# EDGAR Filing Document

**Accession Number:** 0001616668
**File Stem:** 0001398344-23-000444
**Filing Date:** 2023-1
**Character Count:** 821360
**Document Hash:** 3cc4e4105b158b3be12b4fdbfd40a0bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-000444.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001398344-23-000444

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pacer Funds Trust
- **CENTRAL INDEX KEY:** 0001616668
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23024
- **FILM NUMBER:** 23517875

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Pacer US Small Cap Cash Cows 100 ETF (Series ID: S000055468)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000174484 | Pacer US Small Cap Cash Cows 100 ETF | CALF            |

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

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

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

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

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

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

### Pacer BioThreat Strategy ETF (Series ID: S000061572)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000199433 | Pacer BioThreat Strategy ETF | VIRS            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Pacer CSOP FTSE China A50 ETF (Series ID: S000067329)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000216516 | Pacer CSOP FTSE China A50 ETF | AFTY            |

### Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (Series ID: S000072256)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000228209 | Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF | TRPL            |

### Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (Series ID: S000072257)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000228210 | Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | QDPL            |

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

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

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

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

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

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

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

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

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**<u>Pacer Funds Trust</u>**<br> (Exact name of registrant as specified in charter)

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

**<u>Malvern, PA 19355</u>**<br> (Address of principal executive offices) (Zip code)

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

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

**<u>Malvern, PA 19355</u>**<br> (Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>April 01, 2022 through October 31, 2022</u>**

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

(a) ![](fp0079859-2_i.jpg)

Pacer Funds

**TABLE OF CONTENTS** 

---

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

---

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited)<br> As of October 31, 2022**

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

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of<br> Net Assets** |
| Short-Term Investments | 100.1% |
| Liabilities in excess of other assets | -0.1% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

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

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

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of<br> Net Assets** |
| Short-Term Investments | 100.0% |
| Liabilities in excess of other assets | -0.0%<sup>(b)</sup> |
| &nbsp;&nbsp;**Total** | 100.0% |

---

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

<sup>(b)</sup> Less than 0.05%. 

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

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Trendpilot<sup>®</sup>** **European Index ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of<br> Net Assets** |
| Greece | 0.0%<sup>(b)</sup> |
| Netherlands | 0.0%<sup>(b)</sup> |
| United Kingdom | 0.1% |
| Short-Term Investments | 99.3% |
| Other assets in excess of liabilities | 0.6% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

<sup>(a)</sup> <sup></sup>The Fund may classify a company in a different category than the Pacer Trendpilot<sup>®</sup> European Index.

<sup>(b)</sup> Less than 0.05%. 

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

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of<br> Net Assets** |
| Capital Goods | 0.0%<sup>(b)</sup> |
| Diversified Financials | 0.0%<sup>(b)</sup> |
| Insurance | 0.0%<sup>(b)</sup> |
| Real Estate | 0.0%<sup>(b)</sup> |
| Short-Term Investments | 99.8% |
| Other assets in excess of liabilities | 0.2% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

<sup>(a)</sup> <sup></sup>The Fund may classify a company in a different category than the Pacer Trendpilot<sup>®</sup> International Index.

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

---

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

---

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

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

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Affiliated Exchange Traded Funds | 99.8% |
| Short-Term Investments | 0.2% |
| Liabilities in excess of other assets | 0.0%\* |
| &nbsp;&nbsp;**Total** | 100.0% |

---

\* Less than 0.05%. 

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

**Pacer Global Cash Cows Dividend ETF** 

---

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

---

\* Less than 0.05%. 

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer US Cash Cows 100 ETF** 

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer US Small Cap Cash Cows 100 ETF** 

---

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

---

<sup>(a)</sup> <sup></sup>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)<br> As of October 31, 2022**

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

---

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

---

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

**Pacer US Cash Cows Growth ETF** 

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Emerging Markets Cash Cows 100 ETF** 

---

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

---

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

**Pacer Cash Cows Fund of Funds ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Affiliated Exchange Traded Funds | 99.9% |
| Short-Term Investments | 0.1% |
| Liabilities in excess of other assets | 0.0%\* |
| &nbsp;&nbsp;**Total** | 100.0% |

---

\* Less than 0.05%. 

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

**Pacer WealthShield ETF** 

---

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

---

<sup>(a)</sup> <sup></sup>The Fund may classify a company in a different category than the Pacer WealthShield Index.

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Industrial Real Estate ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Common Stock | 5.1% |
| Real Estate Investment Trusts | 91.7% |
| Short-Term Investments | 0.3% |
| Investments Purchased with Proceeds from Securities Lending | 14.7% |
| Liabilities in excess of other assets | -11.8% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

<sup>(a)</sup> The Fund may classify a company in a different category than the Kelly Industrial Real Estate Index.<sup></sup>

**Pacer Data & Infrastructure Real Estate ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Common Stocks | 33.0% |
| Real Estate Investment Trusts | 66.2% |
| Short-Term Investments | 0.2% |
| Investments Purchased with Proceeds from Securities Lending | 7.6% |
| Liabilities in excess of other assets | -7.0% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

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

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

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer CSOP FTSE China A50 ETF** 

---

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

---

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

**Pacer BioThreat Strategy ETF** 

---

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

---

<sup>(a)</sup> The Fund may classify a company in a different category than the BioShares BioThreat Index.

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Lunt Large Cap Alternator ETF** 

---

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

---

<sup>(a)</sup> 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)<br> As of October 31, 2022**

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

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

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

---

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

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer US Export Leaders ETF** 

---

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

---

<sup>(a)</sup> <sup></sup>The Fund may classify a company in a different category than the Pacer US Export Leaders Index.

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

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

---

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

---

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Automobiles & Components | 2.1% |
| Banks | 3.6% |
| Capital Goods | 5.3% |
| Commercial & Professional Services | 0.8% |
| Consumer Durables & Apparel | 0.7% |
| Consumer Services | 1.8% |
| Diversified Financials | 4.8% |
| Energy | 5.0% |
| Food & Staples Retailing | 1.5% |
| Food, Beverage & Tobacco | 3.4% |
| Health Care Equipment & Services | 5.9% |
| Household & Personal Products | 1.4% |
| Insurance | 2.2% |
| Materials | 2.3% |
| Media & Entertainment | 5.7% |
| Pharmaceuticals, Biotechnology | 8.2% |
| Real Estate | 2.4% |
| Retailing | 5.4% |
| Semiconductors & Semiconductor | 4.4% |
| Software & Services | 11.7% |
| Technology Hardware & Equipment | 8.2% |
| Telecommunication Services | 1.1% |
| Transportation | 1.5% |
| Utilities | 2.7% |
| Short-Term Investments | 2.1% |
| Other assets in excess of liabilities | 5.8% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Automobiles & Components | 2.0% |
| Banks | 3.4% |
| Capital Goods | 5.1% |
| Commercial & Professional Serv | 0.8% |
| Consumer Durables & Apparel | 0.7% |
| Consumer Services | 1.8% |
| Diversified Financials | 4.6% |
| Energy | 4.7% |
| Food & Staples Retailing | 1.4% |
| Food, Beverage & Tobacco | 3.3% |
| Health Care Equipment & Servic | 5.7% |
| Household & Personal Products | 1.4% |
| Insurance | 2.1% |
| Materials | 2.2% |
| Media & Entertainment | 5.4% |
| Pharmaceuticals, Biotechnology | 7.8% |
| Real Estate | 2.3% |
| Retailing | 5.1% |
| Semiconductors & Semiconductor | 4.2% |
| Software & Services | 11.2% |
| Technology Hardware & Equipmen | 7.8% |
| Telecommunication Services | 1.0% |
| Transportation | 1.5% |
| Utilities | 2.6% |
| Short-Term Investments | 10.0% |
| Other assets in excess of liabilities | 1.9% |
| &nbsp;&nbsp;**Total** | 100.0% |

---

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

**Pacer Data and Digital Revolution ETF** 

---

| | |
|:---|:---|
| **Industry<sup>(a)</sup>** | **Percentage of <br> Net Assets** |
| Capital Goods | 7.3% |
| Semiconductors & Semiconductor | 29.1% |
| Software & Services | 35.9% |
| Technology Hardware & Equipment | 27.4% |
| Short-Term Investments | 0.3% |
| Liabilities in excess of other assets | 0.0%\* |
| &nbsp;&nbsp;**Total** | 100.0% |

---

\* Less than 0.05%. 

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

Pacer Funds

**PORTFOLIO ALLOCATION (Unaudited) (Continued)<br> As of October 31, 2022**

**Pacer Industrials and Logistics ETF** 

---

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

---

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

Pacer Trendpilot<sup>®</sup> US Large Cap ETF

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> <sup></sup>Inception date is June 11, 2015.

<sup>(3)</sup> 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<sup>®</sup> US Mid Cap ETF

**PERFORMANCE SUMMARY<br> (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<sup>®</sup> 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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 11, 2015.

<sup>(3)</sup> 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<sup>®</sup> 100 ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 11, 2015.

<sup>(3)</sup> 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<sup>®</sup> European Index ETF

**PERFORMANCE SUMMARY<br> (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<sup>®</sup> 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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is December 14, 2015.

<sup>(3)</sup> 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<sup>®</sup> International ETF

**PERFORMANCE SUMMARY<br> (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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is May 2, 2019.

<sup>(3)</sup> 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<sup>®</sup> US Bond ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is October 22, 2019.

<sup>(3)</sup> 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<sup>®</sup> Fund of Funds ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

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

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

---

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

---

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

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

**PERFORMANCE SUMMARY (Continued)<br> (Unaudited)**

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is May 3, 2019.

<sup>(3)</sup> 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<br> (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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is February 22, 2016.

<sup>(3)</sup> 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<br> (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<sup>®</sup> 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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is December 16, 2016.

<sup>(3)</sup> 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<br> (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<sup>®</sup> 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<sup>®</sup> Index seeks to measure the small-cap segment of the U.S. equity market.

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 16, 2017.

<sup>(3)</sup> 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.<sup></sup>

Pacer Developed Markets International Cash Cows 100 ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 16, 2017.

<sup>(3)</sup> 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.<sup></sup>

Pacer US Cash Cows Growth ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

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

The Pacer US Cash Cows Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as "cash cows". The initial Index universe is derived from the component companies of the S&P 900<sup>®</sup> 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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is May 2, 2019.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is May 2, 2019.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Weight** | **Cash Cows ETF** | **Cash Cows Index** | **Equity Universe** |
| 20% | Pacer US Cash Cows 100 ETF | Pacer US Cash Cows 100 ETF | Russell 1000 Index |
| 20% | Pacer Global Cash Cows Dividend ETF | Pacer Global Cash Cows Dividend Index | FTSE Developed Large Cap Index |
| 20% | Pacer US Small Cap Cash Cows 100 ETF | Pacer US Small Cap Cash Cows 100 Index | S&P Small Cap 600<sup>®</sup> Index |
| 20% | Pacer US Cash Cows Growth ETF | Pacer US Cash Cows Growth Index | S&P 900<sup>®</sup> 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)<br> (Unaudited)**

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is May 3, 2019.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is December 11, 2017.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Three Year** | **Since Inception<sup>(2)</sup>** |
| Pacer Industrial Real Estate ETF - NAV | -22.88% | 5.44% | 11.93% |
| Pacer Industrial Real Estate ETF - Market | -22.91% | 5.38% | 11.90% |
| Kelly Industrial Real Estate Index<sup>(3)</sup> | -22.31% | 6.42% | 12.79% |
| FTSE NAREIT All Equity REITS Total Return Index<sup>(3)</sup> | -19.16% | -0.34% | 5.88% |

---

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

<sup>(2)</sup> Inception date is May 14, 2018.

<sup>(3)</sup> 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 & Infrastructure Real Estate ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is May 15, 2018.

<sup>(3)</sup> 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 CFRA-Stovall Equal Weight Seasonal Rotation ETF

**PERFORMANCE SUMMARY<br> (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<sup>®</sup>, which measures the performance of the large-cap segment of the U.S. equity market.

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is July 23, 2018.

<sup>(3)</sup> 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<br> (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<sup>®</sup> 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<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 24, 2020.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> <sup></sup>Inception date is June 24, 2020.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 24, 2020.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 24, 2020.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

The Pacer US Export Leaders Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company's cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900<sup>®</sup> Index (which is comprised of the S&P 500<sup>®</sup> Index ("S&P 500") and S&P MidCap 400<sup>®</sup> 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<sup>®</sup> combines the S&P 500<sup>®</sup> and the S&P MidCap 400<sup>®</sup> to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Three Year** | **Since Inception<sup>(2)</sup>** |
| Pacer US Export Leaders ETF - NAV | -19.57% | 10.60% | 9.02% |
| Pacer US Export Leaders ETF - Market | -19.48% | 10.72% | 9.05% |
| Pacer US Export Leaders Index<sup>(3)</sup> | -19.12% | 11.28% | 9.70% |
| S&P 900 Index<sup>TM(3)</sup> | -14.43% | 10.15% | 9.49% |

---

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

<sup>(2)</sup> Inception date is July 23, 2018.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Annualized Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

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

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

**Cumulative Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is July 12, 2021.

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**PERFORMANCE SUMMARY<br> (Unaudited)**

**Growth of $10,000** 

This chart illustrates the performance of a hypothetical $10,000 investment made on July 12, 2021, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

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

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

**Cumulative Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is July 12, 2021.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Cumulative Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 8, 2022.

<sup>(3)</sup> 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<br> (Unaudited)**

**Growth of $10,000** 

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

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

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

**Cumulative Returns<sup>(1)</sup>** **<br> (For the Periods Ended October 31, 2022)** 

---

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

---

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

<sup>(2)</sup> Inception date is June 8, 2022.

<sup>(3)</sup> 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<br> For the Period Ended October 31, 2022 (Unaudited)**

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

<u><u>**Actual Expenses**</u></u>

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".

<u><u>**Hypothetical Example for Comparison Purposes**</u></u>

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 <br> Expense Ratio** | **Beginning Account <br> Value 05/01/22** | **Ending Account <br> Value 10/31/22** | **Expenses Paid <br> During Period<sup>(a)</sup>** |
| **Pacer Trendpilot<sup>®</sup>** **US Large Cap ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1005.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.03 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Trendpilot<sup>®</sup>** **US Mid Cap ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$932.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.92 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Trendpilot<sup>TM</sup>** **100 ETF** |  |  |  |  |
| Actual | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$963.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.22 |
| Hypothetical<sup>(b)</sup> | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.31 |
| **Pacer Trendpilot<sup>®</sup>** **European Index ETF** |  |  |  |  |
| Actual | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1003.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.28 |
| Hypothetical<sup>(b)</sup> | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.31 |
| **Pacer Trendpilot International ETF** |  |  |  |  |
| Actual | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1005.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.29 |
| Hypothetical<sup>(b)</sup> | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.31 |
| **Pacer Trendpilot US Bond ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$892.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.86 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Trendpilot Fund of Funds ETF** |  |  |  |  |
| Actual | 0.15% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$960.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.74 |
| Hypothetical<sup>(b)</sup> | 0.15% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1024.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.77 |
| **Pacer Global Cash Cows Dividend ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$901.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.88 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |

---

Pacer Funds

**EXPENSE EXAMPLE<br> For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fund's Annual <br> Expense Ratio** | **Beginning Account <br> Value 05/01/22** | **Ending Account <br> Value 10/31/22** | **Expenses Paid <br> During Period<sup>(a)</sup>** |
| **Pacer U.S. Cash Cows 100 ETF** |  |  |  |  |
| Actual | 0.49% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$978.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.44 |
| Hypothetical<sup>(b)</sup> | 0.49% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.50 |
| **Pacer U.S. Small Cap Cash Cows 100 ETF** |  |  |  |  |
| Actual | 0.59% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$988.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.96 |
| Hypothetical<sup>(b)</sup> | 0.59% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.01 |
| **Pacer Developed Markets International Cash Cows 100 ETF** |  |  |  |  |
| Actual | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$866.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| Hypothetical<sup>(b)</sup> | 0.65% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.31 |
| **Pacer US Cash Cows Growth ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$990.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.01 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Emerging Markets Cash Cows 100 ETF** |  |  |  |  |
| Actual | 0.70% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$785.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.15 |
| Hypothetical<sup>(b)</sup> | 0.70% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.57 |
| **Pacer Cash Cows Fund of Funds ETF** |  |  |  |  |
| Actual | 0.15% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$947.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.74 |
| Hypothetical<sup>(b)</sup> | 0.15% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1024.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.77 |
| **Pacer WealthShield ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$967.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.98 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Industrial Real Estate ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$794.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.71 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Data & Infrastructure Real Estate ETF** | **Pacer Data & Infrastructure Real Estate ETF** |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$762.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.67 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$978.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.99 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer CSOP FTSE China A50 ETF** |  |  |  |  |
| Actual | 0.70% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$764.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.11 |
| Hypothetical<sup>(b)</sup> | 0.70% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.57 |
| **Pacer BioThreat Strategy ETF** |  |  |  |  |
| Actual | 0.70% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$966.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.47 |
| Hypothetical<sup>(b)</sup> | 0.70% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.57 |
| **Pacer Lunt Large Cap Alternator ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$907.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.89 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Lunt Midcap Multi-Factor Alternator ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$970.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.98 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Lunt Large Cap Multi-Factor Alternator ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$981.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.00 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer US Export Leaders ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$927.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.91 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |

---

Pacer Funds

**EXPENSE EXAMPLE<br> For the Period Ended October 31, 2022 (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fund's Annual <br> Expense Ratio** | **Beginning Account <br> Value 05/01/22** | **Ending Account <br> Value 10/31/22** | **Expenses Paid <br> During Period<sup>(a)</sup>** |
| **Pacer Pacific Asset Floating Rate High Income ETF** | **Pacer Pacific Asset Floating Rate High Income ETF** |  |  |  |
| Actual | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$952.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2.95 |
| Hypothetical<sup>(b)</sup> | 0.60% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1022.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.06 |
| **Pacer Metarus US Large Cap Target Dividend 300 ETF** |  |  |  |  |
| Actual | 0.79% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$950.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.88 |
| Hypothetical<sup>(b)</sup> | 0.79% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.02 |
| **Pacer Metarus US Large Cap Target Dividend 400 ETF** |  |  |  |  |
| Actual | 0.79% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$954.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.89 |
| Hypothetical<sup>(b)</sup> | 0.79% | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1021.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.02 |

---

<sup>(a)</sup> 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). 

<sup>(b)</sup> Assumes 5% return before expenses. 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fund's Annual <br> Expense Ratio** | **Beginning <br> Account Value<br> 06/08/22<sup>(a)</sup>** | **Ending Account <br> Value 10/31/22** | **Expenses Paid <br> During Period<sup>(a)</sup>** |
| **Pacer Industrials and Logistics ETF** | **Pacer Industrials and Logistics ETF** |  |  |  |
| Actual | 0.60% | $1000.00 | $880.90 | $2.24 <sup>(b)</sup> |
| Hypothetical<sup>(c)</sup> | 0.60% | $1000.00 | $1017.48 | $2.40 |
| **Pacer Data and Digital Revolution ETF** |  |  |  |  |
| Actual | 0.60% | $1000.00 | $868.40 | $2.23 <sup>(b)</sup> |
| Hypothetical<sup>(c)</sup> | 0.60% | $1000.00 | $1017.48 | $2.40 |

---

<sup>(a)</sup> Inception Date of the Fund.

<sup>(b)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (145) in the most recent period and divided by the number of days in the most recent twelve-month period (365). 

<sup>(c)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent sixth-month period and divided by the number of days in the most recent twelve-month period (365). 

<sup>(c)</sup> Assumes 5% return before expenses. 

Pacer Trendpilot<sup>®</sup> US Large Cap ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 100.1%** | **SHORT-TERM INVESTMENTS — 100.1%** |  |
| **Money Market Deposit Accounts — 3.3%** | **Money Market Deposit Accounts — 3.3%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(a)</sup>  | $69585935 | $69585935 |
| **US Treasury Bills — 96.8%** | **US Treasury Bills — 96.8%** |  |
| United States Treasury Bill 11/03/2022 0.00%  | 860000000 | 859897841 |
| United States Treasury Bill 11/17/2022 0.00%  | 130000000 | 129836143 |
| United States Treasury Bill 12/08/2022 0.00%  | 100000000 | 99647601 |
| United States Treasury Bill 01/29/2023 0.00%  | 970000000 | 961609723 |
|  |  | 2050991308 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,120,776,322)  |  | 2120577243 |
| **Total Investments (Cost $2,120,776,322) — 100.1%**  |  | 2120577243 |
| **Liabilities in Excess of Other Assets — (0.1)%**  |  | (2808481) |
| **TOTAL NET ASSETS — 100.0%**  |  | $2117768762 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

Pacer Trendpilot<sup>®</sup> US Mid Cap ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 100.0%** | **SHORT-TERM INVESTMENTS — 100.0%** |  |
| **Money Market Deposit Accounts — 7.4%** | **Money Market Deposit Accounts — 7.4%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(a)</sup>  | $38412509 | $38412509 |
| **US Treasury Bills — 92.6%** | **US Treasury Bills — 92.6%** |  |
| United States Treasury Bill 12/01/2022 0.00%  | 418000000 | 416811025 |
| United States Treasury Bill 01/19/2023 0.00% | 67000000 | 66420465 |
|  |  | 483231490 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $521,860,765)  |  | 521643999 |
| **Total Investments (Cost $521,860,765) — 100.0%**  |  | 521643999 |
| **Liabilities in Excess of Other Assets — 0.0% <sup>(b)</sup>**  |  | (174107) |
| **TOTAL NET ASSETS — 100.0%**  |  | $521469892 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Less than 0.05%.

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

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

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

Pacer Trendpilot<sup>®</sup> 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 47.6%** | **COMMON STOCKS — 47.6%** |  |
| **Communication Services — 7.1%** | **Communication Services — 7.1%** |  |
| Activision Blizzard, Inc.  | 23431 | $1705777 |
| Alphabet, Inc. - Class A <sup>(a)</sup>  | 110684 | 10460745 |
| Alphabet, Inc. - Class C <sup>(a)</sup>  | 114027 | 10793796 |
| Baidu, Inc. - ADR <sup>(a)</sup>  | 5587 | 427797 |
| Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 4928 | 1811631 |
| Comcast Corp. - Class A  | 135178 | 4290550 |
| Electronic Arts, Inc.  | 8453 | 1064740 |
| Match Group, Inc. <sup>(a)(b)</sup>  | 8576 | 370483 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 63258 | 5893115 |
| NetEase, Inc. - ADR  | 5541 | 308190 |
| Netflix, Inc. <sup>(a)</sup>  | 13649 | 3983870 |
| Sirius XM Holdings, Inc. <sup>(b)</sup>  | 118732 | 717141 |
| T-Mobile US, Inc. <sup>(a)</sup>  | 38086 | 5772314 |
|  |  | 47600149 |
| **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup>  | 12249 | 1309541 |
| Amazon.com, Inc. <sup>(a)</sup>  | 188487 | 19308608 |
| Booking Holdings, Inc. <sup>(a)</sup>  | 1232 | 2303199 |
| Dollar Tree, Inc. <sup>(a)</sup>  | 6765 | 1072253 |
| eBay, Inc. <sup>(b)</sup>  | 17668 | 703893 |
| JD.com, Inc. - ADR  | 15471 | 576914 |
| Lucid Group, Inc. <sup>(a)(b)</sup>  | 49718 | 710470 |
| Lululemon Athletica, Inc. <sup>(a)</sup>  | 3709 | 1220409 |
| Marriott International Inc/MD <sup>(b)</sup>  | 9808 | 1570359 |
| MercadoLibre, Inc. <sup>(a)(b)</sup>  | 1515 | 1365954 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 2001 | 1675177 |
| Pinduoduo, Inc. - ADR <sup>(a)(b)</sup>  | 14373 | 788072 |
| Ross Stores, Inc.  | 10627 | 1016898 |
| Starbucks Corp.  | 34597 | 2995754 |
| Tesla Motors, Inc. <sup>(a)(b)</sup>  | 57507 | 13085143 |
|  |  | 49702644 |
| **Consumer Staples — 3.4%** | **Consumer Staples — 3.4%** |  |
| Costco Wholesale Corp.  | 13500 | 6770250 |
| Keurig Dr Pepper, Inc.  | 42647 | 1656409 |
| Mondelez International, Inc.  | 41758 | 2567282 |
| Monster Beverage Corp. <sup>(a)</sup>  | 15917 | 1491741 |
| PepsiCo, Inc.  | 42091 | 7642884 |
| The Kraft Heinz Co.  | 36801 | 1415734 |
| Walgreens Boots Alliance, Inc.  | 25961 | 947577 |
|  |  | 22491877 |
| **Health Care — 3.5%** | **Health Care — 3.5%** |  |
| Align Technology, Inc. <sup>(a)</sup>  | 2364 | 459325 |
| Amgen, Inc.  | 16307 | 4408598 |
| AstraZeneca PLC - ADR  | 17152 | 1008709 |
| Biogen, Inc. <sup>(a)</sup>  | 4418 | 1252238 |
| DexCom, Inc. <sup>(a)(b)</sup>  | 11698 | 1412885 |
| Gilead Sciences, Inc.  | 37713 | 2958962 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 3.5% (Continued)** | **Health Care — 3.5% (Continued)** | **Health Care — 3.5% (Continued)** |
| IDEXX Laboratories, Inc. <sup>(a)(b)</sup>  | 2537 | $912508 |
| Illumina, Inc. <sup>(a)(b)</sup>  | 4721 | 1080259 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 10760 | 2652017 |
| Moderna, Inc. <sup>(a)(b)</sup>  | 12115 | 1821248 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup>  | 3296 | 2467880 |
| Seagen, Inc. <sup>(a)</sup>  | 5520 | 701923 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 7654 | 2388048 |
|  |  | 23524600 |
| **Industrials — 1.8%** | **Industrials — 1.8%** |  |
| Cintas Corp.  | 3123 | 1335239 |
| Copart, Inc. <sup>(a)(b)</sup>  | 7128 | 819862 |
| CSX Corp.  | 65971 | 1917117 |
| Fastenal Co.  | 17312 | 836689 |
| Honeywell International, Inc.  | 20944 | 4272995 |
| Old Dominion Freight Line, Inc. <sup>(b)</sup>  | 3456 | 949018 |
| PACCAR, Inc.  | 10457 | 1012551 |
| Verisk Analytics, Inc.  | 4854 | 887457 |
|  |  | 12030928 |
| **Information Technology — 23.8%** | **Information Technology — 23.8%** |  |
| Adobe, Inc. <sup>(a)</sup>  | 14389 | 4582896 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 49635 | 2981078 |
| Analog Devices, Inc.  | 15734 | 2243983 |
| ANSYS, Inc. <sup>(a)</sup>  | 2617 | 578776 |
| Apple, Inc.  | 297335 | 45593349 |
| Applied Materials, Inc. <sup>(b)</sup>  | 26567 | 2345600 |
| ASML Holding NV  | 2607 | 1231599 |
| Atlassian Corp. - Class A <sup>(a)</sup>  | 4245 | 860589 |
| Autodesk, Inc. <sup>(a)(b)</sup>  | 6612 | 1416952 |
| Automatic Data Processing, Inc.  | 12631 | 3052913 |
| Broadcom, Inc.  | 12458 | 5856755 |
| Cadence Design System, Inc. <sup>(a)</sup>  | 8343 | 1263047 |
| Cisco Systems, Inc.  | 126489 | 5746395 |
| Cognizant Technology Solutions Corp.  | 15777 | 982118 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | 6259 | 1008951 |
| Datadog, Inc. - Class A <sup>(a)</sup>  | 8645 | 696009 |
| DocuSign, Inc. <sup>(a)(b)</sup>  | 5946 | 287192 |
| Fiserv, Inc. <sup>(a)(b)</sup>  | 19609 | 2014629 |
| Fortinet, Inc. <sup>(a)</sup>  | 24170 | 1381557 |
| Intel Corp.  | 124072 | 3527367 |
| Intuit, Inc.  | 8513 | 3639307 |
| KLA Corp.  | 4528 | 1432886 |
| Lam Research Corp. <sup>(b)</sup>  | 4195 | 1698052 |
| Marvell Technology, Inc.  | 25375 | 1006880 |
| Microchip Technology, Inc. <sup>(b)</sup>  | 16716 | 1032046 |
| Micron Technology, Inc. <sup>(b)</sup>  | 33678 | 1821980 |
| Microsoft Corp.  | 137983 | 32029994 |

---

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

Pacer Trendpilot<sup>®</sup> 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 47.6% (Continued)** | **COMMON STOCKS — 47.6% (Continued)** | **COMMON STOCKS — 47.6% (Continued)** |
| **Information Technology — 23.8% (Continued)** | **Information Technology — 23.8% (Continued)** | **Information Technology — 23.8% (Continued)** |
| NVIDIA Corp.  | 64453 | $8699222 |
| NXP Semiconductors NV  | 7897 | 1153594 |
| Okta, Inc. <sup>(a)</sup>  | 4904 | 275212 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 8889 | 1525264 |
| Paychex, Inc. <sup>(b)</sup>  | 10850 | 1283663 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 35033 | 2928058 |
| QUALCOMM, Inc.  | 34364 | 4043268 |
| Skyworks Solutions, Inc.  | 4934 | 424373 |
| Splunk, Inc. <sup>(a)</sup>  | 4771 | 396518 |
| Synopsys, Inc. <sup>(a)</sup>  | 4601 | 1346023 |
| Texas Instruments, Inc. <sup>(b)</sup>  | 27962 | 4491536 |
| VeriSign, Inc. <sup>(a)</sup>  | 3316 | 664725 |
| Workday, Inc. - Class A <sup>(a)(b)</sup>  | 5896 | 918715 |
| Zoom Video Communications, Inc. - Class A <sup>(a)(b)</sup>  | 7281 | 607527 |
| Zscaler, Inc. <sup>(a)</sup>  | 4215 | 649531 |
|  |  | 159720129 |
| **Utilities — 0.7%** | **Utilities — 0.7%** |  |
| American Electric Power Co., Inc. <sup>(b)</sup>  | 15158 | 1332691 |
| Constellation Energy Corp.  | 9818 | 928194 |
| Exelon Corp.  | 29480 | 1137633 |
| Xcel Energy, Inc.  | 16363 | 1065395 |
|  |  | 4463913 |
| TOTAL COMMON STOCKS (Cost $347,456,439)  |  | 319534240 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 52.4%** | **SHORT-TERM INVESTMENTS — 52.4%** |  |
| **Money Market Deposit Accounts — 3.0%** | **Money Market Deposit Accounts — 3.0%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $19853625 | 19853625 |
| **US Treasury Bill — 49.4%** | **US Treasury Bill — 49.4%** |  |
| United States Treasury Bill — 01/19/2023 0.00%  | 335000000 | 332102327 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $352,008,637)  |  | 351955952 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.4%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 42974735 | $42974735 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $42,974,735)  |  | 42974735 |
| **Total Investments (Cost $742,439,811) — 106.4%**  |  | 714464927 |
| **Liabilities in Excess of Other Assets — (6.4)%**  |  | (43230435) |
| **TOTAL NET ASSETS — 100.0%**  |  | $671234492 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

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

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

Pacer Trendpilot<sup>®</sup> European Index ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 0.1%** | **COMMON STOCKS — 0.1%** |  |
| **Greece — 0.0% <sup>(a)</sup>** | **Greece — 0.0% <sup>(a)</sup>** |  |
| FF Group <sup>(b)</sup>  | 1259 | $5972 |
| **Netherlands — 0.0% <sup>(a)</sup>** | **Netherlands — 0.0% <sup>(a)</sup>** |  |
| Iveco Group NV <sup>(b)</sup>  | 748 | 4044 |
| **United Kingdom — 0.1%** | **United Kingdom — 0.1%** |  |
| TechnipFMC PLC <sup>(b)(c)</sup>  | 3996 | 41820 |
| TOTAL COMMON STOCKS (Cost $57,614)  |  | 51836 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 99.3%** | **SHORT-TERM INVESTMENTS — 99.3%** |  |
| **Money Market Deposit Account — 2.9%** | **Money Market Deposit Account — 2.9%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(d)</sup>  | $1448048 | 1448048 |
| **US Treasury Bills — 96.4%** | **US Treasury Bills — 96.4%** |  |
| United States Treasury Bill 12/01/2022 0.00%  | 15000000 | 14957333 |
| United States Treasury Bill 12/08/2022 0.00%  | 24000000 | 23915424 |
| United States Treasury Bill 1/05/2023 0.00%  | 10000000 | 9931901 |
|  |  | 48804658 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $50,279,500)  |  | 50252706 |
| **Total Investments (Cost $50,337,114) — 99.4%**  |  | 50304542 |
| **Other Assets in Excess of Liabilities — 0.6%**  |  | 290755 |
| **TOTAL NET ASSETS — 100.0%**  |  | $50595297 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Value determined using significantly unobservable outputs.

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

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

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

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

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

Pacer Trendpilot<sup>®</sup> International ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 0.0%** | **COMMON STOCKS — 0.0%** |  |
| **Germany — 0.0% <sup>(a)</sup>** | **Germany — 0.0% <sup>(a)</sup>** |  |
| Allianz SE - ADR  | 1 | $18 |
| **Israel — 0.0% <sup>(a)</sup>** | **Israel — 0.0% <sup>(a)</sup>** |  |
| Isracard Ltd.  | 1 | 2 |
| **Italy — 0.0% <sup>(a)</sup>** | **Italy — 0.0% <sup>(a)</sup>** |  |
| Iveco Group NV <sup>(a)</sup> <sup>(b)</sup>  | 1869 | 10103 |
| TOTAL COMMON STOCKS (Cost $17,432)  |  | 10123 |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |  |
| **Bermuda — 0.0% <sup>(a)</sup>** | **Bermuda — 0.0% <sup>(a)</sup>** |  |
| Brookfield Property Preferred LP <sup>(b)</sup>  | 31 | 484 |
| TOTAL PREFERRED STOCKS (Cost $778)  |  | 484 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 99.8%** | **SHORT-TERM INVESTMENTS — 99.8%** |  |
| **Money Market Deposit Account — 3.2%** | **Money Market Deposit Account — 3.2%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $3780803 | 3780803 |
| **US Treasury Bills — 96.6%** | **US Treasury Bills — 96.6%** |  |
| United States Treasury Bill 11/03/22 0.00%  | 50000000 | 49994061 |
| United States Treasury Bill 11/17/22 0.00%  | 3000000 | 2996219 |
| United States Treasury Bill 01/19/23 0.00%  | 60000000 | 59481014 |
|  |  | 112471293 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $116,260,988)  |  | 116252096 |
| **Total Investments (Cost $116,279,198) — 99.8%**  |  | 116262703 |
| **Other Assets in Excess of Liabilities — 0.2%**  |  | 223112 |
| **TOTAL NET ASSETS — 100.0%**  |  | $116485815 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

