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

As filed with the U.S. Securities and Exchange Commission on January 5, 2024

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

500 Chesterfield Parkway

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

Joe M. Thomson, President

500 Chesterfield Parkway

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2023 through October 31, 2023

Updated May 5, 2021

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Portfolio Allocation	1
Performance Summary	15
Expense Example	46
Schedules of Investments	49
Statements of Assets & Liabilities	136
Statements of Operations	142
Statements of Changes in Net Assets	148
Financial Highlights	165
Notes to Financial Statements	194
Review of Liquidity Risk Management Program	220
Additional Information	221

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023

Pacer Trendpilot^® US Large Cap ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	1.9%
Banks	2.9%
Capital Goods	5.5%
Commercial & Professional Services	1.3%
Consumer Discretionary Distribution & Retail	5.7%
Consumer Durables & Apparel	0.9%
Consumer Services	2.1%
Consumer Staples Distribution & Retail	1.9%
Energy	4.6%
Real Estate Investment Trusts	2.2%
Financial Services	7.5%
Food Beverage & Tobacco	3.2%
Health Care Equipment & Services	5.6%
Household & Personal Products	1.6%
Insurance	2.3%
Materials	2.4%
Media & Entertainment	7.8%
Pharmaceuticals Biotechnology & Life Sciences	7.5%
Real Estate Management & Development	0.1%
Semiconductors & Semiconductor Equipment	7.2%
Software & Services	12.0%
Technology Hardware & Equipment	8.8%
Telecommunication Services	0.9%
Transportation	1.5%
Utilities	2.5%
Investments Purchased with Proceeds from Securities Lending	3.1%
Liabilities in Excess of Other Assets	-3.0%
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	98.7%
Investments Purchased with Proceeds from Securities Lending	26.4%
Liabilities in Excess of Other Assets	-25.1%
Total	100.0%

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

Pacer Funds

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

Pacer Trendpilot^® 100 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	1.3%
Capital Goods	0.9%
Commercial & Professional Services	1.1%
Consumer Discretionary Distribution & Retail	3.9%
Consumer Durables & Apparel	0.2%
Consumer Services	1.4%
Consumer Staples Distribution & Retail	1.3%
Energy	0.3%
Financial Services	0.3%
Food Beverage & Tobacco	2.0%
Health Care Equipment & Services	0.8%
Media & Entertainment	7.1%
Pharmaceuticals Biotechnology & Life Sciences	2.4%
Real Estate Management & Development	0.1%
Semiconductors & Semiconductor Equipment	8.9%
Software & Services	9.1%
Technology Hardware & Equipment	6.4%
Telecommunication Services	0.8%
Transportation	0.4%
Utilities	0.6%
Short-Term Investments	47.7%
Investments Purchased with Proceeds from Securities Lending	30.5%
Liabilities in Excess of Other Assets	-27.5%
Total	100.0%

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

Pacer Trendpilot^® European Index ETF

Country^(a)	Percentage of Net Assets
Consumer Durables & Apparel	0.0%*
Materials	0.3%
Short-Term Investments	97.9%
Investments Purchased with Proceeds from Securities Lending	19.6%
Liabilities in Excess of Other Assets	-17.8%
Total	100.0%

*	Less than 0.05%.

^(a)	The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances.

Pacer Funds

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

Pacer Trendpilot^® International ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	2.0%
Banks	6.1%
Capital Goods	4.4%
Commercial & Professional Services	0.9%
Consumer Discretionary Distribution & Retail	0.8%
Consumer Durables & Apparel	1.9%
Consumer Services	0.7%
Consumer Staples Distribution & Retail	0.7%
Energy	3.3%
Financial Services	1.5%
Food Beverage & Tobacco	2.8%
Health Care Equipment & Services	0.8%
Household & Personal Products	1.3%
Insurance	2.5%
Materials	3.7%
Media & Entertainment	0.5%
Pharmaceuticals Biotechnology & Life Sciences	5.3%
Real Estate Management & Development	0.4%
Semiconductors & Semiconductor Equipment	1.5%
Software & Services	1.5%
Technology Hardware & Equipment	0.9%
Telecommunication Services	1.2%
Transportation	1.3%
Utilities	1.4%
Exchange Traded Funds	2.2%
Real Estate Investment Trusts	0.2%
Short-Term Investments	48.4%
Investments Purchased with Proceeds from Securities Lending	8.5%
Liabilities in Excess of Other Assets	-6.7%
Total	100.0%

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

Pacer Trendpilot^® US Bond ETF

Industry^(a)	Percentage of Net Assets
Corporate Bonds	98.4%
Investments Purchased with Proceeds from Securities Lending	18.1%
Liabilities in Excess of Other Assets	-16.5%
Total	100.0%

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

Pacer Trendpilot^® Fund of Funds ETF

Industry^(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	99.8%
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^® Fund of Funds Index.

Pacer Funds

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

Pacer US Cash Cows 100 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	0.4%
Capital Goods	2.7%
Commercial & Professional Services	0.9%
Consumer Discretionary Distribution & Retail	4.2%
Consumer Durables & Apparel	7.5%
Consumer Services	2.4%
Consumer Staples Distribution & Retail	2.5%
Energy	33.3%
Financial Services	1.6%
Food Beverage & Tobacco	4.0%
Health Care Equipment & Services	7.8%
Household & Personal Products	0.1%
Materials	12.4%
Media & Entertainment	2.5%
Pharmaceuticals Biotechnology & Life Sciences	10.0%
Semiconductors & Semiconductor Equipment	0.6%
Software & Services	1.8%
Technology Hardware & Equipment	2.8%
Transportation	2.2%
Utilities	0.2%
Investments Purchased with Proceeds from Securities Lending	6.9%
Liabilities in Excess of Other Assets	-6.8%
Total	100.0%

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

Pacer US Small Cap Cash Cows 100 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	4.7%
Capital Goods	14.7%
Commercial & Professional Services	2.0%
Consumer Discretionary Distribution & Retail	12.8%
Consumer Durables & Apparel	15.4%
Consumer Services	2.1%
Consumer Staples Distribution & Retail	3.5%
Energy	14.6%
Food Beverage & Tobacco	2.3%
Health Care Equipment & Services	6.1%
Household & Personal Products	2.0%
Materials	5.0%
Media & Entertainment	3.4%
Pharmaceuticals Biotechnology & Life Sciences	1.2%
Semiconductors & Semiconductor Equipment	1.3%
Software & Services	1.4%
Technology Hardware & Equipment	3.4%
Transportation	4.0%
Investments Purchased with Proceeds from Securities Lending	14.5%
Liabilities in Excess of Other Assets	-14.4%
Total	100.0%

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

Pacer Funds

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

Pacer Global Cash Cows Dividend ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	6.0%
Capital Goods	4.5%
Commercial & Professional Services	0.2%
Consumer Discretionary Distribution & Retail	0.7%
Consumer Staples Distribution & Retail	0.7%
Energy	27.5%
Food Beverage & Tobacco	7.9%
Household & Personal Products	1.9%
Materials	14.7%
Media & Entertainment	0.7%
Pharmaceuticals Biotechnology & Life Sciences	11.1%
Software & Services	2.2%
Technology Hardware & Equipment	0.6%
Telecommunication Services	12.0%
Transportation	7.6%
Utilities	1.2%
Investments Purchased with Proceeds from Securities Lending	11.2%
Liabilities in Excess of Other Assets	-10.5%
Total	100.0%

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

Pacer Developed Markets International Cash Cows 100 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	9.0%
Capital Goods	10.7%
Commercial & Professional Services	1.0%
Consumer Discretionary Distribution & Retail	1.0%
Consumer Durables & Apparel	0.5%
Consumer Services	0.1%
Consumer Staples Distribution & Retail	3.6%
Energy	35.1%
Food Beverage & Tobacco	1.8%
Health Care Equipment & Services	0.3%
Household & Personal Products	0.1%
Materials	14.4%
Media & Entertainment	0.9%
Pharmaceuticals Biotechnology & Life Sciences	0.3%
Semiconductors & Semiconductor Equipment	0.9%
Technology Hardware & Equipment	1.6%
Telecommunication Services	5.6%
Transportation	12.2%
Utilities	0.5%
Investments Purchased with Proceeds from Securities Lending	11.2%
Liabilities in Excess of Other Assets	-10.8%
Total	100.0%

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

Pacer Funds

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

Pacer Emerging Markets Cash Cows 100 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	2.9%
Capital Goods	9.6%
Commercial & Professional Services	0.1%
Consumer Discretionary Distribution & Retail	3.0%
Consumer Durables & Apparel	0.7%
Consumer Services	0.5%
Consumer Staples Distribution & Retail	3.6%
Energy	24.9%
Food Beverage & Tobacco	4.7%
Health Care Equipment & Services	1.2%
Household & Personal Products	0.2%
Materials	16.5%
Media & Entertainment	0.5%
Pharmaceuticals Biotechnology & Life Sciences	0.1%
Semiconductors & Semiconductor Equipment	0.5%
Technology Hardware & Equipment	10.6%
Telecommunication Services	9.0%
Transportation	6.8%
Utilities	3.9%
Investments Purchased with Proceeds from Securities Lending	5.4%
Liabilities in Excess of Other Assets	-4.7%
Total	100.0%

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

Pacer US Large Cap Cash Cows Growth Leaders ETF

Industry^(a)	Percentage of Net Assets
Capital Goods	0.8%
Commercial & Professional Services	4.1%
Consumer Discretionary Distribution & Retail	0.7%
Consumer Services	3.6%
Energy	12.6%
Financial Services	2.7%
Food Beverage & Tobacco	1.6%
Health Care Equipment & Services	1.7%
Household & Personal Products	0.1%
Materials	1.2%
Media & Entertainment	5.6%
Pharmaceuticals Biotechnology & Life Sciences	8.5%
Semiconductors & Semiconductor Equipment	12.0%
Software & Services	39.1%
Technology Hardware & Equipment	3.7%
Telecommunication Services	0.3%
Transportation	1.3%
Utilities	0.3%
Assets in Excess of Other Liabilities	0.1%
Total	100.0%

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

Pacer Funds

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

Pacer US Small Cap Cash Cows Growth Leaders ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	2.2%
Capital Goods	10.4%
Commercial & Professional Services	3.8%
Consumer Discretionary Distribution & Retail	0.8%
Consumer Durables & Apparel	13.0%
Consumer Services	4.5%
Energy	11.8%
Food Beverage & Tobacco	2.6%
Health Care Equipment & Services	3.5%
Household & Personal Products	3.1%
Materials	2.3%
Media & Entertainment	5.4%
Pharmaceuticals Biotechnology & Life Sciences	8.4%
Semiconductors & Semiconductor Equipment	10.2%
Software & Services	9.3%
Technology Hardware & Equipment	5.3%
Telecommunication Services	1.3%
Transportation	2.0%
Other Assets in Excess of Liabilities	0.1%
Total	100.0%

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

Pacer US Cash Cows Growth ETF

Industry^(a)	Percentage of Net Assets
Capital Goods	4.3%
Commercial & Professional Services	0.4%
Consumer Discretionary Distribution & Retail	1.9%
Consumer Durables & Apparel	0.6%
Consumer Services	0.4%
Energy	45.6%
Materials	12.8%
Media & Entertainment	0.5%
Pharmaceuticals Biotechnology & Life Sciences	28.5%
Software & Services	2.1%
Transportation	2.3%
Utilities	0.3%
Investments Purchased with Proceeds from Securities Lending	14.8%
Liabilities in Excess of Other Assets	-14.5%
Total	100.0%

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

Pacer Funds

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

Pacer Cash Cows Fund of Funds ETF

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

*	Less than 0.05%.

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

Pacer WealthShield ETF

Industry^(a)	Percentage of Net Assets
Health Care Equipment & Services	0.0%*
Short-Term Investments	98.4%
Investments Purchased with Proceeds from Securities Lending	11.5%
Liabilities in Excess of Other Assets	-9.9%
Total	100.0%

*	Less than 0.05%.

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

Pacer Industrial Real Estate ETF

Industry^(a)	Percentage of Net Assets
Real Estate Investment Trusts	95.1%
Common Stock	4.7%
Investments Purchased with Proceeds from Securities Lending	6.6%
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 Industrial Real Estate Index.

Pacer Data & Infrastructure Real Estate ETF

Industry^(a)	Percentage of Net Assets
Real Estate Investment Trusts	64.9%
Media & Entertainment	5.9%
Real Estate Management & Development	1.9%
Software & Services	1.1%
Telecommunication Services	18.5%
Exchange Traded Funds	7.7%
Investments Purchased with Proceeds from Securities Lending	6.6%
Liabilities in Excess of Other Assets	-6.6%
Total	100.0%

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

Pacer Funds

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	2.3%
Capital Goods	15.3%
Commercial & Professional Services	5.3%
Consumer Discretionary Distribution & Retail	8.1%
Consumer Durables & Apparel	6.1%
Consumer Services	8.5%
Materials	24.5%
Semiconductors & Semiconductor Equipment	7.7%
Software & Services	9.6%
Technology Hardware & Equipment	7.6%
Transportation	4.3%
Investments Purchased with Proceeds from Securities Lending	14.0%
Liabilities in Excess of Other Assets	-13.3%
Total	100.0%

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

Pacer CSOP FTSE China A50 ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	3.6%
Banks	19.8%
Capital Goods	8.6%
Consumer Discretionary Distribution & Retail	1.3%
Consumer Durables & Apparel	1.7%
Energy	4.0%
Financial Services	4.4%
Food Beverage & Tobacco	29.3%
Health Care Equipment & Services	3.6%
Insurance	5.2%
Materials	3.7%
Pharmaceuticals Biotechnology & Life Sciences	3.7%
Semiconductors & Semiconductor Equipment	1.3%
Technology Hardware & Equipment	2.9%
Transportation	2.4%
Utilities	3.9%
Other Assets in Excess of Liabilities	0.6%
Total	100.0%

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

Pacer Funds

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

Pacer BioThreat Strategy ETF

Industry^(a)	Percentage of Net Assets
Capital Goods	3.0%
Commercial & Professional Services	1.3%
Consumer Discretionary Distribution & Retail	15.3%
Consumer Staples Distribution & Retail	7.7%
Food Beverage & Tobacco	1.3%
Health Care Equipment & Services	10.1%
Household & Personal Products	4.8%
Materials	2.1%
Media & Entertainment	5.1%
Pharmaceuticals Biotechnology & Life Sciences	40.3%
Semiconductors & Semiconductor Equipment	5.5%
Software & Services	2.7%
Technology Hardware & Equipment	0.7%
Investments Purchased with Proceeds from Securities Lending	23.6%
Liabilities in Excess of Other Assets	-23.5%
Total	100.0%

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

Pacer Lunt Large Cap Alternator ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	3.8%
Banks	4.9%
Capital Goods	5.2%
Commercial & Professional Services	3.1%
Consumer Discretionary Distribution & Retail	4.8%
Consumer Durables & Apparel	3.6%
Consumer Services	6.3%
Financial Services	12.4%
Health Care Equipment & Services	1.6%
Materials	4.6%
Media & Entertainment	8.2%
Pharmaceuticals Biotechnology & Life Sciences	2.3%
Real Estate Management & Development	0.8%
Semiconductors & Semiconductor Equipment	19.9%
Software & Services	11.4%
Technology Hardware & Equipment	6.3%
Transportation	0.8%
Investments Purchased with Proceeds from Securities Lending	11.7%
Liabilities in Excess of Other Assets	-11.7%
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.

Pacer Funds

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

Pacer Lunt Midcap Multi-Factor Alternator ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	0.5%
Banks	0.6%
Capital Goods	26.0%
Commercial & Professional Services	4.0%
Consumer Discretionary Distribution & Retail	3.8%
Consumer Durables & Apparel	8.7%
Consumer Services	2.8%
Consumer Staples Distribution & Retail	1.7%
Energy	7.6%
Financial Services	4.4%
Food Beverage & Tobacco	2.0%
Health Care Equipment & Services	3.0%
Household & Personal Products	0.8%
Insurance	7.2%
Materials	7.6%
Media & Entertainment	0.4%
Pharmaceuticals Biotechnology & Life Sciences	1.3%
Semiconductors & Semiconductor Equipment	1.7%
Software & Services	4.4%
Technology Hardware & Equipment	8.0%
Transportation	3.4%
Investments Purchased with Proceeds from Securities Lending	27.6%
Liabilities in Excess of Other Assets	-27.5%
Total	100.0%

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	0.0%*
Banks	3.0%
Capital Goods	10.4%
Commercial & Professional Services	1.6%
Consumer Discretionary Distribution & Retail	2.4%
Consumer Durables & Apparel	0.9%
Consumer Services	2.4%
Consumer Staples Distribution & Retail	1.4%
Energy	7.7%
Real Estate Investment Trusts	0.4%
Financial Services	5.2%
Food Beverage & Tobacco	1.9%
Health Care Equipment & Services	6.9%
Household & Personal Products	1.7%
Insurance	1.1%
Materials	3.7%
Media & Entertainment	9.2%
Pharmaceuticals Biotechnology & Life Sciences	11.4%
Semiconductors & Semiconductor Equipment	15.7%
Software & Services	7.1%

Pacer Funds

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF (Continued)
Industry^(a)	Percentage of Net Assets
Technology Hardware & Equipment	3.9%
Transportation	1.3%
Utilities	0.6%
Investments Purchased with Proceeds from Securities Lending	6.5%
Liabilities in Excess of Other Assets	-6.4%
Total	100.0%

*	Less than 0.05%.

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

Pacer US Export Leaders ETF

Industry^(a)	Percentage of Net Assets
Automobiles & Components	3.8%
Capital Goods	13.2%
Commercial & Professional Services	2.0%
Consumer Discretionary Distribution & Retail	1.0%
Consumer Durables & Apparel	2.2%
Consumer Services	2.9%
Energy	6.0%
Real Estate Investment Trusts	1.0%
Financial Services	4.0%
Food Beverage & Tobacco	2.1%
Health Care Equipment & Services	0.6%
Household & Personal Products	0.9%
Materials	12.1%
Media & Entertainment	4.2%
Pharmaceuticals Biotechnology & Life Sciences	7.5%
Semiconductors & Semiconductor Equipment	12.5%
Software & Services	9.5%
Technology Hardware & Equipment	12.5%
Telecommunication Services	0.9%
Transportation	1.1%
Investments Purchased with Proceeds from Securities Lending	17.8%
Liabilities in Excess of Other Assets	-17.8%
Total	100.0%

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

Pacer Funds

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

Pacer Pacific Asset Floating Rate High Income ETF

Industry^(a)	Percentage of Net Assets
Advertising	0.7%
Airlines	2.0%
Auto Manufacturers	0.6%
Beverages	0.6%
Building Materials	1.9%
Chemicals	0.7%
Coal	0.0%*
Commercial Services	4.4%
Computers	1.2%
Cosmetics / Personal Care	1.2%
Diversified Financial Services	2.3%
Electronics	0.3%
Entertainment	1.1%
Environmental Control	2.6%
Food	0.3%
Healthcare-Products	2.4%
Healthcare-Services	3.1%
Insurance	2.1%
Leisure Time	3.2%
Lodging	2.3%
Machinery-Diversified	2.6%
Media	1.8%
Oil & Gas	1.2%
Packaging & Containers	1.8%
Pharmaceuticals	0.6%
Pipelines	1.4%
Real Estate	0.3%
Retail	5.2%
Semiconductors	0.3%
Software	4.9%
Telecommunications	1.2%
Transportation	0.6%
Asset Backed Securities	38.2%
Exchange Traded Funds	0.7%
Closed End Funds	0.0%*
Other Assets in Excess of Liabilities	6.2%
Total	100.0%

*	Less than 0.05%.

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

Pacer Funds

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

Pacer Data and Digital Revolution ETF

Industry^(a)	Percentage of Net Assets
Capital Goods	7.0%
Semiconductors & Semiconductor Equipment	29.4%
Software & Services	38.7%
Technology Hardware & Equipment	24.9%
Other Assets in Excess of Liabilities	0.0%*
Total	100.0%

*	Less than 0.05%.

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

Pacer Industrials and Logistics ETF

Industry^(a)	Percentage of Net Assets
Capital Goods	7.0%
Energy	0.1%
Pharmaceuticals Biotechnology & Life Sciences	0.0%*
Software & Services	11.0%
Technology Hardware & Equipment	1.8%
Transportation	77.4%
Exchange Traded Funds	2.4%
Other Assets in Excess of Liabilities	0.3%
Total	100.0%

*	Less than 0.05%.

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

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Large Cap ETF - NAV	4.78%	11.90%	7.27%	6.43%
Pacer Trendpilot^® US Large Cap ETF - Market	4.67%	11.86%	7.23%	6.42%
Pacer Trendpilot^® US Large Cap Index⁽³⁾	5.34%	12.54%	7.88%	7.06%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.01%	10.57%

⁽¹⁾

⁽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.

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Mid Cap ETF - NAV	-4.13%	3.60%	0.48%	3.07%
Pacer Trendpilot^® US Mid Cap ETF - Market	-4.17%	3.57%	0.44%	3.06%
Pacer Trendpilot^® US Mid Cap Index⁽³⁾	-3.60%	4.25%	1.10%	3.70%
S&P MidCap 400 Index⁽³⁾	-1.06%	9.23%	7.03%	6.97%

⁽¹⁾

⁽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.

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® 100 ETF - NAV	22.10%	8.43%	13.48%	11.55%
Pacer Trendpilot^® 100 ETF - Market	22.31%	8.41%	13.43%	11.56%
Pacer NASDAQ-100 Trendpilot^® Index⁽³⁾	22.95%	9.09%	14.11%	12.22%
NASDAQ-100 Index⁽³⁾	27.45%	10.12%	16.68%	16.06%

⁽¹⁾

⁽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.

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® European Index ETF - NAV	8.34%	6.59%	0.48%	0.61%
Pacer Trendpilot^® European Index ETF - Market	8.57%	6.80%	0.50%	0.62%
Pacer Trendpilot^® European Index⁽³⁾	9.61%	7.99%	1.82%	1.98%
FTSE Eurozone Index⁽³⁾	20.24%	8.08%	5.00%	5.69%

⁽¹⁾

⁽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.

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, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot International ETF - NAV	1.94%	5.50%	1.00%
Pacer Trendpilot International ETF - Market	2.25%	5.48%	1.05%
Pacer Trendpilot International Index	2.68%	6.14%	1.82%
S&P Developed Ex-US Large Cap Index⁽³⁾	13.30%	6.51%	4.07%

⁽¹⁾

⁽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.

Pacer Trendpilot^® US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer Trendpilot US Bond Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the iBoxx^® USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx^® USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot US Bond ETF - NAV	1.77%	-5.36%	-2.39%
Pacer Trendpilot US Bond ETF - Market	1.83%	-5.50%	-2.38%
Pacer Trendpilot US Bond Index⁽³⁾	2.43%	-3.36%	-0.59%
iBoxx USD Liquid High Yield Index⁽³⁾	5.10%	0.74%	0.91%
S&P U.S. High Yield Corporate Bond Index^TM(3)	5.73%	0.84%	1.46%

⁽¹⁾

⁽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.

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

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

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot Fund of Funds ETF - NAV	5.10%	4.63%	2.83%
Pacer Trendpilot Fund of Funds ETF - Market	5.03%	4.71%	2.81%
Pacer Trendpilot Fund of Funds Index⁽³⁾	5.69%	5.67%	3.88%
S&P 1200 Index⁽³⁾	11.70%	8.59%	7.57%

⁽¹⁾

⁽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.

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer US Cash Cows 100 ETF - NAV	5.05%	22.45%	13.60%	12.17%
Pacer US Cash Cows 100 ETF - Market	5.04%	22.44%	13.51%	12.13%
Pacer US Cash Cows 100 Index⁽³⁾	5.56%	23.04%	14.06%	12.63%
Russell 1000^® Index⁽³⁾	9.48%	9.53%	10.71%	11.10%
Russell 1000^® Value Index⁽³⁾	0.13%	10.21%	6.59%	6.40%

⁽¹⁾

⁽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.

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer US Small Cap Cash Cows 100 ETF - NAV	7.30%	18.13%	10.31%	9.13%
Pacer US Small Cap Cash Cows 100 ETF - Market	7.14%	18.22%	10.17%	9.11%
Pacer US Small Cap Cash Cows Index⁽³⁾	7.28%	18.74%	10.72%	9.48%
S&P SmallCap 600^® Index⁽³⁾	-7.65%	8.98%	4.28%	5.41%
S&P SmallCap 600^® Value Index⁽³⁾	-9.67%	11.58%	4.05%	4.73%

⁽¹⁾

⁽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.

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Global Cash Cows Dividend ETF - NAV	15.54%	15.28%	6.37%	7.32%
Pacer Global Cash Cows Dividend ETF - Market	15.82%	15.51%	6.38%	7.35%
Pacer Global Cash Cows Dividend Index⁽³⁾	16.33%	16.35%	7.24%	8.24%
FTSE All-World Developed Large-Cap Index⁽³⁾	13.29%	9.02%	9.26%	10.65%
MSCI World Value Index⁽³⁾	3.06%	10.19%	4.84%	6.97%

⁽¹⁾

⁽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.

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Developed Markets International Cash Cows 100 ETF - NAV	19.70%	12.09%	6.01%	5.26%
Pacer Developed Markets International Cash Cows 100 ETF - Market	20.02%	12.53%	6.19%	5.37%
Pacer Developed Markets International Cash Cows 100 Index⁽³⁾	20.40%	13.15%	6.92%	6.15%
FTSE Developed ex-US Index⁽³⁾	12.55%	5.42%	4.17%	3.14%
MSCI EAFE Value Index⁽³⁾	18.10%	10.97%	3.30%	2.33%

⁽¹⁾

⁽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.

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Emerging Markets Cash Cows 100 ETF - NAV	15.46%	2.73%	-1.09%
Pacer Emerging Markets Cash Cows 100 ETF - Market	14.33%	2.45%	-1.08%
Pacer Emerging Markets Cash Cows 100 Index⁽³⁾	18.48%	5.21%	1.05%
FTSE Emerging Markets Index⁽³⁾	10.90%	-2.41%	-0.19%
MSCI Emerging Markets Value Index⁽³⁾	13.44%	2.87%	-0.83%

⁽¹⁾

⁽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.

Pacer US Large Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	Since Inception⁽²⁾
Pacer US Large Cap Cash Cows Growth Leaders - NAV	1.64%
Pacer US Large Cap Cash Cows Growth Leaders - Market	1.66%
Pacer US Large Cap Cash Cows Growth Leaders Index⁽³⁾	2.03%
Russell 1000 Index	9.22%

⁽¹⁾

⁽²⁾	Inception date is December 21, 2022

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

Pacer US Small Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	Since Inception⁽²⁾
Pacer US Small Cap Cash Cows Growth Leaders - NAV	-3.30%
Pacer US Small Cap Cash Cows Growth Leaders - Market	-3.30%
Pacer US Small Cap Cash Cows Growth Leaders Total Return Index(3)	-2.97%
S&P SmallCap 600 Growth TR	-1.91%

⁽¹⁾

⁽²⁾	Inception date is December 21, 2022

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

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer US Cash Cows Growth ETF - NAV	0.71%	9.21%	8.71%
Pacer US Cash Cows Growth ETF - Market	0.58%	9.29%	8.67%
Pacer US Cash Cows Growth Index⁽³⁾	0.53%	9.33%	8.82%
S&P 900 Pure Growth Index⁽³⁾	-0.72%	3.61%	6.24%

⁽¹⁾

⁽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.

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Cash Cows Fund of Funds ETF - NAV	9.54%	15.77%	8.86%
Pacer Cash Cows Fund of Funds ETF - Market	10.31%	15.99%	8.93%
Pacer Cash Cows Fund of Funds Index⁽³⁾	9.80%	16.09%	9.30%
FTSE All World Developed Index⁽³⁾	10.67%	7.91%	7.01%

⁽¹⁾

⁽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.

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer WealthShield ETF - NAV	-8.73%	2.45%	2.72%	1.83%
Pacer WealthShield ETF - Market	-8.77%	2.55%	2.75%	1.82%
Pacer WealthShield Index⁽³⁾	-8.22%	2.73%	2.89%	2.13%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.01%	9.94%
S&P U.S. Treasury Bond 20+ Year Total Return Index ⁽³⁾	-9.95%	-17.22%	-3.81%	-4.77%

⁽¹⁾

⁽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.

Pacer Industrial Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Industrial Real Estate ETF - NAV	-9.80%	1.54%	8.11%	7.60%
Pacer Industrial Real Estate ETF - Market	-9.58%	1.66%	8.09%	7.62%
Kelly Industrial Real Estate Index / Solactive GPR Industrial Real Estate Index⁽³⁾⁽⁴⁾	-9.34%	2.20%	8.92%	8.37%
Solactive GPR Industrial Real Estate Index	-9.34%	2.13%	9.07%	8.16%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	-7.90%	2.76%	2.70%	3.22%

⁽¹⁾

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

⁽²⁾	Inception date is May 14, 2018.

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

⁽⁴⁾

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

Pacer Data & Infrastructure Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Data & Infrastructure Real Estate ETF - NAV	-6.20%	-7.11%	3.16%	2.82%
Pacer Data & Infrastructure Real Estate ETF - Market	-5.51%	-7.04%	3.17%	2.86%
Kelly Data Center & Tech Infrastructure Real Estate Index / Solactive GPR Data & Infrastructure Real Estate Index⁽³⁾⁽⁴⁾	-5.98%	-6.75%	3.74%	3.43%
Solactive GPR Data & Infrastructure Real Estate Index	-5.98%	-4.75%	5.04%	5.52%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	-7.90%	2.76%	2.69%	3.52%

⁽¹⁾

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

⁽²⁾	Inception date is May 15, 2018.

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

⁽⁴⁾

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	-8.62%	5.82%	5.44%	5.23%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	-8.69%	5.89%	5.37%	5.18%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index⁽³⁾	-8.01%	6.52%	6.37%	6.10%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.01%	9.79%

⁽¹⁾

⁽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.

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer CSOP FTSE China A50 ETF - NAV	8.60%	-9.73%	2.34%	1.87%
Pacer CSOP FTSE China A50 ETF - Market	9.53%	-9.76%	1.99%	1.86%
FTSE China A50 Net Total Return Index^®(3)	9.28%	-9.29%	2.99%	2.30%

⁽¹⁾

⁽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.

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer BioThreat Strategy ETF - NAV	5.03%	3.05%	5.49%
Pacer BioThreat Strategy ETF - Market	5.04%	3.12%	5.46%
LifeSci BioThreat Strategy Index⁽³⁾	5.79%	3.78%	6.23%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.69%

⁽¹⁾

⁽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.

Pacer Lunt Large Cap Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Lunt Large Cap Alternator ETF - NAV	-18.11%	10.43%	10.36%
Pacer Lunt Large Cap Alternator ETF - Market	-18.15%	10.46%	10.33%
Lunt Capital U.S. Large Cap Equity Rotation Index⁽³⁾	-17.55%	11.35%	11.26%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.69%

⁽¹⁾

⁽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.

Pacer Lunt Midcap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	6.26%	7.21%	10.70%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	6.30%	7.34%	10.71%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index⁽³⁾	7.18%	8.30%	11.68%
S&P MidCap 400^® Index⁽³⁾	-1.06%	9.23%	11.43%

⁽¹⁾

⁽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.

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	2.07%	11.25%	13.22%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	2.10%	11.44%	13.23%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index⁽³⁾	2.84%	12.12%	14.12%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.69%

⁽¹⁾

⁽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.

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer US Export Leaders ETF - NAV	10.06%	9.39%	11.67%	9.21%
Pacer US Export Leaders ETF - Market	9.96%	9.63%	11.64%	9.22%
Pacer US Export Leaders Index⁽³⁾	10.71%	10.04%	12.33%	9.89%
S&P 900 Index^TM(3)	9.46%	10.30%	10.77%	9.48%

⁽¹⁾

⁽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.

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Pacific Asset Floating Rate High Income ETF - NAV	13.82%	4.51%	3.76%	3.40%
Pacer Pacific Asset Floating Rate High Income ETF - Market	13.85%	4.48%	3.73%	3.42%
S&P 500^® Index⁽³⁾	10.14%	10.36%	11.01%	10.31%
S&P/LSTA U.S. Leveraged Loan 100 Index⁽³⁾	11.91%	5.37%	4.21%	3.95%

⁽¹⁾

⁽²⁾

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

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

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.

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Data and Digital Revolution ETF - NAV	36.70%	13.07%
Pacer Data and Digital Revolution ETF - Market	36.46%	13.26%
Pacer Data Transmission and Communication Revolution Index⁽³⁾	37.58%	13.81%
S&P 500^® Index⁽³⁾	10.14%	3.04%
S&P 1200^® Index⁽³⁾	11.72%	1.49%

⁽¹⁾

⁽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.

Pacer Industrials and Logistics ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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.

Cumulative Returns⁽¹⁾
(For the Periods Ended October 31, 2023)

	One Year	Since Inception⁽²⁾
Pacer Industrials and Logistics ETF - NAV	10.31%	-2.04%
Pacer Industrials and Logistics ETF - Market	10.31%	-1.59%
Pacer Global Supply Chain Infrastructure Index⁽³⁾	11.36%	-1.44%
S&P 500^® Index⁽³⁾	10.14%	3.04%
S&P 1200^® Index⁽³⁾	11.72%	1.49%

⁽¹⁾

⁽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.

Pacer Funds

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

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

Actual Expenses

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in 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 05/01/23	Ending Account Value 10/31/23	Expenses Paid During Period^(a)
Pacer Trendpilot^® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,011.20	$ 3.03
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Trendpilot^® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 949.00	$ 2.94
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Trendpilot^TM 100 ETF
Actual	0.65%	$1,000.00	$ 1,105.00	$ 3.44
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30
Pacer Trendpilot^® European Index ETF
Actual	0.65%	$1,000.00	$ 910.60	$ 3.12
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 925.20	$ 3.15
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 980.10	$ 2.99
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 993.00	$ 0.75
Hypothetical^(b)	0.15%	$1,000.00	$ 1,024.38	$ 0.76
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 1,031.70	$ 2.50
Hypothetical^(b)	0.49%	$1,000.00	$ 1,022.67	$ 2.49

Pacer Funds

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

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/23	Ending Account Value 10/31/23	Expenses Paid During Period^(a)
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 1,076.60	$ 3.08
Hypothetical^(b)	0.59%	$1,000.00	$ 1,022.17	$ 3.00
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 960.30	$ 2.96
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 985.10	$ 3.24
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 969.00	$ 3.46
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.62	$ 3.56
Pacer US Large Cap Cash Cows Growth Leaders ETF
Actual	0.49%	$1,000.00	$ 1,029.70	$ 2.50
Hypothetical^(b)	0.49%	$1,000.00	$ 1,022.67	$ 2.49
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 998.20	$ 3.01
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,009.30	$ 0.76
Hypothetical^(b)	0.15%	$1,000.00	$ 1,024.38	$ 0.76
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 960.80	$ 2.96
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Industrial Real Estate ETF
Actual	0.55%	$1,000.00	$ 820.00	$ 2.52
Hypothetical^(b)	0.55%	$1,000.00	$ 1,022.37	$ 2.80
Pacer Data & Infrastructure Real Estate ETF
Actual	0.55%	$1,000.00	$ 883.90	$ 2.60
Hypothetical^(b)	0.55%	$1,000.00	$ 1,022.37	$ 2.80
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 844.30	$ 2.78
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 879.60	$ 3.31
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.62	$ 3.56
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 975.20	$ 3.48
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.62	$ 3.56
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 869.50	$ 2.82
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Lunt Midcap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 987.90	$ 3.00
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 1,024.70	$ 3.05
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05

Pacer Funds

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

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/23	Ending Account Value 10/31/23	Expenses Paid During Period^(a)
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 971.40	$ 2.97
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Pacific Asset Floating Rate High Income ETF
Actual	0.60%	$1,000.00	$ 1,053.10	$ 3.10
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Industrials and Logistics ETF
Actual	0.60%	$1,000.00	$ 944.30	$ 2.93
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Data and Digital Revolution ETF
Actual	0.60%	$1,000.00	$ 1,177.40	$ 3.28
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05

^(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 05/01/23^(b)	Ending Account Value 10/31/23	Expenses Paid During Period
Pacer US Small Cap Cash Cows Growth Leaders ETF
Actual	0.59%	$1,000.00	$ 967.00	$ 2.90^(c)
Hypothetical^(a)	0.59%	$1,000.00	$ 1,022.17	$ 3.00^(d)

^(a)	Assumes 5% return before expenses.

^(b)	Inception Date of the Fund.

^(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 (183) in the most recent period and divided by the number of days in the most recent twelve-month period (365).

^(d)

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.7%

Communication Services — 8.7%
Alphabet, Inc. - Class A^(a)		365,673	$	45,372,705
Alphabet, Inc. - Class C^(a)		311,018		38,970,555
AT&T, Inc.		441,655		6,801,487
Charter Communications, Inc. - Class A^(a)(b)		6,254		2,519,111
Comcast Corp. - Class A		252,691		10,433,611
Electronic Arts, Inc.		16,026		1,983,859
Fox Corp. - Class A		18,450		560,696
Fox Corp. - Class B		8,471		236,426
Interpublic Group of Cos., Inc.		23,689		672,768
Live Nation Entertainment, Inc.^(a)		8,772		701,935
Match Group, Inc.^(a)		17,035		589,411
Meta Platforms, Inc. - Class A^(a)		136,965		41,263,445
Netflix, Inc.^(a)		27,325		11,249,429
News Corp. - Class A		23,389		483,685
News Corp. - Class B^(b)		7,154		153,382
Omnicom Group, Inc.		12,499		936,300
Paramount Global - Class B^(b)		30,851		335,659
Take-Two Interactive Software, Inc.^(a)		9,681		1,294,834
T-Mobile US, Inc.^(a)		31,743		4,566,548
Verizon Communications, Inc.		262,297		9,214,494
Walt Disney Co.^(a)		113,231		9,238,517
Warner Bros Discovery, Inc.^(a)(b)		134,999		1,341,890
				188,920,747

Consumer Discretionary — 10.5%
Airbnb, Inc. - Class A^(a)(b)		25,922		3,066,313
Amazon.com, Inc.^(a)		559,548		74,470,244
Aptiv PLC^(a)		16,536		1,441,939
AutoZone, Inc.^(a)		1,162		2,878,425
Bath & Body Works, Inc.		13,917		412,639
Best Buy Co., Inc.		12,199		815,137
Booking Holdings, Inc.^(a)		2,218		6,187,244
BorgWarner, Inc.		14,317		528,297
Caesars Entertainment, Inc.^(a)		13,108		522,878
CarMax, Inc.^(a)(b)		9,681		591,412
Carnival Corp.^(a)		61,196		701,306
Chipotle Mexican Grill, Inc.^(a)		1,727		3,354,179
Darden Restaurants, Inc.^(b)		7,463		1,086,090
Domino’s Pizza, Inc.		2,118		717,981
DR Horton, Inc.		19,153		1,999,573
eBay, Inc.		33,170		1,301,259
Etsy, Inc.^(a)(b)		7,663		477,405
Expedia Group, Inc.^(a)		9,172		874,000
Ford Motor Co.		241,145		2,351,164
Garmin Ltd.		9,373		961,014
General Motors Co.		86,791		2,447,506

	Shares		Value
Consumer Discretionary — 10.5% (Continued)
Genuine Parts Co.		8,572	$	1,104,588
Hasbro, Inc.^(b)		7,963		359,529
Hilton Worldwide Holdings, Inc.		16,535		2,505,549
Home Depot, Inc.		61,681		17,559,965
Las Vegas Sands Corp.		20,062		952,143
Lennar Corp. - Class A		15,526		1,656,314
LKQ Corp.		15,527		681,946
Lowe’s Cos., Inc.		35,933		6,847,752
Lululemon Athletica, Inc.^(a)		7,130		2,805,512
Marriott International, Inc.		15,399		2,903,635
McDonald’s Corp.		45,013		11,801,058
MGM Resorts International		19,460		679,543
Mohawk Industries, Inc.^(a)		3,227		259,386
Nike, Inc. - Class B		75,176		7,725,838
Norwegian Cruise Line Holdings Ltd.^(a)		25,708		349,629
NVR, Inc.^(a)		200		1,082,524
O’Reilly Automotive, Inc.^(a)		3,827		3,560,794
Pool Corp.^(b)		2,418		763,532
PulteGroup, Inc.		13,916		1,024,078
Ralph Lauren Corp.		2,518		283,351
Ross Stores, Inc.		21,171		2,455,201
Royal Caribbean Cruises Ltd.^(a)		14,514		1,229,771
Starbucks Corp.		70,808		6,531,330
Tapestry, Inc.		14,717		405,601
Tesla Motors, Inc.^(a)		169,919		34,126,533
TJX Cos., Inc.		70,876		6,242,049
Tractor Supply Co.^(b)		6,754		1,300,550
Ulta Beauty, Inc.^(a)		3,127		1,192,356
VF Corp.^(b)		20,162		296,986
Whirlpool Corp.^(b)		3,327		347,871
Wynn Resorts Ltd.		6,253		548,888
Yum! Brands, Inc.		17,244		2,084,110
				228,853,917

Consumer Staples — 6.6%
Altria Group, Inc.		109,491		4,398,253
Archer-Daniels-Midland Co.		33,570		2,402,605
Brown-Forman Corp. - Class B		11,190		628,430
Bunge Ltd.		9,204		975,440
Campbell Soup Co.		12,299		497,003
Church & Dwight Co., Inc.		14,918		1,356,643
Clorox Co.		7,563		890,165
Coca-Cola Co.		240,472		13,584,263
Colgate-Palmolive Co.		51,014		3,832,172
Conagra Brands, Inc.		29,235		799,870
Constellation Brands, Inc. - Class A		9,881		2,313,636
Costco Wholesale Corp.		27,466		15,173,317
Dollar General Corp.		13,808		1,643,704
Dollar Tree, Inc.^(a)		12,908		1,433,950

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.7% (Continued)

Consumer Staples — 6.6% (Continued)
Estee Lauder Cos., Inc. - Class A		14,117	$	1,819,258
General Mills, Inc.		36,297		2,368,016
Hershey Co.		8,972		1,680,904
Hormel Foods Corp.		17,644		574,312
J M Smucker Co.		6,554		746,107
Kellanova		15,627		788,695
Kenvue, Inc.		106,336		1,977,850
Keurig Dr Pepper, Inc.		61,747		1,872,787
Kimberly-Clark Corp.		20,571		2,461,114
Kroger Co.		39,825		1,806,860
Lamb Weston Holdings, Inc.		8,772		787,726
McCormick & Co., Inc.		15,326		979,331
Molson Coors Beverage Co. - Class B^(b)		11,490		663,777
Mondelez International, Inc.		83,376		5,520,325
Monster Beverage Corp.^(a)		46,577		2,380,085
PepsiCo, Inc.		85,142		13,901,986
Philip Morris International, Inc.		95,312		8,498,018
Procter & Gamble Co.		145,185		21,782,106
Sysco Corp.		30,952		2,057,998
Target Corp.		28,126		3,116,080
The Kraft Heinz Co.		48,596		1,528,830
Tyson Foods, Inc. - Class A		17,644		817,799
Walgreens Boots Alliance, Inc.^(b)		43,872		924,822
Walmart, Inc.		87,638		14,320,926
				143,305,163

Energy — 4.5%
APA Corp.		19,661		780,935
Baker Hughes Co.		61,196		2,106,366
Chevron Corp.		109,904		16,016,310
ConocoPhillips		74,429		8,842,165
Coterra Energy, Inc.		48,177		1,324,868
Devon Energy Corp.		39,924		1,859,261
Diamondback Energy, Inc.		11,290		1,810,013
EOG Resources, Inc.		35,888		4,530,860
EQT Corp.		22,380		948,464
Exxon Mobil Corp.		246,687		26,111,818
Halliburton Co.		55,450		2,181,403
Hess Corp.		16,935		2,445,414
Kinder Morgan, Inc.		120,780		1,956,636
Marathon Oil Corp.		38,814		1,060,010
Marathon Petroleum Corp.		24,570		3,716,213
Occidental Petroleum Corp.		40,752		2,518,881
ONEOK, Inc.		35,816		2,335,203
Phillips 66		27,298		3,113,883
Pioneer Natural Resources Co.		14,517		3,469,563
Schlumberger Ltd.		88,043		4,900,473

	Shares		Value
Energy — 4.5% (Continued)
Targa Resources Corp.		13,808	$	1,154,487
Valero Energy Corp.		22,243		2,824,861
Williams Cos., Inc.		74,404		2,559,498
				98,567,585

Financials — 12.8%
Aflac, Inc.		34,578		2,700,888
Allstate Corp.		16,235		2,080,191
American Express Co.		36,496		5,329,511
American International Group, Inc.		45,368		2,781,512
Ameriprise Financial, Inc.		6,454		2,030,235
Aon PLC		12,599		3,898,131
Arch Capital Group Ltd.^(a)		22,581		1,957,321
Arthur J Gallagher & Co.		13,208		3,110,352
Assurant, Inc.		3,227		480,500
Bank of America Corp.		426,359		11,230,296
Bank of New York Mellon Corp.		47,836		2,033,030
Berkshire Hathaway, Inc. - Class B^(a)		112,233		38,308,491
BlackRock, Inc.		8,672		5,309,692
Blackstone, Inc.^(b)		43,295		3,998,293
Brown & Brown, Inc.		14,317		993,886
Capital One Financial Corp.		23,289		2,358,943
Cboe Global Markets, Inc.		6,454		1,057,746
Charles Schwab Corp.		93,155		4,847,786
Chubb Ltd.		25,307		5,431,388
Cincinnati Financial Corp.		9,581		954,938
Citigroup, Inc.		120,203		4,746,816
Citizens Financial Group, Inc.		30,042		703,884
CME Group, Inc.		21,980		4,691,851
Comerica, Inc.		7,963		313,742
Discover Financial Services		16,634		1,365,319
Everest Group Ltd.		2,618		1,035,733
FactSet Research Systems, Inc.		2,318		1,001,121
Fidelity National Information Services, Inc.		36,197		1,777,635
Fifth Third Bancorp		41,942		994,445
Fiserv, Inc.^(a)		37,479		4,263,236
FleetCor Technologies, Inc.^(a)		4,536		1,021,371
Franklin Resources, Inc.^(b)		17,344		395,270
Global Payments, Inc.		16,534		1,756,241
Globe Life, Inc.		5,545		645,216
Goldman Sachs Group, Inc.		20,254		6,149,317
Hartford Financial Services Group, Inc.		19,461		1,429,410
Huntington Bancshares, Inc./OH		88,103		850,194
Intercontinental Exchange, Inc.		35,115		3,772,756
Invesco Ltd.		27,725		359,593
Jack Henry & Associates, Inc.		4,436		625,432
JPMorgan Chase & Co.		179,134		24,910,374
KeyCorp.		56,951		582,039

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.7% (Continued)

Financials — 12.8% (Continued)
Loews Corp.		11,998	$	767,992
M&T Bank Corp.		10,598		1,194,925
MarketAxess Holdings, Inc.		2,318		495,473
Marsh & McLennan Cos., Inc.		30,243		5,735,585
MasterCard, Inc. - Class A		51,082		19,224,711
MetLife, Inc.		40,223		2,413,782
Moody’s Corp.		9,581		2,950,948
Morgan Stanley		78,303		5,545,418
MSCI, Inc.		4,836		2,280,416
Nasdaq, Inc.		20,671		1,025,282
Northern Trust Corp.^(b)		12,699		836,991
PayPal Holdings, Inc.^(a)		67,395		3,491,061
PNC Financial Services Group, Inc.		24,598		2,815,733
Principal Financial Group, Inc.		13,916		941,835
Progressive Corp.		35,689		5,642,074
Prudential Financial, Inc.		22,480		2,055,571
Raymond James Financial, Inc.^(b)		11,798		1,126,001
Regions Financial Corp.		57,051		828,951
S&P Global, Inc.		19,962		6,972,926
State Street Corp.		20,488		1,324,139
Synchrony Financial		27,523		772,020
T Rowe Price Group, Inc.		13,608		1,231,524
Travelers Cos., Inc.		14,317		2,397,238
Truist Financial Corp.		81,058		2,298,805
US Bancorp		95,611		3,048,079
Visa, Inc. - Class A^(b)		99,074		23,292,297
W R Berkley Corp.		12,499		842,683
Wells Fargo & Co.		224,612		8,932,819
Willis Towers Watson PLC		6,654		1,569,612
Zions Bancorp^(b)		9,172		282,956
				276,621,972

Health Care — 13.1%
Abbott Laboratories		106,575		10,076,666
AbbVie, Inc.		109,368		15,440,574
Agilent Technologies, Inc.		18,808		1,944,183
Align Technology, Inc.^(a)		4,436		818,841
Amgen, Inc.		33,002		8,438,611
Baxter International, Inc.		30,752		997,287
Becton Dickinson & Co.		17,844		4,510,606
Biogen, Inc.^(a)		8,772		2,083,701
Bio-Rad Laboratories, Inc. - Class A^(a)		1,309		360,342
Bio-Techne Corp.		9,581		523,410
Boston Scientific Corp.^(a)		88,853		4,548,385
Bristol-Myers Squibb Co.		129,843		6,690,810
Cardinal Health, Inc.		16,026		1,458,366
Catalent, Inc.^(a)(b)		10,990		377,946

	Shares		Value
Health Care — 13.1% (Continued)
Cencora, Inc.		9,881	$	1,829,467
Centene Corp.^(a)		34,578		2,385,190
Charles River Laboratories International, Inc.^(a)		3,127		526,462
Cigna Corp.		18,117		5,601,776
Cooper Cos., Inc.		3,027		943,667
CVS Health Corp.		78,701		5,431,156
Danaher Corp.		40,869		7,847,665
DaVita, Inc.^(a)(b)		3,327		256,944
Dentsply Sirona, Inc.		13,108		398,614
DexCom, Inc.^(a)		23,590		2,095,500
Edwards Lifesciences Corp.^(a)		37,706		2,402,626
Elevance Health, Inc.		14,617		6,578,966
Eli Lilly & Co.		49,163		27,232,861
GE HealthCare Technologies, Inc.		24,008		1,598,213
Gilead Sciences, Inc.		76,621		6,017,813
HCA Healthcare, Inc.		12,372		2,797,804
Henry Schein, Inc.^(a)		8,263		536,930
Hologic, Inc.^(a)		15,226		1,007,504
Humana, Inc.		7,763		4,065,405
IDEXX Laboratories, Inc.^(a)		5,045		2,015,326
Illumina, Inc.^(a)		9,581		1,048,353
Incyte Corp.^(a)		11,290		608,870
Insulet Corp.^(a)		4,252		563,688
Intuitive Surgical, Inc.^(a)		21,572		5,656,610
IQVIA Holdings, Inc.^(a)		11,390		2,059,654
Johnson & Johnson		148,650		22,050,741
Laboratory Corp. of America Holdings		5,445		1,087,530
McKesson Corp.		8,371		3,811,819
Medtronic PLC		82,198		5,799,891
Merck & Co., Inc.		156,589		16,081,690
Mettler-Toledo International, Inc.^(a)		1,409		1,388,147
Moderna, Inc.^(a)		20,162		1,531,506
Molina Healthcare, Inc.^(a)		3,527		1,174,315
Organon & Co.		28		414
Pfizer, Inc.		347,255		10,612,113
Quest Diagnostics, Inc.		6,954		904,715
Regeneron Pharmaceuticals, Inc.^(a)		6,654		5,189,388
ResMed, Inc.		8,972		1,267,026
Revvity, Inc.		7,663		634,880
STERIS PLC		6,045		1,269,329
Stryker Corp.		20,871		5,639,762
Teleflex, Inc.		2,827		522,288
Thermo Fisher Scientific, Inc.		23,752		10,564,177
UnitedHealth Group, Inc.		57,076		30,567,623
Universal Health Services, Inc. - Class B		3,944		496,510
Vertex Pharmaceuticals, Inc.^(a)		15,926		5,766,964

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.7% (Continued)

Health Care — 13.1% (Continued)
Viatris, Inc.		74,103	$	659,517
Waters Corp.^(a)(b)		3,627		865,148
West Pharmaceutical Services, Inc.		4,536		1,443,763
Zimmer Biomet Holdings, Inc.		12,808		1,337,283
Zoetis, Inc.^(b)		28,434		4,464,138
				284,907,469

Industrials — 8.3%
3M Co.		33,762		3,070,654
A O Smith Corp.^(b)		7,763		541,547
Alaska Air Group, Inc.^(a)		7,763		245,544
Allegion PLC		5,345		525,734
American Airlines Group, Inc.^(a)		47,092		525,076
AMETEK, Inc.		14,017		1,973,173
Automatic Data Processing, Inc.		25,307		5,522,494
Axon Enterprise, Inc.^(a)		4,216		862,130
Boeing Co.^(a)		35,060		6,549,909
Broadridge Financial Solutions, Inc.		7,155		1,220,929
Carrier Global Corp.		51,115		2,436,141
Caterpillar, Inc.		31,760		7,179,348
Ceridian HCM Holding, Inc.^(a)(b)		9,373		599,966
CH Robinson Worldwide, Inc.^(b)		7,154		585,412
Cintas Corp.		5,245		2,659,844
Copart, Inc.^(a)		52,389		2,279,969
CSX Corp.		123,164		3,676,445
Cummins, Inc.^(b)		8,572		1,854,124
Deere & Co.		16,735		6,114,300
Delta Air Lines, Inc.		39,116		1,222,375
Dover Corp.		8,572		1,113,931
Eaton Corp. PLC		24,598		5,114,170
Emerson Electric Co.		36,048		3,207,191
Equifax, Inc.		7,463		1,265,501
Expeditors International of Washington, Inc.		9,680		1,057,540
Fastenal Co.		34,992		2,041,433
FedEx Corp.		14,617		3,509,542
Fortive Corp.		21,563		1,407,633
Generac Holdings, Inc.^(a)		3,827		321,736
General Dynamics Corp.		13,709		3,308,119
General Electric Co.		66,740		7,249,965
Honeywell International, Inc.		41,033		7,519,707
Howmet Aerospace, Inc.		22,482		991,456
Hubbell, Inc.		3,315		895,382
Huntington Ingalls Industries, Inc.		2,418		531,525
IDEX Corp.		4,636		887,377
Illinois Tool Works, Inc.		17,035		3,817,884
Ingersoll Rand, Inc.		24,698		1,498,675
Jacobs Solutions, Inc.		7,763		1,034,808

	Shares		Value
Industrials — 8.3% (Continued)
JB Hunt Trasport Services, Inc.		5,045	$	867,084
Johnson Controls International PLC		42,042		2,060,899
L3Harris Technologies, Inc.		11,591		2,079,541
Leidos Holdings, Inc.		8,372		829,833
Lockheed Martin Corp.		13,916		6,326,770
Masco Corp.		13,808		719,259
Nordson Corp.		3,327		707,287
Norfolk Southern Corp.		14,117		2,693,382
Northrop Grumman Corp.		8,872		4,182,527
Old Dominion Freight Line, Inc.		5,545		2,088,580
Otis Worldwide Corp.		25,407		1,961,674
PACCAR, Inc.		31,917		2,634,110
Parker-Hannifin Corp.		7,863		2,900,739
Paychex, Inc.		19,562		2,172,360
Paycom Software, Inc.		2,927		717,027
Pentair PLC		10,081		585,908
Quanta Services, Inc.		8,772		1,465,977
Republic Services, Inc.		12,499		1,855,977
Robert Half, Inc.		6,654		497,520
Rockwell Automation, Inc.^(b)		7,054		1,853,862
Rollins, Inc.		17,256		648,998
RTX Corp.		89,729		7,303,042
Snap-On, Inc.		3,227		832,372
Southwest Airlines Co.		36,297		806,882
Stanley Black & Decker, Inc.		9,073		771,659
Textron, Inc.		12,699		965,124
Trane Technologies PLC		14,017		2,667,575
TransDigm Group, Inc.^(a)		3,427		2,837,864
Union Pacific Corp.		37,506		7,786,620
United Airlines Holdings, Inc.^(a)		19,962		698,870
United Parcel Service, Inc. - Class B		44,560		6,294,100
United Rentals, Inc.^(b)		4,236		1,720,960
Veralto Corp.^(a)		13,612		939,228
Verisk Analytics, Inc.		8,935		2,031,462
W.W. Grainger, Inc.		2,718		1,983,678
Waste Management, Inc.		22,788		3,744,752
Westinghouse Air Brake Technologies Corp.		11,090		1,175,762
Xylem, Inc.		14,728		1,377,657
				180,205,610

Information Technology — 28.2%
Accenture PLC - Class A		39,015		11,590,967
Adobe, Inc.^(a)		28,008		14,901,936
Advanced Micro Devices, Inc.^(a)		99,002		9,751,697
Akamai Technologies, Inc.^(a)		9,580		989,901
Amphenol Corp.		36,297		2,923,723
Analog Devices, Inc.		31,452		4,948,343
ANSYS, Inc.^(a)		5,345		1,487,300
Apple, Inc.		905,800		154,683,466

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.7% (Continued)

Information Technology — 28.2% (Continued)
Applied Materials, Inc.		52,214	$	6,910,523
Arista Networks, Inc.^(a)		15,126		3,030,797
Autodesk, Inc.^(a)		13,208		2,610,297
Broadcom, Inc.		25,422		21,389,308
Cadence Design System, Inc.^(a)		16,735		4,013,890
CDW Corp.		8,263		1,655,905
Cisco Systems, Inc.		250,158		13,040,737
Cognizant Technology Solutions Corp.		31,352		2,021,263
Corning, Inc.		46,479		1,243,778
Enphase Energy, Inc.^(a)		8,264		657,649
EPAM Systems, Inc.^(a)		3,527		767,369
F5, Inc.^(a)		3,627		549,817
Fair Isaac Corp.^(a)		1,538		1,300,948
First Solar, Inc.^(a)		6,046		861,253
Fortinet, Inc.^(a)		39,624		2,265,304
Gartner, Inc.^(a)		4,836		1,605,745
Gen Digital, Inc.		35,387		589,547
Hewlett Packard Enterprise Co.		78,540		1,207,945
HP, Inc.		54,040		1,422,873
Intel Corp.		260,416		9,505,184
International Business Machines Corp.		56,796		8,214,973
Intuit, Inc.		17,244		8,534,918
Juniper Networks, Inc.		19,862		534,685
Keysight Technologies, Inc.^(a)		10,890		1,329,125
KLA Corp.		8,672		4,073,238
Lam Research Corp.		8,380		4,929,284
Microchip Technology, Inc.		33,570		2,393,205
Micron Technology, Inc.		67,581		4,519,141
Microsoft Corp.		457,916		154,825,979
Monolithic Power Systems, Inc.		2,924		1,291,648
Motorola Solutions, Inc.		10,181		2,835,001
NetApp, Inc.		13,308		968,556
NVIDIA Corp.		152,221		62,075,724
NXP Semiconductors NV		15,826		2,728,877
ON Semiconductor Corp.^(a)		26,416		1,654,698
Oracle Corp.		96,642		9,992,783
Palo Alto Networks, Inc.^(a)		19,082		4,637,308
PTC, Inc.^(a)(b)		7,290		1,023,662
Qorvo, Inc.^(a)		6,153		537,895
QUALCOMM, Inc.		68,458		7,461,237
Roper Technologies, Inc.		6,554		3,202,088
salesforce.com, Inc.^(a)		60,150		12,079,925
Seagate Technology Holdings PLC		11,699		798,457
ServiceNow, Inc.^(a)		12,699		7,388,913
Skyworks Solutions, Inc.		9,781		848,404
SolarEdge Technologies, Inc.^(a)(b)		3,427		260,281

	Shares		Value
Information Technology — 28.2% (Continued)
Synopsys, Inc.^(a)		9,372	$	4,399,592
TE Connectivity Ltd.		19,461		2,293,479
Teledyne Technologies, Inc.^(a)(b)		2,827		1,058,966
Teradyne, Inc.^(b)		9,481		789,483
Texas Instruments, Inc.		56,304		7,995,731
Trimble, Inc.^(a)		15,026		708,175
Tyler Technologies, Inc.^(a)		2,518		938,962
VeriSign, Inc.^(a)		5,645		1,127,081
Western Digital Corp.^(a)		19,345		776,702
Zebra Technologies Corp.^(a)		3,127		654,888
				607,810,529

Materials — 2.4%
Air Products & Chemicals, Inc.		13,508		3,815,200
Albemarle Corp.^(b)		7,155		907,111
Amcor PLC		90,938		808,439
Avery Dennison Corp.		4,936		859,210
Ball Corp.^(b)		19,153		922,217
Celanese Corp.^(b)		6,046		692,327
CF Industries Holdings, Inc.		11,999		957,280
Corteva, Inc.		43,651		2,101,359
Dow, Inc.		42,951		2,076,251
DuPont de Nemours, Inc.^(b)		28,067		2,045,523
Eastman Chemical Co.		7,363		550,237
Ecolab, Inc.		15,126		2,537,235
FMC Corp.		7,663		407,672
Freeport-McMoRan, Inc.		87,312		2,949,399
International Flavors & Fragrances, Inc.		15,526		1,061,202
International Paper Co.		21,679		731,233
Linde PLC		30,143		11,519,449
LyondellBasell Industries NV		15,526		1,401,066
Martin Marietta Materials, Inc.		3,827		1,565,013
Mosaic Co.		20,770		674,610
Newmont Goldcorp Corp.^(b)		48,496		1,817,145
Nucor Corp.		15,626		2,309,367
Packaging Corp. of America		5,645		863,967
PPG Industries, Inc.		14,317		1,757,698
Sealed Air Corp.		8,872		273,169
Sherwin-Williams Co.		14,417		3,434,274
Steel Dynamics, Inc.		10,181		1,084,378
Vulcan Materials Co.		8,163		1,603,948
Westrock Co.		15,526		557,849
				52,283,828

Real Estate — 0.1%
CBRE Group, Inc.^(a)		19,253		1,335,003
CoStar Group, Inc.^(a)		24,799		1,820,495
				3,155,498

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.7% (Continued)

Utilities — 2.5%
AES Corp.		40,833	$	608,412
Alliant Energy Corp.		15,326		747,756
Ameren Corp.		15,827		1,198,262
American Electric Power Co., Inc.		31,353		2,368,406
American Water Works Co., Inc.		11,828		1,391,564
Atmos Energy Corp.^(b)		8,572		922,862
CenterPoint Energy, Inc.^(b)		38,415		1,032,595
CMS Energy Corp.		17,744		964,209
Consolidated Edison, Inc.		21,679		1,903,199
Constellation Energy Corp.		19,962		2,254,109
Dominion Energy, Inc.		50,914		2,052,852
DTE Energy Co.		13,644		1,315,009
Duke Energy Corp.		46,970		4,175,163
Edison International		23,289		1,468,604
Entergy Corp.		12,400		1,185,316
Evergy, Inc.		14,017		688,795
Eversource Energy		21,271		1,144,167
Exelon Corp.		60,695		2,363,463
FirstEnergy Corp.		33,169		1,180,816
NextEra Energy, Inc.		124,410		7,253,104
NiSource, Inc.		24,799		623,943
NRG Energy, Inc.^(b)		14,117		598,278
PG&E Corp.^(a)		128,373		2,092,480
Pinnacle West Capital Corp.		6,954		515,848
PPL Corp.		44,929		1,103,906
Public Service Enterprise Group, Inc.		30,435		1,876,318
Sempra		38,350		2,685,651
Southern Co.		66,441		4,471,479
WEC Energy Group, Inc.		19,254		1,567,083
Xcel Energy, Inc.		33,371		1,977,899
				53,731,548
TOTAL COMMON STOCKS (Cost $2,051,638,649)				2,118,363,866

REAL ESTATE INVESTMENT TRUSTS — 2.2%

Real Estate — 2.2%
Alexandria Real Estate Equities, Inc.^(b)		9,726		905,782
American Tower Corp.		28,434		5,066,654
AvalonBay Communities, Inc.^(b)		8,572		1,420,723
Boston Properties, Inc.^(b)		8,672		464,559
Camden Property Trust		6,554		556,304
Crown Castle, Inc.		26,416		2,456,160
Digital Realty Trust, Inc.		18,580		2,310,609
Equinix, Inc.		5,745		4,191,782
Equity Residential		20,771		1,149,259
Essex Property Trust, Inc.		3,936		841,989
Extra Space Storage, Inc.		13,015		1,348,224

	Shares		Value
Real Estate — 2.2% (Continued)
Federal Realty Investment Trust		4,436	$	404,519
Healthpeak Properties, Inc.		32,870		511,129
Host Hotels & Resorts, Inc.		43,652		675,733
Invitation Homes, Inc.		35,488		1,053,639
Iron Mountain, Inc.		17,744		1,048,138
Kimco Realty Corp.		37,806		678,240
Mid-America Apartment Communities, Inc.^(b)		7,054		833,430
Prologis, Inc.		57,059		5,748,693
Public Storage		9,681		2,310,952
Realty Income Corp.^(b)		43,478		2,059,988
Regency Centers Corp.		9,373		564,817
SBA Communications Corp.		6,554		1,367,361
Simon Property Group, Inc.		19,962		2,193,624
UDR, Inc.^(b)		18,653		593,352
Ventas, Inc.		24,398		1,035,939
VICI Properties, Inc.		61,678		1,720,816
Welltower, Inc.^(b)		31,940		2,670,503
Weyerhaeuser Co.		44,929		1,289,014
				47,471,932
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $57,416,868)				47,471,932

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		66,879,873	$	66,879,873
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $66,879,873)				66,879,873

Total Investments — 103.0% (Cost $2,175,935,390)				2,232,715,671
Liabilities in Excess of Other Assets — (3.0)%				(64,748,193	)
TOTAL NET ASSETS — 100.0%			$	2,167,967,478

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $65,725,248 which represented 3.0% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

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.

