Pacer Cash Cows Fund of Funds ETF (HERD) N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the U.S. Securities and Exchange Commission on [date]

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

500 Chesterfield Parkway

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

Joe M. Thomson, President

500 Chesterfield Parkway

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: April 01, 2022 through October 31, 2022

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Portfolio Allocation	1
Performance Summary	19
Expense Example	50
Schedules of Investments	53
Statements of Assets & Liabilities	137
Statements of Operations	144
Statements of Changes in Net Assets	151
Financial Highlights	166
Notes to Financial Statements	195
Review of Liquidity Risk Management Program	223
Additional Information	224

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2022

Pacer Trendpilot^® US Large Cap ETF

Industry(a)	Percentage of Net Assets
Short-Term Investments	100.1%
Liabilities in excess of other assets	-0.1%
Total	100.0%

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

Pacer Trendpilot^® US Mid Cap ETF

Industry(a)	Percentage of Net Assets
Short-Term Investments	100.0%
Liabilities in excess of other assets	-0.0%(b)
Total	100.0%

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

^(b) Less than 0.05%.

Pacer Trendpilot^® 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.1%
Capital Goods	0.9%
Commercial & Professional Services	0.5%
Consumer Durables & Apparel	0.2%
Consumer Services	1.2%
Food & Staples Retailing	1.1%
Food, Beverage & Tobacco	2.2%
Health Care Equipment & Services	0.8%
Media & Entertainment	6.2%
Pharmaceuticals, Biotechnology	2.7%
Retailing	3.9%
Semiconductors & Semiconductor	6.6%
Software & Services	9.6%
Technology Hardware & Equipment	7.6%
Telecommunication Services	0.9%
Transportation	0.4%
Utilities	0.7%
Short-Term Investments	52.4%
Investments Purchased with Proceeds from Securities Lending	6.4%
Liabilities in excess of other assets	-6.4%
Total	100.0%

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

1

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Trendpilot^® European Index ETF

Industry(a)	Percentage of Net Assets
Greece	0.0%(b)
Netherlands	0.0%(b)
United Kingdom	0.1%
Short-Term Investments	99.3%
Other assets in excess of liabilities	0.6%
Total	100.0%

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

^(b) Less than 0.05%.

Pacer Trendpilot^® International ETF

Industry(a)	Percentage of Net Assets
Capital Goods	0.0%(b)
Diversified Financials	0.0%(b)
Insurance	0.0%(b)
Real Estate	0.0%(b)
Short-Term Investments	99.8%
Other assets in excess of liabilities	0.2%
Total	100.0%

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

Pacer Trendpilot^® US Bond ETF

Industry(a)	Percentage of Net Assets
Advertising	0.6%
Aerospace/Defense	2.0%
Agriculture	0.3%
Airlines	1.7%
Apparel	0.2%
Auto Manufacturers	3.4%
Auto Parts & Equipment	1.0%
Banks	2.1%
Beverages	0.1%
Biotechnology	0.1%
Building Materials	1.2%
Chemicals	2.1%
Commercial Services	3.9%
Computers	1.1%
Cosmetics/Personal Care	0.2%
Distribution/Wholesale	0.2%
Diversified Financial Services	3.1%
Electric	2.4%
Electrical Components & Equipment	0.1%
Electronics	0.4%
Energy-Alternate Sources	0.2%
Engineering & Construction	0.5%
Entertainment	2.9%

2

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Trendpilot® US Bond ETF (Continued)
Industry(a)	Percentage of Net Assets
Environmental Control	0.6%
Food	1.8%
Food Service	0.4%
Forest Products & Paper	0.2%
Gas	0.2%
Healthcare-Products	0.8%
Healthcare-Services	6.4%
Home Builders	0.2%
Home Furnishings	0.2%
Housewares	0.4%
Insurance	0.6%
Internet	1.8%
Investment Companies	0.6%
Iron/Steel	0.6%
Leisure Time	2.1%
Lodging	2.0%
Machinery-Construction & Mining	0.2%
Machinery-Diversified	0.4%
Media	10.2%
Mining	1.9%
Miscellaneous Manufacturing	0.4%
Office/Business Equipment	0.6%
Oil & Gas	6.0%
Oil & Gas Services	0.5%
Packaging & Containers	2.3%
Pharmaceuticals	1.6%
Pipelines	5.4%
Real Estate	4.9%
Retail	4.9%
Semiconductors	0.6%
Software	2.2%
Telecommunications	6.8%
Toys/Games/Hobbies	0.2%
Transportation	0.1%
Trucking & Leasing	0.2%
Investments Purchased with Proceeds from Securities Lending	3.9%
Liabilities in excess of other assets	-2.4%
Total	100.0%

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

3

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Trendpilot^® Fund of Funds ETF

Industry(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	99.8%
Short-Term Investments	0.2%
Liabilities in excess of other assets	0.0%*
Total	100.0%

* Less than 0.05%.

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

Pacer Global Cash Cows Dividend ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	10.4%
Capital Goods	8.1%
Commercial & Professional Services	0.4%
Consumer Durables & Apparel	0.1%
Consumer Services	0.1%
Energy	8.1%
Food & Staples Retailing	2.6%
Food, Beverage & Tobacco	12.0%
Health Care Equipment & Services	0.3%
Household & Personal Products	2.7%
Materials	15.8%
Media & Entertainment	1.3%
Pharmaceuticals, Biotechnology	12.9%
Real Estate	0.4%
Retailing	1.0%
Software & Services	3.2%
Technology Hardware & Equipmen	1.3%
Telecommunication Services	12.6%
Transportation	5.2%
Utilities	1.3%
Short-Term Investments	0.0%*
Investments Purchased with Proceeds from Securities Lending	13.8%
Liabilities in excess of other assets	-13.6%
Total	100.0%

* Less than 0.05%.

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

4

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer US Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	0.3%
Capital Goods	1.7%
Commercial & Professional Services	0.7%
Consumer Durables & Apparel	1.7%
Consumer Services	3.7%
Diversified Financials	1.8%
Energy	29.7%
Food & Staples Retailing	0.6%
Food, Beverage & Tobacco	2.0%
Health Care Equipment & Services	6.8%
Materials	16.5%
Media & Entertainment	3.0%
Pharmaceuticals, Biotechnology	16.5%
Real Estate	1.3%
Retailing	1.5%
Semiconductors & Semiconductor	2.0%
Software & Services	1.8%
Technology Hardware & Equipment	5.2%
Telecommunication Services	0.9%
Transportation	0.8%
Utilities	1.2%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	12.9%
Liabilities in excess of other assets	-12.7%
Total	100.0%

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

5

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer US Small Cap Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.3%
Capital Goods	9.2%
Commercial & Professional Services	4.6%
Consumer Durables & Apparel	6.6%
Consumer Services	5.4%
Diversified Financials	1.8%
Energy	11.1%
Food, Beverage & Tobacco	1.2%
Health Care Equipment & Services	5.8%
Household & Personal Products	0.3%
Materials	8.9%
Media & Entertainment	2.9%
Pharmaceuticals, Biotechnology	5.4%
Real Estate	1.0%
Retailing	14.0%
Semiconductors & Semiconductor	6.9%
Software & Services	3.7%
Technology Hardware & Equipment	3.8%
Transportation	5.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	29.9%
Liabilities in excess of other assets	-30.0%
Total	100.0%

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

6

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Developed Markets International Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	8.7%
Capital Goods	11.1%
Commercial & Professional Services	0.9%
Consumer Durables & Apparel	1.7%
Energy	23.0%
Food & Staples Retailing	1.3%
Food, Beverage & Tobacco	5.1%
Health Care Equipment & Services	0.6%
Materials	14.0%
Media & Entertainment	5.6%
Pharmaceuticals, Biotechnology	3.7%
Retailing	5.2%
Semiconductors & Semiconductor	2.7%
Software & Services	0.6%
Technology Hardware & Equipment	2.6%
Telecommunication Services	2.8%
Transportation	8.6%
Utilities	1.4%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	11.5%
Liabilities in excess of other assets	-11.2%
Total	100.0%

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

Pacer US Cash Cows Growth ETF

Industry(a)	Percentage of Net Assets
Capital Goods	1.6%
Commercial & Professional Services	0.8%
Consumer Durables & Apparel	1.0%
Consumer Services	2.2%
Energy	12.8%
Health Care Equipment & Services	1.2%
Materials	4.3%
Media & Entertainment	7.7%
Pharmaceuticals, Biotechnology	13.4%
Retailing	18.1%
Semiconductors & Semiconductor	20.8%
Software & Services	8.1%
Technology Hardware & Equipment	5.1%
Transportation	1.7%
Utilities	1.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	13.6%
Liabilities in excess of other assets	-13.6%
Total	100.0%

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

7

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Emerging Markets Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.9%
Capital Goods	6.5%
Consumer Services	0.4%
Energy	15.3%
Food & Staples Retailing	2.0%
Food, Beverage & Tobacco	6.3%
Health Care Equipment & Services	0.1%
Household & Personal Products	0.5%
Materials	21.4%
Media & Entertainment	0.7%
Pharmaceuticals, Biotechnology	1.7%
Real Estate	1.0%
Retailing	5.2%
Semiconductors & Semiconductor	4.6%
Software & Services	0.3%
Technology Hardware & Equipment	4.9%
Telecommunication Services	13.1%
Transportation	6.1%
Utilities	5.3%
Short-Term Investments	1.0%
Investments Purchased with Proceeds from Securities Lending	1.8%
Liabilities in excess of other assets	-1.1%
Total	100.0%

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

Pacer Cash Cows Fund of Funds ETF

Industry(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	99.9%
Short-Term Investments	0.1%
Liabilities in excess of other assets	0.0%*
Total	100.0%

* Less than 0.05%.

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

Pacer WealthShield ETF

Industry(a)	Percentage of Net Assets
Energy	20.1%
Health Care Equipment & Servic	8.5%
Pharmaceuticals, Biotechnology	11.7%
Short-Term Investments	67.0%
Investments Purchased with Proceeds from Securities Lending	0.0%
Liabilities in excess of other assets	-7.3%
Total	100.0%

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

8

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Industrial Real Estate ETF

Industry(a)	Percentage of Net Assets
Common Stock	5.1%
Real Estate Investment Trusts	91.7%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	14.7%
Liabilities in excess of other assets	-11.8%
Total	100.0%

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

Pacer Data & Infrastructure Real Estate ETF

Industry(a)	Percentage of Net Assets
Common Stocks	33.0%
Real Estate Investment Trusts	66.2%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	7.6%
Liabilities in excess of other assets	-7.0%
Total	100.0%

^(a) The Fund may classify a company in a different category than theKelly Data Center & Tech Infrastructure Index.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.1%
Capital Goods	16.5%
Commercial & Professional Services	3.8%
Consumer Durables & Apparel	5.4%
Consumer Services	7.8%
Materials	24.6%
Retailing	9.5%
Semiconductors & Semiconductor	6.3%
Software & Services	12.2%
Technology Hardware & Equipment	6.5%
Transportation	4.7%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	13.1%
Liabilities in excess of other assets	-12.6%
Total	100.0%

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

9

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer CSOP FTSE China A50 ETF    

Industry(a)	Percentage of Net Assets
Automobiles & Components	5.0%
Banks	18.7%
Capital Goods	9.6%
Consumer Durables & Apparel	1.0%
Diversified Financials	3.1%
Energy	4.9%
Food, Beverage & Tobacco	28.7%
Health Care Equipment & Services	3.0%
Insurance	3.0%
Materials	3.1%
Pharmaceuticals, Biotechnology	3.4%
Real Estate	1.0%
Retailing	2.4%
Semiconductors & Semiconductor	2.7%
Technology Hardware & Equipment	2.3%
Transportation	3.8%
Utilities	3.5%
Short-Term Investments	0.7%
Other assets in excess of liabilities	0.1%
Total	100.0%

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

Pacer BioThreat Strategy ETF

Industry(a)	Percentage of Net Assets
Capital Goods	3.5%
Commercial & Professional Services	0.7%
Food & Staples Retailing	8.2%
Food, Beverage & Tobacco	1.6%
Health Care Equipment & Services	10.8%
Household & Personal Products	3.6%
Materials	1.8%
Media & Entertainment	5.0%
Pharmaceuticals, Biotechnology	43.6%
Retailing	14.3%
Semiconductors & Semiconductor	3.9%
Software & Services	2.2%
Technology Hardware & Equipment	0.7%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	10.5%
Liabilities in excess of other assets	-10.5%
Total	100.0%

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

10

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Lunt Large Cap Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	4.2%
Banks	1.7%
Capital Goods	2.4%
Commercial & Professional Services	0.8%
Consumer Durables & Apparel	4.7%
Consumer Services	11.6%
Diversified Financials	6.5%
Energy	1.4%
Health Care Equipment & Services	4.4%
Household & Personal Products	0.8%
Insurance	1.2%
Materials	2.3%
Media & Entertainment	6.2%
Pharmaceuticals, Biotechnology	2.9%
Retailing	4.8%
Semiconductors & Semiconductor	17.5%
Software & Services	17.7%
Technology Hardware & Equipment	5.4%
Transportation	3.5%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	10.6%
Liabilities in excess of other assets	-10.7%
Total	100.0%

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

11

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Lunt Midcap Multi-Factor Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.7%
Capital Goods	10.9%
Commercial & Professional Services	2.0%
Consumer Durables & Apparel	3.8%
Consumer Services	5.5%
Energy	7.0%
Food & Staples Retailing	0.6%
Food, Beverage & Tobacco	1.0%
Health Care Equipment & Services	13.5%
Household & Personal Products	1.2%
Insurance	0.8%
Materials	2.8%
Media & Entertainment	1.8%
Pharmaceuticals, Biotechnology	7.3%
Real Estate	2.1%
Retailing	10.6%
Semiconductors & Semiconductor	8.3%
Software & Services	9.8%
Technology Hardware & Equipment	3.2%
Telecommunication Services	0.8%
Transportation	4.2%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	22.2%
Liabilities in excess of other assets	-22.2%
Total	100.0%

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

12

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Lunt Large Cap Multi-Factor Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.4%
Banks	0.8%
Capital Goods	4.1%
Commercial & Professional Services	1.1%
Consumer Durables & Apparel	0.9%
Consumer Services	11.4%
Diversified Financials	3.6%
Energy	1.8%
Food & Staples Retailing	0.4%
Food, Beverage & Tobacco	5.3%
Health Care Equipment & Services	6.0%
Household & Personal Products	1.9%
Insurance	0.5%
Materials	1.3%
Media & Entertainment	1.5%
Pharmaceuticals, Biotechnology	6.8%
Real Estate	5.4%
Retailing	12.1%
Semiconductors & Semiconductor	6.0%
Software & Services	18.1%
Technology Hardware & Equipment	5.4%
Transportation	0.9%
Utilities	1.8%
Short-Term Investments	0.5%
Investments Purchased with Proceeds from Securities Lending	9.7%
Liabilities in excess of other assets	-9.7%
Total	100.0%

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

13

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer US Export Leaders ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.9%
Capital Goods	5.3%
Commercial & Professional Services	1.1%
Consumer Durables & Apparel	0.9%
Consumer Services	3.1%
Diversified Financials	1.0%
Energy	4.9%
Food, Beverage & Tobacco	3.1%
Health Care Equipment & Services	3.7%
Household & Personal Products	2.8%
Materials	10.9%
Media & Entertainment	4.9%
Pharmaceuticals, Biotechnology	12.8%
Real Estate	0.9%
Semiconductors & Semiconductor	20.0%
Software & Services	11.2%
Technology Hardware & Equipment	10.4%
Transportation	1.0%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	15.2%
Liabilities in excess of other assets	-15.2%
Total	100.0%

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

14

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Pacific Asset Floating Rate High Income ETF

Industry(a)	Percentage of Net Assets
Advertising	1.6%
Aerospace/Defense	2.6%
Airlines	2.7%
Building Materials	2.0%
Chemicals	0.5%
Coal	0.0%
Commercial Services	1.9%
Computers	3.3%
Cosmetics/Personal Care	0.6%
Diversified Financial Services	2.3%
Electronics	0.6%
Entertainment	3.0%
Environmental Control	3.5%
Food	1.3%
Healthcare-Services	3.6%
Insurance	0.9%
Internet	2.0%
Leisure Time	2.3%
Lodging	2.0%
Machinery-Diversified	6.6%
Media	2.0%
Mining	1.7%
Packaging & Containers	2.6%
Pharmaceuticals	0.9%
Pipelines	2.6%
Real Estate	0.6%
Retail	6.3%
Semiconductors	0.8%
Software	2.2%
Telecommunications	1.3%
Transportation	1.4%
Asset Backed Securities	30.2%
Exchange Traded Funds	1.6%
Closed End Funds	0.0%*
Short-Term Investments	8.0%
Liabilities in excess of other assets	-5.5%
Total	100.0%

15

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.1%
Banks	3.6%
Capital Goods	5.3%
Commercial & Professional Services	0.8%
Consumer Durables & Apparel	0.7%
Consumer Services	1.8%
Diversified Financials	4.8%
Energy	5.0%
Food & Staples Retailing	1.5%
Food, Beverage & Tobacco	3.4%
Health Care Equipment & Services	5.9%
Household & Personal Products	1.4%
Insurance	2.2%
Materials	2.3%
Media & Entertainment	5.7%
Pharmaceuticals, Biotechnology	8.2%
Real Estate	2.4%
Retailing	5.4%
Semiconductors & Semiconductor	4.4%
Software & Services	11.7%
Technology Hardware & Equipment	8.2%
Telecommunication Services	1.1%
Transportation	1.5%
Utilities	2.7%
Short-Term Investments	2.1%
Other assets in excess of liabilities	5.8%
Total	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.

16

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.0%
Banks	3.4%
Capital Goods	5.1%
Commercial & Professional Serv	0.8%
Consumer Durables & Apparel	0.7%
Consumer Services	1.8%
Diversified Financials	4.6%
Energy	4.7%
Food & Staples Retailing	1.4%
Food, Beverage & Tobacco	3.3%
Health Care Equipment & Servic	5.7%
Household & Personal Products	1.4%
Insurance	2.1%
Materials	2.2%
Media & Entertainment	5.4%
Pharmaceuticals, Biotechnology	7.8%
Real Estate	2.3%
Retailing	5.1%
Semiconductors & Semiconductor	4.2%
Software & Services	11.2%
Technology Hardware & Equipmen	7.8%
Telecommunication Services	1.0%
Transportation	1.5%
Utilities	2.6%
Short-Term Investments	10.0%
Other assets in excess of liabilities	1.9%
Total	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 Data and Digital Revolution ETF

Industry(a)	Percentage of Net Assets
Capital Goods	7.3%
Semiconductors & Semiconductor	29.1%
Software & Services	35.9%
Technology Hardware & Equipment	27.4%
Short-Term Investments	0.3%
Liabilities in excess of other assets	0.0%*
Total	100.0%

* Less than 0.05%.

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

17

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2022

Pacer Industrials and Logistics ETF

Industry(a)	Percentage of Net Assets
Capital Goods	5.6%
Commercial & Professional Serv	0.5%
Energy	0.1%
Pharmaceuticals, Biotechnology	0.1%
Retailing	0.2%
Software & Services	15.6%
Technology Hardware & Equipmen	1.6%
Transportation	73.4%
Exchange Traded Funds	2.4%
Short-Term Investments	0.3%
Other assets in excess of liabilities	0.2%
Total	100.0%

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

18

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

The S&P 500 Total Return Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Large Cap ETF - NAV	-5.83%	7.00%	7.42%	6.65%
Pacer Trendpilot® US Large Cap ETF - Market	-5.81%	6.99%	7.39%	6.65%
Pacer Trendpilot® US Large Cap Index(3)	-5.31%	7.61%	8.06%	7.29%
S&P 500® Total Return Index (3)	-14.61%	10.22%	10.44%	10.62%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

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

19

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Mid Cap ETF - NAV	-10.98%	3.69%	2.05%	4.09%
Pacer Trendpilot® US Mid Cap ETF - Market	-11.07%	3.67%	1.98%	4.08%
Pacer Trendpilot® US Mid Cap Index(3)	-10.51%	4.42%	2.65%	4.73%
S&P MidCap 400 Index(3)	-11.54%	9.20%	7.47%	8.10%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

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

20

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® 100 ETF - NAV	-13.47%	10.50%	11.55%	10.20%
Pacer Trendpilot® 100 ETF - Market	-13.63%	10.43%	11.50%	10.18%
Pacer NASDAQ-100 Trendpilot® Index(3)	-13.05%	11.07%	12.13%	10.84%
NASDAQ-100 Index(3)	-27.46%	13.08%	13.84%	14.60%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, as supplemented October 18, 2022, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

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

21

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® European Index ETF - NAV	-9.78%	-4.69%	-4.55%	-0.46%
Pacer Trendpilot® European Index ETF - Market	-9.94%	-4.63%	-4.79%	-0.48%
Pacer Trendpilot® European Index(3)	-9.10%	-3.40%	-3.14%	0.92%
FTSE Eurozone Index(3)	-27.32%	-1.64%	-1.06%	3.72%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 14, 2015.

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

22

Pacer Trendpilot^® International ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot International ETF - NAV	-14.80%	-0.34%	0.74%
Pacer Trendpilot International ETF - Market	-15.11%	-0.53%	0.71%
Pacer Trendpilot International Index	-14.38%	0.53%	1.57%
S&P Developed Ex-US Large Cap Index(3)	-21.97%	0.45%	1.57%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.68%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 2, 2019.

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

23

Pacer Trendpilot^® US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer Trendpilot US Bond Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index.

The S&P U.S. High Yield Corporate Bond Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The S&P U.S. Treasury Bond 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years.

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot US Bond ETF - NAV	-21.51%	-3.68%	-3.73%
Pacer Trendpilot US Bond ETF - Market	-21.53%	-3.69%	-3.73%
Pacer Trendpilot US Bond Index(3)	-19.21%	-1.50%	-1.58%
S&P U.S. High Yield Corporate Bond IndexTM(3)	-11.94%	0.05%	0.08%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, as supplemented July 1, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is October 22, 2019.

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

24

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer Trendpilot Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot ETFs”). Each of the Trendpilot ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot Indexes”). Each Trendpilot Index other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200 business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Underlying Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component. The Pacer Trendpilot US Bond Index (the “Trendpilot Bond Index”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index, depending on the value of the S&P U.S. High Yield Corporate Bond Index divided by the value of the S&P U.S. Treasury Bond 7-10 Year Index (the “Risk Ratio”).

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

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

25

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot Fund of Funds ETF - NAV	-13.56%	2.13%	2.19%
Pacer Trendpilot Fund of Funds ETF - Market	-13.53%	2.15%	2.19%
Pacer Trendpilot Fund of Funds Index(3)	-12.49%	3.33%	3.37%
S&P 1200 Index(3)	-17.71%	6.17%	6.42%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.77%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 3, 2019.

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

26

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Global Cash Cows Dividend ETF - NAV	0.04%	2.86%	3.46%	6.15%
Pacer Global Cash Cows Dividend ETF - Market	0.09%	2.91%	3.30%	6.14%
Pacer Global Cash Cows Dividend Index(3)	0.89%	3.75%	4.37%	7.08%
FTSE All-World Developed Large-Cap Index(3)	-18.40%	6.58%	6.94%	10.26%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is February 22, 2016.

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

27

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Cash Cows 100 ETF - NAV	5.10%	18.99%	13.79%	13.43%
Pacer US Cash Cows 100 ETF - Market	5.09%	19.02%	13.71%	13.38%
Pacer US Cash Cows 100 Index(3)	5.52%	19.40%	14.27%	13.88%
Russell 1000® Index(3)	-16.38%	9.99%	10.19%	11.37%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 16, 2016.

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

28

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Small Cap Cash Cows 100 ETF - NAV	-10.26%	15.60%	10.25%	9.48%
Pacer US Small Cap Cash Cows 100 ETF - Market	-10.12%	15.69%	10.24%	9.48%
Pacer US Small Cap Cash Cows Index(3)	-9.34%	16.16%	10.69%	9.89%
S&P SmallCap 600® Index(3)	-11.81%	8.96%	7.11%	8.03%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 16, 2017.

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

29

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Developed Markets International Cash Cows 100 ETF - NAV	-15.61%	1.63%	0.69%	2.77%
Pacer Developed Markets International Cash Cows 100 ETF - Market	-16.00%	1.95%	0.48%	2.84%
Pacer Developed Markets International Cash Cows 100 Index(3)	-15.06%	2.62%	1.66%	3.69%
FTSE Developed ex-US Index(3)	-22.88%	-0.53%	0.19%	1.48%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 16, 2017.

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

30

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer US Cash Cows Growth ETF - NAV	-13.78%	13.15%	11.11%
Pacer US Cash Cows Growth ETF - Market	-13.86%	13.17%	11.09%
Pacer US Cash Cows Growth Index(3)	-13.63%	13.40%	11.31%
S&P 900 Pure Growth Index(3)	-23.90%	10.04%	8.32%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 2, 2019.

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

31

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Emerging Markets Cash Cows 100 ETF - NAV	-25.96%	-6.79%	-5.37%
Pacer Emerging Markets Cash Cows 100 ETF - Market	-25.72%	-6.67%	-5.09%
Pacer Emerging Markets Cash Cows 100 Index(3)	-24.23%	-4.84%	-3.44%
FTSE Emerging Markets Index(3)	-28.39%	-3.41%	-3.14%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 2, 2019.

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

32

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.

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

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

33

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Cash Cows Fund of Funds ETF - NAV	-6.97%	10.69%	8.67%
Pacer Cash Cows Fund of Funds ETF - Market	-7.10%	9.98%	8.54%
Pacer Cash Cows Fund of Funds Index(3)	-6.54%	10.98%	9.16%
FTSE All World Developed Index(3)	-18.85%	5.78%	5.98%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.74%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 3, 2019.

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

34

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer WealthShield ETF - NAV	-14.55%	8.77%	4.14%
Pacer WealthShield ETF - Market	-14.61%	8.79%	4.13%
Pacer WealthShield Index(3)	-14.51%	8.66%	4.39%
S&P 500® Index (3)	-14.61%	10.22%	9.90%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 11, 2017.

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

35

Pacer Industrial Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Industrial Real Estate ETF - NAV	-22.88%	5.44%	11.93%
Pacer Industrial Real Estate ETF - Market	-22.91%	5.38%	11.90%
Kelly Industrial Real Estate Index(3)	-22.31%	6.42%	12.79%
FTSE NAREIT All Equity REITS Total Return Index(3)	-19.16%	-0.34%	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 August 31, 2022, supplemented October 14, 2022 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 14, 2018.

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

36

Pacer Data & Infrastructure Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Data & Infrastructure Real Estate ETF - NAV	-29.34%	-2.15%	4.95%
Pacer Data & Infrastructure Real Estate ETF - Market	-29.73%	-2.38%	4.83%
Kelly Data Center & Tech Infrastructure Index(3)	-29.11%	-1.84%	5.67%
FTSE NAREIT All Equity REITS Total Return Index(3)	-19.16%	-0.34%	6.27%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, supplemented October 14, 2022 is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 15, 2018.

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

37

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	-10.32%	6.34%	8.76%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	-10.32%	6.32%	8.72%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3)	-9.74%	7.32%	9.71%
S&P 500® Index (3)	-14.61%	10.22%	9.71%

⁽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 August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 23, 2018.

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

38

Pacer CSOP FTSE China A50 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer CSOP FTSE China A50 ETF - NAV	-37.04%	-6.44%	-2.81%	1.02%
Pacer CSOP FTSE China A50 ETF - Market	-37.20%	-6.53%	-2.99%	0.90%
FTSE China A50 Net Total Return Index®(3)	-36.70%	-5.91%	-2.18%	1.42%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

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

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

39

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Since Inception(2)
Pacer BioThreat Strategy ETF - NAV	-19.98%	5.68%
Pacer BioThreat Strategy ETF - Market	-20.08%	5.64%
LifeSci BioThreat Strategy Index (3)	-19.48%	6.42%
S&P 500® Index (3)	-14.61%	12.36%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

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

40

Pacer Lunt Large Cap Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Since Inception(2)
Pacer Lunt Large Cap Alternator ETF - NAV	-9.33%	25.28%
Pacer Lunt Large Cap Alternator ETF - Market	-9.43%	25.25%
Lunt Capital U.S. Large Cap Equity Rotation Index (3)	-8.78%	26.37%
S&P 500® Index (3)	-14.61%	12.36%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

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

41

Pacer Lunt Midcap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Since Inception(2)
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	-13.39%	12.63%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	-13.54%	12.65%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index (3)	-12.98%	13.64%
S&P MidCap 400® Index (3)	-11.54%	17.20%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

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

42

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Since Inception(2)
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	-14.07%	18.32%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	-14.11%	18.33%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3)	-13.46%	19.28%
S&P 500® Index(3)	-14.61%	12.36%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 24, 2020.

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

43

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Since Inception(2)
Pacer US Export Leaders ETF - NAV	-19.57%	10.60%	9.02%
Pacer US Export Leaders ETF - Market	-19.48%	10.72%	9.05%
Pacer US Export Leaders Index(3)	-19.12%	11.28%	9.70%
S&P 900 IndexTM(3)	-14.43%	10.15%	9.49%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 23, 2018.

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

44

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity marketcapitalization.

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Pacific Asset Floating Rate High Income ETF - NAV	-5.39%	0.55%	1.68%	2.12%
Pacer Pacific Asset Floating Rate High Income ETF - Market	-5.37%	0.59%	1.68%	2.13%
S&P/LSTA U.S. Leveraged Loan 100 Index (3)	-2.36%	2.01%	2.72%	2.96%
S&P 500® Index (3)	-14.61%	10.22%	10.44%	10.33%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.61%. For performance information current to the most recent month-end, please call 1-877-337-0500.

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

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

45

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 Total Return Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Since Inception(2)
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV	-14.13%	-7.66%
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market	-14.09%	-7.55%
Metaurus US Large Cap Dividend Multiplier Return Index – Series 300 (3)	-13.37%	-6.90%
S&P 500® Index (3)	-14.61%	-7.73%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.79%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽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.

46

Pacer Metaurus US Large Cap Dividend Multiplier 400 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 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 Total Return Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	One Year	Since Inception(2)
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV	-13.51%	-7.23%
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market	-13.56%	-7.07%
Metaurus US Large Cap Dividend Multiplier Return Index – Series 400 (3)	-12.77%	-6.48%
S&P 500® Index (3)	-14.61%	-7.73%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, is 0.79%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽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.

47

Pacer Data and Digital Revolution ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	Since Inception(2)
Pacer Data and Digital Revolution ETF - NAV	-13.16%
Pacer Data and Digital Revolution ETF - Market	-12.79%
Pacer Data Transmission and Communication Revolution TR Index (3)	-12.92%
S&P 500® Index (3)	-5.33%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 7, 2022 as supplemented June 10, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 8, 2022.

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

48

Pacer Industrials and Logistics ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2022)

	Since Inception(2)
Pacer Industrials and Logistics ETF - NAV	-11.91%
Pacer Industrials and Logistics ETF - Market	-11.35%
Pacer Global Supply Chain Infrastructure Total Return Index (3)	-12.01%
S&P 500® Index (3)	-5.33%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 7, 2022 as supplemented June 10, 2022, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 8, 2022.

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

49

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2022 (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 a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.

Hypothetical Example for Comparison Purposes

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

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

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/22	Ending Account Value 10/31/22	Expenses Paid During Period(a)
Pacer Trendpilot® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,005.60	$ 3.03
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Trendpilot® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 932.40	$ 2.92
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer TrendpilotTM 100 ETF
Actual	0.65%	$1,000.00	$ 963.50	$ 3.22
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer Trendpilot® European Index ETF
Actual	0.65%	$1,000.00	$ 1,003.80	$ 3.28
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 1,005.20	$ 3.29
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 892.80	$ 2.86
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 960.90	$ 0.74
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.45	$ 0.77
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 901.80	$ 2.88
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06

50

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2022 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/22	Ending Account Value 10/31/22	Expenses Paid During Period(a)
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 978.40	$ 2.44
Hypothetical(b)	0.49%	$1,000.00	$ 1,022.74	$ 2.50
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 988.80	$ 2.96
Hypothetical(b)	0.59%	$1,000.00	$ 1,022.23	$ 3.01
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 866.20	$ 3.06
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.93	$ 3.31
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 990.40	$ 3.01
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 785.30	$ 3.15
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.68	$ 3.57
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 947.30	$ 0.74
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.45	$ 0.77
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 967.50	$ 2.98
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Industrial Real Estate ETF
Actual	0.60%	$1,000.00	$ 794.90	$ 2.71
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Data & Infrastructure Real Estate ETF
Actual	0.60%	$1,000.00	$ 762.30	$ 2.67
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 978.90	$ 2.99
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 764.00	$ 3.11
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.68	$ 3.57
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 966.80	$ 3.47
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.68	$ 3.57
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 907.90	$ 2.89
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Lunt Midcap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 970.90	$ 2.98
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 981.30	$ 3.00
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 927.30	$ 2.91
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06

51

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2022 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/22	Ending Account Value 10/31/22	Expenses Paid During Period(a)
Pacer Pacific Asset Floating Rate High Income ETF
Actual	0.60%	$1,000.00	$ 952.20	$ 2.95
Hypothetical(b)	0.60%	$1,000.00	$ 1,022.18	$ 3.06
Pacer Metarus US Large Cap Target Dividend 300 ETF
Actual	0.79%	$1,000.00	$ 950.80	$ 3.88
Hypothetical(b)	0.79%	$1,000.00	$ 1,021.22	$ 4.02
Pacer Metarus US Large Cap Target Dividend 400 ETF
Actual	0.79%	$1,000.00	$ 954.50	$ 3.89
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.

	Fund’s Annual Expense Ratio		Beginning Account Value 06/08/22(a)		Ending Account Value 10/31/22		Expenses Paid During Period(a)
Pacer Industrials and Logistics ETF
Actual		0.60%		$1,000.00	$	880.90	$	2.24	(b)
Hypothetical(c)		0.60%		$1,000.00	$	1,017.48	$	2.40
Pacer Data and Digital Revolution ETF
Actual		0.60%		$1,000.00	$	868.40	$	2.23	(b)
Hypothetical(c)		0.60%		$1,000.00	$	1,017.48	$	2.40

^(a) Inception Date of the Fund.

^(b) 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 (145) in the most recent period and divided by the number of days in the most recent twelve-month period (365).

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

^(c) Assumes 5% return before expenses.

52

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.1%
Money Market Deposit Accounts — 3.3%
U.S. Bank Money Market Deposit Account 2.300% (a)	$	69,585,935	$	69,585,935
US Treasury Bills — 96.8%
United States Treasury Bill 11/03/2022 0.00%		860,000,000		859,897,841
United States Treasury Bill 11/17/2022 0.00%		130,000,000		129,836,143
United States Treasury Bill 12/08/2022 0.00%		100,000,000		99,647,601
United States Treasury Bill 01/29/2023 0.00%		970,000,000		961,609,723
				2,050,991,308
TOTAL SHORT-TERM INVESTMENTS (Cost $2,120,776,322)				2,120,577,243
Total Investments (Cost $2,120,776,322) — 100.1%				2,120,577,243
Liabilities in Excess of Other Assets — (0.1)%				(2,808,481	)
TOTAL NET ASSETS — 100.0%			$	2,117,768,762

Percentages are stated as a percent of net assets.

(a) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

53

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.0%
Money Market Deposit Accounts — 7.4%
U.S. Bank Money Market Deposit Account 2.300% (a)	$	38,412,509	$	38,412,509
US Treasury Bills — 92.6%
United States Treasury Bill 12/01/2022 0.00%		418,000,000		416,811,025
United States Treasury Bill 01/19/2023 0.00%		67,000,000		66,420,465
				483,231,490
TOTAL SHORT-TERM INVESTMENTS (Cost $521,860,765)				521,643,999
Total Investments (Cost $521,860,765) — 100.0%				521,643,999
Liabilities in Excess of Other Assets — 0.0% (b)				(174,107	)
TOTAL NET ASSETS — 100.0%			$	521,469,892

Percentages are stated as a percent of net assets.

(a) The rate shown is as of October 31, 2022.

(b) Less than 0.05%.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

54

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 47.6%
Communication Services — 7.1%
Activision Blizzard, Inc.		23,431	$	1,705,777
Alphabet, Inc. - Class A (a)		110,684		10,460,745
Alphabet, Inc. - Class C (a)		114,027		10,793,796
Baidu, Inc. - ADR (a)		5,587		427,797
Charter Communications, Inc. - Class A (a)(b)		4,928		1,811,631
Comcast Corp. - Class A		135,178		4,290,550
Electronic Arts, Inc.		8,453		1,064,740
Match Group, Inc. (a)(b)		8,576		370,483
Meta Platforms, Inc. - Class A (a)		63,258		5,893,115
NetEase, Inc. - ADR		5,541		308,190
Netflix, Inc. (a)		13,649		3,983,870
Sirius XM Holdings, Inc. (b)		118,732		717,141
T-Mobile US, Inc. (a)		38,086		5,772,314
				47,600,149
Consumer Discretionary — 7.4%
Airbnb, Inc. - Class A (a)		12,249		1,309,541
Amazon.com, Inc. (a)		188,487		19,308,608
Booking Holdings, Inc. (a)		1,232		2,303,199
Dollar Tree, Inc. (a)		6,765		1,072,253
eBay, Inc. (b)		17,668		703,893
JD.com, Inc. - ADR		15,471		576,914
Lucid Group, Inc. (a)(b)		49,718		710,470
Lululemon Athletica, Inc. (a)		3,709		1,220,409
Marriott International Inc/MD (b)		9,808		1,570,359
MercadoLibre, Inc. (a)(b)		1,515		1,365,954
O’Reilly Automotive, Inc. (a)		2,001		1,675,177
Pinduoduo, Inc. - ADR (a)(b)		14,373		788,072
Ross Stores, Inc.		10,627		1,016,898
Starbucks Corp.		34,597		2,995,754
Tesla Motors, Inc. (a)(b)		57,507		13,085,143
				49,702,644
Consumer Staples — 3.4%
Costco Wholesale Corp.		13,500		6,770,250
Keurig Dr Pepper, Inc.		42,647		1,656,409
Mondelez International, Inc.		41,758		2,567,282
Monster Beverage Corp. (a)		15,917		1,491,741
PepsiCo, Inc.		42,091		7,642,884
The Kraft Heinz Co.		36,801		1,415,734
Walgreens Boots Alliance, Inc.		25,961		947,577
				22,491,877
Health Care — 3.5%
Align Technology, Inc. (a)		2,364		459,325
Amgen, Inc.		16,307		4,408,598
AstraZeneca PLC - ADR		17,152		1,008,709
Biogen, Inc. (a)		4,418		1,252,238
DexCom, Inc. (a)(b)		11,698		1,412,885
Gilead Sciences, Inc.		37,713		2,958,962

	Shares		Value
Health Care — 3.5% (Continued)
IDEXX Laboratories, Inc. (a)(b)		2,537	$	912,508
Illumina, Inc. (a)(b)		4,721		1,080,259
Intuitive Surgical, Inc. (a)		10,760		2,652,017
Moderna, Inc. (a)(b)		12,115		1,821,248
Regeneron Pharmaceuticals, Inc. (a)		3,296		2,467,880
Seagen, Inc. (a)		5,520		701,923
Vertex Pharmaceuticals, Inc. (a)		7,654		2,388,048
				23,524,600
Industrials — 1.8%
Cintas Corp.		3,123		1,335,239
Copart, Inc. (a)(b)		7,128		819,862
CSX Corp.		65,971		1,917,117
Fastenal Co.		17,312		836,689
Honeywell International, Inc.		20,944		4,272,995
Old Dominion Freight Line, Inc. (b)		3,456		949,018
PACCAR, Inc.		10,457		1,012,551
Verisk Analytics, Inc.		4,854		887,457
				12,030,928
Information Technology — 23.8%
Adobe, Inc. (a)		14,389		4,582,896
Advanced Micro Devices, Inc. (a)		49,635		2,981,078
Analog Devices, Inc.		15,734		2,243,983
ANSYS, Inc. (a)		2,617		578,776
Apple, Inc.		297,335		45,593,349
Applied Materials, Inc. (b)		26,567		2,345,600
ASML Holding NV		2,607		1,231,599
Atlassian Corp. - Class A (a)		4,245		860,589
Autodesk, Inc. (a)(b)		6,612		1,416,952
Automatic Data Processing, Inc.		12,631		3,052,913
Broadcom, Inc.		12,458		5,856,755
Cadence Design System, Inc. (a)		8,343		1,263,047
Cisco Systems, Inc.		126,489		5,746,395
Cognizant Technology Solutions Corp.		15,777		982,118
Crowdstrike Holdings, Inc. - Class A (a)		6,259		1,008,951
Datadog, Inc. - Class A (a)		8,645		696,009
DocuSign, Inc. (a)(b)		5,946		287,192
Fiserv, Inc. (a)(b)		19,609		2,014,629
Fortinet, Inc. (a)		24,170		1,381,557
Intel Corp.		124,072		3,527,367
Intuit, Inc.		8,513		3,639,307
KLA Corp.		4,528		1,432,886
Lam Research Corp. (b)		4,195		1,698,052
Marvell Technology, Inc.		25,375		1,006,880
Microchip Technology, Inc. (b)		16,716		1,032,046
Micron Technology, Inc. (b)		33,678		1,821,980
Microsoft Corp.		137,983		32,029,994

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

55

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.6% (Continued)
Information Technology — 23.8% (Continued)
NVIDIA Corp.		64,453	$	8,699,222
NXP Semiconductors NV		7,897		1,153,594
Okta, Inc. (a)		4,904		275,212
Palo Alto Networks, Inc. (a)		8,889		1,525,264
Paychex, Inc. (b)		10,850		1,283,663
PayPal Holdings, Inc. (a)		35,033		2,928,058
QUALCOMM, Inc.		34,364		4,043,268
Skyworks Solutions, Inc.		4,934		424,373
Splunk, Inc. (a)		4,771		396,518
Synopsys, Inc. (a)		4,601		1,346,023
Texas Instruments, Inc. (b)		27,962		4,491,536
VeriSign, Inc. (a)		3,316		664,725
Workday, Inc. - Class A (a)(b)		5,896		918,715
Zoom Video Communications, Inc. - Class A (a)(b)		7,281		607,527
Zscaler, Inc. (a)		4,215		649,531
				159,720,129
Utilities — 0.7%
American Electric Power Co., Inc. (b)		15,158		1,332,691
Constellation Energy Corp.		9,818		928,194
Exelon Corp.		29,480		1,137,633
Xcel Energy, Inc.		16,363		1,065,395
				4,463,913
TOTAL COMMON STOCKS (Cost $347,456,439)				319,534,240
	Principal Amount
SHORT-TERM INVESTMENTS — 52.4%
Money Market Deposit Accounts — 3.0%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	19,853,625		19,853,625
US Treasury Bill — 49.4%
United States Treasury Bill — 01/19/2023 0.00%		335,000,000		332,102,327
TOTAL SHORT-TERM INVESTMENTS (Cost $352,008,637)				351,955,952

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.4%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		42,974,735	$	42,974,735
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $42,974,735)				42,974,735
Total Investments (Cost $742,439,811) — 106.4%				714,464,927
Liabilities in Excess of Other Assets — (6.4)%				(43,230,435	)
TOTAL NET ASSETS — 100.0%			$	671,234,492

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $41,851,586 or 6.2% of net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

56

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 0.1%
Greece — 0.0% (a)
FF Group (b)		1,259	$	5,972
Netherlands — 0.0% (a)
Iveco Group NV (b)		748		4,044
United Kingdom — 0.1%
TechnipFMC PLC (b)(c)		3,996		41,820
TOTAL COMMON STOCKS (Cost $57,614)				51,836
	Principal Amount
SHORT-TERM INVESTMENTS — 99.3%
Money Market Deposit Account — 2.9%
U.S. Bank Money Market Deposit Account 2.300% (d)	$	1,448,048		1,448,048
US Treasury Bills — 96.4%
United States Treasury Bill 12/01/2022 0.00%		15,000,000		14,957,333
United States Treasury Bill 12/08/2022 0.00%		24,000,000		23,915,424
United States Treasury Bill 1/05/2023 0.00%		10,000,000		9,931,901
				48,804,658
TOTAL SHORT-TERM INVESTMENTS (Cost $50,279,500)				50,252,706
Total Investments (Cost $50,337,114) — 99.4%				50,304,542
Other Assets in Excess of Liabilities — 0.6%				290,755
TOTAL NET ASSETS — 100.0%			$	50,595,297

Percentages are stated as a percent of net assets.

(a) Less than 0.05%.

(b) Non-income producing security.

(c) Value determined using significantly unobservable outputs.

(d) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group

indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

57

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 0.0%
Germany — 0.0% (a)
Allianz SE - ADR		1	$	18
Israel — 0.0% (a)
Isracard Ltd.		1		2
Italy — 0.0% (a)
Iveco Group NV (a) (b)		1,869		10,103
TOTAL COMMON STOCKS (Cost $17,432)				10,123
PREFERRED STOCKS — 0.0%
Bermuda — 0.0% (a)
Brookfield Property Preferred LP (b)		31		484
TOTAL PREFERRED STOCKS (Cost $778)				484
	Principal Amount
SHORT-TERM INVESTMENTS — 99.8%
Money Market Deposit Account — 3.2%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	3,780,803		3,780,803
US Treasury Bills — 96.6%
United States Treasury Bill 11/03/22 0.00%		50,000,000		49,994,061
United States Treasury Bill 11/17/22 0.00%		3,000,000		2,996,219
United States Treasury Bill 01/19/23 0.00%		60,000,000		59,481,014
				112,471,293
TOTAL SHORT-TERM INVESTMENTS (Cost $116,260,988)				116,252,096
Total Investments (Cost $116,279,198) — 99.8%				116,262,703
Other Assets in Excess of Liabilities — 0.2%				223,112
TOTAL NET ASSETS — 100.0%			$	116,485,815

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Less than 0.05%.

