Pacer Cash Cows Fund of Funds ETF NCSR Certified annual shareholder report (management investment company)

As filed with the U.S. Securities and Exchange Commission on January 5, 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: October 31

Date of reporting period: November 1, 2022 to October 31, 2023

Updated May 5, 2021

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Letter to Shareholders	1
Portfolio Allocation	9
Performance Summary	14
Expense Example	32
Schedules of Investments	34
Statements of Assets & Liabilities	65
Statements of Operations	70
Statements of Changes in Net Assets	77
Financial Highlights	88
Notes to Financial Statements	106
Report of Independent Registered Public Accounting Firm	129
Additional Information	132

Pacer Funds

Dear Shareholder,

It is hard to believe that we find ourselves at the year’s end once more. As we reflect on 2023, I can’t help but feel an overwhelming sense of appreciation for your confidence and commitment to Pacer. Amid discussions of potential increases in fed rates, concerns about a looming recession, and the persistent drag of inflation, many investors found themselves grappling with uncertainty. Pacer (ETFs/Financial) has shown resilience and adaptability when navigating these challenging market conditions. We have been able to grow our assets under management substantially from $20 Billion to $30 Billion, in just 12 short months.

Yet again, our Cash Cows Series has been the leader of the pack this year. Our large cap fund, COWZ is just shy of $16 Billion, while our small cap fund, CALF is quickly rising, currently standing at $4 Billion. CALF has shown success through screening the S&P SmallCap 600 for high-quality companies which are trading at attractive valuations whether in a broad or narrow market. The why now for international has been prominent with ICOW and GCOW offering access to high-income potential and cheap valuations with over $1.5 Billion combined. Last year we added two growth funds to the series, COWG and CAFG; which follow free cash flow margin rather than free cash flow yield. We believe free cash flow margin proves to be a better predictor of earnings growth than excess returns.

We look forward to your continued partnership and eagerly await what the new year has to offer.

Best regards,

Joe M. Thomson, Chairman, Pacer Funds Trust

Market Environment Overview

2023 began positively, witnessing the S&P 500’s most robust performance since 2019, with a notable 16.89% ascent by June. The tech sector, led by the Nasdaq, surged impressively by 39.35%, driven by renewed interest in artificial intelligence.

During this period, inflation significantly improved, decreasing from 6.4% in January to a welcome 3% by July, marking relief compared to the peak of 8.5% in July 2022. Despite this positive trajectory, the Federal Reserve considered additional interest rate hikes to achieve its 2% inflation target.

In July, the S&P 500 entered a bull market, gaining 20%, while interest rates increased by a quarter-point to 5.25% - 5.5%. The job market thrived with a historic low unemployment rate of 3.4%, and women’s workforce participation reached a record 77.8%. August saw a temporary market pause after a strong summer rally, with indices fluctuating and positive performances in commodities like gold, sugar, and cotton. However, October brought challenges, with stocks declining for the third consecutive month: Dow Jones fell 1.3%, S&P 500 slipped 2.1%, and Nasdaq dropped 2.04%.

Globally, Emerging Markets started the year strongly but experienced a recent decline, with the MSCI Emerging Markets Index down by 1.43%. In contrast, the MSCI EAFE Index demonstrated a positive performance, up by 2.94% year-to-date as of October 31, 2023.

The housing market faced headwinds as mortgage rates surged, surpassing 7% for the 15-year Mortgage Rate for the first time since 2000, and nearing 8% for the 30-year Mortgage Rate. Consequently, housing prices declined, with the Median Sales Price of Existing Homes falling below $430,000 from the beginning-of-year figure of $480,000.

Inflation remained stable between September and October, with Core Inflation experiencing a slight decrease. Notably, oil prices sank in October, contributing to a 36-cent reduction in the average price of regular gas to $3.60 per gallon. Presently, inflation stands at 3.2%.

In the realm of fixed income, the yield curve displayed signs of normalcy in October, with double-digit increases in yields on treasuries. Both the 20-year and 30-year crossed the 5% mark for the first time since July 2007, concluding the month at 5.21% and 5.04%, respectively. On the international stage, Italy’s Long Term Bond Interest Rate was surpassed by the US 10-year, and Japan’s 10 Year Government Bond Interest Rate approached 1% in October.

Sector-wise, Communication Services distinguished itself with a robust 36.64% year-to-date return. Information Technology emerged as a driving force, experiencing a substantial 33.67% year-to-date rally, propelled by the new AI push. Consumer Discretionary exhibited commendable return of 20.04% year-to-date, indicative of sustained consumer confidence. Conversely, Energy faced headwinds, witnessing a decline of -3.02% year-to-date, attributed to factors such as an economic slowdown in China, a push for electric vehicles, and oversupply by oil-producing countries, notably the United States. Real Estate experienced a downturn, with a decrease of -10.68% year-to-date, possibly influenced by rising interest rates and changing housing market conditions.

Pacer Funds

The “Magnificent Seven” tech giants that spearheaded the 2023 stock market rally experienced divergent fortunes in October. Composing of Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla, these stocks constitute approximately 29% of the S&P 500. They contributed nearly 10.67% to the total performance of the S&P 500 Index year to date as of October 2023.

In October, Amazon (AMZN) and Microsoft (MSFT) thrived with 4.7% and 7.1% gains from strong cloud growth. Conversely, Alphabet (GOOG, GOOGL) fell 5% due to disappointing cloud results, Nvidia (NVDA) dropped 6% on AI chip export concerns, Tesla (TSLA) plunged nearly 20% on weak profits, Meta Platforms (META) gave cautious guidance, and Apple (AAPL) slipped 0.3% post an 8% September drop.

Amid market fluctuations, long-term investors are advised to stay disciplined, stick to their plans, and focus on goals, as market sentiment can change swiftly. A sensible long-term investment strategy coupled with discipline remains key to success.

Pacer American Energy Independence ETF

The Pacer American Energy Independence ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the performance, before fees and expenses, of the American Energy Independence Index (the “Index”).

The Fund had a NAV total return of 2.68%. The Index had a total return of 3.66%. The S&P 500 had a total return of 10.14%.

The following return is the stock’s total return while it was held in the Fund during this period. The Fund’s top three contributors to its return were Archrock Inc. at 79.12%, Equitrans Midstream Corporation at 14.74%, and Targa Resources Crop. at 25.21%. The Fund’s bottom three contributors to return were Tellurian Inc. at -55.56%, TC Energy Corporation at -15.78%, and Excelerate Energy, Inc. Class A at -44.77%.

Pacer Swan SOS Conservative (January) ETF

The Pacer Swan SOS Conservative (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.10% (before fees and expenses of the Fund) and 16.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 3, 2023 to December 29, 2023.

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce pre-determined target investment outcomes based upon the performance of an underlying security or index. The predetermined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

Investment Period Start: January 3, 2023
Investment Period End: December 29, 2023

Cap (before Fund fees and expenses): 17.10%
Cap (after Fund fees and expenses): 16.35%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 8.79%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Moderate (January) ETF

The Pacer Swan SOS Moderate (January) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 18.25% (before fees and expenses of the Fund) and 17.50% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 3, 2023 to December 29, 2023.

Investment Period Start: January 3, 2023
Investment Period End: December 29, 2023

Pacer Funds

Cap (before Fund fees and expenses): 18.25%
Cap (after Fund fees and expenses): 17.50%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 11.21%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Flex (January) ETF

The Pacer Swan SOS Flex (January) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 21.90% (before fees and expenses of the Fund) and 21.15% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 3, 2023 to December 29, 2023.

Investment Period Start: January 3, 2023
Investment Period End: December 29, 2023

Cap (before Fund fees and expenses): 21.90%
Cap (after Fund fees and expenses): 21.15%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 13.05%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Fund of Funds ETF

The Pacer Swan SOS Fund of Funds ETF (the “Fund”) seeks capital appreciation while providing downside protection.

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 10.42%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Conservative (April) ETF

The Pacer Swan SOS Conservative (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.43% (before fees and expenses of the Fund) and 13.68% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 3, 2023 to March 28, 2024.

Investment Period Start: April 3, 2023
Investment Period End: March 28, 2024

Cap (before Fund fees and expenses): 14.43%
Cap (after Fund fees and expenses): 13.68%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 3.13%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Moderate (April) ETF

The Pacer Swan SOS Moderate (April) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.95% (before fees and expenses of the Fund) and 14.20% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 3, 2023 to March 28, 2024.

Pacer Funds

Investment Period Start: April 3, 2023
Investment Period End: March 28, 2024

Cap (before Fund fees and expenses): 14.95%
Cap (after Fund fees and expenses): 14.20%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 8.70%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Flex (April) ETF

The Pacer Swan SOS Flex (April) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.80% (before fees and expenses of the Fund) and 17.05% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 3, 2023 to March 28, 2024.

Investment Period Start: April 3, 2023
Investment Period End: March 28, 2024

Cap (before Fund fees and expenses): 17.80%
Cap (after Fund fees and expenses): 17.05%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.80%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Conservative (July) ETF

The Pacer Swan SOS Conservative (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.73% (before fees and expenses of the Fund) and 13.98% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 3, 2023 to June 28, 2024.

The Fund uses FLEX Options to employ a “structured outcome strategy.” Structured outcome strategies seek to produce predetermined target investment outcomes based upon the performance of an underlying security or index. The pre-determined outcomes sought by the Fund are intended to reflect the performance of the Underlying ETF over an approximate one-year period (the “Investment Period”), subject to a buffer (the “Buffer”) against certain Underlying ETF losses and a cap (the “Cap”) as set forth in the following table:

Investment Period Start: July 3, 2023
Investment Period End: June 28, 2024

Cap (before Fund fees and expenses): 14.73%
Cap (after Fund fees and expenses): 13.98%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.16% The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Moderate (July) ETF

The Pacer Swan SOS Moderate (July) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.52% (before fees and expenses of the Fund) and 13.77% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 3, 2023 to June 28, 2024.

Pacer Funds

Investment Period Start: July 3, 2023
Investment Period End: June 28, 2024

Cap (before Fund fees and expenses): 14.52%
Cap (after Fund fees and expenses): 13.77%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 11.19%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Flex (July) ETF

The Pacer Swan SOS Flex (July) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.72% (before fees and expenses of the Fund) and 15.97% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 3, 2023 to June 28, 2024.

Investment Period Start: July 3, 2023
Investment Period End: June 28, 2024

Cap (before Fund fees and expenses): 16.72%
Cap (after Fund fees and expenses): 15.97%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 10.49%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Conservative (October) ETF

The Pacer Swan SOS Conservative (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.95% (before fees and expenses of the Fund) and 15.20% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 2, 2023 to September 30, 2024.

Investment Period Start: October 2, 2023
Investment Period End: September 30, 2024

Cap (before Fund fees and expenses): 15.95%
Cap (after Fund fees and expenses): 15.20%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 12.54%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Moderate (October) ETF

The Pacer Swan SOS Moderate (October) ETF (the “Fund”) seeks to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 15.50% (before fees and expenses of the Fund) and 14.75% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 2, 2023 to September 30, 2024.

Pacer Funds

Investment Period Start: October 2, 2023
Investment Period End: September 30, 2024

Cap (before Fund fees and expenses): 15.50%
Cap (after Fund fees and expenses): 14.75%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 13.22%. The S&P 500 Index had a price return of 10.14%.

Pacer Swan SOS Flex (October) ETF

The Pacer Swan SOS Flex (October) ETF (the “Fund”) seeks to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.65% (before fees and expenses of the Fund) and 16.90% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 2, 2023 to September 30, 2024.

Investment Period Start: October 2, 2023
Investment Period End: September 30, 2024

Cap (before Fund fees and expenses): 17.65%
Cap (after Fund fees and expenses): 16.90%

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 11.66%. The S&P 500 Index had a price return of 10.14%.

Pacer BlueStar Digital Entertainment ETF

The Pacer BlueStar Digital Entertainment ETF (the “Fund”) employs a “passive management”(or indexing) investment approach designed to track the total return performance, before fees and expenses, of the BlueStar Global Online Gambling, Video Gaming, and eSports Index (the Index).

The Fund had a NAV total return of 13.74%. The Index had a total return of 12.94%. The S&P 500 had a total return of 10.14%.

The following return is the stock’s total return while it was held in the Fund during this period. The Fund’s top three contributors to its return were NVIDIA Corporation at +202.32%, Tencent Holdings Ltd. At +49.54% and DraftKings, Inc. Class A at +74.81%. The Fund’s bottom three contributors to return were Everi Holdings, Inc. at -43.15%, Bally’s Corporation at -59.54% and Skillz Inc, Class A at -75.15%.

Pacer BlueStar Engineering the Future ETF

The Pacer BlueStar Engineering the Future ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the BlueStar Robotics and 3D Printing Index (the“Index”).

The Fund had a NAV total return of 4.18%. The Index had a total return of 3.97%. The S&P 500 had a total return of 10.14%.

The following return is the stock’s total return while it was held in the Fund during this period. The Fund’s top three contributors to its return were ASML Holding NV ADR at +27.88%, Applied Materials, Inc. at +51.34% and Siemens Aktiengesellschaft at +24.31%. The Fund’s bottom three contributors to return were 3D Systems Corporation at -57.76%, Desktop Metal, Inc. Class A at -65.75% and Proto Labs, Inc. at -38.18%.

Pacer Funds

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

The Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index - Series 300 (the “Index”). The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus.

The Index, as designed, has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500 (“S&P Dividend Futures”). 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 Dividend Component is designed to give the Fund exposure to approximately 300% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract. As of October 31, 2023, the S&P 500 Component comprised approximately 94% of the Index.

S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&P 500 constituent companies (i.e., approximately 300% of such dividends that the Fund would normally have received). S&P Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.

The Fund

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.08%. The Index had a total return of 9.87%. The S&P 500 Index had a total return of 10.14%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 6.90%, Communication Services at 2.24, and Consumer Discretionary at 0.72%. The three sectors with the lowest contribution to performance were Health Care at -0.65%, Financials at -0.19%, and Energy at -0.19%. Sector performance numbers reflect their total return during the period.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

The Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Metaurus US Large Cap Dividend Multiplier Index - Series 400 (the “Index”). The Index is based on a proprietary methodology developed by Metaurus Advisors LLC (“Metaurus”), the Fund’s sub-adviser and the Fund’s index provider. All or a portion of the methodologies and algorithms used to calculate the Index are covered by one or more granted or pending U.S. patents owned by Metaurus

The Index, as designed, has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500 (“S&P Dividend Futures”). 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 Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract. As of October 31, 2023, the S&P 500 Component comprised approximately 88% of the Index.

Pacer Funds

provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.

The Fund

During the year (11/1/2022 – 10/31/2023), the Fund had a NAV total return of 9.53%. The Index had a total return of 9.74%. The S&P 500 Index had a total return of 10.14%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 7.07%, Communication Services at 2.32%, and Consumer Discretionary at 0.70%. The three sectors with the lowest contribution to performance were Health Care at -0.65%, Financials at -0.19%, and Energy at -0.19%. Sector performance numbers reflect their total return during the period.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023

Pacer American Energy Independence ETF

Sector^(a)	Percentage of Net Assets
Energy		99.2	%
Investments Purchased With Proceeds From Securities Lending		8.6	%
Liabilities in Excess of Other Assets		-7.8	%
		100.0	%

^(a)	The Fund may classify a company in a different category than the American Energy Independence Index.

Pacer BlueStar Engineering the Future ETF

Sector^(a)	Percentage of Net Assets
Automobiles & Components		1.9	%
Capital Goods		21.0	%
Pharmaceuticals, Biotechnology & Life Sciences		1.0	%
Semiconductors & Semiconductor Equipment		30.1	%
Software & Services		29.0	%
Technology Hardware & Equipment		17.0	%
Other Assets in Excess of Liabilities		0.0	%^(b)
		100.0	%

^(a)	The Fund may classify a company in a different category than the BlueStar Robotics and 3D Printing Index.

^(b)	Less than 0.05%.

Pacer BlueStar Digital Entertainment ETF

Sector^(a)	Percentage of Net Assets
Consumer Discretionary Distribution & Retail		1.2	%
Consumer Durables & Apparel		1.7	%
Consumer Services		50.2	%
Media & Entertainment		33.7	%
Semiconductors & Semiconductor Equipment		6.2	%
Software & Services		2.6	%
Exchange Traded Funds		4.3	%
Other Assets in Excess of Liabilities		0.1	%
		100.0	%

^(a)	The Fund may classify a company in a different category than the BlueStar Global Online Gambling, Video Gaming, and eSports Index.

Pacer Swan SOS Fund of Funds ETF

Sector	Percentage of Net Assets
Affiliated Exchange-Traded Funds		99.4	%
Other Assets in Excess of Liabilities		0.6	%
		100.0	%

Pacer Swan SOS Conservative (January) ETF

Sector	Percentage of Net Assets
Purchased Options		99.7	%
Other Assets in Excess of Liabilities		0.3	%
		100.0	%

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

Pacer Swan SOS Moderate (January) ETF

Sector	Percentage of Net Assets
Purchased Options		99.4	%
Other Assets in Excess of Liabilities		0.6	%
		100.0	%

Pacer Swan SOS Flex (January) ETF

Sector	Percentage of Net Assets
Purchased Options		99.3	%
Other Assets in Excess of Liabilities		0.7	%
		100.0	%

Pacer Swan SOS Conservative (April) ETF

Sector	Percentage of Net Assets
Purchased Options		99.6	%
Other Assets in Excess of Liabilities		0.4	%
		100.0	%

Pacer Swan SOS Moderate (April) ETF

Sector	Percentage of Net Assets
Purchased Options		100.2	%
Liabilities in Excess of Other Assets		-0.2	%
		100.0	%

Pacer Swan SOS Flex (April) ETF

Sector	Percentage of Net Assets
Purchased Options		100.0	%
Liabilities in Excess of Other Assets		0.0	%^(a)
		100.0	%

^(a)	Less than 0.05%

Pacer Swan SOS Conservative (July) ETF

Sector	Percentage of Net Assets
Purchased Options		99.8	%
Other Assets in Excess of Liabilities		0.2	%
		100.0	%

Pacer Swan SOS Moderate (July) ETF

Sector	Percentage of Net Assets
Purchased Options		101.2	%
Liabilities in Excess of Other Assets		-1.2	%
		100.0	%

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

Pacer Swan SOS Flex (July) ETF

Sector	Percentage of Net Assets
Purchased Options		102.2	%
Liabilities in Excess of Other Assets		-2.2	%
		100.0	%

Pacer Swan SOS Conservative (October) ETF

Sector	Percentage of Net Assets
Purchased Options		100.7	%
Liabilities in Excess of Other Assets		-0.7	%
		100.0	%

Pacer Swan SOS Moderate (October) ETF

Sector	Percentage of Net Assets
Purchased Options		102.1	%
Liabilities in Excess of Other Assets		-2.1	%
		100.0	%

Pacer Swan SOS Flex (October) ETF

Sector	Percentage of Net Assets
Purchased Options		102.9	%
Liabilities in Excess of Other Assets		-2.9	%
		100.0	%

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components		1.7	%
Banks		2.8	%
Capital Goods		5.2	%
Commercial & Professional Services		1.2	%
Consumer Discretionary Distribution & Retail		5.2	%
Consumer Durables & Apparel		0.8	%
Consumer Services		2.1	%
Consumer Staples Distribution & Retail		1.8	%
Energy		4.3	%
Equity Real Estate Investment		2.1	%
Financial Services		7.1	%
Food, Beverage & Tobacco		3.0	%
Health Care Equipment & Services		5.3	%
Household & Personal Products		1.5	%
Insurance		2.2	%
Materials		2.3	%
Media & Entertainment		7.3	%
Pharmaceuticals, Biotechnology & Life Sciences		7.1	%
Real Estate Management & Development		0.1	%
Semiconductors & Semiconductor Equipment		6.7	%
Software & Services		11.4	%
Technology Hardware & Equipment		8.3	%
Telecommunication Services		0.9	%
Transportation		1.4	%
Utilities		2.4	%
Other Assets in Excess of Liabilities		5.8	%
		100.0	%

^(a)	The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 300.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023 (Continued)

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components		1.7	%
Banks		2.6	%
Capital Goods		4.9	%
Commercial & Professional Services		1.1	%
Consumer Discretionary Distribution & Retail		5.0	%
Consumer Durables & Apparel		0.8	%
Consumer Services		1.8	%
Consumer Staples Distribution & Retail		1.6	%
Energy		4.0	%
Equity Real Estate Investment		1.9	%
Financial Services		6.6	%
Food, Beverage & Tobacco		2.8	%
Health Care Equipment & Services		4.9	%
Household & Personal Products		1.4	%
Insurance		2.0	%
Materials		2.1	%
Media & Entertainment		6.8	%
Pharmaceuticals, Biotechnology & Life Sciences		6.5	%
Real Estate Management & Development		0.1	%
Semiconductors & Semiconductor Equipment		6.3	%
Software & Services		10.5	%
Technology Hardware & Equipment		7.8	%
Telecommunication Services		0.8	%
Transportation		1.3	%
Utilities		2.2	%
Government Notes/Bonds		10.1	%
Other Assets in Excess of Liabilities		2.4	%
		100.0	%

^(a)	The Fund may classify a company in a different category than the Metaurus US Large Cap Dividend Multiplier Total Return - Series 400.

Pacer American Energy Independence ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 12, 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 American Energy Independence Total Return (the “Index”) uses a proprietary, rules-based methodology to measure the performance of a portfolio of U.S. and Canadian exchange-listed equity securities of companies that generate a majority of their cash flow from certain qualifying “midstream” energy infrastructure activities. The companies in the Index are expected to benefit from regulatory policies favoring and industry trends toward American energy independence (i.e., a reduced or eliminated need for the United States to import fuels, such as coal, crude oil, or natural gas). Midstream energy infrastructure refers to the processing, storage, transportation, and distribution of crude oil, natural gas, refined products, and their related products, as well as the transmission or storage of renewable energy. The following activity segments are considered qualifying midstream energy infrastructure activities: gathering & processing, compression, fractionation, logistics, midstream services, pipeline transportation, storage and terminaling of oil, gas, natural gas liquids, and refined products, as well as operating liquid natural gas facilities. The following activity segments are not qualifying activities: refining, shipping, exploration, production, retail distribution, or oil services. The Index may include small-, mid-, and large-capitalization companies.

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

Annualized Returns ⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer American Energy Independence ETF - NAV	2.68%	29.21%	9.98%	7.79%
Pacer American Energy Independence ETF - Market	2.28%	29.19%	9.91%	7.77%
American Energy Independence Total Return Index ⁽³⁾	3.66%	30.78%	11.25%	9.03%
S&P 500 Index ⁽³⁾	10.14%	10.36%	11.01%	9.91%

⁽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 February 28, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾

Inception date is December 12, 2017. The Fund is the sucessor to the investment performance of the American Energy Independence ETF (the “Predecessor USAI”) as a result of the reorganization of the Predecessor USAI Fund into the Fund on December 16, 2019. Accordingly, the performance information shown in the chart and table above for periods prior to December 16, 2019 is that of the Predecessor USAI Fund’s Shares for the Fund. The Predecessor USAI Fund was advised by SL Advisors, LLC and sub-advised by Penserra Capital Management LLC 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.

Pacer BlueStar Engineering the Future ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 4, 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 BlueStar Robotics and 3D Printing Index (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 (25% for current Index components) from robots or manufacturing automation equipment (“robotics”); computer aided design (“CAD”) software; or 3D printing centers, 3D printing hardware, 3D printing simulation software, 3D scanning and measurement software, and 3D printing materials (collectively, “Robotics and 3D Printing Companies”), as determined by MV Index Solutions (the “Index Provider”).

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer BlueStar Engineering the Future ETF - NAV	4.18%	-9.37%
Pacer BlueStar Engineering the Future ETF - Market	4.37%	-9.29%
BlueStar Robotics and 3D Printing Index	3.97%	-9.53%
S&P 500 Index ⁽³⁾	10.14%	0.01%

⁽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 February 28, 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 4, 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.

Pacer BlueStar Digital Entertainment ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on April 7, 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 BlueStar Global Online Gambling, Video Gaming, and eSports Index (the “Index”) is a rules-based index that consists of globally-listed stocks and depositary receipts of digital entertainment companies. Companies eligible to be added to the Index are those that derive at least 50% of their revenues from the following activities: online gambling platforms or software related to online gambling; video game development and software related to the development of video games or hardware such as computer processors and graphics cards used in video gaming systems, controllers, headsets, and gaming consoles; and streaming services or video games and/or hardware for use in eSports events or that are involved in eSports events such as league operators, teams, distributors and platforms, (collectively, “Digital Entertainment”) as determined by MV Index Solutions (the “Index Provider”).

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

Annualized Returns ⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer BlueStar Digital Entertainment ETF - NAV	13.74%	-7.04%
Pacer BlueStar Digital Entertainment ETF - Market	14.04%	-7.01%
BlueStar Global Online Gambling, Video Gaming, and eSports Index	12.94%	-7.97%
S&P 500 Index ⁽³⁾	10.14%	-2.82%

⁽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 February 28, 2023, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is April 7, 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.

Pacer Swan SOS Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 29, 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 Pacer Swan SOS Fund of Funds ETF (the “Fund”) seeks capital appreciation with downside protection.

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Fund of Funds ETF - NAV	10.42%	5.86%
Pacer Swan SOS Fund of Funds ETF - Market	9.85%	5.78%
S&P 500 Index ⁽³⁾	10.14%	5.88%

⁽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 February 28, 2023 as supplemented April 3, 2023, is 0.93%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is December 29, 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.

Pacer Swan SOS Conservative (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 22, 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 S&P 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Conservative (January) ETF - NAV	8.79%	3.57%
Pacer Swan SOS Conservative (January) ETF - Market	9.17%	3.57%
S&P 500 Index ⁽³⁾	10.14%	6.24%

⁽¹⁾

⁽²⁾	Inception date is December 22, 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.