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 98.7%

U.S. Treasury Bills - 98.7%
5.38%, 12/28/2023^(a)	$	186,648,000	$	185,078,017
5.39%, 1/25/2024		175,000,000		172,806,902
TOTAL SHORT-TERM INVESTMENTS (Cost $357,880,743)				357,884,919

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(b)		95,859,111	$	95,859,111
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,859,111)				95,859,111

Total Investments — 125.1% (Cost $453,739,854)				453,744,030
Liabilities in Excess of Other Assets — (25.1)%				(91,037,492	)
TOTAL NET ASSETS - 100.0%			$	362,706,538

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $93,878,496 which represented 25.9% of net assets.

(b)

The rate shown is as of October 31, 2023.

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 49.3%

Communication Services — 7.9%
Alphabet, Inc. - Class A^(a)		116,046	$	14,398,988
Alphabet, Inc. - Class C^(a)		113,334		14,200,750
Charter Communications, Inc. - Class A^(a)(b)		6,279		2,529,181
Comcast Corp.		173,102		7,147,382
Electronic Arts, Inc.		11,375		1,408,111
Meta Platforms, Inc. - Class A^(a)		60,867		18,337,401
Netflix, Inc.^(a)		18,500		7,616,265
Sirius XM Holdings, Inc.^(b)		161,080		689,422
T-Mobile US, Inc.^(a)		49,975		7,189,404
Trade Desk, Inc. - Class A^(a)(b)		18,519		1,314,108
Warner Bros Discovery, Inc.^(a)(b)		101,401		1,007,926
Total Communication Services				75,838,938

Consumer Discretionary — 6.8%
Airbnb, Inc. - Class A^(a)(b)		18,559		2,195,344
Amazon.com, Inc.^(a)		201,582		26,828,548
Booking Holdings, Inc.^(a)		1,487		4,148,076
eBay, Inc.		22,261		873,299
JD.com, Inc. - ADR		18,917		480,870
Lucid Group, Inc.^(a)(b)		94,565		389,608
Lululemon Athletica, Inc.^(a)		5,092		2,003,600
Marriott International, Inc.		12,708		2,396,220
MercadoLibre, Inc.^(a)		2,067		2,564,610
O’Reilly Automotive, Inc.^(a)		2,564		2,385,648
PDD Holdings, Inc. - ADR^(a)		27,292		2,767,955
Ross Stores, Inc.		14,228		1,650,021
Starbucks Corp.		47,680		4,398,003
Tesla Motors, Inc.^(a)		61,915		12,435,009
Total Consumer Discretionary				65,516,811

Consumer Staples — 3.2%
Costco Wholesale Corp.		18,544		10,244,448
Dollar Tree, Inc.^(a)		9,198		1,021,806
Keurig Dr Pepper, Inc.		58,401		1,771,302
Mondelez International, Inc.		56,642		3,750,267
Monster Beverage Corp.^(a)		43,552		2,225,507
PepsiCo, Inc.		57,742		9,428,114
The Kraft Heinz Co.		51,037		1,605,624
Walgreens Boots Alliance, Inc.^(b)		35,868		756,097
Total Consumer Staples				30,803,165

Energy — 0.3%
Baker Hughes Co.		42,152		1,450,872
Diamondback Energy, Inc.^(b)		7,525		1,206,408
Total Energy				2,657,280

Financials — 0.3%
PayPal Holdings, Inc.^(a)		46,453		2,406,265

	Shares		Value
Health Care — 3.4%
Align Technology, Inc.^(a)		3,161	$	583,489
Amgen, Inc.		22,264		5,692,905
AstraZeneca PLC - ADR^(b)		24,668		1,559,758
Biogen, Inc.^(a)		6,032		1,432,841
DexCom, Inc.^(a)		16,132		1,433,006
GE HealthCare Technologies, Inc.		18,960		1,262,167
Gilead Sciences, Inc.		51,862		4,073,241
IDEXX Laboratories, Inc.^(a)		3,469		1,385,761
Illumina, Inc.^(a)		6,577		719,655
Intuitive Surgical, Inc.^(a)		14,621		3,833,919
Moderna, Inc.^(a)		15,820		1,201,687
Regeneron Pharmaceuticals, Inc.^(a)		4,492		3,503,266
Seagen, Inc.^(a)		7,839		1,668,218
Vertex Pharmaceuticals, Inc.^(a)		10,687		3,869,870
Total Health Care				32,219,783

Industrials — 2.4%
Automatic Data Processing, Inc.		17,158		3,744,218
Cintas Corp.		4,188		2,123,819
Copart, Inc.^(a)		39,718		1,728,527
CSX Corp.		84,616		2,525,788
Fastenal Co.		23,715		1,383,533
Honeywell International, Inc.		27,661		5,069,154
Old Dominion Freight Line, Inc.		4,565		1,719,453
PACCAR, Inc.		21,800		1,799,154
Paychex, Inc.		14,956		1,660,864
Verisk Analytics, Inc.		6,057		1,377,120
Total Industrials				23,131,630

Information Technology — 24.3%
Adobe, Inc.^(a)		19,117		10,171,391
Advanced Micro Devices, Inc.^(a)		68,685		6,765,473
Analog Devices, Inc.		20,831		3,277,341
ANSYS, Inc.^(a)		3,609		1,004,240
Apple, Inc.		305,455		52,162,551
Applied Materials, Inc.		34,998		4,631,985
ASML Holding NV^(b)		3,632		2,174,878
Atlassian Corp. - Class A^(a)		6,323		1,142,187
Autodesk, Inc.^(a)		8,911		1,761,081
Broadcom, Inc.		17,290		14,547,287
Cadence Design System, Inc.^(a)		11,314		2,713,663
Cisco Systems, Inc.		170,688		8,897,965
Cognizant Technology Solutions Corp. - Class A		21,155		1,363,863
Crowdstrike Holdings, Inc. - Class A^(a)		9,301		1,644,138
Datadog, Inc. - Class A^(a)		12,345		1,005,747
Enphase Energy, Inc.^(a)		5,647		449,388
Fortinet, Inc.^(a)		32,654		1,866,829
GlobalFoundries, Inc.^(a)(b)		22,757		1,129,202

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares			Value
COMMON STOCKS — 49.3% (Continued)

Information Technology — 24.3% (Continued)
Intel Corp.		178,305		$	6,508,133
Intuit, Inc.		11,693			5,787,450
KLA Corp.		5,727			2,689,972
Lam Research Corp.		5,599			3,293,444
Marvell Technology, Inc.		35,784			1,689,720
Microchip Technology, Inc.		22,741			1,621,206
Micron Technology, Inc.		45,553			3,046,129
Microsoft Corp.		145,216			49,098,982
NVIDIA Corp.		48,206			19,658,407
NXP Semiconductors NV		10,774			1,857,761
ON Semiconductor Corp.^(a)		17,986			1,126,643
Palo Alto Networks, Inc.^(a)(b)		12,734			3,094,617
Qualcomm, Inc.		47,664			5,194,899
Synopsys, Inc.^(a)		6,269			2,942,919
Texas Instruments, Inc.^(b)		38,656	��		5,489,539
Workday, Inc. - Class A^(a)		8,526			1,805,039
Zoom Video Communications, Inc. - Class A^(a)		10,433			625,771
Zscaler, Inc.^(a)		6,027			956,425
Total Information Technology					233,196,265

Real Estate — 0.1%
CoStar Group, Inc.^(a)		17,027			1,249,952

Utilities — 0.6%
American Electric Power Co., Inc.		21,426			1,618,520
Constellation Energy Corp.		13,552			1,530,292
Exelon Corp.		41,397			1,611,999
Xcel Energy, Inc.		22,902			1,357,403
Total Utilities					6,118,214
TOTAL COMMON STOCKS (Cost $421,143,190)					473,138,303

	Principal Amount
SHORT-TERM INVESTMENTS — 47.7%

U.S. Treasury Bills — 47.7%
5.38%, 11/30/2023^(b)	$	460,000,000			458,043,928
TOTAL SHORT-TERM INVESTMENTS (Cost: $458,032,350)					458,043,928

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		293,288,927	$	293,288,927
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $293,288,927)				293,288,927

Total Investments — 127.5% (Cost $1,172,464,467)				1,224,471,158
Liabilities in Excess of Other Assets — (27.5)%				(263,534,940	)
TOTAL NET ASSETS — 100.0%			$	960,936,218

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $287,471,740 which represented 29.9% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 0.3%

Greece — 0.0%^(a)
FF Group^(b)(c)		1,259	$	6,394

Netherlands — 0.3%
Koninklijke DSM NV^(b)		1,312		119,236
TOTAL COMMON STOCKS (Cost $196,218)				125,630

	Principal Amount
SHORT-TERM INVESTMENTS — 97.9%

U.S. Treasury Bills – 97.9%
5.39% 12/28/2023^(d)	$	19,716,000		19,550,159
0.00% 2/1/2024		19,800,000		19,531,171
TOTAL SHORT-TERM INVESTMENTS (Cost $39,083,612)				39,081,330

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 19.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(e)		7,820,667		7,820,667
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,820,667)				7,820,667

Total Investments — 117.8% (Cost $47,100,497)				47,027,627
Liabilities in Excess of Other Assets — (17.8)%				(7,105,136	)
TOTAL NET ASSETS — 100.0%			$	39,922,491

Percentages are stated as a percent of net assets.

(a)

Represents less than 0.05% of net assets.

(b)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $125,630 or 0.3% of net assets as of October 31, 2023.

(c)

Non-income producing security.

(d)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $5,279,504 which represented 13.2% of net assets.

(e)

The rate shown is as of October 31, 2023.

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 47.3%

Australia — 2.9%
Aristocrat Leisure Ltd.		2,960	$	72,347
ASX Ltd.		880		31,333
Australia & New Zealand Banking Group Ltd.		13,684		214,493
BHP Group Ltd. - ADR^(a)		11,487		655,448
Brambles Ltd.		6,328		52,626
Cochlear Ltd.		300		45,833
Coles Group Ltd.		6,098		59,068
Commonwealth Bank of Australia		7,630		467,359
Computershare Ltd.		2,609		41,028
CSL Ltd.		2,198		323,966
EBOS Group Ltd.		720		14,677
Fortescue Metals Group Ltd.		7,713		109,108
Macquarie Group Ltd.		1,634		166,860
National Australia Bank Ltd.		14,294		254,341
Newcrest Mining Ltd.^(b)		4,074		60,344
QBE Insurance Group Ltd.		6,796		67,252
Ramsay Health Care Ltd.		840		25,939
REA Group Ltd.		230		20,967
Rio Tinto Ltd.		1,689		125,977
Santos Ltd.		14,790		71,960
Sonic Healthcare Ltd.		2,150		39,211
South32 Ltd.		20,702		43,599
Suncorp Group Ltd.		5,768		48,956
Telstra Group Ltd.		18,414		44,505
Transurban Group		14,030		105,196
Wesfarmers Ltd.		5,168		165,620
Westpac Banking Corp.		15,980		208,820
WiseTech Global Ltd.		834		30,769
Woodside Energy Group Ltd. - ADR^(a)		8,626		187,702
Woolworths Group Ltd.		5,548		123,952
				3,879,256

Austria — 0.1%
ANDRITZ AG		330		15,154
Erste Group Bank AG		1,628		58,138
Eurotelesites AG^(c)		159		535
EVN AG		162		4,397
OMV AG		640		28,008
Raiffeisen Bank International AG^(c)		610		8,823
Strabag SE		60		2,371
Telekom Austria AG		631		4,407
Verbund AG		378		32,797
voestalpine AG		476		11,866
				166,496

	Shares		Value
Belgium — 0.3%
Anheuser-Busch InBev SA/NV - ADR^(a)		4,766	$	271,042
Groupe Bruxelles Lambert SA		440		32,124
KBC Groep NV		1,534		84,239
Solvay SA		330		34,827
UCB SA		548		40,044
				462,276

Canada — 4.6%
Agnico Eagle Mines Ltd.		2,250		105,548
Alimentation Couche-Tard, Inc.		3,380		183,995
Bank of Montreal		3,246		245,235
Barrick Gold Corp.		7,992		127,712
BCE, Inc.^(a)		1,370		50,868
Brookfield Corp.		6,624		193,090
Canadian Imperial Bank of Commerce^(a)		4,178		147,358
Canadian National Railway Co.		2,687		284,231
Canadian Natural Resources Ltd.		4,975		316,061
Canadian Pacific Kansas City Ltd.		4,246		301,338
Cenovus Energy, Inc.		6,120		116,770
CGI, Inc.^(c)		952		91,782
Constellation Software, Inc.		88		176,413
Enbridge, Inc.^(a)		9,626		308,417
Fortis, Inc.^(a)		2,220		88,201
Franco-Nevada Corp.		878		106,721
Great-West Lifeco, Inc.		1,228		34,022
Imperial Oil Ltd.		800		45,592
Intact Financial Corp.		802		112,682
Loblaw Cos. Ltd.		678		55,453
Manulife Financial Corp.		8,334		145,178
National Bank of Canada		1,534		95,375
Nutrien Ltd.^(a)		2,250		120,825
Pembina Pipeline Corp.^(a)		2,498		76,888
Power Corp. of Canada		2,540		61,194
Restaurant Brands International, Inc.^(a)		1,426		95,827
Rogers Communications, Inc. - Class B		1,692		62,705
Royal Bank of Canada^(a)		6,354		507,559
Shopify, Inc. - Class A^(c)		5,442		256,808
Sun Life Financial, Inc.		2,668		121,848
Suncor Energy, Inc.		5,965		193,266
TC Energy Corp.^(a)		4,688		161,502
Teck Resources Ltd. - Class B		2,100		74,202
TELUS Corp.		2,173		35,029
The Bank of Nova Scotia^(a)		5,460		220,966
The Toronto-Dominion Bank^(a)		8,355		466,543
Thomson Reuters Corp.		686		82,238
Tourmaline Oil Corp.		1,452		76,780

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.3%(Continued)

Canada — 4.6% (Continued)
Wheaton Precious Metals Corp.		2,066	$	87,259
				6,033,481

Denmark — 1.4%
AP Moller - Maersk AS - Class A		20		33,245
AP Moller - Maersk AS - Class A		10		16,303
Coloplast AS - Class B		528		55,018
DSV AS		818		121,997
Novo Nordisk AS - ADR^(a)		14,794		1,428,657
Orsted AS^(d)		858		41,332
Vestas Wind Systems AS^(c)		4,594		99,165
				1,795,717

Finland — 0.5%
Kone Oyj - Class B		1,836		79,436
Mandatum Oyj^(c)		2,128		8,223
Neste Oyj		1,966		65,964
Nokia Oyj - ADR		24,216		80,155	��
Nordea Bank Abp		16,300		171,288
Sampo Oyj - Class A		2,128		83,558
UPM-Kymmene Oyj		2,426		81,552
				570,176

France — 4.8%
Air Liquide SA		2,382		407,497
Airbus SE - ADR		11,318		377,795
AXA SA		7,904		233,794
BNP Paribas SA - ADR		9,990		286,613
Capgemini SE		710		125,083
Christian Dior SE		20		13,798
Credit Agricole SA		5,096		61,351
Danone SA		2,868		170,395
Dassault Systemes SE		3,048		125,182
Engie SA		7,988		126,815
EssilorLuxottica SA		1,296		233,998
Hermes International		155		288,584
Kering		320		129,748
L’Oreal SA		1,046		438,448
LVMH Moet Hennessy Louis Vuitton SE - ADR		5,998		859,513
Pernod Ricard SA		905		160,395
Safran SA		1,580		245,788
Sanofi SA - ADR		10,186		460,917
Schneider Electric SE		2,455		376,606
STMicroelectronics NV		2,990		113,831
TotalEnergies SE - ADR		10,605		706,293
Vinci SA		2,308		255,150
				6,197,594

	Shares		Value
Germany — 3.1%
adidas AG - ADR		1,518	$	134,662
Allianz SE		1,834		428,669
BASF SE		4,066		187,298
Bayer AG		4,472		192,396
Bayerische Motoren Werke AG		1,324		122,763
Beiersdorf AG		450		59,066
BioNTech SE - ADR^(c)		408		38,164
Daimler AG		3,654		214,309
Daimler Truck Holding AG		2,358		73,902
Deutsche Boerse AG		862		141,555
Deutsche Telekom AG		15,898		344,424
DHL Group		4,288		166,785
E. ON SE		10,221		121,342
Hapag-Lloyd AG ^(d)		28		4,032
Henkel AG & Co. KGaA		450		28,407
Infineon Technologies AG		5,944		172,800
Merck KGaA		592		89,167
Muenchener Rueckversicherungs-Gesellschaft AG		618		247,503
RWE AG		3,080		117,746
SAP SE - ADR^(a)		4,692		628,728
Sartorius AG		10		2,051
Siemens AG - ADR		6,888		455,917
Siemens Healthineers AG^(d)		1,288		63,126
Uniper SE^(c)		380		1,948
Volkswagen AG		130		14,966
				4,051,726

Hong Kong — 1.0%
AIA Group Ltd. - ADR		13,052		454,863
BOC Hong Kong Holdings Ltd.		16,375		43,317
Budweiser Brewing Co. APAC Ltd.^(d)		7,841		14,910
Chow Tai Fook Jewellery Group Ltd.		10,471		14,773
CK Asset Holdings Ltd.		8,667		43,306
CK Hutchison Holdings Ltd.		12,209		61,706
CK Infrastructure Holdings Ltd.		2,758		12,776
CLP Holdings Ltd.		7,598		55,588
Galaxy Entertainment Group Ltd.		9,155		51,301
Hang Seng Bank Ltd.		3,312		37,944
Henderson Land Development Co. Ltd.		5,948		15,506
Hong Kong & China Gas Co. Ltd.		49,283		34,324
Hong Kong Exchanges & Clearing Ltd.		5,427		190,718
MTR Corp. Ltd.		7,077		26,453
Prudential PLC - ADR		6,288		131,796
Sun Hung Kai Properties Ltd.		6,861		70,450
Techtronic Industries Co. Ltd.		6,014		54,797
Wharf Real Estate Investment Co. Ltd.		7,050		24,640
				1,339,168

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.3%(Continued)

Ireland — 0.5%
CRH PLC		3,264	$	174,852
Experian PLC		4,198		127,102
Flutter Entertainment PLC^(c)		800		125,483
ICON PLC^(c)		374		91,241
James Hardie Industries PLC^(c)		2,000		49,593
Kerry Group PLC - Class A		705		54,366
Ryanair Holdings PLC - ADR^(c)		444		38,939
				661,576

Israel — 0.4%
Airport City Ltd.^(c)		290		3,810
Amot Investments Ltd.		980		4,102
Azrieli Group Ltd.		170		7,307
Bank Hapoalim BM		5,728		40,913
Bank Leumi Le-Israel BM		6,978		44,869
Bezeq The Israeli Telecommunication Corp. Ltd.		9,198		11,319
Big Shopping Centers Ltd.^(c)		55		3,851
Check Point Software Technologies Ltd.^(c)		420		56,386
CyberArk Software Ltd.^(c)		190		31,092
Delek Group Ltd.		38		4,146
Elbit Systems Ltd.		116		21,532
First International Bank Of Israel Ltd.		240		8,164
Global-e Online Ltd.^(c)		430		15,097
ICL Group Ltd.		3,290		15,953
Inmode Ltd.^(a)(c)		328		6,265
Isracard Ltd.		1		2
Israel Corp. Ltd.		20		4,311
Israel Discount Bank Ltd.		5,635		24,745
JFrog Ltd.^(c)		354		7,961
Melisron Ltd.		118		6,390
Mivne Real Estate KD Ltd.		2,718		5,864
Mizrahi Tefahot Bank Ltd.		680		21,029
Monday.com Ltd.^(a)(c)		114		14,819
Nice Ltd. - ADR^(a)(c)		292		45,070
Nova Ltd.^(c)		130		12,346
Phoenix Holdings Ltd.		770		6,540
Shapir Engineering and Industry Ltd.		648		3,476
Strauss Group Ltd.^(c)		230		4,260
Teva Pharmaceutical Industries Ltd. - ADR^(c)		5,102		43,775
Tower Semiconductor Ltd.^(c)		500		11,510
Wix.com Ltd.^(c)		258		20,614
				507,518

Italy — 0.9%
Assicurazioni Generali SpA		5,046		100,083
Davide Campari-Milano NV - Class M		2,428		26,795

	Shares		Value
Italy — 0.9% (Continued)
Enel SpA		35,192	$	222,972
Eni SpA - ADR^(a)		5,462		177,843
Ferrari NV		572		172,795
Intesa Sanpaolo SpA		73,265		190,432
PRADA SpA		2,334		14,018
Snam SpA		9,336		42,774
Terna - Rete Elettrica Nazionale		6,408		48,995
UniCredit SpA		8,216		205,381
				1,202,088

Japan — 11.1%
Advantest Corp.		3,486		87,739
Aeon Co. Ltd.		3,974		83,033
AGC, Inc.		1,035		34,899
Aisin Corp.		830		28,485
Ajinomoto Co., Inc.		2,416		87,347
ANA Holdings, Inc.^(c)		730		14,217
Asahi Group Holdings Ltd.		2,308		82,773
Asahi Kasei Corp.		6,348		38,672
Astellas Pharma, Inc.		8,240		103,289
Bandai Namco Holdings, Inc.		3,036		62,152
Bridgestone Corp.		2,660		99,451
Canon, Inc.		4,618		108,187
Capcom Co. Ltd.		766		24,454
Central Japan Railway Co.		4,690		105,078
Chubu Electric Power Co., Inc.		3,450		41,482
Chugai Pharmaceutical Co. Ltd.		2,908		85,566
Daifuku Co. Ltd.		1,726		28,086
Dai-ichi Life Holdings, Inc.		4,508		94,458
Daiichi Sankyo Co. Ltd.		8,870		225,765
Daikin Industries Ltd.		1,338		190,935
Daiwa House Industry Co. Ltd.		3,030		82,499
Denso Corp.		9,046		131,266
Dentsu Group, Inc.		1,048		30,076
Disco Corp.		402		69,367
East Japan Railway Co.		1,716		89,120
Eisai Co. Ltd.		1,352		71,010
ENEOS Holdings, Inc.		13,814		50,827
FANUC Corp.		4,298		103,583
Fast Retailing Co. Ltd.		908		197,803
FUJIFILM Holdings Corp.		1,886		102,067
Fujitsu Ltd.		790		101,190
Hamamatsu Photonics KK		666		24,417
Hankyu Hanshin Holdings, Inc.		1,158		36,113
Hitachi Ltd.		4,274		267,226
Honda Motor Co. Ltd. - ADR^(a)		7,608		233,946
Hoya Corp.		1,609		152,168
Inpex Corp.		4,668		67,213
Isuzu Motors Ltd.		2,828		30,981
ITOCHU Corp.		6,640		235,374

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.3%(Continued)

Japan — 11.1% (Continued)
Japan Airlines Co. Ltd.		660	$	12,035
Japan Exchange Group, Inc.		2,410		47,135
Japan Post Bank Co. Ltd.		6,426		59,332
Japan Post Holdings Co. Ltd.		9,138		80,423
Japan Tobacco, Inc.		5,008		116,333
JFE Holdings, Inc.		2,654		36,499
Kansai Electric Power Co., Inc.		3,758		47,764
Kao Corp.		2,120		76,842
KDDI Corp.		6,812		201,653
Keyence Corp.		912		349,877
Kikkoman Corp.		880		49,470
Kirin Holdings Co. Ltd.		3,708		51,850
Kobe Bussan Co. Ltd.		658		16,249
Komatsu Ltd.		4,434		101,303
Konami Group Corp.		470		24,043
Kubota Corp.		4,845		64,376
Kyocera Corp.		1,579		76,817
Kyowa Kirin Co. Ltd.		1,160		18,046
Lasertec Corp.		360		59,863
LY Corp.		12,164		30,680
M3, Inc.		1,948		29,739
Marubeni Corp.		7,738		111,188
MEIJI Holdings Co. Ltd.		1,258		30,858
MINEBEA MITSUMI, Inc.		1,948		29,938
Mitsubishi Chemical Holdings Corp.		6,518		36,470
Mitsubishi Corp.		6,546		300,363
Mitsubishi Electric Corp.		9,776		108,192
Mitsubishi Estate Co. Ltd.		6,032		76,169
Mitsubishi HC Capital, Inc.		4,406		28,745
Mitsubishi Heavy Industries Ltd.		1,534		77,846
Mitsubishi UFJ Financial Group, Inc. - ADR^(a)		57,936		486,662
Mitsui & Co. Ltd.		7,036		251,454
Mitsui Fudosan Co. Ltd.		4,262		91,299
Mitsui OSK Lines Ltd.		1,650		42,269
Mizuho Financial Group, Inc.		11,560		194,135
MS&AD Insurance Group Holdings, Inc.		2,030		73,566
Murata Manufacturing Co. Ltd.		8,586		140,339
NEC Corp.		1,242		59,038
Nexon Co. Ltd.		2,062		37,349
NIDEC CORP		2,394		85,620
Nintendo Co. Ltd. - ADR		21,550		222,396
Nippon Paint Holdings Co. Ltd.		4,858		32,274
Nippon Steel Corp.		4,324		92,200
Nippon Telegraph & Telephone Corp.		136,078		158,724
Nippon Yusen KK		2,318		56,231

	Shares		Value
Japan — 11.1% (Continued)
Nissan Motor Co. Ltd.		10,766	$	40,301
Nissin Foods Holdings Co. Ltd.		378		32,794
Nitori Holdings Co. Ltd.		400		43,305
Nitto Denko Corp.		678		43,312
Nomura Holdings, Inc.		13,396		51,251
Nomura Research Institute Ltd.		2,112		54,955
NTT Data Group Corp.		2,678		32,571
Obic Co. Ltd.		300		44,028
Olympus Corp.		5,768		76,069
Omron Corp.		940		33,160
Ono Pharmaceutical Co. Ltd.		2,218		38,068
Oracle Corp. Japan		148		10,418
Oriental Land Co. Ltd.		5,302		169,895
ORIX Corp.		5,346		95,757
Osaka Gas Co. Ltd.		1,898		35,587
Otsuka Holdings Co. Ltd.		2,536		84,492
Pan Pacific International Holdings Corp.		2,428		46,558
Panasonic Holdings Corp.		11,172		96,481
Rakuten Group, Inc.		6,722		24,693
Recruit Holdings Co. Ltd.		7,726		220,860
Renesas Electronics Corp.^(c)		6,510		83,987
Resona Holdings, Inc.		10,756		57,018
Rohm Co. Ltd.		1,590		25,029
Secom Co. Ltd.		958		66,047
Sekisui House Ltd.		3,020		58,557
Seven & i Holdings Co. Ltd.		3,630		131,548
SG Holdings Co. Ltd.		2,218		31,198
Shimadzu Corp.		1,255		29,352
Shimano, Inc.		375		53,328
Shin-Etsu Chemical Co. Ltd.		9,218		271,719
Shionogi & Co. Ltd.		1,278		58,911
Shiseido Co. Ltd.		1,818		57,116
SMC Corp.		280		126,871
SoftBank Corp.		12,870		144,769
SoftBank Group Corp.		4,757		192,194
Sompo Holdings, Inc.		1,587		68,129
Sony Group Corp. - ADR		5,830		484,182
Subaru Corp.		2,798		47,247
Sumitomo Corp.		5,566		107,905
Sumitomo Electric Industries Ltd.		3,620		37,472
Sumitomo Metal Mining Co. Ltd.		1,248		34,713
Sumitomo Mitsui Financial Group, Inc. - ADR^(a)		30,464		294,587
Sumitomo Mitsui Trust Holdings, Inc.		1,660		61,439
Sumitomo Realty & Development Co. Ltd.		2,168		53,694
Suntory Beverage & Food Ltd.		578		17,076
Suzuki Motor Corp.		2,240		85,477

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.3%(Continued)

Japan — 11.1% (Continued)
Sysmex Corp.		730	$	34,450
Taiyo Nippon Sanso Corp.		968		24,083
Takeda Pharmaceutical Co. Ltd. - ADR^(a)		14,412		196,003
TDK Corp.		1,774		65,050
Terumo Corp.		3,406		91,950
Toho Co. Ltd./Tokyo		568		19,228
Tokio Marine Holdings, Inc.		9,120		201,141
Tokyo Electron Ltd.		2,148		279,951
Tokyo Gas Co. Ltd.		1,840		41,018
Tokyu Corp.		2,850		31,964
Toray Industries, Inc.		7,426		35,510
Toshiba Corp.^(c)		414		12,561
Toyota Industries Corp.		860		62,723
Toyota Motor Corp. - ADR^(a)		5,668		992,920
Toyota Tsusho Corp.		1,080		56,332
Unicharm Corp.		2,006		67,773
West Japan Railway Co.		1,110		42,079
Yakult Honsha Co. Ltd.		1,390		32,619
Yamaha Motor Co. Ltd.		1,590		38,152
Yaskawa Electric Corp.		1,210		38,932
				14,394,527

Luxembourg — 0.0%^(e)
ArcelorMittal		2,100		46,396
Tenaris SA - ADR^(a)		1,050		32,886
				79,282

Macao — 0.0%^(e)
Sands China Ltd.^(c)		11,054		29,665

Netherlands — 2.6%
Adyen NV - ADR^(c)		14,376		96,175
Argenx SE - ADR^(c)		262		123,027
ASML Holding NV		1,864		1,116,182
Heineken NV		1,150		103,113
ING Groep NV - ADR^(a)		16,546		212,451
Koninklijke Ahold Delhaize NV		4,440		131,543
Koninklijke DSM NV^(b)		1,378		125,233
Prosus NV^(c)		6,906		193,130
Shell PLC - AD		15,022		978,533
Stellantis NV		10,070		187,529
Universal Music Group NV		3,480		85,059
Wolters Kluwer NV		1,172		150,175
				3,502,150

New Zealand — 0.1%
Auckland International Airport Ltd.		5,966		25,513
Fisher & Paykel Healthcare Corp. Ltd.		2,650		32,128

	Shares		Value
New Zealand — 0.1% (Continued)
Infratil Ltd.		3,786	$	21,660
Mercury NZ Ltd.		3,028		10,408
Meridian Energy Ltd.		5,646		15,888
Spark New Zealand Ltd.		8,406		24,340
Xero Ltd.^(c)		638		43,179
				173,116

Norway — 0.4%
Adevinta ASA^(c)		1,430		12,551
Aker BP ASA		1,408		40,472
AutoStore Holdings Ltd.^(c)(d)		4,062		4,480
DNB Bank ASA		4,074		73,414
Equinor ASA - ADR^(a)		4,468		149,097
Gjensidige Forsikring ASA		868		12,999
Kongsberg Gruppen ASA		398		16,246
Mowi ASA		2,028		32,913
Norsk Hydro ASA		6,138		34,990
Orkla ASA		3,418		23,542
Salmar ASA		320		15,148
Telenor ASA		2,868		29,307
Var Energi ASA		2,500		8,421
Yara International ASA		738		24,113
				477,693

Portugal — 0.0%^(e)
EDP - Energias de Portugal SA		13,530		56,835

Singapore — 0.6%
CapitaLand Investment Ltd./Singapore		10,896		23,397
DBS Group Holdings Ltd.		8,366		200,725
Grab Holdings Ltd.^(c)		9,476		29,091
Jardine Cycle & Carriage Ltd.		410		8,445
Keppel Corp. Ltd.		6,296		28,556
Oversea-Chinese Banking Corp. Ltd.		17,686		163,794
Sea Ltd. - ADR^(c)		1,566		65,303
Singapore Airlines Ltd.		6,098		27,213
Singapore Technologies Engineering Ltd.		6,968		19,136
Singapore Telecommunications Ltd.		32,336		56,210
United Overseas Bank Ltd.		6,982		137,789
Wilmar International Ltd.		13,706		35,638
				795,297

South Korea — 0.2%
Coupang, Inc.^(c)		5,200		88,400
KB Financial Group, Inc. - ADR		1,710		65,254
POSCO Holdings, Inc. - ADR^(a)		1,372		104,972
				258,626

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.3%(Continued)

Spain — 1.0%
Amadeus IT Holding SA		2,056	$	117,083
Banco Bilbao Vizcaya Argentaria SA - ADR		27,423		214,722
Banco Santander SA - ADR^(a)		74,683		271,099
CaixaBank SA		18,444		74,842
Spain — 1.0% (Continued)
Cellnex Telecom SA^(d)		2,666		78,195
EDP Renovaveis SA		1,351		21,714
Iberdrola SA		26,316		292,373
Industria de Diseno Textil SA		5,108		175,925
Naturgy Energy Group SA		840		23,731
				1,269,684

Sweden — 1.3%
Alfa Laval AB		1,318		42,578
Assa Abloy AB - Class B		4,514		96,043
Atlas Copco AB - Class B		7,104		79,584
Atlas Copco AB - Class A		11,772		152,075
EPIROC AB		2,850		46,851
EPIROC AB		1,778		24,641
EQT AB		1,570		28,538
Essity AB - Class B		2,740		62,422
Evolution AB^(d)		872		77,486
H & M Hennes & Mauritz AB - Class B		2,814		37,638
Hexagon AB - Class B		9,568		77,744
Industrivarden AB - Class A		710		18,331
Industrivarden AB - Class C		680		17,496
Investment AB Latour - Class B		620		10,706
INVESTOR AB		8,298		151,948
L E Lundbergforetagen AB - Class B		330		13,442
NIBE INDUSTRIER AB		6,978		40,121
Sandvik AB		4,914		83,467
Skandinaviska Enskilda Banken AB - Class A		7,616		84,808
Skandinaviska Enskilda Banken AB - Class C		90		1,034
Spotify Technology SA^(c)		642		105,776
Svenska Cellulosa AB SCA - Class B		2,728		37,380
Svenska Handelsbanken AB - Class A		7,170		61,022
Svenska Handelsbanken AB - Class B		160		1,648
Swedbank AB		4,174		68,336
Telefonaktiebolaget LM Ericsson - ADR^(a)		14,120		62,975
Telia Co. AB		10,566		22,348
Volvo AB - Class B		7,236		143,198
Volvo AB - Class A		868		17,372
Volvo Car AB^(c)		2,438		8,367
				1,675,375

	Shares		Value
Switzerland — 4.1%
ABB Ltd. - ADR		7,422	$	248,711
Alcon, Inc.		2,276		162,184
Cie Financiere Richemont SA		2,378		279,457
Givaudan SA		38		126,158
Glencore PLC		51,163		270,603
Holcim AG		2,426		149,563
Kuehne + Nagel International AG		248		66,659
Lonza Group AG		340		118,410
Nestle SA - ADR		12,174		1,311,870
Novartis AG - ADR		9,462		885,454
Roche Holding AG - ADR		26,822		867,155
Sandoz Group AG - ADR^(c)		1,908		49,265
Sika AG		702		167,387
UBS Group AG		13,873		323,625
Zurich Insurance Group AG		668		316,210
				5,342,711

United Kingdom — 5.2%
3i Group PLC		4,430		104,162
Anglo American PLC		6,092		155,236
ARM Holdings PLC - ADR^(c)		420		20,702
Ashtead Group PLC		2,056		117,551
Associated British Foods PLC		1,538		37,873
AstraZeneca PLC - ADR		14,040		887,749
BAE Systems PLC		13,922		186,814
Barclays PLC - ADR		16,570		106,545
BP PLC - ADR		13,059		477,698
British American Tobacco PLC - ADR		10,176		303,855
BT Group PLC		25,878		35,464
Coca-Cola Europacific Partners PLC		942		55,116
Compass Group PLC		8,128		204,795
Diageo PLC - ADR		2,518		386,513
GSK PLC - ADR		9,292		331,724
Haleon PLC - ADR		10,778		87,194
HSBC Holdings PLC - ADR^(a)		18,080		656,847
Imperial Brands PLC		4,168		88,706
Legal & General Group PLC		27,226		69,956
Lloyds Banking Group PLC - ADR		76,921		146,919
London Stock Exchange Group PLC		1,880		189,202
National Grid PLC - ADR^(a)		3,342		201,021
NatWest Group PLC		25,412		55,041
Reckitt Benckiser Group PLC		3,350		224,028
RELX PLC - ADR		8,830		307,726
Rio Tinto PLC - ADR^(a)		5,038		324,145
SSE PLC		4,980		98,845
Standard Chartered PLC		10,514		80,509
Tesco PLC		32,484		106,485
Unilever PLC - ADR		11,480		543,578

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 47.3%(Continued)

United Kingdom — 5.2% (Continued)
Vodafone Group PLC - ADR^(a)		10,262	$	94,821
				6,686,820

United States — 0.2%
Flex Ltd.^(a)(c)		2,036		52,366
Waste Connections, Inc.		1,168		151,256
				203,622
TOTAL COMMON STOCKS (Cost $60,547,591)				61,812,475

EXCHANGE TRADED FUNDS — 2.2%

iShares MSCI South Korea ETF^(a)		52,084		2,862,016
TOTAL EXCHANGE TRADED FUNDS (Cost $3,133,589)				2,862,016

REAL ESTATE INVESTMENT TRUSTS — 0.2%

Australia — 0.2%
Goodman Group		7,802		102,646
Scentre Group		23,634		36,431
				139,077
Hong Kong — 0.0%^(e)
Link REIT		11,665		53,516

Japan — 0.0%^(e)
Nippon Building Fund, Inc.		10		40,046

Singapore — 0.0%^(e)
CapitaLand Integrated Commercial Trust		23,034		29,609
Keppel REIT		2,431		1,412
				31,021
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $283,449)				263,660

PREFERRED STOCKS — 0.2%
Germany — 0.2%
Bayerische Motoren Werke AG, 0.00%,		265		22,474
Dr Ing hc F Porsche AG, 0.00% (Acquired 11/15/2022 - 9/28/2023, cost $43,119)^(d)		410		35,808
Henkel AG & Co. KGaA, 0.00%,		738		53,162
Sartorius AG, 0.00%,		120		29,991
Volkswagen AG, 0.00%,		834		88,095
Total Germany				229,530
TOTAL PREFERRED STOCKS (Cost $281,498)				229,530

	Contracts		Value
WARRANTS — 0.0%^(e)
Canada — 0.0%
Constellation Software, Inc.^(b)(c)		162	$	0
TOTAL WARRANTS (Cost $0)				0

	Principal Amount
SHORT-TERM INVESTMENTS – 48.3%

U.S. Treasury Bills – 48.3%
5.38% 01/25/2024	$	64,000,000		63,197,952
TOTAL SHORT-TERM INVESTMENTS (Cost $63,197,600)				63,197,952

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 8.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(f)		11,120,976		11,120,976
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,120,976)				11,120,976
TOTAL INVESTMENTS – 106.7% (Cost $138,564,703)				139,486,609
Liabilities in Excess of Other Assets - (6.7)%				(8,771,802	)
TOTAL NET ASSETS — 100.0%			$	130,714,807

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $10,801,927 which represented 8.3% of net assets.

(b)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $185,577 or 0.1% of net assets as of October 31, 2023.

(c)	Non-income producing security.

(d)

Security is exempt from registration under to Rule 144A and Regulation S of the Securities Act of 1933, as amended. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $319,369 or 0.2% of the Fund’s net assets.

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

(f)	The rate shown is as of October 31, 2023.

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

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.4%
Communication Services — 3.9%
Altice France SA/France
5.13%, 07/15/2029 ^(a)	$	501,000	$	343,045
5.13%, 01/15/2029 ^(a)		111,000		76,155
5.50%, 10/15/2029 ^(a)		409,000		280,036
5.50%, 01/15/2028 ^(a)		217,000		161,123
8.13%, 02/01/2027 ^(a)		345,000		290,167
AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 ^(a)(b)		222,000		154,290
AMC Networks, Inc.
4.25%, 02/15/2029		179,000		110,260
4.75%, 08/01/2025		62,000		56,265
Clear Channel Outdoor Holdings, Inc.
5.13%, 08/15/2027 ^(a)		263,000		233,536
7.50%, 06/01/2029 ^(a)		211,000		153,503
7.75%, 04/15/2028 ^(a)		154,000		117,387
9.00%, 09/15/2028 ^(a)		140,000		136,262
DISH Network Corp., 11.75%, 11/15/2027 ^(a)		710,000		700,982
Gray Television, Inc.
4.75%, 10/15/2030 ^(a)		87,000		55,691
5.88%, 07/15/2026 ^(a)		164,000		145,839
7.00%, 05/15/2027 ^(a)		175,000		147,438
Lamar Media Corp.
3.63%, 01/15/2031		128,000		103,040
3.75%, 02/15/2028		140,000		124,583
4.00%, 02/15/2030		128,000		108,301
4.88%, 01/15/2029		93,000		85,257
Live Nation Entertainment, Inc.
3.75%, 01/15/2028 ^(a)		117,000		102,466
4.75%, 10/15/2027 ^(a)(b)		147,000		134,353
4.88%, 11/01/2024 ^(a)		134,000		130,828
6.50%, 05/15/2027 ^(a)		256,000		249,031
Lumen Technologies, Inc.
4.00%, 02/15/2027 ^(a)(b)		253,000		170,649
5.13%, 12/15/2026 ^(a)		96,000		46,179
News Corp.
3.88%, 05/15/2029 ^(a)		204,000		174,620
5.13%, 02/15/2032 ^(a)		117,000		100,801
Paramount Global
6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057		152,000		109,633
6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 ^(b)		194,000		142,163
Rackspace Technology Global, Inc., 3.50%, 02/15/2028 ^(a)		128,000		56,473

	Principal Amount		Value
Communication Services — 3.9% (Continued)
ROBLOX Corp., 3.88%, 05/01/2030 ^(a)	$	204,000	$	165,528
Rogers Communications Inc/Ontario, 5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 ^(a)		175,000		154,000
TEGNA, Inc.
4.63%, 03/15/2028		204,000		175,950
4.75%, 03/15/2026 ^(a)		128,000		120,080
5.00%, 09/15/2029 ^(b)		227,000		190,113
Vodafone Group PLC
3.25% to 09/04/2026 then 5 yr. CMT Rate + 2.45%, 06/04/2081 ^(b)		117,000		102,952
4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081		199,000		150,782
7.00% to 04/04/2029 then 5 Year Swap Rate USD + 4.87%, 04/04/2079		394,000		379,863
Zayo Group Holdings, Inc.
4.00%, 03/01/2027 ^(a)		311,000		234,027
6.13%, 03/01/2028 ^(a)		218,000		143,880
				6,817,531

Communications — 12.5%
Altice Financing SA
5.00%, 01/15/2028 ^(a)(b)		241,000		194,621
5.75%, 08/15/2029 ^(a)		395,000		305,138
Altice France Holding SA
6.00%, 02/15/2028 ^(a)		222,000		95,460
10.50%, 05/15/2027 ^(a)		336,000		182,280
Arches Buyer, Inc.
4.25%, 06/01/2028 ^(a)		97,000		80,389
6.13%, 12/01/2028 ^(a)(b)		117,000		94,503
British Telecommunications PLC
4.25% to 02/23/2027 then 5 yr. CMT Rate + 2.99%, 11/23/2081 ^(a)		117,000		102,195
4.88% to 11/23/2031 then 5 yr. CMT Rate + 3.49%, 11/23/2081 ^(a)(b)		117,000		94,298
C&W Senior Financing DAC, 6.88%, 09/15/2027 ^(a)		256,000		218,189
CCO Holdings LLC / CCO Holdings Capital Corp.
4.25%, 02/01/2031 ^(a)(b)		583,000		452,917
4.25%, 01/15/2034 ^(a)		359,000		258,480
4.50%, 05/01/2032 ^(b)		540,000		412,371
4.50%, 08/15/2030 ^(a)		494,000		395,200
4.50%, 06/01/2033 ^(a)		350,000		261,188
4.75%, 03/01/2030 ^(a)(b)		620,000		511,995
4.75%, 02/01/2032 ^(a)		241,000		188,839

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Communications — 12.5% (Continued)
5.00%, 02/01/2028 ^(a)	$	511,000	$	457,344
5.13%, 05/01/2027 ^(a)		652,000		600,577
5.38%, 06/01/2029 ^(a)		286,000		250,359
5.50%, 05/01/2026 ^(a)		175,000		167,738
6.38%, 09/01/2029 ^(a)		286,000		261,926
7.38%, 03/01/2031 ^(a)(b)		227,000		214,515
CMG Media Corp., 8.88%, 12/15/2027 ^(a)		123,000		95,759
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 ^(a)(b)		386,000		359,347
Consolidated Communications, Inc.
5.00%, 10/01/2028 ^(a)		93,000		69,750
6.50%, 10/01/2028 ^(a)		175,000		138,688
CSC Holdings LLC
3.38%, 02/15/2031 ^(a)		199,000		126,713
4.13%, 12/01/2030 ^(a)		132,000		88,011
4.50%, 11/15/2031 ^(a)		321,000		211,459
4.63%, 12/01/2030 ^(a)(b)		395,000		198,120
5.00%, 11/15/2031 ^(a)		117,000		59,670
5.38%, 02/01/2028 ^(a)		199,000		158,454
5.50%, 04/15/2027 ^(a)		277,000		231,364
5.75%, 01/15/2030 ^(a)		377,000		196,511
6.50%, 02/01/2029 ^(a)		350,000		276,705
7.50%, 04/01/2028 ^(a)		205,000		131,200
11.25%, 05/15/2028 ^(a)		124,000		118,110
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 ^(a)(b)		722,000		631,749
DISH DBS Corp.
5.13%, 06/01/2029		306,000		157,590
5.25%, 12/01/2026 ^(a)		554,000		447,521
5.75%, 12/01/2028 ^(a)		436,000		312,119
5.88%, 11/15/2024 ^(b)		409,000		375,258
7.38%, 07/01/2028		204,000		114,271
7.75%, 07/01/2026		404,000		270,555
Frontier Communications Holdings LLC
5.00%, 05/01/2028 ^(a)		298,000		257,025
5.88%, 10/15/2027 ^(a)		154,000		140,333
5.88%, 11/01/2029		175,000		131,469
6.00%, 01/15/2030 ^(a)(b)		149,000		112,123
6.75%, 05/01/2029 ^(a)(b)		199,000		157,459
8.63%, 03/15/2031 ^(a)		175,000		164,281
8.75%, 05/15/2030 ^(a)		256,000		243,520
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
3.50%, 03/01/2029 ^(a)		62,000		51,897
5.25%, 12/01/2027 ^(a)		140,000		131,414

	Principal Amount		Value
Communications — 12.5% (Continued)
Gray Escrow II, Inc., 5.38%, 11/15/2031 ^(a)	$	254,000	$	160,122
Hughes Satellite Systems Corp.
5.25%, 08/01/2026		50,000		44,953
6.63%, 08/01/2026		175,000		148,027
iHeartCommunications, Inc.
4.75%, 01/15/2028 ^(a)		117,000		82,778
5.25%, 08/15/2027 ^(a)		135,000		98,888
6.38%, 05/01/2026		147,000		119,805
8.38%, 05/01/2027		208,000		127,379
Iliad Holding SASU
6.50%, 10/15/2026 ^(a)		156,000		145,665
7.00%, 10/15/2028 ^(a)		186,000		168,343
Intelsat Jackson Holdings SA, 6.50%, 03/15/2030 ^(a)(b)		603,000		530,639
LCPR Senior Secured Financing DAC
5.13%, 07/15/2029 ^(a)		152,000		120,075
6.75%, 10/15/2027 ^(a)		147,000		133,035
Level 3 Financing, Inc.
3.40%, 03/01/2027 ^(a)(b)		175,000		161,656
3.63%, 01/15/2029 ^(a)		156,000		80,470
3.75%, 07/15/2029 ^(a)		171,000		87,104
3.88%, 11/15/2029 ^(a)(b)		175,000		154,438
4.25%, 07/01/2028 ^(a)(b)		211,000		119,215
4.63%, 09/15/2027 ^(a)		199,000		134,101
10.50%, 05/15/2030 ^(a)(b)		151,000		150,607
Match Group Holdings II LLC
3.63%, 10/01/2031 ^(a)		117,000		89,878
4.13%, 08/01/2030 ^(a)		117,000		95,450
4.63%, 06/01/2028 ^(a)		117,000		104,600
5.00%, 12/15/2027 ^(a)		105,000		96,900
McGraw-Hill Education, Inc.
5.75%, 08/01/2028 ^(a)		86,000		72,520
8.00%, 08/01/2029 ^(a)		170,000		139,876
Nexstar Media, Inc.
4.75%, 11/01/2028 ^(a)		209,000		175,297
5.63%, 07/15/2027 ^(a)		338,000		304,220
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.25%, 01/15/2029 ^(a)		117,000		95,370
4.63%, 03/15/2030 ^(a)		117,000		94,050
5.00%, 08/15/2027 ^(a)		152,000		134,900
6.25%, 06/15/2025 ^(a)		93,000		91,772
Radiate Holdco LLC / Radiate Finance, Inc.
4.50%, 09/15/2026 ^(a)		141,000		107,772
6.50%, 09/15/2028 ^(a)		184,000		91,080
Scripps Escrow II, Inc., 3.88%, 01/15/2029 ^(a)		122,000		92,667
Scripps Escrow, Inc., 5.88%, 07/15/2027 ^(a)		103,000		76,993

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Communications — 12.5% (Continued)
Shutterfly Finance LLC, 9.75%, 10/01/2027 ^(a)	$	0	$	0
Sinclair Television Group, Inc.
4.13%, 12/01/2030 ^(a)		175,000		108,595
5.50%, 03/01/2030 ^(a)		117,000		62,156
Sirius XM Radio, Inc.
3.13%, 09/01/2026 ^(a)(b)		204,000		182,941
3.88%, 09/01/2031 ^(a)(b)		286,000		215,215
4.00%, 07/15/2028 ^(a)(b)		374,000		317,900
4.13%, 07/01/2030 ^(a)(b)		286,000		227,013
5.00%, 08/01/2027 ^(a)(b)		286,000		262,281
5.50%, 07/01/2029 ^(a)		268,000		237,515
Stagwell Global LLC, 5.63%, 08/15/2029 ^(a)		227,000		187,613
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 ^(a)		200,000		175,719
Univision Communications, Inc.
4.50%, 05/01/2029 ^(a)		216,000		172,176
5.13%, 02/15/2025 ^(a)		225,000		219,425
6.63%, 06/01/2027 ^(a)		286,000		260,346
7.38%, 06/30/2030 ^(a)(b)		186,000		163,804
UPC Broadband Finco BV, 4.88%, 07/15/2031 ^(a)		228,000		181,026
UPC Holding BV, 5.50%, 01/15/2028 ^(a)		106,000		92,816
Videotron Ltd.
3.63%, 06/15/2029 ^(a)(b)		117,000		98,426
5.13%, 04/15/2027 ^(a)		140,000		130,419
Virgin Media Finance PLC, 5.00%, 07/15/2030 ^(a)(b)		216,000		169,865
Virgin Media Secured Finance PLC
4.50%, 08/15/2030 ^(a)		174,000		143,249
5.50%, 05/15/2029 ^(a)(b)		269,000		238,581
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028 ^(a)		117,000		99,450
Vmed O2 UK Financing I PLC
4.25%, 01/31/2031 ^(a)(b)		291,000		230,545
4.75%, 07/15/2031 ^(a)		303,000		243,915
VZ Secured Financing BV, 5.00%, 01/15/2032 ^(a)		287,000		217,414
Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 ^(a)		303,000		236,113
WMG Acquisition Corp.
3.00%, 02/15/2031 ^(a)(b)		157,000		121,893
3.75%, 12/01/2029 ^(a)		126,000		105,762
3.88%, 07/15/2030 ^(a)		125,000		103,844

	Principal Amount		Value
Communications — 12.5% (Continued)
Ziggo Bond Co. BV
5.13%, 02/28/2030 ^(a)	$	67,000	$	48,574
6.00%, 01/15/2027 ^(a)		146,000		133,579
Ziggo BV, 4.88%, 01/15/2030 ^(a)		172,000		137,231
				22,115,013

Consumer Discretionary — 22.2%
1011778 BC ULC / New Red Finance, Inc.
3.50%, 02/15/2029 ^(a)(b)		175,000		149,765
3.88%, 01/15/2028 ^(a)		298,000		266,086
4.00%, 10/15/2030 ^(a)(b)		570,000		467,065
4.38%, 01/15/2028 ^(a)		175,000		157,063
Adient Global Holdings Ltd.
4.88%, 08/15/2026 ^(a)		146,000		135,941
7.00%, 04/15/2028 ^(a)		117,000		114,994
8.25%, 04/15/2031 ^(a)		117,000		113,810
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.00%, 06/01/2029 ^(a)		160,000		115,840
6.63%, 07/15/2026 ^(a)		399,000		372,467
9.75%, 07/15/2027 ^(a)		196,000		170,653
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/2028 ^(a)		242,000		198,803
4.63%, 06/01/2028 ^(a)		141,000		114,781
American Airlines, Inc.
7.25%, 02/15/2028 ^(a)(b)		175,000		162,969
11.75%, 07/15/2025 ^(a)(b)		441,000		467,184
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026 ^(a)		463,333		450,323
5.75%, 04/20/2029 ^(a)		618,000		555,939
American Axle & Manufacturing, Inc.
5.00%, 10/01/2029 ^(b)		140,000		110,526
6.50%, 04/01/2027 ^(b)		116,000		109,277
6.88%, 07/01/2028		93,000		82,529
American Builders & Contractors Supply Co., Inc.
3.88%, 11/15/2029 ^(a)		93,000		77,190
4.00%, 01/15/2028 ^(a)(b)		164,000		147,057
APX Group, Inc.
5.75%, 07/15/2029 ^(a)		152,000		126,067
6.75%, 02/15/2027 ^(a)		140,000		134,792
Aramark Services, Inc.
5.00%, 02/01/2028 ^(a)(b)		194,000		177,995
5.00%, 04/01/2025 ^(a)		140,000		136,675
Asbury Automotive Group, Inc.
4.50%, 03/01/2028		94,000		83,159
4.63%, 11/15/2029 ^(a)		62,000		52,355
4.75%, 03/01/2030		104,000		87,724
5.00%, 02/15/2032 ^(a)		140,000		113,569