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

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

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5%** | **CORPORATE BONDS — 98.5%** |  |
| **Communication Services — 19.3%** | **Communication Services — 19.3%** |  |
| Advantage Sales & Marketing, Inc.  | Advantage Sales & Marketing, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 11/15/2028 <sup>(a)</sup>  | $420000 | $358340 |
| Affinity Gaming  | Affinity Gaming  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 12/15/2027 <sup>(a)</sup>  | 520000 | 434795 |
| Altice Financing SA  | Altice Financing SA  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 01/15/2028 <sup>(a)</sup>  | 490000 | 389270 |
| &nbsp;&nbsp;&nbsp;5.750%, 08/15/2029 <sup>(a)</sup>  | 720000 | 570354 |
| Altice France Holding SA  | Altice France Holding SA  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 05/15/2027 <sup>(a)</sup>  | 640000 | 500115 |
| &nbsp;&nbsp;&nbsp;6.000%, 02/15/2028 <sup>(a)</sup>  | 328000 | 213087 |
| Altice France SA/France  | Altice France SA/France  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 02/01/2027 <sup>(a)</sup>  | 449000 | 412218 |
| &nbsp;&nbsp;&nbsp;5.500%, 01/15/2028 <sup>(a)</sup>  | 289000 | 232460 |
| &nbsp;&nbsp;&nbsp;5.125%, 07/15/2029 <sup>(a)</sup>  | 714000 | 539070 |
| &nbsp;&nbsp;&nbsp;5.500%, 10/15/2029 <sup>(a)</sup>  | 484000 | 369982 |
| AMC Entertainment Holdings, Inc.  | AMC Entertainment Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;10.000%, 06/15/2026 <sup>(a)(b)</sup>  | 930000 | 494644 |
| &nbsp;&nbsp;&nbsp;7.500%, 02/15/2029 <sup>(a)</sup>  | 370000 | 253947 |
| AMC Networks, Inc.  | AMC Networks, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 08/01/2025  | 116000 | 106294 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2029  | 430000 | 333055 |
| Boyne USA, Inc.  | Boyne USA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 05/15/2029 <sup>(a)</sup>  | 269000 | 235971 |
| Cable One, Inc.  | Cable One, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/2030 <sup>(a)</sup>  | 128000 | 104463 |
| Caesars Resort Collection LLC / CRC Finco, Inc.  | Caesars Resort Collection LLC / CRC Finco, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 07/01/2025 <sup>(a)</sup>  | 280000 | 273875 |
| CCO Holdings LLC / CCO Holdings Capital Corp.  | CCO Holdings LLC / CCO Holdings Capital Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/01/2026 <sup>(a)</sup>  | 160000 | 154218 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/2027 <sup>(a)</sup>  | 775000 | 719165 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 <sup>(a)</sup>  | 535000 | 486443 |
| &nbsp;&nbsp;&nbsp;5.375%, 06/01/2029 <sup>(a)</sup>  | 220000 | 196544 |
| &nbsp;&nbsp;&nbsp;6.375%, 09/01/2029 <sup>(a)</sup>  | 259000 | 239317 |
| &nbsp;&nbsp;&nbsp;4.750%, 03/01/2030 <sup>(a)</sup>  | 715000 | 602148 |
| &nbsp;&nbsp;&nbsp;4.500%, 08/15/2030 <sup>(a)</sup>  | 625000 | 512563 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/01/2031 <sup>(a)</sup>  | 715000 | 567821 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2032 <sup>(a)(c)</sup>  | 470000 | 377136 |
| &nbsp;&nbsp;&nbsp;4.500%, 06/01/2033 <sup>(a)</sup>  | 546000 | 415681 |
| &nbsp;&nbsp;&nbsp;4.250%, 01/15/2034 <sup>(a)</sup>  | 725000 | 535186 |
| Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op  | Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/01/2025 <sup>(a)</sup>  | 285000 | 283217 |
| Cengage Learning, Inc.  | Cengage Learning, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.500%, 06/15/2024 <sup>(a)(c)</sup>  | 490000 | 464427 |
| Charter Communications Operating LLC / Charter Communications Operating Capital  | Charter Communications Operating LLC / Charter Communications Operating Capital  |  |
| &nbsp;&nbsp;&nbsp;4.908%, 07/23/2025  | 1200000 | 1166118 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/2028  | $500000 | $438644 |
| &nbsp;&nbsp;&nbsp;4.200%, 03/15/2028  | 495000 | 442244 |
| &nbsp;&nbsp;&nbsp;2.250%, 01/15/2029  | 190000 | 149426 |
| &nbsp;&nbsp;&nbsp;5.050%, 03/30/2029  | 205000 | 188423 |
| &nbsp;&nbsp;&nbsp;2.800%, 04/01/2031  | 295000 | 223787 |
| &nbsp;&nbsp;&nbsp;2.300%, 02/01/2032  | 445000 | 317648 |
| &nbsp;&nbsp;&nbsp;4.400%, 04/01/2033  | 86000 | 71492 |
| &nbsp;&nbsp;&nbsp;6.384%, 10/23/2035  | 346000 | 316236 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/01/2038  | 321000 | 257823 |
| &nbsp;&nbsp;&nbsp;6.484%, 10/23/2045  | 759000 | 671631 |
| &nbsp;&nbsp;&nbsp;5.375%, 05/01/2047  | 760000 | 584051 |
| &nbsp;&nbsp;&nbsp;5.750%, 04/01/2048  | 745000 | 596986 |
| &nbsp;&nbsp;&nbsp;5.125%, 07/01/2049  | 521000 | 383795 |
| &nbsp;&nbsp;&nbsp;4.800%, 03/01/2050  | 850000 | 600929 |
| &nbsp;&nbsp;&nbsp;5.250%, 04/01/2053  | 625000 | 469423 |
| &nbsp;&nbsp;&nbsp;5.500%, 04/01/2063  | 680000 | 511284 |
| Cinemark USA, Inc.  | Cinemark USA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 07/15/2028 <sup>(a)</sup>  | 340000 | 261054 |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 08/15/2027 <sup>(a)</sup>  | 320000 | 287061 |
| &nbsp;&nbsp;&nbsp;7.750%, 04/15/2028 <sup>(a)</sup>  | 204000 | 168109 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/01/2029 <sup>(a)</sup>  | 268000 | 212068 |
| CMG Media Corp.  | CMG Media Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.875%, 12/15/2027 <sup>(a)</sup>  | 440000 | 374077 |
| CommScope Technologies LLC  | CommScope Technologies LLC  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 06/15/2025 <sup>(a)(c)</sup>  | 495000 | 462756 |
| &nbsp;&nbsp;&nbsp;5.000%, 03/15/2027 <sup>(a)</sup>  | 345000 | 279155 |
| CommScope, Inc.  | CommScope, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 03/01/2026 <sup>(a)</sup>  | 575000 | 559946 |
| &nbsp;&nbsp;&nbsp;8.250%, 03/01/2027 <sup>(a)</sup>  | 460000 | 409418 |
| &nbsp;&nbsp;&nbsp;7.125%, 07/01/2028 <sup>(a)(c)</sup>  | 191000 | 161564 |
| &nbsp;&nbsp;&nbsp;4.750%, 09/01/2029 <sup>(a)</sup>  | 490000 | 415189 |
| Connect Finco SARL / Connect US Finco LLC  | Connect Finco SARL / Connect US Finco LLC  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 10/01/2026 <sup>(a)</sup>  | 595000 | 560282 |
| Consolidated Communications, Inc.  | Consolidated Communications, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/2028 <sup>(a)</sup>  | 209000 | 172488 |
| CSC Holdings LLC  | CSC Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 06/01/2024  | 310000 | 301027 |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2027 <sup>(a)</sup>  | 180000 | 169181 |
| &nbsp;&nbsp;&nbsp;7.500%, 04/01/2028 <sup>(a)</sup>  | 275000 | 238765 |
| &nbsp;&nbsp;&nbsp;6.500%, 02/01/2029 <sup>(a)</sup>  | 640000 | 604234 |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2030 <sup>(a)</sup>  | 395000 | 306257 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/01/2030 <sup>(a)</sup>  | 445000 | 351185 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/01/2030 <sup>(a)</sup>  | 850000 | 613417 |
| &nbsp;&nbsp;&nbsp;3.375%, 02/15/2031 <sup>(a)</sup>  | 425000 | 308969 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/2031 <sup>(a)</sup>  | 575000 | 450308 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc.  | Directv Financing LLC / Directv Financing Co-Obligor, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 08/15/2027 <sup>(a)</sup>  | 960000 | 866381 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** |
| DISH DBS Corp.  | DISH DBS Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 11/15/2024  | $755000 | $698375 |
| &nbsp;&nbsp;&nbsp;7.750%, 07/01/2026  | 575000 | 486246 |
| &nbsp;&nbsp;&nbsp;5.250%, 12/01/2026 <sup>(a)</sup>  | 1025000 | 888854 |
| &nbsp;&nbsp;&nbsp;5.750%, 12/01/2028 <sup>(a)</sup>  | 645000 | 522547 |
| Embarq Corp.  | Embarq Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.995%, 06/01/2036  | 670000 | 273152 |
| Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 10/15/2027 <sup>(a)</sup>  | 188000 | 174300 |
| &nbsp;&nbsp;&nbsp;5.000%, 05/01/2028 <sup>(a)</sup>  | 575000 | 505730 |
| &nbsp;&nbsp;&nbsp;6.750%, 05/01/2029 <sup>(a)</sup>  | 285000 | 234651 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/01/2029  | 303000 | 236908 |
| &nbsp;&nbsp;&nbsp;6.000%, 01/15/2030 <sup>(a)(c)</sup>  | 367000 | 287842 |
| &nbsp;&nbsp;&nbsp;8.750%, 05/15/2030 <sup>(a)</sup>  | 253000 | 256914 |
| Gray Escrow II, Inc.  | Gray Escrow II, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/2031 <sup>(a)</sup>  | 360000 | 289400 |
| Gray Television, Inc.  | Gray Television, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 07/15/2026 <sup>(a)</sup>  | 145000 | 137014 |
| &nbsp;&nbsp;&nbsp;7.000%, 05/15/2027 <sup>(a)</sup>  | 165000 | 158674 |
| Hughes Satellite Systems Corp.  | Hughes Satellite Systems Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 08/01/2026  | 199000 | 190418 |
| &nbsp;&nbsp;&nbsp;6.625%, 08/01/2026  | 355000 | 335351 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 05/01/2026  | 360000 | 343994 |
| &nbsp;&nbsp;&nbsp;8.375%, 05/01/2027 <sup>(c)</sup>  | 472000 | 424808 |
| &nbsp;&nbsp;&nbsp;5.250%, 08/15/2027 <sup>(a)</sup>  | 105000 | 95844 |
| Iliad Holding SASU  | Iliad Holding SASU  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 10/15/2026 <sup>(a)</sup>  | 515000 | 477760 |
| &nbsp;&nbsp;&nbsp;7.000%, 10/15/2028 <sup>(a)</sup>  | 238000 | 216013 |
| Intelsat Jackson Holdings SA  | Intelsat Jackson Holdings SA  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 03/15/2030 <sup>(a)</sup>  | 705000 | 652125 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.400%, 03/01/2027 <sup>(a)</sup>  | 350000 | 301756 |
| &nbsp;&nbsp;&nbsp;4.625%, 09/15/2027 <sup>(a)</sup>  | 425000 | 370039 |
| &nbsp;&nbsp;&nbsp;4.250%, 07/01/2028 <sup>(a)</sup>  | 495000 | 409726 |
| &nbsp;&nbsp;&nbsp;3.625%, 01/15/2029 <sup>(a)</sup>  | 220000 | 168288 |
| &nbsp;&nbsp;&nbsp;3.750%, 07/15/2029 <sup>(a)</sup>  | 235000 | 179169 |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/2029 <sup>(a)</sup>  | 113000 | 93118 |
| Lions Gate Capital Holdings LLC  | Lions Gate Capital Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2029 <sup>(a)</sup>  | 405000 | 308819 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 05/15/2027 <sup>(a)</sup>  | 360000 | 359915 |
| &nbsp;&nbsp;&nbsp;4.750%, 10/15/2027 <sup>(a)</sup>  | 253000 | 225476 |
| Lumen Technologies, Inc.  | Lumen Technologies, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 02/15/2027 <sup>(a)</sup>  | 500000 | 425855 |
| &nbsp;&nbsp;&nbsp;4.500%, 01/15/2029 <sup>(a)</sup>  | 560000 | 396355 |
| &nbsp;&nbsp;&nbsp;7.600%, 09/15/2039  | 465000 | 307609 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** |
| McGraw-Hill Education, Inc.  | McGraw-Hill Education, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 08/01/2028 <sup>(a)</sup>  | $247000 | $218149 |
| &nbsp;&nbsp;&nbsp;8.000%, 08/01/2029 <sup>(a)</sup>  | 335000 | 285980 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.  | Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 05/01/2029 <sup>(a)</sup>  | 345000 | 292826 |
| Mohegan Gaming & Entertainment  | Mohegan Gaming & Entertainment  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 02/01/2026 <sup>(a)</sup>  | 500000 | 420819 |
| Netflix, Inc.  | Netflix, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 11/15/2026  | 256000 | 244986 |
| &nbsp;&nbsp;&nbsp;4.875%, 04/15/2028  | 285000 | 272100 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/15/2028  | 695000 | 689788 |
| &nbsp;&nbsp;&nbsp;6.375%, 05/15/2029  | 108000 | 110283 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/2029 <sup>(a)</sup>  | 395000 | 377142 |
| &nbsp;&nbsp;&nbsp;4.875%, 06/15/2030 <sup>(a)</sup>  | 430000 | 398742 |
| News Corp.  | News Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 05/15/2029 <sup>(a)</sup>  | 265000 | 231442 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 07/15/2027 <sup>(a)</sup>  | 194000 | 184598 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/01/2028 <sup>(a)</sup>  | 257000 | 226144 |
| Outfront Media Capital LLC / Outfront Media Capital Corp.  | Outfront Media Capital LLC / Outfront Media Capital Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 08/15/2027 <sup>(a)</sup>  | 173000 | 156577 |
| Paramount Global  | Paramount Global  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 02/28/2057 <sup>(b)</sup>  | 350000 | 293689 |
| &nbsp;&nbsp;&nbsp;6.375%, 03/30/2062 <sup>(b)</sup>  | 381000 | 323056 |
| Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In  | Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 11/15/2027 <sup>(a)</sup>  | 350000 | 375758 |
| Picard Midco, Inc.  | Picard Midco, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 03/31/2029 <sup>(a)</sup>  | 950000 | 827107 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.  | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 09/01/2029 <sup>(a)</sup>  | 195000 | 144843 |
| &nbsp;&nbsp;&nbsp;5.875%, 09/01/2031 <sup>(a)</sup>  | 199000 | 141584 |
| Radiate Holdco LLC / Radiate Finance, Inc.  | Radiate Holdco LLC / Radiate Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 09/15/2026 <sup>(a)</sup>  | 370000 | 313397 |
| &nbsp;&nbsp;&nbsp;6.500%, 09/15/2028 <sup>(a)</sup>  | 260000 | 164431 |
| ROBLOX Corp.  | ROBLOX Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 05/01/2030 <sup>(a)</sup>  | 306000 | 252959 |
| Sinclair Television Group, Inc.  | Sinclair Television Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 12/01/2030 <sup>(a)</sup>  | 185000 | 142835 |
| Sirius XM Radio, Inc. | Sirius XM Radio, Inc. |  |
| &nbsp;&nbsp;&nbsp;3.125%, 09/01/2026 <sup>(a)</sup>  | 160000 | 143319 |
| &nbsp;&nbsp;&nbsp;5.000%, 08/01/2027 <sup>(a)</sup>  | 240000 | 221281 |
| &nbsp;&nbsp;&nbsp;4.000%, 07/15/2028 <sup>(a)</sup>  | 715000 | 615739 |
| &nbsp;&nbsp;&nbsp;5.500%, 07/01/2029 <sup>(a)</sup>  | 470000 | 431026 |
| &nbsp;&nbsp;&nbsp;4.125%, 07/01/2030 <sup>(a)</sup>  | 248000 | 202595 |
| &nbsp;&nbsp;&nbsp;3.875%, 09/01/2031 <sup>(a)</sup>  | 313000 | 247364 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** |
| Sprint Capital Corp.  | Sprint Capital Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 11/15/2028  | $530000 | $547750 |
| &nbsp;&nbsp;&nbsp;8.750%, 03/15/2032  | 492000 | 578122 |
| Sprint Corp.  | Sprint Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 09/15/2023  | 1420000 | 1445572 |
| &nbsp;&nbsp;&nbsp;7.125%, 06/15/2024  | 550000 | 556416 |
| &nbsp;&nbsp;&nbsp;7.625%, 02/15/2025  | 313000 | 322030 |
| &nbsp;&nbsp;&nbsp;7.625%, 03/01/2026  | 171000 | 178761 |
| Stagwell Global LLC  | Stagwell Global LLC  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 08/15/2029 <sup>(a)</sup>  | 465000 | 402241 |
| Switch Ltd.  | Switch Ltd.  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 09/15/2028 <sup>(a)</sup>  | 135000 | 135603 |
| TEGNA, Inc.  | TEGNA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 03/15/2028  | 156000 | 148749 |
| &nbsp;&nbsp;&nbsp;5.000%, 09/15/2029  | 179000 | 169969 |
| Telecom Italia Capital SA  | Telecom Italia Capital SA  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 11/15/2033  | 455000 | 355553 |
| &nbsp;&nbsp;&nbsp;6.000%, 09/30/2034  | 455000 | 333142 |
| &nbsp;&nbsp;&nbsp;7.200%, 07/18/2036  | 470000 | 367180 |
| &nbsp;&nbsp;&nbsp;7.721%, 06/04/2038  | 362000 | 288672 |
| Telecom Italia SpA/Milano  | Telecom Italia SpA/Milano  |  |
| &nbsp;&nbsp;&nbsp;5.303%, 05/30/2024 <sup>(a)</sup>  | 430000 | 405275 |
| Time Warner Cable Enterprises LLC  | Time Warner Cable Enterprises LLC  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 07/15/2033  | 84000 | 88867 |
| Time Warner Cable LLC  | Time Warner Cable LLC  |  |
| &nbsp;&nbsp;&nbsp;6.550%, 05/01/2037  | 476000 | 424845 |
| &nbsp;&nbsp;&nbsp;7.300%, 07/01/2038  | 575000 | 536524 |
| &nbsp;&nbsp;&nbsp;5.875%, 11/15/2040  | 368000 | 298350 |
| &nbsp;&nbsp;&nbsp;5.500%, 09/01/2041  | 595000 | 466700 |
| &nbsp;&nbsp;&nbsp;4.500%, 09/15/2042  | 461000 | 314663 |
| Twitter, Inc.  | Twitter, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 12/15/2027 <sup>(a)</sup>  | 120000 | 121237 |
| &nbsp;&nbsp;&nbsp;5.000%, 03/01/2030 <sup>(a)</sup>  | 167000 | 168187 |
| United States Cellular Corp.  | United States Cellular Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.700%, 12/15/2033  | 260000 | 247966 |
| Univision Communications, Inc.  | Univision Communications, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 02/15/2025 <sup>(a)</sup>  | 250000 | 241978 |
| &nbsp;&nbsp;&nbsp;6.625%, 06/01/2027 <sup>(a)</sup>  | 430000 | 425502 |
| &nbsp;&nbsp;&nbsp;4.500%, 05/01/2029 <sup>(a)</sup>  | 179000 | 151886 |
| UPC Broadband Finco BV  | UPC Broadband Finco BV  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 07/15/2031 <sup>(a)</sup>  | 505000 | 419993 |
| Urban One, Inc.  | Urban One, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 02/01/2028 <sup>(a)</sup>  | 353000 | 309313 |
| Videotron Ltd.  | Videotron Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 06/15/2024 <sup>(a)</sup>  | 285000 | 283782 |
| &nbsp;&nbsp;&nbsp;5.125%, 04/15/2027 <sup>(a)</sup>  | 98000 | 92719 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** | **Communication Services — 19.3% (Continued)** |
| Virgin Media Finance PLC  | Virgin Media Finance PLC  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 07/15/2030 <sup>(a)</sup>  | $400000 | $321301 |
| Virgin Media Secured Finance PLC  | Virgin Media Secured Finance PLC  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/15/2029 <sup>(a)</sup>  | 540000 | 491729 |
| &nbsp;&nbsp;&nbsp;4.500%, 08/15/2030 <sup>(a)</sup>  | 385000 | 319075 |
| Vmed O2 UK Financing I PLC  | Vmed O2 UK Financing I PLC  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 07/15/2031 <sup>(a)</sup>  | 423000 | 343933 |
| Vodafone Group PLC  | Vodafone Group PLC  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 04/04/2079 <sup>(b)</sup>  | 395000 | 376131 |
| &nbsp;&nbsp;&nbsp;4.125%, 06/04/2081 <sup>(b)</sup>  | 455000 | 323846 |
| &nbsp;&nbsp;&nbsp;5.125%, 06/04/2081 <sup>(b)</sup>  | 590000 | 409106 |
| VZ Secured Financing BV  | VZ Secured Financing BV  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 01/15/2032 <sup>(a)</sup>  | 260000 | 209067 |
| Windstream Escrow LLC / Windstream Escrow Finance Corp.  | Windstream Escrow LLC / Windstream Escrow Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 08/15/2028 <sup>(a)</sup>  | 484000 | 420148 |
| WMG Acquisition Corp.  | WMG Acquisition Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 02/15/2031 <sup>(a)</sup>  | 128000 | 100148 |
| Zayo Group Holdings, Inc.  | Zayo Group Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 03/01/2027 <sup>(a)</sup>  | 550000 | 420133 |
| &nbsp;&nbsp;&nbsp;6.125%, 03/01/2028 <sup>(a)</sup>  | 289000 | 192763 |
| Ziff Davis, Inc.  | Ziff Davis, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/15/2030 <sup>(a)</sup>  | 150000 | 126991 |
| Ziggo Bond Co BV  | Ziggo Bond Co BV  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 01/15/2027 <sup>(a)</sup>  | 330000 | 297778 |
| Ziggo BV  | Ziggo BV  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/2030 <sup>(a)</sup>  | 440000 | 372911 |
|  |  | 63234848 |
| **Consumer Discretionary — 13.6%** | **Consumer Discretionary — 13.6%** |  |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 08/15/2026 <sup>(a)</sup>  | 315000 | 282733 |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/2029 <sup>(a)</sup>  | 375000 | 309360 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/2032 <sup>(a)</sup>  | 330000 | 266449 |
| Aston Martin Capital Holdings Ltd.  | Aston Martin Capital Holdings Ltd.  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 11/30/2025 <sup>(a)</sup>  | 320000 | 307559 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 10/01/2030 <sup>(a)</sup>  | 99000 | 89309 |
| &nbsp;&nbsp;&nbsp;6.875%, 11/01/2035  | 405000 | 342045 |
| &nbsp;&nbsp;&nbsp;6.750%, 07/01/2036  | 455000 | 377056 |
| Boyd Gaming Corp.  | Boyd Gaming Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 12/01/2027  | 156000 | 144119 |
| &nbsp;&nbsp;&nbsp;4.750%, 06/15/2031 <sup>(a)</sup>  | 215000 | 182337 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 07/01/2025 <sup>(a)</sup>  | 825000 | 802029 |
| &nbsp;&nbsp;&nbsp;8.125%, 07/01/2027 <sup>(a)(c)</sup>  | 341000 | 332221 |
| &nbsp;&nbsp;&nbsp;4.625%, 10/15/2029 <sup>(a)(c)</sup>  | 455000 | 363908 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** |
| Carnival Corp.  | Carnival Corp.  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 02/01/2026 <sup>(a)</sup>  | $345000 | $338617 |
| &nbsp;&nbsp;&nbsp;7.625%, 03/01/2026 <sup>(a)</sup>  | 415000 | 312754 |
| &nbsp;&nbsp;&nbsp;5.750%, 03/01/2027 <sup>(a)</sup>  | 900000 | 627133 |
| &nbsp;&nbsp;&nbsp;9.875%, 08/01/2027 <sup>(a)</sup>  | 395000 | 368934 |
| &nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 <sup>(a)</sup>  | 629000 | 507918 |
| &nbsp;&nbsp;&nbsp;6.000%, 05/01/2029 <sup>(a)</sup>  | 472000 | 313848 |
| &nbsp;&nbsp;&nbsp;10.500%, 06/01/2030 <sup>(a)</sup>  | 273000 | 212258 |
| Carvana Co.  | Carvana Co.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 10/01/2025 <sup>(a)(c)</sup>  | 1195000 | 780154 |
| &nbsp;&nbsp;&nbsp;10.250%, 05/01/2030 <sup>(a)(c)</sup>  | 935000 | 556853 |
| CDI Escrow Issuer, Inc.  | CDI Escrow Issuer, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 04/01/2030 <sup>(a)</sup>  | 355000 | 320920 |
| CEC Entertainment LLC  | CEC Entertainment LLC  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 05/01/2026 <sup>(a)</sup>  | 245000 | 229787 |
| Century Communities, Inc.  | Century Communities, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 06/01/2027  | 325000 | 310795 |
| Churchill Downs, Inc.  | Churchill Downs, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/01/2027 <sup>(a)</sup>  | 310000 | 296975 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2028 <sup>(a)</sup>  | 335000 | 296621 |
| Clarios Global LP / Clarios US Finance Co.  | Clarios Global LP / Clarios US Finance Co.  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 05/15/2027 <sup>(a)(c)</sup>  | 680000 | 670660 |
| &nbsp;&nbsp;&nbsp;6.250%, 05/15/2026 <sup>(a)</sup>  | 321000 | 311325 |
| CWT Travel Group, Inc.  | CWT Travel Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 11/19/2026 <sup>(a)(c)</sup>  | 385000 | 330137 |
| Dealer Tire LLC / DT Issuer LLC  | Dealer Tire LLC / DT Issuer LLC  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 02/01/2028 <sup>(a)</sup>  | 167000 | 146304 |
| eG Global Finance PLC  | eG Global Finance PLC  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 02/07/2025 <sup>(a)</sup>  | 301000 | 271583 |
| Ferrellgas LP / Ferrellgas Finance Corp.  | Ferrellgas LP / Ferrellgas Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 04/01/2026 <sup>(a)</sup>  | 345000 | 314757 |
| &nbsp;&nbsp;&nbsp;5.875%, 04/01/2029 <sup>(a)</sup>  | 390000 | 327772 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co, Inc.  | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/2030 <sup>(a)</sup>  | 242000 | 190494 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/2029 <sup>(a)</sup>  | 400000 | 348626 |
| Ford Motor Co.  | Ford Motor Co.  |  |
| &nbsp;&nbsp;&nbsp;4.346%, 12/08/2026 <sup>(c)</sup>  | 240000 | 223639 |
| &nbsp;&nbsp;&nbsp;9.625%, 04/22/2030  | 290000 | 324518 |
| &nbsp;&nbsp;&nbsp;7.450%, 07/16/2031  | 248000 | 249170 |
| &nbsp;&nbsp;&nbsp;3.250%, 02/12/2032  | 585000 | 439092 |
| &nbsp;&nbsp;&nbsp;6.100%, 08/19/2032  | 298000 | 274041 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2043  | 935000 | 653981 |
| &nbsp;&nbsp;&nbsp;5.291%, 12/08/2046  | 524000 | 382447 |
| FXI Holdings, Inc.  | FXI Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;12.250%, 11/15/2026 <sup>(a)</sup>  | 1020000 | 887094 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** |
| Grand Canyon University  | Grand Canyon University  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 10/01/2024  | $125000 | $117187 |
| Group 1 Automotive, Inc.  | Group 1 Automotive, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 08/15/2028 <sup>(a)</sup>  | 385000 | 317403 |
| Guitar Center, Inc.  | Guitar Center, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 01/15/2026 <sup>(a)</sup>  | 880000 | 770684 |
| Hanesbrands, Inc.  | Hanesbrands, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 05/15/2024 <sup>(a)</sup>  | 340000 | 331483 |
| &nbsp;&nbsp;&nbsp;4.875%, 05/15/2026 <sup>(a)</sup>  | 380000 | 347979 |
| Hilton Domestic Operating Co, Inc.  | Hilton Domestic Operating Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 05/01/2029 <sup>(a)</sup>  | 375000 | 320488 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/2030  | 430000 | 384885 |
| &nbsp;&nbsp;&nbsp;4.000%, 05/01/2031 <sup>(a)</sup>  | 325000 | 272170 |
| &nbsp;&nbsp;&nbsp;3.625%, 02/15/2032 <sup>(a)</sup>  | 183000 | 145540 |
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc  | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 06/01/2029 <sup>(a)</sup>  | 375000 | 321688 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.  | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 04/01/2027  | 175000 | 166664 |
| Hyatt Hotels Corp.  | Hyatt Hotels Corp.  |  |
| &nbsp;&nbsp;&nbsp;1.800%, 10/01/2024  | 240000 | 223897 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/23/2025  | 250000 | 245678 |
| International Game Technology PLC  | International Game Technology PLC  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 02/15/2025 <sup>(a)</sup>  | 470000 | 470508 |
| &nbsp;&nbsp;&nbsp;4.125%, 04/15/2026 <sup>(a)</sup>  | 77000 | 71591 |
| &nbsp;&nbsp;&nbsp;6.250%, 01/15/2027 <sup>(a)</sup>  | 68000 | 67531 |
| &nbsp;&nbsp;&nbsp;5.250%, 01/15/2029 <sup>(a)</sup>  | 335000 | 308225 |
| Jaguar Land Rover Automotive PLC  | Jaguar Land Rover Automotive PLC  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/15/2025 <sup>(a)</sup>  | 650000 | 601120 |
| &nbsp;&nbsp;&nbsp;5.875%, 01/15/2028 <sup>(a)</sup>  | 605000 | 448971 |
| JB Poindexter & Co, Inc.  | JB Poindexter & Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 04/15/2026 <sup>(a)</sup>  | 160000 | 152739 |
| Las Vegas Sands Corp.  | Las Vegas Sands Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.200%, 08/08/2024  | 710000 | 673866 |
| &nbsp;&nbsp;&nbsp;3.500%, 08/18/2026  | 369000 | 321574 |
| &nbsp;&nbsp;&nbsp;3.900%, 08/08/2029  | 390000 | 314472 |
| LBM Acquisition LLC  | LBM Acquisition LLC  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 01/15/2029 <sup>(a)</sup>  | 574000 | 402896 |
| LCM Investments Holdings II LLC  | LCM Investments Holdings II LLC  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 05/01/2029 <sup>(a)</sup>  | 485000 | 410375 |
| Life Time, Inc.  | Life Time, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2026 <sup>(a)</sup>  | 470000 | 438301 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 06/01/2029 <sup>(a)</sup>  | 395000 | 319348 |
| LSF9 Atlantis Holdings LLC / Victra Finance Corp.  | LSF9 Atlantis Holdings LLC / Victra Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 02/15/2026 <sup>(a)</sup>  | 208000 | 188203 |
| Macy's Retail Holdings LLC  | Macy's Retail Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 04/01/2029 <sup>(a)</sup>  | 218000 | 188886 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** |
| Madison IAQ LLC  | Madison IAQ LLC  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 06/30/2028 <sup>(a)</sup>  | $315000 | $262203 |
| &nbsp;&nbsp;&nbsp;5.875%, 06/30/2029 <sup>(a)</sup>  | 450000 | 308716 |
| MajorDrive Holdings IV LLC  | MajorDrive Holdings IV LLC  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 06/01/2029 <sup>(a)</sup>  | 630000 | 444900 |
| Mattel, Inc.  | Mattel, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 04/01/2026 <sup>(a)</sup>  | 345000 | 315523 |
| &nbsp;&nbsp;&nbsp;5.875%, 12/15/2027 <sup>(a)</sup>  | 310000 | 302191 |
| MGM Resorts International  | MGM Resorts International  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 05/01/2025  | 190000 | 188321 |
| &nbsp;&nbsp;&nbsp;5.750%, 06/15/2025  | 360000 | 351142 |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2027  | 345000 | 320852 |
| &nbsp;&nbsp;&nbsp;4.750%, 10/15/2028  | 310000 | 269492 |
| NCL Corp Ltd.  | NCL Corp Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 02/15/2027 <sup>(a)</sup>  | 495000 | 443196 |
| &nbsp;&nbsp;&nbsp;5.875%, 03/15/2026 <sup>(a)</sup>  | 990000 | 812627 |
| Newell Brands, Inc.  | Newell Brands, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 04/01/2026 <sup>(b)</sup>  | 735000 | 685090 |
| &nbsp;&nbsp;&nbsp;5.750%, 04/01/2046 <sup>(b)</sup>  | 520000 | 401539 |
| NMG Holding Co Inc / Neiman Marcus Group LLC  | NMG Holding Co Inc / Neiman Marcus Group LLC  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 04/01/2026 <sup>(a)</sup>  | 435000 | 413755 |
| Penske Automotive Group, Inc.  | Penske Automotive Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 09/01/2025  | 160000 | 148951 |
| PetSmart Inc / PetSmart Finance Corp.  | PetSmart Inc / PetSmart Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2028 <sup>(a)</sup>  | 490000 | 448355 |
| &nbsp;&nbsp;&nbsp;7.750%, 02/15/2029 <sup>(a)</sup>  | 440000 | 414088 |
| QVC, Inc.  | QVC, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.450%, 02/15/2025  | 175000 | 153328 |
| Rolls-Royce PLC  | Rolls-Royce PLC  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 10/14/2025 <sup>(a)</sup>  | 378000 | 335229 |
| &nbsp;&nbsp;&nbsp;5.750%, 10/15/2027 <sup>(a)</sup>  | 388000 | 351660 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |  |
| &nbsp;&nbsp;&nbsp;11.500%, 06/01/2025 <sup>(a)</sup>  | 400000 | 431288 |
| &nbsp;&nbsp;&nbsp;11.625%, 08/15/2027 <sup>(a)</sup>  | 335000 | 326283 |
| &nbsp;&nbsp;&nbsp;8.250%, 01/15/2029 <sup>(a)</sup>  | 500000 | 499120 |
| Sally Holdings LLC / Sally Capital, Inc.  | Sally Holdings LLC / Sally Capital, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 12/01/2025  | 355000 | 335457 |
| Scientific Games Holdings LP/Scientific Games US FinCo, Inc.  | Scientific Games Holdings LP/Scientific Games US FinCo, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 03/01/2030 <sup>(a)</sup>  | 385000 | 331875 |
| Scientific Games International, Inc.  | Scientific Games International, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 07/01/2025 <sup>(a)</sup>  | 160000 | 164678 |
| SeaWorld Parks & Entertainment, Inc.  | SeaWorld Parks & Entertainment, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 08/15/2029 <sup>(a)</sup>  | 267000 | 230027 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** |
| Service Corp International/US  | Service Corp International/US  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 06/01/2029  | $325000 | $303525 |
| &nbsp;&nbsp;&nbsp;3.375%, 08/15/2030  | 230000 | 186226 |
| &nbsp;&nbsp;&nbsp;4.000%, 05/15/2031  | 360000 | 299809 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 07/31/2024 <sup>(a)</sup>  | 275000 | 266900 |
| Sotheby's  | Sotheby's  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 10/15/2027 <sup>(a)</sup>  | 170000 | 166042 |
| SRS Distribution, Inc.  | SRS Distribution, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 07/01/2028 <sup>(a)</sup>  | 305000 | 269080 |
| &nbsp;&nbsp;&nbsp;6.000%, 12/01/2029 <sup>(a)</sup>  | 235000 | 192161 |
| Staples, Inc.  | Staples, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 04/15/2026 <sup>(a)</sup>  | 425000 | 369979 |
| &nbsp;&nbsp;&nbsp;10.750%, 04/15/2027 <sup>(a)(c)</sup>  | 1055000 | 766922 |
| Station Casinos LLC  | Station Casinos LLC  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/2028 <sup>(a)</sup>  | 335000 | 286493 |
| Tempur Sealy International, Inc.  | Tempur Sealy International, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 04/15/2029 <sup>(a)</sup>  | 322000 | 259731 |
| &nbsp;&nbsp;&nbsp;3.875%, 10/15/2031 <sup>(a)</sup>  | 410000 | 308702 |
| The Goodyear Tire & Rubber Co.  | The Goodyear Tire & Rubber Co.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 05/31/2026 <sup>(c)</sup>  | 255000 | 245985 |
| &nbsp;&nbsp;&nbsp;4.875%, 03/15/2027  | 325000 | 296528 |
| &nbsp;&nbsp;&nbsp;5.000%, 07/15/2029  | 395000 | 343559 |
| &nbsp;&nbsp;&nbsp;5.250%, 07/15/2031  | 355000 | 301253 |
| The Michaels Cos., Inc.  | The Michaels Cos., Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 05/01/2028 <sup>(a)</sup>  | 505000 | 359813 |
| Travel + Leisure Co.  | Travel + Leisure Co.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 07/31/2026 <sup>(a)</sup>  | 315000 | 308837 |
| &nbsp;&nbsp;&nbsp;4.500%, 12/01/2029 <sup>(a)</sup>  | 360000 | 294287 |
| Under Armour, Inc.  | Under Armour, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 06/15/2026  | 175000 | 150991 |
| Victoria's Secret & Co.  | Victoria's Secret & Co.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 07/15/2029 <sup>(a)(c)</sup>  | 154000 | 122881 |
| Viking Cruises Ltd.  | Viking Cruises Ltd.  |  |
| &nbsp;&nbsp;&nbsp;13.000%, 05/15/2025 <sup>(a)</sup>  | 440000 | 471955 |
| VOC Escrow Ltd.  | VOC Escrow Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/2028 <sup>(a)</sup>  | 265000 | 218861 |
| White Cap Buyer LLC  | White Cap Buyer LLC  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 10/15/2028 <sup>(a)</sup>  | 315000 | 267719 |
| Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.  | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 03/01/2025 <sup>(a)</sup>  | 490000 | 464527 |
| &nbsp;&nbsp;&nbsp;5.250%, 05/15/2027 <sup>(a)(c)</sup>  | 385000 | 335064 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.  | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 04/15/2025 <sup>(a)</sup>  | 165000 | 161122 |
| &nbsp;&nbsp;&nbsp;5.125%, 10/01/2029 <sup>(a)</sup>  | 210000 | 166985 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** | **Consumer Discretionary — 13.6% (Continued)** |
| Yum! Brands, Inc.  | Yum! Brands, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2030 <sup>(a)</sup>  | $355000 | $318193 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/15/2031  | 435000 | 349979 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/31/2032  | 320000 | 274101 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/01/2032  | 415000 | 371834 |
| ZF North America Capital, Inc.  | ZF North America Capital, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 04/29/2025 <sup>(a)</sup>  | 565000 | 529452 |
|  |  | 44682066 |
| **Consumer Staples — 4.0%** | **Consumer Staples — 4.0%** |  |
| 1011778 BC ULC / New Red Finance, Inc.  | 1011778 BC ULC / New Red Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 01/15/2028 <sup>(a)</sup>  | 101000 | 89237 |
| &nbsp;&nbsp;&nbsp;3.875%, 01/15/2028 <sup>(a)</sup>  | 600000 | 529197 |
| &nbsp;&nbsp;&nbsp;3.500%, 02/15/2029 <sup>(a)</sup>  | 245000 | 205408 |
| &nbsp;&nbsp;&nbsp;4.000%, 10/15/2030 <sup>(a)</sup>  | 675000 | 547830 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC  | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 03/15/2026 <sup>(a)</sup>  | 285000 | 292736 |
| &nbsp;&nbsp;&nbsp;3.250%, 03/15/2026 <sup>(a)</sup>  | 303000 | 272688 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/2027 <sup>(a)</sup>  | 156000 | 144823 |
| &nbsp;&nbsp;&nbsp;5.875%, 02/15/2028 <sup>(a)</sup>  | 203000 | 190053 |
| &nbsp;&nbsp;&nbsp;3.500%, 03/15/2029 <sup>(a)</sup>  | 535000 | 441038 |
| &nbsp;&nbsp;&nbsp;4.875%, 02/15/2030 <sup>(a)</sup>  | 420000 | 374812 |
| Aramark Services, Inc.  | Aramark Services, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 04/01/2025 <sup>(a)</sup>  | 140000 | 135159 |
| &nbsp;&nbsp;&nbsp;6.375%, 05/01/2025 <sup>(a)</sup>  | 580000 | 575296 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/01/2028 <sup>(a)</sup>  | 460000 | 420852 |
| B&G Foods, Inc.  | B&G Foods, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 04/01/2025  | 286000 | 260633 |
| BCPE Empire Holdings, Inc.  | BCPE Empire Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.625%, 05/01/2027 <sup>(a)</sup>  | 149000 | 136457 |
| BellRing Brands, Inc.  | BellRing Brands, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 03/15/2030 <sup>(a)</sup>  | 390000 | 369149 |
| CD&R Smokey Buyer, Inc.  | CD&R Smokey Buyer, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 07/15/2025 <sup>(a)</sup>  | 184000 | 175838 |
| Coty, Inc.  | Coty, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 04/15/2026 <sup>(a)</sup>  | 135000 | 128669 |
| &nbsp;&nbsp;&nbsp;5.000%, 04/15/2026 <sup>(a)</sup>  | 400000 | 377546 |
| Darling Ingredients, Inc.  | Darling Ingredients, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 06/15/2030 <sup>(a)</sup>  | 177000 | 170586 |
| Edgewell Personal Care Co.  | Edgewell Personal Care Co.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 06/01/2028 <sup>(a)</sup>  | 345000 | 325658 |
| IRB Holding Corp.  | IRB Holding Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 06/15/2025 <sup>(a)</sup>  | 215000 | 215127 |
| Jacobs Entertainment, Inc.  | Jacobs Entertainment, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 02/15/2029 <sup>(a)</sup>  | 380000 | 335667 |
| KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC  | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 06/01/2027 <sup>(a)</sup>  | 210000 | 200970 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Consumer Staples — 4.0% (Continued)** | **Consumer Staples — 4.0% (Continued)** | **Consumer Staples — 4.0% (Continued)** |
| Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 01/31/2030 <sup>(a)</sup>  | $410000 | $358982 |
| &nbsp;&nbsp;&nbsp;4.375%, 01/31/2032 <sup>(a)</sup>  | 185000 | 159148 |
| Metis Merger Sub LLC  | Metis Merger Sub LLC  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 05/15/2029 <sup>(a)</sup>  | 375000 | 302959 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 10/15/2027 <sup>(a)</sup>  | 425000 | 402838 |
| &nbsp;&nbsp;&nbsp;4.250%, 08/01/2029 <sup>(a)</sup>  | 405000 | 344068 |
| Pilgrim's Pride Corp.  | Pilgrim's Pride Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 09/30/2027 <sup>(a)</sup>  | 230000 | 225124 |
| &nbsp;&nbsp;&nbsp;4.250%, 04/15/2031 <sup>(a)</sup>  | 425000 | 354877 |
| &nbsp;&nbsp;&nbsp;3.500%, 03/01/2032 <sup>(a)</sup>  | 410000 | 315596 |
| Post Holdings, Inc.  | Post Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 01/15/2028 <sup>(a)</sup>  | 245000 | 229369 |
| &nbsp;&nbsp;&nbsp;5.500%, 12/15/2029 <sup>(a)</sup>  | 325000 | 292885 |
| &nbsp;&nbsp;&nbsp;4.625%, 04/15/2030 <sup>(a)</sup>  | 290000 | 244442 |
| &nbsp;&nbsp;&nbsp;4.500%, 09/15/2031 <sup>(a)</sup>  | 320000 | 265326 |
| Primo Water Holdings, Inc.  | Primo Water Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 04/30/2029 <sup>(a)</sup>  | 345000 | 292753 |
| Rite Aid Corp.  | Rite Aid Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 11/15/2026 <sup>(a)</sup>  | 840000 | 546378 |
| Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed  | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 03/01/2029 <sup>(a)</sup>  | 370000 | 309614 |
| TKC Holdings, Inc.  | TKC Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 05/15/2029 <sup>(a)</sup>  | 447000 | 318453 |
| US Foods, Inc.  | US Foods, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 04/15/2025 <sup>(a)</sup>  | 260000 | 259109 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2029 <sup>(a)</sup>  | 225000 | 199804 |
| Vector Group Ltd.  | Vector Group Ltd.  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 11/01/2026 <sup>(a)</sup>  | 130000 | 128471 |
| &nbsp;&nbsp;&nbsp;5.750%, 02/01/2029 <sup>(a)</sup>  | 430000 | 377299 |
| WASH Multifamily Acquisition, Inc.  | WASH Multifamily Acquisition, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 04/15/2026 <sup>(a)</sup>  | 215000 | 200814 |
|  |  | 13043738 |
| **Energy — 13.3%** | **Energy — 13.3%** |  |
| Aethon United BR LP / Aethon United Finance Corp.  | Aethon United BR LP / Aethon United Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.250%, 02/15/2026 <sup>(a)</sup>  | 360000 | 366436 |
| AmeriGas Partners LP / AmeriGas Finance Corp.  | AmeriGas Partners LP / AmeriGas Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/20/2025  | 365000 | 350413 |
| &nbsp;&nbsp;&nbsp;5.875%, 08/20/2026  | 310000 | 290828 |
| Antero Midstream Partners LP / Antero Midstream Finance Corp.  | Antero Midstream Partners LP / Antero Midstream Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 05/15/2026 <sup>(a)</sup>  | 290000 | 296174 |
| &nbsp;&nbsp;&nbsp;5.750%, 03/01/2027 <sup>(a)</sup>  | 310000 | 295846 |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2028 <sup>(a)</sup>  | 325000 | 306917 |
| &nbsp;&nbsp;&nbsp;5.375%, 06/15/2029 <sup>(a)</sup>  | 279000 | 254816 |
| Antero Resources Corp.  | Antero Resources Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 03/01/2030 <sup>(a)</sup>  | 175000 | 162165 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** |
| Apache Corp.  | Apache Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 01/15/2030  | $171000 | $152602 |
| &nbsp;&nbsp;&nbsp;5.100%, 09/01/2040  | 552000 | 448219 |
| &nbsp;&nbsp;&nbsp;4.750%, 04/15/2043  | 565000 | 424473 |
| Archrock Partners LP / Archrock Partners Finance Corp.  | Archrock Partners LP / Archrock Partners Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 04/01/2028 <sup>(a)</sup>  | 230000 | 214349 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp.  | Ascent Resources Utica Holdings LLC / ARU Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 11/01/2026 <sup>(a)</sup>  | 180000 | 177620 |
| Baytex Energy Corp.  | Baytex Energy Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.750%, 04/01/2027 <sup>(a)(c)</sup>  | 405000 | 414696 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp.  | Blue Racer Midstream LLC / Blue Racer Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.625%, 12/15/2025 <sup>(a)</sup>  | 385000 | 381085 |
| Buckeye Partners LP  | Buckeye Partners LP  |  |
| &nbsp;&nbsp;&nbsp;3.950%, 12/01/2026  | 320000 | 281541 |
| &nbsp;&nbsp;&nbsp;4.500%, 03/01/2028 <sup>(a)</sup>  | 264000 | 229409 |
| California Resources Corp.  | California Resources Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 02/01/2026 <sup>(a)</sup>  | 385000 | 378403 |
| Callon Petroleum Co.  | Callon Petroleum Co.  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 08/01/2028 <sup>(a)</sup>  | 257000 | 256684 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/15/2030 <sup>(a)(c)</sup>  | 305000 | 290281 |
| Cheniere Energy Partners LP  | Cheniere Energy Partners LP  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 10/01/2029  | 570000 | 503937 |
| &nbsp;&nbsp;&nbsp;4.000%, 03/01/2031  | 319000 | 269355 |
| &nbsp;&nbsp;&nbsp;3.250%, 01/31/2032  | 490000 | 381894 |
| Cheniere Energy, Inc.  | Cheniere Energy, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/15/2028  | 450000 | 415406 |
| Chesapeake Energy Corp.  | Chesapeake Energy Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 04/15/2029 <sup>(a)</sup>  | 275000 | 269935 |
| CITGO Petroleum Corp.  | CITGO Petroleum Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 06/15/2025 <sup>(a)</sup>  | 281000 | 277816 |
| &nbsp;&nbsp;&nbsp;6.375%, 06/15/2026 <sup>(a)</sup>  | 204000 | 201428 |
| Clearway Energy Operating LLC  | Clearway Energy Operating LLC  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 03/15/2028 <sup>(a)</sup>  | 360000 | 334507 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/2031 <sup>(a)</sup>  | 405000 | 339153 |
| CNX Resources Corp.  | CNX Resources Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 03/14/2027 <sup>(a)</sup>  | 270000 | 268384 |
| Colgate Energy Partners III LLC  | Colgate Energy Partners III LLC  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 07/01/2029 <sup>(a)</sup>  | 100000 | 93477 |
| Comstock Resources, Inc.  | Comstock Resources, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 03/01/2029 <sup>(a)</sup>  | 500000 | 481068 |
| &nbsp;&nbsp;&nbsp;5.875%, 01/15/2030 <sup>(a)</sup>  | 425000 | 384608 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC |  |
| &nbsp;&nbsp;&nbsp;5.500%, 06/15/2031 <sup>(a)</sup>  | 545000 | 488674 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 05/01/2026 <sup>(a)</sup>  | 200000 | 185971 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** |
| CrownRock LP / CrownRock Finance, Inc.  | CrownRock LP / CrownRock Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 10/15/2025 <sup>(a)</sup>  | $269000 | $260496 |
| CVR Energy, Inc.  | CVR Energy, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 02/15/2025 <sup>(a)</sup>  | 175000 | 168748 |
| DT Midstream, Inc.  | DT Midstream, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 06/15/2029 <sup>(a)</sup>  | 450000 | 390143 |
| &nbsp;&nbsp;&nbsp;4.375%, 06/15/2031 <sup>(a)</sup>  | 430000 | 364982 |
| Earthstone Energy Holdings LLC  | Earthstone Energy Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 04/15/2027 <sup>(a)</sup>  | 257000 | 243601 |
| Encino Acquisition Partners Holdings LLC  | Encino Acquisition Partners Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 05/01/2028 <sup>(a)</sup>  | 200000 | 188380 |
| Endeavor Energy Resources LP / EER Finance, Inc.  | Endeavor Energy Resources LP / EER Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/30/2028 <sup>(a)</sup>  | 285000 | 279016 |
| Enerflex Ltd.  | Enerflex Ltd.  |  |
| &nbsp;&nbsp;&nbsp;9.000%, 10/15/2027 <sup>(a)</sup>  | 200000 | 194872 |
| EnLink Midstream LLC  | EnLink Midstream LLC  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 09/01/2030 <sup>(a)</sup>  | 121000 | 119034 |
| EnLink Midstream Partners LP  | EnLink Midstream Partners LP  |  |
| &nbsp;&nbsp;&nbsp;4.150%, 06/01/2025  | 270000 | 253857 |
| &nbsp;&nbsp;&nbsp;5.050%, 04/01/2045  | 765000 | 556537 |
| Enviva Partners LP / Enviva Partners Finance Corp.  | Enviva Partners LP / Enviva Partners Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 01/15/2026 <sup>(a)</sup>  | 215000 | 206752 |
| EQM Midstream Partners LP  | EQM Midstream Partners LP  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 07/01/2027 <sup>(a)(c)</sup>  | 385000 | 376314 |
| &nbsp;&nbsp;&nbsp;5.500%, 07/15/2028  | 375000 | 335805 |
| &nbsp;&nbsp;&nbsp;4.500%, 01/15/2029 <sup>(a)</sup>  | 370000 | 315407 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/01/2030 <sup>(a)</sup>  | 310000 | 301894 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2031 <sup>(a)</sup>  | 465000 | 389714 |
| &nbsp;&nbsp;&nbsp;6.500%, 07/15/2048  | 388000 | 299330 |
| EQT Corp.  | EQT Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 02/01/2025 <sup>(b)</sup>  | 440000 | 441560 |
| &nbsp;&nbsp;&nbsp;3.900%, 10/01/2027  | 185000 | 166650 |
| &nbsp;&nbsp;&nbsp;7.000%, 02/01/2030 <sup>(b)</sup>  | 307000 | 315626 |
| FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  |  |
| &nbsp;&nbsp;&nbsp;4.350%, 01/15/2025 <sup>(a)</sup>  | 390000 | 376570 |
| &nbsp;&nbsp;&nbsp;5.450%, 07/15/2044 <sup>(a)</sup>  | 309000 | 267323 |
| &nbsp;&nbsp;&nbsp;4.550%, 04/01/2049 <sup>(a)</sup>  | 205000 | 155530 |
| FMG Resources August 2006 Pty Ltd.  | FMG Resources August 2006 Pty Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 05/15/2024 <sup>(a)</sup>  | 300000 | 293259 |
| &nbsp;&nbsp;&nbsp;4.500%, 09/15/2027 <sup>(a)</sup>  | 315000 | 282766 |
| &nbsp;&nbsp;&nbsp;5.875%, 04/15/2030 <sup>(a)</sup>  | 280000 | 249117 |
| &nbsp;&nbsp;&nbsp;4.375%, 04/01/2031 <sup>(a)</sup>  | 300000 | 237483 |
| &nbsp;&nbsp;&nbsp;6.125%, 04/15/2032 <sup>(a)</sup>  | 316000 | 277886 |
| Genesis Energy LP / Genesis Energy Finance Corp.  | Genesis Energy LP / Genesis Energy Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/2025  | 315000 | 302613 |
| &nbsp;&nbsp;&nbsp;8.000%, 01/15/2027  | 368000 | 357059 |
| &nbsp;&nbsp;&nbsp;7.750%, 02/01/2028  | 193000 | 184546 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** |
| Gulfport Energy Corp.  | Gulfport Energy Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 05/17/2026 <sup>(a)</sup>  | $340000 | $339541 |
| Harvest Midstream I LP  | Harvest Midstream I LP  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 09/01/2028 <sup>(a)</sup>  | 435000 | 419792 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 02/15/2026 <sup>(a)</sup>  | 375000 | 368340 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2030 <sup>(a)</sup>  | 365000 | 313135 |
| Hilcorp Energy I LP / Hilcorp Finance Co.  | Hilcorp Energy I LP / Hilcorp Finance Co.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/01/2028 <sup>(a)</sup>  | 171000 | 161223 |
| &nbsp;&nbsp;&nbsp;5.750%, 02/01/2029 <sup>(a)</sup>  | 315000 | 288942 |
| &nbsp;&nbsp;&nbsp;6.000%, 02/01/2031 <sup>(a)</sup>  | 340000 | 309801 |
| Ithaca Energy North Sea PLC | Ithaca Energy North Sea PLC |  |
| &nbsp;&nbsp;&nbsp;9.000%, 07/15/2026 <sup>(a)</sup>  | 221000 | 218735 |
| ITT Holdings LLC  | ITT Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 08/01/2029 <sup>(a)</sup>  | 550000 | 444729 |
| Kinetik Holdings LP  | Kinetik Holdings LP  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 06/15/2030 <sup>(a)</sup>  | 75000 | 70647 |
| Laredo Petroleum, Inc.  | Laredo Petroleum, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.500%, 01/15/2025  | 165000 | 165309 |
| Matador Resources Co.  | Matador Resources Co.  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 09/15/2026  | 247000 | 242482 |
| MEG Energy Corp.  | MEG Energy Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 02/01/2027 <sup>(a)</sup>  | 152000 | 154622 |
| Moss Creek Resources Holdings, Inc.  | Moss Creek Resources Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 01/15/2026 <sup>(a)</sup>  | 342000 | 313757 |
| Murphy Oil Corp.  | Murphy Oil Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 07/15/2028  | 91000 | 88796 |
| Nabors Industries, Inc.  | Nabors Industries, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 05/15/2027 <sup>(a)</sup>  | 297000 | 292541 |
| Neptune Energy Bondco PLC  | Neptune Energy Bondco PLC  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 05/15/2025 <sup>(a)</sup>  | 480000 | 467235 |
| New Fortress Energy, Inc.  | New Fortress Energy, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 09/15/2025 <sup>(a)</sup>  | 371000 | 365523 |
| &nbsp;&nbsp;&nbsp;6.500%, 09/30/2026 <sup>(a)</sup>  | 640000 | 621117 |
| NextEra Energy Operating Partners LP  | NextEra Energy Operating Partners LP  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 07/15/2024 <sup>(a)</sup>  | 257000 | 249738 |
| NGL Energy Operating LLC / NGL Energy Finance Corp.  | NGL Energy Operating LLC / NGL Energy Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 02/01/2026 <sup>(a)</sup>  | 635000 | 574839 |
| Northern Oil and Gas, Inc.  | Northern Oil and Gas, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 03/01/2028 <sup>(a)</sup>  | 225000 | 218721 |
| NuStar Logistics LP  | NuStar Logistics LP  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 10/01/2025  | 345000 | 333595 |
| &nbsp;&nbsp;&nbsp;6.375%, 10/01/2030  | 360000 | 334447 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 07/01/2024  | $310000 | $317110 |
| &nbsp;&nbsp;&nbsp;2.900%, 08/15/2024  | 222000 | 214103 |
| &nbsp;&nbsp;&nbsp;5.875%, 09/01/2025  | 230000 | 232006 |
| &nbsp;&nbsp;&nbsp;5.500%, 12/01/2025  | 185000 | 185775 |
| &nbsp;&nbsp;&nbsp;5.550%, 03/15/2026  | 275000 | 279514 |
| &nbsp;&nbsp;&nbsp;6.375%, 09/01/2028  | 87000 | 88496 |
| &nbsp;&nbsp;&nbsp;8.875%, 07/15/2030  | 126000 | 143168 |
| &nbsp;&nbsp;&nbsp;6.625%, 09/01/2030  | 314000 | 327147 |
| &nbsp;&nbsp;&nbsp;6.125%, 01/01/2031  | 175000 | 176096 |
| &nbsp;&nbsp;&nbsp;7.500%, 05/01/2031  | 375000 | 404001 |
| &nbsp;&nbsp;&nbsp;7.875%, 09/15/2031  | 165000 | 179786 |
| &nbsp;&nbsp;&nbsp;6.450%, 09/15/2036  | 325000 | 323492 |
| &nbsp;&nbsp;&nbsp;6.200%, 03/15/2040  | 535000 | 515890 |
| &nbsp;&nbsp;&nbsp;6.600%, 03/15/2046  | 426000 | 420554 |
| Parkland Corp.  | Parkland Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 10/01/2029 <sup>(a)</sup>  | 313000 | 264191 |
| &nbsp;&nbsp;&nbsp;4.625%, 05/01/2030 <sup>(a)</sup>  | 370000 | 308691 |
| Pattern Energy Operations LP / Pattern Energy Operations, Inc.  | Pattern Energy Operations LP / Pattern Energy Operations, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 08/15/2028 <sup>(a)</sup>  | 151000 | 135880 |
| PBF Holding Co LLC / PBF Finance Corp. | PBF Holding Co LLC / PBF Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;7.250%, 06/15/2025  | 435000 | 431439 |
| &nbsp;&nbsp;&nbsp;6.000%, 02/15/2028  | 322000 | 293199 |
| PDC Energy, Inc.  | PDC Energy, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 05/15/2026  | 400000 | 383964 |
| Range Resources Corp.  | Range Resources Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 05/15/2025  | 370000 | 357723 |
| &nbsp;&nbsp;&nbsp;8.250%, 01/15/2029  | 300000 | 312167 |
| Rockcliff Energy II LLC  | Rockcliff Energy II LLC  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 10/15/2029 <sup>(a)</sup>  | 305000 | 272400 |
| Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  |  |
| &nbsp;&nbsp;&nbsp;4.950%, 07/15/2029 <sup>(a)</sup>  | 173000 | 152101 |
| Southwestern Energy Co.  | Southwestern Energy Co.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 02/01/2029 <sup>(c)</sup>  | 330000 | 308225 |
| &nbsp;&nbsp;&nbsp;5.375%, 03/15/2030  | 312000 | 289021 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2032 <sup>(c)</sup>  | 485000 | 419370 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.  | Suburban Propane Partners LP/Suburban Energy Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 06/01/2031 <sup>(a)</sup>  | 278000 | 234351 |
| Summit Midstream Holdings LLC / Summit Midstream Finance Corp.  | Summit Midstream Holdings LLC / Summit Midstream Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 10/15/2026 <sup>(a)</sup>  | 220000 | 211468 |
| Sunoco LP / Sunoco Finance Corp.  | Sunoco LP / Sunoco Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 04/15/2027  | 305000 | 297904 |
| &nbsp;&nbsp;&nbsp;4.500%, 05/15/2029  | 308000 | 265288 |
| &nbsp;&nbsp;&nbsp;4.500%, 04/30/2030  | 365000 | 311329 |
| Superior Plus LP / Superior General Partner, Inc.  | Superior Plus LP / Superior General Partner, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 03/15/2029 <sup>(a)</sup>  | 315000 | 267939 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** | **Energy — 13.3% (Continued)** |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.  | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 10/01/2025 <sup>(a)</sup>  | $310000 | $313791 |
| &nbsp;&nbsp;&nbsp;5.500%, 01/15/2028 <sup>(a)</sup>  | 370000 | 332619 |
| &nbsp;&nbsp;&nbsp;6.000%, 12/31/2030 <sup>(a)</sup>  | 380000 | 344949 |
| TerraForm Power Operating LLC  | TerraForm Power Operating LLC  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 01/31/2028 <sup>(a)</sup>  | 320000 | 297028 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2030 <sup>(a)</sup>  | 224000 | 201838 |
| Transocean, Inc.  | Transocean, Inc.  |  |
| &nbsp;&nbsp;&nbsp;11.500%, 01/30/2027 <sup>(a)</sup>  | 830000 | 835009 |
| USA Compression Partners LP / USA Compression Finance Corp.  | USA Compression Partners LP / USA Compression Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 04/01/2026  | 350000 | 336824 |
| &nbsp;&nbsp;&nbsp;6.875%, 09/01/2027  | 202000 | 193396 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 08/15/2029 <sup>(a)</sup>  | 355000 | 307144 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/15/2031 <sup>(a)</sup>  | 315000 | 269330 |
| &nbsp;&nbsp;&nbsp;3.875%, 11/01/2033 <sup>(a)</sup>  | 415000 | 333836 |
| Vistra Operations Co LLC  | Vistra Operations Co LLC  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 02/15/2027 <sup>(a)</sup>  | 545000 | 520372 |
| &nbsp;&nbsp;&nbsp;4.375%, 05/01/2029 <sup>(a)</sup>  | 520000 | 446009 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 07/31/2027 <sup>(a)</sup>  | 225000 | 207955 |
| Weatherford International Ltd.  | Weatherford International Ltd.  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 04/30/2030 <sup>(a)</sup>  | 655000 | 616394 |
| Western Midstream Operating LP  | Western Midstream Operating LP  |  |
| &nbsp;&nbsp;&nbsp;3.350%, 02/01/2025 <sup>(b)</sup>  | 108000 | 103183 |
| &nbsp;&nbsp;&nbsp;4.050%, 02/01/2030 <sup>(b)</sup>  | 175000 | 154022 |
| &nbsp;&nbsp;&nbsp;5.450%, 04/01/2044  | 490000 | 399135 |
| &nbsp;&nbsp;&nbsp;5.300%, 03/01/2048  | 259000 | 209710 |
| &nbsp;&nbsp;&nbsp;5.250%, 02/01/2050 <sup>(b)</sup>  | 640000 | 499685 |
|  |  | 43625064 |
| **Financials — 10.4%** | **Financials — 10.4%** |  |
| Acrisure LLC / Acrisure Finance, Inc.  | Acrisure LLC / Acrisure Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 11/15/2025 <sup>(a)</sup>  | 270000 | 254473 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2029 <sup>(a)</sup>  | 276000 | 225859 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 10/15/2027 <sup>(a)</sup>  | 482000 | 440353 |
| &nbsp;&nbsp;&nbsp;4.250%, 10/15/2027 <sup>(a)</sup>  | 320000 | 288819 |
| Ally Financial, Inc.  | Ally Financial, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 11/20/2025  | 329000 | 318396 |
| AmWINS Group, Inc.  | AmWINS Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 06/30/2029 <sup>(a)</sup>  | 375000 | 321700 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC  | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 06/15/2027 <sup>(a)</sup>  | $345000 | $331583 |
| &nbsp;&nbsp;&nbsp;4.000%, 09/01/2029 <sup>(a)</sup>  | 274000 | 208561 |
| Barclays PLC  | Barclays PLC  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 09/11/2024  | 605000 | 575528 |
| &nbsp;&nbsp;&nbsp;4.836%, 05/09/2028  | 575000 | 487655 |
| &nbsp;&nbsp;&nbsp;5.088%, 06/20/2030 <sup>(b)</sup>  | 370000 | 311145 |
| &nbsp;&nbsp;&nbsp;3.564%, 09/23/2035  | 444000 | 313230 |
| Barclays PLC  | Barclays PLC  |  |
| &nbsp;&nbsp;&nbsp;5.200%, 05/12/2026  | 455000 | 417378 |
| C&W Senior Financing DAC  | C&W Senior Financing DAC  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 09/15/2027 <sup>(a)</sup>  | 455000 | 395467 |
| Camelot Finance SA  | Camelot Finance SA  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 11/01/2026 <sup>(a)</sup>  | 176000 | 164886 |
| Compass Group Diversified Holdings LLC  | Compass Group Diversified Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 04/15/2029 <sup>(a)</sup>  | 495000 | 426955 |
| Deutsche Bank AG  | Deutsche Bank AG  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 04/01/2025  | 430000 | 400059 |
| Deutsche Bank AG/New York NY  | Deutsche Bank AG/New York NY  |  |
| &nbsp;&nbsp;&nbsp;3.729%, 01/14/2032 <sup>(b)</sup>  | 471000 | 331360 |
| &nbsp;&nbsp;&nbsp;4.875%, 12/01/2032 <sup>(b)</sup>  | 490000 | 388774 |
| &nbsp;&nbsp;&nbsp;3.742%, 01/07/2033 <sup>(b)</sup>  | 600000 | 408913 |
| Dresdner Funding Trust I  | Dresdner Funding Trust I  |  |
| &nbsp;&nbsp;&nbsp;8.151%, 06/30/2031 <sup>(a)</sup>  | 237000 | 243221 |
| eG Global Finance PLC  | eG Global Finance PLC  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 10/30/2025 <sup>(a)</sup>  | 405000 | 375026 |
| Enact Holdings, Inc. | Enact Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;6.500%, 08/15/2025 <sup>(a)</sup>  | 340000 | 335719 |
| Ford Motor Credit Co LLC  | Ford Motor Credit Co LLC  |  |
| &nbsp;&nbsp;&nbsp;5.584%, 03/18/2024  | 635000 | 628088 |
| &nbsp;&nbsp;&nbsp;3.664%, 09/08/2024  | 215000 | 204567 |
| &nbsp;&nbsp;&nbsp;4.063%, 11/01/2024  | 540000 | 517555 |
| &nbsp;&nbsp;&nbsp;2.300%, 02/10/2025  | 372000 | 339636 |
| &nbsp;&nbsp;&nbsp;5.125%, 06/16/2025  | 445000 | 431290 |
| &nbsp;&nbsp;&nbsp;4.134%, 08/04/2025  | 346000 | 322600 |
| &nbsp;&nbsp;&nbsp;3.375%, 11/13/2025  | 530000 | 481783 |
| &nbsp;&nbsp;&nbsp;4.542%, 08/01/2026  | 300000 | 277035 |
| &nbsp;&nbsp;&nbsp;2.700%, 08/10/2026  | 285000 | 248306 |
| &nbsp;&nbsp;&nbsp;4.271%, 01/09/2027  | 410000 | 371130 |
| &nbsp;&nbsp;&nbsp;4.950%, 05/28/2027  | 595000 | 545627 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/17/2027  | 161000 | 143069 |
| &nbsp;&nbsp;&nbsp;3.815%, 11/02/2027  | 375000 | 325841 |
| &nbsp;&nbsp;&nbsp;2.900%, 02/16/2028  | 390000 | 317422 |
| &nbsp;&nbsp;&nbsp;2.900%, 02/10/2029  | 405000 | 318592 |
| &nbsp;&nbsp;&nbsp;5.113%, 05/03/2029  | 610000 | 546468 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/13/2030  | 355000 | 288065 |
| &nbsp;&nbsp;&nbsp;3.625%, 06/17/2031  | 475000 | 370405 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** |
| Freedom Mortgage Corp.  | Freedom Mortgage Corp.  |  |
| &nbsp;&nbsp;&nbsp;8.250%, 04/15/2025 <sup>(a)</sup>  | $163000 | $139745 |
| &nbsp;&nbsp;&nbsp;7.625%, 05/01/2026 <sup>(a)</sup>  | 350000 | 277046 |
| &nbsp;&nbsp;&nbsp;6.625%, 01/15/2027 <sup>(a)</sup>  | 178000 | 133298 |
| goeasy Ltd.  | goeasy Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 12/01/2024 <sup>(a)</sup>  | 325000 | 303756 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp.  | Icahn Enterprises LP / Icahn Enterprises Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 09/15/2024  | 460000 | 448275 |
| &nbsp;&nbsp;&nbsp;6.250%, 05/15/2026  | 505000 | 486739 |
| &nbsp;&nbsp;&nbsp;5.250%, 05/15/2027  | 407000 | 375751 |
| &nbsp;&nbsp;&nbsp;4.375%, 02/01/2029  | 355000 | 297289 |
| IHS Netherlands Holdco BV  | IHS Netherlands Holdco BV  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 09/18/2027 <sup>(a)</sup>  | 373000 | 291570 |
| Intesa Sanpaolo SpA  | Intesa Sanpaolo SpA  |  |
| &nbsp;&nbsp;&nbsp;5.017%, 06/26/2024 <sup>(a)</sup>  | 575000 | 542983 |
| &nbsp;&nbsp;&nbsp;5.710%, 01/15/2026 <sup>(a)</sup>  | 610000 | 568551 |
| Jazz Securities DAC  | Jazz Securities DAC  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 01/15/2029 <sup>(a)</sup>  | 512000 | 455690 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp.  | Jefferies Finance LLC / JFIN Co-Issuer Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 08/15/2028 <sup>(a)</sup>  | 465000 | 366041 |
| LCPR Senior Secured Financing DAC  | LCPR Senior Secured Financing DAC  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 07/15/2029 <sup>(a)</sup>  | 360000 | 304175 |
| LPL Holdings, Inc.  | LPL Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 03/15/2029 <sup>(a)</sup>  | 395000 | 345753 |
| Mallinckrodt International Finance SA / Mallinckrodt CB LLC  | Mallinckrodt International Finance SA / Mallinckrodt CB LLC  |  |
| &nbsp;&nbsp;&nbsp;11.500%, 12/15/2028 <sup>(a)</sup>  | 260000 | 236486 |
| Mclaren Finance PLC  | Mclaren Finance PLC  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 08/01/2026 <sup>(a)</sup>  | 400000 | 321598 |
| MGIC Investment Corp.  | MGIC Investment Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 08/15/2028  | 365000 | 330821 |
| Midcap Financial Issuer Trust  | Midcap Financial Issuer Trust  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 05/01/2028 <sup>(a)</sup>  | 422000 | 359542 |
| MSCI, Inc.  | MSCI, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/2029 <sup>(a)</sup>  | 275000 | 239250 |
| &nbsp;&nbsp;&nbsp;3.625%, 09/01/2030 <sup>(a)</sup>  | 400000 | 334940 |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2031 <sup>(a)</sup>  | 435000 | 367325 |
| &nbsp;&nbsp;&nbsp;3.250%, 08/15/2033 <sup>(a)</sup>  | 175000 | 136598 |
| Nationstar Mortgage Holdings, Inc.  | Nationstar Mortgage Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 01/15/2027 <sup>(a)</sup>  | 420000 | 374638 |
| &nbsp;&nbsp;&nbsp;5.500%, 08/15/2028 <sup>(a)</sup>  | 425000 | 344459 |
| &nbsp;&nbsp;&nbsp;5.125%, 12/15/2030 <sup>(a)</sup>  | 193000 | 146090 |
| Navient Corp.  | Navient Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 03/15/2027  | 356000 | 300799 |
| &nbsp;&nbsp;&nbsp;5.500%, 03/15/2029  | 383000 | 304747 |
| &nbsp;&nbsp;&nbsp;5.625%, 08/01/2033  | 330000 | 233310 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** |
| NFP Corp.  | NFP Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 08/15/2028 <sup>(a)</sup>  | $489000 | $417177 |
| OneMain Finance Corp.  | OneMain Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 03/15/2025  | 580000 | 564407 |
| &nbsp;&nbsp;&nbsp;7.125%, 03/15/2026  | 325000 | 314231 |
| &nbsp;&nbsp;&nbsp;3.500%, 01/15/2027  | 410000 | 337241 |
| &nbsp;&nbsp;&nbsp;6.625%, 01/15/2028  | 425000 | 386438 |
| &nbsp;&nbsp;&nbsp;3.875%, 09/15/2028  | 395000 | 308708 |
| &nbsp;&nbsp;&nbsp;5.375%, 11/15/2029  | 361000 | 297018 |
| &nbsp;&nbsp;&nbsp;4.000%, 09/15/2030  | 470000 | 356081 |
| Oscar AcquisitionCo LLC / Oscar Finance, Inc.  | Oscar AcquisitionCo LLC / Oscar Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.500%, 04/15/2030 <sup>(a)</sup>  | 178000 | 151296 |
| PennyMac Financial Services, Inc.  | PennyMac Financial Services, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 10/15/2025 <sup>(a)</sup>  | 350000 | 315812 |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2029 <sup>(a)</sup>  | 370000 | 277964 |
| Perrigo Finance Unlimited Co.  | Perrigo Finance Unlimited Co.  |  |
| &nbsp;&nbsp;&nbsp;3.900%, 12/15/2024  | 345000 | 330608 |
| &nbsp;&nbsp;&nbsp;4.375%, 03/15/2026  | 98000 | 92061 |
| &nbsp;&nbsp;&nbsp;4.400%, 06/15/2030  | 208000 | 174298 |
| Prime Security Services Borrower LLC / Prime Finance, Inc.  | Prime Security Services Borrower LLC / Prime Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 04/15/2024 <sup>(a)</sup>  | 345000 | 343969 |
| &nbsp;&nbsp;&nbsp;5.750%, 04/15/2026 <sup>(a)</sup>  | 515000 | 502093 |
| &nbsp;&nbsp;&nbsp;3.375%, 08/31/2027 <sup>(a)</sup>  | 367000 | 320108 |
| &nbsp;&nbsp;&nbsp;6.250%, 01/15/2028 <sup>(a)</sup>  | 331000 | 307003 |
| Radian Group, Inc.  | Radian Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 03/15/2025  | 470000 | 463191 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.  | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 10/15/2026 <sup>(a)</sup>  | 391000 | 328203 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/01/2029 <sup>(a)</sup>  | 390000 | 301318 |
| &nbsp;&nbsp;&nbsp;3.875%, 03/01/2031 <sup>(a)</sup>  | 570000 | 425306 |
| &nbsp;&nbsp;&nbsp;4.000%, 10/15/2033 <sup>(a)</sup>  | 440000 | 308387 |
| Sable International Finance Ltd.  | Sable International Finance Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 09/07/2027 <sup>(a)</sup>  | 145000 | 128731 |
| Santander UK Group Holdings PLC  | Santander UK Group Holdings PLC  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 09/15/2025 <sup>(a)</sup>  | 210000 | 195335 |
| SLM Corp.  | SLM Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.200%, 10/29/2025  | 145000 | 135070 |
| Starwood Property Trust, Inc.  | Starwood Property Trust, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 03/15/2025  | 92000 | 86543 |
| UniCredit SpA  | UniCredit SpA  |  |
| &nbsp;&nbsp;&nbsp;5.861%, 06/19/2032 <sup>(a)(b)</sup>  | 185000 | 153354 |
| &nbsp;&nbsp;&nbsp;7.296%, 04/02/2034 <sup>(a)(b)</sup>  | 477000 | 404848 |
| &nbsp;&nbsp;&nbsp;5.459%, 06/30/2035 <sup>(a)</sup>  | 569000 | 423835 |
| United Wholesale Mortgage LLC  | United Wholesale Mortgage LLC  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 11/15/2025 <sup>(a)</sup>  | 197000 | 177323 |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2029 <sup>(a)</sup>  | 290000 | 220975 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** | **Financials — 10.4% (Continued)** |
| VistaJet Malta Finance PLC / XO Management Holding, Inc.  | VistaJet Malta Finance PLC / XO Management Holding, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 02/01/2030 <sup>(a)</sup>  | $490000 | $408861 |
|  |  | 33967597 |
| **Health Care — 8.1%** | **Health Care — 8.1%** |  |
| AdaptHealth LLC  | AdaptHealth LLC  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 03/01/2030 <sup>(a)</sup>  | 167000 | 145238 |
| Akumin, Inc.  | Akumin, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 11/01/2025 <sup>(a)</sup>  | 135000 | 109392 |
| Avantor Funding, Inc.  | Avantor Funding, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 07/15/2028 <sup>(a)</sup>  | 585000 | 529767 |
| &nbsp;&nbsp;&nbsp;3.875%, 11/01/2029 <sup>(a)</sup>  | 180000 | 152747 |
| Bausch Health Cos, Inc.  | Bausch Health Cos, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 11/01/2025 <sup>(a)</sup>  | 973000 | 782740 |
| &nbsp;&nbsp;&nbsp;6.125%, 02/01/2027 <sup>(a)</sup>  | 1830000 | 1206543 |
| Centene Corp.  | Centene Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 12/15/2027  | 550000 | 508899 |
| &nbsp;&nbsp;&nbsp;2.450%, 07/15/2028  | 515000 | 424553 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/15/2029  | 870000 | 789951 |
| &nbsp;&nbsp;&nbsp;3.375%, 02/15/2030  | 428000 | 355946 |
| &nbsp;&nbsp;&nbsp;3.000%, 10/15/2030  | 500000 | 403940 |
| &nbsp;&nbsp;&nbsp;2.500%, 03/01/2031  | 660000 | 508484 |
| &nbsp;&nbsp;&nbsp;2.625%, 08/01/2031  | 525000 | 403266 |
| CHS/Community Health Systems, Inc.  | CHS/Community Health Systems, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 03/15/2026 <sup>(a)</sup>  | 835000 | 721812 |
| &nbsp;&nbsp;&nbsp;5.625%, 03/15/2027 <sup>(a)</sup>  | 604000 | 480404 |
| &nbsp;&nbsp;&nbsp;8.000%, 12/15/2027 <sup>(a)</sup>  | 189000 | 153480 |
| &nbsp;&nbsp;&nbsp;6.000%, 01/15/2029 <sup>(a)</sup>  | 445000 | 331489 |
| &nbsp;&nbsp;&nbsp;5.250%, 05/15/2030 <sup>(a)</sup>  | 650000 | 451389 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2031 <sup>(a)</sup>  | 505000 | 339039 |
| DaVita, Inc.  | DaVita, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 06/01/2030 <sup>(a)</sup>  | 710000 | 554702 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/2031 <sup>(a)</sup>  | 650000 | 473674 |
| Elanco Animal Health, Inc.  | Elanco Animal Health, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.400%, 08/28/2028  | 330000 | 298033 |
| Encompass Health Corp.  | Encompass Health Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/01/2028  | 365000 | 327551 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2030  | 375000 | 318896 |
| Global Medical Response, Inc.  | Global Medical Response, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/2025 <sup>(a)</sup>  | 175000 | 139521 |
| HCA, Inc.  | HCA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 03/15/2027 <sup>(a)</sup>  | 395000 | 349486 |
| &nbsp;&nbsp;&nbsp;4.125%, 06/15/2029  | 385000 | 339903 |
| &nbsp;&nbsp;&nbsp;5.000%, 03/15/2024  | 433000 | 429342 |
| &nbsp;&nbsp;&nbsp;5.375%, 02/01/2025  | 600000 | 592565 |
| &nbsp;&nbsp;&nbsp;5.250%, 04/15/2025  | 220000 | 216275 |
| &nbsp;&nbsp;&nbsp;5.875%, 02/15/2026  | 550000 | 545028 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Health Care — 8.1% (Continued)** | **Health Care — 8.1% (Continued)** | **Health Care — 8.1% (Continued)** |
| &nbsp;&nbsp;&nbsp;5.250%, 06/15/2026  | $210000 | $203682 |
| &nbsp;&nbsp;&nbsp;5.375%, 09/01/2026  | 182000 | 177123 |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/2027  | 450000 | 421632 |
| &nbsp;&nbsp;&nbsp;5.625%, 09/01/2028  | 225000 | 216214 |
| &nbsp;&nbsp;&nbsp;3.500%, 09/01/2030  | 605000 | 503139 |
| &nbsp;&nbsp;&nbsp;2.375%, 07/15/2031  | 365000 | 272246 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/15/2032 <sup>(a)</sup>  | 710000 | 576038 |
| &nbsp;&nbsp;&nbsp;5.125%, 06/15/2039  | 445000 | 368394 |
| &nbsp;&nbsp;&nbsp;4.375%, 03/15/2042 <sup>(a)</sup>  | 330000 | 247794 |
| &nbsp;&nbsp;&nbsp;5.500%, 06/15/2047  | 492000 | 410585 |
| &nbsp;&nbsp;&nbsp;5.250%, 06/15/2049  | 496000 | 401303 |
| &nbsp;&nbsp;&nbsp;4.625%, 03/15/2052 <sup>(a)</sup>  | 517000 | 380454 |
| Hologic, Inc.  | Hologic, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 02/15/2029 <sup>(a)</sup>  | 425000 | 364212 |
| Horizon Therapeutics USA, Inc.  | Horizon Therapeutics USA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 08/01/2027 <sup>(a)</sup>  | 124000 | 119652 |
| Legacy LifePoint Health LLC  | Legacy LifePoint Health LLC  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 04/15/2025 <sup>(a)</sup>  | 175000 | 155225 |
| Medline Borrower LP  | Medline Borrower LP  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 04/01/2029 <sup>(a)</sup>  | 1195000 | 981872 |
| &nbsp;&nbsp;&nbsp;5.250%, 10/01/2029 <sup>(a)</sup>  | 671000 | 523709 |
| Molina Healthcare, Inc.  | Molina Healthcare, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 06/15/2028 <sup>(a)</sup>  | 350000 | 314450 |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/2030 <sup>(a)</sup>  | 93000 | 79274 |
| &nbsp;&nbsp;&nbsp;3.875%, 05/15/2032 <sup>(a)</sup>  | 340000 | 284458 |
| Organon & Co / Organon Foreign Debt Co-Issuer BV  | Organon & Co / Organon Foreign Debt Co-Issuer BV  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 04/30/2028 <sup>(a)</sup>  | 423000 | 373397 |
| &nbsp;&nbsp;&nbsp;5.125%, 04/30/2031 <sup>(a)</sup>  | 590000 | 502061 |
| Owens & Minor, Inc.  | Owens & Minor, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 04/01/2030 <sup>(a)</sup>  | 290000 | 241795 |
| Radiology Partners, Inc.  | Radiology Partners, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.250%, 02/01/2028 <sup>(a)</sup>  | 945000 | 502220 |
| RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc.  | RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.750%, 12/01/2026 <sup>(a)</sup>  | 560000 | 448381 |
| RP Escrow Issuer LLC  | RP Escrow Issuer LLC  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 12/15/2025 <sup>(a)</sup>  | 470000 | 352670 |
| Select Medical Corp.  | Select Medical Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 08/15/2026 <sup>(a)</sup>  | 433000 | 411396 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 07/15/2024  | 350000 | 339810 |
| &nbsp;&nbsp;&nbsp;4.625%, 09/01/2024 <sup>(a)</sup>  | 140000 | 135473 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/01/2026 <sup>(a)</sup>  | 576000 | 543980 |
| &nbsp;&nbsp;&nbsp;6.250%, 02/01/2027 <sup>(a)</sup>  | 555000 | 530680 |
| &nbsp;&nbsp;&nbsp;5.125%, 11/01/2027 <sup>(a)</sup>  | 319000 | 294606 |
| &nbsp;&nbsp;&nbsp;6.125%, 10/01/2028 <sup>(a)</sup>  | 545000 | 473673 |
| &nbsp;&nbsp;&nbsp;4.250%, 06/01/2029 <sup>(a)</sup>  | 540000 | 455773 |
| &nbsp;&nbsp;&nbsp;6.125%, 06/15/2030 <sup>(a)</sup>  | 438000 | 404594 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Health Care — 8.1% (Continued)** | **Health Care — 8.1% (Continued)** | **Health Care — 8.1% (Continued)** |
| US Acute Care Solutions LLC  | US Acute Care Solutions LLC  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 03/01/2026 <sup>(a)</sup>  | $203000 | $184548 |
|  |  | 26580568 |
| **Industrials — 10.3%** | **Industrials — 10.3%** |  |
| AECOM  | AECOM  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 03/15/2027  | 285000 | 270515 |
| AerCap Holdings NV  | AerCap Holdings NV  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 10/10/2079 <sup>(b)</sup>  | 220000 | 198255 |
| Air Canada  | Air Canada  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 08/15/2026 <sup>(a)</sup>  | 345000 | 305772 |
| Allegiant Travel Co.  | Allegiant Travel Co.  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 08/15/2027 <sup>(a)</sup>  | 260000 | 244835 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp.  | Allied Universal Holdco LLC / Allied Universal Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 07/15/2026 <sup>(a)</sup>  | 604000 | 577965 |
| &nbsp;&nbsp;&nbsp;9.750%, 07/15/2027 <sup>(a)</sup>  | 490000 | 423354 |
| &nbsp;&nbsp;&nbsp;6.000%, 06/01/2029 <sup>(a)</sup>  | 181000 | 126090 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl  | Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 Sarl  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 06/01/2028 <sup>(a)</sup>  | 490000 | 411340 |
| &nbsp;&nbsp;&nbsp;4.625%, 06/01/2028 <sup>(a)</sup>  | 211000 | 173016 |
| American Airlines Group, Inc.  | American Airlines Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 03/01/2025 <sup>(a)(c)</sup>  | 138000 | 121603 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd.  | American Airlines Inc/AAdvantage Loyalty IP Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/20/2026 <sup>(a)</sup>  | 1020000 | 974990 |
| &nbsp;&nbsp;&nbsp;5.750%, 04/20/2029 <sup>(a)</sup>  | 1105000 | 1011666 |
| American Airlines, Inc.  | American Airlines, Inc.  |  |
| &nbsp;&nbsp;&nbsp;11.750%, 07/15/2025 <sup>(a)</sup>  | 625000 | 684380 |
| American Builders & Contractors Supply Co, Inc.  | American Builders & Contractors Supply Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 01/15/2028 <sup>(a)</sup>  | 350000 | 309521 |
| APX Group, Inc.  | APX Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 02/15/2027 <sup>(a)</sup>  | 300000 | 293383 |
| &nbsp;&nbsp;&nbsp;5.750%, 07/15/2029 <sup>(a)(c)</sup>  | 385000 | 307987 |
| Artera Services LLC  | Artera Services LLC  |  |
| &nbsp;&nbsp;&nbsp;9.033%, 12/04/2025 <sup>(a)</sup>  | 285000 | 238817 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc.  | Avis Budget Car Rental LLC / Avis Budget Finance, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 03/01/2029 <sup>(a)</sup>  | 175000 | 151943 |
| Bombardier, Inc.  | Bombardier, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 03/15/2025 <sup>(a)</sup>  | 495000 | 492032 |
| &nbsp;&nbsp;&nbsp;7.125%, 06/15/2026 <sup>(a)</sup>  | 495000 | 469400 |
| &nbsp;&nbsp;&nbsp;7.875%, 04/15/2027 <sup>(a)</sup>  | 635000 | 604244 |
| &nbsp;&nbsp;&nbsp;6.000%, 02/15/2028 <sup>(a)</sup>  | 204000 | 182070 |
| Brand Industrial Services, Inc. | Brand Industrial Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;8.500%, 07/15/2025 <sup>(a)(c)</sup>  | 1045000 | 753651 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Industrials — 10.3% (Continued)** | **Industrials — 10.3% (Continued)** | **Industrials — 10.3% (Continued)** |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 02/01/2032 <sup>(a)</sup>  | $472000 | $378490 |
| &nbsp;&nbsp;&nbsp;6.375%, 06/15/2032 <sup>(a)</sup>  | 355000 | 327459 |
| Camelot Return Merger Sub, Inc.  | Camelot Return Merger Sub, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.750%, 08/01/2028 <sup>(a)</sup>  | 585000 | 488475 |
| Cargo Aircraft Management, Inc.  | Cargo Aircraft Management, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2028 <sup>(a)</sup>  | 200000 | 178865 |
| Clean Harbors, Inc.  | Clean Harbors, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 07/15/2027 <sup>(a)</sup>  | 177000 | 166830 |
| CoreCivic, Inc.  | CoreCivic, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.250%, 04/15/2026  | 341000 | 346290 |
| CoreLogic, Inc.  | CoreLogic, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 05/01/2028 <sup>(a)</sup>  | 445000 | 300236 |
| CoStar Group, Inc.  | CoStar Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;2.800%, 07/15/2030 <sup>(a)</sup>  | 269000 | 210324 |
| Covanta Holding Corp.  | Covanta Holding Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 12/01/2029 <sup>(a)</sup>  | 215000 | 183579 |
| Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.  | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 05/01/2027 <sup>(a)</sup>  | 325000 | 306328 |
| &nbsp;&nbsp;&nbsp;6.000%, 02/01/2029 <sup>(a)</sup>  | 135000 | 126548 |
| &nbsp;&nbsp;&nbsp;8.000%, 04/01/2029 <sup>(a)</sup>  | 365000 | 365524 |
| DCP Midstream Operating LP  | DCP Midstream Operating LP  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 07/15/2025  | 465000 | 455221 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/15/2029  | 375000 | 352729 |
| Delta Air Lines, Inc.  | Delta Air Lines, Inc.  |  |
| &nbsp;&nbsp;&nbsp;2.900%, 10/28/2024  | 410000 | 388135 |
| &nbsp;&nbsp;&nbsp;7.375%, 01/15/2026 <sup>(c)</sup>  | 425000 | 434560 |
| &nbsp;&nbsp;&nbsp;3.750%, 10/28/2029 <sup>(c)</sup>  | 320000 | 263724 |
| Fortress Transportation and Infrastructure Investors LLC  | Fortress Transportation and Infrastructure Investors LLC  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 10/01/2025 <sup>(a)</sup>  | 430000 | 414950 |
| &nbsp;&nbsp;&nbsp;5.500%, 05/01/2028 <sup>(a)</sup>  | 372000 | 312340 |
| Garda World Security Corp.  | Garda World Security Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 02/15/2027 <sup>(a)</sup>  | 232000 | 206212 |
| &nbsp;&nbsp;&nbsp;9.500%, 11/01/2027 <sup>(a)</sup>  | 284000 | 257491 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 08/01/2025 <sup>(a)</sup>  | 312000 | 295991 |
| &nbsp;&nbsp;&nbsp;4.000%, 08/01/2028 <sup>(a)</sup>  | 350000 | 303685 |
| &nbsp;&nbsp;&nbsp;3.500%, 09/01/2028 <sup>(a)</sup>  | 180000 | 153936 |
| &nbsp;&nbsp;&nbsp;4.750%, 06/15/2029 <sup>(a)</sup>  | 204000 | 178263 |
| Griffon Corp.  | Griffon Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 03/01/2028  | 290000 | 266013 |
| H&E Equipment Services, Inc.  | H&E Equipment Services, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 12/15/2028 <sup>(a)</sup>  | 223000 | 188717 |
| Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd.  | Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/20/2026 <sup>(a)</sup>  | 265000 | 246858 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Industrials — 10.3% (Continued)** | **Industrials — 10.3% (Continued)** | **Industrials — 10.3% (Continued)** |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 07/15/2027 <sup>(a)</sup>  | $225000 | $212969 |
| Hertz Corp/The  | Hertz Corp/The  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 12/01/2029 <sup>(a)</sup>  | 465000 | 369617 |
| Howmet Aerospace, Inc.  | Howmet Aerospace, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 10/01/2024  | 265000 | 262555 |
| &nbsp;&nbsp;&nbsp;6.875%, 05/01/2025  | 330000 | 336452 |
| &nbsp;&nbsp;&nbsp;5.900%, 02/01/2027  | 305000 | 300209 |
| &nbsp;&nbsp;&nbsp;3.000%, 01/15/2029  | 107000 | 89320 |
| &nbsp;&nbsp;&nbsp;5.950%, 02/01/2037  | 320000 | 293846 |
| Mattamy Group Corp.  | Mattamy Group Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 03/01/2030 <sup>(a)</sup>  | 61000 | 48090 |
| MPH Acquisition Holdings LLC  | MPH Acquisition Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 09/01/2028 <sup>(a)</sup>  | 455000 | 394033 |
| &nbsp;&nbsp;&nbsp;5.750%, 11/01/2028 <sup>(a)(c)</sup>  | 590000 | 457431 |
| NESCO Holdings II, Inc. | NESCO Holdings II, Inc. |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/15/2029 <sup>(a)</sup>  | 265000 | 232918 |
| Pike Corp.  | Pike Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 09/01/2028 <sup>(a)</sup>  | 170000 | 145563 |
| Sabre GLBL, Inc.  | Sabre GLBL, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 09/01/2025 <sup>(a)</sup>  | 455000 | 426458 |
| &nbsp;&nbsp;&nbsp;9.250%, 04/15/2025 <sup>(a)</sup>  | 329000 | 319178 |
| Smyrna Ready Mix Concrete LLC  | Smyrna Ready Mix Concrete LLC  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 11/01/2028 <sup>(a)</sup>  | 565000 | 481811 |
| Specialty Building Products Holdings LLC / SBP Finance Corp.  | Specialty Building Products Holdings LLC / SBP Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 09/30/2026 <sup>(a)</sup>  | 345000 | 278061 |
| Spirit AeroSystems, Inc.  | Spirit AeroSystems, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 04/15/2025 <sup>(a)</sup>  | 428000 | 416827 |
| Standard Industries Inc/NJ  | Standard Industries Inc/NJ  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/2027 <sup>(a)</sup>  | 221000 | 200492 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/15/2028 <sup>(a)(c)</sup>  | 430000 | 377849 |
| &nbsp;&nbsp;&nbsp;4.375%, 07/15/2030 <sup>(a)</sup>  | 560000 | 456042 |
| &nbsp;&nbsp;&nbsp;3.375%, 01/15/2031 <sup>(a)</sup>  | 500000 | 375295 |
| Stericycle, Inc.  | Stericycle, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 07/15/2024 <sup>(a)</sup>  | 255000 | 251740 |
| Terex Corp.  | Terex Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 05/15/2029 <sup>(a)</sup>  | 192000 | 172126 |
| The ADT Security Corp.  | The ADT Security Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 08/01/2029 <sup>(a)</sup>  | 430000 | 369800 |
| &nbsp;&nbsp;&nbsp;4.875%, 07/15/2032 <sup>(a)</sup>  | 355000 | 302854 |
| The Brink's Co  | The Brink's Co  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 10/15/2027 <sup>(a)</sup>  | 315000 | 291893 |
| Titan Acquisition Ltd / Titan Co-Borrower LLC  | Titan Acquisition Ltd / Titan Co-Borrower LLC  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 04/15/2026 <sup>(a)</sup>  | 865000 | 704807 |
| TK Elevator US Newco, Inc.  | TK Elevator US Newco, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 07/15/2027 <sup>(a)</sup>  | 445000 | 400064 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Industrials — 10.3% (Continued)** | **Industrials — 10.3% (Continued)** | **Industrials — 10.3% (Continued)** |
| TransDigm, Inc.  | TransDigm, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 03/15/2026 <sup>(a)</sup>  | $1195000 | $1178360 |
| &nbsp;&nbsp;&nbsp;7.500%, 03/15/2027  | 335000 | 331315 |
| &nbsp;&nbsp;&nbsp;5.500%, 11/15/2027  | 620000 | 563183 |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/2029  | 274000 | 233763 |
| &nbsp;&nbsp;&nbsp;4.875%, 05/01/2029  | 169000 | 144917 |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 11/01/2026 <sup>(a)</sup>  | 575000 | 580215 |
| &nbsp;&nbsp;&nbsp;7.500%, 09/15/2027 <sup>(a)</sup>  | 485000 | 484636 |
| &nbsp;&nbsp;&nbsp;4.500%, 08/15/2029 <sup>(a)</sup>  | 449000 | 386556 |
| United Airlines, Inc.  | United Airlines, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 04/15/2026 <sup>(a)</sup>  | 735000 | 672144 |
| &nbsp;&nbsp;&nbsp;4.625%, 04/15/2029 <sup>(a)</sup>  | 435000 | 373889 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 01/15/2028  | 330000 | 307448 |
| &nbsp;&nbsp;&nbsp;5.250%, 01/15/2030  | 137000 | 127510 |
| &nbsp;&nbsp;&nbsp;4.000%, 07/15/2030  | 215000 | 183424 |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2031  | 291000 | 241181 |
| &nbsp;&nbsp;&nbsp;3.750%, 01/15/2032  | 370000 | 300588 |
| Vertiv Group Corp.  | Vertiv Group Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 11/15/2028 <sup>(a)</sup>  | 425000 | 370730 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 06/15/2025 <sup>(a)</sup>  | 225000 | 227529 |
| &nbsp;&nbsp;&nbsp;7.250%, 06/15/2028 <sup>(a)</sup>  | 206000 | 209276 |
| Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |  |
| &nbsp;&nbsp;&nbsp;4.950%, 09/15/2028 <sup>(b)</sup>  | 399000 | 372159 |
|  |  | 33681725 |
| **Information Technology — 5.7%** | **Information Technology — 5.7%** |  |
| Amkor Technology, Inc.  | Amkor Technology, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 09/15/2027 <sup>(a)</sup>  | 253000 | 250131 |
| Arches Buyer, Inc.  | Arches Buyer, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 06/01/2028 <sup>(a)</sup>  | 435000 | 357866 |
| AthenaHealth Group, Inc.  | AthenaHealth Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 02/15/2030 <sup>(a)(c)</sup>  | 698000 | 544803 |
| Black Knight InfoServ LLC  | Black Knight InfoServ LLC  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 09/01/2028 <sup>(a)</sup>  | 285000 | 247996 |
| Block, Inc.  | Block, Inc.  |  |
| &nbsp;&nbsp;&nbsp;2.750%, 06/01/2026  | 420000 | 376626 |
| &nbsp;&nbsp;&nbsp;3.500%, 06/01/2031 <sup>(c)</sup>  | 430000 | 347264 |
| Booz Allen Hamilton, Inc.  | Booz Allen Hamilton, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 09/01/2028 <sup>(a)</sup>  | 335000 | 297205 |
| Boxer Parent Co, Inc.  | Boxer Parent Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 10/02/2025 <sup>(a)</sup>  | 175000 | 171892 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Information Technology — 5.7% (Continued)** | **Information Technology — 5.7% (Continued)** | **Information Technology — 5.7% (Continued)** |
| CDW LLC / CDW Finance Corp.  | CDW LLC / CDW Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 05/01/2025  | $320000 | $305019 |
| &nbsp;&nbsp;&nbsp;2.670%, 12/01/2026  | 425000 | 366110 |
| &nbsp;&nbsp;&nbsp;3.250%, 02/15/2029  | 193000 | 158225 |
| &nbsp;&nbsp;&nbsp;3.569%, 12/01/2031  | 450000 | 354983 |
| Central Parent Inc / CDK Global, Inc.  | Central Parent Inc / CDK Global, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 06/15/2029 <sup>(a)</sup>  | 203000 | 194068 |
| Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 07/01/2028 <sup>(a)</sup>  | 148000 | 127292 |
| &nbsp;&nbsp;&nbsp;4.875%, 07/01/2029 <sup>(a)</sup>  | 155000 | 129732 |
| Coherent Corp.  | Coherent Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 12/15/2029 <sup>(a)</sup>  | 430000 | 369929 |
| Condor Merger Sub, Inc.  | Condor Merger Sub, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 02/15/2030 <sup>(a)(c)</sup>  | 631000 | 522929 |
| Crowdstrike Holdings, Inc.  | Crowdstrike Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 02/15/2029  | 238000 | 201202 |
| Endurance International Group Holdings, Inc.  | Endurance International Group Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 02/15/2029 <sup>(a)</sup>  | 540000 | 356360 |
| Entegris Escrow Corp.  | Entegris Escrow Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 04/15/2029 <sup>(a)</sup>  | 610000 | 540062 |
| &nbsp;&nbsp;&nbsp;5.950%, 06/15/2030 <sup>(a)</sup>  | 380000 | 348068 |
| Fair Isaac Corp.  | Fair Isaac Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 06/15/2028 <sup>(a)</sup>  | 260000 | 235944 |
| Gartner, Inc.  | Gartner, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 07/01/2028 <sup>(a)</sup>  | 360000 | 334348 |
| &nbsp;&nbsp;&nbsp;3.750%, 10/01/2030 <sup>(a)</sup>  | 365000 | 307675 |
| Go Daddy Operating Co LLC / GD Finance Co, Inc. | Go Daddy Operating Co LLC / GD Finance Co, Inc. |  |
| &nbsp;&nbsp;&nbsp;5.250%, 12/01/2027 <sup>(a)</sup>  | 300000 | 281461 |
| &nbsp;&nbsp;&nbsp;3.500%, 03/01/2029 <sup>(a)</sup>  | 252000 | 209645 |
| GoTo Group, Inc.  | GoTo Group, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 09/01/2027 <sup>(a)</sup>  | 1155000 | 672811 |
| Imola Merger Corp.  | Imola Merger Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 05/15/2029 <sup>(a)</sup>  | 230000 | 198707 |
| IQVIA, Inc.  | IQVIA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 10/15/2026 <sup>(a)</sup>  | 265000 | 253295 |
| &nbsp;&nbsp;&nbsp;5.000%, 05/15/2027 <sup>(a)</sup>  | 445000 | 424643 |
| Millennium Escrow Corp.  | Millennium Escrow Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 08/01/2026 <sup>(a)</sup>  | 670000 | 484085 |
| NCR Corp.  | NCR Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 10/01/2028 <sup>(a)</sup>  | 173000 | 145784 |
| &nbsp;&nbsp;&nbsp;5.125%, 04/15/2029 <sup>(a)</sup>  | 455000 | 382888 |
| Nokia Oyj  | Nokia Oyj  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 05/15/2039  | 324000 | 295261 |
| NortonLifeLock, Inc.  | NortonLifeLock, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 04/15/2025 <sup>(a)</sup>  | 315000 | 306394 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Information Technology — 5.7% (Continued)** | **Information Technology — 5.7% (Continued)** | **Information Technology — 5.7% (Continued)** |
| ON Semiconductor Corp.  | ON Semiconductor Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 09/01/2028 <sup>(a)</sup>  | $335000 | $295127 |
| Open Text Corp.  | Open Text Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2028 <sup>(a)</sup>  | 385000 | 330319 |
| &nbsp;&nbsp;&nbsp;3.875%, 12/01/2029 <sup>(a)</sup>  | 380000 | 303447 |
| Open Text Holdings, Inc.  | Open Text Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 02/15/2030 <sup>(a)</sup>  | 390000 | 313402 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/01/2031 <sup>(a)</sup>  | 320000 | 243722 |
| Qorvo, Inc.  | Qorvo, Inc.  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 12/15/2024 <sup>(a)</sup>  | 307000 | 280348 |
| &nbsp;&nbsp;&nbsp;4.375%, 10/15/2029  | 215000 | 183480 |
| &nbsp;&nbsp;&nbsp;3.375%, 04/01/2031 <sup>(a)</sup>  | 190000 | 143391 |
| Rocket Software, Inc.  | Rocket Software, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 02/15/2029 <sup>(a)</sup>  | 259000 | 207372 |
| Seagate HDD Cayman  | Seagate HDD Cayman  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 01/01/2025  | 325000 | 314129 |
| &nbsp;&nbsp;&nbsp;5.750%, 12/01/2034  | 345000 | 281048 |
| Sensata Technologies BV  | Sensata Technologies BV  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 10/01/2025 <sup>(a)</sup>  | 188000 | 182876 |
| &nbsp;&nbsp;&nbsp;4.000%, 04/15/2029 <sup>(a)</sup>  | 265000 | 223608 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/2031 <sup>(a)</sup>  | 200000 | 159730 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 09/30/2027 <sup>(a)</sup>  | 400000 | 373106 |
| Unisys Corp.  | Unisys Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 11/01/2027 <sup>(a)</sup>  | 250000 | 209550 |
| Vericast Corp.  | Vericast Corp.  |  |
| &nbsp;&nbsp;&nbsp;11.000%, 09/15/2026 <sup>(a)</sup>  | 439000 | 431318 |
| Veritas US Inc / Veritas Bermuda Ltd.  | Veritas US Inc / Veritas Bermuda Ltd.  |  |
| &nbsp;&nbsp;&nbsp;7.500%, 09/01/2025 <sup>(a)</sup>  | 1170000 | 986984 |
| Viasat, Inc.  | Viasat, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 09/15/2025 <sup>(a)</sup>  | 355000 | 327878 |
| &nbsp;&nbsp;&nbsp;5.625%, 04/15/2027 <sup>(a)</sup>  | 320000 | 296437 |
| Vibrantz Technologies, Inc.  | Vibrantz Technologies, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.000%, 02/15/2030 <sup>(a)</sup>  | 633000 | 418554 |
| Virtusa Corp.  | Virtusa Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 12/15/2028 <sup>(a)</sup>  | 492000 | 353663 |
| Vontier Corp.  | Vontier Corp.  |  |
| &nbsp;&nbsp;&nbsp;2.950%, 04/01/2031  | 217000 | 152657 |
| Western Digital Corp. | Western Digital Corp. |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2026  | 525000 | 488591 |
| Xerox Holdings Corp.  | Xerox Holdings Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 08/15/2025 <sup>(a)</sup>  | 400000 | 362066 |
| &nbsp;&nbsp;&nbsp;5.500%, 08/15/2028 <sup>(a)</sup>  | 400000 | 317176 |
|  |  | 18537172 |
| **Materials — 6.8%** | **Materials — 6.8%** |  |
| Alcoa Nederland Holding BV  | Alcoa Nederland Holding BV  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 12/15/2027 <sup>(a)</sup>  | 215000 | 200547 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Materials — 6.8% (Continued)** | **Materials — 6.8% (Continued)** | **Materials — 6.8% (Continued)** |
| Arconic Corp.  | Arconic Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 05/15/2025 <sup>(a)</sup>  | $370000 | $367295 |
| &nbsp;&nbsp;&nbsp;6.125%, 02/15/2028 <sup>(a)</sup>  | 475000 | 446158 |
| ARD Finance SA  | ARD Finance SA  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 06/30/2027 <sup>(a)</sup>  | 215000 | 154787 |
| Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.  | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 04/30/2025 <sup>(a)</sup>  | 304000 | 287349 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/15/2026 <sup>(a)</sup>  | 515000 | 446533 |
| &nbsp;&nbsp;&nbsp;5.250%, 08/15/2027 <sup>(a)</sup>  | 435000 | 305753 |
| &nbsp;&nbsp;&nbsp;5.250%, 08/15/2027 <sup>(a)</sup>  | 373000 | 262174 |
| ASP Unifrax Holdings, Inc.  | ASP Unifrax Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 09/30/2028 <sup>(a)</sup>  | 323000 | 257667 |
| Avient Corp.  | Avient Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 05/15/2025 <sup>(a)</sup>  | 190000 | 185814 |
| &nbsp;&nbsp;&nbsp;7.125%, 08/01/2030 <sup>(a)</sup>  | 177000 | 169495 |
| Axalta Coating Systems LLC  | Axalta Coating Systems LLC  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 02/15/2029 <sup>(a)</sup>  | 302000 | 250249 |
| Ball Corp.  | Ball Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 07/01/2025  | 475000 | 469898 |
| &nbsp;&nbsp;&nbsp;4.875%, 03/15/2026  | 140000 | 134705 |
| &nbsp;&nbsp;&nbsp;2.875%, 08/15/2030  | 324000 | 252169 |
| &nbsp;&nbsp;&nbsp;3.125%, 09/15/2031  | 425000 | 326553 |
| Berry Global, Inc.  | Berry Global, Inc.  |  |
| &nbsp;&nbsp;&nbsp;1.570%, 01/15/2026  | 560000 | 485662 |
| &nbsp;&nbsp;&nbsp;4.875%, 07/15/2026 <sup>(a)</sup>  | 368000 | 346584 |
| Big River Steel LLC / BRS Finance Corp.  | Big River Steel LLC / BRS Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 01/31/2029 <sup>(a)</sup>  | 210000 | 198005 |
| Brookfield Residential Properties Inc / Brookfield Residential US LLC  | Brookfield Residential Properties Inc / Brookfield Residential US LLC  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 09/15/2027 <sup>(a)</sup>  | 175000 | 153040 |
| Chemours Co/The  | Chemours Co/The  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 11/15/2028 <sup>(a)</sup>  | 380000 | 327843 |
| &nbsp;&nbsp;&nbsp;4.625%, 11/15/2029 <sup>(a)</sup>  | 390000 | 305189 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 03/15/2026 <sup>(a)</sup>  | 415000 | 412682 |
| Clydesdale Acquisition Holdings, Inc.  | Clydesdale Acquisition Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;8.750%, 04/15/2030 <sup>(a)</sup>  | 293000 | 255463 |
| CP Atlas Buyer, Inc.  | CP Atlas Buyer, Inc.  |  |
| &nbsp;&nbsp;&nbsp;7.000%, 12/01/2028 <sup>(a)(c)</sup>  | 431000 | 310947 |
| Crown Americas LLC / Crown Americas Capital Corp VI | Crown Americas LLC / Crown Americas Capital Corp VI |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2026  | 200000 | 191741 |
| Domtar Corp.  | Domtar Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 10/01/2028 <sup>(a)</sup>  | 530000 | 451807 |
| Element Solutions, Inc.  | Element Solutions, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 09/01/2028 <sup>(a)</sup>  | 230000 | 196098 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Materials — 6.8% (Continued)** | **Materials — 6.8% (Continued)** | **Materials — 6.8% (Continued)** |
| Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.550%, 11/14/2024  | $330000 | $323874 |
| &nbsp;&nbsp;&nbsp;5.000%, 09/01/2027  | 210000 | 200794 |
| &nbsp;&nbsp;&nbsp;4.125%, 03/01/2028  | 55000 | 49428 |
| &nbsp;&nbsp;&nbsp;4.375%, 08/01/2028  | 300000 | 271101 |
| &nbsp;&nbsp;&nbsp;5.250%, 09/01/2029  | 168000 | 156425 |
| &nbsp;&nbsp;&nbsp;4.250%, 03/01/2030  | 295000 | 258601 |
| &nbsp;&nbsp;&nbsp;4.625%, 08/01/2030  | 365000 | 323135 |
| &nbsp;&nbsp;&nbsp;5.400%, 11/14/2034  | 345000 | 307879 |
| &nbsp;&nbsp;&nbsp;5.450%, 03/15/2043  | 465000 | 383432 |
| Hudbay Minerals, Inc.  | Hudbay Minerals, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 04/01/2026 <sup>(a)</sup>  | 355000 | 308696 |
| &nbsp;&nbsp;&nbsp;6.125%, 04/01/2029 <sup>(a)</sup>  | 370000 | 307218 |
| Illuminate Buyer LLC / Illuminate Holdings IV, Inc.  | Illuminate Buyer LLC / Illuminate Holdings IV, Inc.  |  |
| &nbsp;&nbsp;&nbsp;9.000%, 07/01/2028 <sup>(a)</sup>  | 815000 | 689478 |
| Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC  | Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 09/15/2028 <sup>(a)</sup>  | 211000 | 157607 |
| Kaiser Aluminum Corp.  | Kaiser Aluminum Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 06/01/2031 <sup>(a)</sup>  | 157000 | 126159 |
| LABL, Inc.  | LABL, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.750%, 07/15/2026 <sup>(a)</sup>  | 285000 | 271415 |
| &nbsp;&nbsp;&nbsp;10.500%, 07/15/2027 <sup>(a)</sup>  | 905000 | 816654 |
| LSB Industries, Inc.  | LSB Industries, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 10/15/2028 <sup>(a)</sup>  | 365000 | 332221 |
| Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  |  |
| &nbsp;&nbsp;&nbsp;7.250%, 04/15/2025 <sup>(a)(c)</sup>  | 503000 | 453494 |
| Mercer International, Inc.  | Mercer International, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 02/01/2029  | 455000 | 378019 |
| Methanex Corp.  | Methanex Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 10/15/2027  | 395000 | 359466 |
| &nbsp;&nbsp;&nbsp;5.250%, 12/15/2029  | 216000 | 185962 |
| Mineral Resources Ltd.  | Mineral Resources Ltd.  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 05/01/2027 <sup>(a)</sup>  | 296000 | 295161 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/01/2027 <sup>(a)</sup>  | 280000 | 276046 |
| &nbsp;&nbsp;&nbsp;8.500%, 05/01/2030 <sup>(a)</sup>  | 345000 | 340303 |
| NOVA Chemicals Corp.  | NOVA Chemicals Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 06/01/2024 <sup>(a)</sup>  | 470000 | 458135 |
| &nbsp;&nbsp;&nbsp;5.250%, 06/01/2027 <sup>(a)</sup>  | 455000 | 407225 |
| Novelis Corp.  | Novelis Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 11/15/2026 <sup>(a)</sup>  | 107000 | 93903 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/30/2030 <sup>(a)</sup>  | 410000 | 353541 |
| &nbsp;&nbsp;&nbsp;3.875%, 08/15/2031 <sup>(a)</sup>  | 312000 | 242469 |
| Olin Corp.  | Olin Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 08/01/2029  | 375000 | 353004 |
| Olympus Water US Holding Corp.  | Olympus Water US Holding Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 10/01/2028 <sup>(a)</sup>  | 400000 | 325830 |
| Owens-Brockway Glass Container, Inc.  | Owens-Brockway Glass Container, Inc.  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 05/13/2027 <sup>(a)</sup>  | 355000 | 340006 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Materials — 6.8% (Continued)** | **Materials — 6.8% (Continued)** | **Materials — 6.8% (Continued)** |
| Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC  | Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 10/15/2027 <sup>(a)</sup>  | $248000 | $221985 |
| Rayonier AM Products, Inc.  | Rayonier AM Products, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 06/01/2024 <sup>(a)</sup>  | 100000 | 98500 |
| SCIH Salt Holdings, Inc.  | SCIH Salt Holdings, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 05/01/2028 <sup>(a)</sup>  | 475000 | 410782 |
| &nbsp;&nbsp;&nbsp;6.625%, 05/01/2029 <sup>(a)</sup>  | 161000 | 129676 |
| SCIL IV LLC / SCIL USA Holdings LLC  | SCIL IV LLC / SCIL USA Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 11/01/2026 <sup>(a)</sup>  | 240000 | 191393 |
| Sealed Air Corp.  | Sealed Air Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 07/15/2033 <sup>(a)</sup>  | 360000 | 345269 |
| Summit Materials LLC / Summit Materials Finance Corp. | Summit Materials LLC / Summit Materials Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;5.250%, 01/15/2029 <sup>(a)</sup>  | 297000 | 271957 |
| SYNGENTA FIN N V  | SYNGENTA FIN N V  |  |
| &nbsp;&nbsp;&nbsp;4.892%, 04/24/2025  | 300000 | 285982 |
| Trivium Packaging Finance BV  | Trivium Packaging Finance BV  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 08/15/2026 <sup>(a)</sup>  | 280000 | 257681 |
| &nbsp;&nbsp;&nbsp;8.500%, 08/15/2027 <sup>(a)(c)</sup>  | 225000 | 212132 |
| Tronox, Inc.  | Tronox, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 03/15/2029 <sup>(a)</sup>  | 343000 | 265690 |
| United States Steel Corp.  | United States Steel Corp.  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 03/01/2029 <sup>(c)</sup>  | 415000 | 381444 |
| Valvoline, Inc.  | Valvoline, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 02/15/2030 <sup>(a)</sup>  | 130000 | 125321 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 06/15/2027 <sup>(a)</sup>  | 365000 | 319831 |
| &nbsp;&nbsp;&nbsp;5.625%, 08/15/2029 <sup>(a)</sup>  | 565000 | 435050 |
|  |  | 22251581 |
| **Real Estate — 5.3%** | **Real Estate — 5.3%** |  |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL  | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 04/01/2027 <sup>(a)</sup>  | 380000 | 324110 |
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL  | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 05/15/2026 <sup>(a)</sup>  | 425000 | 395467 |
| Cushman & Wakefield US Borrower LLC | Cushman & Wakefield US Borrower LLC |  |
| &nbsp;&nbsp;&nbsp;6.750%, 05/15/2028 <sup>(a)</sup>  | 71000 | 67793 |
| Five Point Operating Co LP / Five Point Capital Corp.  | Five Point Operating Co LP / Five Point Capital Corp.  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 11/15/2025 <sup>(a)</sup>  | 745000 | 616669 |
| GLP Capital LP / GLP Financing II, Inc.  | GLP Capital LP / GLP Financing II, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 06/01/2025  | 322000 | 310865 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/15/2026  | 415000 | 396661 |
| &nbsp;&nbsp;&nbsp;5.300%, 01/15/2029  | 365000 | 329766 |
| &nbsp;&nbsp;&nbsp;4.000%, 01/15/2030  | 299000 | 247240 |
| &nbsp;&nbsp;&nbsp;4.000%, 01/15/2031  | 365000 | 293536 |
| &nbsp;&nbsp;&nbsp;3.250%, 01/15/2032  | 390000 | 291584 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **Real Estate — 5.3% (Continued)** | **Real Estate — 5.3% (Continued)** | **Real Estate — 5.3% (Continued)** |
| Grifols Escrow Issuer SA  | Grifols Escrow Issuer SA  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 10/15/2028 <sup>(a)</sup>  | $345000 | $269988 |
| HAT Holdings I LLC / HAT Holdings II LLC | HAT Holdings I LLC / HAT Holdings II LLC |  |
| &nbsp;&nbsp;&nbsp;3.375%, 06/15/2026 <sup>(a)</sup>  | 495000 | 405593 |
| Hunt Cos, Inc.  | Hunt Cos, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 04/15/2029 <sup>(a)</sup>  | 143000 | 115473 |
| Iron Mountain Information Management Services, Inc.  | Iron Mountain Information Management Services, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 07/15/2032 <sup>(a)</sup>  | 375000 | 310112 |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/2027 <sup>(a)</sup>  | 425000 | 394084 |
| &nbsp;&nbsp;&nbsp;5.250%, 03/15/2028 <sup>(a)</sup>  | 110000 | 101468 |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/2029 <sup>(a)</sup>  | 425000 | 367636 |
| &nbsp;&nbsp;&nbsp;5.250%, 07/15/2030 <sup>(a)</sup>  | 286000 | 247169 |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/2031 <sup>(a)</sup>  | 465000 | 379673 |
| &nbsp;&nbsp;&nbsp;5.625%, 07/15/2032 <sup>(a)</sup>  | 310000 | 266496 |
| iStar, Inc.  | iStar, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 10/01/2024  | 370000 | 366095 |
| Kennedy-Wilson, Inc.  | Kennedy-Wilson, Inc.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 03/01/2029  | 112000 | 91184 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/2030  | 325000 | 255931 |
| &nbsp;&nbsp;&nbsp;5.000%, 03/01/2031  | 268000 | 210258 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.  | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 02/01/2027 <sup>(a)</sup>  | 285000 | 240153 |
| &nbsp;&nbsp;&nbsp;4.750%, 06/15/2029 <sup>(a)</sup>  | 355000 | 283995 |
| MPT Operating Partnership LP / MPT Finance Corp.  | MPT Operating Partnership LP / MPT Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 10/15/2027  | 403000 | 345889 |
| &nbsp;&nbsp;&nbsp;4.625%, 08/01/2029  | 238000 | 186617 |
| &nbsp;&nbsp;&nbsp;3.500%, 03/15/2031  | 625000 | 431459 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer  | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 10/01/2028 <sup>(a)</sup>  | 210000 | 189991 |
| &nbsp;&nbsp;&nbsp;4.875%, 05/15/2029 <sup>(a)</sup>  | 370000 | 316498 |
| Realogy Group LLC / Realogy Co-Issuer Corp.  | Realogy Group LLC / Realogy Co-Issuer Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2029 <sup>(a)</sup>  | 440000 | 317432 |
| &nbsp;&nbsp;&nbsp;5.250%, 04/15/2030 <sup>(a)</sup>  | 470000 | 324356 |
| RHP Hotel Properties LP / RHP Finance Corp.  | RHP Hotel Properties LP / RHP Finance Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 10/15/2027  | 350000 | 323832 |
| SBA Communications Corp.  | SBA Communications Corp.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2027  | 230000 | 208006 |
| &nbsp;&nbsp;&nbsp;3.125%, 02/01/2029  | 565000 | 458659 |
| Service Properties Trust  | Service Properties Trust  |  |
| &nbsp;&nbsp;&nbsp;4.350%, 10/01/2024  | 500000 | 459410 |
| &nbsp;&nbsp;&nbsp;7.500%, 09/15/2025  | 365000 | 356331 |
| The Howard Hughes Corp.  | The Howard Hughes Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 02/01/2029 <sup>(a)</sup>  | 310000 | 244866 |
| &nbsp;&nbsp;&nbsp;4.375%, 02/01/2031 <sup>(a)</sup>  | 345000 | 260145 |
| The Howard Hughes Corporation  | The Howard Hughes Corporation  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 08/01/2028 <sup>(a)</sup>  | 293000 | 251372 |

