,072,468
Information Technology — 10.7%
Adeia, Inc.		4,808,447		47,315,119
DXC Technology Co.(a)		9,563,034		186,383,533
ePlus, Inc.(a)		1,231,910		94,709,241
Extreme Networks, Inc.(a)		6,997,090		78,367,408
Insight Enterprises, Inc.(a)(b)		1,070,686		195,475,143
PC Connection, Inc.		1,077,423		66,767,903
Photronics, Inc.(a)		2,240,039		61,399,469
ScanSource, Inc.(a)		1,592,641		66,285,718
SMART Global Holdings, Inc.(a)(b)		2,872,215		52,475,368
Xerox Holdings Corp.(b)		11,944,605		158,743,800
				1,007,922,702
Materials — 5.4%
Alpha Metallurgical Resources, Inc.(b)		530,374		173,495,943
Arch Resources, Inc.(b)		933,338		148,195,408
Clearwater Paper Corp.(a)		1,090,930		49,135,487
Metallus Inc.(a)(b)		1,362,943		28,022,108
Olympic Steel, Inc.(b)		892,113		56,711,623
SunCoke Energy, Inc.		4,837,606		49,875,718
				505,436,287
TOTAL COMMON STOCKS (Cost $9,108,655,587)				9,394,845,460

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.4%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		975,050,215	$	975,050,215
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $975,050,215)				975,050,215
TOTAL INVESTMENTS — 110.4% (Cost $10,083,705,802)				10,369,895,675
Liabilities in Excess of Other Assets — (10.4)%				(970,204,483	)
TOTAL NET ASSETS — 100.0%			$	9,399,691,192

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $918,208,256 which represented 9.8% of net assets.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

121

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.1%
Australia — 6.7%
Ampol Ltd.		100,535	$	2,397,303
Atlas Arteria Ltd.		724,579		2,436,088
BHP Group Ltd. - ADR(a)		599,562		33,071,840
Coles Group Ltd.		423,172		4,446,391
Fortescue Ltd.		1,554,687		26,235,576
IGO Ltd.		383,663		1,965,922
Santos Ltd.		1,224,561		6,108,169
Sonic Healthcare Ltd.		122,611		2,126,267
Telstra Group Ltd.		3,772,210		8,968,129
Wesfarmers Ltd.		302,117		13,071,533
Woodside Energy Group Ltd. - ADR(a)		1,526,511		27,187,161
				128,014,379
Canada — 3.2%
Canadian Natural Resources Ltd.		305,269		23,145,496
Enbridge, Inc.(a)		1,050,687		37,341,416
				60,486,912
Denmark — 1.8%
AP Moller - Maersk AS - Class B		23,186		33,805,798
Svitzer AS(b)		46,372		1,558,251
				35,364,049
France — 6.7%
Cie Generale des Etablissements Michelin SCA		200,622		7,746,288
Engie SA(a)		1,480,978		25,714,771
Orange SA		1,140,798		12,692,037
Sanofi SA - ADR		739,026		36,382,250
TotalEnergies SE - ADR(a)		550,402		39,887,633
Veolia Environnement SA		189,811		5,912,919
				128,335,898
Germany — 6.4%
BASF SE		492,065		25,812,893
Bayerische Motoren Werke AG		353,794		38,682,001
Daimler AG		566,675		42,901,427
Deutsche Post AG		351,342		14,720,646
				122,116,967
Hong Kong — 4.1%
Chow Tai Fook Jewellery Group Ltd.		8,069,876		11,099,987
CK Hutchison Holdings Ltd.		1,968,221		9,623,845
CK Infrastructure Holdings Ltd.		1,217,192		6,892,966
Orient Overseas International Ltd.		2,136,898		31,222,908
Power Assets Holdings Ltd.		1,062,911		6,121,178
SITC International Holdings Co. Ltd.		3,648,926		7,948,368
WH Group Ltd.(c)		5,569,566		4,072,497

	Shares		Value
Hong Kong — 4.1% (Continued)
Xinyi Glass Holdings Ltd.		1,567,805	$	1,687,514
				78,669,263
Italy — 2.7%
Enel SpA		4,611,557		30,419,553
Eni SpA - ADR(a)		677,118		21,688,090
				52,107,643
Japan — 5.5%
Astellas Pharma, Inc.		493,173		4,734,261
Dentsu Group, Inc.		83,836		2,269,257
ENEOS Holdings, Inc.		864,180		4,004,877
Isuzu Motors Ltd.		263,348		3,338,708
Japan Tobacco, Inc.		727,961		19,593,535
JFE Holdings, Inc.		177,416		2,655,925
Komatsu Ltd.		280,862		8,467,798
Marubeni Corp.		444,353		7,956,459
Mitsui OSK Lines Ltd.		250,141		7,914,298
Nippon Steel Corp.		333,085		7,478,388
Nippon Yusen KK		216,365		6,126,786
SoftBank Corp.		1,721,043		20,853,522
Sumitomo Corp.		353,520		9,313,481
				104,707,295
Netherlands — 4.2%
Koninklijke Ahold Delhaize NV		275,037		8,347,707
Shell PLC - ADR		565,467		40,521,365
Stellantis NV		1,454,013		32,400,021
				81,269,093
Singapore — 1.4%
Genting Singapore Ltd.		3,238,178		2,170,568
Jardine Cycle & Carriage Ltd.		143,354		2,782,961
Singapore Airlines Ltd.		1,255,630		6,015,765
Singapore Telecommunications Ltd.		6,624,641		11,550,233
Wilmar International Ltd.		2,072,787		4,904,657
				27,424,184
South Korea — 1.1%
HMM Co. Ltd.		268,924		3,084,035
Kia Corp.		116,950		9,984,878
KT&G Corp.		55,827		3,611,124
LG Corp.		41,600		2,389,871
S-Oil Corp.		38,705		2,035,926
				21,105,834
Spain — 1.4%
Endesa SA		490,516		8,951,499
Repsol SA		387,537		6,089,968
Telefonica SA		2,441,767		10,960,238
				26,001,705

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

122

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.1% (Continued)
Sweden — 0.4%
H & M Hennes & Mauritz AB - Class B(a)		462,538	$	7,418,387
Switzerland — 6.8%
Glencore PLC		6,376,644		37,265,946
Kuehne + Nagel International AG		42,214		11,191,245
Novartis AG - ADR		379,438		36,854,813
Roche Holding AG - ADR(a)		1,078,118		32,149,479
SGS SA		52,034		4,588,388
Swisscom AG		14,645		8,021,493
				130,071,364
United Kingdom — 10.4%
BP PLC - ADR		936,605		36,312,176
British American Tobacco PLC - ADR		1,162,075		34,188,246
GSK PLC - ADR(a)		558,359		23,138,397
Imperial Brands PLC		481,392		10,998,829
Rio Tinto PLC - ADR		520,835		35,328,238
Tesco PLC		1,904,924		7,052,806
Unilever PLC - ADR		688,435		35,695,355
Vodafone Group PLC - ADR(a)		2,067,382		17,386,682
				200,100,729
United States — 36.3%(d)
3M Co.		239,585		23,122,348
AbbVie, Inc.		257,140		41,821,250
Altria Group, Inc.		865,560		37,920,184
AT&T, Inc.		2,199,958		37,157,291
Bristol-Myers Squibb Co.		668,362		29,367,826
Chevron Corp.		254,631		41,064,341
ConocoPhillips		320,477		40,258,321
CVS Health Corp.		328,860		22,267,111
EOG Resources, Inc.		197,810		26,136,635
Exxon Mobil Corp.		358,561		42,407,009
Ford Motor Co.		3,418,934		41,540,048
Gilead Sciences, Inc.		345,961		22,556,657
International Business Machines Corp.		230,006		38,226,997
Kimberly-Clark Corp.		92,590		12,641,313
Pfizer, Inc.		1,275,321		32,673,724
Philip Morris International, Inc.		392,069		37,223,031
Pioneer Natural Resources Co.		119,636		32,220,368
Solventum Corp.(b)		59,471		3,866,210
Southern Copper Corp.(a)		254,856		29,734,050
The Kraft Heinz Co.		399,550		15,426,625
United Parcel Service, Inc. - Class B		238,025		35,103,927
Verizon Communications, Inc.		957,158		37,798,169

	Shares		Value
United States — 36.3%(d) (Continued)
Williams Cos., Inc.		417,505	$	16,015,492
				696,548,927
TOTAL COMMON STOCKS (Cost $1,837,359,909)				1,899,742,629
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.1%
Mount Vernon Liquid Assets Portfolio, LLC - 5.51%(e)		232,196,500		232,196,500
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $232,196,500)				232,196,500
TOTAL INVESTMENTS — 111.2% (Cost $2,069,556,409)				2,131,939,129
Liabilities in Excess of Other Assets — (11.2)%				(215,255,652	)
TOTAL NET ASSETS — 100.0%			$	1,916,683,477

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $221,424,115 which represented 11.6% of net assets.

(b) Non-income producing security.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $4,072,497 or 0.2% of the Fund’s net assets.

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

(e) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

123

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.2%
Australia — 7.1%
BlueScope Steel Ltd.		406,190	$	6,023,029
Fortescue Ltd.		1,613,030		27,220,123
IGO Ltd.		804,100		4,120,277
Qantas Airways Ltd.(a)		2,978,063		11,382,189
Santos Ltd.		2,428,412		12,113,036
Whitehaven Coal Ltd.		2,943,358		14,719,745
Woodside Energy Group Ltd. - ADR(b)		1,337,908		23,828,142
				99,406,541
Belgium — 0.4%
Solvay SA		164,684		5,344,589
Canada — 4.5%
Imperial Oil Ltd.(b)		282,058		19,447,899
Suncor Energy, Inc.		818,610		31,262,716
Tourmaline Oil Corp.		240,310		11,744,493
				62,455,108
Denmark — 1.8%
AP Moller - Maersk AS - Class B		16,988		24,768,951
Svitzer AS(a)		33,976		1,141,705
				25,910,656
Finland — 1.7%
Fortum Oyj		772,920		10,211,786
UPM-Kymmene Oyj		397,468		13,963,957
				24,175,743
France — 6.4%
Carrefour SA		936,118		15,774,632
Cie de Saint-Gobain SA		389,081		31,000,915
Eiffage SA		143,568		15,367,566
Getlink SE		376,156		6,422,949
Publicis Groupe SA		157,903		17,500,215
Teleperformance SE		44,695		4,077,275
				90,143,552
Germany — 4.8%
Brenntag SE		101,494		8,108,428
Deutsche Post AG		565,812		23,706,583
Fresenius Medical Care AG - ADR(b)		599,754		12,618,824
Fresenius SE & Co. KGaA		635,610		18,972,724
Zalando SE(a)(c)		134,996		3,552,716
				66,959,275
Italy — 1.9%
Eni SpA - ADR(b)		818,957		26,231,193

	Shares		Value
Japan — 26.8%(d)
Aisin Corp.		280,298	$	10,651,022
ANA Holdings, Inc.		755,733		14,375,291
ENEOS Holdings, Inc.		4,750,975		22,017,485
Inpex Corp.		1,913,361		29,025,243
Japan Airlines Co. Ltd.		562,806		9,990,016
JFE Holdings, Inc.		899,236		13,461,600
Kawasaki Kisen Kaisha Ltd.		1,519,076		21,295,863
Koito Manufacturing Co. Ltd.		118,808		1,601,533
Lawson, Inc.		226,505		14,828,419
Makita Corp.		248,841		7,262,563
Mazda Motor Corp.		842,998		9,642,510
Mitsubishi Motors Corp.		1,351,595		4,271,217
Mitsui & Co. Ltd.		732,494		35,478,690
Mitsui OSK Lines Ltd.		480,879		15,214,699
NGK Insulators Ltd.		210,376		2,870,552
NIPPON EXPRESS HOLDINGS INC		212,306		10,857,941
Nippon Steel Corp.		944,813		21,212,839
Nippon Yusen KK		997,754		28,253,301
Niterra Co. Ltd.		136,763		4,484,914
Nitto Denko Corp.		66,384		5,501,309
Obayashi Corp.		725,468		8,104,965
Ono Pharmaceutical Co. Ltd.		243,985		3,520,970
Persol Holdings Co. Ltd.		1,118,964		1,555,191
SCREEN Holdings Co. Ltd.		59,273		6,234,911
Sega Sammy Holdings, Inc.		119,296		1,569,535
SG Holdings Co. Ltd.		443,306		5,184,528
Shimamura Co. Ltd.		33,250		1,644,633
Shionogi & Co. Ltd.		141,035		6,594,123
Sojitz Corp.		278,690		7,172,448
Subaru Corp.		813,973		18,228,784
Tokyo Gas Co. Ltd.		601,190		13,490,229
Toyota Tsusho Corp.		307,476		19,651,638
Welcia Holdings Co. Ltd.		110,416		1,625,628
				376,874,590
Luxembourg — 3.4%
ArcelorMittal		1,060,444		26,696,983
Tenaris SA - ADR		650,746		21,468,111
				48,165,094
Netherlands — 6.6%
Koninklijke Ahold Delhaize NV		939,942		28,528,383
Randstad Holding NV		129,668		6,531,626
Shell PLC - ADR		413,889		29,659,286
Stellantis NV		1,238,213		27,591,312
				92,310,607

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

124

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.2% (Continued)
Norway — 2.9%
Aker BP ASA		368,680	$	9,027,408
Equinor ASA - ADR(b)		844,460		22,454,191
Norsk Hydro ASA		1,442,036		8,944,167
				40,425,766
Poland — 1.5%
ORLEN SA		1,290,914		21,143,952
Portugal — 1.3%
Galp Energia SGPS SA		863,436		18,613,499
Singapore — 2.1%
Genting Singapore Ltd.		4,809,308		3,223,704
Singapore Airlines Ltd.		5,573,066		26,700,744
				29,924,448
South Korea — 4.5%
Hanwha Aerospace Co. Ltd.		79,918		12,229,692
Hyundai Mobis Co. Ltd.		42,064		6,954,362
Kia Corp.		410,519		35,049,014
LG H&H Co. Ltd.		12,908		3,922,553
Posco International Corp.		159,548		5,344,817
				63,500,438
Spain — 3.0%
Repsol SA		908,460		14,276,036
Telefonica SA		6,214,289		27,893,770
				42,169,806
Sweden — 1.2%
SKF AB - Class B		244,324		5,099,136
SSAB AB - Class B(b)		1,321,762		7,472,122
Tele2 AB - Class B		510,348		4,774,498
				17,345,756
Switzerland — 1.9%
Glencore PLC		4,665,115		27,263,546
United Kingdom — 15.4%
B&M European Value Retail SA		637,840		4,136,488
BAE Systems PLC - ADR(b)		405,142		27,294,417
Barratt Developments PLC		576,307		3,274,398
BP PLC - ADR		746,218		28,930,872
British American Tobacco PLC - ADR		848,669		24,967,842
Bunzl PLC		181,760		6,981,597
Burberry Group PLC		201,296		2,893,839
Centrica PLC		13,532,551		21,635,781
International Consolidated Airlines Group SA(a)		8,744,972		19,133,621
JD Sports Fashion PLC		3,389,505		4,896,060

	Shares		Value
United Kingdom — 15.4% (Continued)
Kingfisher PLC		1,740,420	$	5,395,522
Mondi PLC		252,501		4,792,625
Taylor Wimpey PLC		1,580,221		2,604,445
Tesco PLC		6,642,311		24,592,545
Vodafone Group PLC - ADR		2,983,774		25,093,539
WPP PLC - ADR(b)		197,747		9,956,561
				216,580,152
TOTAL COMMON STOCKS (Cost $1,332,466,067)				1,394,944,311
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.6%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(e)		120,207,214		120,207,214
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $120,207,214)				120,207,214
TOTAL INVESTMENTS — 107.8% (Cost $1,452,673,281)				1,515,151,525
Liabilities in Excess of Other Assets — (7.8)%				(109,953,086	)
TOTAL NET ASSETS — 100.0%			$	1,405,198,439

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $114,713,940 which represented 8.2% of net assets.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $3,552,716 or 0.3% of the Fund’s net assets.

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

(e) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

125

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 93.6%
Brazil — 8.4%
Ambev SA - ADR (a)		635,415	$	1,474,163
Auren Energia SA		168,046		374,759
CPFL Energia SA		169,054		1,044,094
CSN Mineracao SA		605,810		576,340
Lojas Renner SA		70,504		207,876
M Dias Branco SA		30,932		202,357
Telefonica Brasil SA - ADR		152,690		1,410,856
TIM SA - ADR		54,986		936,411
Vale SA - ADR		118,336		1,440,149
Vibra Energia SA		112,335		507,742
				8,174,747
Chile — 2.2%
Cencosud SA		587,627		1,006,932
Falabella SA(b)		422,300		1,130,474
				2,137,406
China — 25.0%
Alibaba Group Holding Ltd. - ADR		24,440		1,829,334
Anhui Conch Cement Co. Ltd. - Class H		402,538		939,617
China Coal Energy Co. Ltd. - Class H		2,106,426		2,127,241
China Feihe Ltd.(c)		860,212		472,843
China Shenhua Energy Co. Ltd. - Class H		565,513		2,363,925
COSCO SHIPPING Holdings Co. Ltd. - Class H		1,963,202		2,549,776
Ganfeng Lithium Group Co. Ltd. - Class H(c)		379,236		1,124,711
Haidilao International Holding Ltd.(c)		480,944		1,099,272
JD Logistics, Inc.(b)(c)		620,074		677,724
JD.com, Inc. - ADR		67,442		1,948,399
Kingsoft Corp. Ltd.		84,004		276,516
PetroChina Co. Ltd. - Class H		2,777,161		2,619,997
Sinotruk Hong Kong Ltd.		669,032		1,672,858
Tianqi Lithium Corp. - Class H		383,568		1,490,594
Weichai Power Co. Ltd. - Class H		893,760		1,839,459
Yadea Group Holdings Ltd.(c)		329,464		635,958
Yangzijiang Shipbuilding Holdings Ltd.		438,428		565,278
				24,233,502
Czech Republic — 1.6%
CEZ AS		41,420		1,528,919

	Shares		Value
Greece — 1.1%
Hellenic Telecommunications Organization SA		35,265	$	537,426
OPAP SA		31,009		516,579
				1,054,005
Hong Kong — 1.7%
Bosideng International Holdings Ltd.		743,956		430,813
China Medical System Holdings Ltd.		184,104		164,977
Kunlun Energy Co. Ltd.		1,125,562		1,097,836
				1,693,626
Indonesia — 3.9%
Adaro Energy Tbk PT		5,744,559		957,427
Astra International Tbk PT		2,937,744		930,466
Telkom Indonesia Persero Tbk PT - ADR		57,418		1,116,780
United Tractors Tbk PT		547,729		836,247
				3,840,920
Kuwait — 0.5%
Mobile Telecommunications Co. KSCP		308,074		487,642
Malaysia — 3.2%
Tenaga Nasional Bhd		840,300		2,105,812
YTL Corp. Bhd		1,558,786		1,012,517
				3,118,329
Mexico — 4.8%
Coca-Cola Femsa SAB de CV - ADR		11,767		1,166,698
Grupo Aeroportuario del Sureste SAB de CV - ADR		2,000		689,000
Grupo Mexico SAB de CV - Class B		393,667		2,432,678
Kimberly-Clark de Mexico SAB de CV - Class A		168,509		351,758
				4,640,134
Qatar — 1.3%
Industries Qatar QSC		367,156		1,235,282
Russia — 0.0% (b)(d)
Alrosa PJSC(b)(e)		91,900		0
Inter RAO UES PJSC(b)(e)		1,901,988		0
LUKOIL PJSC - ADR - ADR(b)(e)		2,652		0
Magnit PJSC(b)(e)		1,958		0
Magnitogorsk Iron & Steel Works PJSC(b)(e)		106,418		0
Magnitogorsk Iron & Steel Works PJSC - GDR(b)(e)		2,458		0
Severstal PAO - GDR(b)(e)		2,129		0
Severstal PAO(b)(e)		9,320		0
Surgutneftegas PJSC(b)(e)		477,461		0
TATNEFT PJSC ADS (b)(e)		3,600		0
				0

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

126

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 93.6% (Continued)
South Africa — 5.8%
African Rainbow Minerals Ltd.		44,320	$	462,103
Clicks Group Ltd.		10,988		170,198
Exxaro Resources Ltd.		65,849		633,291
Impala Platinum Holdings Ltd.		157,156		707,572
Kumba Iron Ore Ltd.		18,295		450,560
Mr Price Group Ltd.		33,180		308,331
MTN Group Ltd.		237,180		1,141,463
Northam Platinum Holdings Ltd.		48,677		323,621
Sasol Ltd.		75,026		531,206
Vodacom Group Ltd.		189,736		911,822
				5,640,167
Taiwan — 19.8%
Acer, Inc.		662,829		919,070
Asustek Computer, Inc.		133,959		1,769,006
Catcher Technology Co. Ltd.		58,570		392,121
Cheng Shin Rubber Industry Co. Ltd.		274,186		397,023
Chicony Electronics Co. Ltd.		83,017		516,275
China Airlines Ltd.		1,228,370		790,318
Compal Electronics, Inc.		1,060,641		1,166,112
Eva Airways Corp.		1,705,253		1,861,733
Foxconn Technology Co. Ltd.		163,146		308,636
Giant Manufacturing Co. Ltd.		32,238		216,326
Gigabyte Technology Co. Ltd.		49,428		453,872
Hon Hai Precision Industry Co. Ltd.		568,424		2,723,240
Inventec Corp.		394,798		643,811
Lite-On Technology Corp.		165,801		509,186
Novatek Microelectronics Corp.		44,337		841,480
Pegatron Corp.		320,896		962,826
Pou Chen Corp.		908,468		1,008,572
President Chain Store Corp.		89,132		750,020
Quanta Computer, Inc.		281,867		2,250,642
Synnex Technology International Corp.		294,910		722,739
				19,203,008
Thailand — 4.3%
PTT Exploration & Production PCL		343,849		1,452,034
PTT Oil & Retail Business PCL(c)		1,748,620		882,331
PTT PCL		1,790,290		1,630,391
SCG Packaging PCL		243,700		213,714
				4,178,470

	Shares		Value
Turkey — 9.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS		87,868	$	495,146
BIM Birlesik Magazalar AS		44,291		529,256
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS(b)		7,460		138,552
Enka Insaat ve Sanayi AS		231,160		274,084
Ford Otomotiv Sanayi AS		34,638		1,191,454
KOC Holding AS		368,034		2,569,377
Migros Ticaret AS		31,050		423,763
Oyak Cimento Fabrikalari AS(b)		53,820		100,706
Tofas Turk Otomobil Fabrikasi AS		70,920		602,747
Turk Traktor ve Ziraat Makineleri AS		10,760		305,495
Turkcell Iletisim Hizmetleri AS		270,198		674,113
Turkiye Petrol Rafinerileri AS		340,625		2,059,342
				9,364,035
United Arab Emirates — 0.4%
National Marine Dredging Co.		55,717		404,426
TOTAL COMMON STOCKS (Cost $85,540,081)				90,934,618
PREFERRED STOCKS — 5.6%
Brazil — 5.6%
Centrais Eletricas Brasileiras SA, 0.00%,		121,544		972,801
Cia Energetica de Minas Gerais - ADR, 0.00%,		341,274		819,058
Companhia Paranaense de Energia, 0.00%,		201,532		352,019
Gerdau SA - ADR, Series 0, 0.00%,		181,757		632,515
Metalurgica Gerdau SA, 0.00%,		314,744		636,447
Petroleo Brasileiro SA - ADR, 0.00%,		124,775		2,011,373
				5,424,213
TOTAL PREFERRED STOCKS (Cost $5,047,326)				5,424,213

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

127

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.0%(d)
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(f)		4,543	$	4,543
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,543)				4,543
TOTAL INVESTMENTS — 99.2% (Cost $90,591,950)				96,363,374
Other Assets in Excess of Liabilities — 0.8%				723,006
TOTAL NET ASSETS — 100.0%			$	97,086,380

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PJSC - Public Joint Stock Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $4,215 which represented 0.0% of net assets.

(b) Non-income producing security.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $4,892,839 or 5.0% of the Fund’s net assets.

(d) Represents less than 0.05% of net assets.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2024.

(f) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

128

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 5.9%
Alphabet, Inc. - Class A(a)		5,364	$	873,152
Electronic Arts, Inc.		9,141		1,159,262
Iridium Communications, Inc.		10,322		317,814
Match Group, Inc.(a)		11,296		348,143
Meta Platforms, Inc. - Class A		6,793		2,922,145
Trade Desk, Inc. - Class A(a)		10,529		872,328
ZoomInfo Technologies, Inc.(a)		34,015		539,478
				7,032,322
Consumer Discretionary — 8.1%
Airbnb, Inc. - Class A(a)		8,983		1,424,434
Booking Holdings, Inc.		308		1,063,225
Deckers Outdoor Corp.(a)		3,951		3,233,775
Etsy, Inc.(a)		9,265		636,228
Garmin Ltd.		13,529		1,954,535
McDonald’s Corp.		2,749		750,587
Wyndham Hotels & Resorts, Inc.		9,661		710,180
				9,772,964
Consumer Staples — 1.2%
Altria Group, Inc.		13,854		606,944
Olaplex Holdings, Inc.(a)		194,238		269,991
Philip Morris International, Inc.		6,497		616,825
				1,493,760
Energy — 6.4%
Antero Midstream Corp.		77,247		1,069,098
Cheniere Energy, Inc.		3,864		609,816
Coterra Energy, Inc.		21,251		581,427
Diamondback Energy, Inc.		7,890		1,586,916
EOG Resources, Inc.		4,521		597,360
EQT Corp.		13,141		526,823
Kinder Morgan, Inc.		41,302		755,001
Marathon Oil Corp.		22,763		611,186
Texas Pacific Land Corp.		890		512,907
Williams Cos., Inc.		22,005		844,112
				7,694,646
Health Care — 9.9%
AbbVie, Inc.		8,059		1,310,716
Amgen, Inc.		3,163		866,472
Bristol-Myers Squibb Co.		8,856		389,133
Doximity, Inc. - Class A(a)		49,290		1,197,254
Gilead Sciences, Inc.		8,182		533,466
Jazz Pharmaceuticals PLC(a)		3,820		423,065
Mettler-Toledo International, Inc.(a)		606		745,198
Regeneron Pharmaceuticals, Inc.(a)		1,334		1,188,141
Royalty Pharma PLC - Class A		24,705		684,329
Shockwave Medical, Inc.(a)		5,223		1,724,582

	Shares		Value
Health Care — 9.9% (Continued)
United Therapeutics Corp.(a)		3,086	$	723,142
Veeva Systems, Inc. - Class A(a)		4,210		835,938
Vertex Pharmaceuticals, Inc.(a)		3,419		1,343,017
				11,964,453
Industrials — 7.2%
Allison Transmission Holdings, Inc.		21,878		1,609,127
AMETEK, Inc.		6,318		1,103,502
Carlisle Cos., Inc.		5,801		2,252,238
CSX Corp.		44,326		1,472,510
Nordson Corp.		3,625		935,939
Paychex, Inc.		5,760		684,345
Verisk Analytics, Inc.		2,898		631,648
				8,689,309
Information Technology — 59.3%(b)
Adobe, Inc.(a)		1,239		573,446
Analog Devices, Inc.		4,323		867,237
ANSYS, Inc.(a)		2,412		783,611
Apple, Inc.		3,463		589,853
Applied Materials, Inc.		9,363		1,859,960
AppLovin Corp. - Class A(a)		35,833		2,528,735
Arista Networks, Inc.(a)		8,345		2,140,993
Aspen Technology, Inc.(a)		3,473		683,729
Atlassian Corp. - Class A(a)		3,549		611,493
Autodesk, Inc.(a)		4,859		1,034,238
Bentley Systems, Inc. - Class B		15,021		789,053
Broadcom, Inc.		1,678		2,181,853
Cadence Design System, Inc.(a)		5,506		1,517,619
CCC Intelligent Solutions Holdings, Inc.(a)		84,968		953,341
Cisco Systems, Inc.		9,696		455,518
Crowdstrike Holdings, Inc. - Class A(a)		15,401		4,505,408
Datadog, Inc. - Class A(a)		16,531		2,074,640
DocuSign, Inc.(a)		15,700		888,620
Dolby Laboratories, Inc. - Class A		7,513		583,460
Dropbox, Inc. - Class A(a)		20,232		468,573
Dynatrace, Inc.(a)		15,599		706,791
Enphase Energy, Inc.(a)		5,435		591,111
F5, Inc.(a)		6,354		1,050,380
Fair Isaac Corp.(a)		1,798		2,037,727
Fortinet, Inc.(a)		17,385		1,098,384
Gen Digital, Inc.		39,593		797,403
GoDaddy, Inc. - Class A (a)		26,922		3,294,714
Intuit, Inc.		2,312		1,446,433
Keysight Technologies, Inc.(a)		8,068		1,193,580
KLA Corp.		2,982		2,055,463
Lam Research Corp.		2,065		1,846,957
Lattice Semiconductor Corp.(a)		5,370		368,382

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

129

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Information Technology — 59.3%(b) (Continued)
Manhattan Associates, Inc.(a)		6,495	$	1,338,360
Microchip Technology, Inc.		8,778		807,400
Microsoft Corp.		4,136		1,610,269
Monolithic Power Systems, Inc.		3,002		2,009,329
NVIDIA Corp.		3,863		3,337,709
Palantir Technologies, Inc. - Class A(a)		140,092		3,077,821
Palo Alto Networks, Inc.(a)		5,881		1,710,724
PTC, Inc.(a)		8,718		1,546,922
QUALCOMM, Inc.		13,577		2,251,745
Roper Technologies, Inc.		1,790		915,513
salesforce.com, Inc.		7,220		1,941,747
ServiceNow, Inc.(a)		2,476		1,716,685
Skyworks Solutions, Inc.		5,913		630,267
Snowflake, Inc. - Class A(a)		7,764		1,204,973
VeriSign, Inc.(a)		3,004		509,118
Workday, Inc. - Class A(a)		5,029		1,230,747
Zoom Video Communications, Inc. - Class A(a)		9,716		593,648
Zscaler, Inc.(a)		13,490		2,332,961
				71,344,643
Materials — 1.4%
Royal Gold, Inc.		5,219		626,959
Southern Copper Corp.		8,723		1,017,712
				1,644,671
Utilities — 0.5%
Clearway Energy, Inc. - Class C		23,096		539,984
TOTAL COMMON STOCKS (Cost $117,436,409)				120,176,752
TOTAL INVESTMENTS — 99.9% (Cost $117,436,409)				120,176,752
Other Assets in Excess of Liabilities — 0.1%				165,343
TOTAL NET ASSETS — 100.0%			$	120,342,095

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

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

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

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

130

Pacer US Small Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 3.8%
Cars.com, Inc.(a)		2,987	$	49,913
Gogo, Inc.(a)		3,486		31,583
Madison Square Garden Sports Corp.(a)		396		73,624
TechTarget, Inc.(a)		2,779		76,422
Thryv Holdings, Inc.(a)		2,999		69,007
YELP, Inc.(a)		1,166		46,920
				347,469
Consumer Discretionary — 21.7%
Abercrombie & Fitch Co. - Class A(a)		3,102		376,955
Adtalem Global Education, Inc.(a)		1,888		93,682
American Eagle Outfitters, Inc.		7,894		191,508
Buckle, Inc.		2,413		90,222
Cavco Industries, Inc.(a)		432		157,339
Dine Brands Global, Inc.		860		37,926
Ethan Allen Interiors, Inc.		2,290		64,670
G-III Apparel Group Ltd.(a)		8,736		245,918
Green Brick Partners, Inc.(a)		2,113		114,377
Kontoor Brands, Inc.		2,329		144,538
LCI Industries		529		55,005
M/I Homes, Inc.(a)		1,136		132,026
Monarch Casino & Resort, Inc.		1,006		68,177
Monro, Inc.		2,000		54,500
Perdoceo Education Corp.		4,476		81,911
Vista Outdoor, Inc.(a)		2,387		83,760
				1,992,514
Consumer Staples — 5.1%
Cal-Maine Foods, Inc.		2,024		111,988
Energizer Holdings, Inc.		1,335		38,341
Medifast, Inc.		540		14,866
National Beverage Corp.(a)		1,307		58,162
Simply Good Foods Co.(a)		1,686		61,455
Vector Group Ltd.		6,206		64,232
WD-40 Co.		517		116,909
				465,953
Energy — 5.1%
California Resources Corp.		1,015		53,653
CONSOL Energy, Inc.		640		52,966
Dorian LPG Ltd.		4,690		193,791
Helmerich & Payne, Inc.		1,342		52,781
RPC, Inc.		6,318		42,267
SM Energy Co.		1,493		72,396
				467,854

	Shares		Value
Health Care — 15.7%
Alkermes PLC(a)		2,888	$	70,872
Amphastar Pharmaceuticals, Inc.(a)		924		38,115
ANI Pharmaceuticals, Inc.(a)		1,061		70,026
Certara, Inc.(a)		3,608		61,733
Collegium Pharmaceutical, Inc.(a)		6,010		221,949
Corcept Therapeutics, Inc.(a)		1,307		30,479
Cross Country Healthcare, Inc.(a)		1,609		28,318
Dynavax Technologies Corp.(a)		3,270		37,180
Harmony Biosciences Holdings, Inc.(a)		1,388		42,903
HealthStream, Inc.		5,478		141,168
Innoviva, Inc.(a)		7,782		117,586
Ironwood Pharmaceuticals, Inc.(a)		8,617		66,782
LeMaitre Vascular, Inc.		1,776		115,085
Mesa Laboratories, Inc.		298		31,612
Pacira BioSciences, Inc.(a)		1,248		32,760
Premier, Inc.		2,533		52,889
Prestige Brands Holdings, Inc.(a)		1,541		110,582
Simulations Plus, Inc.		1,109		50,293
Supernus Pharmaceuticals, Inc.(a)		1,568		47,197
US Physical Therapy, Inc.		691		70,143
				1,437,672
Industrials — 26.6%(b)
Armstrong World Industries, Inc.		1,869		214,711
Brady Corp. - Class A		1,793		105,787
Encore Wire Corp.		871		243,322
EnPro Industries, Inc.		611		91,729
Franklin Electric Co., Inc.		776		74,705
Gibraltar Industries, Inc.(a)		867		61,956
Griffon Corp.		3,855		252,580
Hayward Holdings, Inc.(a)		4,155		56,425
Insteel Industries, Inc.		1,982		63,622
Lindsay Corp.		462		53,661
Liquidity Services, Inc.(a)		3,172		54,749
Masterbrand, Inc.(a)		8,945		149,113
Mueller Industries, Inc.		3,001		167,516
Powell Industries, Inc.		2,440		348,920
SkyWest, Inc.(a)		2,710		197,911
Tennant Co.		1,522		177,283
Verra Mobility Corp.(a)		5,328		125,634
				2,439,624
Information Technology — 14.2%
A10 Networks, Inc.		3,263		42,615
Adeia, Inc.		8,264		81,318
Alarm.com Holdings, Inc.(a)		1,913		127,215
Axcelis Technologies, Inc.(a)		225		23,292
Badger Meter, Inc.		323		59,083
BlackLine, Inc.(a)		748		43,421