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Consumer Discretionary — 22.2% (Continued)
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/2030 ^(a)	$	93,000	$	72,656
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/2025 ^(a)		238,000		235,323
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
4.75%, 04/01/2028 ^(a)		117,000		100,495
5.38%, 03/01/2029 ^(a)		140,000		119,726
5.75%, 07/15/2027 ^(a)		93,000		85,341
Bath & Body Works, Inc.
5.25%, 02/01/2028		117,000		107,334
6.63%, 10/01/2030 ^(a)		184,000		170,654
7.50%, 06/15/2029 ^(b)		117,000		114,458
Boyd Gaming Corp.
4.75%, 06/15/2031 ^(a)		181,000		150,216
4.75%, 12/01/2027		164,000		149,709
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
4.88%, 02/15/2030 ^(a)		117,000		89,243
6.25%, 09/15/2027 ^(a)		140,000		122,353
Caesars Entertainment, Inc.
4.63%, 10/15/2029 ^(a)		236,000		194,081
6.25%, 07/01/2025 ^(a)(b)		522,000		513,517
7.00%, 02/15/2030 ^(a)(b)		399,000		384,401
8.13%, 07/01/2027 ^(a)(b)		362,000		359,557
Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 ^(a)		209,000		205,746
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 ^(a)		141,000		131,236
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 ^(a)		411,000		438,228
CDI Escrow Issuer, Inc., 5.75%, 04/01/2030 ^(a)		166,000		147,929
Cedar Fair LP, 5.25%, 07/15/2029		117,000		100,528
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.38%, 04/15/2027		117,000		108,254
5.50%, 05/01/2025 ^(a)		204,000		200,110
Century Communities, Inc.
3.88%, 08/15/2029 ^(a)		117,000		94,478
6.75%, 06/01/2027		117,000		113,022
Churchill Downs, Inc.
4.75%, 01/15/2028 ^(a)		39,000		35,062
5.50%, 04/01/2027 ^(a)		140,000		131,464
6.75%, 05/01/2031 ^(a)		140,000		130,262
Cinemark USA, Inc.
5.25%, 07/15/2028 ^(a)(b)		139,000		120,850
5.88%, 03/15/2026 ^(a)		94,000		89,543

	Principal Amount		Value
Consumer Discretionary — 22.2% (Continued)
Clarios Global LP, 6.75%, 05/15/2025 ^(a)	$	105,000	$	104,118
Clarios Global LP / Clarios US Finance Co.
6.25%, 05/15/2026 ^(a)		181,000		176,652
6.75%, 05/15/2028 ^(a)		175,000		169,877
8.50%, 05/15/2027 ^(a)(b)		402,000		395,628
Dana, Inc.
4.25%, 09/01/2030		93,000		73,608
5.38%, 11/15/2027		93,000		85,484
5.63%, 06/15/2028		93,000		84,281
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
4.63%, 01/15/2029 ^(a)		139,000		116,934
6.75%, 01/15/2030 ^(a)		263,000		209,711
Ford Motor Co.
3.25%, 02/12/2032 ^(b)		393,000		296,298
4.35%, 12/08/2026		233,000		219,579
6.10%, 08/19/2032 ^(b)		288,000		266,400
9.63%, 04/22/2030		86,000		95,879
Ford Motor Credit Co. LLC
2.30%, 02/10/2025		179,000		169,116
2.70%, 08/10/2026		258,000		231,377
2.90%, 02/16/2028		149,000		126,851
2.90%, 02/10/2029		149,000		122,009
3.38%, 11/13/2025		273,000		254,846
3.63%, 06/17/2031		169,000		133,431
3.82%, 11/02/2027		149,000		132,997
4.00%, 11/13/2030 ^(b)		268,000		220,792
4.06%, 11/01/2024		248,000		241,428
4.13%, 08/17/2027		224,000		203,582
4.13%, 08/04/2025		199,000		189,846
4.27%, 01/09/2027		149,000		137,840
4.39%, 01/08/2026		194,000		184,106
4.54%, 08/01/2026		119,000		111,786
4.69%, 06/09/2025		119,000		115,014
4.95%, 05/28/2027 ^(b)		268,000		251,694
5.11%, 05/03/2029 ^(b)		181,000		163,962
5.13%, 06/16/2025 ^(b)		293,000		284,998
6.80%, 05/12/2028 ^(b)		258,000		257,355
6.95%, 03/06/2026		229,000		229,595
6.95%, 06/10/2026		100,000		100,262
7.20%, 06/10/2030		100,000		99,934
7.35%, 11/04/2027 ^(b)		183,000		185,173
7.35%, 03/06/2030		114,000		114,570
Gap, Inc.
3.63%, 10/01/2029 ^(a)		175,000		133,875
3.88%, 10/01/2031 ^(a)		175,000		125,322
Garda World Security Corp.
4.63%, 02/15/2027 ^(a)		133,000		118,486

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Consumer Discretionary — 22.2% (Continued)
6.00%, 06/01/2029 ^(a)	$	117,000	$	89,807
7.75%, 02/15/2028 ^(a)		93,000		89,048
9.50%, 11/01/2027 ^(a)		141,000		127,285
Goodyear Tire & Rubber Co.
4.88%, 03/15/2027		39,000		35,901
5.00%, 05/31/2026		181,000		171,139
5.00%, 07/15/2029		159,000		136,683
5.25%, 07/15/2031		140,000		114,012
5.25%, 04/30/2031 ^(b)		128,000		105,464
5.63%, 04/30/2033		105,000		84,210
9.50%, 05/31/2025		187,000		189,104
Hanesbrands, Inc.
4.88%, 05/15/2026 ^(a)(b)		136,000		124,950
9.00%, 02/15/2031 ^(a)		140,000		130,200
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026 ^(a)(b)		251,000		184,874
Hertz Corp.
4.63%, 12/01/2026 ^(a)		117,000		98,328
5.00%, 12/01/2029 ^(a)		209,000		150,480
Hilton Domestic Operating Co., Inc.
3.63%, 02/15/2032 ^(a)		296,000		233,923
3.75%, 05/01/2029 ^(a)		157,000		135,260
4.00%, 05/01/2031 ^(a)		177,000		146,746
4.88%, 01/15/2030		199,000		178,984
5.38%, 05/01/2025 ^(a)		117,000		115,162
5.75%, 05/01/2028 ^(a)		117,000		112,098
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
4.88%, 07/01/2031 ^(a)(b)		117,000		92,418
5.00%, 06/01/2029 ^(a)		84,000		70,736
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		140,000		132,154
International Game Technology PLC
4.13%, 04/15/2026 ^(a)		175,000		164,938
5.25%, 01/15/2029 ^(a)		135,000		122,850
6.25%, 01/15/2027 ^(a)		175,000		170,640
6.50%, 02/15/2025 ^(a)		117,000		115,836
Jaguar Land Rover Automotive PLC
4.50%, 10/01/2027 ^(a)(b)		117,000		101,613
5.50%, 07/15/2029 ^(a)		117,000		100,608
5.88%, 01/15/2028 ^(a)		152,000		136,895
7.75%, 10/15/2025 ^(a)		39,000		38,963

	Principal Amount		Value
Consumer Discretionary — 22.2% (Continued)
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 ^(a)	$	135,000	$	127,686
Kohl’s Corp., 4.63%, 05/01/2031		117,000		79,548
Las Vegas Sands Corp.
2.90%, 06/25/2025		117,000		110,419
3.50%, 08/18/2026 ^(b)		209,000		191,845
3.90%, 08/08/2029		175,000		151,209
LBM Acquisition LLC, 6.25%, 01/15/2029 ^(a)		192,000		151,680
LCM Investments Holdings II LLC
4.88%, 05/01/2029 ^(a)(b)		164,000		136,982
8.25%, 08/01/2031 ^(a)		100,000		95,450
Life Time, Inc.
5.75%, 01/15/2026 ^(a)		116,000		112,426
8.00%, 04/15/2026 ^(a)		111,000		108,225
Light & Wonder International, Inc.
7.00%, 05/15/2028 ^(a)		124,000		121,104
7.25%, 11/15/2029 ^(a)		117,000		113,271
7.50%, 09/01/2031 ^(a)		100,000		97,747
Lithia Motors, Inc.
3.88%, 06/01/2029 ^(a)(b)		157,000		129,855
4.38%, 01/15/2031 ^(a)		128,000		103,680
4.63%, 12/15/2027 ^(a)		93,000		83,721
Macy’s Retail Holdings LLC
5.88%, 04/01/2029 ^(a)(b)		117,000		103,147
5.88%, 03/15/2030 ^(a)		99,000		83,748
6.13%, 03/15/2032 ^(a)		99,000		81,881
Mattamy Group Corp.
4.63%, 03/01/2030 ^(a)		140,000		114,365
5.25%, 12/15/2027 ^(a)(b)		117,000		105,053
Melco Resorts Finance Ltd.
4.88%, 06/06/2025 ^(a)		109,000		102,611
5.25%, 04/26/2026 ^(a)		117,000		107,018
5.38%, 12/04/2029 ^(a)(b)		244,000		194,340
5.63%, 07/17/2027 ^(a)		140,000		122,266
5.75%, 07/21/2028 ^(a)(b)		159,000		134,378
MGM China Holdings Ltd.
4.75%, 02/01/2027 ^(a)		175,000		153,664
5.25%, 06/18/2025 ^(a)		117,000		111,357
5.88%, 05/15/2026 ^(a)		175,000		163,778
MGM Resorts International
4.63%, 09/01/2026		93,000		86,490
4.75%, 10/15/2028		175,000		152,868
5.50%, 04/15/2027		158,000		147,335
5.75%, 06/15/2025		158,000		154,527
6.75%, 05/01/2025		175,000		174,043

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Consumer Discretionary — 22.2% (Continued)
Michaels Cos., Inc.
5.25%, 05/01/2028 ^(a)	$	159,000	$	114,474
7.88%, 05/01/2029 ^(a)		189,000		105,462
Mohegan Tribal Gaming Authority
8.00%, 02/01/2026 ^(a)		190,000		174,563
13.25%, 12/15/2027 ^(a)		117,000		123,581
NCL Corp. Ltd.
3.63%, 12/15/2024 ^(a)		132,000		124,905
5.88%, 03/15/2026 ^(a)		304,000		272,840
5.88%, 02/15/2027 ^(a)		109,000		100,410
7.75%, 02/15/2029 ^(a)(b)		140,000		122,178
8.13%, 01/15/2029 ^(a)		125,000		122,109
8.38%, 02/01/2028 ^(a)		140,000		138,408
NCL Finance Ltd., 6.13%, 03/15/2028 ^(a)		123,000		103,020
Newell Brands, Inc.
4.88%, 06/01/2025		117,000		111,760
5.20%, 04/01/2026		414,000		390,358
6.38%, 09/15/2027 ^(b)		117,000		109,537
6.63%, 09/15/2029		42,000		38,640
NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 ^(a)		232,000		216,869
Nordstrom, Inc.
4.25%, 08/01/2031 ^(b)		99,000		72,525
4.38%, 04/01/2030		117,000		90,663
Odeon Finco PLC, 12.75%, 11/01/2027 ^(a)(b)		93,000		92,233
Penske Automotive Group, Inc.
3.50%, 09/01/2025		128,000		121,920
3.75%, 06/15/2029		117,000		96,741
PetSmart, Inc. / PetSmart Finance Corp.
4.75%, 02/15/2028 ^(a)		256,000		226,536
7.75%, 02/15/2029 ^(a)		239,000		220,179
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 ^(a)(b)		115,000		80,581
5.88%, 09/01/2031 ^(a)		175,000		117,688
Prime Security Services Borrower LLC / Prime Finance, Inc.
3.38%, 08/31/2027 ^(a)		169,000		148,636
5.75%, 04/15/2026 ^(a)		291,000		282,270
6.25%, 01/15/2028 ^(a)		179,000		166,119
QVC, Inc.
4.38%, 09/01/2028		117,000		58,500
4.45%, 02/15/2025		140,000		120,485
4.75%, 02/15/2027		134,000		76,045
Rakuten Group, Inc.
5.13% to 04/22/2026 then 5 yr. CMT Rate + 4.58%, Perpetual ^(a)		90,000		65,700

	Principal Amount		Value
Consumer Discretionary — 22.2% (Continued)
6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual ^(a)	$	199,000	$	125,452
10.25%, 11/30/2024 ^(a)		172,000		174,150
Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 ^(a)		194,000		148,420
Service Corp. International/US
3.38%, 08/15/2030		169,000		134,710
4.00%, 05/15/2031 ^(b)		147,000		118,891
4.63%, 12/15/2027		128,000		118,311
5.13%, 06/01/2029		175,000		160,311
Six Flags Entertainment Corp.
5.50%, 04/15/2027 ^(a)		117,000		106,037
7.25%, 05/15/2031 ^(a)(b)		147,000		135,240
Sonic Automotive, Inc.
4.63%, 11/15/2029 ^(a)		152,000		126,540
4.88%, 11/15/2031 ^(a)		117,000		93,161
Sotheby’s, 7.38%, 10/15/2027 ^(a)		149,000		133,094
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
8.00%, 09/20/2025 ^(a)		140,000		103,250
8.00%, 09/20/2025 ^(a)		119,000		87,763
SRS Distribution, Inc.
4.63%, 07/01/2028 ^(a)		152,000		132,921
6.00%, 12/01/2029 ^(a)		174,000		144,855
6.13%, 07/01/2029 ^(a)		105,000		87,938
Staples, Inc.
7.50%, 04/15/2026 ^(a)		394,000		321,110
10.75%, 04/15/2027 ^(a)(b)		234,000		130,611
Station Casinos LLC
4.50%, 02/15/2028 ^(a)		160,000		137,783
4.63%, 12/01/2031 ^(a)		42,000		33,071
Studio City Finance Ltd.
5.00%, 01/15/2029 ^(a)		152,000		109,896
6.00%, 07/15/2025 ^(a)		117,000		110,234
6.50%, 01/15/2028 ^(a)		117,000		96,598
Taylor Morrison Communities, Inc.
5.13%, 08/01/2030 ^(a)		117,000		98,046
5.75%, 01/15/2028 ^(a)		105,000		95,696
5.88%, 06/15/2027 ^(a)		117,000		109,688
Tempur Sealy International, Inc.
3.88%, 10/15/2031 ^(a)		162,000		121,298
4.00%, 04/15/2029 ^(a)		147,000		120,467
Tenneco, Inc., 8.00%, 11/17/2028 ^(a)		375,000		300,938
TKC Holdings, Inc.
6.88%, 05/15/2028 ^(a)		99,000		85,390
10.50%, 05/15/2029 ^(a)		158,000		126,889
Travel + Leisure Co.
4.50%, 12/01/2029 ^(a)		152,000		125,195

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Consumer Discretionary — 22.2% (Continued)
6.00%, 04/01/2027	$	93,000	$	86,839
6.63%, 07/31/2026 ^(a)		152,000		147,425
United Airlines, Inc.
4.38%, 04/15/2026 ^(a)		409,000		379,177
4.63%, 04/15/2029 ^(a)		389,000		328,511
Valvoline, Inc.
3.63%, 06/15/2031 ^(a)		125,000		95,000
4.25%, 02/15/2030 ^(a)		140,000		137,496
Viking Cruises Ltd.
5.88%, 09/15/2027 ^(a)		163,000		146,847
7.00%, 02/15/2029 ^(a)		117,000		105,885
9.13%, 07/15/2031 ^(a)		100,000		98,250
VistaJet Malta Finance PLC / Vista Management Holding, Inc.
6.38%, 02/01/2030 ^(a)		134,000		89,820
7.88%, 05/01/2027 ^(a)		117,000		90,090
9.50%, 06/01/2028 ^(a)		117,000		89,505
VOC Escrow Ltd., 5.00%, 02/15/2028 ^(a)		158,000		141,703
Williams Scotsman, Inc.
4.63%, 08/15/2028 ^(a)		117,000		103,828
6.13%, 06/15/2025 ^(a)		123,000		121,006
7.38%, 10/01/2031 ^(a)		100,000		98,325
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.25%, 05/15/2027 ^(a)(b)		146,000		135,254
5.50%, 03/01/2025 ^(a)		282,000		276,868
Wynn Macau Ltd.
5.13%, 12/15/2029 ^(a)		109,000		85,516
5.50%, 01/15/2026 ^(a)		204,000		188,938
5.50%, 10/01/2027 ^(a)		175,000		152,468
5.63%, 08/26/2028 ^(a)		291,000		243,612
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.13%, 10/01/2029 ^(a)		135,000		114,764
7.13%, 02/15/2031 ^(a)		140,000		130,011
Yum! Brands, Inc.
3.63%, 03/15/2031		131,000		106,299
4.63%, 01/31/2032		227,000		193,240
4.75%, 01/15/2030 ^(a)		187,000		166,626
5.38%, 04/01/2032 ^(b)		204,000		182,631
ZF North America Capital, Inc.
4.75%, 04/29/2025 ^(a)		217,000		209,094
6.88%, 04/14/2028 ^(a)		140,000		135,622
7.13%, 04/14/2030 ^(a)		140,000		135,814
				38,988,449

Consumer Staples — 3.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
3.25%, 03/15/2026 ^(a)		175,000		162,203

	Principal Amount		Value
Consumer Staples — 3.3% (Continued)
3.50%, 03/15/2029 ^(a)	$	291,000	$	247,944
4.63%, 01/15/2027 ^(a)		291,000		273,034
4.88%, 02/15/2030 ^(a)		109,000		97,443
5.88%, 02/15/2028 ^(a)		175,000		167,125
6.50%, 02/15/2028 ^(a)		175,000		171,832
7.50%, 03/15/2026 ^(a)		140,000		142,275
B&G Foods, Inc., 5.25%, 09/15/2027		81,000		66,688
Central Garden & Pet Co.
4.13%, 10/15/2030		117,000		95,355
4.13%, 04/30/2031 ^(a)		93,000		73,935
Coty, Inc.
5.00%, 04/15/2026 ^(a)(b)		186,000		177,924
6.50%, 04/15/2026 ^(a)		110,000		108,350
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC
4.75%, 01/15/2029 ^(a)		117,000		103,586
6.63%, 07/15/2030 ^(a)		150,000		143,394
Darling Ingredients, Inc., 6.00%, 06/15/2030 ^(a)(b)		134,000		126,164
Edgewell Personal Care Co.
4.13%, 04/01/2029 ^(a)(b)		117,000		97,973
5.50%, 06/01/2028 ^(a)		175,000		159,679
Energizer Holdings, Inc.
4.38%, 03/31/2029 ^(a)		162,000		133,234
4.75%, 06/15/2028 ^(a)		140,000		119,945
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 ^(a)		15,000		14,055
HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/2029 ^(a)		140,000		95,637
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.
5.00%, 12/31/2026 ^(a)		111,000		100,455
7.00%, 12/31/2027 ^(a)		123,000		104,858
Lamb Weston Holdings, Inc.
4.13%, 01/31/2030 ^(a)		202,000		171,567
4.38%, 01/31/2032 ^(a)		164,000		135,590
4.88%, 05/15/2028 ^(a)		117,000		107,786
Performance Food Group, Inc.
4.25%, 08/01/2029 ^(a)		209,000		176,669
5.50%, 10/15/2027 ^(a)		213,000		199,066
Pilgrim’s Pride Corp.
3.50%, 03/01/2032		181,000		137,886
4.25%, 04/15/2031		109,000		89,780
6.25%, 07/01/2033		139,000		127,871
Post Holdings, Inc.
4.50%, 09/15/2031 ^(a)(b)		239,000		193,570
4.63%, 04/15/2030 ^(a)		284,000		238,179

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Consumer Staples — 3.3% (Continued)
5.50%, 12/15/2029 ^(a)	$	263,000	$	232,426
5.63%, 01/15/2028 ^(a)		195,000		181,191
5.75%, 03/01/2027 ^(a)		107,000		101,820
Spectrum Brands, Inc., 3.88%, 03/15/2031 ^(a)		117,000		93,746
US Foods, Inc.
4.63%, 06/01/2030 ^(a)		117,000		99,889
4.75%, 02/15/2029 ^(a)(b)		181,000		159,280
7.25%, 01/15/2032 ^(a)		90,000		88,433
Vector Group Ltd.
5.75%, 02/01/2029 ^(a)		175,000		148,514
10.50%, 11/01/2026 ^(a)		125,000		124,889
				5,791,240

Energy — 12.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.38%, 06/15/2029 ^(a)		175,000		159,228
5.75%, 03/01/2027 ^(a)(b)		152,000		145,045
5.75%, 01/15/2028 ^(a)		152,000		142,500
7.88%, 05/15/2026 ^(a)		128,000		128,925
Antero Resources Corp.
5.38%, 03/01/2030 ^(a)(b)		140,000		127,750
7.63%, 02/01/2029 ^(a)		97,000		98,366
Archrock Partners LP / Archrock Partners Finance Corp.
6.25%, 04/01/2028 ^(a)		147,000		136,526
6.88%, 04/01/2027 ^(a)(b)		117,000		112,774
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
5.88%, 06/30/2029 ^(a)		93,000		82,584
7.00%, 11/01/2026 ^(a)		140,000		135,340
8.25%, 12/31/2028 ^(a)		120,000		118,836
Baytex Energy Corp.
8.50%, 04/30/2030 ^(a)		187,000		185,130
8.75%, 04/01/2027 ^(a)		110,000		110,825
Buckeye Partners LP
3.95%, 12/01/2026		140,000		127,109
4.13%, 03/01/2025 ^(a)		117,000		111,419
4.13%, 12/01/2027		93,000		80,594
4.50%, 03/01/2028 ^(a)		117,000		102,053
Callon Petroleum Co.
7.50%, 06/15/2030 ^(a)(b)		140,000		135,604
8.00%, 08/01/2028 ^(a)		152,000		149,720
Chesapeake Energy Corp.
5.50%, 02/01/2026 ^(a)		117,000		113,605
5.88%, 02/01/2029 ^(a)		117,000		110,220
6.75%, 04/15/2029 ^(a)		197,000		192,724
CITGO Petroleum Corp.
6.38%, 06/15/2026 ^(a)		122,000		119,710
7.00%, 06/15/2025 ^(a)		233,000		228,577

	Principal Amount		Value
Energy — 12.4% (Continued)
8.38%, 01/15/2029 ^(a)	$	200,000	$	198,000
Civitas Resources, Inc.
8.38%, 07/01/2028 ^(a)		250,000		251,562
8.63%, 11/01/2030 ^(a)		170,000		173,488
8.75%, 07/01/2031 ^(a)		250,000		252,499
CNX Resources Corp.
6.00%, 01/15/2029 ^(a)		117,000		107,348
7.38%, 01/15/2031 ^(a)		117,000		111,735
Comstock Resources, Inc.
5.88%, 01/15/2030 ^(a)(b)		146,000		124,830
6.75%, 03/01/2029 ^(a)		242,000		219,917
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 ^(a)		213,000		185,275
Crescent Energy Finance LLC
7.25%, 05/01/2026 ^(a)		119,000		114,835
9.25%, 02/15/2028 ^(a)		93,000		94,019
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.63%, 05/01/2027 ^(a)		140,000		134,663
5.75%, 04/01/2025		117,000		115,538
6.00%, 02/01/2029 ^(a)		164,000		157,850
7.38%, 02/01/2031 ^(a)		140,000		141,453
8.00%, 04/01/2029 ^(a)		105,000		107,373
CrownRock LP / CrownRock Finance, Inc.
5.00%, 05/01/2029 ^(a)		93,000		87,350
5.63%, 10/15/2025 ^(a)		127,000		125,251
CVR Energy, Inc.
5.25%, 02/15/2025 ^(a)		140,000		136,881
5.75%, 02/15/2028 ^(a)		93,000		83,432
DT Midstream, Inc.
4.13%, 06/15/2029 ^(a)		157,000		134,785
4.38%, 06/15/2031 ^(a)		204,000		169,320
Earthstone Energy Holdings LLC
8.00%, 04/15/2027 ^(a)		100,000		101,482
9.88%, 07/15/2031 ^(a)(b)		100,000		107,881
eG Global Finance PLC
6.75%, 02/07/2025 ^(a)		135,000		133,035
8.50%, 10/30/2025 ^(a)		58,000		57,024
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028 ^(a)		204,000		195,718
Energian Israel Finance Ltd.
4.88%, 03/30/2026 ^(a)		146,000		128,560
5.38%, 03/30/2028 ^(a)		146,000		119,451
5.88%, 03/30/2031 ^(a)		146,000		116,884
8.50%, 09/30/2033 ^(a)		125,000		109,191
EnLink Midstream LLC
5.38%, 06/01/2029		116,000		106,169
5.63%, 01/15/2028 ^(a)		117,000		110,464

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Energy — 12.4% (Continued)
6.50%, 09/01/2030 ^(a)	$	184,000	$	176,541
EnLink Midstream Partners LP
4.15%, 06/01/2025		98,000		93,864
4.85%, 07/15/2026		115,000		109,164
EQM Midstream Partners LP
4.13%, 12/01/2026		117,000		108,341
4.50%, 01/15/2029 ^(a)		147,000		129,067
4.75%, 01/15/2031 ^(a)(b)		197,000		166,075
5.50%, 07/15/2028 ^(b)		104,000		96,859
6.00%, 07/01/2025 ^(a)		93,000		90,826
6.50%, 07/01/2027 ^(a)		181,000		176,018
7.50%, 06/01/2027 ^(a)		117,000		116,017
7.50%, 06/01/2030 ^(a)		117,000		115,148
Genesis Energy LP / Genesis Energy Finance Corp.
6.50%, 10/01/2025		125,000		122,230
7.75%, 02/01/2028		137,000		128,780
8.00%, 01/15/2027 ^(b)		189,000		181,440
8.88%, 04/15/2030		117,000		112,791
Hess Midstream Operations LP
4.25%, 02/15/2030 ^(a)		50,000		42,931
5.13%, 06/15/2028 ^(a)		128,000		118,535
5.50%, 10/15/2030 ^(a)		93,000		84,662
5.63%, 02/15/2026 ^(a)		186,000		180,685
Hilcorp Energy I LP / Hilcorp Finance Co.
5.75%, 02/01/2029 ^(a)		140,000		125,202
6.00%, 02/01/2031 ^(a)(b)		140,000		122,700
6.00%, 04/15/2030 ^(a)		117,000		103,788
6.25%, 11/01/2028 ^(a)		140,000		130,861
6.25%, 04/15/2032 ^(a)		117,000		102,083
ITT Holdings LLC, 6.50%, 08/01/2029 ^(a)		201,000		168,086
Kinetik Holdings LP, 5.88%, 06/15/2030 ^(a)		169,000		155,856
Leviathan Bond Ltd.
6.13%, 06/30/2025 ^(a)		140,000		130,011
6.50%, 06/30/2027 ^(a)		140,000		123,272
6.75%, 06/30/2030 ^(a)		128,000		108,697
Matador Resources Co.
5.88%, 09/15/2026		163,000		157,078
6.88%, 04/15/2028 ^(a)		117,000		114,397
MEG Energy Corp.
5.88%, 02/01/2029 ^(a)		140,000		130,717
7.13%, 02/01/2027 ^(a)		136,000		137,190
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026 ^(a)		164,000		157,001
10.50%, 05/15/2027 ^(a)		117,000		115,684

	Principal Amount		Value
Energy — 12.4% (Continued)
Murphy Oil Corp.
5.88%, 12/01/2027	$	127,000	$	122,057
6.38%, 07/15/2028		105,000		101,448
Murphy Oil USA, Inc.
3.75%, 02/15/2031 ^(a)(b)		117,000		93,580
4.75%, 09/15/2029 ^(b)		117,000		103,761
Nabors Industries Ltd., 7.25%, 01/15/2026 ^(a)		131,000		122,430
Nabors Industries, Inc.
5.75%, 02/01/2025		117,000		113,672
7.38%, 05/15/2027 ^(a)		164,000		153,322
New Fortress Energy, Inc.
6.50%, 09/30/2026 ^(a)(b)		306,000		273,869
6.75%, 09/15/2025 ^(a)		253,000		234,657
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 ^(a)		380,000		370,974
Northern Oil and Gas, Inc.
8.13%, 03/01/2028 ^(a)		165,000		162,530
8.75%, 06/15/2031 ^(a)(b)		117,000		116,553
NuStar Logistics LP
5.63%, 04/28/2027		128,000		120,982
5.75%, 10/01/2025		140,000		135,596
6.00%, 06/01/2026		117,000		113,145
6.38%, 10/01/2030 ^(b)		140,000		129,662
Parkland Corp.
4.50%, 10/01/2029 ^(a)		147,000		126,435
4.63%, 05/01/2030 ^(a)		147,000		125,318
5.88%, 07/15/2027 ^(a)		117,000		112,028
PBF Holding Co. LLC / PBF Finance Corp.
6.00%, 02/15/2028		147,000		135,596
7.88%, 09/15/2030 ^(a)		100,000		96,816
Permian Resources Operating LLC
5.88%, 07/01/2029 ^(a)		164,000		152,520
7.00%, 01/15/2032 ^(a)		90,000		87,339
Range Resources Corp.
4.75%, 02/15/2030 ^(a)		117,000		103,691
4.88%, 05/15/2025		90,000		87,525
8.25%, 01/15/2029		140,000		143,325
Rockies Express Pipeline LLC
3.60%, 05/15/2025 ^(a)		93,000		88,001
4.95%, 07/15/2029 ^(a)		128,000		112,657
SM Energy Co.
6.50%, 07/15/2028		93,000		89,403
6.63%, 01/15/2027		97,000		94,550
6.75%, 09/15/2026		98,000		96,257
Southwestern Energy Co.
4.75%, 02/01/2032		179,000		153,918
5.38%, 02/01/2029		163,000		150,656

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Energy — 12.4% (Continued)
5.38%, 03/15/2030 ^(b)	$	156,000	$	143,130
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 9.00%, 10/15/2026 ^(a)(c)		154,000		147,840
Sunoco LP / Sunoco Finance Corp.
4.50%, 05/15/2029		147,000		127,142
4.50%, 04/30/2030		147,000		125,759
5.88%, 03/15/2028		93,000		87,927
6.00%, 04/15/2027		15,000		14,425
7.00%, 09/15/2028 ^(a)		50,000		48,771
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.50%, 01/15/2028 ^(a)		175,000		154,000
6.00%, 09/01/2031 ^(a)		117,000		98,573
6.00%, 03/01/2027 ^(a)		100,000		91,673
6.00%, 12/31/2030 ^(a)		50,000		42,220
7.50%, 10/01/2025 ^(a)		140,000		138,030
Transocean Titan Financing Ltd., 8.38%, 02/01/2028 ^(a)		123,000		123,141
Transocean, Inc.
7.50%, 01/15/2026 ^(a)		133,000		127,395
8.00%, 02/01/2027 ^(a)		143,000		134,226
8.75%, 02/15/2030 ^(a)		199,500		198,809
11.50%, 01/30/2027 ^(a)(b)		161,000		167,541
USA Compression Partners LP / USA Compression Finance Corp.
6.88%, 04/01/2026		170,000		164,604
6.88%, 09/01/2027		50,000		47,750
Valaris Ltd., 8.38%, 04/30/2030 ^(a)		200,000		196,250
Venture Global Calcasieu Pass LLC
3.88%, 08/15/2029 ^(a)(b)		263,000		218,948
3.88%, 11/01/2033 ^(a)		253,000		191,113
4.13%, 08/15/2031 ^(a)		268,000		215,919
6.25%, 01/15/2030 ^(a)		129,000		121,327
Venture Global LNG, Inc.
8.13%, 06/01/2028 ^(a)(b)		427,000		413,976
8.38%, 06/01/2031 ^(a)		417,000		396,149
9.50%, 02/01/2029 ^(a)		425,000		430,843
9.88%, 02/01/2032 ^(a)		250,000		253,624
Vital Energy, Inc.
9.50%, 01/15/2025		106,000		106,530
9.75%, 10/15/2030		100,000		97,863
10.13%, 01/15/2028		125,000		125,234
Weatherford International Ltd., 8.63%, 04/30/2030 ^(a)		325,000		328,656
				21,804,685

Financials — 9.0%
Acrisure LLC / Acrisure Finance, Inc.
4.25%, 02/15/2029 ^(a)		164,000		134,685

	Principal Amount		Value
Financials — 9.0% (Continued)
6.00%, 08/01/2029 ^(a)	$	117,000	$	93,982
7.00%, 11/15/2025 ^(a)		151,000		146,515
10.13%, 08/01/2026 ^(a)		93,000		93,517
AerCap Global Aviation Trust, 6.50% to 06/15/2025 then 3 mo. Term SOFR + 4.56%, 06/15/2045^(a)(b)		117,000		114,759
AG Issuer LLC, 6.25%, 03/01/2028 ^(a)		117,000		108,071
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 ^(a)		117,000		117,076
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer
4.25%, 10/15/2027 ^(a)		50,000		44,000
5.88%, 11/01/2029 ^(a)		105,000		88,129
6.75%, 10/15/2027 ^(a)(b)		284,000		258,842
6.75%, 04/15/2028 ^(a)		268,000		254,600
Ally Financial, Inc.
5.75%, 11/20/2025 ^(b)		151,000		144,424
6.70%, 02/14/2033		117,000		98,512
AssuredPartners, Inc.
5.63%, 01/15/2029 ^(a)		128,000		108,555
7.00%, 08/15/2025 ^(a)		117,000		114,867
Block, Inc.
2.75%, 06/01/2026		209,000		188,173
3.50%, 06/01/2031		124,000		95,567
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
4.50%, 04/01/2027 ^(a)		175,000		145,564
5.75%, 05/15/2026 ^(a)		101,000		92,380
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 ^(a)		100,000		91,206
Coinbase Global, Inc.
3.38%, 10/01/2028 ^(a)(b)		194,000		141,620
3.63%, 10/01/2031 ^(a)(b)		144,000		97,877
Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 ^(a)		169,000		144,716
Curo Group Holdings Corp., 7.50%, 08/01/2028 ^(a)		160,000		60,800
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 ^(a)(b)		100,000		91,363
FirstCash, Inc., 5.63%, 01/01/2030 ^(a)		128,000		113,280
Freedom Mortgage Corp.
6.63%, 01/15/2027 ^(a)		27,000		23,355
7.63%, 05/01/2026 ^(a)		15,000		13,784
12.00%, 10/01/2028 ^(a)		100,000		100,210
12.25%, 10/01/2030 ^(a)		100,000		99,688
GGAM Finance Ltd., 8.00%, 06/15/2028 ^(a)		100,000		98,600

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Financials — 9.0% (Continued)
Global Atlantic Fin Co., 4.70% to 10/15/2026 then 5 yr. CMT Rate + 3.80%, 10/15/2051 ^(a)	$	175,000	$	122,255
GTCR AP Finance, Inc., 8.00%, 05/15/2027 ^(a)		111,000		108,023
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031 ^(a)		400,000		395,336
HAT Holdings I LLC / HAT Holdings II LLC
3.38%, 06/15/2026 ^(a)		109,000		95,648
6.00%, 04/15/2025 ^(a)		93,000		90,235
HUB International Ltd.
5.63%, 12/01/2029 ^(a)		128,000		110,386
7.00%, 05/01/2026 ^(a)		241,000		233,613
7.25%, 06/15/2030 ^(a)(b)		400,000		390,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.38%, 02/01/2029		175,000		135,618
5.25%, 05/15/2027 ^(b)		270,000		231,525
6.25%, 05/15/2026		197,000		179,787
6.38%, 12/15/2025		175,000		164,286
Intesa Sanpaolo SpA
4.20% to 06/01/2031 then 1 Year CMT Rate + 2.60%, 06/01/2032 ^(a)		175,000		124,393
5.71%, 01/15/2026 ^(a)		286,000		270,972
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 ^(a)		175,000		143,225
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 ^(a)		194,000		153,900
Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 ^(a)		125,000		123,148
Kennedy-Wilson, Inc.
4.75%, 03/01/2029		140,000		106,080
4.75%, 02/01/2030		140,000		102,200
5.00%, 03/01/2031		140,000		100,450
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 ^(a)		152,000		132,867
4.75%, 06/15/2029 ^(a)		152,000		122,550
LD Holdings Group LLC
6.13%, 04/01/2028 ^(a)		117,000		65,554
6.50%, 11/01/2025 ^(a)		117,000		94,542
Liberty Mutual Group, Inc.
4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.32%, 12/15/2051 ^(a)		117,000		92,901
4.30%, 02/01/2061 ^(a)		187,000		97,943

	Principal Amount		Value
Financials — 9.0% (Continued)
Macquarie Airfinance Holdings Ltd.
8.13%, 03/30/2029 ^(a)	$	100,000	$	98,196
8.38%, 05/01/2028 ^(a)		100,000		99,646
Midcap Financial Issuer Trust
5.63%, 01/15/2030 ^(a)		93,000		72,012
6.50%, 05/01/2028 ^(a)		134,000		114,195
MPT Operating Partnership LP / MPT Finance Corp.
3.50%, 03/15/2031 ^(b)		194,000		117,370
4.63%, 08/01/2029 ^(b)		171,000		118,438
5.00%, 10/15/2027 ^(b)		248,000		191,797
5.25%, 08/01/2026		117,000		100,620
Nationstar Mortgage Holdings, Inc.
5.13%, 12/15/2030 ^(a)		122,000		99,461
5.50%, 08/15/2028 ^(a)		199,000		176,277
5.75%, 11/15/2031 ^(a)		140,000		115,916
6.00%, 01/15/2027 ^(a)		140,000		130,225
Navient Corp.
4.88%, 03/15/2028		117,000		96,701
5.00%, 03/15/2027		164,000		143,309
5.50%, 03/15/2029		175,000		141,542
6.75%, 06/25/2025		117,000		114,089
6.75%, 06/15/2026		117,000		110,911
9.38%, 07/25/2030		117,000		109,769
NFP Corp.
4.88%, 08/15/2028 ^(a)		128,000		112,451
6.88%, 08/15/2028 ^(a)		386,000		329,893
OneMain Finance Corp.
3.50%, 01/15/2027		135,000		114,075
3.88%, 09/15/2028		140,000		111,075
4.00%, 09/15/2030		159,000		116,992
5.38%, 11/15/2029^(b)		175,000		144,185
6.63%, 01/15/2028		62,000		56,653
6.88%, 03/15/2025^(b)		168,000		165,685
7.13%, 03/15/2026		265,000		257,321
9.00%, 01/15/2029		100,000		97,500
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer
4.88%, 05/15/2029 ^(a)		175,000		146,575
5.88%, 10/01/2028 ^(a)		170,000		152,713
7.50%, 06/01/2025 ^(a)		152,000		150,664
PennyMac Financial Services, Inc.
4.25%, 02/15/2029 ^(a)		152,000		124,239
5.38%, 10/15/2025 ^(a)		152,000		144,238
5.75%, 09/15/2031 ^(a)		117,000		95,823
PRA Group, Inc., 8.38%, 02/01/2028 ^(a)		93,000		76,493
Realogy Group LLC / Realogy Co.-Issuer Corp.
5.25%, 04/15/2030 ^(a)		100,000		61,625

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Financials — 9.0% (Continued)
5.75%, 01/15/2029 ^(a)	$	121,000	$	75,020
RHP Hotel Properties LP / RHP Finance Corp.
4.50%, 02/15/2029 ^(a)		140,000		119,119
4.75%, 10/15/2027		164,000		149,035
RLJ Lodging Trust LP, 4.00%, 09/15/2029 ^(a)		117,000		95,355
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.
2.88%, 10/15/2026 ^(a)		234,000		203,653
3.63%, 03/01/2029 ^(a)(b)		175,000		142,314
3.88%, 03/01/2031 ^(a)(b)		223,000		172,639
4.00%, 10/15/2033 ^(a)(b)		169,000		124,156
SLM Corp.
3.13%, 11/02/2026		117,000		102,287
4.20%, 10/29/2025		117,000		109,054
Starwood Property Trust, Inc.
3.63%, 07/15/2026 ^(a)		93,000		81,850
3.75%, 12/31/2024 ^(a)		93,000		87,843
4.38%, 01/15/2027 ^(a)(b)		117,000		100,488
4.75%, 03/15/2025 ^(b)		117,000		112,147
Synchrony Financial, 7.25%, 02/02/2033		175,000		148,711
UniCredit SpA
5.46% to 06/30/2030 then 5 yr. CMT Rate + 4.75%, 06/30/2035 ^(a)		321,000		263,444
5.86% to 06/19/2027 then 5 Year Mid Swap Rate USD + 3.70%, 06/19/2032 ^(a)(b)		209,000		188,965
7.30% to 04/02/2029 then 5 Year Mid Swap Rate USD + 4.91%, 04/02/2034 ^(a)		168,000		155,639
United Wholesale Mortgage LLC
5.50%, 11/15/2025 ^(a)		147,000		139,922
5.50%, 04/15/2029 ^(a)		49,000		40,670
5.75%, 06/15/2027 ^(a)		117,000		106,462
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 ^(a)		164,000		101,311
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
4.75%, 04/15/2028 ^(a)		133,000		106,151
6.50%, 02/15/2029 ^(a)		220,000		142,036
10.50%, 02/15/2028 ^(a)		529,000		509,304
XHR LP
4.88%, 06/01/2029 ^(a)		117,000		99,219
6.38%, 08/15/2025 ^(a)		117,000		113,636
				15,905,258

	Principal Amount		Value
Health Care — 8.4%
AdaptHealth LLC
4.63%, 08/01/2029 ^(a)	$	117,000	$	87,458
5.13%, 03/01/2030 ^(a)		140,000		106,050
Avantor Funding, Inc.
3.88%, 11/01/2029 ^(a)		162,000		135,610
4.63%, 07/15/2028 ^(a)		298,000		265,593
Bausch & Lomb Escrow Corp., 8.38%, 10/01/2028 ^(a)		280,000		278,045
Bausch Health Americas, Inc.
8.50%, 01/31/2027 ^(a)		150,000		68,113
9.25%, 04/01/2026 ^(a)(b)		173,000		152,368
Bausch Health Cos., Inc.
4.88%, 06/01/2028 ^(a)		280,000		139,236
5.00%, 01/30/2028 ^(a)		101,000		37,136
5.00%, 02/15/2029 ^(a)		106,000		37,100
5.25%, 01/30/2030 ^(a)		142,000		49,168
5.25%, 02/15/2031 ^(a)		108,000		37,800
5.50%, 11/01/2025 ^(a)		328,000		282,899
5.75%, 08/15/2027 ^(a)		117,000		60,840
6.13%, 02/01/2027 ^(a)		114,000		63,270
6.25%, 02/15/2029 ^(a)		152,000		55,480
9.00%, 12/15/2025 ^(a)(b)		109,000		95,484
11.00%, 09/30/2028 ^(a)		356,000		216,067
Catalent Pharma Solutions, Inc.
3.13%, 02/15/2029 ^(a)		128,000		100,451
3.50%, 04/01/2030 ^(a)(b)		152,000		119,320
5.00%, 07/15/2027 ^(a)		117,000		104,276
Charles River Laboratories International, Inc.
3.75%, 03/15/2029 ^(a)		27,000		22,863
4.00%, 03/15/2031 ^(a)		117,000		95,655
CHS/Community Health Systems, Inc.
4.75%, 02/15/2031 ^(a)		163,000		110,229
5.25%, 05/15/2030 ^(a)		324,000		230,040
5.63%, 03/15/2027 ^(a)(b)		290,000		233,478
6.00%, 01/15/2029 ^(a)		151,000		114,383
6.13%, 04/01/2030 ^(a)		253,000		98,038
6.88%, 04/15/2029 ^(a)		295,000		120,950
6.88%, 04/01/2028 ^(a)		137,000		55,896
8.00%, 03/15/2026 ^(a)(b)		432,000		394,054
8.00%, 12/15/2027 ^(a)		164,000		139,400
DaVita, Inc.
3.75%, 02/15/2031 ^(a)(b)		286,000		205,683
4.63%, 06/01/2030 ^(a)		494,000		387,172
Encompass Health Corp.
4.50%, 02/01/2028		147,000		132,525
4.63%, 04/01/2031		93,000		77,423
4.75%, 02/01/2030		62,000		53,720

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Health Care — 8.4% (Continued)
Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 ^(a)	$	120,000	$	115,186
Hologic, Inc.
3.25%, 02/15/2029 ^(a)		182,000		151,890
4.63%, 02/01/2028 ^(a)		93,000		84,700
IQVIA, Inc.
5.00%, 05/15/2027 ^(a)		232,000		218,593
5.00%, 10/15/2026 ^(a)(b)		221,000		211,276
6.50%, 05/15/2030 ^(a)		117,000		113,535
Jazz Securities DAC, 4.38%, 01/15/2029 ^(a)		236,000		204,730
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 ^(a)(b)		140,000		115,675
LifePoint Health, Inc.
5.38%, 01/15/2029 ^(a)		117,000		70,931
9.88%, 08/15/2030 ^(a)		150,000		135,757
11.00%, 10/15/2030 ^(a)		200,000		188,740
Medline Borrower LP
3.88%, 04/01/2029 ^(a)		895,000		755,155
5.25%, 10/01/2029 ^(a)(b)		501,000		425,849
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 ^(a)		117,000		85,240
ModivCare, Inc., 5.88%, 11/15/2025 ^(a)		117,000		111,102
Molina Healthcare, Inc.
3.88%, 05/15/2032 ^(a)		175,000		138,165
3.88%, 11/15/2030 ^(a)		107,000		87,296
4.38%, 06/15/2028 ^(a)		157,000		140,397
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/2028 ^(a)		432,000		373,151
5.13%, 04/30/2031 ^(a)		414,000		323,840
Owens & Minor, Inc.
4.50%, 03/31/2029 ^(a)		117,000		94,352
6.63%, 04/01/2030 ^(a)(b)		140,000		122,666
Perrigo Finance Unlimited Co.
3.90%, 12/15/2024		164,000		158,875
4.38%, 03/15/2026		164,000		153,882
4.65%, 06/15/2030		50,000		41,741
Prestige Brands, Inc.
3.75%, 04/01/2031 ^(a)		140,000		110,775
5.13%, 01/15/2028 ^(a)		93,000		85,743
Radiology Partners, Inc., 9.25%, 02/01/2028 ^(a)		166,000		63,151
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 ^(a)(b)		269,000		250,843

	Principal Amount		Value
Health Care — 8.4% (Continued)
RP Escrow Issuer LLC, 5.25%, 12/15/2025 ^(a)(b)	$	147,000	$	104,738
Select Medical Corp., 6.25%, 08/15/2026 ^(a)(b)		257,000		250,414
Star Parent, Inc., 9.00%, 10/01/2030 ^(a)		200,000		198,380
Teleflex, Inc.
4.25%, 06/01/2028 ^(a)		117,000		103,575
4.63%, 11/15/2027		117,000		107,318
Tenet Healthcare Corp.
4.25%, 06/01/2029		263,000		224,834
4.38%, 01/15/2030		275,000		232,719
4.63%, 06/15/2028		140,000		124,652
4.88%, 01/01/2026		432,000		414,551
5.13%, 11/01/2027		286,000		264,243
6.13%, 10/01/2028 ^(b)		431,000		399,213
6.13%, 06/15/2030		414,000		384,075
6.25%, 02/01/2027		286,000		275,097
6.75%, 05/15/2031 ^(a)		291,000		276,086
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/2026 ^(b)		652,000		575,004
4.75%, 05/09/2027 ^(b)		194,000		175,838
5.13%, 05/09/2029		194,000		169,945
6.75%, 03/01/2028 ^(b)		167,000		159,694
7.13%, 01/31/2025		99,000		98,099
7.88%, 09/15/2029 ^(b)		140,000		138,134
8.13%, 09/15/2031		117,000		115,538
				14,888,656

Industrials — 8.4%
ADT Security Corp., 4.13%, 08/01/2029 ^(a)		209,000		179,339
Air Canada, 3.88%, 08/15/2026 ^(a)		156,000		141,960
Albion Financing 1 SARL / Aggreko Holdings, Inc., 6.13%, 10/15/2026 ^(a)(b)		132,000		122,100
Albion Financing 2 Sarl, 8.75%, 04/15/2027 ^(a)		105,000		95,671
Allison Transmission, Inc.
3.75%, 01/30/2031 ^(a)		109,000		86,376
4.75%, 10/01/2027 ^(a)		93,000		84,863
5.88%, 06/01/2029 ^(a)		117,000		108,345
American Airlines Group, Inc., 3.75%, 03/01/2025 ^(a)		117,000		109,250
Beacon Roofing Supply, Inc., 6.50%, 08/01/2030 ^(a)		125,000		119,250
Bombardier, Inc.
6.00%, 02/15/2028 ^(a)		135,000		119,741
7.13%, 06/15/2026 ^(a)		156,000		150,037
7.50%, 02/01/2029 ^(a)(b)		175,000		162,094

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Industrials — 8.4% (Continued)
7.88%, 04/15/2027 ^(a)	$	218,000	$	209,535
Brand Industrial Services, Inc., 10.38%, 08/01/2030 ^(a)		250,000		248,776
Brink’s Co.
4.63%, 10/15/2027 ^(a)		140,000		126,508
5.50%, 07/15/2025 ^(a)		93,000		90,434
Builders FirstSource, Inc.
4.25%, 02/01/2032 ^(a)		179,000		142,529
5.00%, 03/01/2030 ^(a)		128,000		111,628
6.38%, 06/15/2032 ^(a)		164,000		150,074
Chart Industries, Inc.
7.50%, 01/01/2030 ^(a)		277,000		272,153
9.50%, 01/01/2031 ^(a)		119,000		122,570
Clean Harbors, Inc.
4.88%, 07/15/2027 ^(a)		127,000		118,449
6.38%, 02/01/2031 ^(a)		117,000		111,079
Covanta Holding Corp.
4.88%, 12/01/2029 ^(a)		179,000		139,620
5.00%, 09/01/2030		93,000		72,491
Delta Air Lines, Inc.
3.75%, 10/28/2029 ^(b)		140,000		118,825
4.38%, 04/19/2028		117,000		107,019
7.38%, 01/15/2026		171,000		172,701
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030 ^(a)		408,000		387,804
EquipmentShare.com, Inc., 9.00%, 05/15/2028 ^(a)		200,000		188,675
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/2028 ^(a)		194,000		176,431
6.50%, 10/01/2025 ^(a)		112,000		110,587
9.75%, 08/01/2027 ^(a)		93,000		95,599
FXI Holdings, Inc.
12.25%, 11/15/2026 ^(a)		141,000		117,700
12.25%, 11/15/2026 ^(a)		117,000		96,350
GFL Environmental, Inc.
3.50%, 09/01/2028 ^(a)(b)		175,000		149,719
3.75%, 08/01/2025 ^(a)		75,000		70,994
4.00%, 08/01/2028 ^(a)		175,000		150,621
4.25%, 06/01/2025 ^(a)		117,000		112,422
4.38%, 08/15/2029 ^(a)		128,000		109,274
4.75%, 06/15/2029 ^(a)		175,000		153,110
5.13%, 12/15/2026 ^(a)		117,000		110,915
H&E Equipment Services, Inc., 3.88%, 12/15/2028 ^(a)		203,000		172,062
Herc Holdings, Inc., 5.50%, 07/15/2027 ^(a)		256,000		240,960
Hillenbrand, Inc., 5.75%, 06/15/2025		93,000		91,384

	Principal Amount		Value
Industrials — 8.4% (Continued)
Madison IAQ LLC
4.13%, 06/30/2028 ^(a)	$	164,000	$	136,940
5.88%, 06/30/2029 ^(a)		177,000		137,175
Ritchie Bros Holdings, Inc.
6.75%, 03/15/2028 ^(a)		128,000		125,708
7.75%, 03/15/2031 ^(a)		187,000		187,701
Rolls-Royce PLC
3.63%, 10/14/2025 ^(a)		204,000		192,610
5.75%, 10/15/2027 ^(a)		204,000		193,469
Sensata Technologies BV
4.00%, 04/15/2029 ^(a)(b)		179,000		152,150
5.00%, 10/01/2025 ^(a)		124,000		120,514
5.63%, 11/01/2024 ^(a)		93,000		92,116
5.88%, 09/01/2030 ^(a)		117,000		106,563
Sensata Technologies, Inc.
3.75%, 02/15/2031 ^(a)		175,000		139,948
4.38%, 02/15/2030 ^(a)		105,000		88,799
Spirit AeroSystems, Inc.
4.60%, 06/15/2028 ^(b)		164,000		129,729
7.50%, 04/15/2025 ^(a)		251,000		250,373
9.38%, 11/30/2029 ^(a)(b)		186,000		191,059
Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/2026 ^(a)		127,000		118,867
TK Elevator Holdco GmbH, 7.63%, 07/15/2028 ^(a)		93,000		84,275
TK Elevator US Newco, Inc., 5.25%, 07/15/2027 ^(a)		240,000		218,700
TransDigm, Inc.
4.63%, 01/15/2029		206,000		177,638
4.88%, 05/01/2029		175,000		151,734
5.50%, 11/15/2027		471,000		438,407
6.25%, 03/15/2026 ^(a)		871,000		851,097
6.75%, 08/15/2028 ^(a)		432,000		418,500
6.88%, 12/15/2030 ^(a)		275,000		265,719
7.50%, 03/15/2027		128,000		127,830
Triumph Group, Inc.
7.75%, 08/15/2025 ^(b)		117,000		111,150
9.00%, 03/15/2028 ^(a)		251,000		243,101
Uber Technologies, Inc.
4.50%, 08/15/2029 ^(a)		321,000		283,283
6.25%, 01/15/2028 ^(a)		117,000		112,751
7.50%, 09/15/2027 ^(a)		256,000		256,640
7.50%, 05/15/2025 ^(a)		204,000		204,669
8.00%, 11/01/2026 ^(a)		286,000		288,016
United Rentals North America, Inc.
3.75%, 01/15/2032		175,000		139,662
3.88%, 02/15/2031		227,000		187,076
3.88%, 11/15/2027		135,000		123,823

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Industrials — 8.4% (Continued)
4.00%, 07/15/2030 ^(b)	$	175,000	$	147,394
4.88%, 01/15/2028 ^(b)		321,000		298,129
5.25%, 01/15/2030		175,000		160,045
5.50%, 05/15/2027		117,000		112,858
WESCO Distribution, Inc.
7.13%, 06/15/2025 ^(a)		201,000		201,075
7.25%, 06/15/2028 ^(a)		280,000		278,476
XPO, Inc., 7.13%, 06/01/2031 ^(a)		105,000		102,244
				14,676,037

Information Technology — 2.5%
Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029 ^(a)		783,000		687,665
Cloud Software Group, Inc., 9.00%, 09/30/2029 ^(a)(b)		779,000		664,183
Entegris, Inc.
3.63%, 05/01/2029 ^(a)		93,000		78,050
4.38%, 04/15/2028 ^(a)		93,000		82,850
Fair Isaac Corp.
4.00%, 06/15/2028 ^(a)		181,000		160,984
5.25%, 05/15/2026 ^(a)		93,000		89,495
Gen Digital, Inc.
5.00%, 04/15/2025 ^(a)		227,000		220,561
6.75%, 09/30/2027 ^(a)		91,000		88,725
7.13%, 09/30/2030 ^(a)(b)		140,000		136,277
McAfee Corp., 7.38%, 02/15/2030 ^(a)(b)		318,000		254,400
NCR Voyix Corp.
5.00%, 10/01/2028 ^(a)		152,000		131,290
5.13%, 04/15/2029 ^(a)		166,000		143,196
5.25%, 10/01/2030 ^(a)		105,000		87,036
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028 ^(a)		100,000		101,418
Open Text Corp.
3.88%, 12/01/2029 ^(a)(b)		174,000		142,610
3.88%, 02/15/2028 ^(a)		86,000		74,455
PTC, Inc.
3.63%, 02/15/2025 ^(a)		2,000		1,925
4.00%, 02/15/2028 ^(a)		117,000		104,092
Twilio, Inc.
3.63%, 03/15/2029		117,000		97,256
3.88%, 03/15/2031		117,000		93,596
Viasat, Inc.
5.63%, 09/15/2025 ^(a)		164,000		152,354
5.63%, 04/15/2027 ^(a)		140,000		122,297

	Principal Amount		Value
Information Technology — 2.5% (Continued)
6.50%, 07/15/2028 ^(a)	$	93,000	$	65,928
Western Digital Corp., 4.75%, 02/15/2026		469,000		439,738
Xerox Holdings Corp.
5.00%, 08/15/2025 ^(a)		175,000		161,256
5.50%, 08/15/2028 ^(a)		175,000		135,188
				4,516,825

Materials — 7.2%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC
3.25%, 09/01/2028 ^(a)(b)		140,000		113,925
4.00%, 09/01/2029 ^(a)		151,000		113,250
6.00%, 06/15/2027 ^(a)		20,000		18,925
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
4.13%, 08/15/2026 ^(a)		249,000		219,742
5.25%, 04/30/2025 ^(a)		164,000		157,235
5.25%, 08/15/2027 ^(a)		157,000		114,218
5.25%, 08/15/2027 ^(a)(b)		149,000		108,398
ASP Unifrax Holdings, Inc.
5.25%, 09/30/2028 ^(a)		187,000		126,078
7.50%, 09/30/2029 ^(a)		93,000		48,686
Avient Corp.
5.75%, 05/15/2025 ^(a)		152,000		149,006
7.13%, 08/01/2030 ^(a)		170,000		163,196
Axalta Coating Systems LLC, 3.38%, 02/15/2029 ^(a)		164,000		135,177
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/2027 ^(a)		117,000		107,743
Ball Corp.
2.88%, 08/15/2030 ^(b)		239,000		188,153
3.13%, 09/15/2031 ^(b)		174,000		135,146
4.88%, 03/15/2026		135,000		129,611
5.25%, 07/01/2025		209,000		205,791
6.00%, 06/15/2029		204,000		195,789
6.88%, 03/15/2028		175,000		174,858
Berry Global, Inc., 5.63%, 07/15/2027 ^(a)		117,000		111,626
Chemours Co.
4.63%, 11/15/2029 ^(a)		145,000		112,121
5.38%, 05/15/2027		116,000		104,812
5.75%, 11/15/2028 ^(a)		143,000		120,995
Cleveland-Cliffs, Inc.
5.88%, 06/01/2027 ^(b)		130,000		123,854
6.75%, 04/15/2030 ^(a)		175,000		161,875
6.75%, 03/15/2026 ^(a)		164,000		162,808
Clydesdale Acquisition Holdings, Inc.
6.63%, 04/15/2029 ^(a)(b)		117,000		106,183	��

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Materials — 7.2% (Continued)
8.75%, 04/15/2030 ^(a)	$	165,000	$	131,505
Constellium SE, 3.75%, 04/15/2029 ^(a)		117,000		95,940
Crown Americas LLC, 5.25%, 04/01/2030 ^(b)		117,000		105,739
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026		93,000		87,556
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		175,000		167,843
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/2031 ^(a)		271,000		218,592
4.50%, 09/15/2027 ^(a)		140,000		125,762
5.88%, 04/15/2030 ^(a)		164,000		146,780
6.13%, 04/15/2032 ^(a)		157,000		138,553
Graphic Packaging International LLC
3.50%, 03/15/2028 ^(a)		105,000		91,247
3.75%, 02/01/2030 ^(a)		93,000		76,288
Kaiser Aluminum Corp.
4.50%, 06/01/2031 ^(a)		128,000		94,560
4.63%, 03/01/2028 ^(a)		117,000		97,549
LABL, Inc.
5.88%, 11/01/2028 ^(a)(b)		117,000		99,706
6.75%, 07/15/2026 ^(a)		164,000		151,013
8.25%, 11/01/2029 ^(a)		107,000		79,448
10.50%, 07/15/2027 ^(a)		161,000		138,863
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/2026 ^(a)(b)		534,000		499,957
9.25%, 04/15/2027 ^(a)		226,000		187,604
Mercer International, Inc., 5.13%, 02/01/2029 ^(b)		205,000		160,796
Methanex Corp.
5.13%, 10/15/2027 ^(b)		164,000		149,356
5.25%, 12/15/2029		164,000		144,915
Mineral Resources Ltd.
8.00%, 11/01/2027 ^(a)		146,000		141,078
8.13%, 05/01/2027 ^(a)		164,000		159,548
8.50%, 05/01/2030 ^(a)		146,000		140,411
9.25%, 10/01/2028 ^(a)		200,000		199,949
NOVA Chemicals Corp.
4.25%, 05/15/2029 ^(a)		134,000		99,145
5.00%, 05/01/2025 ^(a)		117,000		110,318
5.25%, 06/01/2027 ^(a)		216,000		182,987
Novelis Corp.
3.25%, 11/15/2026 ^(a)		175,000		155,969
3.88%, 08/15/2031 ^(a)		135,000		105,198
4.75%, 01/30/2030 ^(a)		335,000		284,749

	Principal Amount		Value
Materials — 7.2% (Continued)
OI European Group BV, 4.75%, 02/15/2030 ^(a)	$	93,000	$	78,954
Olin Corp.
5.00%, 02/01/2030		121,000		103,616
5.13%, 09/15/2027		117,000		107,565
5.63%, 08/01/2029		156,000		142,692
Olympus Water US Holding Corp.
4.25%, 10/01/2028 ^(a)		151,000		120,234
6.25%, 10/01/2029 ^(a)(b)		93,000		69,750
9.75%, 11/15/2028 ^(a)		300,000		292,701
Owens-Brockway Glass Container, Inc.
6.63%, 05/13/2027 ^(a)(b)		143,000		135,850
7.25%, 05/15/2031 ^(a)		161,000		147,114
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 ^(a)		117,000		99,889
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027 ^(a)		204,000		179,661
SCIH Salt Holdings, Inc.
4.88%, 05/01/2028 ^(a)		132,000		114,485
6.63%, 05/01/2029 ^(a)(b)		164,000		137,350
Scotts Miracle-Gro Co.
4.00%, 04/01/2031		111,000		82,545
4.38%, 02/01/2032		93,000		68,160
4.50%, 10/15/2029		96,000		75,838
Sealed Air Corp.
4.00%, 12/01/2027 ^(a)		99,000		87,333
5.00%, 04/15/2029 ^(a)		99,000		88,004
5.13%, 12/01/2024 ^(a)		99,000		97,146
5.50%, 09/15/2025 ^(a)		93,000		90,234
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028 ^(a)		81,000		77,051
Silgan Holdings, Inc., 4.13%, 02/01/2028		133,000		118,187
Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 ^(a)		222,000		205,061
Standard Industries, Inc./NJ
3.38%, 01/15/2031 ^(a)(b)		212,000		160,344
4.38%, 07/15/2030 ^(a)		325,000		265,576
4.75%, 01/15/2028 ^(a)(b)		204,000		182,632
5.00%, 02/15/2027 ^(a)		109,000		100,745
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 ^(a)		164,000		148,625
Trivium Packaging Finance BV
5.50%, 08/15/2026 ^(a)		221,000		200,469
8.50%, 08/15/2027 ^(a)		164,000		136,940

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Materials — 7.2% (Continued)
Tronox, Inc., 4.63%, 03/15/2029 ^(a)	$	157,000	$	123,245
WR Grace Holdings LLC
4.88%, 06/15/2027 ^(a)		134,000		119,970
5.63%, 08/15/2029 ^(a)		215,000		166,625
				12,702,716

Real Estate — 1.8%
Diversified Healthcare Trust
4.38%, 03/01/2031		117,000		80,411
4.75%, 02/15/2028		117,000		85,239
9.75%, 06/15/2025		117,000		113,490
Howard Hughes Corp.
4.13%, 02/01/2029 ^(a)		152,000		122,368
4.38%, 02/01/2031 ^(a)		57,000		43,621
5.38%, 08/01/2028 ^(a)		175,000		154,022
Iron Mountain, Inc.
4.50%, 02/15/2031 ^(a)(b)		177,000		144,459
4.88%, 09/15/2027 ^(a)		204,000		186,444
4.88%, 09/15/2029 ^(a)(b)		184,000		160,310
5.00%, 07/15/2028 ^(a)		117,000		104,715
5.25%, 07/15/2030 ^(a)		179,000		155,453
5.25%, 03/15/2028 ^(a)		153,000		139,980
5.63%, 07/15/2032 ^(a)		140,000		119,398
7.00%, 02/15/2029 ^(a)		204,000		197,624
Office Properties Income Trust
3.45%, 10/15/2031		93,000		45,919
4.50%, 02/01/2025		152,000		131,065
SBA Communications Corp.
3.13%, 02/01/2029 ^(b)		286,000		236,214
3.88%, 02/15/2027 ^(b)		286,000		259,902
Service Properties Trust
3.95%, 01/15/2028		93,000		69,401
4.38%, 02/15/2030		93,000		64,228
4.75%, 10/01/2026 ^(b)		105,000		88,970
4.95%, 02/15/2027		93,000		77,539
4.95%, 10/01/2029		99,000		71,305
5.50%, 12/15/2027		105,000		88,706
7.50%, 09/15/2025		147,000		142,823
				3,083,606

Technology — 3.5%
AthenaHealth Group, Inc., 6.50%, 02/15/2030 ^(a)(b)		431,000		350,725
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 ^(a)		140,000		139,370

	Principal Amount		Value
Technology — 3.5% (Continued)
Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 ^(a)	$	140,000	$	134,400
Clarivate Science Holdings Corp.
3.88%, 07/01/2028 ^(a)		176,000		152,108
4.88%, 07/01/2029 ^(a)		186,000		156,833
CommScope Technologies LLC
5.00%, 03/15/2027 ^(a)		120,000		43,800
6.00%, 06/15/2025 ^(a)		273,000		163,800
CommScope, Inc.
4.75%, 09/01/2029 ^(a)		258,000		176,408
6.00%, 03/01/2026 ^(a)		321,000		269,640
7.13%, 07/01/2028 ^(a)(b)		163,000		58,028
8.25%, 03/01/2027 ^(a)		188,000		76,916
Entegris Escrow Corp.
4.75%, 04/15/2029 ^(a)		305,000		273,935
5.95%, 06/15/2030 ^(a)(b)		184,000		168,360
Imola Merger Corp., 4.75%, 05/15/2029 ^(a)		384,000		334,402
MPH Acquisition Holdings LLC
5.50%, 09/01/2028 ^(a)		206,000		172,448
5.75%, 11/01/2028 ^(a)		175,000		130,449
NCR Atleos Escrow Corp., 9.50%, 04/01/2029 ^(a)		270,000		264,662
Neptune Bidco US, Inc., 9.29%, 04/15/2029 ^(a)		522,000		460,899
Open Text Holdings, Inc.
4.13%, 02/15/2030 ^(a)		171,000		141,617
4.13%, 12/01/2031 ^(a)(b)		152,000		119,966
Presidio Holdings, Inc.
4.88%, 02/01/2027 ^(a)		123,000		112,312
8.25%, 02/01/2028 ^(a)		123,000		116,668
Sabre GLBL, Inc.
8.63%, 06/01/2027 ^(a)		74,000		61,019
11.25%, 12/15/2027 ^(a)(b)		130,000		115,196
Seagate HDD Cayman
4.09%, 06/01/2029 ^(b)		117,000		100,094
4.75%, 01/01/2025		112,000		109,323
4.88%, 06/01/2027		118,000		110,625
8.25%, 12/15/2029 ^(a)		118,000		120,095
8.50%, 07/15/2031 ^(a)		118,000		120,213
9.63%, 12/01/2032 ^(a)		175,000		186,800
SS&C Technologies, Inc., 5.50%, 09/30/2027 ^(a)		409,000		383,948
Vericast Corp., 11.00%, 09/15/2026 ^(a)		249,000		263,318
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/2027 ^(a)		103,000		117,369

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)
Technology — 3.5% (Continued)
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 ^(a)	$	285,000	$	232,988
Verscend Escrow Corp., 9.75%, 08/15/2026 ^(a)		217,000		215,871
				6,154,605

Utilities — 3.3%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.50%, 05/20/2025		164,000		157,098
5.75%, 05/20/2027		123,000		113,124
5.88%, 08/20/2026		158,000		148,165
Calpine Corp.
3.75%, 03/01/2031 ^(a)		171,000		138,168
4.50%, 02/15/2028 ^(a)		263,000		237,949
4.63%, 02/01/2029 ^(a)		152,000		128,300
5.00%, 02/01/2031 ^(a)(b)		159,000		128,353
5.13%, 03/15/2028 ^(a)(b)		253,000		226,425
5.25%, 06/01/2026 ^(a)		98,000		94,227
Clearway Energy Operating LLC
3.75%, 02/15/2031 ^(a)		186,000		145,071
4.75%, 03/15/2028 ^(a)		74,000		66,045
DPL, Inc.
4.13%, 07/01/2025		97,000		91,471
4.35%, 04/15/2029		93,000		76,265
Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053		117,000		112,844
Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual ^(a)		300,000		306,996
Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076		251,000		235,618
Ferrellgas LP / Ferrellgas Finance Corp.
5.38%, 04/01/2026 ^(a)(b)		27,000		25,287
5.88%, 04/01/2029 ^(a)		163,000		144,011
FirstEnergy Corp.
2.25%, 09/01/2030		105,000		80,652
2.65%, 03/01/2030		140,000		112,712
4.15%, 07/15/2027		321,000		297,282
NextEra Energy Operating Partners LP
3.88%, 10/15/2026 ^(a)		117,000		106,359
4.50%, 09/15/2027 ^(a)(b)		128,000		114,528
NRG Energy, Inc.
3.63%, 02/15/2031 ^(a)		206,000		155,456
3.88%, 02/15/2032 ^(a)		177,000		131,883
5.25%, 06/15/2029 ^(a)		171,000		151,720
5.75%, 01/15/2028		161,000		150,894

	Principal Amount		Value
Utilities — 3.3% (Continued)
PG&E Corp.
5.00%, 07/01/2028	$	199,000	$	180,306
5.25%, 07/01/2030		204,000		179,248
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 ^(a)		152,000		126,501
Talen Energy Supply LLC, 8.63%, 06/01/2030 ^(a)		166,000		169,142
TerraForm Power Operating LLC
4.75%, 01/15/2030 ^(a)		164,000		138,580
5.00%, 01/31/2028 ^(a)		164,000		149,450
Vistra Operations Co. LLC
4.38%, 05/01/2029 ^(a)(b)		228,000		193,576
5.00%, 07/31/2027 ^(a)		224,000		205,884
5.50%, 09/01/2026 ^(a)		204,000		193,952
5.63%, 02/15/2027 ^(a)		279,000		262,608
7.75%, 10/15/2031 ^(a)		200,000		193,000
				5,869,150
TOTAL CORPORATE BONDS (Cost $179,792,788)				173,313,771

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING- 18.1%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(d)		31,815,494		31,815,494
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $31,815,494)				31,815,494

Total Investments — 116.5% (Cost $211,608,282)			$	205,129,265
Liabilities in Excess of Other Assets — (16.5)%				(29,039,406	)
TOTAL NET ASSETS — 100.0%			$	176,089,859

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $134,213,275 or 76.2% of the Fund’s net assets.

(b)	All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $31,033,471 which represented 17.6% of net assets.

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

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

(c)	Step coupon bond. The rate disclosed is as of October 31, 2023.

(d)	The rate shown is as of October 31, 2023.

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

Pacer Trendpilot^® Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.8%^(a)

Pacer Trendpilot 100 ETF		161,272	$	9,840,817
Pacer Trendpilot International ETF		372,124		9,288,215
Pacer Trendpilot US Bond ETF		501,220		9,598,363
Pacer Trendpilot US Large Cap ETF		250,165		9,766,442
Pacer Trendpilot US Mid Cap ETF		317,894		9,721,198
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $51,048,549)				48,215,035
Total Investments — 99.8% (Cost $51,048,549)			$	48,215,035
Other Assets in Excess of Liabilities — 0.2%				94,615
TOTAL NET ASSETS — 100.0%			$	48,309,650

Percentages are stated as a percent of net assets.

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

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Communication Services — 2.5%
Fox Corp. - Class A		4,047,460	$	123,002,309
Live Nation Entertainment, Inc.^(a)(b)		1,517,936		121,465,239
Nexstar Media Group, Inc.^(b)		671,869		94,115,410
Playtika Holding Corp.^(a)		3,334,206		28,007,330
TripAdvisor, Inc.^(a)		1,107,356		16,344,575
Total Communication Services				382,934,863

Consumer Discretionary — 14.5%
ADT, Inc.^(b)		13,568,249		76,796,289
Best Buy Co., Inc.^(b)		2,102,296		140,475,419
Boyd Gaming Corp.		916,920		50,659,830
Carter’s, Inc.^(b)		414,793		27,857,498
Crocs, Inc.^(a)		708,053		63,243,294
Dick’s Sporting Goods, Inc.^(b)		816,050		87,276,548
DR Horton, Inc.		2,329,440		243,193,535
eBay, Inc.^(b)		4,515,750		177,152,872
Expedia Group, Inc.^(a)		1,847,593		176,057,137
Gap, Inc.^(b)		6,400,931		81,931,917
H&R Block, Inc.^(b)		1,621,458		66,560,851
Leggett & Platt, Inc.		1,197,474		28,056,816
Lennar Corp. - Class A		2,730,281		291,266,376
Nordstrom, Inc.^(b)		4,434,562		61,995,177
NVR, Inc.^(a)		23,222		125,691,862
Phinia, Inc.		596,258		15,431,157
Polaris, Inc.^(b)		419,673		36,268,141
PulteGroup, Inc.		2,032,930		149,603,319
Tapestry, Inc.		2,027,500		55,877,900
Thor Industries, Inc.^(b)		482,930		42,464,035
Toll Brothers, Inc.^(b)		1,897,262		134,155,396
Williams-Sonoma, Inc.^(b)		648,786		97,473,609
Total Consumer Discretionary				2,229,488,978

Consumer Staples — 6.5%
Altria Group, Inc.		7,474,041		300,232,227
Archer-Daniels-Midland Co.		3,925,615		280,956,266
Kroger Co.		6,683,497		303,230,258
Olaplex Holdings, Inc.^(a)(b)		6,402,053		9,090,915
Seaboard Corp.		7,964		27,929,350
US Foods Holding Corp.^(a)(b)		1,972,924		76,825,661
Total Consumer Staples				998,264,677

Energy — 33.4%
Antero Resources Corp.^(a)		2,923,650		86,072,256
APA Corp.^(b)		3,236,156		128,540,116
Cheniere Energy, Inc.		1,968,491		327,596,272
Chesapeake Energy Corp.^(b)		1,605,653		138,214,610
Chevron Corp.		2,003,232		291,930,999
ConocoPhillips		2,698,363		320,565,524
Coterra Energy, Inc.^(b)		10,184,742		280,080,405

	Shares		Value
Energy — 33.4% (Continued)
Diamondback Energy, Inc.^(b)		2,129,838	$	341,455,629
EOG Resources, Inc.		2,518,872		318,007,590
EQT Corp.^(b)		5,136,645		217,691,015
Exxon Mobil Corp.		2,903,908		307,378,662
HF Sinclair Corp.		3,159,689		174,983,577
Marathon Oil Corp.		8,597,067		234,785,900
Marathon Petroleum Corp.		2,256,833		341,345,992
Occidental Petroleum Corp.^(b)		5,097,843		315,097,676
Ovintiv, Inc.		2,740,124		131,525,952
Phillips 66		2,811,514		320,709,402
Pioneer Natural Resources Co.		1,361,888		325,491,232
Range Resources Corp.^(b)		3,058,894		109,630,761
Southwestern Energy Co.^(a)(b)		12,325,817		87,883,075
Valero Energy Corp.		2,463,830		312,906,410
Total Energy				5,111,893,055

Financials — 1.6%
XP, Inc. - Class A		12,490,096		249,801,919
Total Financials				249,801,919

Health Care — 17.8%
AbbVie, Inc.		2,220,749		313,525,344
Bristol-Myers Squibb Co.		5,306,573		273,447,707
Cardinal Health, Inc.		2,328,342		211,879,122
Cencora, Inc.		1,381,471		255,779,356
CVS Health Corp.		5,009,473		345,703,731
Gilead Sciences, Inc.		4,293,759		337,231,832
Jazz Pharmaceuticals PLC^(a)		831,378		105,601,634
Maravai LifeSciences Holdings, Inc. - Class A^(a)		2,247,837		15,420,162
McKesson Corp.		798,862		363,769,799
Pfizer, Inc.		9,198,242		281,098,276
Premier, Inc.^(b)		1,407,236		27,047,076
United Therapeutics Corp.^(a)		251,286		56,001,598
Viatris, Inc.		16,387,249		145,846,516
Total Health Care				2,732,352,153

Industrials — 5.8%
Acuity Brands, Inc.^(b)		291,549		47,222,192
Allison Transmission Holdings, Inc.		852,645		42,990,361
Builders FirstSource, Inc.^(a)(b)		1,782,654		193,453,612
CH Robinson Worldwide, Inc.^(b)		1,730,398		141,598,468
Concentrix Corp.^(b)		519,618		39,600,088
Expeditors International of Washington, Inc.		1,342,690		146,688,883
Fortune Brands Innovations, Inc.^(b)		965,470		53,873,226
Gates Industrial Corp. PLC^(a)		3,146,706		34,362,030
Genpact Ltd.		1,237,358		41,500,987
Landstar System, Inc.		253,676		41,800,731
MSC Industrial Direct Co., Inc.^(b)		511,139		48,430,420

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Industrials — 5.8% (Continued)
Robert Half, Inc.		787,061	$	58,848,551
Total Industrials				890,369,549

Information Technology — 5.2%
Cisco Systems, Inc.		5,690,043		296,621,942
Dropbox, Inc. - Class A^(a)		2,697,636		70,947,827
DXC Technology Co.^(a)(b)		4,630,626		93,399,726
F5, Inc.^(a)		324,199		49,145,326
NetApp, Inc.		1,190,992		86,680,398
Skyworks Solutions, Inc.		1,130,133		98,027,736
Teradata Corp.^(a)		572,465		24,455,705
Zoom Video Communications, Inc. - Class A^(a)		1,393,844		83,602,763
Total Information Technology				802,881,423

Materials — 12.4%
CF Industries Holdings, Inc.		3,001,481		239,458,154
Cleveland-Cliffs, Inc.^(a)		6,009,378		100,837,363
Dow, Inc.^(b)		5,953,066		287,771,209
LyondellBasell Industries NV		2,764,475		249,466,224
Mosaic Co.		3,773,020		122,547,690
Nucor Corp.		1,909,229		282,164,953
Olin Corp.		1,622,879		69,329,391
Reliance Steel & Aluminum Co.		515,878		131,229,046
Scotts Miracle-Gro Co.^(b)		718,574		31,933,429
Steel Dynamics, Inc.^(b)		2,428,809		258,692,447
Westlake Chemical Corp.^(b)		1,125,457		129,832,720
Total Materials				1,903,262,626

Utilities — 0.2%
Hawaiian Electric Industries, Inc.^(b)		1,832,623		23,787,447
Total Utilities				23,787,447
TOTAL COMMON STOCKS (Cost $15,140,022,664)				15,325,036,690

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.9%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		1,063,284,166	$	1,063,284,166
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,063,284,166)				1,063,284,166

Total Investments — 106.8% (Cost $16,203,306,830)				16,388,320,856
Liabilities in Excess of Other Assets — (6.8)%				(1,045,857,872	)
TOTAL NET ASSETS — 100.0%			$	15,342,462,984

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $1,052,440,603 which represented 6.9% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Communication Services — 3.4%
Cargurus, Inc.^(a)		1,940,380	$	33,432,747
Shutterstock, Inc.^(b)		520,601		21,178,049
Thryv Holdings, Inc.^(a)(b)		910,542		15,870,747
TripAdvisor, Inc.^(a)		1,952,421		28,817,734
YELP, Inc.^(a)		857,786		36,189,991
Total Communication Services				135,489,268

Consumer Discretionary — 35.0%
Abercrombie & Fitch Co.^(a)(b)		786,142		47,813,156
Adtalem Global Education, Inc.^(a)		778,492		40,325,886
American Eagle Outfitters, Inc.^(b)		5,199,050		90,827,403
Buckle, Inc.^(b)		1,007,884		34,036,243
Caleres, Inc.^(b)		897,714		22,963,524
Cavco Industries, Inc.^(a)(b)		143,989		35,926,695
Century Communities, Inc.		1,004,632		61,784,868
Chico’s FAS, Inc.^(a)(b)		9,368,124		70,073,568
Designer Brands, Inc. - Class A^(b)		3,464,205		35,023,113
Ethan Allen Interiors, Inc.^(b)		593,317		15,580,504
G-III Apparel Group Ltd.^(a)		1,658,403		42,372,197
Green Brick Partners, Inc.^(a)		830,404		32,136,635
La-Z-Boy, Inc.^(b)		1,070,396		31,298,379
LCI Industries^(b)		566,506		61,460,236
M/I Homes, Inc.^(a)(b)		840,910		69,013,484
MDC Holdings, Inc.		1,821,490		69,125,546
Meritage Homes Corp.		623,351		71,074,481
Monarch Casino & Resort, Inc.^(b)		311,255		18,734,438
Monro, Inc.^(b)		836,676		20,766,298
Movado Group, Inc.		439,499		12,244,442
ODP Corp.^(a)(b)		1,158,575		52,043,189
Patrick Industries, Inc.^(b)		878,878		66,047,682
Perdoceo Education Corp.		1,412,541		25,552,867
Phinia, Inc.		1,075,997		27,846,802
Signet Jewelers Ltd.^(b)		1,072,028		74,859,715
Steven Madden Ltd.^(b)		1,316,744		43,176,036
Tri Pointe Homes, Inc.^(a)		2,803,961		70,267,263
Urban Outfitters, Inc.^(a)(b)		1,583,737		54,828,975
Vista Outdoor, Inc.^(a)(b)		2,218,844		55,737,361
Winnebago Industries, Inc.^(b)		546,798		31,686,944
Total Consumer Discretionary				1,384,627,930

Consumer Staples — 7.8%
Andersons, Inc.		1,651,504		82,789,897
Cal-Maine Foods, Inc.^(b)		1,676,514		75,962,849
Central Garden & Pet Co.^(a)(b)		958,642		41,825,550
John B Sanfilippo & Son, Inc.		152,512		15,595,877
Medifast, Inc.^(b)		375,784		25,989,221
United Natural Foods, Inc.^(a)		3,767,592		54,931,491

	Shares		Value
Consumer Staples — 7.8% (Continued)
USANA Health Sciences, Inc.^(a)		224,702	$	10,235,176
Total Consumer Staples				307,330,061

Energy — 14.6%
California Resources Corp.^(b)		1,342,130		70,582,617
Civitas Resources, Inc.^(b)		975,618		73,590,866
CONSOL Energy, Inc.		894,772		82,220,598
CVR Energy, Inc.^(b)		2,250,176		73,693,264
Dorian LPG Ltd.^(b)		1,083,161		34,628,657
Helmerich & Payne, Inc.^(b)		1,380,854		54,640,393
Liberty Energy, Inc.^(b)		2,772,429		54,616,851
Par Pacific Holdings, Inc.^(a)		2,260,401		74,186,361
REX American Resources Corp.^(a)		161,970		6,156,480
RPC, Inc.^(b)		2,592,461		21,569,276
US Silica Holdings, Inc.^(a)		2,347,802		28,337,970
Total Energy				574,223,333

Health Care — 7.3%
AMN Healthcare Services, Inc.^(a)(b)		666,105		50,530,725
Collegium Pharmaceutical, Inc.^(a)(b)		1,512,245		32,906,451
Cross Country Healthcare, Inc.^(a)(b)		1,938,651		44,899,157
Ligand Pharmaceuticals, Inc.^(a)		239,542		12,525,651
OraSure Technologies, Inc.^(a)		1,265,264		6,528,762
Owens & Minor, Inc.^(a)(b)		3,888,779		55,726,204
Pediatrix Medical Group, Inc.^(a)(b)		1,670,305		19,141,695
Premier, Inc.		2,394,486		46,022,021
Veradigm, Inc.^(a)(b)		1,416,184		18,679,467
Total Health Care				286,960,133

Industrials — 20.6%
American Woodmark Corp.^(a)		432,801		29,097,211
Apogee Enterprises, Inc.		370,884		15,918,341
Boise Cascade Co.		806,670		75,625,313
Encore Wire Corp.^(b)		500,733		89,546,081
Forward Air Corp.		519,763		33,477,935
Gibraltar Industries, Inc.^(a)		431,914		26,286,286
GMS, Inc.^(a)		930,050		54,389,324
Griffon Corp.		1,533,678		61,255,099
Hub Group, Inc. - Class A^(a)		551,913		37,944,019
Insteel Industries, Inc.		289,249		8,072,940
Interface, Inc.		1,341,365		11,924,735
Kelly Services, Inc. - Class A		469,287		8,376,773
Korn/Ferry International		730,273		33,242,027
Liquidity Services, Inc.^(a)		369,466		7,119,610
Matson, Inc.		977,786		85,116,271
Mueller Industries, Inc.^(b)		2,298,312		86,669,346
National Presto Industries, Inc.		89,915		6,721,146
NOW, Inc.^(a)		1,570,135		17,302,888
Powell Industries, Inc.^(b)		228,769		17,535,144
Quanex Building Products Corp.		632,548		16,983,914

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Industrials — 20.6% (Continued)
Resources Connection, Inc.		827,961	$	11,152,635
Titan International, Inc.^(a)(b)		1,960,317		22,269,201
TrueBlue, Inc.^(a)(b)		747,135		8,270,784
Veritiv Corp.		309,271		52,393,600
Total Industrials				816,690,623

Information Technology — 6.2%
Adeia, Inc.		2,988,136		25,189,986
Cohu, Inc.^(a)		544,778		16,419,609
CTS Corp.		377,085		14,106,750
Insight Enterprises, Inc.^(a)(b)		546,064		78,250,971
InterDigital, Inc.^(b)		419,822		31,591,606
MaxLinear, Inc.^(a)		1,120,040		17,024,608
NetScout Systems, Inc.^(a)		828,728		18,091,132
PC Connection, Inc.		477,304		25,573,948
Photronics, Inc.^(a)		994,169		18,252,943
Total Information Technology				244,501,553

Materials — 5.0%
Olympic Steel, Inc.		609,166		30,927,358
SunCoke Energy, Inc.		2,587,387		24,606,050
Sylvamo Corp.^(b)		1,514,052		67,072,504
TimkenSteel Corp.^(a)		436,858		8,881,323
Warrior Met Coal, Inc.		1,352,030		65,884,423
Total Materials				197,371,658
TOTAL COMMON STOCKS (Cost $3,892,467,976)				3,947,194,559

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		571,109,665	$	571,109,665
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $571,109,664)				571,109,665

Total Investments — 114.4% (Cost $4,463,577,640)				4,518,304,224
Liabilities in Excess of Other Assets — (14.4)%				(568,604,222	)
TOTAL NET ASSETS — 100.0%			$	3,949,700,002

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, 2023. The total market value of these securities was $561,237,462 which represented 14.2% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.3%

Australia — 7.9%
Ampol Ltd.		124,026	$	2,506,609
Atlas Arteria Ltd.		668,476		2,251,689
BHP Group Ltd. - ADR^(a)		582,530		33,239,161
Coles Group Ltd.		364,195		3,527,777
Fortescue Metals Group Ltd.		2,451,111		34,673,357
Santos Ltd.		1,084,576		5,276,955
South32 Ltd.		2,390,344		5,034,155
Telstra Group Ltd.		3,233,285		7,814,425
Whitehaven Coal Ltd.		808,012		3,792,954
Woodside Energy Group Ltd. - ADR^(a)		1,462,188		31,817,211
Total Australia				129,934,293

Canada — 5.2%
BCE, Inc.^(a)		384,619		14,280,903
Canadian Natural Resources Ltd.		329,307		20,920,874
Enbridge, Inc.^(a)		883,347		28,302,438
Nutrien Ltd.^(a)		126,764		6,807,227
Suncor Energy, Inc.		461,954		14,967,310
Total Canada				85,278,752

China — 0.3%
Lenovo Group Ltd.		4,311,799		5,014,200

Denmark — 1.9%
AP Moller - Maersk AS - Class B		18,730		31,133,687

France — 6.4%
Cie de Saint-Gobain		125,934		6,849,091
Orange SA		1,128,968		13,271,577
Sanofi SA - ADR		634,551		28,713,433
TotalEnergies SE - ADR		560,777		37,347,747
Vinci SA		142,292		15,730,426
Total France				101,912,274

Germany — 6.7%
BASF SE		452,257		20,832,946
Bayerische Motoren Werke AG		290,134		26,901,610
Daimler AG		426,341		25,005,112
Deutsche Telekom AG		1,232,490		26,701,407
DHL Group		346,149		13,463,731
Total Germany				112,904,806

Hong Kong — 2.5%
Chow Tai Fook Jewellery Group Ltd.		2,508,584		3,539,154
CK Hutchison Holdings Ltd.		1,604,689		8,110,342
CK Infrastructure Holdings Ltd.		1,058,680		4,904,271
Jardine Matheson Holdings Ltd.		89,925		3,637,466
Power Assets Holdings Ltd.		1,001,609		4,787,090
SITC International Holdings Co. Ltd.		5,411,270		8,325,829

	Shares		Value
Hong Kong — 2.5% (Continued)
Want Want China Holdings Ltd.		4,225,943	$	2,624,591
WH Group Ltd.^(b)		6,492,300		3,874,514
Xinyi Glass Holdings Ltd.		1,446,329		1,661,608
Total Hong Kong				41,464,865

Israel — 0.4%
ICL Group Ltd.		1,334,136		6,469,338

Italy — 1.5%
Eni SpA - ADR^(a)		764,687		24,898,209

Japan — 7.4%
Inpex Corp.		386,068		5,558,921
Isuzu Motors Ltd.		254,158		2,784,294
Japan Tobacco, Inc.		771,123		17,912,744
Marubeni Corp.		455,019		6,538,225
Nintendo Co. Ltd. - ADR		1,145,450		11,821,044
Nippon Steel Corp.		429,462		9,157,323
Nippon Yusen KK		950,583		23,059,830
SoftBank Corp.		1,984,556		22,323,391
Sumitomo Corp.		404,795		7,847,535
Takeda Pharmaceutical Co. Ltd. - ADR^(a)		910,227		12,379,087
Total Japan				119,382,394

Luxembourg — 0.3%
Tenaris SA - ADR^(a)		157,254		4,925,195

Netherlands — 4.5%
Shell PLC - ADR		568,387		37,024,729
Stellantis NV		1,929,747		35,936,840
Total Netherlands				72,961,569

New Zealand — 0.1%
Mercury NZ Ltd.		371,478		1,276,899

Norway — 0.7%
Aker BP ASA		410,660		11,804,092

South Korea — 1.1%
HMM Co. Ltd.		235,374		2,539,261
Kia Corp.		114,020		6,492,272
Korea Zinc Co. Ltd.		5,495		1,908,226
KT&G Corp.		47,797		3,018,832
S-Oil Corp.		59,045		2,902,957
Total South Korea				16,861,548

Singapore — 1.1%
Jardine Cycle & Carriage Ltd.		132,299		2,724,926
Singapore Airlines Ltd.		1,176,382		5,249,749
Singapore Telecommunications Ltd.		5,267,234		9,156,058
Total Singapore				17,130,733

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.3% (Continued)

Spain — 1.1%
Endesa SA		433,074	$	8,140,558
Telefonica SA		2,375,742		9,165,217
Total Spain				17,305,775

Sweden — 0.8%
H & M Hennes & Mauritz AB - Class B		561,406		7,508,917
Telefonaktiebolaget LM Ericsson - ADR^(a)		1,180,632		5,265,619
Total Sweden				12,774,536

Switzerland — 4.0%
Glencore PLC		6,097,844		32,251,705
Holcim Ltd.		166,619		10,272,076
Kuehne Und Nagel International AG		40,811		10,969,372
SGS SA		46,774		3,804,035
Swisscom AG		13,256		7,927,515
Total Switzerland				65,224,703

United Kingdom — 11.8%
Anglo American PLC		571,340		14,558,844
BP PLC - ADR		863,645		31,592,134
British American Tobacco PLC - ADR		1,027,791		30,689,839
GSK PLC - ADR		569,311		20,324,403
Imperial Brands PLC		421,120		8,962,505
Rio Tinto PLC - ADR^(a)		514,803		33,122,425
Tesco PLC		2,280,739		7,476,424
Unilever PLC - ADR		643,016		30,446,808
Vodafone Group PLC - ADR^(a)		1,975,213		18,250,969
Total United Kingdom				195,424,351

United States — 33.6%
3M Co.		222,332		20,221,095
AbbVie, Inc.		241,286		34,064,757
Altria Group, Inc.		728,669		29,270,634
Amgen, Inc.		134,614		34,420,801
AT&T, Inc.		2,171,522		33,441,439
Chevron Corp.		211,295		30,792,020
Devon Energy Corp.		415,791		19,363,387
Dow, Inc.^(a)		262,093		12,669,576
EOG Resources, Inc.		295,071		37,252,714
Gilead Sciences, Inc.		325,747		25,584,169
International Business Machines Corp.		249,376		36,069,745
Kinder Morgan, Inc.		1,029,108		16,671,550
Pfizer, Inc.		861,098		26,315,155
Philip Morris International, Inc.		359,853		32,084,493
Phillips 66		127,935		14,593,545
Pioneer Natural Resources Co.		160,582		38,379,097

	Shares		Value
United States — 33.6% (Continued)
Southern Copper Corp.^(a)		263,808	$	18,703,987
United Parcel Service, Inc. - Class B		194,098		27,416,343
Valero Energy Corp.^(a)		89,503		11,366,881
Verizon Communications, Inc.		955,159		33,554,735
Williams Cos., Inc.		481,647		16,568,656
Total United States				548,804,779
TOTAL COMMON STOCKS (Cost $1,680,025,097)				1,622,886,998

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		182,612,601		182,612,601
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $182,612,601)				182,612,601

Total Investments — 110.5% (Cost $1,862,637,698)				1,805,499,599
Liabilities in Excess of Other Assets — (10.5)%				(172,313,622	)
TOTAL NET ASSETS — 100.0%			$	1,633,185,977

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $177,897,389 which represented 10.9% of net assets.

(b)

Security is exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933, as amended. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $3,874,514 or 0.2% of the Fund’s net assets.

(c)

The rate shown is as of October 31, 2023.

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.6%

Australia — 10.0%
BHP Group Ltd. - ADR^(a)		300,099	$	17,123,649
BlueScope Steel Ltd.		286,276		3,414,058
Fortescue Metals Group Ltd.		878,266		12,423,930
Pilbara Minerals Ltd.		1,471,114		3,424,841
Qantas Airways Ltd.^(b)		1,896,296		5,906,302
Santos Ltd.		1,695,138		8,247,617
Sonic Healthcare Ltd.		134,963		2,461,391
South32 Ltd.		1,941,161		4,088,158
Whitehaven Coal Ltd.		2,297,033		10,782,687
Woodside Energy Group Ltd. - ADR^(a)		738,344		16,066,365
Total Australia				83,938,998

Austria — 1.7%
OMV AG		322,359		14,107,406

Canada — 10.6%
Canadian Natural Resources Ltd.^(a)		303,587		19,286,882
Cenovus Energy, Inc.		758,056		14,463,708
Imperial Oil Ltd.^(a)		287,122		16,363,083
Nutrien Ltd.^(a)		258,470		13,879,839
Suncor Energy, Inc.		580,985		18,823,914
Tourmaline Oil Corp.		150,495		7,958,030
Total Canada				90,775,456

China — 1.1%
Lenovo Group Ltd.		7,925,479		9,216,556

Denmark — 2.8%
AP Moller - Maersk AS - Class B		9,619		15,989,052
DSV AS		54,130		8,072,977
Total Denmark				24,062,029

France — 7.3%
Carrefour SA		423,629		7,431,852
Cie de Saint-Gobain		205,579		11,180,692
Eiffage SA		57,132		5,180,684
Publicis Groupe SA		90,507		6,868,300
Rexel SA		103,218		2,100,750
Teleperformance		19,491		2,230,424
Thales SA		54,246		7,986,891
TotalEnergies SE - ADR		288,976		19,245,802
Total France				62,225,395

Germany — 4.5%
Bayerische Motoren Werke AG		149,107		13,825,399
Brenntag SE		40,359		2,994,395
Deutsche Lufthansa AG^(b)		642,662		4,490,726
DHL Group		369,324		14,365,140
ThyssenKrupp AG		161,292		1,119,209

	Shares		Value
Germany — 4.5% (Continued)
Wacker Chemie AG		12,842	$	1,569,428
Total Germany				38,364,297

Italy — 2.3%
Eni SpA - ADR^(a)		600,031		19,537,009

Japan — 16.0%
Honda Motor Co. Ltd. - ADR		576,967		17,741,735
Inpex Corp.		1,181,887		17,017,770
Kawasaki Heavy Industries Ltd.		100,165		2,175,446
Kawasaki Kisen Kaisha Ltd.		214,541		7,279,461
KDDI Corp.		538,069		15,928,192
Mazda Motor Corp.		345,944		3,250,036
Mitsubishi Corp.		406,715		18,662,068
Mitsubishi Motors Corp.		250,092		796,269
Mitsui & Co. Ltd.		518,805		18,541,096
Nippon Yusen KK		390,611		9,475,683
Niterra Co. Ltd.		57,625		1,273,586
Nitto Denko Corp.		33,909		2,166,194
Ono Pharmaceutical Co. Ltd.		162,769		2,793,624
Renesas Electronics Corp.^(b)		464,183		5,988,520
SCREEN Holdings Co. Ltd.		23,048		1,054,361
Secom Co. Ltd.		39,800		2,743,922
Shinko Electric Industries Co. Ltd.		25,925		816,020
Sojitz Corp.		130,680		2,677,830
Subaru Corp.		321,804		5,433,992
Taisei Corp.		55,693		1,873,519
Total Japan				137,689,324

South Korea — 4.8%
Doosan Bobcat, Inc.		50,880		1,459,850
Hanwha Aerospace Co. Ltd.		23,960		1,791,833
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(b)		29,000		1,938,988
HMM Co. Ltd.		1,262,286		13,617,791
Kia Corp.		260,183		14,814,759
Korea Aerospace Industries Ltd.		41,920		1,371,933
Krafton, Inc.^(b)		9,750		1,182,518
LG H&H Co. Ltd.		3,370		787,261
Posco International Corp.		118,730		4,404,408
Total South Korea				41,369,341

Luxembourg — 2.2%
ArcelorMittal		592,408		13,088,149
Tenaris SA - ADR^(a)		197,230		6,177,244
Total Luxembourg				19,265,393

Netherlands — 6.2%
Koninklijke Ahold Delhaize NV		355,322		10,527,056
Randstad Holding NV		62,412		3,225,303
Shell PLC - ADR		291,976		19,019,317

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.6% (Continued)

Netherlands — 6.2% (Continued)
Stellantis NV		1,070,599	$	19,937,299
Total Netherlands				52,708,975

Norway — 5.4%
Aker BP ASA		480,038		13,798,307
Equinor ASA - ADR^(a)		635,575		21,209,138
Norsk Hydro ASA		1,053,095		6,003,168
Yara International ASA		118,597		3,875,042
Total Norway				44,885,655

Poland — 2.0%
ORLEN SA		1,111,508		17,548,530

Portugal — 1.0%
Galp Energia SGPS SA		541,052		8,135,044

Singapore — 1.8%
Genting Singapore Ltd.		1,805,178		1,133,881
Singapore Airlines Ltd.		3,328,106		14,852,082
Total Singapore				15,985,963

Spain — 4.1%
ACS Actividades de Construccion y Servicios SA		141,491		5,115,648
Repsol SA		987,901		14,451,250
Telefonica SA		4,046,080		15,609,104
Total Spain				35,176,002

Sweden — 2.0%
Boliden AB		56,555		1,447,764
H & M Hennes & Mauritz AB - Class B		419,265		5,607,753
Saab AB - Class B		28,938		1,482,877
SSAB AB - Class B		539,125		3,125,852
Telefonaktiebolaget LM Ericsson - ADR^(a)		1,016,430		4,533,278
Total Sweden				16,197,524

Switzerland — 3.0%
Glencore PLC		3,135,553		16,584,048
Kuehne + Nagel International AG		38,089		10,237,740
Total Switzerland				26,821,788

United Kingdom — 10.8%
Barratt Developments PLC		354,922		1,785,524
BP PLC - ADR		475,247		17,384,535
British American Tobacco PLC - ADR		528,504		15,781,129
Centrica PLC		2,135,148		4,082,198
J Sainsbury PLC		1,055,226		3,300,066
JD Sports Fashion PLC		1,422,986		2,205,201
Mondi PLC		161,667		2,611,462

	Shares		Value
United Kingdom — 10.8% (Continued)
Persimmon PLC		87,471	$	1,080,178
Rio Tinto PLC - ADR^(a)		265,071		17,054,668
Taylor Wimpey PLC		1,278,360		1,721,592
Tesco PLC		2,808,938		9,207,898
Vodafone Group PLC - ADR^(a)		1,777,691		16,425,865
Total United Kingdom				92,640,316
TOTAL COMMON STOCKS (Cost $866,999,336)				850,651,001

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		95,366,448		95,366,448
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,366,448)				95,366,448

Total Investments — 110.8% (Cost $962,365,784)				946,017,449
Liabilities in Excess of Other Assets — (10.8)%				(92,021,760	)
TOTAL NET ASSETS — 100.0%			$	853,995,689

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $92,257,506 which represented 10.8% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2023.

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.8%

Brazil — 9.0%
Ambev SA - ADR		448,243	$	1,134,055
CPFL Energia SA		142,956		950,157
CSN Mineracao SA		486,790		498,207
GPS Participacoes e Empreendimentos SA^(a)		15,352		49,055
Magazine Luiza SA^(b)		487,007		129,437
Telefonica Brasil SA - ADR		120,006		1,069,253
TIM SA - ADR^(c)		39,062		589,446
Vale SA - ADR ^(c)		99,924		1,369,958
Vibra Energia SA		60,229		236,771
Total Brazil				6,026,339

Chile — 1.5%
Cencosud SA		247,127		400,373
Sociedad Quimica y Minera de Chile SA - ADR^(c)		12,273		594,013
Total Chile				994,386

China — 23.0%
Aluminum Corp. of China Ltd. - Class H		2,949,256		1,579,168
AviChina Industry & Technology Co. Ltd. - Class H		1,126,820		509,753
China Coal Energy Co. Ltd. - Class H		1,738,600		1,364,174
China Communications Services Corp. Ltd. - Class H		594,039		242,922
China Feihe Ltd.^(a)		461,340		286,523
China Shenhua Energy Co. Ltd. - Class H		421,635		1,293,152
China Tower Corp. Ltd. - Class H^(a)		12,037,357		1,122,938
Dongfeng Motor Group Co. Ltd. - Class H		2,437,948		1,071,729
JD Logistics, Inc.^(a)(b)		345,764		409,159
JD.com, Inc. - ADR		38,364		975,213
Kingsoft Corp. Ltd.		45,026		157,083
PetroChina Co. Ltd. - Class H		2,008,975		1,309,322
Sinopharm Group Co. Ltd. - Class H		324,615		775,732
Sinotruk Hong Kong Ltd.		511,052		961,335
Tianqi Lithium Corp. - Class C		194,640		1,049,654
Topsports International Holdings Ltd.^(a)		406,005		341,396
Yangzijiang Shipbuilding Holdings Ltd.		317,628		336,384
Yankuang Energy Group Co. Ltd. - Class H		791,248		1,375,160
Total China				15,160,797

	Shares		Value
Greece — 2.2%
Hellenic Telecommunications Organization SA		23,545	$	329,599
JUMBO SA		2,960		77,861
Motor Oil Hellas Corinth Refineries SA		31,339		746,095
OPAP SA		19,889		336,713
Total Greece				1,490,268

Hong Kong — 1.9%
Geely Automobile Holdings Ltd.		409,856		464,576
Kunlun Energy Co. Ltd.		924,026		769,899
Total Hong Kong				1,234,475

Hungary — 0.1%
Richter Gedeon Nyrt		3,972		93,132

Indonesia — 6.5%
Adaro Energy Tbk PT		10,074,079		1,623,522
Astra International Tbk PT		2,594,284		943,153
Telkom Indonesia Persero Tbk PT - ADR^(c)		34,722		763,884
United Tractors Tbk PT		615,429		973,412
Total Indonesia				4,303,971

Kuwait — 0.4%
Mobile Telecommunications Co. KSCP		177,110		275,295

Malaysia — 1.2%
Petronas Chemicals Group Bhd		513,996		791,842

Mexico — 6.8%
Arca Continental SAB de CV		44,019		394,997
Coca-Cola Femsa SAB de CV - ADR - Class F		5,023		381,848
Fomento Economico Mexicano SAB de CV - ADR		8,206		930,643
Grupo Aeroportuario del Sureste SAB de CV - ADR		1,016		219,669
Grupo Mexico SAB de CV		289,217		1,201,047
Kimberly-Clark de Mexico SAB de CV - Class A		75,749		138,818
Wal-Mart de Mexico SAB de CV		352,773		1,264,026
Total Mexico				4,531,048

Qatar — 1.7%
Industries Qatar QSC		333,958		1,120,837

Russia — 0.0%^(d)(e)
Alrosa PJSC		91,900		0
Inter RAO UES PJSC		1,901,988		0
LUKOIL PJSC - ADR^(b)		2,652		0
Magnit PJSC		1,958		0

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.8% (Continued)

Russia — 0.0%^(d)(e) (Continued)
Magnitogorsk Iron & Steel Works PJSC^(b)		106,418	$	0
Magnitogorsk Iron & Steel Works PJSC - GDR^(b)		2,458		0
Severstal PAO^(b)		9,320		0
Severstal PAO - GDR^(b)		2,129		0
Surgutneftegas PJSC		477,461		0
Tatneft PJSC ^(b)		3,600		0
Total Russia				0

South Africa — 6.8%
Anglo American Platinum Ltd.		15,994		535,493
Clicks Group Ltd.		6,888		101,501
Exxaro Resources Ltd.		68,315		685,294
Impala Platinum Holdings Ltd.		96,156		400,773
Kumba Iron Ore Ltd.		22,183		587,762
MTN Group Ltd.		111,560		544,587
MultiChoice Group^(b)		38,737		145,096
Northam Platinum Holdings Ltd.		38,037		229,579
Shoprite Holdings Ltd.		27,712		355,115
Sibanye Stillwater Ltd. - ADR		42,859		217,724
Vodacom Group Ltd.		83,896		456,718
Woolworths Holdings Ltd.		67,077		249,737
Total South Africa				4,509,379

Taiwan — 15.1%
Acer, Inc.		349,833		367,791
Asustek Computer, Inc.		35,583		370,805
Catcher Technology Co. Ltd.		48,976		274,060
Chicony Electronics Co. Ltd.		58,971		226,357
China Airlines Ltd.		631,168		376,541
Compal Electronics, Inc.		898,639		777,149
Eva Airways Corp.		931,437		786,847
Evergreen Marine Corp. Taiwan Ltd.		274,864		910,986
Inventec Corp.		337,300		418,050
Largan Precision Co. Ltd.		4,601		293,636
Lite-On Technology Corp.		116,607		359,510
Micro-Star International Co. Ltd.		70,999		361,179
Nan Ya Printed Circuit Board Corp.		30,741		223,674
Novatek Microelectronics Corp.		24,531		343,744
Pou Chen Corp.		513,464		456,711
Quanta Computer, Inc.		277,961		1,619,690
Unimicron Technology Corp.		86,887		383,069
Wistron Corp.		295,273		813,856
Wiwynn Corp.		8,200		384,276
Zhen Ding Technology Holding Ltd.		58,104		174,661
Total Taiwan				9,922,592

	Shares		Value
Thailand — 6.6%
Advanced Info Service PCL		87,373	$	534,800
Banpu PCL		2,930,020		619,549
Indorama Ventures PCL		416,871		274,879
PTT Exploration & Production PCL		332,469		1,517,005
PTT PCL		1,567,090		1,449,697
Total Thailand				4,395,930

Turkey — 8.8%
BIM Birlesik Magazalar AS		25,469		244,624
KOC Holding AS		334,450		1,615,606
Tofas Turk Otomobil Fabrikasi AS		44,340		376,869
Turk Hava Yollari AO^(b)		190,076		1,458,496
Turkcell Iletisim Hizmetleri AS^(b)		165,736		280,916
Turkiye Petrol Rafinerileri AS		362,651		1,817,145
Total Turkey				5,793,656

United Arab Emirates — 2.2%
Fertiglobe PLC		1,268,630		1,108,713
National Marine Dredging Co.^(b)		56,865		336,267
Total United Arab Emirates				1,444,980
TOTAL COMMON STOCKS (Cost $67,551,866)				62,088,927

PREFERRED STOCKS — 5.5%

Brazil — 5.5%
Cia Energetica de Minas Gerais - ADR		269,138		610,943
Cia Paranaense de Energia, Class B		139,988		232,677
Gerdau SA - ADR		126,471		548,884
Metalurgica Gerdau SA		266,956		547,493
Petroleo Brasileiro SA - ADR		124,483		1,721,601
Total Brazil				3,661,598
TOTAL PREFERRED STOCKS (Cost $3,400,977)				3,661,598

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(f)		3,606,922	$	3,606,922
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,606,922)				3,606,922

Total Investments — 104.7% (Cost $74,559,765)				69,357,447
Liabilities in Excess of Other Assets — (4.7)%				(3,113,259	)
TOTAL NET ASSETS — 100.0%			$	66,244,188

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PLC - Public Limited Company

(a)

Security is exempt from registration under Rule 144A and Regulation S of the Securities Act of 1933, as amended. Such securities are treated as liquid securites according to the Fund’s liquidity guidelines. As of October 31, 2023, the value of these securities total $2,209,071 or 3.3% of the Fund’s net assets.

(b)

Non-income producing security.

(c)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $3,519,094 which represented 5.3% of net assets.

(d)

Represents less than 0.05% of net assets.

(e)

(f)

The rate shown is as of October 31, 2023.

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

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Communication Services — 5.8%
Alphabet, Inc. - Class A^(a)		5,835	$	724,008
Electronic Arts, Inc.		2,555		316,283
Iridium Communications, Inc.		2,548		94,403
Match Group, Inc.^(a)		7,849		271,575
Trade Desk, Inc. - Class A^(a)		8,756		621,326
ZoomInfo Technologies, Inc.^(a)		6,116		79,263
Total Communication Services				2,106,858

Consumer Discretionary — 4.3%
Airbnb, Inc. - Class A^(a)		2,200		260,238
Booking Holdings, Inc.^(a)		154		429,592
eBay, Inc.		4,515		177,123
Etsy, Inc.^(a)		1,200		74,760
H&R Block, Inc.		7,830		321,422
McDonald’s Corp.		1,040		272,657
Total Consumer Discretionary				1,535,792

Consumer Staples — 1.7%
Altria Group, Inc.		4,278		171,847
Coca-Cola Co.		3,825		216,075
Olaplex Holdings, Inc.^(a)		30,861		43,823
Philip Morris International, Inc.		2,215		197,489
Total Consumer Staples				629,234

Energy — 12.6%
Antero Midstream Corp.		31,578		389,673
Cheniere Energy, Inc.		1,546		257,285
Coterra Energy, Inc.		12,707		349,443
Diamondback Energy, Inc.		1,979		317,273
EOG Resources, Inc.		2,836		358,045
EQT Corp.		12,584		533,309
Kinder Morgan, Inc.		13,455		217,971
Marathon Oil Corp.		9,975		272,417
Occidental Petroleum Corp.		4,610		284,944
Pioneer Natural Resources Co.		1,766		422,074
Range Resources Corp.		13,300		476,672
Texas Pacific Land Corp.		148		273,201
Williams Cos., Inc.		11,015		378,916
Total Energy				4,531,223

Financials — 2.7%
XP, Inc. - Class A		48,898		977,960
Total Financials				977,960

Health Care — 10.3%
AbbVie, Inc.		1,282		180,993
Amgen, Inc.		1,318		337,013
Bristol-Myers Squibb Co.		2,561		131,968
Danaher Corp.		1,122		215,446
Doximity, Inc. - Class A^(a)		4,358		89,034

	Shares		Value
Health Care — 10.3% (Continued)
Gilead Sciences, Inc.		2,436	$	191,323
Jazz Pharmaceuticals PLC^(a)		1,681		213,521
Maravai LifeSciences Holdings, Inc. - Class A^(a)		10,166		69,739
Medpace Holdings, Inc.^(a)		2,418		586,776
Mettler-Toledo International, Inc.^(a)		118		116,254
Premier, Inc.		4,453		85,587
Regeneron Pharmaceuticals, Inc.^(a)		381		297,138
Royalty Pharma PLC - Class A		4,500		120,915
United Therapeutics Corp.^(a)		731		162,911
Veeva Systems, Inc. - Class A^(a)		2,357		454,217
Vertex Pharmaceuticals, Inc.^(a)		1,261		456,621
Total Health Care				3,709,456

Industrials — 6.3%
Copart, Inc.^(a)		11,625		505,920
CSX Corp.		7,012		209,308
Nordson Corp.		1,400		297,626
Paychex, Inc.		2,753		305,721
Union Pacific Corp.		1,315		273,007
Veralto Corp.^(a)		366		25,254
Verisk Analytics, Inc.		2,814		639,791
Total Industrials				2,256,627

Information Technology — 54.7%
Adobe, Inc.^(a)		1,838		977,925
Analog Devices, Inc.		1,174		184,705
ANSYS, Inc.^(a)		855		237,912
Apple, Inc.		2,782		475,082
Applied Materials, Inc.		3,718		492,077
AppLovin Corp. - Class A^(a)		29,888		1,089,118
Aspen Technology, Inc.^(a)		866		153,932
Atlassian Corp. - Class A^(a)		2,388		431,368
Autodesk, Inc.^(a)		1,591		314,429
Bentley Systems, Inc. - Class B		9,547		464,366
Broadcom, Inc.		947		796,777
Cadence Design System, Inc.^(a)		2,032		487,375
Cisco Systems, Inc.		7,327		381,957
Crowdstrike Holdings, Inc. - Class A^(a)		3,788		669,605
Datadog, Inc. - Class A^(a)		5,214		424,785
Dolby Laboratories, Inc. - Class A		2,905		235,131
Dropbox, Inc. - Class A^(a)		22,382		588,647
Dynatrace, Inc.^(a)		7,604		339,975
Enphase Energy, Inc.^(a)		686		54,592
F5, Inc.^(a)		2,313		350,628
Fair Isaac Corp.^(a)		665		562,504
Fortinet, Inc.^(a)		3,837		219,361
Gen Digital, Inc.		12,677		211,199
Intuit, Inc.		1,074		531,576

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

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Information Technology — 54.7% (Continued)
Keysight Technologies, Inc.^(a)		1,018	$	124,247
KLA Corp.		1,147		538,746
Lam Research Corp.		1,025		602,926
Lattice Semiconductor Corp.^(a)		3,906		217,213
Manhattan Associates, Inc.^(a)		3,363		655,718
Microchip Technology, Inc.		2,809		200,254
Microsoft Corp.		1,739		587,973
NVIDIA Corp.		2,661		1,085,155
Palo Alto Networks, Inc.^(a)		2,243		545,094
PTC, Inc.^(a)		2,811		394,721
salesforce.com, Inc.^(a)		2,780		558,307
ServiceNow, Inc.^(a)		1,059		616,179
Skyworks Solutions, Inc.		1,849		160,382
Snowflake, Inc.^(a)		1,504		218,276
Synopsys, Inc.^(a)		1,114		522,956
VeriSign, Inc.^(a)		1,359		271,338
VMware, Inc.^(a)		5,047		735,096
Workday, Inc. - Class A^(a)		2,311		489,262
Zoom Video Communications, Inc. - Class A^(a)		2,627		157,567
Zscaler, Inc.^(a)		2,726		432,589
Total Information Technology				19,789,025

Materials — 1.2%
CF Industries Holdings, Inc.		2,021		161,235
Southern Copper Corp.		3,933		278,850
Total Materials				440,085

Utilities — 0.3%
Clearway Energy, Inc. - Class C		5,046		109,548
Total Utilities				109,548
TOTAL COMMON STOCKS (Cost $36,697,581)				36,085,808

Total Investments — 99.9% (Cost $36,697,581)				36,085,808
Other Assets in Excess of Liabilities — 0.1%				6,975
TOTAL NET ASSETS — 100.0%			$	36,092,783

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

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

100

Pacer US Small Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Communication Services — 6.7%
Cargurus, Inc.^(a)		1,014	$	17,471
Cars.com, Inc.^(a)		756		11,514
Cogent Communications Holdings, Inc.		299		19,429
Gogo, Inc.^(a)		552		5,796
Madison Square Garden Sports Corp.^(a)		70		11,770
Shutterstock, Inc.		134		5,451
TechTarget, Inc.^(a)		243		6,119
Thryv Holdings, Inc.^(a)		486		8,471
TripAdvisor, Inc.^(a)		428		6,317
YELP, Inc.^(a)		887		37,423
Total Communication Services				129,761

Consumer Discretionary — 20.5%
Adtalem Global Ed, Inc.^(a)		494		25,589
Buckle, Inc.		316		10,671
Cavco Industries, Inc.^(a)		52		12,975
Century Communities, Inc.		396		24,354
Ethan Allen Interiors, Inc.		613		16,097
Green Brick Partners, Inc.^(a)		1,039		40,209
Jack in the Box, Inc.		213		13,457
LCI Industries		181		19,637
M/I Homes, Inc.^(a)		571		46,863
MDC Holdings, Inc.		673		25,540
Meritage Homes Corp.		226		25,769
Monarch Casino & Resort, Inc.		175		10,533
Monro, Inc.		196		4,865
Movado Group, Inc.		290		8,079
Patrick Industries, Inc.		302		22,695
Perdoceo Education Corp.		1,619		29,288
Six Flags Entertainment Corp.^(a)		400		7,960
Steven Madden Ltd.		374		12,263
Tri Pointe Homes, Inc.^(a)		1,077		26,990
Vista Outdoor, Inc.^(a)		584		14,670
Total Consumer Discretionary				398,504

Consumer Staples — 5.7%
Cal-Maine Foods, Inc.		184		8,337
elf Beauty, Inc.^(a)		458		42,424
Energizer Holdings, Inc.		357		11,274
Medifast, Inc.		92		6,363
National Beverage Corp.^(a)		439		20,361
Simply Good Foods Co.^(a)		376		14,021
Vector Group Ltd.		815		8,378
Total Consumer Staples				111,158

	Shares		Value
Energy — 11.9%
California Resources Corp.		579	$	30,450
Civitas Resources, Inc.		289		21,799
CONSOL Energy, Inc.		502		46,128
Dorian LPG Ltd.		889		28,421
Helmerich & Payne, Inc.		287		11,357
Par Pacific Holdings, Inc.^(a)		767		25,173
Patterson-UTI Energy, Inc.		1,131		14,364
SM Energy Co.		938		37,820
US Silica Holdings, Inc.^(a)		1,210		14,605
Total Energy				230,117

Health Care — 12.0%
Amphastar Pharmaceuticals, Inc.^(a)		1,044		47,262
Certara, Inc.^(a)		707		8,618
Collegium Pharmaceutical, Inc.^(a)		429		9,335
Corcept Therapeutics, Inc.^(a)		1,415		39,733
Cross Country Healthcare, Inc.^(a)		576		13,340
Harmony Biosciences Holdings, Inc.^(a)		229		5,391
Innoviva, Inc.^(a)		1,450		17,995
Ligand Pharmaceuticals, Inc.^(a)		176		9,203
Mesa Laboratories, Inc.		69		6,474
Omnicell, Inc.^(a)		329		11,693
Pacira BioSciences, Inc.^(a)		262		7,404
Premier, Inc.		274		5,266
Prestige Brands Holdings, Inc.^(a)		238		14,128
Simulations Plus, Inc.		587		20,703
Supernus Pharmaceuticals, Inc.^(a)		303		7,227
Veradigm, Inc.^(a)		686		9,048
Total Health Care				232,820

Industrials — 16.2%
American Woodmark Corp.^(a)		564		37,918
Brady Corp. - Class A		203		10,446
Encore Wire Corp.		57		10,193
Forward Air Corp.		94		6,055
Gibraltar Industries, Inc.^(a)		524		31,891
Griffon Corp.		579		23,125
Liquidity Services, Inc.^(a)		2,349		45,265
Matson, Inc.		387		33,688
Mueller Industries, Inc.		486		18,327
National Presto Industries, Inc.		281		21,005
Powell Industries, Inc.		772		59,174
Verra Mobility Corp.^(a)		962		19,019
Total Industrials				316,106

Information Technology — 24.6%
A10 Networks, Inc.		953		10,359
Adeia, Inc.		1,745		14,710
Agilysys, Inc.^(a)		147		12,611

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

101

Pacer US Small Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Information Technology — 24.6% (Continued)
Axcelis Technologies, Inc.^(a)		240	$	30,600
Badger Meter, Inc.		220		30,481
Cohu, Inc.^(a)		440		13,262
Consensus Cloud Solutions, Inc.^(a)		296		6,391
CTS Corp.		412		15,413
Digi International, Inc.^(a)		483		12,162
DoubleVerify Holdings, Inc.^(a)		1,001		27,858
Extreme Networks, Inc.^(a)		1,594		32,868
InterDigital, Inc.		316		23,779
Kulicke & Soffa Industries, Inc.		275		11,443
LiveRamp Holdings, Inc.^(a)		1,171		32,390
MaxLinear, Inc.^(a)		285		4,332
NetScout Systems, Inc.^(a)		569		12,421
Onto Innovation, Inc.^(a)		411		46,185
Perficient, Inc.^(a)		179		10,416
Photronics, Inc.^(a)		1,720		31,579
Progress Software Corp.		317		16,287
Rambus, Inc.^(a)		551		29,936
SPS Commerce, Inc.^(a)		158		25,334
Veeco Instruments, Inc.^(a)		1,265		30,284
Total Information Technology				481,101

Materials — 2.3%
Balchem Corp.		149		17,320
Livent Corp.^(a)		545		7,951
Warrior Met Coal, Inc.		401		19,540
Total Materials				44,811
TOTAL COMMON STOCKS (Cost $2,171,042)				1,944,378

Total Investments — 99.9% (Cost $2,171,042)				1,944,378
Other Assets in Excess of Liabilites — 0.1%				1,421
TOTAL NET ASSETS — 100.0%			$	1,945,799

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.