(b) Non-income producing security.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

58

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.5%
Communication Services — 19.3%
Advantage Sales & Marketing, Inc.
6.500%, 11/15/2028 (a)	$	420,000	$	358,340
Affinity Gaming
6.875%, 12/15/2027 (a)		520,000		434,795
Altice Financing SA
5.000%, 01/15/2028 (a)		490,000		389,270
5.750%, 08/15/2029 (a)		720,000		570,354
Altice France Holding SA
10.500%, 05/15/2027 (a)		640,000		500,115
6.000%, 02/15/2028 (a)		328,000		213,087
Altice France SA/France
8.125%, 02/01/2027 (a)		449,000		412,218
5.500%, 01/15/2028 (a)		289,000		232,460
5.125%, 07/15/2029 (a)		714,000		539,070
5.500%, 10/15/2029 (a)		484,000		369,982
AMC Entertainment Holdings, Inc.
10.000%, 06/15/2026 (a)(b)		930,000		494,644
7.500%, 02/15/2029 (a)		370,000		253,947
AMC Networks, Inc.
4.750%, 08/01/2025		116,000		106,294
4.250%, 02/15/2029		430,000		333,055
Boyne USA, Inc.
4.750%, 05/15/2029 (a)		269,000		235,971
Cable One, Inc.
4.000%, 11/15/2030 (a)		128,000		104,463
Caesars Resort Collection LLC / CRC Finco, Inc.
5.750%, 07/01/2025 (a)		280,000		273,875
CCO Holdings LLC / CCO Holdings Capital Corp.
5.500%, 05/01/2026 (a)		160,000		154,218
5.125%, 05/01/2027 (a)		775,000		719,165
5.000%, 02/01/2028 (a)		535,000		486,443
5.375%, 06/01/2029 (a)		220,000		196,544
6.375%, 09/01/2029 (a)		259,000		239,317
4.750%, 03/01/2030 (a)		715,000		602,148
4.500%, 08/15/2030 (a)		625,000		512,563
4.250%, 02/01/2031 (a)		715,000		567,821
4.750%, 02/01/2032 (a)(c)		470,000		377,136
4.500%, 06/01/2033 (a)		546,000		415,681
4.250%, 01/15/2034 (a)		725,000		535,186
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.500%, 05/01/2025 (a)		285,000		283,217
Cengage Learning, Inc.
9.500%, 06/15/2024 (a)(c)		490,000		464,427
Charter Communications Operating LLC / Charter Communications Operating Capital
4.908%, 07/23/2025		1,200,000		1,166,118

	Principal Amount		Value
Communication Services — 19.3% (Continued)
3.750%, 02/15/2028	$	500,000	$	438,644
4.200%, 03/15/2028		495,000		442,244
2.250%, 01/15/2029		190,000		149,426
5.050%, 03/30/2029		205,000		188,423
2.800%, 04/01/2031		295,000		223,787
2.300%, 02/01/2032		445,000		317,648
4.400%, 04/01/2033		86,000		71,492
6.384%, 10/23/2035		346,000		316,236
5.375%, 04/01/2038		321,000		257,823
6.484%, 10/23/2045		759,000		671,631
5.375%, 05/01/2047		760,000		584,051
5.750%, 04/01/2048		745,000		596,986
5.125%, 07/01/2049		521,000		383,795
4.800%, 03/01/2050		850,000		600,929
5.250%, 04/01/2053		625,000		469,423
5.500%, 04/01/2063		680,000		511,284
Cinemark USA, Inc.
5.250%, 07/15/2028 (a)		340,000		261,054
Clear Channel Outdoor Holdings, Inc.
5.125%, 08/15/2027 (a)		320,000		287,061
7.750%, 04/15/2028 (a)		204,000		168,109
7.500%, 06/01/2029 (a)		268,000		212,068
CMG Media Corp.
8.875%, 12/15/2027 (a)		440,000		374,077
CommScope Technologies LLC
6.000%, 06/15/2025 (a)(c)		495,000		462,756
5.000%, 03/15/2027 (a)		345,000		279,155
CommScope, Inc.
6.000%, 03/01/2026 (a)		575,000		559,946
8.250%, 03/01/2027 (a)		460,000		409,418
7.125%, 07/01/2028 (a)(c)		191,000		161,564
4.750%, 09/01/2029 (a)		490,000		415,189
Connect Finco SARL / Connect US Finco LLC
6.750%, 10/01/2026 (a)		595,000		560,282
Consolidated Communications, Inc.
6.500%, 10/01/2028 (a)		209,000		172,488
CSC Holdings LLC
5.250%, 06/01/2024		310,000		301,027
5.500%, 04/15/2027 (a)		180,000		169,181
7.500%, 04/01/2028 (a)		275,000		238,765
6.500%, 02/01/2029 (a)		640,000		604,234
5.750%, 01/15/2030 (a)		395,000		306,257
4.125%, 12/01/2030 (a)		445,000		351,185
4.625%, 12/01/2030 (a)		850,000		613,417
3.375%, 02/15/2031 (a)		425,000		308,969
4.500%, 11/15/2031 (a)		575,000		450,308
Directv Financing LLC / Directv Financing Co-Obligor, Inc.
5.875%, 08/15/2027 (a)		960,000		866,381

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

59

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Communication Services — 19.3% (Continued)
DISH DBS Corp.
5.875%, 11/15/2024	$	755,000	$	698,375
7.750%, 07/01/2026		575,000		486,246
5.250%, 12/01/2026 (a)		1,025,000		888,854
5.750%, 12/01/2028 (a)		645,000		522,547
Embarq Corp.
7.995%, 06/01/2036		670,000		273,152
Frontier Communications Holdings LLC
5.875%, 10/15/2027 (a)		188,000		174,300
5.000%, 05/01/2028 (a)		575,000		505,730
6.750%, 05/01/2029 (a)		285,000		234,651
5.875%, 11/01/2029		303,000		236,908
6.000%, 01/15/2030 (a)(c)		367,000		287,842
8.750%, 05/15/2030 (a)		253,000		256,914
Gray Escrow II, Inc.
5.375%, 11/15/2031 (a)		360,000		289,400
Gray Television, Inc.
5.875%, 07/15/2026 (a)		145,000		137,014
7.000%, 05/15/2027 (a)		165,000		158,674
Hughes Satellite Systems Corp.
5.250%, 08/01/2026		199,000		190,418
6.625%, 08/01/2026		355,000		335,351
iHeartCommunications, Inc.
6.375%, 05/01/2026		360,000		343,994
8.375%, 05/01/2027 (c)		472,000		424,808
5.250%, 08/15/2027 (a)		105,000		95,844
Iliad Holding SASU
6.500%, 10/15/2026 (a)		515,000		477,760
7.000%, 10/15/2028 (a)		238,000		216,013
Intelsat Jackson Holdings SA
6.500%, 03/15/2030 (a)		705,000		652,125
Level 3 Financing, Inc.
3.400%, 03/01/2027 (a)		350,000		301,756
4.625%, 09/15/2027 (a)		425,000		370,039
4.250%, 07/01/2028 (a)		495,000		409,726
3.625%, 01/15/2029 (a)		220,000		168,288
3.750%, 07/15/2029 (a)		235,000		179,169
3.875%, 11/15/2029 (a)		113,000		93,118
Lions Gate Capital Holdings LLC
5.500%, 04/15/2029 (a)		405,000		308,819
Live Nation Entertainment, Inc.
6.500%, 05/15/2027 (a)		360,000		359,915
4.750%, 10/15/2027 (a)		253,000		225,476
Lumen Technologies, Inc.
4.000%, 02/15/2027 (a)		500,000		425,855
4.500%, 01/15/2029 (a)		560,000		396,355
7.600%, 09/15/2039		465,000		307,609

	Principal Amount		Value
Communication Services — 19.3% (Continued)
McGraw-Hill Education, Inc.
5.750%, 08/01/2028 (a)	$	247,000	$	218,149
8.000%, 08/01/2029 (a)		335,000		285,980
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.
4.875%, 05/01/2029 (a)		345,000		292,826
Mohegan Gaming & Entertainment
8.000%, 02/01/2026 (a)		500,000		420,819
Netflix, Inc.
4.375%, 11/15/2026		256,000		244,986
4.875%, 04/15/2028		285,000		272,100
5.875%, 11/15/2028		695,000		689,788
6.375%, 05/15/2029		108,000		110,283
5.375%, 11/15/2029 (a)		395,000		377,142
4.875%, 06/15/2030 (a)		430,000		398,742
News Corp.
3.875%, 05/15/2029 (a)		265,000		231,442
Nexstar Media, Inc.
5.625%, 07/15/2027 (a)		194,000		184,598
4.750%, 11/01/2028 (a)		257,000		226,144
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.000%, 08/15/2027 (a)		173,000		156,577
Paramount Global
6.250%, 02/28/2057 (b)		350,000		293,689
6.375%, 03/30/2062 (b)		381,000		323,056
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In
8.500%, 11/15/2027 (a)		350,000		375,758
Picard Midco, Inc.
6.500%, 03/31/2029 (a)		950,000		827,107
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.625%, 09/01/2029 (a)		195,000		144,843
5.875%, 09/01/2031 (a)		199,000		141,584
Radiate Holdco LLC / Radiate Finance, Inc.
4.500%, 09/15/2026 (a)		370,000		313,397
6.500%, 09/15/2028 (a)		260,000		164,431
ROBLOX Corp.
3.875%, 05/01/2030 (a)		306,000		252,959
Sinclair Television Group, Inc.
4.125%, 12/01/2030 (a)		185,000		142,835
Sirius XM Radio, Inc.
3.125%, 09/01/2026 (a)		160,000		143,319
5.000%, 08/01/2027 (a)		240,000		221,281
4.000%, 07/15/2028 (a)		715,000		615,739
5.500%, 07/01/2029 (a)		470,000		431,026
4.125%, 07/01/2030 (a)		248,000		202,595
3.875%, 09/01/2031 (a)		313,000		247,364

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

60

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Communication Services — 19.3% (Continued)
Sprint Capital Corp.
6.875%, 11/15/2028	$	530,000	$	547,750
8.750%, 03/15/2032		492,000		578,122
Sprint Corp.
7.875%, 09/15/2023		1,420,000		1,445,572
7.125%, 06/15/2024		550,000		556,416
7.625%, 02/15/2025		313,000		322,030
7.625%, 03/01/2026		171,000		178,761
Stagwell Global LLC
5.625%, 08/15/2029 (a)		465,000		402,241
Switch Ltd.
3.750%, 09/15/2028 (a)		135,000		135,603
TEGNA, Inc.
4.625%, 03/15/2028		156,000		148,749
5.000%, 09/15/2029		179,000		169,969
Telecom Italia Capital SA
6.375%, 11/15/2033		455,000		355,553
6.000%, 09/30/2034		455,000		333,142
7.200%, 07/18/2036		470,000		367,180
7.721%, 06/04/2038		362,000		288,672
Telecom Italia SpA/Milano
5.303%, 05/30/2024 (a)		430,000		405,275
Time Warner Cable Enterprises LLC
8.375%, 07/15/2033		84,000		88,867
Time Warner Cable LLC
6.550%, 05/01/2037		476,000		424,845
7.300%, 07/01/2038		575,000		536,524
5.875%, 11/15/2040		368,000		298,350
5.500%, 09/01/2041		595,000		466,700
4.500%, 09/15/2042		461,000		314,663
Twitter, Inc.
3.875%, 12/15/2027 (a)		120,000		121,237
5.000%, 03/01/2030 (a)		167,000		168,187
United States Cellular Corp.
6.700%, 12/15/2033		260,000		247,966
Univision Communications, Inc.
5.125%, 02/15/2025 (a)		250,000		241,978
6.625%, 06/01/2027 (a)		430,000		425,502
4.500%, 05/01/2029 (a)		179,000		151,886
UPC Broadband Finco BV
4.875%, 07/15/2031 (a)		505,000		419,993
Urban One, Inc.
7.375%, 02/01/2028 (a)		353,000		309,313
Videotron Ltd.
5.375%, 06/15/2024 (a)		285,000		283,782
5.125%, 04/15/2027 (a)		98,000		92,719

	Principal Amount		Value
Communication Services — 19.3% (Continued)
Virgin Media Finance PLC
5.000%, 07/15/2030 (a)	$	400,000	$	321,301
Virgin Media Secured Finance PLC
5.500%, 05/15/2029 (a)		540,000		491,729
4.500%, 08/15/2030 (a)		385,000		319,075
Vmed O2 UK Financing I PLC
4.750%, 07/15/2031 (a)		423,000		343,933
Vodafone Group PLC
7.000%, 04/04/2079 (b)		395,000		376,131
4.125%, 06/04/2081 (b)		455,000		323,846
5.125%, 06/04/2081 (b)		590,000		409,106
VZ Secured Financing BV
5.000%, 01/15/2032 (a)		260,000		209,067
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.750%, 08/15/2028 (a)		484,000		420,148
WMG Acquisition Corp.
3.000%, 02/15/2031 (a)		128,000		100,148
Zayo Group Holdings, Inc.
4.000%, 03/01/2027 (a)		550,000		420,133
6.125%, 03/01/2028 (a)		289,000		192,763
Ziff Davis, Inc.
4.625%, 10/15/2030 (a)		150,000		126,991
Ziggo Bond Co BV
6.000%, 01/15/2027 (a)		330,000		297,778
Ziggo BV
4.875%, 01/15/2030 (a)		440,000		372,911
				63,234,848
Consumer Discretionary — 13.6%
Adient Global Holdings Ltd.
4.875%, 08/15/2026 (a)		315,000		282,733
Asbury Automotive Group, Inc.
4.625%, 11/15/2029 (a)		375,000		309,360
5.000%, 02/15/2032 (a)		330,000		266,449
Aston Martin Capital Holdings Ltd.
10.500%, 11/30/2025 (a)		320,000		307,559
Bath & Body Works, Inc.
6.625%, 10/01/2030 (a)		99,000		89,309
6.875%, 11/01/2035		405,000		342,045
6.750%, 07/01/2036		455,000		377,056
Boyd Gaming Corp.
4.750%, 12/01/2027		156,000		144,119
4.750%, 06/15/2031 (a)		215,000		182,337
Caesars Entertainment, Inc.
6.250%, 07/01/2025 (a)		825,000		802,029
8.125%, 07/01/2027 (a)(c)		341,000		332,221
4.625%, 10/15/2029 (a)(c)		455,000		363,908

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

61

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Consumer Discretionary — 13.6% (Continued)
Carnival Corp.
10.500%, 02/01/2026 (a)	$	345,000	$	338,617
7.625%, 03/01/2026 (a)		415,000		312,754
5.750%, 03/01/2027 (a)		900,000		627,133
9.875%, 08/01/2027 (a)		395,000		368,934
4.000%, 08/01/2028 (a)		629,000		507,918
6.000%, 05/01/2029 (a)		472,000		313,848
10.500%, 06/01/2030 (a)		273,000		212,258
Carvana Co.
5.625%, 10/01/2025 (a)(c)		1,195,000		780,154
10.250%, 05/01/2030 (a)(c)		935,000		556,853
CDI Escrow Issuer, Inc.
5.750%, 04/01/2030 (a)		355,000		320,920
CEC Entertainment LLC
6.750%, 05/01/2026 (a)		245,000		229,787
Century Communities, Inc.
6.750%, 06/01/2027		325,000		310,795
Churchill Downs, Inc.
5.500%, 04/01/2027 (a)		310,000		296,975
4.750%, 01/15/2028 (a)		335,000		296,621
Clarios Global LP / Clarios US Finance Co.
8.500%, 05/15/2027 (a)(c)		680,000		670,660
6.250%, 05/15/2026 (a)		321,000		311,325
CWT Travel Group, Inc.
8.500%, 11/19/2026 (a)(c)		385,000		330,137
Dealer Tire LLC / DT Issuer LLC
8.000%, 02/01/2028 (a)		167,000		146,304
eG Global Finance PLC
6.750%, 02/07/2025 (a)		301,000		271,583
Ferrellgas LP / Ferrellgas Finance Corp.
5.375%, 04/01/2026 (a)		345,000		314,757
5.875%, 04/01/2029 (a)		390,000		327,772
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co, Inc.
6.750%, 01/15/2030 (a)		242,000		190,494
4.625%, 01/15/2029 (a)		400,000		348,626
Ford Motor Co.
4.346%, 12/08/2026 (c)		240,000		223,639
9.625%, 04/22/2030		290,000		324,518
7.450%, 07/16/2031		248,000		249,170
3.250%, 02/12/2032		585,000		439,092
6.100%, 08/19/2032		298,000		274,041
4.750%, 01/15/2043		935,000		653,981
5.291%, 12/08/2046		524,000		382,447
FXI Holdings, Inc.
12.250%, 11/15/2026 (a)		1,020,000		887,094

	Principal Amount		Value
Consumer Discretionary — 13.6% (Continued)
Grand Canyon University
4.125%, 10/01/2024	$	125,000	$	117,187
Group 1 Automotive, Inc.
4.000%, 08/15/2028 (a)		385,000		317,403
Guitar Center, Inc.
8.500%, 01/15/2026 (a)		880,000		770,684
Hanesbrands, Inc.
4.625%, 05/15/2024 (a)		340,000		331,483
4.875%, 05/15/2026 (a)		380,000		347,979
Hilton Domestic Operating Co, Inc.
3.750%, 05/01/2029 (a)		375,000		320,488
4.875%, 01/15/2030		430,000		384,885
4.000%, 05/01/2031 (a)		325,000		272,170
3.625%, 02/15/2032 (a)		183,000		145,540
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
5.000%, 06/01/2029 (a)		375,000		321,688
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.875%, 04/01/2027		175,000		166,664
Hyatt Hotels Corp.
1.800%, 10/01/2024		240,000		223,897
5.375%, 04/23/2025		250,000		245,678
International Game Technology PLC
6.500%, 02/15/2025 (a)		470,000		470,508
4.125%, 04/15/2026 (a)		77,000		71,591
6.250%, 01/15/2027 (a)		68,000		67,531
5.250%, 01/15/2029 (a)		335,000		308,225
Jaguar Land Rover Automotive PLC
7.750%, 10/15/2025 (a)		650,000		601,120
5.875%, 01/15/2028 (a)		605,000		448,971
JB Poindexter & Co, Inc.
7.125%, 04/15/2026 (a)		160,000		152,739
Las Vegas Sands Corp.
3.200%, 08/08/2024		710,000		673,866
3.500%, 08/18/2026		369,000		321,574
3.900%, 08/08/2029		390,000		314,472
LBM Acquisition LLC
6.250%, 01/15/2029 (a)		574,000		402,896
LCM Investments Holdings II LLC
4.875%, 05/01/2029 (a)		485,000		410,375
Life Time, Inc.
5.750%, 01/15/2026 (a)		470,000		438,301
Lithia Motors, Inc.
3.875%, 06/01/2029 (a)		395,000		319,348
LSF9 Atlantis Holdings LLC / Victra Finance Corp.
7.750%, 02/15/2026 (a)		208,000		188,203
Macy’s Retail Holdings LLC
5.875%, 04/01/2029 (a)		218,000		188,886

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

62

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Consumer Discretionary — 13.6% (Continued)
Madison IAQ LLC
4.125%, 06/30/2028 (a)	$	315,000	$	262,203
5.875%, 06/30/2029 (a)		450,000		308,716
MajorDrive Holdings IV LLC
6.375%, 06/01/2029 (a)		630,000		444,900
Mattel, Inc.
3.375%, 04/01/2026 (a)		345,000		315,523
5.875%, 12/15/2027 (a)		310,000		302,191
MGM Resorts International
6.750%, 05/01/2025		190,000		188,321
5.750%, 06/15/2025		360,000		351,142
5.500%, 04/15/2027		345,000		320,852
4.750%, 10/15/2028		310,000		269,492
NCL Corp Ltd.
5.875%, 02/15/2027 (a)		495,000		443,196
5.875%, 03/15/2026 (a)		990,000		812,627
Newell Brands, Inc.
4.450%, 04/01/2026 (b)		735,000		685,090
5.750%, 04/01/2046 (b)		520,000		401,539
NMG Holding Co Inc / Neiman Marcus Group LLC
7.125%, 04/01/2026 (a)		435,000		413,755
Penske Automotive Group, Inc.
3.500%, 09/01/2025		160,000		148,951
PetSmart Inc / PetSmart Finance Corp.
4.750%, 02/15/2028 (a)		490,000		448,355
7.750%, 02/15/2029 (a)		440,000		414,088
QVC, Inc.
4.450%, 02/15/2025		175,000		153,328
Rolls-Royce PLC
3.625%, 10/14/2025 (a)		378,000		335,229
5.750%, 10/15/2027 (a)		388,000		351,660
Royal Caribbean Cruises Ltd.
11.500%, 06/01/2025 (a)		400,000		431,288
11.625%, 08/15/2027 (a)		335,000		326,283
8.250%, 01/15/2029 (a)		500,000		499,120
Sally Holdings LLC / Sally Capital, Inc.
5.625%, 12/01/2025		355,000		335,457
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
6.625%, 03/01/2030 (a)		385,000		331,875
Scientific Games International, Inc.
8.625%, 07/01/2025 (a)		160,000		164,678
SeaWorld Parks & Entertainment, Inc.
5.250%, 08/15/2029 (a)		267,000		230,027

	Principal Amount		Value
Consumer Discretionary — 13.6% (Continued)
Service Corp International/US
5.125%, 06/01/2029	$	325,000	$	303,525
3.375%, 08/15/2030		230,000		186,226
4.000%, 05/15/2031		360,000		299,809
Six Flags Entertainment Corp.
4.875%, 07/31/2024 (a)		275,000		266,900
Sotheby’s
7.375%, 10/15/2027 (a)		170,000		166,042
SRS Distribution, Inc.
4.625%, 07/01/2028 (a)		305,000		269,080
6.000%, 12/01/2029 (a)		235,000		192,161
Staples, Inc.
7.500%, 04/15/2026 (a)		425,000		369,979
10.750%, 04/15/2027 (a)(c)		1,055,000		766,922
Station Casinos LLC
4.500%, 02/15/2028 (a)		335,000		286,493
Tempur Sealy International, Inc.
4.000%, 04/15/2029 (a)		322,000		259,731
3.875%, 10/15/2031 (a)		410,000		308,702
The Goodyear Tire & Rubber Co.
5.000%, 05/31/2026 (c)		255,000		245,985
4.875%, 03/15/2027		325,000		296,528
5.000%, 07/15/2029		395,000		343,559
5.250%, 07/15/2031		355,000		301,253
The Michaels Cos., Inc.
5.250%, 05/01/2028 (a)		505,000		359,813
Travel + Leisure Co.
6.625%, 07/31/2026 (a)		315,000		308,837
4.500%, 12/01/2029 (a)		360,000		294,287
Under Armour, Inc.
3.250%, 06/15/2026		175,000		150,991
Victoria’s Secret & Co.
4.625%, 07/15/2029 (a)(c)		154,000		122,881
Viking Cruises Ltd.
13.000%, 05/15/2025 (a)		440,000		471,955
VOC Escrow Ltd.
5.000%, 02/15/2028 (a)		265,000		218,861
White Cap Buyer LLC
6.875%, 10/15/2028 (a)		315,000		267,719
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.500%, 03/01/2025 (a)		490,000		464,527
5.250%, 05/15/2027 (a)(c)		385,000		335,064
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
7.750%, 04/15/2025 (a)		165,000		161,122
5.125%, 10/01/2029 (a)		210,000		166,985

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

63

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Consumer Discretionary — 13.6% (Continued)
Yum! Brands, Inc.
4.750%, 01/15/2030 (a)	$	355,000	$	318,193
3.625%, 03/15/2031		435,000		349,979
4.625%, 01/31/2032		320,000		274,101
5.375%, 04/01/2032		415,000		371,834
ZF North America Capital, Inc.
4.750%, 04/29/2025 (a)		565,000		529,452
				44,682,066
Consumer Staples — 4.0%
1011778 BC ULC / New Red Finance, Inc.
4.375%, 01/15/2028 (a)		101,000		89,237
3.875%, 01/15/2028 (a)		600,000		529,197
3.500%, 02/15/2029 (a)		245,000		205,408
4.000%, 10/15/2030 (a)		675,000		547,830
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
7.500%, 03/15/2026 (a)		285,000		292,736
3.250%, 03/15/2026 (a)		303,000		272,688
4.625%, 01/15/2027 (a)		156,000		144,823
5.875%, 02/15/2028 (a)		203,000		190,053
3.500%, 03/15/2029 (a)		535,000		441,038
4.875%, 02/15/2030 (a)		420,000		374,812
Aramark Services, Inc.
5.000%, 04/01/2025 (a)		140,000		135,159
6.375%, 05/01/2025 (a)		580,000		575,296
5.000%, 02/01/2028 (a)		460,000		420,852
B&G Foods, Inc.
5.250%, 04/01/2025		286,000		260,633
BCPE Empire Holdings, Inc.
7.625%, 05/01/2027 (a)		149,000		136,457
BellRing Brands, Inc.
7.000%, 03/15/2030 (a)		390,000		369,149
CD&R Smokey Buyer, Inc.
6.750%, 07/15/2025 (a)		184,000		175,838
Coty, Inc.
6.500%, 04/15/2026 (a)		135,000		128,669
5.000%, 04/15/2026 (a)		400,000		377,546
Darling Ingredients, Inc.
6.000%, 06/15/2030 (a)		177,000		170,586
Edgewell Personal Care Co.
5.500%, 06/01/2028 (a)		345,000		325,658
IRB Holding Corp.
7.000%, 06/15/2025 (a)		215,000		215,127
Jacobs Entertainment, Inc.
6.750%, 02/15/2029 (a)		380,000		335,667
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC
4.750%, 06/01/2027 (a)		210,000		200,970

	Principal Amount		Value
Consumer Staples — 4.0% (Continued)
Lamb Weston Holdings, Inc.
4.125%, 01/31/2030 (a)	$	410,000	$	358,982
4.375%, 01/31/2032 (a)		185,000		159,148
Metis Merger Sub LLC
6.500%, 05/15/2029 (a)		375,000		302,959
Performance Food Group, Inc.
5.500%, 10/15/2027 (a)		425,000		402,838
4.250%, 08/01/2029 (a)		405,000		344,068
Pilgrim’s Pride Corp.
5.875%, 09/30/2027 (a)		230,000		225,124
4.250%, 04/15/2031 (a)		425,000		354,877
3.500%, 03/01/2032 (a)		410,000		315,596
Post Holdings, Inc.
5.625%, 01/15/2028 (a)		245,000		229,369
5.500%, 12/15/2029 (a)		325,000		292,885
4.625%, 04/15/2030 (a)		290,000		244,442
4.500%, 09/15/2031 (a)		320,000		265,326
Primo Water Holdings, Inc.
4.375%, 04/30/2029 (a)		345,000		292,753
Rite Aid Corp.
8.000%, 11/15/2026 (a)		840,000		546,378
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed
4.625%, 03/01/2029 (a)		370,000		309,614
TKC Holdings, Inc.
10.500%, 05/15/2029 (a)		447,000		318,453
US Foods, Inc.
6.250%, 04/15/2025 (a)		260,000		259,109
4.750%, 02/15/2029 (a)		225,000		199,804
Vector Group Ltd.
10.500%, 11/01/2026 (a)		130,000		128,471
5.750%, 02/01/2029 (a)		430,000		377,299
WASH Multifamily Acquisition, Inc.
5.750%, 04/15/2026 (a)		215,000		200,814
				13,043,738
Energy — 13.3%
Aethon United BR LP / Aethon United Finance Corp.
8.250%, 02/15/2026 (a)		360,000		366,436
AmeriGas Partners LP / AmeriGas Finance Corp.
5.500%, 05/20/2025		365,000		350,413
5.875%, 08/20/2026		310,000		290,828
Antero Midstream Partners LP / Antero Midstream Finance Corp.
7.875%, 05/15/2026 (a)		290,000		296,174
5.750%, 03/01/2027 (a)		310,000		295,846
5.750%, 01/15/2028 (a)		325,000		306,917
5.375%, 06/15/2029 (a)		279,000		254,816
Antero Resources Corp.
5.375%, 03/01/2030 (a)		175,000		162,165

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

64

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Energy — 13.3% (Continued)
Apache Corp.
4.250%, 01/15/2030	$	171,000	$	152,602
5.100%, 09/01/2040		552,000		448,219
4.750%, 04/15/2043		565,000		424,473
Archrock Partners LP / Archrock Partners Finance Corp.
6.250%, 04/01/2028 (a)		230,000		214,349
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
7.000%, 11/01/2026 (a)		180,000		177,620
Baytex Energy Corp.
8.750%, 04/01/2027 (a)(c)		405,000		414,696
Blue Racer Midstream LLC / Blue Racer Finance Corp.
7.625%, 12/15/2025 (a)		385,000		381,085
Buckeye Partners LP
3.950%, 12/01/2026		320,000		281,541
4.500%, 03/01/2028 (a)		264,000		229,409
California Resources Corp.
7.125%, 02/01/2026 (a)		385,000		378,403
Callon Petroleum Co.
8.000%, 08/01/2028 (a)		257,000		256,684
7.500%, 06/15/2030 (a)(c)		305,000		290,281
Cheniere Energy Partners LP
4.500%, 10/01/2029		570,000		503,937
4.000%, 03/01/2031		319,000		269,355
3.250%, 01/31/2032		490,000		381,894
Cheniere Energy, Inc.
4.625%, 10/15/2028		450,000		415,406
Chesapeake Energy Corp.
6.750%, 04/15/2029 (a)		275,000		269,935
CITGO Petroleum Corp.
7.000%, 06/15/2025 (a)		281,000		277,816
6.375%, 06/15/2026 (a)		204,000		201,428
Clearway Energy Operating LLC
4.750%, 03/15/2028 (a)		360,000		334,507
3.750%, 02/15/2031 (a)		405,000		339,153
CNX Resources Corp.
7.250%, 03/14/2027 (a)		270,000		268,384
Colgate Energy Partners III LLC
5.875%, 07/01/2029 (a)		100,000		93,477
Comstock Resources, Inc.
6.750%, 03/01/2029 (a)		500,000		481,068
5.875%, 01/15/2030 (a)		425,000		384,608
CQP Holdco LP / BIP-V Chinook Holdco LLC
5.500%, 06/15/2031 (a)		545,000		488,674
Crescent Energy Finance LLC
7.250%, 05/01/2026 (a)		200,000		185,971

	Principal Amount		Value
Energy — 13.3% (Continued)
CrownRock LP / CrownRock Finance, Inc.
5.625%, 10/15/2025 (a)	$	269,000	$	260,496
CVR Energy, Inc.
5.250%, 02/15/2025 (a)		175,000		168,748
DT Midstream, Inc.
4.125%, 06/15/2029 (a)		450,000		390,143
4.375%, 06/15/2031 (a)		430,000		364,982
Earthstone Energy Holdings LLC
8.000%, 04/15/2027 (a)		257,000		243,601
Encino Acquisition Partners Holdings LLC
8.500%, 05/01/2028 (a)		200,000		188,380
Endeavor Energy Resources LP / EER Finance, Inc.
5.750%, 01/30/2028 (a)		285,000		279,016
Enerflex Ltd.
9.000%, 10/15/2027 (a)		200,000		194,872
EnLink Midstream LLC
6.500%, 09/01/2030 (a)		121,000		119,034
EnLink Midstream Partners LP
4.150%, 06/01/2025		270,000		253,857
5.050%, 04/01/2045		765,000		556,537
Enviva Partners LP / Enviva Partners Finance Corp.
6.500%, 01/15/2026 (a)		215,000		206,752
EQM Midstream Partners LP
6.500%, 07/01/2027 (a)(c)		385,000		376,314
5.500%, 07/15/2028		375,000		335,805
4.500%, 01/15/2029 (a)		370,000		315,407
7.500%, 06/01/2030 (a)		310,000		301,894
4.750%, 01/15/2031 (a)		465,000		389,714
6.500%, 07/15/2048		388,000		299,330
EQT Corp.
6.125%, 02/01/2025 (b)		440,000		441,560
3.900%, 10/01/2027		185,000		166,650
7.000%, 02/01/2030 (b)		307,000		315,626
FirstEnergy Transmission LLC
4.350%, 01/15/2025 (a)		390,000		376,570
5.450%, 07/15/2044 (a)		309,000		267,323
4.550%, 04/01/2049 (a)		205,000		155,530
FMG Resources August 2006 Pty Ltd.
5.125%, 05/15/2024 (a)		300,000		293,259
4.500%, 09/15/2027 (a)		315,000		282,766
5.875%, 04/15/2030 (a)		280,000		249,117
4.375%, 04/01/2031 (a)		300,000		237,483
6.125%, 04/15/2032 (a)		316,000		277,886
Genesis Energy LP / Genesis Energy Finance Corp.
6.500%, 10/01/2025		315,000		302,613
8.000%, 01/15/2027		368,000		357,059
7.750%, 02/01/2028		193,000		184,546

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

65

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Energy — 13.3% (Continued)
Gulfport Energy Corp.
8.000%, 05/17/2026 (a)	$	340,000	$	339,541
Harvest Midstream I LP
7.500%, 09/01/2028 (a)		435,000		419,792
Hess Midstream Operations LP
5.625%, 02/15/2026 (a)		375,000		368,340
4.250%, 02/15/2030 (a)		365,000		313,135
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028 (a)		171,000		161,223
5.750%, 02/01/2029 (a)		315,000		288,942
6.000%, 02/01/2031 (a)		340,000		309,801
Ithaca Energy North Sea PLC
9.000%, 07/15/2026 (a)		221,000		218,735
ITT Holdings LLC
6.500%, 08/01/2029 (a)		550,000		444,729
Kinetik Holdings LP
5.875%, 06/15/2030 (a)		75,000		70,647
Laredo Petroleum, Inc.
9.500%, 01/15/2025		165,000		165,309
Matador Resources Co.
5.875%, 09/15/2026		247,000		242,482
MEG Energy Corp.
7.125%, 02/01/2027 (a)		152,000		154,622
Moss Creek Resources Holdings, Inc.
7.500%, 01/15/2026 (a)		342,000		313,757
Murphy Oil Corp.
6.375%, 07/15/2028		91,000		88,796
Nabors Industries, Inc.
7.375%, 05/15/2027 (a)		297,000		292,541
Neptune Energy Bondco PLC
6.625%, 05/15/2025 (a)		480,000		467,235
New Fortress Energy, Inc.
6.750%, 09/15/2025 (a)		371,000		365,523
6.500%, 09/30/2026 (a)		640,000		621,117
NextEra Energy Operating Partners LP
4.250%, 07/15/2024 (a)		257,000		249,738
NGL Energy Operating LLC / NGL Energy Finance Corp.
7.500%, 02/01/2026 (a)		635,000		574,839
Northern Oil and Gas, Inc.
8.125%, 03/01/2028 (a)		225,000		218,721
NuStar Logistics LP
5.750%, 10/01/2025		345,000		333,595
6.375%, 10/01/2030		360,000		334,447

	Principal Amount		Value
Energy — 13.3% (Continued)
Occidental Petroleum Corp.
6.950%, 07/01/2024	$	310,000	$	317,110
2.900%, 08/15/2024		222,000		214,103
5.875%, 09/01/2025		230,000		232,006
5.500%, 12/01/2025		185,000		185,775
5.550%, 03/15/2026		275,000		279,514
6.375%, 09/01/2028		87,000		88,496
8.875%, 07/15/2030		126,000		143,168
6.625%, 09/01/2030		314,000		327,147
6.125%, 01/01/2031		175,000		176,096
7.500%, 05/01/2031		375,000		404,001
7.875%, 09/15/2031		165,000		179,786
6.450%, 09/15/2036		325,000		323,492
6.200%, 03/15/2040		535,000		515,890
6.600%, 03/15/2046		426,000		420,554
Parkland Corp.
4.500%, 10/01/2029 (a)		313,000		264,191
4.625%, 05/01/2030 (a)		370,000		308,691
Pattern Energy Operations LP / Pattern Energy Operations, Inc.
4.500%, 08/15/2028 (a)		151,000		135,880
PBF Holding Co LLC / PBF Finance Corp.
7.250%, 06/15/2025		435,000		431,439
6.000%, 02/15/2028		322,000		293,199
PDC Energy, Inc.
5.750%, 05/15/2026		400,000		383,964
Range Resources Corp.
4.875%, 05/15/2025		370,000		357,723
8.250%, 01/15/2029		300,000		312,167
Rockcliff Energy II LLC
5.500%, 10/15/2029 (a)		305,000		272,400
Rockies Express Pipeline LLC
4.950%, 07/15/2029 (a)		173,000		152,101
Southwestern Energy Co.
5.375%, 02/01/2029 (c)		330,000		308,225
5.375%, 03/15/2030		312,000		289,021
4.750%, 02/01/2032 (c)		485,000		419,370
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, 06/01/2031 (a)		278,000		234,351
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
8.500%, 10/15/2026 (a)		220,000		211,468
Sunoco LP / Sunoco Finance Corp.
6.000%, 04/15/2027		305,000		297,904
4.500%, 05/15/2029		308,000		265,288
4.500%, 04/30/2030		365,000		311,329
Superior Plus LP / Superior General Partner, Inc.
4.500%, 03/15/2029 (a)		315,000		267,939

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

66

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Energy — 13.3% (Continued)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
7.500%, 10/01/2025 (a)	$	310,000	$	313,791
5.500%, 01/15/2028 (a)		370,000		332,619
6.000%, 12/31/2030 (a)		380,000		344,949
TerraForm Power Operating LLC
5.000%, 01/31/2028 (a)		320,000		297,028
4.750%, 01/15/2030 (a)		224,000		201,838
Transocean, Inc.
11.500%, 01/30/2027 (a)		830,000		835,009
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 04/01/2026		350,000		336,824
6.875%, 09/01/2027		202,000		193,396
Venture Global Calcasieu Pass LLC
3.875%, 08/15/2029 (a)		355,000		307,144
4.125%, 08/15/2031 (a)		315,000		269,330
3.875%, 11/01/2033 (a)		415,000		333,836
Vistra Operations Co LLC
5.625%, 02/15/2027 (a)		545,000		520,372
4.375%, 05/01/2029 (a)		520,000		446,009
Vistra Operations Co. LLC
5.000%, 07/31/2027 (a)		225,000		207,955
Weatherford International Ltd.
8.625%, 04/30/2030 (a)		655,000		616,394
Western Midstream Operating LP
3.350%, 02/01/2025 (b)		108,000		103,183
4.050%, 02/01/2030 (b)		175,000		154,022
5.450%, 04/01/2044		490,000		399,135
5.300%, 03/01/2048		259,000		209,710
5.250%, 02/01/2050 (b)		640,000		499,685
				43,625,064
Financials — 10.4%
Acrisure LLC / Acrisure Finance, Inc.
7.000%, 11/15/2025 (a)		270,000		254,473
4.250%, 02/15/2029 (a)		276,000		225,859
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750%, 10/15/2027 (a)		482,000		440,353
4.250%, 10/15/2027 (a)		320,000		288,819
Ally Financial, Inc.
5.750%, 11/20/2025		329,000		318,396
AmWINS Group, Inc.
4.875%, 06/30/2029 (a)		375,000		321,700

	Principal Amount		Value
Financials — 10.4% (Continued)
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
6.000%, 06/15/2027 (a)	$	345,000	$	331,583
4.000%, 09/01/2029 (a)		274,000		208,561
Barclays PLC
4.375%, 09/11/2024		605,000		575,528
4.836%, 05/09/2028		575,000		487,655
5.088%, 06/20/2030 (b)		370,000		311,145
3.564%, 09/23/2035		444,000		313,230
Barclays PLC
5.200%, 05/12/2026		455,000		417,378
C&W Senior Financing DAC
6.875%, 09/15/2027 (a)		455,000		395,467
Camelot Finance SA
4.500%, 11/01/2026 (a)		176,000		164,886
Compass Group Diversified Holdings LLC
5.250%, 04/15/2029 (a)		495,000		426,955
Deutsche Bank AG
4.500%, 04/01/2025		430,000		400,059
Deutsche Bank AG/New York NY
3.729%, 01/14/2032 (b)		471,000		331,360
4.875%, 12/01/2032 (b)		490,000		388,774
3.742%, 01/07/2033 (b)		600,000		408,913
Dresdner Funding Trust I
8.151%, 06/30/2031 (a)		237,000		243,221
eG Global Finance PLC
8.500%, 10/30/2025 (a)		405,000		375,026
Enact Holdings, Inc.
6.500%, 08/15/2025 (a)		340,000		335,719
Ford Motor Credit Co LLC
5.584%, 03/18/2024		635,000		628,088
3.664%, 09/08/2024		215,000		204,567
4.063%, 11/01/2024		540,000		517,555
2.300%, 02/10/2025		372,000		339,636
5.125%, 06/16/2025		445,000		431,290
4.134%, 08/04/2025		346,000		322,600
3.375%, 11/13/2025		530,000		481,783
4.542%, 08/01/2026		300,000		277,035
2.700%, 08/10/2026		285,000		248,306
4.271%, 01/09/2027		410,000		371,130
4.950%, 05/28/2027		595,000		545,627
4.125%, 08/17/2027		161,000		143,069
3.815%, 11/02/2027		375,000		325,841
2.900%, 02/16/2028		390,000		317,422
2.900%, 02/10/2029		405,000		318,592
5.113%, 05/03/2029		610,000		546,468
4.000%, 11/13/2030		355,000		288,065
3.625%, 06/17/2031		475,000		370,405

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

67

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Financials — 10.4% (Continued)
Freedom Mortgage Corp.
8.250%, 04/15/2025 (a)	$	163,000	$	139,745
7.625%, 05/01/2026 (a)		350,000		277,046
6.625%, 01/15/2027 (a)		178,000		133,298
goeasy Ltd.
5.375%, 12/01/2024 (a)		325,000		303,756
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750%, 09/15/2024		460,000		448,275
6.250%, 05/15/2026		505,000		486,739
5.250%, 05/15/2027		407,000		375,751
4.375%, 02/01/2029		355,000		297,289
IHS Netherlands Holdco BV
8.000%, 09/18/2027 (a)		373,000		291,570
Intesa Sanpaolo SpA
5.017%, 06/26/2024 (a)		575,000		542,983
5.710%, 01/15/2026 (a)		610,000		568,551
Jazz Securities DAC
4.375%, 01/15/2029 (a)		512,000		455,690
Jefferies Finance LLC / JFIN Co-Issuer Corp.
5.000%, 08/15/2028 (a)		465,000		366,041
LCPR Senior Secured Financing DAC
5.125%, 07/15/2029 (a)		360,000		304,175
LPL Holdings, Inc.
4.000%, 03/15/2029 (a)		395,000		345,753
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
11.500%, 12/15/2028 (a)		260,000		236,486
Mclaren Finance PLC
7.500%, 08/01/2026 (a)		400,000		321,598
MGIC Investment Corp.
5.250%, 08/15/2028		365,000		330,821
Midcap Financial Issuer Trust
6.500%, 05/01/2028 (a)		422,000		359,542
MSCI, Inc.
4.000%, 11/15/2029 (a)		275,000		239,250
3.625%, 09/01/2030 (a)		400,000		334,940
3.875%, 02/15/2031 (a)		435,000		367,325
3.250%, 08/15/2033 (a)		175,000		136,598
Nationstar Mortgage Holdings, Inc.
6.000%, 01/15/2027 (a)		420,000		374,638
5.500%, 08/15/2028 (a)		425,000		344,459
5.125%, 12/15/2030 (a)		193,000		146,090
Navient Corp.
5.000%, 03/15/2027		356,000		300,799
5.500%, 03/15/2029		383,000		304,747
5.625%, 08/01/2033		330,000		233,310

	Principal Amount		Value
Financials — 10.4% (Continued)
NFP Corp.
6.875%, 08/15/2028 (a)	$	489,000	$	417,177
OneMain Finance Corp.
6.875%, 03/15/2025		580,000		564,407
7.125%, 03/15/2026		325,000		314,231
3.500%, 01/15/2027		410,000		337,241
6.625%, 01/15/2028		425,000		386,438
3.875%, 09/15/2028		395,000		308,708
5.375%, 11/15/2029		361,000		297,018
4.000%, 09/15/2030		470,000		356,081
Oscar AcquisitionCo LLC / Oscar Finance, Inc.
9.500%, 04/15/2030 (a)		178,000		151,296
PennyMac Financial Services, Inc.
5.375%, 10/15/2025 (a)		350,000		315,812
4.250%, 02/15/2029 (a)		370,000		277,964
Perrigo Finance Unlimited Co.
3.900%, 12/15/2024		345,000		330,608
4.375%, 03/15/2026		98,000		92,061
4.400%, 06/15/2030		208,000		174,298
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.250%, 04/15/2024 (a)		345,000		343,969
5.750%, 04/15/2026 (a)		515,000		502,093
3.375%, 08/31/2027 (a)		367,000		320,108
6.250%, 01/15/2028 (a)		331,000		307,003
Radian Group, Inc.
6.625%, 03/15/2025		470,000		463,191
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
2.875%, 10/15/2026 (a)		391,000		328,203
3.625%, 03/01/2029 (a)		390,000		301,318
3.875%, 03/01/2031 (a)		570,000		425,306
4.000%, 10/15/2033 (a)		440,000		308,387
Sable International Finance Ltd.
5.750%, 09/07/2027 (a)		145,000		128,731
Santander UK Group Holdings PLC
4.750%, 09/15/2025 (a)		210,000		195,335
SLM Corp.
4.200%, 10/29/2025		145,000		135,070
Starwood Property Trust, Inc.
4.750%, 03/15/2025		92,000		86,543
UniCredit SpA
5.861%, 06/19/2032 (a)(b)		185,000		153,354
7.296%, 04/02/2034 (a)(b)		477,000		404,848
5.459%, 06/30/2035 (a)		569,000		423,835
United Wholesale Mortgage LLC
5.500%, 11/15/2025 (a)		197,000		177,323
5.500%, 04/15/2029 (a)		290,000		220,975

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

68

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Financials — 10.4% (Continued)
VistaJet Malta Finance PLC / XO Management Holding, Inc.
6.375%, 02/01/2030 (a)	$	490,000	$	408,861
				33,967,597
Health Care — 8.1%
AdaptHealth LLC
5.125%, 03/01/2030 (a)		167,000		145,238
Akumin, Inc.
7.000%, 11/01/2025 (a)		135,000		109,392
Avantor Funding, Inc.
4.625%, 07/15/2028 (a)		585,000		529,767
3.875%, 11/01/2029 (a)		180,000		152,747
Bausch Health Cos, Inc.
5.500%, 11/01/2025 (a)		973,000		782,740
6.125%, 02/01/2027 (a)		1,830,000		1,206,543
Centene Corp.
4.250%, 12/15/2027		550,000		508,899
2.450%, 07/15/2028		515,000		424,553
4.625%, 12/15/2029		870,000		789,951
3.375%, 02/15/2030		428,000		355,946
3.000%, 10/15/2030		500,000		403,940
2.500%, 03/01/2031		660,000		508,484
2.625%, 08/01/2031		525,000		403,266
CHS/Community Health Systems, Inc.
8.000%, 03/15/2026 (a)		835,000		721,812
5.625%, 03/15/2027 (a)		604,000		480,404
8.000%, 12/15/2027 (a)		189,000		153,480
6.000%, 01/15/2029 (a)		445,000		331,489
5.250%, 05/15/2030 (a)		650,000		451,389
4.750%, 02/15/2031 (a)		505,000		339,039
DaVita, Inc.
4.625%, 06/01/2030 (a)		710,000		554,702
3.750%, 02/15/2031 (a)		650,000		473,674
Elanco Animal Health, Inc.
6.400%, 08/28/2028		330,000		298,033
Encompass Health Corp.
4.500%, 02/01/2028		365,000		327,551
4.750%, 02/01/2030		375,000		318,896
Global Medical Response, Inc.
6.500%, 10/01/2025 (a)		175,000		139,521
HCA, Inc.
3.125%, 03/15/2027 (a)		395,000		349,486
4.125%, 06/15/2029		385,000		339,903
5.000%, 03/15/2024		433,000		429,342
5.375%, 02/01/2025		600,000		592,565
5.250%, 04/15/2025		220,000		216,275
5.875%, 02/15/2026		550,000		545,028

	Principal Amount		Value
Health Care — 8.1% (Continued)
5.250%, 06/15/2026	$	210,000	$	203,682
5.375%, 09/01/2026		182,000		177,123
4.500%, 02/15/2027		450,000		421,632
5.625%, 09/01/2028		225,000		216,214
3.500%, 09/01/2030		605,000		503,139
2.375%, 07/15/2031		365,000		272,246
3.625%, 03/15/2032 (a)		710,000		576,038
5.125%, 06/15/2039		445,000		368,394
4.375%, 03/15/2042 (a)		330,000		247,794
5.500%, 06/15/2047		492,000		410,585
5.250%, 06/15/2049		496,000		401,303
4.625%, 03/15/2052 (a)		517,000		380,454
Hologic, Inc.
3.250%, 02/15/2029 (a)		425,000		364,212
Horizon Therapeutics USA, Inc.
5.500%, 08/01/2027 (a)		124,000		119,652
Legacy LifePoint Health LLC
6.750%, 04/15/2025 (a)		175,000		155,225
Medline Borrower LP
3.875%, 04/01/2029 (a)		1,195,000		981,872
5.250%, 10/01/2029 (a)		671,000		523,709
Molina Healthcare, Inc.
4.375%, 06/15/2028 (a)		350,000		314,450
3.875%, 11/15/2030 (a)		93,000		79,274
3.875%, 05/15/2032 (a)		340,000		284,458
Organon & Co / Organon Foreign Debt Co-Issuer BV
4.125%, 04/30/2028 (a)		423,000		373,397
5.125%, 04/30/2031 (a)		590,000		502,061
Owens & Minor, Inc.
6.625%, 04/01/2030 (a)		290,000		241,795
Radiology Partners, Inc.
9.250%, 02/01/2028 (a)		945,000		502,220
RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc.
9.750%, 12/01/2026 (a)		560,000		448,381
RP Escrow Issuer LLC
5.250%, 12/15/2025 (a)		470,000		352,670
Select Medical Corp.
6.250%, 08/15/2026 (a)		433,000		411,396
Tenet Healthcare Corp.
4.625%, 07/15/2024		350,000		339,810
4.625%, 09/01/2024 (a)		140,000		135,473
4.875%, 01/01/2026 (a)		576,000		543,980
6.250%, 02/01/2027 (a)		555,000		530,680
5.125%, 11/01/2027 (a)		319,000		294,606
6.125%, 10/01/2028 (a)		545,000		473,673
4.250%, 06/01/2029 (a)		540,000		455,773
6.125%, 06/15/2030 (a)		438,000		404,594

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

69

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Health Care — 8.1% (Continued)
US Acute Care Solutions LLC
6.375%, 03/01/2026 (a)	$	203,000	$	184,548
				26,580,568
Industrials — 10.3%
AECOM
5.125%, 03/15/2027		285,000		270,515
AerCap Holdings NV
5.875%, 10/10/2079 (b)		220,000		198,255
Air Canada
3.875%, 08/15/2026 (a)		345,000		305,772
Allegiant Travel Co.
7.250%, 08/15/2027 (a)		260,000		244,835
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625%, 07/15/2026 (a)		604,000		577,965
9.750%, 07/15/2027 (a)		490,000		423,354
6.000%, 06/01/2029 (a)		181,000		126,090
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl
4.625%, 06/01/2028 (a)		490,000		411,340
4.625%, 06/01/2028 (a)		211,000		173,016
American Airlines Group, Inc.
3.750%, 03/01/2025 (a)(c)		138,000		121,603
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026 (a)		1,020,000		974,990
5.750%, 04/20/2029 (a)		1,105,000		1,011,666
American Airlines, Inc.
11.750%, 07/15/2025 (a)		625,000		684,380
American Builders & Contractors Supply Co, Inc.
4.000%, 01/15/2028 (a)		350,000		309,521
APX Group, Inc.
6.750%, 02/15/2027 (a)		300,000		293,383
5.750%, 07/15/2029 (a)(c)		385,000		307,987
Artera Services LLC
9.033%, 12/04/2025 (a)		285,000		238,817
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.375%, 03/01/2029 (a)		175,000		151,943
Bombardier, Inc.
7.500%, 03/15/2025 (a)		495,000		492,032
7.125%, 06/15/2026 (a)		495,000		469,400
7.875%, 04/15/2027 (a)		635,000		604,244
6.000%, 02/15/2028 (a)		204,000		182,070
Brand Industrial Services, Inc.
8.500%, 07/15/2025 (a)(c)		1,045,000		753,651

	Principal Amount		Value
Industrials — 10.3% (Continued)
Builders FirstSource, Inc.
4.250%, 02/01/2032 (a)	$	472,000	$	378,490
6.375%, 06/15/2032 (a)		355,000		327,459
Camelot Return Merger Sub, Inc.
8.750%, 08/01/2028 (a)		585,000		488,475
Cargo Aircraft Management, Inc.
4.750%, 02/01/2028 (a)		200,000		178,865
Clean Harbors, Inc.
4.875%, 07/15/2027 (a)		177,000		166,830
CoreCivic, Inc.
8.250%, 04/15/2026		341,000		346,290
CoreLogic, Inc.
4.500%, 05/01/2028 (a)		445,000		300,236
CoStar Group, Inc.
2.800%, 07/15/2030 (a)		269,000		210,324
Covanta Holding Corp.
4.875%, 12/01/2029 (a)		215,000		183,579
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.625%, 05/01/2027 (a)		325,000		306,328
6.000%, 02/01/2029 (a)		135,000		126,548
8.000%, 04/01/2029 (a)		365,000		365,524
DCP Midstream Operating LP
5.375%, 07/15/2025		465,000		455,221
5.125%, 05/15/2029		375,000		352,729
Delta Air Lines, Inc.
2.900%, 10/28/2024		410,000		388,135
7.375%, 01/15/2026 (c)		425,000		434,560
3.750%, 10/28/2029 (c)		320,000		263,724
Fortress Transportation and Infrastructure Investors LLC
6.500%, 10/01/2025 (a)		430,000		414,950
5.500%, 05/01/2028 (a)		372,000		312,340
Garda World Security Corp.
4.625%, 02/15/2027 (a)		232,000		206,212
9.500%, 11/01/2027 (a)		284,000		257,491
GFL Environmental, Inc.
3.750%, 08/01/2025 (a)		312,000		295,991
4.000%, 08/01/2028 (a)		350,000		303,685
3.500%, 09/01/2028 (a)		180,000		153,936
4.750%, 06/15/2029 (a)		204,000		178,263
Griffon Corp.
5.750%, 03/01/2028		290,000		266,013
H&E Equipment Services, Inc.
3.875%, 12/15/2028 (a)		223,000		188,717
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd.
5.750%, 01/20/2026 (a)		265,000		246,858

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

70

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Industrials — 10.3% (Continued)
Herc Holdings, Inc.
5.500%, 07/15/2027 (a)	$	225,000	$	212,969
Hertz Corp/The
5.000%, 12/01/2029 (a)		465,000		369,617
Howmet Aerospace, Inc.
5.125%, 10/01/2024		265,000		262,555
6.875%, 05/01/2025		330,000		336,452
5.900%, 02/01/2027		305,000		300,209
3.000%, 01/15/2029		107,000		89,320
5.950%, 02/01/2037		320,000		293,846
Mattamy Group Corp.
4.625%, 03/01/2030 (a)		61,000		48,090
MPH Acquisition Holdings LLC
5.500%, 09/01/2028 (a)		455,000		394,033
5.750%, 11/01/2028 (a)(c)		590,000		457,431
NESCO Holdings II, Inc.
5.500%, 04/15/2029 (a)		265,000		232,918
Pike Corp.
5.500%, 09/01/2028 (a)		170,000		145,563
Sabre GLBL, Inc.
7.375%, 09/01/2025 (a)		455,000		426,458
9.250%, 04/15/2025 (a)		329,000		319,178
Smyrna Ready Mix Concrete LLC
6.000%, 11/01/2028 (a)		565,000		481,811
Specialty Building Products Holdings LLC / SBP Finance Corp.
6.375%, 09/30/2026 (a)		345,000		278,061
Spirit AeroSystems, Inc.
7.500%, 04/15/2025 (a)		428,000		416,827
Standard Industries Inc/NJ
5.000%, 02/15/2027 (a)		221,000		200,492
4.750%, 01/15/2028 (a)(c)		430,000		377,849
4.375%, 07/15/2030 (a)		560,000		456,042
3.375%, 01/15/2031 (a)		500,000		375,295
Stericycle, Inc.
5.375%, 07/15/2024 (a)		255,000		251,740
Terex Corp.
5.000%, 05/15/2029 (a)		192,000		172,126
The ADT Security Corp.
4.125%, 08/01/2029 (a)		430,000		369,800
4.875%, 07/15/2032 (a)		355,000		302,854
The Brink’s Co
4.625%, 10/15/2027 (a)		315,000		291,893
Titan Acquisition Ltd / Titan Co-Borrower LLC
7.750%, 04/15/2026 (a)		865,000		704,807
TK Elevator US Newco, Inc.
5.250%, 07/15/2027 (a)		445,000		400,064

	Principal Amount		Value
Industrials — 10.3% (Continued)
TransDigm, Inc.
6.250%, 03/15/2026 (a)	$	1,195,000	$	1,178,360
7.500%, 03/15/2027		335,000		331,315
5.500%, 11/15/2027		620,000		563,183
4.625%, 01/15/2029		274,000		233,763
4.875%, 05/01/2029		169,000		144,917
Uber Technologies, Inc.
8.000%, 11/01/2026 (a)		575,000		580,215
7.500%, 09/15/2027 (a)		485,000		484,636
4.500%, 08/15/2029 (a)		449,000		386,556
United Airlines, Inc.
4.375%, 04/15/2026 (a)		735,000		672,144
4.625%, 04/15/2029 (a)		435,000		373,889
United Rentals North America, Inc.
4.875%, 01/15/2028		330,000		307,448
5.250%, 01/15/2030		137,000		127,510
4.000%, 07/15/2030		215,000		183,424
3.875%, 02/15/2031		291,000		241,181
3.750%, 01/15/2032		370,000		300,588
Vertiv Group Corp.
4.125%, 11/15/2028 (a)		425,000		370,730
WESCO Distribution, Inc.
7.125%, 06/15/2025 (a)		225,000		227,529
7.250%, 06/15/2028 (a)		206,000		209,276
Westinghouse Air Brake Technologies Corp.
4.950%, 09/15/2028 (b)		399,000		372,159
				33,681,725
Information Technology — 5.7%
Amkor Technology, Inc.
6.625%, 09/15/2027 (a)		253,000		250,131
Arches Buyer, Inc.
4.250%, 06/01/2028 (a)		435,000		357,866
AthenaHealth Group, Inc.
6.500%, 02/15/2030 (a)(c)		698,000		544,803
Black Knight InfoServ LLC
3.625%, 09/01/2028 (a)		285,000		247,996
Block, Inc.
2.750%, 06/01/2026		420,000		376,626
3.500%, 06/01/2031 (c)		430,000		347,264
Booz Allen Hamilton, Inc.
3.875%, 09/01/2028 (a)		335,000		297,205
Boxer Parent Co, Inc.
7.125%, 10/02/2025 (a)		175,000		171,892

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

71

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Information Technology — 5.7% (Continued)
CDW LLC / CDW Finance Corp.
4.125%, 05/01/2025	$	320,000	$	305,019
2.670%, 12/01/2026		425,000		366,110
3.250%, 02/15/2029		193,000		158,225
3.569%, 12/01/2031		450,000		354,983
Central Parent Inc / CDK Global, Inc.
7.250%, 06/15/2029 (a)		203,000		194,068
Clarivate Science Holdings Corp.
3.875%, 07/01/2028 (a)		148,000		127,292
4.875%, 07/01/2029 (a)		155,000		129,732
Coherent Corp.
5.000%, 12/15/2029 (a)		430,000		369,929
Condor Merger Sub, Inc.
7.375%, 02/15/2030 (a)(c)		631,000		522,929
Crowdstrike Holdings, Inc.
3.000%, 02/15/2029		238,000		201,202
Endurance International Group Holdings, Inc.
6.000%, 02/15/2029 (a)		540,000		356,360
Entegris Escrow Corp.
4.750%, 04/15/2029 (a)		610,000		540,062
5.950%, 06/15/2030 (a)		380,000		348,068
Fair Isaac Corp.
4.000%, 06/15/2028 (a)		260,000		235,944
Gartner, Inc.
4.500%, 07/01/2028 (a)		360,000		334,348
3.750%, 10/01/2030 (a)		365,000		307,675
Go Daddy Operating Co LLC / GD Finance Co, Inc.
5.250%, 12/01/2027 (a)		300,000		281,461
3.500%, 03/01/2029 (a)		252,000		209,645
GoTo Group, Inc.
5.500%, 09/01/2027 (a)		1,155,000		672,811
Imola Merger Corp.
4.750%, 05/15/2029 (a)		230,000		198,707
IQVIA, Inc.
5.000%, 10/15/2026 (a)		265,000		253,295
5.000%, 05/15/2027 (a)		445,000		424,643
Millennium Escrow Corp.
6.625%, 08/01/2026 (a)		670,000		484,085
NCR Corp.
5.000%, 10/01/2028 (a)		173,000		145,784
5.125%, 04/15/2029 (a)		455,000		382,888
Nokia Oyj
6.625%, 05/15/2039		324,000		295,261
NortonLifeLock, Inc.
5.000%, 04/15/2025 (a)		315,000		306,394