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

131

Pacer US Small Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Information Technology — 14.2% (Continued)
Box, Inc. - Class A(a)		1,849	$	48,111
Cohu, Inc.(a)		1,269		38,476
CTS Corp.		1,324		60,573
DoubleVerify Holdings, Inc.(a)		1,450		42,485
ePlus, Inc.(a)		1,604		123,316
Extreme Networks, Inc.(a)		1,781		19,947
InterDigital, Inc.		1,200		118,476
Knowles Corp.(a)		3,855		61,025
LiveRamp Holdings, Inc.(a)		2,312		74,238
N-able, Inc.(a)		4,622		56,666
Perficient, Inc.(a)		988		46,693
Photronics, Inc.(a)		4,143		113,560
Progress Software Corp.		787		39,208
SMART Global Holdings, Inc.(a)		1,574		28,757
SPS Commerce, Inc.(a)		321		55,812
				1,304,287
Materials — 7.2%
Alpha Metallurgical Resources, Inc.		834		272,818
Arch Resources, Inc.		735		116,703
Balchem Corp.		587		82,990
Hawkins, Inc.		1,366		103,502
Quaker Chemical Corp.		478		89,162
				665,175
Utilities — 0.5%
Clearway Energy, Inc. - Class C		1,892		44,235
TOTAL COMMON STOCKS (Cost $9,132,777)				9,164,783
TOTAL INVESTMENTS - 99.9% (Cost $9,132,777)				9,164,783
Other Assets in Excess of Liabilities - 0.1%				5,476
TOTAL NET ASSETS — 100.0%			$	9,170,259

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

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

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

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

132

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 6.0%
Alphabet, Inc. - Class A(a)		17,095	$	2,782,724
Consumer Discretionary — 34.3%(b)
Booking Holdings, Inc.		664		2,292,148
Boyd Gaming Corp.		5,459		292,111
Crocs, Inc.(a)		3,441		427,957
Deckers Outdoor Corp.(a)		1,460		1,194,966
DR Horton, Inc.		15,073		2,147,752
Expedia Group, Inc.(a)		7,751		1,043,517
Grand Canyon Education, Inc.(a)		1,706		221,814
Murphy USA, Inc.		1,183		489,549
NVR, Inc.(a)		181		1,346,432
PulteGroup, Inc.		12,064		1,344,171
Ross Stores, Inc.		15,883		2,057,643
Skechers U.S.A., Inc. - Class A(a)		8,717		575,758
Toll Brothers, Inc.		5,925		705,727
TopBuild Corp.(a)		1,807		731,239
Williams-Sonoma, Inc.(c)		3,648		1,046,173
				15,916,957
Consumer Staples — 0.9%
Coca-Cola Consolidated, Inc.		533		440,258
Energy — 10.3%
APA Corp.(c)		17,151		539,227
Chord Energy Corp.(c)		2,357		417,142
Diamondback Energy, Inc.(c)		10,149		2,041,268
Ovintiv, Inc.		15,328		786,633
Range Resources Corp.		13,770		494,481
Weatherford International PLC(a)		4,113		508,449
				4,787,200
Health Care — 2.4%
Exelixis, Inc.(a)		17,244		404,544
Halozyme Therapeutics, Inc.(a)		7,208		274,625
Lantheus Holdings, Inc.(a)(c)		3,895		259,173
Progyny, Inc.(a)		5,485		175,849
				1,114,191

	Shares		Value
Industrials — 15.7%
Advanced Drainage Systems, Inc.(c)		4,414	$	692,998
Applied Industrial Technologies, Inc.		2,199		402,967
Brink’s Co.		2,524		220,749
Builders FirstSource, Inc.(a)(c)		6,935		1,267,857
Comfort Systems USA, Inc.(c)		2,030		628,102
EMCOR Group, Inc.		2,677		956,144
Esab Corp.		3,432		363,380
Fortive Corp.		19,984		1,504,196
Owens Corning		4,948		832,303
UFP Industries, Inc.		3,503		394,788
				7,263,484
Information Technology — 19.1%
Apple, Inc.		13,558		2,309,334
Applied Materials, Inc.		11,261		2,236,998
Dropbox, Inc. - Class A(a)		19,564		453,102
GoDaddy, Inc. - Class A(a)		8,103		991,645
Lam Research Corp.		2,420		2,164,472
Qualys, Inc.(a)		2,102		344,539
Vontier Corp.		8,747		355,391
				8,855,481
Materials — 8.0%
Celanese Corp.		6,194		951,460
Eagle Materials, Inc.(c)		1,959		491,141
NewMarket Corp.		545		287,171
Reliance, Inc.(c)		3,266		929,896
Westlake Chemical Corp.		7,292		1,074,549
				3,734,217
Utilities — 3.2%
Vistra Corp.		19,786		1,500,570
TOTAL COMMON STOCKS (Cost $41,805,464)				46,395,082

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

133

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.1%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		7,010,900	$	7,010,900
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,010,900)				7,010,900
TOTAL INVESTMENTS — 115.0% (Cost $48,816,364)				53,405,982
Liabilities in Excess of Other Assets — (15.0)%				(6,994,352	)
TOTAL NET ASSETS — 100.0%			$	46,411,630

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) 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.

(c) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $6,709,378 which represented 14.5% of net assets.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

134

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 100.0%
Pacer Developed Markets International Cash Cows 100 ETF(a)		609,263	$	19,173,506
Pacer Global Cash Cows Dividend ETF(a)		563,787		19,225,137
Pacer US Cash Cows 100 ETF(a)		339,100		18,596,244
Pacer US Cash Cows Growth ETF(a)		460,089		18,583,225
Pacer US Small Cap Cash Cows 100 ETF(a)		402,486		18,458,008
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $86,738,838)				94,036,120
TOTAL INVESTMENTS — 100.0% (Cost $86,738,838)				94,036,120
Other Assets in Excess of Liabilities — 0.0%(b)				1,302
TOTAL NET ASSETS — 100.0%			$	94,037,422

Percentages are stated as a percent of net assets.

(a) Affiliated company as defined by the Investment Company Act of 1940.

(b) Represents less than 0.05% of net assets.

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

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

135

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 81.3%
Communication Services — 6.4%
Alphabet, Inc. - Class A(a)		1,558	$	253,611
Alphabet, Inc. - Class C(a)		1,304		214,691
Match Group, Inc.(a)(b)		1,484		45,737
Meta Platforms, Inc. - Class A		675		290,365
Netflix, Inc.(a)		342		188,319
Pinterest, Inc. - Class A(a)(b)		2,104		70,379
ROBLOX Corp. - Class A(a)(b)		1,789		63,617
Snap, Inc. - Class A(a)(b)		4,929		74,181
ZoomInfo Technologies, Inc.(a)		2,305		36,557
				1,237,457
Consumer Discretionary — 4.2%
Airbnb, Inc. - Class A(a)(b)		768		121,782
Amazon.com, Inc.(a)		2,285		399,875
Carvana Co.(a)(b)		607		50,332
DoorDash, Inc. - Class A(a)(b)		735		95,006
DraftKings, Inc.(a)		1,666		69,239
eBay, Inc.(b)		1,574		81,124
				817,358
Financials — 21.4%
Aflac, Inc.(b)		391		32,707
Allstate Corp.		193		32,822
American Express Co.		409		95,718
American International Group, Inc.(b)		516		38,860
Ameriprise Financial, Inc.		72		29,649
Aon PLC(b)		144		40,609
Arch Capital Group Ltd.(a)(b)		274		25,630
Arthur J Gallagher & Co.		159		37,316
Assurant, Inc.		40		6,976
Bank of America Corp.		4,961		183,607
Bank of New York Mellon Corp.		564		31,860
Berkshire Hathaway, Inc. - Class B(a)		1,311		520,112
BlackRock, Inc.(b)		100		75,464
Blackstone, Inc.		516		60,171
Brown & Brown, Inc.		174		14,188
Capital One Financial Corp.(b)		280		40,160
Cboe Global Markets, Inc.		78		14,130
Charles Schwab Corp.		1,065		78,757
Chubb Ltd.		291		72,354
Cincinnati Financial Corp.		116		13,420
Citigroup, Inc.		1,362		83,531
Citizens Financial Group, Inc.(b)		343		11,700
CME Group, Inc.		259		54,297
Comerica, Inc.(b)		98		4,917
Corpay, Inc.(a)(b)		54		16,316
Discover Financial Services		184		23,318

	Shares		Value
Financials — 21.4% (Continued)
Everest Group Ltd.		33	$	12,092
FactSet Research Systems, Inc.		28		11,673
Fidelity National Information Services, Inc.		434		29,477
Fifth Third Bancorp(b)		500		18,230
Fiserv, Inc.(a)		432		65,953
Franklin Resources, Inc.(b)		224		5,116
Global Payments, Inc.		192		23,572
Globe Life, Inc.(b)		64		4,875
Goldman Sachs Group, Inc.		234		99,850
Hartford Financial Services Group, Inc.		222		21,510
Huntington Bancshares, Inc.		1,071		14,426
Intercontinental Exchange, Inc.		420		54,079
Invesco Ltd.		330		4,676
Jack Henry & Associates, Inc.		55		8,948
JPMorgan Chase & Co.(b)		2,083		399,393
KeyCorp.(b)		696		10,085
Loews Corp.		135		10,145
M&T Bank Corp.		123		17,760
MarketAxess Holdings, Inc.		28		5,603
Marsh & McLennan Cos., Inc.		352		70,199
Mastercard, Inc. - Class A		594		268,013
MetLife, Inc.		456		32,412
Moody’s Corp.(b)		116		42,958
Morgan Stanley(b)		897		81,483
MSCI, Inc.		58		27,016
Nasdaq, Inc.		274		16,399
Northern Trust Corp.		153		12,606
PayPal Holdings, Inc.(a)		2,817		191,331
PNC Financial Services Group, Inc.		287		43,986
Principal Financial Group, Inc.(b)		162		12,821
Progressive Corp.		420		87,465
Prudential Financial, Inc.(b)		266		29,388
Raymond James Financial, Inc.		139		16,958
Regions Financial Corp.(b)		683		13,161
S&P Global, Inc.		230		95,641
State Street Corp.		227		16,455
Synchrony Financial		304		13,370
T Rowe Price Group, Inc.		165		18,079
Travelers Cos., Inc.		168		35,643
Truist Financial Corp.(b)		961		36,086
US Bancorp(b)		1,122		45,587
Visa, Inc. - Class A(b)		1,140		306,215
W R Berkley Corp.		150		11,546
Wells Fargo & Co.		2,593		153,817
Willis Towers Watson PLC		77		19,338
				4,154,025

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

136

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 81.3% (Continued)
Health Care — 0.5%
Teladoc Health, Inc.(a)(b)		1,910	$	24,353
Veeva Systems, Inc. - Class A(a)		394		78,232
				102,585
Industrials — 20.6%
3M Co.		591		57,037
A O Smith Corp.(b)		132		10,935
Allegion PLC(b)		94		11,427
American Airlines Group, Inc.(a)		700		9,457
AMETEK, Inc.		247		43,141
Automatic Data Processing, Inc.		439		106,190
Axon Enterprise, Inc.(a)		76		23,838
Boeing Co.(a)(b)		613		102,886
Broadridge Financial Solutions, Inc.		126		24,370
Builders FirstSource, Inc.(a)(b)		132		24,132
Carrier Global Corp.(b)		893		54,911
Caterpillar, Inc.		549		183,678
CH Robinson Worldwide, Inc.(b)		126		8,946
Cintas Corp.		93		61,226
Copart, Inc.(a)		934		50,726
CSX Corp.		2,112		70,161
Cummins, Inc.		146		41,244
Dayforce Inc.(a)(b)		168		10,310
Deere & Co.(b)		279		109,203
Delta Air Lines, Inc.(b)		685		34,298
Dover Corp.(b)		150		26,895
Eaton Corp. PLC		431		137,170
Emerson Electric Co.		611		65,854
Equifax, Inc.		132		29,065
Expeditors International of Washington, Inc.(b)		155		17,253
Fastenal Co.(b)		612		41,579
FedEx Corp.		246		64,398
Fortive Corp.		375		28,226
GE Vernova, Inc.(a)		293		45,037
Generac Holdings, Inc.(a)		66		8,973
General Dynamics Corp.		243		69,763
General Electric Co.(b)		1,174		189,976
Honeywell International, Inc.		711		137,030
Howmet Aerospace, Inc.(b)		419		27,968
Hubbell, Inc.(b)		57		21,120
Huntington Ingalls Industries, Inc.		42		11,631
IDEX Corp.		82		18,078
Illinois Tool Works, Inc.		291		71,036
Ingersoll Rand, Inc.		433		40,408
Jacobs Solutions, Inc.		135		19,377
JB Hunt Trasport Services, Inc.		87		14,144

	Shares		Value
Industrials — 20.6% (Continued)
Johnson Controls International PLC		728	$	47,371
L3Harris Technologies, Inc.		203		43,452
Leidos Holdings, Inc.		147		20,612
Lockheed Martin Corp.		230		106,934
Masco Corp.		236		16,154
Nordson Corp.		58		14,975
Norfolk Southern Corp.		242		55,737
Northrop Grumman Corp.(b)		151		73,240
Old Dominion Freight Line, Inc.		192		34,888
Otis Worldwide Corp.		434		39,581
PACCAR, Inc.		560		59,422
Parker-Hannifin Corp.		138		75,198
Paychex, Inc.		343		40,752
Paycom Software, Inc.		52		9,775
Pentair PLC		177		13,999
Quanta Services, Inc.		155		40,077
Republic Services, Inc.		219		41,982
Robert Half, Inc.		112		7,744
Rockwell Automation, Inc.(b)		123		33,328
Rollins, Inc.		300		13,368
RTX Corp.		1,431		145,275
Snap-On, Inc.(b)		56		15,006
Southwest Airlines Co.(b)		638		16,550
Stanley Black & Decker, Inc.		164		14,990
Textron, Inc.		210		17,764
Trane Technologies PLC		243		77,114
TransDigm Group, Inc.(b)		60		74,882
Uber Technologies, Inc.(a)(b)		2,219		147,053
Union Pacific Corp.		658		156,050
United Airlines Holdings, Inc.(a)		350		18,011
United Parcel Service, Inc. - Class B		780		115,034
United Rentals, Inc.(b)		72		48,095
Veralto Corp.		235		22,015
Verisk Analytics, Inc.		155		33,784
W.W. Grainger, Inc.		48		44,225
Waste Management, Inc.		392		81,544
Westinghouse Air Brake Technologies Corp.		192		30,927
Xylem, Inc.		258		33,721
				4,003,726
Information Technology — 28.2%(d)
Accenture PLC - Class A		196		58,979
Adobe, Inc.(a)		142		65,722
Advanced Micro Devices, Inc.(a)		506		80,140
Akamai Technologies, Inc.(a)(b)		637		64,292
Amphenol Corp.		189		22,826
Analog Devices, Inc.		155		31,095

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

137

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 81.3% (Continued)
Information Technology — 28.2%(d) (Continued)
ANSYS, Inc.(a)		29	$	9,422
Apple, Inc.		4,573		778,918
Applied Materials, Inc.(b)		261		51,848
Arista Networks, Inc.(a)		522		133,924
Atlassian Corp. - Class A(a)(b)		435		74,951
Autodesk, Inc.(a)(b)		71		15,112
Box, Inc.(a)(b)		1,191		30,990
Broadcom, Inc.		139		180,738
Cadence Design System, Inc.(a)		86		23,704
CDW Corp.		45		10,884
Ciena Corp.(a)		803		37,123
Cisco Systems, Inc.		5,001		234,947
Cloudflare, Inc. - Class A(a)(b)		856		74,814
Cognizant Technology Solutions Corp.		166		10,903
CommScope Holding Co., Inc.(a)		12,546		11,216
Confluent, Inc. - Class A(a)(b)		1,343		37,765
Corning, Inc.		256		8,545
Datadog, Inc. - Class A(a)(b)		756		94,878
DocuSign, Inc.(a)		1,026		58,072
Dropbox, Inc. - Class A(a)		1,751		40,553
Enphase Energy, Inc.(a)(b)		46		5,003
EPAM Systems, Inc.(a)		20		4,705
F5, Inc.(a)		21		3,472
Fair Isaac Corp.(a)		8		9,067
Fastly, Inc.(a)		1,765		22,327
First Solar, Inc.(a)		36		6,347
Fortinet, Inc.(a)		210		13,268
Gartner, Inc.(a)		25		10,315
Gen Digital, Inc.		188		3,786
GoDaddy, Inc. - Class A(a)		569		69,634
Hewlett Packard Enterprise Co.		430		7,310
HP, Inc.		289		8,118
Intel Corp.		1,323		40,312
International Business Machines Corp.		287		47,699
Intuit, Inc.		88		55,055
Jabil, Inc.		42		4,929
Juniper Networks, Inc.(b)		1,602		55,782
Keysight Technologies, Inc.(a)		60		8,876
KLA Corp.		43		29,639
Lam Research Corp.		42		37,565
Marathon Digital Holdings, Inc.(a)		1,683		27,029
Microchip Technology, Inc.		179		16,464
Micron Technology, Inc.(b)		346		39,084
Microsoft Corp.		2,341		911,421
Monolithic Power Systems, Inc.(b)		16		10,709
Motorola Solutions, Inc.		52		17,636

	Shares		Value
Information Technology — 28.2%(d) (Continued)
NetApp, Inc.(b)		70	$	7,155
Nutanix, Inc.(a)		990		60,093
NVIDIA Corp.		778		672,207
NXP Semiconductors NV		81		20,751
Okta, Inc.(a)		616		57,276
ON Semiconductor Corp.(a)(b)		144		10,103
Oracle Corp.		499		56,761
Palo Alto Networks, Inc.(a)(b)		99		28,798
PTC, Inc.(a)(b)		41		7,275
Qorvo, Inc.(a)		34		3,973
QUALCOMM, Inc.		350		58,048
Roper Technologies, Inc.		34		17,390
salesforce.com, Inc.		1,022		274,857
Seagate Technology Holdings PLC		64		5,498
ServiceNow, Inc.(a)		65		45,066
Skyworks Solutions, Inc.(b)		54		5,756
Smartsheet, Inc.(a)(b)		970		36,695
Snowflake, Inc.(a)		672		104,294
Super Micro Computer, Inc.(a)(b)		16		13,741
Synopsys, Inc.(a)		48		25,468
TE Connectivity Ltd.		103		14,572
Teledyne Technologies, Inc.(a)		16		6,104
Teradyne, Inc.(b)		52		6,049
Texas Instruments, Inc.(b)		285		50,280
Trimble, Inc.(a)		84		5,046
Tyler Technologies, Inc.(a)(b)		14		6,462
VeriSign, Inc.(a)		30		5,084
Western Digital Corp.(a)(b)		107		7,579
Workday, Inc. - Class A(a)		420		102,787
Zebra Technologies Corp.(a)(b)		18		5,662
Zoom Video Communications, Inc. - Class A(a)		992		60,611
				5,489,354
TOTAL COMMON STOCKS (Cost $14,752,566)				15,804,505
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 21.0%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(f)		4,078,068		4,078,068
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,078,068)				4,078,068

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

138

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Contracts		Value
RIGHTS — 0.0%(e)
Health Care — 0.0%(e)
Abiomed, Inc.(a)(c)		64	$	0
Bristol-Myers Squibb Co., Expires 01/24/2025, Exercise Price $12.00(a)(c)		868		0
TOTAL RIGHTS (Cost $0)				0
	Par
U.S. TREASURY BILLS – 17.8%
0.00%, 08/01/2024(g)	$	3,500,000		3,453,075
TOTAL U.S. TREASURY BILLS (Cost $3,453,618)				3,453,075
TOTAL INVESTMENTS — 120.0% (Cost $22,284,252)				23,335,648
Liabilities in Excess of Other Assets — (20.0)%				(3,889,152	)
TOTAL NET ASSETS — 100.0%			$	19,446,496

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $3,914,706 which represented 20.10% of net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of April 30, 2024.

(d) 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.

(e) Represents less than 0.05% of net assets.

(f) The rate shown represents the 7-day effective yield as of April 30, 2024.

(g) Zero coupon bonds make no periodic interest payments but are issued at a discount from par value.

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

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

139

Pacer Industrial Real Estate ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 94.9%
Big Yellow Group PLC		245,075	$	3,307,314
Centuria Industrial REIT		705,055		1,456,980
CubeSmart(a)		217,020		8,776,289
Dream Industrial Real Estate Investment Trust		349,591		3,151,436
EastGroup Properties, Inc.		54,515		8,469,450
Extra Space Storage, Inc.(a)		65,539		8,800,577
First Industrial Realty Trust, Inc.		174,566		7,928,788
GLP J-Reit		6,299		5,132,178
Granite Real Estate Investment Trust		84,120		4,158,185
LondonMetric Property PLC		2,660,464		6,535,721
LXP Industrial Trust		387,228		3,233,354
Mapletree Industrial Trust		2,721,755		4,526,123
Mapletree Logistics Trust		4,430,232		4,381,388
National Storage Affiliates Trust(a)		93,858		3,288,784
National Storage REIT		1,666,032		2,331,186
Prologis, Inc.		243,529		24,852,134
Public Storage		112,239		29,120,409
Rexford Industrial Realty, Inc.(a)		185,820		7,954,954
Safestore Holdings PLC		282,600		2,731,399
Segro PLC		856,534		9,075,970
STAG Industrial, Inc.(a)		241,499		8,305,151
Terreno Realty Corp.		114,213		6,207,477
Tritax Big Box REIT PLC		2,506,196		4,747,520
Urban Logistics REIT PLC		615,981		891,309
Warehouses De Pauw CVA		230,601		6,137,679
WP Carey, Inc.		171,530		9,406,705
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $205,779,042)				184,908,460
COMMON STOCKS — 4.7%
Real Estate — 4.7%
Sagax AB - Class B		282,270		7,125,650
VGP NV		17,686		1,932,752
				9,058,402
TOTAL COMMON STOCKS (Cost $7,362,758)				9,058,402

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.5%
Mount Vernon Liquid Assets Portfolio, LLC - 5.51%(b)		14,624,834	$	14,624,834
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $14,624,834)				14,624,834
TOTAL INVESTMENTS — 107.1% (Cost $227,766,634)				208,591,696
Liabilities in Excess of Other Assets — (7.1)%				(13,823,079	)
TOTAL NET ASSETS — 100.0%			$	194,768,617

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $14,135,307 which represented 7.3% of net assets.

(b) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

140

Pacer Data & Infrastructure Real Estate ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

		Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 61.1%
American Tower Corp.			348,119	$	59,723,296
Crown Castle, Inc.			639,159		59,940,332
Digital Core REIT Management Pte Ltd.			5,356,787		3,267,640
Digital Realty Trust, Inc.(a)			145,027		20,126,847
Equinix, Inc.			79,303		56,393,156
Iron Mountain, Inc.			266,459		20,655,902
Keppel DC REIT			8,499,555		10,657,554
SBA Communications Corp.			96,906		18,036,145
Uniti Group, Inc.(a)			1,502,172		8,637,489
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $322,957,524)					257,438,361
COMMON STOCKS — 38.6%
Communication Services — 28.4%(b)
Cellnex Telecom SA(c)			572,537		19,008,451
China Tower Corp. Ltd. - Class H(c)			177,466,220		20,875,176
Chorus Ltd.			2,569,821		10,996,831
Eutelsat Communications SACA(a)(d)			847,166		3,429,499
HKBN Ltd.			5,504,291		1,660,887
Infrastrutture Wireless Italiane SpA(c)			1,898,872		20,466,227
Iridium Communications, Inc.(a)			704,462		21,690,385
PT Tower Bersama Infrastructure Tbk			34,898,909		4,238,951
Sarana Menara Nusantara Tbk PT			121,190,240		5,999,886
SES SA			2,315,422		11,294,500
					119,660,793
Information Technology — 6.2%
GDS Holdings Ltd. - ADR(a)(d)			717,084		5,851,405
NEXTDC Ltd.(d)			1,873,168		20,300,762
					26,152,167
Real Estate — 4.0%
DigitalBridge Group, Inc.(a)			1,036,826		17,045,419
TOTAL COMMON STOCKS (Cost $190,385,010)					162,858,379
		Contracts
RIGHTS — 0.1%
Information Technology — 0.1%
NEXTDC Ltd., Expires 05/03/2024, Exercise Price $15.40(d)(e)	317,065				264,780
TOTAL RIGHTS (Cost $191,671)					264,780

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.3%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(f)		26,363,358	$	26,363,358
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $26,363,358)				26,363,358
TOTAL INVESTMENTS — 106.1% (Cost $539,897,563)				446,924,878
Liabilities in Excess of Other Assets — (6.1)%				(25,763,370	)
TOTAL NET ASSETS — 100.0%			$	421,161,508

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

SA - Sociedad Anónima

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $24,975,033 which represented 5.9% of net assets.

(b) 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.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $60,349,854 or 14.3% of the Fund’s net assets.

(d) Non-income producing security.

(e) 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 $264,780 or 0.1% of net assets as of April 30, 2024.

(f) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

141

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 100.7%
Consumer Staples — 50.2%(a)
Altria Group, Inc.		12,390	$	542,806
Archer-Daniels-Midland Co.		9,460		554,924
Brown-Forman Corp. - Class B		9,530		456,011
Bunge Global SA		5,430		552,557
Campbell Soup Co.		12,280		561,319
Church & Dwight Co., Inc.		4,980		537,292
Clorox Co.		3,330		492,407
Coca-Cola Co.		8,720		538,634
Colgate-Palmolive Co.		5,890		541,409
Conagra Brands, Inc.		18,440		567,582
Constellation Brands, Inc. - Class A		2,010		509,455
Costco Wholesale Corp.		720		520,488
Dollar General Corp.		3,300		459,327
Dollar Tree, Inc.(b)		3,510		415,058
Estee Lauder Cos., Inc		3,470		509,084
General Mills, Inc.		7,950		560,157
Hershey Co.		2,670		517,766
Hormel Foods Corp.		15,210		540,868
J M Smucker Co.		4,340		498,449
Kellanova		9,570		553,720
Kenvue, Inc.		25,910		487,626
Keurig Dr Pepper, Inc.		17,210		579,976
Kimberly-Clark Corp.		4,130		563,868
Kroger Co.		9,270		513,373
Lamb Weston Holdings, Inc.		5,130		427,534
McCormick & Co., Inc.		7,300		555,238
Molson Coors Beverage Co. - Class B		8,030		459,798
Mondelez International, Inc. - Class A		7,220		519,407
Monster Beverage Corp.(b)		8,770		468,757
PepsiCo, Inc.		3,180		559,394
Philip Morris International, Inc.		5,600		531,664
Procter & Gamble Co.		3,240		528,768
Sysco Corp.		6,440		478,621
Target Corp.		3,060		492,599
The Kraft Heinz Co.		14,370		554,826
Tyson Foods, Inc. - Class A		9,260		561,618
Walgreens Boots Alliance, Inc.		24,510		434,562
Walmart, Inc.		8,630		512,191
				19,659,133
Health Care — 50.5%(a)
Abbott Laboratories		2,720		288,238
AbbVie, Inc.		1,840		299,258
Agilent Technologies, Inc.		2,220		304,229
Align Technology, Inc.(b)		1,050		296,499
Amgen, Inc.		1,200		328,728
Baxter International, Inc.		7,510		303,179

	Shares		Value
Health Care — 50.5%(a) (Continued)
Becton Dickinson & Co.		1,370	$	321,402
Biogen, Inc.(b)		1,470		315,785
Bio-Rad Laboratories, Inc. - Class A(b)		960		258,960
Bio-Techne Corp.		4,260		269,275
Boston Scientific Corp.(b)		4,860		349,288
Bristol-Myers Squibb Co.		6,110		268,473
Cardinal Health, Inc.		2,850		293,664
Catalent, Inc.(b)		5,810		324,489
Cencora, Inc.		1,380		329,889
Centene Corp.(b)		4,210		307,583
Charles River Laboratories International, Inc.(b)		1,230		281,670
Cigna Corp.		960		342,758
Cooper Cos., Inc.		3,240		288,554
CVS Health Corp.		4,380		296,570
Danaher Corp.		1,300		320,606
DaVita, Inc.(b)		2,430		337,794
DexCom, Inc.(b)		2,430		309,558
Edwards Lifesciences Corp.(b)		3,570		302,272
Elevance Health, Inc.		650		343,577
Eli Lilly & Co.		430		335,873
GE HealthCare Technologies, Inc.		3,500		266,840
Gilead Sciences, Inc.		4,370		284,924
HCA Healthcare, Inc.		1,010		312,918
Henry Schein, Inc.(b)		4,400		304,832
Hologic, Inc.(b)		4,260		322,780
Humana, Inc.		970		293,027
IDEXX Laboratories, Inc.(b)		590		290,728
Illumina, Inc.(b)		2,430		299,012
Incyte Corp.(b)		5,470		284,714
Insulet Corp.(b)		1,830		314,650
Intuitive Surgical, Inc.(b)		840		311,321
IQVIA Holdings, Inc.(b)		1,280		296,666
Johnson & Johnson		2,060		297,855
Laboratory Corp. of America Holdings		1,510		304,069
McKesson Corp.		620		333,070
Medtronic PLC		3,860		309,726
Merck & Co., Inc.		2,660		343,725
Mettler-Toledo International, Inc.(b)		250		307,425
Moderna, Inc.(b)		3,190		351,889
Molina Healthcare, Inc.(b)		840		287,364
Pfizer, Inc.		12,070		309,233
Quest Diagnostics, Inc.		2,580		356,504
Regeneron Pharmaceuticals, Inc.(b)		340		302,824
ResMed, Inc.		1,740		372,342
Revvity, Inc.		3,010		308,435
Solventum Corp.(b)		4,360		283,444

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

142

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 100.7% (Continued)
Health Care — 50.5%(a) (Continued)
STERIS PLC		1,410	$	288,430
Stryker Corp.		920		309,580
Teleflex, Inc.		1,460		304,775
Thermo Fisher Scientific, Inc.		550		312,796
UnitedHealth Group, Inc.		690		333,753
Universal Health Services, Inc. - Class B		1,870		318,704
Vertex Pharmaceuticals, Inc.(b)		790		310,320
Viatris, Inc.		26,800		310,076
Waters Corp.(b)		920		284,317
West Pharmaceutical Services, Inc.		920		328,882
Zimmer Biomet Holdings, Inc.		2,590		311,525
Zoetis, Inc.		1,800		286,633
				19,768,279
TOTAL COMMON STOCKS (Cost $39,435,809)				39,427,412
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.8%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(c)(d)		7,355,777		7,355,777
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,355,777)				7,355,777
TOTAL INVESTMENTS — 119.5% (Cost $46,791,586)				46,783,189
Liabilities in Excess of Other Assets — (19.5)%				(7,642,864	)
TOTAL NET ASSETS — 100.0%			$	39,140,325

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SA - Sociedad Anónima

(a) 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.

(b) Non-income producing security.

(c) The rate shown represents the 7-day effective yield as of April 30, 2024.

(d) Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2024. The total value of securities on loan is $7,028,954 or 18.0% of total net assets.

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

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

143

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.2%
Consumer Discretionary — 6.6%
BYD Co. Ltd. - Class A		3,945	$	119,034
China Tourism Group Duty Free Corp. Ltd. - Class A		4,300		44,476
Great Wall Motor Co. Ltd. - Class A		6,000		21,708
Gree Electric Appliances, Inc. of Zhuhai		8,800		51,185
Haier Smart Home Co. Ltd. - Class A		13,700		57,248
				293,651
Consumer Staples — 26.8%(a)
Foshan Haitian Flavouring & Food Co. Ltd.		10,712		58,075
Inner Mongolia Yili Industrial Group Co. Ltd.		13,900		54,917
Kweichow Moutai Co. Ltd.		2,700		635,710
Luzhou Laojiao Co. Ltd.		3,245		83,394
Muyuan Foods Co. Ltd.		11,862		71,452
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		2,683		97,187
Wuliangye Yibin Co. Ltd.		8,400		174,496
Yihai Kerry Arawana Holdings Co. Ltd.		4,200		18,212
				1,193,443
Energy — 6.7%
China Petroleum & Chemical Corp. - Class A		73,900		64,802
China Shenhua Energy Co. Ltd. - Class A		15,400		84,704
PetroChina Co. Ltd. - Class A		54,200		76,867
Shaanxi Coal Industry Co. Ltd. - Class A		21,100		71,475
				297,848
Financials — 29.9%(a)
Agricultural Bank of China Ltd. - Class A		206,000		125,167
Bank of China Ltd. - Class A		97,600		61,863
Bank of Communications Co. Ltd. - Class A		85,400		81,137
China CITIC Bank Corp. Ltd. - Class A		21,200		20,142
China Construction Bank Corp. - Class A		20,900		20,549
China Everbright Bank Co. Ltd. - Class A		101,000		43,934
China Merchants Bank Co. Ltd. - Class A		44,900		212,735
China Pacific Insurance Group Co. Ltd. - Class A		14,900		53,086
CITIC Securities Co. Ltd. - Class A		26,570		69,750
CSC Financial Co. Ltd. - Class A		11,100		34,228

	Shares		Value
Financials — 29.9%(a) (Continued)
East Money Information Co. Ltd.		34,492	$	62,158
Industrial & Commercial Bank of China Ltd. - Class A		167,700		125,749
Industrial Bank Co. Ltd.		45,200		105,174
People’s Insurance Co. Group of China Ltd. - Class A		23,200		16,820
Ping An Bank Co. Ltd.		42,200		62,879
Ping An Insurance Group Co. of China Ltd. - Class A		23,600		134,792
Postal Savings Bank of China Co. Ltd. - Class A		50,100		33,209
Shanghai Pudong Development Bank Co. Ltd.		63,900		67,946
				1,331,318
Health Care — 4.5%
Jiangsu Hengrui Pharmaceuticals Co. Ltd.		13,900		88,604
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		2,600		109,360
				197,964
Industrials — 11.1%
Beijing-Shanghai High Speed Railway Co. Ltd.		62,100		43,650
China State Construction Engineering Corp. Ltd.		91,300		67,578
Contemporary Amperex Technology Co. Ltd.		9,640		269,704
NARI Technology Co. Ltd.		17,500		56,887
SF Holding Co. Ltd.		10,700		53,563
				491,382
Information Technology — 4.8%
Foxconn Industrial Internet Co. Ltd.		27,200		92,025
Hygon Information Technology Co. Ltd. - Class A		1,600		17,510
LONGi Green Energy Technology Co. Ltd.		16,520		41,520
Luxshare Precision Industry Co. Ltd.		15,529		62,618
				213,673
Materials — 4.3%
Wanhua Chemical Group Co. Ltd.		6,812		83,815
Zijin Mining Group Co. Ltd. - Class A		44,800		108,946
				192,761

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

144

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.2% (Continued)
Utilities — 4.5%
CGN Power Co. Ltd. - Class A		15,900	$	9,024
China Yangtze Power Co. Ltd.		53,300		189,824
				198,848
TOTAL COMMON STOCKS (Cost $4,417,579)				4,410,888
TOTAL INVESTMENTS — 99.2% (Cost $4,417,579)				4,410,888
Other Assets in Excess of Liabilities — 0.8%				32,662
TOTAL NET ASSETS — 100.0%			$	4,443,550

Percentages are stated as a percent of net assets.