---

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** | **CORPORATE BONDS — 98.5% (Continued)** |
| **Real Estate — 5.3% (Continued)** | **Real Estate — 5.3% (Continued)** | **Real Estate — 5.3% (Continued)** |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC  | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC  |  |
| &nbsp;&nbsp;&nbsp;7.875%, 02/15/2025 <sup>(a)</sup>  | $391000 | $388476 |
| &nbsp;&nbsp;&nbsp;6.000%, 01/15/2030 <sup>(a)(c)</sup>  | 365000 | 250184 |
| Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC  | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 02/15/2029 <sup>(a)</sup>  | 520000 | 372566 |
| VICI Properties LP  | VICI Properties LP  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 02/15/2028  | 500000 | 457066 |
| &nbsp;&nbsp;&nbsp;4.950%, 02/15/2030  | 425000 | 384683 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/15/2032  | 476000 | 422831 |
| &nbsp;&nbsp;&nbsp;5.625%, 05/15/2052  | 490000 | 401922 |
| VICI Properties LP / VICI Note Co, Inc.  | VICI Properties LP / VICI Note Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 05/01/2024 <sup>(a)</sup>  | 440000 | 434856 |
| &nbsp;&nbsp;&nbsp;3.500%, 02/15/2025 <sup>(a)</sup>  | 370000 | 344665 |
| &nbsp;&nbsp;&nbsp;4.625%, 06/15/2025 <sup>(a)</sup>  | 320000 | 300525 |
| &nbsp;&nbsp;&nbsp;5.750%, 02/01/2027 <sup>(a)</sup>  | 325000 | 307803 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/2027 <sup>(a)</sup>  | 345000 | 303048 |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2029 <sup>(a)</sup>  | 340000 | 287229 |
| &nbsp;&nbsp;&nbsp;4.625%, 12/01/2029 <sup>(a)</sup>  | 226000 | 197605 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/15/2030 <sup>(a)</sup>  | 420000 | 349494 |
|  |  | 17456815 |
| **Utilities — 1.4%** | **Utilities — 1.4%** |  |
| American Electric Power Co, Inc.  | American Electric Power Co, Inc.  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2062 <sup>(b)</sup>  | 420000 | 322529 |
| Calpine Corp.  | Calpine Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/2028 <sup>(a)</sup>  | 490000 | 440721 |
| &nbsp;&nbsp;&nbsp;5.125%, 03/15/2028 <sup>(a)</sup>  | 485000 | 430955 |
| &nbsp;&nbsp;&nbsp;4.625%, 02/01/2029 <sup>(a)</sup>  | 335000 | 282072 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/01/2031 <sup>(a)</sup>  | 232000 | 196477 |
| &nbsp;&nbsp;&nbsp;3.750%, 03/01/2031 <sup>(a)</sup>  | 226000 | 185711 |
| FirstEnergy Corp.  | FirstEnergy Corp.  |  |
| &nbsp;&nbsp;&nbsp;4.400%, 07/15/2027 <sup>(b)</sup>  | 575000 | 540943 |
| &nbsp;&nbsp;&nbsp;7.375%, 11/15/2031  | 340000 | 379015 |
| &nbsp;&nbsp;&nbsp;5.350%, 07/15/2047  | 259000 | 214263 |
| NRG Energy, Inc.  | NRG Energy, Inc.  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 01/15/2028  | 221000 | 211312 |
| &nbsp;&nbsp;&nbsp;5.250%, 06/15/2029 <sup>(a)</sup>  | 345000 | 313909 |
| &nbsp;&nbsp;&nbsp;3.625%, 02/15/2031 <sup>(a)</sup>  | 460000 | 368524 |
| &nbsp;&nbsp;&nbsp;3.875%, 02/15/2032 <sup>(a)</sup>  | 490000 | 387370 |
| PG&E Corp.  | PG&E Corp.  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 07/01/2028  | 369000 | 336714 |
| &nbsp;&nbsp;&nbsp;5.250%, 07/01/2030  | 130000 | 115493 |
|  |  | 4726008 |
| TOTAL CORPORATE BONDS (Cost $341,484,500)  |  | 322530692 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(b)</sup>  | $12837594 | $12837594 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $12,837,594)  |  | 12837594 |
| **Total Investments (Cost $354,322,094) — 102.4%** |  | 335368286 |
| **Liabilities in Excess of Other Assets — (2.4)%** |  | (7846193) |
| **TOTAL NET ASSETS — 100.0%** |  | $327522093 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

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

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

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.8%** | **EXCHANGE TRADED FUNDS — 99.8%** |  |
| Pacer Trendpilot 100 ETF <sup>(a)</sup>  | 226691 | $11379888 |
| Pacer Trendpilot International ETF  | 466910 | 11443964 |
| Pacer Trendpilot US Bond ETF  | 578485 | 11621763 |
| Pacer Trendpilot US Large Cap ETF  | 303363 | 11456504 |
| Pacer Trendpilot US Mid Cap ETF  | 355640 | 11440939 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $60,437,784)  |  | 57343058 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| **Money Market Deposit Accounts — 0.2%** | **Money Market Deposit Accounts — 0.2%** | **Money Market Deposit Accounts — 0.2%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(b)</sup>  | $127287 | 127287 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $127,287)  |  | 127287 |
| **Total Investments (Cost $60,565,071) — 100.0%**  |  | 57470345 |
| **Liabilities in Excess of Other Assets — 0.0% <sup>(c)</sup>**  |  | (10190) |
| **TOTAL NET ASSETS — 100.0%**  |  | $57460155 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Less than 0.05%

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

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

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

Pacer Global Cash Cows Dividend ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |  |
| **Australia — 4.7%** | **Australia — 4.7%** |  |
| Aurizon Holdings Ltd.  | 524374 | $1214209 |
| BHP Group Ltd. - ADR <sup>(a)</sup>  | 247412 | 11831242 |
| BlueScope Steel Ltd.  | 86697 | 872322 |
| Coles Group Ltd.  | 217872 | 2275786 |
| Fortescue Metals Group Ltd.  | 1071204 | 10072408 |
| Tabcorp Holdings Ltd.  | 1525611 | 941705 |
| Telstra Group Ltd.  | 2312799 | 5799195 |
|  |  | 33006867 |
| **Bermuda — 1.0%** | **Bermuda — 1.0%** |  |
| Orient Overseas International Ltd.  | 489259 | 7149109 |
| **Britain — 14.1%** | **Britain — 14.1%** |  |
| Anglo American PLC  | 344428 | 10303334 |
| BAE Systems PLC  | 520892 | 4864900 |
| BP PLC - ADR  | 516468 | 17188055 |
| British American Tobacco PLC - ADR  | 376611 | 14921328 |
| Imperial Brands PLC  | 373364 | 9094429 |
| Rio Tinto PLC - ADR <sup>(a)</sup>  | 226896 | 12104902 |
| Tesco PLC  | 1628001 | 4015906 |
| Unilever PLC - ADR <sup>(a)</sup>  | 357836 | 16285117 |
| Vodafone Group PLC - ADR <sup>(a)</sup>  | 867716 | 10247726 |
|  |  | 99025697 |
| **Cayman Islands — 0.5%** | **Cayman Islands — 0.5%** |  |
| Chow Tai Fook Jewellery Group Ltd.  | 1618252 | 2770736 |
| JS Global Lifestyle Co Ltd. <sup>(b)</sup>  | 781491 | 629203 |
|  |  | 3399939 |
| **Chile — 0.7%** | **Chile — 0.7%** |  |
| Antofagasta PLC  | 364486 | 4913511 |
| **China — 0.6%** | **China — 0.6%** |  |
| Lenovo Group Ltd.  | 2391858 | 1913572 |
| Tingyi Cayman Islands Holding Corp.  | 1559681 | 2439966 |
|  |  | 4353538 |
| **Denmark — 1.6%** | **Denmark — 1.6%** |  |
| AP Moller - Maersk A/S - Class B  | 5306 | 11098916 |
| **Finland — 1.2%** | **Finland — 1.2%** |  |
| Fortum Oyj  | 300360 | 4228353 |
| Kone Oyj - Class B  | 96072 | 3935393 |
|  |  | 8163746 |
| **France — 7.8%** | **France — 7.8%** |  |
| Cie Generale des Etablissements Michelin SCA  | 133376 | 3401985 |
| Danone SA  | 112131 | 5578348 |
| Orange SA - ADR <sup>(a)</sup>  | 832795 | 7928209 |
| Sanofi - ADR <sup>(a)</sup>  | 309862 | 13395334 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France — 7.8% (Continued)** | **France — 7.8% (Continued)** | **France — 7.8% (Continued)** |
| TotalEnergies SE - ADR  | 286029 | $15665808 |
| Vinci SA  | 92461 | 8514281 |
|  |  | 54483965 |
| **Germany — 11.6%** | **Germany — 11.6%** |  |
| BASF SE  | 298074 | 13383858 |
| Bayerische Motoren Werke AG  | 187094 | 14702897 |
| Daimler AG  | 229987 | 13318877 |
| Deutsche Post AG  | 299329 | 10622602 |
| Deutsche Telekom AG  | 808515 | 15312318 |
| Siemens AG - ADR  | 251684 | 13774665 |
|  |  | 81115217 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |  |
| CK Infrastructure Holdings Ltd.  | 556487 | 2644317 |
| Jardine Matheson Holdings Ltd.  | 46176 | 2125020 |
| Power Assets Holdings Ltd.  | 541103 | 2588449 |
| SITC International Holdings Co Ltd.  | 985460 | 1614469 |
| Swire Pacific Ltd. - Class A  | 378561 | 2505366 |
| Xinyi Glass Holdings Ltd.  | 1300214 | 1672961 |
|  |  | 13150582 |
| **Japan — 11.8%** | **Japan — 11.8%** |  |
| AGC, Inc.  | 37405 | 1173505 |
| Canon, Inc. - ADR  | 172173 | 3651789 |
| Eisai Co. Ltd.  | 49087 | 2962485 |
| Honda Motor Co. Ltd. - ADR  | 312223 | 7124929 |
| Inpex Corp.  | 224588 | 2292778 |
| Isuzu Motors Ltd.  | 129340 | 1516991 |
| Japan Tobacco, Inc.  | 563533 | 9338211 |
| Kirin Holdings Co. Ltd.  | 141848 | 2088680 |
| Marubeni Corp.  | 326964 | 2865154 |
| Mitsubishi Chemical Group Corp.  | 263817 | 1192450 |
| Nintendo Co. Ltd. - ADR  | 924201 | 9352914 |
| Nippon Steel Corp.  | 182490 | 2506714 |
| Oracle Corp Japan  | 101203 | 5404027 |
| Otsuka Corp.  | 30209 | 953840 |
| SoftBank Corp.  | 1472518 | 14512762 |
| Sumitomo Chemical Co. Ltd.  | 316732 | 1067169 |
| Sumitomo Metal Mining Co. Ltd.  | 58130 | 1634888 |
| Takeda Pharmaceutical Co. Ltd. - ADR <sup>(a)</sup>  | 855978 | 11316029 |
| Yamaha Motor Co. Ltd.  | 79984 | 1651373 |
|  |  | 82606688 |
| **Netherlands — 3.2%** | **Netherlands — 3.2%** |  |
| Koninklijke Ahold Delhaize NV  | 188169 | 5253312 |
| Koninklijke Philips NV  | 162112 | 2053535 |
| Stellantis NV  | 1123785 | 15170526 |
|  |  | 22477373 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** |  |
| Spark New Zealand Ltd.  | 570080 | 1696992 |

---

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

Pacer Global Cash Cows Dividend ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 98.0% (Continued)** | **COMMON STOCKS — 98.0% (Continued)** | **COMMON STOCKS — 98.0% (Continued)** |
| **Norway — 0.7%** | **Norway — 0.7%** |  |
| Telenor ASA  | 512568 | $4659194 |
| **Republic of Korea — 0.7%** | **Republic of Korea — 0.7%** |  |
| Kia Corp.  | 72411 | 3370318 |
| LG Display Co Ltd.  | 66089 | 591551 |
| LG Uplus Corp.  | 87433 | 702803 |
|  |  | 4664672 |
| **Singapore — 0.4%** | **Singapore — 0.4%** |  |
| Jardine Cycle & Carriage Ltd.  | 67643 | 1421095 |
| Singapore Technologies Engineering Ltd.  | 524819 | 1223441 |
|  |  | 2644536 |
| **South Korea — 1.5%** | **South Korea — 1.5%** |  |
| KT&G Corp.  | 34899 | 2344648 |
| LG Corp.  | 28469 | 1582888 |
| POSCO Holdings Inc. - ADR <sup>(a)</sup>  | 95183 | 4129038 |
| SK Telecom Co Ltd. - ADR  | 142126 | 2779985 |
|  |  | 10836559 |
| **Spain — 1.2%** | **Spain — 1.2%** |  |
| Repsol SA  | 249477 | 3388769 |
| Telefonica SA - ADR <sup>(a)</sup>  | 1492824 | 5150243 |
|  |  | 8539012 |
| **Sweden — 1.0%** | **Sweden — 1.0%** |  |
| H & M Hennes & Mauritz AB - Class B  | 417124 | 4201010 |
| Telefonaktiebolaget LM Ericsson - ADR <sup>(a)</sup>  | 550902 | 3068524 |
|  |  | 7269534 |
| **Switzerland — 6.9%** | **Switzerland — 6.9%** |  |
| Glencore PLC  | 2533193 | 14510830 |
| Holcim Ltd.  | 134833 | 6123938 |
| Kuehne + Nagel International AG  | 23139 | 4931205 |
| Novartis AG - ADR  | 186561 | 15135694 |
| SGS SA  | 1274 | 2810472 |
| Swisscom AG  | 9626 | 4751717 |
|  |  | 48263856 |
| **United Kingdom — 1.8%** | **United Kingdom — 1.8%** |  |
| GSK PLC - ADR <sup>(a)</sup>  | 306977 | 10182427 |
| Haleon PLC - ADR <sup>(a)(c)</sup>  | 394214 | 2412590 |
|  |  | 12595017 |
| **United States — 23.0%** | **United States — 23.0%** |  |
| 3M Co.  | 107495 | 13521796 |
| AbbVie, Inc.  | 113013 | 16545103 |
| Altria Group, Inc.  | 309045 | 14299512 |
| AT&T, Inc.  | 796781 | 14525318 |
| Dow, Inc.  | 140905 | 6585900 |
| Exxon Mobil Corp.  | 167662 | 18578626 |
| Gilead Sciences, Inc.  | 262171 | 20569937 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — 23.0% (Continued)** | **United States — 23.0% (Continued)** | **United States — 23.0% (Continued)** |
| International Business Machines Corp. <sup>(a)</sup>  | 117764 | $16285584 |
| Philip Morris International, Inc.  | 157849 | 14498431 |
| Southern Copper Corp. <sup>(a)</sup>  | 204539 | 9607197 |
| The Kraft Heinz Co.  | 250702 | 9644506 |
| Walgreens Boots Alliance, Inc. <sup>(a)</sup>  | 176775 | 6452287 |
|  |  | 161114197 |
| TOTAL COMMON STOCKS (Cost $754,184,043)  |  | 687228717 |
| **PREFERRED STOCKS — 1.8%** | **PREFERRED STOCKS — 1.8%** |  |
| **Germany — 1.8%** | **Germany — 1.8%** |  |
| Volkswagen AG  | 98979 | 12651517 |
| TOTAL PREFERRED STOCKS (Cost $14,397,269)  |  | 12651517 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.0% <sup>(d)</sup>** | **SHORT-TERM INVESTMENTS — 0.0% <sup>(d)</sup>** |  |
| **Money Market Deposit Accounts — 0.0% <sup>(d)</sup>** | **Money Market Deposit Accounts — 0.0% <sup>(d)</sup>** | **Money Market Deposit Accounts — 0.0% <sup>(d)</sup>** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(e)</sup>  | $105413 | 105413 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $105,413)  |  | 105413 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.8%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(e)</sup>  | 96835987 | 96835987 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $96,835,987)  |  | 96835987 |
| **Total Investments (Cost $865,522,712) — 113.6%**  |  | 796821634 |
| **Liabilities in Excess of Other Assets — (13.6)%**  |  | (95408738) |
| **TOTAL NET ASSETS — 100.0%**  |  | $701412896 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

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

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

Pacer Global Cash Cows Dividend ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Less than 0.05%.