	Principal Amount		Value
Information Technology — 5.7% (Continued)
ON Semiconductor Corp.
3.875%, 09/01/2028 (a)	$	335,000	$	295,127
Open Text Corp.
3.875%, 02/15/2028 (a)		385,000		330,319
3.875%, 12/01/2029 (a)		380,000		303,447
Open Text Holdings, Inc.
4.125%, 02/15/2030 (a)		390,000		313,402
4.125%, 12/01/2031 (a)		320,000		243,722
Qorvo, Inc.
1.750%, 12/15/2024 (a)		307,000		280,348
4.375%, 10/15/2029		215,000		183,480
3.375%, 04/01/2031 (a)		190,000		143,391
Rocket Software, Inc.
6.500%, 02/15/2029 (a)		259,000		207,372
Seagate HDD Cayman
4.750%, 01/01/2025		325,000		314,129
5.750%, 12/01/2034		345,000		281,048
Sensata Technologies BV
5.000%, 10/01/2025 (a)		188,000		182,876
4.000%, 04/15/2029 (a)		265,000		223,608
Sensata Technologies, Inc.
3.750%, 02/15/2031 (a)		200,000		159,730
SS&C Technologies, Inc.
5.500%, 09/30/2027 (a)		400,000		373,106
Unisys Corp.
6.875%, 11/01/2027 (a)		250,000		209,550
Vericast Corp.
11.000%, 09/15/2026 (a)		439,000		431,318
Veritas US Inc / Veritas Bermuda Ltd.
7.500%, 09/01/2025 (a)		1,170,000		986,984
Viasat, Inc.
5.625%, 09/15/2025 (a)		355,000		327,878
5.625%, 04/15/2027 (a)		320,000		296,437
Vibrantz Technologies, Inc.
9.000%, 02/15/2030 (a)		633,000		418,554
Virtusa Corp.
7.125%, 12/15/2028 (a)		492,000		353,663
Vontier Corp.
2.950%, 04/01/2031		217,000		152,657
Western Digital Corp.
4.750%, 02/15/2026		525,000		488,591
Xerox Holdings Corp.
5.000%, 08/15/2025 (a)		400,000		362,066
5.500%, 08/15/2028 (a)		400,000		317,176
				18,537,172
Materials — 6.8%
Alcoa Nederland Holding BV
5.500%, 12/15/2027 (a)		215,000		200,547

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

72

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Materials — 6.8% (Continued)
Arconic Corp.
6.000%, 05/15/2025 (a)	$	370,000	$	367,295
6.125%, 02/15/2028 (a)		475,000		446,158
ARD Finance SA
6.500%, 06/30/2027 (a)		215,000		154,787
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.250%, 04/30/2025 (a)		304,000		287,349
4.125%, 08/15/2026 (a)		515,000		446,533
5.250%, 08/15/2027 (a)		435,000		305,753
5.250%, 08/15/2027 (a)		373,000		262,174
ASP Unifrax Holdings, Inc.
5.250%, 09/30/2028 (a)		323,000		257,667
Avient Corp.
5.750%, 05/15/2025 (a)		190,000		185,814
7.125%, 08/01/2030 (a)		177,000		169,495
Axalta Coating Systems LLC
3.375%, 02/15/2029 (a)		302,000		250,249
Ball Corp.
5.250%, 07/01/2025		475,000		469,898
4.875%, 03/15/2026		140,000		134,705
2.875%, 08/15/2030		324,000		252,169
3.125%, 09/15/2031		425,000		326,553
Berry Global, Inc.
1.570%, 01/15/2026		560,000		485,662
4.875%, 07/15/2026 (a)		368,000		346,584
Big River Steel LLC / BRS Finance Corp.
6.625%, 01/31/2029 (a)		210,000		198,005
Brookfield Residential Properties Inc / Brookfield Residential US LLC
6.250%, 09/15/2027 (a)		175,000		153,040
Chemours Co/The
5.750%, 11/15/2028 (a)		380,000		327,843
4.625%, 11/15/2029 (a)		390,000		305,189
Cleveland-Cliffs, Inc.
6.750%, 03/15/2026 (a)		415,000		412,682
Clydesdale Acquisition Holdings, Inc.
8.750%, 04/15/2030 (a)		293,000		255,463
CP Atlas Buyer, Inc.
7.000%, 12/01/2028 (a)(c)		431,000		310,947
Crown Americas LLC / Crown Americas Capital Corp VI
4.750%, 02/01/2026		200,000		191,741
Domtar Corp.
6.750%, 10/01/2028 (a)		530,000		451,807
Element Solutions, Inc.
3.875%, 09/01/2028 (a)		230,000		196,098

	Principal Amount		Value
Materials — 6.8% (Continued)
Freeport-McMoRan, Inc.
4.550%, 11/14/2024	$	330,000	$	323,874
5.000%, 09/01/2027		210,000		200,794
4.125%, 03/01/2028		55,000		49,428
4.375%, 08/01/2028		300,000		271,101
5.250%, 09/01/2029		168,000		156,425
4.250%, 03/01/2030		295,000		258,601
4.625%, 08/01/2030		365,000		323,135
5.400%, 11/14/2034		345,000		307,879
5.450%, 03/15/2043		465,000		383,432
Hudbay Minerals, Inc.
4.500%, 04/01/2026 (a)		355,000		308,696
6.125%, 04/01/2029 (a)		370,000		307,218
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
9.000%, 07/01/2028 (a)		815,000		689,478
Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC
6.000%, 09/15/2028 (a)		211,000		157,607
Kaiser Aluminum Corp.
4.500%, 06/01/2031 (a)		157,000		126,159
LABL, Inc.
6.750%, 07/15/2026 (a)		285,000		271,415
10.500%, 07/15/2027 (a)		905,000		816,654
LSB Industries, Inc.
6.250%, 10/15/2028 (a)		365,000		332,221
Mauser Packaging Solutions Holding Co.
7.250%, 04/15/2025 (a)(c)		503,000		453,494
Mercer International, Inc.
5.125%, 02/01/2029		455,000		378,019
Methanex Corp.
5.125%, 10/15/2027		395,000		359,466
5.250%, 12/15/2029		216,000		185,962
Mineral Resources Ltd.
8.125%, 05/01/2027 (a)		296,000		295,161
8.000%, 11/01/2027 (a)		280,000		276,046
8.500%, 05/01/2030 (a)		345,000		340,303
NOVA Chemicals Corp.
4.875%, 06/01/2024 (a)		470,000		458,135
5.250%, 06/01/2027 (a)		455,000		407,225
Novelis Corp.
3.250%, 11/15/2026 (a)		107,000		93,903
4.750%, 01/30/2030 (a)		410,000		353,541
3.875%, 08/15/2031 (a)		312,000		242,469
Olin Corp.
5.625%, 08/01/2029		375,000		353,004
Olympus Water US Holding Corp.
4.250%, 10/01/2028 (a)		400,000		325,830
Owens-Brockway Glass Container, Inc.
6.625%, 05/13/2027 (a)		355,000		340,006

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

73

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Materials — 6.8% (Continued)
Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC
4.000%, 10/15/2027 (a)	$	248,000	$	221,985
Rayonier AM Products, Inc.
5.500%, 06/01/2024 (a)		100,000		98,500
SCIH Salt Holdings, Inc.
4.875%, 05/01/2028 (a)		475,000		410,782
6.625%, 05/01/2029 (a)		161,000		129,676
SCIL IV LLC / SCIL USA Holdings LLC
5.375%, 11/01/2026 (a)		240,000		191,393
Sealed Air Corp.
6.875%, 07/15/2033 (a)		360,000		345,269
Summit Materials LLC / Summit Materials Finance Corp.
5.250%, 01/15/2029 (a)		297,000		271,957
SYNGENTA FIN N V
4.892%, 04/24/2025		300,000		285,982
Trivium Packaging Finance BV
5.500%, 08/15/2026 (a)		280,000		257,681
8.500%, 08/15/2027 (a)(c)		225,000		212,132
Tronox, Inc.
4.625%, 03/15/2029 (a)		343,000		265,690
United States Steel Corp.
6.875%, 03/01/2029 (c)		415,000		381,444
Valvoline, Inc.
4.250%, 02/15/2030 (a)		130,000		125,321
WR Grace Holdings LLC
4.875%, 06/15/2027 (a)		365,000		319,831
5.625%, 08/15/2029 (a)		565,000		435,050
				22,251,581
Real Estate — 5.3%
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
4.500%, 04/01/2027 (a)		380,000		324,110
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
5.750%, 05/15/2026 (a)		425,000		395,467
Cushman & Wakefield US Borrower LLC
6.750%, 05/15/2028 (a)		71,000		67,793
Five Point Operating Co LP / Five Point Capital Corp.
7.875%, 11/15/2025 (a)		745,000		616,669
GLP Capital LP / GLP Financing II, Inc.
5.250%, 06/01/2025		322,000		310,865
5.375%, 04/15/2026		415,000		396,661
5.300%, 01/15/2029		365,000		329,766
4.000%, 01/15/2030		299,000		247,240
4.000%, 01/15/2031		365,000		293,536
3.250%, 01/15/2032		390,000		291,584

	Principal Amount		Value
Real Estate — 5.3% (Continued)
Grifols Escrow Issuer SA
4.750%, 10/15/2028 (a)	$	345,000	$	269,988
HAT Holdings I LLC / HAT Holdings II LLC
3.375%, 06/15/2026 (a)		495,000		405,593
Hunt Cos, Inc.
5.250%, 04/15/2029 (a)		143,000		115,473
Iron Mountain Information Management Services, Inc.
5.000%, 07/15/2032 (a)		375,000		310,112
Iron Mountain, Inc.
4.875%, 09/15/2027 (a)		425,000		394,084
5.250%, 03/15/2028 (a)		110,000		101,468
4.875%, 09/15/2029 (a)		425,000		367,636
5.250%, 07/15/2030 (a)		286,000		247,169
4.500%, 02/15/2031 (a)		465,000		379,673
5.625%, 07/15/2032 (a)		310,000		266,496
iStar, Inc.
4.750%, 10/01/2024		370,000		366,095
Kennedy-Wilson, Inc.
4.750%, 03/01/2029		112,000		91,184
4.750%, 02/01/2030		325,000		255,931
5.000%, 03/01/2031		268,000		210,258
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.250%, 02/01/2027 (a)		285,000		240,153
4.750%, 06/15/2029 (a)		355,000		283,995
MPT Operating Partnership LP / MPT Finance Corp.
5.000%, 10/15/2027		403,000		345,889
4.625%, 08/01/2029		238,000		186,617
3.500%, 03/15/2031		625,000		431,459
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028 (a)		210,000		189,991
4.875%, 05/15/2029 (a)		370,000		316,498
Realogy Group LLC / Realogy Co-Issuer Corp.
5.750%, 01/15/2029 (a)		440,000		317,432
5.250%, 04/15/2030 (a)		470,000		324,356
RHP Hotel Properties LP / RHP Finance Corp.
4.750%, 10/15/2027		350,000		323,832
SBA Communications Corp.
3.875%, 02/15/2027		230,000		208,006
3.125%, 02/01/2029		565,000		458,659
Service Properties Trust
4.350%, 10/01/2024		500,000		459,410
7.500%, 09/15/2025		365,000		356,331
The Howard Hughes Corp.
4.125%, 02/01/2029 (a)		310,000		244,866
4.375%, 02/01/2031 (a)		345,000		260,145
The Howard Hughes Corporation
5.375%, 08/01/2028 (a)		293,000		251,372

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

74

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.5% (Continued)
Real Estate — 5.3% (Continued)
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC
7.875%, 02/15/2025 (a)	$	391,000	$	388,476
6.000%, 01/15/2030 (a)(c)		365,000		250,184
Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC
6.500%, 02/15/2029 (a)		520,000		372,566
VICI Properties LP
4.750%, 02/15/2028		500,000		457,066
4.950%, 02/15/2030		425,000		384,683
5.125%, 05/15/2032		476,000		422,831
5.625%, 05/15/2052		490,000		401,922
VICI Properties LP / VICI Note Co, Inc.
5.625%, 05/01/2024 (a)		440,000		434,856
3.500%, 02/15/2025 (a)		370,000		344,665
4.625%, 06/15/2025 (a)		320,000		300,525
5.750%, 02/01/2027 (a)		325,000		307,803
3.750%, 02/15/2027 (a)		345,000		303,048
3.875%, 02/15/2029 (a)		340,000		287,229
4.625%, 12/01/2029 (a)		226,000		197,605
4.125%, 08/15/2030 (a)		420,000		349,494
				17,456,815
Utilities — 1.4%
American Electric Power Co, Inc.
3.875%, 02/15/2062 (b)		420,000		322,529
Calpine Corp.
4.500%, 02/15/2028 (a)		490,000		440,721
5.125%, 03/15/2028 (a)		485,000		430,955
4.625%, 02/01/2029 (a)		335,000		282,072
5.000%, 02/01/2031 (a)		232,000		196,477
3.750%, 03/01/2031 (a)		226,000		185,711
FirstEnergy Corp.
4.400%, 07/15/2027 (b)		575,000		540,943
7.375%, 11/15/2031		340,000		379,015
5.350%, 07/15/2047		259,000		214,263
NRG Energy, Inc.
5.750%, 01/15/2028		221,000		211,312
5.250%, 06/15/2029 (a)		345,000		313,909
3.625%, 02/15/2031 (a)		460,000		368,524
3.875%, 02/15/2032 (a)		490,000		387,370
PG&E Corp.
5.000%, 07/01/2028		369,000		336,714
5.250%, 07/01/2030		130,000		115,493
				4,726,008
TOTAL CORPORATE BONDS (Cost $341,484,500)				322,530,692

	Principal Amount		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (b)	$	12,837,594	$	12,837,594
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $12,837,594)				12,837,594
Total Investments (Cost $354,322,094) — 102.4%				335,368,286
Liabilities in Excess of Other Assets — (2.4)%				(7,846,193	)
TOTAL NET ASSETS — 100.0%			$	327,522,093

Percentages are stated as a percent of net assets.

(a) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $217,365,796, which represents 66.37% of total net assets.

(b) The rate shown is as of October 31, 2022.

(c) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $11,997,632 or 3.7% of net assets.

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

75

Pacer Trendpilot^® Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
EXCHANGE TRADED FUNDS — 99.8%
Pacer Trendpilot 100 ETF (a)		226,691	$	11,379,888
Pacer Trendpilot International ETF		466,910		11,443,964
Pacer Trendpilot US Bond ETF		578,485		11,621,763
Pacer Trendpilot US Large Cap ETF		303,363		11,456,504
Pacer Trendpilot US Mid Cap ETF		355,640		11,440,939
TOTAL EXCHANGE TRADED FUNDS (Cost $60,437,784)				57,343,058
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 2.300% (b)	$	127,287		127,287
TOTAL SHORT-TERM INVESTMENTS (Cost $127,287)				127,287
Total Investments (Cost $60,565,071) — 100.0%				57,470,345
Liabilities in Excess of Other Assets — 0.0% (c)				(10,190	)
TOTAL NET ASSETS — 100.0%			$	57,460,155

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of October 31, 2022.

(c) Less than 0.05%

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

76

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.0%
Australia — 4.7%
Aurizon Holdings Ltd.		524,374	$	1,214,209
BHP Group Ltd. - ADR (a)		247,412		11,831,242
BlueScope Steel Ltd.		86,697		872,322
Coles Group Ltd.		217,872		2,275,786
Fortescue Metals Group Ltd.		1,071,204		10,072,408
Tabcorp Holdings Ltd.		1,525,611		941,705
Telstra Group Ltd.		2,312,799		5,799,195
				33,006,867
Bermuda — 1.0%
Orient Overseas International Ltd.		489,259		7,149,109
Britain — 14.1%
Anglo American PLC		344,428		10,303,334
BAE Systems PLC		520,892		4,864,900
BP PLC - ADR		516,468		17,188,055
British American Tobacco PLC - ADR		376,611		14,921,328
Imperial Brands PLC		373,364		9,094,429
Rio Tinto PLC - ADR (a)		226,896		12,104,902
Tesco PLC		1,628,001		4,015,906
Unilever PLC - ADR (a)		357,836		16,285,117
Vodafone Group PLC - ADR (a)		867,716		10,247,726
				99,025,697
Cayman Islands — 0.5%
Chow Tai Fook Jewellery Group Ltd.		1,618,252		2,770,736
JS Global Lifestyle Co Ltd. (b)		781,491		629,203
				3,399,939
Chile — 0.7%
Antofagasta PLC		364,486		4,913,511
China — 0.6%
Lenovo Group Ltd.		2,391,858		1,913,572
Tingyi Cayman Islands Holding Corp.		1,559,681		2,439,966
				4,353,538
Denmark — 1.6%
AP Moller - Maersk A/S - Class B		5,306		11,098,916
Finland — 1.2%
Fortum Oyj		300,360		4,228,353
Kone Oyj - Class B		96,072		3,935,393
				8,163,746
France — 7.8%
Cie Generale des Etablissements Michelin SCA		133,376		3,401,985
Danone SA		112,131		5,578,348
Orange SA - ADR (a)		832,795		7,928,209
Sanofi - ADR (a)		309,862		13,395,334

	Shares		Value
France — 7.8% (Continued)
TotalEnergies SE - ADR		286,029	$	15,665,808
Vinci SA		92,461		8,514,281
				54,483,965
Germany — 11.6%
BASF SE		298,074		13,383,858
Bayerische Motoren Werke AG		187,094		14,702,897
Daimler AG		229,987		13,318,877
Deutsche Post AG		299,329		10,622,602
Deutsche Telekom AG		808,515		15,312,318
Siemens AG - ADR		251,684		13,774,665
				81,115,217
Hong Kong — 1.9%
CK Infrastructure Holdings Ltd.		556,487		2,644,317
Jardine Matheson Holdings Ltd.		46,176		2,125,020
Power Assets Holdings Ltd.		541,103		2,588,449
SITC International Holdings Co Ltd.		985,460		1,614,469
Swire Pacific Ltd. - Class A		378,561		2,505,366
Xinyi Glass Holdings Ltd.		1,300,214		1,672,961
				13,150,582
Japan — 11.8%
AGC, Inc.		37,405		1,173,505
Canon, Inc. - ADR		172,173		3,651,789
Eisai Co. Ltd.		49,087		2,962,485
Honda Motor Co. Ltd. - ADR		312,223		7,124,929
Inpex Corp.		224,588		2,292,778
Isuzu Motors Ltd.		129,340		1,516,991
Japan Tobacco, Inc.		563,533		9,338,211
Kirin Holdings Co. Ltd.		141,848		2,088,680
Marubeni Corp.		326,964		2,865,154
Mitsubishi Chemical Group Corp.		263,817		1,192,450
Nintendo Co. Ltd. - ADR		924,201		9,352,914
Nippon Steel Corp.		182,490		2,506,714
Oracle Corp Japan		101,203		5,404,027
Otsuka Corp.		30,209		953,840
SoftBank Corp.		1,472,518		14,512,762
Sumitomo Chemical Co. Ltd.		316,732		1,067,169
Sumitomo Metal Mining Co. Ltd.		58,130		1,634,888
Takeda Pharmaceutical Co. Ltd. - ADR (a)		855,978		11,316,029
Yamaha Motor Co. Ltd.		79,984		1,651,373
				82,606,688
Netherlands — 3.2%
Koninklijke Ahold Delhaize NV		188,169		5,253,312
Koninklijke Philips NV		162,112		2,053,535
Stellantis NV		1,123,785		15,170,526
				22,477,373
New Zealand — 0.2%
Spark New Zealand Ltd.		570,080		1,696,992

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

77

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 98.0% (Continued)
Norway — 0.7%
Telenor ASA		512,568	$	4,659,194
Republic of Korea — 0.7%
Kia Corp.		72,411		3,370,318
LG Display Co Ltd.		66,089		591,551
LG Uplus Corp.		87,433		702,803
				4,664,672
Singapore — 0.4%
Jardine Cycle & Carriage Ltd.		67,643		1,421,095
Singapore Technologies Engineering Ltd.		524,819		1,223,441
				2,644,536
South Korea — 1.5%
KT&G Corp.		34,899		2,344,648
LG Corp.		28,469		1,582,888
POSCO Holdings Inc. - ADR (a)		95,183		4,129,038
SK Telecom Co Ltd. - ADR		142,126		2,779,985
				10,836,559
Spain — 1.2%
Repsol SA		249,477		3,388,769
Telefonica SA - ADR (a)		1,492,824		5,150,243
				8,539,012
Sweden — 1.0%
H & M Hennes & Mauritz AB - Class B		417,124		4,201,010
Telefonaktiebolaget LM Ericsson - ADR (a)		550,902		3,068,524
				7,269,534
Switzerland — 6.9%
Glencore PLC		2,533,193		14,510,830
Holcim Ltd.		134,833		6,123,938
Kuehne + Nagel International AG		23,139		4,931,205
Novartis AG - ADR		186,561		15,135,694
SGS SA		1,274		2,810,472
Swisscom AG		9,626		4,751,717
				48,263,856
United Kingdom — 1.8%
GSK PLC - ADR (a)		306,977		10,182,427
Haleon PLC - ADR (a)(c)		394,214		2,412,590
				12,595,017
United States — 23.0%
3M Co.		107,495		13,521,796
AbbVie, Inc.		113,013		16,545,103
Altria Group, Inc.		309,045		14,299,512
AT&T, Inc.		796,781		14,525,318
Dow, Inc.		140,905		6,585,900
Exxon Mobil Corp.		167,662		18,578,626
Gilead Sciences, Inc.		262,171		20,569,937

	Shares		Value
United States — 23.0% (Continued)
International Business Machines Corp. (a)		117,764	$	16,285,584
Philip Morris International, Inc.		157,849		14,498,431
Southern Copper Corp. (a)		204,539		9,607,197
The Kraft Heinz Co.		250,702		9,644,506
Walgreens Boots Alliance, Inc. (a)		176,775		6,452,287
				161,114,197
TOTAL COMMON STOCKS (Cost $754,184,043)				687,228,717
PREFERRED STOCKS — 1.8%
Germany — 1.8%
Volkswagen AG		98,979		12,651,517
TOTAL PREFERRED STOCKS (Cost $14,397,269)				12,651,517
	Principal Amount
SHORT-TERM INVESTMENTS — 0.0% (d)
Money Market Deposit Accounts — 0.0% (d)
U.S. Bank Money Market Deposit Account 2.300% (e)	$	105,413		105,413
TOTAL SHORT-TERM INVESTMENTS (Cost $105,413)				105,413
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.8%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (e)		96,835,987		96,835,987
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $96,835,987)				96,835,987
Total Investments (Cost $865,522,712) — 113.6%				796,821,634
Liabilities in Excess of Other Assets — (13.6)%				(95,408,738	)
TOTAL NET ASSETS — 100.0%			$	701,412,896

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $94,496,633 or 13.5% of net assets.

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

78

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

(b) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $629,203, which represents 0.09% of total net assets.

(c) Non-income producing security.

(d) Less than 0.05%.

(e) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

79

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.0%
Communication Services — 3.9%
Fox Corp. - Class A		1,519,651	$	43,872,324
Live Nation Entertainment, Inc. (a)(b)		700,060		55,731,777
Lumen Technologies, Inc. (a)		10,657,853		78,441,798
Meta Platforms Inc. - Class A (b)		1,050,277		97,843,805
Nexstar Media Group, Inc. (a)		217,860		37,319,418
Playtika Holding Corp. (b)		1,599,224		15,112,667
TripAdvisor, Inc. (a)(b)		452,860		10,696,553
				339,018,342
Consumer Discretionary — 7.2%
AutoNation, Inc. (a)(b)		381,884		40,598,088
Booking Holdings, Inc. (b)		91,572		171,192,023
Boyd Gaming Corp.		494,270		28,549,035
Expedia Group, Inc. (b)		959,736		89,706,524
Grand Canyon Education, Inc. (b)		88,105		8,866,006
H&R Block, Inc. (a)		545,526		22,448,395
Lennar Corp. - Class A (a)		911,174		73,531,742
Macy’s, Inc. (a)		2,093,299		43,645,284
NVR, Inc. (b)		9,072		38,444,868
PVH Corp.		408,272		20,952,519
Thor Industries, Inc. (a)		321,534		26,195,375
Under Armour, Inc. - Class A (a)(b)		2,336,269		17,405,204
Victoria’s Secret & Co. (a)(b)		428,439		16,109,307
Williams-Sonoma, Inc. (a)		270,975		33,554,834
				631,199,204
Consumer Staples — 2.6%
Albertsons Cos., Inc. (a)		2,768,234		56,776,480
Altria Group, Inc.		3,745,682		173,312,706
				230,089,186
Energy — 29.7%
Antero Resources Corp. (a)(b)		1,142,951		41,900,584
APA Corp.		2,480,987		112,785,669
Cheniere Energy, Inc.		1,042,086		183,834,391
Chesapeake Energy Corp. (a)		510,347		52,193,188
Chevron Corp.		1,071,849		193,897,484
ConocoPhillips		1,534,588		193,496,201
Coterra Energy, Inc. (a)		2,375,974		73,964,071
Devon Energy Corp. (a)		2,405,511		186,066,276
Diamondback Energy, Inc.		873,109		137,174,155
Exxon Mobil Corp.		1,761,767		195,221,401
HF Sinclair Corp.		677,579		41,447,507
Marathon Oil Corp.		4,219,518		128,484,323
Marathon Petroleum Corp.		1,698,744		193,011,293
Occidental Petroleum Corp. (a)		2,460,392		178,624,459
Ovintiv, Inc.		1,110,474		56,245,508
PDC Energy, Inc.		643,802		46,443,876
Phillips 66		1,842,068		192,109,272
Pioneer Natural Resources Co. (a)		699,755		179,424,180

	Shares		Value
Energy — 29.7% (Continued)
Range Resources Corp.		822,046	$	23,411,870
Valero Energy Corp.		1,479,478		185,748,463
				2,595,484,171
Health Care — 23.3%
AbbVie, Inc.		1,236,889		181,080,550
Biogen, Inc. (b)		383,580		108,721,915
Bristol-Myers Squibb Co.		2,456,655		190,317,063
Cardinal Health, Inc.		1,246,984		94,646,086
CVS Health Corp.		1,694,929		160,509,776
Gilead Sciences, Inc.		2,637,323		206,924,362
Hologic, Inc. (a)(b)		1,100,042		74,582,848
Horizon Therapeutics PLC (b)		688,538		42,909,688
Maravai LifeSciences Holdings, Inc. - Class A (b)		745,933		12,382,488
McKesson Corp.		445,768		173,568,686
Moderna, Inc. (a)(b)		1,215,307		182,697,101
Pfizer, Inc.		3,688,392		171,694,648
Premier, Inc.		430,710		15,023,165
Quest Diagnostics, Inc.		402,842		57,868,253
QuidelOrtho Corp. (b)		200,569		18,015,107
Regeneron Pharmaceuticals, Inc. (b)		290,340		217,392,075
United Therapeutics Corp. (b)		94,905		21,878,450
Viatris, Inc.		10,476,970		106,131,706
				2,036,343,967
Industrials — 3.2%
Allison Transmission Holdings, Inc.		392,923		16,600,997
Builders FirstSource, Inc. (a)(b)		1,568,331		96,703,289
CACI International, Inc. (b)		87,891		26,721,501
Expeditors International of Washington, Inc. (a)		441,501		43,200,873
Knight-Swift Transportation Holdings, Inc. (a)		586,754		28,181,794
ManpowerGroup, Inc.		174,696		13,685,685
Owens Corning		390,983		33,472,055
Robert Half International, Inc. (a)		262,949		20,105,080
				278,671,274
Information Technology — 9.0%
Cisco Systems, Inc.		3,774,963		171,496,569
Cognizant Technology Solutions Corp.		1,214,358		75,593,786
Dell Technologies, Inc. - Class C (a)		3,231,245		124,079,808
Dropbox, Inc. - Class A (b)		1,154,146		25,102,676
DXC Technology Co. (b)		1,702,744		48,953,890
HP, Inc.		5,386,120		148,764,634
Lumentum Holdings, Inc. (a)(b)		149,757		11,149,409
Micron Technology, Inc. (a)		2,775,911		150,176,785
Qorvo, Inc. (b)		284,367		24,478,311
Teradata Corp. (a)(b)		365,115		11,533,983
				791,329,851

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

80

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.0% (Continued)
Materials — 16.5%
Alcoa Corp. (a)		760,745	$	29,691,877
Celanese Corp. (a)		434,155		41,730,978
CF Industries Holdings, Inc.		1,206,567		128,209,810
Cleveland-Cliffs, Inc. (a)(b)		6,136,520		79,713,395
Dow, Inc.		3,412,518		159,501,091
Eagle Materials, Inc. (a)		126,905		15,521,751
Freeport-McMoRan, Inc.		5,339,284		169,201,910
Huntsman Corp.		1,181,590		31,619,348
Louisiana-Pacific Corp. (a)		752,719		42,641,531
LyondellBasell Industries NV		2,084,961		159,395,269
Mosaic Co.		1,000,837		53,794,989
Nucor Corp. (a)		1,293,743		169,971,955
Olin Corp.		1,079,995		57,185,735
Reliance Steel & Aluminum Co.		166,632		33,573,015
Steel Dynamics, Inc. (a)		1,014,813		95,443,163
United States Steel Corp. (a)		5,117,773		104,197,858
Westlake Chemical Corp. (a)		763,828		73,823,976
				1,445,217,651
Real Estate — 0.4%
Zillow Group, Inc. - Class C (a)(b)		1,067,491		32,942,772
Utilities — 1.2%
NRG Energy, Inc. (a)		2,354,966		104,560,490
TOTAL COMMON STOCKS (Cost $8,223,946,028)				8,484,856,908
REAL ESTATE INVESTMENT TRUSTS — 2.7%
Rithm Capital Corp. (a)		18,203,467		153,455,227
Weyerhaeuser Co.		2,671,754		82,637,351
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $274,897,000)				236,092,578
	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	8,330,964		8,330,964
TOTAL SHORT-TERM INVESTMENTS (Cost $8,330,964)				8,330,964

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.9%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		1,131,458,005	$	1,131,458,005
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,131,458,005)				1,131,458,005
Total Investments (Cost $9,638,631,997) — 112.7%				9,860,738,455
Liabilities in Excess of Other Assets — (12.7)%				(1,108,218,051	)
TOTAL NET ASSETS — 100.0%			$	8,752,520,404

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $1,100,271,675 or 12.6% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

81

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.2%
Communication Services — 2.9%
Cars.com, Inc. (a)(b)		414,299	$	5,750,470
Scholastic Corp.		210,507		8,028,737
The Marcus Corp. (a)		306,897		4,615,731
Thryv Holdings, Inc. (b)		272,300		5,571,258
YELP, Inc. (b)		306,400		11,768,824
				35,735,020
Consumer Discretionary — 28.2%
Academy Sports & Outdoors, Inc. (a)		473,286		20,838,783
American Axle & Manufacturing Holdings, Inc. (a)(b)		1,395,448		13,521,891
Asbury Automotive Group, Inc. (a)(b)		137,395		21,674,061
Bloomin’ Brands, Inc. (a)		760,627		18,262,654
Cavco Industries, Inc. (a)(b)		34,261		7,765,941
Chico’s FAS, Inc. (a)(b)		2,928,156		17,217,557
Chuy’s Holdings, Inc. (b)		105,479		3,090,535
Dave & Buster’s Entertainment, Inc. (a)(b)		341,642		13,614,434
Ethan Allen Interiors, Inc. (a)		209,963		5,372,953
G-III Apparel Group Ltd. (b)		544,352		10,614,864
Golden Entertainment, Inc. (a)(b)		322,279		13,606,619
Group 1 Automotive, Inc. (a)		137,538		23,794,074
Kontoor Brands, Inc. (a)		365,729		13,056,525
La-Z-Boy, Inc. (a)		224,105		5,551,081
Liquidity Services, Inc. (b)		122,604		2,106,337
Monro, Inc. (a)		190,920		9,116,430
Movado Group, Inc. (a)		135,971		4,496,561
Oxford Industries, Inc. (a)		64,587		6,570,435
Perdoceo Education Corp. (b)		786,567		8,990,461
PetMed Express, Inc. (a)		62,348		1,329,259
Shoe Carnival, Inc. (a)		136,530		3,273,989
Signet Jewelers Ltd. (a)		370,185		24,150,869
Sonic Automotive, Inc. - Class A (a)		372,093		17,395,348
Stride, Inc. (b)		232,915		7,804,982
Sturm Ruger & Co., Inc. (a)		102,175		5,735,083
The Buckle, Inc. (a)		368,383		14,488,503
The Children’s Place, Inc. (a)(b)		222,845		9,020,766
Vista Outdoor, Inc. (a)(b)		699,747		20,320,653
Winnebago Industries, Inc. (a)		241,953		14,442,175
Zumiez, Inc. (a)(b)		233,066		5,227,670
				342,451,493
Consumer Staples — 1.5%
USANA Health Sciences, Inc. (b)		70,239		3,688,250
Vector Group Ltd.		1,348,068		14,316,482
				18,004,732

	Shares		Value
Energy — 11.1%
Civitas Resources, Inc. (a)		358,369	$	25,053,577
CONSOL Energy, Inc.		281,364		17,731,559
Dorian LPG Ltd.		391,155		7,068,171
PBF Energy, Inc. - Class A (b)		700,600		31,001,550
REX American Resources Corp. (a)(b)		136,415		4,091,086
SM Energy Co. (a)		511,077		22,988,244
Talos Energy, Inc. (a)(b)		759,276		16,157,393
US Silica Holdings, Inc. (b)		715,967		10,302,765
				134,394,345
Health Care — 11.2%
Addus HomeCare Corp. (a)(b)		61,585		6,307,535
Allscripts Healthcare Solutions, Inc. (b)		419,094		6,160,682
AMN Healthcare Services, Inc. (b)		221,126		27,751,313
Avanos Medical, Inc. (b)		191,946		4,251,604
Corcept Therapeutics, Inc. (a)(b)		336,593		9,626,560
Dynavax Technologies Corp. (a)(b)		711,953		8,151,862
Eagle Pharmaceuticals, Inc. (b)		64,337		2,024,685
Emergent BioSolutions, Inc. (a)(b)		288,170		6,011,226
Fulgent Genetics, Inc. (a)(b)		529,692		20,991,694
Innoviva, Inc. (a)(b)		1,604,098		21,751,569
Ironwood Pharmaceuticals, Inc. (a)(b)		1,382,369		15,123,117
Meridian Bioscience, Inc. (b)		155,805		4,981,086
Vanda Pharmaceuticals, Inc. (b)		251,472		2,632,912
				135,765,845
Industrials — 18.9%
ArcBest Corp. (a)		194,619		15,458,587
Atlas Air Worldwide Holdings, Inc. (a)(b)		223,616		22,616,522
Boise Cascade Co.		369,152		24,648,279
CoreCivic, Inc. (b)		1,498,528		15,689,588
Encore Wire Corp. (a)		184,345		25,364,029
Forrester Research, Inc. (b)		105,043		4,445,420
GMS, Inc. (b)		256,242		12,094,622
Heidrick & Struggles International, Inc.		283,371		7,979,727
Korn/Ferry International		450,276		25,030,843
Matson, Inc.		315,000		23,177,700
Mueller Industries, Inc. (a)		374,274		23,444,523
National Presto Industries, Inc.		21,632		1,524,840
Quanex Building Products Corp. (a)		143,986		3,190,730
Resources Connection, Inc.		135,965		2,484,081
UFP Industries, Inc.		301,600		21,482,968
				228,632,459
Information Technology — 14.4%
Adeia, Inc. (b)		1,339,256		14,972,882
Alpha & Omega Semiconductor Ltd. (b)		173,473		5,681,241

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

82

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)
Information Technology — 14.4% (Continued)
Axcelis Technologies, Inc. (b)		107,653	$	6,243,874
Cohu, Inc. (a)(b)		199,470		6,566,553
Consensus Cloud Solutions, Inc. (a)(b)		240,108		13,479,663
Extreme Networks, Inc. (b)		528,561		9,482,384
InterDigital, Inc.		91,383		4,557,270
Knowles Corp. (b)		383,694		5,275,793
Kulicke & Soffa Industries, Inc. (a)		501,796		21,045,324
MaxLinear, Inc. (a)(b)		479,767		14,815,205
NetScout Systems, Inc. (b)		484,421		17,400,402
Photronics, Inc. (a)(b)		611,527		9,918,968
Progress Software Corp. (a)		236,311		12,058,950
Rambus, Inc. (a)(b)		460,776		13,897,004
Sanmina Corp. (b)		257,441		14,429,568
SMART Global Holdings, Inc. (b)		375,936		5,086,414
				174,911,495
Materials — 8.9%
AdvanSix, Inc.		288,906		10,510,400
American Vanguard Corp. (a)		184,282		4,288,242
Clearwater Paper Corp. (b)		185,516		8,251,752
FutureFuel Corp.		357,072		2,442,373
Mercer International, Inc. (a)		565,978		7,595,425
SunCoke Energy, Inc.		817,265		5,933,344
Sylvamo Corp.		612,919		29,524,308
TimkenSteel Corp. (a)(b)		667,225		11,636,404
Warrior Met Coal, Inc.		749,652		27,842,075
				108,024,323
TOTAL COMMON STOCKS (Cost $1,130,473,344)				1,177,919,712
REAL ESTATE INVESTMENT TRUSTS — 2.8%
Tanger Factory Outlet Centers, Inc. (a)		676,286		12,179,911
PennyMac Mortgage Investment Trust (a)		1,580,202		21,917,402
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $31,590,260)				34,097,313
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	1,734,674		1,734,674
TOTAL SHORT-TERM INVESTMENTS (Cost $1,734,674)				1,734,674

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 29.9%
Mount Vernon Liquid Assets Portfolio, LLC		361,989,914	$	361,989,914
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $361,989,914)				361,989,914
Total Investments (Cost $1,525,788,192) — 130.0%				1,575,741,613
Liabilities in Excess of Other Assets — (30.0)%				(363,344,425	)
TOTAL NET ASSETS — 100.0%			$	1,212,397,188

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $352,873,785 or 29.1% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

83

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.8%
Australia — 5.0%
AGL Energy Ltd.		60,568	$	263,836
BHP Group Ltd. - ADR (a)		65,709		3,142,204
BlueScope Steel Ltd.		62,721		631,082
Fortescue Metals Group Ltd.		285,747		2,686,846
Sonic Healthcare Ltd.		47,708		1,000,026
South32 Ltd.		347,982		801,315
Whitehaven Coal Ltd.		83,278		481,019
				9,006,328
Austria — 1.9%
OMV AG		75,112		3,462,060
Belgium — 0.3%
Umicore SA		18,012		593,642
Bermuda — 1.1%
Orient Overseas International Ltd.		129,604		1,893,789
Britain — 14.8%
Anglo American PLC		91,891		2,748,858
Associated British Foods PLC		85,421		1,321,984
Barratt Developments PLC		61,242		264,215
BP PLC - ADR		137,308		4,569,610
Burberry Group PLC		34,910		726,633
Centrica PLC		1,117,043		981,523
Howden Joinery Group PLC		47,858		282,102
Imperial Brands PLC		126,013		3,069,434
JD Sports Fashion PLC		602,863		673,666
Kingfisher PLC		270,442		678,904
Persimmon PLC		32,129		480,835
Rio Tinto PLC - ADR (a)		60,337		3,218,979
Taylor Wimpey PLC		310,063		333,464
Tesco PLC		942,038		2,323,792
Vodafone Group PLC - ADR (a)		280,695		3,315,008
WPP PLC - ADR (a)		35,435		1,559,140
				26,548,147
Canada — 6.2%
Canadian Natural Resources Ltd. (a)		65,793		3,943,632
Imperial Oil Ltd.		62,931		3,428,481
Suncor Energy, Inc. (a)		109,602		3,769,213
				11,141,326
Chile — 0.7%
Antofagasta PLC		93,269		1,257,328
China — 0.8%
Lenovo Group Ltd.		1,842,386		1,473,974

	Shares		Value
Denmark — 1.9%
AP Moller - Maersk A/S - Class B		1,406	$	2,941,024
Pandora A/S		9,371		493,904
				3,434,928
Finland — 0.7%
Fortum Oyj		90,517		1,274,264
France — 9.6%
Cie de Saint-Gobain		49,556		2,027,511
Eiffage SA		24,504		2,216,739
Publicis Groupe SA		28,946		1,623,098
Thales SA		16,323		2,075,279
TotalEnergies SE - ADR		76,516		4,190,781
Vinci SA		45,884		4,225,233
Vivendi SE		112,554		921,441
				17,280,082
Germany — 4.8%
Covestro AG (b)		22,790		775,665
Daimler AG		61,359		3,553,387
Deutsche Post AG		109,460		3,884,522
Wacker Chemie AG		3,837		447,067
				8,660,641
Hong Kong — 0.3%
Xinyi Glass Holdings Ltd.		364,097		468,477
Ireland — 1.2%
CRH PLC - ADR (a)		57,057		2,066,034
Italy — 2.1%
Eni SpA - ADR		145,746		3,838,950
Japan — 19.6%
Astellas Pharma, Inc.		106,369		1,463,964
CyberAgent, Inc.		72,884		599,953
Dentsu Group, Inc.		26,442		824,229
Eisai Co. Ltd.		16,280		982,526
Hino Motors Ltd. (c)		69,627		289,381
Inpex Corp.		190,631		1,946,117
Isuzu Motors Ltd.		81,737		958,669
ITOCHU Corp.		152,228		3,940,452
Japan Tobacco, Inc.		218,059		3,613,419
Konami Holdings Corp.		7,426		326,116
Lixil Corp.		35,555		538,245
Marubeni Corp.		274,022		2,401,228
Mitsubishi Electric Corp.		130,417		1,148,971
NEC Corp.		24,300		804,852
NGK Spark Plug Co Ltd.		14,764		269,077
Nintendo Co. Ltd. - ADR		407,755		4,126,481
Nitto Denko Corp.		8,787		462,707

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

84

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Japan — 19.6% (Continued)
Renesas Electronics Corp. (c)		179,086	$	1,501,266
Ryohin Keikaku Co. Ltd.		31,263		294,559
SCREEN Holdings Co. Ltd.		6,662		366,938
Secom Co. Ltd.		14,919		851,927
Seiko Epson Corp.		37,734		514,134
Suzuki Motor Corp.		40,063		1,352,542
Taisei Corp.		13,748		374,916
Takeda Pharmaceutical Co. Ltd. - ADR (a)		321,287		4,247,414
Toyo Suisan Kaisha Ltd.		6,571		246,586
Yamada Holdings Co. Ltd.		221,495		713,515
				35,160,184
Luxembourg — 1.7%
ArcelorMittal		134,878		3,019,756
Netherlands — 5.0%
Randstad Holding NV		16,225		808,773
Shell PLC - ADR (a)		75,088		4,177,145
Stellantis NV		296,819		4,006,905
				8,992,823
Norway — 4.1%
Aker BP ASA		91,527		2,917,623
Equinor ASA - ADR (a)		121,649		4,413,426
				7,331,049
Republic of Korea — 6.4%
HMM Co. Ltd.		176,024		2,360,250
Kia Corp.		46,615		2,169,662
Korean Air Lines Co. Ltd. (c)		104,884		1,700,881
LG Display Co Ltd.		63,620		569,452
Pan Ocean Co Ltd.		51,170		154,467
Samsung SDS Co Ltd.		4,200		368,563
SK Hynix, Inc.		51,390		2,983,575
SK Telecom Co. Ltd. - ADR (a)		61,587		1,204,642
				11,511,492
Spain — 2.4%
Industria de Diseno Textil SA		185,842		4,213,121
Telefonica SA - ADR (a)		2,317		7,994
				4,221,115
Sweden — 3.2%
Boliden AB		16,422		478,328
H & M Hennes & Mauritz AB - Class B		269,791		2,717,165
Orron Energy ab		35,475		73,705
Telefonaktiebolaget LM Ericsson - ADR (a)		368,766		2,054,027
Tele2 AB - Class B		53,775		440,868
				5,764,093

	Shares		Value
Switzerland — 3.8%
Coca-Cola HBC AG		39,262	$	856,615
Holcim Ltd.		60,413		2,743,879
Kuehne + Nagel International AG		11,339		2,416,480
The Swatch Group AG		3,458		778,382
				6,795,356
TOTAL COMMON STOCKS (Cost $192,869,664)				175,195,838
PREFERRED STOCKS — 1.9%
Germany — 1.9%
Volkswagen AG		26,382		3,372,153
TOTAL PREFERRED STOCKS (Cost $3,763,136)				3,372,153
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (d)	$	114,775		114,775
TOTAL SHORT-TERM INVESTMENTS (Cost $114,775)				114,775
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (d)		20,586,519		20,586,519
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,586,519)				20,586,519
Total Investments (Cost $217,334,094) — 111.2%				199,269,285
Liabilities in Excess of Other Assets — (11.2)%				(20,092,762	)
TOTAL NET ASSETS — 100.0%			$	179,176,523

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $19,997,232 or 11.16% of net assets.

(b) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $775,665, which represents 0.43% of total net assets.

(c) Non-income producing security.

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

85

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

(d) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

86

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 7.7%
Alphabet, Inc. - Class A (a)		9,897	$	935,365
Meta Platforms, Inc. - Class A (a)		6,464		602,186
Ziff Davis, Inc. (a)		1,038		80,331
				1,617,882
Consumer Discretionary — 21.4%
AutoZone, Inc. (a)		426		1,079,007
Boyd Gaming Corp.		2,357		136,140
Crocs, Inc. (a)		1,362		96,362
Dick’s Sporting Goods, Inc.		1,747		198,739
Light & Wonder, Inc. (a)		2,081		116,827
Lowe’s Cos., Inc.		5,322		1,037,524
O’Reilly Automotive, Inc. (a)(b)		1,397		1,169,526
RH (a)(b)		544		138,138
Service Corp. International (b)		3,481		210,983
TopBuild Corp. (a)(b)		713		121,310
Williams-Sonoma, Inc. (b)		1,473		182,402
				4,486,958
Energy — 12.8%
Antero Midstream Corp.		10,560		112,464
Devon Energy Corp. (b)		14,445		1,117,321
Diamondback Energy, Inc.		3,937		618,542
Matador Resources Co.		2,612		173,567
Murphy Oil Corp.		3,432		166,486
PDC Energy, Inc.		2,127		153,442
Targa Resources Corp. (b)		4,997		341,645
				2,683,467
Health Care — 14.6%
Medpace Holdings, Inc. (a)(b)		684		151,834
Moderna, Inc. (a)		7,690		1,156,038
Option Care Health, Inc. (a)		4,045		122,402
PerkinElmer, Inc.		2,786		372,154
QuidelOrtho Corp. (a)		1,478		132,754
Regeneron Pharmaceuticals, Inc. (a)		1,512		1,132,110
				3,067,292
Industrials — 4.0%
Builders FirstSource, Inc. (a)		3,446		212,480
Expeditors International of Washington, Inc.		3,608		353,043
Tetra Tech, Inc.		1,173		165,721
Trex Co., Inc. (a)		2,430		116,859
				848,103
Information Technology — 34.1%
Adobe, Inc. (a)		2,784		886,704
Apple, Inc.		6,949		1,065,560
Applied Materials, Inc.		11,368		1,003,681
Concentrix Corp.		1,160		141,787
Gartner, Inc. (a)		1,742		525,945
KLA Corp.		3,051		965,489

	Shares		Value
Information Technology — 34.1% (Continued)
Lam Research Corp.		2,429	$	983,210
Maximus, Inc.		1,334		82,268
Power Integrations, Inc.		1,263		84,255
QUALCOMM, Inc.		8,307		977,402
Synaptics, Inc. (a)		876		77,613
Teradata Corp. (a)		2,268		71,646
Teradyne, Inc.		3,461		281,552
				7,147,112
Materials — 4.2%
Cleveland-Cliffs, Inc. (a)(b)		11,413		148,255
Eagle Materials, Inc.		832		101,762
Louisiana-Pacific Corp. (b)		1,628		92,226
Olin Corp.		3,204		169,652
Steel Dynamics, Inc. (b)		4,032		379,209
				891,104
Utilities — 1.1%
NRG Energy, Inc.		5,190		230,436
TOTAL COMMON STOCKS (Cost $22,240,923)				20,972,354
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	11,952		11,952
TOTAL SHORT-TERM INVESTMENTS (Cost $11,952)				11,952
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.6%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		2,864,668		2,864,668
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,864,668)				2,864,668
Total Investments (Cost $25,117,543) — 113.6%				23,848,974
Liabilities in Excess of Other Assets — (13.6)%				(2,860,952	)
TOTAL NET ASSETS — 100.0%			$	20,988,022

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

87

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $2,812,356 or 13.4% of net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

88

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 87.3%
Brazil — 6.9%
Embraer SA - ADR (a)		6,294	$	66,528
JBS SA		41,333		199,804
Marfrig Global Foods SA		59,179		122,356
Telefonica Brasil SA - ADR		20,211		161,486
TIM SA/Brazil - ADR		6,602		84,175
Transmissora Alianca de Energia Eletrica SA		3,746		29,124
Vale SA - ADR		19,125		247,477
				910,950
Cayman Islands — 3.9%
Alibaba Group Holding Ltd. - ADR (a)		3,670		233,339
Seazen Group Ltd. (a)		828,266		132,950
Sino Biopharmaceutical Ltd.		289,724		140,624
				506,913
Chile — 2.5%
CAP SA		9,056		48,460
Cencosud SA		82,977		111,691
Falabella SA		87,131		170,365
				330,516
China — 17.9%
Aluminum Corp of China Ltd. - Class H		767,508		219,018
Anhui Conch Cement Co. Ltd. - Class H		78,866		202,951
China Coal Energy Co Ltd. - Class H		373,737		275,197
China Feihe Ltd. (b)		92,448		53,234
China Hongqiao Group Ltd.		279,524		198,346
China Medical System Holdings Ltd.		35,153		38,379
China Shenhua Energy Co. Ltd. - Class H		103,448		272,140
China Tower Corp Ltd. - Class H (b)		2,890,229		261,421
COSCO SHIPPING Holdings Co. Ltd. - Class H		194,359		209,719
CRRC Corp Ltd. - Class H		870,790		264,022
Hengan International Group Co. Ltd.		17,322		67,195
Kingsoft Corp. Ltd.		12,554		37,983
Maanshan Iron & Steel Co. Ltd. - Class H		440,304		70,676
Sinotruk Hong Kong Ltd.		71,217		63,508
Topsports International Holdings Ltd. (b)		126,667		63,901
TravelSky Technology Ltd. - Class H		30,421		44,180
				2,341,870
Czech Republic — 1.6%
CEZ AS		6,487		212,148

	Shares		Value
Greece — 1.1%
Hellenic Telecommunications Organization SA		5,510	$	86,579
OPAP SA		4,560		55,880
				142,459
Hong Kong — 0.2%
Shougang Fushan Resources Group Ltd.		120,611		32,728
Hungary — 1.2%
MOL Hungarian Oil & Gas PLC		19,750		118,423
Richter Gedeon Nyrt		1,972		38,939
				157,362
Indonesia — 7.8%
Adaro Energy Tbk PT		688,522		175,690
Astra International Tbk PT		564,186		240,541
Bukit Asam Tbk PT		321,402		80,570
Perusahaan Gas Negara Tbk PT		552,368		69,942
Telkom Indonesia Persero Tbk PT - ADR		10,692		297,451
United Tractors Tbk PT		78,861		163,309
				1,027,503
Malaysia — 0.1%
Top Glove Corp Bhd		99,047		16,654
Mexico — 3.5%
Arca Continental SAB de CV		19,553		159,736
Fomento Economico Mexicano SAB de CV - ADR		4,129		295,719
				455,455
Russia — 0.0% (c)(f)
Alrosa PJSC		91,900		—
Inter RAO UES PJSC		1,901,988		—
LUKOIL PJSC - ADR		2,652		—
Magnit PJSC		1,958		—
Magnit PJSC - GDR		4		—
Magnitogorsk Iron & Steel Works PJSC		106,418		—
Magnitogorsk Iron & Steel Works PJSC - GDR		2,458		—
Severstal PAO		9,320		—
Severstal PAO - GDR		2,129		—
Surgutneftegas PJSC		477,461		—
Tatneft PJSC (a)		3,600		—
				—
South Africa — 12.7%
African Rainbow Minerals Ltd.		6,848		96,430
Anglo American Platinum Ltd.		3,282		261,063
Exxaro Resources Ltd.		9,882		110,027
Impala Platinum Holdings Ltd.		21,816		223,401

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

89

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 87.3% (Continued)
South Africa — 12.7% (Continued)
Kumba Iron Ore Ltd.		9,024	$	169,975
Mr Price Group Ltd.		2,086		20,082
MTN Group Ltd.		26,742		189,027
MultiChoice Group		8,558		55,922
Royal Bafokeng Platinum Ltd.		6,096		49,007
Sibanye Stillwater Ltd. - ADR (d)		26,656		250,300
The Bidvest Group Ltd.		3,746		43,332
The Foschini Group Ltd.		5,553		34,738
Vodacom Group Ltd.		17,556		119,766
Woolworths Holdings Ltd.		11,799		40,525
				1,663,595
Taiwan — 15.4%
AUO Corp.		458,810		240,636
Catcher Technology Co. Ltd.		9,702		51,035
China Airlines Ltd.		178,197		93,737
Eva Airways Corp.		100,567		73,032
Evergreen Marine Corp Taiwan Ltd.		28,136		120,061
Far EasTone Telecommunications Co. Ltd.		40,845		89,619
Innolux Corp.		505,283		185,821
Largan Precision Co. Ltd.		1,045		59,997
Nanya Technology Corp.		73,038		123,534
Novatek Microelectronics Corp.		14,934		111,695
Pegatron Corp.		54,712		100,179
President Chain Store Corp.		12,456		103,599
Realtek Semiconductor Corp.		6,603		52,254
Sino-American Silicon Products, Inc.		23,087		88,844
United Microelectronics Corp. - ADR		27,338		162,115
Wan Hai Lines Ltd.		73,852		155,164
Winbond Electronics Corp.		94,488		57,181
Yang Ming Marine Transport Corp.		80,481		150,359
				2,018,862
Thailand — 4.0%
Advanced Info Service PCL		32,717		164,187
Electricity Generating PCL		8,358		37,442
IRPC PCL		723,614		59,699
PTT Exploration & Production PCL		54,638		260,557
				521,885
Turkey — 6.2%
BIM Birlesik Magazalar AS		7,044		50,708
Enka Insaat ve Sanayi AS		0		0
Ford Otomotiv Sanayi AS		5,462		106,516
KOC Holding AS		137,942		412,027
Tofas Turk Otomobil Fabrikasi AS		5,317		28,107
Turk Telekomunikasyon AS		85,397		56,842
Turkcell Iletisim Hizmetleri AS		119,460		164,549
				818,749

	Shares		Value
United Arab Emirates — 2.2%
Abu Dhabi National Oil Co for Distribution PJSC		99,103	$	121,683
ADNOC Drilling Co PJSC		157,230		143,399
Dana Gas PJSC		84,863		21,718
				286,800
TOTAL COMMON STOCKS (Cost $15,336,528)				11,444,449
PREFERRED STOCKS — 10.7%
Brazil — 10.7%
Bradespar SA		14,176		65,755
Braskem SA - ADR		14,434		186,631
Centrais Eletricas Brasileiras SA - Class B		16,821		174,218
Cia Energetica de Minas Gerais - ADR		37,725		82,618
Cia Paranaense de Energia - ADR		11,786		83,327
Gerdau SA - ADR		37,665		187,572
Metalurgica Gerdau SA		87,240		189,832
Petroleo Brasileiro SA - ADR		27,728		319,149
Unipar Carbocloro SA		2,640		54,512
Usinas Siderurgicas de Minas Gerais SA Usiminas - Class A		39,464		55,084
				1,398,698
TOTAL PREFERRED STOCKS (Cost $1,377,628)				1,398,698
MUTUAL FUNDS — 0.4%
Digital Telecommunications Infrastructure Fund		130,555		46,308
TOTAL MUTUAL FUNDS (Cost $48,996)				46,308
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Money Market Deposit Accounts — 1.0%
U.S. Bank Money Market Deposit Account 2.300% (e)	$	135,561		135,561
TOTAL SHORT-TERM INVESTMENTS (Cost $135,561)				135,561

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

90

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (e)		237,400	$	237,400
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $237,400)				237,400
Total Investments (Cost $17,136,113) — 101.1%				13,262,416
Liabilities in Excess of Other Assets — (1.1)%				(150,276	)
TOTAL NET ASSETS — 100.0%			$	13,112,140

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $378,556, which represents 2.89% of total net assets.