Pacer Swan SOS Moderate (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Moderate (January) ETF - NAV	11.21%	5.60%
Pacer Swan SOS Moderate (January) ETF - Market	11.29%	5.59%
S&P 500 Index ⁽³⁾	10.14%	6.24%

⁽¹⁾

⁽²⁾	Inception date is December 22, 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.

Pacer Swan SOS Flex (January) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Flex (January) ETF - NAV	13.05%	8.44%
Pacer Swan SOS Flex (January) ETF - Market	13.25%	8.48%
S&P 500 Index ⁽³⁾	10.14%	6.24%

⁽¹⁾

⁽²⁾	Inception date is December 22, 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.

Pacer Swan SOS Conservative (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on March 31, 2021, 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 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Conservative (April) ETF - NAV	3.13%	1.46%
Pacer Swan SOS Conservative (April) ETF - Market	3.24%	1.42%
S&P 500 Index ⁽³⁾	10.14%	3.71%

⁽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 as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is March 31, 2021.

⁽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.

Pacer Swan SOS Moderate (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Moderate (April) ETF - NAV	8.70%	4.26%
Pacer Swan SOS Moderate (April) ETF - Market	9.02%	4.31%
S&P 500 Index ⁽³⁾	10.14%	3.71%

⁽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 as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is March 31, 2021.

⁽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.

Pacer Swan SOS Flex (April) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Flex (April) ETF - NAV	9.80%	5.53%
Pacer Swan SOS Flex (April) ETF - Market	10.07%	5.57%
S&P 500 Index ⁽³⁾	10.14%	3.71%

⁽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 as stated in the fee table to the Fund’s prospectus dated February 28, 2023 as supplemented April 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is March 31, 2021.

⁽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.

Pacer Swan SOS Conservative (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000, investment made on June 30, 2021, 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 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Conservative (July) ETF - NAV	9.16%	1.65%
Pacer Swan SOS Conservative (July) ETF - Market	9.15%	1.71%
S&P 500 Index ⁽³⁾	10.14%	0.52%

⁽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 July 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 30, 2021.

⁽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.

Pacer Swan SOS Moderate (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Moderate (July) ETF - NAV	11.19%	5.02%
Pacer Swan SOS Moderate (July) ETF - Market	11.33%	5.07%
S&P 500 Index ⁽³⁾	10.14%	0.52%

⁽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 July 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 30, 2021.

⁽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.

Pacer Swan SOS Flex (July) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Flex (July) ETF - NAV	10.49%	5.01%
Pacer Swan SOS Flex (July) ETF - Market	10.65%	5.07%
S&P 500 Index ⁽³⁾	10.14%	0.52%

⁽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 July 3, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 30, 2021.

⁽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.

Pacer Swan SOS Conservative (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on September 30, 2021, 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 500 Index consists of approximately 500 leading U.S.-listed companies.

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Conservative (October) ETF - NAV	12.54%	4.27%
Pacer Swan SOS Conservative (October) ETF - Market	12.01%	4.20%
S&P 500 Index ⁽³⁾	10.14%	0.31%

⁽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 October 2, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is September 30, 2021.

⁽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.

Pacer Swan SOS Moderate (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Moderate (October) ETF - NAV	13.22%	6.55%
Pacer Swan SOS Moderate (October) ETF - Market	13.05%	6.60%
S&P 500 Index ⁽³⁾	10.14%	0.31%

⁽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 October 2, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is September 30, 2021.

⁽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.

Pacer Swan SOS Flex (October) ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Swan SOS Flex (October) ETF - NAV	11.66%	7.42%
Pacer Swan SOS Flex (October) ETF - Market	11.62%	7.46%
S&P 500 Index ⁽³⁾	10.14%	0.31%

⁽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 October 2, 2023, is 0.75%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is September 30, 2021.

⁽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.

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, 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 Metaurus US Large Cap Dividend Multiplier Index - Series 300 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 300% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV	9.08%	-0.74%
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market	8.97%	-0.71%
Metaurus US Large Cap Dividend Multiplier Index – Series 300 ⁽³⁾	9.87%	0.04%
S&P 500^® Index ⁽³⁾	10.14%	-0.36%

⁽¹⁾

⁽²⁾	Inception date is July 12, 2021.

⁽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.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Metaurus US Large Cap Dividend Multiplier Index - Series 400 has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract.

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

Annualized Returns⁽¹⁾
(For the periods ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV	9.53%	-0.30%
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market	9.51%	-0.21%
Metaurus US Large Cap Dividend Multiplier Index – Series 400 ⁽³⁾	9.74%	0.25%
S&P 500^® Index⁽³⁾	10.14%	-0.36%

⁽¹⁾

⁽²⁾	Inception date is July 12, 2021.

⁽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.

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited)

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 the 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 value 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 05/01/23	Ending Account Value 10/31/23	Expenses Paid During Period^(a)
Pacer American Energy Independence ETF
Actual	0.75%	$ 1,000.00	$ 1,052.60	$ 3.88
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer BlueStar Engineering the Future ETF
Actual	0.60%	$ 1,000.00	$ 900.50	$ 2.87
Hypothetical^(b)	0.60%	$ 1,000.00	$ 1,022.18	$ 3.06
Pacer BlueStar Digital Entertainment ETF
Actual	0.60%	$ 1,000.00	$ 884.00	$ 2.85
Hypothetical^(b)	0.60%	$ 1,000.00	$ 1,022.18	$ 3.06
Pacer Swan SOS Fund of Funds ETF
Actual	0.18%	$ 1,000.00	$ 1,025.40	$ 0.92
Hypothetical^(b)	0.18%	$ 1,000.00	$ 1,024.30	$ 0.92
Pacer Swan SOS Conservative (January) ETF
Actual	0.75%	$ 1,000.00	$ 1,019.40	$ 3.82
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Moderate (January) ETF
Actual	0.75%	$ 1,000.00	$ 1,018.30	$ 3.82
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Flex (January) ETF
Actual	0.75%	$ 1,000.00	$ 1,009.50	$ 3.80
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Conservative (April) ETF
Actual	0.75%	$ 1,000.00	$ 1,010.90	$ 3.80
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2023 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/23	Ending Account Value 10/31/23	Expenses Paid During Period^(a)
Pacer Swan SOS Moderate (April) ETF
Actual	0.75%	$ 1,000.00	$ 1,015.20	$ 3.81
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Flex (April) ETF
Actual	0.75%	$ 1,000.00	$ 1,014.70	$ 3.81
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Conservative (July) ETF
Actual	0.75%	$ 1,000.00	$ 1,015.20	$ 3.81
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Moderate (July) ETF
Actual	0.75%	$ 1,000.00	$ 1,034.10	$ 3.85
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Flex (July) ETF
Actual	0.75%	$ 1,000.00	$ 1,031.50	$ 3.84
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Conservative (October) ETF
Actual	0.75%	$ 1,000.00	$ 1,046.00	$ 3.87
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Moderate (October) ETF
Actual	0.75%	$ 1,000.00	$ 1,045.10	$ 3.87
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Swan SOS Flex (October) ETF
Actual	0.75%	$ 1,000.00	$ 1,023.70	$ 3.83
Hypothetical^(b)	0.75%	$ 1,000.00	$ 1,021.42	$ 3.82
Pacer Metaurus US Large Cap Target Dividend 300 ETF
Actual	0.79%	$ 1,000.00	$ 1,010.40	$ 4.00
Hypothetical^(b)	0.79%	$ 1,000.00	$ 1,021.22	$ 4.02
Pacer Metaurus US Large Cap Target Dividend 400 ETF
Actual	0.79%	$ 1,000.00	$ 1,012.50	$ 4.01
Hypothetical^(b)	0.79%	$ 1,000.00	$ 1,021.22	$ 4.02

^(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 (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

^(b)	Assumes 5% return before expenses.

Pacer American Energy Independence ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Shares		Value
COMMON STOCKS — 99.2%

Energy — 99.2%
Antero Midstream Corp.^(a)		97,658	$	1,205,100
Archrock, Inc.		72,549		919,196
Cheniere Energy, Inc.		19,907		3,312,923
Crestwood Equity Partners LP		16,900		461,032
DT Midstream, Inc.^(a)		23,874		1,288,480
Enbridge, Inc.		92,113		2,951,867
Energy Transfer LP		135,190		1,777,749
EnLink Midstream LLC^(a)		82,435		1,013,126
Enterprise Products Partners LP		116,055		3,022,071
Equitrans Midstream Corp.^(a)		122,336		1,085,120
Excelerate Energy, Inc. - Class A		41,706		593,059
Genesis Energy LP		34,749		385,019
Gibson Energy, Inc.		64,506		980,091
Hess Midstream LP - Class A		30,802		924,060
Holly Energy Partners LP		15,872		337,280
Keyera Corp.		54,418		1,265,535
Kinder Morgan, Inc.		111,925		1,813,185
Kinetik Holdings, Inc.^(a)		22,389		793,466
Kodiak Gas Services, Inc.^(b)		42,180		725,074
MPLX LP		37,932		1,367,069
New Fortress Energy, Inc.^(a)		30,577		926,483
NextDecade Corp.^(a)(b)		138,309		607,177
NuStar Energy LP		24,959		426,799
ONEOK, Inc.		47,898		3,122,950
Pembina Pipeline Corp.		61,606		1,896,048
Plains GP Holdings LP - Class A		64,198		1,006,625
Targa Resources Corp.		22,317		1,865,924
TC Energy Corp.		87,422		3,010,834
Western Midstream Partners LP^(a)		26,750		717,703
Williams Cos., Inc.		94,520		3,251,488
Total Energy				43,052,533
TOTAL COMMON STOCKS (Cost $36,335,411)				43,052,533

Investments Purchased with Proceeds from Securities Lending — 8.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		3,725,563	$	3,725,563
Total Investments Purchased with Proceeds from Securities Lending (Cost $3,725,563)				3,725,563

TOTAL INVESTMENTS — 107.8%
(Cost $40,060,974)				46,778,096
Liabilities in Excess of Other Assets — (7.8)%				(3,389,644	)
TOTAL NET ASSETS — 100.0%			$	43,388,452

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $3,635,798 which represented 8.4% of net assets.

(b)

Non-income producing security.

(c)

The rate shown represents the 7-day effective yield as of October 31, 2023.

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 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.

Pacer BlueStar Engineering the Future ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Shares		Value
COMMON STOCKS — 100.0%

Consumer Discretionary — 1.9%
Denso Corp.		1,816	$	26,375
Total Consumer Discretionary				26,375

Health Care — 1.0%
BICO Group AB^(a)		5,118		13,555
Total Health Care				13,555

Industrials — 21.0%
3D Systems Corp.^(a)		7,712		28,766
Amada Co. Ltd.		381		3,648
ANDRITZ AG		93		4,266
ATS Corp.^(a)		101		3,398
Daifuku Co. Ltd.		347		5,651
Desktop Metal, Inc.^(a)		21,193		18,362
Duerr AG		97		1,986
Emerson Electric Co.		448		39,858
FANUC Corp.		663		15,992
Fuji Corp./Aichi		180		2,682
Konecranes Oyj		100		3,267
Lincoln Electric Holdings, Inc.		50		8,740
Proto Labs, Inc.^(a)		1,415		33,408
Rockwell Automation, Inc.		88		23,127
Siemens AG		638		84,270
Velo3D, Inc.^(a)		10,661		14,073
Yaskawa Electric Corp.		148		4,766
Total Industrials				296,260

Information Technology — 76.1%
Advantest Corp.		376		9,472
Altair Engineering, Inc. - Class A^(a)		90		5,591
Ambarella, Inc.^(a)		48		2,160
ANSYS, Inc.^(a)		246		68,452
Applied Materials, Inc.		582		77,028
ASM International NV		41		16,836
ASML Holding NV		191		114,372
ASMPT Ltd.		360		3,037
Autodesk, Inc.^(a)		644		127,273
Axcelis Technologies, Inc.^(a)		30		3,825
Azbil Corp.		131		3,818
BE Semiconductor Industries NV		75		7,713
Bentley Systems, Inc. - Class B		799		38,863
Cognex Corp.		143		5,147
Dassault Systemes SE		2,587		106,137
Disco Corp.		64		11,053
FARO Technologies, Inc.^(a)		1,540		19,820
Keyence Corp.		162		62,203
KLA Corp.		98		46,031
Kulicke & Soffa Industries, Inc.		60		2,497
Lam Research Corp.		102		59,998

	Shares		Value
Information Technology — 76.1% (Continued)
Lasertec Corp.		79	$	13,148
Materialise NV - ADR^(a)		1,377		7,574
Nano Dimension Ltd. - ADR^(a)		20,077		53,405
Nemetschek SE		199		14,808
Nova Ltd.^(a)		30		2,849
Omron Corp.		157		5,543
Onto Innovation, Inc.^(a)		46		5,169
PTC, Inc.^(a)		297		41,705
Renishaw PLC		899		33,643
SCREEN Holdings Co. Ltd.		94		4,304
Stratasys Ltd.^(a)		4,432		45,073
Teledyne Technologies, Inc.^(a)		31		11,612
Teradyne, Inc.		108		8,993
Tokyo Electron Ltd.		290		37,829
Total Information Technology				1,076,981
TOTAL COMMON STOCKS (Cost $1,538,527)				1,413,171

TOTAL INVESTMENTS — 100.0%
(Cost $1,538,527)				1,413,171
Other Assets in Excess of Liabilities — 0.0%^(b)				399
TOTAL NET ASSETS — 100.0%			$	1,413,570

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

Represents less than 0.05% of net assets.

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

Pacer BlueStar Digital Entertainment ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Shares		Value
COMMON STOCKS — 95.6%

Communication Services — 33.7%^(a)
Better Collective AS^(b)		241	$	5,824
Capcom Co. Ltd.		284		9,074
Catena Media PLC^(b)		2,643		4,085
CD Projekt SA		305		7,600
Electronic Arts, Inc.		135		16,711
Kingsoft Corp. Ltd.		2,872		10,020
Konami Group Corp.		198		10,138
NetEase, Inc. - ADR		193		20,636
Nexon Co. Ltd.		571		10,351
Nintendo Co. Ltd.		439		18,034
ROBLOX Corp. - Class A^(b)		438		13,933
Sea Ltd. - ADR^(b)		342		14,261
Skillz, Inc.^(b)		602		3,082
Square Enix Holdings Co. Ltd.		282		9,310
Take-Two Interactive Software, Inc.^(b)		101		13,509
Tencent Holdings Ltd.		1,559		57,622
Ubisoft Entertainment SA^(b)		365		10,370
Total Communication Services				234,560

Consumer Discretionary — 53.1%^(a)
888 Holdings PLC^(b)		3,988		3,949
Aristocrat Leisure Ltd.		522		12,734
Bally’s Corp.^(b)		409		3,730
Bandai Namco Holdings, Inc.		569		11,658
Betmakers Technology Group Ltd.^(b)		54,362		2,719
Betsson AB - Class B		923		9,269
DraftKings, Inc.^(b)		2,144		59,218
Entain PLC		2,570		29,015
Everi Holdings, Inc.^(b)		649		7,003
Evolution AB^(e)		607		53,890
Flutter Entertainment PLC^(b)		374		58,489
GameStop Corp. ^(b)		598		8,234
Jumbo Interactive Ltd.		666		5,844
Kambi Group PLC^(b)		348		4,980
Kindred Group PLC		1,214		9,916
La Francaise des Jeux SAEM^(e)		735		23,633
Light & Wonder, Inc.^(b)		350		25,589
NEOGAMES SA^(b)		216		5,573
Playtech PLC^(b)		2,206		10,509
PointsBet Holdings Ltd.		9,079		4,340
Rank Group PLC^(b)		1,164		949
Rush Street Interactive, Inc.^(b)		1,014		3,620
Sportradar Holding AG^(b)		748		6,605
Super Group SGHC Ltd.^(b)		1,962		7,514
Zeal Network SE		26		838
Total Consumer Discretionary				369,818

	Shares		Value
Information Technology — 8.8%
Advanced Micro Devices, Inc.^(b)		223	$	21,965
AppLovin Corp. - Class A^(b)		278		10,130
NVIDIA Corp.		52		21,206
Unity Software, Inc.^(b)		318		8,068
Total Information Technology				61,369
TOTAL COMMON STOCKS (Cost $752,776)				665,747

WARRANTS — 0.0%^(c)

Consumer Discretionary — 0.0%^(c)
PointsBet Holdings Ltd., Expires July 08, 2024, Exercise Price $10.00^(b)(d)		252		0
TOTAL WARRANTS (Cost $0)				0

EXCHANGE TRADED FUNDS — 4.3%
iShares MSCI South Korea ETF		353		19,397
iShares MSCI Taiwan ETF		242		10,532
TOTAL EXCHANGE TRADED FUNDS (Cost $32,770)				29,929

TOTAL INVESTMENTS — 99.9%
(Cost $785,546)				695,676
Other Assets in Excess of Liabilities — 0.1%				800
TOTAL NET ASSETS — 100.0%			$	696,476

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

CD Certificate of Deposit

PLC - Public Limited Company

(a)

As of October 31, 2023, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks.

(b)

Non-income producing security.

(c)

Represents less than 0.05% of net assets.

(d)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $0 or 0.0% of net assets as of October 31, 2023.

(e)

Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $77,523 or 11.1% of net assets.

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

Pacer Swan SOS Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.4%^(a)(b)
Pacer Swan SOS Conservative (April) ETF		327,442	$	6,999,564
Pacer Swan SOS Conservative (January) ETF		308,978		7,022,730
Pacer Swan SOS Conservative (July) ETF		313,311		6,675,436
Pacer Swan SOS Conservative (October) ETF		214,178		4,786,686
Pacer Swan SOS Flex (April) ETF		472,770		11,208,857
Pacer Swan SOS Flex (January) ETF		437,034		11,337,929
Pacer Swan SOS Flex (July) ETF		483,971		11,125,622
Pacer Swan SOS Flex (October) ETF		380,730		9,073,405
Pacer Swan SOS Moderate (April) ETF		1,013,302		23,291,152
Pacer Swan SOS Moderate (January) ETF		1,183,273		28,282,709
Pacer Swan SOS Moderate (July) ETF		1,185,133		27,240,163
Pacer Swan SOS Moderate (October) ETF		1,070,760		25,093,689
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $165,487,577)				172,137,942

TOTAL INVESTMENTS — 99.4%
(Cost $165,487,577)				172,137,942
Other Assets in Excess of Liabilities — 0.6%				1,100,883
TOTAL NET ASSETS — 100.0%			$	173,238,825

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

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

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

Pacer Swan SOS Conservative (January) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 99.7%^(a)

Call Options — 99.4%
SPDR S&P 500 ETF
Expires December 29, 2023 at $4.21	$	10,329,540		247	$	10,171,115
Total Call Options						10,171,115

Put Options — 0.3%
SPDR S&P 500 ETF
Expires December 29, 2023 at $363.31		10,329,540		247		28,877
Total Put Options						28,877
TOTAL OPTIONS (Cost $9,827,683)						10,199,992

TOTAL INVESTMENTS — 99.7% (Cost $9,827,683)						10,199,992
Other Assets in Excess of Liabilities — 0.3%						29,217
TOTAL NET ASSETS — 100.0%					$	10,229,209

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (0.3)%^(a)

Call Options — (0.3)%
SPDR S&P 500 ETF
Expires December 29, 2023 at $447.83	$	10,329,540		247	$	(26,928	)
Total Call Options						(26,928	)

Put Options — 0.0%^(b)
SPDR S&P 500 ETF
Expires December 29, 2023 at $267.70		10,329,540		247		(3,651	)
Total Put Options						(3,651	)
Total Options Written (Premiums received $423,597)					$	(30,579	)

(a)

Exchange-traded.

(b)

Represents less than 0.05% of net assets.

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

Pacer Swan SOS Moderate (January) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 99.4%^(a)

Call Options — 98.8%
SPDR S&P 500 ETF
Expires December 29, 2023 at $4.24	$	34,166,940		817	$	33,673,472
Total Call Options						33,673,472
	��
Put Options — 0.6%
SPDR S&P 500 ETF
Expires December 29, 2023 at $382.47		34,166,940		817		201,799
Total Put Options						201,799
TOTAL OPTIONS (Cost $33,133,495)						33,875,271

TOTAL INVESTMENTS — 99.4% (Cost $33,133,495)						33,875,271
Other Assets in Excess of Liabilities — 0.6%						194,005
TOTAL NET ASSETS — 100.0%					$	34,069,276

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (0.3)%^(a)

Call Options — (0.2)%
SPDR S&P 500 ETF
Expires December 29, 2023 at $452.22	$	34,166,940		817	$	(55,556	)
Total Call Options						(55,556	)

Put Options — (0.1)%
SPDR S&P 500 ETF
Expires December 29, 2023 at $325.07		34,166,940		817		(30,229	)
Total Put Options						(30,229	)
Total Options Written (Premiums received $1,446,961)					$	(85,785	)

(a)

Exchange-traded.

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

Pacer Swan SOS Flex (January) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 99.3%^(a)

Call Options — 98.7%
SPDR S&P 500 ETF
Expires December 29, 2023 at $4.28	$	18,191,700		435	$	17,909,677
Total Call Options						17,909,677

Put Options — 0.6%
SPDR S&P 500 ETF
Expires December 29, 2023 at $229.46		18,191,700		435		2,871
Expires December 29, 2023 at $382.43		18,191,700		435		107,371
Total Put Options						110,242
TOTAL OPTIONS (Cost $17,752,555)						18,019,919

TOTAL INVESTMENTS — 99.3% (Cost $17,752,555)						18,019,919
Other Assets in Excess of Liabilities — 0.7%						127,297
TOTAL NET ASSETS — 100.0%					$	18,147,216

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (0.1)%^(a)

Call Options — 0.0%^(b)
SPDR S&P 500 ETF
Expires December 29, 2023 at $466.18	$	18,191,700		435	$	(7,191	)
Total Call Options						(7,191	)

Put Options — (0.1)%
SPDR S&P 500 ETF
Expires December 29, 2023 at $305.94		36,383,400		870		(25,543	)
Total Put Options						(25,543	)
Total Options Written (Premiums received $884,876)					$	(32,734	)

(a)

Exchange-traded.

(b)

Represents less than 0.05% of net assets.

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

Pacer Swan SOS Conservative (April) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 99.6%^(a)

Call Options — 97.7%
SPDR S&P 500 ETF
Expires March 28, 2024 at $4.50	$	10,120,440		242	$	9,927,373
Total Call Options						9,927,373

Put Options — 1.9%
SPDR S&P 500 ETF
Expires March 28, 2024 at $388.92		10,120,440		242		188,712
Total Put Options						188,712
TOTAL OPTIONS (Cost $10,115,408)						10,116,085

TOTAL INVESTMENTS — 99.6% (Cost $10,115,408)						10,116,085
Other Assets in Excess of Liabilities — 0.4%						48,585
TOTAL NET ASSETS — 100.0%					$	10,164,670

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (0.6)%^(a)

Call Options — (0.4)%
SPDR S&P 500 ETF
Expires March 28, 2024 at $468.46	$	10,120,440		242	$	(44,841	)
Total Call Options						(44,841	)

Put Options — (0.2)%
SPDR S&P 500 ETF
Expires March 28, 2024 at $286.57		10,120,440		242		(23,585	)
Total Put Options						(23,585	)
Total Options Written (Premiums received $342,033)					$	(68,426	)

(a)

Exchange-traded.

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

Pacer Swan SOS Moderate (April) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 100.2%^(a)

Call Options — 97.3%
SPDR S&P 500 ETF
Expires March 28, 2024 at $4.54	$	29,608,560		708	$	29,040,970
Total Call Options						29,040,970

Put Options — 2.9%
SPDR S&P 500 ETF
Expires March 28, 2024 at $409.43		29,608,560		708		868,008
Total Put Options						868,008
TOTAL OPTIONS (Cost $30,284,136)						29,908,978

TOTAL INVESTMENTS — 100.2% (Cost $30,284,136)						29,908,978
Liabilities in Excess of Other Assets — (0.2)%						(60,235	)
TOTAL NET ASSETS — 100.0%					$	29,848,743

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (1.1)%^(a)

Call Options — (0.4)%
SPDR S&P 500 ETF
Expires March 28, 2024 at $470.59	$	29,608,560		708	$	(119,652	)
Total Call Options						(119,652	)

Put Options — (0.7)%
SPDR S&P 500 ETF
Expires March 28, 2024 at $347.98		29,608,560		708		(212,400	)
Total Put Options						(212,400	)
Total Options Written (Premiums received $1,345,249)					$	(332,052	)

(a)

Exchange-traded.

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

Pacer Swan SOS Flex (April) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 100.0%^(a)

Call Options — 97.0%
SPDR S&P 500 ETF
Expires March 28, 2024 at $4.59	$	16,393,440		392	$	16,077,284
Total Call Options						16,077,284

Put Options — 3.0%
SPDR S&P 500 ETF
Expires March 28, 2024 at $409.39		16,393,440		392		479,024
Expires March 28, 2024 at $245.63		16,393,440		392		22,450
Total Put Options						501,474
TOTAL OPTIONS (Cost $16,652,340)						16,578,758

TOTAL INVESTMENTS — 100.0% (Cost $16,652,340)						16,578,758
Other Assets in Excess of Liabilities — 0.0%^(b)						2,926
TOTAL NET ASSETS — 100.0%					$	16,581,684

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

(b)

Represents less than 0.05% of net assets.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (1.1)%^(a)

Call Options — (0.2)%
SPDR S&P 500 ETF
Expires March 28, 2024 at $482.26	$	16,393,440		392	$	(29,565	)
Total Call Options						(29,565	)

Put Options — (0.9)%
SPDR S&P 500 ETF
Expires March 28, 2024 at $327.51		32,786,880		784		(156,800	)
Total Put Options						(156,800	)
Total Options Written (Premiums received $851,393)					$	(186,365	)

(a)

Exchange-traded.