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

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

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

145

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 5.3%
Netflix, Inc.(a)		331	$	182,262
Consumer Discretionary — 14.2%
Amazon.com, Inc.(a)		1,019		178,325
Home Depot, Inc.		460		153,741
Lowe’s Cos., Inc.		694		158,225
				490,291
Consumer Staples — 12.9%
Campbell Soup Co.(b)		360		16,456
Church & Dwight Co., Inc.		297		32,043
Clorox Co.		150		22,181
Energizer Holdings, Inc.		85		2,441
Haleon PLC - ADR		5,563		47,452
Hormel Foods Corp.		660		23,470
Kimberly-Clark Corp.		408		55,704
Kroger Co.		866		47,959
Walgreens Boots Alliance, Inc.		1,043		18,492
Walmart, Inc.		2,989		177,397
				443,595
Health Care — 49.1%(c)
Abbott Laboratories		1,438		152,385
Agilent Technologies, Inc.		353		48,375
BioNTech SE – ADR (a)		287		25,491
CVS Health Corp.(b)		1,553		105,154
Danaher Corp.		691		170,414
Emergent BioSolutions, Inc.(a)		60		113
Fortrea Holdings, Inc.(a)		105		3,842
Gilead Sciences, Inc.(b)		1,504		98,061
GSK PLC - ADR(b)		2,479		102,730
Illumina, Inc.(a)		192		23,626
Johnson & Johnson		973		140,686
Laboratory Corp. of America Holdings		102		20,540
Merck & Co., Inc.		1,449		187,240
Mettler-Toledo International, Inc.(a)		26		31,972
Moderna, Inc.(a)(b)		459		50,632
Neogen Corp.(a)		256		3,156
Organon & Co.		302		5,620
QIAGEN NV SHS		266		11,260
Quest Diagnostics, Inc.		136		18,792

	Shares		Value
Health Care — 49.1%(c) (Continued)
Regeneron Pharmaceuticals, Inc.(a)(b)		132	$	117,567
Revvity, Inc.		148		15,166
Sanofi SA - ADR		3,040		149,659
Solventum Corp.(a)		166		10,792
Teladoc Health, Inc.(a)		194		2,474
Thermo Fisher Scientific, Inc.		307		174,597
Vir Biotechnology, Inc.(a)		159		1,345
Waters Corp.(a)		71		21,942
				1,693,631
Industrials — 4.6%
3M Co.(b)		665		64,179
Booz Allen Hamilton Holding Corp.		157		23,184
Stericycle, Inc.(a)		110		4,920
Veralto Corp.		297		27,823
Xylem, Inc.		291		38,034
				158,140
Information Technology — 11.4%
Akamai Technologies, Inc.(a)(b)		182		18,369
NVIDIA Corp.		316		273,031
Palantir Technologies, Inc. - Class A(a)		2,621		57,583
Teledyne Technologies, Inc.(a)		57		21,744
Zoom Video Communications, Inc. - Class A(a)		368		22,485
				393,212
Materials — 2.3%
Ecolab, Inc.		344		77,795
Stepan Co.		27		2,242
				80,037
TOTAL COMMON STOCKS (Cost $3,753,761)				3,441,168

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

146

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.9%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		477,840	$	477,840
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $477,840)				477,840
TOTAL INVESTMENTS — 113.7% (Cost $4,231,601)				3,919,008
Liabilities in Excess of Other Assets — (13.7)%				(473,888	)
TOTAL NET ASSETS — 100.0%			$	3,445,120

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $468,102 which represented 13.6% of net assets.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

147

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 98.0%
Communication Services — 1.8%
Electronic Arts, Inc.		16,462	$	2,087,711
T-Mobile US, Inc.(a)		15,586		2,558,753
				4,646,464
Consumer Discretionary — 6.1%
Darden Restaurants, Inc.(a)		15,548		2,385,219
LKQ Corp.		47,006		2,027,369
McDonald’s Corp.		11,883		3,244,533
O’Reilly Automotive, Inc.(b)		2,137		2,165,337
TJX Cos., Inc.		29,838		2,807,457
Yum! Brands, Inc.(a)		22,082		3,119,083
				15,748,998
Consumer Staples — 23.4%
Altria Group, Inc.		61,882		2,711,050
Church & Dwight Co., Inc.(a)		25,001		2,697,358
Coca-Cola Co.		59,372		3,667,408
Colgate-Palmolive Co.		36,211		3,328,515
Conagra Brands, Inc.		86,625		2,666,318
Constellation Brands, Inc. - Class A		10,451		2,648,910
Costco Wholesale Corp.		3,652		2,640,031
General Mills, Inc.		39,714		2,798,248
Hershey Co.		13,526		2,622,962
J M Smucker Co.		17,588		2,019,982
Kellanova		48,734		2,819,749
Keurig Dr Pepper, Inc.		81,238		2,737,721
Kimberly-Clark Corp.		24,314		3,319,590
Kroger Co.		54,553		3,021,145
Mondelez International, Inc. - Class A		35,437		2,549,338
PepsiCo, Inc.		18,123		3,188,017
Philip Morris International, Inc.		29,883		2,837,092
Procter & Gamble Co.		19,080		3,113,856
Sysco Corp.		30,473		2,264,753
The Kraft Heinz Co.		76,234		2,943,395
Walmart, Inc.		53,152		3,154,571
				59,750,009
Energy — 2.2%
Kinder Morgan, Inc.		158,139		2,890,781
Williams Cos., Inc.		68,586		2,630,959
				5,521,740
Financials — 16.4%
Aflac, Inc.		29,340		2,454,291
Aon PLC - Class A		7,676		2,164,709
Arthur J Gallagher & Co.		10,269		2,410,032
Berkshire Hathaway, Inc. - Class B(b)		8,472		3,361,097
Brown & Brown, Inc.		28,760		2,345,090

	Shares		Value
Financials — 16.4% (Continued)
Cboe Global Markets, Inc.		13,659	$	2,474,328
Chubb Ltd.		9,369		2,329,508
CME Group, Inc.		12,106		2,537,902
FactSet Research Systems, Inc.		4,758		1,983,563
Globe Life, Inc.(a)		20,276		1,544,423
Intercontinental Exchange, Inc.		19,913		2,563,998
JPMorgan Chase & Co.		12,762		2,446,986
Loews Corp.		35,787		2,689,393
Marsh & McLennan Cos., Inc.		14,298		2,851,450
MasterCard, Inc. - Class A		6,167		2,782,550
Moody’s Corp.		5,686		2,105,696
Visa, Inc. - Class A(a)		11,000		2,954,710
				41,999,726
Health Care — 11.2%
Abbott Laboratories		20,409		2,162,742
AbbVie, Inc.		13,499		2,195,477
Becton Dickinson & Co.		9,703		2,276,324
Boston Scientific Corp.(b)		35,233		2,532,196
Bristol-Myers Squibb Co.		49,075		2,156,356
Cencora, Inc.		11,231		2,684,771
Hologic, Inc.(b)		32,026		2,426,610
Johnson & Johnson		18,266		2,641,081
Laboratory Corp. of America Holdings		10,777		2,170,164
McKesson Corp.		4,462		2,397,031
Merck & Co., Inc.		19,311		2,495,367
Quest Diagnostics, Inc.		19,534		2,699,208
				28,837,327
Industrials — 13.9%
AMETEK, Inc.		15,573		2,719,980
Automatic Data Processing, Inc.		9,288		2,246,674
Broadridge Financial Solutions, Inc.		12,120		2,344,129
Cintas Corp.		4,006		2,637,310
CSX Corp.		62,363		2,071,699
General Dynamics Corp.		9,362		2,687,737
Honeywell International, Inc.		13,457		2,593,568
IDEX Corp.		10,168		2,241,637
Illinois Tool Works, Inc.		9,061		2,211,881
Lockheed Martin Corp.		5,859		2,724,025
Otis Worldwide Corp.		26,938		2,456,746
Republic Services, Inc.		17,940		3,439,097
Verisk Analytics, Inc.		9,456		2,061,030
Waste Management, Inc.		15,739		3,274,027
				35,709,540
Information Technology — 7.3%
Amphenol Corp. - Class A		23,595		2,849,569
Apple, Inc.		11,972		2,039,191

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

148

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 98.0% (Continued)
Information Technology — 7.3% (Continued)
Cisco Systems, Inc.		45,027	$	2,115,368
International Business Machines Corp.		13,536		2,249,683
Motorola Solutions, Inc.		7,503		2,544,642
PTC, Inc.(a)(b)		12,506		2,219,065
Roper Technologies, Inc.		5,411		2,767,510
VeriSign, Inc.(b)		12,207		2,068,842
				18,853,870
Materials — 2.0%
Ecolab, Inc.		11,430		2,584,895
Linde PLC		5,889		2,596,813
				5,181,708
Utilities — 13.7%
Alliant Energy Corp.		47,823		2,381,585
Atmos Energy Corp.		22,197		2,617,026
CenterPoint Energy, Inc.(a)		85,097		2,479,727
CMS Energy Corp.		40,843		2,475,494
Consolidated Edison, Inc.		28,394		2,680,394
DTE Energy Co.		22,518		2,484,186
Duke Energy Corp.		26,332		2,587,382
FirstEnergy Corp.		63,032		2,416,647
PPL Corp.		95,202		2,614,247
Public Service Enterprise Group, Inc.		40,374		2,789,037
Sempra		33,624		2,408,487
Southern Co.		37,128		2,728,908
WEC Energy Group, Inc.		29,166		2,410,278
Xcel Energy, Inc.		40,339		2,167,414
				35,240,812
TOTAL COMMON STOCKS (Cost $250,704,358)				251,490,194

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 1.8%
Realty Income Corp.		43,660	$	2,337,557
VICI Properties, Inc.		80,119		2,287,397
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,899,788)				4,624,954
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(c)		13,275,747		13,275,747
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,275,747)				13,275,747
TOTAL INVESTMENTS — 105.0% (Cost $268,879,893)				269,390,895
Liabilities in Excess of Other Assets — (5.0)%				(12,761,264	)
TOTAL NET ASSETS — 100.0%			$	256,629,631

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $12,912,764 which represented 5.0% of net assets.

(b) Non-income producing security.

(c) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

149

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.4%
Communication Services — 0.5%
New York Times Co. - Class A		6,486	$	279,093
Consumer Discretionary — 15.1%
Boyd Gaming Corp.		2,966		158,711
Gentex Corp.		8,439		289,458
Grand Canyon Education, Inc.(a)		1,289		167,596
H&R Block, Inc.(b)		4,074		192,415
KB Home		3,172		205,419
Murphy USA, Inc.(b)		1,774		734,117
Ollie’s Bargain Outlet Holdings, Inc.(a)		1,772		129,604
Polaris, Inc.		2,244		191,099
Skechers USA, Inc. - Class A(a)		4,050		267,503
Taylor Morrison Home Corp.(a)		8,196		459,058
Texas Roadhouse, Inc.		5,125		823,998
Toll Brothers, Inc.		9,573		1,140,239
TopBuild Corp.(a)		2,939		1,189,324
Williams-Sonoma, Inc.(b)		5,775		1,656,154
Wingstop, Inc.(b)		1,604		617,203
Wyndham Hotels & Resorts, Inc.		3,261		239,716
				8,461,614
Consumer Staples — 6.4%
BellRing Brands, Inc.(a)		8,401		463,483
Boston Beer Co., Inc. - Class A(a)		362		100,784
Casey’s General Stores, Inc.		936		299,127
Celsius Holdings, Inc.(a)		13,387		954,092
Coca-Cola Consolidated, Inc.		448		370,048
elf Beauty, Inc.(a)(b)		3,575		581,045
Lancaster Colony Corp.		803		153,220
Sprouts Farmers Market, Inc.(a)(b)		4,773		315,161
US Foods Holding Corp.(a)		6,455		324,364
				3,561,324
Energy — 6.1%
Antero Midstream Corp.		10,232		141,611
ChampionX Corp.		8,676		291,253
CNX Resources Corp.(a)(b)		11,522		270,997
Equitrans Midstream Corp.		13,448		181,951
Matador Resources Co.(b)		4,387		273,310
PBF Energy, Inc. - Class A		7,131		379,868
Range Resources Corp.(b)		14,483		520,086
Southwestern Energy Co.(a)		74,303		556,530
Weatherford International PLC(a)		6,096		753,588
				3,369,194
Financials – 10.2%
Affiliated Managers Group, Inc.		1,652		257,877
American Financial Group, Inc.		2,715		346,841

	Shares		Value
Financials – 10.2% (Continued)
Erie Indemnity Co. - Class A		2,210	$	845,679
Essent Group Ltd.		7,639		404,638
Evercore, Inc.		2,503		454,295
Federated Hermes, Inc.		3,788		124,436
FirstCash Holdings, Inc.		1,178		133,090
Houlihan Lokey, Inc.		1,580		201,434
International Bancshares Corp.		1,936		107,738
Kinsale Capital Group, Inc.		1,947		707,249
MGIC Investment Corp.		24,001		486,740
Primerica, Inc.		1,656		350,840
RenaissanceRe Holdings Ltd.(b)		2,395		525,103
RLI Corp.		1,832		258,953
SEI Investments Co.		4,479		295,390
Western Union Co.		18,186		244,420
				5,744,723
Health Care — 4.4%
Chemed Corp.		1,067		606,056
Encompass Health Corp.		4,069		339,273
Medpace Holdings, Inc.(a)		1,604		622,913
Neurocrine Biosciences, Inc.(a)		3,164		435,177
Tenet Healthcare Corp.(a)		3,838		430,969
				2,434,388
Industrials — 35.8%(c)
Acuity Brands, Inc.		2,085		517,706
Advanced Drainage Systems, Inc.(b)		3,520		552,640
AGCO Corp.		2,552		291,413
BWX Technologies, Inc.		3,934		376,759
Carlisle Cos., Inc.		3,438		1,334,804
Clean Harbors, Inc.(a)		1,632		309,182
Comfort Systems USA, Inc.		1,888		584,166
Core & Main, Inc. - Class A(a)		10,694		603,890
Crane Co.		4,436		621,084
Curtiss-Wright Corp.		1,676		424,732
Donaldson Co., Inc.		4,794		346,127
EMCOR Group, Inc.(b)		4,391		1,568,332
Esab Corp.		2,427		256,971
ExlService Holdings, Inc.(a)		6,385		185,165
Exponent, Inc.		2,143		196,963
Fortune Brands Innovations, Inc.		5,008		366,085
Genpact Ltd.		6,747		207,403
Graco, Inc.		11,426		916,365
Insperity, Inc.		1,430		147,190
ITT, Inc.		3,003		388,408
Landstar System, Inc.		1,858		324,054
Lennox International, Inc.(b)		1,753		812,375
Lincoln Electric Holdings, Inc.		2,199		482,746
MSA Safety, Inc.		1,050		189,420

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

150

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)
Industrials — 35.8%(c) (Continued)
MSC Industrial Direct Co., Inc. - Class A		3,854	$	351,639
nVent Electric PLC		7,254		522,796
Owens Corning		7,970		1,340,634
Paylocity Holding Corp.(a)		1,731		268,582
Ryder System, Inc.		1,288		156,943
Saia, Inc.(a)(b)		1,097		435,323
Science Applications International Corp.		3,671		472,458
Simpson Manufacturing Co., Inc.		2,241		389,687
Terex Corp.(b)		2,993		167,758
Tetra Tech, Inc.		2,106		410,080
Trex Co., Inc.(a)		8,243		729,918
UFP Industries, Inc.		2,172		244,784
Watsco, Inc.(b)		2,503		1,120,643
Watts Water Technologies, Inc. - Class A		1,813		359,808
Woodward, Inc.		2,100		340,956
XPO Inc.(a)(b)		6,563		705,260
				20,021,249
Information Technology — 12.3%
Belden, Inc.		1,650		134,096
Blackbaud, Inc.(a)		1,382		107,685
CommVault Systems, Inc.(a)		2,170		222,360
Crane NXT Co.		4,049		246,220
Dropbox, Inc. - Class A(a)		9,572		221,688
Dynatrace, Inc.(a)		8,913		403,848
GoDaddy, Inc. - Class A (a)		4,721		577,756
IPG Photonics Corp.(a)		1,137		95,485
Kyndryl Holdings, Inc.(a)		7,300		143,518
Lattice Semiconductor Corp.(a)		6,919		474,643
Manhattan Associates, Inc.(a)		8,316		1,713,594
Onto Innovation, Inc.(a)(b)		2,812		521,598
Power Integrations, Inc.		2,393		159,661
Pure Storage, Inc. - Class A (a)		8,402		423,461
Qualys, Inc.(a)		4,374		716,942
Rambus, Inc.(a)		4,050		222,021
Teradata Corp.(a)		2,839		105,327
Vontier Corp.		7,608		309,113
				6,799,016
Materials — 5.7%
Ashland, Inc.(b)		1,908		181,890
Cabot Corp.		2,056		187,569
Eagle Materials, Inc.(b)		3,325		833,611
Greif, Inc. - Class A		944		57,848
NewMarket Corp.		834		439,451
Olin Corp.		4,839		252,983

	Shares		Value
Materials — 5.7% (Continued)
Reliance, Inc.(b)		4,320	$	1,229,990
				3,183,342
Utilities — 2.9%
Vistra Corp.(b)		21,584		1,636,931
TOTAL COMMON STOCKS (Cost $52,642,216)				55,490,874
REAL ESTATE INVESTMENT TRUSTS — 0.5%
Apartment Income REIT Corp.		7,391		283,667
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $238,189)				283,667
	Units
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.5%
Mount Vernon Liquid Assets Portfolio, LLC -5.51%(d)		12,553,301		12,553,301
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $12,553,301)				12,553,301
TOTAL INVESTMENTS — 122.4% (Cost $65,433,706)				68,327,842
Liabilities in Excess of Other Assets — (22.4)%				(12,519,203	)
TOTAL NET ASSETS — 100.0%			$	55,808,639

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $12,025,500 which represented 21.5% of net assets.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

151

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.7%
Communication Services — 7.0%
Fox Corp. - Class A(a)		6,790	$	210,558
Meta Platforms, Inc. - Class A		30,844		13,268,163
Netflix, Inc.(b)		3,492		1,922,835
Paramount Global - Class B(a)		14,518		165,360
Take-Two Interactive Software, Inc.(b)		1,296		185,082
Verizon Communications, Inc.		127,380		5,030,236
				20,782,234
Consumer Discretionary — 10.1%
Amazon.com, Inc.(b)		73,852		12,924,101
Aptiv PLC(a)(b)		7,082		502,822
Best Buy Co., Inc.		5,944		437,716
Booking Holdings, Inc.		311		1,073,581
BorgWarner, Inc.		9,218		302,074
Caesars Entertainment, Inc.(a)(b)		5,430		194,503
CarMax, Inc.(a)(b)		5,390		366,358
Carnival Corp.(a)(b)		7,121		105,533
Chipotle Mexican Grill, Inc.(b)		244		770,942
DR Horton, Inc.		9,933		1,415,353
Ford Motor Co.		218,883		2,659,429
General Motors Co.		77,318		3,442,972
Hilton Worldwide Holdings, Inc.		1,936		381,934
Lennar Corp. - Class A		9,242		1,401,272
LKQ Corp.		6,576		283,623
Lululemon Athletica, Inc.(b)		894		322,376
Marriott International, Inc.		2,040		481,705
Mohawk Industries, Inc.(b)		1,138		131,234
NVR, Inc.(b)		24		178,532
O’Reilly Automotive, Inc.(b)		438		443,808
PulteGroup, Inc.		9,069		1,010,468
Royal Caribbean Cruises Ltd.(a)(b)		2,846		397,387
Tapestry, Inc.		5,769		230,298
TJX Cos., Inc.		7,215		678,859
				30,136,880
Consumer Staples — 3.9%
Archer-Daniels-Midland Co.		20,956		1,229,279
Bunge Global SA		7,475		760,656
Conagra Brands, Inc.		11,989		369,021
Costco Wholesale Corp.		4,784		3,458,354
Kroger Co.		22,538		1,248,154
Molson Coors Beverage Co. - Class B		4,574		261,907
Mondelez International, Inc.		8,023		577,175
The Kraft Heinz Co.		23,364		902,084
Tyson Foods, Inc. - Class A		9,793		593,945
Walgreens Boots Alliance, Inc.		21,309		377,809

	Shares		Value
Consumer Staples — 3.9% (Continued)
Walmart, Inc.		26,874	$	1,594,972
				11,373,356
Energy — 9.1%
APA Corp.(a)		7,085		222,752
Chevron Corp.		41,354		6,669,160
Coterra Energy, Inc.		20,124		550,593
Devon Energy Corp.		16,402		839,454
Diamondback Energy, Inc.		4,553		915,745
EQT Corp.(a)		13,220		529,990
Exxon Mobil Corp.		59,474		7,033,990
Marathon Oil Corp.		17,671		474,466
Marathon Petroleum Corp.		19,462		3,536,635
Phillips 66		23,002		3,294,116
Valero Energy Corp.		17,936		2,867,428
				26,934,329
Financials — 22.8%
American International Group, Inc.(a)		22,185		1,670,752
Arch Capital Group Ltd.(b)		2,296		214,768
Arthur J Gallagher & Co.		1,309		307,209
Assurant, Inc.		1,219		212,594
Bank of America Corp.		193,050		7,144,782
Bank of New York Mellon Corp.		22,910		1,294,186
Berkshire Hathaway, Inc. - Class B(b)		32,265		12,800,494
Brown & Brown, Inc.		1,956		159,492
Capital One Financial Corp.(a)		13,349		1,914,647
Cboe Global Markets, Inc.		1,340		242,741
Cincinnati Financial Corp.		4,201		486,014
Citigroup, Inc.		72,853		4,468,074
Citizens Financial Group, Inc.		17,329		591,092
Comerica, Inc.		4,191		210,262
Corpay, Inc.(a)(b)		546		164,968
Discover Financial Services		6,558		831,095
Everest Group Ltd.		1,410		516,637
Fifth Third Bancorp		18,467		673,307
Fiserv, Inc.(b)		4,790		731,289
Franklin Resources, Inc.(a)		7,647		174,657
Goldman Sachs Group, Inc.		7,999		3,413,253
Hartford Financial Services Group, Inc.		8,110		785,778
Huntington Bancshares, Inc.		47,726		642,869
Invesco Ltd.		14,709		208,427
JPMorgan Chase & Co.		58,833		11,280,640
KeyCorp		27,051		391,969
Loews Corp.		6,065		455,785
M&T Bank Corp.		5,873		848,002
PNC Financial Services Group, Inc.		10,568		1,619,652
Principal Financial Group, Inc.		5,440		430,522

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

152

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.7% (Continued)
Financials — 22.8% (Continued)
Prudential Financial, Inc.		9,551	$	1,055,194
Regions Financial Corp.		31,646		609,818
State Street Corp.		9,702		703,298
Synchrony Financial		14,397		633,180
Truist Financial Corp.		45,882		1,722,869
US Bancorp		38,739		1,573,966
Wells Fargo & Co.		114,494		6,791,785
				67,976,067
Health Care — 9.9%
Amgen, Inc.		3,896		1,067,270
Baxter International, Inc.		14,699		593,399
Boston Scientific Corp.(b)		13,136		944,084
Cardinal Health, Inc.		2,437		251,108
Cencora, Inc.		6,455		1,543,068
Centene Corp.(a)(b)		21,821		1,594,242
Cigna Corp.		10,589		3,780,697
CVS Health Corp.		57,656		3,903,888
Eli Lilly & Co.		10,953		8,555,388
Intuitive Surgical, Inc.(b)		3,126		1,158,558
McKesson Corp.		5,045		2,710,224
Regeneron Pharmaceuticals, Inc.(b)		642		571,804
Stryker Corp.		2,503		842,260
Universal Health Services, Inc. - Class B		1,813		308,990
Vertex Pharmaceuticals, Inc.(b)		1,856		729,055
Viatris, Inc.		50,850		588,335
West Pharmaceutical Services, Inc.		546		195,184
				29,337,554
Industrials — 6.7%
American Airlines Group, Inc.(b)		23,112		312,243
Broadridge Financial Solutions, Inc.		1,122		217,006
Builders FirstSource, Inc.(b)		1,524		278,618
Cintas Corp.		833		548,397
Copart, Inc.(b)		8,513		462,341
Cummins, Inc.		3,103		876,566
Delta Air Lines, Inc.		24,351		1,219,255
Eaton Corp. PLC		3,954		1,258,400
Emerson Electric Co.		14,495		1,562,271
Fastenal Co.		5,180		351,929
FedEx Corp.		5,229		1,368,848
General Electric Co.		13,967		2,260,139
Howmet Aerospace, Inc.		3,332		222,411
Hubbell, Inc.(a)		456		168,957
Huntington Ingalls Industries, Inc.		806		223,206
Ingersoll Rand, Inc.		3,537		330,073
PACCAR, Inc.		5,042		535,007

	Shares		Value
Industrials — 6.7% (Continued)
Parker-Hannifin Corp.		1,064	$	579,784
Pentair PLC		1,299		102,738
Quanta Services, Inc.		857		221,586
Republic Services, Inc.		2,442		468,131
Southwest Airlines Co.		14,951		387,829
Trane Technologies PLC		1,876		595,330
TransDigm Group, Inc.		660		823,700
Uber Technologies, Inc.(b)		28,040		1,858,211
United Airlines Holdings, Inc.(b)		16,200		833,652
United Rentals, Inc.		427		285,232
Verisk Analytics, Inc.		1,250		272,450
W.W. Grainger, Inc.		439		404,473
Waste Management, Inc.		2,730		567,895
Westinghouse Air Brake Technologies Corp.		1,265		203,766
				19,800,444
Information Technology — 26.3%(c)
Accenture PLC - Class A		4,934		1,484,690
Adobe, Inc.(b)		4,541		2,101,711
Advanced Micro Devices, Inc.(b)		19,072		3,020,623
Akamai Technologies, Inc.(b)		1,226		123,740
Amphenol Corp. - Class A		4,636		559,890
Apple, Inc.		83,653		14,248,616
Applied Materials, Inc.		6,241		1,239,775
Arista Networks, Inc.(b)		2,690		690,146
Broadcom, Inc.		6,277		8,161,795
Cadence Design System, Inc.(b)		2,669		735,656
Fair Isaac Corp.(b)		333		377,399
Gartner, Inc.(b)		562		231,876
Hewlett Packard Enterprise Co.		42,497		722,449
HP, Inc.		18,538		520,732
Intel Corp.		31,118		948,165
International Business Machines Corp.		10,127		1,683,107
Intuit, Inc.		2,472		1,546,533
Jabil, Inc.		1,058		124,167
KLA Corp.		1,067		735,472
Lam Research Corp.		1,214		1,085,814
Microsoft Corp.		36,555		14,231,958
Motorola Solutions, Inc.		1,216		412,406
NVIDIA Corp.		19,105		16,507,103
Palo Alto Networks, Inc.(b)		4,093		1,190,613
PTC, Inc.(a)(b)		988		175,311
Roper Technologies, Inc.		904		462,360
salesforce.com, Inc.		10,613		2,854,260
ServiceNow, Inc.(b)		2,194		1,521,166
Synopsys, Inc.(b)		1,326		703,562
				78,401,095

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

153

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.7% (Continued)
Materials — 3.1%
Albemarle Corp.(a)		3,949	$	475,104
Celanese Corp.(a)		2,639		405,377
CF Industries Holdings, Inc.(a)		5,080		401,168
Dow, Inc.		15,455		879,390
DuPont de Nemours, Inc.		14,532		1,053,570
Eastman Chemical Co.		2,607		246,205
Ecolab, Inc.		1,956		442,349
International Paper Co.		8,523		297,794
Linde PLC		3,408		1,502,792
LyondellBasell Industries NV - Class A		6,488		648,605
Martin Marietta Materials, Inc.		517		303,515
Mosaic Co.		12,976		407,317
Nucor Corp.		6,972		1,174,990
Sherwin-Williams Co.		1,731		518,625
Steel Dynamics, Inc.		4,695		610,913
Vulcan Materials Co.		809		208,423
				9,576,137
Utilities — 0.8%
Consolidated Edison, Inc.		7,727		729,428
Constellation Energy Corp.		2,676		497,575
Evergy, Inc.(a)		5,289		277,408
Eversource Energy		7,798		472,715
NRG Energy, Inc.		2,368		172,083
Pinnacle West Capital Corp.(a)		2,498		183,978
				2,333,187
TOTAL COMMON STOCKS (Cost $281,811,425)				296,651,283
REAL ESTATE INVESTMENT TRUSTS — 0.1%
Iron Mountain, Inc.		2,059		159,614
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $121,605)				159,614

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.1%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		9,103,620	$	9,103,620
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,103,620)				9,103,620
TOTAL INVESTMENTS — 102.9% (Cost $291,036,650)				305,914,517
Liabilities in Excess of Other Assets — (2.9)%				(8,836,103	)
TOTAL NET ASSETS — 100.0%			$	297,078,414

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $8,720,282 which represented 2.9% of net assets.

(b) Non-income producing security.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

154

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 99.1%
Communication Services — 5.0%
Alphabet, Inc. - Class A(a)		4,677	$	761,322
Electronic Arts, Inc.(b)		4,664		591,488
Meta Platforms, Inc. - Class A		1,246		535,992
Netflix, Inc.(a)		1,047		576,520
News Corp. - Class A		24,047		572,319
				3,037,641
Consumer Discretionary — 12.0%
Adient PLC(a)		17,888		534,315
Airbnb, Inc. - Class A(a)		3,841		609,067
Autoliv, Inc.		5,383		644,830
Crocs, Inc.(a)		5,065		629,934
Garmin Ltd.(b)		4,462		644,625
LKQ Corp.		12,259		528,731
McDonald’s Corp.		2,155		588,401
Ralph Lauren Corp. - Class A		3,581		585,995
Royal Caribbean Cruises Ltd.(a)		4,968		693,682
Skechers USA, Inc. - Class A(a)		10,497		693,327
Tesla Motors, Inc.(a)		3,595		658,892
Visteon Corp.(a)		5,388		596,074
				7,407,873
Consumer Staples — 5.2%
Archer-Daniels-Midland Co.		11,553		677,699
Bunge Global SA		6,868		698,888
Coca-Cola Co.		10,591		654,206
Coty, Inc. - Class A(a)		49,518		566,486
Ingredion, Inc.		5,392		617,869
				3,215,148
Energy — 5.6%
APA Corp.(b)		20,553		646,186
Baker Hughes Co.		20,696		675,104
Exxon Mobil Corp.(b)		5,843		691,052
Halliburton Co.		17,488		655,275
Weatherford International PLC(a)(b)		5,851		723,301
				3,390,918
Health Care — 8.6%
Agilent Technologies, Inc.		4,264		584,339
Align Technology, Inc.(a)(b)		2,028		572,667
Danaher Corp.		2,485		612,850
IQVIA Holdings, Inc.(a)		2,463		570,850
Mettler-Toledo International, Inc.(a)		480		590,256
Regeneron Pharmaceuticals, Inc.(a)		654		582,492
Repligen Corp.(a)(b)		3,241		532,172
Thermo Fisher Scientific, Inc.		1,055		600,000
West Pharmaceutical Services, Inc.		1,764		630,594
				5,276,220

	Shares		Value
Industrials — 17.4%
AGCO Corp.		5,619	$	641,634
Brink’s Co.		7,522		657,874
Caterpillar, Inc.		1,867		624,642
Concentrix Corp.		9,578		523,629
Donaldson Co., Inc.		8,732		630,450
Expeditors International of Washington, Inc.		5,198		578,589
Flowserve Corp.		14,599		688,489
General Electric Co.(b)		3,753		607,310
Genpact Ltd.		18,340		563,772
GXO Logistics, Inc.(a)		12,872		639,224
Howmet Aerospace, Inc.(b)		9,306		621,176
IDEX Corp.		2,642		582,455
Ingersoll Rand, Inc.		7,008		653,987
ITT, Inc.		4,984		644,631
Nordson Corp.		2,381		614,750
Timken Co.		7,339		654,786
Westinghouse Air Brake Technologies Corp.		4,444		715,839
				10,643,237
Information Technology – 33.0%(c)
Accenture PLC - Class A		1,667		501,617
Advanced Micro Devices, Inc.(a)		3,055		483,851
Amphenol Corp.		5,736		692,736
Analog Devices, Inc.		3,232		648,372
ANSYS, Inc.(a)		1,890		614,023
Apple, Inc.		3,692		628,858
Applied Materials, Inc.		3,068		609,458
Arrow Electronics, Inc.(a)		5,276		673,587
Autodesk, Inc.(a)(b)		2,503		532,764
Broadcom, Inc.		482		626,730
Cadence Design System, Inc.(a)		2,043		563,112
Coherent Corp.(a)		9,871		539,253
Fortinet, Inc.(a)		8,835		558,195
Hewlett Packard Enterprise Co.		35,039		595,663
Jabil, Inc.(b)		4,188		491,504
KBR, Inc.		10,271		666,999
Keysight Technologies, Inc.(a)		4,104		607,146
KLA Corp.		902		621,740
Lam Research Corp.		660		590,311
Lattice Semiconductor Corp.(a)(b)		7,874		540,156
MACOM Technology Solutions Holdings, Inc.(a)(b)		6,775		690,711
Microchip Technology, Inc.		7,095		652,598
Microsoft Corp.		1,552		604,240
Monolithic Power Systems, Inc.(b)		862		576,962
NVIDIA Corp.		722		623,822
Onto Innovation, Inc.(a)		3,404		631,408
PTC, Inc.(a)(b)		3,416		606,135

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

155

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 99.1% (Continued)
Information Technology – 33.0%(c) (Continued)
QUALCOMM, Inc.		3,696	$	612,982
Rambus, Inc.(a)		9,886		541,951
Synaptics, Inc.(a)		5,893		530,134
Synopsys, Inc.(a)		1,109		588,424
TE Connectivity Ltd.		4,486		634,679
Teledyne Technologies, Inc.(a)		1,480		564,590
Uber Technologies, Inc.(a)		8,048		533,341
				20,178,052
Materials — 12.3%
AptarGroup, Inc.		4,426		639,026
Ashland Global Holdings, Inc.(b)		6,600		629,178
Avery Dennison Corp.		2,922		634,892
Cabot Corp.		7,270		663,242
Corteva, Inc.		11,582		626,934
Crown Holdings, Inc.		8,084		663,454
DuPont de Nemours, Inc.(b)		8,870		643,075
International Flavors & Fragrances, Inc.		8,042		680,755
Linde PLC		1,363		601,028
Mosaic Co.		20,049		629,338
NewMarket Corp.		1,025		540,093
PPG Industries, Inc.		4,500		580,500
				7,531,515
TOTAL COMMON STOCKS (Cost $55,541,658)				60,680,604
REAL ESTATE INVESTMENT TRUSTS — 0.8%
Equinix, Inc.		693		492,799
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $512,425)				492,799

	Units		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.4%
Mount Vernon Liquid Assets Portfolio, LLC – 5.51%(d)		6,978,588	$	6,978,588
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,978,588)				6,978,588
TOTAL INVESTMENTS — 111.3% (Cost $63,032,671)				68,151,991
Liabilities in Excess of Other Assets — (11.3)%				(6,957,782	)
TOTAL NET ASSETS — 100.0%			$	61,194,209

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of April 30, 2024. The total market value of these securities was $6,619,824 which represented 10.8% of net assets.