(c) Less than 0.05%.

(d) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $222,919 or 1.7% of net assets.

(e) The rate shown is as of October 31, 2022.

(f) Value determined using significant unobservable inputs.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

91

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Pacer Developed Markets International Cash Cows 100 ETF		197,613	$	4,936,373
Pacer Global Cash Cows Dividend ETF		169,125		4,884,330
Pacer US Cash Cows 100 ETF		109,546		5,087,316
Pacer US Cash Cows Growth ETF		140,710		4,922,008
Pacer US Small Cap Cash Cows 100 ETF		137,112		5,140,327
TOTAL EXCHANGE TRADED FUNDS (Cost $26,012,438)				24,970,355
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (a)	$	16,036		16,036
TOTAL SHORT-TERM INVESTMENTS (Cost $16,036)				16,036
Total Investments (Cost $26,028,474) — 100.0%				24,986,391
Liabilities in Excess of Other Assets — 0.0% (b)				(2,775	)
TOTAL NET ASSETS — 100.0%			$	24,983,616

Percentages are stated as a percent of net assets.

(a) The rate shown is as of October 31, 2022.

(b) Less than 0.05%

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

92

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 40.3%
Energy — 20.1%
APA Corp.		1,360	$	61,826
Baker Hughes Co.		4,230		117,002
Chevron Corp.		7,530		1,362,177
ConocoPhillips		5,320		670,799
Coterra Energy, Inc.		3,320		103,352
Devon Energy Corp.		2,740		211,939
Diamondback Energy, Inc.		740		116,261
EOG Resources, Inc.		2,450		334,474
EQT Corp.		1,550		64,852
Exxon Mobil Corp.		17,420		1,930,310
Halliburton Co.		3,790		138,032
Hess Corp.		1,160		163,653
Kinder Morgan, Inc.		8,290		150,215
Marathon Oil Corp.		2,830		86,173
Marathon Petroleum Corp.		2,080		236,330
Occidental Petroleum Corp.		3,110		225,786
ONEOK, Inc.		1,870		110,928
Phillips 66		2,010		209,623
Pioneer Natural Resources Co.		1,000		256,410
Schlumberger Ltd.		5,910		307,497
Targa Resources Corp.		950		64,951
The Williams Cos., Inc.		5,090		166,596
Valero Energy Corp.		1,650		207,157
				7,296,343
Health Care — 20.2%
Abbott Laboratories		2,570		254,276
AbbVie, Inc.		2,600		380,640
ABIOMED, Inc. (a)		70		17,646
Achillion Pharmaceuticals, Inc. (a)		6,273		2,886
Agilent Technologies, Inc.		440		60,874
Align Technology, Inc. (a)		110		21,373
AmerisourceBergen Corp.		230		36,161
Amgen, Inc.		790		213,576
Baxter International, Inc.		740		40,219
Becton Dickinson and Co.		420		99,107
Biogen, Inc. (a)		210		59,522
Bio-Rad Laboratories, Inc. - Class A (a)		30		10,551
Bio-Techne Corp.		60		17,776
Boston Scientific Corp. (a)		2,100		90,531
Bristol-Myers Squibb Co.		3,130		242,481
Cardinal Health, Inc.		400		30,360
Catalent, Inc. (a)		260		17,090
Centene Corp. (a)		840		71,509
Charles River Laboratories International, Inc. (a)		70		14,858
Cigna Corp.		450		145,377
CVS Health Corp.		1,930		182,771

	Shares		Value
Health Care — 20.2% (Continued)
Danaher Corp.		960	$	241,603
DaVita, Inc. (a)		80		5,841
DENTSPLY SIRONA, Inc.		320		9,862
DexCom, Inc. (a)		580		70,052
Edwards Lifesciences Corp. (a)		910		65,911
Elevance Health, Inc.		350		191,370
Eli Lilly & Co.		1,160		420,024
Gilead Sciences, Inc.		1,840		144,366
HCA Healthcare, Inc.		320		69,590
Henry Schein, Inc. (a)		200		13,692
Hologic, Inc. (a)		370		25,086
Humana, Inc.		190		106,035
IDEXX Laboratories, Inc. (a)		120		43,162
Illumina, Inc. (a)		230		52,629
Incyte Corp. (a)		270		20,072
Intuitive Surgical, Inc. (a)		520		128,164
IQVIA Holdings, Inc. (a)		270		56,611
Johnson & Johnson		3,860		671,524
Laboratory Corp. of American Holdings		130		28,842
McKesson Corp.		210		81,768
Medtronic PLC		1,950		170,313
Merck & Co., Inc.		3,720		376,464
Mettler-Toledo International, Inc. (a)		30		37,948
Moderna, Inc. (a)		490		73,662
Molina Healthcare, Inc. (a)		90		32,297
Organon & Co.		370		9,687
PerkinElmer, Inc.		190		25,380
Pfizer, Inc.		8,240		383,572
Quest Diagnostics, Inc.		170		24,421
Regeneron Pharmaceuticals, Inc. (a)		160		119,800
ResMed, Inc.		210		46,975
STERIS PLC		150		25,887
Stryker Corp.		490		112,328
Teleflex, Inc.		70		15,019
The Cooper Cos., Inc.		70		19,137
Thermo Fisher Scientific, Inc.		580		298,103
UnitedHealth Group, Inc.		1,370		760,556
Universal Health Services, Inc. - Class B		100		11,587
Vertex Pharmaceuticals, Inc. (a)		380		118,560
Viatris, Inc.		1,780		18,031
Waters Corp. (a)		90		26,925
West Pharmaceutical Services, Inc.		110		25,311
Zimmer Biomet Holdings, Inc.		310		35,139
Zoetis, Inc.		690		104,038
				7,326,927
TOTAL COMMON STOCKS (Cost $14,620,845)				14,623,270

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

93

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 67%
US Treasury Bill — 54.8%
United States Treasury Bill 12/29/22 0.00%	$	20,000,000	$	19,876,965
Money Market Deposit Accounts — 12.2%
U.S. Bank Money Market Deposit Account 2.300% (c)		4,424,448		4,424,448
TOTAL SHORT-TERM INVESTMENTS (Cost $24,320,290)				24,301,413
Total Investments (Cost $38,941,135) — 107.3%				38,924,683
Liabilities in Excess of Other Assets — (7.3)%				(2,662,821	)
TOTAL NET ASSETS — 100.0%			$	36,261,862

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.05%.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

94

Pacer Industrial Real Estate ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 5.1%
Real Estate — 5.1%
Dream Industrial Real Estate Investment Trust		349,445	$	2,808,692
National Storage REIT		1,305,100		2,178,854
Sagax AB - Class B		152,440		2,810,997
Summit Industrial Income REIT		240,178		3,069,328
TOTAL COMMON STOCKS (Cost $13,954,079)				10,867,871
REAL ESTATE INVESTMENT TRUSTS — 91.7%
Real Estate — 91.7%
Big Yellow Group PLC		228,442		2,949,870
Centuria Industrial REIT		770,912		1,494,140
CubeSmart (a)		245,292		10,270,376
EastGroup Properties, Inc. (a)		64,330		10,079,868
Extra Space Storage, Inc.		57,740		10,245,386
First Industrial Realty Trust, Inc. (a)		191,747		9,132,910
GLP J-Reit		5,400		5,596,288
Granite Real Estate Investment Trust		92,589		4,731,564
Industrial Logistics Properties Trust (a)		93,069		435,563
Lexington Realty Trust (a)		400,868		3,880,402
Life Storage, Inc.		90,393		9,998,370
LondonMetric Property Plc		1,259,340		2,699,235
Mapletree Industrial Trust		2,813,200		4,372,026
Mapletree Logistics Trust		4,710,500		5,057,898
National Storage Affiliates Trust		129,676		5,531,978
Prologis, Inc.		311,848		34,537,166
Public Storage		113,194		35,061,841
Rexford Industrial Realty, Inc.		181,690		10,043,823
Safestore Holdings PLC		307,784		3,189,060
Segro PLC		1,052,800		9,477,723
STAG Industrial, Inc. (a)		254,488		8,039,276
Terreno Realty Corp.		111,332		6,361,510
Tritax Big Box REIT PLC		2,516,675		4,049,238
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $210,846,233)				197,235,511
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 2.300% (b)	$	609,670		609,670
TOTAL SHORT-TERM INVESTMENTS (Cost $609,670)				609,670

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.7%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (b)		31,600,088	$	31,600,088
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $31,600,088)				31,600,088
Total Investments (Cost $257,010,070) — 111.8%				240,313,140
Liabilities in Excess of Other Assets — (11.8)%				(25,296,486	)
TOTAL NET ASSETS — 100.0%			$	215,016,654

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $30,938,537 or 14.4% of net assets.

(b) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

95

Pacer Data & Infrastructure Real Estate ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 33.0%
Communication Services — 32.5%
Cellnex Telecom SA (a)		1,315,581	$	43,038,309
Chorus Ltd.		10,217,400		49,720,186
Clear Channel Outdoor Holdings, Inc. (b)(c)		579,400		828,542
Cogent Communications Holdings, Inc.		46,981		2,466,972
Eutelsat Communications SA		2,724,348		27,356,839
Helios Towers PLC (c)		18,133,113		26,201,205
HKBN Ltd.		30,246,600		20,421,662
Infrastrutture Wireless Italiane SpA (a)		4,815,922		42,514,568
SES SA		5,861,174		41,581,264
Vantage Towers AG		1,523,476		42,883,006
				297,012,553
Information Technology — 0.4%
Chindata Group Holdings Ltd. - ADR (b)(c)		388,038		2,060,482
Cyxtera Technologies, Inc. (b)(c)		64,716		156,613
GDS Holdings Ltd. - ADR (b)(c)		143,696		1,240,096
Vnet Group, Inc. - ADR (b)(c)		154,888		648,981
				4,106,172
TOTAL COMMON STOCKS (Cost $349,535,651)				301,118,724
REAL ESTATE INVESTMENT TRUSTS — 66.2%
Real Estate — 66.2%
American Tower Corp.		617,816		128,005,297
Crown Castle, Inc.		935,731		124,695,513
DigitalBridge Group, Inc. (b)		308,777		3,952,345
Digital Realty Trust, Inc. (b)		412,724		41,375,581
Equinix, Inc.		244,265		138,361,466
Iron Mountain, Inc. (b)		816,644		40,889,365
Keppel DC REIT		33,306,468		41,424,199
Lamar Advertising Co. - Class A (b)		38,125		3,516,269
Outfront Media, Inc. (b)		132,113		2,384,640
SBA Communications Corp.		147,261		39,745,744
Uniti Group, Inc. (b)		5,112,107		39,669,950
				604,020,369
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $728,252,417)				604,020,369

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 2.300% (d)	$	1,832,094	$	1,832,094
TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,094)				1,832,094
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.6%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (d)		69,760,923		69,760,923
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $69,760,923)				69,760,923
Total Investments (Cost $1,149,381,085) — 107.0%				976,732,111
Liabilities in Excess of Other Assets — (7.0)%				(64,169,837	)
TOTAL NET ASSETS — 100.0%			$	912,562,273

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $85,552,877, which represents 9.38% of total net assets.

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $66,858,166 or 7.3% of net assets.

(c) Non-income producing security.

(d) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

96

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.4%
Consumer Discretionary — 24.9%
Advance Auto Parts, Inc.		1,810	$	343,755
Amazon.com, Inc. (a)		2,450		250,978
Aptiv PLC (a)		3,380		307,817
AutoZone, Inc. (a)		150		379,932
Bath & Body Works, Inc.		8,240		275,051
Best Buy Co., Inc.		4,290		293,479
Booking Holdings, Inc. (a)		150		280,422
BorgWarner, Inc.		8,470		317,879
Caesars Entertainment, Inc. (a)		6,760		295,615
CarMax, Inc. (a)		3,590		226,206
Carnival Corp. (a)		31,430		284,756
Chipotle Mexican Grill, Inc. (a)		190		284,683
Darden Restaurants, Inc.		2,490		356,418
Dollar General Corp.		1,320		336,666
Dollar Tree, Inc. (a)		2,260		358,210
Domino’s Pizza, Inc.		890		295,693
DR Horton, Inc.		4,460		342,885
eBay, Inc.		7,250		288,840
Etsy, Inc. (a)		2,960		277,973
Expedia Group, Inc. (a)		2,990		279,475
Ford Motor Co.		21,200		283,444
Garmin Ltd.		3,600		316,944
General Motors Co.		7,920		310,860
Genuine Parts Co.		2,010		357,498
Hasbro, Inc.		4,010		261,652
Hilton Worldwide Holdings, Inc.		2,400		324,624
Las Vegas Sands Corp. (a)		8,560		325,366
Lennar Corp. - Class A		4,090		330,063
LKQ Corp.		6,090		338,848
Lowe’s Cos., Inc.		1,590		309,970
Marriott International, Inc.		2,010		321,821
McDonald’s Corp.		1,260		343,552
MGM Resorts International		9,320		331,512
Mohawk Industries, Inc. (a)		2,880		272,880
Newell Brands, Inc.		18,000		248,580
NIKE, Inc. - Class B		2,950		273,406
Norwegian Cruise Line Holdings Ltd. (a)		22,390		378,167
NVR, Inc. (a)		80		339,020
O’Reilly Automotive, Inc. (a)		410		343,240
Pool Corp.		920		279,892
PulteGroup, Inc.		7,820		312,722
Ralph Lauren Corp.		3,390		314,219
Ross Stores, Inc.		3,500		334,915
Royal Caribbean Cruises Ltd. (a)		6,920		369,390
Starbucks Corp.		3,690		319,517
Tapestry, Inc.		9,200		291,456
Target Corp.		1,880		308,790

	Shares		Value
Consumer Discretionary — 24.9% (Continued)
Tesla Motors, Inc. (a)		1,090	$	248,019
The Home Depot, Inc.		1,090		322,782
The TJX Cos., Inc.		4,910		354,011
Tractor Supply Co.		1,630		358,225
Ulta Beauty, Inc. (a)		740		310,334
VF Corp.		7,540		213,005
Whirlpool Corp.		2,040		282,010
Wynn Resorts Ltd. (a)		5,210		332,919
Yum! Brands, Inc.		2,820		333,465
				17,373,851
Industrials — 25.0%
3M Co.		2,030		255,354
A O Smith Corp.		4,440		243,223
Alaska Air Group, Inc. (a)		5,370		238,750
Allegion PLC -		2,510		262,973
American Airlines Group, Inc. (a)		17,630		249,993
AMETEK, Inc.		1,990		258,023
Carrier Global Corp.		5,930		235,777
Caterpillar, Inc.		1,320		285,727
CH Robinson Worldwide, Inc.		2,190		214,007
Cintas Corp.		580		247,979
Copart, Inc. (a)		2,150		247,293
CoStar Group, Inc. (a)		3,190		263,877
CSX Corp.		7,670		222,890
Cummins, Inc.		1,150		281,187
Deere & Co.		670		265,199
Delta Air Lines, Inc. (a)		7,660		259,904
Dover Corp.		1,930		252,232
Eaton Corp. PLC		1,720		258,120
Emerson Electric Co.		2,950		255,470
Equifax, Inc.		1,270		215,316
Expeditors International of Washington, Inc.		2,420		236,797
Fastenal Co.		4,890		236,334
FedEx Corp.		1,200		192,336
Fortive Corp.		3,790		242,181
Fortune Brands Home & Security, Inc.		3,870		233,438
Generac Holdings, Inc. (a)		1,050		121,706
General Dynamics Corp.		1,080		269,784
General Electric Co.		3,380		262,998
Honeywell International, Inc.		1,310		267,266
Howmet Aerospace, Inc.		6,870		244,229
Huntington Ingalls Industries, Inc.		1,060		272,494
IDEX Corp.		1,190		264,549
Illinois Tool Works, Inc.		1,210		258,371
Ingersoll Rand, Inc.		4,980		251,490
Jacobs Solutions, Inc.		2,000		230,440

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

97

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)
Industrials — 25.0% (Continued)
JB Hunt Trasport Services, Inc.		1,440	$	246,341
Johnson Controls International PLC		4,300		248,712
L3Harris Technologies, Inc.		1,060		261,258
Leidos Holdings, Inc.		2,610		265,150
Lockheed Martin Corp.		590		287,141
Masco Corp.		4,790		221,633
Nordson Corp.		1,070		240,750
Norfolk Southern Corp.		1,000		228,070
Northrop Grumman Corp.		510		279,995
Old Dominion Freight Line, Inc.		930		255,378
Otis Worldwide Corp.		3,410		240,882
PACCAR, Inc.		2,830		274,029
Parker-Hannifin Corp.		900		261,558
Pentair PLC		5,310		228,065
Quanta Services, Inc.		1,700		241,468
Raytheon Technologies Corp.		2,840		269,289
Republic Services, Inc.		1,690		224,128
Robert Half International, Inc.		3,110		237,791
Rockwell Automation, Inc.		980		250,194
Rollins, Inc.		6,930		291,614
Snap-On, Inc.		1,120		248,696
Southwest Airlines Co. (a)		6,520		237,002
Stanley Black & Decker, Inc.		2,800		219,772
Textron, Inc.		3,800		260,072
The Boeing Co. (a)		1,590		226,591
Trane Technologies PLC		1,530		244,234
TransDigm Group, Inc.		340		195,758
Union Pacific Corp.		1,080		212,911
United Airlines Holdings, Inc. (a)		6,370		274,420
United Parcel Service, Inc. - Class B		1,260		211,390
United Rentals, Inc. (a)		800		252,568
Verisk Analytics, Inc.		1,300		237,679
W.W. Grainger, Inc.		440		257,114
Waste Management, Inc.		1,440		228,053
Westinghouse Air Brake Technologies Corp.		2,740		255,587
Xylem, Inc.		2,580		264,269
				17,477,269
Information Technology — 24.9%
Accenture PLC - Class A		860		244,154
Adobe, Inc. (a)		630		200,655
Advanced Micro Devices, Inc. (a)		2,920		175,375
Akamai Technologies, Inc. (a)		2,720		240,258
Amphenol Corp.		3,290		249,481
Analog Devices, Inc.		1,620		231,044
ANSYS, Inc. (a)		960		212,314
Apple, Inc.		1,590		243,811
Applied Materials, Inc.		2,590		228,671

	Shares		Value
Information Technology — 24.9% (Continued)
Arista Networks, Inc. (a)		2,010	$	242,929
Autodesk, Inc. (a)		1,180		252,874
Automatic Data Processing, Inc.		1,020		246,534
Broadcom, Inc.		480		225,658
Broadridge Financial Solutions, Inc.		1,450		217,587
Cadence Design System, Inc. (a)		1,430		216,488
CDW Corp.		1,420		245,390
Ceridian HCM Holding, Inc. (a)		3,930		260,127
Cisco Systems, Inc.		5,460		248,048
Cognizant Technology Solutions Corp.		3,810		237,172
Corning, Inc.		7,420		238,701
DXC Technology Co. (a)		9,330		268,237
Enphase Energy, Inc. (a)		820		251,740
EPAM Systems, Inc. (a)		580		203,000
F5, Inc. (a)		1,560		222,940
Fidelity National Information Services, Inc.		2,730		226,563
Fiserv, Inc. (a)		2,350		241,439
FleetCor Technologies, Inc. (a)		1,130		210,316
Fortinet, Inc. (a)		4,660		266,366
Gartner, Inc. (a)		820		247,574
Global Payments, Inc.		1,880		214,809
Hewlett Packard Enterprise Co.		18,590		265,279
HP, Inc.		8,840		244,161
Intel Corp.		7,940		225,734
International Business Machines Corp.		1,930		266,900
Intuit, Inc.		470		200,925
Jack Henry & Associates, Inc.		1,250		248,825
Juniper Networks, Inc.		8,600		263,160
Keysight Technologies, Inc. (a)		1,450		252,517
KLA Corp.		700		221,515
Lam Research Corp.		470		190,247
MasterCard, Inc. - Class A		740		242,853
Microchip Technology, Inc.		3,730		230,290
Micron Technology, Inc.		4,350		235,335
Microsoft Corp.		940		218,202
Monolithic Power Systems, Inc.		560		190,092
Motorola Solutions, Inc.		1,000		249,710
NetApp, Inc.		3,450		238,981
NortonLifeLock, Inc.		10,990		247,605
NVIDIA Corp.		1,740		234,848
NXP Semiconductors NV		1,490		217,659
ON Semiconductor Corp. (a)		3,480		213,776
Oracle Corp.		3,290		256,850
Paychex, Inc.		1,970		233,071
Paycom Software, Inc. (a)		670		231,820
PayPal Holdings, Inc. (a)		2,590		216,472
PTC, Inc. (a)		2,080		245,086

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

98

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)
Information Technology — 24.9% (Continued)
Qorvo, Inc. (a)		2,670	$	229,834
QUALCOMM, Inc.		1,890		222,377
Roper Technologies, Inc.		610		252,869
salesforce.com, Inc. (a)		1,540		250,389
Seagate Technology Holdings PLC		3,630		180,266
ServiceNow, Inc. (a)		530		222,992
Skyworks Solutions, Inc.		2,430		209,004
SolarEdge Technologies, Inc. (a)		800		184,024
Synopsys, Inc. (a)		730		213,561
TE Connectivity Ltd.		1,940		237,126
Teledyne Technologies, Inc. (a)		560		222,869
Teradyne, Inc.		2,810		228,593
Texas Instruments, Inc.		1,460		234,520
Trimble, Inc. (a)		3,960		238,234
Tyler Technologies, Inc. (a)		650		210,165
VeriSign, Inc. (a)		1,310		262,603
Visa, Inc. - Class A		1,220		252,735
Western Digital Corp. (a)		5,700		195,909
Zebra Technologies Corp. (a)		810		229,408
				17,369,646
Materials — 24.6%
Air Products & Chemicals, Inc.		2,580		646,032
Albemarle Corp.		2,210		618,513
Amcor PLC		53,960		624,857
Avery Dennison Corp.		3,470		588,338
Ball Corp.		11,180		552,180
Celanese Corp.		5,750		552,690
CF Industries Holdings, Inc.		6,400		680,064
Corteva, Inc.		10,610		693,257
Dow, Inc.		13,130		613,696
DuPont de Nemours, Inc.		11,360		649,792
Eastman Chemical Co.		7,080		543,815
Ecolab, Inc.		3,840		603,149
FMC Corp.		5,880		699,132
Freeport-McMoRan, Inc.		20,620		653,448
International Flavors & Fragrances, Inc.		5,790		565,162
International Paper Co.		15,900		534,399
Linde PLC -		2,310		686,879
LyondellBasell Industries NV		7,880		602,426
Martin Marietta Materials, Inc.		1,860		624,923
Mosaic Co.		11,790		633,712
Newmont Goldcorp Corp.		15,360		650,035
Nucor Corp.		4,620		606,976
Packaging Corp. of America		4,750		570,997
PPG Industries, Inc.		5,180		591,452
Sealed Air Corp.		11,990		570,964
The Sherwin-Williams Co.		2,760		621,083

	Shares		Value
Materials — 24.6% (Continued)
Vulcan Materials Co.		3,860	$	631,882
Westrock Co.		16,250		553,475
				17,163,328
TOTAL COMMON STOCKS (Cost $69,391,210)				69,384,094
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (b)	$	59,281		59,281
TOTAL SHORT-TERM INVESTMENTS (Cost $59,281)				59,281
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.1% (c)
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (b)		9,105,652		9,105,652
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,105,652)				9,105,652
Total Investments (Cost $78,556,143) — 112.6%				78,549,027
Liabilities in Excess of Other Assets — (12.6)%				(8,776,399	)
TOTAL NET ASSETS — 100.0%			$	69,772,628

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of October 31, 2022.

(c) Due to settlement of open trades, there are no posistions in the portfolio on loan as of October 31, 2022. The total value of securities on loan is $8,733,124 or 12.52 % of total net assets.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

99

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.2%
Consumer Discretionary — 8.4%
BYD Co. Ltd. - Class A		4,745	$	160,366.00
China Tourism Group Duty Free Corp. Ltd. - Class A		5,100		112,054
Great Wall Motor Co. Ltd. - Class A		7,100		28,367
Haier Smart Home Co Ltd. - Class A		16,400		46,738
SAIC Motor Corp. Ltd.		25,100		47,286
				394,811
Consumer Staples — 28.7%
Foshan Haitian Flavouring & Food Co. Ltd.		10,627		86,896
Inner Mongolia Yili Industrial Group Co. Ltd.		16,600		57,406
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.		3,900		69,813
Kweichow Moutai Co. Ltd.		3,200		591,894
Luzhou Laojiao Co. Ltd.		3,845		82,367
Muyuan Foods Co. Ltd.		13,862		88,848
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		3,183		101,343
Tongwei Co Ltd.		11,700		69,733
Wuliangye Yibin Co. Ltd.		10,100		184,741
Yihai Kerry Arawana Holdings Co. Ltd.		5,000		26,204
				1,359,245
Energy — 4.9%
China Petroleum & Chemical Corp. - Class A		88,500		49,351
China Shenhua Energy Co. Ltd. - Class A		18,300		70,281
PetroChina Co. Ltd. - Class A		64,600		42,396
Shaanxi Coal Industry Co Ltd.		25,200		68,571
				230,599
Financials — 24.8%
Agricultural Bank of China Ltd. - Class A		245,600		92,875
Bank of China Ltd. - Class A		116,300		47,963
Bank of Communications Co. Ltd. - Class A		101,800		62,068
Bank of Ningbo Co Ltd.		17,100		55,668
China CITIC Bank Corp. Ltd. - Class A		25,200		14,950
China Construction Bank Corp. - Class A		24,900		18,218
China Merchants Bank Co. Ltd. - Class A		53,900		198,065
CITIC Securities Co. Ltd. - Class A		31,670		74,677
East Money Information Co. Ltd.		34,327		73,417
Industrial & Commercial Bank of China Ltd. - Class A		199,900		113,664
Industrial Bank Co. Ltd.		54,200		111,614

	Shares		Value
Financials — 24.8% (Continued)
Ping An Bank Co. Ltd.		50,400	$	71,402
Ping An Insurance Group Co. of China Ltd. - Class A		28,300		140,170
Postal Savings Bank of China Co Ltd. - Class A		54,600		29,026
Shanghai Pudong Development Bank Co. Ltd.		76,200		69,324
				1,173,101
Health Care — 6.4%
Jiangsu Hengrui Medicine Co. Ltd.		16,600		91,431
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		3,200		142,686
WuXi AppTec Co. Ltd. - Class A		6,696		70,092
				304,209
Industrials — 13.4%
Beijing-Shanghai High Speed Railway Co. Ltd.		73,980		45,208
China State Construction Engineering Corp. Ltd.		108,800		70,808
Contemporary Amperex Technology Co. Ltd.		6,400		326,971
COSCO SHIPPING Holdings Co. Ltd. - Class A		32,800		50,468
Eve Energy Co Ltd.		4,900		55,750
SF Holding Co. Ltd.		12,700		83,975
				633,180
Information Technology — 5.0%
Foxconn Industrial Internet Co. Ltd.		32,400		36,401
LONGi Green Energy Technology Co. Ltd.		19,720		129,637
Luxshare Precision Industry Co. Ltd.		18,429		71,963
				238,001
Materials — 3.1%
Wanhua Chemical Group Co. Ltd.		8,212		90,417
Zijin Mining Group Co. Ltd. - Class A		53,400		57,946
				148,363
Real Estate — 1.0%
China Vanke Co. Ltd. - Class A		25,200		46,681
Utilities — 3.5%
China Yangtze Power Co. Ltd.		59,400		164,887
TOTAL COMMON STOCKS (Cost $5,770,965)				4,693,077

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

100

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Money Market Deposit Accounts — 0.7%
U.S. Bank Money Market Deposit Account 2.300% (a)	$	31,851	$	31,851
TOTAL SHORT-TERM INVESTMENTS (Cost $31,851)				31,851
Total Investments (Cost $5,802,816) — 99.9%				4,724,928
Other Assets in Excess of Liabilities — 0.1%				2,923
TOTAL NET ASSETS — 100.0%			$	4,727,851

Percentages are stated as a percent of net assets.

(a) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

101

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 5.0%
Netflix, Inc. (a)		707	$	206,359
Consumer Discretionary — 14.3%
Amazon.com, Inc. (a)		1,814		185,826
Lowe’s Cos., Inc.		1,016		198,069
The Home Depot, Inc.		688		203,738
				587,633
Consumer Staples — 13.4%
Campbell Soup Co. (b)		475		25,132
Church & Dwight Co., Inc.		382		28,318
Energizer Holdings, Inc.		115		3,322
Haleon PLC - ADR (a)		3,144		19,241
Hormel Foods Corp.		862		40,040
Kimberly-Clark Corp.		537		66,835
The Clorox Co. (b)		195		28,478
The Kroger Co.		1,152		54,478
Walgreens Boots Alliance, Inc.		1,377		50,260
Walmart, Inc.		1,635		232,710
				548,814
Health Care — 54.4%
Abbott Laboratories		1,813		179,378
Agilent Technologies, Inc. (b)		474		65,578
BioNTech SE - ADR		384		52,854
CVS Health Corp.		2,085		197,450
Danaher Corp.		791		199,071
Emergent BioSolutions, Inc. (a)		84		1,752
Gilead Sciences, Inc.		1,996		156,606
GSK PLC - ADR		3,151		104,519
Illumina, Inc. (a)		249		56,976
Johnson & Johnson (b)		1,153		200,587
Laboratory Corp. of American Holdings		147		32,614
Merck & Co., Inc.		2,282		230,938
Mettler-Toledo International, Inc. (a)		36		45,538
Moderna, Inc. (a)		632		95,009
Neogen Corp. (a)		168		2,218
Organon & Co.		395		10,341
PerkinElmer, Inc.		199		26,582
QIAGEN NV (a)		356		15,507
Quest Diagnostics, Inc.		186		26,719
Regeneron Pharmaceuticals, Inc. (a)		175		131,031
Sanofi - ADR		3,904		168,770
Teladoc Health, Inc. (a)		249		7,380
Thermo Fisher Scientific, Inc.		378		194,281
Vir Biotechnology, Inc. (a)(b)		204		4,484
Waters Corp. (a)(b)		96		28,720
				2,234,903

	Shares		Value
Industrials — 4.2%
3M Co.		906	$	113,966
Booz Allen Hamilton Holding Corp.		209		22,750
Stericycle, Inc. (a)		144		6,419
Xylem, Inc.		285		29,192
				172,327
Information Technology — 6.8%
Akamai Technologies, Inc. (a)(b)		253		22,348
NVIDIA Corp.		1,173		158,320
Palantir Technologies, Inc. - Class A (a)(b)		3,231		28,400
Teledyne Technologies, Inc. (a)		74		29,451
Zoom Video Communications, Inc. - Class A (a)(b)		476		39,717
				278,236
Materials — 1.8%
Ecolab, Inc.		451		70,838
Stepan Co.		36		3,760
				74,598
TOTAL COMMON STOCKS (Cost $5,071,940)				4,102,870
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	2,845		2,845
TOTAL SHORT-TERM INVESTMENTS (Cost $2,845)				2,845
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.5%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		432,497		432,497
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $432,497)				432,497
Total Investments (Cost $5,507,282) — 110.5%				4,538,212
Liabilities in Excess of Other Assets — (10.5)%				(430,261	)
TOTAL NET ASSETS — 100.0%			$	4,107,951

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Non-income producing security.

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

102

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $420,992 or 10.2% of net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

103

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 100.0%
Communication Services — 6.2%
Alphabet, Inc. - Class C (a)		67,633	$	6,402,140
DISH Network Corp. - Class A (a)(b)		413,464		6,164,748
Live Nation Entertainment, Inc. (a)(b)		82,512		6,568,781
Match Group, Inc. (a)		164,411		7,102,555
Meta Platforms, Inc. - Class A (a)		61,230		5,704,187
Netflix, Inc. (a)		40,573		11,842,447
Warner Bros Discovery, Inc. (a)		602,825		7,836,725
				51,621,583
Consumer Discretionary — 25.3%
Amazon.com, Inc. (a)		70,750		7,247,630
Aptiv PLC (a)		93,632		8,527,066
Bath & Body Works, Inc.		238,865		7,973,314
Caesars Entertainment, Inc. (a)		261,600		11,439,768
CarMax, Inc. (a)		79,090		4,983,461
Carnival Corp. (a)(b)		1,193,748		10,815,357
Carnival Corp. (a)(b)		4,960		7,431,717
DR Horton, Inc. (b)		100,210		7,704,145
Etsy, Inc. (a)(b)		117,433		11,028,133
Expedia Group, Inc. (a)		76,093		7,112,413
Ford Motor Co.		597,332		7,986,329
General Motors Co.		229,650		9,013,762
Las Vegas Sands Corp. (a)(b)		252,276		9,589,011
Lennar Corp. - Class A (b)		92,347		7,452,403
MGM Resorts International		277,129		9,857,478
Norwegian Cruise Line Holdings Ltd. (a)(b)		957,885		16,178,678
PulteGroup, Inc.		178,814		7,150,772
Ralph Lauren Corp. (b)		89,124		8,260,903
Royal Caribbean Cruises Ltd. (a)(b)		265,672		14,181,571
Tapestry, Inc. (b)		258,325		8,183,736
Tesla Motors, Inc. (a)		41,422		9,425,162
Ulta Beauty, Inc. (a)		21,356		8,956,066
Wynn Resorts Ltd. (a)(b)		155,288		9,922,903
				210,421,778
Consumer Staples — 0.8%
The Estee Lauder Cos., Inc.		31,513		6,318,041
Energy — 1.4%
APA Corp. (b)		265,007		12,047,218
Financials — 9.3%
Ameriprise Financial, Inc.		29,171		9,017,339
Franklin Resources, Inc. (b)		273,089		6,403,937
Invesco Ltd.		460,650		7,057,158
Lincoln National Corp.		178,291		9,604,536
MSCI, Inc.		16,841		7,896,071
Raymond James Financial, Inc.		73,168		8,644,068

	Shares		Value
Financials — 9.3% (Continued)
Signature Bank		52,792	$	8,369,116
State Street Corp.		107,876		7,982,824
SVB Financial Group (a)		23,917		5,523,870
T Rowe Price Group, Inc.		64,237		6,819,400
				77,318,319
Health Care — 7.3%
ABIOMED, Inc. (a)		32,627		8,224,614
Align Technology, Inc. (a)		33,424		6,494,283
Charles River Laboratories International, Inc. (a)		36,138		7,670,290
DexCom, Inc. (a)(b)		105,591		12,753,281
Illumina, Inc. (a)		38,771		8,871,580
Intuitive Surgical, Inc. (a)		37,959		9,355,755
Moderna, Inc. (a)		50,405		7,577,384
				60,947,187
Industrials — 6.8%
American Airlines Group, Inc. (a)(b)		679,755		9,638,926
Copart, Inc. (a)		61,347		7,056,132
Delta Air Lines, Inc. (a)		253,967		8,617,100
Generac Holdings, Inc. (a)(b)		42,210		4,892,561
The Boeing Co. (a)		48,678		6,937,102
United Airlines Holdings, Inc. (a)		260,880		11,238,710
United Rentals, Inc. (a)		25,334		7,998,197
				56,378,728
Information Technology — 40.6%
Adobe, Inc. (a)		20,974		6,680,219
Advanced Micro Devices, Inc. (a)		132,922		7,983,295
ANSYS, Inc. (a)		33,015		7,301,597
Apple, Inc.		46,025		7,057,474
Applied Materials, Inc.		101,943		9,000,547
Arista Networks, Inc. (a)		73,230		8,850,578
Autodesk, Inc. (a)		44,916		9,625,499
Broadcom, Inc.		14,287		6,716,604
Cadence Design System, Inc. (a)		51,287		7,764,339
Ceridian HCM Holding, Inc. (a)(b)		159,891		10,583,185
DXC Technology Co. (a)		300,999		8,653,721
Enphase Energy, Inc. (a)		41,333		12,689,231
EPAM Systems, Inc. (a)		24,875		8,706,250
Fortinet, Inc. (a)		201,129		11,496,534
Gartner, Inc. (a)		27,243		8,225,207
Intuit, Inc.		22,071		9,435,353
Keysight Technologies, Inc. (a)		46,729		8,137,855
KLA Corp.		28,500		9,018,825
Lam Research Corp.		21,681		8,776,035
Microchip Technology, Inc.		137,013		8,459,183
Micron Technology, Inc.		153,295		8,293,260
Monolithic Power Systems, Inc.		23,287		7,904,772
NVIDIA Corp.		79,673		10,753,465

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

104

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 100.0% (Continued)
Information Technology — 40.6% (Continued)
NXP Semiconductors NV		50,891	$	7,434,157
ON Semiconductor Corp. (a)(b)		180,860		11,110,230
Paycom Software, Inc. (a)		29,406		10,174,476
PayPal Holdings, Inc. (a)		108,160		9,040,013
PTC, Inc. (a)		66,852		7,877,171
Qorvo, Inc. (a)		82,536		7,104,699
QUALCOMM, Inc.		63,600		7,483,176
salesforce.com, Inc. (a)		51,584		8,387,043
ServiceNow, Inc. (a)		21,658		9,112,387
Skyworks Solutions, Inc.		76,436		6,574,260
SolarEdge Technologies, Inc. (a)		32,310		7,432,269
Synopsys, Inc. (a)		25,281		7,395,957
Teradyne, Inc.		104,720		8,518,972
Trimble, Inc. (a)		126,873		7,632,680
Tyler Technologies, Inc. (a)		21,165		6,843,279
Western Digital Corp. (a)		162,900		5,598,873
Zebra Technologies Corp. (a)		27,002		7,647,506
				337,480,176
Materials — 2.3%
Albemarle Corp.		36,999		10,354,910
Freeport-McMoRan, Inc.		273,479		8,666,550
				19,021,460
TOTAL COMMON STOCKS (Cost $908,884,971)				831,554,490
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	473,254		473,254
TOTAL SHORT-TERM INVESTMENTS (Cost $473,254)				473,254

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.6%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		88,557,948	$	88,557,948
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $88,557,948)				88,557,948
Total Investments (Cost $997,916,173) — 110.7%				920,585,692
Liabilities in Excess of Other Assets — (10.7)%				(88,694,625	)
TOTAL NET ASSETS — 100.0%			$	831,891,067

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $84,346,485 or 10.1% of net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

105

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.8%
Communication Services — 2.7%
Iridium Communications, Inc. (a)		6,127	$	315,724
The New York Times Co. - Class A		6,538		189,341
TripAdvisor, Inc. (a)		14,551		343,695
World Wrestling Entertainment, Inc. - Class A (b)		1,970		155,413
				1,004,173
Consumer Discretionary — 22.6%
Adient PLC (a)		7,952		278,161
Capri Holdings Ltd. (a)		5,254		240,003
Choice Hotels International, Inc.		1,447		187,878
Churchill Downs, Inc.		1,536		319,350
Crocs, Inc. (a)		3,825		270,619
Dana, Inc.		14,906		237,900
Deckers Outdoor Corp. (a)		684		239,352
Dick’s Sporting Goods, Inc. (b)		2,290		260,510
Five Below, Inc. (a)		3,863		565,350
Foot Locker, Inc. (b)		8,255		261,684
GameStop Corp. (a)(b)		22,140		626,783
Kohl’s Corp.		10,320		309,084
Light & Wonder, Inc. (a)		8,250		463,155
Macy’s, Inc.		17,857		372,318
Nordstrom, Inc. (b)		14,863		302,313
Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		4,046		226,576
Papa John’s International, Inc. (b)		1,542		111,995
RH (a)(b)		838		212,793
The Gap, Inc.		27,918		314,636
The Goodyear Tire & Rubber Co. (a)		19,800		251,460
The Wendy’s Co.		7,084		147,206
Topgolf Callaway Brands Corp. (a)		9,878		184,916
Under Armour, Inc. - Class A (a)(b)		26,896		200,375
Victoria’s Secret & Co. (a)(b)		8,040		302,304
Visteon Corp. (a)		1,880		245,284
Williams-Sonoma, Inc. (b)		1,490		184,507
Wingstop, Inc. (b)		3,298		522,370
Wyndham Hotels & Resorts, Inc.		3,930		298,405
YETI Holdings, Inc. (a)		8,620		276,530
				8,413,817
Consumer Staples — 2.8%
BellRing Brands, Inc. (a)		8,964		217,108
Coca-Cola Consolidated, Inc.		446		217,206
Coty, Inc. (a)		32,490		218,008
Performance Food Group Co. (a)		4,340		225,854
The Boston Beer Co., Inc. - Class A (a)		444		165,741
				1,043,917

	Shares		Value
Energy — 7.0%
ChampionX Corp.		11,184	$	320,086
Equitrans Midstream Corp. (b)		17,598		148,175
Matador Resources Co. (b)		4,668		310,189
Murphy Oil Corp. (b)		7,844		380,513
NOV, Inc. (b)		12,946		289,990
PDC Energy, Inc.		4,430		319,580
Range Resources Corp.		19,253		548,326
Southwestern Energy Co. (a)(b)		43,510		301,524
				2,618,383
Financials — 0.8%
Kinsale Capital Group, Inc.		911		287,120
Health Care — 20.8%
Amedisys, Inc. (a)		1,968		192,057
Arrowhead Pharmaceuticals, Inc. (a)(b)		11,787		410,305
Bruker Corp.		4,374		270,488
Chemed Corp.		679		317,005
Globus Medical, Inc. (a)		3,644		244,148
Haemonetics Corp. (a)		2,164		183,832
Halozyme Therapeutics, Inc. (a)(b)		6,035		288,533
HealthEquity, Inc. (a)		7,255		565,237
Inari Medical, Inc. (a)		4,986		383,573
Jazz Pharmaceuticals PLC (a)		2,835		407,645
LivaNova PLC (a)		2,355		110,921
Masimo Corp. (a)(b)		3,775		496,790
Medpace Holdings, Inc. (a)(b)		1,194		265,044
Neogen Corp. (a)		4,491		59,281
Neurocrine Biosciences, Inc. (a)		4,294		494,325
NuVasive, Inc. (a)		2,387		105,338
Penumbra, Inc. (a)(b)		1,763		302,302
Progyny, Inc. (a)		9,205		409,346
QuidelOrtho Corp. (a)		2,798		251,316
R1 RCM, Inc. (a)		6,283		110,958
Repligen Corp. (a)		3,254		593,822
Shockwave Medical, Inc. (a)		1,110		325,397
STAAR Surgical Co. (a)		5,568		394,604
Tandem Diabetes Care, Inc. (a)		7,426		416,970
Tenet Healthcare Corp. (a)		3,360		149,050
				7,748,287
Industrials — 17.1%
Avis Budget Group, Inc. (a)(b)		3,298		779,845
Axon Enterprise, Inc. (a)		4,996		726,618
Chart Industries, Inc. (a)(b)		2,610		581,717
Dycom Industries, Inc. (a)		2,078		245,578
Fluor Corp. (a)(b)		8,572		259,389
Graco, Inc.		7,211		501,741
GXO Logistics, Inc. (a)		4,894		178,827
Hexcel Corp.		3,417		190,327
IAA, Inc. (a)		5,535		209,943

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

106

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Industrials — 17.1% (Continued)
JetBlue Airways Corp. (a)		25,950	$	208,638
Lennox International, Inc.		1,355		316,487
MSA Safety, Inc.		1,675		224,852
Saia, Inc. (a)		968		192,497
SunPower Corp. (a)		16,307		301,516
Sunrun, Inc. (a)(b)		10,648		239,686
Tetra Tech, Inc.		2,230		315,054
Trex Co., Inc. (a)		9,305		447,477
Vicor Corp. (a)		4,854		231,876
XPO Logistics, Inc. (a)(b)		3,862		199,820
				6,351,888
Information Technology — 21.4%
Amkor Technology, Inc.		10,728		223,035
Aspen Technology, Inc. (a)		1,309		316,058
Blackbaud, Inc. (a)		2,095		114,597
Calix, Inc. (a)		5,011		369,010
Cognex Corp.		7,850		362,906
CommVault Systems, Inc. (a)		1,990		121,171
Envestnet, Inc. (a)(b)		2,582		127,318
Euronet Worldwide, Inc. (a)		2,312		194,231
Fair Isaac Corp. (a)		1,272		609,085
First Solar, Inc. (a)(b)		2,012		292,887
Lattice Semiconductor Corp. (a)		10,797		523,762
Manhattan Associates, Inc. (a)		3,029		368,538
National Instruments Corp.		5,364		204,798
NCR Corp. (a)(b)		7,366		156,601
Paylocity Holding Corp. (a)		2,761		639,972
Power Integrations, Inc.		2,664		177,715
Qualys, Inc. (a)		1,595		227,383
Sabre Corp. (a)(b)		59,329		344,702
Semtech Corp. (a)		2,880		79,747
SiTime Corp. (a)		3,620		325,112
Synaptics, Inc. (a)		3,546		314,176
Teradata Corp. (a)		4,680		147,841
Universal Display Corp.		3,828		364,502
Viasat, Inc. (a)		6,124		250,839
WEX, Inc. (a)		1,822		299,063
Wolfspeed, Inc. (a)		10,218		804,668
				7,959,717
Materials — 2.7%
Alcoa Corp. (b)		5,494		214,431
Cleveland-Cliffs, Inc. (a)(b)		13,458		174,819
MP Materials Corp. (a)		8,186		245,907
The Chemours Co.		6,506		186,267
United States Steel Corp. (b)		9,910		201,768
				1,023,192
TOTAL COMMON STOCKS (Cost $36,334,029)				36,450,494

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.1%
EastGroup Properties, Inc. (b)		1,710	$	267,940
Lamar Advertising Co. - Class A		3,793		349,828
National Storage Affiliates Trust		3,578		152,638
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $837,463)				770,406
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	36,790		36,790
TOTAL SHORT-TERM INVESTMENTS (Cost $36,790)				36,790
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.2%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		8,258,734		8,258,734
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,258,734)				8,258,734
Total Investments (Cost $45,467,016) — 122.2%				45,516,424
Liabilities in Excess of Other Assets — (22.2)%				(8,269,566	)
TOTAL NET ASSETS — 100.0%			$	37,246,858

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $8,060,418 or 21.6% of net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

107

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 94.1%
Communication Services — 1.5%
Charter Communications, Inc. - Class A (a)(b)		2,420	$	889,640
Electronic Arts, Inc.		4,453		560,900
Live Nation Entertainment, Inc. (a)(b)		7,485		595,881
Match Group, Inc. (b)		17,673		763,474
Take-Two Interactive Software, Inc. (b)		2,144		254,021
				3,063,916
Consumer Discretionary — 26.8%
Amazon.com, Inc. (b)		90,241		9,244,288
AutoZone, Inc. (b)		682		1,727,424
Bath & Body Works, Inc.		9,205		307,263
Booking Holdings, Inc. (b)		730		1,364,720
Caesars Entertainment, Inc. (b)		5,270		230,457
CarMax, Inc. (b)		2,690		169,497
Carnival Corp. (a)(b)		21,005		190,305
Chipotle Mexican Grill, Inc. (b)		496		743,172
Domino’s Pizza, Inc.		1,569		521,285
Etsy, Inc. (a)(b)		4,893		459,502
Expedia Group, Inc. (b)		2,309		215,822
Hilton Worldwide Holdings, Inc.		16,247		2,197,569
Lowe’s Cos., Inc.		27,475		5,356,251
Marriott International Inc/MD		4,770		763,725
McDonald’s Corp.		35,687		9,730,418
MGM Resorts International		6,380		226,937
NIKE, Inc. - Class B		19,161		1,775,842
Norwegian Cruise Line Holdings Ltd. (a)(b)		25,424		429,411
O’Reilly Automotive, Inc. (b)		2,632		2,203,432
Pool Corp.		635		193,186
Royal Caribbean Cruises Ltd. (a)(b)		11,656		622,197
Starbucks Corp. (a)		53,112		4,598,968
Tesla Motors, Inc. (b)		22,391		5,094,848
The Home Depot, Inc.		18,625		5,515,421
Wynn Resorts Ltd. (a)(b)		5,696		363,974
Yum! Brands, Inc.		13,588		1,606,781
				55,852,695
Consumer Staples — 7.6%
Altria Group, Inc.		106,308		4,918,871
Brown-Forman Corp. - Class B		2,955		200,940
Colgate-Palmolive Co.		26,475		1,954,914
Constellation Brands, Inc. - Class A		2,688		664,151
Hormel Foods Corp.		4,748		220,545
Kimberly-Clark Corp.		5,389		670,715
Lamb Weston Holdings, Inc.		2,257		194,598
Philip Morris International, Inc.		53,389		4,903,780
Sysco Corp.		9,320		806,739

	Shares		Value
Consumer Staples — 7.6% (Continued)
The Clorox Co. (a)		3,947	$	576,420
The Estee Lauder Cos., Inc.		3,451		691,891
				15,803,564
Energy — 1.8%
APA Corp. (a)		12,303		559,294
Coterra Energy, Inc.		17,699		550,970
Devon Energy Corp. (a)		12,584		973,373
Hess Corp.		4,129		582,519
Pioneer Natural Resources Co.		3,955		1,014,102
				3,680,258
Financials — 4.9%
Aon PLC		3,828		1,077,544
Comerica, Inc. (a)		3,081		217,210
FactSet Research Systems, Inc.		635		270,186
MarketAxess Holdings, Inc.		655		159,846
Moody’s Corp. (a)		2,836		751,171
Morgan Stanley (a)		20,952		1,721,626
MSCI, Inc.		5,133		2,406,658
Signature Bank (a)		1,426		226,064
SVB Financial Group (b)		1,085		250,592
The Goldman Sachs Group, Inc.		6,309		2,173,514
US Bancorp		23,239		986,496
				10,240,907
Health Care — 12.8%
ABIOMED, Inc. (b)		801		201,916
Agilent Technologies, Inc.		4,651		643,466
Align Technology, Inc. (b)		1,103		214,313
AmerisourceBergen Corp.		4,949		778,082
Amgen, Inc.		9,510		2,571,028
Baxter International, Inc.		11,999		652,146
Bio-Techne Corp.		702		207,975
Cardinal Health, Inc.		10,522		798,620
DaVita, Inc. (b)		1,117		81,552
DexCom, Inc. (a)(b)		6,989		844,131
Edwards Lifesciences Corp. (b)		11,067		801,583
Eli Lilly & Co.		14,184		5,135,885
HCA Healthcare, Inc. (a)		9,984		2,171,220
Humana, Inc.		2,067		1,153,551
IDEXX Laboratories, Inc. (a)(b)		1,607		578,006
Illumina, Inc. (b)		6,039		1,381,844
Intuitive Surgical, Inc. (b)		6,228		1,535,015
McKesson Corp.		4,488		1,747,493
Mettler-Toledo International, Inc. (b)		813		1,028,388
Moderna, Inc. (b)		5,486		824,710
Molina Healthcare, Inc. (b)		1,077		386,492
Organon & Co.		9,657		252,820
PerkinElmer, Inc.		2,606		348,109
ResMed, Inc.		2,301		514,711