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

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

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

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

Pacer US Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.0%** | **COMMON STOCKS — 97.0%** |  |
| **Communication Services — 3.9%** | **Communication Services — 3.9%** |  |
| Fox Corp. - Class A  | 1519651 | $43872324 |
| Live Nation Entertainment, Inc. <sup>(a)(b)</sup>  | 700060 | 55731777 |
| Lumen Technologies, Inc. <sup>(a)</sup>  | 10657853 | 78441798 |
| Meta Platforms Inc. - Class A <sup>(b)</sup>  | 1050277 | 97843805 |
| Nexstar Media Group, Inc. <sup>(a)</sup>  | 217860 | 37319418 |
| Playtika Holding Corp. <sup>(b)</sup>  | 1599224 | 15112667 |
| TripAdvisor, Inc. <sup>(a)(b)</sup>  | 452860 | 10696553 |
|  |  | 339018342 |
| **Consumer Discretionary — 7.2%** | **Consumer Discretionary — 7.2%** |  |
| AutoNation, Inc. <sup>(a)(b)</sup>  | 381884 | 40598088 |
| Booking Holdings, Inc. <sup>(b)</sup>  | 91572 | 171192023 |
| Boyd Gaming Corp.  | 494270 | 28549035 |
| Expedia Group, Inc. <sup>(b)</sup>  | 959736 | 89706524 |
| Grand Canyon Education, Inc. <sup>(b)</sup>  | 88105 | 8866006 |
| H&R Block, Inc. <sup>(a)</sup>  | 545526 | 22448395 |
| Lennar Corp. - Class A <sup>(a)</sup>  | 911174 | 73531742 |
| Macy's, Inc. <sup>(a)</sup>  | 2093299 | 43645284 |
| NVR, Inc. <sup>(b)</sup>  | 9072 | 38444868 |
| PVH Corp.  | 408272 | 20952519 |
| Thor Industries, Inc. <sup>(a)</sup>  | 321534 | 26195375 |
| Under Armour, Inc. - Class A <sup>(a)(b)</sup>  | 2336269 | 17405204 |
| Victoria's Secret & Co. <sup>(a)(b)</sup>  | 428439 | 16109307 |
| Williams-Sonoma, Inc. <sup>(a)</sup>  | 270975 | 33554834 |
|  |  | 631199204 |
| **Consumer Staples — 2.6%** | **Consumer Staples — 2.6%** |  |
| Albertsons Cos., Inc. <sup>(a)</sup>  | 2768234 | 56776480 |
| Altria Group, Inc.  | 3745682 | 173312706 |
|  |  | 230089186 |
| **Energy — 29.7%** | **Energy — 29.7%** |  |
| Antero Resources Corp. <sup>(a)(b)</sup>  | 1142951 | 41900584 |
| APA Corp.  | 2480987 | 112785669 |
| Cheniere Energy, Inc.  | 1042086 | 183834391 |
| Chesapeake Energy Corp. <sup>(a)</sup>  | 510347 | 52193188 |
| Chevron Corp.  | 1071849 | 193897484 |
| ConocoPhillips  | 1534588 | 193496201 |
| Coterra Energy, Inc. <sup>(a)</sup>  | 2375974 | 73964071 |
| Devon Energy Corp. <sup>(a)</sup>  | 2405511 | 186066276 |
| Diamondback Energy, Inc.  | 873109 | 137174155 |
| Exxon Mobil Corp.  | 1761767 | 195221401 |
| HF Sinclair Corp.  | 677579 | 41447507 |
| Marathon Oil Corp.  | 4219518 | 128484323 |
| Marathon Petroleum Corp.  | 1698744 | 193011293 |
| Occidental Petroleum Corp. <sup>(a)</sup>  | 2460392 | 178624459 |
| Ovintiv, Inc.  | 1110474 | 56245508 |
| PDC Energy, Inc.  | 643802 | 46443876 |
| Phillips 66  | 1842068 | 192109272 |
| Pioneer Natural Resources Co. <sup>(a)</sup>  | 699755 | 179424180 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy — 29.7% (Continued)** | **Energy — 29.7% (Continued)** | **Energy — 29.7% (Continued)** |
| Range Resources Corp.  | 822046 | $23411870 |
| Valero Energy Corp.  | 1479478 | 185748463 |
|  |  | 2595484171 |
| **Health Care — 23.3%** | **Health Care — 23.3%** |  |
| AbbVie, Inc.  | 1236889 | 181080550 |
| Biogen, Inc. <sup>(b)</sup>  | 383580 | 108721915 |
| Bristol-Myers Squibb Co.  | 2456655 | 190317063 |
| Cardinal Health, Inc.  | 1246984 | 94646086 |
| CVS Health Corp.  | 1694929 | 160509776 |
| Gilead Sciences, Inc.  | 2637323 | 206924362 |
| Hologic, Inc. <sup>(a)(b)</sup>  | 1100042 | 74582848 |
| Horizon Therapeutics PLC <sup>(b)</sup>  | 688538 | 42909688 |
| Maravai LifeSciences Holdings, Inc. - Class A <sup>(b)</sup>  | 745933 | 12382488 |
| McKesson Corp.  | 445768 | 173568686 |
| Moderna, Inc. <sup>(a)(b)</sup>  | 1215307 | 182697101 |
| Pfizer, Inc.  | 3688392 | 171694648 |
| Premier, Inc.  | 430710 | 15023165 |
| Quest Diagnostics, Inc.  | 402842 | 57868253 |
| QuidelOrtho Corp. <sup>(b)</sup>  | 200569 | 18015107 |
| Regeneron Pharmaceuticals, Inc. <sup>(b)</sup>  | 290340 | 217392075 |
| United Therapeutics Corp. <sup>(b)</sup>  | 94905 | 21878450 |
| Viatris, Inc.  | 10476970 | 106131706 |
|  |  | 2036343967 |
| **Industrials — 3.2%** | **Industrials — 3.2%** |  |
| Allison Transmission Holdings, Inc.  | 392923 | 16600997 |
| Builders FirstSource, Inc. <sup>(a)(b)</sup>  | 1568331 | 96703289 |
| CACI International, Inc. <sup>(b)</sup>  | 87891 | 26721501 |
| Expeditors International of Washington, Inc. <sup>(a)</sup>  | 441501 | 43200873 |
| Knight-Swift Transportation Holdings, Inc. <sup>(a)</sup>  | 586754 | 28181794 |
| ManpowerGroup, Inc.  | 174696 | 13685685 |
| Owens Corning  | 390983 | 33472055 |
| Robert Half International, Inc. <sup>(a)</sup>  | 262949 | 20105080 |
|  |  | 278671274 |
| **Information Technology — 9.0%** | **Information Technology — 9.0%** |  |
| Cisco Systems, Inc.  | 3774963 | 171496569 |
| Cognizant Technology Solutions Corp.  | 1214358 | 75593786 |
| Dell Technologies, Inc. - Class C <sup>(a)</sup>  | 3231245 | 124079808 |
| Dropbox, Inc. - Class A <sup>(b)</sup>  | 1154146 | 25102676 |
| DXC Technology Co. <sup>(b)</sup>  | 1702744 | 48953890 |
| HP, Inc.  | 5386120 | 148764634 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup>  | 149757 | 11149409 |
| Micron Technology, Inc. <sup>(a)</sup>  | 2775911 | 150176785 |
| Qorvo, Inc. <sup>(b)</sup>  | 284367 | 24478311 |
| Teradata Corp. <sup>(a)(b)</sup>  | 365115 | 11533983 |
|  |  | 791329851 |

---

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

Pacer US Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.0% (Continued)** | **COMMON STOCKS — 97.0% (Continued)** | **COMMON STOCKS — 97.0% (Continued)** |
| **Materials — 16.5%** | **Materials — 16.5%** |  |
| Alcoa Corp. <sup>(a)</sup>  | 760745 | $29691877 |
| Celanese Corp. <sup>(a)</sup>  | 434155 | 41730978 |
| CF Industries Holdings, Inc.  | 1206567 | 128209810 |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup>  | 6136520 | 79713395 |
| Dow, Inc.  | 3412518 | 159501091 |
| Eagle Materials, Inc. <sup>(a)</sup>  | 126905 | 15521751 |
| Freeport-McMoRan, Inc.  | 5339284 | 169201910 |
| Huntsman Corp.  | 1181590 | 31619348 |
| Louisiana-Pacific Corp. <sup>(a)</sup>  | 752719 | 42641531 |
| LyondellBasell Industries NV  | 2084961 | 159395269 |
| Mosaic Co.  | 1000837 | 53794989 |
| Nucor Corp. <sup>(a)</sup>  | 1293743 | 169971955 |
| Olin Corp.  | 1079995 | 57185735 |
| Reliance Steel & Aluminum Co.  | 166632 | 33573015 |
| Steel Dynamics, Inc. <sup>(a)</sup>  | 1014813 | 95443163 |
| United States Steel Corp. <sup>(a)</sup>  | 5117773 | 104197858 |
| Westlake Chemical Corp. <sup>(a)</sup>  | 763828 | 73823976 |
|  |  | 1445217651 |
| **Real Estate — 0.4%** | **Real Estate — 0.4%** |  |
| Zillow Group, Inc. - Class C <sup>(a)(b)</sup>  | 1067491 | 32942772 |
| **Utilities — 1.2%** | **Utilities — 1.2%** |  |
| NRG Energy, Inc. <sup>(a)</sup>  | 2354966 | 104560490 |
| TOTAL COMMON STOCKS (Cost $8,223,946,028)  |  | 8484856908 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.7%** | **REAL ESTATE INVESTMENT TRUSTS — 2.7%** |  |
| Rithm Capital Corp. <sup>(a)</sup>  | 18203467 | 153455227 |
| Weyerhaeuser Co.  | 2671754 | 82637351 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $274,897,000)  |  | 236092578 |
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $8330964 | 8330964 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,330,964)  |  | 8330964 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.9%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 1131458005 | $1131458005 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,131,458,005)  |  | 1131458005 |
| **Total Investments (Cost $9,638,631,997) — 112.7%**  |  | 9860738455 |
| **Liabilities in Excess of Other Assets — (12.7)%**  |  | (1108218051) |
| **TOTAL NET ASSETS — 100.0%**  |  | $8752520404 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

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

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

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

Pacer US Small Cap Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |  |
| **Communication Services — 2.9%** | **Communication Services — 2.9%** |  |
| Cars.com, Inc. <sup>(a)(b)</sup>  | 414299 | $5750470 |
| Scholastic Corp.  | 210507 | 8028737 |
| The Marcus Corp. <sup>(a)</sup>  | 306897 | 4615731 |
| Thryv Holdings, Inc. <sup>(b)</sup>  | 272300 | 5571258 |
| YELP, Inc. <sup>(b)</sup>  | 306400 | 11768824 |
|  |  | 35735020 |
| **Consumer Discretionary — 28.2%** | **Consumer Discretionary — 28.2%** |  |
| Academy Sports & Outdoors, Inc. <sup>(a)</sup>  | 473286 | 20838783 |
| American Axle & Manufacturing Holdings, Inc. <sup>(a)(b)</sup>  | 1395448 | 13521891 |
| Asbury Automotive Group, Inc. (a)<sup>(b)</sup>  | 137395 | 21674061 |
| Bloomin' Brands, Inc. <sup>(a)</sup>  | 760627 | 18262654 |
| Cavco Industries, Inc. <sup>(a)(b)</sup>  | 34261 | 7765941 |
| Chico's FAS, Inc. <sup>(a)(b)</sup>  | 2928156 | 17217557 |
| Chuy's Holdings, Inc. <sup>(b)</sup>  | 105479 | 3090535 |
| Dave & Buster's Entertainment, Inc. <sup>(a)(b)</sup>  | 341642 | 13614434 |
| Ethan Allen Interiors, Inc. <sup>(a)</sup>  | 209963 | 5372953 |
| G-III Apparel Group Ltd. <sup>(b)</sup>  | 544352 | 10614864 |
| Golden Entertainment, Inc. <sup>(a)(b)</sup>  | 322279 | 13606619 |
| Group 1 Automotive, Inc. <sup>(a)</sup>  | 137538 | 23794074 |
| Kontoor Brands, Inc. <sup>(a)</sup>  | 365729 | 13056525 |
| La-Z-Boy, Inc. <sup>(a)</sup>  | 224105 | 5551081 |
| Liquidity Services, Inc. <sup>(b)</sup>  | 122604 | 2106337 |
| Monro, Inc. <sup>(a)</sup>  | 190920 | 9116430 |
| Movado Group, Inc. <sup>(a)</sup>  | 135971 | 4496561 |
| Oxford Industries, Inc. <sup>(a)</sup>  | 64587 | 6570435 |
| Perdoceo Education Corp. <sup>(b)</sup>  | 786567 | 8990461 |
| PetMed Express, Inc. <sup>(a)</sup>  | 62348 | 1329259 |
| Shoe Carnival, Inc. <sup>(a)</sup>  | 136530 | 3273989 |
| Signet Jewelers Ltd. <sup>(a)</sup>  | 370185 | 24150869 |
| Sonic Automotive, Inc. - Class A <sup>(a)</sup>  | 372093 | 17395348 |
| Stride, Inc. <sup>(b)</sup>  | 232915 | 7804982 |
| Sturm Ruger & Co., Inc. <sup>(a)</sup>  | 102175 | 5735083 |
| The Buckle, Inc. <sup>(a)</sup>  | 368383 | 14488503 |
| The Children's Place, Inc. <sup>(a)(b)</sup>  | 222845 | 9020766 |
| Vista Outdoor, Inc. <sup>(a)(b)</sup>  | 699747 | 20320653 |
| Winnebago Industries, Inc. <sup>(a)</sup>  | 241953 | 14442175 |
| Zumiez, Inc. <sup>(a)(b)</sup>  | 233066 | 5227670 |
|  |  | 342451493 |
| **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |  |
| USANA Health Sciences, Inc. <sup>(b)</sup>  | 70239 | 3688250 |
| Vector Group Ltd.  | 1348068 | 14316482 |
|  |  | 18004732 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy — 11.1%** | **Energy — 11.1%** |  |
| Civitas Resources, Inc. <sup>(a)</sup>  | 358369 | $25053577 |
| CONSOL Energy, Inc.  | 281364 | 17731559 |
| Dorian LPG Ltd.  | 391155 | 7068171 |
| PBF Energy, Inc. - Class A <sup>(b)</sup>  | 700600 | 31001550 |
| REX American Resources Corp. (a)(b)  | 136415 | 4091086 |
| SM Energy Co. <sup>(a)</sup>  | 511077 | 22988244 |
| Talos Energy, Inc. <sup>(a)(b)</sup>  | 759276 | 16157393 |
| US Silica Holdings, Inc. <sup>(b)</sup>  | 715967 | 10302765 |
|  |  | 134394345 |
| **Health Care — 11.2%** | **Health Care — 11.2%** |  |
| Addus HomeCare Corp. <sup>(a)(b)</sup>  | 61585 | 6307535 |
| Allscripts Healthcare Solutions, Inc. <sup>(b)</sup>  | 419094 | 6160682 |
| AMN Healthcare Services, Inc. <sup>(b)</sup>  | 221126 | 27751313 |
| Avanos Medical, Inc. <sup>(b)</sup>  | 191946 | 4251604 |
| Corcept Therapeutics, Inc. <sup>(a)(b)</sup>  | 336593 | 9626560 |
| Dynavax Technologies Corp. <sup>(a)(b)</sup>  | 711953 | 8151862 |
| Eagle Pharmaceuticals, Inc. <sup>(b)</sup>  | 64337 | 2024685 |
| Emergent BioSolutions, Inc. <sup>(a)(b)</sup>  | 288170 | 6011226 |
| Fulgent Genetics, Inc. <sup>(a)(b)</sup>  | 529692 | 20991694 |
| Innoviva, Inc. <sup>(a)(b)</sup>  | 1604098 | 21751569 |
| Ironwood Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 1382369 | 15123117 |
| Meridian Bioscience, Inc. <sup>(b)</sup>  | 155805 | 4981086 |
| Vanda Pharmaceuticals, Inc. <sup>(b)</sup>  | 251472 | 2632912 |
|  |  | 135765845 |
| **Industrials — 18.9%** | **Industrials — 18.9%** |  |
| ArcBest Corp. <sup>(a)</sup>  | 194619 | 15458587 |
| Atlas Air Worldwide Holdings, Inc. <sup>(a)(b)</sup>  | 223616 | 22616522 |
| Boise Cascade Co.  | 369152 | 24648279 |
| CoreCivic, Inc. <sup>(b)</sup>  | 1498528 | 15689588 |
| Encore Wire Corp. <sup>(a)</sup>  | 184345 | 25364029 |
| Forrester Research, Inc. <sup>(b)</sup>  | 105043 | 4445420 |
| GMS, Inc. <sup>(b)</sup>  | 256242 | 12094622 |
| Heidrick & Struggles International, Inc.  | 283371 | 7979727 |
| Korn/Ferry International  | 450276 | 25030843 |
| Matson, Inc.  | 315000 | 23177700 |
| Mueller Industries, Inc. <sup>(a)</sup>  | 374274 | 23444523 |
| National Presto Industries, Inc.  | 21632 | 1524840 |
| Quanex Building Products Corp. <sup>(a)</sup>  | 143986 | 3190730 |
| Resources Connection, Inc.  | 135965 | 2484081 |
| UFP Industries, Inc.  | 301600 | 21482968 |
|  |  | 228632459 |
| **Information Technology — 14.4%** | **Information Technology — 14.4%** |  |
| Adeia, Inc. <sup>(b)</sup>  | 1339256 | 14972882 |
| Alpha & Omega Semiconductor Ltd. <sup>(b)</sup>  | 173473 | 5681241 |

---

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

Pacer US Small Cap Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.2% (Continued)** | **COMMON STOCKS — 97.2% (Continued)** | **COMMON STOCKS — 97.2% (Continued)** |
| **Information Technology — 14.4% (Continued)** | **Information Technology — 14.4% (Continued)** | **Information Technology — 14.4% (Continued)** |
| Axcelis Technologies, Inc. <sup>(b)</sup>  | 107653 | $6243874 |
| Cohu, Inc. <sup>(a)(b)</sup>  | 199470 | 6566553 |
| Consensus Cloud Solutions, Inc. <sup>(a)(b)</sup>  | 240108 | 13479663 |
| Extreme Networks, Inc. <sup>(b)</sup>  | 528561 | 9482384 |
| InterDigital, Inc.  | 91383 | 4557270 |
| Knowles Corp. <sup>(b)</sup>  | 383694 | 5275793 |
| Kulicke & Soffa Industries, Inc. <sup>(a)</sup>  | 501796 | 21045324 |
| MaxLinear, Inc. <sup>(a)(b)</sup>  | 479767 | 14815205 |
| NetScout Systems, Inc. <sup>(b)</sup>  | 484421 | 17400402 |
| Photronics, Inc. <sup>(a)(b)</sup>  | 611527 | 9918968 |
| Progress Software Corp. <sup>(a)</sup>  | 236311 | 12058950 |
| Rambus, Inc. <sup>(a)(b)</sup>  | 460776 | 13897004 |
| Sanmina Corp. <sup>(b)</sup>  | 257441 | 14429568 |
| SMART Global Holdings, Inc. <sup>(b)</sup>  | 375936 | 5086414 |
|  |  | 174911495 |
| **Materials — 8.9%** | **Materials — 8.9%** |  |
| AdvanSix, Inc.  | 288906 | 10510400 |
| American Vanguard Corp. <sup>(a)</sup>  | 184282 | 4288242 |
| Clearwater Paper Corp. <sup>(b)</sup>  | 185516 | 8251752 |
| FutureFuel Corp.  | 357072 | 2442373 |
| Mercer International, Inc. <sup>(a)</sup>  | 565978 | 7595425 |
| SunCoke Energy, Inc.  | 817265 | 5933344 |
| Sylvamo Corp.  | 612919 | 29524308 |
| TimkenSteel Corp. <sup>(a)(b)</sup>  | 667225 | 11636404 |
| Warrior Met Coal, Inc.  | 749652 | 27842075 |
|  |  | 108024323 |
| TOTAL COMMON STOCKS (Cost $1,130,473,344)  |  | 1177919712 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.8%** | **REAL ESTATE INVESTMENT TRUSTS — 2.8%** |  |
| Tanger Factory Outlet Centers, Inc. <sup>(a)</sup>  | 676286 | 12179911 |
| PennyMac Mortgage Investment Trust <sup>(a)</sup>  | 1580202 | 21917402 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $31,590,260)  |  | 34097313 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $1734674 | 1734674 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,734,674)  |  | 1734674 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 29.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 29.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 29.9%** |
| Mount Vernon Liquid Assets Portfolio, LLC  | 361989914 | $361989914 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $361,989,914)  |  | 361989914 |
| **Total Investments (Cost $1,525,788,192) — 130.0%**  |  | 1575741613 |
| **Liabilities in Excess of Other Assets — (30.0)%**  |  | (363344425) |
| **TOTAL NET ASSETS — 100.0%**  |  | $1212397188 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

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

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

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

Pacer Developed Markets International Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |  |
| **Australia — 5.0%** | **Australia — 5.0%** |  |
| AGL Energy Ltd.  | 60568 | $263836 |
| BHP Group Ltd. - ADR <sup>(a)</sup>  | 65709 | 3142204 |
| BlueScope Steel Ltd.  | 62721 | 631082 |
| Fortescue Metals Group Ltd.  | 285747 | 2686846 |
| Sonic Healthcare Ltd.  | 47708 | 1000026 |
| South32 Ltd.  | 347982 | 801315 |
| Whitehaven Coal Ltd.  | 83278 | 481019 |
|  |  | 9006328 |
| **Austria — 1.9%** | **Austria — 1.9%** |  |
| OMV AG  | 75112 | 3462060 |
| **Belgium — 0.3%** | **Belgium — 0.3%** |  |
| Umicore SA  | 18012 | 593642 |
| **Bermuda — 1.1%** | **Bermuda — 1.1%** |  |
| Orient Overseas International Ltd.  | 129604 | 1893789 |
| **Britain — 14.8%** | **Britain — 14.8%** |  |
| Anglo American PLC  | 91891 | 2748858 |
| Associated British Foods PLC  | 85421 | 1321984 |
| Barratt Developments PLC  | 61242 | 264215 |
| BP PLC - ADR  | 137308 | 4569610 |
| Burberry Group PLC  | 34910 | 726633 |
| Centrica PLC  | 1117043 | 981523 |
| Howden Joinery Group PLC  | 47858 | 282102 |
| Imperial Brands PLC  | 126013 | 3069434 |
| JD Sports Fashion PLC  | 602863 | 673666 |
| Kingfisher PLC  | 270442 | 678904 |
| Persimmon PLC  | 32129 | 480835 |
| Rio Tinto PLC - ADR <sup>(a)</sup>  | 60337 | 3218979 |
| Taylor Wimpey PLC  | 310063 | 333464 |
| Tesco PLC  | 942038 | 2323792 |
| Vodafone Group PLC - ADR <sup>(a)</sup>  | 280695 | 3315008 |
| WPP PLC - ADR <sup>(a)</sup>  | 35435 | 1559140 |
|  |  | 26548147 |
| **Canada — 6.2%** | **Canada — 6.2%** |  |
| Canadian Natural Resources Ltd. <sup>(a)</sup>  | 65793 | 3943632 |
| Imperial Oil Ltd.  | 62931 | 3428481 |
| Suncor Energy, Inc. <sup>(a)</sup>  | 109602 | 3769213 |
|  |  | 11141326 |
| **Chile — 0.7%** | **Chile — 0.7%** |  |
| Antofagasta PLC  | 93269 | 1257328 |
| **China — 0.8%** | **China — 0.8%** |  |
| Lenovo Group Ltd.  | 1842386 | 1473974 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Denmark — 1.9%** | **Denmark — 1.9%** |  |
| AP Moller - Maersk A/S - Class B  | 1406 | $2941024 |
| Pandora A/S  | 9371 | 493904 |
|  |  | 3434928 |
| **Finland — 0.7%** | **Finland — 0.7%** |  |
| Fortum Oyj  | 90517 | 1274264 |
| **France — 9.6%** | **France — 9.6%** |  |
| Cie de Saint-Gobain  | 49556 | 2027511 |
| Eiffage SA  | 24504 | 2216739 |
| Publicis Groupe SA  | 28946 | 1623098 |
| Thales SA  | 16323 | 2075279 |
| TotalEnergies SE - ADR  | 76516 | 4190781 |
| Vinci SA  | 45884 | 4225233 |
| Vivendi SE  | 112554 | 921441 |
|  |  | 17280082 |
| **Germany — 4.8%** | **Germany — 4.8%** |  |
| Covestro AG <sup>(b)</sup>  | 22790 | 775665 |
| Daimler AG  | 61359 | 3553387 |
| Deutsche Post AG  | 109460 | 3884522 |
| Wacker Chemie AG  | 3837 | 447067 |
|  |  | 8660641 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |  |
| Xinyi Glass Holdings Ltd.  | 364097 | 468477 |
| **Ireland — 1.2%** | **Ireland — 1.2%** |  |
| CRH PLC - ADR <sup>(a)</sup>  | 57057 | 2066034 |
| **Italy — 2.1%** | **Italy — 2.1%** |  |
| Eni SpA - ADR  | 145746 | 3838950 |
| **Japan — 19.6%** | **Japan — 19.6%** |  |
| Astellas Pharma, Inc.  | 106369 | 1463964 |
| CyberAgent, Inc.  | 72884 | 599953 |
| Dentsu Group, Inc.  | 26442 | 824229 |
| Eisai Co. Ltd.  | 16280 | 982526 |
| Hino Motors Ltd. <sup>(c)</sup>  | 69627 | 289381 |
| Inpex Corp.  | 190631 | 1946117 |
| Isuzu Motors Ltd.  | 81737 | 958669 |
| ITOCHU Corp.  | 152228 | 3940452 |
| Japan Tobacco, Inc.  | 218059 | 3613419 |
| Konami Holdings Corp.  | 7426 | 326116 |
| Lixil Corp.  | 35555 | 538245 |
| Marubeni Corp.  | 274022 | 2401228 |
| Mitsubishi Electric Corp.  | 130417 | 1148971 |
| NEC Corp.  | 24300 | 804852 |
| NGK Spark Plug Co Ltd.  | 14764 | 269077 |
| Nintendo Co. Ltd. - ADR  | 407755 | 4126481 |
| Nitto Denko Corp.  | 8787 | 462707 |

---

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

Pacer Developed Markets International Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.8% (Continued)** | **COMMON STOCKS — 97.8% (Continued)** | **COMMON STOCKS — 97.8% (Continued)** |
| **Japan — 19.6% (Continued)** | **Japan — 19.6% (Continued)** | **Japan — 19.6% (Continued)** |
| Renesas Electronics Corp. <sup>(c)</sup>  | 179086 | $1501266 |
| Ryohin Keikaku Co. Ltd.  | 31263 | 294559 |
| SCREEN Holdings Co. Ltd.  | 6662 | 366938 |
| Secom Co. Ltd.  | 14919 | 851927 |
| Seiko Epson Corp.  | 37734 | 514134 |
| Suzuki Motor Corp.  | 40063 | 1352542 |
| Taisei Corp.  | 13748 | 374916 |
| Takeda Pharmaceutical Co. Ltd. - ADR <sup>(a)</sup>  | 321287 | 4247414 |
| Toyo Suisan Kaisha Ltd.  | 6571 | 246586 |
| Yamada Holdings Co. Ltd.  | 221495 | 713515 |
|  |  | 35160184 |
| **Luxembourg — 1.7%** | **Luxembourg — 1.7%** |  |
| ArcelorMittal  | 134878 | 3019756 |
| **Netherlands — 5.0%** | **Netherlands — 5.0%** |  |
| Randstad Holding NV  | 16225 | 808773 |
| Shell PLC - ADR <sup>(a)</sup>  | 75088 | 4177145 |
| Stellantis NV  | 296819 | 4006905 |
|  |  | 8992823 |
| **Norway — 4.1%** | **Norway — 4.1%** |  |
| Aker BP ASA  | 91527 | 2917623 |
| Equinor ASA - ADR <sup>(a)</sup>  | 121649 | 4413426 |
|  |  | 7331049 |
| **Republic of Korea — 6.4%** | **Republic of Korea — 6.4%** |  |
| HMM Co. Ltd.  | 176024 | 2360250 |
| Kia Corp.  | 46615 | 2169662 |
| Korean Air Lines Co. Ltd. <sup>(c)</sup>  | 104884 | 1700881 |
| LG Display Co Ltd.  | 63620 | 569452 |
| Pan Ocean Co Ltd.  | 51170 | 154467 |
| Samsung SDS Co Ltd.  | 4200 | 368563 |
| SK Hynix, Inc.  | 51390 | 2983575 |
| SK Telecom Co. Ltd. - ADR <sup>(a)</sup>  | 61587 | 1204642 |
|  |  | 11511492 |
| **Spain — 2.4%** | **Spain — 2.4%** |  |
| Industria de Diseno Textil SA  | 185842 | 4213121 |
| Telefonica SA - ADR <sup>(a)</sup>  | 2317 | 7994 |
|  |  | 4221115 |
| **Sweden — 3.2%** | **Sweden — 3.2%** |  |
| Boliden AB  | 16422 | 478328 |
| H & M Hennes & Mauritz AB - Class B  | 269791 | 2717165 |
| Orron Energy ab  | 35475 | 73705 |
| Telefonaktiebolaget LM Ericsson - ADR <sup>(a)</sup>  | 368766 | 2054027 |
| Tele2 AB - Class B  | 53775 | 440868 |
|  |  | 5764093 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland — 3.8%** | **Switzerland — 3.8%** |  |
| Coca-Cola HBC AG  | 39262 | $856615 |
| Holcim Ltd.  | 60413 | 2743879 |
| Kuehne + Nagel International AG  | 11339 | 2416480 |
| The Swatch Group AG  | 3458 | 778382 |
|  |  | 6795356 |
| TOTAL COMMON STOCKS (Cost $192,869,664)  |  | 175195838 |
| **PREFERRED STOCKS — 1.9%** | **PREFERRED STOCKS — 1.9%** |  |
| **Germany — 1.9%** | **Germany — 1.9%** |  |
| Volkswagen AG  | 26382 | 3372153 |
| TOTAL PREFERRED STOCKS (Cost $3,763,136)  |  | 3372153 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(d)</sup>  | $114775 | 114775 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $114,775)  |  | 114775 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(d)</sup>  | 20586519 | 20586519 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,586,519)  |  | 20586519 |
| **Total Investments (Cost $217,334,094) — 111.2%**  |  | 199269285 |
| **Liabilities in Excess of Other Assets — (11.2)%**  |  | (20092762) |
| **TOTAL NET ASSETS — 100.0%**  |  | $179176523 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

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

Pacer Developed Markets International Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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

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

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

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

Pacer US Cash Cows Growth ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |  |
| **Communication Services — 7.7%** | **Communication Services — 7.7%** |  |
| Alphabet, Inc. - Class A <sup>(a)</sup>  | 9897 | $935365 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 6464 | 602186 |
| Ziff Davis, Inc. <sup>(a)</sup>  | 1038 | 80331 |
|  |  | 1617882 |
| **Consumer Discretionary — 21.4%** | **Consumer Discretionary — 21.4%** |  |
| AutoZone, Inc. <sup>(a)</sup>  | 426 | 1079007 |
| Boyd Gaming Corp.  | 2357 | 136140 |
| Crocs, Inc. <sup>(a)</sup>  | 1362 | 96362 |
| Dick's Sporting Goods, Inc.  | 1747 | 198739 |
| Light & Wonder, Inc. <sup>(a)</sup>  | 2081 | 116827 |
| Lowe's Cos., Inc.  | 5322 | 1037524 |
| O'Reilly Automotive, Inc. <sup>(a)(b)</sup>  | 1397 | 1169526 |
| RH <sup>(a)(b)</sup>  | 544 | 138138 |
| Service Corp. International <sup>(b)</sup>  | 3481 | 210983 |
| TopBuild Corp. <sup>(a)(b)</sup>  | 713 | 121310 |
| Williams-Sonoma, Inc. <sup>(b)</sup>  | 1473 | 182402 |
|  |  | 4486958 |
| **Energy — 12.8%** | **Energy — 12.8%** |  |
| Antero Midstream Corp.  | 10560 | 112464 |
| Devon Energy Corp. <sup>(b)</sup>  | 14445 | 1117321 |
| Diamondback Energy, Inc.  | 3937 | 618542 |
| Matador Resources Co.  | 2612 | 173567 |
| Murphy Oil Corp.  | 3432 | 166486 |
| PDC Energy, Inc.  | 2127 | 153442 |
| Targa Resources Corp. <sup>(b)</sup>  | 4997 | 341645 |
|  |  | 2683467 |
| **Health Care — 14.6%** | **Health Care — 14.6%** |  |
| Medpace Holdings, Inc. <sup>(a)(b)</sup>  | 684 | 151834 |
| Moderna, Inc. <sup>(a)</sup>  | 7690 | 1156038 |
| Option Care Health, Inc. <sup>(a)</sup>  | 4045 | 122402 |
| PerkinElmer, Inc.  | 2786 | 372154 |
| QuidelOrtho Corp. <sup>(a)</sup>  | 1478 | 132754 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup>  | 1512 | 1132110 |
|  |  | 3067292 |
| **Industrials — 4.0%** | **Industrials — 4.0%** |  |
| Builders FirstSource, Inc. <sup>(a)</sup>  | 3446 | 212480 |
| Expeditors International of Washington, Inc.  | 3608 | 353043 |
| Tetra Tech, Inc.  | 1173 | 165721 |
| Trex Co., Inc. <sup>(a)</sup>  | 2430 | 116859 |
|  |  | 848103 |
| **Information Technology — 34.1%** | **Information Technology — 34.1%** |  |
| Adobe, Inc. <sup>(a)</sup>  | 2784 | 886704 |
| Apple, Inc.  | 6949 | 1065560 |
| Applied Materials, Inc.  | 11368 | 1003681 |
| Concentrix Corp.  | 1160 | 141787 |
| Gartner, Inc. <sup>(a)</sup>  | 1742 | 525945 |
| KLA Corp.  | 3051 | 965489 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 34.1% (Continued)** | **Information Technology — 34.1% (Continued)** | **Information Technology — 34.1% (Continued)** |
| Lam Research Corp.  | 2429 | $983210 |
| Maximus, Inc.  | 1334 | 82268 |
| Power Integrations, Inc.  | 1263 | 84255 |
| QUALCOMM, Inc.  | 8307 | 977402 |
| Synaptics, Inc. <sup>(a)</sup>  | 876 | 77613 |
| Teradata Corp. <sup>(a)</sup>  | 2268 | 71646 |
| Teradyne, Inc.  | 3461 | 281552 |
|  |  | 7147112 |
| **Materials — 4.2%** | **Materials — 4.2%** |  |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup>  | 11413 | 148255 |
| Eagle Materials, Inc.  | 832 | 101762 |
| Louisiana-Pacific Corp. <sup>(b)</sup>  | 1628 | 92226 |
| Olin Corp.  | 3204 | 169652 |
| Steel Dynamics, Inc. <sup>(b)</sup>  | 4032 | 379209 |
|  |  | 891104 |
| **Utilities — 1.1%** | **Utilities — 1.1%** |  |
| NRG Energy, Inc.  | 5190 | 230436 |
| TOTAL COMMON STOCKS (Cost $22,240,923)  |  | 20972354 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $11952 | 11952 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,952)  |  | 11952 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.6%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 2864668 | 2864668 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,864,668)  |  | 2864668 |
| **Total Investments (Cost $25,117,543) — 113.6%**  |  | 23848974 |
| **Liabilities in Excess of Other Assets — (13.6)%**  |  | (2860952) |
| **TOTAL NET ASSETS — 100.0%**  |  | $20988022 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

Pacer US Cash Cows Growth ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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

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

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

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

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

Pacer Emerging Markets Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 87.3%** | **COMMON STOCKS — 87.3%** |  |
| **Brazil — 6.9%** | **Brazil — 6.9%** |  |
| Embraer SA - ADR <sup>(a)</sup>  | 6294 | $66528 |
| JBS SA  | 41333 | 199804 |
| Marfrig Global Foods SA  | 59179 | 122356 |
| Telefonica Brasil SA - ADR  | 20211 | 161486 |
| TIM SA/Brazil - ADR  | 6602 | 84175 |
| Transmissora Alianca de Energia Eletrica SA  | 3746 | 29124 |
| Vale SA - ADR  | 19125 | 247477 |
|  |  | 910950 |
| **Cayman Islands — 3.9%** | **Cayman Islands — 3.9%** |  |
| Alibaba Group Holding Ltd. - ADR <sup>(a)</sup>  | 3670 | 233339 |
| Seazen Group Ltd. <sup>(a)</sup>  | 828266 | 132950 |
| Sino Biopharmaceutical Ltd.  | 289724 | 140624 |
|  |  | 506913 |
| **Chile — 2.5%** | **Chile — 2.5%** |  |
| CAP SA  | 9056 | 48460 |
| Cencosud SA  | 82977 | 111691 |
| Falabella SA  | 87131 | 170365 |
|  |  | 330516 |
| **China — 17.9%** | **China — 17.9%** |  |
| Aluminum Corp of China Ltd. - Class H  | 767508 | 219018 |
| Anhui Conch Cement Co. Ltd. - Class H  | 78866 | 202951 |
| China Coal Energy Co Ltd. - Class H  | 373737 | 275197 |
| China Feihe Ltd. <sup>(b)</sup>  | 92448 | 53234 |
| China Hongqiao Group Ltd.  | 279524 | 198346 |
| China Medical System Holdings Ltd.  | 35153 | 38379 |
| China Shenhua Energy Co. Ltd. - Class H  | 103448 | 272140 |
| China Tower Corp Ltd. - Class H <sup>(b)</sup>  | 2890229 | 261421 |
| COSCO SHIPPING Holdings Co. Ltd. - Class H  | 194359 | 209719 |
| CRRC Corp Ltd. - Class H  | 870790 | 264022 |
| Hengan International Group Co. Ltd.  | 17322 | 67195 |
| Kingsoft Corp. Ltd.  | 12554 | 37983 |
| Maanshan Iron & Steel Co. Ltd. - Class H  | 440304 | 70676 |
| Sinotruk Hong Kong Ltd.  | 71217 | 63508 |
| Topsports International Holdings Ltd. <sup>(b)</sup>  | 126667 | 63901 |
| TravelSky Technology Ltd. - Class H  | 30421 | 44180 |
|  |  | 2341870 |
| **Czech Republic — 1.6%** | **Czech Republic — 1.6%** |  |
| CEZ AS  | 6487 | 212148 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Greece — 1.1%** | **Greece — 1.1%** |  |
| Hellenic Telecommunications Organization SA  | 5510 | $86579 |
| OPAP SA  | 4560 | 55880 |
|  |  | 142459 |
| **Hong Kong — 0.2%** | **Hong Kong — 0.2%** |  |
| Shougang Fushan Resources Group Ltd.  | 120611 | 32728 |
| **Hungary — 1.2%** | **Hungary — 1.2%** |  |
| MOL Hungarian Oil & Gas PLC  | 19750 | 118423 |
| Richter Gedeon Nyrt  | 1972 | 38939 |
|  |  | 157362 |
| **Indonesia — 7.8%** | **Indonesia — 7.8%** |  |
| Adaro Energy Tbk PT  | 688522 | 175690 |
| Astra International Tbk PT  | 564186 | 240541 |
| Bukit Asam Tbk PT  | 321402 | 80570 |
| Perusahaan Gas Negara Tbk PT  | 552368 | 69942 |
| Telkom Indonesia Persero Tbk PT - ADR  | 10692 | 297451 |
| United Tractors Tbk PT  | 78861 | 163309 |
|  |  | 1027503 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** |  |
| Top Glove Corp Bhd  | 99047 | 16654 |
| **Mexico — 3.5%** | **Mexico — 3.5%** |  |
| Arca Continental SAB de CV  | 19553 | 159736 |
| Fomento Economico Mexicano SAB de CV - ADR  | 4129 | 295719 |
|  |  | 455455 |
| **Russia — 0.0% (c)(f)**  | **Russia — 0.0% (c)(f)**  |  |
| Alrosa PJSC  | 91900 |  |
| Inter RAO UES PJSC  | 1901988 |  |
| LUKOIL PJSC - ADR  | 2652 |  |
| Magnit PJSC  | 1958 |  |
| Magnit PJSC - GDR  | 4 |  |
| Magnitogorsk Iron & Steel Works PJSC  | 106418 |  |
| Magnitogorsk Iron & Steel Works PJSC - GDR  | 2458 |  |
| Severstal PAO  | 9320 |  |
| Severstal PAO - GDR  | 2129 |  |
| Surgutneftegas PJSC  | 477461 |  |
| Tatneft PJSC <sup>(a)</sup>  | 3600 |  |
| **South Africa — 12.7%** | **South Africa — 12.7%** |  |
| African Rainbow Minerals Ltd.  | 6848 | 96430 |
| Anglo American Platinum Ltd.  | 3282 | 261063 |
| Exxaro Resources Ltd.  | 9882 | 110027 |
| Impala Platinum Holdings Ltd.  | 21816 | 223401 |

---

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

Pacer Emerging Markets Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 87.3% (Continued)** | **COMMON STOCKS — 87.3% (Continued)** | **COMMON STOCKS — 87.3% (Continued)** |
| **South Africa — 12.7% (Continued)** | **South Africa — 12.7% (Continued)** | **South Africa — 12.7% (Continued)** |
| Kumba Iron Ore Ltd.  | 9024 | $169975 |
| Mr Price Group Ltd.  | 2086 | 20082 |
| MTN Group Ltd.  | 26742 | 189027 |
| MultiChoice Group  | 8558 | 55922 |
| Royal Bafokeng Platinum Ltd.  | 6096 | 49007 |
| Sibanye Stillwater Ltd. - ADR <sup>(d)</sup>  | 26656 | 250300 |
| The Bidvest Group Ltd.  | 3746 | 43332 |
| The Foschini Group Ltd.  | 5553 | 34738 |
| Vodacom Group Ltd.  | 17556 | 119766 |
| Woolworths Holdings Ltd.  | 11799 | 40525 |
|  |  | 1663595 |
| **Taiwan — 15.4%** | **Taiwan — 15.4%** |  |
| AUO Corp.  | 458810 | 240636 |
| Catcher Technology Co. Ltd.  | 9702 | 51035 |
| China Airlines Ltd.  | 178197 | 93737 |
| Eva Airways Corp.  | 100567 | 73032 |
| Evergreen Marine Corp Taiwan Ltd.  | 28136 | 120061 |
| Far EasTone Telecommunications Co. Ltd.  | 40845 | 89619 |
| Innolux Corp.  | 505283 | 185821 |
| Largan Precision Co. Ltd.  | 1045 | 59997 |
| Nanya Technology Corp.  | 73038 | 123534 |
| Novatek Microelectronics Corp.  | 14934 | 111695 |
| Pegatron Corp.  | 54712 | 100179 |
| President Chain Store Corp.  | 12456 | 103599 |
| Realtek Semiconductor Corp.  | 6603 | 52254 |
| Sino-American Silicon Products, Inc.  | 23087 | 88844 |
| United Microelectronics Corp. - ADR  | 27338 | 162115 |
| Wan Hai Lines Ltd.  | 73852 | 155164 |
| Winbond Electronics Corp.  | 94488 | 57181 |
| Yang Ming Marine Transport Corp.  | 80481 | 150359 |
|  |  | 2018862 |
| **Thailand — 4.0%** | **Thailand — 4.0%** |  |
| Advanced Info Service PCL  | 32717 | 164187 |
| Electricity Generating PCL  | 8358 | 37442 |
| IRPC PCL  | 723614 | 59699 |
| PTT Exploration & Production PCL  | 54638 | 260557 |
|  |  | 521885 |
| **Turkey — 6.2%** | **Turkey — 6.2%** |  |
| BIM Birlesik Magazalar AS  | 7044 | 50708 |
| Enka Insaat ve Sanayi AS  | 0 | 0 |
| Ford Otomotiv Sanayi AS  | 5462 | 106516 |
| KOC Holding AS  | 137942 | 412027 |
| Tofas Turk Otomobil Fabrikasi AS  | 5317 | 28107 |
| Turk Telekomunikasyon AS  | 85397 | 56842 |
| Turkcell Iletisim Hizmetleri AS  | 119460 | 164549 |
|  |  | 818749 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Arab Emirates — 2.2%** | **United Arab Emirates — 2.2%** |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 99103 | $121683 |
| ADNOC Drilling Co PJSC  | 157230 | 143399 |
| Dana Gas PJSC  | 84863 | 21718 |
|  |  | 286800 |
| TOTAL COMMON STOCKS (Cost $15,336,528)  |  | 11444449 |
| **PREFERRED STOCKS — 10.7%** | **PREFERRED STOCKS — 10.7%** |  |
| **Brazil — 10.7%** | **Brazil — 10.7%** |  |
| Bradespar SA  | 14176 | 65755 |
| Braskem SA - ADR  | 14434 | 186631 |
| Centrais Eletricas Brasileiras SA - Class B  | 16821 | 174218 |
| Cia Energetica de Minas Gerais - ADR  | 37725 | 82618 |
| Cia Paranaense de Energia - ADR  | 11786 | 83327 |
| Gerdau SA - ADR  | 37665 | 187572 |
| Metalurgica Gerdau SA  | 87240 | 189832 |
| Petroleo Brasileiro SA - ADR  | 27728 | 319149 |
| Unipar Carbocloro SA  | 2640 | 54512 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas - Class A  | 39464 | 55084 |
|  |  | 1398698 |
| TOTAL PREFERRED STOCKS (Cost $1,377,628)  |  | 1398698 |
| **MUTUAL FUNDS — 0.4%** | **MUTUAL FUNDS — 0.4%** |  |
| Digital Telecommunications Infrastructure Fund  | 130555 | 46308 |
| TOTAL MUTUAL FUNDS (Cost $48,996)  |  | 46308 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |  |
| **Money Market Deposit Accounts — 1.0%** | **Money Market Deposit Accounts — 1.0%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(e)</sup>  | $135561 | 135561 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $135,561)  |  | 135561 |

---

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

Pacer Emerging Markets Cash Cows 100 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(e)</sup>  | 237400 | $237400 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $237,400)  |  | 237400 |
| **Total Investments (Cost $17,136,113) — 101.1%**  |  | 13262416 |
| **Liabilities in Excess of Other Assets — (1.1)%**  |  | (150276) |
| **TOTAL NET ASSETS — 100.0%**  |  | $13112140 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Less than 0.05%.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Value determined using significant unobservable inputs.

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

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

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

Pacer Cash Cows Fund of Funds ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 99.9%** | **EXCHANGE TRADED FUNDS — 99.9%** |  |
| Pacer Developed Markets International Cash Cows 100 ETF  | 197613 | $4936373 |
| Pacer Global Cash Cows Dividend ETF  | 169125 | 4884330 |
| Pacer US Cash Cows 100 ETF  | 109546 | 5087316 |
| Pacer US Cash Cows Growth ETF  | 140710 | 4922008 |
| Pacer US Small Cap Cash Cows 100 ETF  | 137112 | 5140327 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $26,012,438)  |  | 24970355 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(a)</sup>  | $16036 | 16036 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $16,036)  |  | 16036 |
| **Total Investments (Cost $26,028,474) — 100.0%**  |  | 24986391 |
| **Liabilities in Excess of Other Assets — 0.0% <sup>(b)</sup>**  |  | (2775) |
| **TOTAL NET ASSETS — 100.0%**  |  | $24983616 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Less than 0.05%

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

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

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

Pacer WealthShield ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 40.3%** | **COMMON STOCKS — 40.3%** |  |
| **Energy — 20.1%** | **Energy — 20.1%** |  |
| APA Corp.  | 1360 | $61826 |
| Baker Hughes Co.  | 4230 | 117002 |
| Chevron Corp.  | 7530 | 1362177 |
| ConocoPhillips  | 5320 | 670799 |
| Coterra Energy, Inc.  | 3320 | 103352 |
| Devon Energy Corp.  | 2740 | 211939 |
| Diamondback Energy, Inc.  | 740 | 116261 |
| EOG Resources, Inc.  | 2450 | 334474 |
| EQT Corp.  | 1550 | 64852 |
| Exxon Mobil Corp.  | 17420 | 1930310 |
| Halliburton Co.  | 3790 | 138032 |
| Hess Corp.  | 1160 | 163653 |
| Kinder Morgan, Inc.  | 8290 | 150215 |
| Marathon Oil Corp.  | 2830 | 86173 |
| Marathon Petroleum Corp.  | 2080 | 236330 |
| Occidental Petroleum Corp.  | 3110 | 225786 |
| ONEOK, Inc.  | 1870 | 110928 |
| Phillips 66  | 2010 | 209623 |
| Pioneer Natural Resources Co.  | 1000 | 256410 |
| Schlumberger Ltd.  | 5910 | 307497 |
| Targa Resources Corp.  | 950 | 64951 |
| The Williams Cos., Inc.  | 5090 | 166596 |
| Valero Energy Corp.  | 1650 | 207157 |
|  |  | 7296343 |
| **Health Care — 20.2%** | **Health Care — 20.2%** |  |
| Abbott Laboratories  | 2570 | 254276 |
| AbbVie, Inc.  | 2600 | 380640 |
| ABIOMED, Inc. <sup>(a)</sup>  | 70 | 17646 |
| Achillion Pharmaceuticals, Inc. <sup>(a)</sup>  | 6273 | 2886 |
| Agilent Technologies, Inc.  | 440 | 60874 |
| Align Technology, Inc. <sup>(a)</sup>  | 110 | 21373 |
| AmerisourceBergen Corp.  | 230 | 36161 |
| Amgen, Inc.  | 790 | 213576 |
| Baxter International, Inc.  | 740 | 40219 |
| Becton Dickinson and Co.  | 420 | 99107 |
| Biogen, Inc. <sup>(a)</sup>  | 210 | 59522 |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 30 | 10551 |
| Bio-Techne Corp.  | 60 | 17776 |
| Boston Scientific Corp. <sup>(a)</sup>  | 2100 | 90531 |
| Bristol-Myers Squibb Co.  | 3130 | 242481 |
| Cardinal Health, Inc.  | 400 | 30360 |
| Catalent, Inc. <sup>(a)</sup>  | 260 | 17090 |
| Centene Corp. <sup>(a)</sup>  | 840 | 71509 |
| Charles River Laboratories International, Inc. <sup>(a)</sup>  | 70 | 14858 |
| Cigna Corp.  | 450 | 145377 |
| CVS Health Corp.  | 1930 | 182771 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 20.2% (Continued)** | **Health Care — 20.2% (Continued)** | **Health Care — 20.2% (Continued)** |
| Danaher Corp.  | 960 | $241603 |
| DaVita, Inc. <sup>(a)</sup>  | 80 | 5841 |
| DENTSPLY SIRONA, Inc.  | 320 | 9862 |
| DexCom, Inc. <sup>(a)</sup>  | 580 | 70052 |
| Edwards Lifesciences Corp. <sup>(a)</sup>  | 910 | 65911 |
| Elevance Health, Inc.  | 350 | 191370 |
| Eli Lilly & Co.  | 1160 | 420024 |
| Gilead Sciences, Inc.  | 1840 | 144366 |
| HCA Healthcare, Inc.  | 320 | 69590 |
| Henry Schein, Inc. <sup>(a)</sup>  | 200 | 13692 |
| Hologic, Inc. <sup>(a)</sup>  | 370 | 25086 |
| Humana, Inc.  | 190 | 106035 |
| IDEXX Laboratories, Inc. <sup>(a)</sup>  | 120 | 43162 |
| Illumina, Inc. <sup>(a)</sup>  | 230 | 52629 |
| Incyte Corp. <sup>(a)</sup>  | 270 | 20072 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 520 | 128164 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 270 | 56611 |
| Johnson & Johnson  | 3860 | 671524 |
| Laboratory Corp. of American Holdings  | 130 | 28842 |
| McKesson Corp.  | 210 | 81768 |
| Medtronic PLC  | 1950 | 170313 |
| Merck & Co., Inc.  | 3720 | 376464 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 30 | 37948 |
| Moderna, Inc. <sup>(a)</sup>  | 490 | 73662 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 90 | 32297 |
| Organon & Co.  | 370 | 9687 |
| PerkinElmer, Inc.  | 190 | 25380 |
| Pfizer, Inc.  | 8240 | 383572 |
| Quest Diagnostics, Inc.  | 170 | 24421 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup>  | 160 | 119800 |
| ResMed, Inc.  | 210 | 46975 |
| STERIS PLC  | 150 | 25887 |
| Stryker Corp.  | 490 | 112328 |
| Teleflex, Inc.  | 70 | 15019 |
| The Cooper Cos., Inc.  | 70 | 19137 |
| Thermo Fisher Scientific, Inc.  | 580 | 298103 |
| UnitedHealth Group, Inc.  | 1370 | 760556 |
| Universal Health Services, Inc. - Class B  | 100 | 11587 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 380 | 118560 |
| Viatris, Inc.  | 1780 | 18031 |
| Waters Corp. <sup>(a)</sup>  | 90 | 26925 |
| West Pharmaceutical Services, Inc.  | 110 | 25311 |
| Zimmer Biomet Holdings, Inc.  | 310 | 35139 |
| Zoetis, Inc.  | 690 | 104038 |
|  |  | 7326927 |
| TOTAL COMMON STOCKS (Cost $14,620,845)  |  | 14623270 |

---

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

Pacer WealthShield ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 67%** | **SHORT-TERM INVESTMENTS — 67%** |  |
| **US Treasury Bill — 54.8%** | **US Treasury Bill — 54.8%** |  |
| United States Treasury Bill 12/29/22 0.00%  | $20000000 | $19876965 |
| **Money Market Deposit Accounts — 12.2%** | **Money Market Deposit Accounts — 12.2%** | **Money Market Deposit Accounts — 12.2%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | 4424448 | 4424448 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $24,320,290)  |  | 24301413 |
| **Total Investments (Cost $38,941,135) — 107.3%**  |  | 38924683 |
| **Liabilities in Excess of Other Assets — (7.3)%**  |  | (2662821) |
| **TOTAL NET ASSETS — 100.0%**  |  | $36261862 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Less than 0.05%.

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

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

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

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

Pacer Industrial Real Estate ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **COMMON STOCKS — 5.1%** | **COMMON STOCKS — 5.1%** |  |  |
| **Real Estate — 5.1%** | **Real Estate — 5.1%** |  |  |
| Dream Industrial Real Estate Investment Trust  | 349445 | $| 2808692 |
| National Storage REIT  | 1305100 |  | 2178854 |
| Sagax AB - Class B  | 152440 |  | 2810997 |
| Summit Industrial Income REIT  | 240178 |  | 3069328 |
| TOTAL COMMON STOCKS (Cost $13,954,079)  |  |  | 10867871 |
| **REAL ESTATE INVESTMENT TRUSTS — 91.7%** | **REAL ESTATE INVESTMENT TRUSTS — 91.7%** |  |  |
| **Real Estate — 91.7%** | **Real Estate — 91.7%** |  |  |
| Big Yellow Group PLC  | 228442 |  | 2949870 |
| Centuria Industrial REIT  | 770912 |  | 1494140 |
| CubeSmart <sup>(a)</sup>  | 245292 |  | 10270376 |
| EastGroup Properties, Inc. <sup>(a)</sup>  | 64330 |  | 10079868 |
| Extra Space Storage, Inc.  | 57740 |  | 10245386 |
| First Industrial Realty Trust, Inc. <sup>(a)</sup>  | 191747 |  | 9132910 |
| GLP J-Reit  | 5400 |  | 5596288 |
| Granite Real Estate Investment Trust  | 92589 |  | 4731564 |
| Industrial Logistics Properties Trust <sup>(a)</sup>  | 93069 |  | 435563 |
| Lexington Realty Trust <sup>(a)</sup>  | 400868 |  | 3880402 |
| Life Storage, Inc.  | 90393 |  | 9998370 |
| LondonMetric Property Plc  | 1259340 |  | 2699235 |
| Mapletree Industrial Trust  | 2813200 |  | 4372026 |
| Mapletree Logistics Trust  | 4710500 |  | 5057898 |
| National Storage Affiliates Trust  | 129676 |  | 5531978 |
| Prologis, Inc.  | 311848 |  | 34537166 |
| Public Storage  | 113194 |  | 35061841 |
| Rexford Industrial Realty, Inc.  | 181690 |  | 10043823 |
| Safestore Holdings PLC  | 307784 |  | 3189060 |
| Segro PLC  | 1052800 |  | 9477723 |
| STAG Industrial, Inc. <sup>(a)</sup>  | 254488 |  | 8039276 |
| Terreno Realty Corp.  | 111332 |  | 6361510 |
| Tritax Big Box REIT PLC  | 2516675 |  | 4049238 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $210,846,233)  |  |  | 197235511 |
|  | **Principal <br> Amount** |  |  |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Deposit Accounts — 0.3%** | **Money Market Deposit Accounts — 0.3%** | **Money Market Deposit Accounts — 0.3%** | **Money Market Deposit Accounts — 0.3%** |
| U.S. Bank Money Market Deposit Account, 2.300% <sup>(b)</sup>  | $609670 |  | 609670 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $609,670)  |  |  | 609670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.7%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(b)</sup>  | 31600088 | $31600088 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $31,600,088)  |  | 31600088 |
| **Total Investments (Cost $257,010,070) — 111.8%**  |  | 240313140 |
| **Liabilities in Excess of Other Assets — (11.8)%**  |  | (25296486) |
| **TOTAL NET ASSETS — 100.0%**  |  | $215016654 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

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

Pacer Data & Infrastructure Real Estate ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 33.0%** | **COMMON STOCKS — 33.0%** |  |
| **Communication Services — 32.5%** | **Communication Services — 32.5%** |  |
| Cellnex Telecom SA <sup>(a)</sup>  | 1315581 | $43038309 |
| Chorus Ltd.  | 10217400 | 49720186 |
| Clear Channel Outdoor Holdings, Inc. <sup>(b)(c)</sup>  | 579400 | 828542 |
| Cogent Communications Holdings, Inc.  | 46981 | 2466972 |
| Eutelsat Communications SA  | 2724348 | 27356839 |
| Helios Towers PLC <sup>(c)</sup>  | 18133113 | 26201205 |
| HKBN Ltd.  | 30246600 | 20421662 |
| Infrastrutture Wireless Italiane SpA <sup>(a)</sup>  | 4815922 | 42514568 |
| SES SA  | 5861174 | 41581264 |
| Vantage Towers AG  | 1523476 | 42883006 |
|  |  | 297012553 |
| **Information Technology — 0.4%** | **Information Technology — 0.4%** |  |
| Chindata Group Holdings Ltd. - ADR <sup>(b)(c)</sup>  | 388038 | 2060482 |
| Cyxtera Technologies, Inc. <sup>(b)(c)</sup>  | 64716 | 156613 |
| GDS Holdings Ltd. - ADR <sup>(b)(c)</sup>  | 143696 | 1240096 |
| Vnet Group, Inc. - ADR <sup>(b)(c)</sup>  | 154888 | 648981 |
|  |  | 4106172 |
| TOTAL COMMON STOCKS (Cost $349,535,651)  |  | 301118724 |
| **REAL ESTATE INVESTMENT TRUSTS — 66.2%** | **REAL ESTATE INVESTMENT TRUSTS — 66.2%** |  |
| **Real Estate — 66.2%** | **Real Estate — 66.2%** |  |
| American Tower Corp.  | 617816 | 128005297 |
| Crown Castle, Inc.  | 935731 | 124695513 |
| DigitalBridge Group, Inc. <sup>(b)</sup>  | 308777 | 3952345 |
| Digital Realty Trust, Inc. <sup>(b)</sup>  | 412724 | 41375581 |
| Equinix, Inc.  | 244265 | 138361466 |
| Iron Mountain, Inc. <sup>(b)</sup>  | 816644 | 40889365 |
| Keppel DC REIT  | 33306468 | 41424199 |
| Lamar Advertising Co. - Class A <sup>(b)</sup>  | 38125 | 3516269 |
| Outfront Media, Inc. <sup>(b)</sup>  | 132113 | 2384640 |
| SBA Communications Corp.  | 147261 | 39745744 |
| Uniti Group, Inc. <sup>(b)</sup>  | 5112107 | 39669950 |
|  |  | 604020369 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $728,252,417)  |  | 604020369 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| **Money Market Deposit Accounts — 0.2%** | **Money Market Deposit Accounts — 0.2%** | **Money Market Deposit Accounts — 0.2%** |
| U.S. Bank Money Market Deposit Account, 2.300% <sup>(d)</sup>  | $1832094 | $1832094 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,094)  |  | 1832094 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.6%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(d)</sup>  | 69760923 | 69760923 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $69,760,923)  |  | 69760923 |
| **Total Investments (Cost $1,149,381,085) — 107.0%**  |  | 976732111 |
| **Liabilities in Excess of Other Assets — (7.0)%**  |  | (64169837) |
| **TOTAL NET ASSETS — 100.0%**  |  | $912562273 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income producing security.