(c) 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.

(d) The rate shown represents the 7-day effective yield as of April 30, 2024.

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

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

156

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Par		Value
BANK LOANS - 53.4%
Communication Services — 1.5%
Altice France SA, Senior Secured First Lien, 10.83% (3 mo. SOFR US + 5.50%), 08/15/2028	$	990,000	$	746,523
SBA Senior Finance II LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 2.00%), 01/19/2031		2,955,238		2,968,167
				3,714,690
Consumer Discretionary — 13.9%
1011778 BC ULC, Senior Secured First Lien, 7.57% (1 mo. SOFR US + 2.25%), 09/20/2030		2,308,912		2,315,296
AAdvantage Loyalty IP Ltd., Senior Secured First Lien, 10.34% (3 mo. SOFR US + 4.75%), 04/20/2028		800,000		833,084
Allied Universal Holdco LLC, Senior Secured First Lien, 9.17% (1 mo. SOFR US + 3.75%), 05/12/2028		1,974,734		1,978,437
Bombardier Recreational Products, Inc., Senior Secured First Lien, 7.42% (1 mo. SOFR US + 2.00%), 05/24/2027		212,534		212,934
Carnival Corp., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 10/18/2028		1,148,779		1,154,885
Cedar Fair LP, 7.83% (1 mo. Term SOFR + 2.00%), 04/18/2031		4,000,000		4,004,999
ClubCorp Holdings, Inc., Senior Secured First Lien
10.56% (3 mo. SOFR US + 5.00%), 09/18/2026		2,126,027		2,133,469
10.56% (3 mo. SOFR US + 5.00%), 09/18/2026		34,758		34,880
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 9.07% (1 mo. SOFR US + 3.75%), 01/29/2029		2,979,804		2,990,055
Great Outdoors Group LLC, Senior Secured First Lien, 9.18% (1 mo. SOFR US + 3.75%), 03/06/2028		2,268,908		2,272,754
IRB Holding Corp., Senior Secured First Lien, 8.17% (1 mo. SOFR US + 2.75%), 12/15/2027		2,741,770		2,749,008

	Par		Value
Consumer Discretionary — 13.9%(Continued)
MajorDrive Holdings IV LLC, Senior Secured First Lien, 9.57% (3 mo. SOFR US + 4.00%), 06/01/2028	$	2,485,956	$	2,501,755
Mileage Plus Holdings LLC, Senior Secured First Lien, 10.73% (3 mo. SOFR US + 5.25%), 06/21/2027		325,000		334,072
SeaWorld Parks & Entertainment, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 2.50%), 08/25/2028		2,209,403		2,211,247
SRS Distribution, Inc., Senior Secured First Lien, 8.93% (1 mo. SOFR US + 3.50%), 06/02/2028		1,963,541		1,979,926
United Airlines, Inc., Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 02/24/2031		1,800,000		1,809,846
Wand NewCo 3, Inc., Senior Secured First Lien, 9.07% (1 mo. SOFR US + 3.75%), 01/30/2031		2,000,000		2,015,390
Whatabrands LLC, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 08/03/2028		2,984,823		3,000,060
				34,532,097
Consumer Staples — 0.4%
Naked Juice LLC, Senior Secured First Lien
8.66% (3 mo. SOFR US + 3.25%), 01/24/2029		992,405		961,779
8.66% (3 mo. SOFR US + 3.25%), 01/24/2029		2,532		2,454
				964,233
Energy — 1.5%
CQP Holdco LP, Senior Secured First Lien, 8.30% (3 mo. SOFR US + 3.00%), 12/31/2030		2,161,702		2,170,436
Traverse Midstream Partners LLC, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 02/16/2028		1,621,722		1,628,566
				3,799,002

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

157

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
BANK LOANS - 53.4% (Continued)
Financials — 6.7%
Acrisure LLC, Senior Secured First Lien, 8.93% (CME Term SOFR 1 Month + 3.50%), 2/16/2027	$	1,987,093	$	1,988,534
Avolon TLB Borrower 1 US LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 2.00%), 06/22/2028		2,164,947		2,172,048
Boost Newco Borrower LLC, Senior Secured First Lien, 8.31% (3 mo. SOFR US + 3.00%), 01/31/2031		2,500,000		2,511,725
Deerfield Dakota Holding LLC, Senior Secured First Lien, 9.06% (3 mo. SOFR US + 3.75%), 04/09/2027		2,468,430		2,469,516
HUB International Ltd., Senior Secured First Lien
8.57% (1 mo. SOFR US + 3.25%), 06/20/2030		4,994		5,025
8.57% (3 mo. SOFR US + 3.25%), 06/20/2030		1,992,506		2,004,830
USI, Inc./NY, Senior Secured First Lien, 8.30% (3 mo. SOFR US + 3.00%), 11/22/2029		2,366,813		2,375,191
Wec US Holdings Ltd., Senior Secured First Lien, 8.07% (1 mo. SOFR US + 2.75%), 01/27/2031		3,000,000		3,005,519
				16,532,388
Health Care — 4.0%
Bausch + Lomb Corp., Senior Secured First Lien, 9.32% (1 mo. SOFR US + 4.00%), 09/29/2028		1,492,500		1,499,970
Gainwell Acquisition Corp., Senior Secured First Lien, 9.41% (3 mo. SOFR US + 4.00%), 10/01/2027		487,406		466,235
ICON Luxembourg Sarl, Senior Secured First Lien
7.31% (1 mo. SOFR US + 2.00%), 07/03/2028		1,766,983		1,776,419
7.31% (1 mo. SOFR US + 2.00%), 07/03/2028		440,245		442,596
Medline Borrower LP, Senior Secured First Lien, 8.07% (1 mo. SOFR US + 2.75%), 10/23/2028		2,803,372		2,813,941
Phoenix Newco, Inc., Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 11/15/2028		490,000		492,114

	Par		Value
Health Care — 4.0% (Continued)
Star Parent, Inc., Senior Secured First Lien, 9.31% (3 mo. SOFR US + 4.00%), 09/27/2030	$	2,500,000	$	2,502,350
				9,993,625
Industrials — 15.1%
Apple Bidco LLC First Lien, 8.83% (1 mo. Term SOFR + 4.00%), 09/22/2028		3,000,000		3,011,999
Chart Industries, Inc., Senior Secured First Lien, 8.67% (1 mo. SOFR US + 3.25%), 03/17/2030		2,366,799		2,377,900
Core & Main LP, Senior Secured First Lien, 7.57% (3 mo. SOFR US + 2.25%), 02/05/2031		2,992,500		3,007,462
CoreLogic, Inc., Senior Secured First Lien, 8.93% (1 mo. SOFR US + 3.50%), 06/02/2028		1,989,809		1,930,115
Crosby US Acquisition Corp. First Lien, 9.33% (1 mo. Term SOFR + 4.00%), 08/12/2029		1,500,000		1,512,495
Dun & Bradstreet Corp., Senior Secured First Lien, 8.07% (1 mo. SOFR US + 2.75%), 01/18/2029		1,492,091		1,497,381
Dynasty Acquisition Co., Inc. First Lien, 8.83% (1 mo. Term SOFR + 3.50%), 08/24/2028		1,804,306		1,814,969
Emrld Borrower LP, Senior Secured First Lien, 7.82% (1 mo. SOFR US + 2.50%), 05/31/2030		2,831,728		2,843,749
Engineered Machinery Holdings, Inc., Senior Secured First Lien, 9.32% (3 mo. SOFR US + 3.75%), 05/22/2028		1,994,898		1,997,661
Engineered Machinery Holdings, Inc., Senior Secured Second Lien, 11.57% (3 mo. SOFR US + 6.00%), 05/21/2029		600,000		599,439
GFL Environmental, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 05/31/2027		2,553,347		2,568,501
Madison IAQ LLC, Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 06/21/2028		2,964,726		2,969,707

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

158

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
BANK LOANS - 53.4% (Continued)
Industrials — 15.1% (Continued)
Roper Industrial Products Investment Co., Senior Secured First Lien, 9.30% (3 mo. SOFR US + 4.00%), 11/22/2029	$	1,490,013	$	1,503,423
SPX FLOW, Inc., Senior Secured First Lien, 9.92% (1 mo. SOFR US + 4.50%), 04/05/2029		2,839,266		2,859,127
Standard Aero Ltd. First Lien, 8.83% (1 mo. Term SOFR + 3.50%), 08/24/2028		695,694		699,806
Titan Acquisition Ltd./Canada, Senior Secured First Lien, 10.34% (1 mo. SOFR US + 5.00%), 02/01/2029		1,851,268		1,863,033
TK Elevator US Newco, Inc. First Lien, 8.79% (3 mo. Term SOFR), 04/30/2030		1,500,000		1,507,965
TransDigm, Inc. First Lien, 8.56% (3 mo. Term SOFR + 3.25%), 02/28/2031		3,000,000		3,020,984
				37,585,716
Information Technology — 6.8%
UKG, Inc., Senior Secured First Lien, 8.81% (3 mo. SOFR US + 3.50%), 02/10/2031		2,484,848		2,499,099
Applied Systems, Inc. First Lien, 8.82% (1 mo. Term SOFR + 3.50%), 02/24/2031		2,500,000		2,521,563
AthenaHealth Group, Inc., Senior Secured First Lien, 8.57% (1 mo. SOFR US + 3.25%), 02/15/2029		2,316,931		2,316,213
Central Parent, Inc., Senior Secured First Lien, 9.31% (3 mo. SOFR US + 4.00%), 07/06/2029		997,487		1,002,704
Epicor Software Corp., Senior Secured First Lien, 8.68% (1 mo. SOFR US + 3.25%), 07/30/2027		2,469,712		2,483,493
Peraton Corp., Senior Secured First Lien, 9.17% (1 mo. SOFR US + 3.75%), 02/01/2028		1,971,428		1,974,593
Polaris Newco LLC, Senior Secured First Lien, 9.59% (1 mo. SOFR US + 4.00%), 06/02/2028		2,224,874		2,214,540

	Par		Value
Information Technology — 6.8% (Continued)
Tempo Acquisition LLC, Senior Secured First Lien, 8.07% (1 mo. SOFR US + 2.75%), 08/31/2028	$	1,911,857	$	1,919,475
				16,931,680
Materials — 3.5%
Graham Packaging Co., Inc., Senior Secured First Lien, 8.43% (1 mo. SOFR US + 3.00%), 08/04/2027		1,954,728		1,961,453
Nouryon USA LLC, Senior Secured First Lien
9.42% (3 mo. SOFR US + 4.00%), 04/03/2028		959,783		963,536
9.42% (3 mo. SOFR US + 4.00%), 04/03/2028		249,137		250,111
Pregis TopCo LLC, Senior Secured First Lien, 9.07% (1 mo. SOFR US + 3.75%), 07/31/2026		1,478,391		1,485,206
Proampac PG Borrower LLC, Senior Secured First Lien
9.32% (1 mo. SOFR US + 4.00%), 09/15/2028		582,296		586,905
9.33% (3 mo. SOFR US + 4.00%), 09/15/2028		875,721		882,653
Quikrete Holdings, Inc., Senior Secured First Lien, 7.82% (1 mo. SOFR US + 2.50%), 04/14/2031		2,450,240		2,454,614
				8,584,478
TOTAL BANK LOANS (Cost $131,830,244)				132,637,909
COLLATERALIZED LOAN OBLIGATIONS — 33.0%
Aimco CDO
Series 2015-AA, Class ER2, 12.18% (3 mo. Term SOFR + 6.86%), 10/17/2034 (a)		1,000,000		1,003,449
Series 2019-10A, Class ER, 11.54% (3 mo. Term SOFR + 6.21%), 07/22/2032 (a)		1,100,000		1,103,506
Series 2021-15A, Class E, 11.53% (3 mo. Term SOFR + 6.21%), 10/17/2034 (a)		1,250,000		1,263,566
AIMCO CLO Series 2018-B, Series 2018-BA, Class ER, 11.63% (3 mo. Term SOFR + 6.30%), 04/16/2037 (a)		2,000,000		2,013,956
ALM Ltd./KY, Series 2020-12A, Class DR2, 12.31% (3 mo. Term SOFR + 6.98%), 01/15/2036 (a)		1,080,000		1,102,337

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

159

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
COLLATERALIZED LOAN OBLIGATIONS — 33.0% (Continued)
Beechwood Park CLO Ltd., Series 2019-1A, Class ER, 11.82% (3 mo. Term SOFR + 6.50%), 01/17/2035 (a)	$	1,000,000	$	1,010,842
Benefit Street Partners CLO Ltd., Series 2022-28A, Class E, 12.91% (3 mo. Term SOFR + 7.59%), 10/20/2035 (a)		1,000,000		1,038,246
CarVal CLO, Series 2019-2A, Class E, 12.03% (3 mo. Term SOFR + 6.70%), 07/20/2032 (a)		1,000,000		983,100
CIFC Funding Ltd.
Series 2018-5A, Class D, 11.74% (3 mo. Term SOFR + 6.41%), 01/15/2032 (a)		1,000,000		1,009,531
Series 2019-1A, Class E, 12.42% (3 mo. Term SOFR + 7.09%), 04/20/2032 (a)		1,000,000		1,004,956
Series 2019-FAL, Class E, 13.00% (3 mo. Term SOFR + 7.67%), 01/20/2033 (a)		1,000,000		1,008,677
Clover CLO
Series 2018-1A, Class ERR, 11.72% (3 mo. Term SOFR + 6.40%), 04/20/2037 (a)		1,650,000		1,659,111
Series 2021-2A, Class E, 12.09% (3 mo. Term SOFR + 6.76%), 07/20/2034 (a)		1,000,000		1,009,007
Series 2021-3A, Class E, 12.05% (3 mo. Term SOFR + 6.72%), 01/25/2035 (a)		1,000,000		1,003,460
Dryden Senior Loan Fund
Series 2017-50A, Class E, 11.85% (3 mo. Term SOFR + 6.52%), 07/15/2030 (a)		1,000,000		965,914
Series 2018-64A, Class A, 6.56% (3 mo. Term SOFR + 1.23%), 04/18/2031 (a)		2,985,886		2,987,929
Series 2019-76A, Class A1R, 6.74% (3 mo. Term SOFR + 1.41%), 10/20/2034 (a)		1,000,000		1,000,194
Eaton Vance Management, Series 2020-1A, Class ER, 11.84% (3 mo. Term SOFR + 6.51%), 10/15/2034 (a)		1,000,000		1,003,305
Flatiron CLO Ltd.
Series 2020-1A, Class ER, 11.73% (3 mo. Term SOFR + 6.45%), 05/20/2036 (a)		1,500,000		1,491,191
Series 2021-1A, Class E, 11.59% (3 mo. Term SOFR + 6.26%), 07/19/2034 (a)		2,000,000		2,019,651

	Par		Value
GoldenTree Loan Management US CLO, Series 2017-1A, Class FR2, 13.09% (3 mo. Term SOFR + 7.76%), 04/20/2034 (a)	$	1,000,000	$	985,724
Goldentree Loan Opportunities Ltd.
Series 2019-6A, Class ER, 12.02% (3 mo. Term SOFR + 6.70%), 04/20/2035 (a)		1,000,000		1,011,690
Series 2023-17A, Class E, 11.82% (3 mo. Term SOFR + 6.50%), 07/20/2036 (a)		1,000,000		1,019,992
Harbor Park CLO Ltd., Series 2018-1A, Class E, 11.19% (3 mo. Term SOFR + 5.86%), 01/20/2031 (a)		1,000,000		991,137
Magnetite CLO Ltd.
Series 2016-17A, Class DR2, 8.82% (3 mo. Term SOFR + 3.50%), 04/20/2037 (a)		3,000,000		3,012,835
Series 2019-22A, Class ER, 11.94% (3 mo. Term SOFR + 6.61%), 04/15/2031 (a)		2,000,000		2,008,967
Series 2020-28A, Class ER, 11.74% (3 mo. Term SOFR + 6.41%), 01/20/2035 (a)		1,750,000		1,769,365
Series 2021-30A, Class E, 11.79% (3 mo. Term SOFR + 6.46%), 10/25/2034 (a)		1,500,000		1,516,457
Series 2021-31A, Class E, 11.59% (3 mo. Term SOFR + 6.26%), 07/15/2034 (a)		500,000		504,997
Series 2023-37A, Class D, 9.32% (3 mo. Term SOFR + 4.00%), 10/20/2036 (a)		2,000,000		2,024,093
Magnetite Xxix Ltd.
Series 2021-29A, Class A, 6.58% (3 mo. Term SOFR + 1.25%), 01/15/2034 (a)		1,919,446		1,919,591
Series 2021-29A, Class E, 11.34% (3 mo. Term SOFR + 6.01%), 01/15/2034 (a)		2,110,000		2,119,672
Morgan Stanley Eaton Vance CLO Ltd., Series 2021-1A, Class A, 6.75% (3 mo. Term SOFR + 1.42%), 10/20/2034 (a)		2,000,000		2,004,745
Neuberger Berman CLO Ltd.
Series 2017-26A, Class E, 11.49% (3 mo. Term SOFR + 6.16%), 10/18/2030 (a)		1,000,000		994,294
Series 2019-35A, Class E, 12.59% (3 mo. Term SOFR + 7.26%), 01/19/2033 (a)		1,000,000		1,019,854
Series 2021-41A, Class E, 12.09% (3 mo. Term SOFR + 6.76%), 04/15/2034 (a)		1,000,000		1,007,184

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

160

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
COLLATERALIZED LOAN OBLIGATIONS — 33.0% (Continued)
Series 2022-48A, Class E, 11.82% (3 mo. Term SOFR + 6.50%), 04/25/2036 (a)	$	1,500,000	$	1,525,855
Niagara Park CLO, Series 2019-1A, Class AR, 6.58% (3 mo. Term SOFR + 1.26%), 07/17/2032 (a)		2,000,000		1,999,788
Oak Hill Credit Partners
Series 2014-10RA, Class ER, 11.84% (3 mo. Term SOFR + 6.51%), 04/20/2034 (a)		1,000,000		1,009,910
Series 2021-16A, Class E, 11.69% (3 mo. Term SOFR + 6.36%), 10/18/2034 (a)		1,000,000		1,008,239
OCP CLO Ltd.
Series 2017-14A, Class D, 11.38% (3 mo. Term SOFR + 6.06%), 11/20/2030 (a)		1,000,000		1,001,000
Series 2018-15A, Class D, 11.44% (3 mo. Term SOFR + 6.11%), 07/20/2031 (a)		1,000,000		1,003,262
Series 2020-19A, Class ER, 12.09% (3 mo. Term SOFR + 6.76%), 10/20/2034 (a)		250,000		249,384
Series 2021-21A, Class E, 11.87% (3 mo. Term SOFR + 6.54%), 07/20/2034 (a)		1,000,000		1,004,195
Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 6.71% (3 mo. Term SOFR + 1.38%), 07/15/2034 (a)		1,000,000		999,235
OHA Credit Funding
Series 2018-1A, Class ER, 11.81% (3 mo. Term SOFR + 6.50%), 04/20/2037 (a)		1,000,000		994,727
Series 2019-2A, Class ER, 11.95% (3 mo. Term SOFR + 6.62%), 04/21/2034 (a)		810,000		817,203
OHA Loan Funding Ltd., Series 2016-1A, Class ER, 11.94% (3 mo. Term SOFR + 6.61%), 01/20/2033 (a)		500,000		505,159
Palmer Square Loan Funding Ltd., Series 2022-4A, Class D, 12.61% (3 mo. Term SOFR + 7.29%), 07/24/2031 (a)		1,000,000		1,000,895
Parallel CLO Ltd., Series 2021-2A, Class D, 12.79% (3 mo. Term SOFR + 7.46%), 10/20/2034 (a)		1,000,000		944,469
Point Au Roche Park CLO, Series 2021-1A, Class E, 11.69% (3 mo. Term SOFR + 6.36%), 07/20/2034 (a)		370,000		373,047

	Par		Value
Rad CLO, Series 2021-12A, Class E, 11.94% (3 mo. Term SOFR + 6.61%), 10/30/2034 (a)	$	500,000	$	477,302
RR Ltd./Cayman Islands
Series 2020-8A, Class D, 11.99% (3 mo. Term SOFR + 6.66%), 04/15/2033 (a)		1,000,000		1,009,138
Series 2021-19A, Class D, 12.09% (3 mo. Term SOFR + 6.76%), 10/15/2035 (a)		1,000,000		1,019,430
Series 2023-26A, Class A1, 7.11% (3 mo. Term SOFR + 1.78%), 04/15/2038 (a)		2,000,000		2,006,297
Sixth Street CLO, Series 2021-19A, Class E, 11.49% (3 mo. Term SOFR + 6.16%), 07/20/2034 (a)		500,000		496,372
Symphony CLO Ltd.
Series 2020-22A, Class A1A, 6.88% (3 mo. Term SOFR + 1.55%), 04/18/2033 (a)		2,000,000		2,003,304
Series 2020-24A, Class E, 12.59% (3 mo. Term SOFR + 7.26%), 01/23/2032 (a)		1,000,000		1,003,443
Series 2021-26A, Class AR, 6.67% (3 mo. Term SOFR + 1.34%), 04/20/2033 (a)		3,000,000		2,999,472
Series 2021-29A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 01/15/2034 (a)		1,500,000		1,489,698
Series 2022-37A, Class DR, 10.22% (3 mo. Term SOFR + 4.90%), 01/20/2037 (a)		1,250,000		1,267,603
Trimaran CAVU LLC
Series 2021-1A, Class E, 12.09% (3 mo. Term SOFR + 6.76%), 04/23/2032 (a)		1,250,000		1,245,484
Series 2021-3A, Class E, 12.96% (3 mo. Term SOFR + 7.63%), 01/18/2035 (a)		1,925,000		1,944,354
Wellington Management Clo 2 Ltd., Series 2024-2A, Class E, 12.21% (3 mo. Term SOFR + 6.90%), 04/20/2037 (a)		1,000,000		1,009,000
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $80,306,220)				81,999,790

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

161

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Par		Value
CORPORATE BONDS — 8.9%
Communication Services — 0.8%
DISH Network Corp., 11.75%, 11/15/2027 (a)	$	1,500,000	$	1,516,394
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/2030 (a)		500,000		416,623
				1,933,017
Consumer Discretionary — 2.4%
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030 (a)		1,000,000		864,232
Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027 (a)		1,000,000		996,998
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026 (a)		333,333		329,720
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 05/01/2025 (a)		500,000		500,000
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029		1,000,000		953,186
Las Vegas Sands Corp., 3.90%, 08/08/2029		1,000,000		893,495
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (a)		1,500,000		1,408,922
				5,946,553
Consumer Staples — 0.2%
US Foods, Inc., 4.63%, 06/01/2030 (a)		500,000		455,065
Energy — 1.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029 (a)		1,500,000		1,428,953
Venture Global LNG, Inc., 8.13%, 06/01/2028 (a)		1,000,000		1,023,338
				2,452,291

	Par		Value
Financials — 0.4%
Boost Newco Borrower LLC, 7.50%, 01/15/2031 (a)	$	1,000,000	$	1,032,876
Health Care — 0.5%
Medline Borrower LP, 3.88%, 04/01/2029 (a)		1,500,000		1,347,738
Industrials — 1.7%
Madison IAQ LLC, 4.13%, 06/30/2028 (a)		1,500,000		1,392,315
OT Merger Corp., 7.88%, 10/15/2029 (a)		500,000		327,100
SPX FLOW, Inc., 8.75%, 04/01/2030 (a)		1,000,000		1,028,559
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a)		1,500,000		1,471,619
				4,219,593
Information Technology — 0.6%
UKG, Inc., 6.88%, 02/01/2031 (a)		1,500,000		1,506,673
Materials — 0.2%
Standard Industries, Inc./NJ, 4.75%, 01/15/2028 (a)		500,000		472,054
Real Estate — 0.2%
Howard Hughes Corp., 5.38%, 08/01/2028 (a)		500,000		471,373
Utilities — 0.9%
Calpine Corp., 5.13%, 03/15/2028 (a)		1,500,000		1,424,111
NRG Energy, Inc., 3.63%, 02/15/2031 (a)		1,000,000		847,955
				2,272,066
TOTAL CORPORATE BONDS (Cost $21,919,576)				22,109,299

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

162

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
EXCHANGE TRADED FUNDS — 0.5%
iShares iBoxx $ High Yield Corporate Bond ETF		8,065	$	615,279
SPDR Bloomberg High Yield Bond ETF		6,533		610,378
TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405)				1,225,657
CLOSED END FUNDS — 0.0%(b)
Eagle Point Credit Co., Inc.		1,905		19,145
TOTAL CLOSED END FUNDS (Cost $33,494)				19,145
TOTAL INVESTMENTS — 95.8% (Cost $235,286,700)				237,991,800
Other Assets in Excess of Liabilities — 4.2%				10,429,807
TOTAL NET ASSETS — 100.0%			$	248,421,607

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $102,262,408 or 41.2% of the Fund’s net assets.

(b) Represents less than 0.05% of net assets.

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

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

163

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 100.0%
Industrials – 7.5%
AAON, Inc.		1,333	$	125,422
Atkore, Inc.		603		105,706
Encore Wire Corp.		260		72,634
Hexatronic Group AB		3,258		10,226
Johnson Controls International PLC		11,185		727,808
Legrand SA		4,320		447,414
Lennox International, Inc.		582		269,710
Nexans SA		713		76,543
nVent Electric PLC		2,723		196,247
SPX Technologies, Inc.(a)		749		91,236
				2,122,946
Information Technology — 92.5%(b)
A10 Networks, Inc.		1,190		15,541
Advanced Micro Devices, Inc.(a)		15,385		2,436,676
Akamai Technologies, Inc.(a)		2,472		249,499
Ambarella, Inc.(a)		669		30,754
Arista Networks, Inc.(a)		4,871		1,249,704
Belden, Inc.		679		55,182
BlackBerry Ltd.(a)		9,397		26,334
Broadcom, Inc.		2,404		3,125,849
Calix, Inc.(a)		1,094		30,337
Check Point Software Technologies Ltd.(a)		1,982		296,150
Ciena Corp.(a)		2,370		109,565
Cisco Systems, Inc.		38,692		1,817,750
CommScope Holding Co., Inc.(a)		3,400		3,040
CommVault Systems, Inc.(a)		712		72,959
Computacenter PLC		1,839		59,456
Confluent, Inc. - Class A(a)		3,587		100,866
Credo Technology Group Holding Ltd.(a)		2,641		47,195
Crowdstrike Holdings, Inc. - Class A(a)		3,736		1,092,929
CyberArk Software Ltd.(a)		674		161,255
Datadog, Inc. - Class A(a)		4,957		622,104
Digi International, Inc.(a)		585		17,936
Dropbox, Inc. - Class A(a)		4,336		100,422
DXC Technology Co.(a)		3,020		58,860
Dynatrace, Inc.(a)		4,858		220,116
Elastic NV(a)		1,635		167,130

	Shares		Value
Information Technology — 92.5%(b) (Continued)
Extreme Networks, Inc.(a)		2,113	$	23,666
F5, Inc.(a)		964		159,359
Fastly, Inc.(a)		2,147		27,160
Fortinet, Inc.(a)		12,604		796,321
Hewlett Packard Enterprise Co.		21,310		362,270
Infinera Corp.(a)		3,641		17,550
Informatica, Inc. - Class A(a)		4,042		125,181
Intel Corp.		40,259		1,226,692
InterDigital, Inc.		426		42,059
Juniper Networks, Inc.		5,284		183,989
Kingsoft Cloud Holdings Ltd.(a)		61,219		13,072
MaxLinear, Inc.(a)		1,345		27,963
MicroStrategy, Inc.(a)		245		260,932
MongoDB, Inc.(a)		1,184		432,373
Motorola Solutions, Inc.		2,724		923,845
NEC Networks & System Integration Corp.		2,397		39,923
NET One Systems Co. Ltd.		1,339		22,493
NetApp, Inc.		3,382		345,674
NetScout Systems, Inc.(a)		1,166		22,457
Nokia OYJ		91,852		335,054
Nutanix, Inc.(a)		3,983		241,768
NVIDIA Corp.		4,277		3,695,413
Okta, Inc.(a)		2,591		240,911
Oracle Corp. Japan		2,098		158,585
Palo Alto Networks, Inc.(a)		3,147		915,431
Pure Storage, Inc.(a)		5,186		261,374
Qualys, Inc.(a)		606		99,329
Rapid7, Inc.(a)		1,017		45,562
Seagate Technology Holdings PLC		3,439		295,443
Semtech Corp.(a)		1,055		39,689
SentinelOne, Inc. - Class A(a)		4,070		85,999
Snowflake, Inc.(a)		5,405		838,856
SolarWinds Corp.		2,722		29,996
Super Micro Computer, Inc.(a)		918		788,378
Telefonaktiebolaget LM Ericsson - Class B		50,437		258,345
Tenable Holdings, Inc.(a)		1,926		86,612
Teradata Corp.(a)		1,615		59,917
Trend Micro, Inc.		2,304		114,347
Varonis Systems, Inc.(a)		1,784		78,050
Western Digital Corp.(a)		5,322		376,957

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

164

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 100.0% (Continued)
Information Technology — 92.5%(b) (Continued)
Zscaler, Inc.(a)		2,434	$	420,936
				26,687,540
TOTAL COMMON STOCKS (Cost $27,219,596)				28,810,486
TOTAL INVESTMENTS — 100.0% (Cost $27,219,596)				28,810,486
Other Assets in Excess of Assets — 0.0%(c)				1,551
TOTAL NET ASSETS — 100.0%			$	28,812,037

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) 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.

(c) Represents less than 0.05% of net assets.

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

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

165

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
April 30, 2024

	Shares		Value
COMMON STOCKS — 97.4%
Energy — 0.1%
SFL Corp. Ltd.		100	$	1,333
Health Care — 0.1%
CryoPort, Inc.(a)		36		583
Industrials — 84.9%(b)
Air Transport Services Group, Inc.(a)		49		628
AP Moller - Maersk AS - Class B		5		7,304
ArcBest Corp.		17		1,885
ATS Corp.(a)		72		2,374
AutoStore Holdings Ltd.(a)(c)		2,501		3,613
AZ-COM MARUWA Holdings, Inc.		104		802
Canadian National Railway Co.		518		63,000
Canadian Pacific Kansas City Ltd.		751		59,037
Cargojet, Inc.		13		1,164
Cargotec Oyj - Class B(a)		40		3,165
CH Robinson Worldwide, Inc.		85		6,035
China Merchants Port Holdings Co. Ltd.		3,062		4,056
Cia de Distribucion Integral Logista Holdings SA		97		2,651
Clarkson PLC		22		1,070
COSCO SHIPPING Holdings Co. Ltd. - Class H		2,417		3,140
COSCO SHIPPING Ports Ltd.		2,599		1,602
Costamare, Inc.		91		1,090
CSX Corp.		1,594		52,953
D/S Norden AS		25		1,059
Daifuku Co. Ltd.		277		5,742
Danaos Corp.		15		1,148
Deutsche Post AG		904		37,949
Dfds AS		43		1,320
DSV AS		160		22,887
Expeditors International of Washington, Inc.		108		12,021
FedEx Corp.		183		47,906
Forward Air Corp.		20		440
Full Truck Alliance Co. Ltd. - ADR		696		5,993
Golden Ocean Group Ltd.		146		2,057
GXO Logistics, Inc.(a)		87		4,320
Hapag-Lloyd AG(c)		128		23,609
Heartland Express, Inc.		60		596
Hoegh Autoliners ASA		139		1,471
International Container Terminal Services, Inc.		1,482		8,492
International Distributions Services PLC(a)		697		2,362
Interroll Holding AG		1		3,238
JB Hunt Trasport Services, Inc.		76		12,355

	Shares		Value
Industrials — 84.9%(b) (Continued)
JD Logistics, Inc.(a)(c)		4,828	$	5,278
Kamigumi Co. Ltd.		82		1,775
Kardex Holding AG		6		1,596
Kawasaki Kisen Kaisha Ltd.		549		7,714
KION Group AG		96		4,453
Kirby Corp.(a)		43		4,693
Knight-Swift Transportation Holdings, Inc.		118		5,455
Kuehne + Nagel International AG		88		23,383
Landstar System, Inc.		27		4,709
Mainfreight Ltd.		73		2,937
Marten Transport Ltd.		59		998
Matson, Inc.		27		2,910
Mitsubishi Logistics Corp.		60		1,998
Mitsui OSK Lines Ltd.		264		8,371
Mullen Group Ltd.		69		642
NEXTracker, Inc. - Class A(a)		100		4,279
Nippon Yusen KK		372		10,557
Nishi-Nippon Railroad Co. Ltd.		58		906
Norfolk Southern Corp.		166		38,233
NTG Nordic Transport Group AS(a)		17		691
Old Dominion Freight Line, Inc.		160		29,074
Orient Overseas International Ltd.		482		7,044
Pacific Basin Shipping Ltd.		3,839		1,335
Rockwell Automation, Inc.		84		22,761
RXO, Inc.(a)		85		1,607
Ryder System, Inc.		33		4,021
Saia, Inc.(a)		20		7,937
Sankyu, Inc.		45		1,564
Schneider National, Inc. - Class B		68		1,406
Seino Holdings Co. Ltd.		137		1,841
SG Holdings Co. Ltd.		467		5,474
SITC International Holdings Co. Ltd.		1,957		4,264
Star Bulk Carriers Corp.		68		1,654
Sumitomo Warehouse Co. Ltd.		58		963
Svitzer AS(a)		10		337
Symbotic, Inc.(a)		68		2,623
TFI International, Inc.		63		8,221
Toyota Industries Corp.		238		22,731
Transcoal Pacific Tbk PT		3,647		1,906
Union Pacific Corp.		441		104,589
United Parcel Service, Inc. - Class B		583		85,981
Wallenius Wilhelmsen ASA		309		3,142
Werner Enterprises, Inc.		46		1,573
XPO Inc.(a)		85		9,134
Yamato Holdings Co. Ltd.		277		3,674
Yaskawa Electric Corp.		195		8,154

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

166

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
April 30, 2024 (Continued)

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Industrials — 84.9%(b) (Continued)
ZIM Integrated Shipping Services Ltd.		91	$	1,206
ZTO Express Cayman, Inc.		443		9,448
				895,776
Information Technology – 12.3%
Celestica, Inc.(a)		87		3,775
Cognex Corp.		126		5,235
Flex Ltd.(a)		307		8,796
Sanmina Corp.(a)		41		2,487
SAP SE		605		109,779
				130,072
TOTAL COMMON STOCKS (Cost $962,997)				1,027,764
EXCHANGE TRADED FUNDS — 2.3%
iShares MSCI Brazil ETF		238		7,385
iShares MSCI South Korea ETF		182		11,475
iShares MSCI UAE ETF		390		5,589
TOTAL EXCHANGE TRADED FUNDS (Cost $25,056)				24,449
TOTAL INVESTMENTS — 99.7% (Cost $988,053)				1,052,213
Other Assets in Excess of Liabilities — 0.3%				3,151
TOTAL NET ASSETS — 100.0%			$	1,055,364

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

SA - Sociedad Anónima

(a) Non-income producing security.