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

108

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.1% (Continued)
Health Care — 12.8% (Continued)
Waters Corp. (a)(b)		982	$	293,785
West Pharmaceutical Services, Inc.		1,200		276,120
Zoetis, Inc.		8,102		1,221,620
				26,644,581
Industrials — 6.2%
American Airlines Group, Inc. (b)		29,891		423,854
Cintas Corp.		1,418		606,266
Copart, Inc. (b)		3,161		363,578
Delta Air Lines, Inc. (b)		18,590		630,759
Equifax, Inc.		3,911		663,071
Generac Holdings, Inc. (a)(b)		1,732		200,756
Huntington Ingalls Industries, Inc.		710		182,520
Masco Corp. (a)		9,826		454,649
Old Dominion Freight Line, Inc. (a)		1,416		388,834
Otis Worldwide Corp.		17,475		1,234,434
Quanta Services, Inc. (a)		2,154		305,954
Rockwell Automation, Inc.		2,551		651,270
Rollins, Inc.		3,994		168,068
The Boeing Co. (b)		28,825		4,107,851
TransDigm Group, Inc.		2,578		1,484,309
United Airlines Holdings, Inc. (b)		11,293		486,502
Verisk Analytics, Inc.		2,628		480,477
				12,833,152
Information Technology — 29.5%
Adobe, Inc. (b)		5,720		1,821,820
Analog Devices, Inc.		12,594		1,796,156
ANSYS, Inc. (b)		1,029		227,574
Apple, Inc.		36,588		5,610,404
Arista Networks, Inc. (b)		2,590		313,027
Autodesk, Inc. (a)(b)		7,438		1,593,963
Automatic Data Processing, Inc.		5,087		1,229,528
Broadcom, Inc.		4,978		2,340,257
Broadridge Financial Solutions, Inc.		2,410		361,645
Cadence Design System, Inc. (b)		3,451		522,447
CDW Corp.		2,919		504,432
Ceridian HCM Holding, Inc. (a)(b)		1,724		114,112
Enphase Energy, Inc. (b)		4,956		1,521,492
Fortinet, Inc. (b)		23,046		1,317,309
Gartner, Inc. (b)		972		293,466
HP, Inc.		60,912		1,682,389
Intuit, Inc. (a)		10,093		4,314,758
Jack Henry & Associates, Inc.		883		175,770
Keysight Technologies, Inc. (b)		1,981		344,991
MasterCard, Inc. - Class A		10,928		3,586,351
Microchip Technology, Inc.		6,759		417,301
Microsoft Corp.		20,055		4,655,367
Monolithic Power Systems, Inc. (a)		569		193,147
Motorola Solutions, Inc.		9,006		2,248,888

	Shares		Value
Information Technology — 29.5% (Continued)
NortonLifeLock, Inc.		22,890	$	515,712
NVIDIA Corp.		29,043		3,919,934
Oracle Corp.		84,327		6,583,409
Paychex, Inc.		3,808		450,525
Paycom Software, Inc. (b)		583		201,718
salesforce.com, Inc. (b)		13,919		2,263,090
Seagate Technology Holdings PLC		3,351		166,411
ServiceNow, Inc. (b)		2,596		1,092,241
Skyworks Solutions, Inc.		2,719		233,861
SolarEdge Technologies, Inc. (b)		1,384		318,362
Synopsys, Inc. (b)		1,888		552,334
Teledyne Technologies, Inc. (b)		1,134		451,309
Texas Instruments, Inc. (a)		10,621		1,706,051
Tyler Technologies, Inc. (b)		1,416		457,835
VeriSign, Inc. (b)		5,893		1,181,311
Visa, Inc. - Class A (a)		20,155		4,175,310
				61,456,007
Materials — 1.3%
Albemarle Corp. (a)		2,011		562,819
Ecolab, Inc.		3,739		587,285
International Flavors & Fragrances, Inc.		6,491		633,586
Sealed Air Corp.		2,287		108,907
The Sherwin-Williams Co.		3,917		881,442
				2,774,039
Utilities — 1.8%
Atmos Energy Corp.		1,910		203,510
Edison International		5,685		341,327
Entergy Corp.		2,959		317,027
NextEra Energy, Inc.		30,743		2,382,583
The AES Corp. (a)		16,999		444,694
				3,689,141
TOTAL COMMON STOCKS (Cost $194,204,559)				196,038,260
REAL ESTATE INVESTMENT TRUSTS — 5.4%
American Tower Corp.		20,705		4,289,869
Crown Castle, Inc.		7,735		1,030,766
Equinix, Inc.		1,587		898,940
Extra Space Storage, Inc.		2,182		387,174
Iron Mountain, Inc. (a)		11,029		552,222
Kimco Realty Corp. (a)		10,883		232,679
Public Storage		2,628		814,023
Realty Income Corp. (a)		12,527		780,056
SBA Communications Corp.		5,319		1,435,598
Simon Property Group, Inc. (a)		5,929		646,142
UDR, Inc.		5,075		201,782
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,336,075)				11,269,251

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

109

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account 2.300% (c)		946,116	$	946,116
TOTAL SHORT-TERM INVESTMENTS (Cost $946,116)				946,116
		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.7%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		20,268,142		20,268,142
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,268,142)				20,268,142
Total Investments (Cost $227,754,161) — 109.7%				228,521,770
Liabilities in Excess of Other Assets — (9.7)%				(20,267,858	)
TOTAL NET ASSETS — 100.0%			$	208,253,912

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $19,760,616 or 9.5% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

110

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.0%
Communication Services — 4.9%
Alphabet, Inc. - Class A (a)		860	$	81,278
John Wiley & Sons, Inc. - Class A		2,077		87,629
Meta Platforms, Inc. - Class A (a)		557		51,890
Netflix, Inc. (a)		403		117,628
News Corp. - Class A		5,397		91,047
				429,472
Consumer Discretionary — 5.9%
Adient PLC (a)		2,782		97,314
Booking Holdings, Inc. (a)		47		87,866
Domino’s Pizza, Inc.		256		85,053
McDonald’s Corp. (b)		363		98,976
NIKE, Inc. - Class B (b)		850		78,778
Tesla Motors, Inc. (a)		315		71,675
				519,662
Consumer Staples — 5.9%
Coty, Inc. (a)		11,996		80,493
The Estee Lauder Cos. Inc		372		74,582
Mondelez International, Inc.		1,537		94,495
Philip Morris International, Inc.		971		89,187
The Coca-Cola Co.		1,521		91,032
The Procter & Gamble Co.		678		91,306
				521,095
Energy — 4.9%
APA Corp.		2,475		112,514
Baker Hughes Co.		3,733		103,255
Chevron Corp. (b)		590		106,731
Exxon Mobil Corp.		977		108,261
				430,761
Financials — 1.0%
MSCI, Inc.		192		90,021
Health Care — 16.5%
Abbott Laboratories		871		86,177
Agilent Technologies, Inc. (b)		685		94,770
Align Technology, Inc. (a)(b)		358		69,559
AmerisourceBergen Corp. (b)		640		100,621
Bio-Rad Laboratories, Inc. - Class A (a)		185		65,066
Danaher Corp.		325		81,793
IQVIA Holdings, Inc. (a)		422		88,481
Merck & Co., Inc.		1,080		109,296
Mettler-Toledo International, Inc. (a)		72		91,075
Moderna, Inc. (a)		662		99,518
PerkinElmer, Inc.		666		88,964
Pfizer, Inc.		1,971		91,750
Repligen Corp. (a)		403		73,543
STAAR Surgical Co. (a)		973		68,957
Thermo Fisher Scientific, Inc.		165		84,805

	Shares		Value
Health Care — 16.5% (Continued)
Viatris, Inc.		9,543	$	96,671
West Pharmaceutical Services, Inc.		301		69,260
				1,460,306
Industrials — 7.5%
Expeditors International of Washington, Inc.		911		89,141
General Electric Co.		1,273		99,052
Ingersoll Rand, Inc. (b)		1,877		94,789
Johnson Controls International PLC		1,621		93,759
Nordson Corp. (b)		402		90,450
The Brink’s Co.		1,695		101,073
Westinghouse Air Brake Technologies Corp. (b)		1,033		96,358
				664,622
Information Technology — 41.6%
Accenture PLC - Class A		325		92,268
Advanced Micro Devices, Inc. (a)		1,103		66,246
Amkor Technology, Inc.		4,810		100,000
Amphenol Corp.		1,242		94,181
Analog Devices, Inc.		612		87,283
ANSYS, Inc. (a)(b)		363		80,281
Apple, Inc.		598		91,697
Applied Materials, Inc.		977		86,259
Arista Networks, Inc. (a)		757		91,491
Autodesk, Inc. (a)(b)		445		95,363
Avnet, Inc.		2,208		88,740
Broadcom, Inc.		180		84,622
Cadence Design System, Inc. (a)(b)		540		81,751
DXC Technology Co. (a)		3,523		101,286
Fortinet, Inc. (a)		1,760		100,602
Hewlett Packard Enterprise Co.		7,021		100,190
HP, Inc.		3,336		92,140
Keysight Technologies, Inc. (a)		547		95,260
KLA Corp.		262		82,910
Lam Research Corp.		208		84,194
Littelfuse, Inc.		407		89,642
Lumentum Holdings, Inc. (a)(b)		1,156		86,064
MACOM Technology Solutions Holdings, Inc. (a)		1,651		95,543
MasterCard, Inc. - Class A		281		92,219
Microchip Technology, Inc.		1,407		86,868
Micron Technology, Inc.		1,641		88,778
Microsoft Corp.		356		82,638
Monolithic Power Systems, Inc. (b)		211		71,624
NVIDIA Corp.		655		88,405
ON Semiconductor Corp. (a)(b)		1,315		80,780
Power Integrations, Inc.		1,342		89,525
PTC, Inc. (a)		786		92,614

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

111

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.0% (Continued)
Information Technology — 41.6% (Continued)
Qorvo, Inc. (a)		1,007	$	86,683
QUALCOMM, Inc.		713		83,892
Semtech Corp. (a)		2,707		74,957
Synaptics, Inc. (a)		771		68,311
Synopsys, Inc. (a)(b)		277		81,036
Teradyne, Inc.		1,061		86,312
Texas Instruments, Inc. (b)		557		89,471
Universal Display Corp.		872		83,032
Visa, Inc. - Class A (b)		460		95,294
Zebra Technologies Corp. (a)		306		86,665
				3,677,117
Materials — 10.9%
Alcoa Corp.		1,806		70,488
Avery Dennison Corp.		493		83,588
Celanese Corp.		817		78,530
Dow, Inc.		1,866		87,217
Freeport-McMoRan, Inc.		2,931		92,883
Ingevity Corp. (a)		1,340		90,142
Linde PLC		328		97,531
LyondellBasell Industries NV		1,121		85,700
Mosaic Co.		1,676		90,085
Newmont Goldcorp Corp.		2,197		92,977
Royal Gold, Inc.		981		93,156
				962,297
TOTAL COMMON STOCKS (Cost $9,263,244)				8,755,353
REAL ESTATE INVESTMENT TRUSTS — 0.9%
Equinix, Inc.		143		81,001
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $96,423)				81,001
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	9,465		9,465
TOTAL SHORT-TERM INVESTMENTS (Cost $9,465)				9,465

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.2%
Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c)		1,344,952	$	1,344,952
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,344,952)				1,344,952
Total Investments (Cost $10,714,084) — 115.2%				10,190,771
Liabilities in Excess of Other Assets — (15.2)%				(1,344,995	)
TOTAL NET ASSETS — 100.0%			$	8,845,776

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of October 31, 2022. The total value of securities on loan is $1,303,677 or 14.7% of net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

112

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Principal Amount		Fair Value
ASSET BACKED SECURITIES — 30.2%
Financials — 26.4%
AIG CLO 2018-1 LLC
10.843%, 04/20/2032 (a)(c)	$	1,000,000	$	831,717
Benefit Street Partners CLO IV Ltd.
11.443%, 01/20/2032 (a)(c)		250,000		220,092
Burnham Park Clo Ltd.
9.643%, 10/20/2029 (a)(c)		1,000,000		786,697
CarVal CLO III Ltd.
10.683%, 07/20/2032 (a)(c)		1,000,000		836,149
CIFC Falcon 2020 Ltd.
11.653%, 01/20/2033 (a)(c)		1,000,000		900,973
CIFC Funding 2018-V Ltd.
10.229%, 01/15/2032 (a)(c)		1,000,000		849,894
CIFC Funding 2019-I Ltd.
11.073%, 04/20/2032 (a)(c)		1,000,000		837,603
Dryden 50 Senior Loan Fund
10.339%, 07/15/2030 (a)(c)		1,000,000		819,836
Dryden 65 CLO Ltd.
9.944%, 07/18/2030 (a)(c)		600,000		498,960
Elmwood CLO 18 Ltd.
0.000%, 07/17/2033 (a)(c)		1,000,000		997,129
Goldentree Loan Management US CLO 1 Ltd.
11.493%, 04/20/2034 (a)(c)		1,000,000		799,905
Goldentree Loan Management US Clo 6 Ltd.
10.663%, 04/20/2035 (a)(c)		1,000,000		846,516
Harbor Park CLO 18-1 Ltd.
9.843%, 01/21/2031 (a)(c)		1,000,000		860,072
Magnetite XXIII Ltd.
10.658%, 01/25/2035 (a)(c)		1,000,000		864,377
Magnetite XXXI Ltd.
10.079%, 07/17/2034 (a)(c)		500,000		427,884
Neuberger Berman Loan Advisers CLO 35 Ltd.
11.227%, 01/19/2033 (a)(c)		1,000,000		879,149
OCP CLO 2020-19 Ltd.
10.743%, 10/20/2034 (a)(c)		250,000		204,487
OHA Credit Funding 2 Ltd.
10.638%, 04/21/2034 (a)(c)		550,000		485,865
OHA Loan Funding 2016-1 Ltd.
10.593%, 01/20/2033 (a)(c)		500,000		432,795
Palmer Square CLO 2015-2 Ltd.
9.993%, 07/22/2030 (a)(c)		1,000,000		859,951
Palmer Square CLO 2018-2 Ltd.
9.679%, 07/16/2031 (a)(c)		500,000		426,516
Point Au Roche Park CLO Ltd.
10.343%, 07/20/2034 (a)(c)		370,000		291,860

	Principal Amount		Fair Value
Financials — 26.4% (Continued)
Rad CLO 12 Ltd.
10.765%, 10/30/2034 (a)(c)	$	500,000	$	399,543
RR 19 Ltd.
10.579%, 10/15/2035 (a)(c)		1,000,000		895,006
RR15 Ltd.
10.279%, 04/15/2036 (a)(c)		500,000		415,996
Sixth Street CLO XIX Ltd.
10.143%, 07/20/2034 (a)(c)		500,000		437,201
Symphony CLO XXIV Ltd.
11.325%, 01/23/2032 (a)(c)		1,000,000		879,857
TICP CLO III-2 Ltd.
10.143%, 04/20/2028 (a)(c)		1,000,000		936,979
				18,923,009
Real Estate — 3.8%
AIMCO CLO 10 Ltd.
10.275%, 07/22/2032 (a)(c)		1,000,000		868,867
Aimco CLO 15 Ltd.
10.029%, 10/17/2034 (a)(c)		1,250,000		1,040,071
AIMCO CLO Series 2015-A
10.679%, 10/16/2034 (a)(c)		1,000,000		819,992
				2,728,930
TOTAL ASSET BACKED SECURITIES (Cost $24,309,678)				21,651,939
BANK LOANS — 55.2%
Communication Services — 5.9%
Charter Communications Operating, LLC. 5.51% (1 Month LIBOR USD+1.75%), 02/01/2027 (a)		982,484		967,044
Clear Channel Outdoor Holdings Inc.
7.91% (3 Month LIBOR USD+3.50%), 08/21/2026 (a)		1,231,598		1,131,389
7.25% (1 Month LIBOR USD+3.50%), 08/21/2026 (a)		3,182		2,923
SBA Senior Finance II LLC 5.51% (1 Month LIBOR USD+1.75%), 04/11/2025 (a)		967,873		961,219
SeaWorld Parks & Entertainment, Inc. 6.81% (1 Month LIBOR USD+3.00%,0.50%Floor), 08/25/2028 (a)		1,230,476		1,203,172
				4,265,747
Consumer Discretionary — 9.6%
Bombardier Recreational Products, Inc. 5.75% (1 Month LIBOR USD+2.00%), 05/24/2027 (a)		235,888		227,042

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

113

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Fair Value
BANK LOANS — 55.2% (Continued)
Consumer Discretionary — 9.6% (Continued)
Caesars Resort Collection, LLC 7.25% (1 Month LIBOR USD+3.50%), 07/21/2025 (a)	$	1,010,778	$	1,003,288
ClubCorp Holdings, Inc. 6.42% (3 Month LIBOR USD+2.75%), 09/18/2024 (a)		1,220,424		1,102,537
Great Outdoors Group, LLC 7.5% (1 Month LIBOR USD+3.75%,0.75%Floor), 03/06/2028 (a)		1,291,026		1,219,374
ICON Luxembourg Sarl 5.938%, 07/03/2028 (b)		765,747		759,192
Madison IAQ LLC 6.82% (3 Month LIBOR USD+3.25%,0.50%Floor), 06/21/2028 (a)		989,981		898,131
Pilot Travel Centers LLC 5.83% (1 Month SOFR USD+2.00%), 08/04/2028 (a)		742,500		724,999
SRS Distribution Inc. 7.25% (6 Month LIBOR USD+3.50%,0.50%Floor), 06/02/2028 (a)		988,737		921,133
				6,855,696
Consumer Staples — 2.4%
1011778 B.C. Unlimited Liability Company 4.871% (1 Month LIBOR USD+1.75%), 11/19/2026 (a)		1,322,391		1,288,670
Sunshine Luxembourg VII SARL 7.42% (3 Month LIBOR USD+3.75%,0.75%Floor), 10/01/2026 (a)		490,025		467,567
				1,756,237
Energy — 2.0%
Arch Coal, Inc. 6.5% (1 Month LIBOR USD+2.75%,1.00%Floor), 03/07/2024 (a)		150		149
Blackstone CQP Holdco LP 7.42% (3 Month LIBOR USD+3.75%,0.50%Floor), 06/05/2028 (a)		743,103		734,840
Traverse Midstream Partners LLC 7.98% (1 Month SOFR USD+4.25%,1.00%Floor), 09/27/2024 (a)		676,746		670,825
				1,405,814

	Principal Amount		Fair Value
Financials — 3.1%
Avolon TLB Borrower 1 (US) LLC 5.24% (1 Month LIBOR USD+1.75%,0.75%Floor), 01/15/2025 (a)	$	1,175,812	$	1,155,312
Deerfield Dakota Holding, LLC 7.48% (1 Month SOFR USD+3.75%,1.00%Floor), 04/09/2027 (a)		488,750		463,274
HUB International Limited
7.33% (3 Month LIBOR USD+3.00%), 04/25/2025 (a)		238,750		234,498
6.98% (3 Month LIBOR USD+3.00%), 04/25/2025 (a)		625		614
USI, Inc. 6.42% (3 Month LIBOR USD+2.75%), 05/16/2024 (a)		380,000		376,141
				2,229,839
Health Care — 3.4%
Milano Acquisition Corporation 7.67% (3 Month LIBOR USD+4.00%,0.75%Floor), 10/01/2027 (a)		494,962		471,761
RegionalCare Hospital Partners Holdings, Inc. 8.16% (3 Month LIBOR USD+3.75%), 11/14/2025 (a)		1,500,000		1,331,250
Phoenix Newco, Inc. 7% (1 Month LIBOR USD+3.25%,0.50%Floor), 11/15/2028 (a)		497,500		480,277
PRA Health Sciences, Inc. 5.938%, 07/03/2028 (b)		190,786		189,153
				2,472,441
Industrials — 16.3%
AAdvantage Loyalty IP Ltd. 7.46% (3 Month LIBOR USD+4.75%,0.75%Floor), 04/20/2028 (a)		1,000,000		991,965
Allied Universal Holdco LLC 6.865%, 05/12/2028 (b)		997,481		907,932
Dynasty Acquisition Co., Inc. 7.25% (1 Month LIBOR USD+3.50%), 04/06/2026 (a)		960,779		904,098
Genesee & Wyoming, Inc. 4.250%, 11/06/2026 (b)		997,442		986,431
GFL Environmental, Inc. 5.806%, 05/30/2025 (b)		997,462		993,876
Granite US Holdings Corp. 6.313%, 09/30/2026 (b)		997,482		975,667
Mileage Plus Holdings, LLC 8.78% (3 Month LIBOR USD+5.25%,1.00%Floor), 06/21/2027 (a)		475,000		485,885

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

114

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Fair Value
BANK LOANS — 55.2% (Continued)
Industrials — 16.3% (Continued)
QUIKRETE Holdings, Inc. 6.38% (1 Month LIBOR USD+2.63%), 02/01/2027 (a)	$	1,472,959	$	1,432,349
SPX Flow, Inc. 8.33% (1 Month SOFR USD+4.50%,0.50%Floor), 04/05/2029 (a)		1,250,000		1,185,488
Dynasty Acquisition Co., Inc. 7.25% (1 Month LIBOR USD+3.50%), 04/06/2026 (a)		516,548		486,074
Titan Acquisition Limited 5.88% (6 Month LIBOR USD+3.00%), 03/28/2025 (a)		978,593		898,823
Uber Technologies Inc 6.57% (3 Month LIBOR USD+3.50%), 02/25/2027 (a)		1,464,709		1,459,216
				11,707,804
Information Technology — 5.7%
Epicor Software Corporation 7% (1 Month LIBOR USD+3.25%,0.75%Floor), 07/30/2027 (a)		490,000		467,582
ON Semiconductor Corporation 5.75% (1 Month LIBOR USD+2.00%), 09/18/2026 (a)		118,753		118,994
Peraton Corp. 7.5% (1 Month LIBOR USD+3.75%,0.75%Floor), 02/01/2028 (a)		1,492,285		1,440,055
Polaris Newco, LLC 7.67% (3 Month LIBOR USD+4.00%,0.50%Floor), 06/02/2028 (a)		1,243,719		1,139,557
Tempo Acquisition, LLC 6.73% (1 Month SOFR USD+3.00%,0.50%Floor), 08/31/2028 (a)		925,743		915,097
				4,081,285
Materials — 6.8%
Engineered Machinery Holdings, Inc. 7.42% (3 Month LIBOR USD+3.75%,0.75%Floor), 05/22/2028 (a)		1,492,481		1,447,087
Graham Packaging Company, Inc 6.75% (1 Month LIBOR USD+3.00%,0.75%Floor), 08/04/2027 (a)		981,217		958,321
Starfruit US Holdco LLC 7.16% (3 Month LIBOR USD+2.75%), 10/01/2025 (a)		369,880		349,614

	Principal Amount		Fair Value
Materials — 6.8% (Continued)
Pregis Topco LLC 7.84% (1 Month SOFR USD+4.00%), 07/31/2026 (a)	$	491,162	$	470,211
Proampac PG Borrower LLC
6.73% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 (a)		8,201		7,824
7.83% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 (a)		350,288		334,161
7.96% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 (a)		115,566		110,245
6.53% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 (a)		—		—
U.S. Silica Company 7.81% (1 Month LIBOR USD+4.00%,1.00%Floor), 05/01/2025 (a)		1,239,892		1,206,861
				4,884,324
TOTAL BANK LOANS (Cost $40,973,694)				39,659,187
	Shares		Value
CLOSED END FUNDS — 0.0% (e)
Eagle Point Credit Co, Inc.		1,905		20,727
TOTAL CLOSED END FUNDS (Cost $33,494)
	Principal Amount		Fair Value
CORPORATE BONDS — 10.5%
Communication Services — 1.4%
CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 05/01/2027 (c)	$	500,000		463,977
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.500%, 05/01/2025 (c)		500,000		496,873
				960,850
Consumer Discretionary — 2.1%
Boyd Gaming Corp.
4.750%, 12/01/2027		500,000		461,920
Caesars Entertainment, Inc.
8.125%, 07/01/2027 (c)		500,000		487,127

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

115

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Fair Value
CORPORATE BONDS — 10.5% (Continued)
Consumer Discretionary — 2.1% (Continued)
Madison IAQ LLC
4.125%, 06/30/2028 (c)	$	250,000	$	208,098
MajorDrive Holdings IV LLC
6.375%, 06/01/2029 (c)		500,000		353,095
				1,510,240
Consumer Staples — 1.8%
1011778 BC ULC / New Red Finance, Inc.
4.000%, 10/15/2030 (c)		500,000		405,800
Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
4.625%, 01/15/2027 (c)		500,000		464,177
US Foods, Inc.
4.625%, 06/01/2030 (c)		500,000		434,380
				1,304,357
Energy — 0.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.375%, 06/15/2029 (c)		500,000		456,660
Industrials — 2.8%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
9.750%, 07/15/2027 (c)		500,000		431,994
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026 (c)		500,000		477,936
GFL Environmental, Inc.
3.500%, 09/01/2028 (c)		500,000		427,600
TK Elevator Holdco GmbH
7.625%, 07/15/2028 (c)		250,000		207,000
TransDigm UK Holdings Plc
6.875%, 05/15/2026		500,000		488,700
				2,033,230
Information Technology — 1.2%
Entegris, Inc.
4.375%, 04/15/2028 (c)		500,000		440,508
Sensata Technologies, Inc.
4.375%, 02/15/2030 (c)		500,000		430,800
				871,308
Real Estate — 0.6%
The Howard Hughes Corporation
5.375%, 08/01/2028 (c)		500,000		428,963
TOTAL CORPORATE BONDS (Cost $8,099,824)				7,565,608

	Shares		Value
EXCHANGE TRADED FUNDS — 1.6%
iShares iBoxx High Yield Corporate Bond ETF		8,065	$	592,213
SPDR Bloomberg High Yield Bond ETF		6,533		588,297
TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405)				1,180,510
	Principal Amount
SHORT—TERM INVESTMENTS — 8.0%
MONEY MARKET DEPOSIT ACCOUNTS — 8.0%
U.S. Bank Money Market Deposit Account, 2.300% (d)	$	5,728,283		5,728,283
TOTAL SHORT-TERM INVESTMENTS (Cost $5,728,283)				5,728,283
Total Investments (Cost $80,346,378) — 105.5%				75,806,254
Liabilities in Excess of Other Assets — (5.5)%				(3,985,699	)
TOTAL NET ASSETS — 100.0%			$	71,820,555

Percentages are stated as a percent of net assets.

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at October 31,2022.

(b) The loan will settle after October 31, 2022 at which time the interest rate will be determined.

(c) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $28,266,928, which represents 39.4% of total net assets.

(d) The rate shown is as of October 31, 2022.

(e) Less than 0.05%.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 89.7%
Communication Services — 6.8%
Activision Blizzard, Inc.		35	$	2,548
Alphabet, Inc. - Class A (a)		293		27,691
Alphabet, Inc. - Class C (a)		262		24,801
AT&T, Inc.		348		6,344
Charter Communications, Inc. - Class A (a)		5		1,838
Comcast Corp. - Class A		215		6,824
DISH Network Corp. - Class A (a)		12		179
Electronic Arts, Inc.		13		1,637
Fox Corp. - Class A		15		433
Fox Corp. - Class B		7		190
Live Nation Entertainment, Inc. (a)		7		557
Lumen Technologies, Inc.		47		346
Match Group, Inc. (a)		14		605
Meta Platforms, Inc. - Class A (a)		111		10,341
Netflix, Inc. (a)		22		6,421
News Corp. - Class B		6		103
News Corp. - Class A		19		321
Omnicom Group, Inc.		10		728
Paramount Global - Class B		25		458
Take-Two Interactive Software, Inc. (a)		8		948
The Interpublic Group of Cos., Inc.		19		566
T-Mobile US, Inc. (a)		29		4,395
Verizon Communications, Inc.		205		7,661
Walt Disney Co. (a)		89		9,482
Warner Bros Discovery, Inc. (a)		108		1,404
				116,821
Consumer Discretionary — 10.0%
Advance Auto Parts, Inc.		3		570
Amazon.com, Inc. (a)		433		44,357
Aptiv PLC (a)		13		1,184
AutoZone, Inc. (a)		1		2,533
Bath & Body Works, Inc.		11		367
Best Buy Co., Inc.		10		684
Booking Holdings, Inc. (a)		2		3,739
BorgWarner, Inc.		12		450
Caesars Entertainment, Inc. (a)		10		437
CarMax, Inc. (a)		8		504
Carnival Corp. (a)		48		435
Chipotle Mexican Grill, Inc. (a)		1		1,498
Darden Restaurants, Inc.		6		859
Dollar General Corp.		11		2,806
Dollar Tree, Inc. (a)		10		1,585
Domino’s Pizza, Inc.		2		665
DR Horton, Inc.		15		1,153
eBay, Inc.		27		1,076
Etsy, Inc. (a)		6		563

	Shares		Value
Consumer Discretionary — 10.0% (Continued)
Expedia Group, Inc. (a)		7	$	654
Ford Motor Co.		193		2,580
Garmin Ltd.		8		704
General Motors Co.		71		2,787
Genuine Parts Co.		7		1,245
Hasbro, Inc.		6		392
Hilton Worldwide Holdings, Inc.		13		1,758
Las Vegas Sands Corp. (a)		16		608
Lennar Corp. - Class A		12		968
LKQ Corp.		13		723
Lowe’s Cos., Inc.		31		6,043
Marriott International, Inc.		13		2,081
McDonald’s Corp.		36		9,816
MGM Resorts International		16		569
Mohawk Industries, Inc. (a)		3		284
Newell Brands, Inc.		18		249
NIKE, Inc. - Class B		62		5,746
Norwegian Cruise Line Holdings Ltd. (a)		21		355
O’Reilly Automotive, Inc. (a)		3		2,512
Pool Corp.		2		608
PulteGroup, Inc.		11		440
Ralph Lauren Corp.		2		185
Ross Stores, Inc.		17		1,627
Royal Caribbean Cruises Ltd. (a)		11		587
Starbucks Corp.		56		4,849
Tapestry, Inc.		12		380
Target Corp.		23		3,778
Tesla Motors, Inc. (a)		130		29,580
The Home Depot, Inc.		50		14,807
The TJX Cos., Inc.		57		4,110
Tractor Supply Co.		5		1,099
Ulta Beauty, Inc. (a)		3		1,258
VF Corp.		16		452
Whirlpool Corp.		3		415
Wynn Resorts Ltd. (a)		5		320
Yum! Brands, Inc.		14		1,656
				171,690
Consumer Staples — 6.4%
Altria Group, Inc.		88		4,072
Archer-Daniels-Midland Co.		27		2,618
Brown-Forman Corp. - Class B		9		612
Campbell Soup Co.		10		529
Church & Dwight Co., Inc.		12		890
Colgate-Palmolive Co.		41		3,027
Conagra Brands, Inc.		23		844
Constellation Brands, Inc. - Class A		8		1,977
Costco Wholesale Corp.		22		11,033

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Consumer Staples — 6.4% (Continued)
General Mills, Inc.		29	$	2,366
Hormel Foods Corp.		14		650
Kellogg Co.		12		922
Keurig Dr Pepper, Inc.		42		1,631
Kimberly-Clark Corp.		16		1,991
Lamb Weston Holdings, Inc.		7		604
McCormick & Co., Inc.		12		944
Molson Coors Brewing Co. - Class B		9		454
Mondelez International, Inc.		67		4,119
Monster Beverage Corp. (a)		19		1,781
PepsiCo, Inc.		67		12,166
Philip Morris International, Inc.		76		6,981
Sysco Corp.		25		2,164
The Clorox Co.		6		876
The Coca-Cola Co.		190		11,372
The Estee Lauder Cos., Inc.		11		2,205
The Hershey Co.		7		1,671
The JM Smucker Co.		5		753
The Kraft Heinz Co.		39		1,500
The Kroger Co.		32		1,513
The Procter & Gamble Co.		117		15,756
Tyson Foods, Inc. - Class A		14		957
Walgreens Boots Alliance, Inc.		35		1,278
Walmart, Inc.		70		9,963
				110,219
Energy — 4.9%
APA Corp.		16		727
Baker Hughes Co.		49		1,355
Chevron Corp.		88		15,919
ConocoPhillips		62		7,818
Coterra Energy, Inc.		39		1,214
Devon Energy Corp.		32		2,475
Diamondback Energy, Inc.		9		1,414
EOG Resources, Inc.		29		3,959
EQT Corp.		18		753
Exxon Mobil Corp.		204		22,605
Halliburton Co.		44		1,603
Hess Corp.		14		1,975
Kinder Morgan, Inc.		97		1,758
Marathon Oil Corp.		33		1,005
Marathon Petroleum Corp.		24		2,727
Occidental Petroleum Corp.		36		2,614
ONEOK, Inc.		22		1,305
Phillips 66		23		2,399
Pioneer Natural Resources Co.		12		3,077
Schlumberger Ltd.		69		3,590
Targa Resources Corp.		10		684

	Shares		Value
Energy — 4.9% (Continued)
The Williams Cos., Inc.		60	$	1,964
Valero Energy Corp.		19		2,385
				85,325
Financials — 10.5%
Aflac, Inc.		28		1,823
American Express Co.		29		4,305
American International Group, Inc.		37		2,109
Ameriprise Financial, Inc.		5		1,546
Aon PLC		10		2,815
Arch Capital Group Ltd. (a)		18		1,035
Arthur J Gallagher & Co.		10		1,871
Assurant, Inc.		3		408
Bank of America Corp.		341		12,290
Berkshire Hathaway, Inc. - Class B (a)		88		25,968
BlackRock, Inc.		7		4,521
Brown & Brown, Inc.		11		647
Capital One Financial Corp.		19		2,014
Cboe Global Markets, Inc.		5		622
Chubb Ltd.		20		4,298
Cincinnati Financial Corp.		8		827
Citigroup, Inc.		95		4,357
Citizens Financial Group, Inc.		24		982
CME Group, Inc.		18		3,119
Comerica, Inc.		6		423
Discover Financial Services		13		1,358
Everest Re Group Ltd.		2		645
FactSet Research Systems, Inc.		2		851
Fifth Third Bancorp		34		1,213
First Republic Bank		9		1,081
Franklin Resources, Inc.		14		328
Globe Life, Inc.		4		462
Huntington Bancshares, Inc.		70		1,063
Intercontinental Exchange, Inc.		27		2,580
Invesco Ltd.		22		337
JPMorgan Chase & Co.		143		18,001
KeyCorp.		46		822
Lincoln National Corp.		8		431
Loews Corp.		10		570
M&T Bank Corp.		9		1,515
MarketAxess Holdings, Inc.		2		488
Marsh & McLennan Cos., Inc.		24		3,876
MetLife, Inc.		33		2,416
Moody’s Corp.		8		2,119
Morgan Stanley		65		5,341
MSCI, Inc.		4		1,875
Nasdaq, Inc.		17		1,058
Northern Trust Corp.		10		843
Principal Financial Group, Inc.		11		969

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Financials — 10.5% (Continued)
Prudential Financial, Inc.		18	$	1,893
Raymond James Financial, Inc.		9		1,063
Regions Financial Corp.		46		1,010
S&P Global, Inc.		17		5,461
Signature Bank		3		476
State Street Corp.		18		1,332
SVB Financial Group (a)		3		693
Synchrony Financial		24		853
T Rowe Price Group, Inc.		11		1,168
The Allstate Corp.		13		1,641
The Bank of New York Mellon Corp.		36		1,516
The Charles Schwab Corp.		75		5,975
The Goldman Sachs Group, Inc.		17		5,857
The Hartford Financial Services Group, Inc.		16		1,159
The PNC Financial Services Group, Inc.		20		3,237
The Progressive Corp.		29		3,724
The Travelers Cos., Inc.		12		2,214
Truist Financial Corp.		65		2,911
US Bancorp		66		2,802
W R Berkley Corp.		10		744
Wells Fargo & Co.		185		8,508
Willis Towers Watson PLC		5		1,091
Zions Bancorp		7		364
				181,914
Health Care — 14.1%
Abbott Laboratories		86		8,509
AbbVie, Inc.		86		12,590
ABIOMED, Inc. (a)		2		504
Agilent Technologies, Inc.		15		2,075
Align Technology, Inc. (a)		4		777
AmerisourceBergen Corp.		8		1,258
Amgen, Inc.		26		7,029
Baxter International, Inc.		25		1,359
Becton Dickinson and Co.		14		3,304
Biogen, Inc. (a)		7		1,984
Bio-Rad Laboratories, Inc. - Class A (a)		1		352
Bio-Techne Corp.		2		592
Boston Scientific Corp. (a)		70		3,018
Bristol-Myers Squibb Co.		104		8,057
Cardinal Health, Inc.		13		987
Catalent, Inc. (a)		9		592
Centene Corp. (a)		28		2,384
Charles River Laboratories International, Inc. (a)		2		424
Cigna Corp.		15		4,846

	Shares		Value
Health Care — 14.1% (Continued)
CVS Health Corp.		64	$	6,061
Danaher Corp.		32		8,053
DaVita, Inc. (a)		3		219
DENTSPLY SIRONA, Inc.		11		339
DexCom, Inc. (a)		19		2,295
Edwards Lifesciences Corp. (a)		30		2,173
Elevance Health, Inc.		12		6,561
Eli Lilly & Co.		39		14,121
Gilead Sciences, Inc.		61		4,786
HCA Healthcare, Inc.		11		2,392
Henry Schein, Inc. (a)		7		479
Hologic, Inc. (a)		12		814
Humana, Inc.		6		3,348
IDEXX Laboratories, Inc. (a)		4		1,439
Illumina, Inc. (a)		8		1,831
Incyte Corp. (a)		9		669
Intuitive Surgical, Inc. (a)		17		4,190
IQVIA Holdings, Inc. (a)		9		1,887
Johnson & Johnson		128		22,268
Laboratory Corp. of American Holdings		4		887
McKesson Corp.		7		2,726
Medtronic PLC		65		5,677
Merck & Co., Inc.		124		12,549
Mettler-Toledo International, Inc. (a)		1		1,265
Moderna, Inc. (a)		16		2,405
Molina Healthcare, Inc. (a)		3		1,077
Organon & Co.		12		314
PerkinElmer, Inc.		6		801
Pfizer, Inc.		274		12,755
Quest Diagnostics, Inc.		6		862
Regeneron Pharmaceuticals, Inc. (a)		5		3,744
ResMed, Inc.		7		1,566
STERIS PLC		5		863
Stryker Corp.		16		3,668
Teleflex, Inc.		2		429
The Cooper Cos., Inc.		2		547
Thermo Fisher Scientific, Inc.		19		9,765
UnitedHealth Group, Inc.		46		25,537
Universal Health Services, Inc. - Class B		3		348
Vertex Pharmaceuticals, Inc. (a)		13		4,056
Viatris, Inc.		59		598
Waters Corp. (a)		3		897
West Pharmaceutical Services, Inc.		4		920
Zimmer Biomet Holdings, Inc.		10		1,133
Zoetis, Inc.		23		3,468
				243,423

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Industrials — 7.6%
3M Co.		27	$	3,396
A O Smith Corp.		6		329
Alaska Air Group, Inc. (a)		6		267
Allegion PLC		4		419
American Airlines Group, Inc. (a)		32		454
AMETEK, Inc.		11		1,426
Carrier Global Corp.		41		1,630
Caterpillar, Inc.		26		5,628
CH Robinson Worldwide, Inc.		6		586
Cintas Corp.		4		1,710
Copart, Inc. (a)		10		1,150
CoStar Group, Inc. (a)		19		1,572
CSX Corp.		105		3,051
Cummins, Inc.		7		1,712
Deere & Co.		14		5,542
Delta Air Lines, Inc. (a)		31		1,052
Dover Corp.		7		915
Eaton Corp. PLC		19		2,851
Emerson Electric Co.		29		2,511
Equifax, Inc.		6		1,017
Expeditors International of Washington, Inc.		8		783
Fastenal Co.		28		1,353
FedEx Corp.		12		1,923
Fortive Corp.		17		1,086
Fortune Brands Home & Security, Inc.		6		362
Generac Holdings, Inc. (a)		3		348
General Dynamics Corp.		11		2,748
General Electric Co.		54		4,202
Honeywell International, Inc.		33		6,733
Howmet Aerospace, Inc.		18		640
Huntington Ingalls Industries, Inc.		2		514
IDEX Corp.		4		889
Illinois Tool Works, Inc.		14		2,989
Ingersoll Rand, Inc.		20		1,010
Jacobs Solutions, Inc.		6		691
JB Hunt Trasport Services, Inc.		4		684
Johnson Controls International PLC		34		1,967
L3Harris Technologies, Inc.		9		2,218
Leidos Holdings, Inc.		7		711
Lockheed Martin Corp.		12		5,840
Masco Corp.		11		509
Nordson Corp.		3		675
Norfolk Southern Corp.		11		2,509
Northrop Grumman Corp.		7		3,843
Old Dominion Freight Line, Inc.		4		1,098

	Shares		Value
Industrials — 7.6% (Continued)
Otis Worldwide Corp.		21	$	1,484
PACCAR, Inc.		17		1,646
Parker-Hannifin Corp.		6		1,744
Pentair PLC		8		344
Quanta Services, Inc.		7		994
Raytheon Technologies Corp.		72		6,827
Republic Services, Inc.		10		1,326
Robert Half International, Inc.		5		382
Rockwell Automation, Inc.		6		1,532
Rollins, Inc.		11		463
Snap-On, Inc.		3		666
Southwest Airlines Co. (a)		29		1,054
Stanley Black & Decker, Inc.		7		550
Textron, Inc.		10		684
The Boeing Co. (a)		27		3,848
Trane Technologies PLC		11		1,756
TransDigm Group, Inc.		3		1,727
Union Pacific Corp.		31		6,111
United Airlines Holdings, Inc. (a)		16		689
United Parcel Service, Inc. - Class B		36		6,040
United Rentals, Inc. (a)		3		947
Verisk Analytics, Inc.		8		1,463
W.W. Grainger, Inc.		2		1,169
Waste Management, Inc.		18		2,851
Westinghouse Air Brake Technologies Corp.		9		840
Xylem, Inc.		9		922
				131,602
Information Technology — 24.3%
Accenture PLC - Class A		31		8,801
Adobe, Inc. (a)		23		7,326
Advanced Micro Devices, Inc. (a)		79		4,745
Akamai Technologies, Inc. (a)		8		707
Amphenol Corp.		29		2,199
Analog Devices, Inc.		25		3,566
ANSYS, Inc. (a)		4		885
Apple, Inc.		738		113,165
Applied Materials, Inc.		42		3,708
Arista Networks, Inc. (a)		12		1,450
Autodesk, Inc. (a)		11		2,357
Automatic Data Processing, Inc.		20		4,834
Broadcom, Inc.		20		9,402
Broadridge Financial Solutions, Inc.		6		900
Cadence Design System, Inc. (a)		13		1,968
CDW Corp.		7		1,210
Ceridian HCM Holding, Inc. (a)		7		463
Cisco Systems, Inc.		202		9,177

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Information Technology — 24.3% (Continued)
Cognizant Technology Solutions Corp.		25	$	1,556
Corning, Inc.		37		1,190
DXC Technology Co. (a)		11		316
Enphase Energy, Inc. (a)		7		2,149
EPAM Systems, Inc. (a)		3		1,050
F5, Inc. (a)		3		429
Fidelity National Information Services, Inc.		30		2,490
Fiserv, Inc. (a)		31		3,185
FleetCor Technologies, Inc. (a)		4		745
Fortinet, Inc. (a)		32		1,829
Gartner, Inc. (a)		4		1,208
Global Payments, Inc.		14		1,600
Hewlett Packard Enterprise Co.		63		899
HP, Inc.		44		1,215
Intel Corp.		201		5,714
International Business Machines Corp.		44		6,085
Intuit, Inc.		14		5,985
Jack Henry & Associates, Inc.		4		796
Juniper Networks, Inc.		16		490
Keysight Technologies, Inc. (a)		9		1,567
KLA Corp.		7		2,215
Lam Research Corp.		7		2,833
MasterCard, Inc. - Class A		42		13,784
Microchip Technology, Inc.		27		1,667
Micron Technology, Inc.		54		2,921
Microsoft Corp.		364		84,495
Monolithic Power Systems, Inc.		2		679
Motorola Solutions, Inc.		8		1,998
NetApp, Inc.		11		762
NortonLifeLock, Inc.		29		653
NVIDIA Corp.		122		16,466
NXP Semiconductors NV		13		1,899
ON Semiconductor Corp. (a)		21		1,290
Oracle Corp.		74		5,777
Paychex, Inc.		16		1,893
Paycom Software, Inc. (a)		2		692
PayPal Holdings, Inc. (a)		56		4,680
PTC, Inc. (a)		5		589
Qorvo, Inc. (a)		5		430
QUALCOMM, Inc.		55		6,471
Roper Technologies, Inc.		5		2,073
salesforce.com, Inc. (a)		49		7,967
Seagate Technology Holdings PLC		10		497
ServiceNow, Inc. (a)		10		4,207

	Shares		Value
Information Technology — 24.3% (Continued)
Skyworks Solutions, Inc.		8	$	688
SolarEdge Technologies, Inc. (a)		3		690
Synopsys, Inc. (a)		7		2,048
TE Connectivity Ltd.		16		1,956
Teledyne Technologies, Inc. (a)		2		796
Teradyne, Inc.		8		651
Texas Instruments, Inc.		45		7,228
Trimble, Inc. (a)		12		722
Tyler Technologies, Inc. (a)		2		647
VeriSign, Inc. (a)		5		1,002
Visa, Inc. - Class A		80		16,573
Western Digital Corp. (a)		15		516
Zebra Technologies Corp. (a)		3		850
				418,666
Materials — 2.3%
Air Products & Chemicals, Inc.		11		2,755
Albemarle Corp.		6		1,679
Amcor PLC		73		845
Avery Dennison Corp.		4		678
Ball Corp.		15		741
Celanese Corp.		5		481
CF Industries Holdings, Inc.		10		1,063
Corteva, Inc.		35		2,287
Dow, Inc.		35		1,636
DuPont de Nemours, Inc.		24		1,373
Eastman Chemical Co.		6		461
Ecolab, Inc.		12		1,885
FMC Corp.		6		713
Freeport-McMoRan, Inc.		70		2,218
International Flavors & Fragrances, Inc.		12		1,171
International Paper Co.		18		605
Linde PLC		24		7,136
LyondellBasell Industries NV		12		917
Martin Marietta Materials, Inc.		3		1,008
Mosaic Co.		17		914
Newmont Goldcorp Corp.		39		1,651
Nucor Corp.		13		1,708
Packaging Corp. of America		5		601
PPG Industries, Inc.		11		1,256
Sealed Air Corp.		7		333
The Sherwin-Williams Co.		12		2,700
Vulcan Materials Co.		6		982
Westrock Co.		12		409
				40,206
Real Estate — 0.1%
CBRE Group, Inc. (a)		16		1,135

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Utilities — 2.7%
Alliant Energy Corp.		12	$	626
Ameren Corp.		13		1,060
American Electric Power Co., Inc.		25		2,198
American Water Works Co., Inc.		9		1,308
Atmos Energy Corp.		7		746
CenterPoint Energy, Inc.		31		887
CMS Energy Corp.		14		799
Consolidated Edison, Inc.		17		1,495
Constellation Energy Corp.		16		1,513
Dominion Energy, Inc.		41		2,869
DTE Energy Co.		9		1,009
Duke Energy Corp.		38		3,541
Edison International		19		1,141
Entergy Corp.		10		1,071
Evergy, Inc.		11		672
Eversource Energy		17		1,297
Exelon Corp.		48		1,852
FirstEnergy Corp.		27		1,018
NextEra Energy, Inc.		96		7,440
NiSource, Inc.		20		514
NRG Energy, Inc.		11		488
PG&E Corp. (a)		79		1,179
Pinnacle West Capital Corp.		6		403
PPL Corp.		36		954
Public Service Enterprise Group, Inc.		24		1,346
Sempra Energy		15		2,264
The AES Corp.		33		863
The Southern Co.		52		3,405
WEC Energy Group, Inc.		15		1,370
Xcel Energy, Inc.		27		1,758
				47,086
TOTAL COMMON STOCKS (Cost $1,823,766)				1,548,087
REAL ESTATE INVESTMENT TRUSTS — 2.4%
Alexandria Real Estate Equities, Inc.		7		1,017
American Tower Corp.		23		4,765
AvalonBay Communities, Inc.		7		1,226
Boston Properties, Inc.		7		509
Camden Property Trust		5		578
Crown Castle, Inc.		21		2,798
Digital Realty Trust, Inc.		14		1,403
Equinix, Inc.		4		2,266
Equity Residential		17		1,071
Essex Property Trust, Inc.		3		667
Extra Space Storage, Inc.		7		1,242
Federal Realty Investment Trust		4		396

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.4% (Continued)
Healthpeak Properties, Inc.		26	$	617
Host Hotels & Resorts, Inc.		35		661
Invitation Homes, Inc.		28		887
Iron Mountain, Inc.		14		701
Kimco Realty Corp.		30		641
Mid-America Apartment Communities, Inc.		6		945
Prologis, Inc.		45		4,984
Public Storage		8		2,478
Realty Income Corp.		30		1,868
Regency Centers Corp.		8		484
SBA Communications Corp.		5		1,350
Simon Property Group, Inc.		16		1,744
UDR, Inc.		15		596
Ventas, Inc.		20		783
VICI Properties, Inc.		47		1,505
Vornado Realty Trust		8		189
Welltower, Inc.		23		1,404
Weyerhaeuser Co.		36		1,113
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $50,700)				40,888
	Principal Amount
SHORT-TERM INVESTMENTS — 2.1%
Money Market Deposit Accounts — 2.1%
U.S. Bank Money Market Deposit Account 2.300% (b)	$	35,883		35,883
TOTAL SHORT-TERM INVESTMENTS (Cost $35,883)				35,883
Total Investments (Cost $1,912,349) — 94.2%				1,624,858
Other Assets in Excess of Liabilities — 5.8%				100,570
TOTAL NET ASSETS — 100.0%			$	1,725,428

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of October 31, 2022.

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

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

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SCHEDULE OF OPEN FUTURES CONTRACTS
October 31, 2022 (Unaudited)

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Annual Dividend Futures Index (a)		12/16/2022	$	66,350	$	3,686
	4	Long	S&P 500 Annual Dividend Futures Index (a)		12/15/2023		65,100		311
	4	Long	S&P 500 Annual Dividend Futures Index (a)		12/20/2024		63,000		(3,864	)
								$	133

(a) Exchange traded.