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

Pacer Swan SOS Conservative (July) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 99.8%^(a)

Call Options — 95.3%
SPDR S&P 500 ETF
Expires June 28, 2024 at $4.88	$	8,824,020		211	$	8,611,003
Total Call Options						8,611,003

Put Options — 4.5%
SPDR S&P 500 ETF
Expires June 28, 2024 at $421.12		8,824,020		211		415,670
Total Put Options						415,670
TOTAL OPTIONS (Cost $9,614,295)						9,026,673

TOTAL INVESTMENTS — 99.8% (Cost $9,614,295)						9,026,673
Other Assets in Excess of Liabilities — 0.2%						18,565
TOTAL NET ASSETS — 100.0%					$	9,045,238

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (0.9)%^(a)

Call Options — (0.2)%
SPDR S&P 500 ETF
Expires June 28, 2024 at $508.58	$	8,824,020		211	$	(15,397	)
Total Call Options						(15,397	)

Put Options — (0.7)%
SPDR S&P 500 ETF
Expires June 28, 2024 at $310.30		8,824,020		211		(60,713	)
Total Put Options						(60,713	)
Total Options Written (Premiums received $370,464)					$	(76,110	)

(a)

Exchange-traded.

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

Pacer Swan SOS Moderate (July) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 101.2%^(a)

Call Options — 94.5%
SPDR S&P 500 ETF
Expires June 28, 2024 at $4.92	$	40,565,400		970	$	39,582,401
Total Call Options						39,582,401

Put Options — 6.7%
SPDR S&P 500 ETF
Expires June 28, 2024 at $443.32		40,565,400		970		2,827,298
Total Put Options						2,827,298
TOTAL OPTIONS (Cost $44,324,873)						42,409,699

TOTAL INVESTMENTS — 101.2% (Cost $44,324,873)						42,409,699
Liabilities in Excess of Other Assets — (1.2)%						(505,871	)
TOTAL NET ASSETS — 100.0%					$	41,903,828

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (2.3)%^(a)

Call Options — (0.2)%
SPDR S&P 500 ETF
Expires June 28, 2024 at $507.64	$	40,565,400		970	$	(74,001	)
Total Call Options						(74,001	)

Put Options — (2.1)%
SPDR S&P 500 ETF
Expires June 28, 2024 at $376.79		40,565,400		970		(870,090	)
Total Put Options						(870,090	)
Total Options Written (Premiums received $1,831,075)					$	(944,091	)

(a) Exchange-traded.

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

Pacer Swan SOS Flex (July) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 102.2%^(a)

Call Options — 95.1%
SPDR S&P 500 ETF
Expires June 28, 2024 at $4.96	$	22,373,700		535	$	21,829,483
Total Call Options						21,829,483

Put Options — 7.1%
SPDR S&P 500 ETF
Expires June 28, 2024 at $265.97		22,373,700		535		80,202
Expires June 28, 2024 at $443.28		22,373,700		535		1,540,265
Total Put Options						1,620,467
TOTAL OPTIONS (Cost $24,979,709)						23,449,950

TOTAL INVESTMENTS — 102.2% (Cost $24,979,709)						23,449,950
Liabilities in Excess of Other Assets — (2.2)%						(489,712	)
TOTAL NET ASSETS — 100.0%					$	22,960,238

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (2.9)%^(a)

Call Options — (0.1)%
SPDR S&P 500 ETF
Expires June 28, 2024 at $517.40	$	22,373,700		535	$	(26,461	)
Total Call Options						(26,461	)

Put Options — (2.8)%
SPDR S&P 500 ETF
Expires June 28, 2024 at $354.62		44,747,400		1,070		(644,333	)
Total Put Options						(644,333	)
Total Options Written (Premiums received $1,807,282)					$	(670,794	)

(a)

Exchange-traded.

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

Pacer Swan SOS Conservative (October) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 100.7%^(a)

Call Options — 96.4%
SPDR S&P 500 ETF
Expires September 30, 2024 at $4.70	$	6,649,380		159	$	6,469,976
Total Call Options						6,469,976

Put Options — 4.3%
SPDR S&P 500 ETF
Expires September 30, 2024 at $406.11		6,649,380		159		291,132
Total Put Options						291,132
TOTAL OPTIONS (Cost $6,888,658)						6,761,108

TOTAL INVESTMENTS — 100.7% (Cost $6,888,658)						6,761,108
Liabilities in Excess of Other Assets — (0.7)%						(48,136	)
TOTAL NET ASSETS — 100.0%					$	6,712,972

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (1.8)%^(a)

Call Options — (0.9)%
SPDR S&P 500 ETF
Expires September 30, 2024 at $495.66	$	6,649,380		159	$	(62,037	)
Total Call Options						(62,037	)

Put Options — (0.9)%
SPDR S&P 500 ETF
Expires September 30, 2024 at $299.24		6,649,380		159		(57,658	)
Total Put Options						(57,658	)
Total Options Written (Premiums received $169,799)					$	(119,695	)

(a)

Exchange-traded.

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

Pacer Swan SOS Moderate (October) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 102.1%^(a)

Call Options — 96.2%
SPDR S&P 500 ETF
Expires September 30, 2024 at $4.75	$	36,467,040		872	$	35,479,021
Total Call Options						35,479,021

Put Options — 5.9%
SPDR S&P 500 ETF							��
Expires September 30, 2024 at $427.52		36,467,040		872		2,188,458
Total Put Options						2,188,458
TOTAL OPTIONS (Cost $38,302,647)						37,667,479

TOTAL INVESTMENTS — 102.1% (Cost $38,302,647)						37,667,479
Liabilities in Excess of Other Assets — (2.1)%						(803,896	)
TOTAL NET ASSETS — 100.0%					$	36,863,583

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (3.2)%^(a)

Call Options — (1.0)%
SPDR S&P 500 ETF
Expires September 30, 2024 at $493.74	$	36,467,040		872	$	(368,359	)
Total Call Options						(368,359	)

Put Options — (2.2)%
SPDR S&P 500 ETF
Expires September 30, 2024 at $363.36		36,467,040		872		(824,162	)
Total Put Options						(824,162	)
Total Options Written (Premiums received $1,441,940)					$	(1,192,521	)

(a)

Exchange-traded.

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

Pacer Swan SOS Flex (October) ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Notional		Contracts		Value
OPTIONS PURCHASED — 102.9%^(a)

Call Options — 96.4%
SPDR S&P 500 ETF
Expires September 30, 2024 at $4.79	$	10,622,280		254	$	10,333,524
Total Call Options						10,333,524

Put Options — 6.5%
SPDR S&P 500 ETF
Expires September 30, 2024 at $256.49		10,622,280		254		52,385
Expires September 30, 2024 at $427.48		10,622,280		254		637,096
Total Put Options						689,481
TOTAL OPTIONS (Cost $11,208,900)						11,023,005

TOTAL INVESTMENTS — 102.9% (Cost $11,208,900)						11,023,005
Liabilities in Excess of Other Assets — (2.9)%						(308,331	)
TOTAL NET ASSETS — 100.0%					$	10,714,674

Percentages are stated as a percent of net assets.

(a)

Exchange-traded.

SCHEDULE OF WRITTEN OPTIONS
October 31, 2023

	Notional		Contracts		Value
Options Written — (3.9)%^(a)

Call Options — (0.7)%
SPDR S&P 500 ETF
Expires September 30, 2024 at $502.93	$	10,622,280		254	$	(72,728	)
Total Call Options						(72,728	)

Put Options — (3.2)%
SPDR S&P 500 ETF
Expires September 30, 2024 at $341.98		21,244,560		508		(344,612	)
Total Put Options						(344,612	)
Total Options Written (Premiums received $473,934)					$	(417,340	)

(a)

Exchange-traded.

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Shares		Value
COMMON STOCKS — 92.1%

Communication Services — 8.2%
Alphabet, Inc. - Class A^(a)		142	$	17,618
Alphabet, Inc. - Class C^(a)		121		15,161
AT&T, Inc.		172		2,649
Charter Communications, Inc. - Class A^(a)		2		806
Comcast Corp.		99		4,088
Electronic Arts, Inc.		6		743
Fox Corp. - Class A		6		182
Fox Corp. - Class B		3		84
Interpublic Group of Cos., Inc.		9		256
Live Nation Entertainment, Inc.^(a)		3		240
Match Group, Inc.^(a)		7		242
Meta Platforms, Inc. - Class A -^(a)		53		15,967
Netflix, Inc.^(a)		11		4,529
News Corp. - Class B		3		64
News Corp.		9		186
Omnicom Group, Inc.		5		375
Paramount Global - Class B		12		131
Take-Two Interactive Software, Inc.^(a)		4		535
T-Mobile US, Inc.^(a)		12		1,726
Verizon Communications, Inc.		101		3,548
Walt Disney Co.^(a)		44		3,590
Warner Bros Discovery, Inc.^(a)		53		527
Total Communication Services				73,247

Consumer Discretionary — 9.8%
Airbnb, Inc. - Class A^(a)		10		1,183
Amazon.com, Inc.^(a)		218		29,014
Aptiv PLC^(a)		7		611
Bath & Body Works, Inc.		5		148
Best Buy Co., Inc.		5		334
Booking Holdings, Inc.^(a)		1		2,790
BorgWarner, Inc.		6		221
Caesars Entertainment, Inc.^(a)		5		199
CarMax, Inc.^(a)		4		244
Carnival Corp.^(a)		24		275
Chipotle Mexican Grill, Inc.^(a)		1		1,942
Darden Restaurants, Inc.		3		437
Domino’s Pizza, Inc.		1		339
DR Horton, Inc.		7		731
eBay, Inc.		13		510
Etsy, Inc.^(a)		3		187
Expedia Group, Inc.^(a)		3		286
Ford Motor Co.		94		917
Garmin Ltd.		4		410
General Motors Co.		33		931
Genuine Parts Co.		3		387
Hasbro, Inc.		3		135

	Shares		Value
Consumer Discretionary — 9.8% (Continued)
Hilton Worldwide Holdings, Inc.		6	$	909
Home Depot, Inc.		24		6,833
Las Vegas Sands Corp.		8		380
Lennar Corp. - Class A		6		640
LKQ Corp.		6		264
Lowe’s Cos., Inc.		14		2,668
Lululemon Athletica, Inc.^(a)		3		1,180
Marriott International, Inc./MD - Class A		6		1,131
McDonald’s Corp.		17		4,457
MGM Resorts International		7		244
Mohawk Industries, Inc.^(a)		1		80
NIKE, Inc. - Class B		29		2,980
Norwegian Cruise Line Holdings Ltd.^(a)		10		136
O’Reilly Automotive, Inc.^(a)		1		930
Pool Corp.		1		316
PulteGroup, Inc.		5		368
Ralph Lauren Corp.		1		113
Ross Stores, Inc.		8		928
Royal Caribbean Cruises Ltd.^(a)		6		508
Starbucks Corp.		27		2,490
Tapestry, Inc.		6		165
Tesla Motors, Inc.^(a)		66		13,255
TJX Cos., Inc.		28		2,466
Tractor Supply Co.		3		578
Ulta Beauty, Inc.^(a)		1		381
VF Corp.		8		118
Whirlpool Corp.		1		105
Wynn Resorts Ltd.		2		176
Yum! Brands, Inc.		7		846
Total Consumer Discretionary				87,876

Consumer Staples — 6.2%
Altria Group, Inc.		43		1,727
Archer-Daniels-Midland Co.		13		930
Brown-Forman Corp. - Class B		4		225
Bunge Ltd.		4		424
Campbell Soup Co.		5		202
Church & Dwight Co., Inc.		6		546
Clorox Co.		3		353
Coca-Cola Co.		93		5,254
Colgate-Palmolive Co.		20		1,502
Conagra Brands, Inc.		11		301
Constellation Brands, Inc. - Class A		4		937
Costco Wholesale Corp.		11		6,077
Dollar General Corp.		5		595
Dollar Tree, Inc.^(a)		5		555
Estee Lauder Cos., Inc.		6		773
General Mills, Inc.		14		913

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 92.1% (Continued)
Consumer Staples — 6.2% (Continued)
Hershey Co.		4	$	749
Hormel Foods Corp.		7		228
J M Smucker Co.		2		228
Kellanova		6		303
Kenvue, Inc.		41		763
Keurig Dr Pepper, Inc.		24		728
Kimberly-Clark Corp.		8		957
Kroger Co.		16		726
Lamb Weston Holdings, Inc.		3		269
McCormick & Co., Inc./MD		6		383
Molson Coors Beverage Co.		4		231
Mondelez International, Inc. - Class A		33		2,185
Monster Beverage Corp.^(a)		18		920
PepsiCo, Inc.		33		5,388
Philip Morris International, Inc.		37		3,299
Procter & Gamble Co.		57		8,553
Sysco Corp.		12		798
Target Corp.		11		1,219
The Kraft Heinz Co.		19		598
Tyson Foods, Inc. - Class A		7		324
Walgreens Boots Alliance, Inc.		17		358
Walmart, Inc.		34		5,556
Total Consumer Staples				56,077

Energy — 4.3%
APA Corp.		7		278
Baker Hughes Co.		24		826
Chevron Corp.		43		6,266
ConocoPhillips		29		3,445
Coterra Energy, Inc.		18		495
Devon Energy Corp.		15		699
Diamondback Energy, Inc.		4		641
EOG Resources, Inc.		14		1,768
EQT Corp.		9		381
Exxon Mobil Corp.		96		10,161
Halliburton Co.		22		865
Hess Corp.		7		1,011
Kinder Morgan, Inc.		47		761
Marathon Oil Corp.		15		410
Marathon Petroleum Corp.		10		1,513
Occidental Petroleum Corp.		16		989
ONEOK, Inc.		11		717
Phillips 66		11		1,255
Pioneer Natural Resources Co.		6		1,434
Schlumberger Ltd.		34		1,892
Targa Resources Corp.		5		418
Valero Energy Corp.		8		1,016

	Shares		Value
Energy — 4.3% (Continued)
Williams Cos., Inc.		29	$	998
Total Energy				38,239

Financials — 12.0%
Aflac, Inc.		13		1,015
Allstate Corp.		6		769
American Express Co.		14		2,044
American International Group, Inc.		17		1,042
Ameriprise Financial, Inc.		2		629
Aon PLC		5		1,547
Arch Capital Group Ltd.^(a)		9		780
Arthur J Gallagher & Co.		5		1,177
Assurant, Inc.		1		149
Bank of America Corp.		166		4,372
Bank of New York Mellon Corp.		19		808
Berkshire Hathaway, Inc. - Class B -^(a)		44		15,018
BlackRock, Inc.		3		1,837
Blackstone, Inc.		17		1,570
Brown & Brown, Inc.		6		417
Capital One Financial Corp.		9		912
Cboe Global Markets, Inc.		3		492
Charles Schwab Corp.		36		1,873
Chubb Ltd.		10		2,145
Cincinnati Financial Corp.		4		399
Citigroup, Inc.		46		1,817
Citizens Financial Group, Inc.		11		258
CME Group, Inc.		9		1,921
Comerica, Inc.		3		118
Discover Financial Services		6		492
Everest Group Ltd.		1		396
FactSet Research Systems, Inc.		1		432
Fidelity National Information Services, Inc.		14		688
Fifth Third Bancorp		16		379
Fiserv, Inc.^(a)		15		1,706
FleetCor Technologies, Inc.^(a)		2		450
Franklin Resources, Inc.		7		160
Global Payments, Inc.		6		637
Globe Life, Inc.		2		233
Goldman Sachs Group, Inc.		8		2,429
Hartford Financial Services Group, Inc.		7		514
Huntington Bancshares, Inc./OH		35		338
Intercontinental Exchange, Inc.		14		1,504
Invesco Ltd.		11		143
Jack Henry & Associates, Inc.		2		282
JPMorgan Chase & Co.		70		9,734
KeyCorp.		22		225
Loews Corp.		4		256
M&T Bank Corp.		4		451

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 92.1% (Continued)
Financials — 12.0% (Continued)
MarketAxess Holdings, Inc.		1	$	214
Marsh & McLennan Cos., Inc.		12		2,276
MasterCard, Inc. - Class A		20		7,527
MetLife, Inc.		15		900
Moody’s Corp.		4		1,232
Morgan Stanley		31		2,195
MSCI, Inc.		2		943
Nasdaq, Inc.		8		397
Northern Trust Corp.		5		330
PayPal Holdings, Inc.^(a)		26		1,347
PNC Financial Services Group, Inc.		10		1,145
Principal Financial Group, Inc.		5		338
Progressive Corp.		14		2,213
Prudential Financial, Inc.		9		823
Raymond James Financial, Inc.		5		477
Regions Financial Corp.		23		334
S&P Global, Inc.		8		2,794
Signature Bank^(a)		2		0
State Street Corp.		8		517
SVB Financial Group^(a)		2		0
Synchrony Financial		10		281
T Rowe Price Group, Inc.		5		453
Travelers Cos., Inc.		5		837
Truist Financial Corp.		32		908
US Bancorp		37		1,180
Visa, Inc. - Class A		39		9,169
W R Berkley Corp.		5		337
Wells Fargo & Co.		88		3,500
Willis Towers Watson PLC		3		708
Zions Bancorp		4		123
Total Financials				108,056

Health Care — 12.4%
Abbott Laboratories		42		3,971
AbbVie, Inc.		42		5,930
Agilent Technologies, Inc.		7		724
Align Technology, Inc.^(a)		2		369
Amgen, Inc.		13		3,324
Baxter International, Inc.		12		389
Becton Dickinson & Co.		7		1,769
Biogen, Inc.^(a)		3		713
Bio-Rad Laboratories, Inc. - Class A^(a)		1		275
Bio-Techne Corp.		4		219
Boston Scientific Corp.^(a)		35		1,792
Bristol-Myers Squibb Co.		50		2,577
Cardinal Health, Inc.		6		546
Catalent, Inc.^(a)		4		138
Cencora, Inc.		4		741

	Shares		Value
Health Care — 12.4% (Continued)
Centene Corp.^(a)		13	$	897
Charles River Laboratories International, Inc.^(a)		1		168
Cigna Corp.		7		2,164
Cooper Cos., Inc.		1		312
CVS Health Corp.		31		2,139
Danaher Corp.		16		3,072
DaVita, Inc.^(a)		1		77
DENTSPLY SIRONA, Inc.		5		152
DexCom, Inc.^(a)		9		799
Edwards Lifesciences Corp.^(a)		15		956
Elevance Health, Inc.		6		2,701
Eli Lilly & Co.		19		10,524
GE HealthCare Technologies, Inc.		9		599
Gilead Sciences, Inc.		30		2,356
HCA Healthcare, Inc.		5		1,131
Henry Schein, Inc.^(a)		3		195
Hologic, Inc.^(a)		6		397
Humana, Inc.		3		1,571
IDEXX Laboratories, Inc.^(a)		2		799
Illumina, Inc.^(a)		4		438
Incyte Corp.^(a)		4		216
Insulet Corp.^(a)		2		265
Intuitive Surgical, Inc.^(a)		8		2,098
IQVIA Holdings, Inc.^(a)		4		723
Johnson & Johnson		58		8,603
Laboratory Corp. of America Holdings		2		399
McKesson Corp.		3		1,366
Medtronic PLC		32		2,258
Merck & Co., Inc.		61		6,264
Mettler-Toledo International, Inc.^(a)		1		985
Moderna, Inc.^(a)		8		608
Molina Healthcare, Inc.^(a)		1		333
Pfizer, Inc.		135		4,126
Quest Diagnostics, Inc.		3		390
Regeneron Pharmaceuticals, Inc.^(a)		3		2,340
ResMed, Inc.		4		565
Revvity, Inc.		3		249
STERIS PLC		2		420
Stryker Corp.		8		2,162
Teleflex, Inc.		1		185
Thermo Fisher Scientific, Inc.		9		4,003
UnitedHealth Group, Inc.		22		11,781
Universal Health Services, Inc. - Class B		1		126
Vertex Pharmaceuticals, Inc.^(a)		6		2,173
Viatris, Inc.		29		258
Waters Corp.^(a)		1		239
West Pharmaceutical Services, Inc.		2		637

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 92.1% (Continued)
Health Care — 12.4% (Continued)
Zimmer Biomet Holdings, Inc.		5	$	522
Zoetis, Inc.		11		1,727
Total Health Care				110,945

Industrials — 7.8%
3M Co.		13		1,182
A O Smith Corp.		3		209
Alaska Air Group, Inc.^(a)		3		95
Allegion PLC		2		197
American Airlines Group, Inc.^(a)		16		178
AMETEK, Inc.		6		845
Automatic Data Processing, Inc.		10		2,182
Axon Enterprise, Inc.^(a)		2		409
Boeing Co.^(a)		14		2,615
Broadridge Financial Solutions, Inc.		3		512
Carrier Global Corp.		20		953
Caterpillar, Inc.		12		2,713
Ceridian HCM Holding, Inc.^(a)		4		256
CH Robinson Worldwide, Inc.		3		245
Cintas Corp.		2		1,014
Copart, Inc.^(a)		21		914
CSX Corp.		48		1,433
Cummins, Inc.		3		649
Deere & Co.		7		2,558
Delta Air Lines, Inc.		15		469
Dover Corp.		3		390
Eaton Corp. PLC		10		2,079
Emerson Electric Co.		14		1,246
Equifax, Inc.		3		509
Expeditors International of Washington, Inc.		4		437
Fastenal Co.		14		817
FedEx Corp.		6		1,441
Fortive Corp.		8		522
Generac Holdings, Inc.^(a)		1		84
General Dynamics Corp.		5		1,207
General Electric Co.		26		2,824
Honeywell International, Inc.		16		2,932
Howmet Aerospace, Inc.		9		397
Hubbell, Inc.		1		270
Huntington Ingalls Industries, Inc.		1		220
IDEX Corp.		2		383
Illinois Tool Works, Inc.		7		1,569
Ingersoll Rand, Inc.		10		607
Jacobs Solutions, Inc.		3		400
JB Hunt Trasport Services, Inc.		2		344
Johnson Controls International PLC		16		784
L3Harris Technologies, Inc.		5		897
Leidos Holdings, Inc.		3		297

	Shares		Value
Industrials — 7.8% (Continued)
Lockheed Martin Corp.		5	$	2,273
Masco Corp.		5		260
Nordson Corp.		1		213
Norfolk Southern Corp.		5		954
Northrop Grumman Corp.		3		1,414
Old Dominion Freight Line, Inc.		2		753
Otis Worldwide Corp.		10		772
PACCAR, Inc.		13		1,073
Parker-Hannifin Corp.		3		1,107
Paychex, Inc.		8		888
Paycom Software, Inc.		1		245
Pentair PLC		4		232
Quanta Services, Inc.		3		501
Republic Services, Inc.		5		742
Robert Half, Inc.		3		224
Rockwell Automation, Inc.		3		788
Rollins, Inc.		6		226
RTX Corp.		35		2,849
Snap-On, Inc.		1		258
Southwest Airlines Co.		14		311
Stanley Black & Decker, Inc.		4		340
Textron, Inc.		5		380
Trane Technologies PLC		5		952
TransDigm Group, Inc.^(a)		1		828
Union Pacific Corp.		15		3,115
United Airlines Holdings, Inc.^(a)		8		280
United Parcel Service, Inc. - Class B		17		2,401
United Rentals, Inc.		2		813
Veralto Corp.^(a)		5		345
Verisk Analytics, Inc.		3		682
W.W. Grainger, Inc.		1		730
Waste Management, Inc.		9		1,479
Westinghouse Air Brake Technologies Corp.		4		424
Xylem, Inc./NY		6		561
Total Industrials				69,697

Information Technology — 26.6%^(b)
Accenture PLC - Class A		15		4,456
Adobe, Inc.^(a)		11		5,853
Advanced Micro Devices, Inc.^(a)		39		3,842
Akamai Technologies, Inc.^(a)		4		413
Amphenol Corp. - Class A		14		1,128
Analog Devices, Inc.		12		1,888
ANSYS, Inc.^(a)		2		557
Apple, Inc.		353		60,281
Applied Materials, Inc.		20		2,647
Arista Networks, Inc.^(a)		6		1,202
Autodesk, Inc.^(a)		5		988
Broadcom, Inc.		10		8,413

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 92.1% (Continued)
Information Technology — 26.6%^(b)(Continued)
Cadence Design System, Inc.^(a)		7	$	1,679
CDW Corp./DE		3		601
Cisco Systems, Inc.		98		5,109
Cognizant Technology Solutions Corp. - Class A		12		774
Corning, Inc.		18		482
Enphase Energy, Inc.^(a)		3		239
EPAM Systems, Inc.^(a)		1		218
F5, Inc.^(a)		1		152
Fair Isaac Corp.^(a)		1		846
First Solar, Inc.^(a)		3		427
Fortinet, Inc.^(a)		16		915
Gartner, Inc.^(a)		2		664
Gen Digital, Inc.		14		233
Hewlett Packard Enterprise Co.		31		477
HP, Inc.		21		553
Intel Corp.		101		3,687
International Business Machines Corp.		22		3,182
Intuit, Inc.		7		3,465
Juniper Networks, Inc.		8		215
Keysight Technologies, Inc.^(a)		4		488
KLA Corp.		3		1,409
Lam Research Corp.		3		1,765
Microchip Technology, Inc.		13		927
Micron Technology, Inc.		26		1,739
Microsoft Corp.		178		60,183
Monolithic Power Systems, Inc.		1		442
Motorola Solutions, Inc.		4		1,114
NetApp, Inc.		5		364
NVIDIA Corp.		59		24,059
NXP Semiconductors NV		6		1,035
ON Semiconductor Corp.^(a)		10		626
Oracle Corp.		38		3,929
Palo Alto Networks, Inc.^(a)		7		1,701
PTC, Inc.^(a)		3		421
Qorvo, Inc.^(a)		2		175
QUALCOMM, Inc.		27		2,943
Roper Technologies, Inc.		3		1,466
salesforce.com, Inc.^(a)		23		4,619
Seagate Technology Holdings PLC		5		341
ServiceNow, Inc.^(a)		5		2,909
Skyworks Solutions, Inc.		4		347
SolarEdge Technologies, Inc.^(a)		1		76
Synopsys, Inc.^(a)		4		1,878
TE Connectivity Ltd.		8		943
Teledyne Technologies, Inc.^(a)		1		375
Teradyne, Inc.		4		333
Texas Instruments, Inc.		22		3,124