(b) 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.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2024, the value of these securities total $32,500 or 3.1% of the Fund’s net assets.

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

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

167

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024

	Pacer Trendpilot® US Large Cap ETF		Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF		Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
ASSETS
Investments in Securities, at Value* ^	$	2,713,301,919	$	470,902,522		$	1,528,055,489	$	45,357,824		$	182,752,307
Cash		2,001,186		213,810			18,709,528		20,213			146,110
Interest and Dividends Receivable		1,574,571		133,142			102,668		516,858			943,138
Receivable for Fund Shares Sold		4,653,140		—			—		—			—
Securities Lending Income Receivable		6,661		8,301			15,534		5,331			10,171
Total Assets		2,721,537,477		471,257,775			1,546,883,219		45,900,226			183,851,726
LIABILITIES
Management Fees Payable		1,302,830		193,108			631,785		21,603			80,940
Payable to Custodian		—		—			—		185			703
Payable for Investment Securities Purchased		4,640,986		—			—		—			—
Collateral Received For Securities Loaned (See Note 5)		95,811,917		86,595,764			364,781,969		5,787,866			33,098,496
Total Liabilities		101,755,733		86,788,872			365,413,754		5,809,654			33,180,139
NET ASSETS	$	2,619,781,744	$	384,468,903		$	1,181,469,465	$	40,090,572		$	150,671,587
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,519,886,791	$	483,462,277		$	1,055,768,405	$	86,306,186		$	157,911,871
Total Distributable Earnings (Accumulated Deficit)		99,894,953		(98,993,374	)		125,701,060		(46,215,614	)		(7,240,284	)
Net Assets	$	2,619,781,744	$	384,468,903		$	1,181,469,465	$	40,090,572		$	150,671,587
* Identified Cost:
Investments in Securities	$	2,302,810,323	$	438,957,753		$	1,378,583,606	$	42,404,959		$	164,469,215
^ Includes Loaned Securities with a value of		92,102,045		82,949,350			357,002,972		5,470,347			31,864,146
Net Asset Value:
Net Assets	$	2,619,781,744	$	384,468,903		$	1,181,469,465	$	40,090,572		$	150,671,587
Shares Outstanding (No Par Value)		57,200,000		11,350,000			17,600,000		1,550,000			5,350,000
Net Asset Value, Offering and Redemption Price per Share	$	45.80	$	33.87		$	67.13	$	25.86		$	28.16

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

168

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF		Pacer US Cash Cows 100 ETF		Pacer US Small Cap Cash Cows 100 ETF		Pacer Global Cash Cows Dividend ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	196,383,961		$	—	$	23,678,428,474	$	10,369,895,675	$	2,131,939,129
Investments in Affiliated Securities, at Value*		—			50,224,393		—		—		—
Interest and Dividends Receivable		2,952,636			72,902		21,062,976		4,480,890		14,106,753
Receivable for Fund Shares Sold		—			—		86,093,450		65,666,840		—
Receivable for Investment Securities Sold		2,864,044			—		—		—		—
Cash		2,433,694			2,951		30,055,129		4,692,146		3,763,438
Securities Lending Income Receivable		9,887			—		94,450		96,212		35,570
Total Assets		204,644,222			50,300,246		23,815,734,479		10,444,831,763		2,149,844,890
LIABILITIES
Management Fees Payable		88,156			6,259		9,134,157		4,600,949		947,922
Payable for Investment Securities Purchased		4,554,391			—		85,676,696		65,487,893		—
Other Payable		—			—		—		—		—
Payable for Fund Shares Redeemed		—			—		—		—		—
Payable for Distributions to Shareholders		1,275,405			—		—		—		—
Collateral Received For Securities Loaned (See Note 5)		20,705,300			—		1,079,037,899		975,050,215		232,196,500
Payable to Custodian		—			—		—		1,514		16,991
Total Liabilities		26,623,252			6,259		1,173,848,752		1,045,140,571		233,161,413
NET ASSETS	$	178,020,970		$	50,293,987	$	22,641,885,727	$	9,399,691,192	$	1,916,683,477
NET ASSETS CONSIST OF:
Paid-in Capital	$	438,292,660		$	49,324,166	$	21,449,730,556	$	9,182,729,451	$	1,898,648,062
Total Distributable Earnings (Accumulated Deficit)		(260,271,690	)		969,821		1,192,155,171		216,961,741		18,035,415
Net Assets	$	178,020,970		$	50,293,987	$	22,641,885,727	$	9,399,691,192	$	1,916,683,477
* Identified Cost:
Investments in Unaffiliated Securities	$	195,462,514		$	—	$	21,766,587,747	$	10,083,705,802	$	2,069,556,409
Investments in Affiliated Securities		—			48,454,535		—		—		—
Foreign Currencies		—			—		—		—		—
^ Includes Loaned Securities with a value of		20,158,891			—		1,034,824,542		918,208,256		221,424,115
Net Asset Value:
Net Assets	$	178,020,970		$	50,293,987	$	22,641,885,727	$	9,399,691,192	$	1,916,683,477
Shares Outstanding (No Par Value)		8,900,000			1,650,000		413,000,000		205,100,000		56,100,000
Net Asset Value, Offering and Redemption Price per Share	$	20.00		$	30.48	$	54.82	$	45.83	$	34.17

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

169

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024

	Pacer Developed Markets International Cash Cows 100 ETF		Pacer Emerging Markets Cash Cows 100 ETF		Pacer US Large Cap Cash Cows Growth Leaders ETF		Pacer US Small Cap Cash Cows Growth Leaders ETF			Pacer US Cash Cows Growth ETF
ASSETS
Investments in Securities, at Value* ^	$	1,515,151,525	$	96,363,374	$	120,176,752	$	9,164,783		$	53,405,982
Interest and Dividends Receivable		9,483,926		430,747		46,321		2,418			13,097
Cash		1,419,505		349,640		128,404		7,251			26,017
Receivable for Fund Shares Sold		—		—		1,855,708		—			—
Securities Lending Income Receivable		82,278		164		—		—			545
Total Assets		1,526,137,234		97,143,925		122,207,185		9,174,452			53,445,641
LIABILITIES
Management Fees Payable		726,909		53,001		48,159		4,193			23,110
Payable to Custodian		4,672		1		—		—			1
Payable for Investment Securities Purchased		—		—		1,816,931		—			—
Collateral Received For Securities Loaned (See Note 5)		120,207,214		4,543		—		—			7,010,900
Total Liabilities		120,938,795		57,545		1,865,090		4,193			7,034,011
NET ASSETS	$	1,405,198,439	$	97,086,380	$	120,342,095	$	9,170,259		$	46,411,630
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,346,578,654	$	94,449,939	$	119,604,198	$	9,306,316		$	46,665,067
Total Distributable Earnings (Accumulated Deficit)		58,619,785		2,636,441		737,897		(136,057	)		(253,437	)
Net Assets	$	1,405,198,439	$	97,086,380	$	120,342,095	$	9,170,259		$	46,411,630
* Identified Cost:
Investments in Securities	$	1,452,673,281	$	90,591,950	$	117,436,409	$	9,132,777		$	48,816,364
^ Includes Loaned Securities with a value of		114,713,940		4,215		—		—			6,709,378
Net Asset Value:
Net Assets	$	1,405,198,439	$	97,086,380	$	120,342,095	$	9,170,259		$	46,411,630
Shares Outstanding (No Par Value)		44,500,000		4,750,000		4,900,000		400,000			1,150,000
Net Asset Value, Offering and Redemption Price per Share	$	31.58	$	20.44	$	24.56	$	22.93		$	40.36

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

170

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024

	Pacer Cash Cows Fund of Funds ETF		Pacer WealthShield ETF			Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	—	$	23,335,648		$	208,591,696		$	446,924,878		$	46,783,189
Investments in Affiliated Securities, at Value*		94,036,120		—			—			—			—
Receivable for Fund Shares Sold		—		—			—			—			28,483,050
Cash		12,886		15,917			230,623			853,511			4,419
Interest and Dividends Receivable		55		5,112			661,809			2,827			17,560
Receivable for Investment Securities Sold		—		3,705,048			—			1,247,130			66,751,022
Securities Lending Income Receivable		—		1,513			2,224			10,583			731
Total Assets		94,049,061		27,063,238			209,486,352			449,038,929			142,039,971
LIABILITIES
Management Fees Payable, net of waiver, if any		11,639		9,877			92,901			197,933			21,055
Payable to Custodian		—		—			—			—			—
Payable for Investment Securities Purchased		—		3,528,797			—			—			67,552,989
Payable for Fund Shares Redeemed		—		—			—			1,316,130			27,969,825
Collateral Received For Securities Loaned (See Note 5)		—		4,078,068			14,624,834			26,363,358			7,355,777
Total Liabilities		11,639		7,616,742			14,717,735			27,877,421			102,899,646
NET ASSETS	$	94,037,422	$	19,446,496		$	194,768,617		$	421,161,508		$	39,140,325
NET ASSETS CONSIST OF:
Paid-in Capital	$	86,958,279	$	46,369,917		$	276,632,899		$	785,645,701		$	66,552,412
Total Distributable Earnings (Accumulated Deficit)		7,079,143		(26,923,421	)		(81,864,282	)		(364,484,193	)		(27,412,087	)
Net Assets	$	94,037,422	$	19,446,496		$	194,768,617		$	421,161,508		$	39,140,325
* Identified Cost:
Investments in Unaffiliated Securities	$	—	$	22,284,252		$	227,766,634		$	539,897,563		$	46,791,586
Investments in Affiliated Securities		86,738,838		—			—			—			—
Foreign Currencies		—		—			—			—			—
^ Includes Loaned Securities with a value of		—		3,914,706			14,135,307			24,975,033			7,028,954
Net Asset Value:
Net Assets	$	94,037,422	$	19,446,496		$	194,768,617		$	421,161,508		$	39,140,325
Shares Outstanding (No Par Value)		2,500,000		700,000			5,500,000			16,000,000			1,050,000
Net Asset Value, Offering and Redemption Price per Share	$	37.61	$	27.78		$	35.41		$	26.32		$	37.28

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

171

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024

	Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF			Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF			Pacer Lunt Large Cap Multi-Factor Alternator ETF
ASSETS
Investments in Securities, at Value* ^	$	4,410,888		$	3,919,008		$	269,390,895		$	68,327,842		$	305,914,517
Cash		29,242			2,047			352,388			46,180			202,454
Foreign Currency at Value*		5,830			—			—			—			—
Interest and Dividends Receivable		78			3,827			301,903			14,097			186,056
Receivable for Fund Shares Sold		—			—			—			—			2,254,540
Receivable for Investment Securities Sold		—			—			1,688,649			—			—
Securities Lending Income Receivable		—			74			1,256			1,105			714
Total Assets		4,446,038			3,924,956			271,735,091			68,389,224			308,558,281
LIABILITIES
Management Fees Payable		2,488			1,996			130,178			27,284			148,821
Payable for Fund Shares Redeemed		—			—			1,699,535			—			—
Payable for Investment Securities Purchased		—			—			—			—			2,227,426
Collateral Received For Securities Loaned (See Note 5)		—			477,840			13,275,747			12,553,301			9,103,620
Total Liabilities		2,488			479,836			15,105,460			12,580,585			11,479,867
NET ASSETS	$	4,443,550		$	3,445,120		$	256,629,631		$	55,808,639		$	297,078,414
NET ASSETS CONSIST OF:
Paid-in Capital	$	6,806,415		$	3,839,043		$	521,003,247		$	61,485,121		$	331,796,535
Total Distributable Earnings (Accumulated Deficit)		(2,362,865	)		(393,923	)		(264,373,616	)		(5,676,482	)		(34,718,121	)
Net Assets	$	4,443,550		$	3,445,120		$	256,629,631		$	55,808,639		$	297,078,414
* Identified Cost:
Investments in Securities	$	4,417,579		$	4,231,601		$	268,879,893		$	65,433,706		$	291,036,650
Foreign Cash		5,781			—			—			—			—
^ Includes Loaned Securities with a value of		—			468,102			12,912,764			12,025,500			8,720,282
Net Asset Value:
Net Assets	$	4,443,550		$	3,445,120		$	256,629,631		$	55,808,639		$	297,078,414
Shares Outstanding (No Par Value)		305,882			100,000			7,550,000			1,300,000			6,700,000
Net Asset Value, Offering and Redemption Price per Share	$	14.53		$	34.45		$	33.99		$	42.93		$	44.34

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

172

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2024

	Pacer US Export Leaders ETF		Pacer Pacific Asset Floating Rate High Income ETF			Pacer Industrials and Logistics ETF		Pacer Data and Digital Revolution ETF
ASSETS
Investments in Securities, at Value* ^	$	68,151,991	$	237,991,800		$	1,052,213	$	28,810,486
Cash		35,808		35,714,429			1,107		10,126
Interest and Dividends Receivable		14,422		1,367,747			2,577		6,002
Receivable for Investment Securities Sold		—		2,489,819			—		—
Securities Lending Income Receivable		678		—			—		—
Total Assets		68,202,899		277,563,795			1,055,897		28,826,614
LIABILITIES
Management Fees Payable		30,102		114,839			533		14,577
Payable for Investment Securities Purchased		—		27,096,875			—		—
Payable for Distributions to Shareholders		—		1,930,416			—		—
Other Payables		—		58			—		—
Collateral Received For Securities Loaned (See Note 5)		6,978,588		—			—		—
Total Liabilities		7,008,690		29,142,188			533		14,577
NET ASSETS	$	61,194,209	$	248,421,607		$	1,055,364	$	28,812,037
NET ASSETS CONSIST OF:
Paid-in Capital	$	57,369,845	$	248,807,504		$	994,800	$	27,164,006
Total Distributable Earnings (Accumulated Deficit)		3,824,364		(385,897	)		60,564		1,648,031
Net Assets	$	61,194,209	$	248,421,607		$	1,055,364	$	28,812,037
* Identified Cost:
Investments in Securities	$	63,032,671	$	235,286,700		$	988,053	$	27,219,596
^ Includes Loaned Securities with a value of		6,619,824		—			—		—
Net Asset Value:
Net Assets	$	61,194,209	$	248,421,607		$	1,055,364	$	28,812,037
Shares Outstanding (No Par Value)		1,300,000		5,230,000			40,000		720,000
Net Asset Value, Offering and Redemption Price per Share	$	47.07	$	47.50		$	26.38	$	40.02

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

173

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2024

	Pacer Trendpilot® US Large Cap ETF		Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF		Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
INVESTMENT INCOME
Income:
Dividends*	$	35,528,227	$	4,902,960		$	5,255,183	$	1,138,566		$	3,999,724
Interest		1,241,498		3,919,489			23,776,882		209,552			141,724
Securities Lending Income		147,090		118,924			298,406		33,897			106,607
Total Investment Income		36,916,815		8,941,373			29,330,471		1,382,015			4,248,055
Expenses:
Management fees		13,982,346		2,305,346			6,590,916		269,191			909,940
Total Expenses		13,982,346		2,305,346			6,590,916		269,191			909,940
Net Investment Income (Loss)		22,934,469		6,636,027			22,739,555		1,112,824			3,338,115
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		24,698,299		(10,274,454	)		16,081,009		2,373,843			(2,765,729	)
Net Realized Gain (Loss) on In-Kind Redemptions		15,477,025		2,724,049			44,843,094		(230,162	)		1,017,901
Net Realized Gain (Loss) on Foreign Currency		—		—			—		(30,814	)		(292,267	)
Total		40,175,324		(7,550,405	)		60,924,103		2,112,867			(2,040,095	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		361,242,587		25,933,702			110,295,271		(3,351,995	)		8,680,833
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—		—			—		(5,987	)		(3,797	)
Total		361,242,587		25,933,702			110,295,271		(3,357,982	)		8,677,036
Net Realized and Unrealized Gain (Loss) on Investments		401,417,911		18,383,297			171,219,374		(1,245,115	)		6,636,941
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	424,352,380	$	25,019,324		$	193,958,929	$	(132,291	)	$	9,975,056
* Net of fees and foreign witholding tax of	$	9,407	$	—		$	11,501	$	207,551		$	463,429

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

174

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2024

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF		Pacer US Cash Cows 100 ETF		Pacer US Small Cap Cash Cows 100 ETF		Pacer Global Cash Cows Dividend ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	—	$	433,946,484	$	90,466,399	$	101,020,626
Dividends from Affiliated Investments		—			1,412,825		—		—		—
Interest		14,526,835			2,194		1,078,375		400,884		249,939
Securities Lending Income		110,429			—		6,569,512		1,061,102		540,462
Total Investment Income		14,637,264			1,415,019		441,594,371		91,928,385		101,811,027
Expenses:
Management fees		1,148,708			76,582		81,733,134		30,298,102		10,482,068
Total Expenses		1,148,708			76,582		81,733,134		30,298,102		10,482,068
Net Investment Income (Loss)		13,488,556			1,338,437		359,861,237		61,630,283		91,328,959
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(3,367,547	)		—		105,510,823		143,876,508		5,787,205
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			67,918		—		—		—
Net Realized Gain (Loss) on In-Kind Redemptions		444,405			1,420,611		902,699,272		220,578,371		10,477,781
Net Realized Gain (Loss) on Foreign Currency		(1,014	)		—		—		—		21,816
Total		(2,924,156	)		1,488,529		1,008,210,095		364,454,879		16,286,802
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		53,799			—		1,597,970,731		263,449,038		2,827,232
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			3,174,313		—		—		—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—		—		—		(111,871	)
Total		53,799			3,174,313		1,597,970,731		263,449,038		2,715,361
Net Realized and Unrealized Gain (Loss) on Investments		(2,870,357	)		4,662,842		2,606,180,826		627,903,917		19,002,163
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,618,199		$	6,001,279	$	2,966,042,063	$	689,534,200	$	110,331,122
* Net of fees and foreign witholding tax of	$	—		$	—	$	—	$	—	$	6,397,673

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

175

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2024

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer US Large Cap Cash Cows Growth Leaders ETF			Pacer US Small Cap Cash Cows Growth Leaders ETF			Pacer US Cash Cows Growth ETF
INVESTMENT INCOME
Income:
Dividends*	$	41,967,871		$	4,223,621		$	520,017		$	46,613		$	837,163
Interest		103,851			10,370			3,971			279			2,661
Securities Lending Income		601,699			7,377			—			—			9,947
Total Investment Income		42,673,421			4,241,368			523,988			46,892			849,771
Expenses:
Management fees		6,099,594			495,512			251,991			23,329			239,650
Total Expenses		6,099,594			495,512			251,991			23,329			239,650
Net Investment Income (Loss)		36,573,827			3,745,856			271,997			23,563			610,121
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		7,489,128			(1,399,125	)		(1,980,209	)		(185,190	)		(1,761,637	)
Net Realized Gain (Loss) on In-Kind Redemptions		22,708,144			—			4,356,668			508,608			2,435,139
Net Realized Gain (Loss) on Foreign Currency		(1,626,967	)		(66,421	)		—			—			—
Total		28,570,305			(1,465,546	)		2,376,459			323,418			673,502
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		33,759,840			5,996,909			2,806,401			32,006			5,645,580
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(196,597	)		(6,454	)		—			—			—
Total		33,563,243			5,990,455			2,806,401			32,006			5,645,580
Net Realized and Unrealized Gain (Loss) on Investments		62,133,548			4,524,909			5,182,860			355,424			6,319,082
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	98,707,375		$	8,270,765		$	5,454,857		$	378,987		$	6,929,203
* Net of fees and foreign witholding tax of	$	4,686,757		$	545,107		$	—		$	—		$	—

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

176

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2024

	Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF			Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	133,517		$	7,467,377		$	16,182,070		$	895,039
Dividends from Affiliated Investments		2,029,260			—			—			—			—
Interest		2,392			362,057			18,864			64,188			1,701
Securities Lending Income		—			8,558			34,488			221,287			12,489
Total Investment Income		2,031,652			504,132			7,520,729			16,467,545			909,229
Expenses:
Management fees		108,853			149,652			1,244,890			3,208,645			309,308
Total Expenses		108,853			149,652			1,244,890			3,208,645			309,308
Fees waived by adviser		—			—			(103,741	)		(267,387	)		—
Net Expenses		108,853			149,652			1,141,149			2,941,258			309,308
Net Investment Income (Loss)		1,922,799			354,480			6,379,580			13,526,287			599,921
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		—			(990,005	)		(5,489,100	)		(74,215,912	)		(8,977,617	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		(84,756	)		—			—			—			—
Net Realized Gain (Loss) on In-Kind Redemptions		2,561,250			506,058			637,413			(8,036,393	)		7,698,818
Net Realized Gain (Loss) on Foreign Currency		—			—			(5,512	)		34,308			—
Capital Gain Distributions from Underlying Holdings		—			—			2,224			—			—
Total		2,476,494			(483,947	)		(4,854,975	)		(82,217,997	)		(1,278,799	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		—			1,055,852			(22,857,946	)		19,546,736			(1,964	)
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		6,775,878			—			—			—			—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			(19,196	)		(4,772	)		—
Total		6,775,878			1,055,852			(22,877,142	)		19,541,964			(1,964	)
Net Realized and Unrealized Gain (Loss) on Investments		9,252,372			571,905			(27,732,117	)		(62,676,033	)		(1,280,763	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,175,171		$	926,385		$	(21,352,537	)	$	(49,149,746	)	$	(680,842	)
* Net of fees and foreign witholding tax of	$	—		$	74		$	321,798		$	801,634		$	236

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

177

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2024

	Pacer CSOP FTSE China A50 ETF			Pacer Biothreat Strategy ETF			Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi Factor Alternator ETF		Pacer Lunt Large Cap Multi Factor Alternator ETF
INVESTMENT INCOME
Income:
Dividends*	$	133,277		$	61,114		$	8,837,242		$	493,616	$	3,683,963
Interest		1,009			223			29,718			2,094		13,942
Securities Lending Income		—			1,389			67,428			16,383		22,343
Total Investment Income		134,286			62,726			8,934,388			512,093		3,720,248
Expenses:
Management fees		30,882			25,886			2,981,059			242,632		1,544,517
Tax Expense		188			—			—			—		—
Total Expenses		31,070			25,886			2,981,059			242,632		1,544,517
Net Investment Income (Loss)		103,216			36,840			5,953,329			269,461		2,175,731
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(266,361	)		(112,225	)		(127,277,099	)		2,443,017		5,188,639
Net Realized Gain (Loss) on In-Kind Redemptions		—			370,838			14,731,884			5,144,555		48,417,971
Net Realized Gain (Loss) on Foreign Currency		(678	)		—			—			—		—
Total		(267,039	)		258,613			(112,545,215	)		7,587,572		53,606,610
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(213,954	)		314,969			67,003,760			2,268,321		5,460,211
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		36			—			—			—		—
Total		(213,918	)		314,969			67,003,760			2,268,321		5,460,211
Net Realized and Unrealized Gain (Loss) on Investments		(480,957	)		573,582			(45,541,455	)		9,855,893		59,066,821
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(377,741	)	$	610,422		$	(39,588,126	)	$	10,125,354	$	61,242,552
* Net of fees and foreign witholding tax of	$	14,837		$	788		$	10,528		$	—	$	—

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

178

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2024

	Pacer US Export Leaders ETF			Pacer Pacific Asset Floating Rate High Income ETF		Pacer Industrials and Logistics ETF			Pacer Data and Digital Revolution ETF
INVESTMENT INCOME
Income:
Dividends*	$	440,431		$	80,299	$	29,767		$	86,916
Interest		2,061			14,815,443		77			819
Securities Lending Income		8,899			—		—			—
Total Investment Income		451,391			14,895,742		29,844			87,735
Expenses:
Management fees		251,922			927,275		6,257			60,137
Tax Expense		—			—		—			100
Total Expenses		251,922			927,275		6,257			60,237
Net Investment Income (Loss)		199,469			13,968,467		23,587			27,498
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(1,014,526	)		608,118		(638,994	)		36,073
Net Realized Gain (Loss) on In-Kind Redemptions		3,259,712			—		637,413			115,344
Net Realized Gain (Loss) on Foreign Currency		—			—		(272	)		(216	)
Total		2,245,186			608,118		(1,853	)		151,201
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		4,469,723			4,276,383		53,500			1,590,745
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—		(43	)		(68	)
Total		4,469,723			4,276,383		53,457			1,590,677
Net Realized and Unrealized Gain (Loss) on Investments		6,714,909			4,884,501		51,604			1,741,878
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,914,378		$	18,852,968	$	75,191		$	1,769,376
* Net of fees and foreign witholding tax of	$	239		$	—	$	3,632		$	—

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

179

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® US Large Cap ETF						Pacer Trendpilot® US Mid Cap ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	22,934,469		$	35,149,499		$	6,636,027		$	5,157,936
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		40,175,324			(2,146,942	)		(7,550,405	)		(38,006,691	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		361,242,587			49,274,263			25,933,702			5,998,134
Net Increase (Decrease) in Net Assets Resulting from Operations		424,352,380			82,276,820			25,019,324			(26,850,621	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(28,840,382	)		(26,415,381	)		(7,000,000	)		(3,237,926	)
Total Distributions to Shareholders		(28,840,382	)		(26,415,381	)		(7,000,000	)		(3,237,926	)
CAPITAL SHARE TRANSACTION
Proceeds from Shares Sold		269,651,410			521,811,485			31,186,025			170,960,965
Payments for Shares Redeemed		(84,990,400	)		(379,307,265	)		(54,988,860	)		(192,513,530	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		184,661,010			142,504,220			(23,802,835	)		(21,552,565	)
Net Increase (Decrease) in Net Assets	$	580,173,008			198,365,659		$	(5,783,511	)	$	(51,641,112	)
NET ASSETS
Beginning of Year	$	2,039,608,736		$	1,841,243,077		$	390,252,414		$	441,893,526
End of Year	$	2,619,781,744		$	2,039,608,736		$	384,468,903		$	390,252,414

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		6,400,000			13,850,000			950,000			5,200,000
Redemptions		(2,000,000	)		(10,100,000	)		(1,700,000	)		(5,900,000	)
Net Increase (Decrease)		4,400,000			3,750,000			(750,000	)		(700,000	)

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

180

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® 100 ETF						Pacer Trendpilot® European Index ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	22,739,555		$	6,417,380		$	1,112,824		$	659,133
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		60,924,103			(933,181	)		2,112,867			390,928
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		110,295,271			39,195,084			(3,357,982	)		6,339,180
Net Increase (Decrease) in Net Assets Resulting from Operations		193,958,929			44,679,283			(132,291	)		7,389,241
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(15,996,062	)		(4,142,394	)		(1,192,866	)		(273,384	)
Total Distributions to Shareholders		(15,996,062	)		(4,142,394	)		(1,192,866	)		(273,384	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		409,358,020			64,757,685			7,865,625			12,499,820
Payments for Shares Redeemed		(156,776,250	)		(43,185,630	)		(10,293,245	)		(21,697,145	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		252,581,770			21,572,055			(2,427,620	)		(9,197,325	)
Net Increase (Decrease) in Net Assets	$	430,544,637		$	62,108,944		$	(3,752,777	)	$	(2,081,468	)
NET ASSETS
Beginning of Year	$	750,924,828		$	688,815,884		$	43,843,349		$	45,924,817
End of Year	$	1,181,469,465		$	750,924,828		$	40,090,572		$	43,843,349

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		6,550,000			1,250,000			300,000			550,000
Redemptions		(2,550,000	)		(850,000	)		(400,000	)		(950,000	)
Net Increase (Decrease)		4,000,000			400,000			(100,000	)		(400,000	)

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

181

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® International ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	3,338,115		$	2,167,755
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,040,095	)		90,195
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		8,677,036			9,646,729
Net Increase (Decrease) in Net Assets Resulting from Operations		9,975,056			11,904,679
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(3,142,461	)		(444,569	)
Total Distributions to Shareholders		(3,142,461	)		(444,569	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		24,192,740			9,090,440
Payments for Shares Redeemed		(5,496,020	)		(25,936,275	)
Transaction Fees (See Note 1)		1,061			70
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		18,697,781			(16,845,765	)
Net Increase (Decrease) in Net Assets	$	25,530,376		$	(5,385,655	)
NET ASSETS
Beginning of Year	$	125,141,211		$	130,526,866
End of Year	$	150,671,587		$	125,141,211

(a) Summary of capital share transactions is as follows:

	Shares			Shares
Subscriptions		900,000			350,000
Redemptions		(200,000	)		(1,050,000	)
Net Increase (Decrease)		700,000			(700,000	)

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

182

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® US Bond ETF						Pacer Trendpilot® Fund of Funds ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	13,488,556		$	22,093,968		$	1,338,437		$	1,024,679
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,924,156	)		(123,726,526	)		1,488,529			1,039,553
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		53,799			39,291,335			3,174,313			(1,480,620	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,618,199			(62,341,223	)		6,001,279			583,612
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(13,319,148	)		(26,684,806	)		(1,304,500	)		(942,758	)
Total Distributions to Shareholders		(13,319,148	)		(26,684,806	)		(1,304,500	)		(942,758	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		6,142,640			—			1,458,985			1,364,660
Payments for Shares Redeemed		(57,768,460	)		(628,183,340	)		(8,680,450	)		(12,154,420	)
Transaction Fees (See Note 1)		7,524			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(51,618,296	)		(628,183,340	)		(7,221,465	)		(10,789,760	)
Net Increase (Decrease) in Net Assets	$	(54,319,245	)	$	(717,209,369	)	$	(2,524,686	)	$	(11,148,906	)
NET ASSETS
Beginning of Year	$	232,340,215		$	949,549,584		$	52,818,673		$	63,967,579
End of Year	$	178,020,970		$	232,340,215		$	50,293,987		$	52,818,673

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		300,000			—			50,000			50,000
Redemptions		(2,900,000	)		(29,200,000	)		(300,000	)		(450,000	)
Net Increase (Decrease)		(2,600,000	)		(29,200,000	)		(250,000	)		(400,000	)

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

183

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows 100 ETF						Pacer US Small Cap Cash Cows 100 ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	359,861,237		$	207,988,150		$	61,630,283		$	17,791,694
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,008,210,095			(591,025,700	)		364,454,879			(139,420,421	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		1,597,970,731			321,930,563			263,449,038			87,241,929
Net Increase (Decrease) in Net Assets Resulting from Operations		2,966,042,063			(61,106,987	)		689,534,200			(34,386,798	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(341,685,265	)		(193,788,560	)		(58,323,606	)		(16,000,780	)
Total Distributions to Shareholders		(341,685,265	)		(193,788,560	)		(58,323,606	)		(16,000,780	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		11,017,493,590			10,511,453,425			7,367,718,520			1,451,823,265
Payments for Shares Redeemed		(4,219,840,280	)		(1,591,432,405	)		(635,002,345	)		(197,346,245	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		6,797,653,310			8,920,021,020			6,732,716,175			1,254,477,020
Net Increase (Decrease) in Net Assets	$	9,422,010,108		$	8,665,125,473		$	7,363,926,769		$	1,204,089,442
NET ASSETS
Beginning of Year	$	13,219,875,619		$	4,554,750,146		$	2,035,764,423		$	831,674,981
End of Year	$	22,641,885,727		$	13,219,875,619		$	9,399,691,192		$	2,035,764,423

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		207,250,000			222,700,000			163,750,000			38,500,000
Redemptions		(77,150,000	)		(34,800,000	)		(13,600,000	)		(5,400,000	)
Net Increase (Decrease)		130,100,000			187,900,000			150,150,000			33,100,000

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

184

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Global Cash Cows Dividend ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	91,328,959		$	52,787,500
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		16,286,802			(6,077,033	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		2,715,361			56,617,021
Net Increase (Decrease) in Net Assets Resulting from Operations		110,331,122			103,327,488
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(103,433,974	)		(33,617,374	)
Total Distributions to Shareholders		(103,433,974	)		(33,617,374	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		372,460,780			1,227,571,200
Payments for Shares Redeemed		(42,288,465	)		(69,174,060	)
Transaction Fees (See Note 1)		53,609			150,678
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		330,225,924			1,158,547,818
Net Increase (Decrease) in Net Assets	$	337,123,072		$	1,228,257,932
NET ASSETS
Beginning of Year	$	1,579,560,405		$	351,302,473
End of Year	$	1,916,683,477		$	1,579,560,405

(a) Summary of capital share transactions is as follows:

	Shares			Shares
Subscriptions		11,100,000			37,750,000
Redemptions		(1,250,000	)		(2,200,000	)
Net Increase (Decrease)		9,850,000			35,550,000

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

185

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Developed Markets International Cash Cows 100 ETF						Pacer Emerging Markets Cash Cows 100 ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	36,573,827		$	12,211,358		$	3,745,856		$	1,385,535
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		28,570,305			(13,922,605	)		(1,465,546	)		(2,008,425	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		33,563,243			33,122,204			5,990,455			1,455,641
Net Increase (Decrease) in Net Assets Resulting from Operations		98,707,375			31,410,957			8,270,765			832,751
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(31,659,355	)		(7,687,068	)		(3,557,922	)		(973,073	)
Total Distributions to Shareholders		(31,659,355	)		(7,687,068	)		(3,557,922	)		(973,073	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		847,601,895			419,380,945			37,279,240			44,046,650
Payments for Shares Redeemed		(64,189,830	)		—			—			—
Transaction Fees (See Note 1)		154,544			133,089			43,514			74,713
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		783,566,609			419,514,034			37,322,754			44,121,363
Net Increase (Decrease) in Net Assets	$	850,614,629		$	443,237,923		$	42,035,597		$	43,981,041
NET ASSETS
Beginning of Year	$	554,583,810		$	111,345,887		$	55,050,783		$	11,069,742
End of Year	$	1,405,198,439		$	554,583,810		$	97,086,380		$	55,050,783

(a) Summary of capital share transactions is as follows:

	Shares			Shares		Shares		Shares
Subscriptions		28,000,000			14,850,000		1,900,000		2,350,000
Redemptions		(2,100,000	)		—		—		—
Net Increase (Decrease)		25,900,000			14,850,000		1,900,000		2,350,000

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

186

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Large Cap Cash Cows Growth Leaders ETF						Pacer US Small Cap Cash Cows Growth Leaders ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023 (a)			For the Year Ended April 30, 2024 (b)
OPERATIONS
Net Investment Income (Loss)	$	271,997		$	10,993		$	23,563
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,376,459			(218,546	)		323,418
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		2,806,401			(66,058	)		32,006
Net Increase (Decrease) in Net Assets Resulting from Operations		5,454,857			(273,611	)		378,987
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(265,559	)		(9,399	)		(23,563	)
Return of Capital		—			—			(93	)
Total Distributions to Shareholders		(265,559	)		(9,399	)		(23,656	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		119,220,635			19,853,740			12,786,183
Payments for Shares Redeemed		(23,638,568	)		—			(3,971,255	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (c)		95,582,067			19,853,740			8,814,928
Net Increase (Decrease) in Net Assets	$	100,771,365		$	19,570,730		$	9,170,259
NET ASSETS
Beginning of Period/Year		19,570,730			—		$	—
End of Period/Year	$	120,342,095		$	19,570,730		$	9,170,259

(a) The Fund commenced operations on December 21, 2022. The information presented is for the period from December 21, 2022 to April 30, 2023.