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

124

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 85.8%
Communication Services — 6.5%
Activision Blizzard, Inc.		1,499	$	109,127
Alphabet, Inc. - Class A (a)		12,619		1,192,622
Alphabet, Inc. - Class C (a)		11,285		1,068,238
AT&T, Inc.		14,997		273,395
Charter Communications, Inc. - Class A (a)		233		85,656
Comcast Corp. - Class A		9,268		294,166
DISH Network Corp. - Class A (a)		528		7,873
Electronic Arts, Inc.		555		69,908
Fox Corp. - Class A		645		18,621
Fox Corp. - Class B		297		8,078
Live Nation Entertainment, Inc. (a)		299		23,803
Lumen Technologies, Inc.		2,005		14,757
Match Group, Inc. (a)		595		25,704
Meta Platforms, Inc. - Class A (a)		4,800		447,168
Netflix, Inc. (a)		936		273,200
News Corp. - Class A		811		13,682
News Corp. - Class B		252		4,317
Omnicom Group, Inc.		431		31,355
Paramount Global - Class B		1,063		19,474
Take-Two Interactive Software, Inc. (a)		329		38,980
The Interpublic Group of Cos., Inc.		822		24,487
T-Mobile US, Inc. (a)		1,266		191,875
Verizon Communications, Inc.		8,839		330,313
Walt Disney Co. (a)		3,837		408,794
Warner Bros Discovery, Inc. (a)		4,649		60,437
				5,036,030
Consumer Discretionary — 9.6%
Advance Auto Parts, Inc.		128		24,310
Amazon.com, Inc. (a)		18,653		1,910,813
Aptiv PLC (a)		570		51,910
AutoZone, Inc. (a)		41		103,848
Bath & Body Works, Inc.		481		16,056
Best Buy Co., Inc.		421		28,801
Booking Holdings, Inc. (a)		84		157,036
BorgWarner, Inc.		498		18,690
Caesars Entertainment, Inc. (a)		451		19,722
CarMax, Inc. (a)		335		21,108
Carnival Corp. (a)		2,078		18,827
Chipotle Mexican Grill, Inc. (a)		58		86,903
Darden Restaurants, Inc.		258		36,930
Dollar General Corp.		478		121,914
Dollar Tree, Inc. (a)		444		70,374
Domino’s Pizza, Inc.		76		25,250
DR Horton, Inc.		666		51,202
eBay, Inc.		1,156		46,055
Etsy, Inc. (a)		266		24,980

	Shares		Value
Consumer Discretionary — 9.6% (Continued)
Expedia Group, Inc. (a)		320	$	29,910
Ford Motor Co.		8,312		111,131
Garmin Ltd.		324		28,525
General Motors Co.		3,069		120,458
Genuine Parts Co.		298		53,002
Hasbro, Inc.		273		17,813
Hilton Worldwide Holdings, Inc.		577		78,045
Las Vegas Sands Corp. (a)		692		26,303
Lennar Corp. - Class A		537		43,336
LKQ Corp.		548		30,491
Lowe’s Cos., Inc.		1,345		262,208
Marriott International, Inc.		581		93,024
McDonald’s Corp.		1,549		422,350
MGM Resorts International		686		24,401
Mohawk Industries, Inc. (a)		110		10,423
Newell Brands, Inc.		792		10,938
NIKE, Inc. - Class B		2,660		246,529
Norwegian Cruise Line Holdings Ltd. (a)		887		14,981
NVR, Inc. (a)		6		25,427
O’Reilly Automotive, Inc. (a)		134		112,181
Pool Corp.		83		25,251
PulteGroup, Inc.		487		19,475
Ralph Lauren Corp.		90		8,342
Ross Stores, Inc.		737		70,524
Royal Caribbean Cruises Ltd. (a)		461		24,608
Starbucks Corp.		2,415		209,115
Tapestry, Inc.		530		16,790
Target Corp.		976		160,308
Tesla Motors, Inc. (a)		5,605		1,275,362
The Home Depot, Inc.		2,163		640,529
The TJX Cos., Inc.		2,465		177,727
Tractor Supply Co.		233		51,206
Ulta Beauty, Inc. (a)		109		45,711
VF Corp.		695		19,634
Whirlpool Corp.		115		15,898
Wynn Resorts Ltd. (a)		218		13,930
Yum! Brands, Inc.		598		70,714
				7,441,329
Consumer Staples — 6.1%
Altria Group, Inc.		3,790		175,363
Archer-Daniels-Midland Co.		1,180		114,436
Brown-Forman Corp. - Class B		385		26,180
Campbell Soup Co.		424		22,434
Church & Dwight Co., Inc.		511		37,881
Colgate-Palmolive Co.		1,755		129,589
Conagra Brands, Inc.		1,011		37,104
Constellation Brands, Inc. - Class A		336		83,019
Costco Wholesale Corp.		932		467,398

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 85.8% (Continued)
Consumer Staples — 6.1% (Continued)
General Mills, Inc.		1,254	$	102,301
Hormel Foods Corp.		609		28,288
Kellogg Co.		537		41,252
Keurig Dr Pepper, Inc.		1,788		69,446
Kimberly-Clark Corp.		711		88,491
Lamb Weston Holdings, Inc.		303		26,125
McCormick & Co., Inc.		527		41,443
Molson Coors Brewing Co. - Class B		396		19,970
Mondelez International, Inc.		2,885		177,370
Monster Beverage Corp. (a)		809		75,820
PepsiCo, Inc.		2,904		527,308
Philip Morris International, Inc.		3,262		299,615
Sysco Corp.		1,072		92,792
The Clorox Co.		259		37,824
The Coca-Cola Co.		8,191		490,231
The Estee Lauder Cos., Inc.		488		97,839
The Hershey Co.		309		73,780
The JM Smucker Co.		224		33,748
The Kraft Heinz Co.		1,677		64,514
The Kroger Co.		1,371		64,835
The Procter & Gamble Co.		5,029		677,255
Tyson Foods, Inc. - Class A		610		41,694
Walgreens Boots Alliance, Inc.		1,510		55,115
Walmart, Inc.		2,999		426,848
				4,747,308
Energy — 4.7%
APA Corp.		687		31,231
Baker Hughes Co.		2,129		58,888
Chevron Corp.		3,790		685,611
ConocoPhillips		2,679		337,795
Coterra Energy, Inc.		1,675		52,143
Devon Energy Corp.		1,378		106,588
Diamondback Energy, Inc.		374		58,759
EOG Resources, Inc.		1,234		168,466
EQT Corp.		779		32,593
Exxon Mobil Corp.		8,771		971,915
Halliburton Co.		1,909		69,526
Hess Corp.		586		82,673
Kinder Morgan, Inc.		4,173		75,615
Marathon Oil Corp.		1,426		43,422
Marathon Petroleum Corp.		1,050		119,301
Occidental Petroleum Corp.		1,568		113,837
ONEOK, Inc.		940		55,761
Phillips 66		1,013		105,646
Pioneer Natural Resources Co.		502		128,718
Schlumberger Ltd.		2,977		154,893
Targa Resources Corp.		477		32,612

	Shares		Value
Energy — 4.7% (Continued)
The Williams Cos., Inc.		2,565	$	83,952
Valero Energy Corp.		830		104,206
				3,674,151
Financials — 10.1%
Aflac, Inc.		1,210		78,783
American Express Co.		1,262		187,344
American International Group, Inc.		1,600		91,200
Ameriprise Financial, Inc.		228		70,479
Aon PLC		444		124,982
Arch Capital Group Ltd. (a)		795		45,713
Arthur J Gallagher & Co.		443		82,876
Assurant, Inc.		112		15,216
Bank of America Corp.		14,713		530,257
Berkshire Hathaway, Inc. - Class B (a)		3,798		1,120,752
BlackRock, Inc.		317		204,753
Brown & Brown, Inc.		493		28,983
Capital One Financial Corp.		808		85,664
Cboe Global Markets, Inc.		223		27,763
Chubb Ltd.		879		188,888
Cincinnati Financial Corp.		336		34,716
Citigroup, Inc.		4,076		186,925
Citizens Financial Group, Inc.		1,043		42,659
CME Group, Inc.		756		131,015
Comerica, Inc.		275		19,387
Discover Financial Services		575		60,065
Everest Re Group Ltd.		83		26,781
FactSet Research Systems, Inc.		80		34,039
Fifth Third Bancorp		1,444		51,536
First Republic Bank		385		46,239
Franklin Resources, Inc.		597		14,000
Globe Life, Inc.		190		21,949
Huntington Bancshares, Inc.		3,035		46,071
Intercontinental Exchange, Inc.		1,175		112,295
Invesco Ltd.		958		14,677
JPMorgan Chase & Co.		6,172		776,931
KeyCorp.		1,963		35,079
Lincoln National Corp.		326		17,562
Loews Corp.		420		23,948
M&T Bank Corp.		369		62,129
MarketAxess Holdings, Inc.		79		19,279
Marsh & McLennan Cos., Inc.		1,051		169,726
MetLife, Inc.		1,410		103,226
Moody’s Corp.		332		87,937
Morgan Stanley		2,818		231,555
MSCI, Inc.		170		79,706
Nasdaq, Inc.		713		44,377
Northern Trust Corp.		439		37,030
Principal Financial Group, Inc.		488		43,007
Prudential Financial, Inc.		783		82,364

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

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 85.8% (Continued)
Financials — 10.1% (Continued)
Raymond James Financial, Inc.		409	$	48,319
Regions Financial Corp.		1,966		43,154
S&P Global, Inc.		717		230,336
Signature Bank		132		20,926
State Street Corp.		773		57,202
SVB Financial Group (a)		125		28,870
Synchrony Financial		1,014		36,058
T Rowe Price Group, Inc.		475		50,426
The Allstate Corp.		569		71,836
The Bank of New York Mellon Corp.		1,548		65,186
The Charles Schwab Corp.		3,213		255,980
The Goldman Sachs Group, Inc.		718		247,358
The Hartford Financial Services Group, Inc.		680		49,239
The PNC Financial Services Group, Inc.		863		139,659
The Progressive Corp.		1,231		158,060
The Travelers Cos., Inc.		499		92,046
Truist Financial Corp.		2,792		125,054
US Bancorp		2,846		120,813
W R Berkley Corp.		430		31,983
Wells Fargo & Co.		7,982		367,092
Willis Towers Watson PLC		231		50,407
Zions Bancorp		317		16,465
				7,846,332
Health Care — 13.5%
Abbott Laboratories		3,686		364,693
AbbVie, Inc.		3,721		544,754
ABIOMED, Inc. (a)		96		24,200
Agilent Technologies, Inc.		629		87,022
Align Technology, Inc. (a)		152		29,534
AmerisourceBergen Corp.		327		51,411
Amgen, Inc.		1,126		304,414
Baxter International, Inc.		1,060		57,611
Becton Dickinson and Co.		600		141,582
Biogen, Inc. (a)		306		86,733
Bio-Rad Laboratories, Inc. - Class A (a)		45		15,827
Bio-Techne Corp.		83		24,590
Boston Scientific Corp. (a)		3,013		129,890
Bristol-Myers Squibb Co.		4,494		348,150
Cardinal Health, Inc.		573		43,491
Catalent, Inc. (a)		377		24,780
Centene Corp. (a)		1,203		102,411
Charles River Laboratories International, Inc. (a)		107		22,711
Cigna Corp.		642		207,405
CVS Health Corp.		2,763		261,656

	Shares		Value
Health Care — 13.5% (Continued)
Danaher Corp.		1,378	$	346,801
DaVita, Inc. (a)		118		8,615
DENTSPLY SIRONA, Inc.		453		13,961
DexCom, Inc. (a)		827		99,885
Edwards Lifesciences Corp. (a)		1,304		94,449
Elevance Health, Inc.		505		276,119
Eli Lilly & Co.		1,659		600,707
Gilead Sciences, Inc.		2,638		206,978
HCA Healthcare, Inc.		453		98,514
Henry Schein, Inc. (a)		286		19,580
Hologic, Inc. (a)		526		35,663
Humana, Inc.		266		148,449
IDEXX Laboratories, Inc. (a)		175		62,944
Illumina, Inc. (a)		330		75,511
Incyte Corp. (a)		389		28,918
Intuitive Surgical, Inc. (a)		752		185,345
IQVIA Holdings, Inc. (a)		393		82,400
Johnson & Johnson		5,533		962,576
Laboratory Corp. of American Holdings		190		42,153
McKesson Corp.		303		117,979
Medtronic PLC		2,797		244,290
Merck & Co., Inc.		5,332		539,598
Mettler-Toledo International, Inc. (a)		47		59,452
Moderna, Inc. (a)		708		106,434
Molina Healthcare, Inc. (a)		123		44,140
Organon & Co.		535		14,006
PerkinElmer, Inc.		266		35,532
Pfizer, Inc.		11,811		549,802
Quest Diagnostics, Inc.		246		35,338
Regeneron Pharmaceuticals, Inc. (a)		226		169,218
ResMed, Inc.		308		68,897
STERIS PLC		211		36,414
Stryker Corp.		709		162,531
Teleflex, Inc.		98		21,027
The Cooper Cos., Inc.		103		28,159
Thermo Fisher Scientific, Inc.		825		424,025
UnitedHealth Group, Inc.		1,968		1,092,535
Universal Health Services, Inc. - Class B		138		15,990
Vertex Pharmaceuticals, Inc. (a)		540		168,480
Viatris, Inc.		2,552		25,852
Waters Corp. (a)		126		37,695
West Pharmaceutical Services, Inc.		156		35,896
Zimmer Biomet Holdings, Inc.		442		50,101
Zoetis, Inc.		985		148,518
				10,494,342

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

127

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 85.8% (Continued)
Industrials — 7.3%
3M Co.		1,165	$	146,545
A O Smith Corp.		270		14,791
Alaska Air Group, Inc. (a)		267		11,871
Allegion PLC		185		19,383
American Airlines Group, Inc. (a)		1,368		19,398
AMETEK, Inc.		483		62,626
Carrier Global Corp.		1,771		70,415
Caterpillar, Inc.		1,111		240,487
CH Robinson Worldwide, Inc.		261		25,505
Cintas Corp.		181		77,387
Copart, Inc. (a)		450		51,759
CoStar Group, Inc. (a)		834		68,989
CSX Corp.		4,506		130,944
Cummins, Inc.		297		72,620
Deere & Co.		585		231,555
Delta Air Lines, Inc. (a)		1,349		45,772
Dover Corp.		302		39,468
Eaton Corp. PLC		838		125,759
Emerson Electric Co.		1,244		107,730
Equifax, Inc.		258		43,741
Expeditors International of Washington, Inc.		345		33,758
Fastenal Co.		1,209		58,431
FedEx Corp.		503		80,621
Fortive Corp.		749		47,861
Fortune Brands Home & Security, Inc.		272		16,407
Generac Holdings, Inc. (a)		134		15,532
General Dynamics Corp.		474		118,405
General Electric Co.		2,308		179,586
Honeywell International, Inc.		1,418		289,300
Howmet Aerospace, Inc.		778		27,658
Huntington Ingalls Industries, Inc.		84		21,594
IDEX Corp.		159		35,347
Illinois Tool Works, Inc.		593		126,623
Ingersoll Rand, Inc.		848		42,824
Jacobs Solutions, Inc.		269		30,994
JB Hunt Trasport Services, Inc.		175		29,937
Johnson Controls International PLC		1,450		83,868
L3Harris Technologies, Inc.		403		99,327
Leidos Holdings, Inc.		287		29,156
Lockheed Martin Corp.		496		241,393
Masco Corp.		475		21,978
Nordson Corp.		114		25,650
Norfolk Southern Corp.		494		112,667
Northrop Grumman Corp.		306		167,997
Old Dominion Freight Line, Inc.		193		52,998

	Shares		Value
Industrials — 7.3% (Continued)
Otis Worldwide Corp.		885	$	62,516
PACCAR, Inc.		731		70,783
Parker-Hannifin Corp.		270		78,467
Pentair PLC		346		14,861
Quanta Services, Inc.		301		42,754
Raytheon Technologies Corp.		3,108		294,701
Republic Services, Inc.		432		57,292
Robert Half International, Inc.		230		17,586
Rockwell Automation, Inc.		242		61,783
Rollins, Inc.		487		20,493
Snap-On, Inc.		113		25,092
Southwest Airlines Co. (a)		1,249		45,401
Stanley Black & Decker, Inc.		311		24,410
Textron, Inc.		445		30,456
The Boeing Co. (a)		1,174		167,307
Trane Technologies PLC		488		77,899
TransDigm Group, Inc.		108		62,182
Union Pacific Corp.		1,315		259,239
United Airlines Holdings, Inc. (a)		687		29,596
United Parcel Service, Inc. - Class B		1,541		258,534
United Rentals, Inc. (a)		147		46,409
Verisk Analytics, Inc.		330		60,334
W.W. Grainger, Inc.		95		55,513
Waste Management, Inc.		792		125,429
Westinghouse Air Brake Technologies Corp.		383		35,726
Xylem, Inc.		380		38,923
				5,660,343
Information Technology — 23.1%
Accenture PLC - Class A		1,331		377,871
Adobe, Inc. (a)		985		313,722
Advanced Micro Devices, Inc. (a)		3,397		204,024
Akamai Technologies, Inc. (a)		335		29,591
Amphenol Corp.		1,252		94,939
Analog Devices, Inc.		1,094		156,026
ANSYS, Inc. (a)		183		40,472	��
Apple, Inc.		31,792		4,874,985
Applied Materials, Inc.		1,831		161,659
Arista Networks, Inc. (a)		519		62,726
Autodesk, Inc. (a)		457		97,935
Automatic Data Processing, Inc.		875		211,488
Broadcom, Inc.		850		399,602
Broadridge Financial Solutions, Inc.		247		37,065
Cadence Design System, Inc. (a)		576		87,201
CDW Corp.		284		49,078
Ceridian HCM Holding, Inc. (a)		322		21,313
Cisco Systems, Inc.		8,715		395,922
Cognizant Technology Solutions Corp.		1,089		67,790

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

128

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SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 85.8% (Continued)
Information Technology — 23.1% (Continued)
Corning, Inc.		1,601	$	51,504
DXC Technology Co. (a)		484		13,915
Enphase Energy, Inc. (a)		285		87,495
EPAM Systems, Inc. (a)		121		42,350
F5, Inc. (a)		126		18,007
Fidelity National Information Services, Inc.		1,280		106,227
Fiserv, Inc. (a)		1,346		138,288
FleetCor Technologies, Inc. (a)		158		29,407
Fortinet, Inc. (a)		1,377		78,709
Gartner, Inc. (a)		167		50,421
Global Payments, Inc.		583		66,614
Hewlett Packard Enterprise Co.		2,734		39,014
HP, Inc.		1,915		52,892
Intel Corp.		8,641		245,664
International Business Machines Corp.		1,901		262,889
Intuit, Inc.		593		253,508
Jack Henry & Associates, Inc.		153		30,456
Juniper Networks, Inc.		679		20,777
Keysight Technologies, Inc. (a)		379		66,003
KLA Corp.		299		94,619
Lam Research Corp.		288		116,577
MasterCard, Inc. - Class A		1,795		589,083
Microchip Technology, Inc.		1,163		71,804
Micron Technology, Inc.		2,321		125,566
Microsoft Corp.		15,696		3,643,512
Monolithic Power Systems, Inc.		93		31,569
Motorola Solutions, Inc.		351		87,648
NetApp, Inc.		462		32,003
NortonLifeLock, Inc.		1,246		28,072
NVIDIA Corp.		5,269		711,157
NXP Semiconductors NV		552		80,636
ON Semiconductor Corp. (a)		911		55,963
Oracle Corp.		3,197		249,590
Paychex, Inc.		674		79,741
Paycom Software, Inc. (a)		102		35,292
PayPal Holdings, Inc. (a)		2,434		203,434
PTC, Inc. (a)		222		26,158
Qorvo, Inc. (a)		217		18,679
QUALCOMM, Inc.		2,363		278,031
Roper Technologies, Inc.		223		92,442
salesforce.com, Inc. (a)		2,094		340,463
Seagate Technology Holdings PLC		411		20,410
ServiceNow, Inc. (a)		426		179,235
Skyworks Solutions, Inc.		338		29,071
SolarEdge Technologies, Inc. (a)		117		26,914

	Shares		Value
Information Technology — 23.1% (Continued)
Synopsys, Inc. (a)		322	$	94,201
TE Connectivity Ltd.		673		82,261
Teledyne Technologies, Inc. (a)		98		39,002
Teradyne, Inc.		330		26,846
Texas Instruments, Inc.		1,923		308,891
Trimble, Inc. (a)		522		31,404
Tyler Technologies, Inc. (a)		88		28,453
VeriSign, Inc. (a)		196		39,290
Visa, Inc. - Class A		3,441		712,838
Western Digital Corp. (a)		659		22,650
Zebra Technologies Corp. (a)		109		30,871
				18,001,925
Materials — 2.2%
Air Products & Chemicals, Inc.		466		116,686
Albemarle Corp.		247		69,128
Amcor PLC		3,163		36,628
Avery Dennison Corp.		171		28,993
Ball Corp.		662		32,696
Celanese Corp.		210		20,185
CF Industries Holdings, Inc.		419		44,523
Corteva, Inc.		1,512		98,794
Dow, Inc.		1,511		70,624
DuPont de Nemours, Inc.		1,054		60,289
Eastman Chemical Co.		259		19,894
Ecolab, Inc.		522		81,991
FMC Corp.		265		31,508
Freeport-McMoRan, Inc.		3,010		95,387
International Flavors & Fragrances, Inc.		536		52,319
International Paper Co.		762		25,611
Linde PLC		1,049		311,920
LyondellBasell Industries NV		535		40,901
Martin Marietta Materials, Inc.		131		44,013
Mosaic Co.		726		39,023
Newmont Goldcorp Corp.		1,671		70,717
Nucor Corp.		551		72,390
Packaging Corp. of America		197		23,681
PPG Industries, Inc.		494		56,405
Sealed Air Corp.		306		14,572
The Sherwin-Williams Co.		496		111,615
Vulcan Materials Co.		279		45,672
Westrock Co.		535		18,222
				1,734,387
Real Estate — 0.1%
CBRE Group, Inc. (a)		676		47,955
Utilities — 2.6%
Alliant Energy Corp.		528		27,546
Ameren Corp.		544		44,347

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

129

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 85.8% (Continued)
Utilities — 2.6% (Continued)
American Electric Power Co., Inc.		1,081	$	95,042
American Water Works Co., Inc.		383		55,665
Atmos Energy Corp.		295		31,432
CenterPoint Energy, Inc.		1,325		37,908
CMS Energy Corp.		611		34,858
Consolidated Edison, Inc.		746		65,618
Constellation Energy Corp.		687		64,949
Dominion Energy, Inc.		1,752		122,587
DTE Energy Co.		408		45,741
Duke Energy Corp.		1,620		150,952
Edison International		803		48,212
Entergy Corp.		428		45,856
Evergy, Inc.		483		29,526
Eversource Energy		729		55,608
Exelon Corp.		2,087		80,537
FirstEnergy Corp.		1,143		43,103
NextEra Energy, Inc.		4,135		320,462
NiSource, Inc.		854		21,939
NRG Energy, Inc.		495		21,978
PG&E Corp. (a)		3,388		50,583
Pinnacle West Capital Corp.		238		15,996
PPL Corp.		1,550		41,059
Public Service Enterprise Group, Inc.		1,050		58,874
Sempra Energy		662		99,922
The AES Corp.		1,406		36,781
The Southern Co.		2,237		146,479
WEC Energy Group, Inc.		664		60,643
Xcel Energy, Inc.		1,151		74,942
				2,029,145
TOTAL COMMON STOCKS (Cost $73,230,770)				66,713,247
REAL ESTATE INVESTMENT TRUSTS — 2.2%
Alexandria Real Estate Equities, Inc.		312		45,334
American Tower Corp.		980		203,046
AvalonBay Communities, Inc.		295		51,661
Boston Properties, Inc.		300		21,810
Camden Property Trust		224		25,883
Crown Castle, Inc.		911		121,400
Digital Realty Trust, Inc.		605		60,651
Equinix, Inc.		191		108,190
Equity Residential		712		44,870
Essex Property Trust, Inc.		137		30,447
Extra Space Storage, Inc.		281		49,861
Federal Realty Investment Trust		153		15,144
Healthpeak Properties, Inc.		1,136		26,957
Host Hotels & Resorts, Inc.		1,505		28,415

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.2% (Continued)
Invitation Homes, Inc.		1,220	$	38,662
Iron Mountain, Inc.		612		30,643
Kimco Realty Corp.		1,301		27,815
Mid-America Apartment Communities, Inc.		242		38,103
Prologis, Inc.		1,943		215,187
Public Storage		332		102,837
Realty Income Corp.		1,300		80,951
Regency Centers Corp.		324		19,605
SBA Communications Corp.		227		61,267
Simon Property Group, Inc.		688		74,978
UDR, Inc.		642		25,526
Ventas, Inc.		841		32,908
VICI Properties, Inc.		2,027		64,904
Vornado Realty Trust		339		7,997
Welltower, Inc.		975		59,514
Weyerhaeuser Co.		1,558		48,189
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,121,563)				1,762,755
	Principal Amount
SHORT-TERM INVESTMENTS — 10.0%
Money Market Deposit Accounts — 3.8%
U.S. Bank Money Market Deposit Account 2.300% (b)	$	2,929,607		2,929,607
US Treasury Bill/Note/Bond — 6.2%
United States Treasury Bill 02/22/23 0.00%		2,500,000		2,467,443
United States Treasury Note Bond 02/29/24 1.500%		2,500,000		2,399,854
				4,867,297
TOTAL SHORT-TERM INVESTMENTS (Cost $7,870,294)				7,796,904
Total Investments (Cost $83,222,627) — 98.1%				76,272,906
Other Assets in Excess of Liabilities — 1.9%				1,491,717
TOTAL NET ASSETS — 100.0%			$	77,764,623

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of October 31, 2022.

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

130

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

131

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF OPEN FUTURES CONTRACTS
October 31, 2022 (Unaudited)

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	258	Long	S&P 500 Annual Dividend Futures Index (a)		12/16/2022	$	4,279,575	$	130,816
	258	Long	S&P 500 Annual Dividend Futures Index (a)		12/15/2023		4,198,950		34,291
	258	Long	S&P 500 Annual Dividend Futures Index (a)		12/20/2024		4,063,500		(91,460	)
								$	73,647

(a) Exchange traded.

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

132

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.8%
Industrials — 7.4%
AAON, Inc.		36	$	2,322
Atkore, Inc. (a)		28		2,668
Encore Wire Corp.		13		1,789
Hexatronic Group AB		140		1,896
Johnson Controls International PLC		478		27,647
Legrand SA		181		13,800
Lennox International, Inc.		24		5,606
Nexans SA		30		2,805
nVent Electric PLC		114		4,161
SPX Technologies, Inc. (a)		31		2,041
				64,735
Information Technology — 92.4%
A10 Networks, Inc.		52		874
Advanced Micro Devices, Inc. (a)		702		42,162
Akamai Technologies, Inc. (a)		110		9,716
Alteryx, Inc. - Class A (a)		41		1,998
Ambarella, Inc. (a)		26		1,423
Arista Networks, Inc. (a)		209		25,260
Belden, Inc.		30		2,089
BlackBerry Ltd. (a)		400		1,856
Broadcom, Inc.		175		82,271
Calix, Inc. (a)		44		3,240
Check Point Software Technologies Ltd. (a)		86		11,114
Ciena Corp. (a)		102		4,886
Cisco Systems, Inc.		1,793		81,456
CommScope Holding Co., Inc. (a)		138		1,827
CommVault Systems, Inc. (a)		30		1,827
Computacenter Plc		80		1,667
Confluent, Inc. Class A (a)		96		2,580
Crowdstrike Holdings, Inc. Class A (a)		147		23,696
CyberArk Software Ltd. (a)		28		4,393
Datadog, Inc. Class A (a)		200		16,102
Domo, Inc. - Class B (a)		21		371
Dropbox, Inc. Class A (a)		199		4,328
DXC Technology Co. (a)		156		4,485
Dynatrace, Inc. (a)		198		6,977
Elastic NV (a)		65		4,157
Extreme Networks, Inc. (a)		90		1,615
F5, Inc. (a)		41		5,859
Fortinet, Inc. (a)		552		31,552
Hewlett Packard Enterprise Co.		893		12,743
Infinera Corp. (a)		149		836
Informatica, Inc. - Class A (a)		164		3,175
Intel Corp.		1,778		50,549
InterDigital, Inc.		21		1,047
Juniper Networks, Inc.		222		6,793

	Shares		Value
Information Technology — 92.4% (Continued)
MaxLinear, Inc. (a)		54	$	1,668
Micro Focus International PLC		234		1,400
MicroStrategy, Inc. (a)		6		1,605
MongoDB, Inc. (a)		47		8,602
Motorola Solutions, Inc.		115		28,717
NEC Networks & System Integration Corp.		104		1,114
NET One Systems Co Ltd.		58		1,194
NetApp, Inc.		151		10,460
NetScout Systems, Inc. (a)		49		1,760
New Relic, Inc. (a)		46		2,725
Nokia OYJ		3,870		17,239
Nutanix, Inc. (a)		154		4,220
NVIDIA Corp.		564		76,123
Okta, Inc. (a)		104		5,836
Oracle Corp Japan		88		4,701
Palo Alto Networks, Inc. (a)		206		35,348
Pure Storage, Inc. (a)		204		6,295
Qualys, Inc. (a)		27		3,849
Rackspace Technology, Inc. (a)		145		747
Radware Ltd. (a)		31		713
Rapid7, Inc. (a)		40		1,811
Seagate Technology Holdings PLC		148		7,350
Secunet Security Networks AG		4		878
Semtech Corp. (a)		44		1,218
SentinelOne, Inc. Class A (a)		137		3,129
Snowflake, Inc. (a)		219		35,106
SolarWinds Corp. (a)		110		1,026
Splunk, Inc. (a)		111		9,225
Sumo Logic, Inc. (a)		80		617
Super Micro Computer, Inc. (a)		36		2,505
Telefonaktiebolaget LM Ericsson - Class B		2,087		11,596
Tenable Holdings, Inc. (a)		76		3,089
Teradata Corp. (a)		73		2,306
Trend Micro, Inc.		96		4,851
Varonis Systems, Inc. (a)		76		2,035
VMware, Inc.		290		32,634
Western Digital Corp. (a)		215		7,390
Zscaler, Inc. (a)		98		15,102
				811,108
TOTAL COMMON STOCKS (Cost $1,012,333)				875,843

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

133

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account 2.300% (b)	$	2,233	$	2,233
TOTAL SHORT-TERM INVESTMENTS (Cost $2,233)				2,233
Total Investments (Cost $1,014,566) — 100.0%				878,076
Liabilities in Excess of Other Assets — 0.0% (c)				(308	)
TOTAL NET ASSETS — 100.0%			$	877,768

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of October 31, 2022.

(c) Less than 0.05%.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

134

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.2%
Consumer Discretionary — 0.2%
Xometry, Inc. - Class A (a)		28	$	1,682
Energy — 0.1%
SFL Corp Ltd.		90		918
Health Care — 0.1%
CryoPort, Inc. (a)		31		860
Industrials — 79.6%
Air Transport Services Group, Inc. (a)		48		1,402
AP Moller - Maersk A/S - Class B		6		12,554
ArcBest Corp.		15		1,191
Atlas Air Worldwide Holdings, Inc. (a)		17		1,719
Atlas Corp.		159		2,352
ATS Automation Tooling Systems, Inc. (a)		60		1,896
AutoStore Holdings Ltd. (a) (b)		2,210		4,173
AZ-COM MARUWA Holdings, Inc.		84		800
bpost SA		128		633
Canadian National Railway Co.		428		50,643
Canadian Pacific Railway Ltd.		576		42,886
Cargojet, Inc.		12		1,168
Cargotec Oyj - Class B		36		1,355
CH Robinson Worldwide, Inc.		81		7,915
China Merchants Port Holdings Co Ltd.		2,572		3,014
Cia de Distribucion Integral Logista Holdings SA		86		1,780
Clarkson Plc		20		637
COSCO SHIPPING Holdings Co Ltd. - Class H		2,162		2,333
COSCO SHIPPING Ports Ltd.		2,136		1,053
Costamare, Inc.		80		755
CSX Corp.		1,323		38,446
D/S Norden A/S		24		1,245
Daifuku Co. Ltd.		82		3,762
Danaos Corp.		13		737
Deutsche Post AG		817		28,997
Dfds A/S		38		1,154
DSV A/S		154		20,853
Expeditors International of Washington, Inc.		110		10,763
FedEx Corp.		171		27,408
Forward Air Corp.		17		1,800
FTI Consulting, Inc. (a)		22		3,424
Full Truck Alliance Co Ltd. - ADR (a)		642		3,056
Golden Ocean Group Ltd.		130		1,083

	Shares		Value
Industrials — 79.6% (Continued)
GXO Logistics, Inc. (a)		76	$	2,777
Hapag-Lloyd AG (b)		116		20,969
Heartland Express, Inc.		50		744
Hitachi Transport System Ltd.		54		3,230
Hub Group, Inc. - Class A (a)		22		1,707
Hutchison Port Holdings Trust		5,614		915
ICF International, Inc.		12		1,436
International Container Terminal Services, Inc.		1,314		3,923
International Distributions Services Plc		616		1,435
JB Hunt Trasport Services, Inc.		68		11,633
JD Logistics, Inc. (a) (b)		4,348		6,071
Kamigumi Co Ltd.		82		1,560
Kardex Holding AG		4		612
Kawasaki Kisen Kaisha Ltd.		180		2,738
Kerry Logistics Network Ltd.		1,164		1,848
KION Group AG		84		1,865
Kirby Corp. (a)		38		2,650
Knight-Swift Transportation Holdings, Inc.		105		5,043
Kuehne + Nagel International AG		80		17,059
Landstar System, Inc.		23		3,593
Mainfreight Ltd.		64		2,827
Marten Transport Ltd.		52		976
Matson, Inc.		26		1,913
Mitsubishi Logistics Corp.		56		1,230
Mitsui OSK Lines Ltd.		234		4,646
MPC Container Ships ASA		286		451
NIPPON EXPRESS HOLDINGS, Inc.		58		2,915
Nippon Yusen KK		330		5,992
Norfolk Southern Corp.		154		35,123
Old Dominion Freight Line, Inc.		73		20,046
Orient Overseas International Ltd.		435		6,356
Pacific Basin Shipping Ltd.		3,386		820
Rockwell Automation, Inc.		76		19,403
Ryder System, Inc.		34		2,737
Saia, Inc. (a)		17		3,381
Sankyu, Inc.		40		1,196
Schneider National, Inc. - Class B		62		1,379
Seino Holdings Co Ltd.		134		1,031
Senko Group Holdings Co Ltd.		102		682
SG Holdings Co. Ltd.		412		5,466
SITC International Holdings Co Ltd.		1,730		2,834
Star Bulk Carriers Corp.		66		1,150
Sumitomo Warehouse Co Ltd/The		52		706
TFI International, Inc.		60		5,455
Toyota Industries Corp.		215		11,080

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

135

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
October 31, 2022 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)
Industrials — 79.6% (Continued)
Union Pacific Corp.		386	$	76,096
United Parcel Service, Inc. - Class B		452		75,832
Wallenius Wilhelmsen ASA		272		1,935
Werner Enterprises, Inc.		42		1,646
Westshore Terminals Investment Corp.		40		715
XPO Logistics, Inc. (a)		74		3,829
Yamato Holdings Co. Ltd.		250		3,707
Yaskawa Electric Corp.		172		4,779
ZIM Integrated Shipping Services Ltd.		78		1,832
ZTO Express Cayman, Inc.		428		7,192
				692,153
Information Technology — 17.2%
Aspen Technology, Inc. (a)		42		10,141
Celestica, Inc. (a)		68		745
Cognex Corp.		112		5,178
Flex Ltd. (a)		300		5,874
Sanmina Corp. (a)		36		2,018
SAP SE		762		73,557
ServiceNow, Inc. (a)		124		52,172
				149,684
TOTAL COMMON STOCKS (Cost $968,142)				845,297
EXCHANGE TRADED FUNDS — 2.4%
iShares MSCI Brazil ETF		208		6,796
iShares MSCI Indonesia ETF		87		2,066
iShares MSCI South Korea ETF		199		10,310
iShares MSCI Thailand ETF		20		1,330
TOTAL EXCHANGE TRADED FUNDS (Cost $23,488)				20,502

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account 2.300% (c)	$	2,840	$	2,840
TOTAL SHORT-TERM INVESTMENTS (Cost $2,840)				2,840
Total Investments (Cost $994,470) — 99.8%				868,639
Other Assets in Excess of Liabilities — 0.2%				1,336
TOTAL NET ASSETS — 100.0%			$	869,976

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2022, the market value of these securities total $31,213, which represents 3.59% of total net assets.

(c) The rate shown is as of October 31, 2022.

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

For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease.

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

136

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Trendpilot® US Large Cap ETF			Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF			Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
ASSETS
Investments in Securities, at Value* ^	$	2,120,577,243		$	521,643,999		$	714,464,927		$	50,304,542		$	116,262,703
Foreign Currency at Value*		—			—			—			—			153,173
Interest and Dividends Receivable		133,474			66,289			99,738			319,604			134,179
Securities Lending Income Receivable		909			678			11,183			97			—
Total Assets		2,120,711,626			521,710,966			714,575,848			50,624,243			116,550,055
LIABILITIES
Management Fees Payable		1,055,374			241,074			366,621			28,904			64,240
Payable to Custodian		—			—			—			42			—
Payable for Fund Shares Redeemed		1,887,490			—			—			—			—
Collateral Received For Securities Loaned (See Note 5)		—			—			42,974,735			—			—
Total Liabilities		2,942,864			241,074			43,341,356			28,946			64,240
NET ASSETS	$	2,117,768,762		$	521,469,892		$	671,234,492		$	50,595,297		$	116,485,815
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,446,162,951		$	637,522,022		$	744,375,583		$	101,367,035		$	140,410,611
Total Distributable Earnings (Accumulated Deficit)		(328,394,189	)		(116,052,130	)		(73,141,091	)		(50,771,738	)		(23,924,796	)
Net Assets	$	2,117,768,762		$	521,469,892		$	671,234,492		$	50,595,297		$	116,485,815
* Identified Cost:
Investments in Securities	$	2,120,776,322		$	521,860,765		$	742,439,812		$	50,337,114		$	116,279,199
Foreign Currencies		—			—			—			—			160,037
Loaned Securities		—			—			41,851,586			—			—
Net Asset Value:
Net Assets	$	2,117,768,762		$	521,469,892		$	671,234,492		$	50,595,297		$	116,485,815
Shares Outstanding (No Par Value)		56,100,000			16,200,000			13,350,000			2,250,000			4,750,000
Net Asset Value, Offering and Redemption Price per Share	$	37.75		$	32.19		$	50.28		$	22.49		$	24.52

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

137

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF			Pacer Global Cash Cows Dividend ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	335,368,286		$	127,287		$	796,821,634		$	9,860,738,455		$	1,575,741,613
Investments in Affiliated Securities, at Value*	$	—		$	57,343,059		$	—		$	—		$	—
Interest and Dividends Receivable		5,418,423			98			1,746,141			25,687,704			336,908
Receivable for Fund Shares Sold		—			—			—			100,097,238			62,711
Receivable for Investment Securities Sold		1,347,344			1,333,445			—			13,118,385
Securities Lending Income Receivable		16,457			—			26,364			171,540			36,786
Total Assets		342,150,510			58,803,889			798,591,981			9,986,694,937			1,589,296,403
LIABILITIES
Due to Custodian		—			—			2,240			—			—
Due to Fund		530			—			—			—			—
Management Fees Payable		169,448			7,449			343,098			3,222,859			537,250
Payable for Investment Securities Purchased		1,620,845			—			—			99,493,669			14,372,051
Payable for Fund Shares Redeemed		—			1,336,285			—			—			—
Collateral Received For Securities Loaned (See Note 5)		12,837,594			—			96,835,987			1,131,458,005			361,989,914
Total Liabilities		14,628,417			1,343,734			97,179,085			1,234,174,533			376,899,215
NET ASSETS	$	327,522,093		$	57,460,155		$	701,412,896		$	8,752,520,404		$	1,212,397,188
NET ASSETS CONSIST OF:
Paid-in Capital	$	610,153,448		$	60,400,056		$	814,063,037		$	8,992,580,547		$	1,329,448,609
Total Distributable Earnings (Accumulated Deficit)		(282,631,355	)		(2,939,901	)		(112,650,141	)		(240,060,143	)		(117,051,421	)
Net Assets	$	327,522,093		$	57,460,155		$	701,412,896		$	8,752,520,404		$	1,212,397,188
* Identified Cost:
Investments in Unaffiliated Securities	$	354,322,094		$	127,287		$	865,522,713		$	9,638,631,997		$	1,525,788,192
Investments in Affiliated Securities		—			60,437,784			—			—			—
^ Includes Loaned Securities with a value of		12,487,349			—			94,496,633			1,100,271,675			352,873,785
Net Asset Value:
Net Assets	$	327,522,093		$	57,460,155		$	701,412,896		$	8,752,520,404		$	1,212,397,188
Shares Outstanding (No Par Value)		16,300,000			2,150,000			24,300,000			188,500,000			32,400,000
Net Asset Value, Offering and Redemption Price per Share	$	20.09		$	26.73		$	28.86		$	46.43		$	37.42

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

138

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer US Cash Cows Growth ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	199,269,285		$	23,848,974		$	13,262,416		$	16,036		$	38,924,683
Investments in Affiliated Securities, at Value*^	$	—		$	—		$	—		$	24,970,355		$	—
Foreign Currency at Value*		2,133			—			150,776			—			—
Interest and Dividends Receivable		573,916			13,218			161,787			33			8,634
Receivable for Investment Securities Sold		—			—			—			—			11,968,412
Securities Lending Income Receivable		6,645			387			203			23			—
Total Assets		199,851,979			23,862,579			13,575,182			24,986,424			50,901,752
LIABILITIES
Management Fees Payable		88,937			9,889			6,906			2,808			18,466
Payable for Investment Securities Purchased		—			—			218,736			14,621,424
Collateral Received For Securities Loaned (See Note 5)		20,586,519			2,864,668			237,400			—			—
Total Liabilities		20,675,456			2,874,557			463,042			2,808			14,639,890
NET ASSETS	$	179,176,523		$	20,988,022		$	13,112,140		$	24,983,616		$	36,261,862
NET ASSETS CONSIST OF:
Paid-in Capital	$	210,665,101		$	23,069,942		$	18,249,431		$	26,195,166		$	61,543,279
Total Distributable Earnings (Accumulated Deficit)		(31,488,578	)		(2,081,920	)		(5,137,291	)		(1,211,550	)		(25,281,417	)
Net Assets	$	179,176,523		$	20,988,022		$	13,112,140		$	24,983,616		$	36,261,862
* Identified Cost:
Investments in Unaffiliated Securities	$	217,334,095		$	25,117,543		$	17,136,114		$	16,036		$	38,941,135
Investments in Affiliated Securities		—			—			—			26,012,438			—
Foreign Currencies		2,116			—			148,341			—			—
^ Includes Loaned Securities with a value of		19,997,232			2,812,356			222,919			—			—
Net Asset Value:
Net Assets	$	179,176,523		$	20,988,022		$	13,112,140		$	24,983,616		$	36,261,862
Shares Outstanding (No Par Value)		7,200,000			600,000			800,000			800,000			1,250,000
Net Asset Value, Offering and Redemption Price per Share	$	24.89		$	34.98		$	16.39		$	31.23		$	29.01

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

139

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF
ASSETS
Investments in Securities, at Value* ^	$	240,313,140		$	976,732,111		$	78,549,027		$	4,724,927		$	4,538,213
Foreign Currency at Value*		1,603			—			—			5,785			4,451
Interest and Dividends Receivable		153,782			88,700			56,572			313			—
Receivable for Investment Securities Sold		109,787,976			210,733,978			69,698,564			—			—
Securities Lending Income Receivable		3,866			19,320			1,112			107			—
Total Assets		350,260,367			1,187,574,109			148,305,275			4,731,025			4,542,771
LIABILITIES
Management Fees Payable		108,856			469,439			35,786			3,174			2,323
Due to Custodian		—			7,172
Payable for Investment Securities Purchased		99,764,709			189,169,977			69,391,209			—			—
Payable for Fund Shares Redeemed		3,770,060		��	15,604,325			—			—			—
Collateral Received For Securities Loaned (See Note 5)		31,600,088			69,760,923			9,105,652			—			432,497
Total Liabilities		135,243,713			275,011,836			78,532,647			3,174			434,820
NET ASSETS	$	215,016,654		$	912,562,273		$	69,772,628		$	4,727,851		$	4,107,951
NET ASSETS CONSIST OF:
Paid-in Capital	$	276,545,465		$	1,273,974,700		$	92,009,069		$	7,524,127		$	5,217,312
Total Distributable Earnings (Accumulated Deficit)		(61,528,811	)		(361,412,427	)		(22,236,441	)		(2,796,276	)		(1,109,361	)
Net Assets	$	215,016,654		$	912,562,273		$	69,772,628		$	4,727,851		$	4,107,951
* Identified Cost:
Investments in Securities	$	257,010,070		$	1,149,381,085		$	78,556,142		$	5,802,817		$	5,507,283
Foreign Currencies		1,605			—			—			5,915			—
^ Includes Loaned Securities with a value of		30,938,537			66,858,166			8,733,124			—			420,992
Net Asset Value:
Net Assets	$	215,016,654		$	912,562,273		$	69,772,628		$	4,727,851		$	4,107,951
Shares Outstanding (No Par Value)		5,750,000			32,200,000			2,050,000			355,882			200,000
Net Asset Value, Offering and Redemption Price per Share	$	37.39		$	28.34		$	34.04		$	13.28		$	20.54

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

140

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF			Pacer Lunt Large Cap Multi-Factor Alternator ETF			Pacer US Export Leaders ETF
ASSETS
Investments in Securities, at Value* ^	$	920,585,692		$	45,516,424		$	228,521,770		$	10,190,771
Interest and Dividends Receivable		—			3,383			101,746			4,097
Receivable for Investment Securities Sold		216,480			—			—			—
Receivable for Fund Shares Sold		7,792,880			—			—			—
Securities Lending Income Receivable		14,407			3,791			2,286			175
Total Assets		928,609,459			45,523,598			228,625,802			10,195,043
LIABILITIES
Management Fees Payable		401,455			18,006			103,748			4,315
Payable for Investment Securities Purchased		7,758,989			—			—			—
Collateral Received For Securities Loaned (See Note 5)		88,557,948			8,258,734			20,268,142			1,344,952
Total Liabilities		96,718,392			8,276,740			20,371,890			1,349,267
NET ASSETS	$	831,891,067		$	37,246,858		$	208,253,912		$	8,845,776
NET ASSETS CONSIST OF:
Paid-in Capital	$	981,189,790		$	47,578,920		$	252,841,325		$	9,804,574
Total Distributable Earnings (Accumulated Deficit)		(149,298,723	)		(10,332,062	)		(44,587,413	)		(958,798	)
Net Assets	$	831,891,067		$	37,246,858		$	208,253,912		$	8,845,776
* Identified Cost:
Investments in Securities	$	997,916,173		$	45,467,016		$	227,754,161		$	10,714,085
^ Includes Loaned Securities with a value of		85,938,769			8,060,418			19,760,616			1,303,677
Net Asset Value:
Net Assets	$	831,891,067		$	37,246,858		$	208,253,912		$	8,845,776
Shares Outstanding (No Par Value)		21,350,000			1,200,000			5,900,000			250,000
Net Asset Value, Offering and Redemption Price per Share	$	38.96		$	31.04		$	35.30		$	35.38

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

141

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF			Pacer Pacific Asset Floating Rate High Income ETF
ASSETS
Investments in Securities, at Value* ^	$	1,624,859		$	76,272,906		$	75,806,253
Cash		—			—			589,042
Interest and Dividends Receivable		1,192			57,841			346,241
Receivable for Investment Securities Sold		274			—			2,659,853
Return of Capital Receivable		41			1,760			—
Deposits at Broker for Futures		102,224			1,690,912			—
Total Assets		1,728,590			78,023,419			79,401,389
LIABILITIES
Management Fees Payable		1,110			48,154			37,830
Payable for Investment Securities Purchased		2,052			210,642			4,898,750
Payable for Fund Shares Redeemed		—			—			2,644,254
Total Liabilities		3,162			258,796			7,580,834
NET ASSETS	$	1,725,428		$	77,764,623		$	71,820,555
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,062,189		$	87,088,379		$	80,048,660
Total Distributable Earnings (Accumulated Deficit)		(336,761	)		(9,323,756	)		(8,228,105	)
Net Assets	$	1,725,428		$	77,764,623		$	71,820,555
* Identified Cost:
Investments in Securities	$	1,912,218.00		$	83,222,627		$	80,342,147
Net Asset Value:
Net Assets	$	1,725,428		$	77,764,623		$	71,820,555
Shares Outstanding (No Par Value)		50,000			2,670,000			1,630,000
Net Asset Value, Offering and Redemption Price per Share	$	34.51		$	29.13		$	44.06

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

142

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2022 (Unaudited)

	Pacer Industrials and Logistics ETF			Pacer Data and Digital Revolution ETF
ASSETS
Investments in Securities, at Value*	$	868,639		$	878,076
Interest and Dividends Receivable		1,765			119
Total Assets		870,404			878,195
LIABILITIES
Management Fees Payable		428			427
Total Liabilities		428			427
NET ASSETS	$	869,976		$	877,768
NET ASSETS CONSIST OF:
Paid-in Capital	$	994,800		$	1,012,400
Total Distributable Earnings (Accumulated Deficit)		(124,824	)		(134,632	)
Net Assets	$	869,976		$	877,768
* Identified Cost:
Investments in Securities	$	994,470		$	1,014,565
Net Asset Value:
Net Assets	$	869,976		$	877,768
Shares Outstanding (No Par Value)		40,000			40,000
Net Asset Value, Offering and Redemption Price per Share	$	21.75		$	21.94

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

143

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Trendpilot® US Large Cap ETF			Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF			Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
INVESTMENT INCOME
Income:
Dividends*	$	—		$	309,454		$	1,334,264		$	—		$	1,886
Interest		17,295,858			3,520,128			3,194,986			365,837			1,034,634
Securities Lending Income		84,546			17,979			69,544			2,134			42
Total Investment Income		17,380,404			3,847,561			4,598,794			367,971			1,036,562
Expenses:
Miscellaneous Expense
Management fees		5,951,313			1,379,071			2,237,584			154,022			400,561
Total Expenses		5,951,313			1,379,071			2,237,584			154,022			400,561
Net Investment Income (Loss)		11,429,091			2,468,490			2,361,210			213,949			636,001
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		117,440			(32,560,196	)		(111,558	)		(2,157	)		96,146
Net Realized Gain (Loss) on In-Kind Redemptions		—			(473,929	)		(299,381	)		(125	)		(52	)
Net Realized Gain (Loss) on Foreign Currency		—			—			—			(8,158	)		(142,687	)
Total		117,440			(33,034,125	)		(410,939	)		(10,440	)		(46,593	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(173,825	)		(229,699	)		(27,956,413	)		(13,016	)		(13,318	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			(9,523	)		33,329
Total		(173,825	)		(229,699	)		(27,956,413	)		(22,539	)		20,011
Net Realized and Unrealized Gain (Loss) on Investments		(56,385	)		(33,263,824	)		(28,367,352	)		(32,979	)		(26,582	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,372,706		$	(30,795,334	)	$	(26,006,142	)	$	180,970		$	609,419
* Net of fees and foreign witholding tax of	$	—		$	—		$	2,526		$	—		$	1,747

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

144

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF			Pacer Global Cash Cows Dividend ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	—		$	17,246,864		$	110,040,589		$	8,653,228
Dividends from Affiliated Investments		—			427,512			—			—			—
Interest		14,985,987			403			11,702			55,819			6,352
Securities Lending Income		81,725			—			174,249			541,725			164,751
Total Investment Income		15,067,712			427,915			17,432,815			110,638,133			8,824,331
Expenses:
Management fees		1,690,563			46,265			1,787,420			16,322,639			2,855,559
Total Expenses		1,690,563			46,265			1,787,420			16,322,639			2,855,559
Net Investment Income (Loss)		13,377,149			381,650			15,645,395			94,315,494			5,968,772
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(98,581,369	)		—			(10,752,582	)		(486,387,739	)		(126,694,359	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			(216,943	)		—			—			—
Net Realized Gain (Loss) on In-Kind Redemptions		(8,533,394	)		590,299			510,903			51,817,375			5,034,183
Net Realized Gain (Loss) on Foreign Currency		—			—			96,301			—			—
Total		(107,114,763	)		373,356			(10,145,378	)		(434,570,364	)		(121,660,176	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		19,469,879			—			(71,628,234	)		230,167,025			114,454,515
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			(3,170,890	)		—			—			—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			(12,049	)		—			—
Total		19,469,879			(3,170,890	)		(71,640,283	)		230,167,025			114,454,515
Net Realized and Unrealized Gain (Loss) on Investments		(87,644,884	)		(2,797,534	)		(81,785,661	)		(204,403,339	)		(7,205,661	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(74,267,735	)	$	(2,415,884	)	$	(66,140,266	)	$	(110,087,845	)	$	(1,236,889	)
* Net of fees and foreign witholding tax of	$	—		$	—		$	524,611		$	—		$	—

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

145

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer US Cash Cows Growth ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	4,595,936		$	81,612		$	568,274		$	—		$	187,494
Dividends from Affiliated Investments		—			—			—			221,695			—
Interest		3,242			90			467			86			214,350
Securities Lending Income		34,631			1,609			1,965			—			1,018
Total Investment Income		4,633,809			83,311			570,706			221,781			402,862
Expenses:
Management fees		436,028			38,393			37,854			9,848			102,360
Total Expenses		436,028			38,393			37,854			9,848			102,360
Net Investment Income (Loss)		4,197,781			44,918			532,852			211,933			300,502
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(7,837,722	)		(305,624	)		(916,680	)		—			(2,353,699	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			—			—			(207,567	)		—
Net Realized Gain (Loss) on In-Kind Redemptions		—			—			—			90,374			(130,794	)
Net Realized Gain (Loss) on Foreign Currency		(100,543	)		—			(8,560	)		—			—
Total		(7,938,265	)		(305,624	)		(925,240	)		(117,193	)		(2,484,493	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		(13,683,373	)		377,257			(2,195,441	)		—			705,358
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			—			—			(537,744	)		—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		29,411			—			1,158			—			—
Total		(13,653,962	)		377,257			(2,194,283	)		(537,744	)		705,358
Net Realized and Unrealized Gain (Loss) on Investments		(21,592,227	)		71,633			(3,119,523	)		(654,937	)		(1,779,135	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,394,446	)	$	116,551		$	(2,586,671	)	$	(443,004	)	$	(1,478,633	)
* Net of fees and foreign witholding tax of	$	302,240		$	—		$	64,655		$	—		$	—

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

146

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF
INVESTMENT INCOME
Income:
Dividends*	$	5,021,414		$	15,372,916		$	673,293		$	132,362		$	48,050
Interest		4,743			7,941			583			183			40
Securities Lending Income		23,916			177,822			7,010			—			1,152
Total Investment Income		5,050,073			15,558,679			680,886			132,545			49,242
Expenses:
Management fees		850,383			3,438,710			227,808			21,222			17,721
Total Expenses		850,383			3,438,710			227,808			21,222			17,721
Net Investment Income (Loss)		4,199,690			12,119,969			453,078			111,323			31,521
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(53,322,560	)		(183,249,151	)		(2,507,198	)		(170,659	)		(24,926	)
Net Realized Gain (Loss) on In-Kind Redemptions		10,569,432			16,800,815			162,615			—			(81,111	)
Net Realized Gain (Loss) on Foreign Currency		(6,066	)		(134,808	)		—			(750	)		—
Total		(42,759,194	)		(166,583,144	)		(2,344,583	)		(171,409	)		(106,037	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(34,744,127	)		(141,748,820	)		(660	)		(1,400,117	)		(133,831	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		8,554			84,634			—			(54	)		—
Total		(34,735,573	)		(141,664,186	)		(660	)		(1,400,171	)		(133,831	)
Net Realized and Unrealized Gain (Loss) on Investments		(77,494,767	)		(308,247,330	)		(2,345,243	)		(1,571,580	)		(239,868	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(73,295,077	)	$	(296,127,361	)	$	(1,892,165	)	$	(1,460,257	)	$	(208,347	)
* Net of fees and foreign witholding tax of	$	111,778		$	268,285		$	—		$	14,723		$	1,643

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

147

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF			Pacer Lunt Large Cap Multi-Factor Alternator ETF			Pacer US Export Leaders ETF
INVESTMENT INCOME
Income:
Dividends*	$	6,091,623		$	312,226		$	2,965,338		$	39,188
Interest		4,653			348			2,161			56
Securities Lending Income		47,713			11,424			15,543			723
Total Investment Income		6,143,989			323,998			2,983,042			39,967
Expenses:
Management fees		2,279,081			103,858			691,325			18,643
Total Expenses		2,279,081			103,858			691,325			18,643
Net Investment Income (Loss)		3,864,908			220,140			2,291,717			21,324
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(28,952,251	)		(3,925,391	)		(29,202,707	)		(274,207	)
Net Realized Gain (Loss) on In-Kind Redemptions		(1,790,461	)		107,933			(38,706	)		—
Total		(30,742,712	)		(3,817,458	)		(29,241,413	)		(274,207	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(56,725,448	)		2,743,640			22,040,577			(153,049	)
Total		(56,725,448	)		2,743,640			22,040,577			(153,049	)
Net Realized and Unrealized Gain (Loss) on Investments		(87,468,160	)		(1,073,818	)		(7,200,836	)		(427,256	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(83,603,252	)	$	(853,678	)	$	(4,909,119	)	$	(405,932	)
* Net of fees and foreign witholding tax of							$	749

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

148

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF			Pacer Pacific Asset Floating Rate High Income ETF
INVESTMENT INCOME
Income:
Dividends*	$	13,910		$	469,358		$	25,153
Interest		917			65,231			2,507,078
Total Investment Income		14,827			534,589			2,532,231
Expenses:
Management fees		7,049			253,912			227,436
Total Expenses		7,049			253,912			227,436
Net Investment Income (Loss)		7,778			280,677			2,304,795
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(10,521	)		(345,207	)		(3,088,178	)
Net Realized Gain (Loss) on In-Kind Redemptions		—			75,550			—
Total		(10,521	)		(269,657	)		(3,088,178	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(96,316	)		(2,773,431	)		(2,922,882	)
Change in Unrealized Appreciation (Depreciation) on Futures		5,500			308,440			—
Total		(90,816	)		(2,464,991	)		(2,922,882	)
Net Realized and Unrealized Gain (Loss) on Investments		(101,337	)		(2,734,648	)		(6,011,060	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(93,559	)	$	(2,453,971	)	$	(3,706,265	)
* Net of fees and foreign witholding tax of		3			107			—

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

149

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2022 (Unaudited)

	Pacer Industrials and Logistics ETF (a)			Pacer Data and Digital Revolution ETF (a)
INVESTMENT INCOME
Income:
Dividends*	$	9,541		$	4,932
Interest		11			10
Total Investment Income		9,552			4,942
Expenses:
Management fees		2,189			2,182
Total Expenses		2,189			2,182
Net Investment Income (Loss)		7,363			2,760
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		—			497
Net Realized Gain (Loss) on In-Kind Redemptions		(238	)		—
Net realized Gain (Loss) on Foreign Currency		4			(2	)
Total		(234	)		495
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(125,831	)		(136,489	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		9			3
Total		(125,822	)		(136,486	)
Net Realized and Unrealized Gain (Loss) on Investments		(126,056	)		(135,991	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(118,693	)	$	(133,231	)
* Net of fees and foreign withholding tax of	$	424		$	113

(a) The Funds commenced operations on June 8, 2022. The information presented is for the period from June 8, 2022 to October 31, 2022.