	Shares		Value
Information Technology — 26.6%^(b) (Continued)
Trimble, Inc.^(a)		6	$	283
Tyler Technologies, Inc.^(a)		1		373
VeriSign, Inc.^(a)		2		399
Western Digital Corp.^(a)		8		321
Zebra Technologies Corp. - Class A^(a)		1		209
Total Information Technology				236,902

Materials — 2.3%
Air Products & Chemicals, Inc.		5		1,412
Albemarle Corp.		3		380
Amcor PLC		35		311
Avery Dennison Corp.		2		348
Ball Corp.		8		385
Celanese Corp. - Class A		2		229
CF Industries Holdings, Inc.		5		399
Corteva, Inc.		17		818
Dow, Inc.		17		822
DuPont de Nemours, Inc.		11		802
Eastman Chemical Co.		3		224
Ecolab, Inc.		6		1,006
FMC Corp.		3		160
Freeport-McMoRan, Inc.		34		1,149
International Flavors & Fragrances, Inc.		6		410
International Paper Co.		8		270
Linde PLC		12		4,587
LyondellBasell Industries NV		6		541
Martin Marietta Materials, Inc.		1		409
Mosaic Co.		8		260
Newmont Goldcorp Corp.		19		712
Nucor Corp.		6		887
Packaging Corp. of America		2		306
PPG Industries, Inc.		6		737
Sealed Air Corp.		3		92
Sherwin-Williams Co.		6		1,429
Steel Dynamics, Inc.		4		426
Vulcan Materials Co.		3		589
Westrock Co.		6		216
Total Materials				20,316

Real Estate — 0.1%
CBRE Group, Inc.^(a)		7		485
CoStar Group, Inc.^(a)		10		734
Total Real Estate				1,219

Utilities — 2.4%
AES Corp.		16		238
Alliant Energy Corp.		6		293
Ameren Corp.		6		454
American Electric Power Co., Inc.		12		906
American Water Works Co., Inc.		5		588

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 92.1% (Continued)
Utilities — 2.4% (Continued)
Atmos Energy Corp.		4	$	431
CenterPoint Energy, Inc.		15		403
CMS Energy Corp.		7		380
Consolidated Edison, Inc.		8		702
Constellation Energy Corp.		8		903
Dominion Energy, Inc.		20		806
DTE Energy Co.		5		482
Duke Energy Corp.		18		1,600
Edison International		9		568
Entergy Corp.		5		478
Evergy, Inc.		6		295
Eversource Energy		8		430
Exelon Corp.		24		935
FirstEnergy Corp.		12		427
NextEra Energy, Inc.		49		2,857
NiSource, Inc.		10		252
NRG Energy, Inc.		5		212
PG&E Corp.^(a)		50		815
Pinnacle West Capital Corp.		3		223
PPL Corp.		18		442
Public Service Enterprise Group, Inc.		12		740
Sempra		15		1,050
Southern Co.		26		1,750
WEC Energy Group, Inc.		8		651
Xcel Energy, Inc.		13		771
Total Utilities				21,082
TOTAL COMMON STOCKS (Cost $923,652)				823,656

REAL ESTATE INVESTMENT TRUSTS — 2.1%
Alexandria Real Estate Equities, Inc.		4		373
American Tower Corp.		11		1,960
AvalonBay Communities, Inc.		3		497
Boston Properties, Inc.		3		161
Camden Property Trust		3		255
Crown Castle, Inc.		10		930
Digital Realty Trust, Inc.		7		871
Equinix, Inc.		2		1,459
Equity Residential		8		443
Essex Property Trust, Inc.		2		428
Extra Space Storage, Inc.		5		518
Federal Realty Investment Trust		2		182
Healthpeak Properties, Inc.		13		202
Host Hotels & Resorts, Inc.		17		263
Invitation Homes, Inc.		14		416
Iron Mountain, Inc.		7		413
Kimco Realty Corp.		15		269

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.1% (Continued)
Mid-America Apartment Communities, Inc.		3	$	354
Prologis, Inc.		22		2,216
Public Storage		4		955
Realty Income Corp.		17		805
Regency Centers Corp.		4		241
SBA Communications Corp.		3		626
Simon Property Group, Inc.		8		879
UDR, Inc.		7		223
Ventas, Inc.		10		425
VICI Properties, Inc.		24		670
Welltower, Inc.		12		1,003
Weyerhaeuser Co.		18		517
Total Real Estate				18,554
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $26,595)				18,554

TOTAL INVESTMENTS — 94.2%
(Cost $950,247)				842,210
Other Assets in Excess of Liabilities — 5.8%				51,661
TOTAL NET ASSETS — 100.0%			$	893,871

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

As of October 31, 2023, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks.

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

Pacer Metaurus US Large Cap Div Multiplier 300 ETF

SCHEDULE OF OPEN FUTURES CONTRACTS
October 31, 2023

Description	Contracts Purchased	Expiration Date	Notional		Value / Unrealized Appreciation (Depreciation)
S&P 500 Annual Dividend Index	2	December 15, 2023	$	34,825	$	2,043
S&P 500 Annual Dividend Index	2	December 20, 2024		34,500		1,068
S&P 500 Annual Dividend Index	2	December 19, 2025		33,100		1,993
					$	5,104

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023

	Shares		Value
COMMON STOCKS — 85.6%
Communication Services — 7.6%
Alphabet, Inc. - Class A^(a)		23,863	$	2,960,921
Alphabet, Inc. - Class C -^(a)		20,295		2,542,964
AT&T, Inc.		28,753		442,796
Charter Communications, Inc. - Class A^(a)		406		163,537
Comcast Corp.		16,547		683,226
Electronic Arts, Inc.		986		122,057
Fox Corp. - Class A		1,013		30,785
Fox Corp. - Class B		519		14,485
Interpublic Group of Cos., Inc.		1,541		43,764
Live Nation Entertainment, Inc.^(a)		568		45,451
Match Group, Inc.^(a)		1,116		38,614
Meta Platforms, Inc. - Class A ^(a)		8,934		2,691,546
Netflix, Inc.^(a)		1,772		729,515
News Corp.		1,526		31,558
News Corp. - Class B		458		9,820
Omnicom Group, Inc.		790		59,179
Paramount Global - Class B		1,931		21,009
Take-Two Interactive Software, Inc.^(a)		629		84,129
T-Mobile US, Inc.^(a)		2,076		298,653
Verizon Communications, Inc.		16,902		593,767
Walt Disney Co.^(a)		7,351		599,768
Warner Bros Discovery, Inc.^(a)		8,917		88,635
Total Communication Services				12,296,179

Consumer Discretionary — 9.2%
Airbnb, Inc. - Class A^(a)		1,709		202,158
Amazon.com, Inc.^(a)		36,518		4,860,180
Aptiv PLC^(a)		1,134		98,884
AutoZone, Inc.^(a)		68		168,445
Bath & Body Works, Inc.		920		27,278
Best Buy Co., Inc.		777		51,919
Booking Holdings, Inc.^(a)		134		373,801
BorgWarner, Inc.		943		34,797
Caesars Entertainment, Inc.^(a)		856		34,146
CarMax, Inc.^(a)		630		38,487
Carnival Corp.^(a)		4,047		46,379
Chipotle Mexican Grill, Inc.^(a)		104		201,989
Darden Restaurants, Inc.		478		69,563
Domino’s Pizza, Inc.		132		44,747
DR Horton, Inc.		1,215		126,846
eBay, Inc.		2,130		83,560
Etsy, Inc.^(a)		486		30,278
Expedia Group, Inc.^(a)		554		52,791
Ford Motor Co.		15,806		154,109
Garmin Ltd.		611		62,646
General Motors Co.		5,527		155,861
Genuine Parts Co.		563		72,548
Hasbro, Inc.		514		23,207

	Shares		Value
Consumer Discretionary — 9.2% (Continued)
Hilton Worldwide Holdings, Inc.		1,042	$	157,894
Home Depot, Inc.		4,039		1,149,863
Las Vegas Sands Corp.		1,318		62,552
Lennar Corp. - Class A		1,008		107,533
LKQ Corp.		1,065		46,775
Lowe’s Cos., Inc.		2,356		448,983
Lululemon Athletica, Inc.^(a)		487		191,625
Marriott International, Inc./MD - Class A		1,001		188,749
McDonald’s Corp.		2,929		767,896
MGM Resorts International		1,126		39,320
Mohawk Industries, Inc.^(a)		210		16,880
NIKE, Inc. - Class B		4,924		506,039
Norwegian Cruise Line Holdings Ltd.^(a)		1,705		23,188
NVR, Inc.^(a)		12		64,951
O’Reilly Automotive, Inc.^(a)		239		222,375
Pool Corp.		147		46,418
PulteGroup, Inc.		872		64,170
Ralph Lauren Corp. - Class A		152		17,105
Ross Stores, Inc.		1,363		158,067
Royal Caribbean Cruises Ltd.^(a)		945		80,070
Starbucks Corp.		4,601		424,396
Tapestry, Inc.		930		25,631
Tesla Motors, Inc.^(a)		11,101		2,229,525
TJX Cos., Inc.		4,615		406,443
Tractor Supply Co.		433		83,378
Ulta Beauty, Inc.^(a)		199		75,881
VF Corp.		1,325		19,517
Whirlpool Corp.		218		22,794
Wynn Resorts Ltd.		388		34,059
Yum! Brands, Inc.		1,124		135,847
Total Consumer Discretionary				14,832,543

Consumer Staples — 5.8%
Altria Group, Inc.		7,132		286,492
Archer-Daniels-Midland Co.		2,145		153,518
Brown-Forman Corp. - Class B		735		41,278
Bunge Ltd.		602		63,800
Campbell Soup Co.		787		31,803
Church & Dwight Co., Inc.		984		89,485
Clorox Co.		489		57,555
Coca-Cola Co.		15,646		883,843
Colgate-Palmolive Co.		3,320		249,398
Conagra Brands, Inc.		1,914		52,367
Constellation Brands, Inc.		642		150,324
Costco Wholesale Corp.		1,772		978,923
Dollar General Corp.		872		103,803
Dollar Tree, Inc.^(a)		834		92,649
Estee Lauder Cos., Inc.		931		119,978

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 85.6% (Continued)
Consumer Staples — 5.8% (Continued)
General Mills, Inc.		2,353	$	153,510
Hershey Co.		599		112,223
Hormel Foods Corp.		1,159		37,725
J M Smucker Co.		407		46,333
Kellanova		1,050		52,994
Kenvue, Inc.		6,927		128,842
Keurig Dr Pepper, Inc.		4,042		122,594
Kimberly-Clark Corp.		1,354		161,993
Kroger Co.		2,648		120,140
Lamb Weston Holdings, Inc.		583		52,353
McCormick & Co., Inc./MD		1,003		64,092
Molson Coors Beverage Co.		745		43,039
Mondelez International, Inc. - Class A		5,468		362,036
Monster Beverage Corp.^(a)		2,985		152,534
PepsiCo, Inc.		5,529		902,775
Philip Morris International, Inc.		6,237		556,091
Procter & Gamble Co.		9,476		1,421,683
Sysco Corp.		2,029		134,908
Target Corp.		1,853		205,294
The Kraft Heinz Co.		3,202		100,735
Tyson Foods, Inc. - Class A		1,144		53,024
Walgreens Boots Alliance, Inc.		2,883		60,774
Walmart, Inc.		5,731		936,503
Total Consumer Staples				9,337,411

Energy — 4.0%
APA Corp.		1,226		48,697
Baker Hughes Co.		4,055		139,573
Chevron Corp.		7,130		1,039,055
ConocoPhillips		4,809		571,309
Coterra Energy, Inc.		3,036		83,490
Devon Energy Corp.		2,574		119,871
Diamondback Energy, Inc.		707		113,346
EOG Resources, Inc.		2,342		295,678
EQT Corp.		1,454		61,621
Exxon Mobil Corp.		16,100		1,704,184
Halliburton Co.		3,614		142,175
Hess Corp.		1,110		160,284
Kinder Morgan, Inc.		7,795		126,279
Marathon Oil Corp.		2,430		66,363
Marathon Petroleum Corp.		1,597		241,546
Occidental Petroleum Corp.		2,660		164,415
ONEOK, Inc.		1,801		117,425
Phillips 66		1,780		203,045
Pioneer Natural Resources Co.		935		223,465
Schlumberger Ltd.		5,709		317,763
Targa Resources Corp.		900		75,249
Valero Energy Corp.		1,410		179,070

	Shares		Value
Energy — 4.0% (Continued)
Williams Cos., Inc.		4,892	$	168,285
Total Energy				6,362,188

Financials — 11.2%
Aflac, Inc.		2,174		169,811
Allstate Corp.		1,042		133,511
American Express Co.		2,341		341,856
American International Group, Inc.		2,853		174,917
Ameriprise Financial, Inc.		409		128,659
Aon PLC		810		250,614
Arch Capital Group Ltd.^(a)		1,496		129,673
Arthur J Gallagher & Co.		857		201,815
Assurant, Inc.		211		31,418
Bank of America Corp.		27,808		732,463
Bank of New York Mellon Corp.		3,128		132,940
Berkshire Hathaway, Inc. - Class B^(a)		7,328		2,501,266
BlackRock, Inc.		563		344,714
Blackstone, Inc.		2,845		262,736
Brown & Brown, Inc.		944		65,532
Capital One Financial Corp.		1,528		154,771
Cboe Global Markets, Inc.		420		68,834
Charles Schwab Corp.		5,980		311,199
Chubb Ltd.		1,650		354,123
Cincinnati Financial Corp.		625		62,294
Citigroup, Inc.		7,747		305,929
Citizens Financial Group, Inc.		1,893		44,353
CME Group, Inc.		1,447		308,877
Comerica, Inc.		519		20,449
Discover Financial Services		999		81,998
Everest Group Ltd.		163		64,486
FactSet Research Systems, Inc.		143		61,760
Fidelity National Information Services, Inc.		2,381		116,931
Fifth Third Bancorp		2,737		64,894
Fiserv, Inc.^(a)		2,445		278,119
FleetCor Technologies, Inc.^(a)		290		65,299
Franklin Resources, Inc.		1,140		25,981
Global Payments, Inc.		1,036		110,044
Globe Life, Inc.		339		39,446
Goldman Sachs Group, Inc.		1,322		401,372
Hartford Financial Services Group, Inc.		1,220		89,609
Huntington Bancshares, Inc./OH		5,821		56,173
Intercontinental Exchange, Inc.		2,293		246,360
Invesco Ltd.		1,805		23,411
Jack Henry & Associates, Inc.		286		40,323
JPMorgan Chase & Co.		11,680		1,624,221
KeyCorp.		3,754		38,366
Loews Corp.		742		47,495
M&T Bank Corp.		659		74,302

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 85.6% (Continued)
Financials — 11.2% (Continued)
MarketAxess Holdings, Inc.		141	$	30,139
Marsh & McLennan Cos., Inc.		1,987		376,835
MasterCard, Inc. - Class A		3,340		1,257,009
MetLife, Inc.		2,540		152,425
Moody’s Corp.		629		193,732
Morgan Stanley		5,127		363,094
MSCI, Inc.		309		145,709
Nasdaq, Inc.		1,357		67,307
Northern Trust Corp.		825		54,376
PayPal Holdings, Inc.^(a)		4,411		228,490
PNC Financial Services Group, Inc.		1,591		182,122
Principal Financial Group, Inc.		883		59,761
Progressive Corp.		2,354		372,144
Prudential Financial, Inc.		1,459		133,411
Raymond James Financial, Inc.		754		71,962
Regions Financial Corp.		3,764		54,691
S&P Global, Inc.		1,306		456,199
Signature Bank^(a)		150		2
State Street Corp.		1,281		82,791
SVB Financial Group^(a)		141		7
Synchrony Financial		1,678		47,068
T Rowe Price Group, Inc.		902		81,631
Travelers Cos., Inc.		920		154,045
Truist Financial Corp.		5,350		151,726
US Bancorp		6,254		199,378
Visa, Inc. - Class A		6,454		1,517,335
W R Berkley Corp.		812		54,745
Wells Fargo & Co.		14,711		585,056
Willis Towers Watson PLC		418		98,602
Zions Bancorp		592		18,263
Total Financials				17,973,399

Health Care — 11.5%
Abbott Laboratories		6,972		659,203
AbbVie, Inc.		7,096		1,001,812
Agilent Technologies, Inc.		1,181		122,080
Align Technology, Inc.^(a)		279		51,501
Amgen, Inc.		2,141		547,454
Baxter International, Inc.		2,034		65,963
Becton Dickinson & Co.		1,161		293,478
Biogen, Inc.^(a)		580		137,773
Bio-Rad Laboratories, Inc. - Class A^(a)		78		21,472
Bio-Techne Corp.		627		34,253
Boston Scientific Corp.^(a)		5,882		301,100
Bristol-Myers Squibb Co.		8,397		432,697
Cardinal Health, Inc.		1,016		92,456
Catalent, Inc.^(a)		725		24,933
Cencora, Inc.		662		122,569

	Shares		Value
Health Care — 11.5% (Continued)
Centene Corp.^(a)		2,177	$	150,169
Charles River Laboratories International, Inc.^(a)		205		34,514
Cigna Corp.		1,183		365,784
Cooper Cos., Inc.		198		61,727
CVS Health Corp.		5,159		356,023
Danaher Corp.		2,636		506,165
DaVita, Inc.^(a)		214		16,527
DENTSPLY SIRONA, Inc.		843		25,636
DexCom, Inc.^(a)		1,552		137,864
Edwards Lifesciences Corp.^(a)		2,439		155,413
Elevance Health, Inc.		945		425,335
Eli Lilly & Co.		3,198		1,771,467
GE HealthCare Technologies, Inc.		1,565		104,182
Gilead Sciences, Inc.		5,003		392,936
HCA Healthcare, Inc.		804		181,817
Henry Schein, Inc.^(a)		514		33,400
Hologic, Inc.^(a)		980		64,847
Humana, Inc.		489		256,084
IDEXX Laboratories, Inc.^(a)		324		129,428
Illumina, Inc.^(a)		630		68,935
Incyte Corp.^(a)		746		40,232
Insulet Corp.^(a)		274		36,324
Intuitive Surgical, Inc.^(a)		1,403		367,895
IQVIA Holdings, Inc.^(a)		736		133,091
Johnson & Johnson		9,678		1,435,634
Laboratory Corp. of America Holdings		345		68,907
McKesson Corp.		543		247,260
Medtronic PLC		5,347		377,284
Merck & Co., Inc.		10,201		1,047,642
Mettler-Toledo International, Inc.^(a)		82		80,786
Moderna, Inc.^(a)		1,327		100,799
Molina Healthcare, Inc.^(a)		231		76,911
Pfizer, Inc.		22,713		694,108
Quest Diagnostics, Inc.		445		57,895
Regeneron Pharmaceuticals, Inc.^(a)		425		331,453
ResMed, Inc.		588		83,037
Revvity, Inc.		490		40,597
STERIS PLC		394		82,732
Stryker Corp.		1,353		365,608
Teleflex, Inc.		188		34,733
Thermo Fisher Scientific, Inc.		1,545		687,170
UnitedHealth Group, Inc.		3,718		1,991,211
Universal Health Services, Inc.		245		30,843
Vertex Pharmaceuticals, Inc.^(a)		1,029		372,611
Viatris, Inc.		4,816		42,862
Waters Corp.^(a)		234		55,816
West Pharmaceutical Services, Inc.		289		91,986
Zimmer Biomet Holdings, Inc.		833		86,974

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 85.6% (Continued)
Health Care — 11.5% (Continued)
Zoetis, Inc.		1,849	$	290,293
Total Health Care				18,499,691

Industrials — 7.2%
3M Co.		2,217		201,636
A O Smith Corp.		492		34,322
Alaska Air Group, Inc.^(a)		502		15,878
Allegion PLC		342		33,639
American Airlines Group, Inc.^(a)		2,621		29,224
AMETEK, Inc.		926		130,353
Automatic Data Processing, Inc.		1,655		361,154
Axon Enterprise, Inc.^(a)		276		56,439
Boeing Co.^(a)		2,273		424,642
Broadridge Financial Solutions, Inc.		468		79,860
Carrier Global Corp.		3,361		160,185
Caterpillar, Inc.		2,048		462,950
Ceridian HCM Holding, Inc.^(a)		620		39,686
CH Robinson Worldwide, Inc.		461		37,724
Cintas Corp.		337		170,899
Copart, Inc.^(a)		3,491		151,928
CSX Corp.		8,062		240,651
Cummins, Inc.		568		122,858
Deere & Co.		1,096		400,435
Delta Air Lines, Inc.		2,584		80,750
Dover Corp.		561		72,902
Eaton Corp. PLC		1,594		331,408
Emerson Electric Co.		2,290		203,741
Equifax, Inc.		485		82,241
Expeditors International of Washington, Inc.		591		64,567
Fastenal Co.		2,289		133,540
FedEx Corp.		929		223,053
Fortive Corp.		1,406		91,784
Generac Holdings, Inc.^(a)		246		20,681
General Dynamics Corp.		911		219,833
General Electric Co.		4,375	��	475,256
Honeywell International, Inc.		2,661		487,656
Howmet Aerospace, Inc.		1,566		69,061
Hubbell, Inc.		215		58,072
Huntington Ingalls Industries, Inc.		150		32,973
IDEX Corp.		296		56,657
Illinois Tool Works, Inc.		1,105		247,653
Ingersoll Rand, Inc.		1,627		98,726
Jacobs Solutions, Inc.		497		66,250
JB Hunt Trasport Services, Inc.		319		54,827
Johnson Controls International PLC		2,735		134,070
L3Harris Technologies, Inc.		758		135,993
Leidos Holdings, Inc.		552		54,714
Lockheed Martin Corp.		902		410,085

	Shares		Value
Industrials — 7.2% (Continued)
Masco Corp.		905	$	47,141
Nordson Corp.		215		45,707
Norfolk Southern Corp.		912		174,000
Northrop Grumman Corp.		570		268,715
Old Dominion Freight Line, Inc.		360		135,598
Otis Worldwide Corp.		1,654		127,705
PACCAR, Inc.		2,095		172,900
Parker-Hannifin Corp.		506		186,668
Paychex, Inc.		1,289		143,143
Paycom Software, Inc.		197		48,259
Pentair PLC		656		38,127
Quanta Services, Inc.		581		97,097
Republic Services, Inc.		820		121,762
Robert Half, Inc.		426		31,852
Rockwell Automation, Inc.		455		119,579
Rollins, Inc.		967		36,369
RTX Corp.		5,850		476,133
Snap-On, Inc.		211		54,425
Southwest Airlines Co.		2,393		53,196
Stanley Black & Decker, Inc.		611		51,966
Textron, Inc.		792		60,192
Trane Technologies PLC		918		174,705
TransDigm Group, Inc.^(a)		219		181,352
Union Pacific Corp.		2,445		507,607
United Airlines Holdings, Inc.^(a)		1,316		46,073
United Parcel Service, Inc. - Class B		2,908		410,755
United Rentals, Inc.		268		108,880
Veralto Corp.^(a)		872		60,168
Verisk Analytics, Inc.		581		132,096
W.W. Grainger, Inc.		167		121,882
Waste Management, Inc.		1,480		243,208
Westinghouse Air Brake Technologies Corp.		721		76,440
Xylem, Inc./NY		964		90,173
Total Industrials				11,704,829

Information Technology — 24.6%
Accenture PLC - Class A		2,537		753,717
Adobe, Inc.^(a)		1,832		974,734
Advanced Micro Devices, Inc.^(a)		6,499		640,152
Akamai Technologies, Inc.^(a)		607		62,721
Amphenol Corp. - Class A		2,396		192,998
Analog Devices, Inc.		2,015		317,020
ANSYS, Inc.^(a)		338		94,052
Apple, Inc.		59,121		10,096,093
Applied Materials, Inc.		3,369		445,887
Arista Networks, Inc.^(a)		1,002		200,771
Autodesk, Inc.^(a)		851		168,183
Broadcom, Inc.		1,658		1,394,991
Cadence Design System, Inc.^(a)		1,093		262,156