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

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

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

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |  |
| **Consumer Discretionary — 24.9%** | **Consumer Discretionary — 24.9%** |  |
| Advance Auto Parts, Inc.  | 1810 | $343755 |
| Amazon.com, Inc. <sup>(a)</sup>  | 2450 | 250978 |
| Aptiv PLC <sup>(a)</sup>  | 3380 | 307817 |
| AutoZone, Inc. <sup>(a)</sup>  | 150 | 379932 |
| Bath & Body Works, Inc.  | 8240 | 275051 |
| Best Buy Co., Inc.  | 4290 | 293479 |
| Booking Holdings, Inc. <sup>(a)</sup>  | 150 | 280422 |
| BorgWarner, Inc.  | 8470 | 317879 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 6760 | 295615 |
| CarMax, Inc. <sup>(a)</sup>  | 3590 | 226206 |
| Carnival Corp. <sup>(a)</sup>  | 31430 | 284756 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 190 | 284683 |
| Darden Restaurants, Inc.  | 2490 | 356418 |
| Dollar General Corp.  | 1320 | 336666 |
| Dollar Tree, Inc. <sup>(a)</sup>  | 2260 | 358210 |
| Domino's Pizza, Inc.  | 890 | 295693 |
| DR Horton, Inc.  | 4460 | 342885 |
| eBay, Inc.  | 7250 | 288840 |
| Etsy, Inc. <sup>(a)</sup>  | 2960 | 277973 |
| Expedia Group, Inc. <sup>(a)</sup>  | 2990 | 279475 |
| Ford Motor Co.  | 21200 | 283444 |
| Garmin Ltd.  | 3600 | 316944 |
| General Motors Co.  | 7920 | 310860 |
| Genuine Parts Co.  | 2010 | 357498 |
| Hasbro, Inc.  | 4010 | 261652 |
| Hilton Worldwide Holdings, Inc.  | 2400 | 324624 |
| Las Vegas Sands Corp. <sup>(a)</sup>  | 8560 | 325366 |
| Lennar Corp. - Class A  | 4090 | 330063 |
| LKQ Corp.  | 6090 | 338848 |
| Lowe's Cos., Inc.  | 1590 | 309970 |
| Marriott International, Inc.  | 2010 | 321821 |
| McDonald's Corp.  | 1260 | 343552 |
| MGM Resorts International  | 9320 | 331512 |
| Mohawk Industries, Inc. <sup>(a)</sup>  | 2880 | 272880 |
| Newell Brands, Inc.  | 18000 | 248580 |
| NIKE, Inc. - Class B  | 2950 | 273406 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup>  | 22390 | 378167 |
| NVR, Inc. <sup>(a)</sup>  | 80 | 339020 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 410 | 343240 |
| Pool Corp.  | 920 | 279892 |
| PulteGroup, Inc.  | 7820 | 312722 |
| Ralph Lauren Corp.  | 3390 | 314219 |
| Ross Stores, Inc.  | 3500 | 334915 |
| Royal Caribbean Cruises Ltd. <sup>(a)</sup>  | 6920 | 369390 |
| Starbucks Corp.  | 3690 | 319517 |
| Tapestry, Inc.  | 9200 | 291456 |
| Target Corp.  | 1880 | 308790 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary — 24.9% (Continued)** | **Consumer Discretionary — 24.9% (Continued)** | **Consumer Discretionary — 24.9% (Continued)** |
| Tesla Motors, Inc. <sup>(a)</sup>  | 1090 | $248019 |
| The Home Depot, Inc.  | 1090 | 322782 |
| The TJX Cos., Inc.  | 4910 | 354011 |
| Tractor Supply Co.  | 1630 | 358225 |
| Ulta Beauty, Inc. <sup>(a)</sup>  | 740 | 310334 |
| VF Corp.  | 7540 | 213005 |
| Whirlpool Corp.  | 2040 | 282010 |
| Wynn Resorts Ltd. <sup>(a)</sup>  | 5210 | 332919 |
| Yum! Brands, Inc.  | 2820 | 333465 |
|  |  | 17373851 |
| **Industrials — 25.0%** | **Industrials — 25.0%** |  |
| 3M Co.  | 2030 | 255354 |
| A O Smith Corp.  | 4440 | 243223 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 5370 | 238750 |
| Allegion PLC -  | 2510 | 262973 |
| American Airlines Group, Inc. <sup>(a)</sup>  | 17630 | 249993 |
| AMETEK, Inc.  | 1990 | 258023 |
| Carrier Global Corp.  | 5930 | 235777 |
| Caterpillar, Inc.  | 1320 | 285727 |
| CH Robinson Worldwide, Inc.  | 2190 | 214007 |
| Cintas Corp.  | 580 | 247979 |
| Copart, Inc. <sup>(a)</sup>  | 2150 | 247293 |
| CoStar Group, Inc. <sup>(a)</sup>  | 3190 | 263877 |
| CSX Corp.  | 7670 | 222890 |
| Cummins, Inc.  | 1150 | 281187 |
| Deere & Co.  | 670 | 265199 |
| Delta Air Lines, Inc. <sup>(a)</sup>  | 7660 | 259904 |
| Dover Corp.  | 1930 | 252232 |
| Eaton Corp. PLC  | 1720 | 258120 |
| Emerson Electric Co.  | 2950 | 255470 |
| Equifax, Inc.  | 1270 | 215316 |
| Expeditors International of Washington, Inc.  | 2420 | 236797 |
| Fastenal Co.  | 4890 | 236334 |
| FedEx Corp.  | 1200 | 192336 |
| Fortive Corp.  | 3790 | 242181 |
| Fortune Brands Home & Security, Inc.  | 3870 | 233438 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 1050 | 121706 |
| General Dynamics Corp.  | 1080 | 269784 |
| General Electric Co.  | 3380 | 262998 |
| Honeywell International, Inc.  | 1310 | 267266 |
| Howmet Aerospace, Inc.  | 6870 | 244229 |
| Huntington Ingalls Industries, Inc.  | 1060 | 272494 |
| IDEX Corp.  | 1190 | 264549 |
| Illinois Tool Works, Inc.  | 1210 | 258371 |
| Ingersoll Rand, Inc.  | 4980 | 251490 |
| Jacobs Solutions, Inc.  | 2000 | 230440 |

---

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.4% (Continued)** | **COMMON STOCKS — 99.4% (Continued)** | **COMMON STOCKS — 99.4% (Continued)** |
| **Industrials — 25.0% (Continued)** | **Industrials — 25.0% (Continued)** | **Industrials — 25.0% (Continued)** |
| JB Hunt Trasport Services, Inc.  | 1440 | $246341 |
| Johnson Controls International PLC  | 4300 | 248712 |
| L3Harris Technologies, Inc.  | 1060 | 261258 |
| Leidos Holdings, Inc.  | 2610 | 265150 |
| Lockheed Martin Corp.  | 590 | 287141 |
| Masco Corp.  | 4790 | 221633 |
| Nordson Corp.  | 1070 | 240750 |
| Norfolk Southern Corp.  | 1000 | 228070 |
| Northrop Grumman Corp.  | 510 | 279995 |
| Old Dominion Freight Line, Inc.  | 930 | 255378 |
| Otis Worldwide Corp.  | 3410 | 240882 |
| PACCAR, Inc.  | 2830 | 274029 |
| Parker-Hannifin Corp.  | 900 | 261558 |
| Pentair PLC  | 5310 | 228065 |
| Quanta Services, Inc.  | 1700 | 241468 |
| Raytheon Technologies Corp.  | 2840 | 269289 |
| Republic Services, Inc.  | 1690 | 224128 |
| Robert Half International, Inc.  | 3110 | 237791 |
| Rockwell Automation, Inc.  | 980 | 250194 |
| Rollins, Inc.  | 6930 | 291614 |
| Snap-On, Inc.  | 1120 | 248696 |
| Southwest Airlines Co. <sup>(a)</sup>  | 6520 | 237002 |
| Stanley Black & Decker, Inc.  | 2800 | 219772 |
| Textron, Inc.  | 3800 | 260072 |
| The Boeing Co. <sup>(a)</sup>  | 1590 | 226591 |
| Trane Technologies PLC  | 1530 | 244234 |
| TransDigm Group, Inc.  | 340 | 195758 |
| Union Pacific Corp.  | 1080 | 212911 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 6370 | 274420 |
| United Parcel Service, Inc. - Class B  | 1260 | 211390 |
| United Rentals, Inc. <sup>(a)</sup>  | 800 | 252568 |
| Verisk Analytics, Inc.  | 1300 | 237679 |
| W.W. Grainger, Inc.  | 440 | 257114 |
| Waste Management, Inc.  | 1440 | 228053 |
| Westinghouse Air Brake Technologies Corp.  | 2740 | 255587 |
| Xylem, Inc.  | 2580 | 264269 |
|  |  | 17477269 |
| **Information Technology — 24.9%** | **Information Technology — 24.9%** |  |
| Accenture PLC - Class A  | 860 | 244154 |
| Adobe, Inc. <sup>(a)</sup>  | 630 | 200655 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 2920 | 175375 |
| Akamai Technologies, Inc. <sup>(a)</sup>  | 2720 | 240258 |
| Amphenol Corp.  | 3290 | 249481 |
| Analog Devices, Inc.  | 1620 | 231044 |
| ANSYS, Inc. <sup>(a)</sup>  | 960 | 212314 |
| Apple, Inc.  | 1590 | 243811 |
| Applied Materials, Inc.  | 2590 | 228671 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 24.9% (Continued)** | **Information Technology — 24.9% (Continued)** | **Information Technology — 24.9% (Continued)** |
| Arista Networks, Inc. <sup>(a)</sup>  | 2010 | $242929 |
| Autodesk, Inc. <sup>(a)</sup>  | 1180 | 252874 |
| Automatic Data Processing, Inc.  | 1020 | 246534 |
| Broadcom, Inc.  | 480 | 225658 |
| Broadridge Financial Solutions, Inc.  | 1450 | 217587 |
| Cadence Design System, Inc. <sup>(a)</sup>  | 1430 | 216488 |
| CDW Corp.  | 1420 | 245390 |
| Ceridian HCM Holding, Inc. <sup>(a)</sup>  | 3930 | 260127 |
| Cisco Systems, Inc.  | 5460 | 248048 |
| Cognizant Technology Solutions Corp.  | 3810 | 237172 |
| Corning, Inc.  | 7420 | 238701 |
| DXC Technology Co. <sup>(a)</sup>  | 9330 | 268237 |
| Enphase Energy, Inc. <sup>(a)</sup>  | 820 | 251740 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 580 | 203000 |
| F5, Inc. <sup>(a)</sup>  | 1560 | 222940 |
| Fidelity National Information Services, Inc.  | 2730 | 226563 |
| Fiserv, Inc. <sup>(a)</sup>  | 2350 | 241439 |
| FleetCor Technologies, Inc. <sup>(a)</sup>  | 1130 | 210316 |
| Fortinet, Inc. <sup>(a)</sup>  | 4660 | 266366 |
| Gartner, Inc. <sup>(a)</sup>  | 820 | 247574 |
| Global Payments, Inc.  | 1880 | 214809 |
| Hewlett Packard Enterprise Co.  | 18590 | 265279 |
| HP, Inc.  | 8840 | 244161 |
| Intel Corp.  | 7940 | 225734 |
| International Business Machines Corp.  | 1930 | 266900 |
| Intuit, Inc.  | 470 | 200925 |
| Jack Henry & Associates, Inc.  | 1250 | 248825 |
| Juniper Networks, Inc.  | 8600 | 263160 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 1450 | 252517 |
| KLA Corp.  | 700 | 221515 |
| Lam Research Corp.  | 470 | 190247 |
| MasterCard, Inc. - Class A  | 740 | 242853 |
| Microchip Technology, Inc.  | 3730 | 230290 |
| Micron Technology, Inc.  | 4350 | 235335 |
| Microsoft Corp.  | 940 | 218202 |
| Monolithic Power Systems, Inc.  | 560 | 190092 |
| Motorola Solutions, Inc.  | 1000 | 249710 |
| NetApp, Inc.  | 3450 | 238981 |
| NortonLifeLock, Inc.  | 10990 | 247605 |
| NVIDIA Corp.  | 1740 | 234848 |
| NXP Semiconductors NV  | 1490 | 217659 |
| ON Semiconductor Corp. <sup>(a)</sup>  | 3480 | 213776 |
| Oracle Corp.  | 3290 | 256850 |
| Paychex, Inc.  | 1970 | 233071 |
| Paycom Software, Inc. <sup>(a)</sup>  | 670 | 231820 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 2590 | 216472 |
| PTC, Inc. <sup>(a)</sup>  | 2080 | 245086 |

---

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.4% (Continued)** | **COMMON STOCKS — 99.4% (Continued)** | **COMMON STOCKS — 99.4% (Continued)** |
| **Information Technology — 24.9% (Continued)** | **Information Technology — 24.9% (Continued)** | **Information Technology — 24.9% (Continued)** |
| Qorvo, Inc. <sup>(a)</sup>  | 2670 | $229834 |
| QUALCOMM, Inc.  | 1890 | 222377 |
| Roper Technologies, Inc.  | 610 | 252869 |
| salesforce.com, Inc. <sup>(a)</sup>  | 1540 | 250389 |
| Seagate Technology Holdings PLC  | 3630 | 180266 |
| ServiceNow, Inc. <sup>(a)</sup>  | 530 | 222992 |
| Skyworks Solutions, Inc.  | 2430 | 209004 |
| SolarEdge Technologies, Inc. <sup>(a)</sup>  | 800 | 184024 |
| Synopsys, Inc. <sup>(a)</sup>  | 730 | 213561 |
| TE Connectivity Ltd.  | 1940 | 237126 |
| Teledyne Technologies, Inc. <sup>(a)</sup>  | 560 | 222869 |
| Teradyne, Inc.  | 2810 | 228593 |
| Texas Instruments, Inc.  | 1460 | 234520 |
| Trimble, Inc. <sup>(a)</sup>  | 3960 | 238234 |
| Tyler Technologies, Inc. <sup>(a)</sup>  | 650 | 210165 |
| VeriSign, Inc. <sup>(a)</sup>  | 1310 | 262603 |
| Visa, Inc. - Class A  | 1220 | 252735 |
| Western Digital Corp. <sup>(a)</sup>  | 5700 | 195909 |
| Zebra Technologies Corp. <sup>(a)</sup>  | 810 | 229408 |
|  |  | 17369646 |
| **Materials — 24.6%** | **Materials — 24.6%** |  |
| Air Products & Chemicals, Inc.  | 2580 | 646032 |
| Albemarle Corp.  | 2210 | 618513 |
| Amcor PLC  | 53960 | 624857 |
| Avery Dennison Corp.  | 3470 | 588338 |
| Ball Corp.  | 11180 | 552180 |
| Celanese Corp.  | 5750 | 552690 |
| CF Industries Holdings, Inc.  | 6400 | 680064 |
| Corteva, Inc.  | 10610 | 693257 |
| Dow, Inc.  | 13130 | 613696 |
| DuPont de Nemours, Inc.  | 11360 | 649792 |
| Eastman Chemical Co.  | 7080 | 543815 |
| Ecolab, Inc.  | 3840 | 603149 |
| FMC Corp.  | 5880 | 699132 |
| Freeport-McMoRan, Inc.  | 20620 | 653448 |
| International Flavors & Fragrances, Inc.  | 5790 | 565162 |
| International Paper Co.  | 15900 | 534399 |
| Linde PLC -  | 2310 | 686879 |
| LyondellBasell Industries NV  | 7880 | 602426 |
| Martin Marietta Materials, Inc.  | 1860 | 624923 |
| Mosaic Co.  | 11790 | 633712 |
| Newmont Goldcorp Corp.  | 15360 | 650035 |
| Nucor Corp.  | 4620 | 606976 |
| Packaging Corp. of America  | 4750 | 570997 |
| PPG Industries, Inc.  | 5180 | 591452 |
| Sealed Air Corp.  | 11990 | 570964 |
| The Sherwin-Williams Co.  | 2760 | 621083 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials — 24.6% (Continued)** | **Materials — 24.6% (Continued)** | **Materials — 24.6% (Continued)** |
| Vulcan Materials Co.  | 3860 | $631882 |
| Westrock Co.  | 16250 | 553475 |
|  |  | 17163328 |
| TOTAL COMMON STOCKS (Cost $69,391,210)  |  | 69384094 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(b)</sup>  | $59281 | 59281 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $59,281)  |  | 59281 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.1% <sup>(c)</sup>** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.1% <sup>(c)</sup>** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.1% <sup>(c)</sup>** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(b)</sup>  | 9105652 | 9105652 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,105,652)  |  | 9105652 |
| **Total Investments (Cost $78,556,143) — 112.6%**  |  | 78549027 |
| **Liabilities in Excess of Other Assets — (12.6)%**  |  | (8776399) |
| **TOTAL NET ASSETS — 100.0%**  |  | $69772628 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

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

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

Pacer CSOP FTSE China A50 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** |  |
| **Consumer Discretionary — 8.4%** | **Consumer Discretionary — 8.4%** |  |
| BYD Co. Ltd. - Class A  | 4745 | $160366.00 |
| China Tourism Group Duty Free Corp. Ltd. - Class A  | 5100 | 112054 |
| Great Wall Motor Co. Ltd. - Class A  | 7100 | 28367 |
| Haier Smart Home Co Ltd. - Class A  | 16400 | 46738 |
| SAIC Motor Corp. Ltd.  | 25100 | 47286 |
|  |  | 394811 |
| **Consumer Staples — 28.7%** | **Consumer Staples — 28.7%** |  |
| Foshan Haitian Flavouring & Food Co. Ltd.  | 10627 | 86896 |
| Inner Mongolia Yili Industrial Group Co. Ltd.  | 16600 | 57406 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.  | 3900 | 69813 |
| Kweichow Moutai Co. Ltd.  | 3200 | 591894 |
| Luzhou Laojiao Co. Ltd.  | 3845 | 82367 |
| Muyuan Foods Co. Ltd.  | 13862 | 88848 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd.  | 3183 | 101343 |
| Tongwei Co Ltd.  | 11700 | 69733 |
| Wuliangye Yibin Co. Ltd.  | 10100 | 184741 |
| Yihai Kerry Arawana Holdings Co. Ltd.  | 5000 | 26204 |
|  |  | 1359245 |
| **Energy — 4.9%** | **Energy — 4.9%** |  |
| China Petroleum & Chemical Corp. - Class A  | 88500 | 49351 |
| China Shenhua Energy Co. Ltd. - Class A  | 18300 | 70281 |
| PetroChina Co. Ltd. - Class A  | 64600 | 42396 |
| Shaanxi Coal Industry Co Ltd.  | 25200 | 68571 |
|  |  | 230599 |
| **Financials — 24.8%** | **Financials — 24.8%** |  |
| Agricultural Bank of China Ltd. - Class A  | 245600 | 92875 |
| Bank of China Ltd. - Class A  | 116300 | 47963 |
| Bank of Communications Co. Ltd. - Class A  | 101800 | 62068 |
| Bank of Ningbo Co Ltd.  | 17100 | 55668 |
| China CITIC Bank Corp. Ltd. - Class A  | 25200 | 14950 |
| China Construction Bank Corp. - Class A  | 24900 | 18218 |
| China Merchants Bank Co. Ltd. - Class A  | 53900 | 198065 |
| CITIC Securities Co. Ltd. - Class A  | 31670 | 74677 |
| East Money Information Co. Ltd.  | 34327 | 73417 |
| Industrial & Commercial Bank of China Ltd. - Class A  | 199900 | 113664 |
| Industrial Bank Co. Ltd.  | 54200 | 111614 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials — 24.8% (Continued)** | **Financials — 24.8% (Continued)** | **Financials — 24.8% (Continued)** |
| Ping An Bank Co. Ltd.  | 50400 | $71402 |
| Ping An Insurance Group Co. of China Ltd. - Class A  | 28300 | 140170 |
| Postal Savings Bank of China Co Ltd. - Class A  | 54600 | 29026 |
| Shanghai Pudong Development Bank Co. Ltd.  | 76200 | 69324 |
|  |  | 1173101 |
| **Health Care — 6.4%** | **Health Care — 6.4%** |  |
| Jiangsu Hengrui Medicine Co. Ltd.  | 16600 | 91431 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd.  | 3200 | 142686 |
| WuXi AppTec Co. Ltd. - Class A  | 6696 | 70092 |
|  |  | 304209 |
| **Industrials — 13.4%** | **Industrials — 13.4%** |  |
| Beijing-Shanghai High Speed Railway Co. Ltd.  | 73980 | 45208 |
| China State Construction Engineering Corp. Ltd.  | 108800 | 70808 |
| Contemporary Amperex Technology Co. Ltd.  | 6400 | 326971 |
| COSCO SHIPPING Holdings Co. Ltd. - Class A  | 32800 | 50468 |
| Eve Energy Co Ltd.  | 4900 | 55750 |
| SF Holding Co. Ltd.  | 12700 | 83975 |
|  |  | 633180 |
| **Information Technology — 5.0%** | **Information Technology — 5.0%** |  |
| Foxconn Industrial Internet Co. Ltd.  | 32400 | 36401 |
| LONGi Green Energy Technology Co. Ltd.  | 19720 | 129637 |
| Luxshare Precision Industry Co. Ltd.  | 18429 | 71963 |
|  |  | 238001 |
| **Materials — 3.1%** | **Materials — 3.1%** |  |
| Wanhua Chemical Group Co. Ltd.  | 8212 | 90417 |
| Zijin Mining Group Co. Ltd. - Class A  | 53400 | 57946 |
|  |  | 148363 |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** |  |
| China Vanke Co. Ltd. - Class A  | 25200 | 46681 |
| **Utilities — 3.5%** | **Utilities — 3.5%** |  |
| China Yangtze Power Co. Ltd.  | 59400 | 164887 |
| TOTAL COMMON STOCKS (Cost $5,770,965)  |  | 4693077 |

---

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

Pacer CSOP FTSE China A50 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| **Money Market Deposit Accounts — 0.7%** | **Money Market Deposit Accounts — 0.7%** | **Money Market Deposit Accounts — 0.7%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(a)</sup>  | $31851 | $31851 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $31,851)  |  | 31851 |
| **Total Investments (Cost $5,802,816) — 99.9%**  |  | 4724928 |
| **Other Assets in Excess of Liabilities — 0.1%**  |  | 2923 |
| **TOTAL NET ASSETS — 100.0%**  |  | $4727851 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

Pacer BioThreat Strategy ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |  |
| **Communication Services — 5.0%** | **Communication Services — 5.0%** |  |
| Netflix, Inc. <sup>(a)</sup>  | 707 | $206359 |
| **Consumer Discretionary — 14.3%** | **Consumer Discretionary — 14.3%** |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 1814 | 185826 |
| Lowe's Cos., Inc.  | 1016 | 198069 |
| The Home Depot, Inc.  | 688 | 203738 |
|  |  | 587633 |
| **Consumer Staples — 13.4%** | **Consumer Staples — 13.4%** |  |
| Campbell Soup Co. <sup>(b)</sup>  | 475 | 25132 |
| Church & Dwight Co., Inc.  | 382 | 28318 |
| Energizer Holdings, Inc.  | 115 | 3322 |
| Haleon PLC - ADR <sup>(a)</sup>  | 3144 | 19241 |
| Hormel Foods Corp.  | 862 | 40040 |
| Kimberly-Clark Corp.  | 537 | 66835 |
| The Clorox Co. <sup>(b)</sup>  | 195 | 28478 |
| The Kroger Co.  | 1152 | 54478 |
| Walgreens Boots Alliance, Inc.  | 1377 | 50260 |
| Walmart, Inc.  | 1635 | 232710 |
|  |  | 548814 |
| **Health Care — 54.4%** | **Health Care — 54.4%** |  |
| Abbott Laboratories  | 1813 | 179378 |
| Agilent Technologies, Inc. <sup>(b)</sup>  | 474 | 65578 |
| BioNTech SE - ADR  | 384 | 52854 |
| CVS Health Corp.  | 2085 | 197450 |
| Danaher Corp.  | 791 | 199071 |
| Emergent BioSolutions, Inc. <sup>(a)</sup>  | 84 | 1752 |
| Gilead Sciences, Inc.  | 1996 | 156606 |
| GSK PLC - ADR  | 3151 | 104519 |
| Illumina, Inc. <sup>(a)</sup>  | 249 | 56976 |
| Johnson & Johnson <sup>(b)</sup>  | 1153 | 200587 |
| Laboratory Corp. of American Holdings  | 147 | 32614 |
| Merck & Co., Inc.  | 2282 | 230938 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 36 | 45538 |
| Moderna, Inc. <sup>(a)</sup>  | 632 | 95009 |
| Neogen Corp. <sup>(a)</sup>  | 168 | 2218 |
| Organon & Co.  | 395 | 10341 |
| PerkinElmer, Inc.  | 199 | 26582 |
| QIAGEN NV <sup>(a)</sup>  | 356 | 15507 |
| Quest Diagnostics, Inc.  | 186 | 26719 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup>  | 175 | 131031 |
| Sanofi - ADR  | 3904 | 168770 |
| Teladoc Health, Inc. <sup>(a)</sup>  | 249 | 7380 |
| Thermo Fisher Scientific, Inc.  | 378 | 194281 |
| Vir Biotechnology, Inc. <sup>(a)(b)</sup>  | 204 | 4484 |
| Waters Corp. <sup>(a)(b)</sup>  | 96 | 28720 |
|  |  | 2234903 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 4.2%** | **Industrials — 4.2%** |  |
| 3M Co.  | 906 | $113966 |
| Booz Allen Hamilton Holding Corp.  | 209 | 22750 |
| Stericycle, Inc. <sup>(a)</sup>  | 144 | 6419 |
| Xylem, Inc.  | 285 | 29192 |
|  |  | 172327 |
| **Information Technology — 6.8%** | **Information Technology — 6.8%** |  |
| Akamai Technologies, Inc. <sup>(a)(b)</sup>  | 253 | 22348 |
| NVIDIA Corp.  | 1173 | 158320 |
| Palantir Technologies, Inc. - Class A <sup>(a)(b)</sup>  | 3231 | 28400 |
| Teledyne Technologies, Inc. <sup>(a)</sup>  | 74 | 29451 |
| Zoom Video Communications, Inc. - Class A <sup>(a)(b)</sup>  | 476 | 39717 |
|  |  | 278236 |
| **Materials — 1.8%** | **Materials — 1.8%** |  |
| Ecolab, Inc.  | 451 | 70838 |
| Stepan Co.  | 36 | 3760 |
|  |  | 74598 |
| TOTAL COMMON STOCKS (Cost $5,071,940)  |  | 4102870 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $2845 | 2845 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,845)  |  | 2845 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.5%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 432497 | 432497 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $432,497)  |  | 432497 |
| **Total Investments (Cost $5,507,282) — 110.5%**  |  | 4538212 |
| **Liabilities in Excess of Other Assets — (10.5)%**  |  | (430261) |
| **TOTAL NET ASSETS — 100.0%**  |  | $4107951 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

Pacer BioThreat Strategy ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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

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

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

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

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

Pacer Lunt Large Cap Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |  |
| **Communication Services — 6.2%** | **Communication Services — 6.2%** |  |
| Alphabet, Inc. - Class C <sup>(a)</sup>  | 67633 | $6402140 |
| DISH Network Corp. - Class A <sup>(a)(b)</sup>  | 413464 | 6164748 |
| Live Nation Entertainment, Inc. <sup>(a)(b)</sup>  | 82512 | 6568781 |
| Match Group, Inc. <sup>(a)</sup>  | 164411 | 7102555 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 61230 | 5704187 |
| Netflix, Inc. <sup>(a)</sup>  | 40573 | 11842447 |
| Warner Bros Discovery, Inc. <sup>(a)</sup>  | 602825 | 7836725 |
|  |  | 51621583 |
| **Consumer Discretionary — 25.3%** | **Consumer Discretionary — 25.3%** |  |
| Amazon.com, Inc. <sup>(a)</sup>  | 70750 | 7247630 |
| Aptiv PLC <sup>(a)</sup>  | 93632 | 8527066 |
| Bath & Body Works, Inc.  | 238865 | 7973314 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 261600 | 11439768 |
| CarMax, Inc. <sup>(a)</sup>  | 79090 | 4983461 |
| Carnival Corp. <sup>(a)(b)</sup>  | 1193748 | 10815357 |
| Carnival Corp. <sup>(a)(b)</sup>  | 4960 | 7431717 |
| DR Horton, Inc. <sup>(b)</sup>  | 100210 | 7704145 |
| Etsy, Inc. <sup>(a)(b)</sup>  | 117433 | 11028133 |
| Expedia Group, Inc. <sup>(a)</sup>  | 76093 | 7112413 |
| Ford Motor Co.  | 597332 | 7986329 |
| General Motors Co.  | 229650 | 9013762 |
| Las Vegas Sands Corp. <sup>(a)(b)</sup>  | 252276 | 9589011 |
| Lennar Corp. - Class A <sup>(b)</sup>  | 92347 | 7452403 |
| MGM Resorts International  | 277129 | 9857478 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup>  | 957885 | 16178678 |
| PulteGroup, Inc.  | 178814 | 7150772 |
| Ralph Lauren Corp. <sup>(b)</sup>  | 89124 | 8260903 |
| Royal Caribbean Cruises Ltd. <sup>(a)(b)</sup>  | 265672 | 14181571 |
| Tapestry, Inc. <sup>(b)</sup>  | 258325 | 8183736 |
| Tesla Motors, Inc. <sup>(a)</sup>  | 41422 | 9425162 |
| Ulta Beauty, Inc. <sup>(a)</sup>  | 21356 | 8956066 |
| Wynn Resorts Ltd. <sup>(a)(b)</sup>  | 155288 | 9922903 |
|  |  | 210421778 |
| **Consumer Staples — 0.8%** | **Consumer Staples — 0.8%** |  |
| The Estee Lauder Cos., Inc.  | 31513 | 6318041 |
| **Energy — 1.4%** | **Energy — 1.4%** |  |
| APA Corp. <sup>(b)</sup>  | 265007 | 12047218 |
| **Financials — 9.3%** | **Financials — 9.3%** |  |
| Ameriprise Financial, Inc.  | 29171 | 9017339 |
| Franklin Resources, Inc. <sup>(b)</sup>  | 273089 | 6403937 |
| Invesco Ltd.  | 460650 | 7057158 |
| Lincoln National Corp.  | 178291 | 9604536 |
| MSCI, Inc.  | 16841 | 7896071 |
| Raymond James Financial, Inc.  | 73168 | 8644068 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials — 9.3% (Continued)** | **Financials — 9.3% (Continued)** | **Financials — 9.3% (Continued)** |
| Signature Bank  | 52792 | $8369116 |
| State Street Corp.  | 107876 | 7982824 |
| SVB Financial Group <sup>(a)</sup>  | 23917 | 5523870 |
| T Rowe Price Group, Inc.  | 64237 | 6819400 |
|  |  | 77318319 |
| **Health Care — 7.3%** | **Health Care — 7.3%** |  |
| ABIOMED, Inc. <sup>(a)</sup>  | 32627 | 8224614 |
| Align Technology, Inc. <sup>(a)</sup>  | 33424 | 6494283 |
| Charles River Laboratories International, Inc. <sup>(a)</sup>  | 36138 | 7670290 |
| DexCom, Inc. <sup>(a)(b)</sup>  | 105591 | 12753281 |
| Illumina, Inc. <sup>(a)</sup>  | 38771 | 8871580 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 37959 | 9355755 |
| Moderna, Inc. <sup>(a)</sup>  | 50405 | 7577384 |
|  |  | 60947187 |
| **Industrials — 6.8%** | **Industrials — 6.8%** |  |
| American Airlines Group, Inc. <sup>(a)(b)</sup>  | 679755 | 9638926 |
| Copart, Inc. <sup>(a)</sup>  | 61347 | 7056132 |
| Delta Air Lines, Inc. <sup>(a)</sup>  | 253967 | 8617100 |
| Generac Holdings, Inc. <sup>(a)(b)</sup>  | 42210 | 4892561 |
| The Boeing Co. <sup>(a)</sup>  | 48678 | 6937102 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 260880 | 11238710 |
| United Rentals, Inc. <sup>(a)</sup>  | 25334 | 7998197 |
|  |  | 56378728 |
| **Information Technology — 40.6%** | **Information Technology — 40.6%** |  |
| Adobe, Inc. <sup>(a)</sup>  | 20974 | 6680219 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 132922 | 7983295 |
| ANSYS, Inc. <sup>(a)</sup>  | 33015 | 7301597 |
| Apple, Inc.  | 46025 | 7057474 |
| Applied Materials, Inc.  | 101943 | 9000547 |
| Arista Networks, Inc. <sup>(a)</sup>  | 73230 | 8850578 |
| Autodesk, Inc. <sup>(a)</sup>  | 44916 | 9625499 |
| Broadcom, Inc.  | 14287 | 6716604 |
| Cadence Design System, Inc. <sup>(a)</sup>  | 51287 | 7764339 |
| Ceridian HCM Holding, Inc. <sup>(a)(b)</sup>  | 159891 | 10583185 |
| DXC Technology Co. <sup>(a)</sup>  | 300999 | 8653721 |
| Enphase Energy, Inc. <sup>(a)</sup>  | 41333 | 12689231 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 24875 | 8706250 |
| Fortinet, Inc. <sup>(a)</sup>  | 201129 | 11496534 |
| Gartner, Inc. <sup>(a)</sup>  | 27243 | 8225207 |
| Intuit, Inc.  | 22071 | 9435353 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 46729 | 8137855 |
| KLA Corp.  | 28500 | 9018825 |
| Lam Research Corp.  | 21681 | 8776035 |
| Microchip Technology, Inc.  | 137013 | 8459183 |
| Micron Technology, Inc.  | 153295 | 8293260 |
| Monolithic Power Systems, Inc.  | 23287 | 7904772 |
| NVIDIA Corp.  | 79673 | 10753465 |

---

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

Pacer Lunt Large Cap Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 100.0% (Continued)** | **COMMON STOCKS — 100.0% (Continued)** | **COMMON STOCKS — 100.0% (Continued)** |
| **Information Technology — 40.6% (Continued)** | **Information Technology — 40.6% (Continued)** | **Information Technology — 40.6% (Continued)** |
| NXP Semiconductors NV  | 50891 | $7434157 |
| ON Semiconductor Corp. <sup>(a)(b)</sup>  | 180860 | 11110230 |
| Paycom Software, Inc. <sup>(a)</sup>  | 29406 | 10174476 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 108160 | 9040013 |
| PTC, Inc. <sup>(a)</sup>  | 66852 | 7877171 |
| Qorvo, Inc. <sup>(a)</sup>  | 82536 | 7104699 |
| QUALCOMM, Inc.  | 63600 | 7483176 |
| salesforce.com, Inc. <sup>(a)</sup>  | 51584 | 8387043 |
| ServiceNow, Inc. <sup>(a)</sup>  | 21658 | 9112387 |
| Skyworks Solutions, Inc.  | 76436 | 6574260 |
| SolarEdge Technologies, Inc. <sup>(a)</sup>  | 32310 | 7432269 |
| Synopsys, Inc. <sup>(a)</sup>  | 25281 | 7395957 |
| Teradyne, Inc.  | 104720 | 8518972 |
| Trimble, Inc. <sup>(a)</sup>  | 126873 | 7632680 |
| Tyler Technologies, Inc. <sup>(a)</sup>  | 21165 | 6843279 |
| Western Digital Corp. <sup>(a)</sup>  | 162900 | 5598873 |
| Zebra Technologies Corp. <sup>(a)</sup>  | 27002 | 7647506 |
|  |  | 337480176 |
| **Materials — 2.3%** | **Materials — 2.3%** |  |
| Albemarle Corp.  | 36999 | 10354910 |
| Freeport-McMoRan, Inc.  | 273479 | 8666550 |
|  |  | 19021460 |
| TOTAL COMMON STOCKS (Cost $908,884,971)  |  | 831554490 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $473254 | 473254 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $473,254)  |  | 473254 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.6%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 88557948 | $88557948 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $88,557,948)  |  | 88557948 |
| **Total Investments (Cost $997,916,173) — 110.7%**  |  | 920585692 |
| **Liabilities in Excess of Other Assets — (10.7)%**  |  | (88694625) |
| **TOTAL NET ASSETS — 100.0%**  |  | $831891067 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

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

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

Pacer Lunt MidCap Multi-Factor Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |  |
| **Communication Services — 2.7%** | **Communication Services — 2.7%** |  |
| Iridium Communications, Inc. <sup>(a)</sup>  | 6127 | $315724 |
| The New York Times Co. - Class A  | 6538 | 189341 |
| TripAdvisor, Inc. <sup>(a)</sup>  | 14551 | 343695 |
| World Wrestling Entertainment, Inc. - Class A <sup>(b)</sup>  | 1970 | 155413 |
|  |  | 1004173 |
| **Consumer Discretionary — 22.6%** | **Consumer Discretionary — 22.6%** |  |
| Adient PLC <sup>(a)</sup>  | 7952 | 278161 |
| Capri Holdings Ltd. <sup>(a)</sup>  | 5254 | 240003 |
| Choice Hotels International, Inc.  | 1447 | 187878 |
| Churchill Downs, Inc.  | 1536 | 319350 |
| Crocs, Inc. <sup>(a)</sup>  | 3825 | 270619 |
| Dana, Inc.  | 14906 | 237900 |
| Deckers Outdoor Corp. <sup>(a)</sup>  | 684 | 239352 |
| Dick's Sporting Goods, Inc. <sup>(b)</sup>  | 2290 | 260510 |
| Five Below, Inc. <sup>(a)</sup>  | 3863 | 565350 |
| Foot Locker, Inc. <sup>(b)</sup>  | 8255 | 261684 |
| GameStop Corp. <sup>(a)(b)</sup>  | 22140 | 626783 |
| Kohl's Corp.  | 10320 | 309084 |
| Light & Wonder, Inc. <sup>(a)</sup>  | 8250 | 463155 |
| Macy's, Inc.  | 17857 | 372318 |
| Nordstrom, Inc. <sup>(b)</sup>  | 14863 | 302313 |
| Ollie's Bargain Outlet Holdings, Inc. <sup>(a)(b)</sup>  | 4046 | 226576 |
| Papa John's International, Inc. <sup>(b)</sup>  | 1542 | 111995 |
| RH <sup>(a)(b)</sup>  | 838 | 212793 |
| The Gap, Inc.  | 27918 | 314636 |
| The Goodyear Tire & Rubber Co. <sup>(a)</sup>  | 19800 | 251460 |
| The Wendy's Co.  | 7084 | 147206 |
| Topgolf Callaway Brands Corp. <sup>(a)</sup>  | 9878 | 184916 |
| Under Armour, Inc. - Class A <sup>(a)(b)</sup>  | 26896 | 200375 |
| Victoria's Secret & Co. <sup>(a)(b)</sup>  | 8040 | 302304 |
| Visteon Corp. <sup>(a)</sup>  | 1880 | 245284 |
| Williams-Sonoma, Inc. <sup>(b)</sup>  | 1490 | 184507 |
| Wingstop, Inc. <sup>(b)</sup>  | 3298 | 522370 |
| Wyndham Hotels & Resorts, Inc.  | 3930 | 298405 |
| YETI Holdings, Inc. <sup>(a)</sup>  | 8620 | 276530 |
|  |  | 8413817 |
| **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** |  |
| BellRing Brands, Inc. <sup>(a)</sup>  | 8964 | 217108 |
| Coca-Cola Consolidated, Inc.  | 446 | 217206 |
| Coty, Inc. <sup>(a)</sup>  | 32490 | 218008 |
| Performance Food Group Co. <sup>(a)</sup>  | 4340 | 225854 |
| The Boston Beer Co., Inc. - Class A <sup>(a)</sup>  | 444 | 165741 |
|  |  | 1043917 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy — 7.0%** | **Energy — 7.0%** |  |
| ChampionX Corp.  | 11184 | $320086 |
| Equitrans Midstream Corp. <sup>(b)</sup>  | 17598 | 148175 |
| Matador Resources Co. <sup>(b)</sup>  | 4668 | 310189 |
| Murphy Oil Corp. <sup>(b)</sup>  | 7844 | 380513 |
| NOV, Inc. <sup>(b)</sup>  | 12946 | 289990 |
| PDC Energy, Inc.  | 4430 | 319580 |
| Range Resources Corp.  | 19253 | 548326 |
| Southwestern Energy Co. <sup>(a)(b)</sup>  | 43510 | 301524 |
|  |  | 2618383 |
| **Financials — 0.8%** | **Financials — 0.8%** |  |
| Kinsale Capital Group, Inc.  | 911 | 287120 |
| **Health Care — 20.8%** | **Health Care — 20.8%** |  |
| Amedisys, Inc. <sup>(a)</sup>  | 1968 | 192057 |
| Arrowhead Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 11787 | 410305 |
| Bruker Corp.  | 4374 | 270488 |
| Chemed Corp.  | 679 | 317005 |
| Globus Medical, Inc. <sup>(a)</sup>  | 3644 | 244148 |
| Haemonetics Corp. <sup>(a)</sup>  | 2164 | 183832 |
| Halozyme Therapeutics, Inc. <sup>(a)(b)</sup>  | 6035 | 288533 |
| HealthEquity, Inc. <sup>(a)</sup>  | 7255 | 565237 |
| Inari Medical, Inc. <sup>(a)</sup>  | 4986 | 383573 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup>  | 2835 | 407645 |
| LivaNova PLC <sup>(a)</sup>  | 2355 | 110921 |
| Masimo Corp. <sup>(a)(b)</sup>  | 3775 | 496790 |
| Medpace Holdings, Inc. <sup>(a)(b)</sup>  | 1194 | 265044 |
| Neogen Corp. <sup>(a)</sup>  | 4491 | 59281 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 4294 | 494325 |
| NuVasive, Inc. <sup>(a)</sup>  | 2387 | 105338 |
| Penumbra, Inc. <sup>(a)(b)</sup>  | 1763 | 302302 |
| Progyny, Inc. <sup>(a)</sup>  | 9205 | 409346 |
| QuidelOrtho Corp. <sup>(a)</sup>  | 2798 | 251316 |
| R1 RCM, Inc. <sup>(a)</sup>  | 6283 | 110958 |
| Repligen Corp. <sup>(a)</sup>  | 3254 | 593822 |
| Shockwave Medical, Inc. <sup>(a)</sup>  | 1110 | 325397 |
| STAAR Surgical Co. <sup>(a)</sup>  | 5568 | 394604 |
| Tandem Diabetes Care, Inc. <sup>(a)</sup>  | 7426 | 416970 |
| Tenet Healthcare Corp. <sup>(a)</sup>  | 3360 | 149050 |
|  |  | 7748287 |
| **Industrials — 17.1%** | **Industrials — 17.1%** |  |
| Avis Budget Group, Inc. <sup>(a)(b)</sup>  | 3298 | 779845 |
| Axon Enterprise, Inc. <sup>(a)</sup>  | 4996 | 726618 |
| Chart Industries, Inc. <sup>(a)(b)</sup>  | 2610 | 581717 |
| Dycom Industries, Inc. <sup>(a)</sup>  | 2078 | 245578 |
| Fluor Corp. <sup>(a)(b)</sup>  | 8572 | 259389 |
| Graco, Inc.  | 7211 | 501741 |
| GXO Logistics, Inc. <sup>(a)</sup>  | 4894 | 178827 |
| Hexcel Corp.  | 3417 | 190327 |
| IAA, Inc. <sup>(a)</sup>  | 5535 | 209943 |

---

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

Pacer Lunt MidCap Multi-Factor Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.8% (Continued)** | **COMMON STOCKS — 97.8% (Continued)** | **COMMON STOCKS — 97.8% (Continued)** |
| **Industrials — 17.1% (Continued)** | **Industrials — 17.1% (Continued)** | **Industrials — 17.1% (Continued)** |
| JetBlue Airways Corp. <sup>(a)</sup>  | 25950 | $208638 |
| Lennox International, Inc.  | 1355 | 316487 |
| MSA Safety, Inc.  | 1675 | 224852 |
| Saia, Inc. <sup>(a)</sup>  | 968 | 192497 |
| SunPower Corp. <sup>(a)</sup>  | 16307 | 301516 |
| Sunrun, Inc. <sup>(a)(b)</sup>  | 10648 | 239686 |
| Tetra Tech, Inc.  | 2230 | 315054 |
| Trex Co., Inc. <sup>(a)</sup>  | 9305 | 447477 |
| Vicor Corp. <sup>(a)</sup>  | 4854 | 231876 |
| XPO Logistics, Inc. <sup>(a)(b)</sup>  | 3862 | 199820 |
|  |  | 6351888 |
| **Information Technology — 21.4%** | **Information Technology — 21.4%** |  |
| Amkor Technology, Inc.  | 10728 | 223035 |
| Aspen Technology, Inc. <sup>(a)</sup>  | 1309 | 316058 |
| Blackbaud, Inc. <sup>(a)</sup>  | 2095 | 114597 |
| Calix, Inc. <sup>(a)</sup>  | 5011 | 369010 |
| Cognex Corp.  | 7850 | 362906 |
| CommVault Systems, Inc. <sup>(a)</sup>  | 1990 | 121171 |
| Envestnet, Inc. <sup>(a)(b)</sup>  | 2582 | 127318 |
| Euronet Worldwide, Inc. <sup>(a)</sup>  | 2312 | 194231 |
| Fair Isaac Corp. <sup>(a)</sup>  | 1272 | 609085 |
| First Solar, Inc. <sup>(a)(b)</sup>  | 2012 | 292887 |
| Lattice Semiconductor Corp. <sup>(a)</sup>  | 10797 | 523762 |
| Manhattan Associates, Inc. <sup>(a)</sup>  | 3029 | 368538 |
| National Instruments Corp.  | 5364 | 204798 |
| NCR Corp. <sup>(a)(b)</sup>  | 7366 | 156601 |
| Paylocity Holding Corp. <sup>(a)</sup>  | 2761 | 639972 |
| Power Integrations, Inc.  | 2664 | 177715 |
| Qualys, Inc. <sup>(a)</sup>  | 1595 | 227383 |
| Sabre Corp. <sup>(a)(b)</sup>  | 59329 | 344702 |
| Semtech Corp. <sup>(a)</sup>  | 2880 | 79747 |
| SiTime Corp. <sup>(a)</sup>  | 3620 | 325112 |
| Synaptics, Inc. <sup>(a)</sup>  | 3546 | 314176 |
| Teradata Corp. <sup>(a)</sup>  | 4680 | 147841 |
| Universal Display Corp.  | 3828 | 364502 |
| Viasat, Inc. <sup>(a)</sup>  | 6124 | 250839 |
| WEX, Inc. <sup>(a)</sup>  | 1822 | 299063 |
| Wolfspeed, Inc. <sup>(a)</sup>  | 10218 | 804668 |
|  |  | 7959717 |
| **Materials — 2.7%** | **Materials — 2.7%** |  |
| Alcoa Corp. <sup>(b)</sup>  | 5494 | 214431 |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup>  | 13458 | 174819 |
| MP Materials Corp. <sup>(a)</sup>  | 8186 | 245907 |
| The Chemours Co.  | 6506 | 186267 |
| United States Steel Corp. <sup>(b)</sup>  | 9910 | 201768 |
|  |  | 1023192 |
| TOTAL COMMON STOCKS (Cost $36,334,029)  |  | 36450494 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.1%** | **REAL ESTATE INVESTMENT TRUSTS — 2.1%** |  |
| EastGroup Properties, Inc. <sup>(b)</sup>  | 1710 | $267940 |
| Lamar Advertising Co. - Class A  | 3793 | 349828 |
| National Storage Affiliates Trust  | 3578 | 152638 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $837,463)  |  | 770406 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $36790 | 36790 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $36,790)  |  | 36790 |
|  | **Shares** |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.2%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.2%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.2%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 8258734 | 8258734 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,258,734)  |  | 8258734 |
| **Total Investments (Cost $45,467,016) — 122.2%**  |  | 45516424 |
| **Liabilities in Excess of Other Assets — (22.2)%**  |  | (8269566) |
| **TOTAL NET ASSETS — 100.0%**  |  | $37246858 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

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

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 94.1%** | **COMMON STOCKS — 94.1%** |  |
| **Communication Services — 1.5%** | **Communication Services — 1.5%** |  |
| Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 2420 | $889640 |
| Electronic Arts, Inc.  | 4453 | 560900 |
| Live Nation Entertainment, Inc. <sup>(a)(b)</sup>  | 7485 | 595881 |
| Match Group, Inc. <sup>(b)</sup>  | 17673 | 763474 |
| Take-Two Interactive Software, Inc. <sup>(b)</sup>  | 2144 | 254021 |
|  |  | 3063916 |
| **Consumer Discretionary — 26.8%** | **Consumer Discretionary — 26.8%** |  |
| Amazon.com, Inc. <sup>(b)</sup>  | 90241 | 9244288 |
| AutoZone, Inc. <sup>(b)</sup>  | 682 | 1727424 |
| Bath & Body Works, Inc.  | 9205 | 307263 |
| Booking Holdings, Inc. <sup>(b)</sup>  | 730 | 1364720 |
| Caesars Entertainment, Inc. <sup>(b)</sup>  | 5270 | 230457 |
| CarMax, Inc. <sup>(b)</sup>  | 2690 | 169497 |
| Carnival Corp. <sup>(a)(b)</sup>  | 21005 | 190305 |
| Chipotle Mexican Grill, Inc. <sup>(b)</sup>  | 496 | 743172 |
| Domino's Pizza, Inc.  | 1569 | 521285 |
| Etsy, Inc. <sup>(a)(b)</sup>  | 4893 | 459502 |
| Expedia Group, Inc. <sup>(b)</sup>  | 2309 | 215822 |
| Hilton Worldwide Holdings, Inc.  | 16247 | 2197569 |
| Lowe's Cos., Inc.  | 27475 | 5356251 |
| Marriott International Inc/MD  | 4770 | 763725 |
| McDonald's Corp.  | 35687 | 9730418 |
| MGM Resorts International  | 6380 | 226937 |
| NIKE, Inc. - Class B  | 19161 | 1775842 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup>  | 25424 | 429411 |
| O'Reilly Automotive, Inc. <sup>(b)</sup>  | 2632 | 2203432 |
| Pool Corp.  | 635 | 193186 |
| Royal Caribbean Cruises Ltd. <sup>(a)(b)</sup>  | 11656 | 622197 |
| Starbucks Corp. <sup>(a)</sup>  | 53112 | 4598968 |
| Tesla Motors, Inc. <sup>(b)</sup>  | 22391 | 5094848 |
| The Home Depot, Inc.  | 18625 | 5515421 |
| Wynn Resorts Ltd. <sup>(a)(b)</sup>  | 5696 | 363974 |
| Yum! Brands, Inc.  | 13588 | 1606781 |
|  |  | 55852695 |
| **Consumer Staples — 7.6%** | **Consumer Staples — 7.6%** |  |
| Altria Group, Inc.  | 106308 | 4918871 |
| Brown-Forman Corp. - Class B  | 2955 | 200940 |
| Colgate-Palmolive Co.  | 26475 | 1954914 |
| Constellation Brands, Inc. - Class A  | 2688 | 664151 |
| Hormel Foods Corp.  | 4748 | 220545 |
| Kimberly-Clark Corp.  | 5389 | 670715 |
| Lamb Weston Holdings, Inc.  | 2257 | 194598 |
| Philip Morris International, Inc.  | 53389 | 4903780 |
| Sysco Corp.  | 9320 | 806739 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples — 7.6% (Continued)** | **Consumer Staples — 7.6% (Continued)** | **Consumer Staples — 7.6% (Continued)** |
| The Clorox Co. <sup>(a)</sup>  | 3947 | $576420 |
| The Estee Lauder Cos., Inc.  | 3451 | 691891 |
|  |  | 15803564 |
| **Energy — 1.8%** | **Energy — 1.8%** |  |
| APA Corp. <sup>(a)</sup>  | 12303 | 559294 |
| Coterra Energy, Inc.  | 17699 | 550970 |
| Devon Energy Corp. <sup>(a)</sup>  | 12584 | 973373 |
| Hess Corp.  | 4129 | 582519 |
| Pioneer Natural Resources Co.  | 3955 | 1014102 |
|  |  | 3680258 |
| **Financials — 4.9%** | **Financials — 4.9%** |  |
| Aon PLC  | 3828 | 1077544 |
| Comerica, Inc. <sup>(a)</sup>  | 3081 | 217210 |
| FactSet Research Systems, Inc.  | 635 | 270186 |
| MarketAxess Holdings, Inc.  | 655 | 159846 |
| Moody's Corp. <sup>(a)</sup>  | 2836 | 751171 |
| Morgan Stanley <sup>(a)</sup>  | 20952 | 1721626 |
| MSCI, Inc.  | 5133 | 2406658 |
| Signature Bank <sup>(a)</sup>  | 1426 | 226064 |
| SVB Financial Group <sup>(b)</sup>  | 1085 | 250592 |
| The Goldman Sachs Group, Inc.  | 6309 | 2173514 |
| US Bancorp  | 23239 | 986496 |
|  |  | 10240907 |
| **Health Care — 12.8%** | **Health Care — 12.8%** |  |
| ABIOMED, Inc. <sup>(b)</sup>  | 801 | 201916 |
| Agilent Technologies, Inc.  | 4651 | 643466 |
| Align Technology, Inc. <sup>(b)</sup>  | 1103 | 214313 |
| AmerisourceBergen Corp.  | 4949 | 778082 |
| Amgen, Inc.  | 9510 | 2571028 |
| Baxter International, Inc.  | 11999 | 652146 |
| Bio-Techne Corp.  | 702 | 207975 |
| Cardinal Health, Inc.  | 10522 | 798620 |
| DaVita, Inc. <sup>(b)</sup>  | 1117 | 81552 |
| DexCom, Inc. <sup>(a)(b)</sup>  | 6989 | 844131 |
| Edwards Lifesciences Corp. <sup>(b)</sup>  | 11067 | 801583 |
| Eli Lilly & Co.  | 14184 | 5135885 |
| HCA Healthcare, Inc. <sup>(a)</sup>  | 9984 | 2171220 |
| Humana, Inc.  | 2067 | 1153551 |
| IDEXX Laboratories, Inc. <sup>(a)(b)</sup>  | 1607 | 578006 |
| Illumina, Inc. <sup>(b)</sup>  | 6039 | 1381844 |
| Intuitive Surgical, Inc. <sup>(b)</sup>  | 6228 | 1535015 |
| McKesson Corp.  | 4488 | 1747493 |
| Mettler-Toledo International, Inc. <sup>(b)</sup>  | 813 | 1028388 |
| Moderna, Inc. <sup>(b)</sup>  | 5486 | 824710 |
| Molina Healthcare, Inc. <sup>(b)</sup>  | 1077 | 386492 |
| Organon & Co.  | 9657 | 252820 |
| PerkinElmer, Inc.  | 2606 | 348109 |
| ResMed, Inc.  | 2301 | 514711 |

---

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 94.1% (Continued)** | **COMMON STOCKS — 94.1% (Continued)** | **COMMON STOCKS — 94.1% (Continued)** |
| **Health Care — 12.8% (Continued)** | **Health Care — 12.8% (Continued)** | **Health Care — 12.8% (Continued)** |
| Waters Corp. <sup>(a)(b)</sup>  | 982 | $293785 |
| West Pharmaceutical Services, Inc.  | 1200 | 276120 |
| Zoetis, Inc.  | 8102 | 1221620 |
|  |  | 26644581 |
| **Industrials — 6.2%** | **Industrials — 6.2%** |  |
| American Airlines Group, Inc. <sup>(b)</sup>  | 29891 | 423854 |
| Cintas Corp.  | 1418 | 606266 |
| Copart, Inc. <sup>(b)</sup>  | 3161 | 363578 |
| Delta Air Lines, Inc. <sup>(b)</sup>  | 18590 | 630759 |
| Equifax, Inc.  | 3911 | 663071 |
| Generac Holdings, Inc. <sup>(a)(b)</sup>  | 1732 | 200756 |
| Huntington Ingalls Industries, Inc.  | 710 | 182520 |
| Masco Corp. <sup>(a)</sup>  | 9826 | 454649 |
| Old Dominion Freight Line, Inc. <sup>(a)</sup>  | 1416 | 388834 |
| Otis Worldwide Corp.  | 17475 | 1234434 |
| Quanta Services, Inc. <sup>(a)</sup>  | 2154 | 305954 |
| Rockwell Automation, Inc.  | 2551 | 651270 |
| Rollins, Inc.  | 3994 | 168068 |
| The Boeing Co. <sup>(b)</sup>  | 28825 | 4107851 |
| TransDigm Group, Inc.  | 2578 | 1484309 |
| United Airlines Holdings, Inc. <sup>(b)</sup>  | 11293 | 486502 |
| Verisk Analytics, Inc.  | 2628 | 480477 |
|  |  | 12833152 |
| **Information Technology — 29.5%** | **Information Technology — 29.5%** |  |
| Adobe, Inc. <sup>(b)</sup>  | 5720 | 1821820 |
| Analog Devices, Inc.  | 12594 | 1796156 |
| ANSYS, Inc. <sup>(b)</sup>  | 1029 | 227574 |
| Apple, Inc.  | 36588 | 5610404 |
| Arista Networks, Inc. <sup>(b)</sup>  | 2590 | 313027 |
| Autodesk, Inc. <sup>(a)(b)</sup>  | 7438 | 1593963 |
| Automatic Data Processing, Inc.  | 5087 | 1229528 |
| Broadcom, Inc.  | 4978 | 2340257 |
| Broadridge Financial Solutions, Inc.  | 2410 | 361645 |
| Cadence Design System, Inc. <sup>(b)</sup>  | 3451 | 522447 |
| CDW Corp.  | 2919 | 504432 |
| Ceridian HCM Holding, Inc. <sup>(a)(b)</sup>  | 1724 | 114112 |
| Enphase Energy, Inc. <sup>(b)</sup>  | 4956 | 1521492 |
| Fortinet, Inc. <sup>(b)</sup>  | 23046 | 1317309 |
| Gartner, Inc. <sup>(b)</sup>  | 972 | 293466 |
| HP, Inc.  | 60912 | 1682389 |
| Intuit, Inc. <sup>(a)</sup>  | 10093 | 4314758 |
| Jack Henry & Associates, Inc.  | 883 | 175770 |
| Keysight Technologies, Inc. <sup>(b)</sup>  | 1981 | 344991 |
| MasterCard, Inc. - Class A  | 10928 | 3586351 |
| Microchip Technology, Inc.  | 6759 | 417301 |
| Microsoft Corp.  | 20055 | 4655367 |
| Monolithic Power Systems, Inc. <sup>(a)</sup>  | 569 | 193147 |
| Motorola Solutions, Inc.  | 9006 | 2248888 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 29.5% (Continued)** | **Information Technology — 29.5% (Continued)** | **Information Technology — 29.5% (Continued)** |
| NortonLifeLock, Inc.  | 22890 | $515712 |
| NVIDIA Corp.  | 29043 | 3919934 |
| Oracle Corp.  | 84327 | 6583409 |
| Paychex, Inc.  | 3808 | 450525 |
| Paycom Software, Inc. <sup>(b)</sup>  | 583 | 201718 |
| salesforce.com, Inc. <sup>(b)</sup>  | 13919 | 2263090 |
| Seagate Technology Holdings PLC  | 3351 | 166411 |
| ServiceNow, Inc. <sup>(b)</sup>  | 2596 | 1092241 |
| Skyworks Solutions, Inc.  | 2719 | 233861 |
| SolarEdge Technologies, Inc. <sup>(b)</sup>  | 1384 | 318362 |
| Synopsys, Inc. <sup>(b)</sup>  | 1888 | 552334 |
| Teledyne Technologies, Inc. <sup>(b)</sup>  | 1134 | 451309 |
| Texas Instruments, Inc. <sup>(a)</sup>  | 10621 | 1706051 |
| Tyler Technologies, Inc. <sup>(b)</sup>  | 1416 | 457835 |
| VeriSign, Inc. <sup>(b)</sup>  | 5893 | 1181311 |
| Visa, Inc. - Class A <sup>(a)</sup>  | 20155 | 4175310 |
|  |  | 61456007 |
| **Materials — 1.3%** | **Materials — 1.3%** |  |
| Albemarle Corp. <sup>(a)</sup>  | 2011 | 562819 |
| Ecolab, Inc.  | 3739 | 587285 |
| International Flavors & Fragrances, Inc.  | 6491 | 633586 |
| Sealed Air Corp.  | 2287 | 108907 |
| The Sherwin-Williams Co.  | 3917 | 881442 |
|  |  | 2774039 |
| **Utilities — 1.8%** | **Utilities — 1.8%** |  |
| Atmos Energy Corp.  | 1910 | 203510 |
| Edison International  | 5685 | 341327 |
| Entergy Corp.  | 2959 | 317027 |
| NextEra Energy, Inc.  | 30743 | 2382583 |
| The AES Corp. <sup>(a)</sup>  | 16999 | 444694 |
|  |  | 3689141 |
| TOTAL COMMON STOCKS (Cost $194,204,559)  |  | 196038260 |
| **REAL ESTATE INVESTMENT TRUSTS — 5.4%** | **REAL ESTATE INVESTMENT TRUSTS — 5.4%** |  |
| American Tower Corp.  | 20705 | 4289869 |
| Crown Castle, Inc.  | 7735 | 1030766 |
| Equinix, Inc.  | 1587 | 898940 |
| Extra Space Storage, Inc.  | 2182 | 387174 |
| Iron Mountain, Inc. <sup>(a)</sup>  | 11029 | 552222 |
| Kimco Realty Corp. <sup>(a)</sup>  | 10883 | 232679 |
| Public Storage  | 2628 | 814023 |
| Realty Income Corp. <sup>(a)</sup>  | 12527 | 780056 |
| SBA Communications Corp.  | 5319 | 1435598 |
| Simon Property Group, Inc. <sup>(a)</sup>  | 5929 | 646142 |
| UDR, Inc.  | 5075 | 201782 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,336,075)  |  | 11269251 |