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

150

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® US Large Cap ETF						Pacer Trendpilot® US Mid Cap ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	11,429,091		$	13,904,523		$	2,468,490		$	56,543
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		117,440			552,678,194			(33,034,125	)		57,295,796
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(173,825	)		(484,795,449	)		(229,699	)		(70,263,447	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,372,706			81,787,268			(30,795,334	)		(12,911,108	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(15,230,924	)		—			(541,282	)
Total Distributions to Shareholders		—			(15,230,924	)		—			(541,282	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		406,124,310			898,356,321			159,380,625			143,753,819
Payments for Shares Redeemed		(140,971,331	)		(1,018,441,915	)		(49,008,925	)		(140,882,185	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		265,152,979			(120,085,594	)		110,371,700			2,871,634
Net Increase (Decrease) in Net Assets	$	276,525,685		$	(53,529,250	)	$	79,576,366		$	(10,580,756	)
NET ASSETS
Beginning of Period	$	1,841,243,077		$	1,894,772,327		$	441,893,526		$	452,474,282
End of Period	$	2,117,768,762		$	1,841,243,077		$	521,469,892		$	441,893,526

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

	Shares			Shares			Shares			Shares
Subscriptions		10,800,000			24,050,000			4,850,000			4,100,000
Redemptions		(3,750,000	)		(26,850,000	)		(1,450,000	)		(4,000,000	)
Net Increase(Decrease)		7,050,000			(2,800,000	)		3,400,000			100,000

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

151

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® 100 ETF						Pacer Trendpilot® European Index ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	2,361,210		$	(1,744,134	)	$	213,949		$	728,433
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(410,939	)		120,845,042			(10,440	)		4,130,921
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(27,956,413	)		(143,049,027	)		(22,539	)		(7,811,369	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(26,006,142	)		(23,948,119	)		180,970			(2,952,015	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			—			—			(787,274	)
Total Distributions to Shareholders		—			—			—			(787,274	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		28,779,080			283,712,689			11,227,870			—
Payments for Shares Redeemed		(20,354,330	)		(354,072,496	)		(6,738,360	)		(5,076,888	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		8,424,750			(70,359,807	)		4,489,510			(5,076,888	)
Net Increase (Decrease) in Net Assets	$	(17,581,392	)	$	(94,307,926	)	$	4,670,480		$	(8,816,177	)
NET ASSETS
Beginning of Period	$	688,815,884		$	783,123,810		$	45,924,817		$	54,740,994
End of Period	$	671,234,492		$	688,815,884		$	50,595,297		$	45,924,817

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

	Shares			Shares			Shares			Shares
Subscriptions		550,000			5,350,000			500,000			—
Redemptions		(400,000	)		(6,650,000	)		(300,000	)		(200,000	)
Net Increase (Decrease)		150,000			(1,300,000	)		200,000			(200,000	)

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

152

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® International ETF						Pacer Trendpilot® US Bond ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	636,001		$	2,163,374		$	13,377,149		$	35,723,189
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(46,593	)		1,497,652			(107,114,763	)		(143,414,988	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		20,011			(20,276,732	)		19,469,879			(55,275,943	)
Net Increase (Decrease) in Net Assets Resulting from Operations		609,419			(16,615,706	)		(74,267,735	)		(162,967,742	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(3,379,159	)		(17,730,756	)		(34,403,646	)
Total Distributions to Shareholders		—			(3,379,159	)		(17,730,756	)		(34,403,646	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			93,963,710			—			1,053,288,390
Payments for Shares Redeemed		(14,650,470	)		(74,670,450	)		(530,029,000	)		(746,337,560	)
Transaction Fees (See Note 1)		—			197			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(14,650,470	)		19,293,457			(530,029,000	)		306,950,830
Net Increase (Decrease) in Net Assets	$	(14,041,051	)	$	(701,408	)	$	(622,027,491	)	$	109,579,442
NET ASSETS
Beginning of Period	$	130,526,866		$	131,228,274		$	949,549,584		$	839,970,142
End of Period	$	116,485,815		$	130,526,866		$	327,522,093		$	949,549,584

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

	Shares			Shares			Shares			Shares
Subscriptions		—			3,450,000			—			38,300,000
Redemptions		(600,000	)		(2,750,000	)		(24,400,000	)		(28,200,000	)
Net Increase (Decrease)		(600,000	)		700,000			(24,400,000	)		10,100,000

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

153

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® Fund of Funds ETF						Pacer Global Cash Cows Dividend ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	381,650		$	700,617		$	15,645,395		$	7,323,708
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		373,356			561,751			(10,145,378	)		4,266,618
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(3,170,890	)		(5,824,309	)		(71,640,283	)		(2,367,802	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,415,884	)		(4,561,941	)		(66,140,266	)		9,222,524
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(640,806	)		(15,828,801	)		(6,929,204	)
Total Distributions to Shareholders		—			(640,806	)		(15,828,801	)		(6,929,204	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			27,424,105			437,590,830			254,155,400
Payments for Shares Redeemed		(4,091,540	)		(2,982,125	)		(5,545,460	)		(40,421,200	)
Transaction Fees (See Note 1)		—			—			34,120			5,547
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(4,091,540	)		24,441,980			432,079,490			213,739,747
Net Increase (Decrease) in Net Assets	$	(6,507,424	)	$	19,239,233		$	350,110,423		$	216,033,067
NET ASSETS
Beginning of Period	$	63,967,579		$	44,728,346		$	351,302,473		$	135,269,406
End of Period	$	57,460,155		$	63,967,579		$	701,412,896		$	351,302,473

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

	Shares			Shares			Shares			Shares
Subscriptions		—			900,000			13,800,000			7,650,000
Redemptions		(150,000	)		(100,000	)		(200,000	)		(1,300,000	)
Net Increase (Decrease)		(150,000	)		800,000			13,600,000			6,350,000

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

154

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows 100 ETF						Pacer US Small Cap Cash Cows 100 ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	94,315,494		$	25,666,070		$	5,968,772		$	9,347,372
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(434,570,364	)		122,838,633			(121,660,176	)		6,689,145
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		230,167,025			(69,877,441	)		114,454,515			(94,081,950	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(110,087,845	)		78,627,262			(1,236,889	)		(78,045,433	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(66,124,207	)		(22,592,335	)		(5,137,759	)		(9,347,348	)
Return of Capital		—			—			—			(5,679,191	)
Total Distributions to Shareholders		(66,124,207	)		(22,592,335	)		(5,137,759	)		(15,026,539	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		4,825,166,920			4,463,948,445			427,778,640			798,531,545
Payments for Shares Redeemed		(451,184,610	)		(397,345,830	)		(40,681,785	)		(145,624,255	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		4,373,982,310			4,066,602,615			387,096,855			652,907,290
Net Increase (Decrease) in Net Assets	$	4,197,770,258		$	4,122,637,542		$	380,722,207		$	559,835,318
NET ASSETS
Beginning of Period	$	4,554,750,146		$	432,112,604		$	831,674,981		$	271,839,663
End of Period	$	8,752,520,404		$	4,554,750,146		$	1,212,397,188		$	831,674,981

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

	Shares			Shares			Shares			Shares
Subscriptions		103,800,000			93,400,000			11,700,000			18,800,000
Redemptions		(10,300,000	)		(8,700,000	)		(1,150,000	)		(3,450,000	)
Net Increase (Decrease)		93,500,000			84,700,000			10,550,000			15,350,000

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

155

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Developed Markets International Cash Cows 100 ETF						Pacer US Cash Cows Growth ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	4,197,781		$	1,747,231		$	44,918		$	10,487
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(7,938,265	)		(160,935	)		(305,624	)		(1,164,826	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(13,653,962	)		(6,921,956	)		377,257			(1,889,376	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(17,394,446	)		(5,335,660	)		116,551			(3,043,715	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(4,249,732	)		(1,413,637	)		(46,210	)		(8,394	)
Return of Capital		—			—			—			(5,331	)
Total Distributions to Shareholders		(4,249,732	)		(1,413,637	)		(46,210	)		(13,725	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		89,439,635			100,561,873			12,058,431			39,700,106
Payments for Shares Redeemed		—			(3,253,781	)		—			(31,404,510	)
Transaction Fees (See Note 1)		35,179			18,489			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		89,474,814			97,326,581			12,058,431			8,295,596
Net Increase (Decrease) in Net Assets	$	67,830,636		$	90,577,284		$	12,128,772		$	5,238,156
NET ASSETS
Beginning of Period	$	111,345,887		$	20,768,603		$	8,859,250		$	3,621,094
End of Period	$	179,176,523		$	111,345,887		$	20,988,022		$	8,859,250

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

	Shares		Shares			Shares		Shares
Subscriptions		3,450,000		3,200,000			350,000		1,000,000
Redemptions		—		(100,000	)		—		(850,000	)
Net Increase (Decrease)		3,450,000		3,100,000			350,000		150,000

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

156

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Emerging Markets Cash Cows 100 ETF						Pacer Cash Cows Fund of Funds ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	532,852		$	490,522		$	211,933		$	86,602
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(925,240	)		(91,093	)		(117,193	)		165,559
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(2,194,283	)		(1,924,943	)		(537,744	)		(651,837	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,586,671	)		(1,525,514	)		(443,004	)		(399,676	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(614,540	)		(420,442	)		(215,411	)		(92,538	)
Total Distributions to Shareholders		(614,540	)		(420,442	)		(215,411	)		(92,538	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		5,240,645			11,756,449			20,305,725			10,590,215
Payments for Shares Redeemed		—			(2,635,631	)		(3,024,290	)		(3,409,181	)
Transaction Fees (See Note 1)		2,964			3,835			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		5,243,609			9,124,653			17,281,435			7,181,034
Net Increase (Decrease) in Net Assets	$	2,042,398		$	7,178,697		$	16,623,020		$	6,688,820
NET ASSETS
Beginning of Period	$	11,069,742		$	3,891,045		$	8,360,596		$	1,671,776
End of Period	$	13,112,140		$	11,069,742		$	24,983,616		$	8,360,596

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

	Shares		Shares			Shares			Shares
Subscriptions		300,000		450,000			650,000			300,000
Redemptions		—		(100,000	)		(100,000	)		(100,000	)
Net Increase (Decrease)		300,000		350,000			550,000			200,000

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

157

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Industrial Real Estate ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	300,502		$	394,138		$	4,199,690		$	5,159,144
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,484,493	)		3,221,011			(42,759,194	)		28,814,310
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		705,358			(6,041,695	)		(34,735,573	)		(13,555,941	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,478,633	)		(2,426,546	)		(73,295,077	)		20,417,513
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(198,877	)		(417,075	)		(3,895,356	)		(3,888,598	)
Total Distributions to Shareholders		(198,877	)		(417,075	)		(3,895,356	)		(3,888,598	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		10,773,195			35,129,274			24,529,455			270,265,745
Payments for Shares Redeemed		(6,006,260	)		(47,257,190	)		(117,312,085	)		(101,951,680	)
Transaction Fees (See Note 1)		—			533			—			60,860
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		4,766,935			(12,127,383	)		(92,782,630	)		168,374,925
Net Increase (Decrease) in Net Assets	$	3,089,425		$	(14,971,004	)	$	(169,973,063	)	$	184,903,840
NET ASSETS
Beginning of Period	$	33,172,437		$	48,143,441		$	384,989,717		$	200,085,877
End of Period	$	36,261,862		$	33,172,437		$	215,016,654		$	384,989,717

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

	Shares			Shares			Shares			Shares
Subscriptions		350,000			1,050,000			600,000			5,450,000
Redemptions		(200,000	)		(1,450,000	)		(2,900,000	)		(2,150,000	)
Net Increase (Decrease)		150,000			(400,000	)		(2,300,000	)		3,300,000

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

158

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Data & Infrastructure Real Estate ETF						Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	12,119,969		$	11,672,912		$	453,078		$	736,963
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(166,583,144	)		94,925,590			(2,344,583	)		(5,779,936	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(141,664,186	)		(148,313,121	)		(660	)		787
Net Increase (Decrease) in Net Assets Resulting from Operations		(296,127,361	)		(41,714,619	)		(1,892,165	)		(5,042,186	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(11,735,531	)		(11,646,957	)		(379,280	)		(734,947	)
Long-Term Capital Gain		—			(2,032,103	)		—			—
Total Distributions to Shareholders		(11,735,531	)		(13,679,060	)		(379,280	)		(734,947	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		92,830,145			688,968,095			—			22,991,205
Payments for Shares Redeemed		(171,725,535	)		(454,063,560	)		(8,344,395	)		(3,708,195	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(78,895,390	)		234,904,535			(8,344,395	)		19,283,010
Net Increase (Decrease) in Net Assets	$	(386,758,282	)	$	179,510,856		$	(10,615,840	)	$	13,505,877
NET ASSETS
Beginning of Period	$	1,299,320,555		$	1,119,809,699		$	80,388,468		$	66,882,591
End of Period	$	912,562,273		$	1,299,320,555		$	69,772,628		$	80,388,468

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

	Shares			Shares			Shares			Shares
Subscriptions		2,850,000			17,100,000			—			600,000
Redemptions		(5,300,000	)		(11,550,000	)		(250,000	)		(100,000	)
Net Increase (Decrease)		(2,450,000	)		5,550,000			(250,000	)		500,000

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

159

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF						Pacer BioThreat Strategy ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	111,323		$	133,360		$	31,521		$	42,586
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(171,409	)		(938,327	)		(106,037	)		524,797
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(1,400,171	)		(1,673,885	)		(133,831	)		(1,195,399	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,460,257	)		(2,478,852	)		(208,347	)		(628,016	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		—			(153,101	)		(30,650	)		(42,336	)
Return of Capital		—			(2,676	)		—			—
Total Distributions to Shareholders		—			(155,777	)		(30,650	)		(42,336	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			2,373,565			—			6,439,360
Payments for Shares Redeemed		—			(3,938,245	)		(1,355,050	)		(4,573,800	)
Transaction Fees (See Note 1)		—			20,781			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		—			(1,543,899	)		(1,355,050	)		1,865,560
Net Increase (Decrease) in Net Assets	$	(1,460,257	)	$	(4,178,528	)	$	(1,594,047	)	$	1,195,208
NET ASSETS
Beginning of Period	$	6,188,108		$	10,366,636		$	5,701,998		$	4,506,790
End of Period	$	4,727,851		$	6,188,108		$	4,107,951		$	5,701,998

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

	Shares		Shares			Shares			Shares
Subscriptions		—		100,000			50,000			200,000
Redemptions		—		(200,000	)		(50,000	)		(150,000	)
Net Increase (Decrease)		—		(100,000	)		—			50,000

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

160

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Alternator ETF						Pacer Lunt Midcap Multi Factor Alternator ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	3,864,908		$	2,954,628		$	220,140		$	220,788
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(30,742,712	)		36,680,396			(3,817,458	)		164,291
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(56,725,448	)		(40,395,418	)		2,743,640			(5,818,988	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(83,603,252	)		(760,394	)		(853,678	)		(5,433,909	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(3,958,154	)		(2,774,225	)		(223,720	)		(220,791	)
Return of Capital		—			—			—			(18,230	)
Total Distributions to Shareholders		(3,958,154	)		(2,774,225	)		(223,720	)		(239,021	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		427,311,480			1,047,719,120			7,596,715			69,078,310
Payments for Shares Redeemed		(62,312,555	)		(620,083,945	)		(4,678,160	)		(63,219,085	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		364,998,925			427,635,175			2,918,555			5,859,225
Net Increase (Decrease) in Net Assets	$	277,437,519		$	424,100,556		$	1,841,157		$	186,295
NET ASSETS
Beginning of Period	$	554,453,548		$	130,352,992		$	35,405,701		$	35,219,406
End of Period	$	831,891,067		$	554,453,548		$	37,246,858		$	35,405,701

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

	Shares			Shares			Shares			Shares
Subscriptions		10,150,000			23,550,000			250,000			1,900,000
Redemptions		(1,650,000	)		(13,900,000	)		(150,000	)		(1,750,000	)
Net Increase (Decrease)		8,500,000			9,650,000			100,000			150,000

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

161

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Multi Factor Alternator ETF						Pacer US Export Leaders ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	2,291,717		$	1,501,671		$	21,324		$	7,672
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(29,241,413	)		(1,351,273	)		(274,207	)		398,188
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		22,040,577			(22,556,438	)		(153,049	)		(755,979	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,909,119	)		(22,406,040	)		(405,932	)		(350,119	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(2,271,423	)		(1,367,759	)		(17,925	)		(7,727	)
Return of Capital		—			—			—			(804	)
Total Distributions to Shareholders		(2,271,423	)		(1,367,759	)		(17,925	)		(8,531	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		25,175,045			367,366,855			5,442,270			4,175,840
Payments for Shares Redeemed		(76,835,370	)		(119,751,630	)		—			(2,010,389	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(51,660,325	)		247,615,225			5,442,270			2,165,451
Net Increase (Decrease) in Net Assets	$	(58,840,867	)	$	223,841,426		$	5,018,413		$	1,806,801
NET ASSETS
Beginning of Period	$	267,094,779		$	43,253,353		$	3,827,363		$	2,020,562
End of Period	$	208,253,912		$	267,094,779		$	8,845,776		$	3,827,363

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

	Shares			Shares			Shares		Shares
Subscriptions		700,000			9,200,000			150,000		100,000
Redemptions		(2,150,000	)		(3,000,000	)		—		(50,000	)
Net Increase (Decrease)		(1,450,000	)		6,200,000			150,000		50,000

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

162

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Pacific Asset Floating Rate High Income ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Period Ended April 30, 2022 (a)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	2,304,795		$	1,307,992		$	896,410		$	1,142,713
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,088,178	)		26,972			(23,314	)		(66,878	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency		(2,922,882	)		(1,694,753	)		1,513,865			(1,259,441	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,706,265	)		(359,789	)		2,386,961			(183,606	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(2,337,015	)		(1,211,347	)		(953,333	)		(1,145,455	)
Total Distributions to Shareholders		(2,337,015	)		(1,211,347	)		(953,333	)		(1,145,455	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		54,580,182			53,405,601			2,443,495			—
Payments for Shares Redeemed		(58,379,130	)		(1,959,872	)		—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		(3,798,948	)		51,445,729			2,443,495			—
Net Increase (Decrease) in Net Assets	$	(9,842,228	)	$	49,874,593		$	3,877,123		$	(1,329,061	)
NET ASSETS
Beginning of Period	$	81,662,783		$	31,788,190		$	27,911,067		$	29,240,128
End of Period	$	71,820,555		$	81,662,783		$	31,788,190		$	27,911,067

(a) For the period ended July 1, 2021 to April 30, 2022. See Note 1 to Financial Statements.

(b) Shares of Predecessor Fund converted into Fund Shares at the close of business on October 22, 2021. See Note 1 to the Financial Statements. Summary of capital share transactions is as follows:

	Shares			Shares			Shares		Shares
Subscriptions		1,200,000			1,100,000			50,000		—
Redemptions		(1,280,000	)		(40,000	)		—		—
Net Increase (Decrease)		(80,000	)		1,060,000			50,000		—

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

163

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF						Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022 (a)			For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022 (a)
OPERATIONS
Net Investment Income (Loss)	$	7,778		$	7,393		$	280,677		$	96,485
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(10,521	)		98,339			(269,657	)		(142,024	)
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts		(90,816	)		(196,410	)		(2,464,991	)		(4,411,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(93,559	)		(90,678	)		(2,453,971	)		(4,456,622	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(45,655	)		(7,393	)		(2,316,678	)		(96,485	)
Return of Capital		—			(53,832	)		—			(1,275,430	)
Total Distributions to Shareholders		(45,655	)		(61,225	)		(2,316,678	)		(1,371,915	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold					3,093,585			28,334,379			60,883,974
Payments for Shares Redeemed					(1,077,040	)		(854,544	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		—			2,016,545			27,479,835			60,883,974
Net Increase (Decrease) in Net Assets	$	(139,214	)	$	1,864,642		$	22,709,186		$	55,055,437
NET ASSETS
Beginning of Period	$	1,864,642		$	—		$	55,055,437		$	—
End of Period	$	1,725,428		$	1,864,642		$	77,764,623		$	55,055,437

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

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

	Shares		Shares			Shares			Shares
Subscriptions		—		75,000			960,000			1,740,000
Redemptions		—		(25,000	)		(30,000	)		—
Net Increase (Decrease)		—		50,000			930,000			1,740,000

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

164

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Industrials and Logistics ETF			Pacer Data and Digital Revolution ETF
	For the Period Ended October 31, 2022 (a) (Unaudited)			For the Period Ended October 31, 2022 (a) (Unaudited)
OPERATIONS
Net Investment Income (Loss)	$	7,363		$	2,760
Net Realized Gain (Loss) on Investments		(234	)		495
Change in Unrealized Appreciation (Depreciation) of Investments		(125,822	)		(136,486	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(118,693	)		(133,231	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions and Dividends		(6,131	)		(1,401	)
Total Distributions to Shareholders		(6,131	)		(1,401	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		994,800			1,012,400
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		994,800			1,012,400
Net Increase (Decrease) in Net Assets	$	869,976		$	877,768
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	869,976		$	877,768

(a) The Fund commenced operations on June 8, 2022. The information presented is for the period from June 8, 2022 to October 31, 2022.

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

	Shares		Shares
Subscriptions		40,000		40,000
Net Increase		40,000		40,000

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

165

Pacer Trendpilot^® US Large Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	37.54		$	36.54		$	26.99		$	30.56		$	28.41		$	25.48
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.22			0.28			0.25			0.39			0.43			0.37
Net Realized and Unrealized Gain (Loss) on Investments (e)		(0.01	)		1.03			9.65			(3.59	)		2.01			2.84
Total from Investment Operations		0.21			1.31			9.90			(3.20	)		2.44			3.21
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.31	)		(0.35	)		(0.37	)		(0.29	)		(0.28	)
Total Distributions		—			(0.31	)		(0.35	)		(0.37	)		(0.29	)		(0.28	)
Net Asset Value, End of Period	$	37.75		$	37.54		$	36.54		$	26.99		$	30.56		$	28.41
Total Return		0.56	%(b)		3.48	%		36.86	%		-10.71	%		8.65	%		12.56	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,117,769		$	1,841,243		$	1,894,772		$	2,403,839		$	2,163,990		$	921,975
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.16	%(c)		0.71	%		0.83	%		1.25	%		1.43	%		1.32	%
Portfolio Turnover Rate (d)		0	%(b)		58	%		6	%		5	%		162	%		12	%

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

(b) Not annualized

(c) Annualized

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

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

166

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	34.52		$	35.63		$	28.35		$	30.95		$	30.72		$	28.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.18			—	(f)		0.09			0.28			0.41			0.27
Net Realized and Unrealized Gain (Loss) on Investments (e)		(2.51	)		(1.07	)		7.36			(2.45	)		0.10			2.66
Total from Investment Operations		(2.33	)		(1.07	)		7.45			(2.17	)		0.51			2.93
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.04	)		(0.17	)		(0.43	)		(0.28	)		(0.21	)
Total Distributions		—			(0.04	)		(0.17	)		(0.43	)		(0.28	)		(0.21	)
Net Asset Value, End of Period	$	32.19		$	34.52		$	35.63		$	28.35		$	30.95		$	30.72
Total Return		-6.76	%(b)		-2.98	%		26.34	%		-7.11	%		1.66	%		10.42	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	521,470		$	441,894		$	452,474		$	540,051		$	761,305		$	497,590
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.08	%(c)		0.01	%		0.30	%		0.96	%		1.30	%		0.91	%
Portfolio Turnover Rate (d)		689	%(b)		16	%		304	%		143	%		405	%		66	%

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

(b) Not annualized

(c) Annualized

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

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Represents less the $0.005.

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

167

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	52.18		$	54.01		$	37.91		$	36.00		$	31.16		$	26.32
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.18			(0.13	)		0.01			0.15			0.26			0.11
Net Realized and Unrealized Gain (Loss) on Investments (e)		(2.08	)		(1.70	)		16.17			1.94			4.73			4.83
Total from Investment Operations		(1.90	)		(1.83	)		16.18			2.09			4.99			4.94
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			—			(0.08	)		(0.18	)		(0.15	)		(0.10	)
Total Distributions		—			—			(0.08	)		(0.18	)		(0.15	)		(0.10	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 6)		—			—			0.00	(f)		—			—			—
Net Asset Value, End of Period	$	50.28		$	52.18		$	54.01		$	37.91		$	36.00		$	31.16
Total Return		-3.65	%(b)		-3.38	%		42.69	%		5.78	%		16.04	%		18.78	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	671,234		$	688,816		$	783,124		$	739,258		$	502,173		$	211,906
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%(c)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		0.69	%(c)		-0.22	%		0.01	%		0.40	%		0.76	%		0.38	%
Portfolio Turnover Rate (d)		0	%(b)		7	%		6	%		61	%		107	%		3	%

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

(b) Not annualized

(c) Annualized

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

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Represents less the $0.005.

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

168

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	22.40		$	24.33		$	23.76		$	26.77		$	29.66		$	27.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.10			0.34			0.10			0.54			0.74			0.51
Net Realized and Unrealized Gain (Loss) on Investments (e)		(0.01	)		(1.89	)		0.47			(2.61	)		(3.16	)		2.31
Total from Investment Operations		0.09			(1.55	)		0.57			(2.07	)		(2.42	)		2.82
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.38	)		—			(0.94	)		(0.47	)		(0.19	)
Total Distributions		—			(0.38	)		—			(0.94	)		(0.47	)		(0.19	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—	(f)		—			—			—			—
Net Asset Value, End of Period	$	22.49		$	22.40		$	24.33		$	23.76		$	26.77		$	29.66
Total Return		0.38	%(b)		-6.47	%		2.38	%		-8.18	%		-8.07	%		10.43	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	50,595		$	45,925		$	54,741		$	91,488		$	183,379		$	158,703
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%(c)		0.66	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		0.91	%(c)		1.39	%		0.43	%		2.04	%		2.77	%		1.69	%
Portfolio Turnover Rate (d)		0	%(b)		7	%		506	%		12	%		396	%		228	%

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

(b) Not annualized

(c) Annualized

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

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Represents less the $0.005.

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

169

Pacer Trendpilot^® International ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)
Net Asset Value, Beginning of Period	$	24.40		$	28.22		$	23.42		$	24.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.13			0.44			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments (f)		(0.01	)		(3.57	)		4.72			(1.55	)
Total from Investment Operations		0.12			(3.13	)		5.00			(1.23	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.69	)		(0.20	)		(0.26	)
Total Distributions		—			(0.69	)		(0.20	)		(0.26	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	(g)		—			—
Net Asset Value, End of Period	$	24.52		$	24.40		$	28.22		$	23.42
Total Return		0.52	%(c)		-11.46	%		21.46	%		-5.08	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	116,486		$	130,527		$	131,228		$	151,038
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%(d)		0.65	%		0.65	%		0.65	%(d)
Net Investment Income (Loss) to Average Net Assets		1.04	%(d)		1.56	%		1.15	%		1.26	%(d)
Portfolio Turnover Rate (e)		0	%(c)		202	%		161	%		39	%(c)

(a) Commencement of operations on May 02, 2019.

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

(c) Not annualized.

(d) Annualized.

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

(f) 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.

(g) Represents less than $0.005.

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

170

Pacer Trendpilot^® US Bond ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	23.33		$	27.45		$	25.77		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.52			0.80			1.09			0.33
Net Realized and Unrealized Gain (Loss) on Investments (f)		(3.01	)		(4.17	)		1.34			0.72
Total from Investment Operations		(2.49	)		(3.37	)		2.43			1.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.75	)		(0.75	)		(0.75	)		(0.28	)
Total Distributions		(0.26	)		(0.75	)		(0.75	)		(0.28	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	(g)		—
Net Asset Value, End of Period	$	20.09		$	23.33		$	27.45		$	25.77
Total Return		-10.72	%(c)		-12.54	%		9.53	%		4.24	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	327,522		$	949,550		$	839,970		$	144,327
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		4.77	%(d)		3.01	%		4.04	%		2.47	%(d)
Portfolio Turnover Rate (e)		471	%(c)		652	%		55	%		131	%(c)

(a) Commencement of operations on October 22, 2019.

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

(c) Not annualized.

(d) Annualized.

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

(f) Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(g) Represents less than $0.005.

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

171

Pacer Trendpilot^® Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	27.81		$	29.82		$	23.81		$	25.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)(c)		0.17			0.35			0.22			0.26
Net Realized and Unrealized Gain (Loss) on Investments (h)		(1.25	)		(2.07	)		5.96			(1.59	)
Total from Investment Operations		(1.08	)		(1.72	)		6.18			(1.33	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.29	)		(0.17	)		(0.25	)
Total Distributions		—			(0.29	)		(0.17	)		(0.25	)
Net Asset Value, End of Period	$	26.73		$	27.81		$	29.82		$	23.81
Total Return		-3.91	%(d)		-5.87	%		26.02	%		-5.37	%(d)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	57,460		$	63,968		$	44,728		$	27,378
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (f)		0.15	%(e)		0.15	%		0.15	%		0.15	%(e)
Net Investment Income (Loss) to Average Net Assets (f)		1.24	%(e)		1.16	%		0.82	%		1.03	%(e)
Portfolio Turnover Rate (g)		3	%(d)		5	%		29	%		6	%(d)

(a) Commencement of operations on May 03, 2019.

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

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d) Not annualized.

(e) Annualized.

(f) Does not include expenses of the investment companies in which the Fund invests.

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

(h) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

172

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	32.83		$	31.10		$	24.63		$	31.19		$	30.75		$	28.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.80			1.39			1.17			1.32			1.21			1.07
Net Realized and Unrealized Gain (Loss) on Investments (e)		(4.03	)		1.69			6.51			(6.60	)		0.43			2.01
Total from Investment Operations		(3.23	)		3.08			7.68			(5.28	)		1.64			3.08
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.74	)		(1.35	)		(1.21	)		(1.28	)		(1.20	)		(0.93	)
Total Distributions		(0.74	)		(1.35	)		(1.21	)		(1.28	)		(1.20	)		(0.93	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—	(f)		—			—			—			—
Net Asset Value, End of Period	$	28.86		$	32.83		$	31.10		$	24.63		$	31.19		$	30.75
Total Return		-9.82	%(b)		10.22	%		32.05	%		-17.32	%		5.56	%		10.86	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	701,413		$	351,302		$	135,269		$	135,480		$	210,505		$	173,710
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		5.27	%(c)		4.32	%		4.32	%		4.52	%		4.00	%		3.50	%
Portfolio Turnover Rate (d)		31	%(b)		39	%		76	%		91	%		74	%		76	%

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

(b) Not annualized

(c) Annualized

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

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

(f) Represents less the $0.005.

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

173

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	47.94		$	41.95		$	25.17		$	29.72		$	28.98		$	26.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.65			0.84			0.71			0.77			0.53			0.61
Net Realized and Unrealized Gain (Loss) on Investments (e)		(1.72	)		5.87			16.76			(4.55	)		0.67			2.84
Total from Investment Operations		(1.07	)		6.71			17.47			(3.78	)		1.20			3.45
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.44	)		(0.72	)		(0.69	)		(0.77	)		(0.46	)		(0.60	)
Total Distributions		(0.44	)		(0.72	)		(0.69	)		(0.77	)		(0.46	)		(0.60	)
Net Asset Value, End of Period	$	46.43		$	47.94		$	41.95		$	25.17		$	29.72		$	28.98
Total Return		-2.16	%(b)		16.08	%		70.43	%		-12.63	%		4.28	%		13.35	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	8,752,520		$	4,554,750		$	432,113		$	190,027		$	266,018		$	28,981
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%(c)		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		2.84	%(c)		1.78	%		2.23	%		2.73	%		1.82	%		2.16	%
Portfolio Turnover Rate (d)		57	%(b)		114	%		104	%		85	%		122	%		101	%

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

(b) Not annualized

(c) Annualized

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

(e) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

174

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	38.06		$	41.82		$	20.76		$	25.88		$	26.17		$	24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.23			0.72			0.11			0.27			0.32			0.28
Net Realized and Unrealized Gain (Loss) on Investments (f)		(0.68	)		(3.37	)		21.13			(5.12	)		(0.29	)		1.38
Total from Investment Operations		(0.45	)		(2.65	)		21.24			(4.85	)		0.03			1.66
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.19	)		(0.67	)		(0.14	)		(0.27	)		(0.32	)		(0.27	)
Distributions from Return of Capital		—			(0.44	)		(0.04	)		—			—			—
Total Distributions		(0.19	)		(1.11	)		(0.18	)		(0.27	)		(0.32	)		(0.27	)
Net Asset Value, End of Period	$	37.42		$	38.06		$	41.82		$	20.76		$	25.88		$	26.17
Total Return		-1.12	%(c)		-6.57	%		102.70	%		-18.72	%		0.20	%		6.69	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,212,397		$	831,675		$	271,840		$	14,534		$	50,474		$	5,233
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%(d)		0.60	%		0.59	%		0.59	%		0.59	%		0.59	%(d)
Net Investment Income (Loss) to Average Net Assets		1.24	%(d)		1.70	%		0.33	%		1.11	%		1.21	%		1.25	%(d)
Portfolio Turnover Rate (e)		47	%(c)		133	%		123	%		128	%		123	%		97	%(c)

(a) Commencement of operations on June 16, 2017.

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

(c) Not annualized.

(d) Annualized.

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

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

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

175

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	29.69		$	31.95		$	20.99		$	27.08		$	28.91		$	25.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.84			1.03			0.66			0.74			0.85			0.60
Net Realized and Unrealized Gain (Loss) on Investments (f)		(4.81	)		(2.43	)		10.98			(6.05	)		(2.01	)		3.53
Total from Investment Operations		(3.97	)		(1.40	)		11.64			(5.31	)		(1.16	)		4.13
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.84	)		(0.87	)		(0.68	)		(0.78	)		(0.67	)		(0.31	)
Total Distributions		(0.84	)		(0.87	)		(0.68	)		(0.78	)		(0.67	)		(0.31	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.01			0.00	(g)		—			—			—
Net Asset Value, End of Period	$	24.89		$	29.69		$	31.95		$	20.99		$	27.08		$	28.91
Total Return		-13.38	%(c)		-4.48	%		56.41	%		-20.04	%		-3.92	%		16.48	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	179,177		$	111,346		$	20,769		$	20,991		$	33,844		$	20,235
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(d)
Net Investment Income (Loss) to Average Net Assets		6.29	%(d)		3.28	%		2.52	%		2.96	%		3.18	%		2.42	%(d)
Portfolio Turnover Rate (e)		34	%(c)		71	%		83	%		149	%		80	%		25	%(c)

(a) Commencement of operations on June 16, 2017.

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

(c) Not annualized.

(d) Annualized.

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

(f) 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.

(g) Represents less than $0.005.

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

176

Pacer US Cash Cows Growth ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	35.44		$	36.21		$	22.89		$	24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.12			0.04			0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments (f)		(0.47	)		(0.75	)		13.37			(1.90	)
Total from Investment Operations		(0.35	)		(0.71	)		13.51			(1.62	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.11	)		(0.04	)		(0.19	)		(0.27	)
Distributions from Return of Capital		—			(0.02	)		—			—
Total Distributions		(0.11	)		(0.06	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	34.98		$	35.44		$	36.21		$	22.89
Total Return		-0.96	%(c)		-1.98	%		59.29	%		-6.52	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	20,988		$	8,859		$	3,621		$	1,144
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.70	%(d)		0.10	%		0.43	%		1.16	%(d)
Portfolio Turnover Rate (e)		15	%(c)		76	%		170	%		166	%(c)

(a) Commencement of operations on May 2, 2019.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

177

Pacer Emerging Markets Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	22.14		$	25.94		$	19.11		$	24.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.95			1.36			0.72			1.05
Net Realized and Unrealized Gain (Loss) on Investments (f)		(5.62	)		(4.03	)		6.91			(4.81	)
Total from Investment Operations		(4.67	)		(2.67	)		7.63			(3.76	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.09	)		(1.14	)		(0.85	)		(2.08	)
Total Distributions		(1.09	)		(1.14	)		(0.85	)		(2.08	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.01			0.05			0.00
Net Asset Value, End of Period	$	16.39		$	22.14		$	25.94		$	19.11
Total Return		-21.47	%(c)		-10.67	%		41.19	%		-16.76	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	13,112		$	11,070		$	3,891		$	956
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%(d)		0.71	%		0.70	%		0.70	%(d)
Net Investment Income (Loss) to Average Net Assets		9.91	%(d)		5.50	%		3.12	%		4.43	%(d)
Portfolio Turnover Rate (e)		39	%(c)		97	%		109	%		144	%(c)

(a) Commencement of operations on May 2, 2019.

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

(c) Not annualized.

(d) Annualized.

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

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

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

178

Pacer Cash Cows Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	33.44		$	33.44		$	20.83		$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)(c)		0.51			0.79			0.55			0.53
Net Realized and Unrealized Gain (Loss) on Investments (h)		(2.30	)		—			12.56			(4.46	)
Total from Investment Operations		(1.79	)		0.79			13.11			(3.93	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.42	)		(0.79	)		(0.50	)		(0.55	)
Distributions from Return of Capital		—			—			—			(0.00	)(i)
Total Distributions		(0.42	)		(0.79	)		(0.50	)		(0.55	)
Net Asset Value, End of Period	$	31.23		$	33.44		$	33.44		$	20.83
Total Return		-5.27	%(d)		2.29	%		63.73	%		-15.71	%(d)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	24,984		$	8,361		$	1,672		$	1,041
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (f)		0.15	%(e)		0.16	%		0.15	%		0.15	%(e)
Net Investment Income (Loss) to Average Net Assets (f)		3.24	%(e)		2.27	%		2.09	%		2.27	%(e)
Portfolio Turnover Rate (g)		5	%(d)		26	%		9	%		2	%(d)

(a) Commencement of operations on May 03, 2019.

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

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d) Not annualized.

(e) Annualized.

(f) Does not include expenses of the investment companies in which the Fund invests.

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

(h) 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.

(i) Less than $0.005.

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

179

Pacer WealthShield ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	30.16		$	32.10		$	23.92		$	25.02		$	25.02		$	25.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.27			0.26			0.14			0.33			0.38			0.10
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.25	)		(1.94	)		8.20			(1.10	)		(0.01	)		(0.05	)
Total from Investment Operations		(0.98	)		(1.68	)		8.34			(0.77	)		0.37			0.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.17	)		(0.26	)		(0.16	)		(0.33	)		(0.37	)		(0.05	)
Total Distributions		(0.17	)		(0.26	)		(0.16	)		(0.33	)		(0.37	)		(0.05	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—	(g)		—			—			—			—
Net Asset Value, End of Period	$	29.01		$	30.16		$	32.10		$	23.92		$	25.02		$	25.02
Total Return		-3.18	%(c)		-5.30	%		35.00	%		-3.04	%		1.43	%		0.23	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	36,262		$	33,172		$	48,143		$	51,428		$	110,078		$	62,539
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.61	%		0.60	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		1.77	%(d)		0.79	%		0.53	%		1.38	%		1.52	%		1.04	%(d)
Portfolio Turnover Rate (e)		360	%(c)		448	%		227	%		676	%		542	%		131	%(c)

(a) Commencement of operations on December 11, 2017.

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

(c) Not annualized.

(d) Annualized.

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

(f) 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.

(g) Less than $0.005.

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

180

Pacer Industrial Real Estate ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	47.82		$	42.12		$	30.09		$	29.42		$	24.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.62			0.78			0.63			0.77			0.65
Net Realized and Unrealized Gain (Loss) on Investments (f)		(10.45	)		5.48			12.08			0.52			4.61
Total from Investment Operations		(9.83	)		6.26			12.71			1.29			5.26
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.60	)		(0.57	)		(0.58	)		(0.61	)		(0.67	)
Return of Capital		—			—			(0.10	)		—			—
Long-Term Capital Gain		—			—			—			(0.01	)		—
Total Distributions		(0.60	)		(0.57	)		(0.68	)		(0.62	)		(0.67	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 6)		—			0.01			0.00	(g)		—			—
Net Asset Value, End of Period	$	37.39		$	47.82		$	42.12		$	30.09		$	29.42
Total Return		-20.51	%(c)		14.88	%		42.70	%		4.38	%		21.62	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	215,017		$	384,990		$	200,086		$	48,147		$	7,356
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.61	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		2.99	%(d)		1.60	%		1.75	%		2.40	%		2.60	%(d)
Portfolio Turnover Rate (e)		70	%(c)		43	%		13	%		29	%		36	%(c)

(a) Commencement of operations on May 14, 2018.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gain and losses in the statement of operations due to share transactions for the period.

(g) Less than $0.005.

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

181

Pacer Data & Infrastructure Real Estate ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	37.50		$	38.48		$	33.27		$	28.36		$	24.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.36			0.32			0.36			0.54			0.39
Net Realized and Unrealized Gain (Loss) on Investments (f)		(9.17	)		(0.91	)		5.39			4.92			3.93
Total from Investment Operations		(8.81	)		(0.59	)		5.75			5.46			4.32
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.35	)		(0.33	)		(0.37	)		(0.49	)		(0.44	)
Long-Term Capital Gain		—			(0.06	)		0.00			0.00			(0.01	)
Return of Capital		—			0.00			(0.17	)		(0.06	)		(0.18	)
Total Distributions		(0.35	)		(0.39	)		(0.54	)		(0.55	)		(0.63	)
Net Asset Value, End of Period	$	28.34		$	37.50		$	38.48		$	33.27		$	28.36
Total Return		-23.77	%(c)		-1.63	%		17.46	%		19.50	%		17.89	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	912,562		$	1,299,321		$	1,119,810		$	552,214		$	22,691
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.62	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		2.13	%(d)		0.81	%		1.02	%		1.70	%		1.55	%(d)
Portfolio Turnover Rate (e)		34	%(c)		23	%		30	%		28	%		27	%(c)

(a) Commencement of operations on May 15, 2018.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

182

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	34.95		$	37.16		$	25.23		$	28.16		$	25.01
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.20			0.34			0.26			0.50			0.25
Net Realized and Unrealized Gain (Loss) on Investments (g)		(0.94	)		(2.21	)		11.95			(3.00	)		3.11
Total from Investment Operations		(0.74	)		(1.87	)		12.21			(2.50	)		3.36
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.17	)		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Total Distributions		(0.17	)		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Net Asset Value, End of Period	$	34.04		$	34.95		$	37.16		$	25.23		$	28.16
Total Return (f)		-2.11	%(c)		-5.11	%		48.66	%		-8.80	%		13.67	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	69,773		$	80,388		$	66,883		$	60,554		$	7,040
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.60	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		1.20	%(d)		0.89	%		0.89	%		1.75	%		1.23	%(d)
Portfolio Turnover Rate (e)		102	%(c)		225	%		217	%		225	%		262	%(c)

(a) Commencement of operations on July 23, 2018.

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

(c) Not annualized.

(d) Annualized.

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

(f) Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022 and April 30, 2019.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

183

Pacer CSOP FTSE China A50 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
Net Asset Value, Beginning of Period	$	17.39		$	22.74		$	16.18		$	16.85		$	15.30		$	16.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.31			0.31			0.36			(0.07	)		0.31			0.31
Net Realized and Unrealized Gain (Loss) on Investments (f)		(4.42	)		(5.33	)		6.54			0.15			1.48			(0.59	)
Total from Investment Operations		(4.11	)		(5.02	)		6.90			0.08			1.79			(0.28	)
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		—			(0.37	)		(0.33	)		(0.71	)		(0.24	)		(1.16	)
Return of Capital		—			(0.01	)		(0.01	)		(0.04	)		—			—
Total Distributions		—			(0.38	)		(0.34	)		(0.75	)		(0.24	)		(1.16	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.05			0.00	(g)		—			—			—
Net Asset Value, End of Period	$	13.28		$	17.39		$	22.74		$	16.18		$	16.85		$	15.30
Total Return		-23.60	%(c)		-22.15	%		42.73	%		0.14	%(c)		12.05	%		-2.34	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,728		$	6,188		$	10,367		$	8,992		$	12,740		$	9,269
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%(d)		0.71	%		0.70	%		0.70	%(d)		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		3.69	%(d)		1.49	%		1.73	%		-0.66	%(d)		1.97	%		1.84	%
Portfolio Turnover Rate (d)		7	%(c)		59	%		32	%		193	%(c)		45	%		20	%

(a) For the period October 1, 2019 to April 30, 2020.

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

(c) Not annualized

(d) Annualized

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

(f) 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.

(g) Represents less than $0.005.

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

184

Pacer BioThreat Strategy ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)
Net Asset Value, Beginning of Period	$	28.51		$	30.05		$	24.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.17			0.22			0.16
Net Realized and Unrealized Gain (Loss) on Investments (f)		(7.97	)		(1.52	)		5.53
Total from Investment Operations		(7.80	)		(1.30	)		5.69
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.17	)		(0.24	)		(0.15	)
Return of Capital		—			—			—	(g)
Total Distributions		(0.17	)
Net Asset Value, End of Period	$	20.54		$	28.51		$	30.05
Total Return		-3.32	%(c)		-4.41	%		23.23	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,108		$	5,702		$	4,507
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%(d)		0.71	%		0.70	%(d)
Net Investment Income (Loss) to Average Net Assets		1.25	%(d)		0.69	%		0.65	%(d)
Portfolio Turnover Rate (e)		7	%(c)		17	%		5	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

(f) 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.

(g) Represents less than $0.005.

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

185

Pacer Lunt Large Cap Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)
Net Asset Value, Beginning of Period	$	43.15		$	40.74		$	23.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.21			0.48			0.41
Net Realized and Unrealized Gain (Loss) on Investments (f)		(4.19	)		2.36			17.16
Total from Investment Operations		(3.98	)		2.84			17.57
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.21	)		(0.43	)		(0.41	)
Total Distributions		(0.21	)		(0.43	)		(0.41	)
Net Asset Value, End of Period	$	38.96		$	43.15		$	40.74
Total Return		-9.21	%(c)		6.97	%		74.99	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	831,891		$	554,454		$	130,353
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		1.02	%(d)		1.09	%		1.59	%(d)
Portfolio Turnover Rate (e)		143	%(c)		722	%		193	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

186

Pacer Lunt Midcap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)
Net Asset Value, Beginning of Period	$	32.19		$	37.07		$	23.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.20			0.20			0.07
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.15	)		(4.87	)		13.26
Total from Investment Operations		(0.95	)		(4.67	)		13.33
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.20	)		(0.19	)		(0.07	)
Distributions from Return of Capital		—			(0.02	)		(0.03	)
Total Distributions		(0.20	)		(0.21	)		(0.10	)
Net Asset Value, End of Period	$	31.04		$	32.19		$	37.07
Total Return		-2.91	%(c)		-12.66	%		56.04	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	37,247		$	35,406		$	35,219
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.61	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		1.28	%(d)		0.55	%		0.27	%(d)
Portfolio Turnover Rate (e)		253	%(c)		529	%		322	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

187

Pacer Lunt Large Cap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)
Net Asset Value, Beginning of Period	$	36.34		$	37.61		$	24.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.36			0.39			0.32
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.05	)		(1.33	)		13.14
Total from Investment Operations		(0.69	)		(0.94	)		13.46
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.35	)		(0.33	)		(0.27	)
Total Distributions		(0.35	)		(0.33	)		(0.27	)
Net Asset Value, End of Period	$	35.30		$	36.34		$	37.61
Total Return		-1.87	%(c)		-2.58	%		55.41	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	208,254		$	267,095		$	43,253
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		2.00	%(d)		0.98	%		1.19	%(d)
Portfolio Turnover Rate (e)		221	%(c)		434	%		304	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

188

Pacer US Export Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	38.27		$	40.41		$	25.15		$	25.97		$	24.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.13			0.12			0.14			0.16			0.09
Net Realized and Unrealized Gain (Loss) on Investments (f)		(2.92	)		(2.13	)		15.27			(0.82	)		0.98
Total from Investment Operations		(2.79	)		(2.01	)		15.41			(0.66	)		1.07
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.10	)		(0.12	)		(0.15	)		(0.16	)		(0.08	)
Distribution from Return of Capital		—			(0.01	)		—			—			—
Total Distributions		(0.10	)		(0.13	)		(0.15	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	35.38		$	38.27		$	40.41		$	25.15		$	25.97
Total Return		-7.27	%(c)		-5.00	%		61.47	%		-2.53	%		4.33	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	8,846		$	3,827		$	2,021		$	1,257		$	1,298
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.61	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.69	%(d)		0.29	%		0.43	%		0.61	%		0.50	%(d)
Portfolio Turnover Rate (e)		33	%(c)		79	%		111	%		79	%		55	%(c)

(a) Commencement of operations on July 23, 2018.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

189

Pacer Pacific Asset Floating Rate High Income ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Period Ended April 30, 2022 (a)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018			For the Year Ended June 30, 2017
Net Asset Value, Beginning of Period	$	47.76		$	48.90		$	46.52		$	48.73		$	48.87		$	49.35		$	48.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		1.39			1.47			1.47			1.90			2.10			1.78			1.73
Net Realized and Unrealized Gain (Loss) on Investments (f)		(3.68	)		(1.29	)		2.47			(2.20	)		(0.15	)		(0.63	)		0.58
Total from Investment Operations		(2.29	)		0.18			3.94			(0.30	)		1.95			1.15			2.31
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.41	)		(1.32	)		(1.56	)		(1.91	)		(2.09	)		(1.63	)		(1.69	)
Total Distributions		(1.41	)		(1.32	)		(1.56	)		(1.91	)		(2.09	)		(1.63	)		(1.69	)
Net Asset Value, End of Period	$	44.06		$	47.76		$	48.90		$	46.52		$	48.73		$	48.87		$	49.35
Total Return		-4.78	%(c)		0.34	%(c)		8.63	%		-0.70	%		4.09	%		2.36	%		4.78	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	71,821		$	81,663		$	31,788		$	27,911		$	29,240		$	29,323		$	27,143
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)		0.62	%(d)		0.68	%		1.06	%		1.63	%		1.62	%		1.39	%
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		N/A			N/A			0.86	%		1.10	%		1.10	%		1.10	%		1.10	%
Net Investment Income (Loss) to Average Net Assets		6.12	%(d)		3.63	%(d)		3.04	%		3.98	%		4.31	%		3.61	%		3.49	%
Portfolio Turnover Rate (e)		56	%(c)		37	%(c)		35	%		48	%		70	%		73	%		52	%

(a) For the period ended July 1, 2021 to April 30, 2022. See Note 1 to Financial Statements.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

190

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022(a)
Net Asset Value, Beginning of Period	$	37.29		$	40.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.16			0.15
Net Realized and Unrealized Gain (Loss) on Investments (f)		(2.03	)		(2.15	)
Total from Investment Operations		(1.87	)		(2.00	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.91	)		(0.15	)
Distributions from Return of Capital		—			(1.07	)
Total Distributions		(0.91	)		(1.22	)
Net Asset Value, End of Period	$	34.51		$	37.29
Total Return		-4.92	%(c)		-5.21	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,725		$	1,865
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%(d)		0.79	%(d)
Net Investment Income (Loss) to Average Net Assets		0.88	%(d)		0.45	%(d)
Portfolio Turnover Rate (e)		1	%(c)		57	%(c)

(a) Commencement of operations on July 12, 2021.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

191

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Period Ended October 31, 2022 (Unaudited)			For the Year Ended April 30, 2022(a)
Net Asset Value, Beginning of Period	$	31.64		$	34.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.13			0.12
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.60	)		(1.73	)
Total from Investment Operations		(1.47	)		(1.61	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.04	)		(0.10	)
Distributions from Return of Capital		—			(1.30	)
Total Distributions		(1.04	)		(1.40	)
Net Asset Value, End of Period	$	29.13		$	31.64
Total Return		-4.55	%(c)		-5.00	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	77,765		$	55,055
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%(d)		0.79	%(d)
Net Investment Income (Loss) to Average Net Assets		0.88	%(d)		0.42	%(d)
Portfolio Turnover Rate (e)		3	%(c)		7	%(c)

(a) Commencement of operations on July 12, 2021.

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

(c) Not annualized.

(d) Annualized.

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

(f) Realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.