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 85.6% (Continued)
Information Technology — 24.6% (Continued)
CDW Corp./DE		527	$	105,611
Cisco Systems, Inc.		16,394		854,619
Cognizant Technology Solutions Corp. - Class A		2,028		130,745
Corning, Inc.		3,087		82,608
Enphase Energy, Inc.^(a)		548		43,610
EPAM Systems, Inc.^(a)		230		50,041
F5, Inc.^(a)		235		35,624
Fair Isaac Corp.^(a)		93		78,666
First Solar, Inc.^(a)		425		60,541
Fortinet, Inc.^(a)		2,616		149,557
Gartner, Inc.^(a)		308		102,268
Gen Digital, Inc.		2,257		37,602
Hewlett Packard Enterprise Co.		5,186		79,761
HP, Inc.		3,486		91,786
Intel Corp.		16,842		614,733
International Business Machines Corp.		3,661		529,527
Intuit, Inc.		1,124		556,324
Juniper Networks, Inc.		1,291		34,754
Keysight Technologies, Inc.^(a)		706		86,167
KLA Corp.		549		257,865
Lam Research Corp.		525		308,816
Microchip Technology, Inc.		2,188		155,983
Micron Technology, Inc.		4,401		294,295
Microsoft Corp.		29,891		10,106,446
Monolithic Power Systems, Inc.		191		84,372
Motorola Solutions, Inc.		663		184,619
NetApp, Inc.		840		61,135
NVIDIA Corp.		9,935		4,051,493
NXP Semiconductors NV		1,028		177,258
ON Semiconductor Corp.^(a)		1,728		108,242
Oracle Corp.		6,331		654,625
Palo Alto Networks, Inc.^(a)		1,221		296,727
PTC, Inc.^(a)		470		65,997
Qorvo, Inc.^(a)		392		34,269
QUALCOMM, Inc.		4,479		488,166
Roper Technologies, Inc.		425		207,642
salesforce.com, Inc.^(a)		3,909		785,044
Seagate Technology Holdings PLC		772		52,689
ServiceNow, Inc.^(a)		814		473,626
Skyworks Solutions, Inc.		635		55,080
SolarEdge Technologies, Inc.^(a)		224		17,013
Synopsys, Inc.^(a)		607		284,950
TE Connectivity Ltd.		1,263		148,845
Teledyne Technologies, Inc.^(a)		189		70,798
Teradyne, Inc.		614		51,128
Texas Instruments, Inc.		3,649		518,194
Trimble, Inc.^(a)		992		46,753

	Shares		Value
Information Technology — 24.6% (Continued)
Tyler Technologies, Inc.^(a)		158	$	58,918
VeriSign, Inc.^(a)		361		72,077
Western Digital Corp.^(a)		1,285		51,593
Zebra Technologies Corp. - Class A^(a)		205		42,933
Total Information Technology				39,595,610

Materials — 2.2%
Air Products & Chemicals, Inc.		882		249,113
Albemarle Corp.		465		58,953
Amcor PLC		5,909		52,531
Avery Dennison Corp.		315		54,832
Ball Corp.		1,267		61,006
Celanese Corp. - Class A		400		45,804
CF Industries Holdings, Inc.		773		61,670
Corteva, Inc.		2,845		136,958
Dow, Inc.		2,820		136,319
DuPont de Nemours, Inc.		1,844		134,391
Eastman Chemical Co.		469		35,048
Ecolab, Inc.		1,013		169,921
FMC Corp.		492		26,174
Freeport-McMoRan, Inc.		5,767		194,809
International Flavors & Fragrances, Inc.		1,018		69,580
International Paper Co.		1,383		46,649
Linde PLC		1,952		745,977
LyondellBasell Industries NV - Class A		1,022		92,225
Martin Marietta Materials, Inc.		244		99,781
Mosaic Co.		1,332		43,263
Newmont Goldcorp Corp.		3,188		119,454
Nucor Corp.		994		146,903
Packaging Corp. of America		362		55,404
PPG Industries, Inc.		944		115,895
Sealed Air Corp.		578		17,797
Sherwin-Williams Co.		948		225,824
Steel Dynamics, Inc.		621		66,143
Vulcan Materials Co.		523		102,764
Westrock Co.		1,022		36,720
Total Materials				3,401,908

Real Estate — 0.1%
CBRE Group, Inc. - Class A^(a)		1,235		85,635
CoStar Group, Inc.^(a)		1,641		120,466
Total Real Estate				206,101

Utilities — 2.2%
AES Corp.		2,682		39,962
Alliant Energy Corp.		1,009		49,229
Ameren Corp.		1,047		79,268
American Electric Power Co., Inc.		2,067		156,141
American Water Works Co., Inc.		779		91,649

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 85.6% (Continued)
Utilities — 2.2% (Continued)
Atmos Energy Corp.		593	$	63,842
CenterPoint Energy, Inc.		2,538		68,221
CMS Energy Corp.		1,167		63,415
Consolidated Edison, Inc.		1,379		121,062
Constellation Energy Corp.		1,292		145,893
Dominion Energy, Inc.		3,358		135,395
DTE Energy Co.		822		79,224
Duke Energy Corp.		3,098		275,381
Edison International		1,535		96,797
Entergy Corp.		842		80,487
Evergy, Inc.		923		45,356
Eversource Energy		1,395		75,037
Exelon Corp.		4,001		155,799
FirstEnergy Corp.		2,070		73,692
NextEra Energy, Inc.		8,139		474,503
NiSource, Inc.		1,660		41,766
NRG Energy, Inc.		920		38,990
PG&E Corp.^(a)		8,405		137,002
Pinnacle West Capital Corp.		449		33,307
PPL Corp.		2,960		72,727
Public Service Enterprise Group, Inc.		2,006		123,670
Sempra		2,531		177,246
Southern Co.		4,383		294,976
WEC Energy Group, Inc.		1,268		103,203
Xcel Energy, Inc.		2,215		131,283
Total Utilities				3,524,523
TOTAL COMMON STOCKS (Cost $138,460,720)				137,734,382

REAL ESTATE INVESTMENT TRUSTS — 1.9%
Alexandria Real Estate Equities, Inc.		621		57,834
American Tower Corp.		1,870		333,215
AvalonBay Communities, Inc.		569		94,306
Boston Properties, Inc.		578		30,963
Camden Property Trust		425		36,074
Crown Castle, Inc.		1,736		161,413
Digital Realty Trust, Inc.		1,209		150,351
Equinix, Inc.		375		273,615
Equity Residential		1,379		76,300
Essex Property Trust, Inc.		253		54,122
Extra Space Storage, Inc.		841		87,119
Federal Realty Investment Trust		288		26,263
Healthpeak Properties, Inc.		2,198		34,179
Host Hotels & Resorts, Inc.		2,852		44,149
Invitation Homes, Inc.		2,304		68,406
Iron Mountain, Inc.		1,168		68,994
Kimco Realty Corp.		2,484		44,563

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 1.9% (Continued)
Mid-America Apartment Communities, Inc.		462	$	54,585
Prologis, Inc.		3,709		373,681
Public Storage		630		150,387
Realty Income Corp.		2,842		134,654
Regency Centers Corp.		653		39,350
SBA Communications Corp.		431		89,920
Simon Property Group, Inc.		1,313		144,286
UDR, Inc.		1,210		38,490
Ventas, Inc.		1,607		68,233
VICI Properties, Inc.		4,069		113,525
Welltower, Inc.		2,080		173,909
Weyerhaeuser Co.		2,936		84,234
Total Real Estate				3,107,120
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,762,596)				3,107,120

	Par		Value
U.S. TREASURY OBLIGATIONS — 6.1%
United States Treasury Note/Bond
0.38%, 09/15/2024	$	2,000,000		1,913,597
1.50%, 02/29/2024		6,500,000		6,416,315
1.75%, 03/15/2025		1,500,000		1,430,508
TOTAL U.S. TREASURY OBLIGATIONS (Cost $9,803,830)				9,760,420

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Continued)

	Par		Value
SHORT-TERM INVESTMENTS — 4.0%
U.S. Treasury Bills — 4.0%
United States Treasury Bill, 5.34%, 12/28/2023^(b)	$	2,000,000	$	1,983,177
United States Treasury Bill, 5.43%, 3/7/2024^(b)		4,500,000		4,415,745
Total U.S. Treasury Bills				6,398,922
TOTAL SHORT-TERM INVESTMENTS (Cost $6,399,238)				6,398,922

TOTAL INVESTMENTS — 97.6%
(Cost $158,426,384)				157,000,844
Other Assets in Excess of Liabilities — 2.4%				3,776,036
TOTAL NET ASSETS — 100.0%			$	160,776,880

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

The rate shown is the effective yield.

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

Pacer Metaurus US Large Cap Div Multiplier 400 ETF

SCHEDULE OF OPEN FUTURES CONTRACTS
October 31, 2023

Description	Contracts Purchased	Expiration Date	Notional		Value / Unrealized Appreciation (Depreciation)
S&P 500 Annual Dividend Index	506	December 15, 2023	$	8,810,725	$	370,348
S&P 500 Annual Dividend Index	506	December 20, 2024		8,728,500		377,798
S&P 500 Annual Dividend Index	506	December 19, 2025		8,374,300		235,841
					$	983,987

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023

	Pacer American Energy Independence ETF		Pacer BlueStar Engineering the Future ETF			Pacer BlueStar Digital Entertainment ETF			Pacer Swan SOS Fund of Funds ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	46,778,096	$	1,413,171		$	695,676		$	—
Investments in Affiliated Securities, at Value*	$	—	$	—		$	—		$	172,137,942
Foreign Currency at Value*		—		—			216			—
Interest and Dividends Receivable		328,205		1,054			382			4,361
Receivable from Advisor		—		—			—			9,407
Receivable for Investment Securities Sold		—		—			—			4,806
Deposits with Broker for Options		—		—			—			5,610
Cash		226,628		91			568			2,276,731
Securities Lending Income Receivable		991		—			—			—
Total Assets		47,333,920		1,414,316			696,842			174,438,857

LIABILITIES
Management Fees Payable		27,905		746			366			26,039
Payable for Investment Securities Purchased		—		—			—			1,173,993
Payable for Distributions to Shareholders		192,000		—			—			—
Collateral Received for Securities Loaned		3,725,563		—			—			—
Total Liabilities		3,945,468		746			366			1,200,032

NET ASSETS	$	43,388,452	$	1,413,570		$	696,476		$	173,238,825

NET ASSETS CONSIST OF:
Paid-in Capital	$	38,641,068	$	1,558,475		$	834,540		$	166,986,676
Total Distributable Earnings (Accumulated Deficit)		4,747,384		(144,905	)		(138,064	)		6,252,149
Net Assets	$	43,388,452	$	1,413,570		$	696,476		$	173,238,825
* Identified Cost:
Investments in Unaffiliated Securities	$	40,060,974	$	1,538,527		$	785,546		$	—
Investments in Affiliated Securities		—		—			—			165,487,577
Foreign Currencies		—		—			216			—
^ Includes Loaned Securities with a value of		3,635,798		—			—			—

Net Asset Value:
Net Assets	$	43,388,452	$	1,413,570		$	696,476		$	173,238,825
Shares Outstanding (No Par Value)		1,600,000		80,000			40,000			7,275,000
Net Asset Value, Offering and Redemption Price per Share	$	27.12	$	17.67		$	17.41		$	23.81

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023

	Pacer Swan SOS Conservative (January) ETF			Pacer Swan SOS Moderate (January) ETF		Pacer Swan SOS Flex (January) ETF			Pacer Swan SOS Conservative (April) ETF
ASSETS
Investments in Securities, at Value*	$	10,199,992		$	33,875,271	$	18,019,919		$	10,116,085
Interest and Dividends Receivable		187			897		479			391
Receivable from Advisor		13,000			13,000		13,000			13,000
Receivable for Investment Securities Sold		—			2,911		—			—
Receivable for Fund Shares Sold		—			1,194,955		—			—
Deposits with Broker for Options		1,981			3,094		4,406			1,699
Cash		51,221			246,101		153,063			108,467
Total Assets		10,266,381			35,336,229		18,190,867			10,239,642

LIABILITIES
Options Written, at Value		30,579			85,785		32,734			68,426
Management Fees Payable		6,593			20,173		10,917			6,546
Payable for Investment Securities Purchased		—			1,160,995		—			—
Total Liabilities		37,172			1,266,953		43,651			74,972

NET ASSETS	$	10,229,209		$	34,069,276	$	18,147,216		$	10,164,670

NET ASSETS CONSIST OF:
Paid-in Capital	$	10,317,878		$	33,274,565	$	18,746,616		$	10,895,292
Total Distributable Earnings (Accumulated Deficit)		(88,669	)		794,711		(599,400	)		(730,622	)
Net Assets	$	10,229,209		$	34,069,276	$	18,147,216		$	10,164,670
* Identified Cost:
Investments in Securities	$	9,827,683		$	33,133,495	$	17,752,555		$	10,115,408
Premiums Received:
Written Options	$	423,597		$	1,446,961	$	884,876		$	342,033

Net Asset Value:
Net Assets	$	10,229,209		$	34,069,276	$	18,147,216		$	10,164,670
Shares Outstanding (No Par Value)		450,000			1,425,000		700,000			475,000
Net Asset Value, Offering and Redemption Price per Share	$	22.73		$	23.91	$	25.92		$	21.40

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023

	Pacer Swan SOS Moderate (April) ETF			Pacer Swan SOS Flex (April) ETF			Pacer Swan SOS Conservative (July) ETF			Pacer Swan SOS Moderate (July) ETF
ASSETS
Investments in Securities, at Value*	$	29,908,978		$	16,578,758		$	9,026,673		$	42,409,699
Interest and Dividends Receivable		989			585			265			1,618
Receivable from Advisor		13,000			13,000			13,000			13,000
Deposits with Broker for Options		3,502			5,212			13,874			5,718
Cash		273,548			181,424			73,368			445,435
Total Assets		30,200,017			16,778,979			9,127,180			42,875,470

LIABILITIES
Options Written, at Value		332,052			186,365			76,110			944,091
Management Fees Payable		19,222			10,930			5,832			27,551
Total Liabilities		351,274			197,295			81,942			971,642

NET ASSETS	$	29,848,743		$	16,581,684		$	9,045,238		$	41,903,828

NET ASSETS CONSIST OF:
Paid-in Capital	$	31,681,438		$	17,924,096		$	9,864,807		$	44,316,515
Total Distributable Earnings (Accumulated Deficit)		(1,832,695	)		(1,342,412	)		(819,569	)		(2,412,687	)
Net Assets	$	29,848,743		$	16,581,684		$	9,045,238		$	41,903,828
* Identified Cost:
Investments in Securities	$	30,284,136		$	16,652,340		$	9,614,296		$	44,324,873
Premiums Received:
Written Options	$	1,345,249		$	851,393		$	370,464		$	1,831,075

Net Asset Value:
Net Assets	$	29,848,743		$	16,581,684		$	9,045,238		$	41,903,828
Shares Outstanding (No Par Value)		1,300,000			700,000			425,000			1,825,000
Net Asset Value, Offering and Redemption Price per Share	$	22.96		$	23.69		$	21.28		$	22.96

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023

	Pacer Swan SOS Flex (July) ETF			Pacer Swan SOS Conservative (October) ETF			Pacer Swan SOS Moderate (October) ETF			Pacer Swan SOS Flex (October) ETF
ASSETS
Investments in Securities, at Value*	$	23,449,950		$	6,761,108		$	37,667,479		$	11,023,005
Interest and Dividends Receivable		635			174			1,242			281
Receivable from Advisor		13,000			13,000			13,000			13,000
Deposits with Broker for Options		6,945			33,785			3,824			2,822
Cash		175,293			28,646			393,013			99,678
Total Assets		23,645,823			6,836,713			38,078,558			11,138,786

LIABILITIES
Options Written, at Value		670,794			119,695			1,192,521			417,340
Management Fees Payable		14,791			4,046			22,454			6,772
Total Liabilities		685,585			123,741			1,214,975			424,112

NET ASSETS	$	22,960,238		$	6,712,972		$	36,863,583		$	10,714,674

NET ASSETS CONSIST OF:
Paid-in Capital	$	24,350,845		$	7,331,431		$	39,782,570		$	11,612,518
Total Distributable Earnings (Accumulated Deficit)		(1,390,607	)		(618,459	)		(2,918,987	)		(897,844	)
Net Assets	$	22,960,238		$	6,712,972		$	36,863,583		$	10,714,674
* Identified Cost:
Investments in Securities	$	24,979,709		$	6,888,658		$	38,302,647		$	11,208,900
Premiums Received:
Written Options	$	1,807,282		$	169,799		$	1,441,940		$	473,934

Net Asset Value:
Net Assets	$	22,960,238		$	6,712,972		$	36,863,583		$	10,714,674
Shares Outstanding (No Par Value)		1,000,000			300,000			1,575,000			450,000
Net Asset Value, Offering and Redemption Price per Share	$	22.96		$	22.38		$	23.41		$	23.81

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
ASSETS
Investments in Securities, at Value* ^	$	842,210		$	157,000,844
Interest and Dividends Receivable		704			132,236
Deposits at Broker for Futures		28,954			1,859,839
Cash		22,623			1,892,649
Total Assets		894,491			160,885,568

LIABILITIES
Management Fees Payable		620			108,688
Total Liabilities		620			108,688

NET ASSETS	$	893,871		$	160,776,880

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,023,565		$	164,784,799
Total Distributable Earnings (Accumulated Deficit)		(129,694	)		(4,007,919	)
Net Assets	$	893,871		$	160,776,880
* Identified Cost:
Investments in Securities	$	950,247		$	158,426,384

Net Asset Value:
Net Assets	$	893,871		$	160,776,880
Shares Outstanding (No Par Value)		25,000			5,400,000
Net Asset Value, Offering and Redemption Price per Share	$	35.75		$	29.77

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

Pacer Funds

STATEMENT OF OPERATIONS
For the Year Ended October 31, 2023

	Pacer American Energy Independence ETF
INVESTMENT INCOME
Income:
Dividends from Investments*	$	1,403,625
Interest		3,831
Securities Lending Income, Net		30,256
Total Investment Income		1,437,712

EXPENSES
Management fees		351,405
Total Expenses		351,405
Net Investment Income		1,086,307

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Securities		(292,504	)
Net Realized Gain (Loss) on In-Kind Redemptions		2,912,413
Net realized Gain (Loss) on Foreign Currency		(9,398	)
Total		2,610,511
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Securities		(2,676,091	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(704	)
Total		(2,676,795	)
Net Realized and Unrealized Gain (Loss) on Investments		(66,284	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,020,023

* Net of fees and foreign withholding tax of	$	107,663

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

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2023

	Pacer BlueStar Engineering the Future ETF			Pacer BlueStar Digital Entertainment ETF
INVESTMENT INCOME
Income:
Dividends from Investments*	$	12,306		$	10,342
Interest		102			77
Total Investment Income		12,408			10,419

EXPENSES
Management fees		9,422			4,517
Total Expenses		9,422			4,517
Net Investment Income		2,986			5,902

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Securities		(12,459	)		(6,272	)
Capital Gain Distributions from Underlying Closed End Funds		—			825
Net Realized Gain (Loss) on Foreign Currency		(72	)		(2,653	)
Total		(12,531	)		(8,100	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Securities		66,929			87,551
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		26			11
Total		66,955			87,562
Net Realized and Unrealized Gain (Loss) on Investments		54,424			79,462
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	57,410		$	85,364

* Net of fees and foreign withholding tax of	$	1,949		$	1,090

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

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2023

	Pacer Swan SOS Fund of Funds ETF			Pacer Swan SOS Conservative (January) ETF			Pacer Swan SOS Moderate (January) ETF
INVESTMENT INCOME
Income:
Interest	$	40,236		$	3,093		$	8,618
Total Investment Income		40,236			3,093			8,618

EXPENSES
Management fees		243,297			78,739			197,404
Broker fees and interest		—			1,637			2,537
Total Expenses		243,297			80,376			199,941
Net Investment Income/(Loss)		(203,061	)		(77,283	)		(191,323	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		—			(748,805	)		(1,055,879	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		(205,456	)		—			—
Net Realized Gain (Loss) on In-Kind Redemptions		1,667,457			—			—
Net Realized Gain (Loss) on Written Options		—			645,288			1,312,762
Total		1,462,001			(103,517	)		256,883
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		—			1,177,225			1,827,319
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		9,749,815			—			—
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options		—			(187,306	)		460,525
Total		9,749,815			989,919			2,287,844
Net Realized and Unrealized Gain (Loss) on Investments		11,211,816			886,402			2,544,727
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,008,755		$	809,119		$	2,353,404

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

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2023

	Pacer Swan SOS Flex (January) ETF			Pacer Swan SOS Conservative (April) ETF			Pacer Swan SOS Moderate (April) ETF
INVESTMENT INCOME
Income:
Interest	$	3,706		$	4,588		$	7,002
Total Investment Income		3,706			4,588			7,002

EXPENSES
Management fees		111,084			111,039			167,578
Broker fees and interest		2,850			919			1,639
Total Expenses		113,934			111,958			169,217
Net Investment Income/(Loss)		(110,228	)		(107,370	)		(162,215	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments in Securities		(24,310	)		(910,553	)		(2,384,500	)
Net Realized Gain (Loss) on Written Options		1,865,824			227,912			708,823
Total		1,841,514			(682,641	)		(1,675,677	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Securities		324,493			1,280,575			2,117,151
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options		(394,479	)		187,675			1,115,626
Total		(69,986	)		1,468,250			3,232,777
Net Realized and Unrealized Gain (Loss) on Investments		1,771,528			785,609			1,557,100
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,661,300		$	678,239		$	1,394,885

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

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2023

	Pacer Swan SOS Flex (April) ETF			Pacer Swan SOS Conservative (July) ETF			Pacer Swan SOS Moderate (July) ETF
INVESTMENT INCOME
Income:
Interest	$	4,545		$	3,053		$	12,245
Total Investment Income		4,545			3,053			12,245

EXPENSES
Management fees		110,077			54,121			282,682
Broker fees and interest		1,534			898			3,238
Total Expenses		111,611			55,019			285,920
Net Investment Income/(Loss)		(107,066	)		(51,966	)		(273,675	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments in Securities		(1,988,535	)		(192,838	)		(1,168,176	)
Net Realized Gain (Loss) on In-Kind Redemptions		—			1,186,492			6,472,080
Net Realized Gain (Loss) on Written Options		774,048			(71,435	)		202,792
Total		(1,214,487	)		922,219			5,506,696
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Securities		1,908,236			(577,202	)		(2,378,637	)
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options		650,552			205,023			522,535
Total		2,558,788			(372,179	)		(1,856,102	)
Net Realized and Unrealized Gain (Loss) on Investments		1,344,301			550,040			3,650,594
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,237,235		$	498,074		$	3,376,919

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

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2023

	Pacer Swan SOS Flex (July) ETF			Pacer Swan SOS Conservative (October) ETF			Pacer Swan SOS Moderate (October) ETF			Pacer Swan SOS Flex (October) ETF
INVESTMENT INCOME
Income:
Interest	$	11,563		$	1,575		$	10,947		$	2,670
Total Investment Income		11,563			1,575			10,947			2,670

EXPENSES
Management fees		110,724			39,963			202,782			76,491
Broker fees and interest		2,346			1,218			3,815			2,542
Total Expenses		113,070			41,181			206,597			79,033
Net Investment Income/(Loss)		(101,507	)		(39,606	)		(195,650	)		(76,363	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments in Securities		(818,914	)		(229,425	)		(1,826,183	)		(691,308	)
Net Realized Gain (Loss) on In-Kind Redemptions		2,311,829			1,120,128			6,399,102			2,328,410
Net Realized Gain (Loss) on Written Options		131,231			(25,788	)		12,276			70,281
Total		1,624,146			864,915			4,585,195			1,707,383
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Securities		(1,501,307	)		(382,834	)		(1,662,852	)		(578,459	)
Change in Unrealized Appreciation (Depreciation) on Investments in Written Options		792,085			154,380			465,006			(9,646	)
Total		(709,222	)		(228,454	)		(1,197,846	)		(588,105	)
Net Realized and Unrealized Gain (Loss) on Investments		914,924			636,461			3,387,349			1,119,278
NET INCREASE (DECREASE) IN NET ASSETS RESULTING	$	813,417		$	596,855		$	3,191,699		$	1,042,915

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

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF ^(a)			Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF ^(b)			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ^(a)			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF ^(b)
INVESTMENT INCOME
Income:
Dividends*	$	6,717		$	25,231		$	942,017		$	1,122,863
Interest		1,910			3,513			428,306			307,329
Total Investment Income		8,627			28,744			1,370,323			1,430,192

Expenses:
Management fees		3,731			12,649			559,740			608,442
Total Expenses		3,731			12,649			559,740			608,442
Net Investment Income (Loss)		4,896			16,095			810,583			821,750

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(3,487	)		(30,934	)		(854,124	)		(1,894,905	)
Net Realized Gain (Loss) on In-Kind Redemptions		—			(54,702	)		189,778			985,173
Net Realized Gain (Loss) on Futures Contract		—			8,853			1,741			159,069
Total		(3,487	)		(76,783	)		(662,605	)		(750,663	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		7,094			75,912			(965,185	)		3,715,935
Change in Unrealized Appreciation (Depreciation) on Futures		1,674			8,796			269,300			949,480
Total		8,768			84,708			(695,885	)		4,665,415
Net Realized and Unrealized Gain (Loss) on Investments		5,281			7,925			(1,358,490	)		3,914,752
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,177		$	24,020		$	(547,907	)	$	4,736,502

* Net of fees and foreign witholding tax of	$	2		$	6		$	257		$	275

(a)	The information presented is from May 1, 2023 to October 31, 2023.

(b)	The information presented is from May 1, 2022 to April 30, 2023.