(b) The Fund commenced operations on May 1, 2023.

(c) Summary of capital share transactions is as follows:

	Shares			Shares		Shares
Subscriptions		4,950,000			975,000		575,000
Redemptions		(1,025,000	)		—		(175,000	)
Net Increase (Decrease)		3,925,000			975,000		400,000

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

187

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows Growth ETF						Pacer Cash Cows Fund of Funds ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	610,121		$	430,081		$	1,922,799		$	578,642
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		673,502			(1,986,956	)		2,476,494			38,918
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		5,645,580			589,864			6,775,878			1,025,743
Net Increase (Decrease) in Net Assets Resulting from Operations		6,929,203			(967,011	)		11,175,171			1,643,303
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(657,918	)		(382,192	)		(1,930,353	)		(584,387	)
Capital Gains		—			—			(262	)		(117	)
Return of Capital		(16,317	)		—			(3,388	)		(1,841	)
Total Distributions to Shareholders		(674,235	)		(382,192	)		(1,934,003	)		(586,345	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		19,194,280			68,710,005			55,741,170			45,528,065
Payments for Shares Redeemed		(17,537,245	)		(37,720,425	)		(19,563,140	)		(6,327,395	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		1,657,035			30,989,580			36,178,030			39,200,670
Net Increase (Decrease) in Net Assets	$	7,912,003		$	29,640,377		$	45,419,198		$	40,257,628
NET ASSETS
Beginning of Year	$	38,499,627		$	8,859,250		$	48,618,224		$	8,360,596
End of Year	$	46,411,630		$	38,499,627		$	94,037,422		$	48,618,224

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		500,000			1,900,000			1,600,000			1,400,000
Redemptions		(450,000	)		(1,050,000	)		(550,000	)		(200,000	)
Net Increase (Decrease)		50,000			850,000			1,050,000			1,200,000

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

188

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Industrial Real Estate ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	354,480		$	698,677		$	6,379,580		$	5,579,107
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(483,947	)		(4,406,726	)		(4,854,975	)		(44,167,991	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		1,055,852			717,354			(22,877,142	)		(14,357,291	)
Net Increase (Decrease) in Net Assets Resulting from Operations		926,385			(2,990,695	)		(21,352,537	)		(52,946,175	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(453,354	)		(597,772	)		(8,470,476	)		(6,149,407	)
Total Distributions to Shareholders		(453,354	)		(597,772	)		(8,470,476	)		(6,149,407	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		6,713,655			10,773,195			19,804,965			44,461,180
Payments for Shares Redeemed		(12,186,680	)		(15,910,675	)		(15,145,245	)		(150,423,405	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(5,473,025	)		(5,137,480	)		4,659,720			(105,962,225	)
Net Increase (Decrease) in Net Assets	$	(4,999,994	)	$	(8,725,947	)	$	(25,163,293	)	$	(165,057,807	)
NET ASSETS
Beginning of Year	$	24,446,490		$	33,172,437		$	219,931,910		$	384,989,717
End of Year	$	19,446,496		$	24,446,490		$	194,768,617		$	219,931,910

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		250,000			350,000			500,000			1,100,000
Redemptions		(450,000	)		(550,000	)		(400,000	)		(3,750,000	)
Net Increase (Decrease)		(200,000	)		(200,000	)		100,000			(2,650,000	)

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

189

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Data & Infrastructure Real Estate ETF						Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	13,526,287		$	23,775,260		$	599,921		$	845,660
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(82,217,997	)		(181,810,261	)		(1,278,799	)		2,499,877
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		19,541,964			(81,614,201	)		(1,964	)		22
Net Increase (Decrease) in Net Assets Resulting from Operations		(49,149,746	)		(239,649,202	)		(680,842	)		3,345,559
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(21,236,193	)		(18,743,593	)		(614,377	)		(826,693	)
Capital Gains		—			(1,717,631	)		—			—
Total Distributions to Shareholders		(21,236,193	)		(20,461,224	)		(614,377	)		(826,693	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		27,266,075			96,006,885			28,483,050			16,851,465
Payments for Shares Redeemed		(236,283,570	)		(434,676,185	)		(66,727,240	)		(21,079,065	)
Transaction Fees (See Note 1)		17,332			6,781			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(209,000,163	)		(338,662,519	)		(38,244,190	)		(4,227,600	)
Net Increase (Decrease) in Net Assets	$	(279,386,102	)	$	(598,772,945	)	$	(39,539,409	)	$	(1,708,734	)
NET ASSETS
Beginning of Year	$	700,547,610		$	1,299,320,555		$	78,679,734		$	80,388,468
End of Year	$	421,161,508		$	700,547,610		$	39,140,325		$	78,679,734

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		950,000			2,950,000			750,000			450,000
Redemptions		(8,550,000	)		(14,000,000	)		(1,850,000	)		(600,000	)
Net Increase (Decrease)		(7,600,000	)		(11,050,000	)		(1,100,000	)		(150,000	)

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

190

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	103,216		$	111,199
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(267,039	)		(452,535	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(213,918	)		(114,924	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(377,741	)		(456,260	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(92,239	)		(100,794	)
Total Distributions to Shareholders		(92,239	)		(100,794	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			—
Payments for Shares Redeemed		—			(717,525	)
Transaction Fees (See Note 1)		—			1
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		—			(717,524	)
Net Increase (Decrease) in Net Assets	$	(469,980	)	$	(1,274,578	)
NET ASSETS
Beginning of Year	$	4,913,530		$	6,188,108
End of Year	$	4,443,550		$	4,913,530

(a) Summary of capital share transactions is as follows:

	Shares		Shares
Subscriptions		—		—
Redemptions		—		(50,000	)
Net Increase (Decrease)		—		(50,000	)

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

191

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Biothreat Strategy ETF						Pacer Lunt Large Cap Alternator ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	36,840		$	47,043		$	5,953,329		$	9,373,354
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		258,613			(152,098	)		(112,545,215	)		(107,696,482	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		314,969			207,677			67,003,760			(45,887,725	)
Net Increase (Decrease) in Net Assets Resulting from Operations		610,422			102,622			(39,588,126	)		(144,210,853	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(37,062	)		(46,298	)		(5,527,814	)		(9,575,595	)
Return of Capital		—			—			—			(488,359	)
Total Distributions to Shareholders		(37,062	)		(46,298	)		(5,527,814	)		(10,063,954	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1,598,128			—			10,274,100			624,040,115
Payments for Shares Redeemed		(2,397,053	)		(2,087,637	)		(485,208,345	)		(247,539,040	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(798,925	)		(2,087,637	)		(474,934,245	)		376,501,075
Net Increase (Decrease) in Net Assets	$	(225,565	)	$	(2,031,313	)	$	(520,050,185	)	$	222,226,268
NET ASSETS
Beginning of Year	$	3,670,685		$	5,701,998		$	776,679,816		$	554,453,548
End of Year	$	3,445,120		$	3,670,685		$	256,629,631		$	776,679,816

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		50,000			—			300,000			15,050,000
Redemptions		(75,000	)		(75,000	)		(14,050,000	)		(6,600,000	)
Net Increase (Decrease)		(25,000	)		(75,000	)		(13,750,000	)		8,450,000

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

192

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Midcap Multi Factor Alternator ETF						Pacer Lunt Large Cap Multi Factor Alternator ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	269,461		$	410,202		$	2,175,731		$	3,419,925
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		7,587,572			(1,636,618	)		53,606,610			(40,943,498	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		2,268,321			3,320,047			5,460,211			30,690,624
Net Increase (Decrease) in Net Assets Resulting from Operations		10,125,354			2,093,631			61,242,552			(6,832,949	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(258,009	)		(410,052	)		(2,027,944	)		(3,553,899	)
Return of Capital		—			(20,581	)		—			—
Total Distributions to Shareholders		(258,009	)		(430,633	)		(2,027,944	)		(3,553,899	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		29,383,790			21,010,460			224,182,620			51,694,570
Payments for Shares Redeemed		(18,294,535	)		(23,227,120	)		(192,509,665	)		(102,211,650	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		11,089,255			(2,216,660	)		31,672,955			(50,517,080	)
Net Increase (Decrease) in Net Assets	$	20,956,600		$	(553,662	)	$	90,887,563		$	(60,903,928	)
NET ASSETS
Beginning of Year	$	34,852,039		$	35,405,701		$	206,190,851		$	267,094,779
End of Year	$	55,808,639		$	34,852,039		$	297,078,414		$	206,190,851

(a) Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		700,000			650,000			5,350,000			1,450,000
Redemptions		(450,000	)		(700,000	)		(4,550,000	)		(2,900,000	)
Net Increase (Decrease)		250,000			(50,000	)		800,000			(1,450,000	)

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

193

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Export Leaders ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	199,469		$	62,495
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,245,186			(279,343	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		4,469,723			1,019,862
Net Increase (Decrease) in Net Assets Resulting from Operations		6,914,378			803,014
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(199,688	)		(62,859	)
Return of Capital		(7,444	)		—
Total Distributions to Shareholders		(207,132	)		(62,859	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		48,424,215			15,408,145
Payments for Shares Redeemed		(13,912,915	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		34,511,300			15,408,145
Net Increase (Decrease) in Net Assets	$	41,218,546		$	16,148,300
NET ASSETS
Beginning of Year	$	19,975,663		$	3,827,363
End of Year	$	61,194,209		$	19,975,663

(a) Summary of capital share transactions is as follows:

	Shares			Shares
Subscriptions		1,100,000			400,000
Redemptions		(300,000	)		—
Net Increase (Decrease)		800,000			400,000

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

194

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Pacific Asset Floating Rate High Income ETF
	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	13,968,467		$	5,818,699
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		608,118			(3,432,998	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		4,276,383			41,729
Net Increase (Decrease) in Net Assets Resulting from Operations		18,852,968			2,427,430
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(13,662,425	)		(5,819,045	)
Total Distributions to Shareholders		(13,662,425	)		(5,819,045	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		189,807,930			87,368,338
Payments for Shares Redeemed		(46,671,646	)		(65,544,726	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		143,136,284			21,823,612
Net Increase (Decrease) in Net Assets	$	148,326,827		$	18,431,997
NET ASSETS
Beginning of Period/Year	$	100,094,780		$	81,662,783
End of Period/Year	$	248,421,607		$	100,094,780

(a) Summary of capital share transactions is as follows:

	Shares			Shares
Subscriptions		4,040,000			1,920,000
Redemptions		(1,000,000	)		(1,440,000	)
Net Increase (Decrease)		3,040,000			480,000

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

195

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Industrials and Logistics ETF						Pacer Data and Digital Revolution ETF
	For the Year Ended April 30, 2024			For the Period Ended April 30, 2023 (a)			For the Year Ended April 30, 2024			For the Period Ended April 30, 2023 (a)
OPERATIONS
Net Investment Income (Loss)	$	23,587		$	16,988		$	27,498		$	6,083
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,853	)		(523	)		151,201			1,392
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		53,457			10,629			1,590,677			147
Net Increase (Decrease) in Net Assets Resulting from Operations		75,191			27,094			1,769,376			7,622
DISTRIBUTIONS TO SHAREHOLDERS
Distributions and Dividends		(29,550	)		(12,171	)		(8,801	)		(5,555	)
Total Distributions to Shareholders		(29,550	)		(12,171	)		(8,801	)		(5,555	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			994,800			26,583,430			1,012,400
Payments for Shares Redeemed		—			—			(546,454	)		—
Transaction Fees (See Note 1)		—			—			19			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		—			994,800			26,036,995			1,012,400
Net Increase (Decrease) in Net Assets	$	45,641		$	1,009,723		$	27,797,570		$	1,014,467
NET ASSETS
Beginning of Period	$	1,009,723			—		$	1,014,467			—
End of Period	$	1,055,364		$	1,009,723		$	28,812,037		$	1,014,467

(a) Fund commenced operations on June 8, 2022. The information presented is from June 8, 2022 to April 30, 2023.

(b) Summary of capital share transactions is as follows:

	Shares		Shares		Shares			Shares
Subscriptions		—		40,000		700,000			40,000
Redemptions		—		—		(20,000	)		—
Net Increase (Decrease)		—		40,000		680,000			40,000

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

196

Pacer Trendpilot^® US Large Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	38.63		$	37.54		$	36.54		$	26.99		$	30.56
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.42			0.66			0.28			0.25			0.39
Net Realized and Unrealized Gain (Loss) on Investments(c)		7.26			0.90			1.03			9.65			(3.59	)
Total from Investment Operations		7.68			1.56			1.31			9.90			(3.20	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.51	)		(0.47	)		(0.31	)		(0.35	)		(0.37	)
Total Distributions		(0.51	)		(0.47	)		(0.31	)		(0.35	)		(0.37	)
Net Asset Value, End of Period	$	45.80		$	38.63		$	37.54		$	36.54		$	26.99
Total Return		19.96	%		4.20	%		3.48	%		36.86	%		-10.71	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,619,782		$	2,039,609		$	1,841,243		$	1,894,772		$	2,403,839
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.98	%		1.75	%		0.71	%		0.83	%		1.25	%
Portfolio Turnover Rate(b)		51	%		1	%		58	%		6	%		5	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

197

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	32.25		$	34.52		$	35.63		$	28.35		$	30.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.56			0.39			0.00	(d)		0.09			0.28
Net Realized and Unrealized Gain (Loss) on Investments(c)		1.69			(2.41	)		(1.07	)		7.36			(2.45	)
Total from Investment Operations		2.25			(2.02	)		(1.07	)		7.45			(2.17	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.63	)		(0.25	)		(0.04	)		(0.17	)		(0.43	)
Total Distributions		(0.63	)		(0.25	)		(0.04	)		(0.17	)		(0.43	)
Net Asset Value, End of Period	$	33.87		$	32.25		$	34.52		$	35.63		$	28.35
Total Return		7.02	%		-5.81	%		-2.98	%		26.34	%		-7.11	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	384,469		$	390,252		$	441,894		$	452,474		$	540,051
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.72	%		1.19	%		0.01	%		0.30	%		0.96	%
Portfolio Turnover Rate(b)		262	%		441	%		16	%		304	%		143	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less the $0.005.

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

198

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	55.22		$	52.18		$	54.01		$	37.91		$	36.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.43			0.48			(0.13	)		0.01			0.15
Net Realized and Unrealized Gain (Loss) on Investments(c)		11.44			2.87			(1.70	)		16.17			1.94
Total from Investment Operations		12.87			3.35			(1.83	)		16.18			2.09
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.96	)		(0.31	)		—			(0.08	)		(0.18	)
Total Distributions		(0.96	)		(0.31	)		—			(0.08	)		(0.18	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			—			0.00	(d)		—
Net Asset Value, End of Period	$	67.13		$	55.22		$	52.18		$	54.01		$	37.91
Total Return		23.36	%		6.47	%		-3.38	%		42.69	%		5.78	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,181,469		$	750,925		$	688,816		$	783,124		$	739,258
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		2.24	%		0.93	%		-0.22	%		0.01	%		0.40	%
Portfolio Turnover Rate(b)		20	%		6	%		7	%		6	%		61	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less the $0.005.

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

199

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	26.57		$	22.40		$	24.33		$	23.76		$	26.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.68			0.34			0.34			0.10			0.54
Net Realized and Unrealized Gain (Loss) on Investments(c)		(0.71	)		3.99			(1.89	)		0.47			(2.61	)
Total from Investment Operations		(0.03	)		4.33			(1.55	)		0.57			(2.07	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.68	)		(0.16	)		(0.38	)		—			(0.94	)
Total Distributions		(0.68	)		(0.16	)		(0.38	)		—			(0.94	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	(d)		—			—
Net Asset Value, End of Period	$	25.86		$	26.57		$	22.40		$	24.33		$	23.76
Total Return		-0.02	%		19.43	%		-6.47	%		2.38	%		-8.18	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	40,091		$	43,843		$	45,925		$	54,741		$	91,488
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.66	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		2.68	%		1.48	%		1.39	%		0.43	%		2.04	%
Portfolio Turnover Rate(b)		111	%		5	%		7	%		506	%		12	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less the $0.005.

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

200

Pacer Trendpilot^® International ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)(f)
Net Asset Value, Beginning of Period	$	26.91		$	24.40		$	28.22		$	23.42		$	24.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		0.65			0.45			0.44			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments(d)		1.18			2.16			(3.57	)		4.72			(1.55	)
Total from Investment Operations		1.83			2.61			(3.13	)		5.00			(1.23	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.58	)		(0.10	)		(0.69	)		(0.20	)		(0.26	)
Total Distributions		(0.58	)		(0.10	)		(0.69	)		(0.20	)		(0.26	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(e)		0.00	(e)		0.00	(e)		—			—
Net Asset Value, End of Period	$	28.16		$	26.91		$	24.40		$	28.22		$	23.42
Total Return		6.85	%		10.75	%		-11.46	%		21.46	%		-5.08	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	150,672		$	125,141		$	130,527		$	131,228		$	151,038
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		2.38	%		1.82	%		1.56	%		1.15	%		1.26	%
Portfolio Turnover Rate(c)		58	%		3	%		202	%		161	%		39	%

(a) Commencement of operations on May 02, 2019.

(b) Calculated based on average shares outstanding during the period.

(c) Excludes the impact of in-kind transactions.

(d) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(e) Represents less the $0.005.

(f) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

201

Pacer Trendpilot^® US Bond ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(f)
Net Asset Value, Beginning of Period	$	20.20		$	23.33		$	27.45		$	25.77		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		1.41			1.11			0.80			1.09			0.33
Net Realized and Unrealized Gain (Loss) on Investments(d)		(0.19	)		(2.83	)		(4.17	)		1.34			0.72
Total from Investment Operations		1.22			(1.72	)		(3.37	)		2.43			1.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.42	)		(1.41	)		(0.75	)		(0.75	)		(0.28	)
Total Distributions		(1.42	)		(1.41	)		(0.75	)		(0.75	)		(0.28	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(e)		—			—			0.00	(e)		—
Net Asset Value, End of Period	$	20.00		$	20.20		$	23.33		$	27.45		$	25.77
Total Return		6.30	%		-7.30	%		-12.54	%		9.53	%		4.24	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	178,021		$	232,340		$	949,550		$	839,970		$	144,327
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		7.03	%		5.26	%		3.01	%		4.04	%		2.47	%
Portfolio Turnover Rate(c)		131	%		711	%		652	%		55	%		131	%

(a) Commencement of operations on October 22, 2019.

(b) Calculated based on average shares outstanding during the period.

(c) Excludes the impact of in-kind transactions.

(d) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(e) Represents less the $0.005.

(f) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

202

Pacer Trendpilot^® Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(d)
Net Asset Value, Beginning of Period	$	27.80		$	27.81		$	29.82		$	23.81		$	25.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)(c)		0.77			0.48			0.35			0.22			0.26
Net Realized and Unrealized Gain (Loss) on Investments(g)		2.66			(0.03	)		(2.07	)		5.96			(1.59	)
Total from Investment Operations		3.43			0.45			(1.72	)		6.18			(1.33	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.75	)		(0.46	)		(0.29	)		(0.17	)		(0.25	)
Total Distributions		(0.75	)		(0.46	)		(0.29	)		(0.17	)		(0.25	)
Net Asset Value, End of Period	$	30.48		$	27.80		$	27.81		$	29.82		$	23.81
Total Return		12.39	%		1.71	%		-5.87	%		26.02	%		-5.37	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	50,294		$	52,819		$	63,968		$	44,728		$	27,378
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net Investment Income (Loss) to Average Net Assets(e)		2.61	%		1.77	%		1.16	%		0.82	%		1.03	%
Portfolio Turnover Rate(f)		6	%		6	%		5	%		29	%		6	%

(a) Commencement of operations on May 3, 2019.

(b) Calculated based on average shares outstanding during the period.

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration 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.

(d) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(e) Does not include expenses of the investment companies in which the Fund invests.

(f) Excludes the impact of in-kind transactions.

(g) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

203

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	46.73		$	47.94		$	41.95		$	25.17		$	29.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.10			1.08			0.84			0.71			0.77
Net Realized and Unrealized Gain (Loss) on Investments(c)		8.02			(1.32	)		5.87			16.76			(4.55	)
Total from Investment Operations		9.12			(0.24	)		6.71			17.47			(3.78	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.03	)		(0.97	)		(0.72	)		(0.69	)		(0.77	)
Total Distributions		(1.03	)		(0.97	)		(0.72	)		(0.69	)		(0.77	)
Net Asset Value, End of Period	$	54.82		$	46.73		$	47.94		$	41.95		$	25.17
Total Return		19.70	%		-0.38	%		16.08	%		70.43	%		-12.63	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	22,641,886		$	13,219,876		$	4,554,750		$	432,113		$	190,027
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		2.15	%		2.30	%		1.78	%		2.23	%		2.73	%
Portfolio Turnover Rate(b)		77	%		90	%		114	%		104	%		85	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

204

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	37.05		$	38.06		$	41.82		$	20.76		$	25.88
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.54			0.51			0.72			0.11			0.27
Net Realized and Unrealized Gain (Loss) on Investments(c)		8.76			(1.09	)		(3.37	)		21.13			(5.12	)
Total from Investment Operations		9.30			(0.58	)		(2.65	)		21.24			(4.85	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.52	)		(0.43	)		(0.67	)		(0.14	)		(0.27	)
Distributions from Return of Capital		—			—			(0.44	)		(0.04	)		—
Total Distributions		(0.52	)		(0.43	)		(1.11	)		(0.18	)		(0.27	)
Net Asset Value, End of Period	$	45.83		$	37.05		$	38.06		$	41.82		$	20.76
Total Return		25.18	%		-1.46	%		-6.57	%		102.70	%		-18.72	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	9,399,691		$	2,035,764		$	831,675		$	271,840		$	14,534
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%		0.59	%		0.60	%		0.59	%		0.59	%
Net Investment Income (Loss) to Average Net Assets		1.20	%		1.36	%		1.70	%		0.33	%		1.11	%
Portfolio Turnover Rate(b)		108	%		101	%		133	%		123	%		128	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

205

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	34.15		$	32.83		$	31.10		$	24.63		$	31.19
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.75			1.94			1.39			1.17			1.32
Net Realized and Unrealized Gain (Loss) on Investments(c)		0.27			0.65			1.69			6.51			(6.60	)
Total from Investment Operations		2.02			2.59			3.08			7.68			(5.28	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(2.00	)		(1.28	)		(1.35	)		(1.21	)		(1.28	)
Total Distributions		(2.00	)		(1.28	)		(1.35	)		(1.21	)		(1.28	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(d)		0.01			0.00	(d)		—			—
Net Asset Value, End of Period	$	34.17		$	34.15		$	32.83		$	31.10		$	24.63
Total Return		6.17	%		8.50	%		10.22	%		32.05	%		-17.32	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,916,683		$	1,579,560		$	351,302		$	135,269		$	135,480
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		5.21	%		6.07	%		4.32	%		4.32	%		4.52	%
Portfolio Turnover Rate(b)		65	%		47	%		39	%		76	%		91	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less the $0.005.

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

206

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	29.82		$	29.69		$	31.95		$	20.99		$	27.08
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.19			1.52			1.03			0.66			0.74
Net Realized and Unrealized Gain (Loss) on Investments(c)		1.72			(0.18	)		(2.43	)		10.98			(6.05	)
Total from Investment Operations		2.91			1.34			(1.40	)		11.64			(5.31	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.16	)		(1.23	)		(0.87	)		(0.68	)		(0.78	)
Total Distributions		(1.16	)		(1.23	)		(0.87	)		(0.68	)		(0.78	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.02			0.01			0.00	(d)		—
Net Asset Value, End of Period	$	31.58		$	29.82		$	29.69		$	31.95		$	20.99
Total Return		10.00	%		5.26	%		-4.48	%		56.41	%		-20.04	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,405,198		$	554,584		$	111,346		$	20,769		$	20,991
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		3.89	%		5.43	%		3.28	%		2.52	%		2.96	%
Portfolio Turnover Rate(b)		67	%		59	%		71	%		83	%		149	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less the $0.005.

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

207

Pacer Emerging Markets Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(c)
Net Asset Value, Beginning of Period	$	19.32		$	22.14		$	25.94		$	19.11		$	24.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		1.03			1.12			1.36			0.72			1.05
Net Realized and Unrealized Gain (Loss) on Investments(e)		1.15			(2.70	)		(4.03	)		6.91			(4.81	)
Total from Investment Operations		2.18			(1.58	)		(2.67	)		7.63			(3.76	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.07	)		(1.30	)		(1.14	)		(0.85	)		(2.08	)
Total Distributions		(1.07	)		(1.30	)		(1.14	)		(0.85	)		(2.08	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.06			0.01			0.05			0.00	(f)
Net Asset Value, End of Period	$	20.44		$	19.32		$	22.14		$	25.94		$	19.11
Total Return		11.79	%		-6.43	%		-10.67	%		41.19	%		-16.76	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	97,086		$	55,051		$	11,070		$	3,891		$	956
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.70	%		0.71	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		5.28	%		5.93	%		5.50	%		3.12	%		4.43	%
Portfolio Turnover Rate(d)		73	%		66	%		97	%		109	%		144	%

(a) Commencement of operations on May 02, 2019.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Represents less the $0.005.

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

208

Pacer US Large Cap Cash Cows Growth Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Period Ended April 30, 2023(a)(c)
Net Asset Value, Beginning of Period	$	20.07		$	20.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.12			0.03
Net Realized and Unrealized Gain (Loss) on Investments (e)		4.48			(0.30	)
Total from Investment Operations		4.60			(0.27	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.11	)		(0.02	)
Total Distributions		(0.11	)		(0.02	)
Net Asset Value, End of Period	$	24.56		$	20.07
Total Return		22.96	%		-1.30	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	120,342		$	19,571
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		0.53	%		0.44	%
Portfolio Turnover Rate (d)		111	%		30	%

(a) Commencement of operations on December 21, 2022.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

209

Pacer US Small Cap Cash Cows Growth Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024 (a)(c)
Net Asset Value, Beginning of Period	$	20.18
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.13
Net Realized and Unrealized Gain (Loss) on Investments (e)		2.75
Total from Investment Operations		2.88
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.13	)
Distributions from Return of capital (f)		0.00
Total Distributions		(0.13	)
CAPITAL SHARE TRANSACTIONS:
Transaction Fees (see Note 1)		—
Net Asset Value, End of Period	$	22.93
Total Return		14.26	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	9,170
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%
Net Investment Income (Loss) to Average Net Assets		0.59	%
Portfolio Turnover Rate (d)		152	%

(a) Commencement of operations on May 1, 2023

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Less than $0.005

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

210

Pacer US Cash Cows Growth ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(c)
Net Asset Value, Beginning of Period	$	35.00		$	35.44		$	36.21		$	22.89		$	24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.56			0.60			0.04			0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments (e)		5.43			(0.65	)		(0.75	)		13.37			(1.90	)
Total from Investment Operations		5.99			(0.05	)		(0.71	)		13.51			(1.62	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.62	)		(0.39	)		(0.04	)		(0.19	)		(0.27	)
Distributions from Return of Capital		(0.01	)		—			(0.02	)		—			—
Total Distributions		(0.63	)		(0.39	)		(0.06	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	40.36		$	35.00		$	35.44		$	36.21		$	22.89
Total Return		17.34	%		-0.07	%		-1.98	%		59.29	%		-6.52	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	46,412		$	38,500		$	8,859		$	3,621		$	1,144
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.52	%		1.69	%		0.10	%		0.43	%		1.16	%
Portfolio Turnover Rate (d)		123	%		182	%		76	%		170	%		166	%

(a) Commencement of operations on May 02, 2019.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

211

Pacer Cash Cows Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(d)
Net Asset Value, Beginning of Period	$	33.53		$	33.44		$	33.44		$	20.83		$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)(c)		0.94			0.76			0.79			0.55			0.53
Net Realized and Unrealized Gain (Loss) on Investments (g)		4.13			0.11			—			12.56			(4.46	)
Total from Investment Operations		5.07			0.87			0.79			13.11			(3.93	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.99	)		(0.78	)		(0.79	)		(0.50	)		(0.55	)
Distributions from Capital Gains		(0.00	)(h)		(0.00	)(h)		—			—			—
Distributions from Return of Capital		(0.00	)(h)		(0.00	)(h)		—			—			(0.00	)(h)
Total Distributions		(0.99	)		(0.78	)		(0.79	)		(0.50	)		(0.55	)
Net Asset Value, End of Period	$	37.61		$	33.53		$	33.44		$	33.44		$	20.83
Total Return		15.38	%		2.81	%		2.29	%		63.73	%		-15.71	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	94,037		$	48,618		$	8,361		$	1,672		$	1,041
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (e)		0.15	%		0.15	%		0.16	%		0.15	%		0.15	%
Net Investment Income (Loss) to Average Net Assets (e)		2.64	%		2.33	%		2.27	%		2.09	%		2.27	%
Portfolio Turnover Rate (f)		4	%		8	%		26	%		9	%		2	%

(a) Commencement of operations on May 03, 2019.

(b) Calculated based on average shares outstanding during the period.

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration 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.

(d) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(e) Does not include expenses of the investment companies in which the Fund invests.

(f) Excludes the impact of in-kind transactions.

(g) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(h) Less than $0.005.

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

212

Pacer WealthShield ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	27.16		$	30.16		$	32.10		$	23.92		$	25.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.39			0.64			0.26			0.14			0.33
Net Realized and Unrealized Gain (Loss) on Investments (c)		0.71			(3.07	)		(1.94	)		8.20			(1.10	)
Total from Investment Operations		1.10			(2.43	)		(1.68	)		8.34			(0.77	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.48	)		(0.57	)		(0.26	)		(0.16	)		(0.33	)
Total Distributions		(0.48	)		(0.57	)		(0.26	)		(0.16	)		(0.33	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	(d)		—			—
Net Asset Value, End of Period	$	27.78		$	27.16		$	30.16		$	32.10		$	23.92
Total Return		4.06	%		-8.09	%		-5.30	%		35.00	%		-3.04	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	19,446		$	24,446		$	33,172		$	48,143		$	51,428
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.42	%		2.19	%		0.79	%		0.53	%		1.38	%
Portfolio Turnover Rate (b)		315	%		669	%		448	%		227	%		676	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less than $0.005.

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

213

Pacer Industrial Real Estate ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	40.73		$	47.82		$	42.12		$	30.09		$	29.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		1.18			0.90			0.78			0.63			0.77
Net Realized and Unrealized Gain (Loss) on Investments (c)		(4.94	)		(6.99	)		5.48			12.08			0.52
Total from Investment Operations		(3.76	)		(6.09	)		6.26			12.71			1.29
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.56	)		(1.00	)		(0.57	)		(0.58	)		(0.61	)
Distributions from Capital Gains		—			—			—			—			(0.00	)(d)
Distributions from Return of Capital		—			—			—			(0.10	)		—
Total Distributions		(1.56	)		(1.00	)		(0.57	)		(0.68	)		(0.61	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.01			0.00	(d)		—
Net Asset Value, End of Period	$	35.41		$	40.73		$	47.82		$	42.12		$	30.09
Total Return		-9.31	%		-12.56	%		14.88	%		42.70	%		4.38	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	194,769		$	219,932		$	384,990		$	200,086		$	48,147
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%		0.60	%
Expenses to Average Net Assets (Waived) (see Note 3)		0.55	%		0.58	%		N/A			N/A			N/A
Net Investment Income (Loss) to Average Net Assets		3.07	%		2.25	%		1.60	%		1.75	%		2.40	%
Net Investment Income (Loss) to Average Net Assets (Waived) (see Note 3)		3.12	%		2.23	%		N/A			N/A			N/A
Portfolio Turnover Rate (b)		19	%		92	%		43	%		13	%		29	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less than $0.005.