---

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** | |
| **Money Market Deposit Accounts — 0.5%** | **Money Market Deposit Accounts — 0.5%** | **Money Market Deposit Accounts — 0.5%** |
| U.S. Bank Money Market Deposit Account 2.300% (c) | 946116 | $946116 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $946,116) |  | 946116 |
|  | **Shares**  |  |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.7%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% (c) | 20268142 | 20268142 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,268,142) |  | 20268142 |
| **Total Investments (Cost $227,754,161) — 109.7%** |  | 228521770 |
| **Liabilities in Excess of Other Assets — (9.7)%** |  | (20267858) |
| **TOTAL NET ASSETS — 100.0%** |  | $208253912 |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

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

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

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

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

Pacer US Export Leaders ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |  |
| **Communication Services — 4.9%** | **Communication Services — 4.9%** |  |
| Alphabet, Inc. - Class A <sup>(a)</sup>  | 860 | $81278 |
| John Wiley & Sons, Inc. - Class A  | 2077 | 87629 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 557 | 51890 |
| Netflix, Inc. <sup>(a)</sup>  | 403 | 117628 |
| News Corp. - Class A  | 5397 | 91047 |
|  |  | 429472 |
| **Consumer Discretionary — 5.9%** | **Consumer Discretionary — 5.9%** |  |
| Adient PLC <sup>(a)</sup>  | 2782 | 97314 |
| Booking Holdings, Inc. <sup>(a)</sup>  | 47 | 87866 |
| Domino's Pizza, Inc.  | 256 | 85053 |
| McDonald's Corp. <sup>(b)</sup>  | 363 | 98976 |
| NIKE, Inc. - Class B <sup>(b)</sup>  | 850 | 78778 |
| Tesla Motors, Inc. <sup>(a)</sup>  | 315 | 71675 |
|  |  | 519662 |
| **Consumer Staples — 5.9%** | **Consumer Staples — 5.9%** |  |
| Coty, Inc. <sup>(a)</sup>  | 11996 | 80493 |
| The Estee Lauder Cos. Inc  | 372 | 74582 |
| Mondelez International, Inc.  | 1537 | 94495 |
| Philip Morris International, Inc.  | 971 | 89187 |
| The Coca-Cola Co.  | 1521 | 91032 |
| The Procter & Gamble Co.  | 678 | 91306 |
|  |  | 521095 |
| **Energy — 4.9%** | **Energy — 4.9%** |  |
| APA Corp.  | 2475 | 112514 |
| Baker Hughes Co.  | 3733 | 103255 |
| Chevron Corp. <sup>(b)</sup>  | 590 | 106731 |
| Exxon Mobil Corp.  | 977 | 108261 |
|  |  | 430761 |
| **Financials — 1.0%** | **Financials — 1.0%** |  |
| MSCI, Inc.  | 192 | 90021 |
| **Health Care — 16.5%** | **Health Care — 16.5%** |  |
| Abbott Laboratories  | 871 | 86177 |
| Agilent Technologies, Inc. <sup>(b)</sup>  | 685 | 94770 |
| Align Technology, Inc. <sup>(a)(b)</sup>  | 358 | 69559 |
| AmerisourceBergen Corp. <sup>(b)</sup>  | 640 | 100621 |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 185 | 65066 |
| Danaher Corp.  | 325 | 81793 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 422 | 88481 |
| Merck & Co., Inc.  | 1080 | 109296 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 72 | 91075 |
| Moderna, Inc. <sup>(a)</sup>  | 662 | 99518 |
| PerkinElmer, Inc.  | 666 | 88964 |
| Pfizer, Inc.  | 1971 | 91750 |
| Repligen Corp. <sup>(a)</sup>  | 403 | 73543 |
| STAAR Surgical Co. <sup>(a)</sup>  | 973 | 68957 |
| Thermo Fisher Scientific, Inc.  | 165 | 84805 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 16.5% (Continued)** | **Health Care — 16.5% (Continued)** | **Health Care — 16.5% (Continued)** |
| Viatris, Inc.  | 9543 | $96671 |
| West Pharmaceutical Services, Inc.  | 301 | 69260 |
|  |  | 1460306 |
| **Industrials — 7.5%** | **Industrials — 7.5%** |  |
| Expeditors International of Washington, Inc.  | 911 | 89141 |
| General Electric Co.  | 1273 | 99052 |
| Ingersoll Rand, Inc. <sup>(b)</sup>  | 1877 | 94789 |
| Johnson Controls International PLC  | 1621 | 93759 |
| Nordson Corp. <sup>(b)</sup>  | 402 | 90450 |
| The Brink's Co.  | 1695 | 101073 |
| Westinghouse Air Brake Technologies Corp. <sup>(b)</sup>  | 1033 | 96358 |
|  |  | 664622 |
| **Information Technology — 41.6%** | **Information Technology — 41.6%** |  |
| Accenture PLC - Class A  | 325 | 92268 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 1103 | 66246 |
| Amkor Technology, Inc.  | 4810 | 100000 |
| Amphenol Corp.  | 1242 | 94181 |
| Analog Devices, Inc.  | 612 | 87283 |
| ANSYS, Inc. <sup>(a)(b)</sup>  | 363 | 80281 |
| Apple, Inc.  | 598 | 91697 |
| Applied Materials, Inc.  | 977 | 86259 |
| Arista Networks, Inc. <sup>(a)</sup>  | 757 | 91491 |
| Autodesk, Inc. <sup>(a)(b)</sup>  | 445 | 95363 |
| Avnet, Inc.  | 2208 | 88740 |
| Broadcom, Inc.  | 180 | 84622 |
| Cadence Design System, Inc. <sup>(a)(b)</sup>  | 540 | 81751 |
| DXC Technology Co. <sup>(a)</sup>  | 3523 | 101286 |
| Fortinet, Inc. <sup>(a)</sup>  | 1760 | 100602 |
| Hewlett Packard Enterprise Co.  | 7021 | 100190 |
| HP, Inc.  | 3336 | 92140 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 547 | 95260 |
| KLA Corp.  | 262 | 82910 |
| Lam Research Corp.  | 208 | 84194 |
| Littelfuse, Inc.  | 407 | 89642 |
| Lumentum Holdings, Inc. <sup>(a)(b)</sup>  | 1156 | 86064 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup>  | 1651 | 95543 |
| MasterCard, Inc. - Class A  | 281 | 92219 |
| Microchip Technology, Inc.  | 1407 | 86868 |
| Micron Technology, Inc.  | 1641 | 88778 |
| Microsoft Corp.  | 356 | 82638 |
| Monolithic Power Systems, Inc. <sup>(b)</sup>  | 211 | 71624 |
| NVIDIA Corp.  | 655 | 88405 |
| ON Semiconductor Corp. <sup>(a)(b)</sup>  | 1315 | 80780 |
| Power Integrations, Inc.  | 1342 | 89525 |
| PTC, Inc. <sup>(a)</sup>  | 786 | 92614 |

---

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

Pacer US Export Leaders ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.0% (Continued)** | **COMMON STOCKS — 99.0% (Continued)** | **COMMON STOCKS — 99.0% (Continued)** |
| **Information Technology — 41.6% (Continued)** | **Information Technology — 41.6% (Continued)** | **Information Technology — 41.6% (Continued)** |
| Qorvo, Inc. <sup>(a)</sup>  | 1007 | $86683 |
| QUALCOMM, Inc.  | 713 | 83892 |
| Semtech Corp. <sup>(a)</sup>  | 2707 | 74957 |
| Synaptics, Inc. <sup>(a)</sup>  | 771 | 68311 |
| Synopsys, Inc. <sup>(a)(b)</sup>  | 277 | 81036 |
| Teradyne, Inc.  | 1061 | 86312 |
| Texas Instruments, Inc. <sup>(b)</sup>  | 557 | 89471 |
| Universal Display Corp.  | 872 | 83032 |
| Visa, Inc. - Class A <sup>(b)</sup>  | 460 | 95294 |
| Zebra Technologies Corp. <sup>(a)</sup>  | 306 | 86665 |
|  |  | 3677117 |
| **Materials — 10.9%** | **Materials — 10.9%** |  |
| Alcoa Corp.  | 1806 | 70488 |
| Avery Dennison Corp.  | 493 | 83588 |
| Celanese Corp.  | 817 | 78530 |
| Dow, Inc.  | 1866 | 87217 |
| Freeport-McMoRan, Inc.  | 2931 | 92883 |
| Ingevity Corp. <sup>(a)</sup>  | 1340 | 90142 |
| Linde PLC  | 328 | 97531 |
| LyondellBasell Industries NV  | 1121 | 85700 |
| Mosaic Co.  | 1676 | 90085 |
| Newmont Goldcorp Corp.  | 2197 | 92977 |
| Royal Gold, Inc.  | 981 | 93156 |
|  |  | 962297 |
| TOTAL COMMON STOCKS (Cost $9,263,244)  |  | 8755353 |
| **REAL ESTATE INVESTMENT TRUSTS — 0.9%** | **REAL ESTATE INVESTMENT TRUSTS — 0.9%** |  |
| Equinix, Inc.  | 143 | 81001 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $96,423)  |  | 81001 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** | **Money Market Deposit Accounts — 0.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $9465 | 9465 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $9,465)  |  | 9465 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.2%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.2%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.2%** |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.24% <sup>(c)</sup>  | 1344952 | $1344952 |
| TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,344,952)  |  | 1344952 |
| **Total Investments (Cost $10,714,084) — 115.2%**  |  | 10190771 |
| **Liabilities in Excess of Other Assets — (15.2)%**  |  | (1344995) |
| **TOTAL NET ASSETS — 100.0%**  |  | $8845776 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

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

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

Pacer Pacific Asset Floating Rate High Income

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **ASSET BACKED SECURITIES — 30.2%** | **ASSET BACKED SECURITIES — 30.2%** |  |
| **Financials — 26.4%**  |  |  |
| AIG CLO 2018-1 LLC  |  |  |
| &nbsp;&nbsp;&nbsp;10.843%, 04/20/2032 <sup>(a)(c)</sup>  | $1000000 | $831717 |
| Benefit Street Partners CLO IV Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;11.443%, 01/20/2032 <sup>(a)(c)</sup>  | 250000 | 220092 |
| Burnham Park Clo Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;9.643%, 10/20/2029 <sup>(a)(c)</sup>  | 1000000 | 786697 |
| CarVal CLO III Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.683%, 07/20/2032 <sup>(a)(c)</sup>  | 1000000 | 836149 |
| CIFC Falcon 2020 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;11.653%, 01/20/2033 <sup>(a)(c)</sup>  | 1000000 | 900973 |
| CIFC Funding 2018-V Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.229%, 01/15/2032 <sup>(a)(c)</sup>  | 1000000 | 849894 |
| CIFC Funding 2019-I Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;11.073%, 04/20/2032 <sup>(a)(c)</sup>  | 1000000 | 837603 |
| Dryden 50 Senior Loan Fund  |  |  |
| &nbsp;&nbsp;&nbsp;10.339%, 07/15/2030 <sup>(a)(c)</sup>  | 1000000 | 819836 |
| Dryden 65 CLO Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;9.944%, 07/18/2030 <sup>(a)(c)</sup>  | 600000 | 498960 |
| Elmwood CLO 18 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 07/17/2033 <sup>(a)(c)</sup>  | 1000000 | 997129 |
| Goldentree Loan Management US CLO 1 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;11.493%, 04/20/2034 <sup>(a)(c)</sup>  | 1000000 | 799905 |
| Goldentree Loan Management US Clo 6 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.663%, 04/20/2035 <sup>(a)(c)</sup>  | 1000000 | 846516 |
| Harbor Park CLO 18-1 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;9.843%, 01/21/2031 <sup>(a)(c)</sup>  | 1000000 | 860072 |
| Magnetite XXIII Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.658%, 01/25/2035 <sup>(a)(c)</sup>  | 1000000 | 864377 |
| Magnetite XXXI Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.079%, 07/17/2034 <sup>(a)(c)</sup>  | 500000 | 427884 |
| Neuberger Berman Loan Advisers CLO 35 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;11.227%, 01/19/2033 <sup>(a)(c)</sup>  | 1000000 | 879149 |
| OCP CLO 2020-19 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.743%, 10/20/2034 <sup>(a)(c)</sup>  | 250000 | 204487 |
| OHA Credit Funding 2 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.638%, 04/21/2034 <sup>(a)(c)</sup>  | 550000 | 485865 |
| OHA Loan Funding 2016-1 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.593%, 01/20/2033 <sup>(a)(c)</sup>  | 500000 | 432795 |
| Palmer Square CLO 2015-2 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;9.993%, 07/22/2030 <sup>(a)(c)</sup>  | 1000000 | 859951 |
| Palmer Square CLO 2018-2 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;9.679%, 07/16/2031 <sup>(a)(c)</sup>  | 500000 | 426516 |
| Point Au Roche Park CLO Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.343%, 07/20/2034 <sup>(a)(c)</sup>  | 370000 | 291860 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **Financials — 26.4% (Continued)** |  |  |
| Rad CLO 12 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.765%, 10/30/2034 <sup>(a)(c)</sup>  | $500000 | $399543 |
| RR 19 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.579%, 10/15/2035 <sup>(a)(c)</sup>  | 1000000 | 895006 |
| RR15 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.279%, 04/15/2036 <sup>(a)(c)</sup>  | 500000 | 415996 |
| Sixth Street CLO XIX Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.143%, 07/20/2034 <sup>(a)(c)</sup>  | 500000 | 437201 |
| Symphony CLO XXIV Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;11.325%, 01/23/2032 <sup>(a)(c)</sup>  | 1000000 | 879857 |
| TICP CLO III-2 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.143%, 04/20/2028 <sup>(a)(c)</sup>  | 1000000 | 936979 |
|  |  | 18923009 |
| **Real Estate — 3.8%**  |  |  |
| AIMCO CLO 10 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.275%, 07/22/2032 <sup>(a)(c)</sup>  | 1000000 | 868867 |
| Aimco CLO 15 Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;10.029%, 10/17/2034 <sup>(a)(c)</sup>  | 1250000 | 1040071 |
| AIMCO CLO Series 2015-A  |  |  |
| &nbsp;&nbsp;&nbsp;10.679%, 10/16/2034 <sup>(a)(c)</sup>  | 1000000 | 819992 |
|  |  | 2728930 |
| TOTAL ASSET BACKED SECURITIES (Cost $24,309,678)  |  | 21651939 |
| **BANK LOANS — 55.2%** |  |  |
| **Communication Services — 5.9%**  |  |  |
| Charter Communications Operating, LLC. 5.51% (1 Month LIBOR USD+1.75%), 02/01/2027 <sup>(a)</sup>  | 982484 | 967044 |
| Clear Channel Outdoor Holdings Inc.  |  |  |
| 7.91% (3 Month LIBOR USD+3.50%), 08/21/2026 <sup>(a)</sup>  | 1231598 | 1131389 |
| 7.25% (1 Month LIBOR USD+3.50%), 08/21/2026 <sup>(a)</sup>  | 3182 | 2923 |
| SBA Senior Finance II LLC 5.51% (1 Month LIBOR USD+1.75%), 04/11/2025 <sup>(a)</sup>  | 967873 | 961219 |
| SeaWorld Parks & Entertainment, Inc. 6.81% (1 Month LIBOR USD+3.00%,0.50%Floor), 08/25/2028 <sup>(a)</sup>  | 1230476 | 1203172 |
|  |  | 4265747 |
| **Consumer Discretionary — 9.6%**  |  |  |
| Bombardier Recreational Products, Inc. 5.75% (1 Month LIBOR USD+2.00%), 05/24/2027 <sup>(a)</sup>  | 235888 | 227042 |

---

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

Pacer Pacific Asset Floating Rate High Income

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **BANK LOANS — 55.2% (Continued)** | **BANK LOANS — 55.2% (Continued)** |  |
| **Consumer Discretionary — 9.6% (Continued)** | **Consumer Discretionary — 9.6% (Continued)** |  |
| Caesars Resort Collection, LLC 7.25% (1 Month LIBOR USD+3.50%), 07/21/2025 <sup>(a)</sup>  | $1010778 | $1003288 |
| ClubCorp Holdings, Inc. 6.42% (3 Month LIBOR USD+2.75%), 09/18/2024 <sup>(a)</sup>  | 1220424 | 1102537 |
| Great Outdoors Group, LLC 7.5% (1 Month LIBOR USD+3.75%,0.75%Floor), 03/06/2028 <sup>(a)</sup>  | 1291026 | 1219374 |
| ICON Luxembourg Sarl 5.938%, 07/03/2028 <sup>(b)</sup>  | 765747 | 759192 |
| Madison IAQ LLC 6.82% (3 Month LIBOR USD+3.25%,0.50%Floor), 06/21/2028 <sup>(a)</sup>  | 989981 | 898131 |
| Pilot Travel Centers LLC 5.83% (1 Month SOFR USD+2.00%), 08/04/2028 <sup>(a)</sup>  | 742500 | 724999 |
| SRS Distribution Inc. 7.25% (6 Month LIBOR USD+3.50%,0.50%Floor), 06/02/2028 <sup>(a)</sup>  | 988737 | 921133 |
|  |  | 6855696 |
| **Consumer Staples — 2.4%**  |  |  |
| 1011778 B.C. Unlimited Liability Company 4.871% (1 Month LIBOR USD+1.75%), 11/19/2026 <sup>(a)</sup>  | 1322391 | 1288670 |
| Sunshine Luxembourg VII SARL 7.42% (3 Month LIBOR USD+3.75%,0.75%Floor), 10/01/2026 <sup>(a)</sup>  | 490025 | 467567 |
|  |  | 1756237 |
| **Energy — 2.0%**  |  |  |
| Arch Coal, Inc. 6.5% (1 Month LIBOR USD+2.75%,1.00%Floor), 03/07/2024 <sup>(a)</sup>  | 150 | 149 |
| Blackstone CQP Holdco LP 7.42% (3 Month LIBOR USD+3.75%,0.50%Floor), 06/05/2028 <sup>(a)</sup>  | 743103 | 734840 |
| Traverse Midstream Partners LLC 7.98% (1 Month SOFR USD+4.25%,1.00%Floor), 09/27/2024 <sup>(a)</sup>  | 676746 | 670825 |
|  |  | 1405814 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **Financials — 3.1%**  |  |  |
| Avolon TLB Borrower 1 (US) LLC 5.24% (1 Month LIBOR USD+1.75%,0.75%Floor), 01/15/2025 <sup>(a)</sup>  | $1175812 | $1155312 |
| Deerfield Dakota Holding, LLC 7.48% (1 Month SOFR USD+3.75%,1.00%Floor), 04/09/2027 <sup>(a)</sup>  | 488750 | 463274 |
| HUB International Limited  |  |  |
| 7.33% (3 Month LIBOR USD+3.00%), 04/25/2025 <sup>(a)</sup>  | 238750 | 234498 |
| 6.98% (3 Month LIBOR USD+3.00%), 04/25/2025 <sup>(a)</sup>  | 625 | 614 |
| USI, Inc. 6.42% (3 Month LIBOR USD+2.75%), 05/16/2024 <sup>(a)</sup>  | 380000 | 376141 |
|  |  | 2229839 |
| **Health Care — 3.4%**  |  |  |
| Milano Acquisition Corporation 7.67% (3 Month LIBOR USD+4.00%,0.75%Floor), 10/01/2027 <sup>(a)</sup>  | 494962 | 471761 |
| RegionalCare Hospital Partners Holdings, Inc. 8.16% (3 Month LIBOR USD+3.75%), 11/14/2025 <sup>(a)</sup>  | 1500000 | 1331250 |
| Phoenix Newco, Inc. 7% (1 Month LIBOR USD+3.25%,0.50%Floor), 11/15/2028 <sup>(a)</sup>  | 497500 | 480277 |
| PRA Health Sciences, Inc. 5.938%, 07/03/2028 <sup>(b)</sup>  | 190786 | 189153 |
|  |  | 2472441 |
| **Industrials — 16.3%**  |  |  |
| AAdvantage Loyalty IP Ltd. 7.46% (3 Month LIBOR USD+4.75%,0.75%Floor), 04/20/2028 <sup>(a)</sup>  | 1000000 | 991965 |
| Allied Universal Holdco LLC 6.865%, 05/12/2028 <sup>(b)</sup>  | 997481 | 907932 |
| Dynasty Acquisition Co., Inc. 7.25% (1 Month LIBOR USD+3.50%), 04/06/2026 <sup>(a)</sup>  | 960779 | 904098 |
| Genesee & Wyoming, Inc. 4.250%, 11/06/2026 <sup>(b)</sup>  | 997442 | 986431 |
| GFL Environmental, Inc. 5.806%, 05/30/2025 <sup>(b)</sup>  | 997462 | 993876 |
| Granite US Holdings Corp. 6.313%, 09/30/2026 <sup>(b)</sup>  | 997482 | 975667 |
| Mileage Plus Holdings, LLC 8.78% (3 Month LIBOR USD+5.25%,1.00%Floor), 06/21/2027 <sup>(a)</sup>  | 475000 | 485885 |

---

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

Pacer Pacific Asset Floating Rate High Income

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **BANK LOANS — 55.2% (Continued)** | **BANK LOANS — 55.2% (Continued)** |  |
| **Industrials — 16.3% (Continued)** |  |  |
| QUIKRETE Holdings, Inc. 6.38% (1 Month LIBOR USD+2.63%), 02/01/2027 <sup>(a)</sup>  | $1472959 | $1432349 |
| SPX Flow, Inc. 8.33% (1 Month SOFR USD+4.50%,0.50%Floor), 04/05/2029 <sup>(a)</sup>  | 1250000 | 1185488 |
| Dynasty Acquisition Co., Inc. 7.25% (1 Month LIBOR USD+3.50%), 04/06/2026 <sup>(a)</sup>  | 516548 | 486074 |
| Titan Acquisition Limited 5.88% (6 Month LIBOR USD+3.00%), 03/28/2025 <sup>(a)</sup>  | 978593 | 898823 |
| Uber Technologies Inc 6.57% (3 Month LIBOR USD+3.50%), 02/25/2027 <sup>(a)</sup>  | 1464709 | 1459216 |
|  |  | 11707804 |
| **Information Technology — 5.7%**  |  |  |
| Epicor Software Corporation 7% (1 Month LIBOR USD+3.25%,0.75%Floor), 07/30/2027 <sup>(a)</sup>  | 490000 | 467582 |
| ON Semiconductor Corporation 5.75% (1 Month LIBOR USD+2.00%), 09/18/2026 <sup>(a)</sup>  | 118753 | 118994 |
| Peraton Corp. 7.5% (1 Month LIBOR USD+3.75%,0.75%Floor), 02/01/2028 <sup>(a)</sup>  | 1492285 | 1440055 |
| Polaris Newco, LLC 7.67% (3 Month LIBOR USD+4.00%,0.50%Floor), 06/02/2028 <sup>(a)</sup>  | 1243719 | 1139557 |
| Tempo Acquisition, LLC 6.73% (1 Month SOFR USD+3.00%,0.50%Floor), 08/31/2028 <sup>(a)</sup>  | 925743 | 915097 |
|  |  | 4081285 |
| **Materials — 6.8%**  |  |  |
| Engineered Machinery Holdings, Inc. 7.42% (3 Month LIBOR USD+3.75%,0.75%Floor), 05/22/2028 <sup>(a)</sup>  | 1492481 | 1447087 |
| Graham Packaging Company, Inc 6.75% (1 Month LIBOR USD+3.00%,0.75%Floor), 08/04/2027 <sup>(a)</sup>  | 981217 | 958321 |
| Starfruit US Holdco LLC 7.16% (3 Month LIBOR USD+2.75%), 10/01/2025 <sup>(a)</sup>  | 369880 | 349614 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **Materials — 6.8% (Continued)** |  |  |
| Pregis Topco LLC 7.84% (1 Month SOFR USD+4.00%), 07/31/2026 <sup>(a)</sup>  | $491162 | $470211 |
| Proampac PG Borrower LLC  |  |  |
| 6.73% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 <sup>(a)</sup>  | 8201 | 7824 |
| 7.83% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 <sup>(a)</sup>  | 350288 | 334161 |
| 7.96% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 <sup>(a)</sup>  | 115566 | 110245 |
| 6.53% (3 Month LIBOR USD+3.75%,0.75%Floor), 11/03/2025 <sup>(a)</sup>  |  |  |
| U.S. Silica Company 7.81% (1 Month LIBOR USD+4.00%,1.00%Floor), 05/01/2025 <sup>(a)</sup>  | 1239892 | 1206861 |
|  |  | 4884324 |
| TOTAL BANK LOANS (Cost $40,973,694)  |  | 39659187 |
|  | **Shares** | **Value** |
| **CLOSED END FUNDS — 0.0% <sup>(e)</sup>** |  |  |
| Eagle Point Credit Co, Inc.  | 1905 | 20727 |
| TOTAL CLOSED END FUNDS (Cost $33,494)  |  |  |
|  | **Principal <br> Amount** | **Fair Value** |
| **CORPORATE BONDS — 10.5%** |  |  |
| **Communication Services — 1.4%**  |  |  |
| CCO Holdings LLC / CCO Holdings Capital Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/2027 <sup>(c)</sup>  | $500000 | 463977 |
| Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/01/2025 <sup>(c)</sup>  | 500000 | 496873 |
|  |  | 960850 |
| **Consumer Discretionary — 2.1%**  |  |  |
| Boyd Gaming Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 12/01/2027  | 500000 | 461920 |
| Caesars Entertainment, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;8.125%, 07/01/2027 <sup>(c)</sup>  | 500000 | 487127 |

---

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

Pacer Pacific Asset Floating Rate High Income

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Fair Value** |
| **CORPORATE BONDS — 10.5% (Continued)** | **CORPORATE BONDS — 10.5% (Continued)** |  |
| **Consumer Discretionary — 2.1% (Continued)** | **Consumer Discretionary — 2.1% (Continued)** |  |
| Madison IAQ LLC  |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 06/30/2028 <sup>(c)</sup>  | $250000 | $208098 |
| MajorDrive Holdings IV LLC  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 06/01/2029 <sup>(c)</sup>  | 500000 | 353095 |
|  |  | 1510240 |
| **Consumer Staples — 1.8%**  |  |  |
| 1011778 BC ULC / New Red Finance, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 10/15/2030 <sup>(c)</sup>  | 500000 | 405800 |
| Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/2027 <sup>(c)</sup>  | 500000 | 464177 |
| US Foods, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 06/01/2030 <sup>(c)</sup>  | 500000 | 434380 |
|  |  | 1304357 |
| **Energy — 0.6%**  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 06/15/2029 <sup>(c)</sup>  | 500000 | 456660 |
| **Industrials — 2.8%**  |  |  |
| Allied Universal Holdco LLC / Allied Universal Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp;9.750%, 07/15/2027 <sup>(c)</sup>  | 500000 | 431994 |
| American Airlines Inc/AAdvantage Loyalty IP Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 04/20/2026 <sup>(c)</sup>  | 500000 | 477936 |
| GFL Environmental, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 09/01/2028 <sup>(c)</sup>  | 500000 | 427600 |
| TK Elevator Holdco GmbH  |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, 07/15/2028 <sup>(c)</sup>  | 250000 | 207000 |
| TransDigm UK Holdings Plc  |  |  |
| &nbsp;&nbsp;&nbsp;6.875%, 05/15/2026  | 500000 | 488700 |
|  |  | 2033230 |
| **Information Technology — 1.2%**  |  |  |
| Entegris, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 04/15/2028 <sup>(c)</sup>  | 500000 | 440508 |
| Sensata Technologies, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 02/15/2030 <sup>(c)</sup>  | 500000 | 430800 |
|  |  | 871308 |
| **Real Estate — 0.6%**  |  |  |
| The Howard Hughes Corporation  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 08/01/2028 <sup>(c)</sup>  | 500000 | 428963 |
| TOTAL CORPORATE BONDS (Cost $8,099,824)  |  | 7565608 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS — 1.6%** | **EXCHANGE TRADED FUNDS — 1.6%** |  |
| iShares iBoxx High Yield Corporate Bond ETF  | 8065 | $592213 |
| SPDR Bloomberg High Yield Bond ETF  | 6533 | 588297 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405)  |  | 1180510 |
|  | **Principal <br> Amount** |  |
| **SHORT—TERM INVESTMENTS — 8.0%** | **SHORT—TERM INVESTMENTS — 8.0%** |  |
| **MONEY MARKET DEPOSIT ACCOUNTS — 8.0%** | **MONEY MARKET DEPOSIT ACCOUNTS — 8.0%** | **MONEY MARKET DEPOSIT ACCOUNTS — 8.0%** |
| U.S. Bank Money Market Deposit Account, 2.300% <sup>(d)</sup>  | $5728283 | 5728283 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,728,283)  |  | 5728283 |
| **Total Investments (Cost $80,346,378) — 105.5%** |  | 75806254 |
| **Liabilities in Excess of Other Assets — (5.5)%** |  | (3985699) |
| **TOTAL NET ASSETS — 100.0%**  |  | $71820555 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Less than 0.05%.

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

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.7%** | **COMMON STOCKS — 89.7%** |  |
| **Communication Services — 6.8%** | **Communication Services — 6.8%** |  |
| Activision Blizzard, Inc.  | 35 | $2548 |
| Alphabet, Inc. - Class A <sup>(a)</sup>  | 293 | 27691 |
| Alphabet, Inc. - Class C <sup>(a)</sup>  | 262 | 24801 |
| AT&T, Inc.  | 348 | 6344 |
| Charter Communications, Inc. - Class A <sup>(a)</sup>  | 5 | 1838 |
| Comcast Corp. - Class A  | 215 | 6824 |
| DISH Network Corp. - Class A <sup>(a)</sup>  | 12 | 179 |
| Electronic Arts, Inc.  | 13 | 1637 |
| Fox Corp. - Class A  | 15 | 433 |
| Fox Corp. - Class B  | 7 | 190 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 7 | 557 |
| Lumen Technologies, Inc.  | 47 | 346 |
| Match Group, Inc. <sup>(a)</sup>  | 14 | 605 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 111 | 10341 |
| Netflix, Inc. <sup>(a)</sup>  | 22 | 6421 |
| News Corp. - Class B  | 6 | 103 |
| News Corp. - Class A  | 19 | 321 |
| Omnicom Group, Inc.  | 10 | 728 |
| Paramount Global - Class B  | 25 | 458 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 8 | 948 |
| The Interpublic Group of Cos., Inc.  | 19 | 566 |
| T-Mobile US, Inc. <sup>(a)</sup>  | 29 | 4395 |
| Verizon Communications, Inc.  | 205 | 7661 |
| Walt Disney Co. <sup>(a)</sup>  | 89 | 9482 |
| Warner Bros Discovery, Inc. <sup>(a)</sup>  | 108 | 1404 |
|  |  | 116821 |
| **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** |  |
| Advance Auto Parts, Inc.  | 3 | 570 |
| Amazon.com, Inc. <sup>(a)</sup>  | 433 | 44357 |
| Aptiv PLC <sup>(a)</sup>  | 13 | 1184 |
| AutoZone, Inc. <sup>(a)</sup>  | 1 | 2533 |
| Bath & Body Works, Inc.  | 11 | 367 |
| Best Buy Co., Inc.  | 10 | 684 |
| Booking Holdings, Inc. <sup>(a)</sup>  | 2 | 3739 |
| BorgWarner, Inc.  | 12 | 450 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 10 | 437 |
| CarMax, Inc. <sup>(a)</sup>  | 8 | 504 |
| Carnival Corp. <sup>(a)</sup>  | 48 | 435 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1 | 1498 |
| Darden Restaurants, Inc.  | 6 | 859 |
| Dollar General Corp.  | 11 | 2806 |
| Dollar Tree, Inc. <sup>(a)</sup>  | 10 | 1585 |
| Domino's Pizza, Inc.  | 2 | 665 |
| DR Horton, Inc.  | 15 | 1153 |
| eBay, Inc.  | 27 | 1076 |
| Etsy, Inc. <sup>(a)</sup>  | 6 | 563 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary — 10.0% (Continued)** | **Consumer Discretionary — 10.0% (Continued)** | **Consumer Discretionary — 10.0% (Continued)** |
| Expedia Group, Inc. <sup>(a)</sup>  | 7 | $654 |
| Ford Motor Co.  | 193 | 2580 |
| Garmin Ltd.  | 8 | 704 |
| General Motors Co.  | 71 | 2787 |
| Genuine Parts Co.  | 7 | 1245 |
| Hasbro, Inc.  | 6 | 392 |
| Hilton Worldwide Holdings, Inc.  | 13 | 1758 |
| Las Vegas Sands Corp. <sup>(a)</sup>  | 16 | 608 |
| Lennar Corp. - Class A  | 12 | 968 |
| LKQ Corp.  | 13 | 723 |
| Lowe's Cos., Inc.  | 31 | 6043 |
| Marriott International, Inc.  | 13 | 2081 |
| McDonald's Corp.  | 36 | 9816 |
| MGM Resorts International  | 16 | 569 |
| Mohawk Industries, Inc. <sup>(a)</sup>  | 3 | 284 |
| Newell Brands, Inc.  | 18 | 249 |
| NIKE, Inc. - Class B  | 62 | 5746 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup>  | 21 | 355 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 3 | 2512 |
| Pool Corp.  | 2 | 608 |
| PulteGroup, Inc.  | 11 | 440 |
| Ralph Lauren Corp.  | 2 | 185 |
| Ross Stores, Inc.  | 17 | 1627 |
| Royal Caribbean Cruises Ltd. <sup>(a)</sup>  | 11 | 587 |
| Starbucks Corp.  | 56 | 4849 |
| Tapestry, Inc.  | 12 | 380 |
| Target Corp.  | 23 | 3778 |
| Tesla Motors, Inc. <sup>(a)</sup>  | 130 | 29580 |
| The Home Depot, Inc.  | 50 | 14807 |
| The TJX Cos., Inc.  | 57 | 4110 |
| Tractor Supply Co.  | 5 | 1099 |
| Ulta Beauty, Inc. <sup>(a)</sup>  | 3 | 1258 |
| VF Corp.  | 16 | 452 |
| Whirlpool Corp.  | 3 | 415 |
| Wynn Resorts Ltd. <sup>(a)</sup>  | 5 | 320 |
| Yum! Brands, Inc.  | 14 | 1656 |
|  |  | 171690 |
| **Consumer Staples — 6.4%** | **Consumer Staples — 6.4%** |  |
| Altria Group, Inc.  | 88 | 4072 |
| Archer-Daniels-Midland Co.  | 27 | 2618 |
| Brown-Forman Corp. - Class B  | 9 | 612 |
| Campbell Soup Co.  | 10 | 529 |
| Church & Dwight Co., Inc.  | 12 | 890 |
| Colgate-Palmolive Co.  | 41 | 3027 |
| Conagra Brands, Inc.  | 23 | 844 |
| Constellation Brands, Inc. - Class A  | 8 | 1977 |
| Costco Wholesale Corp.  | 22 | 11033 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** |
| **Consumer Staples — 6.4% (Continued)** | **Consumer Staples — 6.4% (Continued)** | **Consumer Staples — 6.4% (Continued)** |
| General Mills, Inc.  | 29 | $2366 |
| Hormel Foods Corp.  | 14 | 650 |
| Kellogg Co.  | 12 | 922 |
| Keurig Dr Pepper, Inc.  | 42 | 1631 |
| Kimberly-Clark Corp.  | 16 | 1991 |
| Lamb Weston Holdings, Inc.  | 7 | 604 |
| McCormick & Co., Inc.  | 12 | 944 |
| Molson Coors Brewing Co. - Class B  | 9 | 454 |
| Mondelez International, Inc.  | 67 | 4119 |
| Monster Beverage Corp. <sup>(a)</sup>  | 19 | 1781 |
| PepsiCo, Inc.  | 67 | 12166 |
| Philip Morris International, Inc.  | 76 | 6981 |
| Sysco Corp.  | 25 | 2164 |
| The Clorox Co.  | 6 | 876 |
| The Coca-Cola Co.  | 190 | 11372 |
| The Estee Lauder Cos., Inc.  | 11 | 2205 |
| The Hershey Co.  | 7 | 1671 |
| The JM Smucker Co.  | 5 | 753 |
| The Kraft Heinz Co.  | 39 | 1500 |
| The Kroger Co.  | 32 | 1513 |
| The Procter & Gamble Co.  | 117 | 15756 |
| Tyson Foods, Inc. - Class A  | 14 | 957 |
| Walgreens Boots Alliance, Inc.  | 35 | 1278 |
| Walmart, Inc.  | 70 | 9963 |
|  |  | 110219 |
| **Energy — 4.9%** | **Energy — 4.9%** |  |
| APA Corp.  | 16 | 727 |
| Baker Hughes Co.  | 49 | 1355 |
| Chevron Corp.  | 88 | 15919 |
| ConocoPhillips  | 62 | 7818 |
| Coterra Energy, Inc.  | 39 | 1214 |
| Devon Energy Corp.  | 32 | 2475 |
| Diamondback Energy, Inc.  | 9 | 1414 |
| EOG Resources, Inc.  | 29 | 3959 |
| EQT Corp.  | 18 | 753 |
| Exxon Mobil Corp.  | 204 | 22605 |
| Halliburton Co.  | 44 | 1603 |
| Hess Corp.  | 14 | 1975 |
| Kinder Morgan, Inc.  | 97 | 1758 |
| Marathon Oil Corp.  | 33 | 1005 |
| Marathon Petroleum Corp.  | 24 | 2727 |
| Occidental Petroleum Corp.  | 36 | 2614 |
| ONEOK, Inc.  | 22 | 1305 |
| Phillips 66  | 23 | 2399 |
| Pioneer Natural Resources Co.  | 12 | 3077 |
| Schlumberger Ltd.  | 69 | 3590 |
| Targa Resources Corp.  | 10 | 684 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy — 4.9% (Continued)** | **Energy — 4.9% (Continued)** | **Energy — 4.9% (Continued)** |
| The Williams Cos., Inc.  | 60 | $1964 |
| Valero Energy Corp.  | 19 | 2385 |
|  |  | 85325 |
| **Financials — 10.5%** | **Financials — 10.5%** |  |
| Aflac, Inc.  | 28 | 1823 |
| American Express Co.  | 29 | 4305 |
| American International Group, Inc.  | 37 | 2109 |
| Ameriprise Financial, Inc.  | 5 | 1546 |
| Aon PLC  | 10 | 2815 |
| Arch Capital Group Ltd. <sup>(a)</sup>  | 18 | 1035 |
| Arthur J Gallagher & Co.  | 10 | 1871 |
| Assurant, Inc.  | 3 | 408 |
| Bank of America Corp.  | 341 | 12290 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 88 | 25968 |
| BlackRock, Inc.  | 7 | 4521 |
| Brown & Brown, Inc.  | 11 | 647 |
| Capital One Financial Corp.  | 19 | 2014 |
| Cboe Global Markets, Inc.  | 5 | 622 |
| Chubb Ltd.  | 20 | 4298 |
| Cincinnati Financial Corp.  | 8 | 827 |
| Citigroup, Inc.  | 95 | 4357 |
| Citizens Financial Group, Inc.  | 24 | 982 |
| CME Group, Inc.  | 18 | 3119 |
| Comerica, Inc.  | 6 | 423 |
| Discover Financial Services  | 13 | 1358 |
| Everest Re Group Ltd.  | 2 | 645 |
| FactSet Research Systems, Inc.  | 2 | 851 |
| Fifth Third Bancorp  | 34 | 1213 |
| First Republic Bank  | 9 | 1081 |
| Franklin Resources, Inc.  | 14 | 328 |
| Globe Life, Inc.  | 4 | 462 |
| Huntington Bancshares, Inc.  | 70 | 1063 |
| Intercontinental Exchange, Inc.  | 27 | 2580 |
| Invesco Ltd.  | 22 | 337 |
| JPMorgan Chase & Co.  | 143 | 18001 |
| KeyCorp.  | 46 | 822 |
| Lincoln National Corp.  | 8 | 431 |
| Loews Corp.  | 10 | 570 |
| M&T Bank Corp.  | 9 | 1515 |
| MarketAxess Holdings, Inc.  | 2 | 488 |
| Marsh & McLennan Cos., Inc.  | 24 | 3876 |
| MetLife, Inc.  | 33 | 2416 |
| Moody's Corp.  | 8 | 2119 |
| Morgan Stanley  | 65 | 5341 |
| MSCI, Inc.  | 4 | 1875 |
| Nasdaq, Inc.  | 17 | 1058 |
| Northern Trust Corp.  | 10 | 843 |
| Principal Financial Group, Inc.  | 11 | 969 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** |
| **Financials — 10.5% (Continued)** | **Financials — 10.5% (Continued)** | **Financials — 10.5% (Continued)** |
| Prudential Financial, Inc.  | 18 | $1893 |
| Raymond James Financial, Inc.  | 9 | 1063 |
| Regions Financial Corp.  | 46 | 1010 |
| S&P Global, Inc.  | 17 | 5461 |
| Signature Bank  | 3 | 476 |
| State Street Corp.  | 18 | 1332 |
| SVB Financial Group <sup>(a)</sup>  | 3 | 693 |
| Synchrony Financial  | 24 | 853 |
| T Rowe Price Group, Inc.  | 11 | 1168 |
| The Allstate Corp.  | 13 | 1641 |
| The Bank of New York Mellon Corp.  | 36 | 1516 |
| The Charles Schwab Corp.  | 75 | 5975 |
| The Goldman Sachs Group, Inc.  | 17 | 5857 |
| The Hartford Financial Services Group, Inc.  | 16 | 1159 |
| The PNC Financial Services Group, Inc.  | 20 | 3237 |
| The Progressive Corp.  | 29 | 3724 |
| The Travelers Cos., Inc.  | 12 | 2214 |
| Truist Financial Corp.  | 65 | 2911 |
| US Bancorp  | 66 | 2802 |
| W R Berkley Corp.  | 10 | 744 |
| Wells Fargo & Co.  | 185 | 8508 |
| Willis Towers Watson PLC  | 5 | 1091 |
| Zions Bancorp  | 7 | 364 |
|  |  | 181914 |
| **Health Care — 14.1%** | **Health Care — 14.1%** |  |
| Abbott Laboratories  | 86 | 8509 |
| AbbVie, Inc.  | 86 | 12590 |
| ABIOMED, Inc. <sup>(a)</sup>  | 2 | 504 |
| Agilent Technologies, Inc.  | 15 | 2075 |
| Align Technology, Inc. <sup>(a)</sup>  | 4 | 777 |
| AmerisourceBergen Corp.  | 8 | 1258 |
| Amgen, Inc.  | 26 | 7029 |
| Baxter International, Inc.  | 25 | 1359 |
| Becton Dickinson and Co.  | 14 | 3304 |
| Biogen, Inc. <sup>(a)</sup>  | 7 | 1984 |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 1 | 352 |
| Bio-Techne Corp.  | 2 | 592 |
| Boston Scientific Corp. <sup>(a)</sup>  | 70 | 3018 |
| Bristol-Myers Squibb Co.  | 104 | 8057 |
| Cardinal Health, Inc.  | 13 | 987 |
| Catalent, Inc. <sup>(a)</sup>  | 9 | 592 |
| Centene Corp. <sup>(a)</sup>  | 28 | 2384 |
| Charles River Laboratories International, Inc. <sup>(a)</sup>  | 2 | 424 |
| Cigna Corp.  | 15 | 4846 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 14.1% (Continued)** | **Health Care — 14.1% (Continued)** | **Health Care — 14.1% (Continued)** |
| CVS Health Corp.  | 64 | $6061 |
| Danaher Corp.  | 32 | 8053 |
| DaVita, Inc. <sup>(a)</sup>  | 3 | 219 |
| DENTSPLY SIRONA, Inc.  | 11 | 339 |
| DexCom, Inc. <sup>(a)</sup>  | 19 | 2295 |
| Edwards Lifesciences Corp. <sup>(a)</sup>  | 30 | 2173 |
| Elevance Health, Inc.  | 12 | 6561 |
| Eli Lilly & Co.  | 39 | 14121 |
| Gilead Sciences, Inc.  | 61 | 4786 |
| HCA Healthcare, Inc.  | 11 | 2392 |
| Henry Schein, Inc. <sup>(a)</sup>  | 7 | 479 |
| Hologic, Inc. <sup>(a)</sup>  | 12 | 814 |
| Humana, Inc.  | 6 | 3348 |
| IDEXX Laboratories, Inc. <sup>(a)</sup>  | 4 | 1439 |
| Illumina, Inc. <sup>(a)</sup>  | 8 | 1831 |
| Incyte Corp. <sup>(a)</sup>  | 9 | 669 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 17 | 4190 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 9 | 1887 |
| Johnson & Johnson  | 128 | 22268 |
| Laboratory Corp. of American Holdings  | 4 | 887 |
| McKesson Corp.  | 7 | 2726 |
| Medtronic PLC  | 65 | 5677 |
| Merck & Co., Inc.  | 124 | 12549 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 1 | 1265 |
| Moderna, Inc. <sup>(a)</sup>  | 16 | 2405 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 3 | 1077 |
| Organon & Co.  | 12 | 314 |
| PerkinElmer, Inc.  | 6 | 801 |
| Pfizer, Inc.  | 274 | 12755 |
| Quest Diagnostics, Inc.  | 6 | 862 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup>  | 5 | 3744 |
| ResMed, Inc.  | 7 | 1566 |
| STERIS PLC  | 5 | 863 |
| Stryker Corp.  | 16 | 3668 |
| Teleflex, Inc.  | 2 | 429 |
| The Cooper Cos., Inc.  | 2 | 547 |
| Thermo Fisher Scientific, Inc.  | 19 | 9765 |
| UnitedHealth Group, Inc.  | 46 | 25537 |
| Universal Health Services, Inc. - Class B  | 3 | 348 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 13 | 4056 |
| Viatris, Inc.  | 59 | 598 |
| Waters Corp. <sup>(a)</sup>  | 3 | 897 |
| West Pharmaceutical Services, Inc.  | 4 | 920 |
| Zimmer Biomet Holdings, Inc.  | 10 | 1133 |
| Zoetis, Inc.  | 23 | 3468 |
|  |  | 243423 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** |
| **Industrials — 7.6%** | **Industrials — 7.6%** |  |
| 3M Co.  | 27 | $3396 |
| A O Smith Corp.  | 6 | 329 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 6 | 267 |
| Allegion PLC  | 4 | 419 |
| American Airlines Group, Inc. <sup>(a)</sup>  | 32 | 454 |
| AMETEK, Inc.  | 11 | 1426 |
| Carrier Global Corp.  | 41 | 1630 |
| Caterpillar, Inc.  | 26 | 5628 |
| CH Robinson Worldwide, Inc.  | 6 | 586 |
| Cintas Corp.  | 4 | 1710 |
| Copart, Inc. <sup>(a)</sup>  | 10 | 1150 |
| CoStar Group, Inc. <sup>(a)</sup>  | 19 | 1572 |
| CSX Corp.  | 105 | 3051 |
| Cummins, Inc.  | 7 | 1712 |
| Deere & Co.  | 14 | 5542 |
| Delta Air Lines, Inc. <sup>(a)</sup>  | 31 | 1052 |
| Dover Corp.  | 7 | 915 |
| Eaton Corp. PLC  | 19 | 2851 |
| Emerson Electric Co.  | 29 | 2511 |
| Equifax, Inc.  | 6 | 1017 |
| Expeditors International of Washington, Inc.  | 8 | 783 |
| Fastenal Co.  | 28 | 1353 |
| FedEx Corp.  | 12 | 1923 |
| Fortive Corp.  | 17 | 1086 |
| Fortune Brands Home & Security, Inc.  | 6 | 362 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 3 | 348 |
| General Dynamics Corp.  | 11 | 2748 |
| General Electric Co.  | 54 | 4202 |
| Honeywell International, Inc.  | 33 | 6733 |
| Howmet Aerospace, Inc.  | 18 | 640 |
| Huntington Ingalls Industries, Inc.  | 2 | 514 |
| IDEX Corp.  | 4 | 889 |
| Illinois Tool Works, Inc.  | 14 | 2989 |
| Ingersoll Rand, Inc.  | 20 | 1010 |
| Jacobs Solutions, Inc.  | 6 | 691 |
| JB Hunt Trasport Services, Inc.  | 4 | 684 |
| Johnson Controls International PLC  | 34 | 1967 |
| L3Harris Technologies, Inc.  | 9 | 2218 |
| Leidos Holdings, Inc.  | 7 | 711 |
| Lockheed Martin Corp.  | 12 | 5840 |
| Masco Corp.  | 11 | 509 |
| Nordson Corp.  | 3 | 675 |
| Norfolk Southern Corp.  | 11 | 2509 |
| Northrop Grumman Corp.  | 7 | 3843 |
| Old Dominion Freight Line, Inc.  | 4 | 1098 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 7.6% (Continued)** | **Industrials — 7.6% (Continued)** | **Industrials — 7.6% (Continued)** |
| Otis Worldwide Corp.  | 21 | $1484 |
| PACCAR, Inc.  | 17 | 1646 |
| Parker-Hannifin Corp.  | 6 | 1744 |
| Pentair PLC  | 8 | 344 |
| Quanta Services, Inc.  | 7 | 994 |
| Raytheon Technologies Corp.  | 72 | 6827 |
| Republic Services, Inc.  | 10 | 1326 |
| Robert Half International, Inc.  | 5 | 382 |
| Rockwell Automation, Inc.  | 6 | 1532 |
| Rollins, Inc.  | 11 | 463 |
| Snap-On, Inc.  | 3 | 666 |
| Southwest Airlines Co. <sup>(a)</sup>  | 29 | 1054 |
| Stanley Black & Decker, Inc.  | 7 | 550 |
| Textron, Inc.  | 10 | 684 |
| The Boeing Co. <sup>(a)</sup>  | 27 | 3848 |
| Trane Technologies PLC  | 11 | 1756 |
| TransDigm Group, Inc.  | 3 | 1727 |
| Union Pacific Corp.  | 31 | 6111 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 16 | 689 |
| United Parcel Service, Inc. - Class B  | 36 | 6040 |
| United Rentals, Inc. <sup>(a)</sup>  | 3 | 947 |
| Verisk Analytics, Inc.  | 8 | 1463 |
| W.W. Grainger, Inc.  | 2 | 1169 |
| Waste Management, Inc.  | 18 | 2851 |
| Westinghouse Air Brake Technologies Corp.  | 9 | 840 |
| Xylem, Inc.  | 9 | 922 |
|  |  | 131602 |
| **Information Technology — 24.3%** | **Information Technology — 24.3%** |  |
| Accenture PLC - Class A  | 31 | 8801 |
| Adobe, Inc. <sup>(a)</sup>  | 23 | 7326 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 79 | 4745 |
| Akamai Technologies, Inc. <sup>(a)</sup>  | 8 | 707 |
| Amphenol Corp.  | 29 | 2199 |
| Analog Devices, Inc.  | 25 | 3566 |
| ANSYS, Inc. <sup>(a)</sup>  | 4 | 885 |
| Apple, Inc.  | 738 | 113165 |
| Applied Materials, Inc.  | 42 | 3708 |
| Arista Networks, Inc. <sup>(a)</sup>  | 12 | 1450 |
| Autodesk, Inc. <sup>(a)</sup>  | 11 | 2357 |
| Automatic Data Processing, Inc.  | 20 | 4834 |
| Broadcom, Inc.  | 20 | 9402 |
| Broadridge Financial Solutions, Inc.  | 6 | 900 |
| Cadence Design System, Inc. <sup>(a)</sup>  | 13 | 1968 |
| CDW Corp.  | 7 | 1210 |
| Ceridian HCM Holding, Inc. <sup>(a)</sup>  | 7 | 463 |
| Cisco Systems, Inc.  | 202 | 9177 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** |
| **Information Technology — 24.3% (Continued)** | **Information Technology — 24.3% (Continued)** | **Information Technology — 24.3% (Continued)** |
| Cognizant Technology Solutions Corp.  | 25 | $1556 |
| Corning, Inc.  | 37 | 1190 |
| DXC Technology Co. <sup>(a)</sup>  | 11 | 316 |
| Enphase Energy, Inc. <sup>(a)</sup>  | 7 | 2149 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 3 | 1050 |
| F5, Inc. <sup>(a)</sup>  | 3 | 429 |
| Fidelity National Information Services, Inc.  | 30 | 2490 |
| Fiserv, Inc. <sup>(a)</sup>  | 31 | 3185 |
| FleetCor Technologies, Inc. <sup>(a)</sup>  | 4 | 745 |
| Fortinet, Inc. <sup>(a)</sup>  | 32 | 1829 |
| Gartner, Inc. <sup>(a)</sup>  | 4 | 1208 |
| Global Payments, Inc.  | 14 | 1600 |
| Hewlett Packard Enterprise Co.  | 63 | 899 |
| HP, Inc.  | 44 | 1215 |
| Intel Corp.  | 201 | 5714 |
| International Business Machines Corp.  | 44 | 6085 |
| Intuit, Inc.  | 14 | 5985 |
| Jack Henry & Associates, Inc.  | 4 | 796 |
| Juniper Networks, Inc.  | 16 | 490 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 9 | 1567 |
| KLA Corp.  | 7 | 2215 |
| Lam Research Corp.  | 7 | 2833 |
| MasterCard, Inc. - Class A  | 42 | 13784 |
| Microchip Technology, Inc.  | 27 | 1667 |
| Micron Technology, Inc.  | 54 | 2921 |
| Microsoft Corp.  | 364 | 84495 |
| Monolithic Power Systems, Inc.  | 2 | 679 |
| Motorola Solutions, Inc.  | 8 | 1998 |
| NetApp, Inc.  | 11 | 762 |
| NortonLifeLock, Inc.  | 29 | 653 |
| NVIDIA Corp.  | 122 | 16466 |
| NXP Semiconductors NV  | 13 | 1899 |
| ON Semiconductor Corp. <sup>(a)</sup>  | 21 | 1290 |
| Oracle Corp.  | 74 | 5777 |
| Paychex, Inc.  | 16 | 1893 |
| Paycom Software, Inc. <sup>(a)</sup>  | 2 | 692 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 56 | 4680 |
| PTC, Inc. <sup>(a)</sup>  | 5 | 589 |
| Qorvo, Inc. <sup>(a)</sup>  | 5 | 430 |
| QUALCOMM, Inc.  | 55 | 6471 |
| Roper Technologies, Inc.  | 5 | 2073 |
| salesforce.com, Inc. <sup>(a)</sup>  | 49 | 7967 |
| Seagate Technology Holdings PLC  | 10 | 497 |
| ServiceNow, Inc. <sup>(a)</sup>  | 10 | 4207 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 24.3% (Continued)** | **Information Technology — 24.3% (Continued)** | **Information Technology — 24.3% (Continued)** |
| Skyworks Solutions, Inc.  | 8 | $688 |
| SolarEdge Technologies, Inc. <sup>(a)</sup>  | 3 | 690 |
| Synopsys, Inc. <sup>(a)</sup>  | 7 | 2048 |
| TE Connectivity Ltd.  | 16 | 1956 |
| Teledyne Technologies, Inc. <sup>(a)</sup>  | 2 | 796 |
| Teradyne, Inc.  | 8 | 651 |
| Texas Instruments, Inc.  | 45 | 7228 |
| Trimble, Inc. <sup>(a)</sup>  | 12 | 722 |
| Tyler Technologies, Inc. <sup>(a)</sup>  | 2 | 647 |
| VeriSign, Inc. <sup>(a)</sup>  | 5 | 1002 |
| Visa, Inc. - Class A  | 80 | 16573 |
| Western Digital Corp. <sup>(a)</sup>  | 15 | 516 |
| Zebra Technologies Corp. <sup>(a)</sup>  | 3 | 850 |
|  |  | 418666 |
| **Materials — 2.3%** | **Materials — 2.3%** |  |
| Air Products & Chemicals, Inc.  | 11 | 2755 |
| Albemarle Corp.  | 6 | 1679 |
| Amcor PLC  | 73 | 845 |
| Avery Dennison Corp.  | 4 | 678 |
| Ball Corp.  | 15 | 741 |
| Celanese Corp.  | 5 | 481 |
| CF Industries Holdings, Inc.  | 10 | 1063 |
| Corteva, Inc.  | 35 | 2287 |
| Dow, Inc.  | 35 | 1636 |
| DuPont de Nemours, Inc.  | 24 | 1373 |
| Eastman Chemical Co.  | 6 | 461 |
| Ecolab, Inc.  | 12 | 1885 |
| FMC Corp.  | 6 | 713 |
| Freeport-McMoRan, Inc.  | 70 | 2218 |
| International Flavors & Fragrances, Inc.  | 12 | 1171 |
| International Paper Co.  | 18 | 605 |
| Linde PLC  | 24 | 7136 |
| LyondellBasell Industries NV  | 12 | 917 |
| Martin Marietta Materials, Inc.  | 3 | 1008 |
| Mosaic Co.  | 17 | 914 |
| Newmont Goldcorp Corp.  | 39 | 1651 |
| Nucor Corp.  | 13 | 1708 |
| Packaging Corp. of America  | 5 | 601 |
| PPG Industries, Inc.  | 11 | 1256 |
| Sealed Air Corp.  | 7 | 333 |
| The Sherwin-Williams Co.  | 12 | 2700 |
| Vulcan Materials Co.  | 6 | 982 |
| Westrock Co.  | 12 | 409 |
|  |  | 40206 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** |  |
| CBRE Group, Inc. <sup>(a)</sup>  | 16 | 1135 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** | **COMMON STOCKS — 89.7% (Continued)** |
| **Utilities — 2.7%** | **Utilities — 2.7%** |  |
| Alliant Energy Corp.  | 12 | $626 |
| Ameren Corp.  | 13 | 1060 |
| American Electric Power Co., Inc.  | 25 | 2198 |
| American Water Works Co., Inc.  | 9 | 1308 |
| Atmos Energy Corp.  | 7 | 746 |
| CenterPoint Energy, Inc.  | 31 | 887 |
| CMS Energy Corp.  | 14 | 799 |
| Consolidated Edison, Inc.  | 17 | 1495 |
| Constellation Energy Corp.  | 16 | 1513 |
| Dominion Energy, Inc.  | 41 | 2869 |
| DTE Energy Co.  | 9 | 1009 |
| Duke Energy Corp.  | 38 | 3541 |
| Edison International  | 19 | 1141 |
| Entergy Corp.  | 10 | 1071 |
| Evergy, Inc.  | 11 | 672 |
| Eversource Energy  | 17 | 1297 |
| Exelon Corp.  | 48 | 1852 |
| FirstEnergy Corp.  | 27 | 1018 |
| NextEra Energy, Inc.  | 96 | 7440 |
| NiSource, Inc.  | 20 | 514 |
| NRG Energy, Inc.  | 11 | 488 |
| PG&E Corp. <sup>(a)</sup>  | 79 | 1179 |
| Pinnacle West Capital Corp.  | 6 | 403 |
| PPL Corp.  | 36 | 954 |
| Public Service Enterprise Group, Inc.  | 24 | 1346 |
| Sempra Energy  | 15 | 2264 |
| The AES Corp.  | 33 | 863 |
| The Southern Co.  | 52 | 3405 |
| WEC Energy Group, Inc.  | 15 | 1370 |
| Xcel Energy, Inc.  | 27 | 1758 |
|  |  | 47086 |
| TOTAL COMMON STOCKS (Cost $1,823,766)  |  | 1548087 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.4%** | **REAL ESTATE INVESTMENT TRUSTS — 2.4%** |  |
| Alexandria Real Estate Equities, Inc.  | 7 | 1017 |
| American Tower Corp.  | 23 | 4765 |
| AvalonBay Communities, Inc.  | 7 | 1226 |
| Boston Properties, Inc.  | 7 | 509 |
| Camden Property Trust  | 5 | 578 |
| Crown Castle, Inc.  | 21 | 2798 |
| Digital Realty Trust, Inc.  | 14 | 1403 |
| Equinix, Inc.  | 4 | 2266 |
| Equity Residential  | 17 | 1071 |
| Essex Property Trust, Inc.  | 3 | 667 |
| Extra Space Storage, Inc.  | 7 | 1242 |
| Federal Realty Investment Trust  | 4 | 396 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.4% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS — 2.4% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS — 2.4% (Continued)** |
| Healthpeak Properties, Inc.  | 26 | $617 |
| Host Hotels & Resorts, Inc.  | 35 | 661 |
| Invitation Homes, Inc.  | 28 | 887 |
| Iron Mountain, Inc.  | 14 | 701 |
| Kimco Realty Corp.  | 30 | 641 |
| Mid-America Apartment Communities, Inc.  | 6 | 945 |
| Prologis, Inc.  | 45 | 4984 |
| Public Storage  | 8 | 2478 |
| Realty Income Corp.  | 30 | 1868 |
| Regency Centers Corp.  | 8 | 484 |
| SBA Communications Corp.  | 5 | 1350 |
| Simon Property Group, Inc.  | 16 | 1744 |
| UDR, Inc.  | 15 | 596 |
| Ventas, Inc.  | 20 | 783 |
| VICI Properties, Inc.  | 47 | 1505 |
| Vornado Realty Trust  | 8 | 189 |
| Welltower, Inc.  | 23 | 1404 |
| Weyerhaeuser Co.  | 36 | 1113 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $50,700)  |  | 40888 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |
| **Money Market Deposit Accounts — 2.1%** | **Money Market Deposit Accounts — 2.1%** | **Money Market Deposit Accounts — 2.1%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(b)</sup>  | $35883 | 35883 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $35,883)  |  | 35883 |
| **Total Investments (Cost $1,912,349) — 94.2%**  |  | 1624858 |
| **Other Assets in Excess of Liabilities — 5.8%**  |  | 100570 |
| **TOTAL NET ASSETS — 100.0%**  |  | $1725428 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**SCHEDULE OF OPEN FUTURES CONTRACTS<br> October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of <br> Contracts** | **Long/Short** | **Expiration <br> Date** | **Notional Value** | **Value & <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 4 | Long <br> S&P 500 Annual Dividend Futures Index <sup>(a)</sup>  | 12/16/2022 | $66350 | $3686 |
| 4 | Long<br> S&P 500 Annual Dividend Futures Index <sup>(a)</sup>  | 12/15/2023 | 65100 | 311 |
| 4 | Long<br> S&P 500 Annual Dividend Futures Index <sup>(a)</sup>  | 12/20/2024 | 63000 | (3864) |
|  |  |  |  | $133 |

---

(a) Exchange traded.