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer American Energy Independence ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income	$	1,086,307		$	553,655
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,610,511			544,288
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(2,676,795	)		3,287,064
Net Increase (Decrease) in Net Assets Resulting from Operations		1,020,023			4,385,007

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(572,644	)		(380,508	)
Return of Capital		(1,917,356	)		(1,599,492	)
Total Distributions to Shareholders		(2,490,000	)		(1,980,000	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		4,192,825			19,662,605
Proceeds from Shares Redeemed		(6,710,965	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(2,518,140	)		19,662,605
Net Increase (Decrease) in Net Assets	$	(3,988,117	)	$	22,067,612

NET ASSETS
Beginning of Year	$	47,376,569		$	25,308,957
End of Year	$	43,388,452		$	47,376,569

(a)	A summary of capital share transactions is as follows:

	Shares			Shares
Subscriptions		150,000			700,000
Redemptions		(250,000	)		—
Net Increase (Decrease)		(100,000	)		700,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer BlueStar Engineering the Future ETF						Pacer BlueStar Digital Entertainment ETF
	For the Year Ended October 31, 2023			For the Period Ended October 31, 2022 ^(a)			For the Year Ended October 31, 2023			For the Period Ended October 31, 2022 ^(a)
OPERATIONS
Net Investment Income (Loss)	$	2,986		$	384		$	5,902		$	3,778
Net Realized Gain (Loss) on Investments		(12,531	)		(6,963	)		(8,925	)		(153,474	)
Capital Gain Distributions from Underlying Closed End Funds		—			—			825
Change in Unrealized Appreciation (Depreciation) of Investments		66,955			(192,324	)		87,562			(177,436	)
Net Increase (Decrease) in Net Assets Resulting from Operations		57,410			(198,903	)		85,364			(327,132	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(3,412	)		—			(6,600	)		(2,886	)
Return of Capital		(723	)		—			—			—
Total Distributions to Shareholders		(4,135	)		—			(6,600	)		(2,886	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			1,559,198			—			1,540,146
Payments for Shares Redeemed		—			—			—			(593,320	)
Transaction Fees (See Note 1)		—			—			—			904
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		—			1,559,198			—			947,730
Net Increase (Decrease) in Net Assets	$	53,275		$	1,360,295		$	78,764		$	617,712

NET ASSETS
Beginning of Period/Year	$	1,360,295		$	—		$	617,712		$	—
End of Period/Year	$	1,413,570		$	1,360,295		$	696,476		$	617,712

(a)	The Fund commenced operations on May 4, 2022. The information presented is for the period from May 4, 2022 to October 31, 2022.

(a)	The Fund commenced operations on April 7, 2022. The information presented is for the period from April 7, 2022 to October 31, 2022.

(c)	Summary of capital share transactions is as follows:

	Shares		Shares		Shares		Shares
Subscriptions		—		80,000		—		80,000
Redemptions		—		—		—		(40,000	)
Net Increase (Decrease)		—		80,000		—		40,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Fund of Funds ETF						Pacer Swan SOS Conservative (January) ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(203,061	)	$	(122,131	)	$	(77,283	)	$	(70,084	)
Net Realized Gain (Loss) on Investments		1,462,001			94,745			(103,517	)		(75,195	)
Change in Unrealized Appreciation (Depreciation) of Investments		9,749,815			(3,837,360	)		989,919			(381,447	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,008,755			(3,864,746	)		809,119			(526,726	)

DISTRIBUTIONS TO SHAREHOLDERS
Return of Capital		(6,428	)		—			—			—
Total Distributions to Shareholders		(6,428	)		—			—			—

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		83,011,103			107,662,908			1,107,260			18,360,320
Payments for Shares Redeemed		(38,958,543	)		(24,244,098	)		(7,358,450	)		(4,938,728	)
Transaction Fees (See Note 1)		123,786			271,792			846			1,550
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		44,176,346			83,690,602			(6,250,344	)		13,423,142
Net Increase (Decrease) in Net Assets	$	55,178,673		$	79,825,856		$	(5,441,225	)	$	12,896,416

NET ASSETS
Beginning of Year	$	118,060,152		$	38,234,296		$	15,670,434		$	2,774,018
End of Year	$	173,238,825		$	118,060,152		$	10,229,209		$	15,670,434

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		3,525,000			4,900,000			50,000			850,000
Redemptions		(1,725,000	)		(1,125,000	)		(350,000	)		(225,000	)
Net Increase (Decrease)		1,800,000			3,775,000			(300,000	)		625,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Moderate (January) ETF							Pacer Swan SOS Flex (January) ETF
	For the Year Ended October 31, 2023				For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(191,323	)		$	(137,058	)	$	(110,228	)	$	(168,599	)
Net Realized Gain (Loss) on Investments		256,883				(283,124	)		1,841,514			(2,775,625	)
Change in Unrealized Appreciation (Depreciation) of Investments		2,287,844				(679,284	)		(69,986	)		841,987
Net Increase (Decrease) in Net Assets Resulting from Operations		2,353,404				(1,099,466	)		1,661,300			(2,102,237	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		—				(32,631	)		—			—
Total Distributions to Shareholders		—				(32,631	)		—			—

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		16,395,415				29,308,080			8,286,335			45,905,485
Payments for Shares Redeemed		(5,106,713	)			(10,585,903	)		(8,998,310	)		(30,186,698	)
Transaction Fees (See Note 1)		2,151				2,851			1,728			6,888
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		11,290,853				18,725,028			(710,247	)		15,725,675
Net Increase (Decrease) in Net Assets	$	13,644,257			$	17,592,931		$	951,053		$	13,623,438

NET ASSETS
Beginning of Year	$	20,425,019		��	$	2,832,088		$	17,196,163		$	3,572,725
End of Year	$	34,069,276			$	20,425,019		$	18,147,216		$	17,196,163

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		700,000			1,300,000			325,000			1,925,000
Redemptions		(225,000	)		(475,000	)		(375,000	)		(1,325,000	)
Net Increase (Decrease)		475,000			825,000			(50,000	)		600,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Conservative (April) ETF						Pacer Swan SOS Moderate (April) ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(107,370	)	$	(69,956	)	$	(162,215	)	$	(105,191	)
Net Realized Gain (Loss) on Investments		(682,641	)		1,256,492			(1,675,677	)		2,627,617
Change in Unrealized Appreciation (Depreciation) of Investments		1,468,250			(1,370,926	)		3,232,777			(2,973,905	)
Net Increase (Decrease) in Net Assets Resulting from Operations		678,239			(184,390	)		1,394,885			(451,479	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1,592,030			36,334,938			16,533,515			48,195,318
Payments for Shares Redeemed		(8,187,940	)		(22,787,200	)		(6,035,740	)		(35,287,600	)
Transaction Fees (See Note 1)		978			1,480			2,257			1,630
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(6,594,932	)		13,549,218			10,500,032			12,909,348
Net Increase (Decrease) in Net Assets	$	(5,916,693	)	$	13,364,828		$	11,894,917		$	12,457,869

NET ASSETS
Beginning of Year	$	16,081,363		$	2,716,535		$	17,953,826		$	5,495,957
End of Year	$	10,164,670		$	16,081,363		$	29,848,743		$	17,953,826

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		75,000			1,725,000			725,000			2,225,000
Redemptions		(375,000	)		(1,075,000	)		(275,000	)		(1,625,000	)
Net Increase (Decrease)		(300,000	)		650,000			450,000			600,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Flex (April) ETF						Pacer Swan SOS Conservative (July) ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(107,066	)	$	(82,769	)	$	(51,966	)	$	(33,573	)
Net Realized Gain (Loss) on Investments		(1,214,487	)		2,220,029			922,219			(204,850	)
Change in Unrealized Appreciation (Depreciation) of Investments		2,558,788			(2,475,237	)		(372,179	)		(36,128	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,237,235			(337,977	)		498,074			(274,551	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		8,776,413			30,637,810			10,841,250			4,944,280
Payments for Shares Redeemed		(5,839,780	)		(25,855,988	)		(8,630,518	)		(1,998,215	)
Transaction Fees (See Note 1)		1,462			846			533			695
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		2,938,095			4,782,668			2,211,265			2,946,760
Net Increase (Decrease) in Net Assets	$	4,175,330		$	4,444,691		$	2,709,339		$	2,672,209

NET ASSETS
Beginning of Year	$	12,406,354		$	7,961,663		$	6,335,899		$	3,663,690
End of Year	$	16,581,684		$	12,406,354		$	9,045,238		$	6,335,899

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		375,000			1,375,000			500,000			250,000
Redemptions		(250,000	)		(1,150,000	)		(400,000	)		(100,000	)
Net Increase (Decrease)		125,000			225,000			100,000			150,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Moderate (July) ETF						Pacer Swan SOS Flex (July) ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(273,675	)	$	(159,583	)	$	(101,507	)	$	(60,970	)
Net Realized Gain (Loss) on Investments		5,506,696			(330,602	)		1,624,146			(179,626	)
Change in Unrealized Appreciation (Depreciation) of Investments		(1,856,102	)		348,781			(709,222	)		51,351
Net Increase (Decrease) in Net Assets Resulting from Operations		3,376,919			(141,404	)		813,417			(189,245	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		—			(2,015	)		—			—
Total Distributions to Shareholders		—			(2,015	)		—			—

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		56,101,605			29,856,733			31,118,538			10,848,998
Payments for Shares Redeemed		(51,134,675	)		(14,027,955	)		(21,442,255	)		(3,520,893	)
Transaction Fees (See Note 1)		3,916			4,388			2,939			1,436
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		4,970,846			15,833,166			9,679,222			7,329,541
Net Increase (Decrease) in Net Assets	$	8,347,765		$	15,689,747		$	10,492,639		$	7,140,296

NET ASSETS
Beginning of Year	$	33,556,063		$	17,866,316		$	12,467,599		$	5,327,303
End of Year	$	41,903,828		$	33,556,063		$	22,960,238		$	12,467,599

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		2,425,000			1,450,000			1,325,000			525,000
Redemptions		(2,225,000	)		(675,000	)		(925,000	)		(175,000	)
Net Increase (Decrease)		200,000			775,000			400,000			350,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Conservative (October) ETF						Pacer Swan SOS Moderate (October) ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(39,606	)	$	(34,445	)	$	(195,650	)	$	(126,027	)
Net Realized Gain (Loss) on Investments		864,915			(301,777	)		4,585,195			(570,594	)
Change in Unrealized Appreciation (Depreciation) of Investments		(228,454	)		131,213			(1,197,846	)		742,296
Net Increase (Decrease) in Net Assets Resulting from Operations		596,855			(205,009	)		3,191,699			45,675

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		9,897,415			5,073,705			47,715,283			21,607,730
Payments for Shares Redeemed		(8,753,333	)		(2,505,500	)		(37,306,550	)		(7,307,508	)
Transaction Fees (See Note 1)		623			758			2,365			2,893
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		1,144,705			2,568,963			10,411,098			14,303,115
Net Increase (Decrease) in Net Assets	$	1,741,560		$	2,363,954		$	13,602,797		$	14,348,790

NET ASSETS
Beginning of Year	$	4,971,412		$	2,607,458		$	23,260,786		$	8,911,996
End of Year	$	6,712,972		$	4,971,412		$	36,863,583		$	23,260,786

(a)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares			Shares
Subscriptions		450,000			250,000			2,050,000			1,050,000
Redemptions		(400,000	)		(125,000	)		(1,600,000	)		(350,000	)
Net Increase (Decrease)		50,000			125,000			450,000			700,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Swan SOS Flex (October) ETF
	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022
OPERATIONS
Net Investment Income (Loss)	$	(76,363	)	$	(50,260	)
Net Realized Gain (Loss) on Investments		1,707,383			(126,497	)
Change in Unrealized Appreciation (Depreciation) of Investments		(588,105	)		397,076
Net Increase (Decrease) in Net Assets Resulting from Operations		1,042,915			220,319

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		18,912,313			9,392,058
Payments for Shares Redeemed		(19,903,785	)		(2,671,980	)
Transaction Fees (See Note 1)		1,714			1,206
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(989,758	)		6,721,284
Net Increase (Decrease) in Net Assets	$	53,157		$	6,941,603

NET ASSETS
Beginning of Year	$	10,661,517		$	3,719,914
End of Year	$	10,714,674		$	10,661,517

(a)	Summary of capital share transactions is as follows:

	Shares			Shares
Subscriptions		800,000			450,000
Redemptions		(850,000	)		(125,000	)
Net Increase (Decrease)		(50,000	)		325,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF
	For the Period Ended October 31, 2023 ^(b)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022 ^(a)
OPERATIONS
Net Investment Income (Loss)	$	4,896		$	16,095		$	7,393
Net Realized Gain (Loss) on Investments, Futures contracts, and Foreign Currency Transactions		(3,487	)		(76,783	)		98,339
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts		8,768			84,708			(196,410	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,177			24,020			(90,678	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(4,896	)		(16,095	)		(7,393	)
Capital Gains		—			—			—
Return of Capital		(17,898	)		(64,749	)		(53,832	)
Total Distributions to Shareholders		(22,794	)		(80,844	)		(61,225	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			—			3,093,585
Payments for Shares Redeemed		—			(901,330	)		(1,077,040	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		—			(901,330	)		2,016,545
Net Increase (Decrease) in Net Assets	$	(12,617	)	$	(958,154	)	$	1,864,642

NET ASSETS
Beginning of Period/Year	$	906,488		$	1,864,642		$	—
End of Period/Year	$	893,871		$	906,488		$	1,864,642

(a)	Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to April 30, 2022.

(b)	For the period ended May 1, 2023 to October 31, 2023. See Note 1 to Financial Statements.

(c)	Summary of capital share transactions is as follows:

	Shares		Shares			Shares
Subscriptions		—		—			75,000
Redemptions		—		(25,000	)		(25,000	)
Net Increase (Decrease)		—		(25,000	)		50,000

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

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
	For the Period Ended October 31, 2023 ^(b)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022 ^(a)
OPERATIONS
Net Investment Income (Loss)	$	810,583		$	821,750		$	96,485
Net Realized Gain (Loss) on Investments, Futures contracts, and Foreign Currency Transactions		(662,605	)		(750,663	)		(142,024	)
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts		(695,885	)		4,665,415			(4,411,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(547,907	)		4,736,502			(4,456,622	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(897,292	)		(821,750	)		(96,485	)
Capital Gains		(85,981	)		(879,202	)		—
Return of Capital		(3,763,619	)		(3,972,774	)		(1,275,430	)
Total Distributions to Shareholders		(4,746,892	)		(5,673,726	)		(1,371,915	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		57,600,453			62,340,960			60,883,974
Payments for Shares Redeemed		(916,410	)		(7,071,537	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		56,684,043			55,269,423			60,883,974
Net Increase (Decrease) in Net Assets	$	51,389,244		$	54,332,199		$	55,055,437

NET ASSETS
Beginning of Period/Year	$	109,387,636		$	55,055,437		$	—
End of Period/Year	$	160,776,880		$	109,387,636		$	55,055,437

(a)	Fund commenced operations on July 12, 2021. The information presented is from July 12, 2021 to April 30, 2022.

(b)	For the period ended May 1, 2023 to October 31, 2023. See Note 1 to Financial Statements.

(c)	Summary of capital share transactions is as follows:

	Shares			Shares			Shares
Subscriptions		1,830,000			2,100,000			1,740,000
Redemptions	��	(30,000	)		(240,000	)		—
Net Increase (Decrease)		1,800,000			1,860,000			1,740,000

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

Pacer American Energy Independence ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Year Ended October 31, 2021			For the Period Ended October 31, 2020^(a)(e)			For the Year Ended November 30, 2019
Net Asset Value, Beginning of Period	$	27.87		$	25.31		$	14.96		$	21.79		$	23.21

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.63			0.41			0.40			0.28			0.37
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		0.06			3.59			11.39			(5.55	)		(0.34	)
Total from Investment Operations		0.69			4.00			11.79			(5.27	)		0.03

LESS DISTRIBUTIONS:
Distributions From:
Net Investment Income		(0.33	)		(0.26	)		(0.50	)		(0.52	)		(0.22	)
Return of Capital		(1.11	)		(1.18	)		(0.94	)		(1.04	)		(1.23	)
Total Distributions		(1.44	)		(1.44	)		(1.44	)		(1.56	)		(1.45	)

CAPITAL SHARE TRANSACTIONS:
Transaction Fees (See Note 1)		—			—			—			—			0.00	^(d)

Net Asset Value, End of Period	$	27.12		$	27.87		$	25.31		$	14.96		$	21.79
Total return		2.68	%		16.26	%		80.71	%		-24.76	%		-0.13	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	43,388		$	47,377		$	25,309		$	11,966		$	10,897

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net Investment Income (Loss) to Average Net Assets		2.32	%		1.53	%		1.82	%		1.81	%		1.58	%
Portfolio Turnover Rate ^(f)		27	%		25	%		22	%		41	%		26	%

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

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses in the statement of operations due to share transactions for the period.

(d)	Represents less than $0.005.

(e)	Ratios have been annualized and total return and portfolio turnover have not been annualized.

(f)	Excludes the impact of in-kind transactions.

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

Pacer BlueStar Engineering the Future ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Period Ended October 31, 2022 ^(a)(e)
Net Asset Value, Beginning of Period	$	17.00		$	20.52

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.04			0.01
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		0.68			(3.53	)
Total from Investment Operations		0.72			(3.52	)

LESS DISTRIBUTIONS:
Distributions From:
Net Investment Income		(0.04	)		—
Return of Capital		(0.01	)		—
Total Distributions		(0.05	)		—

Net Asset Value, End of Period	$	17.67		$	17.00
Total return		4.18	%		-17.14	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,414		$	1,360

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.19	%		0.07	%
Portfolio Turnover Rate ^(d)		15	%		0	%

(a)	Fund commenced operations on May 4, 2022. The information presented is from May 4, 2022 to October 31, 2022.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

Pacer BlueStar Digital Entertainment ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Period Ended October 31, 2022 ^(a)(e)
Net Asset Value, Beginning of Period	$	15.44		$	19.74

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.15			0.05
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		1.99			(4.32	)
Total from Investment Operations		2.14			(4.27	)

LESS DISTRIBUTIONS:
Distributions From:
Net Investment Income		(0.17	)		(0.04	)
Total Distributions		(0.17	)		(0.04	)

CAPITAL SHARE TRANSACTIONS:
Transaction Fees (see Note 1)		—			0.01

Net Asset Value, End of Period	$	17.41		$	15.44
Total Return		13.74	%		-21.58	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	696		$	618

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.78	%		0.53	%
Portfolio Turnover Rate ^(d)		40	%		33	%

(a)	Fund commenced operations on April 7, 2022. The information presented is from April 7, 2022 to October 31, 2022.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

Pacer Swan SOS Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	21.56		$	22.49		$	20.26

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.04	)		(0.03	)		(0.03	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.27			(0.96	)		2.26
Total from Investment Operations		2.23			(0.99	)		2.23

LESS DISTRIBUTIONS:
Distributions From:
Net Investment Income		—			—			—
Total Distributions		—			—			—

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.02			0.06			—

Net Asset Value, End of Period	$	23.81		$	21.56		$	22.49
Total Return		10.42	%		-4.12	%		11.01	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	173,239		$	118,060		$	38,234

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.18	%		0.18	%		0.18	%
Net Investment Income (Loss) to Average Net Assets ^(f)		-0.15	%		-0.13	%		-0.18	%
Portfolio Turnover Rate ^(d)		6	%		11	%		69	%

(a)	Fund commenced operations on December 29, 2020. The information presented is from December 29, 2020 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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)	The expense ratios exclude the impact of fees/expenses paid by each underlying fund.

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

Pacer Swan SOS Conservative (January) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021 ^(a)(e)
Net Asset Value, Beginning of Period	$	20.89		$	22.19		$	20.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.16	)		(0.16	)		(0.14	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.00			(1.14	)		1.77
Total from Investment Operations		1.84			(1.30	)		1.63

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	22.73		$	20.89		$	22.19
Total Return		8.79	%		-5.85	%		7.94	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	10,229		$	15,670		$	2,774

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.77	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.74	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		19	%		0	%

(a)	Fund commenced operations on December 22, 2020. The information presented is from December 22, 2020 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Moderate (January) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	21.50		$	22.66		$	20.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)	$	(0.17	)		(0.16	)		(0.14	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.58			(0.89	)		2.24
Total from Investment Operations		2.41			(1.05	)		2.10

LESS DISTRIBUTIONS:
Distributions From:
Net Investment Income		—			(0.11	)		—
Total Distributions		—			(0.11	)		—

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	23.91		$	21.50		$	22.66
Total Return		11.21	%		-4.65	%		10.20	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	34,069		$	20,425		$	2,832

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.75	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.73	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		48	%		0	%

(a)	Fund commenced operations on December 22, 2020. The information presented is from December 22, 2020 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Flex (January) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	22.93		$	23.82		$	20.56

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.19	)		(0.17	)		(0.15	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		3.18			(0.73	)		3.41
Total from Investment Operations		2.99			(0.90	)		3.26

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(g)		0.01			—

Net Asset Value, End of Period	$	25.92		$	22.93		$	23.82
Total Return		13.05	%		-3.74	%		15.85	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	18,147		$	17,196		$	3,573

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.77	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(f)		-0.73	%		-0.76	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		226	%		0	%

(a)	Fund commenced operations on December 22, 2020. The information presented is from December 22, 2020 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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)	Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense.

(g)	Represents less than $0.005.

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

Pacer Swan SOS Conservative (April) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	20.75		$	21.73		$	20.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.15	)		(0.16	)		(0.09	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		0.80			(0.82	)		1.21
Total from Investment Operations		0.65			(0.98	)		1.12

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	21.40		$	20.75		$	21.73
Total Return		3.13	%		-4.52	%		5.45	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	10,165		$	16,081		$	2,717

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.73	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on March 31, 2021. The information presented is from March 31, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Moderate (April) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	21.12		$	21.98		$	20.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)	$	(0.17	)		(0.16	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.01			(0.70	)		1.47
Total from Investment Operations		1.84			(0.86	)		1.37

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	22.96		$	21.12		$	21.98
Total Return		8.70	%		-3.92	%		6.67	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	29,849		$	17,954		$	5,496

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.73	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on March 31, 2021. The information presented is from March 31, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Flex (April) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	21.58		$	22.75		$	20.61

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)	$	(0.17	)		(0.17	)		(0.10	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.28			(1.00	)		2.24
Total from Investment Operations		2.11			(1.17	)		2.14

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	23.69		$	21.58		$	22.75
Total Return		9.80	%		-5.15	%		10.37	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	16,582		$	12,406		$	7,962

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.77	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.73	%		-0.76	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on March 31, 2021. The information presented is from March 31, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Conservative (July) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	19.50		$	20.94		$	20.48

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.15	)		(0.15	)		(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		1.93			(1.29	)		0.51
Total from Investment Operations		1.78			(1.44	)		0.46

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	21.28		$	19.50		$	20.94
Total Return		9.16	%		-6.88	%		2.22	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	9,045		$	6,336		$	3,664

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.76	%		0.76	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.72	%		-0.75	%		-0.76	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on June 30, 2021. The information presented is from June 30, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Moderate (July) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	20.65		$	21.02		$	20.48

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.16	)		(0.15	)		(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.47			(0.22	)		0.59
Total from Investment Operations		2.31			(0.37	)		0.54

LESS DISTRIBUTIONS:
Distributions From:
Net Investment Income		—			(0.00	)^(f)		—
Total Distributions		—			(0.00	)^(f)		—

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	22.96		$	20.65		$	21.02
Total Return		11.19	%		-1.74	%		2.63	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	41,904		$	33,556		$	17,866

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.73	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on June 30, 2021. The information presented is from June 30, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

Pacer Swan SOS Flex (July) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	20.78		$	21.31		$	20.48

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.16	)		(0.16	)		(0.05	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.34			(0.37	)		0.88
Total from Investment Operations		2.18			(0.53	)		0.83

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	22.96		$	20.78		$	21.31
Total Return		10.49	%		-2.49	%		4.05	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	22,960		$	12,468		$	5,327

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.77	%		0.76	%		0.76	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.69	%		-0.75	%		-0.76	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on June 30, 2021. The information presented is from June 30, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

100

Pacer Swan SOS Conservative (October) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	19.89		$	20.86		$	20.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.16	)		(0.15	)		(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.65			(0.82	)		0.36
Total from Investment Operations		2.49			(0.97	)		0.35

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	22.38		$	19.89		$	20.86
Total Return		12.54	%		-4.67	%		1.71	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	6,713		$	4,971		$	2,607

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.77	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.74	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on September 30, 2021. The information presented is from September 30, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.02% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

101

Pacer Swan SOS Moderate (October) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	20.68		$	20.97		$	20.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.16	)		(0.15	)		(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.89			(0.14	)		0.47
Total from Investment Operations		2.73			(0.29	)		0.46

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	23.41		$	20.68		$	20.97
Total Return		13.22	%		-1.40	%		2.24	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	36,864		$	23,261		$	8,912

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.76	%		0.75	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.72	%		-0.74	%		-0.75	%
Portfolio Turnover Rate ^(d)		0	%		0	%		0	%

(a)	Fund commenced operations on September 30, 2021. The information presented is from September 30, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.01% for the year ended October 31, 2023 attributable to broker fees and interest expense.

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

102

Pacer Swan SOS Flex (October) ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended October 31, 2023			For the Year Ended October 31, 2022			For the Period Ended October 31, 2021^(a)(e)
Net Asset Value, Beginning of Period	$	21.32		$	21.26		$	20.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		(0.17	)		(0.16	)		(0.01	)
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		2.66			0.22			0.76
Total from Investment Operations		2.49			0.06			0.75

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(f)		0.00	^(f)		—

Net Asset Value, End of Period	$	23.81		$	21.32		$	21.26
Total Return		11.66	%		0.31	%		3.64	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	10,715		$	10,662		$	3,720

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(g)		0.77	%		0.76	%		0.75	%
Net Investment Income (Loss) to Average Net Assets ^(g)		-0.74	%		-0.75	%		-0.75	%
Portfolio Turnover Rate ^(d)		12	%		0	%		0	%

(a)	Fund commenced operations on September 30, 2021. The information presented is from September 30, 2021 to October 31, 2021.

(b)	Calculated based on average shares outstanding during the period.