102

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.7%

Communication Services — 0.5%
Nexstar Media Group, Inc. - Class A^(a)		1,247	$	174,680
Total Communication Services				174,680

Consumer Discretionary — 2.9%
Crocs, Inc.^(b)		2,198		196,325
Grand Canyon Education, Inc.^(b)		1,074		127,086
Ulta Beauty, Inc.^(b)		1,749		666,912
Total Consumer Discretionary				990,323

Energy — 45.6%
Antero Resources Corp.^(b)		10,686		314,596
APA Corp.^(a)		10,930		434,140
Chevron Corp.		10,910		1,589,914
CNX Resources Corp.^(a)(b)		5,736		124,586
ConocoPhillips		14,864		1,765,843
Diamondback Energy, Inc.^(a)		6,363		1,020,116
EOG Resources, Inc.		13,741		1,734,801
EQT Corp.^(a)		14,629		619,977
Exxon Mobil Corp.		15,784		1,670,736
Marathon Oil Corp.		21,541		588,285
Matador Resources Co.^(a)		4,232		261,072
Murphy Oil Corp.		5,555		249,253
Occidental Petroleum Corp.		27,945		1,727,280
ONEOK, Inc.		15,920		1,037,984
PBF Energy, Inc. - Class A		4,394		208,847
Pioneer Natural Resources Co.		7,641		1,826,199
Range Resources Corp.^(a)		8,587		307,758
Southwestern Energy Co.^(a)(b)		39,168		279,268
Total Energy				15,760,655

Health Care — 28.6%
AbbVie, Inc.		12,240		1,728,043
Amgen, Inc.		7,029		1,797,315
Bristol-Myers Squibb Co.		29,999		1,545,848
Exelixis, Inc.^(b)		11,324		233,161
Gilead Sciences, Inc.		24,005		1,885,354
Incyte Corp.^(a)(b)		7,972		429,930
Jazz Pharmaceuticals PLC^(b)		2,243		284,906
Pfizer, Inc.		53,269		1,627,901
United Therapeutics Corp.^(b)		1,668		371,730
Total Health Care				9,904,188

Industrials — 7.0%
Builders FirstSource, Inc.^(b)		4,446		482,480
Carlisle Cos., Inc.		1,780		452,280
Concentrix Corp.		1,854		141,293
EMCOR Group, Inc.		1,677		346,552
Expeditors International of Washington, Inc.		5,260		574,655

	Shares		Value
Industrials — 7.0% (Continued)
Landstar System, Inc.		1,279	$	210,754
UFP Industries, Inc.		2,198		209,184
Total Industrials				2,417,198

Information Technology — 2.0%
Dropbox, Inc. - Class A^(a)(b)		12,379		325,568
GoDaddy, Inc. - Class A^(a)(b)		5,229		382,919
Total Information Technology				708,487

Materials — 12.8%
Cabot Corp.		1,991		132,362
CF Industries Holdings, Inc.^(a)		6,864		547,610
Eagle Materials, Inc.		1,258		193,619
Mosaic Co.		11,817		383,816
Nucor Corp.		8,846		1,307,349
Olin Corp.		4,473		191,087
Reliance Steel & Aluminum Co.		2,086		530,637
Steel Dynamics, Inc.^(a)		5,894		627,770
Westlake Chemical Corp.		4,539		523,619
Total Materials				4,437,869

Utilities — 0.3%
ONE Gas, Inc.^(a)		1,968		118,867
Total Utilities				118,867
TOTAL COMMON STOCKS (Cost $36,353,333)				34,512,267

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

103

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		5,103,029	$	5,103,029
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,103,029)				5,103,029

Total Investments — 114.5% (Cost $41,456,362)				39,615,296
Liabilities in Excess of Other Assets — (14.5)%				(5,035,321	)
TOTAL NET ASSETS — 100.0%			$	34,579,975

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $5,060,949 which represented 14.6% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2023.

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

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

104

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 100.0%^(a)

Pacer Developed Markets International Cash Cows 100 ETF		496,589	$	14,271,968
Pacer Global Cash Cows Dividend ETF		455,822		14,385,742
Pacer US Cash Cows 100 ETF		299,767		14,310,877
Pacer US Cash Cows Growth ETF		410,915		14,196,168
Pacer US Small Cap Cash Cows 100 ETF		358,637		14,216,370
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $72,098,069)				71,381,125

Total Investments — 100.0% (Cost $72,098,069)				71,381,125
Other Assets in Excess of Liabilities — 0.0%^(b)				23,725
TOTAL NET ASSETS — 100.0%			$	71,404,850

Percentages are stated as a percent of net assets.

(a)

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

(b)

Represents less than 0.05% of net assets.

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

105

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
CONTINGENT VALUE RIGHTS — 0.0%^(a)

Health Care — 0.0%^(a)
Achillion Pharmaceuticals, Inc.^(b)(c)		6,273	$	2,509
Abiomed, Inc.^(b)(c)		64		0
Total Health Care				2,509
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)				2,509

	Principal Amount
SHORT-TERM INVESTMENTS — 98.4%

U.S. Treasury Bills — 98.4%
5.38%, 12/28/2023	$	5,138,000		5,094,782
5.39%, 01/25/2024		5,238,000		5,172,357
0.00%, 02/01/2024		15,400,000		15,190,911
TOTAL SHORT-TERM INVESTMENTS (Cost $25,459,942)				25,458,050

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%^(e)
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(d)		2,960,492		2,960,492
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,960,492)				2,960,492

Total Investments — 109.9% (Cost $28,420,434)				28,421,051
Liabilities in Excess of Other Assets — (9.9)%				(2,567,328	)
TOTAL NET ASSETS — 100.0%			$	25,853,723

Percentages are stated as a percent of net assets.

(a)

Represents less than 0.05% of net assets.

(b)

Non-income producing security.

(c)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $2,509 or 0.0% of net assets as of October 31, 2023.

(d)

The rate shown is as of October 31, 2023.

(e)

Due to settlement of open trades, there are no positions in the portfolio on loan as of October 31, 2023. The total value of securities on loan is $2,907,719 or 11.2% of total net assets.

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

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

106

Pacer Industrial Real Estate ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 95.1%

Real Estate — 95.1%
Big Yellow Group PLC		241,841	$	2,807,183
Centuria Industrial REIT		785,546		1,415,201
CubeSmart		218,213		7,438,881
Dream Industrial Real Estate Investment Trust		405,951		3,427,933
EastGroup Properties, Inc.^(a)		49,551		8,089,201
Extra Space Storage, Inc.		69,880		7,238,869
First Industrial Realty Trust, Inc.		174,319		7,373,694
GLP J-Reit		6,407		5,727,518
Granite Real Estate Investment Trust		96,135		4,377,808
Industrial Logistics Properties Trust		99,759		249,398
Lexington Realty Trust		432,168		3,418,449
LondonMetric Property PLC		1,519,678		3,055,093
Mapletree Industrial Trust		3,130,386		4,915,699
Mapletree Logistics Trust		5,072,233		5,445,848
National Storage Affiliates Trust		125,122		3,568,479
Prologis, Inc.		240,966		24,277,325
Public Storage		107,817		25,736,996
Rexford Industrial Realty, Inc.		166,164		7,184,931
Safestore Holdings PLC		331,212		2,751,579
Segro PLC		974,039		8,438,814
STAG Industrial, Inc.^(a)		241,546		8,024,158
Terreno Realty Corp.^(a)		124,314		6,623,450
Tritax Big Box REIT PLC		2,720,360		4,523,242
Urban Logistics REIT PLC		687,495		870,712
Warehouses De Pauw CVA		238,600		5,887,431
Total Real Estate				162,867,892
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $196,006,879)				162,867,892

COMMON STOCKS — 4.7%

Real Estate — 4.7%
National Storage REIT		1,531,448		1,942,944
Sagax AB - Class B		244,768		4,418,452
VGP NV		20,057		1,628,813
Total Real Estate				7,990,209
TOTAL COMMON STOCKS (Cost $9,090,227)				7,990,209

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(b)		11,257,062	$	11,257,062
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,257,062)				11,257,062

Total Investments — 106.4% (Cost $216,505,984)				182,115,163
Liabilities in Excess of Other Assets — (6.4)%				(10,915,193	)
TOTAL NET ASSETS — 100.0%			$	171,199,970

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $11,166,001 which represented 6.5% of net assets.

(b)

The rate shown is as of October 31, 2023.

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

107

Pacer Data & Infrastructure Real Estate ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 64.9%

Real Estate — 64.9%
American Tower Corp.		322,168	$	57,407,117
Crown Castle, Inc.		578,823		53,818,963
Digital Realty Trust, Inc.^(b)		447,001		55,589,044
Equinix, Inc.		74,871		54,628,876
Iron Mountain, Inc.^(b)		357,114		21,094,724
Keppel DC REIT		14,013,620		17,286,243
SBA Communications Corp.		103,238		21,538,544
Uniti Group, Inc.^(b)		3,117,703		14,341,434
				295,704,945
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $371,038,348)				295,704,945

COMMON STOCKS — 27.4%

Communication Services — 24.5%
Cellnex Telecom SA^(c)		604,605		17,715,022
Chorus Ltd.		4,795,469		20,008,953
Eutelsat Communications SACA^(b)		1,949,024		8,302,310
Helios Towers PLC^(a)		8,078,910		5,935,906
IHS Holding Ltd.^(a)		159,303		783,771
Infrastrutture Wireless Italiane SpA^(c)		1,800,086		19,635,849
Iridium Communications, Inc.		373,200		13,827,060
RAI Way SpA^(c)		1,245,429		6,187,192
SES SA		3,206,339		18,657,072
				111,053,135

Information Technology — 1.0%
GDS Holdings Ltd. - ADR^(a)		251,270		2,588,081
Vnet Group, Inc. - ADR^(a)		712,973		2,292,207
				4,880,288

Real Estate — 1.9%
DigitalBridge Group, Inc.		550,718		8,728,880
TOTAL COMMON STOCKS (Cost $165,527,675)				124,662,303

	Shares		Value
EXCHANGE TRADED FUNDS — 7.7%

iShares U.S. Real Estate ETF		173,349	$	13,058,380
Vanguard Real Estate ETF		302,100		22,029,132
TOTAL EXCHANGE TRADED FUNDS (Cost $34,353,790)				35,087,512


INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(d)		29,839,194		29,839,194
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $29,839,194)				29,839,194

Total Investments — 106.6% (Cost $600,759,007)			$	485,293,954
Liabilities in Excess of Other Assets — (6.6)%				(29,947,551	)
TOTAL NET ASSETS — 100.0%			$	455,346,403

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.

(b)	All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $29,166,224 which represented 6.4% of net assets.

(c)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $43,538,063 or 9.6% of the Fund’s net assets.

(d)	The rate shown is as of October 31, 2023.

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

108

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.3%

Consumer Discretionary — 24.9%
Airbnb, Inc. - Class A^(a)		1,674	$	198,017
Amazon.com, Inc.^(a)		1,766		235,037
Aptiv PLC^(a)		2,429		211,809
AutoZone, Inc.^(a)		93		230,373
Bath & Body Works, Inc.		6,686		198,240
Best Buy Co., Inc.		3,333		222,711
Booking Holdings, Inc.^(a)		78		217,586
BorgWarner, Inc.		6,097		224,979
Caesars Entertainment, Inc.^(a)		4,441		177,151
CarMax, Inc.^(a)		3,006		183,637
Carnival Corp.^(a)		15,951		182,798
Chipotle Mexican Grill, Inc.^(a)		125		242,775
Darden Restaurants, Inc.		1,633		237,650
Domino’s Pizza, Inc.		630		213,564
DR Horton, Inc.		2,080		217,152
eBay, Inc.		5,619		220,433
Etsy, Inc.^(a)		3,636		226,523
Expedia Group, Inc.^(a)		2,223		211,830
Ford Motor Co.		19,842		193,460
Garmin Ltd.		2,375		243,509
General Motors Co.		7,407		208,877
Genuine Parts Co.		1,627		209,655
Hasbro, Inc.		3,489		157,528
Hilton Worldwide Holdings, Inc.		1,584		240,024
Home Depot, Inc.		742		211,240
Las Vegas Sands Corp.		4,994		237,015
Lennar Corp. - Class A		2,057		219,441
LKQ Corp.		4,837		212,441
Lowe’s Cos., Inc.		1,055		201,051
Lululemon Athletica, Inc.^(a)		606		238,449
Marriott International, Inc.		1,188		224,009
McDonald’s Corp.		874		229,137
MGM Resorts International		5,580		194,854
Mohawk Industries, Inc.^(a)		2,594		208,506
NIKE, Inc. - Class B		2,499		256,821
Norwegian Cruise Line Holdings Ltd.^(a)		14,973		203,633
NVR, Inc.^(a)		39		211,092
O’Reilly Automotive, Inc.^(a)		255		237,262
Pool Corp.		709		223,881
PulteGroup, Inc.		3,023		222,463
Ralph Lauren Corp.		2,087		234,850
Ross Stores, Inc.		2,045		237,159
Royal Caribbean Cruises Ltd.^(a)		2,507		212,418
Starbucks Corp.		2,561		236,227
Tapestry, Inc.		7,653		210,917
Tesla Motors, Inc.^(a)		982		197,225
TJX Cos., Inc.		2,669		235,059

	Shares		Value
Consumer Discretionary — 24.9% (Continued)
Tractor Supply Co.		1,123	$	216,245
Ulta Beauty, Inc.^(a)		590		224,973
VF Corp.		12,982		191,225
Whirlpool Corp.		1,788		186,953
Wynn Resorts Ltd.		2,577		226,209
Yum! Brands, Inc.		1,929		233,139
Total Consumer Discretionary				11,479,212

Industrials — 25.1%
3M Co.		1,520		138,244
A O Smith Corp.		2,300		160,448
Alaska Air Group, Inc.^(a)		4,056		128,291
Allegion PLC		1,494		146,950
American Airlines Group, Inc.^(a)		11,550		128,783
AMETEK, Inc.		1,049		147,668
Automatic Data Processing, Inc.		647		141,188
Axon Enterprise, Inc.^(a)		752		153,776
Boeing Co.^(a)		764		142,730
Broadridge Financial Solutions, Inc.		860		146,750
Carrier Global Corp.		2,753		131,208
Caterpillar, Inc.		572		129,301
Ceridian HCM Holding, Inc.^(a)		2,209		141,398
CH Robinson Worldwide, Inc.		1,871		153,104
Cintas Corp.		326		165,321
Copart, Inc.^(a)		3,613		157,238
CSX Corp.		5,391		160,921
Cummins, Inc.		687		148,598
Deere & Co.		404		147,605
Delta Air Lines, Inc.		3,956		123,625
Dover Corp.		1,136		147,623
Eaton Corp. PLC		684		142,210
Emerson Electric Co.		1,632		145,199
Equifax, Inc.		821		139,217
Expeditors International of Washington, Inc.		1,407		153,715
Fastenal Co.		2,962		172,803
FedEx Corp.		637		152,944
Fortive Corp.		2,082		135,913
Generac Holdings, Inc.^(a)		1,402		117,866
General Dynamics Corp.		741		178,811
General Electric Co.		1,445		156,970
Honeywell International, Inc.		875		160,353
Howmet Aerospace, Inc.		3,389		149,455
Hubbell, Inc.		459		123,976
Huntington Ingalls Industries, Inc.		766		168,382
IDEX Corp.		747		142,983
Illinois Tool Works, Inc.		677		151,729
Ingersoll Rand, Inc.		2,326		141,142
Jacobs Solutions, Inc.		1,235		164,626
JB Hunt Trasport Services, Inc.		875		150,386

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

109

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.3% (Continued)

Industrials — 25.1% (Continued)
Johnson Controls International PLC		2,815	$	137,991
L3Harris Technologies, Inc.		961		172,413
Leidos Holdings, Inc.		1,685		167,017
Lockheed Martin Corp.		382		173,672
Masco Corp.		2,871		149,550
Nordson Corp.		694		147,537
Norfolk Southern Corp.		825		157,402
Northrop Grumman Corp.		382		180,087
Old Dominion Freight Line, Inc.		383		144,261
Otis Worldwide Corp.		1,952		150,714
PACCAR, Inc.		1,911		157,715
Parker-Hannifin Corp.		395		145,719
Paychex, Inc.		1,340		148,807
Paycom Software, Inc.		568		139,143
Pentair PLC		2,372		137,861
Quanta Services, Inc.		782		130,688
Republic Services, Inc.		1,104		163,933
Robert Half, Inc.		2,206		164,943
Rockwell Automation, Inc.		544		142,969
Rollins, Inc.		4,471		168,154
RTX Corp.		1,934		157,408
Snap-On, Inc.		622		160,439
Southwest Airlines Co.		5,468		121,554
Stanley Black & Decker, Inc.		1,775		150,964
Textron, Inc.		2,136		162,336
Trane Technologies PLC		784		149,203
TransDigm Group, Inc.^(a)		185		153,197
Union Pacific Corp.		762		158,199
United Airlines Holdings, Inc.^(a)		3,404		119,174
United Parcel Service, Inc. - Class B		1,003		141,674
United Rentals, Inc.		348		141,382
Veralto Corp.^(a)		1,952		134,688
Verisk Analytics, Inc.		661		150,285
W.W. Grainger, Inc.		234		170,780
Waste Management, Inc.		1,032		169,589
Westinghouse Air Brake Technologies Corp.		1,515		160,620
Xylem, Inc.		1,696		158,644
Total Industrials				11,530,162

Information Technology — 24.9%
Accenture PLC - Class A		606		180,037
Adobe, Inc.^(a)		352		187,285
Advanced Micro Devices, Inc.^(a)		1,858		183,013
Akamai Technologies, Inc.^(a)		1,883		194,570
Amphenol Corp.		2,295		184,862
Analog Devices, Inc.		1,111		174,794
ANSYS, Inc.^(a)		627		174,469

	Shares		Value
Information Technology — 24.9% (Continued)
Apple, Inc.		1,106	$	188,872
Applied Materials, Inc.		1,336		176,820
Arista Networks, Inc.^(a)		1,003		200,970
Autodesk, Inc.^(a)		899		177,669
Broadcom, Inc.		230		193,515
Cadence Design System, Inc.^(a)		828		198,596
CDW Corp.		927		185,771
Cisco Systems, Inc.		3,479		181,360
Cognizant Technology Solutions Corp.		2,764		178,195
Corning, Inc.		6,285		168,187
Enphase Energy, Inc.^(a)		1,640		130,511
EPAM Systems, Inc.^(a)		743		161,655
F5, Inc.^(a)		1,228		186,153
Fair Isaac Corp.^(a)		219		185,246
First Solar, Inc.^(a)		1,076		153,276
Fortinet, Inc.^(a)		3,077		175,912
Gartner, Inc.^(a)		557		184,946
Gen Digital, Inc.		9,862		164,301
Hewlett Packard Enterprise Co.		11,370		174,871
HP, Inc.		6,694		176,253
Intel Corp.		5,187		189,326
International Business Machines Corp.		1,335		193,094
Intuit, Inc.		358		177,192
Juniper Networks, Inc.		6,782		182,571
Keysight Technologies, Inc.^(a)		1,490		181,855
KLA Corp.		396		186,001
Lam Research Corp.		295		173,525
Microchip Technology, Inc.		2,503		178,439
Micron Technology, Inc.		2,809		187,838
Microsoft Corp.		590		199,484
Monolithic Power Systems, Inc.		394		174,046
Motorola Solutions, Inc.		698		194,365
NetApp, Inc.		2,493		181,441
NVIDIA Corp.		433		176,577
NXP Semiconductors NV		971		167,430
ON Semiconductor Corp.^(a)		2,013		126,094
Oracle Corp.		1,561		161,407
Palo Alto Networks, Inc.^(a)		793		192,715
PTC, Inc.^(a)		1,373		192,797
Qorvo, Inc.^(a)		1,985		173,529
QUALCOMM, Inc.		1,857		202,393
Roper Technologies, Inc.		401		195,917
salesforce.com, Inc.^(a)		877		176,128
Seagate Technology Holdings PLC		3,016		205,841
ServiceNow, Inc.^(a)		329		191,429
Skyworks Solutions, Inc.		1,984		172,092
SolarEdge Technologies, Inc.^(a)		1,324		100,558

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

110

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.3% (Continued)

Information Technology — 24.9% (Continued)
Synopsys, Inc.^(a)		429	$	201,389
TE Connectivity Ltd.		1,542		181,725
Teledyne Technologies, Inc.^(a)		481		180,178
Teradyne, Inc.		1,977		164,625
Texas Instruments, Inc.		1,197		169,986
Trimble, Inc.^(a)		3,867		182,252
Tyler Technologies, Inc.^(a)		503		187,569
VeriSign, Inc.^(a)		954		190,476
Western Digital Corp.^(a)		4,535		182,080
Zebra Technologies Corp.^(a)		769		161,052
Total Information Technology				11,457,525

Materials — 24.4%
Air Products & Chemicals, Inc.		1,422		401,630
Albemarle Corp.		2,301		291,721
Amcor PLC		45,886		407,926
Avery Dennison Corp.		2,344		408,020
Ball Corp.		8,148		392,326
Celanese Corp.		3,408		390,250
CF Industries Holdings, Inc.		5,069		404,405
Corteva, Inc.		8,561		412,127
Dow, Inc.		7,903		382,031
DuPont de Nemours, Inc.		5,629		410,242
Eastman Chemical Co.		5,337		398,834
Ecolab, Inc.		2,331		391,002
FMC Corp.		5,625		299,250
Freeport-McMoRan, Inc.		10,803		364,925
International Flavors & Fragrances, Inc.		6,176		422,129
International Paper Co.		11,583		390,695
Linde PLC		1,037		396,300
LyondellBasell Industries NV		4,271		385,415
Martin Marietta Materials, Inc.		969		396,263
Mosaic Co.		11,274		366,180
Newmont Goldcorp Corp.		10,959		410,634
Nucor Corp.		2,573		380,264
Packaging Corp. of America		2,748		420,580
PPG Industries, Inc.		3,128		384,025
Sealed Air Corp.		12,499		384,844
Sherwin-Williams Co.		1,564		372,560
Steel Dynamics, Inc.		3,908		416,241
Vulcan Materials Co.		1,963		385,710
Westrock Co.		11,646		418,439
Total Materials				11,284,968
TOTAL COMMON STOCKS (Cost $45,756,654)				45,751,867

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING^(c) — 14.0%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(b)		6,442,830	$	6,442,830
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,442,830)				6,442,830

Total Investments — 113.3% (Cost $52,199,484)				52,194,697
Liabilities in Excess of Other Assets — (13.3)%				(6,136,853	)
TOTAL NET ASSETS — 100.0%			$	46,057,844

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

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

(c)

Due to settlement of open trades, there are no position in the portfolio on loan as of October 31, 2023. The total value of securities on loan is $6,309,202 or 13.7% of total net assets.

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

111

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.4%

Consumer Discretionary — 6.6%
BYD Co. Ltd. - Class A		4,045	$	131,850
China Tourism Group Duty Free Corp. Ltd. - Class A		4,300		55,585
Great Wall Motor Co. Ltd. - Class A		6,100		24,490
Gree Electric Appliances, Inc. of Zhuhai		6,700		31,064
Haier Smart Home Co. Ltd. - Class A		13,900		42,205
Total Consumer Discretionary				285,194

Consumer Staples — 29.3%
Foshan Haitian Flavouring & Food Co. Ltd.		10,812		55,625
Inner Mongolia Yili Industrial Group Co. Ltd.		14,100		52,831
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.		3,400		56,728
Kweichow Moutai Co. Ltd.		2,800		644,543
Luzhou Laojiao Co. Ltd.		3,345		98,095
Muyuan Foods Co. Ltd.		12,062		62,238
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		2,683		90,630
Wuliangye Yibin Co. Ltd.		8,600		183,326
Yihai Kerry Arawana Holdings Co. Ltd.		4,300		20,565
Total Consumer Staples				1,264,581

Energy — 4.0%
China Petroleum & Chemical Corp. - Class A		75,000		55,957
China Shenhua Energy Co. Ltd. - Class A		15,600		64,633
PetroChina Co. Ltd. - Class A		55,000		53,511
Total Energy				174,101

Financials — 29.5%
Agricultural Bank of China Ltd. - Class A		209,100		102,577
Bank of China Ltd. - Class A		99,000		52,760
Bank of Communications Co. Ltd. - Class A		86,700		66,701
Bank of Ningbo Co. Ltd.		14,600		49,856
China CITIC Bank Corp. Ltd. - Class A		21,500		15,806
China Construction Bank Corp. - Class A		21,200		18,164
China Merchants Bank Co. Ltd. - Class A		46,100		193,770
China Pacific Insurance Group Co. Ltd. - Class A		15,100		57,259
CITIC Securities Co. Ltd. - Class A		26,970		80,010
CSC Financial Co. Ltd. - Class A		11,200		37,006
East Money Information Co. Ltd.		34,992		73,015

	Shares		Value
Financials — 29.5% (Continued)
Industrial & Commercial Bank of China Ltd. - Class A		170,200	$	110,008
Industrial Bank Co. Ltd.		45,900		94,584
People’s Insurance Co. Group of China Ltd. - Class A		23,600		17,221
Ping An Bank Co. Ltd.		42,900		61,318
Ping An Insurance Group Co. of China Ltd. - Class A		24,200		150,330
Postal Savings Bank of China Co. Ltd. - Class A		50,800		31,724
Shanghai Pudong Development Bank Co. Ltd.		64,800		60,389
Total Financials				1,272,498

Health Care — 7.3%
Aier Eye Hospital Group Co. Ltd.		20,610		51,567
Jiangsu Hengrui Pharmaceuticals Co. Ltd.		14,100		92,367
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		2,700		105,526
WuXi AppTec Co. Ltd. - Class A		5,696		67,335
Total Health Care				316,795

Industrials — 10.9%
Beijing-Shanghai High Speed Railway Co. Ltd.		63,000		43,044
China State Construction Engineering Corp. Ltd.		92,600		65,545
Contemporary Amperex Technology Co. Ltd.		9,840		249,560
NARI Technology Co. Ltd.		17,700		54,541
SF Holding Co. Ltd.		10,800		57,999
Total Industrials				470,689

Information Technology — 4.2%
Foxconn Industrial Internet Co. Ltd.		27,600		55,516
LONGi Green Energy Technology Co. Ltd.		16,720		55,131
Luxshare Precision Industry Co. Ltd.		15,829		70,881
Total Information Technology				181,528

Materials — 3.7%
Wanhua Chemical Group Co. Ltd.		6,912		83,872
Zijin Mining Group Co. Ltd. - Class A		45,500		77,344
Total Materials				161,216

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

112

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)

Utilities — 3.9%
China Yangtze Power Co. Ltd.		54,600	$	168,394
TOTAL COMMON STOCKS (Cost $4,650,639)				4,294,996

Total Investments — 99.4% (Cost $4,650,639)				4,294,996
Other Assets in Excess of Liabilities — 0.6%				27,010
TOTAL NET ASSETS — 100.0%			$	4,322,006

Percentages are stated as a percent of net assets.

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

113

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Communication Services — 5.1%
Netflix, Inc.^(a)		442	$	181,967

Consumer Discretionary — 15.3%
Amazon.com, Inc.^(a)		1,504		200,167
Home Depot, Inc.		624		177,647
Lowe’s Cos., Inc.^(b)		866		165,034
Total Consumer Discretionary				542,848

Consumer Staples — 13.7%
Campbell Soup Co.^(b)		440		17,780
Church & Dwight Co., Inc.		361		32,829
Clorox Co.^(b)		183		21,539
Energizer Holdings, Inc.		106		3,347
Haleon PLC - ADR^(b)		6,750		54,608
Hormel Foods Corp.^(b)		807		26,268
Kimberly-Clark Corp.		499		59,700
Kroger Co.^(b)		1,060		48,092
Walgreens Boots Alliance, Inc.^(b)		1,275		26,877
Walmart, Inc.		1,211		197,891
Total Consumer Staples				488,931

Health Care — 50.5%
Abbott Laboratories^(b)		1,825		172,553
Agilent Technologies, Inc.		436		45,069
BioNTech SE - ADR^(a)		356		33,300
CVS Health Corp.		1,894		130,705
Danaher Corp.		789		151,504
Emergent BioSolutions, Inc.^(a)		75		157
Fortrea Holdings, Inc.^(a)		131		3,720
Gilead Sciences, Inc.		1,840		144,514
GSK PLC - ADR		2,997		106,993
Illumina, Inc.^(a)		234		25,604
Johnson & Johnson		1,160		172,074
Laboratory Corp. of America Holdings^(b)		131		26,165
Merck & Co., Inc.		1,676		172,125
Mettler-Toledo International, Inc.^(a)		33		32,512
Moderna, Inc.^(a)		563		42,765
Neogen Corp.^(a)		320		4,765
Organon & Co.		377		5,576
QIAGEN NV^(a)		336		12,576
Quest Diagnostics, Inc.		166		21,597
Regeneron Pharmaceuticals, Inc.^(a)		162		126,342
Revvity, Inc.		185		15,327
Sanofi SA - ADR		3,623		163,941
Teladoc Health, Inc.^(a)		242		4,003
Thermo Fisher Scientific, Inc.^(b)		358		159,228
Vir Biotechnology, Inc.^(a)		198		1,570

	Shares		Value
Health Care — 50.5% (Continued)
Waters Corp.^(a)(b)		87	$	20,752
Total Health Care				1,795,437

Industrials — 4.3%
3M Co.		815		74,125
Booz Allen Hamilton Holding Corp.		193		23,146
Stericycle, Inc.^(a)		137		5,650
Veralto Corp.^(a)(b)		262		18,078
Xylem, Inc./NY^(b)		354		33,113
Total Industrials				154,112

Information Technology — 8.9%
Akamai Technologies, Inc.^(a)		225		23,249
NVIDIA Corp.		479		195,336
Palantir Technologies, Inc. - Class A^(a)(b)		3,130		46,324
Teledyne Technologies, Inc.^(a)(b)		69		25,847
Zoom Video Communications, Inc. - Class A^(a)		440		26,391
Total Information Technology				317,147

Materials — 2.1%
Ecolab, Inc.		421		70,619
Stepan Co.		33		2,468
Total Materials				73,087
TOTAL COMMON STOCKS (Cost $4,402,959)				3,553,529

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

114

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 23.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		840,768	$	840,768
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $840,768)				840,768

TOTAL INVESTMENTS — 123.5% (Cost $5,243,727)				4,394,297
Liabilities in Excess of Other Assets — (23.5)%				(834,693	)
TOTAL NET ASSETS — 100.0%			$	3,559,604

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $835,598 which represented 23.5% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

115

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 100.0%

Communication Services — 8.2%
Alphabet, Inc. - Class C^(a)		39,503	$	4,949,726
Charter Communications, Inc. - Class A^(a)(b)		11,303		4,552,848
Match Group, Inc.^(a)		126,929		4,391,743
Meta Platforms, Inc. - Class A^(a)		20,534		6,186,279
Netflix, Inc.^(a)		12,922		5,319,858
Paramount Global - Class B^(b)		398,117		4,331,513
Walt Disney Co.^(a)		55,097		4,495,364
Warner Bros Discovery, Inc.^(a)(b)		392,898		3,905,406
Total Communication Services				38,132,737

Consumer Discretionary — 18.6%
Amazon.com, Inc.^(a)		42,405		5,643,681
Aptiv PLC^(a)		55,366		4,827,915
Bath & Body Works, Inc.		123,969		3,675,681
Caesars Entertainment, Inc.^(a)		148,731		5,932,879
CarMax, Inc.^(a)(b)		68,554		4,187,964
Carnival Corp.^(a)		445,066		5,100,457
Etsy, Inc.^(a)		74,045		4,613,004
Expedia Group, Inc.^(a)		50,500		4,812,145
Ford Motor Co.		409,997		3,997,471
General Motors Co.		136,850		3,859,170
MGM Resorts International		106,799		3,729,421
Mohawk Industries, Inc.^(a)		53,019		4,261,667
NIKE, Inc. - Class B		44,225		4,545,003
Norwegian Cruise Line Holdings Ltd.^(a)(b)		370,510		5,038,936
Pool Corp.^(b)		13,987		4,416,675
Royal Caribbean Cruises Ltd.^(a)(b)		57,255		4,851,216
Tesla Motors, Inc.^(a)		25,628		5,147,128
VF Corp.^(b)		287,061		4,228,409
Whirlpool Corp.^(b)		34,133		3,568,946
Total Consumer Discretionary				86,437,768

Financials — 17.4%
BlackRock, Inc.		7,443		4,557,200
Capital One Financial Corp.		50,698		5,135,201
Comerica, Inc.		107,212		4,224,153
Discover Financial Services		45,898		3,767,308
Fifth Third Bancorp		176,487		4,184,507
FleetCor Technologies, Inc.^(a)		18,294		4,119,260
Franklin Resources, Inc.^(b)		190,060		4,331,467
Invesco Ltd.		359,069		4,657,125
KeyCorp.		498,650		5,096,203
Moody’s Corp.		14,467		4,455,836
MSCI, Inc.		9,934		4,684,378
Northern Trust Corp.		60,629		3,996,057
PayPal Holdings, Inc.^(a)		82,539		4,275,520
State Street Corp.		67,078		4,335,251

	Shares		Value
Financials — 17.4% (Continued)
Synchrony Financial		159,926	$	4,485,924
T Rowe Price Group, Inc.		55,166		4,992,523
Truist Financial Corp.		165,008		4,679,627
Zions Bancorp^(b)		156,182		4,818,215
Total Financials				80,795,755

Health Care — 3.9%
Align Technology, Inc.^(a)		18,585		3,430,605
Catalent, Inc.^(a)		110,920		3,814,539
IDEXX Laboratories, Inc.^(a)		9,921		3,963,141
Illumina, Inc.^(a)		27,780		3,039,688
IQVIA Holdings, Inc.^(a)		21,879		3,956,380
Total Health Care				18,204,353

Industrials — 9.0%
American Airlines Group, Inc.^(a)		312,407		3,483,338
Ceridian HCM Holding, Inc.^(a)(b)		88,358		5,655,796
Equifax, Inc.^(b)		25,337		4,296,395
Generac Holdings, Inc.^(a)(b)		68,419		5,751,986
Masco Corp.		86,794		4,521,099
Paycom Software, Inc.		18,329		4,490,055
Pentair PLC		72,644		4,222,069
Stanley Black & Decker, Inc.		58,513		4,976,531
United Rentals, Inc.		11,168		4,537,223
Total Industrials				41,934,492

Information Technology — 37.4%^(c)
Adobe, Inc.^(a)		11,119		5,915,975
Advanced Micro Devices, Inc.^(a)		63,833		6,287,550
Analog Devices, Inc.		25,921		4,078,151
ANSYS, Inc.^(a)		17,040		4,741,550
Apple, Inc.		27,514		4,698,566
Applied Materials, Inc.		43,274		5,727,314
Autodesk, Inc.^(a)		28,156		5,564,470
Broadcom, Inc.		5,862		4,932,111
EPAM Systems, Inc.^(a)		23,754		5,168,158
Fair Isaac Corp.^(a)		5,842		4,941,573
Fortinet, Inc.^(a)		82,624		4,723,614
HP, Inc.		149,857		3,945,735
Intel Corp.		149,110		5,442,515
Intuit, Inc.		11,869		5,874,562
KLA Corp.		11,688		5,489,854
Lam Research Corp.		9,440		5,552,797
Microchip Technology, Inc.		72,002		5,133,023
Micron Technology, Inc.		75,279		5,033,907
Microsoft Corp.		15,462		5,227,857
Monolithic Power Systems, Inc.		13,265		5,859,681
NVIDIA Corp.		18,584		7,578,554
NXP Semiconductors NV		27,580		4,755,619
ON Semiconductor Corp.^(a)(b)		73,934		4,631,226

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

116

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 100.0% (Continued)

Information Technology — 37.4%^(c) (Continued)
Qorvo, Inc.^(a)		53,703	$	4,694,716
QUALCOMM, Inc.		48,940		5,333,971
salesforce.com, Inc.^(a)		23,760		4,771,721
Seagate Technology Holdings PLC		76,403		5,214,505
ServiceNow, Inc.^(a)		10,365		6,030,875
Skyworks Solutions, Inc.		54,773		4,751,010
SolarEdge Technologies, Inc.^(a)(b)		31,639		2,402,982
Teradyne, Inc.^(b)		56,308		4,688,767
Trimble, Inc.^(a)		104,072		4,904,913
Western Digital Corp.^(a)		132,843		5,333,646
Zebra Technologies Corp.^(a)(b)		24,166		5,061,085
Total Information Technology				174,492,553

Materials — 4.6%
Albemarle Corp.^(b)		25,610		3,246,836
Celanese Corp.^(b)		44,210		5,062,487
Eastman Chemical Co.		60,403		4,513,916
Freeport-McMoRan, Inc.		125,281		4,231,992
PPG Industries, Inc.		34,221		4,201,312
Total Materials				21,256,543

Real Estate — 0.9%
CBRE Group, Inc.^(a)		58,949		4,087,524
TOTAL COMMON STOCKS (Cost $513,744,458)				465,341,725

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		54,376,421	$	54,376,421
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $54,376,421)				54,376,421

Total Investments — 111.7% (Cost $568,120,879)				519,718,146
Liabilities in Excess of Other Assets — (11.7)%				(54,316,479	)
TOTAL NET ASSETS — 100.0%			$	465,401,667

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $52,816,391 which represented 11.3% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

117

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Communication Services — 0.4%
TKO Group Holdings, Inc.		1,564	$	128,217

Consumer Discretionary — 15.8%
Boyd Gaming Corp.^(a)		2,450		135,363
Capri Holdings Ltd.^(b)		3,799		194,433
Deckers Outdoor Corp.^(a)(b)		2,020		1,206,061
Dick’s Sporting Goods, Inc.^(a)		1,874		200,424
Five Below, Inc.^(a)(b)		1,871		325,517
Gentex Corp.		6,953		199,412
Grand Canyon Education, Inc.^(b)		1,119		132,411
KB Home^(a)		2,973		131,407
Light & Wonder, Inc.^(b)		4,162		304,284
Murphy USA, Inc.^(a)		920		333,675
Penske Automotive Group, Inc.^(a)		556		79,552
Polaris, Inc.^(a)		1,680		145,186
Skechers U.S.A., Inc. - Class A^(b)		3,879		187,045
Taylor Morrison Home Corp.^(b)		7,766		297,593
Tempur Sealy International, Inc.^(a)		5,865		234,189
Texas Roadhouse, Inc.		4,131		419,462
Toll Brothers, Inc.^(a)		7,376		521,557
TopBuild Corp.^(b)		986		225,557
Williams-Sonoma, Inc.^(a)		2,816		423,076
Total Consumer Discretionary				5,696,204

Consumer Staples — 4.5%
BellRing Brands, Inc.^(b)		4,047		176,975
Boston Beer Co., Inc. - Class A^(b)		323		107,866
Casey’s General Stores, Inc.		977		265,655
Celsius Holdings, Inc.^(b)		1,221		185,702
Coca-Cola Consolidated, Inc.		186		118,372
Coty, Inc.^(a)(b)		12,006		112,496
Ingredion, Inc.^(a)		1,939		181,452
Lancaster Colony Corp.		721		121,972
Sprouts Farmers Market, Inc.^(a)(b)		2,631		110,555
US Foods Holding Corp.^(a)(b)		6,191		241,078
Total Consumer Staples				1,622,123

Energy — 7.6%
Antero Resources Corp.^(b)		9,999		294,371
ChampionX Corp.^(a)		12,659		389,897
CNX Resources Corp.^(a)(b)		7,534		163,638
Matador Resources Co.^(a)		3,827		236,088
Murphy Oil Corp.		4,662		209,184
PBF Energy, Inc. - Class A		6,431		305,665
Range Resources Corp.^(a)		13,147		471,189
Southwestern Energy Co.^(a)(b)		60,356		430,338
Valaris Ltd.^(b)		3,502		231,272
Total Energy				2,731,642

	Shares		Value
Financials — 12.3%
Affiliated Managers Group, Inc.		1,269	$	155,782
American Financial Group, Inc.^(a)		2,304		251,965
CNO Financial Group, Inc.		3,241		75,126
East West Bancorp, Inc.		4,311		231,156
Essent Group Ltd.		3,377		159,529
Evercore, Inc.		2,184		284,313
Federated Hermes, Inc.		2,702		85,653
FirstCash Holdings, Inc.		993		108,158
Interactive Brokers Group, Inc.^(a)		3,524		282,167
Kinsale Capital Group, Inc.^(a)		1,347		449,778
MGIC Investment Corp.		9,428		158,768
Old Republic International Corp.		7,468		204,474
Primerica, Inc.		1,723		329,369
RenaissanceRe Holdings Ltd.		1,505		330,483
RLI Corp.		3,310		441,024
SEI Investments Co.		3,617		194,088
Selective Insurance Group, Inc.		1,877		195,414
Unum Group		6,369		311,444
Western Union Co.		13,594		153,476
Total Financials				4,402,167

Health Care — 4.3%
Azenta, Inc.^(a)(b)		2,026		92,082
Chemed Corp.		568		319,585
Encompass Health Corp.		2,666		166,785
Haemonetics Corp.^(b)		1,292		110,117
Medpace Holdings, Inc.^(b)		1,482		359,637
Patterson Cos., Inc.		2,794		85,105
Penumbra, Inc.^(a)(b)		2,071		395,872
Total Health Care				1,529,183

Industrials — 33.3%
Acuity Brands, Inc.		963		155,977
Advanced Drainage Systems, Inc.^(a)		1,935		206,716
AECOM^(a)		3,206		245,419
AGCO Corp.		1,896		217,395
Builders FirstSource, Inc.^(a)(b)		12,791		1,388,080
Carlisle Cos., Inc.		1,750		444,658
Clean Harbors, Inc.^(b)		2,257		346,833
Crane Co.^(a)		1,644		160,011
Curtiss-Wright Corp.		1,166		231,812
Donaldson Co., Inc.		4,235		244,190
EMCOR Group, Inc.		4,265		881,363
EnerSys		1,519		129,996
Esab Corp.		2,272		143,818
ExlService Holdings, Inc.^(b)		5,514		143,971
Exponent, Inc.		1,881		137,858
Fortune Brands Innovations, Inc.		4,828		269,402
Genpact Ltd.		5,536		185,677

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

118

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Industrials — 33.3% (Continued)
Graco, Inc.		5,045	$	375,096
Insperity, Inc.		1,581		167,333
ITT, Inc.		2,128		198,649
Landstar System, Inc.		2,805		462,208
Lennox International, Inc.		1,102		408,335
Lincoln Electric Holdings, Inc.		2,135		373,198
MasTec, Inc.^(a)(b)		1,777		105,625
MSC Industrial Direct Co., Inc.^(a)		2,843		269,374
nVent Electric PLC		5,793		278,818
Owens Corning		6,135		695,525
Ryder System, Inc.		1,091		106,416
Saia, Inc.^(b)		925		331,603
Science Applications International Corp.		1,549		169,213
Simpson Manufacturing Co., Inc.		1,450		193,111
Terex Corp.		4,508		206,466
Tetra Tech, Inc.		1,853		279,636
Timken Co.		1,987		137,341
Trex Co., Inc.^(b)		3,345		188,022
UFP Industries, Inc.		1,952		185,772
Watsco, Inc.^(a)		2,130		743,136
Watts Water Technologies, Inc. - Class A		1,589		274,913
XPO Logistics, Inc.^(a)(b)		4,422		335,232
Total Industrials				12,018,198

Information Technology — 14.1%
Allegro MicroSystems, Inc.^(b)		3,514		91,223
Belden, Inc.		2,879		204,121
Cognex Corp.		5,654		203,487
CommVault Systems, Inc.^(b)		1,365		89,203
Crane NXT Co.		3,929		204,308
Dynatrace, Inc.^(b)		6,124		273,804
IPG Photonics Corp.^(b)		1,153		99,043
Jabil, Inc.^(a)		12,007		1,474,460
Lattice Semiconductor Corp.^(a)(b)		6,129		340,834
Manhattan Associates, Inc.^(b)		4,120		803,318
Power Integrations, Inc.		2,333		161,747
Qualys, Inc.^(a)(b)		1,923		294,123
Super Micro Computer, Inc.^(a)(b)		2,571		615,677
Teradata Corp.^(b)		3,092		132,090
Vishay Intertechnology, Inc.^(a)		3,322		73,881
Total Information Technology				5,061,319

Materials — 7.6%
Ashland, Inc.		1,625		124,524
Cabot Corp.		1,735		115,343
Commercial Metals Co.		3,390		143,363
Eagle Materials, Inc.		2,665		410,170

	Shares		Value
Materials — 7.6% (Continued)
Greif, Inc. - Class A		790	$	50,165
Louisiana-Pacific Corp.		2,862		146,763
NewMarket Corp.		574		276,754
Olin Corp.		4,727		201,937
Reliance Steel & Aluminum Co.		4,456		1,133,517
Westlake Chemical Corp.^(a)		855		98,633
Worthington Industries, Inc.		764		47,078
Total Materials				2,748,247
TOTAL COMMON STOCKS (Cost $37,333,810)				35,937,300

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 27.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		9,934,227		9,934,227
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,934,227)				9,934,227

Total Investments — 127.5% (Cost $47,268,037)				45,871,527
Liabilities in Excess of Other Assets — (27.5)%				(9,899,178	)
TOTAL NET ASSETS — 100.0%			$	35,972,349

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $9,765,182 which represented 27.1% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2023.

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

119

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.5%

Communication Services — 9.2%
Alphabet, Inc. - Class C^(a)		49,070	$	6,148,471
Meta Platforms, Inc. - Class A^(a)		39,944		12,033,929
Netflix, Inc.^(a)		9,630		3,964,575
Omnicom Group, Inc.		2,366		177,237
Total Communication Services				22,324,212

Consumer Discretionary — 5.7%
Best Buy Co., Inc.		2,178		145,534
Booking Holdings, Inc.^(a)		1,244		3,470,212
BorgWarner, Inc.		3,520		129,888
Carnival Corp.^(a)		18,352		210,314
Darden Restaurants, Inc.^(b)		2,426		353,056
DR Horton, Inc.		6,298		657,511
eBay, Inc.		7,234		283,790
Las Vegas Sands Corp.		5,540		262,928
Lennar Corp. - Class A		4,456		475,366
LKQ Corp.		3,342		146,781
Marriott International, Inc.		3,108		586,044
MGM Resorts International		4,712		164,543
Norwegian Cruise Line Holdings Ltd.^(a)(b)		6,725		91,460
NVR, Inc.^(a)		100		541,262
O’Reilly Automotive, Inc.^(a)		1,041		968,588
PulteGroup, Inc.		5,786		425,792
Ralph Lauren Corp.		524		58,966
Ross Stores, Inc.		5,796		672,162
Royal Caribbean Cruises Ltd.^(a)(b)		6,222		527,190
Tapestry, Inc.^(b)		2,544		70,113
TJX Cos., Inc.		38,012		3,347,717
Ulta Beauty, Inc.^(a)		720		274,543
Wynn Resorts Ltd.		1,768		155,195
Total Consumer Discretionary				14,018,955

Consumer Staples — 5.0%
Brown-Forman Corp. - Class B		1,926		108,164
Coca-Cola Co.		48,289		2,727,846
Hershey Co.		1,969		368,892
J M Smucker Co.		1,282		145,943
Lamb Weston Holdings, Inc.		2,376		213,365
Mondelez International, Inc.		17,286		1,144,506
Procter & Gamble Co.		26,826		4,024,705
Walmart, Inc.		20,962		3,425,400
Total Consumer Staples				12,158,821

Energy — 7.6%
APA Corp.		3,400		135,048
Baker Hughes Co.		14,124		486,148
Chevron Corp.		20,814		3,033,224
ConocoPhillips		16,636		1,976,357

	Shares		Value
Energy — 7.6% (Continued)
Coterra Energy, Inc.		9,374	$	257,785
EOG Resources, Inc.		6,584		831,230
EQT Corp.^(b)		4,386		185,879
Exxon Mobil Corp.^(b)		52,962		5,606,027
Hess Corp.		3,272		472,477
Marathon Petroleum Corp.		12,802		1,936,303
Occidental Petroleum Corp.^(b)		8,694		537,376
Phillips 66		5,166		589,286
Pioneer Natural Resources Co.		2,908		695,012
Schlumberger Ltd.		23,278		1,295,653
Valero Energy Corp.		4,918		624,586
Total Energy				18,662,391

Financials — 9.3%
Aflac, Inc.		8,368		653,624
Ameriprise Financial, Inc.		2,720		855,630
Arch Capital Group Ltd.^(a)		9,836		852,584
Arthur J Gallagher & Co.		2,672		629,229
Everest Group Ltd.		700		276,934
Jack Henry & Associates, Inc.		844		118,996
JPMorgan Chase & Co.		51,918		7,219,718
MarketAxess Holdings, Inc.		457		97,684
MasterCard, Inc. - Class A		16,245		6,113,806
Principal Financial Group, Inc.		2,968		200,874
T Rowe Price Group, Inc.		2,316		209,598
Visa, Inc. - Class A^(b)		22,722		5,341,942
Total Financials				22,570,619

Health Care — 18.3%
Abbott Laboratories		20,410		1,929,766
AbbVie, Inc.		23,250		3,282,435
Biogen, Inc.^(a)		1,628		386,715
Boston Scientific Corp.^(a)		22,432		1,148,294
Bristol-Myers Squibb Co.		27,374		1,410,582
Cardinal Health, Inc.		6,446		586,586
Cencora, Inc.		4,682		866,872
Centene Corp.^(a)		5,792		399,532
Cigna Corp.		3,538		1,093,950
CVS Health Corp.		14,362		991,122
Danaher Corp.		7,444		1,429,397
DexCom, Inc.^(a)		5,475		486,344
Edwards Lifesciences Corp.^(a)(b)		7,815		497,972
Elevance Health, Inc.		2,712		1,220,644
Eli Lilly & Co.		14,109		7,815,397
Gilead Sciences, Inc.		34,376		2,699,891
HCA Healthcare, Inc.		2,712		613,292
Hologic, Inc.^(a)		3,608		238,741
Humana, Inc.		1,874		981,395
IDEXX Laboratories, Inc.^(a)		1,104		441,015
Incyte Corp.^(a)		2,484		133,962

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

120

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Health Care — 18.3% (Continued)
Intuitive Surgical, Inc.^(a)		10,326	$	2,707,684
McKesson Corp.		1,508		686,683
Merck & Co., Inc.		66,640		6,843,928
Regeneron Pharmaceuticals, Inc.^(a)		1,174		915,591
Stryker Corp.		5,008		1,353,262
Vertex Pharmaceuticals, Inc.^(a)		6,348		2,298,674
Viatris, Inc.		15,020		133,678
Waters Corp.^(a)(b)		1,032		246,163
Zimmer Biomet Holdings, Inc.		5,560		580,520
Total Health Care				44,420,087

Industrials — 13.3%
3M Co.		6,811		619,460
AMETEK, Inc.		3,568		502,267
Automatic Data Processing, Inc.		7,782		1,698,188
Axon Enterprise, Inc.^(a)		1,294		264,610
Boeing Co.^(a)		9,208		1,720,240
Carrier Global Corp.		23,920		1,140,027
Caterpillar, Inc.		7,362		1,664,180
CH Robinson Worldwide, Inc.^(b)		2,070		169,388
Cintas Corp.		990		502,049
Copart, Inc.^(a)		14,848		646,185
Cummins, Inc.^(b)		1,568		339,158
Deere & Co.		3,382		1,235,648
Delta Air Lines, Inc.		9,974		311,688
Eaton Corp. PLC		6,948		1,444,558
Expeditors International of Washington, Inc.		2,740		299,345
Fastenal Co.		6,278		366,259
Fortive Corp.		3,962		258,639
General Electric Co.		42,910		4,661,314
Honeywell International, Inc.		8,024		1,470,478
Howmet Aerospace, Inc.		6,564		289,472
Illinois Tool Works, Inc.		8,214		1,840,923
Ingersoll Rand, Inc.		5,312		322,332
Johnson Controls International PLC		9,146		448,337
L3Harris Technologies, Inc.		1,942		348,414
Old Dominion Freight Line, Inc.		2,234		841,458
PACCAR, Inc.		10,782		889,838
Parker-Hannifin Corp.		2,198		810,864
Paychex, Inc.		3,459		384,122
Pentair PLC		2,564		149,020
Quanta Services, Inc.		2,592		433,175
Robert Half, Inc.		1,214		90,771
Rockwell Automation, Inc.^(b)		2,810		738,496
Rollins, Inc.		2,484		93,423
Snap-On, Inc.		662		170,756
Stanley Black & Decker, Inc.		1,528		129,956

	Shares		Value
Industrials — 13.3% (Continued)
Trane Technologies PLC		3,618	$	688,542
TransDigm Group, Inc.^(a)(b)		1,084		897,650
Union Pacific Corp.		6,702		1,391,402
United Airlines Holdings, Inc.^(a)		4,712		164,967
United Rentals, Inc.		956		388,394
Verisk Analytics, Inc.		2,192		498,373
W.W. Grainger, Inc.		1,214		886,014
Westinghouse Air Brake Technologies Corp.		2,406		255,084
Total Industrials				32,465,464

Information Technology — 26.7%
Adobe, Inc.^(a)		7,000		3,724,420
Analog Devices, Inc.		6,022		947,441
Apple, Inc.		33,943		5,796,446
Applied Materials, Inc.		10,890		1,441,292
Autodesk, Inc.^(a)		3,678		726,883
Broadcom, Inc.		16,047		13,501,464
CDW Corp.		1,636		327,854
Cisco Systems, Inc.		55,820		2,909,897
Cognizant Technology Solutions Corp.		6,388		411,834
F5, Inc.^(a)		760		115,208
Fair Isaac Corp.^(a)		519		439,007
First Solar, Inc.^(a)		3,648		519,658
Gartner, Inc.^(a)		2,638		875,922
KLA Corp.		2,228		1,046,492
Lam Research Corp.		3,392		1,995,242
Microchip Technology, Inc.		13,936		993,497
Microsoft Corp.		18,664		6,310,485
NetApp, Inc.		3,204		233,187
NVIDIA Corp.		39,995		16,309,961
NXP Semiconductors NV		2,740		472,458
ON Semiconductor Corp.^(a)(b)		10,852		679,769
Oracle Corp.		34,628		3,580,535
Palo Alto Networks, Inc.^(a)		4,594		1,116,434
Teradyne, Inc.^(b)		1,794		149,386
Total Information Technology				64,624,772

Materials — 3.8%
Air Products & Chemicals, Inc.		2,800		790,832
CF Industries Holdings, Inc.^(b)		2,348		187,323
DuPont de Nemours, Inc.^(b)		12,832		935,196
Eastman Chemical Co.		1,304		97,448
Freeport-McMoRan, Inc.		17,356		586,286
International Paper Co.		3,590		121,091
Linde PLC		13,650		5,216,485
LyondellBasell Industries NV		2,810		253,574
Martin Marietta Materials, Inc.		750		306,705
Steel Dynamics, Inc.		1,824		194,274

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

121

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Materials — 3.8% (Continued)
Vulcan Materials Co.		2,040	$	400,840
Total Materials				9,090,054

Utilities — 0.6%
Constellation Energy Corp.		5,540		625,577
PG&E Corp.^(a)		52,302		852,522
Total Utilities				1,478,099
TOTAL COMMON STOCKS (Cost $236,135,365)				241,813,474

REAL ESTATE INVESTMENT TRUSTS — 0.4%

Real Estate — 0.4%
Iron Mountain, Inc.		3,893		229,960
Public Storage		2,730		651,678	��
Total Real Estate				881,638
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $966,139)				881,638

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		15,776,548		15,776,548
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $15,776,548)				15,776,548

Total Investments — 106.4% (Cost $252,878,052)				258,471,660
Liabilities in Excess of Other Assets — (6.4)%				(15,532,449	)
TOTAL NET ASSETS — 100.0%			$	242,939,211

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $15,524,141 which represented 6.4% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

122

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.0%

Communication Services — 5.1%
Alphabet, Inc. - Class A^(a)		2,839	$	352,263
Iridium Communications, Inc.		8,074		299,142
Meta Platforms, Inc. - Class A^(a)		1,293		389,542
Netflix, Inc.^(a)		868		357,347
News Corp. - Class A^(b)		18,258		377,575
Total Communication Services				1,775,869

Consumer Discretionary — 9.9%
Adient PLC^(a)		10,172		342,695
Airbnb, Inc. - Class A^(a)(b)		2,636		311,812
Autoliv, Inc.		3,876		355,235
Garmin Ltd.		3,764		385,923
LKQ Corp.		7,620		334,670
McDonald’s Corp.		1,376		360,746
Royal Caribbean Cruises Ltd.^(a)		3,967		336,124
Skechers U.S.A., Inc. - Class A^(a)		7,840		378,046
Tesla Motors, Inc.^(a)		1,548		310,900
Visteon Corp.^(a)		2,784		320,522
Total Consumer Discretionary				3,436,673

Consumer Staples — 3.0%
Archer-Daniels-Midland Co.		4,879		349,190
Coca-Cola Co.		6,592		372,382
Coty, Inc.^(a)(b)		33,997		318,552
Total Consumer Staples				1,040,124

Energy — 6.0%
APA Corp.^(b)		8,687		345,048
Baker Hughes Co.		10,406		358,174
ChampionX Corp.		10,172		313,298
Chevron Corp.		2,298		334,888
Exxon Mobil Corp.		3,325		351,951
Weatherford International PLC^(a)(b)		4,104		382,041
Total Energy				2,085,400

Financials — 4.1%
Euronet Worldwide, Inc.^(a)		4,640		356,538
MasterCard, Inc. - Class A		926		348,500
MSCI, Inc.		725		341,874
Visa, Inc. - Class A^(b)		1,554		365,345
Total Financials				1,412,257

Health Care — 8.1%
Agilent Technologies, Inc.		3,373		348,667
Align Technology, Inc.^(a)		1,157		213,571
Bio-Rad Laboratories, Inc. - Class A^(a)		1,073		295,375
Danaher Corp.		1,548		297,247
IQVIA Holdings, Inc.^(a)(b)		1,801		325,675
Merck & Co., Inc.		3,524		361,915

	Shares		Value
Health Care — 8.1% (Continued)
Mettler-Toledo International, Inc.^(a)		343	$	337,924
Repligen Corp.^(a)(b)		2,400		322,944
West Pharmaceutical Services, Inc.		984		313,197
Total Health Care				2,816,515

Industrials — 16.2%
AGCO Corp.		3,105		356,019
Allegion PLC		3,556		349,768
AMETEK, Inc.		2,515		354,037
Brink’s Co.		5,071		339,047
Caterpillar, Inc.		1,361		307,654
Donaldson Co., Inc.		6,217		358,472
Expeditors International of Washington, Inc.		3,375		368,719
General Electric Co.^(b)		3,466		376,512
Genpact Ltd.		10,363		347,575
Howmet Aerospace, Inc.		8,069		355,843
IDEX Corp.		1,778		340,327
Ingersoll Rand, Inc.		5,538		336,046
ITT, Inc.		3,830		357,531
Nordson Corp.		1,663		353,537
Timken Co.^(b)		5,248		362,742
Westinghouse Air Brake Technologies Corp.		3,607		382,413
Total Industrials				5,646,242

Information Technology — 34.5%
Accenture PLC - Class A		1,190		353,537
Advanced Micro Devices, Inc.^(a)		3,624		356,964
Amphenol Corp.		4,476		360,542
Analog Devices, Inc.		2,166		340,777
ANSYS, Inc.^(a)(b)		1,232		342,816
Apple, Inc.		2,173		371,083
Applied Materials, Inc.		2,605		344,772
Arista Networks, Inc.^(a)		1,956		391,924
Arrow Electronics, Inc.^(a)		3,043		345,107
Autodesk, Inc.^(a)		1,767		349,212
Broadcom, Inc.		447		376,092
Cadence Design System, Inc.^(a)		1,627		390,236
Coherent Corp.^(a)(b)		11,581		342,798
Fortinet, Inc.^(a)		6,001		343,077
Hewlett Packard Enterprise Co.		22,176		341,067
Jabil, Inc.		3,606		442,817
Keysight Technologies, Inc.^(a)		2,906		354,677
KLA Corp.^(b)		771		362,139
Lam Research Corp.		573		337,050
Lattice Semiconductor Corp.^(a)(b)		4,195		233,284
Littelfuse, Inc.^(b)		1,533		332,155
MACOM Technology Solutions Holdings, Inc.^(a)(b)		4,879		344,165

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

123

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SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.0% (Continued)

Information Technology — 34.5% (Continued)
Microchip Technology, Inc.		4,881	$	347,966
Microsoft Corp.		1,157		391,193
Monolithic Power Systems, Inc.		774		341,907
NVIDIA Corp.		842		343,368
ON Semiconductor Corp.^(a)(b)		3,927		245,987
PTC, Inc.^(a)		2,676		375,764
Synaptics, Inc.^(a)		4,474		374,295
Synopsys, Inc.^(a)(b)		842		395,268
TE Connectivity Ltd.		3,007		354,375
Teradata Corp.^(a)		8,781		375,124
Trimble, Inc.^(a)		7,586		357,528
Vishay Intertechnology, Inc.^(b)		15,649		348,034
Total Information Technology				12,007,100

Materials — 12.1%
Albemarle Corp.^(b)		2,083		264,083
Ashland Global Holdings, Inc.		4,641		355,640
Berry Global Group, Inc.		6,237		343,035
Cabot Corp.		5,483		364,510
Celanese Corp.^(b)		3,109		356,012
Corteva, Inc.		7,754		373,277
Crown Holdings, Inc.		4,274		344,484
Dow, Inc.		7,158		346,018
Linde PLC		994		379,867
Mosaic Co.		10,212		331,686
NewMarket Corp.		850		409,827
PPG Industries, Inc.		2,833		347,806
Total Materials				4,216,245
TOTAL COMMON STOCKS (Cost $35,864,630)				34,436,425

REAL ESTATE INVESTMENT TRUSTS — 1.0%

Real Estate — 1.0%
Equinix, Inc.		497		362,631
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $350,887)				362,631

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.55%^(c)		6,216,008	$	6,216,008
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,216,008)				6,216,008

Total Investments — 117.8% (Cost $42,431,525)				41,015,064
Liabilities in Excess of Other Assets — (17.8)%				(6,183,953	)
TOTAL NET ASSETS — 100.0%			$	34,831,111

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $6,108,674 which represented 17.5% of net assets.