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

214

Pacer Data & Infrastructure Real Estate ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Year/Period	$	29.68		$	37.50		$	38.48		$	33.27		$	28.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.71			0.77			0.32			0.36			0.54
Net Realized and Unrealized Gain (Loss) on Investments (c)		(2.98	)		(7.92	)		(0.91	)		5.39			4.92
Total from Investment Operations		(2.27	)		(7.15	)		(0.59	)		5.75			5.46
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.09	)		(0.61	)		(0.33	)		(0.37	)		(0.49	)
Distributions from Capital Gains		—			(0.06	)		(0.06	)		—			—
Distributions from Return of Capital		—			—			—			(0.17	)		(0.06	)
Total Distributions		(1.09	)		(0.67	)		(0.39	)		(0.54	)		(0.55	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(d)		0.00	(d)		—			—			—
Net Asset Value, End of Period	$	26.32		$	29.68		$	37.50		$	38.48		$	33.27
Total Return		-7.74	%		-19.11	%		-1.63	%		17.46	%		19.50	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	421,162		$	700,548		$	1,299,321		$	1,119,810		$	552,214
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.62	%		0.60	%		0.60	%
Expenses to Average Net Assets After Advisory Fees (Waived) (see Note 3)		0.55	%		0.58	%		N/A			N/A			N/A
Net Investment Income (Loss) to Average Net Assets		2.52	%		2.43	%		0.81	%		1.02	%		1.70	%
Net Investment Income (Loss) to Average Net Assets After Advisory Fees (Waived) (see Note 3)		2.57	%		2.41	%		N/A			N/A			N/A
Portfolio Turnover Rate (b)		68	%		51	%		23	%		30	%		28	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Represents less the $0.005.

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

215

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	36.60		$	34.95		$	37.16		$	25.23		$	28.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.41			0.40			0.34			0.26			0.50
Net Realized and Unrealized Gain (Loss) on Investments (d)		0.70			1.65			(2.21	)		11.95			(3.00	)
Total from Investment Operations		1.11			2.05			(1.87	)		12.21			(2.50	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.43	)		(0.40	)		(0.34	)		(0.28	)		(0.43	)
Total Distributions		(0.43	)		(0.40	)		(0.34	)		(0.28	)		(0.43	)
Net Asset Value, End of Period	$	37.28		$	36.60		$	34.95		$	37.16		$	25.23
Total Return (c)		3.13	%		5.95	%		-5.11	%		48.66	%		-8.80	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	39,140		$	78,680		$	80,388		$	66,883		$	60,554
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.16	%		1.16	%		0.89	%		0.89	%		1.75	%
Portfolio Turnover Rate (b)		185	%		227	%		225	%		217	%		225	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022.

(d) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

216

Pacer CSOP FTSE China A50 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)(c)			For the Year Ended September 30, 2019
Net Asset Value, Beginning of Period	$	16.06		$	17.39		$	22.74		$	16.18		$	16.85		$	15.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.34			0.33			0.31			0.36			(0.07	)		0.31
Net Realized and Unrealized Gain (Loss) on Investments (e)		(1.57	)		(1.33	)		(5.33	)		6.54			0.15			1.48
Total from Investment Operations		(1.23	)		(1.00	)		(5.02	)		6.90			0.08			1.79
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.30	)		(0.33	)		(0.37	)		(0.33	)		(0.71	)		(0.24	)
Distributions from Return of Capital		—			—			(0.01	)		(0.01	)		(0.04	)		—
Total Distributions		(0.30	)		(0.33	)		(0.38	)		(0.34	)		(0.75	)		(0.24	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	(f)		0.05			0.00	(f)		—			—
Net Asset Value, End of Period	$	14.53		$	16.06		$	17.39		$	22.74		$	16.18		$	16.85
Total Return		-7.50	%		-5.68	%		-22.15	%		42.73	%		0.14	%		12.05	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,444		$	4,914		$	6,188		$	10,367		$	8,992		$	12,740
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.70	%		0.71	%		0.70	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		2.33	%		2.03	%		1.49	%		1.73	%		-0.66	%		1.97	%
Portfolio Turnover Rate (d)		12	%		13	%		59	%		32	%		193	%		45	%

(a) For the period October 1, 2019 to April 30, 2020.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Represents less the $0.005.

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

217

Pacer BioThreat Strategy ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	29.37		$	28.51		$	30.05		$	24.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.32			0.30			0.22			0.16
Net Realized and Unrealized Gain (Loss) on Investments (e)		5.09			0.86			(1.52	)		5.53
Total from Investment Operations		5.41			1.16			(1.30	)		5.69
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.33	)		(0.30	)		(0.24	)		(0.15	)
Distributions from Return of Capital		—			—			—			(0.00	)(f)
Total Distributions		(0.33	)		(0.30	)		(0.24	)		(0.15	)
Net Asset Value, End of Period	$	34.45		$	29.37		$	28.51		$	30.05
Total Return		18.52	%		4.13	%		-4.41	%		23.23	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,445		$	3,671		$	5,702		$	4,507
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.70	%		0.71	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		0.99	%		1.07	%		0.69	%		0.65	%
Portfolio Turnover Rate (d)		13	%		10	%		17	%		5	%

(a) Commencement of operations on June 24, 2020.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

218

Pacer Lunt Large Cap Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	36.46		$	43.15		$	40.74		$	23.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.42			0.44			0.48			0.41
Net Realized and Unrealized Gain (Loss) on Investments (e)		(2.47	)		(6.67	)		2.36			17.16
Total from Investment Operations		(2.05	)		(6.23	)		2.84			17.57
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.42	)		(0.44	)		(0.43	)		(0.41	)
Distributions from Return of Capital		—			(0.02	)		—			—
Total Distributions		(0.42	)		(0.46	)		(0.43	)		(0.41	)
Net Asset Value, End of Period	$	33.99		$	36.46		$	43.15		$	40.74
Total Return		-5.65	%		-14.49	%		6.97	%		74.99	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	256,630		$	776,680		$	554,454		$	130,353
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.19	%		1.11	%		1.09	%		1.59	%
Portfolio Turnover Rate (d)		597	%		384	%		722	%		193	%

(a) Commencement of operations on June 24, 2020.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

219

Pacer Lunt Midcap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	33.19		$	32.19		$	37.07		$	23.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.25			0.37			0.20			0.07
Net Realized and Unrealized Gain (Loss) on Investments (e)		9.73			1.01			(4.87	)		13.26
Total from Investment Operations		9.98			1.38			(4.67	)		13.33
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.24	)		(0.36	)		(0.19	)		(0.07	)
Distributions from Return of Capital		—			(0.02	)		(0.02	)		(0.03	)
Total Distributions		(0.24	)		(0.38	)		(0.21	)		(0.10	)
Net Asset Value, End of Period	$	42.93		$	33.19		$	32.19		$	37.07
Total Return		30.16	%		4.43	%		-12.66	%		56.04	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	55,809		$	34,852		$	35,406		$	35,219
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.66	%		1.14	%		0.55	%		0.27	%
Portfolio Turnover Rate (d)		367	%		569	%		529	%		322	%

(a) Commencement of operations on June 24, 2020.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

220

Pacer Lunt Large Cap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	34.95		$	36.34		$	37.61		$	24.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.34			0.54			0.39			0.32
Net Realized and Unrealized Gain (Loss) on Investments (e)		9.36			(1.38	)		(1.33	)		13.14
Total from Investment Operations		9.70			(0.84	)		(0.94	)		13.46
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.31	)		(0.55	)		(0.33	)		(0.27	)
Total Distributions		(0.31	)		(0.55	)		(0.33	)		(0.27	)
Net Asset Value, End of Period	$	44.34		$	34.95		$	36.34		$	37.61
Total Return		27.83	%		-2.26	%		-2.58	%		55.41	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	297,078		$	206,191		$	267,095		$	43,253
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.84	%		1.54	%		0.98	%		1.19	%
Portfolio Turnover Rate (d)		417	%		629	%		434	%		304	%

(a) Commencement of operations on June 24, 2020.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

221

Pacer US Export Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020
Net Asset Value, Beginning of Period	$	39.95		$	38.27		$	40.41		$	25.15		$	25.97
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.21			0.25			0.12			0.14			0.16
Net Realized and Unrealized Gain (Loss) on Investments (c)		7.12			1.67			(2.13	)		15.27			(0.82	)
Total from Investment Operations		7.33			1.92			(2.01	)		15.41			(0.66	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.21	)		(0.24	)		(0.12	)		(0.15	)		(0.16	)
Distribution from Return of Capital		—			—			(0.01	)		—			—
Total Distributions		(0.21	)		(0.24	)		(0.13	)		(0.15	)		(0.16	)
Net Asset Value, End of Period	$	47.07		$	39.95		$	38.27		$	40.41		$	25.15
Total Return		18.40	%		5.06	%		-5.00	%		61.47	%		-2.53	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	61,194		$	19,976		$	3,827		$	2,021		$	1,257
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.47	%		0.64	%		0.29	%		0.43	%		0.61	%
Portfolio Turnover Rate (b)		75	%		74	%		79	%		111	%		79	%

(a) Calculated based on average shares outstanding during the period.

(b) Excludes the impact of in-kind transactions.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

222

Pacer Pacific Asset Floating Rate High Income ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2024			For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 (a)(c)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020
Net Asset Value, Beginning of Period	$	45.71		$	47.76		$	48.90		$	46.52		$	48.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		4.23			3.34			1.47			1.47			1.90
Net Realized and Unrealized Gain (Loss) on Investments (e)		1.58			(2.10	)		(1.29	)		2.47			(2.20	)
Total from Investment Operations		5.81			1.24			0.18			3.94			(0.30	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(4.02	)		(3.29	)		(1.32	)		(1.56	)		(1.91	)
Total Distributions		(4.02	)		(3.29	)		(1.32	)		(1.56	)		(1.91	)
Net Asset Value, End of Period	$	47.50		$	45.71		$	47.76		$	48.90		$	46.52
Total Return		13.25	%		2.91	%		0.34	%		8.63	%		-0.70	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	248,422		$	100,095		$	81,663		$	31,788		$	27,911
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.62	%		0.68	%		1.06	%
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		N/A			N/A			N/A			0.86	%		1.10	%
Net Investment Income (Loss) to Average Net Assets		9.01	%		7.36	%		3.63	%		3.04	%		3.98	%
Portfolio Turnover Rate (d)		43	%		79	%		37	%		35	%		48	%

(a) For the period ended July 1, 2021 to April 30, 2022.

(b) Calculated based on average shares outstanding during the period.

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d) Excludes the impact of in-kind transactions.

(e) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

223

Pacer Industrials and Logistics ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Period Ended April 30, 2023(a)(e)
Net Asset Value, Beginning of Period	$	25.24		$	24.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.59			0.43
Net Realized and Unrealized Gain (Loss) on Investments (c)		1.29			0.24
Total from Investment Operations		1.88			0.67
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.74	)		(0.30	)
Total Distributions		(0.74	)		(0.30	)
Net Asset Value, End of Period	$	26.38		$	25.24
Total Return		7.54	%		2.90	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,055		$	1,010
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		2.26	%		2.01	%
Portfolio Turnover Rate (d)		26	%		10	%

(a) Commencement of operations on June 8, 2022.

(b) Calculated based on average shares outstanding during the period.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Excludes the impact of in-kind transactions.

(e) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

224

Pacer Data and Digital Revolution ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2024			For the Period Ended April 30, 2023(a)(e)
Net Asset Value, Beginning of Period	$	25.36		$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.10			0.15
Net Realized and Unrealized Gain (Loss) on Investments (c)		14.62			0.04
Total from Investment Operations		14.72			0.19
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.06	)		(0.14	)
Total Distributions		(0.06	)		(0.14	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(f)		—
Net Asset Value, End of Period	$	40.02		$	25.36
Total Return		58.06	%		0.84	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	28,812		$	1,014
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.27	%		0.73	%
Portfolio Turnover Rate (d)		27	%		9	%

(a) Commencement of operations on June 8, 2022.

(b) Calculated based on average shares outstanding during the period.

(c) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(d) Excludes the impact of in-kind transactions.

(e) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(f) Represents less than $0.005.

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

225

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, QDPL and EAFG 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, SHPP and TRFK 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, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. 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 Fees
Pacer Trendpilot® US Large Cap ETF		PTLC		June 11, 2015		Cboe	$	500	*
Pacer Trendpilot® US Mid Cap ETF		PTMC		June 11, 2015		Cboe		300	*
Pacer Trendpilot® 100 ETF		PTNQ		June 11, 2015		Nasdaq		300	*
Pacer Trendpilot® European Index ETF		PTEU		December 14, 2015		Cboe		2,000	*
Pacer Trendpilot® International ETF		PTIN		May 2, 2019		NYSE		8,000	*
Pacer Trendpilot® US Bond ETF		PTBD		October 22, 2019		NYSE		500	*
Pacer Trendpilot® Fund of Funds ETF		TRND		May 3, 2019		NYSE		300
Pacer US Cash Cows 100 ETF		COWZ		December 16, 2016		Cboe		300
Pacer US Small Cap Cash Cows 100 ETF		CALF		June 16, 2017		Cboe		300
Pacer Global Cash Cows Dividend ETF		GCOW		February 22, 2016		Cboe		1,500
Pacer Developed Markets International Cash Cows 100 ETF		ICOW		June 16, 2017		Cboe		1,500
Pacer Emerging Markets Cash Cows 100 ETF		ECOW		May 2, 2019		Nasdaq		1,750
Pacer US Large Cap Cash Cows Growth Leaders ETF		COWG		December 21, 2022		Nasdaq		300
Pacer US Small Cap Cash Cows Growth Leaders ETF		CAFG		May 1, 2023		Nasdaq		300
Pacer US Cash Cows Growth ETF		BUL		May 2, 2019		NYSE		300
Pacer Cash Cows Fund of Funds ETF		HERD		May 3, 2019		Nasdaq		300
Pacer WealthShield ETF		PWS		December 11, 2017		Cboe		500
Pacer Industrial Real Estate ETF		INDS		May 14, 2018		NYSE		300
Pacer Data & Infrastructure Real Estate ETF		SRVR		May 15, 2018		NYSE		300
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF		SZNE		July 23, 2018		NYSE		500

226

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer CSOP FTSE China A50 ETF		AFTY		March 10, 2015		NYSE	$	300
Pacer BioThreat Strategy ETF		VIRS		June 24, 2020		Cboe		300
Pacer Lunt Large Cap Alternator ETF		ALTL		June 24, 2020		NYSE		300
Pacer Lunt Midcap Multi-Factor Alternator ETF		PAMC		June 24, 2020		NYSE		300
Pacer Lunt Large Cap Multi-Factor Alternator ETF		PALC		June 24, 2020		NYSE		300
Pacer US Export Leaders ETF		PEXL		July 23, 2018		NYSE		300
Pacer Pacific Asset Floating Rate High Income ETF		FLRT		February 18, 2015		NYSE		300
Pacer Data and Digital Revolution ETF		TRFK		June 8, 2022		NYSE		750
Pacer Industrials and Logistics ETF		SHPP		June 8, 2022		NYSE		2,000

* For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

Ticker	Index	Diversification
PTLC	Pacer Trendpilot® US Large Cap Index	Diversified
PTMC	Pacer Trendpilot® US Mid-Cap Index	Diversified
PTNQ	Pacer NASDAQ-100 Trendpilot® Index	Non-Diversified
PTEU	Pacer Trendpilot® European Index	Diversified
PTIN	Pacer Trendpilot® International Index	Diversified
PTBD	Pacer Trendpilot® US Bond Index	Diversified
TRND	Pacer Trendpilot Fund of Funds Index	Diversified
COWZ	Pacer US Cash Cows 100 Index	Diversified
CALF	Pacer US Small Cap Cash Cows Index	Diversified
GCOW	Pacer Global Cash Cows High Dividends 100 Index	Diversified
ICOW	Pacer Developed Markets International Cash Cows 100 Index	Diversified
ECOW	Pacer Emerging Markets Cash Cows 100 Index	Diversified
COWG	Pacer US Large Cap Cash Cows Growth Leaders Index	Non-Diversified
CAFG	Pacer US Small Cap Cash Cows Growth Leaders Index	Non-Diversified
BUL	Pacer US Cash Cows Growth Index	Non-Diversified
HERD	Pacer Cash Cows Fund of Funds Index	Diversified
PWS	Pacer WealthShield Index	Diversified
INDS	Solactive GPR Industrial Real Estate Index	Non-Diversified
SRVR	Solactive GPR Data & Infrastructure Real Estate Index	Non-Diversified
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index	Diversified
AFTY	FTSE China A50 Net Total Return Index	Diversified
VIRS	LifeSci BioThreat Strategy Index	Non-Diversified
ALTL	Lunt Capital U.S. Large Cap Equity Rotation Index	Non-Diversified
PAMC	Lunt Capital U.S. MidCap Multi-Factor Rotation Index	Non-Diversified
PALC	Lunt Capital U.S. Large Cap Multi-Factor Rotation Index	Non-Diversified
PEXL	US Export Leaders Index	Diversified
FLRT	Pacer Pacific Asset Floating Rate High Income Index	Non-Diversified
SHPP	Pacer Global Supply Chain Infrastructure Index	Non-Diversified
TRFK	Pacer Data Transmission and Communication Revolution Index	Non-Diversified

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

227

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities, including master limited partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.

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 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the 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.

228

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2024:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,564,503,022	$	—	$	—	$	—	$	2,564,503,022
Real Estate Investment Trusts		52,986,980		—		—		—		52,986,980
Investments Purchased with Proceeds from Securities Lending		—		—		—		95,811,917		95,811,917
Total Investments in Securities	$	2,617,490,002	$	—	$	—	$	95,811,917	$	2,713,301,919

^ See Schedule of Investments for sector breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	356,082,316	$	—	$	—	$	—	$	356,082,316
Real Estate Investment Trusts		28,224,442		—		—		—		28,224,442
Investments Purchased with Proceeds from Securities Lending		—		—		—		86,595,764		86,595,764
Total Investments in Securities	$	384,306,758	$	—	$	—	$	86,595,764	$	470,902,522

^ See Schedule of Investments for sector breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	632,075,899	$	—	$	—	$	—	$	632,075,899
Short-Term Investments		—		531,197,621		—		—		531,197,621
Investments Purchased with Proceeds from Securities Lending		—		—		—		364,781,969		364,781,969
Total Investments in Securities	$	632,075,899	$	531,197,621	$	—	$	364,781,969	$	1,528,055,489

^ See Schedule of Investments for sector breakouts.

229

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	38,803,074	$	—	$	154,447	$	—	$	38,957,521
Preferred Stocks		397,987		—		—		—		397,987
Real Estate Investment Trusts		214,450		—		—		—		214,450
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,787,866		5,787,866
Total Investments in Securities	$	39,415,511	$	—	$	154,447	$	5,787,866	$	45,357,824

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTEU(a)	Balance as of 4/30/2023		Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of 4/30/2024
Common Stocks	$	190,014	$	(626	)	$	(24,310	)	$	5,191	$	(15,822	)	$	—	$	—	$	154,447

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

PTEU	Fair Value as of 4/30/2024		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	6,449		Last Trade Price		Stale Data		4.8 EUR
Common Stocks	$	147,998		Last Trade Price		Stale Data		105.7 EUR

^(a) Table presents information for two securities: FF Group, which has been valued between 4.8-5.3 EUR and DSM BV, which has been valued between 76.13-118.75 EUR throughout the period.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	141,662,031	$	—	$	155,443	$	—	$	141,817,474
Exchange Traded Funds		6,650,640		—		—		—		6,650,640
Preferred Stocks		524,993		—		—		—		524,993
Real Estate Investment Trusts		660,704		—		—		—		660,704
Warrants		—		—		0		—		—
Investments Purchased with Proceeds from Securities Lending		—		—		—		33,098,496		33,098,496
Total Investments in Securities	$	149,498,368	$	—	$	155,443	$	33,098,496	$	182,752,307

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTIN(a)	Balance as of 4/30/2023		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of 4/30/2024
Common Stocks	$	176,649	$	—	$	(24,725	)	$	3,519	$	—	$	—	$	—	$	155,443
Warrants	$	0	$	—	$	—		$	—	$	—	$	—	$	—	$	0

230

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

PTIN	Fair Value as of 4/30/2024		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	155,443		US Line		Delisting		105.70 EUR
Warrants	$	—		US Line		Delisting		0.00 CAD

^(a) Table presents information for two securities: DSM BV, which has been valued between 76.13-118.75 EUR and Constellation Software, Inc. which has been valued at 0.00 CAD throughout the period.

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	175,678,661	$	—	$	—	$	175,678,661
Investments Purchased with Proceeds from Securities Lending		—		—		—		20,705,300		20,705,300
Total Investments in Securities	$	—	$	175,678,661	$	—	$	20,705,300	$	196,383,961

^ See Schedule of Investments for sector breakouts.

TRND

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	50,224,393	$	—	$	—	$	—	$	50,224,393
Total Investments in Securities	$	50,224,393	$	—	$	—	$	—	$	50,224,393

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	22,599,390,575	$	—	$	—	$	—	$	22,599,390,575
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,079,037,899		1,079,037,899
Total Investments in Securities	$	22,599,390,575	$	—	$	—	$	1,079,037,899	$	23,678,428,474

^ See Schedule of Investments for sector breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	9,394,845,460	$	—	$	—	$	—	$	9,394,845,460
Investments Purchased with Proceeds from Securities Lending		—		—		—		975,050,215		975,050,215
Total Investments in Securities	$	9,394,845,460	$	—	$	—	$	975,050,215	$	10,369,895,675

^ See Schedule of Investments for sector breakouts.

231

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,899,742,629	$	—	$	—	$	—	$	1,899,742,629
Investments Purchased with Proceeds from Securities Lending		—		—		—		232,196,500		232,196,500
Total Investments in Securities	$	1,899,742,629	$	—	$	—	$	232,196,500	$	2,131,939,129

^ See Schedule of Investments for country breakouts.

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,394,944,311	$	—	$	—	$	—	$	1,394,944,311
Investments Purchased with Proceeds from Securities Lending		—		—		—		120,207,214		120,207,214
Total Investments in Securities	$	1,394,944,311	$	—	$	—	$	120,207,214	$	1,515,151,525

^ See Schedule of Investments for country breakouts.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	90,934,618	$	—	$	0	$	—	$	90,934,618
Preferred Stocks		5,424,213		—		—		—		5,424,213
Investments Purchased with Proceeds from Securities Lending		—		—		—		4,543		4,543
Total Investments in Securities	$	96,358,831	$	—	$	0	$	4,543	$	96,363,374

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

ECOW	Balance as of 4/30/2023		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Out of Level 3		Transfers Into Level 3		Balance as of 4/30/2024
Common Stocks	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	0

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

ECOW	Fair Value as of 4/30/2024		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	0		Market comparable companies		Discount for lack of marketability		$0

* Table presents information for ten securities, which due to the Russian foreign exchange restrictions are not actively trading.

232

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

COWG

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	120,176,752	$	—	$	—	$	—	$	120,176,752
Total Investments in Securities	$	120,176,752	$	—	$	—	$	—	$	120,176,752

^ See Schedule of Investments for sector breakouts.

CAFG

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	9,164,783	$	—	$	—	$	—	$	9,164,783
Total Investments in Securities	$	9,164,783	$	—	$	—	$	—	$	9,164,783

^ See Schedule of Investments for sector breakouts.

BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	46,395,082	$	—	$	—	$	—	$	46,395,082
Investments Purchased with Proceeds from Securities Lending		—		—		—		7,010,900		7,010,900
Total Investments in Securities	$	46,395,082	$	—	$	—	$	7,010,900	$	53,405,982

^ See Schedule of Investments for sector breakouts.

HERD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	94,036,120	$	—	$	—	$	—	$	94,036,120
Total Investments in Securities	$	94,036,120	$	—	$	—	$	—	$	94,036,120

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	15,804,505	$	—	$	—	$	—	$	15,804,505
Contingent Value Rights		—		—		0		—		0
Short-Term Investments		—		3,453,075		—		—		3,453,075
Investment Purchased with Proceeds from Securities Lending		—		—		—		4,078,068		4,078,068
Total Investments in Securities	$	15,804,505	$	3,453,075	$	0	$	4,078,068	$	23,335,648

^ See Schedule of Investments for sector breakouts.

233

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:    

PWS(a)	Balance as of 4/30/2023		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Out of Level 3		Transfers Into Level 3		Balance as of 4/30/2024
Rights	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	0

The following is a summary of quantitative information about Level 3 Fair Value Measurements:    

PWS	Fair Value as of 4/30/2024		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Rights	$	0		Acquisition Price		Stale Data		$0
Rights	$	0		Acquisition Price		Stale Data		$0

^(a) Table presents information for two securities, Abiomed has been valued at $0.00 and Bristol-Myers Squibb Co. has been valued at $0.00 throughout the period.

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	9,058,402	$	—	$	—	$	—	$	9,058,402
Real Estate Investment Trusts		184,908,460		—		—		—		184,908,460
Investments Purchased with Proceeds from Securities Lending		—		—		—		14,624,834		14,624,834
Total Investments in Securities	$	193,966,862	$	—	$	—	$	14,624,834	$	208,591,696

^ See Schedule of Investments for sector breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	162,858,379	$	—	$	—	$	—	$	162,858,379
Real Estate Investment Trusts		257,438,361		—		—		—		257,438,361
Rights		—		—		264,780		—		264,780
Investments Purchased with Proceeds from Securities Lending		—		—		—		26,363,358		26,363,358
Total Investments in Securities	$	420,296,740	$	—	$	264,780	$	26,363,358	$	446,924,878

^ See Schedule of Investments for sector breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:    

SRVR(a)	Balance as of 4/30/2023		Net Realized Gain (Loss)		Change in Net Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers Out of Level 3		Transfers Into Level 3		Balance as of 4/30/2024
Contingent Value Rights	$	—	$	—	$	73,109	$	191,671	$	—	$	—	$	—	$	264,780

234

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

SRVR	Fair Value as of 4/30/2024		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Contingent Value Rights	$	264,780		Implied value gain if right immediately exercised.		Underlying public investment price adjusted down by strike price.		1.29 AUD

^(a) Table presents information for one security, NEXTOC Ltd has been valued at 0.00 - 17.97 AUD throughout the period.

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	39,427,412	$	—	$	—	$	—	$	39,427,412
Investments Purchased with Proceeds from Securities Lending		—		—		—		7,355,777		7,355,777
Total Investments in Securities	$	39,427,412	$	—	$	—	$	7,355,777	$	46,783,189

^ See Schedule of Investments for sector breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,410,888	$	—	$	—	$	—	$	4,410,888
Total Investments in Securities	$	4,410,888	$	—	$	—	$	—	$	4,410,888

^ See Schedule of Investments for sector breakouts.

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,441,168	$	—	$	—	$	—	$	3,441,168
Investments Purchased with Proceeds from Securities Lending		—		—		—		477,840		477,840
Total Investments in Securities	$	3,441,168	$	—	$	—	$	477,840	$	3,919,008

^ See Schedule of Investments for sector breakouts.

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	251,490,194	$	—	$	—	$	—	$	251,490,194
Real Estate Investment Trusts		4,624,954		—		—		—		4,624,954
Investments Purchased with Proceeds from Securities Lending		—		—		—		13,275,747		13,275,747
Total Investments in Securities	$	256,115,148	$	—	$	—	$	13,275,747	$	269,390,895

^ See Schedule of Investments for sector breakouts.

235

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	55,490,874	$	—	$	—	$	—	$	55,490,874
Real Estate Investment Trusts		283,667		—		—		—		283,667
Investments Purchased with Proceeds from Securities Lending		—		—		—		12,553,301		12,553,301
Total Investments in Securities	$	55,774,541	$	—	$	—	$	12,553,301	$	68,327,842

^ See Schedule of Investments for sector breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	296,651,283	$	—	$	—	$	—	$	296,651,283
Real Estate Investment Trusts		159,614		—		—		—		159,614
Investments Purchased with Proceeds from Securities Lending		—		—		—		9,103,620		9,103,620
Total Investments in Securities	$	296,810,897	$	—	$	—	$	9,103,620	$	305,914,517

^ See Schedule of Investments for sector breakouts.

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	60,680,604	$	—	$	—	$	—	$	60,680,604
Real Estate Investment Trusts		492,799		—		—		—		492,799
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,978,588		6,978,588
Total Investments in Securities	$	61,173,403	$	—	$	—	$	6,978,588	$	68,151,991

^ See Schedule of Investments for sector breakouts.

FLRT

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Bank Loans	$	—	$	132,637,909	$	—	$	—	$	132,637,909
Closed-End Funds		19,145				—		—		19,145
Collateralized Loan Obligations		994,727		81,005,063						81,999,790
Corporate Bonds		—		22,109,299		—		—		22,109,299
Exchange Traded Funds		1,225,657		—		—		—		1,225,657
Total Investments in Securities	$	2,239,529	$	235,752,271	$	—	$	—	$	237,991,800

^ See Schedule of Investments for sector breakouts.

236

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

SHPP

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,027,764	$	—	$	—	$	—	$	1,027,764
Exchange Traded Funds		24,449		—		—		—		24,449
Total Investments in Securities	$	1,052,213	$	—	$	—	$	—	$	1,052,213

^ See Schedule of Investments for sector breakouts.

TRFK

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	28,810,486	$	—	$	—	$	—	$	28,810,486
Total Investments in Securities	$	28,810,486	$	—	$	—	$	—	$	28,810,486

^ See Schedule of Investments for sector breakouts.

See Schedule of Investments for sector breakouts.

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.

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, 2024, the Funds did not have any tax positions that did not meet the “more-likely- than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2024, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2021-2023) or expected to be taken in each of the Fund’s 2024 tax returns. During the year/period ended April 30, 2024, the Funds did not incur any interest or penalties.

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.

237

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

E. Distributions to Shareholders. Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, VIRS, ALTL, PAMC, PALC, PEXL,, TRFK, and SHPP, are declared and paid on a quarterly basis. PTBD and FLRT 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.

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.

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.

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.

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, 2024, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTLC	$	(12,168,879	)	$	12,168,879
PTMC		(1,888,737	)		1,888,737
PTNQ		(44,667,244	)		44,667,244
PTEU		(737,761	)		737,761
PTIN		(747,358	)		747,358
PTBD		(444,405	)		444,405
TRND		(1,298,824	)		1,298,824
COWZ		(866,093,044	)		866,093,044
CALF		(217,443,133	)		217,443,133
GCOW		(9,848,366	)		9,848,366
ICOW		(22,307,725	)		22,307,725
ECOW		—			—
COWG		(4,168,391	)		4,168,391
CAFG		(491,388	)		491,388
BUL		(2,345,464	)		2,345,464
HERD		(2,475,114	)		2,475,114
PWS		(428,196	)		428,196
INDS		(137,585	)		137,585
SRVR		21,552,673			(21,552,673	)
SZNE		(7,642,905	)		7,642,905
AFTY		188			(188	)
VIRS		(279,832	)		279,832
ALTL		(14,464,418	)		14,464,418
PAMC		(5,085,174	)		5,085,174
PALC		(47,189,312	)		47,189,312
PEXL		(3,088,487	)		3,088,487
FLRT		—			—

238

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NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
SHPP	$	—		$	—
TRFK		(114,611	)		114,611

During the fiscal year/period ended April 30, 2024, the Funds’ realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid- in-capital.

PTLC	$	15,477,025
PTMC		2,724,049
PTNQ		44,843,094
PTEU		(230,162	)
PTIN		1,017,901
PTBD		444,405
TRND		1,420,611
COWZ		902,699,272
CALF		220,578,371
GCOW		10,477,781
ICOW		22,708,144
ECOW		—
COWG		4,356,668
CAFG		508,608
BUL		2,435,139
HERD		2,561,250
PWS		506,058
INDS		637,413
SRVR		(8,036,393	)
SZNE		7,698,818
AFTY		—
VIRS		370,838
ALTL		14,731,884
PAMC		5,144,555
PALC		48,417,971
PEXL		3,259,712
FLRT		—
SHPP		637,413
TRFK		115,344

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

239

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund’s average daily net assets:

	Annual Rate of Average Daily Net Assets
PTLC		0.60	%
PTMC		0.60	%
PTNQ		0.65	%
PTEU		0.65	%
PTIN		0.65	%
PTBD		0.60	%
TRND		0.15	%
COWZ		0.49	%
CALF		0.59	%
GCOW		0.60	%
ICOW		0.65	%
ECOW		0.70	%
COWG		0.49	%
CAFG		0.59	%
BUL		0.60	%
HERD		0.15	%
PWS		0.60	%
INDS		0.60	%
SRVR		0.60	%
SZNE		0.60	%
AFTY		0.70	%
VIRS		0.70	%
ALTL		0.60	%
PAMC		0.60	%
PALC		0.60	%
PEXL		0.60	%
FLRT		0.60	%
SHPP		0.60	%
TRFK		0.60	%

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, CSOP serves as the sub-adviser to AFTY, 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, CSOP, and Aristotle Pacific are paid by the Adviser.

Effective November 1, 2022, pursuant to a contractual agreement between the Trust on behalf of each INDS and SRVR, the Adviser shall waive a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund’s total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average daily net assets of each Fund. For the year ended April 30, 2024, the Adviser’s management fee was reduced by $103,741 and $267,387 in INDS and SRVR, respectively. This contractual agreement expires on October 31, 2024. The Adviser is not entitled to recoup any fees that have been previously waived.

240

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for the day-to-day management of the Fund, including the trading of portfolio securities for the Fund. CSOP 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 AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.

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), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended April 30, 2024.

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. 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 April 30, 2024, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended April 30, 2024, the Funds (excluding TRND, COWG, CAFG, HERD, AFTY, FLRT, TRFK, and SHPP) 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.