(c)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses 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.

(g)	Includes 0.02% for the year ended April 30, 2023 attributable to broker fees and interest expense.

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

103

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2023 ^(c)(f)			For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 ^(a)(c)
Net Asset Value, Beginning of Period	$	36.26		$	37.29		$	40.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.20			0.35			0.15
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		0.20			0.47			(2.15	)
Total from Investment Operations		0.40			0.82			(2.00	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.19	)		(0.37	)		(0.15	)
Distributions from Return of Capital		(0.72	)		(1.48	)		(1.07	)
Total Distributions		(0.91	)		(1.85	)		(1.22	)
Net Asset Value, End of Period	$	35.75		$	36.26		$	37.29
Total Return		1.04	%		2.64	%		-5.21	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	894		$	906		$	1,865

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%		0.79	%		0.79	%
Net Investment Income (Loss) to Average Net Assets		1.04	%		1.01	%		0.45	%
Portfolio Turnover Rate ^(d)		3	%		2	%		57	%

(a)	Commencement of operations on July 12, 2021. The information presented is from July 12, 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 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)	For the period May 1, 2023 to October 31, 2023. See Note 1 to the Financial Statements.

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

104

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2023^(c)(f)			For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 ^(a)(c)
Net Asset Value, Beginning of Period	$	30.39		$	31.64		$	34.65

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.18			0.32			0.12
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		0.22			0.53			(1.73	)
Total from Investment Operations		0.40			0.85			(1.61	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.16	)		(0.30	)		(0.10	)
Distributions from Capital Gains		(0.04	)		(0.33	)		—
Distributions from Return of Capital		(0.82	)		(1.47	)		(1.30	)
Total Distributions		(1.02	)		(2.10	)		(1.40	)
Net Asset Value, End of Period	$	29.77		$	30.39		$	31.64
Total Return		1.25	%		3.25	%		-5.00	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	160,777		$	109,388		$	55,055

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%		0.79	%		0.79	%
Net Investment Income (Loss) to Average Net Assets		1.15	%		1.07	%		0.42	%
Portfolio Turnover Rate ^(d)		4	%		9	%		7	%

(a)	Commencement of operations on July 12, 2021. The information presented is from July 12, 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 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)	For the period May 1, 2023 to October 31, 2023. See Note 1 to the Financial Statements.

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

105

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”) is a Delaware statutory trust organized on August 12, 2014. PTLC, PTMC, PTNQ, PTEU, PTIN, PTBD, TRND, COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, AFTY, VIRS, ALTL, PAMC, PALC, PEXL, FLRT, SHPP and TRFK’s fiscal year ends are April 30th and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”);

Fund Name	Ticker	Commencement of Operations	Exchange	Transaction Fees
Pacer American Energy Independence ETF	USAI	December 12, 2017	NYSE	$300
Pacer Bluestar Engineering the Future ETF	BULD	May 4, 2022	Nasdaq	750
Pacer BlueStar Digital Entertainment ETF	ODDS	April 7, 2022	Nasdaq	750
Pacer Swan SOS Fund of Funds ETF	PSFF	December 29, 2020	Cboe	300
Pacer Swan SOS Conservative (January) ETF	PSCX	December 22, 2020	Cboe	300
Pacer Swan SOS Moderate (January) ETF	PSMD	December 22, 2020	Cboe	300
Pacer Swan SOS Flex (January) ETF	PSFD	December 22, 2020	Cboe	300
Pacer Swan SOS Conservative (April) ETF	PSCW	March 31, 2021	Cboe	300
Pacer Swan SOS Moderate (April) ETF	PSMR	March 31, 2021	Cboe	300
Pacer Swan SOS Flex (April) ETF	PSFM	March 31, 2021	Cboe	300
Pacer Swan SOS Conservative (July) ETF	PSCJ	June 30, 2021	Cboe	300
Pacer Swan SOS Moderate (July) ETF	PSMJ	June 30, 2021	Cboe	300
Pacer Swan SOS Flex (July) ETF	PSFJ	June 30, 2021	Cboe	300
Pacer Swan SOS Conservative (October) ETF	PSCQ	September 30, 2021	Cboe	300
Pacer Swan SOS Moderate (October) ETF	PSMO	September 30, 2021	Cboe	300
Pacer Swan SOS Flex (October) ETF	PSFO	September 30, 2021	Cboe	300
Pacer Metaurus US Large Cap Target Dividend Multiplier 300 ETF	TRPL	July 12, 2021	NYSE	300
Pacer Metaurus US Large Cap Target Dividend Multiplier 400 ETF	QDPL	July 12, 2021	NYSE	300

Each of the Funds are non-diversified series of the Trust. The investment objective of the following Funds is to track the performance, before fees and expenses, of the

Ticker	Index
USAI	American Energy Independence Index
BULD	BlueStar Robotics and 3D Printing Index
ODDS	BlueStar Global Online Gambling, Video Gaming, and eSports Index
TRPL	Metaurus US Large Cap Dividend Multiplier Index – Series 300
QDPL	Metaurus US Large Cap Dividend Multiplier Index – Series 400

The investment objective of the following Funds is to seek

Ticker	Objective
PSFF	capital appreciation with downside protection.
PSCX	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.10% (before fees and expenses of the Fund) and 16.35% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from January 3, 2023 to December 29, 2023.
PSMD	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 18.25% (before fees and expenses of the Fund) and 17.50% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from January 3, 2023 to December 29, 2023.

106

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

Ticker	Objective
PSFD	to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 21.90% (before fees and expenses of the Fund) and 21.15% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from January 3, 2023 to December 29, 2023.
PSCW	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.43% (before fees and expenses of the Fund) and 13.68% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from April 3, 2023 to March 28, 2024.
PSMR	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.95% (before fees and expenses of the Fund) and 14.20% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from April 3, 2023 to March 28, 2024.
PSFM	to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.80% (before fees and expenses of the Fund) and 17.05% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from April 3, 2023 to March 28, 2024.
PSCJ	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 14.73%(before fees and expenses of the Fund) and 13.98 (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from July 3, 2023 to June 28, 2024.
PSMJ	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 14.52% (before fees and expenses of the Fund) and 13.77% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from July 3, 2023 to June 28, 2024
PSFJ	to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 16.72% (before fees and expenses of the Fund) and 15.97% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from July 3, 2023 to June 28, 2024
PSCQ	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 15.95% (before fees and expenses of the Fund) and 15.20% (after fees and expenses of the Fund), while providing a buffer against Underlying ETF losses between 5% and 30% over the period from October 2, 2023 to September 30, 2024
PSMO	to provide investors with returns that, before fees and expenses of the Fund, match those of the SPDR^® S&P 500^® ETF Trust (“the Underlying ETF”) up to a predetermined upside cap of 15.50% (before fees and expenses of the Fund) and 14.75% (after fees and expenses of the Fund), while providing a buffer against the first 15% of Underlying ETF losses, over the period from October 2, 2023 to September 30, 2024
PSFO	to provide investors with returns that match those of the SPDR^® S&P 500^® ETF Trust (the “Underlying ETF”) up to a predetermined upside cap of 17.65% (before fees and expenses of the Fund) and 16.90% (after fees and expenses of the Fund), while providing a buffer against the first 20% of Underlying ETF losses with the benefits of such buffer declining from 20% to 0% for Underlying ETF losses between 20% and 40%, over the period from October 2, 2023 to September 30, 2024

Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 25,000 shares except USAI which generally consist of 50,000 shares, TRPL which generally consists of 25,000 shares, QDPL which consists of 30,000 shares, along with ODDS and BULD which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees. The Funds currently offer one class of Shares, which have no front end sales load, no deferred sales charge, and no redemption fee. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Each Fund charges $300 for the

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standard fixed creation fee, payable to the Custodian except ODDS and BULD which charges $750. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In regards to USAI, a variable fee, payable to the Fund, 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. In regards to BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, TRPL and QDPL a variable fee, payable to a Fund, of up to a maximum of 2% of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (e.g., brokerage, taxes) involved with buying the securities with cash. For orders comprised entirely of cash, a variable fee of 0.01% of the value of the order will be charged by a Fund. For orders partially comprised of cash in lieu of certain Deposit Securities, a variable fee of 0.01% of the value of such cash in lieu of Deposit Securities will be charged by PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO. A Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders (e.g., for creation orders that facilitate changes to the Fund’s portfolio in a more tax efficient manner than could be achieved without such order). Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Fund to their account or on their order. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges to such Fund.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The 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.

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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.

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 October 31, 2023:

USAI
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	43,052,533	$	—	$	—	$	—	$	43,052,533
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,725,563		3,725,563
Total Investments in Securities	$	43,052,533	$	—	$	—	$	3,725,563	$	46,778,096

^ See Schedules of Investments for industry breakouts.

BULD
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,413,171	$	—	$	—	$	—	$	1,413,171
Total Investments in Securities	$	1,413,171	$	—	$	—	$	—	$	1,413,171

^ See Schedules of Investments for industry breakouts.

ODDS
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	665,747	$	—	$	—	$	—	$	665,747
Exchange Traded Funds		29,929		—		—		—		29,929
Warrants		—		—		0		—		0
Total Investments in Securities	$	695,676	$	—	$	—	$	—	$	695,676

^ See Schedules of Investments for industry breakouts.

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ODDS^(a)	Balance as of 10/31/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Corporate Action	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/2023
Warrants	$ —	$ —	$ —	$ —	$ —	$ 0	$ —	$ —	$ 0

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

	Fair Value as of 10/31/2023	Valuation Techniques	Unobservable Input	Impact to Valuation From an Increase to Input
Warrants	$ 0	Corporate Action	None	$ 0.00

(a)

Table presents information for one security, which has been valued at $0.00 AUD throughout the period.

PSFF
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	172,137,942	$	—	$	—	$	—	$	172,137,942
Total Investments in Securities	$	172,137,942	$	—	$	—	$	—	$	172,137,942

PSCX
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	10,199,992	$	—	$	—	$	10,199,992
Total Investments in Securities	$	—	$	10,199,992	$	—	$	—	$	10,199,992

Liabilities
Options Written	$	—	$	30,579	$	—	$	—	$	30,579
Total Investments in Securities	$	—	$	30,579	$	—	$	—	$	30,579

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

PSMD
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	33,875,271	$	—	$	—	$	33,875,271
Total Investments in Securities	$	—	$	33,875,271	$	—	$	—	$	33,875,271

Liabilities
Options Written	$	—	$	85,785	$	—	$	—	$	85,785
Total Investments in Securities	$	—	$	85,785	$	—	$	—	$	85,785

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

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PSFD
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	18,019,919	$	—	$	—	$	18,019,919
Total Investments in Securities	$	—	$	18,019,919	$	—	$	—	$	18,019,919

Liabilities
Options Written	$	—	$	32,734	$	—	$	—	$	32,734
Total Investments in Securities	$	—	$	32,734	$	—	$	—	$	32,734

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

PSCW
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	10,116,085	$	—	$	—	$	10,116,085
Total Investments in Securities	$	—	$	10,116,085	$	—	$	—	$	10,116,085

Liabilities
Options Written	$	—	$	68,426	$	—	$	—	$	68,426
Total Investments in Securities	$	—	$	68,426	$	—	$	—	$	68,426

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

PSMR
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	29,908,978	$	—	$	—	$	29,908,978
Total Investments in Securities	$	—	$	29,908,978	$	—	$	—	$	29,908,978

Liabilities
Options Written	$	—	$	332,052	$	—	$	—	$	332,052
Total Investments in Securities	$	—	$	332,052	$	—	$	—	$	332,052

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

PSFM
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	16,578,758	$	—	$	—	$	16,578,758
Total Investments in Securities	$	—	$	16,578,758	$	—	$	—	$	16,578,758

Liabilities
Options Written	$	—	$	186,365	$	—	$	—	$	186,365
Total Investments in Securities	$	—	$	186,365	$	—	$	—	$	186,365

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

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PSCJ
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	9,026,673	$	—	$	—	$	9,026,673
Total Investments in Securities	$	—	$	9,026,673	$	—	$	—	$	9,026,673

Liabilities
Options Written	$	—	$	76,110	$	—	$	—	$	76,110
Total Investments in Securities	$	—	$	76,110	$	—	$	—	$	76,110

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

PSMJ
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	42,409,699	$	—	$	—	$	42,409,699
Total Investments in Securities	$	—	$	42,409,699	$	—	$	—	$	42,409,699

Liabilities
Options Written	$	—	$	944,091	$	—	$	—	$	944,091
Total Investments in Securities	$	—	$	944,091	$	—	$	—	$	944,091

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

PSFJ
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	23,449,950	$	—	$	—	$	23,449,950
Total Investments in Securities	$	—	$	23,449,950	$	—	$	—	$	23,449,950

Liabilities
Options Written	$	—	$	670,794	$	—	$	—	$	670,794
Total Investments in Securities	$	—	$	670,794	$	—	$	—	$	670,794

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

PSCQ
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	6,761,108	$	—	$	—	$	6,761,108
Total Investments in Securities	$	—	$	6,761,108	$	—	$	—	$	6,761,108

Liabilities
Options Written	$	—	$	119,695	$	—	$	—	$	119,695
Total Investments in Securities	$	—	$	119,695	$	—	$	—	$	119,695

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

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PSMO
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	37,667,479	$	—	$	—	$	37,667,479
Total Investments in Securities	$	—	$	37,667,479	$	—	$	—	$	37,667,479

Liabilities
Options Written	$	—	$	1,192,521	$	—	$	—	$	1,192,521
Total Investments in Securities	$	—	$	1,192,521	$	—	$	—	$	1,192,521

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

PSFO
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Assets
Purchased Options	$	—	$	11,023,005	$	—	$	—	$	11,023,005
Total Investments in Securities	$	—	$	11,023,005	$	—	$	—	$	11,023,005

Liabilities
Options Written	$	—	$	417,340	$	—	$	—	$	417,340
Total Investments in Securities	$	—	$	417,340	$	—	$	—	$	417,340

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

TRPL
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	823,656	$	—	$	—	$	—	$	823,656
Real Estate Investment Trusts		18,554		—		—		—		18,554
Total Investments in Securities	$	842,210	$	—	$	—	$	—	$	842,210

Other Financial Instruments ^(a)
Futures Contracts		$	5,104			$	—			$	—			$	—			$	5,104

See Schedule of Investments for sector breakouts.

^(a)

Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

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QDPL
Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	137,734,382	$	—	$	—	$	—	$	137,734,382
Real Estate Investment Trusts		3,107,120		—		—		—		3,107,120
US Government Notes/Bonds		—		9,760,420		—		—		9,760,420
US Treasury Bills		—		6,398,922		—		—		6,398,922
Total Investments in Securities	$	140,841,502	$	16,159,342	$	—	$	—	$	157,000,844

Other Financial Instruments ^(a)
Futures Contracts		$	983,987			$	—			$	—			$	—			$	983,987

See Schedule of Investments for sector breakouts.

^(a)

Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

OPTIONS CONTRACTS

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

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

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

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

The value of derivative instruments on the Statements of Assets and Liabilities for the Funds as of October 31, 2023, is as follows:

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Asset Derivatives		Liability Derivatives
	Investments, at Value		Written Options, at value
PSCX	$	10,199,992	$	30,579
PSMD		33,875,271		85,785
PSFD		18,019,919		32,734
PSCW		10,116,085		68,426
PSMR		29,908,978		332,052
PSFM		16,578,758		186,365
PSCJ		9,026,673		76,110
PSMJ		42,409,699		944,091
PSFJ		23,449,950		670,794
PSCQ		6,761,108		119,695
PSMO		37,667,479		1,192,521
PSFO		11,023,005		417,340

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2023 is as follows:

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Corrections for in-kind amounts Realized Gain (Loss)						Amount of Unrealized Gain (Loss) on Derivatives Recognized in Income
	Investments			Written Options			Investments			Written Options
PSCX	$	(748,805	)	$	645,288		$	1,177,225		$	(187,306	)
PSMD		(1,055,879	)		1,312,762			1,827,319			460,525
PSFD		(24,310	)		1,865,824			324,493			(394,479	)
PSCW		(910,553	)		227,912			1,280,575			187,675
PSMR		(2,384,500	)		708,823			2,117,151			1,115,626
PSFM		(1,988,535	)		774,048			1,908,236			650,552
PSCJ		(192,838	)		(71,435	)		(577,202	)		205,023
PSMJ		(1,168,176	)		202,792			(2,378,637	)		522,535
PSFJ		(818,914	)		131,231			(1,501,307	)		792,085
PSCQ		(229,425	)		(25,788	)		(382,834	)		154,380
PSMO		(1,826,183	)		12,276			(1,662,852	)		465,006
PSFO		(691,308	)		70,281			(578,459	)		(9,646	)

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The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2023 is as follows:

	Equity Risk - Call and Put Options not Accounted for as Hedging Instruments
	Average Volume of Derivative Activity During the Period Ended October 31, 2023
	Investments		Written Options
PSCX	$	10,625,834	$	(325,339	)
PSMD		27,571,222		(878,823	)
PSFD		15,145,572		(400,098	)
PSCW		14,616,480		(295,252	)
PSMR		23,405,748		(734,598	)
PSFM		15,316,842		(449,787	)
PSCJ		7,416,410		(137,932	)
PSMJ		39,002,697		(896,829	)
PSFJ		15,370,721		(436,921	)
PSCQ		5,577,959		(281,009	)
PSMO		28,406,563		(1,300,405	)
PSFO		10,322,737		(313,268	)

Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the result of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period ended October 31, 2023, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal year or period ended October 31, 2023, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2020-2022) for the applicable funds, or expected to be taken in each of the Fund’s 2023 tax returns. During the period ended October 31, 2023, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.

Distributions received from a Funds’ investments in REITs and MLPs may be characterized as ordinary income, net capital gain, or return of capital. The proper characterization of such distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. Such estimates are based on historical information available from each MLP and other industry sources. The actual character of distributions to each Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of such investments, a portion of the distributions received by each Fund’s shareholders may represent a return of capital.

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

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

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.

Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE are closed for trading. The offering and redemption price per share of the Fund is equal to each Fund’s NAV per share.

Guarantees and Indemnifications. In the normal course of business, the Funds enters into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred.

Cash and cash equivalents. Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The FDIC insures deposit accounts up to $250,000 for each account holder. The counter party is generally a single bank rather than a group of financial institutions; thus there may be a greater counter party credit risk. The Funds place deposits only with those counter parties which are believed to be creditworthy and there has been no history of loss.

Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period ended October 31, 2023, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid in Capital
USAI	$	(2,460,040	)	$	2,460,040
BULD		—			—
ODDS		—			—
PSFF		(1,199,499	)		1,199,499
PSCX		82,758			(82,758	)
PSMD		158,044			(158,044	)
PSFD		179,884			(179,884	)
PSCW		87,276			(87,276	)
PSMR		121,084			(121,084	)
PSFM		89,221			(89,221	)
PSCJ		(1,112,920	)		1,112,920
PSMJ		(5,968,219	)		5,968,219
PSFJ		(2,205,160	)		2,205,160
PSCQ		(1,034,544	)		1,034,544
PSMO		(6,247,173	)		6,247,173
PSFO		(2,230,901	)		2,230,901
TRPL		—			—
QDPL		(177,163	)		177,163

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

During the fiscal period ended October 31, 2023, the Fund realized the following in 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 net realized losses to paid-in capital.

USAI	$	2,912,413
BULD		—
ODDS		—
PSFF		1,667,457
PSCX		—
PSMD		—
PSFD		—
PSCW		—
PSMR		—
PSFM		—
PSCJ		1,186,492
PSMJ		6,472,080
PSFJ		2,311,829
PSCQ		1,120,128
PSMO		6,399,102
PSFO		2,328,410
TRPL		—
QDPL		189,778

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Pursuant to an Investment Advisory Agreement (“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at an annual rate based on the Fund’s average daily net assets:

Ticker	Adviser Fee
USAI	0.75%
BULD	0.60%
ODDS	0.60%
PSFF	0.18%
PSCX	0.75%
PSMD	0.75%
PSFD	0.75%
PSCW	0.75%
PSMR	0.75%
PSFM	0.75%
PSCJ	0.75%
PSMJ	0.75%
PSFJ	0.75%
PSCQ	0.75%
PSMO	0.75%
PSFO	0.75%
TRPL	0.79%
QDPL	0.79%

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

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

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

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period ended October 31, 2023.

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 October 31, 2023, USAI had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Fund bears the risk of loss associated with the investment of cash collateral received.

During the year ended October 31, 2023, USAI had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in the Fund’s Schedule of Investments. Income earned from these investments is allocated to the Fund based on the Fund’s portion of total cash collateral received. Securities lending income is disclosed in the Fund’s Statement of Operations.

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2023.

Securities Lending Transactions

Overnight and Continuous		Investments Purchased with Proceeds from Securities Lending Collateral*
USAI		$	3,725,563

*	Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

NOTE 7 – DERIVATIVES TRANSACTIONS

The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking- to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds’ cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

The following table represents a summary of the value of derivative instruments as of October 31, 2023 and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2023:

TRPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2023

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	5,104

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2023 is as follows:

Derivatives		Amount of Realized Gain on Derivatives Recognized in Income				Derivatives		Change in Unrealized Appreciation on Derivatives Recognized in Income
Equity Contracts - Futures		$	—			Equity Contracts - Futures		$	1,674

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

QDPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2023

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	983,987

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2023 is as follows:

Derivatives		Amount of Realized Gain on Derivatives Recognized in Income				Derivatives		Change in Unrealized Appreciation on Derivatives Recognized in Income
Equity Contracts - Futures		$	1,741			Equity Contracts - Futures		$	269,300

The average monthly value of long futures during the period ended October 31, 2023 in TRPL was $102,307 and in QDPL was $21,658,368.

NOTE 8 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2023:

Assets

							Gross Amounts not offset in the Statement of Assets and Liabilities
Description / Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
TRPL
Futures Contracts	$	28,954	$	—	$	28,954	$	28,954	$	—	$	—
QDPL
Futures Contracts		1,859,839		—		1,859,839		1,859,839		—		—

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
USAI
Securities Lending	$	3,725,563	$	$	3,725,563	$	3,725,563	$	$

121

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

NOTE 9 – INVESTMENT TRANSACTIONS

For the period ended October 31, 2023, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

	Purchases		Sales
USAI	$	12,639,383	$	12,387,878
BULD		227,346		226,646
ODDS		300,105		295,380
PSCX		—		4,863,643
PSMD		—		9,845,922
PSFD		—		797,693
PSFF		49,001,210		8,300,847
PSCW		—		—
PSMR		—		—
PSFM		—		—
PSCJ		—		—
PSMJ		—		—
PSFJ		—		—
PSCQ		6,442,639		—
PSMO		32,762,664		—
PSFO		11,628,888		1,330,276
TRPL		46,815		27,988
QDPL		10,369,318		4,796,202

For the period ended October 31, 2023, in-kind transactions associated with creations and redemptions, excluding short-term securities were as follows:

	Purchases		Sales
USAI	$	4,156,913	$	6,667,557
BULD		—		—
ODDS		—		—
PSCX		—		—
PSMD		—		—
PSFD		—		—
PSFF		35,679,614		32,571,242
PSCW		—		—
PSMR		—		—
PSFM		—		—
PSCJ		—		—
PSMJ		—		—
PSFJ		—		—
PSCQ		—		—
PSMO		—		—
PSFO		—		—
TRPL		—		—
QDPL		44,290,815		766,017

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

For the period ended October 31, 2023, U.S. Government transactions associated with creations and redemptions, excluding short-term securities were as follows:

	Purchases		Sales
USAI	$	—	$	—
BULD		—		—
ODDS		—		—
PSCX		—		—
PSMD		—		—
PSFD		—		—
PSFF		—		—
PSCW		—		—
PSMR		—		—
PSFM		—		—
PSCJ		—		—
PSMJ		—		—
PSFJ		—		—
PSCQ		—		—
PSMO		—		—
PSFO		—		—
TRPL		—		—
QDPL		1,887,109		—

For the period ended October 31, 2023, there were no long-term purchases or sales of U.S. Government Securities for the Funds.

NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES

PSFF seeks capital appreciation with downside protection. The Fund is an actively-managed exchange-traded fund that seeks to achieve its investment objective by investing in a portfolio of other ETFs also managed by the Fund’s Adviser, that seek exposure to U.S. equity securities, while limiting downside risk (the “Underlying ETFs”). Certain Underlying ETFs may also be sub-advised by the Fund’s Sub-Adviser. Underlying ETFs generally invest in equity securities or options on equity securities (including other ETFs) to obtain their long exposure to the U.S. equity market. Additionally, the Underlying ETFs may invest in cash, short-term U.S. Treasury securities, or high yield corporate bonds or utilize options on equity securities (including other ETFs) to hedge their exposure to U.S. equities. The Fund may also invest directly in equity securities, options on equity securities (including other ETFs) or indices, cash, or cash equivalents. While the Fund is not limited in the types of strategies the Underlying ETFs may utilize, the Fund is expected to primarily utilize “trend-following strategy” and “structured outcome strategy” styles of Underlying ETFs.