(c)

The rate shown is as of October 31, 2023.

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

124

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SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Par		Value
BANK LOANS - 45.6%

Communication Services — 1.3%
Altice France SA, Senior Secured First Lien 10.89% (3 mo. SOFR US +5.50%),08/15/2028^(a)		995,000	$	886,172
Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.50%), 08/21/2026 ^(a)		1,222,233		1,179,795
				2,065,967

Communications — 1.5%
Charter Communications Operating LLC, Senior Secured First Lien 7.13% (3 mo. SOFR US + 1.75%), 02/01/2027 ^(a)		1,465,930		1,464,011
7.07% (1 mo. SOFR US + 1.75%), 02/01/2027 ^(a)		3,827		3,822
SBA Senior Finance II LLC,, Senior Secured First Lien 7.17% (1 mo. SOFR US + 1.75%), 04/11/2025 ^(a)		957,765		958,382
				2,426,215

Consumer Discretionary — 11.6%
1011778 BC ULC,, Senior Secured First Lien 7.57% (1 mo. SOFR US + 2.25%), 09/20/2030 ^(a)(b)		1,312,192		1,301,367
AAdvantage Loyalty IP Ltd.,, Senior Secured First Lien 10.43% (3 mo. SOFR US + 4.75%), 04/20/2028 ^(a)		900,000		914,063
Allied Universal Holdco LLC,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 3.75%), 05/12/2028 ^(a)		1,984,861		1,888,764
Bombardier Recreational Products, Inc.,, Senior Secured First Lien 7.43% (1 mo. SOFR US + 2.00%), 05/24/2027 ^(a)		233,462		231,711
Carnival Corp.,, Senior Secured First Lien 8.68% (1 mo. SOFR US + 3.25%), 10/18/2028 ^(a)		1,484,887		1,460,141
ClubCorp Holdings, Inc.,, Senior Secured First Lien 8.18% (1 mo. LIBOR US + 2.75%), 09/18/2024 ^(a)		1,153,421		1,122,428
Fertitta Entertainment LLC/NV,, Senior Secured First Lien 9.32% (1 mo. SOFR US + 4.00%), 01/29/2029 ^(a)		1,989,905		1,949,052

	Par		Value
Consumer Discretionary — 11.6% (Continued)
Great Outdoors Group LLC,, Senior Secured First Lien 9.18% (3 mo. SOFR US + 3.75%), 03/06/2028 ^(a)		1,277,986	$	1,270,663
IRB Holding Corp.,, Senior Secured First Lien 8.42% (1 mo. SOFR US + 3.00%), 12/15/2027 ^(a)		742,404		735,444
MajorDrive Holdings IV LLC,, Senior Secured First Lien 9.65% (3 mo. SOFR US + 4.00%), 06/01/2028 ^(a)		1,496,173		1,456,278
Mileage Plus Holdings LLC,, Senior Secured First Lien 10.80% (3 mo. SOFR US + 5.25%), 06/21/2027 ^(a)		375,000		387,079
SeaWorld Parks & Entertainment, Inc.,, Senior Secured First Lien 8.44% (1 mo. SOFR US + 3.00%), 08/25/2028 ^(a)		1,218,047		1,217,536
SRS Distribution, Inc.,, Senior Secured First Lien 8.94% (1 mo. SOFR US + 3.50%), 06/02/2028 ^(a)		1,973,636		1,931,696
United Airlines, Inc.,, Senior Secured First Lien 9.19% (1 mo. SOFR US + 3.75%), 04/21/2028 ^(a)(c)		1,496,164		1,495,229
Whatabrands LLC,, Senior Secured First Lien 8.43% (1 mo. SOFR US + 3.25%), 08/03/2028 ^(a)(c)		992,424		984,614
				18,346,065

Consumer Staples — 1.8%
Naked Juice LLC,, Senior Secured First Lien 8.74% (3 mo. SOFR US + 3.25%), 01/24/2029 ^(a)		1,000,000		922,605
Sunshine Luxembourg VII Sarl,, Senior Secured First Lien 9.24% (3 mo. SOFR US + 3.75%), 10/01/2026 ^(a)		1,978,676		1,978,260
				2,900,865

Energy — 1.6%
CQP Holdco LP, Senior Secured First Lien 8.99% (3 mo. SOFR US + 3.50%), 06/05/2028 ^(a)(c)		735,578		735,828
Pilot Travel Centers LLC,, Senior Secured First Lien 7.42% (1 mo. SOFR US + 2.00%), 08/04/2028 ^(a)		1,230,580		1,231,866

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

125

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SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Par		Value
BANK LOANS - 45.6% (Continued)

Energy — 1.6% (Continued)
Traverse Midstream Partners LLC, First Lien 9.24% (1 mo. Term SOFR + 3.75%), 02/16/2028 ^(a)(c)		647,518	$	647,113
				2,614,807

Financials — 5.9%
Acrisure LLC,, Senior Secured First Lien 8.94% (1 mo. LIBOR US + 3.50%), 02/16/2027 ^(a)		994,845		971,218
Avolon TLB Borrower 1 US LLC,, Senior Secured First Lien 7.84% (1 mo. SOFR US + 2.50%), 06/22/2028 ^(a)		2,170,373		2,173,400
Deerfield Dakota Holding LLC,, Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.75%), 04/09/2027 ^(a)		1,476,058		1,427,473
GTCR W Merger Sub LLC, 3.75% (1 mo. Term SOFR + 3.00%), 09/20/2030 ^(a)(c)		2,500,000		2,485,413
HUB International Ltd., Senior Secured First Lien 9.66% (3 mo. SOFR US + 4.25%), 06/20/2030 ^(a)		997,500		998,168
9.66% (1 mo. SOFR US + 4.25%), 06/20/2030 ^(a)		2,500		2,502
USI, Inc./NY,, Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.75%), 11/14/2029 ^(a)(c)		1,373,681		1,371,820
				9,429,994

Health Care — 5.9%
Bausch + Lomb Corp.,, Senior Secured First Lien 9.32% (1 mo. SOFR US + 4.00%), 09/14/2028 ^(a)		1,500,000		1,446,563
Gainwell Acquisition Corp.,, Senior Secured First Lien 9.49% (3 mo. SOFR US + 4.00%), 10/01/2027 ^(a)		489,924		469,512
ICON Luxembourg Sarl,, Senior Secured First Lien 7.90% (3 mo. SOFR US + 2.25%), 07/03/2028 ^(a)		2,083,887		2,087,502
Medline Borrower LP,, Senior Secured First Lien 8.68% (1 mo. SOFR US + 3.25%), 10/23/2028 ^(a)		1,989,912		1,979,345
Phoenix Newco, Inc.,, Senior Secured First Lien 8.69% (1 mo. SOFR US + 3.25%), 11/15/2028 ^(a)(c)		492,500		487,299

	Par		Value
Health Care — 5.9% (Continued)
PRA Health Sciences, Inc.,, Senior Secured First Lien 7.90% (3 mo. SOFR US + 2.25%), 07/03/2028 ^(a)		519,202	$	520,102
Star Parent, Inc.,, Senior Secured First Lien 9.39% (3 mo. SOFR US + 4.00%), 09/27/2030 ^(a)		2,500,000		2,390,013
				9,380,336

Industrials — 7.4%
Chart Industries, Inc.,, Senior Secured First Lien 8.66% (1 mo. SOFR US + 3.25%), 03/17/2030 ^(a)		1,492,501		1,491,882
CoreLogic, Inc.,, Senior Secured First Lien 8.94% (1 mo. SOFR US + 3.50%), 06/02/2028 ^(a)		997,455		910,358
Dun & Bradstreet Corp.,, Senior Secured First Lien 8.18% (1 mo. SOFR US + 2.75%), 02/06/2026 ^(a)		1,496,046		1,496,046
Emerald Debt Merger Sub LLC,, Senior Secured First Lien 8.33% (1 mo. SOFR US + 3.00%), 05/31/2030 ^(a)(c)		1,252,294		1,251,116
Genesee & Wyoming, Inc., First Lien 7.49% (3 mo. Term SOFR + 2.00%), 12/30/2026 ^(a)		987,212		987,617
GFL Environmental, Inc.,, Senior Secured First Lien 7.82% (3 mo. SOFR US + 2.50%), 05/31/2027 ^(a)		1,563,672		1,565,954
Madison IAQ LLC,, Senior Secured First Lien 8.70% (1 mo. SOFR US + 3.25%), 06/21/2028 ^(a)		1,977,405		1,910,263
Roper Industrial Products Investment Co.,, Senior Secured First Lien 9.89% (3 mo. SOFR US + 4.50%), 11/22/2029 ^(a)		497,500		497,055
SPX FLOW, Inc.,, Senior Secured First Lien 9.92% (1 mo. SOFR US + 4.50%), 04/05/2029 ^(a)		839,266		833,026
Titan Acquisition Ltd./Canada,, Senior Secured First Lien 8.73% (6 mo. LIBOR US + 3.00%), 03/28/2025 ^(a)(c)		968,346		955,418
				11,898,735

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

126

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SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Par		Value
BANK LOANS - 45.6% (Continued)

Information Technology — 0.9%
UKG, Inc.,, Senior Secured First Lien 8.76% (3 mo. SOFR US + 3.25%), 05/04/2026 ^(a)(c)		1,488,636	$	1,482,712


Materials — 3.5%
Arch Resources, Inc.,, Senior Secured First Lien 8.48% (6 mo. LIBOR US + 2.75%), 03/07/2024 ^(a)		88		88
Graham Packaging Co., Inc.,, Senior Secured First Lien 8.44% (1 mo. SOFR US + 3.00%), 08/04/2027 ^(a)		961,759		953,705
Nouryon USA LLC, Senior Secured First Lien 9.43% (1 mo. SOFR US + 4.00%), 04/03/2028 ^(a)		965,054		945,149
9.43% (1 mo. SOFR US + 4.00%), 04/03/2028 ^(a)		250,505		245,338
Pregis TopCo LLC,, Senior Secured First Lien 9.07% (1 mo. SOFR US + 4.00%), 07/31/2026 ^(a)		486,111		481,371
Proampac PG Borrower LLC, Senior Secured First Lien 9.89% (3 mo. SOFR US + 4.50%), 09/15/2028 ^(a)		978,798		967,180
12.00% (Prime Rate + 4.50%), 09/15/2028 ^(a)		482,874		477,142
Quikrete Holdings, Inc.,, Senior Secured First Lien 8.06% (1 mo. SOFR US + 2.63%), 02/01/2027 ^(a)		1,457,813		1,457,215
				5,527,188

Technology — 4.2%
AthenaHealth Group, Inc.,, Senior Secured First Lien 8.58% (1 mo. SOFR US + 3.50%), 02/15/2029 ^(a)		1,326,184		1,288,295
Central Parent, Inc.,, Senior Secured First Lien 9.41% (3 mo. SOFR US + 4.00%), 07/06/2029 ^(a)		997,487		993,123
Epicor Software Corp.,, Senior Secured First Lien 8.69% (1 mo. SOFR US + 3.25%), 07/30/2027 ^(a)		1,477,327		1,471,403
Peraton Corp.,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 3.75%), 02/01/2028 ^(a)		979,185		962,510

	Par		Value
Technology — 4.2% (Continued)
Polaris Newco LLC,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 4.00%), 06/02/2028 ^(a)		1,231,156	$	1,164,981
Tempo Acquisition LLC,, Senior Secured First Lien 8.07% (1 mo. SOFR US + 2.75%), 08/31/2028 ^(a)(c)		916,450		916,666
				6,796,978
TOTAL BANK LOANS (Cost $73,252,531)				72,869,862

ASSET BACKED SECURITIES - 38.2%
Aimco CDO
Series 2015-AA, Class ER2, 12.26% (3 mo. Term SOFR + 6.86%), 10/17/2034, (Acquired 7/11/2022, cost $888,711) ^(b)(d)		1,000,000		926,232
Series 2019-10A, Class ER, 11.62% (3 mo. Term SOFR + 6.21%), 07/22/2032, (Acquired 7/7/2022, cost $898,493) ^(b)(d)		1,000,000		951,508
Series 2021-15A, Class E, 11.61% (3 mo. Term SOFR + 6.21%), 10/17/2034, (Acquired 1/31/2022, cost $1,242,000) ^(b)(d)		1,250,000		1,190,992
ALM Ltd./KY, Series 2020-12A, Class DR2, 12.38% (3 mo. Term SOFR + 6.98%), 01/15/2036, (Acquired 4/19/2023, cost $1,006,225) ^(b)(d)		1,080,000		1,029,833
ARES CLO, Series 2022-66A, Class AR, 7.08% (3 mo. Term SOFR + 1.70%), 07/25/2036, (Acquired 10/13/2023, cost $1,995,500) ^(b)(d)		2,000,000	$	1,992,079
Benefit Street Partners CLO Ltd., Series 2022-28A, Class E, 13.01% (3 mo. Term SOFR + 7.59%), 10/20/2035, (Acquired 7/27/2023, cost $999,907) ^(b)(d)		1,000,000		994,004
Burnham Park CLO, Series 2016-1A, Class ER, 11.08% (3 mo. Term SOFR + 5.66%), 10/20/2029, (Acquired 4/6/2022, cost $984,780) ^(b)(d)		1,000,000		862,795
CarVal CLO, Series 2019-2A, Class E, 12.12% (3 mo. Term SOFR + 6.70%), 07/20/2032, (Acquired 12/14/2021 - 2/7/2022, cost $984,680) ^(b)(d)		1,000,000		916,123

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

127

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SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Par		Value
ASSET BACKED SECURITIES - 38.2% (Continued)
CIFC Funding Ltd.
Series 2018-5A, Class D, 11.81% (3 mo. Term SOFR + 6.41%), 01/15/2032, (Acquired 4/5/2022, cost $982,500) ^(b)(d)		1,000,000	$	965,503
Series 2019-1A, Class E, 12.51% (3 mo. Term SOFR + 7.09%), 04/20/2032, (Acquired 6/14/2022, cost $938,486) ^(b)(d)		1,000,000		977,581
Series 2019-FAL, Class E, 13.09% (3 mo. Term SOFR + 7.67%), 01/20/2033, (Acquired 1/20/2022, cost $1,002,684) ^(b)(c)(d)		1,000,000		954,781
Clover CLO
Series 2018-1A, Class ER, 12.28% (3 mo. Term SOFR + 6.86%), 04/20/2032, (Acquired 7/6/2022, cost $906,848) ^(b)(d)		1,000,000		965,667
Series 2021-2A, Class E, 12.18% (3 mo. Term SOFR + 6.76%), 07/20/2034, (Acquired 4/18/2023, cost $940,913) ^(b)(d)		1,000,000		970,359
Series 2021-3A, Class E, 12.10% (3 mo. Term SOFR + 6.72%), 01/25/2035, (Acquired 9/12/2023, cost $976,970) ^(b)(d)		1,000,000		978,795
Dryden Senior Loan Fund
Series 2017-50A, Class E, 11.92% (3 mo. Term SOFR + 6.52%), 07/15/2030, (Acquired 4/11/2022, cost $985,000) ^(b)(d)		1,000,000	$	882,551
Series 2019-76A, Class A1R, 6.83% (3 mo. Term SOFR + 1.41%), 10/20/2034, (Acquired 7/21/2023, cost $988,750) ^(b)(d)		1,000,000		990,787
Eaton Vance Management, Series 2020-1A, Class ER, 11.91% (3 mo. Term SOFR + 6.51%), 10/15/2034, (Acquired 9/13/2023, cost $969,633) ^(b)(d)		1,000,000		962,201
Elmwood CLO, Series 2021-5A, Class E, 12.03% (3 mo. Term SOFR + 6.61%), 01/20/2035, (Acquired 9/27/2023, cost $989,300) ^(b)(d)		1,000,000		978,696

	Par		Value
GoldenTree Loan Management US CLO
Series 2017-1A, Class FR2, 13.18% (3 mo. Term SOFR + 7.76%), 04/20/2034, (Acquired 1/20/2022, cost $952,004) ^(b)(d)		1,000,000	$	879,986
Series 2020-7A, Class ER, 12.18% (3 mo. Term SOFR + 6.76%), 04/20/2034, (Acquired 8/2/2023, cost $976,590) ^(b)(d)		1,000,000		975,483
Goldentree Loan Opportunities Ltd.
Series 2019-6A, Class ER, 12.12% (3 mo. Term SOFR + 6.70%), 04/20/2035, (Acquired 2/4/2022, cost $1,000,000) ^(b)(d)		1,000,000		970,293
Series 2023-17A, Class E, 11.75% (3 mo. Term SOFR + 6.50%), 07/20/2036, (Acquired 7/21/2023, cost $975,500) ^(b)(d)		1,000,000		967,158
Harbor Park CLO Ltd., Series 2018-1A, Class E, 11.28% (3 mo. Term SOFR + 5.86%), 01/20/2031, (Acquired 2/2/2023, cost $937,187) ^(b)(d)		1,000,000		942,921
Magnetite CLO Ltd.
Series 2015-15A, Class ER, 10.84% (3 mo. Term SOFR + 5.46%), 07/25/2031, (Acquired 12/15/2022 - 3/31/2023, cost $1,349,189) ^(b)(d)		1,500,000		1,359,851
Series 2020-28A, Class ER, 11.83% (3 mo. Term SOFR + 6.41%), 01/20/2035, (Acquired 7/19/2023 - 9/18/2023, cost $1,699,683) ^(b)(d)		1,750,000		1,706,853
Series 2021-30A, Class E, 11.84% (3 mo. Term SOFR + 6.46%), 10/25/2034, (Acquired 9/28/2023, cost $1,473,750) ^(b)(d)		1,500,000		1,446,418
Series 2021-31A, Class E, 11.66% (3 mo. Term SOFR + 6.26%), 07/15/2034, (Acquired 12/17/2021, cost $493,750) ^(b)(d)		500,000		472,622
Magnetite Xxix Ltd., Series 2021-29A, Class E, 11.41% (3 mo. Term SOFR + 6.01%), 01/15/2034, (Acquired 2/14/2023, cost $994,368) ^(b)(d)		1,050,000		1,017,438

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

128

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SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Par		Value
ASSET BACKED SECURITIES - 38.2% (Continued)
Morgan Stanley Eaton Vance CLO Ltd., Series 2021-1A, Class A, 6.83% (3 mo. Term SOFR + 1.42%), 10/20/2034, (Acquired 9/29/2023, cost $1,983,000) ^(b)(d)		2,000,000	$	1,973,153
Neuberger Berman CLO Ltd.
Series 2017-26A, Class E, 11.56% (3 mo. Term SOFR + 6.16%), 10/18/2030, (Acquired 2/3/2023, cost $932,884) ^(b)(d)		1,000,000		948,980
Series 2019-35A, Class E, 12.66% (3 mo. Term SOFR + 7.26%), 01/19/2033, (Acquired 4/11/2022, cost $996,000) ^(b)(d)		1,000,000		974,853
Series 2021-41A, Class E, 12.16% (3 mo. Term SOFR + 6.76%), 04/15/2034, (Acquired 12/14/2022, cost $912,639) ^(b)(d)		1,000,000		948,469
Series 2022-48A, Class E, 11.88% (3 mo. Term SOFR + 6.50%), 04/25/2036, (Acquired 3/30/2023, cost $1,391,344) ^(b)(d)		1,500,000		1,427,472
Niagara Park CLO, Series 2019-1A, Class AR, 6.66% (3 mo. Term SOFR + 1.26%), 07/17/2032, (Acquired 10/12/2023, cost $1,984,000) ^(b)(d)		2,000,000		1,982,080
Oak Hill Credit Partners, Series 2021-16A, Class E, 11.76% (3 mo. Term SOFR + 6.36%), 10/18/2034, (Acquired 9/28/2023, cost $981,250) ^(b)(d)		1,000,000		966,599
OCP CLO Ltd.
Series 2018-15A, Class D, 11.53% (3 mo. Term SOFR + 6.11%), 07/20/2031, (Acquired 9/13/2023, cost $948,139) ^(b)(d)		1,000,000		922,250
Series 2020-19A, Class ER, 12.18% (3 mo. Term SOFR + 6.76%), 10/20/2034, (Acquired 2/22/2022, cost $243,364) ^(b)(d)		250,000		228,021
Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 6.78% (3 mo. Term SOFR + 1.38%), 07/15/2034, (Acquired 12/2/2022, cost $975,286) ^(b)(d)		1,000,000		990,924

	Par		Value
OHA Credit Funding, Series 2019-2A, Class ER, 12.03% (3 mo. LIBOR US + 6.36%), 04/21/2034, (Acquired 4/12/2022 - 7/18/2023, cost $793,465) ^(b)(d)		810,000	$	788,046
OHA Loan Funding Ltd., Series 2016-1A, Class ER, 12.03% (3 mo. Term SOFR + 6.61%), 01/20/2033, (Acquired 11/30/2021, cost $499,500) ^(b)(d)		500,000		488,448
Palmer Square CLO Ltd.
Series 2015-2A, Class DR2, 11.43% (3 mo. Term SOFR + 6.01%), 07/20/2030, (Acquired 9/9/2022, cost $937,173) ^(b)(d)		1,000,000		963,154
Series 2018-2A, Class D, 11.26% (3 mo. Term SOFR + 5.86%), 07/16/2031, (Acquired 12/1/2021 - 4/18/2023, cost $951,634) ^(b)(d)		1,000,000		937,539
Palmer Square Loan Funding Ltd., Series 2022-4A, Class D, 12.69% (3 mo. Term SOFR + 7.29%), 07/24/2031, (Acquired 7/7/2023, cost $996,250) ^(b)(d)		1,000,000		992,801
Parallel CLO Ltd., Series 2021-2A, Class D, 12.88% (3 mo. Term SOFR + 7.46%), 10/20/2034, (Acquired 2/2/2023, cost $926,672) ^(b)(d)		1,000,000		884,763
Point Au Roche Park CLO, Series 2021-1A, Class E, 11.78% (3 mo. Term SOFR + 6.36%), 07/20/2034, (Acquired 12/7/2021, cost $366,763) ^(b)(d)		370,000		348,809
Rad CLO
Series 2019-4A, Class E, 12.39% (3 mo. Term SOFR + 7.01%), 04/25/2032, (Acquired 9/8/2023, cost $978,277) ^(b)(d)		1,000,000		945,434
Series 2021-12A, Class E, 12.00% (3 mo. Term SOFR + 6.61%), 10/30/2034, (Acquired 10/1/2021, cost $500,000) ^(b)(d)		500,000		454,001
Rockland Park CLO Ltd., Series 2021-1A, Class E, 11.93% (3 mo. Term SOFR + 6.51%), 04/20/2034, (Acquired 9/26/2023, cost $1,940,714) ^(b)(d)		2,000,000		1,904,988

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

129

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Par		Value
ASSET BACKED SECURITIES - 38.2% (Continued)
RR Ltd./Cayman Islands
Series 2021-19A, Class D, 12.16% (3 mo. Term SOFR + 6.76%), 10/15/2035, (Acquired 4/12/2022 - 7/6/2022, cost $954,295) ^(b)(d)		1,000,000	$	979,879
Series 2023-26A, Class A1, 7.17% (3 mo. Term SOFR + 1.78%), 04/15/2038, (Acquired 9/29/2023, cost $2,001,989) ^(b)(d)		2,000,000		1,996,891
Sixth Street CLO, Series 2021-19A, Class E, 11.58% (3 mo. Term SOFR + 6.16%), 07/20/2034, (Acquired 1/12/2022, cost $492,500) ^(b)(d)		500,000		475,085
Storm King Park CLO Ltd., Series 2022-1A, Class E, 13.56% (3 mo. Term SOFR + 8.17%), 10/15/2035, (Acquired 2/15/2023, cost $1,005,421) ^(b)(d)		1,000,000		1,012,353
Stratus CLO Ltd., Series 2021-2A, Class E, 11.43% (3 mo. Term SOFR + 6.01%), 12/28/2029, (Acquired 9/19/2023, cost $998,250) ^(b)(d)		1,000,000		1,002,780
Symphony CLO Ltd.
Series 2020-22A, Class A1A, 6.95% (3 mo. Term SOFR + 1.55%), 04/18/2033, (Acquired 10/12/2023, cost $1,990,200) ^(b)(d)		2,000,000		1,987,306
Series 2020-24A, Class E, 12.67% (3 mo. Term SOFR + 7.26%), 01/23/2032, (Acquired 3/3/2022, cost $993,200) ^(b)(d)		1,000,000		983,417
Series 2021-29A, Class E, 11.91% (3 mo. Term SOFR + 6.51%), 01/15/2034, (Acquired 9/14/2023, cost $1,448,766) ^(b)(d)		1,500,000		1,442,763
TCI-Flatiron CLO Ltd., Series 2018-1A, Class ER, 11.80% (3 mo. Term SOFR + 6.41%), 01/29/2032, (Acquired 5/3/2023, cost $943,824) ^(b)(d)		1,000,000		959,045
Trimaran CAVU LLC, Series 2021-3A, Class E, 13.03% (3 mo. Term SOFR + 7.63%), 01/18/2035, (Acquired 9/19/2023, cost $954,433) ^(b)(d)		1,000,000		956,839
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $61,554,634)				61,096,652

	Par		Value
CORPORATE BONDS - 9.3%

Communication Services — 0.6%
DISH Network Corp., 11.75%, 11/15/2027, (Acquired 2/7/2023 - 10/10/2023, cost $1,015,333) ^(b)		1,000,000	$	991,382

Communications — 0.3%
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/2030, (Acquired 2/7/2023, cost $439,926) ^(b)		500,000		413,979

Consumer Discretionary — 3.7%
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030		1,000,000		819,999
Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027, (Acquired 4/8/2021 - 10/10/2023, cost $952,488) ^(b)		1,000,000		870,309
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026, (Acquired 6/24/2022, cost $404,023) ^(b)		416,667		405,640
Boyd Gaming Corp., 4.75%, 12/01/2027		1,000,000		911,849
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 05/01/2025, (Acquired 8/3/2022, cost $501,677) ^(b)		500,000		490,521
Ford Motor Credit Co. LLC, 5.11%, 05/03/2029		1,000,000		910,094
Las Vegas Sands Corp., 3.90%, 08/08/2029		1,000,000		860,893
MajorDrive Holdings IV LLC, 6.38%, 06/01/2029, (Acquired 5/13/2021 - 10/10/2023, cost $887,524) ^(b)		1,000,000		776,455
				6,045,760

Consumer Staples — 0.3%
US Foods, Inc., 4.63%, 06/01/2030, (Acquired 8/2/2022, cost $466,333) ^(b)		500,000		428,161

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

130

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Par		Value
CORPORATE BONDS - 9.3% (Continued)

Energy — 1.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029, (Acquired 8/2/2022 - 10/11/2023, cost $944,621) ^(b)		1,000,000	$	909,095
Callon Petroleum Co., 7.50%, 06/15/2030, (Acquired 12/16/2022 - 10/10/2023, cost $950,130) ^(b)		1,000,000		968,280
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028, (Acquired 2/7/2023 - 10/10/2023, cost $976,340) ^(b)		1,000,000		960,300
				2,837,675

Health Care — 0.3%
Medline Borrower LP, 3.88%, 04/01/2029, (Acquired 12/16/2022, cost $425,841) ^(b)		500,000		423,207

Industrials — 1.5%
GFL Environmental, Inc., 3.50%, 09/01/2028, (Acquired 5/3/2022, cost $461,890) ^(b)		500,000		428,657
Madison IAQ LLC, 4.13%, 06/30/2028, (Acquired 10/12/2021, cost $249,285) ^(b)		250,000		210,219
TK Elevator Holdco GmbH, 7.63%, 07/15/2028, (Acquired 8/2/2022 - 10/11/2023, cost $903,653) ^(b)		1,000,000		903,063
United Rentals North America, Inc., 4.88%, 01/15/2028		1,000,000		925,895
				2,467,834

Information Technology — 0.3%
Entegris, Inc., 4.38%, 04/15/2028, (Acquired 5/26/2022, cost $471,564) ^(b)		500,000		446,665

Materials — 0.3%
Standard Industries, Inc./NJ, 4.75%, 01/15/2028, (Acquired 2/7/2023, cost $470,100) ^(b)		500,000		448,291

Real Estate — 0.3%
Howard Hughes Corp., 5.38%, 08/01/2028		500,000		440,090
TOTAL CORPORATE BONDS (Cost $15,510,643)				14,943,044

	Shares		Value
EXCHANGE TRADED FUNDS — 0.7%
iShares iBoxx High Yield Corporate Bond ETF		8,065	$	585,277
SPDR Bloomberg High Yield Bond ETF		6,533		580,914
TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405)				1,166,191

CLOSED END FUNDS — 0.0%^(e)
Eagle Point Credit Co., Inc.		1,905		17,831
TOTAL CLOSED END FUNDS (Cost $33,494)				17,831

TOTAL INVESTMENTS - 93.8% (Cost $151,552,707)				150,093,580
Other Assets in Excess of Liabilities - 6.2%				9,968,570
TOTAL NET ASSETS — 100.0%			$	160,062,150

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

(a)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of October 31, 2023.

(b)

(c)	The loan will settle after October 31, 2023 at which time the interest rate will be determined.

(d)

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of October 31, 2023.

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

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

131

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

	Shares		Value
COMMON STOCKS — 100.0%

Industrials — 7.0%
AAON, Inc.		281	$	15,309
Atkore, Inc.^(a)		130		16,156
Encore Wire Corp.		58		10,372
Hexatronic Group AB		699		1,625
Johnson Controls International PLC		2,338		114,609
Legrand SA		919		79,148
Lennox International, Inc.		122		45,206
Nexans SA		151		10,646
nVent Electric PLC		571		27,482
SPX Technologies, Inc.^(a)		157		12,579
Total Industrials				333,132

Information Technology — 93.0%
A10 Networks, Inc.		255		2,772
Advanced Micro Devices, Inc.^(a)		2,204		217,094
Akamai Technologies, Inc.^(a)		522		53,938
Alteryx, Inc. - Class A^(a)		218		6,978
Ambarella, Inc.^(a)		136		6,119
Arista Networks, Inc.^(a)		1,066		213,594
Belden, Inc.		146		10,351
BlackBerry Ltd.^(a)		2,009		7,221
Broadcom, Inc.		563		473,692
Calix, Inc.^(a)		228		7,551
Check Point Software Technologies Ltd.^(a)		414		55,579
Ciena Corp.^(a)		515		21,733
Cisco Systems, Inc.		5,557		289,687
CommScope Holding Co., Inc.^(a)		730		1,080
CommVault Systems, Inc.^(a)		151		9,868
Computacenter PLC		393		12,237
Confluent, Inc. - Class A^(a)		730		21,104
Credo Technology Group Holding Ltd.^(a)		513		7,295
Crowdstrike Holdings, Inc. - Class A^(a)		771		136,290
CyberArk Software Ltd.^(a)		141		23,073
Datadog, Inc. - Class A^(a)		1,031		83,996
Digi International, Inc.^(a)		124		3,122
Dropbox, Inc. - Class A^(a)		919		24,170
DXC Technology Co.^(a)		707		14,260
Dynatrace, Inc.^(a)		1,005		44,934
Elastic NV^(a)		335		25,138
Extreme Networks, Inc.^(a)		444		9,155
F5, Inc.^(a)		204		30,924
Fastly, Inc.^(a)		445		6,528
Fortinet, Inc.^(a)		2,706		154,702
Hewlett Packard Enterprise Co.		4,454		68,503
Infinera Corp.^(a)		782		2,291

	Shares		Value
Information Technology — 93.0% (Continued)
Informatica, Inc. - Class A^(a)		840	$	16,111
Intel Corp.		5,712		208,488
InterDigital, Inc.		91		6,848
Juniper Networks, Inc.		1,099		29,585
Kingsoft Cloud Holdings Ltd.^(a)		13,107		4,154
MaxLinear, Inc.^(a)		279		4,241
MicroStrategy, Inc.^(a)		42		17,782
MongoDB, Inc.^(a)		243		83,735
Motorola Solutions, Inc.		575		160,115
NEC Networks & System Integration Corp.		514		6,893
NET One Systems Co. Ltd.		287		4,351
NetApp, Inc.		723		52,620
NetScout Systems, Inc.^(a)		249		5,436
New Relic, Inc.^(a)		242		20,974
Nokia OYJ		19,399		64,386
Nutanix, Inc.^(a)		812		29,386
NVIDIA Corp.		1,183		482,428
Okta, Inc.^(a)		531		35,795
Oracle Corp. Japan		442		31,141
Palo Alto Networks, Inc.^(a)		1,053		255,900
Pure Storage, Inc.^(a)		1,059		35,805
Qualys, Inc.^(a)		126		19,272
Rapid7, Inc.^(a)		210		9,763
Seagate Technology Holdings PLC		714		48,731
Semtech Corp.^(a)		220		3,071
SentinelOne, Inc. - Class A^(a)		821		12,832
Snowflake, Inc.^(a)		1,123		162,981
SolarWinds Corp.^(a)		567		5,222
Splunk, Inc.^(a)		571		84,028
Super Micro Computer, Inc.^(a)		180		43,105
Telefonaktiebolaget LM Ericsson - Class B		10,617		47,523
Tenable Holdings, Inc.^(a)		398		16,760
Teradata Corp.^(a)		344		14,696
Trend Micro, Inc.		485		18,068
Varonis Systems, Inc.^(a)		378		12,716
VMware, Inc.^(a)		1,482		215,853
Western Digital Corp.^(a)		1,096		44,004

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

132

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 100.0% (Continued)

Information Technology — 93.0% (Continued)
Zscaler, Inc.^(a)		502	$	79,663
Total Information Technology				4,439,441
TOTAL COMMON STOCKS (Cost $4,743,703)				4,772,573

Total Investments — 100.0% (Cost $4,743,703)				4,772,573
Other Assets in Excess of Liabilities — 0.0%^(b)				265
TOTAL NET ASSETS — 100.0%			$	4,772,838

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

Represents less than 0.05% of net assets.

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

133

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

		Shares		Value
COMMON STOCKS — 97.3%

Energy — 0.1%
SFL Corp. Ltd.			102	$	1,108

Health Care — 0.0%^(c)
CryoPort, Inc.^(a)			36		349

Industrials — 84.4%
Air Transport Services Group, Inc.^(a)			53		1,037
AP Moller - Maersk AS - Class B			5		8,302
ArcBest Corp.			17		1,851
ATS Corp.^(a)			72		2,422
AutoStore Holdings Ltd.^(a)(b)			2,456		2,708
AZ-COM MARUWA Holdings, Inc.			95		1,292
Canadian National Railway Co.			482		50,945
Canadian Pacific Kansas City Ltd.			685		48,583
Cargojet, Inc.			13		740
Cargotec Oyj - Class B			41		1,613
CH Robinson Worldwide, Inc.			85		6,956
China Merchants Port Holdings Co. Ltd.			3,018		3,838
Cia de Distribucion Integral Logista Holdings SA			98		2,401
Clarkson PLC			23		738
COSCO SHIPPING Holdings Co. Ltd. - Class H			2,481		2,521
COSCO SHIPPING Ports Ltd.	��		2,545		1,532
Costamare, Inc.			88		795
CSX Corp.			1,462		43,641
D/S Norden AS			25		1,418
Daifuku Co. Ltd.			278		4,528
Danaos Corp.			15		994
Dfds AS			43		1,240
DHL Group			903		35,086
DSV AS			160		23,837
Expeditors International of Washington, Inc.			107		11,690
FedEx Corp.			185		44,419
Forward Air Corp.			19		1,224
Full Truck Alliance Co. Ltd. - ADR^(a)			697		4,579
Golden Ocean Group Ltd.			148		1,073
GXO Logistics, Inc.^(a)			87		4,394
Hapag-Lloyd AG^(b)			128		18,414
Heartland Express, Inc.			58		676
Hoegh Autoliners ASA			141		1,140
International Container Terminal Services, Inc.			1,485		5,266
International Distributions Services PLC^(a)			707		2,167
Interroll Holding AG			1		2,621
JB Hunt Trasport Services, Inc.			75		12,890

	Shares		Value
Industrials — 84.4% (Continued)
JD Logistics, Inc.^(a)(b)		4,826	$	5,711
Kamigumi Co. Ltd.		86		1,732
Kardex Holding AG		6		1,156
Kawasaki Kisen Kaisha Ltd.		181		6,147
KION Group AG		94		2,866
Kirby Corp.^(a)		43		3,212
Knight-Swift Transportation Holdings, Inc.		118		5,769
Kuehne + Nagel International AG		88		23,643
Landstar System, Inc.		26		4,284
Mainfreight Ltd.		74		2,464
Marten Transport Ltd.		59		1,037
Matson, Inc.		26		2,263
Mitsubishi Logistics Corp.		61		1,579
Mitsui OSK Lines Ltd.		261		6,692
Mullen Group Ltd.		69		654
Nippon Yusen KK		369		8,959
Nishi-Nippon Railroad Co. Ltd.		59		946
Norfolk Southern Corp.		165		31,480
NTG Nordic Transport Group AS^(a)		17		673
Old Dominion Freight Line, Inc.		80		30,133
Orient Overseas International Ltd.		483		6,090
Pacific Basin Shipping Ltd.		3,891		1,124
Rockwell Automation, Inc.		84		22,076
RXO, Inc.^(a)		86		1,506
Ryder System, Inc.		33		3,219
Saia, Inc.^(a)		19		6,811
Sankyu, Inc.		46		1,372
Schneider National, Inc. - Class B		69		1,748
Seino Holdings Co. Ltd.		137		1,981
SG Holdings Co. Ltd.		468		6,588
SITC International Holdings Co. Ltd.		1,920		2,954
Star Bulk Carriers Corp.		75		1,400
Sumitomo Warehouse Co. Ltd.		59		938
Symbotic, Inc.^(a)		59		2,008
TFI International, Inc.		62		6,851
Toyota Industries Corp.		237		17,300
Transcoal Pacific Tbk PT		3,698		2,031
Union Pacific Corp.		448		93,009
United Parcel Service, Inc. - Class B		532		75,145
Wallenius Wilhelmsen ASA		313		2,627
Werner Enterprises, Inc.		46		1,671
XPO Logistics, Inc.^(a)		84		6,368
Yamato Holdings Co. Ltd.		278		4,596
Yaskawa Electric Corp.		195		6,280
ZIM Integrated Shipping Services Ltd.		88		681
ZTO Express Cayman, Inc.		440		10,296
				787,641

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

134

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.3% (Continued)

Information Technology — 12.8%
Celestica, Inc.^(a)		81	$	1,889
Cognex Corp.		126		4,534
Flex Ltd.^(a)		322		8,282
Sanmina Corp.^(a)		41		2,086
SAP SE		767		102,751
				119,542
TOTAL COMMON STOCKS (Cost $964,559)				908,640

EXCHANGE TRADED FUNDS — 2.4%

iShares MSCI Brazil ETF		238		7,085
iShares MSCI South Korea ETF		169		9,287
iShares MSCI UAE ETF		414		5,713
TOTAL EXCHANGE TRADED FUNDS (Cost $24,870)				22,085

Total Investments — 99.7% (Cost $989,429)			$	930,725
Other Assets in Excess of Liabilities — 0.3%				2,469
TOTAL NET ASSETS — 100.0%			$	933,194

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)	Non-income producing security.

(b)

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

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

135

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (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* ^	$	2,232,715,671		$	453,744,030		$	1,224,471,158	$	47,027,627		$	139,486,609
Cash		1,629,422			4,963,193			30,102,380		376,698			1,837,520
Foreign Currency at Value*		—			—			—		—			146,249
Interest and Dividends Receivable		1,604,239			39,856			155,429		397,491			432,922
Receivable for Investment Securities Sold		—			—			—		19,496,371			—
Securities Lending Income Receivable		9,820			6,474			27,562		779			6,926
Total Assets		2,235,959,152			458,753,553			1,254,756,529		67,298,966			141,910,226

LIABILITIES
Management Fees Payable		1,111,801			187,904			531,384		22,074			73,723
Payable to Custodian		—			—			—		—			720
Payable for Investment Securities Purchased		—			—			—		19,533,734			—
Collateral Received For Securities Loaned (See Note 5)		66,879,873			95,859,111			293,288,927		7,820,667			11,120,976
Total Liabilities		67,991,674			96,047,015			293,820,311		27,376,475			11,195,419

NET ASSETS	$	2,167,967,478		$	362,706,538		$	960,936,218	$	39,922,491		$	130,714,807

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,431,740,737		$	497,158,135		$	890,128,526	$	88,054,500		$	154,459,006
Total Distributable Earnings (Accumulated Deficit)		(263,773,259	)		(134,451,597	)		70,807,692		(48,132,009	)		(23,744,199	)
Net Assets	$	2,167,967,478		$	362,706,538		$	960,936,218	$	39,922,491		$	130,714,807
* Identified Cost:
Investments in Securities	$	2,175,935,390		$	453,739,854		$	1,172,464,467	$	47,100,497		$	138,564,703
Foreign Currencies		—			—			—		—			146,249
^ Includes Loaned Securities with a value of		65,725,248			93,878,496			287,471,740		5,279,504			10,801,927

Net Asset Value:
Net Assets	$	2,167,967,478		$	362,706,538		$	960,936,218	$	39,922,491		$	130,714,807
Shares Outstanding (No Par Value)		55,500,000			11,850,000			15,750,000		1,650,000			5,250,000
Net Asset Value, Offering and Redemption Price per Share	$	39.06		$	30.61		$	61.01	$	24.20		$	24.90

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

136

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

	Pacer Trendpilot^® US Bond ETF			Pacer Trendpilot^® Fund of Funds ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF			Pacer Global Cash Cows Dividend ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	205,129,265		$	—		$	16,388,320,856		$	4,518,304,224		$	1,805,499,599
Investments in Affiliated Securities, at Value*		—			48,215,035			—			—			—
Foreign Currency at Value*		—			—			—			—			2,380,813
Interest and Dividends Receivable		2,982,744			72,606			11,803,736			1,856,817			7,604,725
Receivable for Fund Shares Sold		—			—			42,648,095			92,442,500			—
Receivable for Investment Securities Sold		1,625,997			—			—			—			—
Cash		1,482,250			28,244			18,333,754			5,044,854			1,374,611
Securities Lending Income Receivable		13,125			—			135,521			76,467			28,019
Total Assets		211,233,381			48,315,885			16,461,241,962			4,617,724,862			1,816,887,767

LIABILITIES
Management Fees Payable		92,035			6,235			6,311,037			1,828,142			841,597
Payable to Custodian		—			—			11,796,792			58,803,150			247,592
Payable for Investment Securities Purchased		1,876,432			—			37,386,983			36,283,903			—
Payable for Distributions to Shareholders		1,359,561			—			—			—			—
Collateral Received For Securities Loaned (See Note 5)		31,815,494			—			1,063,284,166			571,109,665			182,612,601
Total Liabilities		35,143,522			6,235			1,118,778,978			668,024,860			183,701,790

NET ASSETS	$	176,089,859		$	48,309,650		$	15,342,462,984		$	3,949,700,002		$	1,633,185,977

NET ASSETS CONSIST OF:
Paid-in Capital	$	443,837,205		$	51,063,642		$	15,728,158,312		$	4,066,309,233		$	1,747,249,145
Total Distributable Earnings (Accumulated Deficit)		(267,747,346	)		(2,753,992	)		(385,695,328	)		(116,609,231	)		(114,063,168	)
Net Assets	$	176,089,859		$	48,309,650		$	15,342,462,984		$	3,949,700,002		$	1,633,185,977
* Identified Cost:
Investments in Unaffiliated Securities	$	211,608,282		$	—		$	16,203,306,830		$	4,463,577,640		$	1,862,637,698
Investments in Affiliated Securities		—			51,048,549			—			—			—
Foreign Currencies		—			—			—			—			2,380,813
^ Includes Loaned Securities with a value of		31,033,471			—			1,052,440,603			561,237,462			177,897,389

Net Asset Value:
Net Assets	$	176,089,859		$	48,309,650		$	15,342,462,984		$	3,949,700,002		$	1,633,185,977
Shares Outstanding (No Par Value)		9,200,000			1,750,000			321,500,000			99,700,000			51,900,000
Net Asset Value, Offering and Redemption Price per Share	$	19.14		$	27.61		$	47.72		$	39.62		$	31.47

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

137

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer US Large Cap Cash Cows Growth Leaders ETF			Pacer US Small Cap Cash Cows Growth Leaders ETF			Pacer US Cash Cows Growth ETF
ASSETS
Investments in Securities, at Value* ^	$	946,017,449		$	69,357,447		$	36,085,808		$	1,944,378		$	39,615,296
Foreign Currency at Value*		100,582			198,464			—			—			—
Cash		827,957			326,636			19,732			1,207			25,500
Interest and Dividends Receivable		2,826,316			169,068			13,997			1,220			60,280
Receivable for Investment Securities Sold		—			—			1,015,366			—			—
Receivable for Fund Shares Sold		—			2,713,080			—			—			—
Securities Lending Income Receivable		33,387			429			—			—			605
Total Assets		949,805,691			72,765,124			37,134,903			1,946,805			39,701,681

LIABILITIES
Management Fees Payable		443,554			36,703			14,492			1,006			18,677
Due to Custodian		—			2,705,569			—			—			—
Payable for Investment Securities Purchased		—			171,742			—			—			—
Payable for Fund Shares Redeemed		—			—			1,027,628			—			—
Collateral Received For Securities Loaned (See Note 5)		95,366,448			3,606,922			—			—			5,103,029
Total Liabilities		95,810,002			6,520,936			1,042,120			1,006			5,121,706

NET ASSETS	$	853,995,689		$	66,244,188		$	36,092,783		$	1,945,799		$	34,579,975

NET ASSETS CONSIST OF:
Paid-in Capital	$	875,912,865		$	73,648,663		$	36,511,890		$	2,126,640		$	39,033,883
Total Distributable Earnings (Accumulated Deficit)		(21,917,176	)		(7,404,475	)		(419,107	)		(180,841	)		(4,453,908	)
Net Assets	$	853,995,689		$	66,244,188		$	36,092,783		$	1,945,799		$	34,579,975
* Identified Cost:
Investments in Securities	$	962,365,784		$	74,559,765		$	36,697,581		$	2,171,042		$	41,456,362
Foreign Currencies		100,331			198,464			—			—			—
^ Includes Loaned Securities with a value of		92,257,506			3,519,094			—			—			5,060,949

Net Asset Value:
Net Assets	$	853,995,689		$	66,244,188		$	36,092,783		$	1,945,799		$	34,579,975
Shares Outstanding (No Par Value)		29,900,000			3,700,000			1,750,000			100,000			1,000,000
Net Asset Value, Offering and Redemption Price per Share	$	28.56		$	17.90		$	20.62		$	19.46		$	34.58

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

138

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

	Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF			Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	—		$	28,421,051		$	182,115,163		$	485,293,954		$	52,194,697
Investments in Affiliated Securities, at Value*		71,381,125			—			—			—			—
Interest and Dividends Receivable		122			6,476			302,684			93,726			39,051
Receivable for Investment Securities Sold		—			15,290,858			—			62,507,986			46,020,114
Receivable for Fund Shares Sold		3,306,285			—			—			—			—
Cash		31,214			301,724			146,978			1,730,434			26,848
Securities Lending Income Receivable		—			341			1,527			13,169			1,102
Total Assets		74,718,746			44,020,450			182,566,352			549,639,269			98,281,812

LIABILITIES
Management Fees Payable, net of waiver, if any		8,235			13,331			83,912			221,182			24,484
Payable for Investment Securities Purchased		1,659,956			15,192,904			—			62,473,607			45,756,654
Due to Custodian		1,645,705			—			25,408			1,758,883			—
Collateral Received For Securities Loaned (See Note 5)		—			2,960,492			11,257,062			29,839,194			6,442,830
Total Liabilities		3,313,896			18,166,727			11,366,382			94,292,866			52,223,968

NET ASSETS	$	71,404,850		$	25,853,723		$	171,199,970		$	455,346,403		$	46,057,844

NET ASSETS CONSIST OF:
Paid-in Capital	$	71,575,995		$	54,112,491		$	268,395,614		$	860,985,527		$	74,062,187
Total Distributable Earnings (Accumulated Deficit)		(171,145	)		(28,258,768	)		(97,195,644	)		(405,639,124	)		(28,004,343	)
Net Assets	$	71,404,850		$	25,853,723		$	171,199,970		$	455,346,403		$	46,057,844
* Identified Cost:
Investments in Unaffiliated Securities	$	—		$	28,420,434		$	216,505,984		$	600,759,007		$	52,199,484
Investments in Affiliated Securities		72,098,069			—			—			—			—
^ Includes Loaned Securities with a value of		—			2,907,719			11,166,001			29,166,224			6,309,202

Net Asset Value:
Net Assets	$	71,404,850		$	25,853,723		$	171,199,970		$	455,346,403		$	46,057,844
Shares Outstanding (No Par Value)		2,150,000			1,000,000			5,300,000			17,950,000			1,500,000
Net Asset Value, Offering and Redemption Price per Share	$	33.21		$	25.85		$	32.30		$	25.37		$	30.71

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

139

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

	Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF			Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF			Pacer Lunt Large Cap Multi-Factor Alternator ETF
ASSETS
Investments in Securities, at Value* ^	$	4,294,996		$	4,394,297		$	519,718,146		$	45,871,527		$	258,471,660
Foreign Currency at Value*		5,856			—			—			—			—
Interest and Dividends Receivable		79			4,525			168,827			14,326			129,998
Cash		23,670			3,645			1,697,895			38,005			239,990
Securities Lending Income Receivable		—			73			9,356			1,514			1,625
Total Assets		4,324,601			4,402,540			521,594,224			45,925,372			258,843,273

LIABILITIES
Management Fees Payable		2,595			2,168			258,056			18,796			127,514
Payable for Fund Shares Redeemed		—			—			1,558,080			—			—
Collateral Received For Securities Loaned (See Note 5)		—			840,768			54,376,421			9,934,227			15,776,548
Total Liabilities		2,595			842,936			56,192,557			9,953,023			15,904,062

NET ASSETS	$	4,322,006		$	3,559,604		$	465,401,667		$	35,972,349		$	242,939,211

NET ASSETS CONSIST OF:
Paid-in Capital	$	6,806,603		$	4,361,167		$	746,145,469		$	47,094,172		$	287,514,173
Total Distributable Earnings (Accumulated Deficit)		(2,484,597	)		(801,563	)		(280,743,802	)		(11,121,823	)		(44,574,962	)
Net Assets	$	4,322,006		$	3,559,604		$	465,401,667		$	35,972,349		$	242,939,211
* Identified Cost:
Investments in Securities	$	4,650,639		$	5,243,727		$	568,120,879		$	47,268,037		$	252,878,052
Foreign Currencies		5,866			—			—			—			—
^ Includes Loaned Securities with a value of		—			835,598			52,816,391			9,765,182			15,524,141

Net Asset Value:
Net Assets	$	4,322,006		$	3,559,604		$	465,401,667		$	35,972,349		$	242,939,211
Shares Outstanding (No Par Value)		305,882			125,000			14,750,000			1,100,000			6,800,000
Net Asset Value, Offering and Redemption Price per Share	$	14.13		$	28.48		$	31.55		$	32.70		$	35.73

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

140

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

	Pacer US Export Leaders ETF			Pacer Pacific Asset Floating Rate High Income ETF			Pacer Industrials and Logistics ETF			Pacer Data and Digital Revolution ETF
ASSETS
Investments in Securities, at Value* ^	$	41,015,064		$	150,093,580		$	930,725		$	4,772,573
Foreign Currency at Value*		—			—			—			2
Interest and Dividends Receivable		8,163			900,103			2,227			974
Cash		40,526			14,297,588			851			1,857
Receivable for Fund Shares Sold		—			753,837			—			—
Securities Lending Income Receivable		802			—			—			—
Total Assets		41,064,555			166,045,108			933,803			4,775,406

LIABILITIES
Management Fees Payable		17,436			81,280			490			2,499
Payable to Custodian		—			—			119			69
Payable for Investment Securities Purchased		—			4,510,625			—			—
Payable for Distributions to Shareholders		—			1,390,995			—			—
Other Payables		—			58			—			—
Collateral Received For Securities Loaned (See Note 5)		6,216,008			—			—			—
Total Liabilities		6,233,444			5,982,958			609			2,568

NET ASSETS	$	34,831,111		$	160,062,150		$	933,194		$	4,772,838

NET ASSETS CONSIST OF:
Paid-in Capital	$	36,135,103		$	165,218,202		$	994,800		$	4,678,286
Total Distributable Earnings (Accumulated Deficit)		(1,303,992	)		(5,156,052	)		(61,606	)		94,552
Net Assets		34,831,111			160,062,150			933,194			4,772,838
* Identified Cost:
Investments in Securities	$	42,431,525		$	151,552,707		$	989,429		$	4,743,703
^ Includes Loaned Securities with a value of		6,108,674			—			—			—