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.8%** | **COMMON STOCKS — 85.8%** |  |
| **Communication Services — 6.5%** | **Communication Services — 6.5%** |  |
| Activision Blizzard, Inc.  | 1499 | $109127 |
| Alphabet, Inc. - Class A <sup>(a)</sup>  | 12619 | 1192622 |
| Alphabet, Inc. - Class C <sup>(a)</sup>  | 11285 | 1068238 |
| AT&T, Inc.  | 14997 | 273395 |
| Charter Communications, Inc. - Class A <sup>(a)</sup>  | 233 | 85656 |
| Comcast Corp. - Class A  | 9268 | 294166 |
| DISH Network Corp. - Class A <sup>(a)</sup>  | 528 | 7873 |
| Electronic Arts, Inc.  | 555 | 69908 |
| Fox Corp. - Class A  | 645 | 18621 |
| Fox Corp. - Class B  | 297 | 8078 |
| Live Nation Entertainment, Inc. <sup>(a)</sup>  | 299 | 23803 |
| Lumen Technologies, Inc.  | 2005 | 14757 |
| Match Group, Inc. <sup>(a)</sup>  | 595 | 25704 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup>  | 4800 | 447168 |
| Netflix, Inc. <sup>(a)</sup>  | 936 | 273200 |
| News Corp. - Class A  | 811 | 13682 |
| News Corp. - Class B  | 252 | 4317 |
| Omnicom Group, Inc.  | 431 | 31355 |
| Paramount Global - Class B  | 1063 | 19474 |
| Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 329 | 38980 |
| The Interpublic Group of Cos., Inc.  | 822 | 24487 |
| T-Mobile US, Inc. <sup>(a)</sup>  | 1266 | 191875 |
| Verizon Communications, Inc.  | 8839 | 330313 |
| Walt Disney Co. <sup>(a)</sup>  | 3837 | 408794 |
| Warner Bros Discovery, Inc. <sup>(a)</sup>  | 4649 | 60437 |
|  |  | 5036030 |
| **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** |  |
| Advance Auto Parts, Inc.  | 128 | 24310 |
| Amazon.com, Inc. <sup>(a)</sup>  | 18653 | 1910813 |
| Aptiv PLC <sup>(a)</sup>  | 570 | 51910 |
| AutoZone, Inc. <sup>(a)</sup>  | 41 | 103848 |
| Bath & Body Works, Inc.  | 481 | 16056 |
| Best Buy Co., Inc.  | 421 | 28801 |
| Booking Holdings, Inc. <sup>(a)</sup>  | 84 | 157036 |
| BorgWarner, Inc.  | 498 | 18690 |
| Caesars Entertainment, Inc. <sup>(a)</sup>  | 451 | 19722 |
| CarMax, Inc. <sup>(a)</sup>  | 335 | 21108 |
| Carnival Corp. <sup>(a)</sup>  | 2078 | 18827 |
| Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 58 | 86903 |
| Darden Restaurants, Inc.  | 258 | 36930 |
| Dollar General Corp.  | 478 | 121914 |
| Dollar Tree, Inc. <sup>(a)</sup>  | 444 | 70374 |
| Domino's Pizza, Inc.  | 76 | 25250 |
| DR Horton, Inc.  | 666 | 51202 |
| eBay, Inc.  | 1156 | 46055 |
| Etsy, Inc. <sup>(a)</sup>  | 266 | 24980 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary — 9.6% (Continued)** | **Consumer Discretionary — 9.6% (Continued)** | **Consumer Discretionary — 9.6% (Continued)** |
| Expedia Group, Inc. <sup>(a)</sup>  | 320 | $29910 |
| Ford Motor Co.  | 8312 | 111131 |
| Garmin Ltd.  | 324 | 28525 |
| General Motors Co.  | 3069 | 120458 |
| Genuine Parts Co.  | 298 | 53002 |
| Hasbro, Inc.  | 273 | 17813 |
| Hilton Worldwide Holdings, Inc.  | 577 | 78045 |
| Las Vegas Sands Corp. <sup>(a)</sup>  | 692 | 26303 |
| Lennar Corp. - Class A  | 537 | 43336 |
| LKQ Corp.  | 548 | 30491 |
| Lowe's Cos., Inc.  | 1345 | 262208 |
| Marriott International, Inc.  | 581 | 93024 |
| McDonald's Corp.  | 1549 | 422350 |
| MGM Resorts International  | 686 | 24401 |
| Mohawk Industries, Inc. <sup>(a)</sup>  | 110 | 10423 |
| Newell Brands, Inc.  | 792 | 10938 |
| NIKE, Inc. - Class B  | 2660 | 246529 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup>  | 887 | 14981 |
| NVR, Inc. <sup>(a)</sup>  | 6 | 25427 |
| O'Reilly Automotive, Inc. <sup>(a)</sup>  | 134 | 112181 |
| Pool Corp.  | 83 | 25251 |
| PulteGroup, Inc.  | 487 | 19475 |
| Ralph Lauren Corp.  | 90 | 8342 |
| Ross Stores, Inc.  | 737 | 70524 |
| Royal Caribbean Cruises Ltd. <sup>(a)</sup>  | 461 | 24608 |
| Starbucks Corp.  | 2415 | 209115 |
| Tapestry, Inc.  | 530 | 16790 |
| Target Corp.  | 976 | 160308 |
| Tesla Motors, Inc. <sup>(a)</sup>  | 5605 | 1275362 |
| The Home Depot, Inc.  | 2163 | 640529 |
| The TJX Cos., Inc.  | 2465 | 177727 |
| Tractor Supply Co.  | 233 | 51206 |
| Ulta Beauty, Inc. <sup>(a)</sup>  | 109 | 45711 |
| VF Corp.  | 695 | 19634 |
| Whirlpool Corp.  | 115 | 15898 |
| Wynn Resorts Ltd. <sup>(a)</sup>  | 218 | 13930 |
| Yum! Brands, Inc.  | 598 | 70714 |
|  |  | 7441329 |
| **Consumer Staples — 6.1%** | **Consumer Staples — 6.1%** |  |
| Altria Group, Inc.  | 3790 | 175363 |
| Archer-Daniels-Midland Co.  | 1180 | 114436 |
| Brown-Forman Corp. - Class B  | 385 | 26180 |
| Campbell Soup Co.  | 424 | 22434 |
| Church & Dwight Co., Inc.  | 511 | 37881 |
| Colgate-Palmolive Co.  | 1755 | 129589 |
| Conagra Brands, Inc.  | 1011 | 37104 |
| Constellation Brands, Inc. - Class A  | 336 | 83019 |
| Costco Wholesale Corp.  | 932 | 467398 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** |
| **Consumer Staples — 6.1% (Continued)** | **Consumer Staples — 6.1% (Continued)** | **Consumer Staples — 6.1% (Continued)** |
| General Mills, Inc.  | 1254 | $102301 |
| Hormel Foods Corp.  | 609 | 28288 |
| Kellogg Co.  | 537 | 41252 |
| Keurig Dr Pepper, Inc.  | 1788 | 69446 |
| Kimberly-Clark Corp.  | 711 | 88491 |
| Lamb Weston Holdings, Inc.  | 303 | 26125 |
| McCormick & Co., Inc.  | 527 | 41443 |
| Molson Coors Brewing Co. - Class B  | 396 | 19970 |
| Mondelez International, Inc.  | 2885 | 177370 |
| Monster Beverage Corp. <sup>(a)</sup>  | 809 | 75820 |
| PepsiCo, Inc.  | 2904 | 527308 |
| Philip Morris International, Inc.  | 3262 | 299615 |
| Sysco Corp.  | 1072 | 92792 |
| The Clorox Co.  | 259 | 37824 |
| The Coca-Cola Co.  | 8191 | 490231 |
| The Estee Lauder Cos., Inc.  | 488 | 97839 |
| The Hershey Co.  | 309 | 73780 |
| The JM Smucker Co.  | 224 | 33748 |
| The Kraft Heinz Co.  | 1677 | 64514 |
| The Kroger Co.  | 1371 | 64835 |
| The Procter & Gamble Co.  | 5029 | 677255 |
| Tyson Foods, Inc. - Class A  | 610 | 41694 |
| Walgreens Boots Alliance, Inc.  | 1510 | 55115 |
| Walmart, Inc.  | 2999 | 426848 |
|  |  | 4747308 |
| **Energy — 4.7%** | **Energy — 4.7%** |  |
| APA Corp.  | 687 | 31231 |
| Baker Hughes Co.  | 2129 | 58888 |
| Chevron Corp.  | 3790 | 685611 |
| ConocoPhillips  | 2679 | 337795 |
| Coterra Energy, Inc.  | 1675 | 52143 |
| Devon Energy Corp.  | 1378 | 106588 |
| Diamondback Energy, Inc.  | 374 | 58759 |
| EOG Resources, Inc.  | 1234 | 168466 |
| EQT Corp.  | 779 | 32593 |
| Exxon Mobil Corp.  | 8771 | 971915 |
| Halliburton Co.  | 1909 | 69526 |
| Hess Corp.  | 586 | 82673 |
| Kinder Morgan, Inc.  | 4173 | 75615 |
| Marathon Oil Corp.  | 1426 | 43422 |
| Marathon Petroleum Corp.  | 1050 | 119301 |
| Occidental Petroleum Corp.  | 1568 | 113837 |
| ONEOK, Inc.  | 940 | 55761 |
| Phillips 66  | 1013 | 105646 |
| Pioneer Natural Resources Co.  | 502 | 128718 |
| Schlumberger Ltd.  | 2977 | 154893 |
| Targa Resources Corp.  | 477 | 32612 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy — 4.7% (Continued)** | **Energy — 4.7% (Continued)** | **Energy — 4.7% (Continued)** |
| The Williams Cos., Inc.  | 2565 | $83952 |
| Valero Energy Corp.  | 830 | 104206 |
|  |  | 3674151 |
| **Financials — 10.1%** | **Financials — 10.1%** |  |
| Aflac, Inc.  | 1210 | 78783 |
| American Express Co.  | 1262 | 187344 |
| American International Group, Inc.  | 1600 | 91200 |
| Ameriprise Financial, Inc.  | 228 | 70479 |
| Aon PLC  | 444 | 124982 |
| Arch Capital Group Ltd. <sup>(a)</sup>  | 795 | 45713 |
| Arthur J Gallagher & Co.  | 443 | 82876 |
| Assurant, Inc.  | 112 | 15216 |
| Bank of America Corp.  | 14713 | 530257 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 3798 | 1120752 |
| BlackRock, Inc.  | 317 | 204753 |
| Brown & Brown, Inc.  | 493 | 28983 |
| Capital One Financial Corp.  | 808 | 85664 |
| Cboe Global Markets, Inc.  | 223 | 27763 |
| Chubb Ltd.  | 879 | 188888 |
| Cincinnati Financial Corp.  | 336 | 34716 |
| Citigroup, Inc.  | 4076 | 186925 |
| Citizens Financial Group, Inc.  | 1043 | 42659 |
| CME Group, Inc.  | 756 | 131015 |
| Comerica, Inc.  | 275 | 19387 |
| Discover Financial Services  | 575 | 60065 |
| Everest Re Group Ltd.  | 83 | 26781 |
| FactSet Research Systems, Inc.  | 80 | 34039 |
| Fifth Third Bancorp  | 1444 | 51536 |
| First Republic Bank  | 385 | 46239 |
| Franklin Resources, Inc.  | 597 | 14000 |
| Globe Life, Inc.  | 190 | 21949 |
| Huntington Bancshares, Inc.  | 3035 | 46071 |
| Intercontinental Exchange, Inc.  | 1175 | 112295 |
| Invesco Ltd.  | 958 | 14677 |
| JPMorgan Chase & Co.  | 6172 | 776931 |
| KeyCorp.  | 1963 | 35079 |
| Lincoln National Corp.  | 326 | 17562 |
| Loews Corp.  | 420 | 23948 |
| M&T Bank Corp.  | 369 | 62129 |
| MarketAxess Holdings, Inc.  | 79 | 19279 |
| Marsh & McLennan Cos., Inc.  | 1051 | 169726 |
| MetLife, Inc.  | 1410 | 103226 |
| Moody's Corp.  | 332 | 87937 |
| Morgan Stanley  | 2818 | 231555 |
| MSCI, Inc.  | 170 | 79706 |
| Nasdaq, Inc.  | 713 | 44377 |
| Northern Trust Corp.  | 439 | 37030 |
| Principal Financial Group, Inc.  | 488 | 43007 |
| Prudential Financial, Inc.  | 783 | 82364 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** |
| **Financials — 10.1% (Continued)** | **Financials — 10.1% (Continued)** | **Financials — 10.1% (Continued)** |
| Raymond James Financial, Inc.  | 409 | $48319 |
| Regions Financial Corp.  | 1966 | 43154 |
| S&P Global, Inc.  | 717 | 230336 |
| Signature Bank  | 132 | 20926 |
| State Street Corp.  | 773 | 57202 |
| SVB Financial Group <sup>(a)</sup>  | 125 | 28870 |
| Synchrony Financial  | 1014 | 36058 |
| T Rowe Price Group, Inc.  | 475 | 50426 |
| The Allstate Corp.  | 569 | 71836 |
| The Bank of New York Mellon Corp.  | 1548 | 65186 |
| The Charles Schwab Corp.  | 3213 | 255980 |
| The Goldman Sachs Group, Inc.  | 718 | 247358 |
| The Hartford Financial Services Group, Inc.  | 680 | 49239 |
| The PNC Financial Services Group, Inc.  | 863 | 139659 |
| The Progressive Corp.  | 1231 | 158060 |
| The Travelers Cos., Inc.  | 499 | 92046 |
| Truist Financial Corp.  | 2792 | 125054 |
| US Bancorp  | 2846 | 120813 |
| W R Berkley Corp.  | 430 | 31983 |
| Wells Fargo & Co.  | 7982 | 367092 |
| Willis Towers Watson PLC  | 231 | 50407 |
| Zions Bancorp  | 317 | 16465 |
|  |  | 7846332 |
| **Health Care — 13.5%** | **Health Care — 13.5%** |  |
| Abbott Laboratories  | 3686 | 364693 |
| AbbVie, Inc.  | 3721 | 544754 |
| ABIOMED, Inc. <sup>(a)</sup>  | 96 | 24200 |
| Agilent Technologies, Inc.  | 629 | 87022 |
| Align Technology, Inc. <sup>(a)</sup>  | 152 | 29534 |
| AmerisourceBergen Corp.  | 327 | 51411 |
| Amgen, Inc.  | 1126 | 304414 |
| Baxter International, Inc.  | 1060 | 57611 |
| Becton Dickinson and Co.  | 600 | 141582 |
| Biogen, Inc. <sup>(a)</sup>  | 306 | 86733 |
| Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 45 | 15827 |
| Bio-Techne Corp.  | 83 | 24590 |
| Boston Scientific Corp. <sup>(a)</sup>  | 3013 | 129890 |
| Bristol-Myers Squibb Co.  | 4494 | 348150 |
| Cardinal Health, Inc.  | 573 | 43491 |
| Catalent, Inc. <sup>(a)</sup>  | 377 | 24780 |
| Centene Corp. <sup>(a)</sup>  | 1203 | 102411 |
| Charles River Laboratories International, Inc. <sup>(a)</sup>  | 107 | 22711 |
| Cigna Corp.  | 642 | 207405 |
| CVS Health Corp.  | 2763 | 261656 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care — 13.5% (Continued)** | **Health Care — 13.5% (Continued)** | **Health Care — 13.5% (Continued)** |
| Danaher Corp.  | 1378 | $346801 |
| DaVita, Inc. <sup>(a)</sup>  | 118 | 8615 |
| DENTSPLY SIRONA, Inc.  | 453 | 13961 |
| DexCom, Inc. <sup>(a)</sup>  | 827 | 99885 |
| Edwards Lifesciences Corp. <sup>(a)</sup>  | 1304 | 94449 |
| Elevance Health, Inc.  | 505 | 276119 |
| Eli Lilly & Co.  | 1659 | 600707 |
| Gilead Sciences, Inc.  | 2638 | 206978 |
| HCA Healthcare, Inc.  | 453 | 98514 |
| Henry Schein, Inc. <sup>(a)</sup>  | 286 | 19580 |
| Hologic, Inc. <sup>(a)</sup>  | 526 | 35663 |
| Humana, Inc.  | 266 | 148449 |
| IDEXX Laboratories, Inc. <sup>(a)</sup>  | 175 | 62944 |
| Illumina, Inc. <sup>(a)</sup>  | 330 | 75511 |
| Incyte Corp. <sup>(a)</sup>  | 389 | 28918 |
| Intuitive Surgical, Inc. <sup>(a)</sup>  | 752 | 185345 |
| IQVIA Holdings, Inc. <sup>(a)</sup>  | 393 | 82400 |
| Johnson & Johnson  | 5533 | 962576 |
| Laboratory Corp. of American Holdings  | 190 | 42153 |
| McKesson Corp.  | 303 | 117979 |
| Medtronic PLC  | 2797 | 244290 |
| Merck & Co., Inc.  | 5332 | 539598 |
| Mettler-Toledo International, Inc. <sup>(a)</sup>  | 47 | 59452 |
| Moderna, Inc. <sup>(a)</sup>  | 708 | 106434 |
| Molina Healthcare, Inc. <sup>(a)</sup>  | 123 | 44140 |
| Organon & Co.  | 535 | 14006 |
| PerkinElmer, Inc.  | 266 | 35532 |
| Pfizer, Inc.  | 11811 | 549802 |
| Quest Diagnostics, Inc.  | 246 | 35338 |
| Regeneron Pharmaceuticals, Inc. <sup>(a)</sup>  | 226 | 169218 |
| ResMed, Inc.  | 308 | 68897 |
| STERIS PLC  | 211 | 36414 |
| Stryker Corp.  | 709 | 162531 |
| Teleflex, Inc.  | 98 | 21027 |
| The Cooper Cos., Inc.  | 103 | 28159 |
| Thermo Fisher Scientific, Inc.  | 825 | 424025 |
| UnitedHealth Group, Inc.  | 1968 | 1092535 |
| Universal Health Services, Inc. - Class B  | 138 | 15990 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 540 | 168480 |
| Viatris, Inc.  | 2552 | 25852 |
| Waters Corp. <sup>(a)</sup>  | 126 | 37695 |
| West Pharmaceutical Services, Inc.  | 156 | 35896 |
| Zimmer Biomet Holdings, Inc.  | 442 | 50101 |
| Zoetis, Inc.  | 985 | 148518 |
|  |  | 10494342 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** |
| **Industrials — 7.3%** | **Industrials — 7.3%** |  |
| 3M Co.  | 1165 | $146545 |
| A O Smith Corp.  | 270 | 14791 |
| Alaska Air Group, Inc. <sup>(a)</sup>  | 267 | 11871 |
| Allegion PLC  | 185 | 19383 |
| American Airlines Group, Inc. <sup>(a)</sup>  | 1368 | 19398 |
| AMETEK, Inc.  | 483 | 62626 |
| Carrier Global Corp.  | 1771 | 70415 |
| Caterpillar, Inc.  | 1111 | 240487 |
| CH Robinson Worldwide, Inc.  | 261 | 25505 |
| Cintas Corp.  | 181 | 77387 |
| Copart, Inc. <sup>(a)</sup>  | 450 | 51759 |
| CoStar Group, Inc. <sup>(a)</sup>  | 834 | 68989 |
| CSX Corp.  | 4506 | 130944 |
| Cummins, Inc.  | 297 | 72620 |
| Deere & Co.  | 585 | 231555 |
| Delta Air Lines, Inc. <sup>(a)</sup>  | 1349 | 45772 |
| Dover Corp.  | 302 | 39468 |
| Eaton Corp. PLC  | 838 | 125759 |
| Emerson Electric Co.  | 1244 | 107730 |
| Equifax, Inc.  | 258 | 43741 |
| Expeditors International of Washington, Inc.  | 345 | 33758 |
| Fastenal Co.  | 1209 | 58431 |
| FedEx Corp.  | 503 | 80621 |
| Fortive Corp.  | 749 | 47861 |
| Fortune Brands Home & Security, Inc.  | 272 | 16407 |
| Generac Holdings, Inc. <sup>(a)</sup>  | 134 | 15532 |
| General Dynamics Corp.  | 474 | 118405 |
| General Electric Co.  | 2308 | 179586 |
| Honeywell International, Inc.  | 1418 | 289300 |
| Howmet Aerospace, Inc.  | 778 | 27658 |
| Huntington Ingalls Industries, Inc.  | 84 | 21594 |
| IDEX Corp.  | 159 | 35347 |
| Illinois Tool Works, Inc.  | 593 | 126623 |
| Ingersoll Rand, Inc.  | 848 | 42824 |
| Jacobs Solutions, Inc.  | 269 | 30994 |
| JB Hunt Trasport Services, Inc.  | 175 | 29937 |
| Johnson Controls International PLC  | 1450 | 83868 |
| L3Harris Technologies, Inc.  | 403 | 99327 |
| Leidos Holdings, Inc.  | 287 | 29156 |
| Lockheed Martin Corp.  | 496 | 241393 |
| Masco Corp.  | 475 | 21978 |
| Nordson Corp.  | 114 | 25650 |
| Norfolk Southern Corp.  | 494 | 112667 |
| Northrop Grumman Corp.  | 306 | 167997 |
| Old Dominion Freight Line, Inc.  | 193 | 52998 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 7.3% (Continued)** | **Industrials — 7.3% (Continued)** | **Industrials — 7.3% (Continued)** |
| Otis Worldwide Corp.  | 885 | $62516 |
| PACCAR, Inc.  | 731 | 70783 |
| Parker-Hannifin Corp.  | 270 | 78467 |
| Pentair PLC  | 346 | 14861 |
| Quanta Services, Inc.  | 301 | 42754 |
| Raytheon Technologies Corp.  | 3108 | 294701 |
| Republic Services, Inc.  | 432 | 57292 |
| Robert Half International, Inc.  | 230 | 17586 |
| Rockwell Automation, Inc.  | 242 | 61783 |
| Rollins, Inc.  | 487 | 20493 |
| Snap-On, Inc.  | 113 | 25092 |
| Southwest Airlines Co. <sup>(a)</sup>  | 1249 | 45401 |
| Stanley Black & Decker, Inc.  | 311 | 24410 |
| Textron, Inc.  | 445 | 30456 |
| The Boeing Co. <sup>(a)</sup>  | 1174 | 167307 |
| Trane Technologies PLC  | 488 | 77899 |
| TransDigm Group, Inc.  | 108 | 62182 |
| Union Pacific Corp.  | 1315 | 259239 |
| United Airlines Holdings, Inc. <sup>(a)</sup>  | 687 | 29596 |
| United Parcel Service, Inc. - Class B  | 1541 | 258534 |
| United Rentals, Inc. <sup>(a)</sup>  | 147 | 46409 |
| Verisk Analytics, Inc.  | 330 | 60334 |
| W.W. Grainger, Inc.  | 95 | 55513 |
| Waste Management, Inc.  | 792 | 125429 |
| Westinghouse Air Brake Technologies Corp.  | 383 | 35726 |
| Xylem, Inc.  | 380 | 38923 |
|  |  | 5660343 |
| **Information Technology — 23.1%** | **Information Technology — 23.1%** |  |
| Accenture PLC - Class A  | 1331 | 377871 |
| Adobe, Inc. <sup>(a)</sup>  | 985 | 313722 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 3397 | 204024 |
| Akamai Technologies, Inc. <sup>(a)</sup>  | 335 | 29591 |
| Amphenol Corp.  | 1252 | 94939 |
| Analog Devices, Inc.  | 1094 | 156026 |
| ANSYS, Inc. <sup>(a)</sup>  | 183 | 40472 |
| Apple, Inc.  | 31792 | 4874985 |
| Applied Materials, Inc.  | 1831 | 161659 |
| Arista Networks, Inc. <sup>(a)</sup>  | 519 | 62726 |
| Autodesk, Inc. <sup>(a)</sup>  | 457 | 97935 |
| Automatic Data Processing, Inc.  | 875 | 211488 |
| Broadcom, Inc.  | 850 | 399602 |
| Broadridge Financial Solutions, Inc.  | 247 | 37065 |
| Cadence Design System, Inc. <sup>(a)</sup>  | 576 | 87201 |
| CDW Corp.  | 284 | 49078 |
| Ceridian HCM Holding, Inc. <sup>(a)</sup>  | 322 | 21313 |
| Cisco Systems, Inc.  | 8715 | 395922 |
| Cognizant Technology Solutions Corp.  | 1089 | 67790 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** |
| **Information Technology — 23.1% (Continued)** | **Information Technology — 23.1% (Continued)** | **Information Technology — 23.1% (Continued)** |
| Corning, Inc.  | 1601 | $51504 |
| DXC Technology Co. <sup>(a)</sup>  | 484 | 13915 |
| Enphase Energy, Inc. <sup>(a)</sup>  | 285 | 87495 |
| EPAM Systems, Inc. <sup>(a)</sup>  | 121 | 42350 |
| F5, Inc. <sup>(a)</sup>  | 126 | 18007 |
| Fidelity National Information Services, Inc.  | 1280 | 106227 |
| Fiserv, Inc. <sup>(a)</sup>  | 1346 | 138288 |
| FleetCor Technologies, Inc. <sup>(a)</sup>  | 158 | 29407 |
| Fortinet, Inc. <sup>(a)</sup>  | 1377 | 78709 |
| Gartner, Inc. <sup>(a)</sup>  | 167 | 50421 |
| Global Payments, Inc.  | 583 | 66614 |
| Hewlett Packard Enterprise Co.  | 2734 | 39014 |
| HP, Inc.  | 1915 | 52892 |
| Intel Corp.  | 8641 | 245664 |
| International Business Machines Corp.  | 1901 | 262889 |
| Intuit, Inc.  | 593 | 253508 |
| Jack Henry & Associates, Inc.  | 153 | 30456 |
| Juniper Networks, Inc.  | 679 | 20777 |
| Keysight Technologies, Inc. <sup>(a)</sup>  | 379 | 66003 |
| KLA Corp.  | 299 | 94619 |
| Lam Research Corp.  | 288 | 116577 |
| MasterCard, Inc. - Class A  | 1795 | 589083 |
| Microchip Technology, Inc.  | 1163 | 71804 |
| Micron Technology, Inc.  | 2321 | 125566 |
| Microsoft Corp.  | 15696 | 3643512 |
| Monolithic Power Systems, Inc.  | 93 | 31569 |
| Motorola Solutions, Inc.  | 351 | 87648 |
| NetApp, Inc.  | 462 | 32003 |
| NortonLifeLock, Inc.  | 1246 | 28072 |
| NVIDIA Corp.  | 5269 | 711157 |
| NXP Semiconductors NV  | 552 | 80636 |
| ON Semiconductor Corp. <sup>(a)</sup>  | 911 | 55963 |
| Oracle Corp.  | 3197 | 249590 |
| Paychex, Inc.  | 674 | 79741 |
| Paycom Software, Inc. <sup>(a)</sup>  | 102 | 35292 |
| PayPal Holdings, Inc. <sup>(a)</sup>  | 2434 | 203434 |
| PTC, Inc. <sup>(a)</sup>  | 222 | 26158 |
| Qorvo, Inc. <sup>(a)</sup>  | 217 | 18679 |
| QUALCOMM, Inc.  | 2363 | 278031 |
| Roper Technologies, Inc.  | 223 | 92442 |
| salesforce.com, Inc. <sup>(a)</sup>  | 2094 | 340463 |
| Seagate Technology Holdings PLC  | 411 | 20410 |
| ServiceNow, Inc. <sup>(a)</sup>  | 426 | 179235 |
| Skyworks Solutions, Inc.  | 338 | 29071 |
| SolarEdge Technologies, Inc. <sup>(a)</sup>  | 117 | 26914 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 23.1% (Continued)** | **Information Technology — 23.1% (Continued)** | **Information Technology — 23.1% (Continued)** |
| Synopsys, Inc. <sup>(a)</sup>  | 322 | $94201 |
| TE Connectivity Ltd.  | 673 | 82261 |
| Teledyne Technologies, Inc. <sup>(a)</sup>  | 98 | 39002 |
| Teradyne, Inc.  | 330 | 26846 |
| Texas Instruments, Inc.  | 1923 | 308891 |
| Trimble, Inc. <sup>(a)</sup>  | 522 | 31404 |
| Tyler Technologies, Inc. <sup>(a)</sup>  | 88 | 28453 |
| VeriSign, Inc. <sup>(a)</sup>  | 196 | 39290 |
| Visa, Inc. - Class A  | 3441 | 712838 |
| Western Digital Corp. <sup>(a)</sup>  | 659 | 22650 |
| Zebra Technologies Corp. <sup>(a)</sup>  | 109 | 30871 |
|  |  | 18001925 |
| **Materials — 2.2%** | **Materials — 2.2%** |  |
| Air Products & Chemicals, Inc.  | 466 | 116686 |
| Albemarle Corp.  | 247 | 69128 |
| Amcor PLC  | 3163 | 36628 |
| Avery Dennison Corp.  | 171 | 28993 |
| Ball Corp.  | 662 | 32696 |
| Celanese Corp.  | 210 | 20185 |
| CF Industries Holdings, Inc.  | 419 | 44523 |
| Corteva, Inc.  | 1512 | 98794 |
| Dow, Inc.  | 1511 | 70624 |
| DuPont de Nemours, Inc.  | 1054 | 60289 |
| Eastman Chemical Co.  | 259 | 19894 |
| Ecolab, Inc.  | 522 | 81991 |
| FMC Corp.  | 265 | 31508 |
| Freeport-McMoRan, Inc.  | 3010 | 95387 |
| International Flavors & Fragrances, Inc.  | 536 | 52319 |
| International Paper Co.  | 762 | 25611 |
| Linde PLC  | 1049 | 311920 |
| LyondellBasell Industries NV  | 535 | 40901 |
| Martin Marietta Materials, Inc.  | 131 | 44013 |
| Mosaic Co.  | 726 | 39023 |
| Newmont Goldcorp Corp.  | 1671 | 70717 |
| Nucor Corp.  | 551 | 72390 |
| Packaging Corp. of America  | 197 | 23681 |
| PPG Industries, Inc.  | 494 | 56405 |
| Sealed Air Corp.  | 306 | 14572 |
| The Sherwin-Williams Co.  | 496 | 111615 |
| Vulcan Materials Co.  | 279 | 45672 |
| Westrock Co.  | 535 | 18222 |
|  |  | 1734387 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** |  |
| CBRE Group, Inc. <sup>(a)</sup>  | 676 | 47955 |
| **Utilities — 2.6%** | **Utilities — 2.6%** |  |
| Alliant Energy Corp.  | 528 | 27546 |
| Ameren Corp.  | 544 | 44347 |

---

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** | **COMMON STOCKS — 85.8% (Continued)** |
| **Utilities — 2.6% (Continued)** | **Utilities — 2.6% (Continued)** | **Utilities — 2.6% (Continued)** |
| American Electric Power Co., Inc.  | 1081 | $95042 |
| American Water Works Co., Inc.  | 383 | 55665 |
| Atmos Energy Corp.  | 295 | 31432 |
| CenterPoint Energy, Inc.  | 1325 | 37908 |
| CMS Energy Corp.  | 611 | 34858 |
| Consolidated Edison, Inc.  | 746 | 65618 |
| Constellation Energy Corp.  | 687 | 64949 |
| Dominion Energy, Inc.  | 1752 | 122587 |
| DTE Energy Co.  | 408 | 45741 |
| Duke Energy Corp.  | 1620 | 150952 |
| Edison International  | 803 | 48212 |
| Entergy Corp.  | 428 | 45856 |
| Evergy, Inc.  | 483 | 29526 |
| Eversource Energy  | 729 | 55608 |
| Exelon Corp.  | 2087 | 80537 |
| FirstEnergy Corp.  | 1143 | 43103 |
| NextEra Energy, Inc.  | 4135 | 320462 |
| NiSource, Inc.  | 854 | 21939 |
| NRG Energy, Inc.  | 495 | 21978 |
| PG&E Corp. <sup>(a)</sup>  | 3388 | 50583 |
| Pinnacle West Capital Corp.  | 238 | 15996 |
| PPL Corp.  | 1550 | 41059 |
| Public Service Enterprise Group, Inc.  | 1050 | 58874 |
| Sempra Energy  | 662 | 99922 |
| The AES Corp.  | 1406 | 36781 |
| The Southern Co.  | 2237 | 146479 |
| WEC Energy Group, Inc.  | 664 | 60643 |
| Xcel Energy, Inc.  | 1151 | 74942 |
|  |  | 2029145 |
| TOTAL COMMON STOCKS (Cost $73,230,770)  | TOTAL COMMON STOCKS (Cost $73,230,770)  | 66713247 |
| **REAL ESTATE INVESTMENT TRUSTS — 2.2%** | **REAL ESTATE INVESTMENT TRUSTS — 2.2%** |  |
| Alexandria Real Estate Equities, Inc.  | 312 | 45334 |
| American Tower Corp.  | 980 | 203046 |
| AvalonBay Communities, Inc.  | 295 | 51661 |
| Boston Properties, Inc.  | 300 | 21810 |
| Camden Property Trust  | 224 | 25883 |
| Crown Castle, Inc.  | 911 | 121400 |
| Digital Realty Trust, Inc.  | 605 | 60651 |
| Equinix, Inc.  | 191 | 108190 |
| Equity Residential  | 712 | 44870 |
| Essex Property Trust, Inc.  | 137 | 30447 |
| Extra Space Storage, Inc.  | 281 | 49861 |
| Federal Realty Investment Trust  | 153 | 15144 |
| Healthpeak Properties, Inc.  | 1136 | 26957 |
| Host Hotels & Resorts, Inc.  | 1505 | 28415 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE INVESTMENT TRUSTS — 2.2% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS — 2.2% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS — 2.2% (Continued)** |
| Invitation Homes, Inc.  | 1220 | $38662 |
| Iron Mountain, Inc.  | 612 | 30643 |
| Kimco Realty Corp.  | 1301 | 27815 |
| Mid-America Apartment Communities, Inc.  | 242 | 38103 |
| Prologis, Inc.  | 1943 | 215187 |
| Public Storage  | 332 | 102837 |
| Realty Income Corp.  | 1300 | 80951 |
| Regency Centers Corp.  | 324 | 19605 |
| SBA Communications Corp.  | 227 | 61267 |
| Simon Property Group, Inc.  | 688 | 74978 |
| UDR, Inc.  | 642 | 25526 |
| Ventas, Inc.  | 841 | 32908 |
| VICI Properties, Inc.  | 2027 | 64904 |
| Vornado Realty Trust  | 339 | 7997 |
| Welltower, Inc.  | 975 | 59514 |
| Weyerhaeuser Co.  | 1558 | 48189 |
| TOTAL REAL ESTATE INVESTMENT TRUSTS <br>(Cost $2,121,563)  |  | 1762755 |
|  | **Principal <br> Amount** |  |
| **SHORT-TERM INVESTMENTS — 10.0%** | **SHORT-TERM INVESTMENTS — 10.0%** |  |
| **Money Market Deposit Accounts — 3.8%** | **Money Market Deposit Accounts — 3.8%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(b)</sup>  | $2929607 | <u>2929607</u> |
| **US Treasury Bill/Note/Bond — 6.2%** | **US Treasury Bill/Note/Bond — 6.2%** |  |
| United States Treasury Bill 02/22/23 0.00%  | 2500000 | 2467443 |
| United States Treasury Note Bond 02/29/24 1.500%  | 2500000 | 2399854 |
|  |  | 4867297 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $7,870,294)  |  | 7796904 |
| **Total Investments (Cost $83,222,627) — 98.1%**  |  | 76272906 |
| **Other Assets in Excess of Liabilities — 1.9%**  |  | 1491717 |
| **TOTAL NET ASSETS — 100.0%**  |  | $77764623 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**SCHEDULE OF OPEN FUTURES CONTRACTS<br> October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of <br> Contracts** | **Long/Short** | **Expiration <br> Date** | **Notional Value** | **Value & <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| 258 | Long <br> S&P 500 Annual Dividend Futures Index <sup>(a)</sup>  | 12/16/2022 | $4279575 | $130816 |
| 258 | Long<br> S&P 500 Annual Dividend Futures Index <sup>(a)</sup>  | 12/15/2023 | 4198950 | 34291 |
| 258 | Long<br> S&P 500 Annual Dividend Futures Index <sup>(a)</sup>  | 12/20/2024 | 4063500 | (91460) |
|  |  |  |  | $73647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange traded.

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

Pacer Data and Digital Revolution ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |  |
| **Industrials — 7.4%** | **Industrials — 7.4%** |  |
| AAON, Inc.  | 36 | $2322 |
| Atkore, Inc. <sup>(a)</sup>  | 28 | 2668 |
| Encore Wire Corp.  | 13 | 1789 |
| Hexatronic Group AB  | 140 | 1896 |
| Johnson Controls International PLC  | 478 | 27647 |
| Legrand SA  | 181 | 13800 |
| Lennox International, Inc.  | 24 | 5606 |
| Nexans SA  | 30 | 2805 |
| nVent Electric PLC  | 114 | 4161 |
| SPX Technologies, Inc. <sup>(a)</sup>  | 31 | 2041 |
|  |  | 64735 |
| **Information Technology — 92.4%** | **Information Technology — 92.4%** |  |
| A10 Networks, Inc.  | 52 | 874 |
| Advanced Micro Devices, Inc. <sup>(a)</sup>  | 702 | 42162 |
| Akamai Technologies, Inc. <sup>(a)</sup>  | 110 | 9716 |
| Alteryx, Inc. - Class A <sup>(a)</sup>  | 41 | 1998 |
| Ambarella, Inc. <sup>(a)</sup>  | 26 | 1423 |
| Arista Networks, Inc. <sup>(a)</sup>  | 209 | 25260 |
| Belden, Inc.  | 30 | 2089 |
| BlackBerry Ltd. <sup>(a)</sup>  | 400 | 1856 |
| Broadcom, Inc.  | 175 | 82271 |
| Calix, Inc. <sup>(a)</sup>  | 44 | 3240 |
| Check Point Software Technologies Ltd. <sup>(a)</sup>  | 86 | 11114 |
| Ciena Corp. <sup>(a)</sup>  | 102 | 4886 |
| Cisco Systems, Inc.  | 1793 | 81456 |
| CommScope Holding Co., Inc. <sup>(a)</sup>  | 138 | 1827 |
| CommVault Systems, Inc. <sup>(a)</sup>  | 30 | 1827 |
| Computacenter Plc  | 80 | 1667 |
| Confluent, Inc. Class A <sup>(a)</sup>  | 96 | 2580 |
| Crowdstrike Holdings, Inc. Class A <sup>(a)</sup>  | 147 | 23696 |
| CyberArk Software Ltd. <sup>(a)</sup>  | 28 | 4393 |
| Datadog, Inc. Class A <sup>(a)</sup>  | 200 | 16102 |
| Domo, Inc. - Class B <sup>(a)</sup>  | 21 | 371 |
| Dropbox, Inc. Class A <sup>(a)</sup>  | 199 | 4328 |
| DXC Technology Co. <sup>(a)</sup>  | 156 | 4485 |
| Dynatrace, Inc. <sup>(a)</sup>  | 198 | 6977 |
| Elastic NV <sup>(a)</sup>  | 65 | 4157 |
| Extreme Networks, Inc. <sup>(a)</sup>  | 90 | 1615 |
| F5, Inc. <sup>(a)</sup>  | 41 | 5859 |
| Fortinet, Inc. <sup>(a)</sup>  | 552 | 31552 |
| Hewlett Packard Enterprise Co.  | 893 | 12743 |
| Infinera Corp. <sup>(a)</sup>  | 149 | 836 |
| Informatica, Inc. - Class A <sup>(a)</sup>  | 164 | 3175 |
| Intel Corp.  | 1778 | 50549 |
| InterDigital, Inc.  | 21 | 1047 |
| Juniper Networks, Inc.  | 222 | 6793 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology — 92.4% (Continued)**  | **Information Technology — 92.4% (Continued)**  | **Information Technology — 92.4% (Continued)**  |
| MaxLinear, Inc. <sup>(a)</sup>  | 54 | $1668 |
| Micro Focus International PLC  | 234 | 1400 |
| MicroStrategy, Inc. <sup>(a)</sup>  | 6 | 1605 |
| MongoDB, Inc. <sup>(a)</sup>  | 47 | 8602 |
| Motorola Solutions, Inc.  | 115 | 28717 |
| NEC Networks & System Integration Corp.  | 104 | 1114 |
| NET One Systems Co Ltd.  | 58 | 1194 |
| NetApp, Inc.  | 151 | 10460 |
| NetScout Systems, Inc. <sup>(a)</sup>  | 49 | 1760 |
| New Relic, Inc. <sup>(a)</sup>  | 46 | 2725 |
| Nokia OYJ  | 3870 | 17239 |
| Nutanix, Inc. <sup>(a)</sup>  | 154 | 4220 |
| NVIDIA Corp.  | 564 | 76123 |
| Okta, Inc. <sup>(a)</sup>  | 104 | 5836 |
| Oracle Corp Japan  | 88 | 4701 |
| Palo Alto Networks, Inc. <sup>(a)</sup>  | 206 | 35348 |
| Pure Storage, Inc. <sup>(a)</sup>  | 204 | 6295 |
| Qualys, Inc. <sup>(a)</sup>  | 27 | 3849 |
| Rackspace Technology, Inc. <sup>(a)</sup>  | 145 | 747 |
| Radware Ltd. <sup>(a)</sup>  | 31 | 713 |
| Rapid7, Inc. <sup>(a)</sup>  | 40 | 1811 |
| Seagate Technology Holdings PLC  | 148 | 7350 |
| Secunet Security Networks AG  | 4 | 878 |
| Semtech Corp. <sup>(a)</sup>  | 44 | 1218 |
| SentinelOne, Inc. Class A <sup>(a)</sup>  | 137 | 3129 |
| Snowflake, Inc. <sup>(a)</sup>  | 219 | 35106 |
| SolarWinds Corp. <sup>(a)</sup>  | 110 | 1026 |
| Splunk, Inc. <sup>(a)</sup>  | 111 | 9225 |
| Sumo Logic, Inc. <sup>(a)</sup>  | 80 | 617 |
| Super Micro Computer, Inc. <sup>(a)</sup>  | 36 | 2505 |
| Telefonaktiebolaget LM Ericsson - Class B  | 2087 | 11596 |
| Tenable Holdings, Inc. <sup>(a)</sup>  | 76 | 3089 |
| Teradata Corp. <sup>(a)</sup>  | 73 | 2306 |
| Trend Micro, Inc.  | 96 | 4851 |
| Varonis Systems, Inc. <sup>(a)</sup>  | 76 | 2035 |
| VMware, Inc.  | 290 | 32634 |
| Western Digital Corp. <sup>(a)</sup>  | 215 | 7390 |
| Zscaler, Inc. <sup>(a)</sup>  | 98 | 15102 |
|  |  | 811108 |
| TOTAL COMMON STOCKS (Cost $1,012,333)  |  | 875843 |

---

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

Pacer Data and Digital Revolution ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Money Market Deposit Accounts — 0.3%** | **Money Market Deposit Accounts — 0.3%** |  |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(b)</sup>  | $2233 | $2233 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,233)  |  | 2233 |
| **Total Investments (Cost $1,014,566) — 100.0%**  |  | 878076 |
| **Liabilities in Excess of Other Assets — 0.0% <sup>(c)</sup>**  |  | (308) |
| **TOTAL NET ASSETS — 100.0%**  |  | $877768 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Less than 0.05%.

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

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

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

Pacer Industrials and Logistics ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |  |
| **Consumer Discretionary — 0.2%** | **Consumer Discretionary — 0.2%** |  |
| Xometry, Inc. - Class A <sup>(a)</sup>  | 28 | $1682 |
| **Energy — 0.1%** | **Energy — 0.1%** |  |
| SFL Corp Ltd.  | 90 | 918 |
| **Health Care — 0.1%** | **Health Care — 0.1%** |  |
| CryoPort, Inc. <sup>(a)</sup>  | 31 | 860 |
| **Industrials — 79.6%** | **Industrials — 79.6%** |  |
| Air Transport Services Group, Inc. <sup>(a)</sup>  | 48 | 1402 |
| AP Moller - Maersk A/S - Class B  | 6 | 12554 |
| ArcBest Corp.  | 15 | 1191 |
| Atlas Air Worldwide Holdings, Inc. <sup>(a)</sup>  | 17 | 1719 |
| Atlas Corp.  | 159 | 2352 |
| ATS Automation Tooling Systems, Inc. <sup>(a)</sup>  | 60 | 1896 |
| AutoStore Holdings Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 2210 | 4173 |
| AZ-COM MARUWA Holdings, Inc.  | 84 | 800 |
| bpost SA  | 128 | 633 |
| Canadian National Railway Co.  | 428 | 50643 |
| Canadian Pacific Railway Ltd.  | 576 | 42886 |
| Cargojet, Inc.  | 12 | 1168 |
| Cargotec Oyj - Class B  | 36 | 1355 |
| CH Robinson Worldwide, Inc.  | 81 | 7915 |
| China Merchants Port Holdings Co Ltd.  | 2572 | 3014 |
| Cia de Distribucion Integral Logista Holdings SA  | 86 | 1780 |
| Clarkson Plc  | 20 | 637 |
| COSCO SHIPPING Holdings Co Ltd. - Class H  | 2162 | 2333 |
| COSCO SHIPPING Ports Ltd.  | 2136 | 1053 |
| Costamare, Inc.  | 80 | 755 |
| CSX Corp.  | 1323 | 38446 |
| D/S Norden A/S  | 24 | 1245 |
| Daifuku Co. Ltd.  | 82 | 3762 |
| Danaos Corp.  | 13 | 737 |
| Deutsche Post AG  | 817 | 28997 |
| Dfds A/S  | 38 | 1154 |
| DSV A/S  | 154 | 20853 |
| Expeditors International of Washington, Inc.  | 110 | 10763 |
| FedEx Corp.  | 171 | 27408 |
| Forward Air Corp.  | 17 | 1800 |
| FTI Consulting, Inc. <sup>(a)</sup>  | 22 | 3424 |
| Full Truck Alliance Co Ltd. - ADR <sup>(a)</sup>  | 642 | 3056 |
| Golden Ocean Group Ltd.  | 130 | 1083 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials — 79.6% (Continued)** | **Industrials — 79.6% (Continued)** | **Industrials — 79.6% (Continued)** |
| GXO Logistics, Inc. <sup>(a)</sup>  | 76 | $2777 |
| Hapag-Lloyd AG <sup>(b)</sup>  | 116 | 20969 |
| Heartland Express, Inc.  | 50 | 744 |
| Hitachi Transport System Ltd.  | 54 | 3230 |
| Hub Group, Inc. - Class A <sup>(a)</sup>  | 22 | 1707 |
| Hutchison Port Holdings Trust  | 5614 | 915 |
| ICF International, Inc.  | 12 | 1436 |
| International Container Terminal Services, Inc.  | 1314 | 3923 |
| International Distributions Services Plc  | 616 | 1435 |
| JB Hunt Trasport Services, Inc.  | 68 | 11633 |
| JD Logistics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 4348 | 6071 |
| Kamigumi Co Ltd.  | 82 | 1560 |
| Kardex Holding AG  | 4 | 612 |
| Kawasaki Kisen Kaisha Ltd.  | 180 | 2738 |
| Kerry Logistics Network Ltd.  | 1164 | 1848 |
| KION Group AG  | 84 | 1865 |
| Kirby Corp. <sup>(a)</sup>  | 38 | 2650 |
| Knight-Swift Transportation Holdings, Inc.  | 105 | 5043 |
| Kuehne + Nagel International AG  | 80 | 17059 |
| Landstar System, Inc.  | 23 | 3593 |
| Mainfreight Ltd.  | 64 | 2827 |
| Marten Transport Ltd.  | 52 | 976 |
| Matson, Inc.  | 26 | 1913 |
| Mitsubishi Logistics Corp.  | 56 | 1230 |
| Mitsui OSK Lines Ltd.  | 234 | 4646 |
| MPC Container Ships ASA  | 286 | 451 |
| NIPPON EXPRESS HOLDINGS, Inc.  | 58 | 2915 |
| Nippon Yusen KK  | 330 | 5992 |
| Norfolk Southern Corp.  | 154 | 35123 |
| Old Dominion Freight Line, Inc.  | 73 | 20046 |
| Orient Overseas International Ltd.  | 435 | 6356 |
| Pacific Basin Shipping Ltd.  | 3386 | 820 |
| Rockwell Automation, Inc.  | 76 | 19403 |
| Ryder System, Inc.  | 34 | 2737 |
| Saia, Inc. <sup>(a)</sup>  | 17 | 3381 |
| Sankyu, Inc.  | 40 | 1196 |
| Schneider National, Inc. - Class B  | 62 | 1379 |
| Seino Holdings Co Ltd.  | 134 | 1031 |
| Senko Group Holdings Co Ltd.  | 102 | 682 |
| SG Holdings Co. Ltd.  | 412 | 5466 |
| SITC International Holdings Co Ltd.  | 1730 | 2834 |
| Star Bulk Carriers Corp.  | 66 | 1150 |
| Sumitomo Warehouse Co Ltd/The  | 52 | 706 |
| TFI International, Inc.  | 60 | 5455 |
| Toyota Industries Corp.  | 215 | 11080 |

---

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

Pacer Industrials and Logistics ETF

**SCHEDULE OF INVESTMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 97.2% (Continued)** | **COMMON STOCKS — 97.2% (Continued)** | **COMMON STOCKS — 97.2% (Continued)** |
| **Industrials — 79.6% (Continued)** | **Industrials — 79.6% (Continued)** | **Industrials — 79.6% (Continued)** |
| Union Pacific Corp.  | 386 | $76096 |
| United Parcel Service, Inc. - Class B  | 452 | 75832 |
| Wallenius Wilhelmsen ASA  | 272 | 1935 |
| Werner Enterprises, Inc.  | 42 | 1646 |
| Westshore Terminals Investment Corp.  | 40 | 715 |
| XPO Logistics, Inc. <sup>(a)</sup>  | 74 | 3829 |
| Yamato Holdings Co. Ltd.  | 250 | 3707 |
| Yaskawa Electric Corp.  | 172 | 4779 |
| ZIM Integrated Shipping Services Ltd.  | 78 | 1832 |
| ZTO Express Cayman, Inc.  | 428 | 7192 |
|  |  | 692153 |
| **Information Technology — 17.2%** | **Information Technology — 17.2%** |  |
| Aspen Technology, Inc. <sup>(a)</sup>  | 42 | 10141 |
| Celestica, Inc. <sup>(a)</sup>  | 68 | 745 |
| Cognex Corp.  | 112 | 5178 |
| Flex Ltd. <sup>(a)</sup>  | 300 | 5874 |
| Sanmina Corp. <sup>(a)</sup>  | 36 | 2018 |
| SAP SE  | 762 | 73557 |
| ServiceNow, Inc. <sup>(a)</sup>  | 124 | 52172 |
|  |  | 149684 |
| TOTAL COMMON STOCKS (Cost $968,142)  |  | 845297 |
| **EXCHANGE TRADED FUNDS — 2.4%** | **EXCHANGE TRADED FUNDS — 2.4%** |  |
| iShares MSCI Brazil ETF  | 208 | 6796 |
| iShares MSCI Indonesia ETF  | 87 | 2066 |
| iShares MSCI South Korea ETF  | 199 | 10310 |
| iShares MSCI Thailand ETF  | 20 | 1330 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $23,488)  |  | 20502 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount** | **Value** |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| **Money Market Deposit Accounts — 0.3%** | **Money Market Deposit Accounts — 0.3%** | **Money Market Deposit Accounts — 0.3%** |
| U.S. Bank Money Market Deposit Account 2.300% <sup>(c)</sup>  | $2840 | $2840 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,840)  |  | 2840 |
| **Total Investments (Cost $994,470) — 99.8%**  |  | 868639 |
| **Other Assets in Excess of Liabilities — 0.2%**  |  | 1336 |
| **TOTAL NET ASSETS — 100.0%**  |  | $869976 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

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

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

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

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

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Trendpilot<sup>®</sup>** **<br> US Large <br> Cap ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> US Mid <br> Cap ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> 100 ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> European <br> Index ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> International <br> ETF** |
| **ASSETS** |  |  |  |  |  |
| Investments in Securities, at Value\* ^  | $2120577243 | $521643999 | $714464927 | $50304542 | $116262703 |
| Foreign Currency at Value\*  |  |  |  |  | 153173 |
| Interest and Dividends Receivable  | 133474 | 66289 | 99738 | 319604 | 134179 |
| Securities Lending Income Receivable  | 909 | 678 | 11183 | 97 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 2120711626 | 521710966 | 714575848 | 50624243 | 116550055 |
| **LIABILITIES** |  |  |  |  |  |
| Management Fees Payable  | 1055374 | 241074 | 366621 | 28904 | 64240 |
| Payable to Custodian  |  |  |  | 42 |  |
| Payable for Fund Shares Redeemed  | 1887490 |  |  |  |  |
| Collateral Received For Securities Loaned (See Note 5)  |  |  | 42974735 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 2942864 | 241074 | 43341356 | 28946 | 64240 |
| **NET ASSETS** | $2117768762 | $521469892 | $671234492 | $50595297 | $116485815 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| Paid-in Capital  | $2446162951 | $637522022 | $744375583 | $101367035 | $140410611 |
| Total Distributable Earnings (Accumulated Deficit)  | (328394189) | (116052130) | (73141091) | (50771738) | (23924796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $2117768762 | $521469892 | $671234492 | $50595297 | $116485815 |
| \* Identified Cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities  | $2120776322 | $521860765 | $742439812 | $50337114 | $116279199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies  |  |  |  |  | 160037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loaned Securities  |  |  | 41851586 |  |  |
| **Net Asset Value:** |  |  |  |  |  |
| Net Assets  | $2117768762 | $521469892 | $671234492 | $50595297 | $116485815 |
| Shares Outstanding (No Par Value)  | 56100000 | 16200000 | 13350000 | 2250000 | 4750000 |
| Net Asset Value, Offering and Redemption Price per Share  | $37.75 | $32.19 | $50.28 | $22.49 | $24.52 |