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

192

Pacer Industrials and Logistics ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2022 (a) (Unaudited)
Net Asset Value, Beginning of Period	$	24.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.19
Net Realized and Unrealized Gain (Loss) on Investments (c)		(3.16	)
Total from Investment Operations		(2.97	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.15	)
Total Distributions		(0.15	)
Net Asset Value, End of Period	$	21.75
Total Return		-11.91	%(f)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	870
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(e)
Net Investment Income (Loss) to Average Net Assets		2.02	%(e)
Portfolio Turnover Rate (d)		1	%(f)

(a) Commencement of operations on June 8, 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) Annualized.

(f) Not annualized.

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

193

Pacer Data and Digital Revolution ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2022 (a) (Unaudited)
Net Asset Value, Beginning of Period	$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.07
Net Realized and Unrealized Gain (Loss) on Investments (c)		(3.40	)
Total from Investment Operations		(3.33	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.04	)
Total Distributions		(0.04	)
Net Asset Value, End of Period	$	21.94
Total Return		-13.16	%(f)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	878
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(e)
Net Investment Income (Loss) to Average Net Assets		0.76	%(e)
Portfolio Turnover Rate (d)		4	%(f)

(a) Commencement of operations on June 8, 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) Annualized.

(f) Not annualized.

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

194

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited)

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, PSCX, PSMD, PSFD, PSFF, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, ODDS and BULD’s fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, TRPL which generally consist of 25,000 shares, QDPL which generally consist of 30,000 shares, and FLRT, SHPP and TRFK which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Pacific Global Senior Loan ETF (FLRT or the “Predecessor Fund”) is the successor to interest and has the same investment objective that was included as a series of another investment company, Pacific Global ETF Trust, and that was advised by Pacific Global Advisors LLC and Sub-Advised by Pacific Asset Management LLC. On October 20, 2021, the shareholders of the Predecessor Fund approved the tax-free reorganization of the Predecessor Fund with and into Pacer Pacific Asset Floating Rate High Income ETF, and effective as of the close of business on October 22, 2021, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of Pacer Pacific Asset Floating Rate High Income ETF. For financial reporting purposes, assets received and shares issued by FLRT were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of FLRT’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by Pacer Pacific Asset Floating Rate High Income ETF in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was June 30. The reporting period ended April 30, 2022 for FLRT is July 1, 2021 through April 30, 2022. Operations prior to October 25, 2021 were for the Predecessor Fund. The net assets were $36,716,030, including $47,406 of net unrealized appreciation, $24,639 of undistributed (accumulated) net investment income, and ($649,269) of undistributed (accumulated) net realized loss and shares outstanding were 750,000, all of which were transferred into the Trust at NAV at the close of business on October 22, 2021.

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer Trendpilot® US Large Cap ETF		PTLC		June 11, 2015		Cboe	$	500	*
Pacer Trendpilot® US Mid Cap ETF		PTMC		June 11, 2015		Cboe		500	*
Pacer Trendpilot® 100 ETF		PTNQ		June 11, 2015		Cboe		300
Pacer Trendpilot® European Index ETF		PTEU		December 14, 2015		Cboe		2,000	*
Pacer Trendpilot® International ETF		PTIN		May 2, 2019		NYSE		8,000	*
Pacer Trendpilot® US Bond ETF		PTBD		October 22, 2019		NYSE		500	*

195

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer Trendpilot® Fund of Funds ETF		TRND		May 3, 2019		NYSE	$	300
Pacer Global Cash Cows Dividend ETF		GCOW		February 22, 2016		Cboe		1,500
Pacer US Cash Cows 100 ETF		COWZ		December 16, 2016		Cboe		300
Pacer US Small Cap Cash Cows 100 ETF		CALF		June 16, 2017		Cboe		300
Pacer Developed Markets International Cash Cows 100 ETF		ICOW		June 16, 2017		Cboe		1,500
Pacer US Cash Cows Growth ETF		BUL		May 2, 2019		NYSE		300
Pacer Emerging Markets Cash Cows 100 ETF		ECOW		May 2, 2019		Nasdaq		1,750
Pacer Cash Cows Fund of Funds ETF		HERD		May 3, 2019		Nasdaq		300
Pacer WealthShield ETF		PWS		December 11, 2017		Cboe		500
Pacer Industrial Real Estate ETF		INDS		May 14, 2018		NYSE		300
Pacer Data & Infrastructure Real Estate ETF		SRVR		May 15, 2018		NYSE		300
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF		SZNE		July 23, 2018		NYSE		500
Pacer CSOP FTSE China A50 ETF		AFTY		March 10, 2015		NYSE		300
Pacer BioThreat Strategy ETF		VIRS		June 24, 2020		Cboe		300
Pacer Lunt Large Cap Alternator ETF		ALTL		June 24, 2020		NYSE		300
Pacer Lunt Midcap Multi-Factor Alternator ETF		PAMC		June 24, 2020		NYSE		300
Pacer Lunt Large Cap Multi-Factor Alternator ETF		PALC		June 24, 2020		NYSE		300
Pacer US Export Leaders ETF		PEXL		July 23, 2018		NYSE		300
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF		TRPL		July 12, 2021		NYSE		300
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF		QDPL		July 12, 2021		NYSE		300
Pacer Pacific Asset Floating Rate High Income ETF		FLRT		February 18, 2015		NYSE		300
Pacer Data and Digital Revolution ETF		TRFK		June 8, 2022		NYSE		750
Pacer Industrials and Logistics ETF		SHPP		June 8, 2022		NYSE		2,000

* For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

Ticker	Index	Diversification
PTLC	Pacer Trendpilot® US Large Cap Index	Diversified
PTMC	Pacer Trendpilot® US Mid-Cap Index	Diversified
PTNQ	Pacer NASDAQ-100 Trendpilot® Index	Non-Diversified
PTEU	Pacer Trendpilot® European Index	Diversified
PTIN	Pacer Trendpilot® International Index	Non-Diversified
PTBD	Pacer Trendpilot® US Bond Index	Diversified
TRND	Pacer Trendpilot Fund of Funds Index	Non-Diversified
GCOW	Pacer Global Cash Cows Dividends Index	Diversified
COWZ	Pacer US Cash Cows 100 Index	Diversified
CALF	Pacer US Small Cap Cash Cows Index	Diversified
ICOW	Pacer Developed Markets International Cash Cows 100 Index	Diversified
BUL	Pacer US Cash Cows Growth Index	Non-Diversified
ECOW	Pacer Emerging Markets Cash Cows 100 Index	Non-Diversified
HERD	Pacer Cash Cows Fund of Funds Index	Non-Diversified
PWS	Pacer WealthShield Index	Diversified
INDS	Solactive GPR Industrial Real Estate Index	Non-Diversified
SRVR	Solactive GPR Data & Infrastructure Real Estate Index	Non-Diversified
SZNE	CFRA-Stovall Equal Weight Seasonal Rotation Index	Diversified
AFTY	FTSE China A50 Net Total Return Index	Diversified
VIRS	LifeSci BioThreat Strategy Index	Non-Diversified

196

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

Ticker	Index	Diversification
ALTL	Lunt Capital U.S. Large Cap Equity Rotation Index	Non-Diversified
PAMC	Lunt Capital U.S. MidCap Multi-Factor Rotation Index	Non-Diversified
PALC	Lunt Capital U.S. Large Cap Multi-Factor Rotation Index	Non-Diversified
PEXL	Pacer US Export Leaders Index	Diversified
TRPL	Metaurus US Large Cap Dividend Multiplier Index – Series 300	Non-Diversified
QDPL	Metaurus US Large Cap Dividend Multiplier Index – Series 400	Non-Diversified
TRFK	Pacer Data Transmission and Communication Revolution Index	Non-Diversified
SHPP	Pacer Global Supply Chain Infrastructure Index	Non-Diversified

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

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.

Deposit accounts are valued at acquisition cost, which approximates fair value.

Any securities for which there are no readily available market quotations and other assets will be valued at their fair value as determined in good faith by the Fair Value Pricing Committee using the Fair Value Procedures approved by the 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.

197

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

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, 2022:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Short-Term Investments	$	69,585,935	$	2,050,991,308	$	—	$	—		2,120,577,243
Total Investments in Securities	$	69,585,935	$	2,050,991,308	$	—	$	—	$	2,120,577,243

^ See Schedule of Investments for further breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Short-Term Investments	$	38,412,509	$	483,231,489	$	—	$	—		521,643,998
Total Investments in Securities	$	38,412,509	$	483,231,489	$	—	$	—	$	521,643,998

^ See Schedule of Investments for further breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	319,534,239	$	—	$	—	$	—	$	319,534,239
Short-Term Investments		19,853,625		332,102,327		—		—		351,955,952
Investments Purchased with Proceeds from Securities Lending		—		—		—		42,974,735		42,974,735
Total Investments in Securities	$	339,387,864	$	332,102,327	$	—	$	42,974,735	$	714,464,926

^ See Schedule of Investments for sector breakouts.

198

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,044	$	—	$	47,792			$	51,836
Short-Term Investments		1,448,048		48,804,658		—		—		50,252,706
Total Investments in Securities	$	1,452,092	$	48,804,658	$	47,792	$	—	$	50,304,542

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTEU(a)	Balance as of 4/30/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 10/31/2022
Common Stocks	$ 34,030	$ —	$ 13,762	$ —	$ —	$ —	$ —	$ 47,792

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

PTEU	Fair Value as of 10/31/2022		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input(a)
Common Stocks	$	5,972		Last Trade Price		Stale Data		4.80 EUR
Common Stocks	$	41,820		US Line		Delisting		10.59 EUR

^(a) Table presents information for two securities: FF Group, which has been valued at 4.80 EUR throughout the period and TechnipFMC PLC which has been valued between 5.6251 - 10.9200 EUR.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	10,123	$	—	$	—	$	—	$	10,123
Preferred Stocks		484		—		—		—		484
Short-Term Investments		3,780,803		112,471,293		—		—		116,252,096
Total Investments in Securities	$	3,791,410	$	112,471,293	$	—	$	—	$	116,262,703

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	322,530,692	$	—	$	—	$	322,530,692
Investments Purchased with Proceeds from Securities Lending		—		—		—		12,837,594		12,837,594
Total Investments in Securities	$	—	$	322,530,692	$	—	$	12,837,594	$	335,368,286

^ See Schedule of Investments for sector breakouts.

199

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

TRND

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	57,343,058	$	—	$	—	$	—	$	57,343,058
Short-Term Investments		127,287		—		—		—		127,287
Total Investments in Securities	$	57,470,345	$	—	$	—	$	—	$	57,470,345

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	687,228,716	$	—	$	—	$	—	$	687,228,716
Preferred Stocks		12,651,517		—		—		—		12,651,517
Short-Term Investments		105,413		—		—		—		105,413
Investments Purchased with Proceeds from Securities Lending		—		—		—		96,835,987		96,835,987
Total Investments in Securities	$	699,985,646	$	—	$	—	$	96,835,987	$	796,821,633

^ See Schedule of Investments for country breakouts.

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	8,484,856,909	$	—	$	—	$	—	$	8,484,856,909
Real Estate Investment Trusts		236,092,578		—		—		—		236,092,578
Short-Term Investments		8,330,964		—		—		—		8,330,964
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,131,458,005		1,131,458,005
Total Investments in Securities	$	8,729,280,451	$	—	$	—	$	1,131,458,005	$	9,860,738,456

^ See Schedule of Investments for sector breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,177,919,712	$	—	$	—	$	—	$	1,177,919,712
Real Estate Investment Trusts		34,097,313		—		—		—		34,097,313
Short-Term Investments		1,734,674		—		—		—		1,734,674
Investments Purchased with Proceeds from Securities Lending		—		—		—		361,989,914		361,989,914
Total Investments in Securities	$	1,213,751,699	$	—	$	—	$	361,989,914	$	1,575,741,613

^ See Schedule of Investments for sector breakouts.

200

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	175,195,838	$	—	$	—	$	—	$	175,195,838
Preferred Stocks		3,372,153		—		—		—		3,372,153
Short-Term Investments		114,775		—		—		—		114,775
Investments Purchased with Proceeds from Securities Lending		—		—		—		20,586,519		20,586,519
Total Investments in Securities	$	178,682,766	$	—	$	—	$	20,586,519	$	199,269,285

^ See Schedule of Investments for country breakouts.

BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	20,972,354	$	—	$	—	$	—	$	20,972,354
Short-Term Investments		11,952		—		—		—		11,952
Investments Purchased with Proceeds from Securities Lending		—		—		—		2,864,668		2,864,668
Total Investments in Securities	$	20,984,306	$	—	$	—	$	2,864,668	$	23,848,974

^ See Schedule of Investments for sector breakouts.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	11,444,448	$	—	$	0	$	—	$	11,444,448
Preferred Stocks		1,398,698		—		—		—		1,398,698
Mutual Funds		46,308		—		—		—		46,308
Short-Term Investments		135,561		—		—		—		135,561
Investments Purchased with Proceeds from Securities Lending		—		—		—		237,400		237,400
Total Investments in Securities	$	13,025,015	$	—	$	—	$	237,400	$	13,262,415

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

ECOW (a)	Balance as of 4/30/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 10/31/2022
Common Stocks	$ 0	$ —	$ —	$ —	$ —	$ —	$ —	$ 0

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

ECOW	Fair Value as of 10/31/2022		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input(a)
Common Stocks	$	0		Market comparable companies		Discount for lack of marketability		$0.00

^(a) Table presentes information for eleven securities, which due to the Russian foreign exchange restrictions, are not actively traded.

201

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

HERD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	24,970,356	$	—	$	—	$	—	$	24,970,356
Short-Term Investments		16,036		—		—		—		16,036
Total Investments in Securities	$	24,986,392	$	—	$	—	$	—	$	24,986,392

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	14,620,384	$	—	$	—	$	—	$	14,620,384
Contingent Value Rights		—		—		2,886		—		2,886
Short-Term Investments		4,424,448		19,876,965		—		—		24,301,413
Total Investments in Securities	$	19,044,832	$	19,876,965	$	2,886	$	—	$	38,924,683

^ See Schedule of Investments for sector breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:    

PWS(a)	Balance as of 4/30/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/2022
Contingent Value Rights	$ 2,886	$ —	$ —	$ —	$ —	$ —	$ —	$ 2,886

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

PWS	Fair Value as of 10/31/2022		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Contingent Value Rights	$	2,886		Acquisition Price		Stale Data		$0.46

^(a) Table presents information for one security, which has been valued at $0.46 throughout the period.

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	10,867,872	$	—	$	—	$	—	$	10,867,872
Real Estate Investment Trusts		197,235,511		—		—		—		197,235,511
Short-Term Investments		609,670		—		—		—		609,670
Investments Purchased with Proceeds from Securities Lending		—		—		—		31,600,088		31,600,088
Total Investments in Securities	$	208,713,053	$	—	$	—	$	31,600,088	$	240,313,141

^ See Schedule of Investments for sector breakouts.

202

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	301,118,724	$	—	$	—	$	—	$	301,118,724
Real Estate Investment Trusts		604,020,369		—		—		—		604,020,369
Short-Term Investments		1,832,094		—		—		—		1,832,094
Investments Purchased with Proceeds from Securities Lending		—		—		—		69,760,923		69,760,923
Total Investments in Securities	$	906,971,187	$	—	$	—	$	69,760,923	$	976,732,110

^ See Schedule of Investments for sector breakouts.

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	69,384,094	$	—	$	—	$	—	$	69,384,094
Short-Term Investments		59,281		—		—		—		59,281
Investments Purchased with Proceeds from Securities Lending		—		—		—		9,105,652		9,105,652
Total Investments in Securities	$	69,443,375	$	—	$	—	$	9,105,652	$	78,549,027

^ See Schedule of Investments for sector breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,693,077	$	—	$	—	$	—	$	4,693,077
Short-Term Investments		31,851		—		—		—		31,851
Total Investments in Securities	$	4,724,928	$	—	$	—	$	—	$	4,724,928

^ See Schedule of Investments for sector breakouts.

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,102,870	$	—	$	—	$	—	$	4,102,870
Short-Term Investments		2,845		—		—		—		2,845
Investments Purchased with Proceeds from Securities Lending		—		—		—		432,497		432,497
Total Investments in Securities	$	4,105,715	$	—	$	—	$	432,497	$	4,538,212

^ See Schedule of Investments for sector breakouts.

203

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	831,554,490	$	—	$	—	$	—	$	831,554,490
Short-Term Investments		473,254		—		—		—		473,254
Investments Purchased with Proceeds from Securities Lending		—		—		—		88,557,948		88,557,948
Total Investments in Securities	$	832,027,744	$	—	$	—	$	88,557,948	$	920,585,692

^ See Schedule of Investments for sector breakouts.

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	36,450,494	$	—	$	—	$	—	$	36,450,494
Real Estate Investment Trusts		770,406		—		—		—		770,406
Short-Term Investments		36,790		—		—		—		36,790
Investments Purchased with Proceeds from Securities Lending		—		—		—		8,258,734		8,258,734
Total Investments in Securities	$	37,257,690	$	—	$	—	$	8,258,734	$	45,516,424

^ See Schedule of Investments for sector breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	196,038,260	$	—	$	—	$	—	$	196,038,260
Real Estate Investment Trusts		11,269,251		—		—		—		11,269,251
Short-Term Investments		946,116		—		—		—		946,116
Investments Purchased with Proceeds from Securities Lending		—		—		—		20,268,142		20,268,142
Total Investments in Securities	$	208,253,627	$	—	$	—	$	20,268,142	$	228,521,769

^ See Schedule of Investments for sector breakouts.

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	8,755,353	$	—	$	—	$	—	$	8,755,353
Real Estate Investment Trusts		81,001		—		—		—		81,001
Short-Term Investments		9,465		—		—		—		9,465
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,344,952		1,344,952
Total Investments in Securities	$	8,845,819	$	—	$	—	$	1,344,952	$	10,190,771

^ See Schedule of Investments for sector breakouts.

204

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

FLRT

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Bank Loans	$	—	$	39,659,187	$	—	$	—	$	39,659,187
Corporate Bonds		—		7,565,608		—		—		7,565,608
Asset-Backed Securities		—		21,651,939				—		21,651,939
Exchange Traded Funds		1,180,510		—		—		—		1,180,510
Closed-End Funds		24,898		—		—		—		24,898
Short-Term Investments		5,728,283		—		—		—		5,728,283
Total Investments in Securities	$	6,933,691	$	68,876,734	$	—	$	—	$	75,810,425

^ See Schedule of Investments for sector breakouts.

TRPL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,548,087	$	—	$	—	$	—	$	1,548,087
Real Estate Investment Trusts		40,888		—		—		—		40,888
Short-Term Investments		35,883		—		—		—		35,883
Total Investments in Securities		1,624,858		—		—		—	$	1,624,858
Other Financial Instruments (a)										—
Futures Contracts	$	133	$	—	$	—	$	—	$	133

^ 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.

QDPL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	66,713,247	$	—	$	—	$	—	$	66,713,247
Real Estate Investment Trusts		1,762,755		—		—		—		1,762,755
Short-Term Investments		2,929,607		—		—		—		2,929,607
US Government Notes/Bonds		—		4,867,297		—		—		4,867,297
Total Investments in Securities		71,405,609		4,867,297		—		—		76,272,906
Other Financial Instruments (a)
Futures Contracts	$	73,647	$	—	$	—	$	—	$	73,647

^ See Schedule of Investments for industry 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.

205

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

TRFK

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	875,845	$	—	$	—	$	—	$	875,845
Short-Term Investments		2,233		—		—		—		2,233
Total Investments in Securities	$	878,078	$	—	$	—	$	—	$	878,078

^ See Schedule of Investments for sector breakouts.

SHPP

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	845,298	$	—	$	—	$	—	$	845,298
Exchange Traded Funds		20,502		—		—		—		20,502
Short-Term Investments		2,840		—		—		—		2,840
Total Investments in Securities	$	868,640	$	—	$	—	$	—	$	868,640

^ See Schedule of Investments for sector breakouts.

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

C. Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period/year ended April 30, 2022, the Funds did not have any tax positions that did not meet the “more-likely- than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2022, 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 (2019-2021) or expected to be taken in each of the Fund’s 2022 tax returns. During the year/period ended April 30, 2022, the Funds did not incur any interest or penalties.

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

Distributions received from the Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.

206

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

E. Distributions to Shareholders. Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. GCOW, COWZ, CALF, ICOW, PWS, PEXL, INDS, SRVR, SZNE, BUL, ECOW, HERD, VIRS, ALTL, PAMC, PALC, TRPL, QDPL, SHPP and TRFK are declared and paid on a quarterly basis. FLRT and PTBD are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

I. Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2022, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTLC		(424,859,325	)		424,859,325
PTMC		(47,080,888	)		47,080,888
PTNQ		(115,946,441	)		115,946,441
PTEU		(333,007	)		333,007
PTIN		(14,509,524	)		14,509,524
PTBD		(12,354,230	)		12,354,230
TRND		(583,509	)		583,509
GCOW		(8,060,321	)		8,060,321
COWZ		(119,756,133	)		119,756,133
CALF		(30,604,251	)		30,604,251
ICOW		(881,143	)		881,143
BUL		(932,219	)		932,219
ECOW		(157,472	)		157,472
HERD		(212,885	)		212,885
PWS		(6,586,585	)		6,586,585
INDS		(29,026,660	)		29,026,660
SRVR		(90,466,164	)		90,466,164
SZNE		(154,535	)		154,535
AFTY		2,676			(2,676	)
VIRS		(556,553	)		556,553
ALTL		(76,074,041	)		76,074,041
PAMC		(5,660,154	)		5,660,154
PALC		(14,604,996	)		14,604,996
PEXL		(352,539	)		352,539
TRPL		(45,644	)		45,644
QDPL		1,275,430			(1,275,430	)
FLRT		—			—

207

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

SHPP and TRFK commenced operations after April 30, 2022.

During the fiscal year/period ended April 30, 2022, the Funds’ realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid- in-capital.

PTLC	$	425,464,379
PTMC		47,052,055
PTNQ		133,074,735
PTEU		862,772
PTIN		14,922,002
PTBD		15,528,274
TRND		627,315
GCOW		8,296,440
COWZ		122,848,890
CALF		37,606,314
ICOW		881,143
BUL		(841,357	)
ECOW		210,906
HERD		213,706
PWS		6,611,900
INDS		29,746,781
SRVR		94,280,539
SZNE		166,594
AFTY		—
VIRS		568,961
ALTL		78,914,614
PAMC		6,294,585
PALC		15,371,108
PEXL		378,356
TRPL		99,468
QDPL		—
FLRT		—	(a)

^(a) For the period ended July 1, 2021 to April 30, 2022.

SHPP and TRFK commenced operations after April 30, 2022.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

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

	Annual Rate of Average Daily Net Assets
PTLC		0.60	%
PTMC		0.60	%
PTNQ		0.65	%

208

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

	Annual Rate of Average Daily Net Assets
PTEU		0.65	%
PTIN		0.65	%
PTBD		0.60	%
TRND		0.15	%
GCOW		0.60	%
COWZ		0.49	%
CALF		0.59	%
ICOW		0.65	%
BUL		0.60	%
ECOW		0.70	%
HERD		0.15	%
PWS		0.60	%
INDS		0.60	%
SRVR		0.60	%
SZNE		0.60	%
AFTY		0.70	%
VIRS		0.70	%
ALTL		0.60	%
PAMC		0.60	%
PALC		0.60	%
PEXL		0.60	%
TRPL		0.79	%
QDPL		0.79	%
FLRT		0.60	%
TRFK		0.60	%
SHPP		0.60	%

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub- adviser to PTBD, CSOP serves as the sub-adviser to AFTY, Metaurus Advisors, LLC, (“Metaurus”) serves as the sub-adviser to TRPL and QDPL and Pacific Asset Management LLC (“Pacific Asset”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, Metaurus and Pacific Asset are paid by the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for trading portfolio securities on behalf of AFTY, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of AFTY’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for trading portfolio securities on behalf of PTBD, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of PTBD’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

Pusuant to a Sub-Advisory Agreement between the Adviser and Metaurus (the “Sub-Advisory Agreement”), Metaurus is responsible for trading portfolio securities on behalf of TRPL and QDPL, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of TRPL and QDPL respective Indexes, 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.

209

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

Pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset is responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Pacific Asset is compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended October 31, 2022.

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, 2022, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended October 31, 2022, the Funds (excluding TRND, HERD, AFTY, TRPL, QDPL, FLRT, TRFK and SHPP) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2022.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	—
PTMC		—
PTNQ		42,974,735
PTEU		—
PTIN		—
PTBD		12,837,594

210

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
TRND	$	—
GCOW		96,835,987
COWZ		1,131,458,005
CALF		361,989,914
ICOW		20,586,519
BUL		2,864,668
ECOW		237,400
HERD		—
PWS		—
INDS		31,600,088
SRVR		69,760,923
SZNE		9,105,652
AFTY		—
VIRS		432,497
ALTL		88,557,948
PAMC		8,258,734
PALC		20,268,142
PEXL		1,344,952
TRPL		—
QDPL		—
FLRT		—
TRFK		—
SHPP		—

* 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.

211

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The following table represents a summary of the value of derivative instruments as of October 31, 2022 and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2022:

TRPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2022

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	133

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2022 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	$5,500

QDPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2022

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	73,647

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2022 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	$308,440

The average monthly value of long futures during the period ended October 31, 2022 in TRPL was $191,050. The average monthly value of long futures during the period ended October 31, 2022 in QDPL was $9,975,525.

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October 31, 2022 (Unaudited) (Continued)

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, 2022:

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
Morgan Stanley, LLC	$	102,224	$	—	$	102,224	$	102,224	$	—	$	—
QDPL
Futures Contracts
Morgan Stanley, LLC		1,690,912		—		1,690,912		1,690,912		—		—

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
PTNQ
Securities Lending	$	42,974,735	$	—	$	42,974,735	$	42,974,735	$	—	$	—
PTBD
Securities Lending		12,837,594		—		12,837,594		12,837,594		—		—
GCOW
Securities Lending		96,835,987		—		96,835,987		96,835,987		—		—
COWZ
Securities Lending		1,131,458,005		—		1,131,458,005		1,131,458,005		—		—
CALF
Securities Lending		361,989,914		—		361,989,914		361,989,914		—		—
ICOW
Securities Lending		20,586,519		—		20,586,519		20,586,519		—		—
BUL
Securities Lending		2,864,668		—		2,864,668		2,864,668		—		—
ECOW
Securities Lending		237,400		—		237,400		237,400		—		—
INDS
Securities Lending		31,600,088		—		31,600,088		31,600,088		—		—
SRVR
Securities Lending		69,760,923		—		69,760,923		69,760,923		—		—
SZNE
Securities Lending		9,105,652		—		9,105,652		9,105,652		—		—
VIRS
Securities Lending		432,497		—		432,497		432,497		—		—
ALTL
Securities Lending		88,557,948		—		88,557,948		88,557,948		—		—

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							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
PAMC
Securities Lending	$	8,258,734	$	—	$	8,258,734	$	8,258,734	$	—	$	—
PALC
Securities Lending		20,268,142		—		20,268,142		20,268,142		—		—
PEXL
Securities Lending		1,344,952		—		1,344,952		1,344,952		—		—

NOTE 9 – INVESTMENT TRANSACTIONS

For the year/period ended October 31, 2022, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

	Purchases		Sales		In-Kind Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
PTLC	$	—	$	—	$	—	$	—	$	—	$	—
PTMC		475,035,906		418,600,054		—		23,431,306		—		—
PTNQ		344,417,744		1,091,913		14,210,814		9,742,461		—		—
PTEU		—		—		—		488		—		—
PTIN		—		7,997		—		455		—		—
PTBD		2,641,877,133		2,670,250,500		—		468,725,159		1,471,917,202		1,457,363,626
TRND		2,253,245		1,860,842		—		4,083,249		—		—
GCOW		202,900,054		179,062,535		414,816,322		5,441,284		—		—
COWZ		38,109,443,990		3,779,195,309		4,803,474,175		449,145,700		—		—
CALF		455,449,144		452,720,596		426,661,045		40,584,903		—		—
ICOW		57,432,685		45,879,887		78,448,243		—		—		—
BUL		2,008,696		1,967,075		12,022,983		—		—		—
ECOW		5,542,339		4,164,796		3,742,909		—		—		—
HERD		766,130		751,530		20,280,862		3,022,520		—		—
PWS		34,906,753		54,546,637		4,542,107		1,667,769		—		—
INDS		197,789,319		203,906,889		24,461,812		116,812,187		—		—
SRVR		384,407,388		388,747,530		91,020,886		169,167,593		—		—
SZNE		76,548,451		76,700,518		—		8,296,854		—		—
AFTY		500,064		402,174		—		—		—		—
VIRS		328,941		332,054		—		1,349,101		—		—
ALTL		1,057,451,377		1,054,965,580		424,983,846		62,055,113		—		—
PAMC		87,123,171		87,082,449		77,540,107		4,642,743		—		—
PALC		508,281,337		509,132,732		24,960,804		76,049,845		—		—
PEXL		2,109,052		2,017,836		5,416,059		—		—		—
FLRT		39,483,497		43,815,355		—		—		—		—
TRPL		23,418		49,607		—		—		—		—
QDPL		3,566,360		1,496,862		22,695,669		715,002		967,734		—
TRFK		38,925		38,632		1,011,536		—		—		—
SHPP		37,051		13,558		968,377		—		—		—

214

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NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES

The Pacer Trendpilot Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot ETFs”). Each of the Trendpilot ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot Indexes”). Each Trendpilot Index other than the Pacer Trendpilot US Bond Index (collectively, the “Trendpilot Equity Indexes”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Underlying Component” specified in the table below, (ii) 50% to the applicable Underlying Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Underlying Component and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Underlying Component is based on the total return version of such Underlying Component and reflects the reinvestment of dividends paid by the securities in such Underlying Component.

The Pacer Trendpilot US Bond Index (the “Trendpilot Bond Index”) uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index, depending on the value of the S&P U.S. High Yield Corporate Bond Index divided by the value of the S&P U.S.Treasury Bond 7-10 Year Index (the “Risk Ratio”).

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

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2022		Purchases		Sales			Balance October 31, 2022
PTBD		544,421		72,100		(38,036	)		578,485
PTIN		512,621		3,000		(48,711	)		466,910
PTLC		331,507		3,500		(31,644	)		303,363
PTMC		381,321		16,200		(41,881	)		355,640
PTNQ		252,350		600		(26,259	)		226,691

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTBD	$	11,621,763	$	427,512	$	(26,909	)	$	(1,646,387	)
PTIN		11,443,964		—		(50,652	)		133,366
PTLC		11,456,504		—		177,142			(92,729	)
PTMC		11,440,939		—		102,026			(909,265	)
PTNQ		11,379,888		—		171,749			(655,875	)
Total		57,343,058		427,512		373,356			(3,170,890	)

The Pacer Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying

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index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.

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

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2022		Purchases		Sales			Balance October 31, 2022
BUL		44,165		123,562		(27,017	)		140,710
CALF		42,955		117,617		(23,460	)		137,112
COWZ		35,485		91,148		(17,087	)		109,546
GCOW		53,671		140,070		(24,616	)		169,125
ICOW		57,271		164,930		(24,588	)		197,613

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	4,922,008	$	9,018	$	(69,342	)	$	50,167
CALF		5,140,329		14,095		(36,933	)		69,345
COWZ		5,087,316		28,136		(6,130	)		16,358
GCOW		4,884,330		74,410		(11,121	)		(270,916	)
ICOW		4,936,373		96,036		6,333			(402,698	)
Total		24,970,356		221,695		(117,193	)		(537,744	)

NOTE 11 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2022 were as follows:

	PTLC			PTMC			PTNQ			PTEU			PTIN
Tax cost of investments	$	1,197,906,243		$	442,093,299		$	791,186,353		$	45,608,228		$	70,917,239
Gross tax unrealized appreciation		5,539			13,055			—			487			3,607
Gross tax unrealized depreciation		(25,254	)		—			(23,929	)		(32,259	)		(11,169	)
Net tax unrealized appreciation (depreciation)		(19,715	)		13,055			(23,929	)		(31,772	)		(7,562	)
Undistributed ordinary income		3,251,380			—			—			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		3,251,380			—			—			—			—
Other accumulated (loss)		(342,998,560	)		(85,269,851	)		(47,111,020	)		(50,920,936	)		(24,526,653	)
Total accumulated gain (loss)	$	(339,766,895	)	$	(85,256,796	)	$	(47,134,949	)	$	(50,952,708	)	$	(24,534,215	)

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October 31, 2022 (Unaudited) (Continued)

	PTBD			TRND			GCOW			COWZ			CALF
Tax cost of investments	$	1,076,596,498		$	64,008,470		$	403,475,319		$	5,074,827,097		$	1,159,066,283
Gross tax unrealized appreciation		356,394			3,910,631			21,233,507			273,920,091			43,606,791
Gross tax unrealized depreciation		(55,681,823	)		(3,943,524	)		(21,557,612	)		(300,203,562	)		(118,134,251	)
Net tax unrealized appreciation (depreciation)		(55,325,429	)		(32,893	)		(324,105	)		(26,283,471	)		(74,527,460	)
Undistributed ordinary income		4,682,286			97,780			1,589,181			3,502,339			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		4,682,286			97,780			1,589,181			3,502,339			—
Other accumulated (loss)		(139,989,721	)		(588,904	)		(31,946,150	)		(41,066,959	)		(36,149,313	)
Total accumulated gain (loss)	$	(190,632,864	)	$	(524,017	)	$	(30,681,074	)	$	(63,848,091	)	$	(110,676,773	)

	ICOW			BUL			ECOW			HERD			PWS
Tax cost of investments	$	127,322,025		$	12,856,386		$	13,230,603		$	8,920,463		$	39,548,109
Gross tax unrealized appreciation		6,820,671			263,290			937,564			101,196			478,594
Gross tax unrealized depreciation		(11,618,948	)		(1,920,184	)		(2,750,912	)		(659,987	)		(1,197,353	)
Net tax unrealized appreciation (depreciation)		(4,798,277	)		(1,656,894	)		(1,813,348	)		(558,791	)		(718,759	)
Undistributed ordinary income		438,015			—			108,252			5,656			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		438,015			—			108,252			5,656			—
Other accumulated (loss)		(5,484,138	)		(495,368	)		(230,984	)		—			(22,885,148	)
Total accumulated gain (loss)	$	(9,844,400	)	$	(2,152,262	)	$	(1,936,080	)	$	(553,135	)	$	(23,603,907	)

	INDS			SRVR			SZNE			AFTY			VIRS
Tax cost of investments	$	434,507,707		$	1,467,025,582		$	93,488,926		$	6,051,599		$	8,353,255
Gross tax unrealized appreciation		42,368,815			101,947,062			37			999,411			235,261
Gross tax unrealized depreciation		(27,138,384	)		(157,214,228	)		(6,455	)		(869,432	)		(1,105,992	)
Net tax unrealized appreciation (depreciation)		15,230,431			(55,267,166	)		(6,418	)		129,979			(870,731	)
Undistributed ordinary income		1,270,595			—			4,837			—			367
Undistributed long-term gain		—			1,717,631			—			—			—
Total distributable earnings		1,270,595			1,717,631			4,837			—			367
Other accumulated (loss)		(839,404	)		—			(19,963,415	)		(1,465,998	)		—
Total accumulated gain (loss)	$	15,661,622		$	(53,549,535	)	$	(19,964,996	)	$	(1,336,019	)	$	(870,364	)

	ALTL			PAMC			PALC			PEXL			TRPL
Tax cost of investments	$	604,282,674		$	49,294,229		$	327,993,307		$	5,097,189		$	1,954,188
Gross tax unrealized appreciation		3,771,557			1,849,535			9,365,536			163,909			87,185
Gross tax unrealized depreciation		(24,924,668	)		(4,680,349	)		(33,345,216	)		(539,556	)		(278,270	)
Net tax unrealized appreciation (depreciation)		(21,153,111	)		(2,830,814	)		(23,979,680	)		(375,647	)		(191,085	)
Undistributed ordinary income		203,751			—			154,942			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		203,751			—			154,942			—			—
Other accumulated (loss)		(40,787,957	)		(6,423,850	)		(13,582,133	)		(159,294	)		(6,462	)
Total accumulated gain (loss)	$	(61,737,317	)	$	(9,254,664	)	$	(37,406,871	)	$	(534,941	)	$	(197,547	)

217

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NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

	QDPL			FLRT
Tax cost of investments	$	57,785,975		$	91,916,140
Gross tax unrealized appreciation		1,999,531			37,527
Gross tax unrealized depreciation		(6,343,695	)		(1,650,539	)
Net tax unrealized appreciation (depreciation)		(4,344,164	)		(1,613,012	)
Undistributed ordinary income		—			118,897
Undistributed long-term gain		—			—
Total distributable earnings		—			118,897
Other accumulated (loss)		(208,943	)		(690,710	)
Total accumulated gain (loss)	$	(4,553,107	)	$	(2,184,825	)

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2022 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

At April 30, 2022, the Funds had the following capital loss carryforwards:

	Short-Term			Long-Term			Expires
PTLC	$	(230,987,298	)	$	(112,011,262	)		Indefinite
PTMC		(84,756,736	)		—			Indefinite
PTNQ		(30,168,104	)		(16,475,195	)		Indefinite
PTEU		(40,092,832	)		(10,693,471	)		Indefinite
PTIN		(19,596,784	)		(4,325,607	)		Indefinite
PTBD		(139,778,600	)		(211,121	)		Indefinite
TRND		(401,047	)		(187,857	)		Indefinite
GCOW		(12,199,255	)		(19,706,117	)		Indefinite
COWZ		(20,846,980	)		(20,219,979	)		Indefinite
CALF		(33,052,854	)		(3,096,459	)		Indefinite
ICOW		(3,387,695	)		(2,045,871	)		Indefinite
BUL		(460,683	)		(34,685	)		Indefinite
ECOW		(230,544	)		—			Indefinite
HERD		—			—			Indefinite
PWS		(22,884,333	)		—			Indefinite
INDS		(839,404	)		—			Indefinite
SRVR		—			—			Indefinite
SZNE		(19,963,415	)		—			Indefinite
AFTY		(1,253,834	)		(198,061	)		Indefinite
VIRS		—			—			Indefinite
ALTL		(40,787,957	)		—			Indefinite
PAMC		(6,423,850	)		—			Indefinite
PALC		(13,582,133	)		—			Indefinite
PEXL		(125,091	)		(34,203	)		Indefinite
TRPL		(4,363	)		(2,099	)		Indefinite
QRPL		(77,507	)		(131,436	)		Indefinite
FLRT		(315,620	)		(402,062	)		Indefinite

At April 30, 2022, PTMC, PTNQ, PTEU, PWS, PTIN & AFTY deferred on a tax basis, post-December ordinary late-year losses of $513,115, $467,721, $111,659, $815, $555,739 and $14,103, respectively. None of the Funds deferred on a tax basis post-October capital losses.

SHPP and TRFK commenced operations after April 30, 2022.

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NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2022 was as follows:

	Ordinary Income
PTLC	$	—
PTMC		—
PTNQ		—
PTEU		—
PTIN		—
PTBD		17,730,756
TRND		—
GCOW		15,828,801
COWZ		66,124,207
CALF		5,137,759
ICOW		4,249,732
BUL		46,210
ECOW		614,540
HERD		215,411
PWS		198,877
INDS		3,895,356
SRVR		11,735,531
SZNE		379,280
AFTY		—
VIRS		30,650
ALTL		3,958,154
PAMC		223,720
PALC		2,271,423
PEXL		17,925
TRPL		45,655
QDPL		2,316,678
FLRT		2,337,015
TRFK (a)		1,401
SHPP (a)		6,131

(a) The Fund commenced operations on June 8, 2022. The information presented is for the period from June 8, 2022 to October 31, 2022.

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2022 was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	15,230,924	$	—	$	—	$	—
PTMC		541,282		—		—		—
PTNQ		—		—		—		—
PTEU		787,274		—		—		—
PTIN		3,379,159		—		—		—
PTBD		34,403,646		—		—		—
TRND		640,806		—		—		—
GCOW		6,929,204		—		—		—
COWZ		22,592,335		—		—		—
CALF		9,347,348		—		—		5,679,191
ICOW		1,413,637		—		—		—
BUL		8,394		—		—		5,331
ECOW		420,442		—		—		—

219

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NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
HERD	$	92,538	$	—	$	—	$	—
PWS		417,075		—		—		—
INDS		3,888,598		—		—		—
SRVR		11,646,957		—		2,032,103		—
SZNE		734,947		—		—		—
AFTY		153,101		—		—		2,676
VIRS		42,336		—		—		—
ALTL		2,774,225		—		—		—
PAMC		220,791		—		—		18,230
PALC		1,367,759		—		—		—
PEXL		7,727		—		—		804
TRPL		7,393		—		—		53,832
QDPL		96,485		—		—		1,275,430
FLRT (a)		1,211,347		—		—		—

^(a) For the period ended July 1, 2021 to April 30, 2022.

NOTE 13 – NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (“LIBOR”) quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

NOTE 14 – RISKS

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which each Funds invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of each Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

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.

220

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NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

NOTE 15 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On November 23, 2022, the following Funds declared a distribution from ordinary income to shareholders of record as of November 28, 2022, Payable November 29, 2022, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	479,761	$	0.30558042
PTBD	$	1,707,569	$	0.10945954

On December 21, 2022, the following Funds declared a distribution from ordinary income to shareholders of record as of December 23, 2022, Payable December 27, 2022, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	678,159	$	0.40127752
PTBD	$	2,300,954	$	0.15868649

On December 21, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of December 23, 2022, Payable December 29, 2022, as follows:

	Ordinary Income		Per Share Amount
AFTY	$	100,794	$	0.32951923
ALTL	$	4,197,632	$	0.16960130
BUL	$	92,003	$	0.08000261
CALF	$	4,264,445	$	0.11237010
COWZ	$	70,315,209	$	0.32085425
ECOW	$	206,874	$	0.14776715
GCOW	$	11,086,304	$	0.38097265
ICOW	$	3,031,516	$	0.36089477
INDS	$	1,822,019	$	0.31687288
PALC	$	858,175	$	0.13621826
PAMC	$	135,070	$	0.11745218
PEXL	$	22,345	$	0.07448334
PTEU	$	273,384	$	0.15621943
PTIN	$	444,569	$	0.09879312
PTLC	$	26,415,381	$	0.47086240
PTMC	$	3,237,927	$	0.25495481
PTNQ	$	4,142,394	$	0.30571174
PWS	$	254,817	$	0.24268286
SHPP	$	4,414	$	0.11035000
SRVR	$	4,236,532	$	0.14145349
SZNE	$	266,211	$	0.14789501
TRFK	$	3,579	$	0.08947500
VIRS	$	7,763	$	0.06210400

221

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NOTES TO FINANCIAL STATEMENTS
October 31, 2022 (Unaudited) (Continued)

On December 22, 2022, the following Funds declared a distribution from ordinary income to shareholders of record as of December 27, 2022, Payable December 30, 2022, as follows:

	Ordinary Income		Per Share Amount
HERD	$	217,694	$	0.24188223
TRND	$	942,758	$	0.45988197

On December 28, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of December 30, 2022, Payable January 3, 2023, as follows:

	Ordinary Income		Per Share Amount
TRPL	$	23,365	$	0.46730000
QDPL	$	1,591,800	$	0.53060000

Effective November 1, 2022, PTNQ transfered its primary listing to The Nasdaq Stock Market, LLC.

Effective November 1, 2022, Pacer Advisors, Inc. (the “Adviser”), the investment adviser to the INDS, has contractually agreed to waive 5 basis points (0.05%) of its management fee in INDS until October 31, 2023. The fee waiver agreement may only be terminated prior to October 31, 2023 with the consent of the Adviser and the Pacer Funds Board of Trustees, and may be renewed by the Adviser in its sole discretion.

Effective November 1, 2022, Pacer Advisors, Inc. (the “Adviser”), the investment adviser to the SRVR, has contractually agreed to waive 5 basis points (0.05%) of its management fee in SRVR until October 31, 2023. The fee waiver agreement may only be terminated prior to October 31, 2023 with the consent of the Adviser and the Pacer Funds Board of Trustees, and may be renewed by the Adviser in its sole discretion.

On December 21, 2022, the Pacer Cash Cows Growth Leaders ETF commenced operations.

222

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Review of Liquidity Risk Management Program
(Unaudited)

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 June 27, 2022, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Fund’s 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 several of the funds within the Pacer Funds Trust are deemed “In-Kind” in accordance with Rule 22e-4. They then confirmed with the Program Administrator that no material changes were made to the Program, 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 Fund’s liquidity risk, and that the Program has operated as intended during the past year.

223

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ADDITIONAL INFORMATION
(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

For the fiscal year/period ended April 30, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received deduction (“DRD”), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain (“STCG”) distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

	QDI	DRD	STCG
PTLC	100.00%	100.00%	0.00%
PTMC	100.00%	100.00%	0.00%
PTNQ	0.00%	0.00%	0.00%
PTEU	100.00%	3.37%	0.00%
PTIN	100.00%	3.10%	0.00%
PTBD	0.00%	0.00%	0.00%
TRND	62.88%	49.19%	0.00%
GCOW	100.00%	29.52%	0.00%
COWZ	100.00%	100.00%	0.00%
CALF	100.00%	100.00%	0.00%
ICOW	100.00%	0.61%	0.00%
BUL	100.00%	100.00%	0.00%
ECOW	75.64%	0.15%	0.00%
HERD	94.46%	43.76%	6.41%
PWS	100.00%	100.00%	0.00%
INDS	7.74%	0.09%	0.00%
SRVR	31.11%	11.35%	0.00%
SZNE	100.00%	100.00%	0.00%
AFTY	100.00%	0.00%	0.00%
VIRS	100.00%	100.00%	0.00%
ALTL	50.79%	50.70%	0.00%
PAMC	100.00%	100.00%	0.00%
PALC	100.00%	100.00%	0.00%
PEXL	100.00%	100.00%	0.00%
TRPL	100.00%	100.00%	0.00%
QDPL	100.00%	100.00%	0.00%
FLRT	0.00%	0.00%	0.00%

224

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		—		—		—		—
PTIN		—		—		—		—
PTBD		—		—		—		—
TRND		—		—		—		—
GCOW		6,456,856		382,698		0.60		0.04
COWZ		—		—		—		—
CALF		—		—		—		—
ICOW		2,268,164		192,676		0.60		0.05
BUL		—		—		—		—
ECOW		613,240		58,453		1.23		0.12
HERD		60,077		4,162		0.24		0.02
PWS		—		—		—		—
INDS		—		—		—		—
SRVR		—		—		—		—
SZNE		—		—		—		—
AFTY		218,493		21,946		0.61		0.06
VIRS		—		—		—		—
ALTL		—		—		—		—
PAMC		—		—		—		—
PALC		—		—		—		—
PEXL		—		—		—		—
TRPL		—		—		—		—
QDPL		—		—		—		—
FLRT		—		—		—		—

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

225

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS

PTBD

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on September 27, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer Trendpilot US Bond ETF (PTBD or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Vident Investment Advisory, LLC (the “Sub-Advisor”) with respect to the Fund.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor, Sub-Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the 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 Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement; (2) the Advisor’s and Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and Sub-Advisory Agreement, respectively; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to the Fund by the Advisor and the Sub-Advisor, respectively; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fee payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and Sub-Advisor, respectively. Representatives from the Advisor and the Sub-Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the services and fees, as well as other aspects of the Investment Advisory Agreement and Sub-Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: : (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the fee paid to the Sub-Advisor by the Advisor; and (iv) potential economies of scale.

● Nature, Extent and Quality of Services to be Provided by the Advisor and Sub-Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed the Fund’s investment goal and investment strategy, and each of the Advisor’s and Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that the Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. The Trustees also considered the successful performance of the Sub-Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor and the Sub-

226

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

● Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance program as such relates to the operation of the Fund.

Based on its review, the Board determined that each of the Advisor and the Sub-Advisor is capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor’s and Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to the Peer Group and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (as applicable). The Board also considered other services provided to the Fund by the Advisor and Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor and Sub-Advisor, respectively.

● Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund’s Peer Group. The Board compared the Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Fund, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

● Costs and Benefits of Sub-Advisor’s Sub-Advisory Advisory Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to the Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to the Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Fund may grow in the future.

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 and the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Advisor’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 Advisor and the Sub-Advisor, respectively, to the Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement as to the Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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 27, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to 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 “Funds”).

227

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

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 Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to a Fund by the Advisor; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to each Fund; and (iii) potential economies of scale as it relates to each Fund.

● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each Fund relative to comparable funds managed by other investment advisers (each a “Peer Group”). The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to each Fund by the Advisor.

● Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund’s Peer Group. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with each Fund, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

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● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of a Fund may grow in the future. In considering the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of the Fund. The Trustees considered that, while the investment advisory fee would remain the same at all asset levels, each Fund’s shareholders benefited from the Advisor’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of each Fund would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

BUL

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on March 21, 2022 and reconvened on April 6, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer US Cash Cows Growth ETF (the “Fund”).

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 the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to the Fund by the Advisor; (5) the advisory fee payable by the Fund to the Advisor for its services; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: : (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.

● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed the Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. The Trustees also considered the successful performance of the Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and any potential conflicts.

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(Unaudited) (Continued)

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by the Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to the Peer Group and other products managed by the Advisor with similar investment objectives and strategies as the Fund (as applicable). The Board also considered other services provided to the Fund by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor.

● Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund’s Peer Group. The Board compared the Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Fund, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of the Fund. For the Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Fund’s shareholders benefited from the Advisor’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Fund would not directly result in economies of scale for shareholders.

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 the Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to the Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

VIRS, PALC, ALTL and PAMC

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 27, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer Bio Threat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF and Pacer Lunt MidCap Multi-Factor Alternator ETF (each, a “Fund” and together, the “Funds”).

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

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(Unaudited) (Continued)

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to a Fund by the Advisor; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to each Fund; (iii) potential economies of scale as it relates to each Fund; and (iv) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each Fund relative to comparable funds managed by other investment advisers (each a “Peer Group”). The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to each Fund by the Advisor.

● Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund’s Peer Group. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with each Fund, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of a Fund may grow in the future. In considering the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of the Fund. The Trustees considered that, while the investment advisory fee would remain the same at all asset levels, each Fund’s shareholders benefited from the Advisor’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of each Fund would not directly result in economies of scale for shareholders.

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(Unaudited) (Continued)

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

SHPP and TRFK

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on March 21, 2022 and reconvened on April 6, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer Industrials and Logistics ETF and the Pacer Data and Digital Revolution (each, a “Fund,” together, the “Funds”).

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to each Fund by the Advisor; (5) the advisory fee payable by each Fund to the Advisor for its services; (6) certain comparative information regarding each Fund’s expenses relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the approval of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: : (i) the nature, extent and quality of the services to be provided by the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.

● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board considered the scope of services to be provided under the Investment Advisory Agreement between the Trust and Advisor, noting that the Advisor will be providing investment management services to each Fund. In considering the nature, extent and quality of the services to be provided by the Advisor, the Board reviewed the portfolio management services to be provided by the Advisor to each Fund and discussed these services with the Advisor. Among other things, the Board considered the quality of the Advisor’s portfolio management personnel and the level of services provided to the existing funds in the Trust. The Advisor’s registration form (“Form ADV”) was provided to the Board, as was the Advisor’s response to the 15(c) questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds. The Trustees considered the methodology of each Fund’s underlying index and the performance results provided at the Meeting for each such index. The Trustees also considered each Fund’s investment strategy and the manner in which the Advisor would manage each Fund pursuant to such strategy. The Trustees also considered other services to be provided to the Funds by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Funds by the Advisor.

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(Unaudited) (Continued)

● Costs of Services Provided and Economies of Scale. The Board reviewed the proposed expense ratio and the proposed advisory fee to be paid by each Fund, considered fees paid by comparable funds, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm’s length negotiation. Additionally, the Board took into consideration that the advisory fee was a “unified fee,” meaning that each Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to a Rule 12b-1 distribution plan. The Board noted that the Advisor would be responsible for compensating the Trust’s other service providers and paying the Funds’ other expenses out of its own fee and resources. The Board also evaluated the compensation and benefits expected to be received by the Advisor from its relationship with each Fund. The Board then evaluated the anticipated profitability of the Advisor with respect to its costs to manage each of the Funds.

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 Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to the Fund for an initial two year term. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President at Pacer Advisors, Inc. (since 2005)	51	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)	51	0
Jane K. Sagendorph Born: 1951	Trustee	Indefinite Term; since 2021	Accountant, BluFish Designs (since 2011)	51	0
Colin C. Lake Born: 1971	Trustee	Indefinite Term; since 2021	Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)	51	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)
Justin Dausch Gateway Corporate Center Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1989	Chief Compliance Officer and AML Officer	Indefinite Term; since 2021	Director, Vigilant, since 2017; Compliance Associate, HSBC (investment banking company), 2015-2017

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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(Unaudited) (Continued)

NOTE 7 – SPECIAL MEETING OF SHAREHOLDERS

On November 15, 2021, a special meeting of the shareholders of each series of Pacer Funds Trust was held at the offices of the Administrator for the purpose of approving the election of two trustees to serve until his or her successor is elected and qualified.

Below are the voting results from the special meeting of the Trust:

Election of Trustee	For		Abstain
Colin C. Lake		187,708,430		1,376,292
Jane K. Sagendorph		187,795,703		1,289,019

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Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

CFRA
One New York Plaza, 34th Floor
New York, NY 10004
FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111

Solactive AG
Platz der Einheit 1
60327 Frankfurt am Main
Germany

S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong

Metaurus Advisors LLC
22 Hudson Place, Third Floor
Hoboken, New Jersey 07030

Pacific Asset Management LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
1514 Old York Rd.
Abington, PA 19001

Legal Counsel

Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable

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. Not Applicable

(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	1/3/2023

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	1/3/2023
By (Signature and Title)*	/s/ Sean E. O’Hara
	Sean E. O’Hara Treasurer (Principal Financial Officer)
Date	1/5/2023

* Print the name and title of each signing officer under his or her signature.