Net Asset Value:
Net Assets	$	34,831,111		$	160,062,150		$	933,194		$	4,772,838
Shares Outstanding (No Par Value)		900,000			3,470,000			40,000			160,000
Net Asset Value, Offering and Redemption Price per Share	$	38.70		$	46.13		$	23.33		$	29.83

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

141

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (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*	$	17,014,348		$	2,511,189		$	2,377,338	$	691,722		$	1,748,913
Interest		60,811			2,416,181			9,869,666		84,247			25,284
Securities Lending Income		83,662			68,623			133,694		17,496			50,018
Total Investment Income		17,158,821			4,995,993			12,380,698		793,465			1,824,215

Expenses:
Management fees		6,524,084			1,175,929			2,960,176		135,781			432,708
Total Expenses		6,524,084			1,175,929			2,960,176		135,781			432,708
Net Investment Income (Loss)		10,634,737			3,820,064			9,420,522		657,684			1,391,507

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(2,216,514	)		(17,486,254	)		14,851,981		1,130,332			(2,982,782	)
Net Realized Gain (Loss) on In-Kind Redemptions		3,725,412			345,445			41,299,673		572,593			—
Net Realized Gain (Loss) on Foreign Currency		—			—			—		24,526			(151,047	)
Total		1,508,898			(17,140,809	)		56,151,654		1,727,451			(3,133,829	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		7,531,272			(6,006,891	)		12,830,079		(6,377,730	)		(8,680,353	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—		13,282			3,997
Total		7,531,272			(6,006,891	)		12,830,079		(6,364,448	)		(8,676,356	)
Net Realized and Unrealized Gain (Loss) on Investments		9,040,170			(23,147,700	)		68,981,733		(4,636,997	)		(11,810,185	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	19,674,907		$	(19,327,636	)	$	78,402,255	$	(3,979,313	)	$	(10,418,678	)

* Net of fees and foreign witholding tax of	$	4,623		$	—		$	4,989	$	138,003		$	206,122

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

142

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

	Pacer Trendpilot^® US Bond ETF			Pacer Trendpilot^® Fund of Funds ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF		Pacer Global Cash Cows Dividend ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	—		$	168,051,831		$	27,408,274	$	55,771,885
Dividends from Affiliated Investments		—			337,467			—			—		—
Interest		7,219,593			1,023			443,796			81,578		154,385
Securities Lending Income		54,850			—			5,983,065			460,634		245,099
Total Investment Income		7,274,443			338,490			174,478,692			27,950,486		56,171,369

Expenses:
Management fees		603,182			38,380			34,517,627			8,589,025		4,953,158
Total Expenses		603,182			38,380			34,517,627			8,589,025		4,953,158
Net Investment Income (Loss)		6,671,261			300,110			139,961,065			19,361,461		51,218,211

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(3,599,868	)		—			233,005,467			44,465,346		(4,219,658	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			11,893			—			—		—
Net Realized Gain (Loss) on In-Kind Redemptions		176,008			791,198			79,796,646			4,271,796		3,717,318
Net Realized Gain (Loss) on Foreign Currency		(812	)		—			—			—		(72,636	)
Total		(3,424,672	)		803,091			312,802,113			48,737,142		(574,976	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		(7,346,665	)		—			(128,855,970	)		31,985,749		(116,693,587	)
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			(1,429,059	)		—			—		—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			—		(325,195	)
Total		(7,346,665	)		(1,429,059	)		(128,855,970	)		31,985,749		(117,018,782	)
Net Realized and Unrealized Gain (Loss) on Investments		(10,771,337	)		(625,968	)		183,946,143			80,722,891		(117,593,758	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,100,076	)	$	(325,858	)	$	323,907,208		$	100,084,352	$	(66,375,547	)

* Net of fees and foreign witholding tax of	$	—		$	—		$	—		$	—	$	3,398,841

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

143

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer US Large Cap Cash Cows Growth Leaders ETF			Pacer US Small Cap Cash Cows Growth Leaders ETF			Pacer US Cash Cows Growth ETF
INVESTMENT INCOME
Income:
Dividends*	$	18,859,373		$	2,529,052		$	136,714		$	11,968		$	490,547
Interest		55,275			6,635			1,169			59			1,386
Securities Lending Income		159,379			5,758			—			—			6,174
Total Investment Income		19,074,027			2,541,445			137,883			12,027			498,107

Expenses:
Management fees		2,296,436			212,062			73,602			5,895			114,214
Total Expenses		2,296,436			212,062			73,602			5,895			114,214
Net Investment Income (Loss)		16,777,591			2,329,383			64,281			6,132			383,893

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(525,964	)		114,661			(756,993	)		(115,686	)		145,649
Net Realized Gain (Loss) on In-Kind Redemptions		13,090,081			—			1,166,893			161,454			344,119
Net Realized Gain (Loss) on Foreign Currency		6,213			(44,052	)		—			—			—
Total		12,570,330			70,609			409,900			45,768			489,768
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(45,066,739	)		(4,976,833	)		(545,715	)		(226,664	)		(785,104	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(21,539	)		(4,082	)		—			—			—
Total		(45,088,278	)		(4,980,915	)		(545,715	)		(226,664	)		(785,104	)
Net Realized and Unrealized Gain (Loss) on Investments		(32,517,948	)		(4,910,306	)		(135,815	)		(180,896	)		(295,336	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,740,357	)	$	(2,580,923	)	$	(71,534	)	$	(174,764	)	$	88,557

* Net of fees and foreign witholding tax of	$	1,697,342		$	392,588		$	—		$	—		$	—

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

144

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

	Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF			Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	69,709		$	3,647,453		$	10,871,306		$	544,393
Dividends from Affiliated Investments		1,168,254			—			—			—			—
Interest		1,543			227,336			11,624			48,036			1,303
Securities Lending Income		—			3,370			23,246			87,255			6,804
Total Investment Income		1,169,797			300,415			3,682,323			11,006,597			552,500

Expenses:
Management fees		45,373			82,256			623,184			1,756,635			176,710
Total Expenses		45,373			82,256			623,184			1,756,635			176,710
Fees waived by adviser		—			—			(51,932	)		(146,386	)		—
Net Expenses		45,373			82,256			571,252			1,610,249			176,710
Net Investment Income (Loss)		1,124,424			218,159			3,111,071			9,396,348			375,790

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		—			(1,366,429	)		(4,492,946	)		(68,878,420	)		(9,233,700	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		(86,856	)		—			—			—			—
Net Realized Gain (Loss) on In-Kind Redemptions		851,539			120,357			614,005			(9,196,389	)		(330,748	)
Net Realized Gain (Loss) on Foreign Currency		—			—			(31,593	)		65,240			—
Capital Gain Distributions from Underlying Holdings		—			—			807			—			—
Total		764,683			(1,246,072	)		(3,909,727	)		(78,009,569	)		(9,564,448	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		—			5,073			(37,922,013	)		(2,945,632	)		1,646
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		(1,238,348	)		—			—			—			—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			(13,118	)		5,185			—
Total		(1,238,348	)		5,073			(37,935,131	)		(2,940,447	)		1,646
Net Realized and Unrealized Gain (Loss) on Investments		(473,665	)		(1,240,999	)		(41,844,858	)		(80,950,016	)		(9,562,802	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	650,759		$	(1,022,840	)	$	(38,733,787	)	$	(71,553,668	)	$	(9,187,012	)

* Net of fees and foreign witholding tax of	$	—		$	43		$	134,007		$	548,340		$	—

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

145

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

	Pacer CSOP FTSE China A50 ETF			Pacer Biothreat Strategy ETF			Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi Factor Alternator ETF			Pacer Lunt Large Cap Multi Factor Alternator ETF
INVESTMENT INCOME
Income:
Dividends*	$	117,464		$	33,894		$	5,181,869		$	209,410		$	1,403,343
Interest		473			137			19,149			1,116			6,328
Securities Lending Income		—			828			55,281			10,611			11,889
Total Investment Income		117,937			34,859			5,256,299			221,137			1,421,560

Expenses:
Management fees		16,184			13,434			1,979,099			109,440			697,327
Total Expenses		16,184			13,434			1,979,099			109,440			697,327
Net Investment Income (Loss)		101,753			21,425			3,277,200			111,697			724,233

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(130,020	)		(121,997	)		(102,618,300	)		1,068,379			(5,119,663	)
Net Realized Gain (Loss) on In-Kind Redemptions		(378	)		229,691			8,445,835			278,485			10,933,426
Total		(130,398	)		107,694			(94,172,465	)		1,346,864			5,813,763
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(562,906	)		(221,868	)		18,090,025			(2,022,325	)		(3,824,048	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		27			—			—			—			—
Total		(562,879	)		(221,868	)		18,090,025			(2,022,325	)		(3,824,048	)
Net Realized and Unrealized Gain (Loss) on Investments		(693,277	)		(114,174	)		(76,082,440	)		(675,461	)		1,989,715
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(591,524	)	$	(92,749	)	$	(72,805,240	)	$	(563,764	)	$	2,713,948

* Net of fees and foreign witholding tax of	$	13,080		$	948		$	10,528		$	—		$	—

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

146

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

	Pacer US Export Leaders ETF			Pacer Pacific Asset Floating Rate High Income ETF		Pacer Industrials and Logistics ETF			Pacer Data and Digital Revolution ETF
INVESTMENT INCOME
Income:
Dividends*	$	165,762		$	39,370	$	20,450		$	16,796
Interest		859			6,077,715		47			99
Securities Lending Income		4,337			—		—			—
Total Investment Income		170,958			6,117,085		20,497			16,895

Expenses:
Management fees		93,049			379,158		3,078			10,904
Total Expenses		93,049			379,158		3,078			10,904
Net Investment Income (Loss)		77,909			5,737,927		17,419			5,991

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(413,811	)		144,806		(2,454	)		(53,822	)
Net Realized Gain (Loss) on In-Kind Redemptions		978,645			—		—			115,344
Net Realized Gain (Loss) on Foreign Currency		—			—		(167	)		(37	)
Total		564,834			144,806		(2,621	)		61,485
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(2,066,058	)		112,156		(69,364	)		28,725
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—		(30	)		(6	)
Total		(2,066,058	)		112,156		(69,394	)		28,719
Net Realized and Unrealized Gain (Loss) on Investments		(1,501,224	)		256,962		(72,015	)		90,204
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,423,315	)	$	5,994,889	$	(54,596	)	$	96,195

* Net of fees and foreign witholding tax of	$	239		$	—	$	2,996		$	—

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

147

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, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	10,634,737		$	35,149,499		$	3,820,064		$	5,157,936
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,508,898			(2,146,942	)		(17,140,809	)		(38,006,691	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		7,531,272			49,274,263			(6,006,891	)		5,998,134
Net Increase (Decrease) in Net Assets Resulting from Operations		19,674,907			82,276,820			(19,327,636	)		(26,850,621	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(26,415,381	)		—			(3,237,926	)
Total Distributions to Shareholders		—			(26,415,381	)		—			(3,237,926	)

CAPITAL SHARE TRANSACTION
Proceeds from Shares Sold		137,501,085			521,811,485			4,750,850			170,960,965
Payments for Shares Redeemed		(28,817,250	)		(379,307,265	)		(12,969,090	)		(192,513,530	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		108,683,835			142,504,220			(8,218,240	)		(21,552,565	)
Net Increase (Decrease) in Net Assets	$	128,358,742		$	198,365,659		$	(27,545,876	)	$	(51,641,112	)

NET ASSETS
Beginning of Year	$	2,039,608,736		$	1,841,243,077		$	390,252,414		$	441,893,526
End of Year	$	2,167,967,478		$	2,039,608,736		$	362,706,538		$	390,252,414

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

	Shares			Shares			Shares			Shares
Subscriptions		3,400,000			13,850,000			150,000			5,200,000
Redemptions		(700,000	)		(10,100,000	)		(400,000	)		(5,900,000	)
Net Increase (Decrease)		2,700,000			3,750,000			(250,000	)		(700,000	)

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

148

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® 100 ETF						Pacer Trendpilot^® European Index ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	9,420,522		$	6,417,380		$	657,684		$	659,133
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		56,151,654			(933,181	)		1,727,451			390,928
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		12,830,079			39,195,084			(6,364,448	)		6,339,180
Net Increase (Decrease) in Net Assets Resulting from Operations		78,402,255			44,679,283			(3,979,313	)		7,389,241

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(4,142,394	)		—			(273,384	)
Total Distributions to Shareholders		—			(4,142,394	)		—			(273,384	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		265,539,830			64,757,685			4,042,800			12,499,820
Payments for Shares Redeemed		(133,930,695	)		(43,185,630	)		(3,984,345	)		(21,697,145	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		131,609,135			21,572,055			58,455			(9,197,325	)
Net Increase (Decrease) in Net Assets	$	210,011,390		$	62,108,944		$	(3,920,858	)	$	(2,081,468	)

NET ASSETS
Beginning of Year	$	750,924,828		$	688,815,884		$	43,843,349		$	45,924,817
End of Year	$	960,936,218		$	750,924,828		$	39,922,491		$	43,843,349

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

	Shares			Shares			Shares			Shares
Subscriptions		4,350,000			1,250,000			150,000			550,000
Redemptions		(2,200,000	)		(850,000	)		(150,000	)		(950,000	)
Net Increase (Decrease)		2,150,000			400,000			—			(400,000	)

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

149

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® International ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	1,391,507		$	2,167,755
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,133,829	)		90,195
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(8,676,356	)		9,646,729
Net Increase (Decrease) in Net Assets Resulting from Operations		(10,418,678	)		11,904,679

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(444,569	)
Total Distributions to Shareholders		—			(444,569	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		15,991,810			9,090,440
Payments for Shares Redeemed		—			(25,936,275	)
Transaction Fees (See Note 1)		464			70
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions^(a)		15,992,274			(16,845,765	)
Net Increase (Decrease) in Net Assets	$	5,573,596		$	(5,385,655	)

NET ASSETS
Beginning of Year	$	125,141,211		$	130,526,866
End of Year	$	130,714,807		$	125,141,211

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

	Shares		Shares
Subscriptions		600,000		350,000
Redemptions		—		(1,050,000	)
Net Increase (Decrease)		600,000		(700,000	)

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

150

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® US Bond ETF						Pacer Trendpilot^® Fund of Funds ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	6,671,261		$	22,093,968		$	300,110		$	1,024,679
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,424,672	)		(123,726,526	)		803,091			1,039,553
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(7,346,665	)		39,291,335			(1,429,059	)		(1,480,620	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,100,076	)		(62,341,223	)		(325,858	)		583,612

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(6,520,934	)		(26,684,806	)		—			(942,758	)
Total Distributions to Shareholders		(6,520,934	)		(26,684,806	)		—			(942,758	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			—			1,458,985			1,364,660
Payments for Shares Redeemed		(45,636,870	)		(628,183,340	)		(5,642,150	)		(12,154,420	)
Transaction Fees (See Note 1)		7,524			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(45,629,346	)		(628,183,340	)		(4,183,165	)		(10,789,760	)
Net Increase (Decrease) in Net Assets	$	(56,250,356	)	$	(717,209,369	)	$	(4,509,023	)	$	(11,148,906	)

NET ASSETS
Beginning of Year	$	232,340,215		$	949,549,584		$	52,818,673		$	63,967,579
End of Year	$	176,089,859		$	232,340,215		$	48,309,650		$	52,818,673

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

	Shares			Shares			Shares			Shares
Subscriptions		—			—			50,000			50,000
Redemptions		(2,300,000	)		(29,200,000	)		(200,000	)		(450,000	)
Net Increase (Decrease)		(2,300,000	)		(29,200,000	)		(150,000	)		(400,000	)

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

151

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, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	139,961,065		$	207,988,150		$	19,361,461		$	17,791,694
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		312,802,113			(591,025,700	)		48,737,142			(139,420,421	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(128,855,970	)		321,930,563			31,985,749			87,241,929
Net Increase (Decrease) in Net Assets Resulting from Operations		323,907,208			(61,106,987	)		100,084,352			(34,386,798	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(143,493,953	)		(193,788,560	)		(19,887,863	)		(16,000,780	)
Total Distributions to Shareholders		(143,493,953	)		(193,788,560	)		(19,887,863	)		(16,000,780	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,430,498,705			10,511,453,425			1,856,903,175			1,451,823,265
Payments for Shares Redeemed		(488,324,595	)		(1,591,432,405	)		(23,164,085	)		(197,346,245	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		1,942,174,110			8,920,021,020			1,833,739,090			1,254,477,020
Net Increase (Decrease) in Net Assets	$	2,122,587,365		$	8,665,125,473		$	1,913,935,579		$	1,204,089,442

NET ASSETS
Beginning of Year	$	13,219,875,619		$	4,554,750,146		$	2,035,764,423		$	831,674,981
End of Year	$	15,342,462,984		$	13,219,875,619		$	3,949,700,002		$	2,035,764,423

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

	Shares			Shares			Shares			Shares
Subscriptions		49,000,000			222,700,000			45,350,000			38,500,000
Redemptions		(10,400,000	)		(34,800,000	)		(600,000	)		(5,400,000	)
Net Increase (Decrease)		38,600,000			187,900,000			44,750,000			33,100,000

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

152

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Global Cash Cows Dividend ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	51,218,211		$	52,787,500
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(574,976	)		(6,077,033	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(117,018,782	)		56,617,021
Net Increase (Decrease) in Net Assets Resulting from Operations		(66,375,547	)		103,327,488

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(68,674,254	)		(33,617,374	)
Total Distributions to Shareholders		(68,674,254	)		(33,617,374	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		214,013,425			1,227,571,200
Payments for Shares Redeemed		(25,366,515	)		(69,174,060	)
Transaction Fees (See Note 1)		28,463			150,678
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions^(a)		188,675,373			1,158,547,818
Net Increase (Decrease) in Net Assets	$	53,625,572		$	1,228,257,932

NET ASSETS
Beginning of Year	$	1,579,560,405		$	351,302,473
End of Year	$	1,633,185,977		$	1,579,560,405

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

	Shares			Shares
Subscriptions		6,400,000			37,750,000
Redemptions		(750,000	)		(2,200,000	)
Net Increase (Decrease)		5,650,000			35,550,000

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

153

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Developed Markets International Cash Cows 100 ETF						Pacer Emerging Markets Cash Cows 100 ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	16,777,591		$	12,211,358		$	2,329,383		$	1,385,535
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		12,570,330			(13,922,605	)		70,609			(2,008,425	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(45,088,278	)		33,122,204			(4,980,915	)		1,455,641
Net Increase (Decrease) in Net Assets Resulting from Operations		(15,740,357	)		31,410,957			(2,580,923	)		832,751

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(20,056,309	)		(7,687,068	)		(2,747,150	)		(973,073	)
Total Distributions to Shareholders		(20,056,309	)		(7,687,068	)		(2,747,150	)		(973,073	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		371,756,023			419,380,945			16,501,945			44,046,650
Payments for Shares Redeemed		(36,615,720	)		—			—			—
Transaction Fees (See Note 1)		68,242			133,089			19,533			74,713
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		335,208,545			419,514,034			16,521,478			44,121,363
Net Increase (Decrease) in Net Assets	$	299,411,879		$	443,237,923		$	11,193,405		$	43,981,041

NET ASSETS
Beginning of Year	$	554,583,810		$	111,345,887		$	55,050,783		$	11,069,742
End of Year	$	853,995,689		$	554,583,810		$	66,244,188		$	55,050,783

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

	Shares			Shares		Shares		Shares
Subscriptions		12,500,000			14,850,000		850,000		2,350,000
Redemptions		(1,200,000	)		—		—		—
Net Increase (Decrease)		11,300,000			14,850,000		850,000		2,350,000

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

154

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Large Cap Cash Cows Growth Leaders ETF						Pacer US Small Cap Cash Cows Growth Leaders ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023 ^(a)			For the Period Ended October 31, 2023 (Unaudited) ^(b)
OPERATIONS
Net Investment Income (Loss)	$	64,281		$	10,993		$	6,132
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		409,900			(218,546	)		45,768
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(545,715	)		(66,058	)		(226,664	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(71,534	)		(273,611	)		(174,764	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(64,563	)		(9,399	)		(6,077	)
Total Distributions to Shareholders		(64,563	)		(9,399	)		(6,077	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		23,136,545			19,853,740			3,774,008
Payments for Shares Redeemed		(6,478,395	)		—			(1,647,368	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		16,658,150			19,853,740			2,126,640
Net Increase (Decrease) in Net Assets	$	16,522,053		$	19,570,730		$	1,945,799

NET ASSETS
Beginning of Period/Year	$	19,570,730		$	—		$	—
End of Period/Year	$	36,092,783		$	19,570,730		$	1,945,799

(a)	The Fund commenced operations on December 21, 2022. The information presented is for the period from December 21, 2022 to April 30, 2023.

(b)	The Fund commenced operations on May 1, 2023. The information presented is for the period from May 1, 2023 to October 31, 2023.

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

	Shares			Shares		Shares
Subscriptions		1,075,000			975,000		175,000
Redemptions		(300,000	)		—		(75,000	)
Net Increase (Decrease)		775,000			975,000		100,000

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

155

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows Growth ETF						Pacer Cash Cows Fund of Funds ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	383,893		$	438,081		$	1,124,424		$	578,642
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		489,768			(1,986,956	)		764,683			38,918
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(785,104	)		589,864			(1,238,348	)		1,025,743
Net Increase (Decrease) in Net Assets Resulting from Operations		88,557			(967,011	)		650,759			1,643,303

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(379,524	)		(382,192	)		(1,134,993	)		(584,387	)
Long Term Capital Gain		—			—			—			(117	)
Return of Capital		—			—			—			(1,841	)
Total Distributions to Shareholders		(379,524	)		(382,192	)		(1,134,993	)		(586,345	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1652740			68,710,005			31,826,470			45,528,065
Payments for Shares Redeemed		(5,281,425	)		(37,720,425	)		(8,555,610	)		(6,327,395	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions^(a)		(3,628,685	)		30,989,580			23,270,860			39,200,670
Net Increase (Decrease) in Net Assets	$	(3,919,652	)	$	29,640,377		$	22,786,626		$	40,257,628

NET ASSETS
Beginning of Year	$	38,499,627		$	8,859,250		$	48,618,224		$	8,360,596
End of Year	$	34,579,975		$	38,499,627		$	71,404,850		$	48,618,224

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

	Shares			Shares			Shares			Shares
Subscriptions		50,000			1,900,000			950,000			1,400,000
Redemptions		(150,000	)		(1,050,000	)		(250,000	)		(200,000	)
Net Increase (Decrease)		(100,000	)		850,000			700,000			1,200,000

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

156

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Industrial Real Estate ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	218,159		$	698,677		$	3,111,071		$	5,579,107
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,246,072	)		(4,406,726	)		(3,909,727	)		(44,167,991	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		5,073			717,354			(37,935,131	)		(14,357,291	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,022,840	)		(2,990,695	)		(38,733,787	)		(52,946,175	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(267,672	)		(597,772	)		(6,558,173	)		(6,149,407	)
Total Distributions to Shareholders		(267,672	)		(597,772	)		(6,558,173	)		(6,149,407	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		6,713,655			10,773,195			9,930,275			44,461,180
Payments for Shares Redeemed		(4,015,910	)		(15,910,675	)		(13,370,255	)		(150,423,405	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		2,697,745			(5,137,480	)		(3,439,980	)		(105,962,225	)
Net Increase (Decrease) in Net Assets	$	1,407,233		$	(8,725,947	)	$	(48,731,940	)	$	(165,057,807	)

NET ASSETS
Beginning of Year	$	24,446,490		$	33,172,437		$	219,931,910		$	384,989,717
End of Year	$	25,853,723		$	24,446,490		$	171,199,970		$	219,931,910

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

	Shares			Shares			Shares			Shares
Subscriptions		250,000			350,000			250,000			1,100,000
Redemptions		(150,000	)		(550,000	)		(350,000	)		(3,750,000	)
Net Increase (Decrease)		100,000			(200,000	)		(100,000	)		(2,650,000	)

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

157

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, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	9,396,348		$	23,775,260		$	375,790		$	845,660
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(78,009,569	)		(181,810,261	)		(9,564,448	)		2,499,877
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(2,940,447	)		(81,614,201	)		1,646			22
Net Increase (Decrease) in Net Assets Resulting from Operations		(71,553,668	)		(239,649,202	)		(9,187,012	)		3,345,559

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(18,434,529	)		(18,743,593	)		(343,368	)		(826,693	)
Capital Gains		—			(1,717,631	)		—			—
Total Distributions to Shareholders		(18,434,529	)		(20,461,224	)		(343,368	)		(826,693	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,889,770			96,006,885			—			16,851,465
Payments for Shares Redeemed		(158,102,780	)		(434,676,185	)		(23,091,510	)		(21,079,065	)
Transaction Fees (See Note 1)		—			6,781			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(155,213,010	)		(338,662,519	)		(23,091,510	)		(4,227,600	)
Net Increase (Decrease) in Net Assets	$	(245,201,207	)	$	(598,772,945	)	$	(32,621,890	)	$	(1,708,734	)

NET ASSETS
Beginning of Year	$	700,547,610		$	1,299,320,555		$	78,679,734		$	80,388,468
End of Year	$	455,346,403		$	700,547,610		$	46,057,844		$	78,679,734

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

	Shares			Shares			Shares			Shares
Subscriptions		100,000			2,950,000			—			450,000
Redemptions		(5,750,000	)		(14,000,000	)		(650,000	)		(600,000	)
Net Increase (Decrease)		(5,650,000	)		(11,050,000	)		(650,000	)		(150,000	)

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

158

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	101,753		$	111,199
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(130,398	)		(452,535	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(562,879	)		(114,924	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(591,524	)		(456,260	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(100,794	)
Total Distributions to Shareholders		—			(100,794	)

CAPITAL SHARE TRANSACTIONS
Payments for Shares Redeemed		—			(717,525	)
Transaction Fees (See Note 1)		—			1
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		—			(717,524	)
Net Increase (Decrease) in Net Assets	$	(591,524	)	$	(1,274,578	)

NET ASSETS
Beginning of Year	$	4,913,530		$	6,188,108
End of Year	$	4,322,006		$	4,913,530

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

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

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

159

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Biothreat Strategy ETF						Pacer Lunt Large Cap Alternator ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	21,425		$	47,043		$	3,277,200		$	9,373,354
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		107,694			(152,098	)		(94,172,465	)		(107,696,482	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(221,868	)		207,677			18,090,025			(45,887,725	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(92,749	)		102,622			(72,805,240	)		(144,210,853	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(21,363	)		(46,298	)		(3,145,304	)		(9,575,595	)
Return of Capital		—			—			—			(488,359	)
Total Distributions to Shareholders		(21,363	)		(46,298	)		(3,145,304	)		(10,063,954	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		784,680			—			1,794,485			624,040,115
Payments for Shares Redeemed		(781,649	)		(2,087,637	)		(237,122,090	)		(247,539,040	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		3,031			(2,087,637	)		(235,327,605	)		376,501,075
Net Increase (Decrease) in Net Assets	$	(111,081	)	$	(2,031,313	)	$	(311,278,149	)	$	222,226,268

NET ASSETS
Beginning of Year	$	3,670,685		$	5,701,998		$	776,679,816		$	554,453,548
End of Year	$	3,559,604		$	3,670,685		$	465,401,667		$	776,679,816

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

	Shares			Shares			Shares			Shares
Subscriptions		25,000			—			50,000			15,050,000
Redemptions		(25,000	)		(75,000	)		(6,600,000	)		(6,600,000	)
Net Increase (Decrease)		—			(75,000	)		(6,550,000	)		8,450,000

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

160

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Midcap Multi Factor Alternator ETF						Pacer Lunt Large Cap Multi Factor Alternator ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	111,697		$	410,202		$	724,233		$	3,419,925
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,346,864			(1,636,618	)		5,813,763			(40,943,498	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(2,022,325	)		3,320,047			(3,824,048	)		30,690,624
Net Increase (Decrease) in Net Assets Resulting from Operations		(563,764	)		2,093,631			2,713,948			(6,832,949	)

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(99,406	)		(410,052	)		(545,493	)		(3,553,899	)
Return of Capital		—			(20,581	)		—			—
Total Distributions to Shareholders		(99,406	)		(430,633	)		(545,493	)		(3,553,899	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		5,183,530			21,010,460			87,184,565			51,694,570
Payments for Shares Redeemed		(3,400,050	)		(23,227,120	)		(52,604,660	)		(102,211,650	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		1,783,480			(2,216,660	)		34,579,905			(50,517,080	)
Net Increase (Decrease) in Net Assets	$	1,120,310		$	(553,662	)	$	36,748,360		$	(60,903,928	)

NET ASSETS
Beginning of Year	$	34,852,039		$	35,405,701		$	206,190,851		$	267,094,779
End of Year	$	35,972,349		$	34,852,039		$	242,939,211		$	206,190,851

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

	Shares			Shares			Shares			Shares
Subscriptions		150,000			650,000			2,300,000			1,450,000
Redemptions		(100,000	)		(700,000	)		(1,400,000	)		(2,900,000	)
Net Increase (Decrease)		50,000			(50,000	)		900,000			(1,450,000	)

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

161

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Export Leaders ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023
OPERATIONS
Net Investment Income (Loss)	$	77,909		$	62,495
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		564,834			(279,343	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(2,066,058	)		1,019,862
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,423,315	)		803,014

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(86,282	)		(62,859	)
Total Distributions to Shareholders		(86,282	)		(62,859	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		20,682,615			15,408,145
Payments for Shares Redeemed		(4,317,570	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		16,365,045			15,408,145
Net Increase (Decrease) in Net Assets	$	14,855,448		$	16,148,300

NET ASSETS
Beginning of Year	$	19,975,663		$	3,827,363
End of Year	$	34,831,111		$	19,975,663

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

	Shares			Shares
Subscriptions		500,000			400,000
Redemptions		(100,000	)		—
Net Increase (Decrease)		400,000			400,000

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, 2023 (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 ^(a)			For the Year Ended June 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	5,737,927		$	5,818,699		$	1,307,992		$	896,410
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		144,806			(3,432,998	)		26,972			(23,314	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		112,156			41,729			(1,694,753	)		1,513,865
Net Increase (Decrease) in Net Assets Resulting from Operations		5,994,889			2,427,430			(359,789	)		2,386,961

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(5,574,501	)		(5,819,045	)		(1,211,347	)		(953,333	)
Total Distributions to Shareholders		(5,574,501	)		(5,819,045	)		(1,211,347	)		(953,333	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		78,129,350			87,368,338			53,405,601			2,443,495
Payments for Shares Redeemed		(18,582,368	)		(65,544,726	)		(1,959,872	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		59,546,982			21,823,612			51,445,729			2,443,495
Net Increase (Decrease) in Net Assets	$	59,967,370		$	18,431,997		$	49,874,593		$	3,877,123

NET ASSETS
Beginning of Period/Year	$	100,094,780		$	81,662,783		$	31,788,190		$	27,911,067
End of Period/Year	$	160,062,150		$	100,094,780		$	81,662,783		$	31,788,190

(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		1,680,000			1,920,000			1,100,000			50,000
Redemptions		(400,000	)		(1,440,000	)		(40,000	)		—
Net Increase (Decrease)		1,280,000			480,000			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 Industrials and Logistics ETF						Pacer Data and Digital Revolution ETF
	For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023^(a)			For the Period Ended October 31, 2023 (Unaudited)			For the Year Ended April 30, 2023^(a)
OPERATIONS
Net Investment Income (Loss)	$	17,419		$	16,988		$	5,991		$	6,083
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,621	)		(523	)		61,485			1,392
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(69,394	)		10,629			28,719			147
Net Increase (Decrease) in Net Assets Resulting from Operations		(54,596	)		27,094			96,195			7,622

DISTRIBUTIONS TO SHAREHOLDERS
Distributions and Dividends		(21,933	)		(12,171	)		(3,710	)		(5,555	)
Total Distributions to Shareholders		(21,933	)		(12,171	)		(3,710	)		(5,555	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			994,800			4,212,336			1,012,400
Payments for Shares Redeemed		—			—			(546,454	)		—
Transaction Fees (See Note 1)		—			—			4			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		—			994,800			3,665,886			1,012,400
Net Increase (Decrease) in Net Assets	$	(76,529	)	$	1,009,723		$	3,758,371		$	1,014,467

NET ASSETS
Beginning of Period	$	1,009,723			—		$	1,014,467			—
End of Period	$	933,194		$	1,009,723		$	4,772,838		$	1,014,467

(a)	Fund commenced operations on June 8, 2022. The information presented is from June 8, 2022 to April 30, 2023.

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

	Shares		Shares		Shares			Shares
Subscriptions		—		40,000		140,000			40,000
Redemptions		—		—		(20,000	)		—
Net Increase (Decrease)		—		40,000		120,000			40,000

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

164

Pacer Trendpilot^® US Large Cap ETF

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

	For the Period Ended October 31, 2023^(d) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	38.63		$	37.54		$	36.54		$	26.99		$	30.56		$	28.41

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.20			0.66			0.28			0.25			0.39			0.43
Net Realized and Unrealized Gain (Loss) on Investments^(c)		0.23			0.90			1.03			9.65			(3.59	)		2.01
Total from Investment Operations		0.43			1.56			1.31			9.90			(3.20	)		2.44

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.47	)		(0.31	)		(0.35	)		(0.37	)		(0.29	)
Total Distributions		—			(0.47	)		(0.31	)		(0.35	)		(0.37	)		(0.29	)
Net Asset Value, End of Period	$	39.06		$	38.63		$	37.54		$	36.54		$	26.99		$	30.56
Total Return		1.12	%		4.20	%		3.48	%		36.86	%		-10.71	%		8.65	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,167,967		$	2,039,609		$	1,841,243		$	1,894,772		$	2,403,839		$	2,163,990

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.98	%		1.75	%		0.71	%		0.83	%		1.25	%		1.43	%
Portfolio Turnover Rate^(b)		1	%		1	%		58	%		6	%		5	%		162	%

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

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

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

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

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

165

Pacer Trendpilot^® US Mid Cap ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	32.25		$	34.52		$	35.63		$	28.35		$	30.95		$	30.72

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.32			0.39			0.00	^(d)		0.09			0.28			0.41
Net Realized and Unrealized Gain (Loss) on Investments^(c)		(1.96	)		(2.41	)		(1.07	)		7.36			(2.45	)		0.10
Total from Investment Operations		(1.64	)		(2.02	)		(1.07	)		7.45			(2.17	)		0.51

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.25	)		(0.04	)		(0.17	)		(0.43	)		(0.28	)
Total Distributions		—			(0.25	)		(0.04	)		(0.17	)		(0.43	)		(0.28	)
Net Asset Value, End of Period	$	30.61		$	32.25		$	34.52		$	35.63		$	28.35		$	30.95
Total Return		-5.10	%		-5.81	%		-2.98	%		26.34	%		-7.11	%		1.66	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	362,707		$	390,252		$	441,894		$	452,474		$	540,051		$	761,305

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.94	%		1.19	%		0.01	%		0.30	%		0.96	%		1.30	%
Portfolio Turnover Rate^(b)		120	%		441	%		16	%		304	%		143	%		405	%

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

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

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

(d)	Represents less the $0.005.

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

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

166

Pacer Trendpilot^® 100 ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	55.22		$	52.18		$	54.01		$	37.91		$	36.00		$	31.16

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.63			0.48			(0.13	)		0.01			0.15			0.26
Net Realized and Unrealized Gain (Loss) on Investments^(c)		5.16			2.87			(1.70	)		16.17			1.94			4.73
Total from Investment Operations		5.79			3.35			(1.83	)		16.18			2.09			4.99

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.31	)		—			(0.08	)		(0.18	)		(0.15	)
Total Distributions		—			(0.31	)		—			(0.08	)		(0.18	)		(0.15	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			—			0.00	^(d)		—			—
Net Asset Value, End of Period	$	61.01		$	55.22		$	52.18		$	54.01		$	37.91		$	36.00
Total Return		10.50	%		6.47	%		-3.38	%		42.69	%		5.78	%		16.04	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	960,936		$	750,925		$	688,816		$	783,124		$	739,258		$	502,173

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		2.06	%		0.93	%		-0.22	%		0.01	%		0.40	%		0.76	%
Portfolio Turnover Rate^(b)		11	%		6	%		7	%		6	%		61	%		107	%

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

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

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

(d)	Represents less the $0.005.

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

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

167

Pacer Trendpilot^® European Index ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	26.57		$	22.40		$	24.33		$	23.76		$	26.77		$	29.66

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.41			0.34			0.34			0.10			0.54			0.74
Net Realized and Unrealized Gain (Loss) on Investments^(c)		(2.78	)		3.99			(1.89	)		0.47			(2.61	)		(3.16	)
Total from Investment Operations		(2.37	)		4.33			(1.55	)		0.57			(2.07	)		(2.42	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.16	)		(0.38	)		—			(0.94	)		(0.47	)
Total Distributions		—			(0.16	)		(0.38	)		—			(0.94	)		(0.47	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	^(d)		—			—			—
Net Asset Value, End of Period	$	24.20		$	26.57		$	22.40		$	24.33		$	23.76		$	26.77
Total Return		-8.94	%		19.43	%		-6.47	%		2.38	%		-8.18	%		-8.07	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	39,922		$	43,843		$	45,925		$	54,741		$	91,488		$	183,379

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.66	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		3.14	%		1.48	%		1.39	%		0.43	%		2.04	%		2.77	%
Portfolio Turnover Rate^(b)		5	%		5	%		7	%		506	%		12	%		396	%

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

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

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

(d)	Represents less the $0.005.

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

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

168

Pacer Trendpilot^® International ETF

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

	For the Period Ended October 31, 2023^(f) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 ^(a)(f)
Net Asset Value, Beginning of Period	$	26.91		$	24.40		$	28.22		$	23.42		$	24.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(b)		0.28			0.45			0.44			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments^(d)		(2.29	)		2.16			(3.57	)		4.72			(1.55	)
Total from Investment Operations		(2.01	)		2.61			(3.13	)		5.00			(1.23	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.10	)		(0.69	)		(0.20	)		(0.26	)
Total Distributions		—			(0.10	)		(0.69	)		(0.20	)		(0.26	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(e)		0.00	^(e)		0.00	^(e)		—			—
Net Asset Value, End of Period	$	24.90		$	26.91		$	24.40		$	28.22		$	23.42
Total Return		-7.48	%		10.75	%		-11.46	%		21.46	%		-5.08	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	130,715		$	125,141		$	130,527		$	131,228		$	151,038

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		2.08	%		1.82	%		1.56	%		1.15	%		1.26	%
Portfolio Turnover Rate^(c)		6	%		3	%		202	%		161	%		39	%

(a)	Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

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

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

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

(e)	Represents less the $0.005.

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

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

169

Pacer Trendpilot^® US Bond ETF

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

	For the Period Ended October 31, 2023^(f) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)(f)
Net Asset Value, Beginning of Period	$	20.20		$	23.33		$	27.45		$	25.77		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(b)		0.66			1.11			0.80			1.09			0.33
Net Realized and Unrealized Gain (Loss) on Investments^(d)		(1.05	)		(2.83	)		(4.17	)		1.34			0.72
Total from Investment Operations		(0.39	)		(1.72	)		(3.37	)		2.43			1.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.67	)		(1.41	)		(0.75	)		(0.75	)		(0.28	)
Total Distributions		(0.67	)		(1.41	)		(0.75	)		(0.75	)		(0.28	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(e)		—			—			0.00	^(e)		—
Net Asset Value, End of Period	$	19.14		$	20.20		$	23.33		$	27.45		$	25.77
Total Return		-1.99	%		-7.30	%		-12.54	%		9.53	%		4.24	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	176,090		$	232,340		$	949,550		$	839,970		$	144,327

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		6.62	%		5.26	%		3.01	%		4.04	%		2.47	%
Portfolio Turnover Rate^(c)		112	%		711	%		652	%		55	%		131	%

(a)	Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

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

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

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

(e)	Represents less the $0.005.

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

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

170

Pacer Trendpilot^® Fund of Funds ETF

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

	For the Period Ended October 31, 2023^(d) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)(d)
Net Asset Value, Beginning of Period	$	27.80		$	27.81		$	29.82		$	23.81		$	25.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(b)(c)		0.17			0.48			0.35			0.22			0.26
Net Realized and Unrealized Gain (Loss) on Investments^(g)		(0.36	)		(0.03	)		(2.07	)		5.96			(1.59	)
Total from Investment Operations		(0.19	)		0.45			(1.72	)		6.18			(1.33	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.46	)		(0.29	)		(0.17	)		(0.25	)
Total Distributions		—			(0.46	)		(0.29	)		(0.17	)		(0.25	)
Net Asset Value, End of Period	$	27.61		$	27.80		$	27.81		$	29.82		$	23.81
Total Return		-0.70	%		1.71	%		-5.87	%		26.02	%		-5.37	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	48,310		$	52,819		$	63,968		$	44,728		$	27,378

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets^(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net Investment Income (Loss) to Average Net Assets^(e)		1.17	%		1.77	%		1.16	%		0.82	%		1.03	%
Portfolio Turnover Rate^(f)		3	%		6	%		5	%		29	%		6	%

(a)	Commencement of operations on May 3, 2019. Information presented is from May 3, 2019 to April 30, 2020.

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

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

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

(e)	Does not include expenses of the investment companies in which the Fund invests.

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

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

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

171

Pacer US Cash Cows 100 ETF

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

	For the Period Ended October 31, 2023^(d) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	46.73		$	47.94		$	41.95		$	25.17		$	29.72		$	28.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.48			1.08			0.84			0.71			0.77			0.53
Net Realized and Unrealized Gain (Loss) on Investments^(c)		1.00			(1.32	)		5.87			16.76			(4.55	)		0.67
Total from Investment Operations		1.48			(0.24	)		6.71			17.47			(3.78	)		1.20

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.49	)		(0.97	)		(0.72	)		(0.69	)		(0.77	)		(0.46	)
Total Distributions		(0.49	)		(0.97	)		(0.72	)		(0.69	)		(0.77	)		(0.46	)
Net Asset Value, End of Period	$	47.72		$	46.73		$	47.94		$	41.95		$	25.17		$	29.72
Total Return		3.17	%		-0.38	%		16.08	%		70.43	%		-12.63	%		4.28	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	15,342,463		$	13,219,876		$	4,554,750		$	432,113		$	190,027		$	266,018

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		1.98	%		2.30	%		1.78	%		2.23	%		2.73	%		1.82	%
Portfolio Turnover Rate^(b)		32	%		90	%		114	%		104	%		85	%		122	%

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

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

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

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

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

172

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, 2023^(d) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	37.05		$	38.06		$	41.82		$	20.76		$	25.88		$	26.17

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.27			0.51			0.72			0.11			0.27			0.32
Net Realized and Unrealized Gain (Loss) on Investments^(c)		2.57			(1.09	)		(3.37	)		21.13			(5.12	)		(0.29	)
Total from Investment Operations		2.84			(0.58	)		(2.65	)		21.24			(4.85	)		0.03

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.27	)		(0.43	)		(0.67	)		(0.14	)		(0.27	)		(0.32	)
Distributions from Return of Capital		—			—			(0.44	)		(0.04	)		—			—
Total Distributions		(0.27	)		(0.43	)		(1.11	)		(0.18	)		(0.27	)		(0.32	)
Net Asset Value, End of Period	$	39.62		$	37.05		$	38.06		$	41.82		$	20.76		$	25.88
Total Return		7.66	%		-1.46	%		-6.57	%		102.70	%		-18.72	%		0.20	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,949,700		$	2,035,764		$	831,675		$	271,840		$	14,534		$	50,474

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%		0.59	%		0.60	%		0.59	%		0.59	%		0.59	%
Net Investment Income (Loss) to Average Net Assets		1.33	%		1.36	%		1.70	%		0.33	%		1.11	%		1.21	%
Portfolio Turnover Rate^(b)		52	%		101	%		133	%		123	%		128	%		123	%

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

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

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

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

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

173

Pacer Global Cash Cows Dividend ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	34.15		$	32.83		$	31.10		$	24.63		$	31.19		$	30.75

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		1.04			1.94			1.39			1.17			1.32			1.21
Net Realized and Unrealized Gain (Loss) on Investments^(c)		(2.35	)		0.65			1.69			6.51			(6.60	)		0.43
Total from Investment Operations		(1.31	)		2.59			3.08			7.68			(5.28	)		1.64

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.37	)		(1.28	)		(1.35	)		(1.21	)		(1.28	)		(1.20	)
Total Distributions		(1.37	)		(1.28	)		(1.35	)		(1.21	)		(1.28	)		(1.20	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	^(d)		0.01			0.00	^(d)		—			—			—
Net Asset Value, End of Period	$	31.47		$	34.15		$	32.83		$	31.10		$	24.63		$	31.19
Total Return		-3.97	%		8.50	%		10.22	%		32.05	%		-17.32	%		5.56	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,633,186		$	1,579,560		$	351,302		$	135,269		$	135,480		$	210,505

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		6.19	%		6.07	%		4.32	%		4.32	%		4.52	%		4.00	%
Portfolio Turnover Rate^(b)		38	%		47	%		39	%		76	%		91	%		74	%

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

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

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

(d)	Represents less the $0.005.

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

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

174

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, 2023^(e) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	29.82		$	29.69		$	31.95		$	20.99		$	27.08		$	28.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(a)		0.71			1.52			1.03			0.66			0.74			0.85
Net Realized and Unrealized Gain (Loss) on Investments^(c)		(1.13	)		(0.18	)		(2.43	)		10.98			(6.05	)		(2.01	)
Total from Investment Operations		(0.42	)		1.34			(1.40	)		11.64			(5.31	)		(1.16	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.84	)		(1.23	)		(0.87	)		(0.68	)		(0.78	)		(0.67	)
Total Distributions		(0.84	)		(1.23	)		(0.87	)		(0.68	)		(0.78	)		(0.67	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.02			0.01			0.00	^(d)		—			—
Net Asset Value, End of Period	$	28.56		$	29.82		$	29.69		$	31.95		$	20.99		$	27.08
Total Return		-1.49	%		5.26	%		-4.48	%		56.41	%		-20.04	%		-3.92	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	853,996		$	554,584		$	111,346		$	20,769		$	20,991		$	33,844

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		4.74	%		5.43	%		3.28	%		2.52	%		2.96	%		3.18	%
Portfolio Turnover Rate^(b)		29	%		59	%		71	%		83	%		149	%		80	%

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

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

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

(d)	Represents less the $0.005.

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

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

175

Pacer Emerging Markets Cash Cows 100 ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)(c)
Net Asset Value, Beginning of Period	$	19.32		$	22.14		$	25.94		$	19.11		$	24.95

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(b)		0.75			1.12			1.36			0.72			1.05
Net Realized and Unrealized Gain (Loss) on Investments^(e)		(1.32	)		(2.70	)		(4.03	)		6.91			(4.81	)
Total from Investment Operations		(0.57	)		(1.58	)		(2.67	)		7.63			(3.76	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.86	)		(1.30	)		(1.14	)		(0.85	)		(2.08	)
Total Distributions		(0.86	)		(1.30	)		(1.14	)		(0.85	)		(2.08	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.06			0.01			0.05			0.00	^(f)
Net Asset Value, End of Period	$	17.90		$	19.32		$	22.14		$	25.94		$	19.11
Total Return		-3.10	%		-6.43	%		-10.67	%		41.19	%		-16.76	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	66,244		$	55,051		$	11,070		$	3,891		$	956

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.70	%		0.71	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		7.67	%		5.93	%		5.50	%		3.12	%		4.43	%
Portfolio Turnover Rate^(d)		39	%		66	%		97	%		109	%		144	%

(a)	Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

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

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

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

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

(f)	Represents less the $0.005.

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

176

Pacer US Large Cap Cash Cows Growth Leaders ETF

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

	For the Period Ended October 31, 2023 (Unaudited)^(a)			For the Period Ended April 30, 2023^(a)(b)
Net Asset Value, Beginning of Period	$	20.07		$	20.36

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(c)		0.05			0.03
Net Realized and Unrealized Gain (Loss) on Investments ^(d)		0.55			(0.30	)
Total from Investment Operations		0.60			(0.27	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.05	)		(0.02	)
Total Distributions		(0.05	)		(0.02	)
Net Asset Value, End of Period	$	20.62		$	20.07
Total Return		2.97	%		-1.30	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	36,093		$	19,571

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		0.43	%		0.44	%
Portfolio Turnover Rate ^(e)		76	%		30	%

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

(b)	Commencement of operations on December 21, 2022. Information presented is from December 21, 2022 to April 30, 2023.

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

(d)	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.

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

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

177

Pacer US Small Cap Cash Cows Growth Leaders ETF

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

	For the Period Ended October 31, 2023 (Unaudited)^(a)(b)
Net Asset Value, Beginning of Period	$	20.18

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(c)		0.07
Net Realized and Unrealized Gain (Loss) on Investments ^(d)		(0.73	)
Total from Investment Operations		(0.66	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.06	)
Total Distributions		(0.06	)

Net Asset Value, End of Period	$	19.46
Total Return		-3.30	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,946

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%
Net Investment Income (Loss) to Average Net Assets		0.61	%
Portfolio Turnover Rate ^(e)		4	%

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

(b)	Commencement of operations on May 1, 2023. Information presented is from May 1, 2023 to October 31, 2023.

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

(d)	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.

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

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

178

Pacer US Cash Cows Growth ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)(c)
Net Asset Value, Beginning of Period	$	35.00		$	35.44		$	36.21		$	22.89		$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.36			0.60			0.04			0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(0.42	)		(0.65	)		(0.75	)		13.37			(1.90	)
Total from Investment Operations		(0.06	)		(0.05	)		(0.71	)		13.51			(1.62	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.36	)		(0.39	)		(0.04	)		(0.19	)		(0.27	)
Distributions from Return of Capital		—			—			(0.02	)		—			—
Total Distributions		(0.36	)		(0.39	)		(0.06	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	34.58		$	35.00		$	35.44		$	36.21		$	22.89
Total Return		-0.18	%		-0.07	%		-1.98	%		59.29	%		-6.52	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	34,580		$	38,500		$	8,859		$	3,621		$	1,144

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		2.01	%		1.69	%		0.10	%		0.43	%		1.16	%
Portfolio Turnover Rate ^(d)		26	%		182	%		76	%		170	%		166	%

(a)	Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

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

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

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

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

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

179

Pacer Cash Cows Fund of Funds ETF

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

	For the Period Ended October 31, 2023^(d) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020^(a)(c)
Net Asset Value, Beginning of Period	$	33.53		$	33.44		$	33.44		$	20.83		$	25.31

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)(c)		0.64			0.76			0.79			0.55			0.53
Net Realized and Unrealized Gain (Loss) on Investments ^(g)		(0.32	)		0.11			—			12.56			(4.46	)
Total from Investment Operations		0.32			0.87			0.79			13.11			(3.93	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.64	)		(0.78	)		(0.79	)		(0.50	)		(0.55	)
Distributions from Capital Gains		—			(0.00	)^(h)		—			—			—
Distributions from Return of Capital		—			(0.00	)^(h)		—			—			(0.00	)^(h)
Total Distributions		(0.64	)		(0.78	)		(0.79	)		(0.50	)		(0.55	)
Net Asset Value, End of Period	$	33.21		$	33.53		$	33.44		$	33.44		$	20.83
Total Return		0.93	%		2.81	%		2.29	%		63.73	%		-15.71	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	71,405		$	48,618		$	8,361		$	1,672		$	1,041

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(e)		0.15	%		0.15	%		0.16	%		0.15	%		0.15	%
Net Investment Income (Loss) to Average Net Assets ^(e)		3.71	%		2.33	%		2.27	%		2.09	%		2.27	%
Portfolio Turnover Rate ^(f)		2	%		8	%		26	%		9	%		2	%

(a)	Commencement of operations on May 3, 2019. Information presented is from May 3, 2019 to April 30, 2020.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

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

(e)	Does not include expenses of the investment companies in which the Fund invests.

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

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

(h)	Less than $0.005.

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

180

Pacer WealthShield ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	27.16		$	30.16		$	32.10		$	23.92		$	25.02		$	25.02

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(a)		0.22			0.64			0.26			0.14			0.33			0.38
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		(1.28	)		(3.07	)		(1.94	)		8.20			(1.10	)		(0.01	)
Total from Investment Operations		(1.06	)		(2.43	)		(1.68	)		8.34			(0.77	)		0.37

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.25	)		(0.57	)		(0.26	)		(0.16	)		(0.33	)		(0.37	)
Total Distributions		(0.25	)		(0.57	)		(0.26	)		(0.16	)		(0.33	)		(0.37	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	^(d)		—			—			—
Net Asset Value, End of Period	$	25.85		$	27.16		$	30.16		$	32.10		$	23.92		$	25.02
Total Return		-3.92	%		-8.09	%		-5.30	%		35.00	%		-3.04	%		1.43	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	25,854		$	24,446		$	33,172		$	48,143		$	51,428		$	110,078

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.59	%		2.19	%		0.79	%		0.53	%		1.38	%		1.52	%
Portfolio Turnover Rate ^(b)		169	%		669	%		448	%		227	%		676	%		542	%

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

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

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

(d)	Represents less the $0.005.

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

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

181

Pacer Industrial Real Estate ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)(c)
Net Asset Value, Beginning of Period	$	40.73		$	47.82		$	42.12		$	30.09		$	29.42		$	24.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.57			0.90			0.78			0.63			0.77			0.65
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(7.78	)		(6.99	)		5.48			12.08			0.52			4.61
Total from Investment Operations		(7.21	)		(6.09	)		6.26			12.71			1.29			5.26

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.22	)		(1.00	)		(0.57	)		(0.58	)		(0.61	)		(0.67	)
Distributions from Capital Gains		—			—			—			—			(0.01	)		—
Distributions from Return of Capital		—			—			—			(0.10	)		—			—
Total Distributions		(1.22	)		(1.00	)		(0.57	)		(0.68	)		(0.62	)		(0.67	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.01			0.00	^(f)		—			—
Net Asset Value, End of Period	$	32.30		$	40.73		$	47.82		$	42.12		$	30.09		$	29.42
Total Return		-18.00	%		-12.56	%		14.88	%		42.70	%		4.38	%		21.62	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	171,200		$	219,932		$	384,990		$	200,086		$	48,147		$	7,356

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%
Expenses to Average Net Assets (Waived) (see Note 3)		0.55	%		0.58	%		N/A			N/A			N/A			N/A
Net Investment Income (Loss) to Average Net Assets		3.04	%		2.25	%		1.60	%		1.75	%		2.40	%		2.60	%
Net Investment Income (Loss) to Average Net Assets (Waived) (see Note 3)		2.99	%		2.23	%		N/A			N/A			N/A			N/A
Portfolio Turnover Rate ^(d)		8	%		92	%		43	%		13	%		29	%		36	%

(a)	Commencement of operations on May 14, 2018. Information presented is from May 14, 2018 to April 30, 2019.

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

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

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

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

(f)	Represents less the $0.005.

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

182

Pacer Data & Infrastructure Real Estate ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)(c)
Net Asset Value, Beginning of Year/Period	$	29.68		$	37.50		$	38.48		$	33.27		$	28.36		$	24.67

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.45			0.77			0.32			0.36			0.54			0.39
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(3.84	)		(7.92	)		(0.91	)		5.39			4.92			3.93
Total from Investment Operations		(3.39	)		(7.15	)		(0.59	)		5.75			5.46			4.32

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.84	)		(0.61	)		(0.33	)		(0.37	)		(0.49	)		(0.44	)
Distributions from Capital Gains		0			(0.06	)		(0.06	)		—			—			(0.01	)
Distributions from Return of Capital		(0.08	)		—			—			(0.17	)		(0.06	)		(0.18	)
Total Distributions		(0.92	)		(0.67	)		(0.39	)		(0.54	)		(0.55	)		(0.63	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	^(f)		—			—			—			—
Net Asset Value, End of Period	$	25.37		$	29.68		$	37.50		$	38.48		$	33.27		$	28.36
Total Return		-11.61	%		-19.11	%		-1.63	%		17.46	%		19.50	%		17.89	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	455,346		$	700,548		$	1,299,321		$	1,119,810		$	552,214		$	22,691

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.62	%		0.60	%		0.60	%		0.60	%
Expenses to Average Net Assets After Advisory Fees (Waived) (see Note 3)		0.55	%		0.58	%		N/A			N/A			N/A			N/A
Net Investment Income (Loss) to Average Net Assets		3.25	%		2.43	%		0.81	%		1.02	%		1.70	%		1.55	%
Net Investment Income (Loss) to Average Net Assets After Advisory Fees (Waived) (see Note 3)		3.20	%		2.41	%		N/A			N/A			N/A			N/A
Portfolio Turnover Rate ^(d)		35	%		51	%		23	%		30	%		28	%		27	%

(a)	Commencement of operations on May 14, 2018. Information presented is from May 14, 2018 to April 30, 2019.

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

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

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

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

(f)	Represents less the $0.005.

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

183

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, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)(c)
Net Asset Value, Beginning of Period	$	36.60		$	34.95		$	37.16		$	25.23		$	28.16		$	25.01

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.22			0.40			0.34			0.26			0.50			0.25
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(5.90	)		1.65			(2.21	)		11.95			(3.00	)		3.11
Total from Investment Operations		(5.68	)		2.05			(1.87	)		12.21			(2.50	)		3.36

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.21	)		(0.40	)		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Total Distributions		(0.21	)		(0.40	)		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Net Asset Value, End of Period	$	30.71		$	36.60		$	34.95		$	37.16		$	25.23		$	28.16
Total Return ^(e)		-15.57	%		5.95	%		-5.11	%		48.66	%		-8.80	%		13.67	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	46,058		$	78,680		$	80,388		$	66,883		$	60,554		$	7,040

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.27	%		1.16	%		0.89	%		0.89	%		1.75	%		1.23	%
Portfolio Turnover Rate ^(d)		88	%		227	%		225	%		217	%		225	%		262	%

(a)	Commencement of operations on July 23, 2018. Information presented is from July 23, 2018 to April 30, 2019.

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

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

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

(e)	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.

184

Pacer CSOP FTSE China A50 ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)(c)
Net Asset Value, Beginning of Period	$	16.06		$	17.39		$	22.74		$	16.18		$	16.85		$	15.30

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.33			0.33			0.31			0.36			(0.07	)		0.31
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(2.26	)		(1.33	)		(5.33	)		6.54			0.15			1.48
Total from Investment Operations		(1.93	)		(1.00	)		(5.02	)		6.90			0.08			1.79

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.33	)		(0.37	)		(0.33	)		(0.71	)		(0.24	)
Distributions from Return of Capital		—			—			(0.01	)		(0.01	)		(0.04	)		—
Total Distributions		—			(0.33	)		(0.38	)		(0.34	)		(0.75	)		(0.24	)

CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	^(f)		0.05			0.00	^(f)		—			—
Net Asset Value, End of Period	$	14.13		$	16.06		$	17.39		$	22.74		$	16.18		$	16.85
Total Return		-12.04	%		-5.68	%		-22.15	%		42.73	%		0.14	%		12.05	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,322		$	4,914		$	6,188		$	10,367		$	8,992		$	12,740

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.70	%		0.71	%		0.70	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		4.39	%		2.03	%		1.49	%		1.73	%		-0.66	%		1.97	%
Portfolio Turnover Rate ^(d)		5	%		13	%		59	%		32	%		193	%		45	%

(a)	For the period October 1, 2019 to April 30, 2020.