241

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2024.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	95,811,917
PTMC		86,595,764
PTNQ		364,781,969
PTEU		5,787,866
PTIN		33,098,496
PTBD		20,705,300
TRND		—
COWZ		1,079,037,899
CALF		975,050,215
GCOW		232,196,500
ICOW		120,207,214
ECOW		4,543
COWG		—
CAFG		—
BUL		7,010,900
HERD		—
PWS		4,078,068
INDS		14,624,834
SRVR		26,363,358
SZNE		7,355,777
AFTY		—
VIRS		477,840
ALTL		13,275,747
PAMC		12,553,301
PALC		9,103,620
PEXL		6,978,588
FLRT		—
SHPP		—
TRFK		—

* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

242

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

NOTE 7 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2024:

Liabilities

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PTLC
Securities Lending	$	95,811,917	$	—	$	95,811,917	$	95,811,917	$	—	$	—
PTMC
Securities Lending		86,595,764		—		86,595,764		86,595,764		—		—
PTNQ
Securities Lending		364,781,969		—		364,781,969		364,781,969		—		—
PTEU
Securities Lending		5,787,866		—		5,787,866		5,787,866		—		—
PTIN
Securities Lending		33,098,496		—		33,098,496		33,098,496		—		—
PTBD
Securities Lending		20,705,300		—		20,705,300		20,705,300		—		—
TRND
Securities Lending		—		—		—		—		—		—
COWZ
Securities Lending		1,079,037,899		—		1,079,037,899		1,079,037,899		—		—
CALF
Securities Lending		975,050,215		—		975,050,215		975,050,215		—		—
GCOW
Securities Lending		232,196,500		—		232,196,500		232,196,500		—		—
ICOW
Securities Lending		120,207,214		—		120,207,214		120,207,214		—		—
ECOW
Securities Lending		4,543		—		4,543		4,543		—		—
COWG
Securities Lending		—		—		—		—		—		—
CAFG
Securities Lending		—		—		—		—		—		—
BUL
Securities Lending		7,010,900		—		7,010,900		7,010,900		—		—
HERD
Securities Lending		—		—		—		—		—		—
PWS
Securities Lending		4,078,068		—		4,078,068		4,078,068		—		—
INDS
Securities Lending		14,624,834		—		14,624,834		14,624,834		—		—
SRVR
Securities Lending		26,363,358		—		26,363,358		26,363,358		—		—
SZNE
Securities Lending		7,355,777		—		7,355,777		7,355,777		—		—

243

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
AFTY
Securities Lending	$	—	$	—	$	—	$	—	$	—	$	—
VIRS
Securities Lending		477,840		—		477,840		477,840		—		—
ALTL
Securities Lending		13,275,747		—		13,275,747		13,275,747		—		—
PAMC
Securities Lending		12,553,301		—		12,553,301		12,553,301		—		—
PALC
Securities Lending		9,103,620		—		9,103,620		9,103,620		—		—
PEXL
Securities Lending		6,978,588		—		6,978,588		6,978,588		—		—
FLRT
Securities Lending		—		—		—		—		—		—
SHPP
Securities Lending		—		—		—		—		—		—
TRFK
Securities Lending		—		—		—		—		—		—

NOTE 8 – INVESTMENT TRANSACTIONS

For the year/period ended April 30, 2024, 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 Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
PTLC	$	1,177,333,226	$	1,180,114,658	$	264,930,949	$	81,786,860	$	—	$	—
PTMC		824,463,938		830,325,582		27,631,723		45,138,316		—		—
PTNQ		119,590,379		549,315,868		281,068,228		141,119,683		—		—
PTEU		42,381,447		42,404,274		7,618,933		10,049,354		—		—
PTIN		78,513,317		77,988,987		23,510,927		5,272,507		—		—
PTBD		248,264,276		252,983,189		5,811,738		56,467,639		—		226,518,815
TRND		3,107,009		3,048,408		1,458,894		8,675,564		—		—
COWZ		12,934,411,371		12,880,403,693		10,921,298,541		4,205,576,483		—		—
CALF		5,707,108,844		5,645,445,893		7,299,175,009		626,570,735		—		—
GCOW		1,152,304,544		1,124,972,674		332,032,261		42,631,475		—		—
ICOW		699,695,887		628,371,573		776,646,828		66,428,997		—		—
ECOW		72,885,228		52,154,166		16,809,999		—		—		—
COWG		61,359,016		58,926,676		116,740,674		23,683,708		—		—
CAFG		6,210,195		6,160,778		12,718,533		3,957,352		—		—
BUL		49,394,235		49,297,362		19,070,831		17,510,833		—		—
HERD		3,313,751		3,242,640		55,692,173		19,543,695		—		—
PWS		61,164,222		67,888,603		4,507,570		6,589,715		377,724		23,582,640
INDS		38,585,869		40,318,107		19,721,299		15,094,459		—		—

244

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

	Purchases		Sales		In-Kind Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
SRVR	$	361,825,672	$	371,568,439	$	26,809,414	$	231,578,502	$	—	$	—
SZNE		97,001,101		96,431,777		28,117,180		66,246,924		—		—
AFTY		529,685		533,893		—		—		—		—
VIRS		477,717		474,040		1,585,929		2,384,735		—		—
ALTL		2,967,012,207		2,969,565,903		10,105,821		481,985,280		—		—
PAMC		148,278,132		148,245,800		29,221,145		18,131,091		—		—
PALC		1,080,090,596		1,077,050,603		221,385,756		192,651,739		—		—
PEXL		32,131,240		31,792,345		48,106,035		13,934,991		—		—
FLRT		203,381,635		65,677,614		—		—		—		—
SHPP		271,114		277,567		—		—		—		—
TRFK		3,048,834		2,828,985		26,378,804		542,960		—		—

NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES

The Pacer Trendpilot 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 ETFs”). Each of the Trendpilot 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 Indexes”). Each Trendpilot Index other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot 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 US Bond Index (the “Trendpilot 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 S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index, depending on the value of the S&P U.S. High Yield Corporate Bond Index divided by the value of the S&P U.S.Treasury Bond 7-10 Year Index (the “Risk Ratio”).

Weight	Trendpilot ETF	Trendpilot Index	Equity Component
20%	Pacer Trendpilot® US Large Cap ETF	Pacer Trendpilot® US Large Cap Index	S&P 500® Index
20%	Pacer Trendpilot® US Mid Cap ETF	Pacer Trendpilot® US Mid Cap Index	S&P MidCap 400® Index
20%	Pacer Trendpilot® 100 ETF	Pacer NASDAQ-100 Trendpilot® Index	NASDAQ-100® Index
20%	Pacer Trendpilot® International ETF	Pacer Trendpilot® International Index	S&P Developed Ex-US Large Cap Index
20%	Pacer Trendpilot® US Bond ETF	Pacer Trendpilot® US Bond Index	iBoxx USD Liquid High Yield Index

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2023		Purchases		Sales			Balance April 30, 2024
PTBD		513,868		88,335		(93,610	)		508,593
PTIN		396,769		34,226		(74,451	)		356,544
PTLC		275,318		11,064		(67,817	)		218,565
PTMC		323,679		29,487		(60,487	)		292,679
PTNQ		191,684		7,100		(47,981	)		150,803

245

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTBD	$	10,151,516	$	713,161	$	(191,188	)	$	57,845
PTIN		10,020,099		219,006		219,263			201,861
PTLC		10,014,648		126,165		552,541			1,237,313
PTMC		9,907,184		199,843		162,809			323,017
PTNQ		10,130,946		154,650		745,104			1,354,277
Total		50,224,393		1,412,825		1,488,529			3,174,313

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 US Cash Cows 100 ETF	Pacer US Cash Cows 100 ETF	Russell 1000 Index
20%	Pacer Global Cash Cows Dividend ETF	Pacer Global Cash Cows Dividend Index	FTSE Developed Large Cap Index
20%	Pacer US Small Cap Cash Cows 100 ETF	Pacer US Small Cap Cash Cows 100 Index	S&P Small Cap 600® Index
20%	Pacer US Cash Cows Growth ETF	Pacer US Cash Cows Growth Index	S&P 900® Pure Growth Index
20%	Pacer Developed Markets International Cash Cows 100 ETF	Pacer Developed Markets International Cash Cows 100 Index	FTSE Developed ex US Index

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2023		Purchases		Sales			Balance April 30, 2024
BUL		279,015		333,302		(152,228	)		460,089
CALF		254,470		279,538		(131,522	)		402,486
COWZ		206,174		225,071		(92,145	)		339,100
GCOW		288,041		372,126		(96,380	)		563,787
ICOW		328,702		385,509		(104,948	)		609,263

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	18,583,225	$	244,026	$	412,654	$	2,212,134
CALF		18,458,008		173,603		842,132		2,140,392
COWZ		18,596,244		303,434		447,312		2,081,051
GCOW		19,225,137		804,217		351,801		(150,702	)
ICOW		19,173,506		503,980		422,595		493,003
Total		94,036,120		2,029,260		2,476,494		6,775,878

246

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

NOTE 10 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2024 were as follows:

	PTLC			PTMC			PTNQ			PTEU			PTIN
Tax cost of Investments	$	2,386,659,462		$	439,038,457		$	1,381,941,633		$	43,061,918		$	171,131,414
Unrealized Appreciation		477,115,222			42,554,637			163,190,260			3,844,667			22,323,005
Unrealized Depreciation		(150,472,765	)		(10,690,572	)		(17,076,404	)		(1,548,761	)		(10,702,112	)
Net unrealized appreciation (depreciation)		326,642,457			31,864,065			146,113,856			2,295,906			11,620,893
Undistributed Ordinary income		6,125,009			1,036,862			8,554,710			265,048			1,788,565
Undistributed Long-term capital gain		—			—			—			—			—
Distributable earnings		6,125,009			1,036,862			8,554,710			265,048			1,788,565
Other accumulated gain/(loss)		(232,872,513	)		(131,894,301	)		(28,967,506	)		(48,776,568	)		(20,649,742	)
Total accumulated gain/(loss)	$	99,894,953		$	(98,993,374	)	$	125,701,060		$	(46,215,614	)	$	(7,240,284	)

	PTBD			TRND			COWZ			CALF			GCOW
Tax cost of Investments	$	195,470,224		$	48,524,276		$	21,986,753,752		$	10,138,174,414		$	2,103,792,967
Unrealized Appreciation		3,600,618			5,423,537			2,666,911,885			883,492,050			169,054,460
Unrealized Depreciation		(2,686,881	)		(3,723,420	)		(975,237,163	)		(651,770,789	)		(141,072,794	)
Net unrealized appreciation (depreciation)		913,737			1,700,117			1,691,674,722			231,721,261			27,981,666
Undistributed Ordinary income		261,706			213,638			35,837,423			5,109,271			19,479,603
Undistributed Long-term capital gain		—			—			—			—			—
Distributable earnings		261,706			213,638			35,837,423			5,109,271			19,479,603
Other accumulated gain/(loss)		(261,447,133	)		(943,934	)		(535,356,974	)		(19,868,791	)		(29,425,854	)
Total accumulated gain/(loss)	$	(260,271,690	)	$	969,821		$	1,192,155,171		$	216,961,741		$	18,035,415

	ICOW			ECOW			COWG			CAFG			BUL
Tax cost of Investments	$	1,482,476,202		$	92,409,896		$	118,533,125		$	9,229,962		$	48,953,355
Unrealized Appreciation		125,974,035			13,178,422			7,986,302			455,749			5,666,320
Unrealized Depreciation		(93,523,270	)		(9,228,952	)		(6,342,675	)		(520,928	)		(1,213,693	)
Net unrealized appreciation (depreciation)		32,450,765			3,949,470			1,643,627			(65,179	)		4,452,627
Undistributed Ordinary income		33,029,919			2,006,284			8,895			—			—
Undistributed Long-term capital gain		—			—			—			—			—
Distributable earnings		33,029,919			2,006,284			8,895			—			—
Other accumulated gain/(loss)		(6,860,899	)		(3,319,313	)		(914,625	)		(70,878	)		(4,706,064	)
Total accumulated gain/(loss)	$	58,619,785		$	2,636,441		$	737,897		$	(136,057	)	$	(253,437	)

	HERD			PWS			INDS			SRVR			SZNE
Tax cost of Investments	$	86,956,977		$	22,598,306		$	232,268,767		$	548,141,339		$	46,790,873
Unrealized Appreciation		7,560,825			1,571,440			5,985,629			24,254,170			858
Unrealized Depreciation		(481,682	)		(834,098	)		(29,675,258	)		(125,470,631	)		(8,542	)
Net unrealized appreciation (depreciation)		7,079,143			737,342			(23,689,629	)		(101,216,461	)		(7,684	)
Undistributed Ordinary income		—			2,741			100,987			97,065			8,527
Undistributed Long-term capital gain		—			—			—			—			—
Distributable earnings		—			2,741			100,987			97,065			8,527
Other accumulated gain/(loss)		—			(27,663,504	)		(58,275,640	)		(263,364,797	)		(27,412,930	)
Total accumulated gain/(loss)	$	7,079,143		$	(26,923,421	)	$	(81,864,282	)	$	(364,484,193	)	$	(27,412,087	)

247

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

	AFTY			VIRS			ALTL			PAMC			PALC
Tax cost of Investments	$	4,573,053		$	4,253,512		$	269,606,589		$	65,567,536		$	294,001,679
Unrealized Appreciation		628,854			312,765			7,801,130			4,702,988			24,513,555
Unrealized Depreciation		(791,019	)		(647,269	)		(8,016,824	)		(1,942,682	)		(12,600,717	)
Net unrealized appreciation (depreciation)		(162,165	)		(334,504	)		(215,694	)		2,760,306			11,912,838
Undistributed Ordinary income		2,022			714			428,625			11,256			170,639
Undistributed Long-term capital gain		—			—			—			—			—
Distributable earnings		2,022			714			428,625			11,256			170,639
Other accumulated gain/(loss)		(2,202,722	)		(60,133	)		(264,586,547	)		(8,448,044	)		(46,801,598	)
Total accumulated gain/(loss)	$	(2,362,865	)	$	(393,923	)	$	(264,373,616	)	$	(5,676,482	)	$	(34,718,121	)

	PEXL			FLRT			SHPP			TRFK
Tax cost of Investments	$	63,287,707		$	235,327,163		$	1,003,838		$	27,295,789
Unrealized Appreciation		7,019,663			3,200,850			144,425			3,338,029
Unrealized Depreciation		(2,155,379	)		(536,213	)		(96,124	)		(1,823,398	)
Net unrealized appreciation (depreciation)		4,864,284			2,664,637			48,301			1,514,631
Undistributed Ordinary income		—			424,750			14,591			123,121
Undistributed Long-term capital gain		—			—			—			10,279
Distributable earnings		—			424,750			14,591			133,400
Other accumulated gain/(loss)		(1,039,920	)		(3,475,284	)		(2,328	)		—
Total accumulated gain/(loss)	$	3,824,364		$	(385,897	)	$	60,564		$	1,648,031

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, 2024 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

At April 30, 2024, the Funds had the following capital loss carryforwards:

	Short-Term			Long-Term			Expires
PTLC	$	(120,467,978	)	$	(112,404,535	)		Indefinite
PTMC		(131,854,933	)		—			Indefinite
PTNQ		(12,631,202	)		(16,336,304	)		Indefinite
PTEU		(38,076,088	)		(10,686,286	)		Indefinite
PTIN		(16,458,290	)		(4,176,064	)		Indefinite
PTBD		(261,236,012	)		(211,121	)		Indefinite
TRND		(527,317	)		(416,617	)		Indefinite
COWZ		(283,783,366	)		(251,573,608	)		Indefinite
CALF		—			(19,868,791	)		Indefinite
GCOW		(3,760,510	)		(25,665,344	)		Indefinite
ICOW		(3,301,284	)		(3,559,615	)		Indefinite
ECOW		(2,122,928	)		(1,196,385	)		Indefinite
COWG		(888,588	)		(26,037	)		Indefinite
CAFG		(70,878	)		—			Indefinite
BUL		(4,444,605	)		(261,459	)		Indefinite
HERD		—			—			Indefinite
PWS		(27,663,504	)		—			Indefinite
INDS		(45,486,103	)		(12,789,537	)		Indefinite
SRVR		(46,157,919	)		(217,206,878	)		Indefinite
SZNE		(27,412,930	)		—			Indefinite
AFTY		(1,529,092	)		(673,630	)		Indefinite

248

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

	Short-Term			Long-Term			Expires
VIRS	$	(13,664	)	$	(46,469	)		Indefinite
ALTL		(264,579,997	)		(6,550	)		Indefinite
PAMC		(8,448,044	)		—			Indefinite
PALC		(45,573,218	)		(1,228,380	)		Indefinite
PEXL		(949,045	)		(90,875	)		Indefinite
FLRT		(2,891,434	)		(583,850	)		Indefinite
SHPP		(380	)		(1,948	)		Indefinite
TRFK		—			—			Indefinite

NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2024, was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	28,840,382	$	—	$	—	$	—
PTMC		7,000,000		—		—		—
PTNQ		15,996,062		—		—		—
PTEU		1,192,866		—		—		—
PTIN		3,142,461		—		—		—
PTBD		13,319,148		—		—		—
TRND		1,304,500		—		—		—
COWZ		341,685,265		—		—		—
CALF		58,323,606		—		—		—
GCOW		103,433,974		—		—		—
ICOW		31,659,355		—		—		—
ECOW		3,557,922		—		—		—
COWG		265,559		—		—		—
CAFG		23,563		—		—		93
BUL		657,918		—		—		16,317
HERD		1,930,353		—		262		3,388
PWS		453,354		—		—		—
INDS		8,470,476		—		—		—
SRVR		21,236,193		—		—		—
SZNE		614,377		—		—		—
AFTY		92,239		—		—		—
VIRS		37,062		—		—		—
ALTL		5,527,814		—		—		—
PAMC		258,009		—		—		—
PALC		2,027,944		—		—		—
PEXL		199,688		—		—		7,444
FLRT		13,662,425		—		—		—
SHPP		29,550		—		—		—
TRFK		8,801		—		—		—

249

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2023 was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	26,415,381	$	—	$	—	$	—
PTMC		3,237,926		—		—		—
PTNQ		4,142,394		—		—		—
PTEU		273,384		—		—		—
PTIN		444,569		—		—		—
PTBD		26,684,806		—		—		—
TRND		942,758		—		—		—
COWZ		193,788,560		—		—		—
CALF		16,000,780		—		—		—
GCOW		33,617,374		—		—		—
ICOW		7,687,068		—		—		—
ECOW		973,073		—		—		—
COWG		9,399		—		—		—
BUL		382,192		—		—		—
HERD		584,387		—		117		1,841
PWS		597,772		—		—		—
INDS		6,149,407		—		—		—
SRVR		18,743,593		—		1,717,631		—
SZNE		826,693		—		—		—
AFTY		100,794		—		—		—
VIRS		46,298		—		—		—
ALTL		9,575,595		—		—		488,359
PAMC		410,052		—		—		20,581
PALC		3,553,899		—		—		—
PEXL		62,468		—		—		—
FLRT		5,819,045		—		—		—
TRFK		5,555		—		—		—
SHPP		12,171		—		—		—

NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

NOTE 13 – RISKS

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

Sector Risk. To the extent a Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

250

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

● Industrials Sector Risk. The SHPP Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

● Information Technology Sector Risk. The TRFK Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

NOTE 14 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On May 22, 2024, the following Funds declared a distribution from ordinary income to shareholders of record as of May 24, 2024, payable May 29, 2024, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	1,220,042	$	0.21071545
PTBD		766,975		0.08715628

On June 26, 2024, the following Fund declared distributions from ordinary income to shareholders of record as of June 27, 2024, Payable July 3, 2024, as follows:

	Ordinary Income		Per Share Amount
COWG	$	131,074	$	0.02122663
FLRT		2,820,984		0.41302837
INDS		1,088,319		0.20342415
SRVR		4,266,271		0.27001712
PEXL		85,638		0.06587516
GCOW		40,244,591		0.71737238
PTBD		1,490,405		0.17534174
SZNE		100,568		0.10056847
CALF		20,888,946		0.10098596
COWZ		127,611,532		0.30036844
ICOW		43,803,502		0.97125282
ECOW		3,092,198		0.61843965
PWS		33,041		0.04720157
BUL		48,319		0.03579188
VIRS		10,420		0.10419600
ALTL		1,161,329		0.17463591
PAMC		71,871		0.05133619
PALC		730,237		0.10431954
TRFK		136,721		0.17989564
SHPP		22,306		0.55764875
CAFG		14,074		0.02962966

251

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2024 (Continued)

On June 27, 2024, the following Fund declared distributions from ordinary income to shareholders of record as of June 28, 2024, Payable July 5, 2024, as follows:

	Ordinary Income		Per Share Amount
HERD	$	1,086,808	$	0.46247137

252

Pacer Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Pacer Funds Trust and the Shareholders of
Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap ETF, Pacer Trendpilot^® 100 ETF, Pacer Trendpilot^® European Index ETF, Pacer Trendpilot^® International ETF, Pacer Trendpilot^® US Bond ETF, Pacer Trendpilot^® Fund of Funds ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Global Cash Cows Dividend ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer US Large Cap Cash Cows Growth Leaders ETF, Pacer US Small Cap Cash Cows Growth Leaders ETF, Pacer US Cash Cows Growth ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Industrial Real Estate ETF, Pacer Data & Infrastructure Real Estate ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer CSOP FTSE China A50 ETF, Pacer BioThreat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Midcap Multi-Factor Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF, Pacer US Export Leaders ETF, Pacer Pacific Asset Floating Rate High Income ETF, Pacer Data and Digital Revolution ETF and Pacer Industrials and Logistics ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the funds listed below (the “Funds”) each a series of the Pacer Funds Trust, as of April 30, 2024, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as the “financial statements”).

The financial highlights for the year ended September 30, 2019, for the Pacer CSOP FTSE China A50 ETF, were audited by other auditors whose opinion dated November 19, 2019, expressed an unqualified opinion on those financial statements. The financial highlights for the two years ended June 30, 2021, for the Pacer Pacific Asset Floating Rate High Income ETF were audited by other auditors whose opinion dated August 16, 2021 expressed an unqualified opinion on those financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2024, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer Trendpilot® US Large Cap ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Trendpilot® US Mid Cap ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Trendpilot® 100 ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Trendpilot® European Index ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Trendpilot® International ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020
Pacer Trendpilot® US Bond ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022 and 2021 and period from October 22, 2019 (commencement of operations) through April 30, 2020
Pacer Trendpilot® Fund of Funds ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022 and 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020
Pacer US Cash Cows 100 ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020

253

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer US Small Cap Cash Cows 100 ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021, 2020
Pacer Global Cash Cows Dividend ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Developed Markets International Cash Cows 100 ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Emerging Markets Cash Cows 100 ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020
Pacer US Large Cap Cash Cows Growth Leaders ETF	For the year ended April 30, 2024	For the year ended April 30, 2024 and for the period December 21, 2022 (commencement of operations) through April 30, 2023	For the year ended April 30, 2024 and for the period December 21, 2022 (commencement of operations) through April 30, 2023
Pacer US Small Cap Cash Cows Growth Leaders ETF	For the year ended April 30, 2024	For the year ended April 30, 2024	For the year ended April 30, 2024
Pacer US Cash Cows Growth ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020
Pacer Cash Cows Fund of Funds ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020
Pacer WealthShield ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Industrial Real Estate ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Data & Infrastructure Real Estate ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer CSOP FTSE China A50 ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022 and 2021 and for the period from October 1, 2019 through April 30, 2020
Pacer BioThreat Strategy ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021

254

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer Lunt Large Cap Alternator ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer Lunt Midcap Multi-Factor Alternator ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer Lunt Large Cap Multi-Factor Alternator ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023 and 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer US Export Leaders ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024, 2023, 2022, 2021 and 2020
Pacer Pacific Asset Floating Rate High Income ETF	For the year ended April 30, 2024	For the years ended April 30, 2024 and 2023	For the years ended April 30, 2024 and 2023 and for the period July 1, 2021 through April 30, 2022
Pacer Industrials and Logistics ETF	For the year ended April 30, 2024	For the year ended April 30, 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023	For the year ended April 30, 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023
Pacer Data and Digital Revolution ETF	For the year ended April 30, 2024	For the year ended April 30, 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023	For the year ended April 30, 2024 and for the period June 8, 2022 (commencement of operations) through April 30, 2023

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2024, by correspondence with the custodian and brokers; when replies were not received from

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brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor for the Pacer Funds Trust since 2015

Huntingdon Valley, Pennsylvania
June 27, 2024

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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, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The 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
PTLC	68.15%	68.04%	0.00%
PTMC	49.35%	44.25%	0.00%
PTNQ	27.32%	20.04%	0.00%
PTEU	91.62%	0.79%	0.00%
PTIN	99.78%	2.95%	0.00%
PTBD	0.00%	0.00%	0.00%
TRND	30.54%	15.12%	0.00%
COWZ	100.00%	100.00%	0.00%
CALF	100.00%	100.00%	0.00%
GCOW	88.47%	24.69%	0.00%
ICOW	72.82%	0.00%	0.00%
ECOW	63.42%	0.61%	0.00%
COWG	100.00%	100.00%	0.00%
CAFG	100.00%	100.00%	0.00%
BUL	100.00%	100.00%	0.00%
HERD	87.13%	44.42%	0.39%
PWS	35.50%	34.08%	0.00%
INDS	37.55%	2.32%	0.00%
SRVR	31.96%	2.06%	0.00%
SZNE	100.00%	100.00%	0.00%
AFTY	100.00%	0.00%	0.00%
VIRS	100.00%	100.00%	0.00%
ALTL	100.00%	100.00%	0.00%
PAMC	100.00%	100.00%	0.00%
PALC	100.00%	100.00%	0.00%
PEXL	100.00%	100.00%	0.00%
FLRT	0.00%	0.00%	0.00%
TRFK	79.47%	63.95%	26.71%
SHPP	72.11%	23.55%	0.00%

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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, 2024. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		1,357,518		209,424		0.88		0.14
PTIN		4,323,287		461,253		0.81		0.09
PTBD		—		—		—		—
TRND		219,006		18,535		0.13		0.01
COWZ		—		—		—		—
CALF		—		—		—		—
GCOW		80,299,989		6,392,814		1.43		0.11
ICOW		46,841,713		4,686,257		1.05		0.11
ECOW		4,787,424		545,107		1.01		0.11
COWG		—		—		—		—
CAFG		—		—		—		—
BUL		—		—		—		—
HERD		1,308,198		129,755		0.52		0.05
PWS		—		—		—		—
INDS		—		—		—		—
SRVR		—		—		—		—
SZNE		—		—		—		—
AFTY		148,114		14,837		0.48		0.05
VIRS		—		—		—		—
ALTL		—		—		—		—
PAMC		—		—		—		—
PALC		—		—		—		—
PEXL		—		—		—		—
FLRT		—		—		—		—
TRFK		—		—		—		—
SHPP		22,815		3,617		0.57		0.09

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds 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.

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NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS

ALTL, BUL, CALF, CAFG, ECOW, HERD, ICOW, INDS, PALC, PAMC, PEXL, PTIN, PTLC, PTMC, PTNQ, SRVR, SZNE, TRND, VIRS, BULD, ODDS, SHPP and TRFK

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on March 19, 2024 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to Pacer Lunt Large Cap Alternator ETF (ALTL), Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC), Pacer Lunt Mid Cap Multi-Factor Alternator ETF (PAMC), Pacer Trendpilot US Large Cap ETF (PTLC), Pacer Trendpilot US Mid Cap ETF (PTMC), Pacer Trendpilot 100 ETF (PTNQ), Pacer US Small Cap Cash Cows 100 ETF (CALF), Pacer Developed Markets International Cash Cows 100 ETF (ICOW), Pacer US Export Leaders ETF (PEXL), Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE), Pacer US Cash Cows Growth ETF (BUL), Pacer Trendpilot International ETF (PTIN), Pacer Emerging Markets Cash Cows 100 ETF (ECOW), Pacer Cash Cows Fund of Funds ETF (HERD), Pacer Trendpilot Fund of Funds ETF (TRND), Pacer Bio Threat Strategy ETF (VIRS), Pacer Industrial Real Estate ETF (INDS) Pacer Data & Infrastructure Real Estate ETF (SRVR), Pacer US Small Cap Cash Cows Growth Leaders ETF (CAFG), Pacer BlueStar Engineering the Future ETF (BULD), Pacer BlueStar Digital Entertainment ETF (ODDS), Pacer Industrials and Logistics ETF (SHPP) and Pacer Data and Digital Revolution ETF (TRFK). Each of the aforenamed funds is referred to as a “Fund” and, together, as the “Funds.”

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, respectively, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared to provide to each Fund under consideration; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Funds; and (iii) potential economies of scale.

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● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel. The Board reviewed, a comparison of each Fund’s performance for the one-year, three-year, five-year and since inception periods ended December 31, 2023 (as applicable), to that of its underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that each Fund performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.

● Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of each Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising a Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine a Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to a Fund in all instances. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Funds, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of each Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Advisor’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

Overall Findings and Conclusions of the Board

Based on its deliberations and its evaluation of the information described above, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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FLRT

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting March 19, 2024 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Pacific Asset Floating Rate High Income ETF (“FLRT” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Aristotle Pacific Capital, LLC (the “Sub-Advisor”) with respect to FLRT.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance of other funds; (7) a copy of the registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at the Meeting to help the Board evaluate the Advisor’s, and the Sub-Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the Fund are set forth below.

● Nature, Extent and Quality of Services to be Provided by the Adviser and the Sub-Advisor. The Board reviewed the scope of services provided by the Adviser under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed Fund’s investment goal and investment strategy, and the Adviser’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Adviser and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. In addition, the Trustees reviewed the management team at the Adviser and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and the Sub-Advisor and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance programs as such relates to the operation of the Fund.

Based on its review, the Board determined that the Adviser and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Adviser’s and the Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its benchmark index and other products managed by the Adviser and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable). The Board reviewed,

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a comparison of the Fund’s performance for the one-year, three-year, five-year and since inception periods ended December 31, 2023, to that of its benchmark index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its benchmark index. The Board noted that the Fund had periods of outperformance and underperformance relative to its benchmark index over the relevant periods. The Board also considered other services provided to the Fund by the Adviser and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Adviser and the Sub-Advisor, respectively.

● Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Adviser and the Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Adviser from its relationship with the Fund, considering the Adviser’s profitability analysis prepared and shared by the Adviser’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

● Costs and Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Adviser and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and the Sub-Advisor. In considering the sub-advisory fees payable by the Adviser to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Adviser relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee.

In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information. After further discussion, upon a motion duly made, seconded and approved, the following resolutions were unanimously approved (with the Independent Trustees voting separately):

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Overall Findings and Conclusions of the Board

Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

QDPL

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting March 19, 2024 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (“QDPL” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Metaurus Advisors, LLC (the “Sub-Advisor”) with respect to QDPL.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance of other funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at the Meeting to help the Board evaluate the Advisor’s, and the Sub-Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the Fund are set forth below.

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● Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed the Fund’s investment goal and investment strategy, and the Advisor’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance programs as such relates to the operation of the Fund.

Based on its review, the Board determined that the Advisor and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor’s and the Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to its underlying index and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable). The Board reviewed, a comparison of the Fund’s performance for the one-year and since inception periods ended December 31, 2023, to that of its underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor and the Sub-Advisor, respectively.

● Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Adviser and the Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared the Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s profitability analysis prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

● Costs and Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

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● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund. The Board reviewed the Adviser’s methodology for calculating estimated profitability of the Fund, noting that profitability may be affected by numerous factors, including, among others, the types of funds managed and expense allocations. The Board acknowledged the difficulty in calculating and comparing profitability at the individual fund level. For the Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee.

Overall Findings and Conclusions of the Board

Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President at Pacer Advisors, Inc. (since 2005)	52	Director, First Cornerstone Bank (2000–2016)

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Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	52	0
Jane K. Sagendorph Born: 1951	Trustee	Indefinite Term; since 2021	Accountant, BluFish Designs (since 2011)	52	0
Colin C. Lake Born: 1971	Trustee	Indefinite Term; since 2021	Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)	52	0

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

Name and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
Principal Officers of the Trust
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)
Sean E. O’Hara Born: 1962	Treasurer and Principal Financial Officer	Indefinite Term; since 2014	Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007)
Bruce Kavanaugh Born: 1964	Secretary and Portfolio Manager	Indefinite Term; since 2016	Vice President, Pacer Advisors, Inc. (since 2005); Vice President, Pacer Financial, Inc. (since 2004)
Liam Clarke Gateway Corporate Center Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1996	Chief Compliance Officer and AML Officer	Indefinite Term; since 2023	Director, Vigilant, (since 2021); Financial Services Assurance Experienced Associate, PricewaterhouseCoopers, (2018-2021)

Mr. Thomson is an “Interested Person” by reason of his relationship with the Adviser.

Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor in accordance with the Trust’s Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his or her successor is duly elected and qualified.

The Statement of Additional Information includes additional information, including compensation, about the Funds’ Trustees.

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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

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

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 Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong

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

(b) Not applicable.

Item 2. Code of Ethics.

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

(1) File: A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. No "other services” were provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE 04/30/2024	FYE 04/30/2023
( a ) Audit Fees	$234,100	$234,100
( b ) Audit-Related Fees	$0	$0
( c ) Tax Fees	$29,000	$29,000
( d ) All Other Fees	$0	$0

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

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

	FYE 04/30/2024	FYE 04/30/2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

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

Non-Audit Related Fees	FYE 04/30/2024	FYE 04/30/2023
Registrant	$0	$0
Registrant’s Investment Adviser	$0	$0

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

( i ) Not applicable

Item 5. Audit Committee of Listed Registrants.

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

(b) Not applicable.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(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. 1) Filed herewith.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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	7/3/2024

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	7/3/2024

By (Signature and Title)*	/s/ Sean E. O’Hara
	Sean E. O’Hara, Treasurer/Principal Financial Officer
Date	7/3/2024

* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

Exhibit 20  

PACER FUNDS TRUST
FINANCIAL OFFICER CODE OF ETHICS

Purposes of the Code

The reputation and integrity of Pacer Funds Trust (the “Trust”) are valuable assets that are vital to the Trust’s success. Each officer and employee of the Trust, including each of the Trust’s senior financial officers (“SFOs”), is responsible for conducting the Trust’s business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust’s Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC, and in other public communications made by the Trust;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust’s other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

Principles for the Handling of Financial Information

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust’s financial statements. Specifically, persons subject to this Code shall:

• Act with honesty and integrity

• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

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• Provide information to the Trust’s employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports

• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

• Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

• Record (or participate in the recording of) entries in the Trust’s books and records that are accurate

• Refrain from using confidential information for personal advantage

Violations of the Code

Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non- criminal violations.

Enforcement of the Code

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust’s senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a “Disclosure Letter”) regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A

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Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust’s senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust’s financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

Annual Certification

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify (Appendix A) on an annual basis that he/she is in full compliance with the Code and any related policy statements.

Questions about the Code

The Trust’s Board of Trustees has designated the Trust’s CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

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EX-99.CERT

EX.99.CERT

CERTIFICATIONS

I, Joe M. Thomson certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust:

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	7/8/2024	/s/ Joe M. Thomson
		Joe M. Thomson
		Principal Executive Officer

EX.99.CERT

CERTIFICATIONS

I, Sean E. O’Hara, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

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;

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;

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:

(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;

(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;

(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

(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

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):

(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

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	7/3/2024	/s/ Sean E. O’Hara
		Sean E. O’Hara
		Treasurer (Principal Financial Officer)

EX-99.906 CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the period ended April 30, 2024 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 President (Principal Executive Officer) Pacer Funds Trust	Sean E. O’Hara Treasurer (Principal Financial Officer) Pacer Funds Trust

Dated: 7/3/2024

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.