PSFF had the following transactions during the fiscal year with affiliates:

	Share Activity
Security Name	Balance November 1, 2022		Purchases		Sales			Balance October 31, 2023
PSCX		233,148		146,315		(70,485	)		308,978
PSFD		326,782		209,962		(99,710	)		437,034
PSMO		899,006		448,690		(276,936	)		1,070,760
PSCW		219,929		168,295		(60,782	)		327,442
PSFO		337,055		160,461		(116,786	)		380,730
PSCJ		229,999		151,639		(68,327	)		313,311
PSMJ		873,453		570,948		(259,268	)		1,185,133
PSCQ		191,388		96,845		(74,055	)		214,178
PSFJ		354,801		234,794		(105,624	)		483,971
PSMD		788,120		657,165		(262,012	)		1,183,273
PSMR		765,441		579,560		(331,699	)		1,013,302
PSFM		353,577		250,493		(131,300	)		472,770

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

	Period Ended October 31, 2023
Security Name	Value		Dividend Income		Gain Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PSCX	$	7,022,730	$	—	$	(9,238	)	$	387,508
PSFD		11,337,929		—		95,314			753,654
PSMO		25,093,689		—		353,676			2,026,921
PSCW		6,999,564		—		15,018			112,056
PSFO		9,073,405		—		201,519			552,647
PSCJ		6,675,436		—		35,647			271,301
PSMJ		27,240,163		—		254,587			1,425,392
PSCQ		4,786,686		—		50,994			387,380
PSFJ		11,125,622		—		109,375			514,329
PSMD		28,282,709		—		125,982			1,679,410
PSMR		23,291,152		—		108,568			1,089,170
PSFM		11,208,857		—		120,559			550,047
Total	$	172,137,942	$	—	$	1,462,001		$	9,749,815

NOTE 11 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at October 31, 2023, were as follows:

	USAI			BULD			ODDS			PSFF			PSCX
Tax cost of investments	$	41,040,385		$	1,540,253		$	791,288		$	165,584,885		$	9,404,086
Gross tax unrealized appreciation		9,315,606			121,372			68,909			7,802,989			1,311,058
Gross tax unrealized depreciation		(3,577,895	)		(248,467	)		(164,521	)		(1,249,932	)		(545,731	)
Net tax unrealized appreciation (depreciation)		5,737,711			(127,095	)		(95,612	)		6,553,057			765,327
Undistributed ordinary income		—			—			—			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		—			—			—			—			—
Other accumulated (loss)		(990,327	)		(17,810	)		(42,452	)		(300,908	)		(853,996	)
Total accumulated gain (loss)	$	4,747,384		$	(144,905	)	$	(138,064	)	$	6,252,149		$	(88,669	)

	PSMD			PSFD			PSCW			PSMR			PSFM
Tax cost of investments	$	31,801,955		$	16,962,602		$	9,801,217		$	28,938,887		$	15,921,118
Gross tax unrealized appreciation		3,428,985			1,991,053			543,322			1,643,069			1,106,307
Gross tax unrealized depreciation		(1,441,454	)		(966,470	)		(296,880	)		(1,005,030	)		(635,032	)
Net tax unrealized appreciation (depreciation)		1,987,531			1,024,583			246,442			638,039			471,275
Undistributed ordinary income		—			—			—			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		—			—			—			—			—
Other accumulated (loss)		(1,192,820	)		(1,623,983	)		(990,064	)		(2,470,734	)		(1,813,687	)
Total accumulated gain (loss)	$	794,711		$	(599,400	)	$	(743,622	)	$	(1,832,695	)	$	(1,342,412	)

124

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

	PSCJ			PSMJ			PSFJ			PSCQ			PSMO
Tax cost of investments	$	9,276,013		$	42,610,182		$	23,534,017		$	6,718,859		$	36,860,708
Gross tax unrealized appreciation		334,692			1,896,878			1,509,510			77,604			539,465
Gross tax unrealized depreciation		(660,142	)		(3,041,452	)		(2,264,371	)		(155,050	)		(925,215	)
Net tax unrealized appreciation (depreciation)		(325,450	)		(1,144,574	)		(754,861	)		(77,446	)		(385,750	)
Undistributed ordinary income		—			—			—			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		—			—			—			—			—
Other accumulated (loss)		(494,119	)		(1,268,113	)		(635,746	)		(541,013	)		(2,533,237	)
Total accumulated gain (loss)	$	(819,569	)	$	(2,412,687	)	$	(1,390,607	)	$	(618,459	)	$	(2,918,987	)

	PSFO			TRPL			QDPL
Tax cost of investments	$	10,773,698		$	957,255		$	161,992,750
Gross tax unrealized appreciation		147,680			56,528			10,521,084
Gross tax unrealized depreciation		(315,713	)		(171,573	)		(15,512,990	)
Net tax unrealized appreciation (depreciation)		(168,033	)		(115,045	)		(4,991,906	)
Undistributed ordinary income		—			—			—
Undistributed long-term gain		—			—			—
Total distributable earnings		—			—			—
Other accumulated (loss)		(729,811	)		(14,649	)		983,987
Total accumulated gain (loss)	$	(897,844	)	$	(129,694	)	$	(4,007,919	)

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts (REITs), partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after October 31 and within the taxable year are deemed to arise on the first business day of a Fund’s next taxable year. At October 31, 2023, the Funds, on a tax basis, did not defer any post-October.

At October 31, 2023, the following Funds deferred, on a tax basis, ordinary late year loses:

	Ordinary Late Year Loss Deferral
USAI	$	—
BULD		178
ODDS		687
PSCX		60,049
PSMD		163,903
PSFD		91,920
PSFF		170,434
PSCW		86,601
PSMR		138,771
PSFM		90,411
PSCJ		43,167
PSMJ		229,555
PSFJ		85,285
PSCQ		32,130
PSMO		165,195
PSFO		62,000
TRPL		—
QDPL		—

125

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

At October 31, 2023, the Funds had the following capital loss carryforwards:

	Short-Term			Long-Term			Expires
USAI	$	(704,930	)	$	(284,077	)		Indefinite
BULD		(13,840	)		(3,792	)		Indefinite
ODDS		(41,474	)		(287	)		Indefinite
PSFF		(130,265	)		(209	)		Indefinite
PSCX		(333,195	)		(460,752	)		Indefinite
PSMD		(347,800	)		(681,117	)		Indefinite
PSFD		(1,315,739	)		(216,324	)		Indefinite
PSCW		(758,597	)		(131,866	)		Indefinite
PSMR		(2,225,696	)		(106,267	)		Indefinite
PSFM		(1,593,385	)		(129,891	)		Indefinite
PSCJ		(390,541	)		(60,411	)		Indefinite
PSMJ		(789,870	)		(248,688	)		Indefinite
PSFJ		(550,461	)		—			Indefinite
PSCQ		(401,002	)		(107,881	)		Indefinite
PSMO		(2,099,001	)		(269,041	)		Indefinite
PSFO		(408,378	)		(259,433	)		Indefinite
TRPL		(4,550	)		(15,201	)		Indefinite
QDPL		—			—			Indefinite

NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year ended October 31, 2023, was as follows:

	Ordinary Income		Capital Gains		Return of Capital
USAI	$	572,644	$	—	$	1,917,356
BULD		3,412		—		723
ODDS		6,600		—		—
PSFF		6,428		—		—
PSCX		—		—		—
PSMD		—		—		—
PSFD		—		—		—
PSCW		—		—		—
PSMR		—		—		—
PSFM		—		—		—
PSCJ		—		—		—
PSMJ		—		—		—
PSFJ		—		—		—
PSCQ		—		—		—
PSMO		—		—		—
PSFO		—		—		—
TRPL		4,896		—		17,898
QDPL		897,292		85,981		3,763,619

126

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

The tax character of distributions paid by the Funds during the fiscal period ended October 31, 2022, was as follows:

	Ordinary Income		Capital Gains		Return of Capital
USAI	$	380,508	$	—	$	1,599,492
PSFF		—		—		—
PSCX		—		—		—
PSMD		32,631		—		—
PSFD		—		—		—
PSCW		—		—		—
PSMR		—		—		—
PSFM		—		—		—
PSCJ		—		—		—
PSMJ		2,015		—		—
PSFJ		—		—		—
PSCQ		—		—		—
PSMO		—		—		—
PSFO		—		—		—
ODDS		2,886		—		—
BULD		—		—		—

NOTE 13 – RISKS

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

NOTE 14 – SUBSEQUENT EVENTS

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than the below:

On November 21, 2023, the following Funds declared a distribution from ordinary income to shareholders of record as of November 24, 2023, Payable November 29, 2023, as follows:

		Ordinary Income				Per Share Amount
USAI		$	192,000			$	0.12000000

127

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Continued)

On December 26, 2023, the following Funds declared a distribution from ordinary income to shareholders of record as of December 28, 2023, Payable January 3, 2024, as follows:

	Ordinary Income		Per Share Amount
USAI	$	192,000	$	0.12000000
BULD	$	355	$	0.00887500
ODDS	$	—	$	—
PSCX	$	—	$	—
PSMD	$	—	$	—
PSFD	$	—	$	—
PSCW	$	—	$	—
PSMR	$	—	$	—
PSFM	$	—	$	—
PSCJ	$	—	$	—
PSMJ	$	—	$	—
PSCQ	$	—	$	—
PSMO	$	—	$	—
PSFO	$	—	$	—

On December 27, 2023, the following Funds declared a distribution from ordinary income to shareholders of record as of December 29, 2023, Payable January 4, 2024, as follows:

		Ordinary Income				Per Share Amount
PSFF		$	—			$	—

On December 27, 2023, the following Funds declared a distribution from ordinary income to shareholders of record as of December 29, 2023, Payable January 2, 2024, as follows:

	Ordinary Income		Per Share Amount
TRPL	$	11,830	$	0.47320000
QDPL	$	3,373,344	$	0.53040000

128

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Pacer Funds Trust and the Shareholders of
Pacer American Energy Independence ETF, Pacer BlueStar Engineering the Future ETF, Pacer BlueStar Digital Entertainment ETF, Pacer Swan SOS Fund of Funds ETF, Pacer Swan SOS Conservative (January) ETF, Pacer Swan SOS Moderate (January) ETF, Pacer Swan SOS Flex (January) ETF, Pacer Swan SOS Conservative (April) ETF, Pacer Swan SOS Moderate (April) ETF, Pacer Swan SOS Flex (April) ETF, Pacer Swan SOS Conservative (July) ETF, Pacer Swan SOS Moderate (July) ETF, Pacer Swan SOS Flex (July) ETF, Pacer Swan SOS Conservative (October) ETF, Pacer Swan SOS Moderate (October) ETF, Pacer Swan SOS Flex (October) ETF, Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Pacer American Energy Independence ETF (“USAI”), Pacer BlueStar Engineering the Future ETF (“BULD”), Pacer BlueStar Digital Entertainment ETF (“ODDS”), Pacer Swan SOS Fund of Funds ETF (“PSFF”), Pacer Swan SOS Conservative (January) ETF (“PSCX”), Pacer Swan SOS Moderate (January) ETF (“PSMD”), Pacer Swan SOS Flex (January) ETF (“PSFD”), Pacer Swan SOS Conservative (April) ETF (“PSCW”), Pacer Swan SOS Moderate (April) ETF (“PSMR”), Pacer Swan SOS Flex (April) ETF (“PSFM”), Pacer Swan SOS Conservative (July) ETF (“PSCJ”), Pacer Swan SOS Moderate (July) ETF (“PSMJ”), Pacer Swan SOS Flex (July) ETF (“PSFJ”), Pacer Swan SOS Conservative (October) ETF (“PSCQ”), Pacer Swan SOS Moderate (October) ETF (“PSMO”), Pacer Swan SOS Flex (October) ETF (“PSFO”), Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (“TRPL”) and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (“QDPL”) and (collectively the “Funds”), each a series of the Pacer Funds Trust (the “Trust”) including the schedules of investments, schedules of written options and schedules of open futures contracts, as of October 31, 2023, the related statements of operations, the statements of changes in net assets, the related notes and the financial highlights for the periods indicated in the table below (collectively, referred to as the “financial statements”).

The financial highlights for the year ended November 30, 2019 for the USAI Fund were audited by other auditors whose opinion dated January 28, 2020, expressed an unqualified opinion on those financial statements.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds, as of October 31, 2023, 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.

Individual Funds Included in the Trust	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer American Energy Independence ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and 2021 and for the period December 1, 2019 to October 31, 2020
Pacer BlueStar Engineering the Future ETF	For the year ended October 31, 2023	For the year ended October 31, 2023 and for the period May 4, 2022 to October 31, 2022	For the year ended October 31, 2023 and for the period May 4, 2022 to October 31, 2022
Pacer BlueStar Digital Entertainment ETF	For the year ended October 31, 2023	For the year ended October 31, 2023 and for the period April 7, 2022 to October 31, 2022	For the year ended October 31, 2023 and for the period April 7, 2022 to October 31, 2022
Pacer Swan SOS Fund of Funds ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period December 29, 2020 to October 31, 2021
Pacer Swan SOS Conservative (January) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period December 22, 2020 to October 31, 2021
Pacer Swan SOS Moderate (January) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period December 22, 2020 to October 31, 2021

129

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Individual Funds Included in the Trust	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer Swan SOS Flex (January) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period December 22, 2020 to October 31, 2021
Pacer Swan SOS Conservative (April) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period March 31, 2021 to October 31, 2021
Pacer Swan SOS Moderate (April) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period March 31, 2021 to October 31, 2021
Pacer Swan SOS Flex (April) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period March 31, 2021 to October 31, 2021
Pacer Swan SOS Conservative (July) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31 2023, 2022 and for the period June 30, 2021 to October 31, 2021
Pacer Swan SOS Moderate (July) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period June 30, 2021 to October 31, 2021
Pacer Swan SOS Flex (July) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period June 30, 2021 to October 31, 2021
Pacer Swan SOS Conservative (October) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period September 30, 2021 to October 31, 2021
Pacer Swan SOS Moderate (October) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period September 30, 2021 to October 31, 2021
Pacer Swan SOS Flex (October) ETF	For the year ended October 31, 2023	For the years ended October 31, 2023 and 2022	For the years ended October 31, 2023, 2022 and for the period September 30, 2021 to October 31, 2021
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF	For the period May 1, 2023 through October 31, 2023 and the year ended ended April 30, 2023	For the period May 1, 2023 through October 31, 2023, the year ended ended April 30, 2023 and the period July 12, 2021 through April 30, 2022	For the period May 1, 2023 through October 31, 2023, the year ended ended April 30, 2023 and the period July 12, 2021 through April 30, 2022
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF	For the period May 1, 2023 through October 31, 2023 and the year ended ended April 30, 2023	For the period May 1, 2023 through October 31, 2023, the year ended ended April 30, 2023 and the period July 12, 2021 through April 30, 2022	For the period May 1, 2023 through October 31, 2023, the year ended ended April 30, 2023 and the period July 12, 2021 through April 30, 2022

130

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

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 October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor for the Pacer Funds Trust since 2015
Huntingdon Valley, Pennsylvania
December 27, 2023

131

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of a Fund trade on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Fund’s website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year ended October 31, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Pacer American Energy Independence ETF	100.00%
Pacer Metaurus US Large Cap Target Dividend 300 ETF	100.00%
Pacer Metaurus US Large Cap Target Dividend 400 ETF	99.36%
Pacer Swan SOS Conservative (October) ETF	0.00%
Pacer Swan SOS Moderate (October) ETF	0.00%
Pacer Swan SOS Flex (October) ETF	0.00%
Pacer Swan SOS Conservative (April) ETF	0.00%
Pacer Swan SOS Flex (April) ETF	0.00%
Pacer Swan SOS Moderate (April) ETF	0.00%
Pacer Swan SOS Conservative (January) ETF	0.00%
Pacer Swan SOS Flex (January) ETF	0.00%
Pacer Swan SOS Moderate (January) ETF	0.00%
Pacer Swan SOS Fund of Funds ETF	0.00%
Pacer Swan SOS Conservative (July) ETF	0.00%
Pacer Swan SOS Flex (July) ETF	0.00%
Pacer Swan SOS Mod (July) ETF	0.00%
Pacer Bluestar Engineering the Future ETF	100.00%
Pacer BlueStar Digital Entertainment ETF	100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended October 31, 2023 was as follows:

Pacer American Energy Independence ETF	100.00%
Pacer Metaurus US Large Cap Target Dividend 300 ETF	100.00%
Pacer Metaurus US Large Cap Target Dividend 400 ETF	95.92%
Pacer Swan SOS Conservative (October) ETF	0.00%
Pacer Swan SOS Moderate (October) ETF	0.00%
Pacer Swan SOS Flex (October) ETF	0.00%
Pacer Swan SOS Conservative (April) ETF	0.00%
Pacer Swan SOS Flex (April) ETF	0.00%
Pacer Swan SOS Moderate (April) ETF	0.00%
Pacer Swan SOS Conservative (January) ETF	0.00%
Pacer Swan SOS Flex (January) ETF	0.00%
Pacer Swan SOS Moderate (January) ETF	0.00%
Pacer Swan SOS Fund of Funds ETF	0.00%
Pacer Swan SOS Conservative (July) ETF	0.00%
Pacer Swan SOS Flex (July) ETF	0.00%
Pacer Swan SOS Mod (July) ETF	0.00%
Pacer Bluestar Engineering the Future ETF	100.00%
Pacer BlueStar Digital Entertainment ETF	7.09%

132

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited).

Pacer American Energy Independence ETF	0.00%
Pacer Metaurus US Large Cap Target Dividend 300 ETF	0.00%
Pacer Metaurus US Large Cap Target Dividend 400 ETF	9.67%
Pacer Swan SOS Conservative (October) ETF	0.00%
Pacer Swan SOS Moderate (October) ETF	0.00%
Pacer Swan SOS Flex (October) ETF	0.00%
Pacer Swan SOS Conservative (April) ETF	0.00%
Pacer Swan SOS Flex (April) ETF	0.00%
Pacer Swan SOS Moderate (April) ETF	0.00%
Pacer Swan SOS Conservative (January) ETF	0.00%
Pacer Swan SOS Flex (January) ETF	0.00%
Pacer Swan SOS Moderate (January) ETF	0.00%
Pacer Swan SOS Fund of Funds ETF	0.00%
Pacer Swan SOS Conservative (July) ETF	0.00%
Pacer Swan SOS Flex (July) ETF	0.00%
Pacer Swan SOS Mod (July) ETF	0.00%
Pacer Bluestar Engineering the Future ETF	0.00%
Pacer BlueStar Digital Entertainment ETF	0.00%

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue Code, the following Funds designate the following amounts as foreign taxes paid for the year ended October 31, 2023. 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
USAI	$	—	$	—	$	—	$	—
BULD		10,713		1,949		0.13		0.02
ODDS		10,314		1,090		0.26		0.03
PSFF		—		—		—		—
PSCX		—		—		—		—
PSMD		—		—		—		—
PSFD		—		—		—		—
PSCW		—		—		—		—
PSMR		—		—		—		—
PSFM		—		—		—		—
PSCJ		—		—		—		—
PSMJ		—		—		—		—
PSFJ		—		—		—		—
PSCQ		—		—		—		—
PSMO		—		—		—		—
PSFO		—		—		—		—
TRPL		—		—		—		—
QDPL		—		—		—		—

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.

133

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds files their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available on the website of the SEC at www.sec.gov. Each Fund’s portfolio holdings are posted on its website at www.PacerETFs.com daily.

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information how the Funds voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

NOTE 5 – REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect its particular risks, but not to eliminate all adverse impacts of liquidity risk.

The Investment Adviser to the Trust has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the funds it advises.

On September 20, 2023, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Funds’ Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation. In considering the report, the Trustees noted that the Program Administrator has determined that certain funds within the Pacer Funds Trust are deemed “In-Kind” in accordance with Rule 22e-4. They then reviewed the changes to the Program that were implemented during the past year with the Program Administrator, and reviewed all of the material features of the Program to ensure that they understand how the Program is designed to assess and manage the risk that the Funds within the Trust could not meet requests to redeem shares issued by the Funds without significant dilution of remaining investors in the Funds. Following this review and discussion, the Trustees determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively assess the Program and its implementation, and that they are comfortable with the report’s conclusion that the Program is reasonably designed to assess and manage the Funds’ liquidity risk, and that the Program has operated as intended during the past year.

NOTE 6 - BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS

USAI, GCOW, COWZ, PTEU and PWS

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 September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU) and Pacer Wealthshield ETF (PWS) (each, a “Fund” and together, the “September Renewal Funds”).

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

134

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser’s responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser’s Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies; a copy of the Trust’s registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.

Representatives from the Adviser, along with other Trust service providers, presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement, including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of each Fund’s Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Fund’s Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge regarding each Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

●

Nature, Extent and Quality of Services to be Provided by the Adviser. The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Adviser’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts.

Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed, a comparison of each September Renewal Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, 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 of the September Renewal Fund’s generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Adviser.

●

Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of 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 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 Adviser had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest,

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taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Adviser from its relationship with the Funds, taking into account assessments of the Adviser’s profitability prepared and shared by the Adviser’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

●

Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

PACER SWAN SOS FUNDS

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 September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “SOS ETFs Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Swan SOS Fund of Funds ETF, Pacer Swan SOS Conservative ETF, Pacer Swan SOS Moderate ETF, and Pacer Swan SOS Flex ETF (each, a “Fund” together, the “Funds”). The Board also considered the continuation of the investment sub-advisory agreement (the “Swan Sub-Advisory Agreement”) between the Adviser and Swan Global Management (referred to as “Swan” or the “Sub-Advisor”) with respect to each Fund.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Swan ETFs Advisory Agreement and the Swan Sub-Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Swan ETFs Advisory Agreement and Swan Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Swan ETFs Advisory Agreement and the Swan Sub-Advisory Agreement.

Representatives from the Adviser and Swan presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Swan’s services, fees and other aspects of the SOS ETFs Advisory Agreement and Swan Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the SOS ETFs Advisory Agreement and Swan Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement; (2) the Adviser’s and Swan’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement; (3) the Adviser’s and Swan’s Form ADV disclosures; (4) information describing the

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nature, quality and extent of services that the Adviser and Swan is prepared to provide to the SOS ETFs; (5) the advisory fee payable by each SOS ETF to the Adviser for its services and the sub-advisory fee payable to Swan by the Adviser under the Swan Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Swan.

In considering the approval of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and Swan, including the performance of the Adviser and Swan with respect to the SOS ETFs; (ii) the costs and benefits, including the fee to be paid to the Adviser by the SOS ETFs, of the advisory services to be provided to the SOS ETFs; (iii) the fee paid to Swan by the Adviser; and (iv) potential economies of scale.

●

Nature, Extent and Quality of Services to be Provided by the Adviser and Swan. The Board reviewed the scope of services provided by the Adviser under the SOS ETFs Advisory Agreement and Swan under the Swan Sub-Advisory Agreement. In this regard, the Trustees reviewed SOS ETFs’ investment goal and investment strategy, and each of the Adviser’s and Swan’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 Swan, the Board noted that the Sub-Advisor has assets allocated to it by the Adviser and considered Swan’s ability to ensure compliance with SOS ETF’s strategies, policies, and limitations. The Board reviewed a comparison of each SOS ETFs’ performance for the one-year and since inception periods ended June 30, 2023 to that of the S&P 500 Price Return Index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with the S&P 500 Price Return Index. The Board noted that each of the SOS ETF’s generally performed in line with its investment objective over the relevant periods. The Trustees also considered the successful performance of Swan in managing each SOS ETF. In addition, the Trustees reviewed the management team at the Adviser and Swan that is responsible for managing each SOS ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Swan and any potential conflicts. They discussed the personnel changes at Swan and considered the quality of the professionals brought in to replace such personnel.

Based on its review, the Board determined that each of the Adviser and Swan is capable of providing all necessary advisory and sub-advisory services required by each SOS ETF, as indicated by the Adviser’s and Swan’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each SOS ETF relative to the S&P 500 Price Return Index and other products managed by the Adviser and Swan with similar investment objectives and strategies as each SOS ETF, as applicable. The Board also considered other services provided to each SOS ETF by the Adviser and Swan, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each SOS ETF’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

●

Costs and Benefits of Advisory Services to be Provided to each SOS ETF. In considering the advisory fees payable by the Trust to the Adviser and each SOS ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of a 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 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 SOS ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each SOS ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each SOS ETF, 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 each SOS ETF, 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 each SOS ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

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●

Costs and Benefits of Swan’s Sub-Advisory Advisory Services to be Provided to each SOS ETF. The Board noted that the sub-advisory fees paid to Swan are paid by the Adviser and would not be additional fees to be borne by each SOS ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Swan. In considering the sub-advisory fees payable by the Adviser to Swan, the Board evaluated the compensation and benefits received or likely to be received by Swan from the Adviser relating to the services provided to each SOS ETF. 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 Swan under the Swan 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 Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the SOS ETFs Advisory Agreement and the Swan Sub-Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees and the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Advisor, respectively, to each Fund; and (c) agreed to approve the renewal of the SOS ETFs Advisory Agreement and the Swan Sub-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.

NOTE 7 – 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

SL Advisors, LLC
220 Lenox Avenue, Suite 303
Westfield, New Jersey 07090

MV Index Solutions
Kreuznacher Str. 30,
60486 Frankfurt am
Main, Germany

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Sub Adviser

Swan Global Management, LLC
20 Ridge Top Palmas Del Mar
Humacao, PR 00791

Metaurus Advisors LLC
22 Hudson Place, Third Floor
Hoboken, New Jersey 07030

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
2617 Huntingdon Pike
Huntingdon Valley, PA 19006

Legal Counsel

Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211

(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)

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. “Other services” provided by the principal accountant were. 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 10/31/2023	FYE 10/31/2022
( a ) Audit Fees	$145,800	$129,600
( b ) Audit-Related Fees	$0	$0
( c ) Tax Fees	$18,000	$16,000
( 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 10/31/2023	FYE 10/31/2022
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 10/31/2023	FYE 10/31/2022
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 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. 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	1/4/2024

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	1/4/2024

By (Signature and Title)*	/s/ Sean E. O’Hara
	Sean E. O’Hara, Treasurer/Principal Financial Officer

Date	1/4/2024

Print the name and title of each signing officer under his or her signature.

Pacer Cash Cows Fund of Funds ETF (HERD) N-CSRCertified annual shareholder report (management investment company)