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

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

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

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

(f)	Represents less the $0.005.

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

185

Pacer BioThreat Strategy ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021^(a)(c)
Net Asset Value, Beginning of Period	$	29.37		$	28.51		$	30.05		$	24.51

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.17			0.30			0.22			0.16
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(0.89	)		0.86			(1.52	)		5.53
Total from Investment Operations		(0.72	)		1.16			(1.30	)		5.69

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.17	)		(0.30	)		(0.24	)		(0.15	)
Distributions from Return of Capital		—			—			—			(0.00	)^(f)
Total Distributions		(0.17	)		(0.30	)		(0.24	)		(0.15	)
Net Asset Value, End of Period	$	28.48		$	29.37		$	28.51		$	30.05
Total Return		-2.48	%		4.13	%		-4.41	%		23.23	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,560		$	3,671		$	5,702		$	4,507

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.70	%		0.71	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		1.11	%		1.07	%		0.69	%		0.65	%
Portfolio Turnover Rate ^(d)		10	%		10	%		17	%		5	%

(a)	Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

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

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

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

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

(f)	Less than $0.005.

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

186

Pacer Lunt Large Cap Alternator ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021^(a)(c)
Net Asset Value, Beginning of Period	$	36.46		$	43.15		$	40.74		$	23.58

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.18			0.44			0.48			0.41
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(4.92	)		(6.67	)		2.36			17.16
Total from Investment Operations		(4.74	)		(6.23	)		2.84			17.57

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.17	)		(0.44	)		(0.43	)		(0.41	)
Distributions from Return of Capital		—			(0.02	)		—			—
Total Distributions		(0.17	)		(0.46	)		(0.43	)		(0.41	)
Net Asset Value, End of Period	$	31.55		$	36.46		$	43.15		$	40.74
Total Return		-13.05	%		-14.49	%		6.97	%		74.99	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	465,402		$	776,680		$	554,454		$	130,353

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.99	%		1.11	%		1.09	%		1.59	%
Portfolio Turnover Rate ^(d)		262	%		384	%		722	%		193	%

(a)	Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

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

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

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

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

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

187

Pacer Lunt Midcap Multi-Factor Alternator ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021^(a)(c)
Net Asset Value, Beginning of Period	$	33.19		$	32.19		$	37.07		$	23.84

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.11			0.37			0.20			0.07
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(0.51	)		1.01			(4.87	)		13.26
Total from Investment Operations		(0.40	)		1.38			(4.67	)		13.33

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.09	)		(0.36	)		(0.19	)		(0.07	)
Distributions from Return of Capital		—			(0.02	)		(0.02	)		(0.03	)
Total Distributions		(0.09	)		(0.38	)		(0.21	)		(0.10	)
Net Asset Value, End of Period	$	32.70		$	33.19		$	32.19		$	37.07
Total Return		-1.21	%		4.43	%		-12.66	%		56.04	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	35,972		$	34,852		$	35,406		$	35,219

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.61	%		1.14	%		0.55	%		0.27	%
Portfolio Turnover Rate ^(d)		200	%		569	%		529	%		322	%

(a)	Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

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

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

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

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

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

188

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, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021^(a)(c)
Net Asset Value, Beginning of Period	$	34.95		$	36.34		$	37.61		$	24.42

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.12			0.54			0.39			0.32
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		0.75			(1.38	)		(1.33	)		13.14
Total from Investment Operations		0.87			(0.84	)		(0.94	)		13.46

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.09	)		(0.55	)		(0.33	)		(0.27	)
Total Distributions		(0.09	)		(0.55	)		(0.33	)		(0.27	)
Net Asset Value, End of Period	$	35.73		$	34.95		$	36.34		$	37.61
Total Return		2.47	%		-2.26	%		-2.58	%		55.41	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	242,939		$	206,191		$	267,095		$	43,253

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.62	%		1.54	%		0.98	%		1.19	%
Portfolio Turnover Rate ^(d)		159	%		629	%		434	%		304	%

(a)	Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

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

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

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

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

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

189

Pacer US Export Leaders ETF

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

	For the Period Ended October 31, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)(c)
Net Asset Value, Beginning of Period	$	39.95		$	38.27		$	40.41		$	25.15		$	25.97		$	24.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.11			0.25			0.12			0.14			0.16			0.09
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		(1.25	)		1.67			(2.13	)		15.27			(0.82	)		0.98
Total from Investment Operations		(1.14	)		1.92			(2.01	)		15.41			(0.66	)		1.07

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.11	)		(0.24	)		(0.12	)		(0.15	)		(0.16	)		(0.08	)
Distribution from Return of Capital		—			—			(0.01	)		—			—			—
Total Distributions		(0.11	)		(0.24	)		(0.13	)		(0.15	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	38.70		$	39.95		$	38.27		$	40.41		$	25.15		$	25.97
Total Return		-2.86	%		5.06	%		-5.00	%		61.47	%		-2.53	%		4.33	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	34,831		$	19,976		$	3,827		$	2,021		$	1,257		$	1,298

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.50	%		0.64	%		0.29	%		0.43	%		0.61	%		0.50	%
Portfolio Turnover Rate ^(d)		40	%		74	%		79	%		111	%		79	%		55	%

(a)	Commencement of operations on July 23, 2018. Information presented is from July 23, 2018 to April 30, 2019.

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

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

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

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

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

190

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, 2023^(c) (Unaudited)			For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 ^(a)(c)			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended June 30, 2019
Net Asset Value, Beginning of Period	$	45.71		$	47.76		$	48.90		$	46.52		$	48.73		$	48.87

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		2.11			3.34			1.47			1.47			1.90			2.10
Net Realized and Unrealized Gain (Loss) on Investments ^(e)		0.28			(2.10	)		(1.29	)		2.47			(2.20	)		(0.15	)
Total from Investment Operations		2.39			1.24			0.18			3.94			(0.30	)		1.95

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.97	)		(3.29	)		(1.32	)		(1.56	)		(1.91	)		(2.09	)
Total Distributions		(1.97	)		(3.29	)		(1.32	)		(1.56	)		(1.91	)		(2.09	)
Net Asset Value, End of Period	$	46.13		$	45.71		$	47.76		$	48.90		$	46.52		$	48.73
Total Return		5.31	%		2.91	%		0.34	%		8.63	%		-0.70	%		4.09	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	160,062		$	100,095		$	81,663		$	31,788		$	27,911		$	29,240

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.62	%		0.68	%		1.06	%		1.63	%
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		N/A			N/A			N/A			0.86	%		1.10	%		1.10	%
Net Investment Income (Loss) to Average Net Assets		9.06	%		7.36	%		3.63	%		3.04	%		3.98	%		4.31	%
Portfolio Turnover Rate ^(d)		23	%		79	%		37	%		35	%		48	%		70	%

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

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

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

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

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

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

191

Pacer Industrials and Logistics ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Period Ended April 30, 2023^(a)(e)
Net Asset Value, Beginning of Period	$	25.24		$	24.87

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.44			0.43
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		(1.80	)		0.24
Total from Investment Operations		(1.36	)		0.67

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.55	)		(0.30	)
Total Distributions		(0.55	)		(0.30	)
Net Asset Value, End of Period	$	23.33		$	25.24
Total Return		-5.57	%		2.90	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	933		$	1,010

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		3.39	%		2.01	%
Portfolio Turnover Rate ^(d)		14	%		10	%

(a)	Commencement of operations on June 8, 2022. Information presented is from June 8, 2022 to April 30, 2023.

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

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

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

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

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

192

Pacer Data and Digital Revolution ETF

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

	For the Period Ended October 31, 2023^(e) (Unaudited)			For the Period Ended April 30, 2023^(a)(e)
Net Asset Value, Beginning of Period	$	25.36		$	25.31

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.05			0.15
Net Realized and Unrealized Gain (Loss) on Investments ^(c)		4.45			0.04
Total from Investment Operations		4.50			0.19

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.03	)		(0.14	)
Total Distributions		(0.03	)		(0.14	)
Net Asset Value, End of Period	$	29.83		$	25.36
Total Return		17.74	%		0.84	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,773		$	1,014

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.33	%		0.73	%
Portfolio Turnover Rate ^(d)		12	%		9	%

(a)	Commencement of operations on June 8, 2022. Information presented is from June 8, 2022 to April 30, 2023.

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

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

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

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

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

193

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited)

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, TRPL and QDPL fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000 shares, and FLRT, SHPP and TRFK which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

Fund Name

Ticker

Commencement
of Operations

Exchange

Transaction Fees

Pacer Trendpilot^® US Large Cap ETF

PTLC

June 11, 2015

Cboe

500

Pacer Trendpilot^® US Mid Cap ETF

PTMC

June 11, 2015

Cboe

300

Pacer Trendpilot^® 100 ETF

PTNQ

June 11, 2015

Nasdaq

300

Pacer Trendpilot^® European Index ETF

PTEU

December 14, 2015

Cboe

2,000

Pacer Trendpilot^® International ETF

PTIN

May 2, 2019

NYSE

8,000

Pacer Trendpilot^® US Bond ETF

PTBD

October 22, 2019

NYSE

500

Pacer Trendpilot^® Fund of Funds ETF

TRND

May 3, 2019

NYSE

300

Pacer US Cash Cows 100 ETF

COWZ

December 16, 2016

Cboe

300

Pacer US Small Cap Cash Cows 100 ETF

CALF

June 16, 2017

Cboe

300

Pacer Global Cash Cows Dividend ETF

GCOW

February 22, 2016

Cboe

1,500

Pacer Developed Markets International Cash Cows 100 ETF

ICOW

June 16, 2017

Cboe

1,500

Pacer Emerging Markets Cash Cows 100 ETF

ECOW

May 2, 2019

Nasdaq

1,750

Pacer US Large Cap Cash Cows Growth Leaders ETF

COWG

December 21, 2022

Nasdaq

300

Pacer US Small Cap Cash Cows Growth Leaders ETF

CAFG

May 1, 2023

Nasdaq

300

Pacer US Cash Cows Growth ETF

BUL

May 2, 2019

NYSE

300

Pacer Cash Cows Fund of Funds ETF

HERD

May 3, 2019

Nasdaq

300

Pacer WealthShield ETF

PWS

December 11, 2017

Cboe

500

Pacer Industrial Real Estate ETF

INDS

May 14, 2018

NYSE

300

Pacer Data & Infrastructure Real Estate ETF

SRVR

May 15, 2018

NYSE

300

Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF

SZNE

July 23, 2018

NYSE

500

194

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

Fund Name

Ticker

Commencement
of Operations

Exchange

Transaction Fees

Pacer CSOP FTSE China A50 ETF

AFTY

March 10, 2015

NYSE

300

Pacer BioThreat Strategy ETF

VIRS

June 24, 2020

Cboe

300

Pacer Lunt Large Cap Alternator ETF

ALTL

��

June 24, 2020

NYSE

300

Pacer Lunt Midcap Multi-Factor Alternator ETF

PAMC

June 24, 2020

NYSE

300

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PALC

June 24, 2020

NYSE

300

Pacer US Export Leaders ETF

PEXL

July 23, 2018

NYSE

300

Pacer Pacific Asset Floating Rate High Income ETF

FLRT

February 18, 2015

NYSE

300

Pacer Data and Digital Revolution ETF

TRFK

June 8, 2022

NYSE

750

Pacer Industrials and Logistics ETF

SHPP

June 8, 2022

NYSE

2,000

*	For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

Ticker	Index	Diversification
PTLC	Pacer Trendpilot^® US Large Cap Index	Diversified
PTMC	Pacer Trendpilot^® US Mid-Cap Index	Diversified
PTNQ	Pacer NASDAQ-100 Trendpilot^® Index	Non-Diversified
PTEU	Pacer Trendpilot^® European Index	Diversified
PTIN	Pacer Trendpilot^® International Index	Diversified
PTBD	Pacer Trendpilot^® US Bond Index	Diversified
TRND	Pacer Trendpilot Fund of Funds Index	Diversified
COWZ	Pacer US Cash Cows 100 Index	Diversified
CALF	Pacer US Small Cap Cash Cows Index	Diversified
GCOW	Pacer Global Cash Cows High Dividends 100 Index	Diversified
ICOW	Pacer Developed Markets International Cash Cows 100 Index	Diversified
ECOW	Pacer Emerging Markets Cash Cows 100 Index	Diversified
COWG	Pacer US Large Cap Cash Cows Growth Leaders Index	Non-Diversified
CAFG	Pacer US Small Cap Cash Cows Growth Leaders Index	Non-Diversified
BUL	Pacer US Cash Cows Growth Index	Non-Diversified
HERD	Pacer Cash Cows Fund of Funds Index	Diversified
PWS	Pacer WealthShield Index	Diversified
INDS	Solactive GPR Industrial Real Estate Index	Non-Diversified
SRVR	Solactive GPR Data & Infrastructure Real Estate Index	Non-Diversified
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index	Diversified
AFTY	FTSE China A50 Net Total Return Index	Diversified
VIRS	LifeSci BioThreat Strategy Index	Non-Diversified
ALTL	Lunt Capital U.S. Large Cap Equity Rotation Index	Non-Diversified
PAMC	Lunt Capital U.S. MidCap Multi-Factor Rotation Index	Non-Diversified
PALC	Lunt Capital U.S. Large Cap Multi-Factor Rotation Index	Non-Diversified
PEXL	US Export Leaders Index	Diversified
FLRT	Pacer Pacific Asset Floating Rate High Income Index	Non-Diversified
SHPP	Pacer Global Supply Chain Infrastructure Index	Non-Diversified
TRFK	Pacer Data Transmission and Communication Revolution Index	Non-Diversified

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

195

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities, including master limited partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.

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

The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 –

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

196

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2023:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,118,363,866	$	—	$	—	$	—	$	2,118,363,866
Real Estate Investment Trusts		47,471,932		—		—		—		47,471,932
Investments Purchased with Proceeds from Securities Lending		—		—		—		66,879,873		66,879,873
Total Investments in Securities	$	2,165,835,798	$	—	$	—	$	66,879,873	$	2,232,715,671

See Schedule of Investments for sector breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Short-Term Investments	$	—	$	357,884,919	$	—	$	—	$	357,884,919
Investments Purchased with Proceeds from Securities Lending		—		—		—		95,859,111		95,859,111
Total Investments in Securities	$	—	$	357,884,919	$	—	$	95,859,111	$	453,744,030

See Schedule of Investments for sector breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	473,138,303	$	—	$	—	$	—	$	473,138,303
Short-Term Investments		—		458,043,928		—		—		458,043,928
Investments Purchased with Proceeds from Securities Lending		—		—		—		293,288,927		293,288,927
Total Investments in Securities	$	473,138,303	$	458,043,928	$	—	$	293,288,927	$	1,224,471,158

See Schedule of Investments for sector breakouts.

197

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	—	$	—	$	125,630	$	—	$	125,630
Short-Term Investments				39,081,330		—		—		39,081,330
Investments Purchased with Proceeds from Securities Lending		—		—		—		7,820,667		7,820,667
Total Investments in Securities	$	—	$	39,081,330	$	125,630	$	7,820,667	$	47,027,627

See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTEU^(a)		Balance as of 4/30/2023				Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers Into Level 3				Transfers Out of Level 3				Balance as of 10/31/2023
Common Stocks		$	190,014			$	(626	)		$	(53,127	)		$	5,191			$	(15,822	)		$	—			$	—			$	125,630

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

PTEU

Fair Value as
of 10/31/2023

Valuation
Techniques

Unobservable
Input

Impact to Valuation From
an Increase to Input

Common Stocks

6,395

Last Trade Price

Stale Data

4.8 EUR

Common Stocks

119,235

Last Trade Price

Stale Data

85.89 EUR

^(a)

Table presents information for two securities: FF Group, which has been valued between 4.8 EUR and Koninklijke DSM NV, which has been valued between 76.13 - 118.75 EUR throughout the period.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	61,626,898	$	—	$	185,577	$	—	$	61,812,475
Exchange Traded Funds		2,862,016		—		—		—		2,862,016
Preferred Stocks		229,530		—		—		—		229,530
Real Estate Investment Trusts		263,660		—		—		—		263,660
Short-Term Investments		—		63,197,952		—		—		63,197,952
Investments Purchased with Proceeds from Securities Lending		—		—		—		11,120,976		11,120,976
Total Investments in Securities	$	64,982,104	$	63,197,952	$	185,577	$	11,120,976	$	139,486,609

See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTIN^(a)		Balance as of 4/30/2023				Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers Into Level 3				Transfers Out of Level 3				Balance as of 10/31/2023
Common Stocks		$	308,881			$	(427	)		$	(87,818	)		$	26,129			$	(61,188	)		$	—			$	—			$	185,577

198

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

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

PTIN

Fair Value as
of 10/31/2023

Valuation
Techniques

Unobservable
Input

Impact to Valuation From
an Increase to Input

Common Stocks

60,344

US Line

Delisting

23.35 AUD

Common Stocks

—

US Line

Delisting

0.00 CAD

Common Stocks

125,233

US Line

Delisting

85.89 EUR

^(a)

Table presents information for two securities: Newcrest Mining, which has been valued between 23.35 - 29.80 AUD, Koninklijke DSM NV, which is valued between 76.13 - 118.75 EUR and Constellation Soft which has been valued between 0.00 CAD throughout the period.

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	173,313,771	$	—	$	—	$	173,313,771
Investments Purchased with Proceeds from Securities Lending		—		—		—		31,815,494		31,815,494
Total Investments in Securities	$	—	$	173,313,771	$	—	$	31,815,494	$	205,129,265

See Schedule of Investments for sector breakouts.

TRND

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	48,215,035	$	—	$	—	$	—	$	48,215,035
Total Investments in Securities	$	48,215,035	$	—	$	—	$	—	$	48,215,035

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	15,325,036,690	$	—	$	—	$	—	$	15,325,036,690
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,063,284,166		1,063,284,166
Total Investments in Securities	$	15,325,036,690	$	—	$	—	$	1,063,284,166	$	16,388,320,856

See Schedule of Investments for sector breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,947,194,559	$	—	$	—	$	—	$	3,947,194,559
Investments Purchased with Proceeds from Securities Lending		—		—		—		571,109,665		571,109,665
Total Investments in Securities	$	3,947,194,559	$	—	$	—	$	571,109,665	$	4,518,304,224

See Schedule of Investments for sector breakouts.

199

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,622,886,998	$	—	$	—	$	—	$	1,622,886,998
Investments Purchased with Proceeds from Securities Lending		—		—		—		182,612,601		182,612,601
Total Investments in Securities	$	1,622,886,998	$	—	$	—	$	182,612,601	$	1,805,499,599

See Schedule of Investments for country breakouts.

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	850,651,001	$	—	$	—	$	—	$	850,651,001
Investments Purchased with Proceeds from Securities Lending		—		—		—		95,366,448		95,366,448
Total Investments in Securities	$	850,651,001	$	—	$	—	$	95,366,448	$	946,017,449

See Schedule of Investments for country breakouts.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	62,088,927	$	—	$	0	$	—	$	62,088,927
Preferred Stocks		3,661,598		—		—		—		3,661,598
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,606,922		3,606,922
Total Investments in Securities	$	65,750,525	$	—	$	—	$	3,606,922	$	69,357,447

See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

ECOW		Balance as of 4/30/2023				Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers Out of Level 3				Transfers Into Level 3				Balance as of 10/31/2023
Common Stocks		$	0			$	—			$	—			$	—			$	—			$	—			$	—				0

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

ECOW

Fair Value as
of 10/31/2023

Valuation
Techniques

Unobservable Input

Impact to Valuation From
an Increase to Input

Common Stocks

Market comparable companies

Discount for lack of marketability

$0.00

Table presents information for ten securities, which due to the Russian foreign exchange restrictions are not actively trading.

200

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

COWG

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	36,085,808	$	—	$	—	$	—	$	36,085,808
Total Investments in Securities	$	36,085,808	$	—	$	—	$	—	$	36,085,808

See Schedule of Investments for sector breakouts.

CAFG

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,944,378	$	—	$	—	$	—	$	1,944,378
Total Investments in Securities	$	1,944,378	$	—	$	—	$	—	$	1,944,378

See Schedule of Investments for sector breakouts.

BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	34,512,267	$	—	$	—	$	—	$	34,512,267
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,103,029		5,103,029
Total Investments in Securities	$	34,512,267	$	—	$	—	$	5,103,029	$	39,615,296

See Schedule of Investments for sector breakouts.

HERD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	71,381,125	$	—	$	—	$	—	$	71,381,125
Total Investments in Securities	$	71,381,125	$	—	$	—	$	—	$	71,381,125

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Contingent Value Rights	$	—	$	—	$	2,509	$	—	$	2,509
Investment Purchased with Proceeds from Securities Lending		—		—		—		2,960,492		2,960,492
Short-Term Investments		—		25,458,050		—		—		25,458,050
Total Investments in Securities	$	—	$	25,458,050	$	2,509	$	2,960,492	$	28,421,051

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 4/30/2023	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/2023
Contingent Value Rights	$ 2,509	$ —	$ —	$ —	$ —	$ —	$ —	$ 2,509

201

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

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

PWS

Fair Value as
of 10/31/2023

Valuation
Techniques

Unobservable
Input

Impact to Valuation From
an Increase to Input

Contingent Value Rights

—

Acquisition Price

Stale Data

$0.00

Contingent Value Rights

2,509

Acquisition Price

Stale Data

$0.40

^(a)

Table presents information for two securities, Abiomed has been valued at $0.00 and Achillion Pharmaceuticals has been valued between $0.40 throughout the period.

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Real Estate Investment Trusts	$	162,867,892	$	—	$	—	$	—	$	162,867,892
Short-Term Investments		7,990,209		—		—		—		7,990,209
Investments Purchased with Proceeds from Securities Lending		—		—		—		11,257,062		11,257,062
Total Investments in Securities	$	170,858,101	$	—	$	—	$	11,257,062	$	182,115,163

See Schedule of Investments for sector breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	124,662,303	$	—	$	—	$	—	$	124,662,303
Real Estate Investment Trusts		295,704,945		—		—		—		295,704,945
Exchange Traded Funds		35,087,512		—		—		—		35,087,512
Investments Purchased with Proceeds from Securities Lending		—		—		—		29,839,194		29,839,194
Total Investments in Securities	$	455,454,760	$	—	$	—	$	29,839,194	$	485,293,954

See Schedule of Investments for sector breakouts.

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	45,751,867	$	—	$	—	$	—	$	45,751,867
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,442,830		6,442,830
Total Investments in Securities	$	45,751,867	$	��	$	—	$	6,442,830	$	52,194,697

See Schedule of Investments for sector breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,294,996	$	—	$	—	$	—	$	4,294,996
Total Investments in Securities	$	4,294,996	$	—	$	—	$	—	$	4,294,996

See Schedule of Investments for sector breakouts.

202

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,553,529	$	—	$	—	$	—	$	3,553,529
Investments Purchased with Proceeds from Securities Lending		—		—		—		840,768		840,768
Total Investments in Securities	$	3,553,529	$	—	$	—	$	840,768	$	4,394,297

See Schedule of Investments for sector breakouts.

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	465,341,725	$	—	$	—	$	—	$	465,341,725
Investments Purchased with Proceeds from Securities Lending		—		—		—		54,376,421		54,376,421
Total Investments in Securities	$	465,341,725	$	—	$	—	$	54,376,421	$	519,718,146

See Schedule of Investments for sector breakouts.

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	35,937,300	$	—	$	—	$	—	$	35,937,300
Investments Purchased with Proceeds from Securities Lending		—		—		—		9,934,227		9,934,227
Total Investments in Securities	$	35,937,300	$	—	$	—	$	9,934,227	$	45,871,527

See Schedule of Investments for sector breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	241,813,474	$	—	$	—	$	—	$	241,813,474
Real Estate Investment Trusts		881,638		—		—		—		881,638
Investments Purchased with Proceeds from Securities Lending		—		—		—		15,776,548		15,776,548
Total Investments in Securities	$	242,695,112	$	—	$	—	$	15,776,548	$	258,471,660

See Schedule of Investments for sector breakouts.

203

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	34,436,425	$	—	$	—	$	—	$	34,436,425
Real Estate Investment Trusts		362,631		—		—		—		362,631
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,216,008		6,216,008
Total Investments in Securities	$	34,799,056	$	—	$	—	$	6,216,008	$	41,015,064

See Schedule of Investments for sector breakouts.

FLRT

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Asset-Backed Securities	$	—	$	61,096,652	$	—	$	—	$	61,096,652
Bank Loans		—		72,869,862		—		—		72,869,862
Closed-End Funds		17,831		—		—		—		17,831
Corporate Bonds		–		14,943,044		—		—		14,943,044
Exchange Traded Funds		1,166,191		—		—		—		1,166,191
Short-Term Investments		—		—		—		—		—
Total Investments in Securities	$	1,184,022	$	148,909,558	$	—	$	—	$	150,093,580

See Schedule of Investments for sector breakouts.

SHPP

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	908,640	$	—	$	—	$	—	$	908,640
Exchange Traded Funds		22,085		—		—		—		22,085
Total Investments in Securities	$	930,725	$	—	$	—	$	—	$	930,725

See Schedule of Investments for sector breakouts.

TRFK

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,772,573	$	—	$	—	$	—	$	4,772,573
Total Investments in Securities	$	4,772,573	$	—	$	—	$	—	$	4,772,573

^ See Schedule of Investments for sector breakouts.

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.

204

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

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, 2023, the Funds did not have any tax positions that did not meet the “more-likely- than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2023, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2020-2022) or expected to be taken in each of the Fund’s 2023 tax returns. During the year/period ended April 30, 2023, the Funds did not incur any interest or penalties.

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

Distributions received from a 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.

Distributions to Shareholders. Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. COWZ, CALF, GCOW, ICOW, ECOW, COWG, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, VIRS, ALTL, PAMC, PALC, PEXL, , TRFK, and SHPP, are declared and paid on a quarterly basis. PTBD and FLRT are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. 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.

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.

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, 2023, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTLC	$	457,290		$	(457,290	)
PTMC		(251,416	)		251,416
PTNQ		(996,503	)		996,503
PTEU		(315,845	)		315,845
PTIN		(251,416	)		251,416

205

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTBD	$	22,532,557		$	(22,532,557	)
TRND		(1,544,971	)		1,544,971
COWZ		(247,364,944	)		247,364,944
CALF		(35,741,369	)		35,741,369
GCOW		(18,042,406	)		18,042,406
ICOW		—			—
ECOW		—			—
COWG		—			—
BUL		(661,477	)		661,477
HERD		(192,575	)		192,575
PWS		224,118			(224,118	)
INDS		(8,469,724	)		8,469,724
SRVR		(1,990,966	)		1,990,966
SZNE		(1,027,833	)		1,027,833
AFTY		—			—
VIRS		126,589			(126,589	)
ALTL		10,730,507			(10,730,507	)
PAMC		(2,887,568	)		2,887,568
PALC		1,050,302			(1,050,302	)
PEXL		391			(391	)
FLRT		—			—
TRFK		—			—
SHPP		—			—

CAFG commenced operations after April 30, 2023.

During the fiscal year/period ended April 30, 2023, 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	$	(396,818	)
PTMC		98,201
PTNQ		1,081,720
PTEU		315,512
PTIN		247,366
PTBD		(9,870,068	)
TRND		1,546,236
COWZ		269,157,456
CALF		39,143,650
GCOW		18,196,113
ICOW		—
ECOW		—
COWG		—
BUL		2,339,659
HERD		400,779
PWS		(213,903	)
INDS		12,500,323
SRVR		22,462,572

206

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

SZNE	$	1,070,927
AFTY		—
VIRS		(99,844	)
ALTL		(10,349,331	)
PAMC		3,089,659
PALC		(331,515	)
PEXL		—
FLRT		—
TRFK		—
SHPP		—

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	%
PTEU		0.65	%
PTIN		0.65	%
PTBD		0.60	%
TRND		0.15	%
COWZ		0.49	%
CALF		0.59	%
GCOW		0.60	%
ICOW		0.65	%
ECOW		0.70	%
COWG		0.49	%
CAFG		0.59	%
BUL		0.60	%
HERD		0.15	%
PWS		0.60	%
INDS		0.60	%
SRVR		0.60	%
SZNE		0.60	%
AFTY		0.70	%
VIRS		0.70	%
ALTL		0.60	%
PAMC		0.60	%
PALC		0.60	%
PEXL		0.60	%
FLRT		0.60	%
SHPP		0.60	%
TRFK		0.60	%

207

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

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, and Aristotle Pacific Capital, LLC (“Aristotle Pacific”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, and Aristotle Pacific are paid by the Adviser.

Effective November 1, 2022, pursuant to a contractual agreement between the Trust on behalf of each INDS and SRVR, the Adviser shall waive a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund’s total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average daily net assets of each Fund. For the year ended April 30, 2023, the Adviser’s management fee was reduced by $54,148 and $206,699 in INDS and SRVR, respectively. This contractual agreement expires on October 31, 2024. The Adviser is not entitled to recoup any fees that have been previously waived.

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

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

Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the “Sub-Advisory Agreement”), Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.

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

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

NOTE 4 – SERVICE AND CUSTODY AGREEMENTS

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.

NOTE 5 – SECURITIES LENDING

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and

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length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of October 31, 2023, 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, 2023, the Funds (excluding TRND, COWG, CAFG, HERD, AFTY, FLRT, TRFK, and SHPP) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2023.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	66,879,873
PTMC		95,859,111
PTNQ		293,288,927
PTEU		7,820,667
PTIN		11,120,976
PTBD		31,815,494
TRND		—
COWZ		1,063,284,166
CALF		571,109,665
GCOW		182,612,601
ICOW		95,366,448
ECOW		3,606,922
COWG		—
CAFG		—
BUL		5,103,029
HERD		—
PWS		2,960,492
INDS		11,257,062
SRVR		29,839,194
SZNE		6,442,830
AFTY		—
VIRS		840,768
ALTL		54,376,421
PAMC		9,934,227
PALC		15,776,548
PEXL		6,216,008
FLRT		—
SHPP		—
TRFK		—

209

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

*	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 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2023:

Liabilities

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PTLC
Securities Lending	$	66,879,873	$	—	$	66,879,873	$	66,879,873	$	—	$	—
PTMC
Securities Lending		95,859,111		—		95,859,111	$	95,859,111		—		—
PTNQ
Securities Lending		293,288,927		—		293,288,927	$	293,288,927		—		—
PTEU
Securities Lending		7,820,667		—		7,820,667	$	7,820,667		—		—
PTIN
Securities Lending		11,120,976		—		11,120,976	$	11,120,976		—		—
PTBD
Securities Lending		31,815,494		—		31,815,494	$	31,815,494		—		—
TRND
Securities Lending		—		—		—	$	—		—		—
COWZ
Securities Lending		1,063,284,166		—		1,063,284,166	$	1,063,284,166		—		—
CALF
Securities Lending		571,109,665		—		571,109,665	$	571,109,665		—		—
GCOW
Securities Lending		182,612,601		—		182,612,601	$	182,612,601		—		—
ICOW
Securities Lending		95,366,448		—		95,366,448	$	95,366,448		—		—
ECOW
Securities Lending		3,606,922		—		3,606,922	$	3,606,922		—		—
COWG
Securities Lending		—		—		—	$	—		—		—
CAFG
Securities Lending		—		—		—	$	—		—		—
BUL
Securities Lending		5,103,029		—		5,103,029	$	5,103,029		—		—
HERD
Securities Lending		—		—		—	$	—		—		—
PWS
Securities Lending		2,960,492		—		2,960,492	$	2,960,492		—		—
INDS
Securities Lending		11,257,062		—		11,257,062	$	11,257,062		—		—

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October 31, 2023 (Unaudited) (Continued)

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
SRVR
Securities Lending	$	29,839,194	$	—	$	29,839,194	$	29,839,194	$	—	$	—
SZNE
Securities Lending		6,442,830		—		6,442,830	$	6,442,830		—		—
AFTY
Securities Lending		—		—		—	$	—		—		—
VIRS
Securities Lending		840,768		—		840,768	$	840,768		—		—
ALTL
Securities Lending		54,376,421		—		54,376,421	$	54,376,421		—		—
PAMC
Securities Lending		9,934,227		—		9,934,227	$	9,934,227		—		—
PALC
Securities Lending		15,776,548		—		15,776,548	$	15,776,548		—		—
PEXL
Securities Lending		6,216,008		—		6,216,008	$	6,216,008		—		—
FLRT
Securities Lending		—		—		—	$	—		—		—
SHPP
Securities Lending		—		—		—	$	—		—		—
TRFK
Securities Lending		—		—		—	$	—		—		—	��

NOTE 8 – INVESTMENT TRANSACTIONS

For the year/period ended October 31, 2023, 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	$	39,910,493	$	27,762,778	$	137,133,694	$	28,733,879	$	—	$	—
PTMC		431,310,161		789,783,461		1,550,284		9,639,200		—		—
PTNQ		62,850,527		486,167,458		206,094,281		129,231,283		—		—
PTEU		1,694,108		40,217,651		3,949,737		3,874,394		—		—
PTIN		7,345,466		69,896,957		15,433,614		—		—		—
PTBD		221,122,515		224,481,847		—		44,982,663		—		226,518,815
TRND		1,835,807		1,535,325		1,458,894		5,637,992		—		—
COWZ		4,501,693,644		4,517,114,488		2,417,616,200		485,635,542		—		—
CALF		1,528,701,469		1,523,923,905		1,852,001,541		23,106,844		—		—
GCOW		621,109,107		612,982,112		192,465,643		24,804,498		—		—
ICOW		234,823,937		199,957,298		336,358,652		38,315,038		—		—
ECOW		31,834,905		23,315,336		7,843,344		—		—		—
COWG		22,731,956		32,112,304		22,731,956		6,438,203		—		—
CAFG		1,113,017		1,107,607		3,761,143		1,641,279		—		—
BUL		9,918,296		20,423,639		1,646,846		5,261,983		—		—

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

	Purchases		Sales		In-Kind Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
HERD	$	1,311,749	$	18,351,351	$	31,789,216	$	8,545,560	$	—	$	—
PWS		31,308,641		56,219,246		4,507,570		2,397,354		377,724		23,582,640
INDS		16,302,415		19,247,631		9,908,690		13,327,214		—		—
SRVR		200,168,647		523,752,096		2,886,992		156,894,683		—		—
SZNE		52,343,781		52,331,278		—		22,955,489		—		—
AFTY		325,137		232,636		—		—		—		—
VIRS		377,689		371,156		777,783		779,680		—		—
ALTL		1,708,841,949		1,709,733,896		1,778,728		235,699,357		—		—
PAMC		72,618,370		72,595,215		5,149,654		3,382,713		—		—
PALC		370,572,554		369,701,981		86,190,989		52,356,164		—		—
PEXL		12,378,608		12,234,611		20,543,725		4,338,147		—		—
FLRT		82,877,856		28,009,329		—		—		—		—
SHPP		137,175		141,436		—		—		—		—
TRFK		432,757		413,377		4,193,454		542,960		—		—

NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES

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

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

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2023		Purchases		Sales			Balance October 31, 2023
PTBD		513,868		51,835		(64,483	)		501,220
PTIN		396,769		18,426		(43,071	)		372,124
PTLC		275,318		11,064		(36,217	)		250,165
PTMC		323,679		28,887		(34,672	)		317,894
PTNQ		191,684		5,800		(36,212	)		161,272

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTBD	$	9,598,363	$	337,467	$	(206,806	)	$	(334,706	)
PTIN		9,288,215		—		132,139			(905,699	)
PTLC		9,766,442		—		278,710			(154,571	)
PTMC		9,721,198		—		100,898			(651,382	)
PTNQ		9,840,817		—		498,149			617,298
Total		48,215,035		337,467		803,091			(1,429,059	)

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

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

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2023		Purchases		Sales			Balance October 31, 2023
BUL		279,015		191,996		(60,096	)		410,915
CALF		254,470		162,017		(57,850	)		358,637
COWZ		206,174		134,084		(40,491	)		299,767
GCOW		288,041		217,945		(50,164	)		455,822
ICOW		328,702		224,601		(56,714	)		496,589

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	14,196,168	$	124,588	$	44,319	$	(150,410	)
CALF		14,216,370		83,494		160,308		639,384
COWZ		14,310,877		124,900		116,877		146,804
GCOW		14,385,742		494,201		202,364		(1,160,884	)
ICOW		14,271,968		341,071		240,815		(713,242	)
Total		71,381,125		1,168,254		764,683		(1,238,348	)

213

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

NOTE 10 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2023 were as follows:

	PTLC			PTMC			PTNQ			PTEU			PTIN
Tax cost of investments	$	2,100,049,150		$	459,414,302		$	748,092,838		$	43,521,872		$	137,845,654
Gross tax unrealized appreciation		124,679,586			13,358,267			66,947,624			6,591,993			11,941,100
Gross tax unrealized depreciation		(75,491,359	)		(34,217,821	)		(27,927,042	)		(308,672	)		(2,511,270	)
Net tax unrealized appreciation (depreciation)		49,188,227			(20,859,554	)		39,020,582			6,283,321			9,429,830
Undistributed ordinary income		11,985,418			1,406,892			1,806,599			373,260			1,202,626
Total distributable earnings		11,985,418			1,406,892			1,806,599			373,260			1,202,626
Other accumulated (loss)		(344,621,811	)		(95,671,299	)		(48,421,744	)		(50,809,277	)		(23,957,977	)
Total accumulated gain (loss)	$	(283,448,166	)	$	(115,123,961	)	$	(7,594,563	)	$	(44,152,696	)	$	(13,325,521	)

	PTBD			TRND			COWZ			CALF			GCOW
Tax cost of investments	$	229,905,703		$	54,292,823		$	14,194,928,882		$	2,659,432,331		$	1,659,936,553
Gross tax unrealized appreciation		1,067,755			2,859,034			943,506,669			149,760,596			122,695,449
Gross tax unrealized depreciation		(200,773	)		(4,360,562	)		(814,646,149	)		(159,292,431	)		(81,657,074	)
Net tax unrealized appreciation (depreciation)		866,982			(1,501,528	)		128,860,520			(9,531,835	)		41,038,375
Undistributed ordinary income		91,809			179,701			17,718,355			1,795,619			21,259,450
Total distributable earnings		91,809			179,701			17,718,355			1,795,619			21,259,450
Other accumulated (loss)		(258,085,127	)		(1,106,307	)		(712,687,458	)		(189,069,504	)		(41,311,192	)
Total accumulated gain (loss)	$	(257,126,336	)	$	(2,428,134	)	$	(566,108,583	)	$	(196,805,720	)	$	20,986,633

	ICOW			ECOW			COWG			BUL			HERD
Tax cost of investments	$	560,524,772		$	58,761,358		$	19,831,387		$	45,011,549		$	48,310,950
Gross tax unrealized appreciation		46,478,999			4,609,911			550,941			1,239,758			1,501,875
Gross tax unrealized depreciation		(21,313,361	)		(5,429,111	)		(789,556	)		(2,642,959	)		(1,188,786	)
Net tax unrealized appreciation (depreciation)		25,165,638			(819,200	)		(238,615	)		(1,403,201	)		313,089
Undistributed ordinary income		4,783,974			592,929			1,594			47,589			—
Total distributable earnings		4,783,974			592,929			1,594			47,589			—
Other accumulated (loss)		(16,070,122	)		(1,850,131	)		(45,989	)		(2,807,329	)		—
Total accumulated gain (loss)	$	13,879,490		$	(2,076,402	)	$	(283,010	)	$	(4,162,941	)	$	313,089

	PWS			INDS			SRVR			SZNE			AFTY
Tax cost of investments	$	24,628,001		$	264,930,102		$	883,767,835		$	90,692,721		$	4,864,144
Gross tax unrealized appreciation		6,000			13,295,158			41,316,158			732			752,155
Gross tax unrealized depreciation		(6,965	)		(15,142,125	)		(173,242,156	)		(6,433	)		(706,103	)
Net tax unrealized appreciation (depreciation)		(965	)		(1,846,967	)		(131,925,998	)		(5,701	)		46,052
Undistributed ordinary income		99,650			3,930,239			9,486,246			23,109			—
Total distributable earnings		99,650			3,930,239			9,486,246			23,109			—
Other accumulated (loss)		(27,066,941	)		(53,986,956	)		(193,211,175	)		(18,491,371	)		(1,939,125	)
Total accumulated gain (loss)	$	(26,968,256	)	$	(51,903,684	)	$	(315,650,927	)	$	(18,473,963	)	$	(1,893,073	)

214

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

	VIRS			ALTL			PAMC			PALC			PEXL
Tax cost of investments	$	5,154,293		$	915,223,508		$	38,132,711		$	215,180,796		$	22,337,869
Gross tax unrealized appreciation		263,408			29,245,200			1,736,619			12,648,805			1,419,761
Gross tax unrealized depreciation		(907,141	)		(95,962,377	)		(1,161,151	)		(5,679,642	)		(923,125	)
Net tax unrealized appreciation (depreciation)		(643,733	)		(66,717,177	)		575,468			6,969,163			496,636
Undistributed ordinary income		1,083			—			—			21,540			—
Total distributable earnings		1,083			—			—			21,540			—
Other accumulated (loss)		(44,801	)		(138,076,081	)		(11,034,121	)		(53,734,120	)		(291,031	)
Total accumulated gain (loss)	$	(687,451	)	$	(204,793,258	)	$	(10,458,653	)	$	(46,743,417	)	$	205,605

	FLRT			TRFK			SHPP
Tax cost of investments	$	101,272,977		$	1,015,623		$	997,789
Gross tax unrealized appreciation		582,644			103,244			76,399
Gross tax unrealized depreciation		(2,189,390	)		(104,035	)		(66,396	)
Net tax unrealized appreciation (depreciation)		(1,606,746	)		(791	)		10,003
Undistributed ordinary income		118,551			2,858			4,921
Total distributable earnings		118,551			2,858			4,921
Other accumulated (loss)		(4,088,245	)		—			(1	)
Total accumulated gain (loss)	$	(5,576,440	)	$	2,067		$	14,923

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, 2023 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

At April 30, 2023, the Funds had the following capital loss carryforwards:

	Short-Term		Long-Term		Expires
PTLC	$	232,693,175	$	111,928,636		Indefinite
PTMC		95,671,299		—		Indefinite
PTNQ		31,946,549		16,475,195		Indefinite
PTEU		40,109,453		10,691,617		Indefinite
PTIN		19,625,112		4,325,834		Indefinite
PTBD		257,874,006		211,121		Indefinite
TRND		542,708		563,599		Indefinite
COWZ		578,283,703		134,403,755		Indefinite
CALF		148,946,746		40,122,758		Indefinite
GCOW		21,974,274		19,326,918		Indefinite
ICOW		12,620,739		3,449,383		Indefinite
ECOW		1,290,049		560,082		Indefinite
COWG		45,989		—		Indefinite
BUL		2,602,956		204,373		Indefinite
HERD		—		—		Indefinite
PWS		27,066,068		873		Indefinite
INDS		42,220,579		11,766,377		Indefinite
SRVR		43,921,803		149,289,372		Indefinite
SZNE		18,491,371		—		Indefinite
AFTY		1,477,286		453,454		Indefinite
VIRS		12,428		32,373		Indefinite
ALTL		138,076,081		—		Indefinite
PAMC		11,034,121		—		Indefinite
PALC		53,267,315		466,805		Indefinite

215

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

	Short-Term		Long-Term		Expires
PEXL	$	188,070	$	102,961		Indefinite
FLRT		3,323,461		764,784		Indefinite
TRFK		—		—		Indefinite
SHPP		1		—		Indefinite

At April 30, 2023, AFTY deferred on a tax basis, post-December ordinary late-year losses of $8,385, respectively. None of the Funds deferred on a tax basis post-October capital losses.

CAFG commenced operations after April 30, 2023.

NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2023, was as follows:

	Ordinary Income
PTLC	$	—
PTMC		—
PTNQ		—
PTEU		—
PTIN		—
PTBD		(6,520,934	)
TRND		—
COWZ		(143,493,953	)
CALF		(19,887,863	)
GCOW		(68,674,254	)
ICOW		(20,056,309	)
ECOW		(2,747,150	)
COWG		(64,563	)
CAFG		(6,077	)
BUL		(379,524	)
HERD		(1,134,993	)
PWS		(267,672	)
INDS		(6,558,173	)
SRVR		(18,434,529	)
SZNE		(343,368	)
AFTY		—
VIRS		(21,363	)
ALTL		(3,145,304	)
PAMC		(99,406	)
PALC		(545,493	)
PEXL		(86,282	)
FLRT		(5,574,501	)
SHPP		(21,933	)
TRFK		(3,710	)

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2023 was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	26,415,381	$	—	$	—	$	—
PTMC		3,237,926		—		—		—
PTNQ		4,142,394		—		—		—

216

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTEU	$	273,384	$	—	$	—	$	—
PTIN		444,569		—		—		—
PTBD		26,684,806		—		—		—
TRND		942,758		—		—		—
COWZ		193,788,560		—		—		—
CALF		16,000,780		—		—		—
GCOW		33,617,373		—		—		—
ICOW		7,687,068		—		—		—
ECOW		973,074		—		—		—
COWG		9,399		—		—		—
BUL		382,192		—		—		—
HERD		584,387		—		117		1,841
PWS		597,772		—		—		—
INDS		6,149,407		—		—		—
SRVR		18,743,593		—		1,717,631		—
SZNE		826,693		—		—		—
AFTY		100,794		—		—		—
VIRS		46,298		—		—		—
ALTL		9,575,595		—		—		488,359
PAMC		410,052		—		—		20,581
PALC		3,553,899		—		—		—
PEXL		62,468		—		—		—
FLRT		5,819,045		—		—		—
TRFK		5,555		—		—		—
SHPP		12,171		—		—		—

NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

NOTE 13 – RISKS

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

LIBOR Transition

Certain of the FLRT fund’s investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund’s performance. With respect to the fund’s accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual

217

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

● Industrials Sector Risk. The SHPP Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

● Information Technology Sector Risk. The TRFK Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

NOTE 14 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On November 21, 2023, the following Funds declared distributions from ordinary income to shareholders of record as of November 24, 2023, Payable November 29, 2023, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	1,162,959	$	0.33737946
PTBD	$	1,050,403	$	0.11417428

218

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NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

On December 26, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of December 28, 2023, Payable January 3, 2024, as follows:

	Ordinary Income		Per Share Amount
AFTY	$	92,239	$	0.30155093
ALTL		1,840,711		0.17784648
BUL		223,941		0.21327715
CAFG		5,515		0.03151429
CALF		22,434,893		0.16375834
COWZ		104,282,222		0.29769404
ECOW		688,406		0.18357494
COWG		93,413		0.04246046
GCOW		15,375,985		0.28212817
ICOW		9,254,914		0.25708095
INDS		—		—
PALC		990,311		0.14457095
PAMC		108,512		0.09864728
PEXL		50,739		0.04612637
PWS		161,000		0.18941177
SHPP		7,617		0.19042500
SRVR		—		—
SZNE		184,016		0.14721280
PTEU		1,192,866		0.68163772
PTIN		3,142,461		0.57659835
PTLC		28,840,382		0.51044924
PTMC		7,000,000		0.63063064
PTNQ		15,996,062		0.96072445
TRFK		5,091		0.02828334
VIRS		8,002		0.08002000
FLRT		1,533,325		0.48369874
PTBD		1,517,566		0.16861845

On December 27, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of December 29, 2023, Payable January 4, 2024, as follows:

	Ordinary Income		Per Share Amount
HERD	$	466,817	$	0.21218955
TRND		1,304,500		0.74542858

219

Pacer Funds

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 September 20, 2023, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Funds’ Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation. In considering the report, the Trustees noted that the Program Administrator has determined that certain funds within the Pacer Funds Trust are deemed “In-Kind” in accordance with Rule 22e-4. They then reviewed the changes to the Program that were implemented during the past year with the Program Administrator, and reviewed all of the material features of the Program to ensure that they understand how the Program is designed to assess and manage the risk that the Funds within the Trust could not meet requests to redeem shares issued by the Funds without significant dilution of remaining investors in the Funds. Following this review and discussion, the Trustees determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively assess the Program and its implementation, and that they are comfortable with the report’s conclusion that the Program is reasonably designed to assess and manage the Funds’ liquidity risk, and that the Program has operated as intended during the past year.

220

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

For the fiscal year/period ended April 30, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The 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	32.80%	32.55%	0.00%
PTMC	44.67%	44.62%	0.00%
PTNQ	60.73%	58.97%	0.00%
PTEU	73.30%	0.72%	0.00%
PTIN	99.43%	6.82%	0.00%
PTBD	0.00%	0.00%	0.00%
TRND	20.88%	15.85%	0.00%
COWZ	100.00%	100.00%	0.00%
CALF	100.00%	100.00%	0.00%
GCOW	97.51%	16.60%	0.00%
ICOW	100.00%	0.04%	0.00%
ECOW	75.83%	1.58%	0.00%
COWG	100.00%	100.00%	0.00%
BUL	100.00%	100.00%	0.00%
HERD	100.00%	45.15%	0.98%
PWS	35.49%	34.45%	0.00%
INDS	19.80%	3.82%	0.00%
SRVR	32.88%	3.09%	0.00%
SZNE	100.00%	100.00%	0.00%
AFTY	100.00%	0.00%	0.00%
VIRS	100.00%	100.00%	0.25%
ALTL	100.00%	100.00%	0.00%
PAMC	100.00%	100.00%	0.00%
PALC	100.00%	97.81%	0.00%
PEXL	100.00%	100.00%	0.00%
FLRT	0.00%	0.00%	0.00%
TRFK	100.00%	100.00%	0.00%
SHPP	97.62%	31.28%	0.00%

221

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		561,229		95,692		0.34		0.06
PTIN		1,837,328		192,825		0.40		0.04
PTBD		—		—		—		—
TRND		18,494		18,494		0.01		0.01
COWZ		—		—		—		—
CALF		—		—		—		—
GCOW		53,229,700		4,644,285		1.15		0.10
ICOW		15,101,347		1,505,553		0.81		0.08
ECOW		1,675,467		135,495		0.59		0.05
COWG		—		—		—		—
BUL		—		—		—		—
HERD		376,560		34,987		0.26		0.02
PWS		—		—		—		—
INDS		—		—		—		—
SRVR		—		—		—		—
SZNE		—		—		—		—
AFTY		165,592		16,574		0.54		0.05
VIRS		—		—		—		—
ALTL		—		—		—		—
PAMC		—		—		—		—
PALC		—		—		—		—
PEXL		—		—		—		—
FLRT		—		—		—		—
TRFK		—		—		—		—
SHPP		16,485		1,688		0.41		0.04

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.

222

Pacer Funds

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 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Trendpilot Bond ETF Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Trendpilot US Bond ETF (“Trendpilot Bond ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “Vident Sub-Advisory Agreement”) between the Adviser and Vident Investment Advisory, LLC (“Vident” or the “Sub-Adviser”) with respect to the Fund.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement.

Representatives from the Adviser and Vident presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Vident’s services, fees and other aspects of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (2) the Adviser’s and Vident’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (3) the Adviser’s and Vident’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Vident is prepared to provide to Trendpilot Bond ETF; (5) the advisory fee payable by the Trendpilot Bond ETF to the Adviser for its services and the sub-advisory fee payable to Vident by the Adviser under the Vident Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Vident.

In considering the approval of the Trendpilot Bond ETF Advisory Agreement and the Vident SubAdvisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and Vident, including the performance of the Adviser and Vident with respect to the Trendpilot Bond ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Trendpilot Bond ETF, of the advisory services to be provided to the Trendpilot Bond ETF; (iii) the fee paid to Vident by the Adviser; and (iv) potential economies of scale.

223

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

●

Nature, Extent and Quality of Services to be Provided by the Adviser and Vident. The Board reviewed the scope of services provided by the Adviser under the Trendpilot Bond ETF Advisory Agreement and Vident under the Vident Sub-Advisory Agreement. In this regard, the Trustees reviewed the Trendpilot Bond ETF’s investment goal and investment strategy, and each of the Adviser’s and Vident’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by Vident, the Board considered Vident’s ability to ensure compliance with the Trendpilot Bond ETF’s strategies, policies, and limitations. The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year and since inception periods ended June 30, 2023, to that of its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Trustees also considered the successful performance of Vident in managing the Trendpilot Bond ETF. In addition, the Trustees reviewed the management team at the Adviser and Vident that is responsible for managing the Trendpilot Bond ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Vident and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding Vident’s compliance program as such relates to the operation of the Bond ETF.

Based on its review, the Board determined that each of the Adviser and Vident is capable of providing all necessary advisory and sub-advisory services required by the Trendpilot Bond ETF, as indicated by the Adviser’s and Vident’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Trendpilot Bond ETF relative to its underlying index and other products managed by the Adviser and Vident with similar investment objectives and strategies as the Bond ETF. The Board also considered other services provided to the Bond ETF by the Adviser and Vident, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Trendpilot Bond ETF’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 Trendpilot Bond ETF by the Adviser and Vident, respectively.

●

Costs and Benefits of Advisory Services to be Provided to the Trendpilot Bond ETF. In considering the advisory fees payable by the Trust to the Adviser and the Trendpilot Bond ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared Trendpilot Bond ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Trendpilot Bond ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the Trendpilot Bond ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fallout” benefits received by the Adviser from its relationship with the Trendpilot Bond ETF, considering the Adviser’s profitability analysis prepared and shared by the Adviser’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Trendpilot Bond ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

●

Costs and Benefits of Vident’s Sub-Advisory Services to be Provided to the Trendpilot Bond ETF. The Board noted that the sub-advisory fees paid to Vident are paid by the Adviser and would not be additional fees to be borne by Trendpilot Bond ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Vident. In considering the subadvisory fees payable by the Adviser to Vident, the Board evaluated the compensation and benefits received or likely to be received by Vident from the Adviser relating to the services provided to the Trendpilot Bond ETF. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Vident under the Vident Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Adviser.

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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 Adviser and the Sub-Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

CSOP

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “CSOP Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the CSOP ETF (“CSOP ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “CSOP Sub-Advisory Agreement”) between the Adviser and CSOP Asset Management Limited (“CSOP” or the “Sub-Adviser”) with respect to the Fund.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement.

Representatives from the Adviser and CSOP presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and CSOP’s services, fees and other aspects of the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement; (2) the Adviser’s and CSOP’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement; (3) the Adviser’s and CSOP’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and CSOP is prepared to provide to CSOP ETF; (5) the advisory fee payable by the CSOP ETF to the Adviser for its services and the sub-advisory fee payable to CSOP by the Adviser under the CSOP Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and CSOP.

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In considering the approval of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and CSOP, including the performance of the Adviser and CSOP with respect to the CSOP ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the CSOP ETF, of the advisory services to be provided to the CSOP ETF; (iii) the fee paid to CSOP by the Adviser; and (iv) potential economies of scale.

●

Nature, Extent and Quality of Services to be Provided by the Adviser and CSOP. The Board reviewed the scope of services provided by the Adviser under the CSOP Advisory Agreement and CSOP under the CSOP Sub-Advisory Agreement. In this regard, the Trustees reviewed CSOP ETF’s investment goal and investment strategy, and each of the Adviser’s and CSOP’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 CSOP, the Board noted that the Sub-Adviser has assets allocated to it by the Adviser and considered CSOP’s ability to ensure compliance with CSOP ETF’s strategies, policies, and limitations. The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, to that of its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Trustees also considered the successful performance of CSOP in managing the CSOP ETF. In addition, the Trustees reviewed the management team at the Adviser and CSOP that is responsible for managing the CSOP ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and CSOP and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding CSOP’s compliance program as such relates to the operation of the CSOP ETF.

Based on its review, the Board determined that each of the Adviser and CSOP is capable of providing all necessary advisory and sub-advisory services required by the CSOP ETF, as indicated by the Adviser’s and CSOP’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the CSOP ETF relative to its underlying index and other products managed by the Adviser and CSOP with similar investment objectives and strategies as the CSOP ETF. The Board also considered other services provided to the CSOP ETF by the Adviser and CSOP, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the CSOP ETF’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

●

Costs and Benefits of Advisory Services to be Provided to the CSOP ETF. In considering the advisory fees payable by the Trust to the Adviser and the CSOP ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared CSOP ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether CSOP ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the CSOP ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Adviser from its relationship with the CSOP ETF, considering the Adviser’s profitability prepared and shared by the Adviser’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that CSOP ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

●

Costs and Benefits of CSOP’s Sub-Advisory Advisory Services to be Provided to the CSOP ETF. The Board noted that the sub-advisory fees paid to CSOP are paid by the Adviser and would not be additional fees to be borne by CSOP ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and CSOP. In considering the sub-advisory fees payable by the Adviser to CSOP, the Board evaluated the compensation and benefits received or likely to be received by CSOP from the Adviser relating to the services provided to the CSOP ETF. Based on the factors above, as well as those discussed below, the Board concluded,

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within the context of its full deliberations, that the sub-advisory fees payable to CSOP under the CSOP Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Adviser.

●

Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-Adviser as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund. 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 Adviser’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Fund would not directly result in economies of scale for shareholders.

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 CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser’s fees and the Sub-Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Adviser, respectively, to the Fund; and (c) agreed to approve the renewal of the CSOP Advisory Agreement and the CSOP 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 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU) and Pacer Wealthshield ETF (PWS) (each, a “Fund” and together, the “September Renewal Funds”).

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser’s responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser’s Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies; a copy of the Trust’s registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.

Representatives from the Adviser, along with other Trust service providers, presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement, including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other

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investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the each Fund’s Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Fund’s Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge regarding each Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

●

Nature, Extent and Quality of Services to be Provided by the Adviser. The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Adviser’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts.

Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed, a comparison of each September Renewal Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, to that of its underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that each of the September Renewal Fund’s generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

●

Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Adviser from its relationship with the Funds, taking into account assessments of the Adviser’s profitability prepared and shared by the Adviser’s management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

●

Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

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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 Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355 .

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President at Pacer Advisors, Inc. (since 2005)	52	Director, First Cornerstone Bank (2000–2016)
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	52	0
Jane K. Sagendorph Born: 1951	Trustee	Indefinite Term; since 2021	Accountant, BluFish Designs (since 2011)	52	0
Colin C. Lake Born: 1971	Trustee	Indefinite Term; since 2021	Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)	52	0

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Name and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
Principal Officers of the Trust
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)
Sean E. O’Hara Born: 1962	Treasurer and Principal Financial Officer	Indefinite Term; since 2014	Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007)
Bruce Kavanaugh Born: 1964	Secretary and Portfolio Manager	Indefinite Term; since 2016	Vice President, Pacer Advisors, Inc. (since 2005); Vice President, Pacer Financial, Inc. (since 2004)
Liam Clarke Gateway Corporate Center Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1996	Chief Compliance Officer and AML Officer	Indefinite Term; since 2023	Director, Vigilant, (since 2021); Financial Services Assurance Experienced Associate, PricewaterhouseCoopers, (2018-2021)

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Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

CFRA
One New York Plaza, 34th Floor
New York, NY 10004
FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111

Solactive AG
Platz der Einheit 1
60327 Frankfurt am Main
Germany

S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong

Aristotle Pacific Capital, LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
2617 Huntingdon Pike
Huntingdon Valley, PA 19006

Legal Counsel

Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211

(b)

Not applicable.

Item 2. Code of Ethics.

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	1/4/2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Joe M. Thomson
	Joe M. Thomson, President (Principal Executive Officer)

Date	1/4/2024

By (Signature and Title)*	/s/ Sean E. O’Hara
	Sean E. O’Hara Treasurer (Principal Financial Officer)

Date	1/4/2024

Print the name and title of each signing officer under his or her signature.

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