---

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Trendpilot<sup>®</sup>** **<br> US Bond ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> Fund of Funds <br> ETF** | **Pacer <br> Global <br> Cash Cows <br> Dividend ETF** | **Pacer <br> US <br> Cash Cows <br> 100 ETF** | **Pacer <br> US Small <br> Cap Cash <br> Cows <br> 100 ETF** |
| **ASSETS**  |  |  |  |  |  |
| Investments in Unaffiliated Securities, at Value\* ^  | $335368286 | $127287 | $796821634 | $9860738455 | $1575741613 |
| Investments in Affiliated Securities, at Value\*  | $— | $57343059 | $— | $— | $— |
| Interest and Dividends Receivable  | 5418423 | 98 | 1746141 | 25687704 | 336908 |
| Receivable for Fund Shares Sold  |  |  |  | 100097238 | 62711 |
| Receivable for Investment Securities Sold  | 1347344 | 1333445 |  | 13118385 |  |
| Securities Lending Income Receivable  | 16457 |  | 26364 | 171540 | 36786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 342150510 | 58803889 | 798591981 | 9986694937 | 1589296403 |
| **LIABILITIES** |  |  |  |  |  |
| Due to Custodian  |  |  | 2240 |  |  |
| Due to Fund  | 530 |  |  |  |  |
| Management Fees Payable  | 169448 | 7449 | 343098 | 3222859 | 537250 |
| Payable for Investment Securities Purchased  | 1620845 |  |  | 99493669 | 14372051 |
| Payable for Fund Shares Redeemed  |  | 1336285 |  |  |  |
| Collateral Received For Securities Loaned (See Note 5)  | 12837594 |  | 96835987 | 1131458005 | 361989914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 14628417 | 1343734 | 97179085 | 1234174533 | 376899215 |
| **NET ASSETS** | $327522093 | $57460155 | $701412896 | $8752520404 | $1212397188 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| Paid-in Capital  | $610153448 | $60400056 | $814063037 | $8992580547 | $1329448609 |
| Total Distributable Earnings (Accumulated Deficit)  | (282631355) | (2939901) | (112650141) | (240060143) | (117051421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $327522093 | $57460155 | $701412896 | $8752520404 | $1212397188 |
| \* Identified Cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities  | $354322094 | $127287 | $865522713 | $9638631997 | $1525788192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Securities  |  | 60437784 |  |  |  |
| ^ Includes Loaned Securities with a value of  | 12487349 |  | 94496633 | 1100271675 | 352873785 |
| **Net Asset Value:** |  |  |  |  |  |
| Net Assets  | $327522093 | $57460155 | $701412896 | $8752520404 | $1212397188 |
| Shares Outstanding (No Par Value)  | 16300000 | 2150000 | 24300000 | 188500000 | 32400000 |
| Net Asset Value, Offering and Redemption Price per Share  | $20.09 | $26.73 | $28.86 | $46.43 | $37.42 |

---

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Developed <br> Markets <br> International <br> Cash Cows <br> 100 ETF** | **Pacer US <br> Cash Cows <br> Growth ETF** | **Pacer <br> Emerging <br> Markets <br> Cash Cows <br> 100 ETF** | **Pacer <br> Cash Cows <br> Fund of Funds <br> ETF** | **Pacer <br> WealthShield <br> ETF** |
| **ASSETS** |  |  |  |  |  |
| Investments in Unaffiliated Securities, at Value\* ^  | $199269285 | $23848974 | $13262416 | $16036 | $38924683 |
| Investments in Affiliated Securities, at Value\*^  | $— | $— | $— | $24970355 | $— |
| Foreign Currency at Value\*  | 2133 |  | 150776 |  |  |
| Interest and Dividends Receivable  | 573916 | 13218 | 161787 | 33 | 8634 |
| Receivable for Investment Securities Sold  |  |  |  |  | 11968412 |
| Securities Lending Income Receivable  | 6645 | 387 | 203 | 23 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 199851979 | 23862579 | 13575182 | 24986424 | 50901752 |
| **LIABILITIES** |  |  |  |  |  |
| Management Fees Payable  | 88937 | 9889 | 6906 | 2808 | 18466 |
| Payable for Investment Securities Purchased  |  |  | 218736 | 14621424 |  |
| Collateral Received For Securities Loaned (See Note 5)  | 20586519 | 2864668 | 237400 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 20675456 | 2874557 | 463042 | 2808 | 14639890 |
| **NET ASSETS**  | $179176523 | $20988022 | $13112140 | $24983616 | $36261862 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| Paid-in Capital  | $210665101 | $23069942 | $18249431 | $26195166 | $61543279 |
| Total Distributable Earnings (Accumulated Deficit)  | (31488578) | (2081920) | (5137291) | (1211550) | (25281417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $179176523 | $20988022 | $13112140 | $24983616 | $36261862 |
| \* Identified Cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Unaffiliated Securities  | $217334095 | $25117543 | $17136114 | $16036 | $38941135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Affiliated Securities  |  |  |  | 26012438 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies  | 2116 |  | 148341 |  |  |
| ^ Includes Loaned Securities with a value of  | 19997232 | 2812356 | 222919 |  |  |
| **Net Asset Value:** |  |  |  |  |  |
| Net Assets  | $179176523 | $20988022 | $13112140 | $24983616 | $36261862 |
| Shares Outstanding (No Par Value)  | 7200000 | 600000 | 800000 | 800000 | 1250000 |
| Net Asset Value, Offering and Redemption Price per Share  | $24.89 | $34.98 | $16.39 | $31.23 | $29.01 |

---

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Industrial <br> Real Estate ETF** | **Pacer Data & <br> Infrastructure <br> Real Estate ETF** | **Pacer <br> CFRA-Stovall <br> Equal Weight <br> Seasonal <br> Rotation ETF** | **Pacer <br> CSOP FTSE <br> China A50 <br> ETF** | **Pacer <br> BioThreat <br> Strategy <br> ETF** |
| **ASSETS** |  |  |  |  |  |
| Investments in Securities, at Value\* ^  | $240313140 | $976732111 | $78549027 | $4724927 | $4538213 |
| Foreign Currency at Value\*  | 1603 |  |  | 5785 | 4451 |
| Interest and Dividends Receivable  | 153782 | 88700 | 56572 | 313 |  |
| Receivable for Investment Securities Sold  | 109787976 | 210733978 | 69698564 |  |  |
| Securities Lending Income Receivable  | 3866 | 19320 | 1112 | 107 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 350260367 | 1187574109 | 148305275 | 4731025 | 4542771 |
| **LIABILITIES** |  |  |  |  |  |
| Management Fees Payable  | 108856 | 469439 | 35786 | 3174 | 2323 |
| Due to Custodian  |  | 7172 |  |  |  |
| Payable for Investment Securities Purchased  | 99764709 | 189169977 | 69391209 |  |  |
| Payable for Fund Shares Redeemed  | 3770060 | 15604325 |  |  |  |
| Collateral Received For Securities Loaned (See Note 5)  | 31600088 | 69760923 | 9105652 |  | 432497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 135243713 | 275011836 | 78532647 | 3174 | 434820 |
| **NET ASSETS**  | $215016654 | $912562273 | $69772628 | $4727851 | $4107951 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |  |
| Paid-in Capital  | $276545465 | $1273974700 | $92009069 | $7524127 | $5217312 |
| Total Distributable Earnings (Accumulated Deficit)  | (61528811) | (361412427) | (22236441) | (2796276) | (1109361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $215016654 | $912562273 | $69772628 | $4727851 | $4107951 |
| \* Identified Cost: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities  | $257010070 | $1149381085 | $78556142 | $5802817 | $5507283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currencies  | 1605 |  |  | 5915 |  |
| ^ Includes Loaned Securities with a value of  | 30938537 | 66858166 | 8733124 |  | 420992 |
| **Net Asset Value:** |  |  |  |  |  |
| Net Assets  | $215016654 | $912562273 | $69772628 | $4727851 | $4107951 |
| Shares Outstanding (No Par Value)  | 5750000 | 32200000 | 2050000 | 355882 | 200000 |
| Net Asset Value, Offering and Redemption Price per Share  | $37.39 | $28.34 | $34.04 | $13.28 | $20.54 |

---

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer <br> Lunt Large Cap<br> Alternator <br> ETF** | **Pacer <br> Lunt Midcap <br> Multi-Factor <br> Alternator <br> ETF** | **Pacer <br> Lunt Large Cap<br> Multi-Factor<br> Alternator <br> ETF** | **Pacer <br> US Export <br> Leaders<br> ETF** |
| **ASSETS** |  |  |  |  |
| Investments in Securities, at Value\* ^  | $920585692 | $45516424 | $228521770 | $10190771 |
| Interest and Dividends Receivable  |  | 3383 | 101746 | 4097 |
| Receivable for Investment Securities Sold  | 216480 |  |  |  |
| Receivable for Fund Shares Sold  | 7792880 |  |  |  |
| Securities Lending Income Receivable  | 14407 | 3791 | 2286 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 928609459 | 45523598 | 228625802 | 10195043 |
| **LIABILITIES** |  |  |  |  |
| Management Fees Payable  | 401455 | 18006 | 103748 | 4315 |
| Payable for Investment Securities Purchased  | 7758989 |  |  |  |
| Collateral Received For Securities Loaned (See Note 5)  | 88557948 | 8258734 | 20268142 | 1344952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 96718392 | 8276740 | 20371890 | 1349267 |
| **NET ASSETS**  | $831891067 | $37246858 | $208253912 | $8845776 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| Paid-in Capital  | $981189790 | $47578920 | $252841325 | $9804574 |
| Total Distributable Earnings (Accumulated Deficit)  | (149298723) | (10332062) | (44587413) | (958798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $831891067 | $37246858 | $208253912 | $8845776 |
| \* Identified Cost:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities  | $997916173 | $45467016 | $227754161 | $10714085 |
| ^ Includes Loaned Securities with a value of  | 85938769 | 8060418 | 19760616 | 1303677 |
| **Net Asset Value:** |  |  |  |  |
| Net Assets  | $831891067 | $37246858 | $208253912 | $8845776 |
| Shares Outstanding (No Par Value)  | 21350000 | 1200000 | 5900000 | 250000 |
| Net Asset Value, Offering and Redemption Price per Share  | $38.96 | $31.04 | $35.30 | $35.38 |

---

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Pacer <br> Metaurus US <br> Large Cap <br> Dividend <br> Multiplier <br> 300 ETF** | **Pacer <br> Metaurus US <br> Large Cap <br> Dividend <br> Multiplier <br> 400 ETF** | **Pacer Pacific <br> Asset Floating <br> Rate High <br> Income ETF** |
| **ASSETS** |  |  |  |
| Investments in Securities, at Value\* ^  | $1624859 | $76272906 | $75806253 |
| Cash  |  |  | 589042 |
| Interest and Dividends Receivable  | 1192 | 57841 | 346241 |
| Receivable for Investment Securities Sold  | 274 |  | 2659853 |
| Return of Capital Receivable  | 41 | 1760 |  |
| Deposits at Broker for Futures  | 102224 | 1690912 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 1728590 | 78023419 | 79401389 |
| **LIABILITIES** |  |  |  |
| Management Fees Payable  | 1110 | 48154 | 37830 |
| Payable for Investment Securities Purchased  | 2052 | 210642 | 4898750 |
| Payable for Fund Shares Redeemed  |  |  | 2644254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 3162 | 258796 | 7580834 |
| **NET ASSETS**  | $1725428 | $77764623 | $71820555 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in Capital  | $2062189 | $87088379 | $80048660 |
| Total Distributable Earnings (Accumulated Deficit)  | (336761) | (9323756) | (8228105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $1725428 | $77764623 | $71820555 |
| \* Identified Cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities  | $1912218.00 | $83222627 | $80342147 |
| **Net Asset Value:** |  |  |  |
| Net Assets  | $1725428 | $77764623 | $71820555 |
| Shares Outstanding (No Par Value)  | 50000 | 2670000 | 1630000 |
| Net Asset Value, Offering and Redemption Price per Share  | $34.51 | $29.13 | $44.06 |

---

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

Pacer Funds

**STATEMENTS OF ASSETS & LIABILITIES<br> October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Pacer <br> Industrials and <br> Logistics ETF** | **Pacer <br> Data and Digital <br> Revolution ETF** |
| **ASSETS** |  |  |
| Investments in Securities, at Value\*  | $868639 | $878076 |
| Interest and Dividends Receivable  | 1765 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 870404 | 878195 |
| **LIABILITIES** |  |  |
| Management Fees Payable  | 428 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 428 | 427 |
| **NET ASSETS**  | $869976 | $877768 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in Capital  | $994800 | $1012400 |
| Total Distributable Earnings (Accumulated Deficit)  | (124824) | (134632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | $869976 | $877768 |
| \* Identified Cost: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities  | $994470 | $1014565 |
| **Net Asset Value:**  |  |  |
| Net Assets  | $869976 | $877768 |
| Shares Outstanding (No Par Value)  | 40000 | 40000 |
| Net Asset Value, Offering and Redemption Price per Share  | $21.75 | $21.94 |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Trendpilot<sup>®</sup>** **<br> US Large <br> Cap ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> US Mid <br> Cap ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> 100 ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> European <br> Index ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> International <br> ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\*  | $— | $309454 | $1334264 | $— | $1886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 17295858 | 3520128 | 3194986 | 365837 | 1034634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income  | 84546 | 17979 | 69544 | 2134 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 17380404 | 3847561 | 4598794 | 367971 | 1036562 |
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous Expense  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 5951313 | 1379071 | 2237584 | 154022 | 400561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 5951313 | 1379071 | 2237584 | 154022 | 400561 |
| **Net Investment Income (Loss)**  | 11429091 | 2468490 | 2361210 | 213949 | 636001 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments  | 117440 | (32560196) | (111558) | (2157) | 96146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  |  | (473929) | (299381) | (125) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Foreign Currency  |  |  |  | (8158) | (142687) |
| Total  | 117440 | (33034125) | (410939) | (10440) | (46593) |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments  | (173825) | (229699) | (27956413) | (13016) | (13318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Foreign Currency  |  |  |  | (9523) | 33329 |
| Total  | (173825) | (229699) | (27956413) | (22539) | 20011 |
| Net Realized and Unrealized Gain (Loss) on Investments  | (56385) | (33263824) | (28367352) | (32979) | (26582) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $11372706 | $(30795334) | $(26006142) | $180970 | $609419 |
| \* Net of fees and foreign witholding tax of  | $— | $— | $2526 | $— | $1747 |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Trendpilot<sup>®</sup>** **<br> US Bond ETF** | **Pacer <br> Trendpilot<sup>®</sup>** **<br> Fund of Funds <br> ETF** | **Pacer <br> Global <br> Cash Cows <br> Dividend ETF** | **Pacer <br> US <br> Cash Cows <br> 100 ETF** | **Pacer <br> US Small <br> Cap Cash <br> Cows <br> 100 ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Unaffiliated Investments\*  | $— | $— | $17246864 | $110040589 | $8653228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Affiliated Investments  |  | 427512 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 14985987 | 403 | 11702 | 55819 | 6352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income  | 81725 |  | 174249 | 541725 | 164751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 15067712 | 427915 | 17432815 | 110638133 | 8824331 |
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 1690563 | 46265 | 1787420 | 16322639 | 2855559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 1690563 | 46265 | 1787420 | 16322639 | 2855559 |
| **Net Investment Income (Loss)**  | 13377149 | 381650 | 15645395 | 94315494 | 5968772 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments in Unaffiliated Securities  | (98581369) |  | (10752582) | (486387739) | (126694359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments in Affiliated Securities  |  | (216943) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  | (8533394) | 590299 | 510903 | 51817375 | 5034183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Foreign Currency  |  |  | 96301 |  |  |
| Total  | (107114763) | 373356 | (10145378) | (434570364) | (121660176) |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities  | 19469879 |  | (71628234) | 230167025 | 114454515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities  |  | (3170890) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Foreign Currency  |  |  | (12049) |  |  |
| Total  | 19469879 | (3170890) | (71640283) | 230167025 | 114454515 |
| Net Realized and Unrealized Gain (Loss) on Investments  | (87644884) | (2797534) | (81785661) | (204403339) | (7205661) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(74267735) | $(2415884) | $(66140266) | $(110087845) | $(1236889) |
| \* Net of fees and foreign witholding tax of  | $— | $— | $524611 | $— | $— |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Developed <br> Markets <br> International <br> Cash Cows <br> 100 ETF** | **Pacer US <br> Cash Cows <br> Growth ETF** | **Pacer <br> Emerging <br> Markets <br> Cash Cows <br> 100 ETF** | **Pacer <br> Cash Cows <br> Fund of Funds <br> ETF** | **Pacer <br> WealthShield <br> ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Unaffiliated Investments\*  | $4595936 | $81612 | $568274 | $— | $187494 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from Affiliated Investments  |  |  |  | 221695 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 3242 | 90 | 467 | 86 | 214350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income  | 34631 | 1609 | 1965 |  | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 4633809 | 83311 | 570706 | 221781 | 402862 |
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 436028 | 38393 | 37854 | 9848 | 102360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 436028 | 38393 | 37854 | 9848 | 102360 |
| **Net Investment Income (Loss)**  | 4197781 | 44918 | 532852 | 211933 | 300502 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments in Unaffiliated Securities  | (7837722) | (305624) | (916680) |  | (2353699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments in Affiliated Securities  |  |  |  | (207567) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  |  |  |  | 90374 | (130794) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Foreign Currency  | (100543) |  | (8560) |  |  |
| Total  | (7938265) | (305624) | (925240) | (117193) | (2484493) |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities  | (13683373) | 377257 | (2195441) |  | 705358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities  |  |  |  | (537744) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Foreign Currency  | 29411 |  | 1158 |  |  |
| Total  | (13653962) | 377257 | (2194283) | (537744) | 705358 |
| Net Realized and Unrealized Gain (Loss) on Investments  | (21592227) | 71633 | (3119523) | (654937) | (1779135) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(17394446) | $116551 | $(2586671) | $(443004) | $(1478633) |
| \* Net of fees and foreign witholding tax of  | $302240 | $— | $64655 | $— | $— |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pacer <br> Industrial <br> Real Estate ETF** | **Pacer Data & <br> Infrastructure <br> Real Estate ETF** | **Pacer <br> CFRA-Stovall <br> Equal Weight <br> Seasonal <br> Rotation ETF** | **Pacer <br> CSOP FTSE <br> China A50 <br> ETF** | **Pacer <br> BioThreat <br> Strategy <br> ETF** |
| **INVESTMENT INCOME** |  |  |  |  |  |
| Income: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\*  | $5021414 | $15372916 | $673293 | $132362 | $48050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 4743 | 7941 | 583 | 183 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income  | 23916 | 177822 | 7010 |  | 1152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 5050073 | 15558679 | 680886 | 132545 | 49242 |
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 850383 | 3438710 | 227808 | 21222 | 17721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 850383 | 3438710 | 227808 | 21222 | 17721 |
| **Net Investment Income (Loss)**  | 4199690 | 12119969 | 453078 | 111323 | 31521 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments  | (53322560) | (183249151) | (2507198) | (170659) | (24926) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  | 10569432 | 16800815 | 162615 |  | (81111) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Foreign Currency  | (6066) | (134808) |  | (750) |  |
| Total  | (42759194) | (166583144) | (2344583) | (171409) | (106037) |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments  | (34744127) | (141748820) | (660) | (1400117) | (133831) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Foreign Currency  | 8554 | 84634 |  | (54) |  |
| Total  | (34735573) | (141664186) | (660) | (1400171) | (133831) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (77494767) | (308247330) | (2345243) | (1571580) | (239868) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(73295077) | $(296127361) | $(1892165) | $(1460257) | $(208347) |
| \* Net of fees and foreign witholding tax of  | $111778 | $268285 | $— | $14723 | $1643 |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer <br> Lunt Large Cap<br> Alternator <br> ETF** | **Pacer <br> Lunt Midcap <br> Multi-Factor <br> Alternator <br> ETF** | **Pacer <br> Lunt Large Cap<br> Multi-Factor<br> Alternator <br> ETF** | **Pacer <br> US Export <br> Leaders<br> ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\*  | $6091623 | $312226 | $2965338 | $39188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 4653 | 348 | 2161 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income  | 47713 | 11424 | 15543 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 6143989 | 323998 | 2983042 | 39967 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 2279081 | 103858 | 691325 | 18643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 2279081 | 103858 | 691325 | 18643 |
| **Net Investment Income (Loss)**  | 3864908 | 220140 | 2291717 | 21324 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments  | (28952251) | (3925391) | (29202707) | (274207) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  | (1790461) | 107933 | (38706) |  |
| Total  | (30742712) | (3817458) | (29241413) | (274207) |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments  | (56725448) | 2743640 | 22040577 | (153049) |
| Total  | (56725448) | 2743640 | 22040577 | (153049) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (87468160) | (1073818) | (7200836) | (427256) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(83603252) | $(853678) | $(4909119) | $(405932) |
| \* Net of fees and foreign witholding tax of  |  |  | $749 |  |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Pacer <br> Metaurus US <br> Large Cap <br> Dividend <br> Multiplier <br> 300 ETF**  | **Pacer <br> Metaurus US <br> Large Cap <br> Dividend <br> Multiplier <br> 400 ETF**  | **Pacer <br> Pacific Asset <br> Floating Rate <br> High Income <br> ETF** |
| **INVESTMENT INCOME** |  |  |  |
| Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\*  | $13910 | $469358 | $25153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 917 | 65231 | 2507078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 14827 | 534589 | 2532231 |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 7049 | 253912 | 227436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 7049 | 253912 | 227436 |
| **Net Investment Income (Loss)**  | 7778 | 280677 | 2304795 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net Realized Gain (Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments  | (10521) | (345207) | (3088178) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  |  | 75550 |  |
| Total  | (10521) | (269657) | (3088178) |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments  | (96316) | (2773431) | (2922882) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Futures  | 5500 | 308440 |  |
| Total  | (90816) | (2464991) | (2922882) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (101337) | (2734648) | (6011060) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(93559) | $(2453971) | $(3706265) |
| \* Net of fees and foreign witholding tax of  | 3 | 107 |  |

---

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

Pacer Funds

**STATEMENTS OF OPERATIONS<br> For the Period Ended October 31, 2022 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Pacer <br> Industrials and <br> Logistics ETF <sup>(a)</sup>** | **Pacer <br> Data and Digital <br> Revolution <br> ETF <sup>(a)</sup>** |
| **INVESTMENT INCOME** |  |  |
| Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends\*  | $9541 | $4932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest  | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 9552 | 4942 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees  | 2189 | 2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 2189 | 2182 |
| **Net Investment Income (Loss)**  | 7363 | 2760 |
| **REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net Realized Gain (Loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments  |  | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on In-Kind Redemptions  | (238) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized Gain (Loss) on Foreign Currency  | 4 | (2) |
| Total  | (234) | 495 |
| Net Change in Unrealized Appreciation (Depreciation) of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Investments  | (125831) | (136489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) on Foreign Currency  | 9 | 3 |
| Total  | (125822) | (136486) |
| Net Realized and Unrealized Gain (Loss) on Investments  | (126056) | (135991) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(118693) | $(133231) |
| \* Net of fees and foreign withholding tax of  | $424 | $113 |

---

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

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup>** **<br> US Large Cap ETF**  | **Pacer Trendpilot<sup>®</sup>** **<br> US Large Cap ETF**  | **Pacer Trendpilot<sup>®</sup>** **<br> US Mid Cap ETF**  | **Pacer Trendpilot<sup>®</sup>** **<br> US Mid Cap ETF**  |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $11429091 | $13904523 | $2468490 | $56543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | 117440 | 552678194 | (33034125) | 57295796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (173825) | (484795449) | (229699) | (70263447) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | 11372706 | 81787268 | (30795334) | (12911108) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions  |  | (15230924) |  | (541282) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  |  | (15230924) |  | (541282) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 406124310 | 898356321 | 159380625 | 143753819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (140971331) | (1018441915) | (49008925) | (140882185) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions <sup>(a)</sup>** | 265152979 | (120085594) | 110371700 | 2871634 |
| **Net Increase (Decrease) in Net Assets**  | $276525685 | $(53529250) | $79576366 | $(10580756) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $1841243077 | $1894772327 | $441893526 | $452474282 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $2117768762 | $1841243077 | $521469892 | $441893526 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 10800000 | 24050000 | 4850000 | 4100000 |
| Redemptions  | (3750000) | (26850000) | (1450000) | (4000000) |
| Net Increase<sup>(</sup>Decrease)  | 7050000 | (2800000) | 3400000 | 100000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup>** **100 ETF** | **Pacer Trendpilot<sup>®</sup>** **100 ETF** | **Pacer Trendpilot<sup>®</sup>** **<br> European Index ETF**  | **Pacer Trendpilot<sup>®</sup>** **<br> European Index ETF**  |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $2361210 | $(1744134) | $213949 | $728433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (410939) | 120845042 | (10440) | 4130921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (27956413) | (143049027) | (22539) | (7811369) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | (26006142) | (23948119) | 180970 | (2952015) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions  |  |  |  | (787274) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  |  |  |  | (787274) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 28779080 | 283712689 | 11227870 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (20354330) | (354072496) | (6738360) | (5076888) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | 8424750 | (70359807) | 4489510 | (5076888) |
| **Net Increase (Decrease) in Net Assets**  | $(17581392) | $(94307926) | $4670480 | $(8816177) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $688815884 | $783123810 | $45924817 | $54740994 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $671234492 | $688815884 | $50595297 | $45924817 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 550000 | 5350000 | 500000 |  |
| Redemptions  | (400000) | (6650000) | (300000) | (200000) |
| Net Increase (Decrease) | 150000 | (1300000) | 200000 | (200000) |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup>** **<br> International ETF** | **Pacer Trendpilot<sup>®</sup>** **<br> International ETF** | **Pacer Trendpilot<sup>®</sup>** **<br> US Bond ETF** | **Pacer Trendpilot<sup>®</sup>** **<br> US Bond ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $636001 | $2163374 | $13377149 | $35723189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (46593) | 1497652 | (107114763) | (143414988) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | 20011 | (20276732) | 19469879 | (55275943) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | 609419 | (16615706) | (74267735) | (162967742) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions  |  | (3379159) | (17730756) | (34403646) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  |  | (3379159) | (17730756) | (34403646) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  |  | 93963710 |  | 1053288390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (14650470) | (74670450) | (530029000) | (746337560) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction Fees (See Note 1)  |  | 197 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | (14650470) | 19293457 | (530029000) | 306950830 |
| **Net Increase (Decrease) in Net Assets**  | $(14041051) | $(701408) | $(622027491) | $109579442 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $130526866 | $131228274 | $949549584 | $839970142 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $116485815 | $130526866 | $327522093 | $949549584 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  |  | 3450000 |  | 38300000 |
| Redemptions  | (600000) | (2750000) | (24400000) | (28200000) |
| Net Increase (Decrease)  | (600000) | 700000 | (24400000) | 10100000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Trendpilot<sup>®</sup>** **<br> Fund of Funds ETF** | **Pacer Trendpilot<sup>®</sup>** **<br> Fund of Funds ETF** | **Pacer Global Cash <br> Cows Dividend ETF** | **Pacer Global Cash <br> Cows Dividend ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $381650 | $700617 | $15645395 | $7323708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | 373356 | 561751 | (10145378) | 4266618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (3170890) | (5824309) | (71640283) | (2367802) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (2415884) | (4561941) | (66140266) | 9222524 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions  |  | (640806) | (15828801) | (6929204) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  |  | (640806) | (15828801) | (6929204) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  |  | 27424105 | 437590830 | 254155400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (4091540) | (2982125) | (5545460) | (40421200) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction Fees (See Note 1)  |  |  | 34120 | 5547 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | (4091540) | 24441980 | 432079490 | 213739747 |
| **Net Increase (Decrease) in Net Assets**  | $(6507424) | $19239233 | $350110423 | $216033067 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $63967579 | $44728346 | $351302473 | $135269406 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $57460155 | $63967579 | $701412896 | $351302473 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  |  | 900000 | 13800000 | 7650000 |
| Redemptions  | (150000) | (100000) | (200000) | (1300000) |
| Net Increase (Decrease)  | (150000) | 800000 | 13600000 | 6350000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer US Cash Cows 100 ETF** | **Pacer US Cash Cows 100 ETF** | **Pacer US Small Cap <br> Cash Cows 100 ETF** | **Pacer US Small Cap <br> Cash Cows 100 ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $94315494 | $25666070 | $5968772 | $9347372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (434570364) | 122838633 | (121660176) | 6689145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | 230167025 | (69877441) | 114454515 | (94081950) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (110087845) | 78627262 | (1236889) | (78045433) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | (66124207) | (22592335) | (5137759) | (9347348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital  |  |  |  | (5679191) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (66124207) | (22592335) | (5137759) | (15026539) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 4825166920 | 4463948445 | 427778640 | 798531545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (451184610) | (397345830) | (40681785) | (145624255) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | 4373982310 | 4066602615 | 387096855 | 652907290 |
| **Net Increase (Decrease) in Net Assets**  | $4197770258 | $4122637542 | $380722207 | $559835318 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $4554750146 | $432112604 | $831674981 | $271839663 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $8752520404 | $4554750146 | $1212397188 | $831674981 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 103800000 | 93400000 | 11700000 | 18800000 |
| Redemptions  | (10300000) | (8700000) | (1150000) | (3450000) |
| Net Increase (Decrease)  | 93500000 | 84700000 | 10550000 | 15350000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Developed Markets <br> International Cash Cows 100 ETF** | **Pacer Developed Markets <br> International Cash Cows 100 ETF** | **Pacer US Cash Cows Growth ETF** | **Pacer US Cash Cows Growth ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $4197781 | $1747231 | $44918 | $10487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (7938265) | (160935) | (305624) | (1164826) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (13653962) | (6921956) | 377257 | (1889376) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (17394446) | (5335660) | 116551 | (3043715) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | (4249732) | (1413637) | (46210) | (8394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital  |  |  |  | (5331) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (4249732) | (1413637) | (46210) | (13725) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 89439635 | 100561873 | 12058431 | 39700106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  |  | (3253781) |  | (31404510) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction Fees (See Note 1)  | 35179 | 18489 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | 89474814 | 97326581 | 12058431 | 8295596 |
| **Net Increase (Decrease) in Net Assets**  | $67830636 | $90577284 | $12128772 | $5238156 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $111345887 | $20768603 | $8859250 | $3621094 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $179176523 | $111345887 | $20988022 | $8859250 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 3450000 | 3200000 | 350000 | 1000000 |
| Redemptions  |  | (100000) |  | (850000) |
| Net Increase (Decrease)  | 3450000 | 3100000 | 350000 | 150000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Emerging Markets <br> Cash Cows 100 ETF** | **Pacer Emerging Markets <br> Cash Cows 100 ETF** | **Pacer Cash Cows Fund of Funds ETF** | **Pacer Cash Cows Fund of Funds ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $532852 | $490522 | $211933 | $86602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (925240) | (91093) | (117193) | 165559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (2194283) | (1924943) | (537744) | (651837) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (2586671) | (1525514) | (443004) | (399676) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions  | (614540) | (420442) | (215411) | (92538) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (614540) | (420442) | (215411) | (92538) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 5240645 | 11756449 | 20305725 | 10590215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  |  | (2635631) | (3024290) | (3409181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction Fees (See Note 1)  | 2964 | 3835 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(b)</sup>  | 5243609 | 9124653 | 17281435 | 7181034 |
| **Net Increase (Decrease) in Net Assets**  | $2042398 | $7178697 | $16623020 | $6688820 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $11069742 | $3891045 | $8360596 | $1671776 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $13112140 | $11069742 | $24983616 | $8360596 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 300000 | 450000 | 650000 | 300000 |
| Redemptions  |  | (100000) | (100000) | (100000) |
| Net Increase (Decrease)  | 300000 | 350000 | 550000 | 200000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer WealthShield ETF** | **Pacer WealthShield ETF** | **Pacer Industrial Real Estate ETF** | **Pacer Industrial Real Estate ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $300502 | $394138 | $4199690 | $5159144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (2484493) | 3221011 | (42759194) | 28814310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | 705358 | (6041695) | (34735573) | (13555941) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | (1478633) | (2426546) | (73295077) | 20417513 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions | (198877) | (417075) | (3895356) | (3888598) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (198877) | (417075) | (3895356) | (3888598) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 10773195 | 35129274 | 24529455 | 270265745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (6006260) | (47257190) | (117312085) | (101951680) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction Fees (See Note 1)  |  | 533 |  | 60860 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | 4766935 | (12127383) | (92782630) | 168374925 |
| **Net Increase (Decrease) in Net Assets**  | $3089425 | $(14971004) | $(169973063) | $184903840 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $33172437 | $48143441 | $384989717 | $200085877 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $36261862 | $33172437 | $215016654 | $384989717 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 350000 | 1050000 | 600000 | 5450000 |
| Redemptions  | (200000) | (1450000) | (2900000) | (2150000) |
| Net Increase (Decrease)  | 150000 | (400000) | (2300000) | 3300000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Data & Infrastructure <br> Real Estate ETF** | **Pacer Data & Infrastructure <br> Real Estate ETF** | **Pacer CFRA-Stovall Equal <br> Weight Seasonal Rotation ETF** | **Pacer CFRA-Stovall Equal <br> Weight Seasonal Rotation ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $12119969 | $11672912 | $453078 | $736963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (166583144) | 94925590 | (2344583) | (5779936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (141664186) | (148313121) | (660) | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (296127361) | (41714619) | (1892165) | (5042186) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | (11735531) | (11646957) | (379280) | (734947) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Capital Gain  |  | (2032103) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (11735531) | (13679060) | (379280) | (734947) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 92830145 | 688968095 |  | 22991205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (171725535) | (454063560) | (8344395) | (3708195) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | (78895390) | 234904535 | (8344395) | 19283010 |
| **Net Increase (Decrease) in Net Assets**  | $(386758282) | $179510856 | $(10615840) | $13505877 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $1299320555 | $1119809699 | $80388468 | $66882591 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $912562273 | $1299320555 | $69772628 | $80388468 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 2850000 | 17100000 |  | 600000 |
| Redemptions  | (5300000) | (11550000) | (250000) | (100000) |
| Net Increase (Decrease)  | (2450000) | 5550000 | (250000) | 500000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer CSOP FTSE China A50 ETF** | **Pacer CSOP FTSE China A50 ETF** | **Pacer BioThreat Strategy ETF** | **Pacer BioThreat Strategy ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $111323 | $133360 | $31521 | $42586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (171409) | (938327) | (106037) | 524797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (1400171) | (1673885) | (133831) | (1195399) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (1460257) | (2478852) | (208347) | (628016) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  |  | (153101) | (30650) | (42336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital  |  | (2676) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  |  | (155777) | (30650) | (42336) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  |  | 2373565 |  | 6439360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  |  | (3938245) | (1355050) | (4573800) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction Fees (See Note 1)  |  | 20781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup> |  | (1543899) | (1355050) | 1865560 |
| **Net Increase (Decrease) in Net Assets** | $(1460257) | $(4178528) | $(1594047) | $1195208 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $6188108 | $10366636 | $5701998 | $4506790 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $4727851 | $6188108 | $4107951 | $5701998 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 100000 | 50000 | 200000 |
| Redemptions  | (200000) | (50000) | (150000) |
| Net Increase (Decrease)  | (100000) |  | 50000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Lunt Large Cap Alternator ETF** | **Pacer Lunt Large Cap Alternator ETF** | **Pacer Lunt Midcap Multi <br> Factor Alternator ETF** | **Pacer Lunt Midcap Multi <br> Factor Alternator ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $3864908 | $2954628 | $220140 | $220788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (30742712) | 36680396 | (3817458) | 164291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | (56725448) | (40395418) | 2743640 | (5818988) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | (83603252) | (760394) | (853678) | (5433909) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | (3958154) | (2774225) | (223720) | (220791) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital  |  |  |  | (18230) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (3958154) | (2774225) | (223720) | (239021) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 427311480 | 1047719120 | 7596715 | 69078310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (62312555) | (620083945) | (4678160) | (63219085) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | 364998925 | 427635175 | 2918555 | 5859225 |
| **Net Increase (Decrease) in Net Assets**  | $277437519 | $424100556 | $1841157 | $186295 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $554453548 | $130352992 | $35405701 | $35219406 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $831891067 | $554453548 | $37246858 | $35405701 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 10150000 | 23550000 | 250000 | 1900000 |
| Redemptions  | (1650000) | (13900000) | (150000) | (1750000) |
| Net Increase (Decrease)  | 8500000 | 9650000 | 100000 | 150000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Lunt <br> Large Cap Multi Factor Alternator ETF** | **Pacer Lunt <br> Large Cap Multi Factor Alternator ETF** | **Pacer US Export Leaders ETF** | **Pacer US Export Leaders ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $2291717 | $1501671 | $21324 | $7672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (29241413) | (1351273) | (274207) | 398188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions  | 22040577 | (22556438) | (153049) | (755979) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | (4909119) | (22406040) | (405932) | (350119) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | (2271423) | (1367759) | (17925) | (7727) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital  |  |  |  | (804) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (2271423) | (1367759) | (17925) | (8531) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 25175045 | 367366855 | 5442270 | 4175840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (76835370) | (119751630) |  | (2010389) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(a)</sup>  | (51660325) | 247615225 | 5442270 | 2165451 |
| **Net Increase (Decrease) in Net Assets**  | $(58840867) | $223841426 | $5018413 | $1806801 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $267094779 | $43253353 | $3827363 | $2020562 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $208253912 | $267094779 | $8845776 | $3827363 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 700000 | 9200000 | 150000 | 100000 |
| Redemptions  | (2150000) | (3000000) |  | (50000) |
| Net Increase (Decrease)  | (1450000) | 6200000 | 150000 | 50000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Pacific Asset Floating Rate High Income ETF**  | **Pacer Pacific Asset Floating Rate High Income ETF**  | **Pacer Pacific Asset Floating Rate High Income ETF**  | **Pacer Pacific Asset Floating Rate High Income ETF**  |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Period Ended <br> April 30, <br> 2022 <sup>(a)</sup>** | **For the <br> Year Ended<br> June 30, <br> 2021** | **For the <br> Year Ended<br> June 30, <br> 2020** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $2304795 | $1307992 | $896410 | $1142713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (3088178) | 26972 | (23314) | (66878) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency  | (2922882) | (1694753) | 1513865 | (1259441) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (3706265) | (359789) | 2386961 | (183606) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Distributions  | (2337015) | (1211347) | (953333) | (1145455) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (2337015) | (1211347) | (953333) | (1145455) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 54580182 | 53405601 | 2443495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  | (58379130) | (1959872) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(b)</sup>  | (3798948) | 51445729 | 2443495 |  |
| **Net Increase (Decrease) in Net Assets**  | $(9842228) | $49874593 | $3877123 | $(1329061) |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $81662783 | $31788190 | $27911067 | $29240128 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $71820555 | $81662783 | $31788190 | $27911067 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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** |
| Subscriptions  | 1200000 | 1100000 | 50000 |
| Redemptions  | (1280000) | (40000) |  |
| Net Increase (Decrease)  | (80000) | 1060000 | 50000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pacer Metaurus US Large Cap <br> Dividend Multiplier 300 <br> ETF** | **Pacer Metaurus US Large Cap <br> Dividend Multiplier 300 <br> ETF** | **Pacer Metaurus US Large Cap <br> Dividend Multiplier 400 <br> ETF** | **Pacer Metaurus US Large Cap <br> Dividend Multiplier 400 <br> ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended<br> April 30, <br> 2022 <sup>(a)</sup>** | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended<br> April 30, <br> 2022 <sup>(a)</sup>** |
| **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $7778 | $7393 | $280677 | $96485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments and Foreign Currency Transactions  | (10521) | 98339 | (269657) | (142024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts  | (90816) | (196410) | (2464991) | (4411083) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | (93559) | (90678) | (2453971) | (4456622) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income  | (45655) | (7393) | (2316678) | (96485) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital  |  | (53832) |  | (1275430) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (45655) | (61225) | (2316678) | (1371915) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  |  | 3093585 | 28334379 | 60883974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for Shares Redeemed  |  | (1077040) | (854544) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(b)</sup>  |  | 2016545 | 27479835 | 60883974 |
| **Net Increase (Decrease) in Net Assets**  | $(139214) | $1864642 | $22709186 | $55055437 |
| **NET ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $1864642 | $— | $55055437 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $1725428 | $1864642 | $77764623 | $55055437 |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** |
| Subscriptions  | 75000 | 960000 | 1740000 |
| Redemptions  | (25000) | (30000) |  |
| Net Increase (Decrease)  | 50000 | 930000 | 1740000 |

---

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

Pacer Funds

**STATEMENTS OF CHANGES IN NET ASSETS**

<br> ---

| | | |
|:---|:---|:---|
|  | **Pacer Industrials <br> and Logistics <br> ETF** | **Pacer Data <br> and Digital <br> Revolution ETF** |
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <sup>(a)</sup>** **<br> (Unaudited)** | **For the <br> Period Ended <br> October 31, <br> 2022 <sup>(a)</sup>** **<br> (Unaudited)** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss)  | $7363 | $2760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments  | (234) | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in Unrealized Appreciation (Depreciation) of Investments  | (125822) | (136486) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations**  | (118693) | (133231) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions and Dividends  | (6131) | (1401) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to Shareholders**  | (6131) | (1401) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Shares Sold  | 994800 | 1012400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions** <sup>(b)</sup>  | 994800 | 1012400 |
| **Net Increase (Decrease) in Net Assets**  | $869976 | $877768 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period  | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;End of Period  | $869976 | $877768 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Shares** | **Shares** |
| Subscriptions  | | 40,000 | | 40,000 |
| Net Increase  | | 40,000 | | 40,000 |

---

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

Pacer Trendpilot<sup>®</sup> US Large Cap ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Year Ended <br> April 30, <br> 2018**  |
| Net Asset Value, Beginning of Period  | $37.54 | $36.54 | $26.99 | $30.56 | $28.41 | $25.48 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(a)</sup>  | 0.22 | 0.28 | 0.25 | 0.39 | 0.43 | 0.37 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(e)</sup>  | (0.01) | 1.03 | 9.65 | (3.59) | 2.01 | 2.84 |
| Total from Investment Operations  | 0.21 | 1.31 | 9.90 | (3.20) | 2.44 | 3.21 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  |  | (0.31) | (0.35) | (0.37) | (0.29) | (0.28) |
| Total Distributions  |  | (0.31) | (0.35) | (0.37) | (0.29) | (0.28) |
| Net Asset Value, End of Period  | $37.75 | $37.54 | $36.54 | $26.99 | $30.56 | $28.41 |
| Total Return  | 0.56 %<sup>(b)</sup> | 3.48% | 36.86% | -10.71% | 8.65% | 12.56% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $2117769 | $1841243 | $1894772 | $2403839 | $2163990 | $921975 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(c)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net Investment Income (Loss) to Average Net Assets  | 1.16 %<sup>(c)</sup> | 0.71% | 0.83% | 1.25% | 1.43% | 1.32% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 0 %<sup>(b)</sup> | 58% | 6% | 5% | 162% | 12% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Pacer Trendpilot<sup>®</sup> US Mid Cap ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Year Ended <br> April 30, <br> 2018**  |
| Net Asset Value, Beginning of Period  | $34.52 | $35.63 | $28.35 | $30.95 | $30.72 | $28.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(a)</sup>  | 0.18 | — <sup>(f)</sup> | 0.09 | 0.28 | 0.41 | 0.27 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(e)</sup>  | (2.51) | (1.07) | 7.36 | (2.45) | 0.10 | 2.66 |
| Total from Investment Operations  | (2.33) | (1.07) | 7.45 | (2.17) | 0.51 | 2.93 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  |  | (0.04) | (0.17) | (0.43) | (0.28) | (0.21) |
| Total Distributions  |  | (0.04) | (0.17) | (0.43) | (0.28) | (0.21) |
| Net Asset Value, End of Period  | $32.19 | $34.52 | $35.63 | $28.35 | $30.95 | $30.72 |
| Total Return  | -6.76 %<sup>(b)</sup> | -2.98% | 26.34% | -7.11% | 1.66% | 10.42% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $521470 | $441894 | $452474 | $540051 | $761305 | $497590 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(c)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net Investment Income (Loss) to Average Net Assets  | 1.08 %<sup>(c)</sup> | 0.01% | 0.30% | 0.96% | 1.30% | 0.91% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 689 %<sup>(b)</sup> | 16% | 304% | 143% | 405% | 66% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents less the $0.005.

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

Pacer Trendpilot<sup>®</sup> 100 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the<br> Year Ended<br> April 30,<br> 2021** | **For the<br> Year Ended<br> April 30,<br> 2020** | **For the<br> Year Ended<br> April 30,<br> 2019** | **For the<br> Year Ended<br> April 30,<br> 2018**  |
| Net Asset Value, Beginning of Period  | $52.18 | $54.01 | $37.91 | $36.00 | $31.16 | $26.32 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(a)</sup>  | 0.18 | (0.13) | 0.01 | 0.15 | 0.26 | 0.11 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(e)</sup>  | (2.08) | (1.70) | 16.17 | 1.94 | 4.73 | 4.83 |
| Total from Investment Operations  | (1.90) | (1.83) | 16.18 | 2.09 | 4.99 | 4.94 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  |  |  | (0.08) | (0.18) | (0.15) | (0.10) |
| Total Distributions  |  |  | (0.08) | (0.18) | (0.15) | (0.10) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Transaction Fees (see Note 6)  |  |  | 0.00 <sup>(f)</sup> |  |  |  |
| Net Asset Value, End of Period  | $50.28 | $52.18 | $54.01 | $37.91 | $36.00 | $31.16 |
| Total Return  | -3.65 %<sup>(b)</sup> | -3.38% | 42.69% | 5.78% | 16.04% | 18.78% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $671234 | $688816 | $783124 | $739258 | $502173 | $211906 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.65 %<sup>(c)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net Investment Income (Loss) to Average Net Assets  | 0.69 %<sup>(c)</sup> | -0.22% | 0.01% | 0.40% | 0.76% | 0.38% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 0 %<sup>(b)</sup> | 7% | 6% | 61% | 107% | 3% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents less the $0.005.

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

Pacer Trendpilot<sup>®</sup> European Index ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the<br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Year Ended <br> April 30, <br> 2018**  |
| Net Asset Value, Beginning of Period  | $22.40 | $24.33 | $23.76 | $26.77 | $29.66 | $27.03 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(a)</sup>  | 0.10 | 0.34 | 0.10 | 0.54 | 0.74 | 0.51 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(e)</sup>  | (0.01) | (1.89) | 0.47 | (2.61) | (3.16) | 2.31 |
| Total from Investment Operations  | 0.09 | (1.55) | 0.57 | (2.07) | (2.42) | 2.82 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  |  | (0.38) |  | (0.94) | (0.47) | (0.19) |
| Total Distributions  |  | (0.38) |  | (0.94) | (0.47) | (0.19) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Transaction Fees (see Note 1)  |  | — <sup>(f)</sup> |  |  |  |  |
| Net Asset Value, End of Period  | $22.49 | $22.40 | $24.33 | $23.76 | $26.77 | $29.66 |
| Total Return  | 0.38 %<sup>(b)</sup> | -6.47% | 2.38% | -8.18% | -8.07% | 10.43% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $50595 | $45925 | $54741 | $91488 | $183379 | $158703 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.65 %<sup>(c)</sup> | 0.66% | 0.65% | 0.65% | 0.65% | 0.65% |
| Net Investment Income (Loss) to Average Net Assets  | 0.91 %<sup>(c)</sup> | 1.39% | 0.43% | 2.04% | 2.77% | 1.69% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 0 %<sup>(b)</sup> | 7% | 506% | 12% | 396% | 228% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents less the $0.005.

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

Pacer Trendpilot<sup>®</sup> International ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the<br> Period Ended <br> April 30,<br> 2020 <sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $24.40 | $28.22 | $23.42 | $24.91 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.13 | 0.44 | 0.28 | 0.32 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (0.01) | (3.57) | 4.72 | (1.55) |
| Total from Investment Operations  | 0.12 | (3.13) | 5.00 | (1.23) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| Distributions from Net Investment Income  |  | (0.69) | (0.20) | (0.26) |
| Total Distributions  |  | (0.69) | (0.20) | (0.26) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Transaction Fees (see Note 1)  |  | 0.00 <sup>(g)</sup> |  |  |
| Net Asset Value, End of Period  | $24.52 | $24.40 | $28.22 | $23.42 |
| Total Return  | 0.52 %<sup>(c)</sup> | -11.46% | 21.46% | -5.08 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net Assets at End of Period (000's)  | $116486 | $130527 | $131228 | $151038 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to Average Net Assets  | 0.65 %<sup>(d)</sup> | 0.65% | 0.65% | 0.65 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.04 %<sup>(d)</sup> | 1.56% | 1.15% | 1.26 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 0 %<sup>(c)</sup> | 202% | 161% | 39 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 02, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents less than $0.005.

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

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

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Period Ended <br> April 30, <br> 2020<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $23.33 | $27.45 | $25.77 | $25.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.52 | 0.80 | 1.09 | 0.33 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (3.01) | (4.17) | 1.34 | 0.72 |
| Total from Investment Operations  | (2.49) | (3.37) | 2.43 | 1.05 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| Distributions from Net Investment Income  | (0.75) | (0.75) | (0.75) | (0.28) |
| Total Distributions  | (0.26) | (0.75) | (0.75) | (0.28) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Transaction Fees (see Note 1)  |  |  | 0.00 <sup>(g)</sup> |  |
| Net Asset Value, End of Period  | $20.09 | $23.33 | $27.45 | $25.77 |
| Total Return  | -10.72 %<sup>(c)</sup> | -12.54% | 9.53% | 4.24 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net Assets at End of Period (000's)  | $327522 | $949550 | $839970 | $144327 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 4.77 %<sup>(d)</sup> | 3.01% | 4.04% | 2.47 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 471 %<sup>(c)</sup> | 652% | 55% | 131 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on October 22, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents less than $0.005.

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

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

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)**  | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Period Ended <br> April 30, <br> 2020<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $27.81 | $29.82 | $23.81 | $25.39 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)(c)</sup>  | 0.17 | 0.35 | 0.22 | 0.26 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(h)</sup>  | (1.25) | (2.07) | 5.96 | (1.59) |
| Total from Investment Operations  | (1.08) | (1.72) | 6.18 | (1.33) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| Distributions from Net Investment Income  |  | (0.29) | (0.17) | (0.25) |
| Total Distributions  |  | (0.29) | (0.17) | (0.25) |
| Net Asset Value, End of Period  | $26.73 | $27.81 | $29.82 | $23.81 |
| Total Return  | -3.91 %<sup>(d)</sup> | -5.87% | 26.02% | -5.37 %<sup>(d)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net Assets at End of Period (000's)  | $57460 | $63968 | $44728 | $27378 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to Average Net Assets <sup>(f)</sup>  | 0.15 %<sup>(e)</sup> | 0.15% | 0.15% | 0.15 %<sup>(e)</sup> |
| Net Investment Income (Loss) to Average Net Assets <sup>(f)</sup>  | 1.24 %<sup>(e)</sup> | 1.16% | 0.82% | 1.03 %<sup>(e)</sup> |
| Portfolio Turnover Rate <sup>(g)</sup>  | 3 %<sup>(d)</sup> | 5% | 29% | 6 %<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 03, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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<br>
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Does not include expenses of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Excludes the impact of in-kind transactions.

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

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

Pacer Global Cash Cows Dividend ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Year Ended <br> April 30, <br> 2018**  |
| Net Asset Value, Beginning of Period  | $32.83 | $31.10 | $24.63 | $31.19 | $30.75 | $28.60 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(a)</sup>  | 0.80 | 1.39 | 1.17 | 1.32 | 1.21 | 1.07 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(e)</sup>  | (4.03) | 1.69 | 6.51 | (6.60) | 0.43 | 2.01 |
| Total from Investment Operations  | (3.23) | 3.08 | 7.68 | (5.28) | 1.64 | 3.08 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.74) | (1.35) | (1.21) | (1.28) | (1.20) | (0.93) |
| Total Distributions  | (0.74) | (1.35) | (1.21) | (1.28) | (1.20) | (0.93) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Transaction Fees (see Note 1)  |  | — <sup>(f)</sup> |  |  |  |  |
| Net Asset Value, End of Period  | $28.86 | $32.83 | $31.10 | $24.63 | $31.19 | $30.75 |
| Total Return  | -9.82 %<sup>(b)</sup> | 10.22% | 32.05% | -17.32% | 5.56% | 10.86% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $701413 | $351302 | $135269 | $135480 | $210505 | $173710 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(c)</sup> | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net Investment Income (Loss) to Average Net Assets  | 5.27 %<sup>(c)</sup> | 4.32% | 4.32% | 4.52% | 4.00% | 3.50% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 31 %<sup>(b)</sup> | 39% | 76% | 91% | 74% | 76% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents less the $0.005.

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

Pacer US Cash Cows 100 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)**  | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Year Ended <br> April 30, <br> 2018** |
| Net Asset Value, Beginning of Period  | $47.94 | $41.95 | $25.17 | $29.72 | $28.98 | $26.13 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(a)</sup>  | 0.65 | 0.84 | 0.71 | 0.77 | 0.53 | 0.61 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(e)</sup>  | (1.72) | 5.87 | 16.76 | (4.55) | 0.67 | 2.84 |
| Total from Investment Operations  | (1.07) | 6.71 | 17.47 | (3.78) | 1.20 | 3.45 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.44) | (0.72) | (0.69) | (0.77) | (0.46) | (0.60) |
| Total Distributions  | (0.44) | (0.72) | (0.69) | (0.77) | (0.46) | (0.60) |
| Net Asset Value, End of Period  | $46.43 | $47.94 | $41.95 | $25.17 | $29.72 | $28.98 |
| Total Return  | -2.16 %<sup>(b)</sup> | 16.08% | 70.43% | -12.63% | 4.28% | 13.35% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $8752520 | $4554750 | $432113 | $190027 | $266018 | $28981 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.49 %<sup>(c)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| Net Investment Income (Loss) to Average Net Assets  | 2.84 %<sup>(c)</sup> | 1.78% | 2.23% | 2.73% | 1.82% | 2.16% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 57 %<sup>(b)</sup> | 114% | 104% | 85% | 122% | 101% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Pacer US Small Cap Cash Cows 100 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Period Ended <br> April 30, <br> 2018<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $38.06 | $41.82 | $20.76 | $25.88 | $26.17 | $24.78 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.23 | 0.72 | 0.11 | 0.27 | 0.32 | 0.28 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (0.68) | (3.37) | 21.13 | (5.12) | (0.29) | 1.38 |
| Total from Investment Operations  | (0.45) | (2.65) | 21.24 | (4.85) | 0.03 | 1.66 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.19) | (0.67) | (0.14) | (0.27) | (0.32) | (0.27) |
| Distributions from Return of Capital  |  | (0.44) | (0.04) |  |  |  |
| Total Distributions  | (0.19) | (1.11) | (0.18) | (0.27) | (0.32) | (0.27) |
| Net Asset Value, End of Period  | $37.42 | $38.06 | $41.82 | $20.76 | $25.88 | $26.17 |
| Total Return  | -1.12 %<sup>(c)</sup> | -6.57% | 102.70% | -18.72% | 0.20% | 6.69 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $1212397 | $831675 | $271840 | $14534 | $50474 | $5233 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.59 %<sup>(d)</sup> | 0.60% | 0.59% | 0.59% | 0.59% | 0.59 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.24 %<sup>(d)</sup> | 1.70% | 0.33% | 1.11% | 1.21% | 1.25 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 47 %<sup>(c)</sup> | 133% | 123% | 128% | 123% | 97 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 16, 2017.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Developed Markets International Cash Cows 100 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Period Ended <br> April 30, <br> 2018<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $29.69 | $31.95 | $20.99 | $27.08 | $28.91 | $25.09 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.84 | 1.03 | 0.66 | 0.74 | 0.85 | 0.60 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (4.81) | (2.43) | 10.98 | (6.05) | (2.01) | 3.53 |
| Total from Investment Operations  | (3.97) | (1.40) | 11.64 | (5.31) | (1.16) | 4.13 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.84) | (0.87) | (0.68) | (0.78) | (0.67) | (0.31) |
| Total Distributions  | (0.84) | (0.87) | (0.68) | (0.78) | (0.67) | (0.31) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Transaction Fees (see Note 1)  | 0.01 | 0.01 | 0.00 <sup>(g)</sup> |  |  |  |
| Net Asset Value, End of Period  | $24.89 | $29.69 | $31.95 | $20.99 | $27.08 | $28.91 |
| Total Return  | -13.38 %<sup>(c)</sup> | -4.48% | 56.41% | -20.04% | -3.92% | 16.48 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $179177 | $111346 | $20769 | $20991 | $33844 | $20235 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.65 %<sup>(d)</sup> | 0.65% | 0.65% | 0.65% | 0.65% | 0.65 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 6.29 %<sup>(d)</sup> | 3.28% | 2.52% | 2.96% | 3.18% | 2.42 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 34 %<sup>(c)</sup> | 71% | 83% | 149% | 80% | 25 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 16, 2017.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents less than $0.005.

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

Pacer US Cash Cows Growth ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Period Ended <br> April 30, <br> 2020<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $35.44 | $36.21 | $22.89 | $24.78 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.12 | 0.04 | 0.14 | 0.28 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (0.47) | (0.75) | 13.37 | (1.90) |
| Total from Investment Operations  | (0.35) | (0.71) | 13.51 | (1.62) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| Distributions from Net Investment Income  | (0.11) | (0.04) | (0.19) | (0.27) |
| Distributions from Return of Capital  |  | (0.02) |  |  |
| Total Distributions  | (0.11) | (0.06) | (0.19) | (0.27) |
| Net Asset Value, End of Period  | $34.98 | $35.44 | $36.21 | $22.89 |
| Total Return  | -0.96 %<sup>(c)</sup> | -1.98% | 59.29% | -6.52 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net Assets at End of Period (000's)  | $20988 | $8859 | $3621 | $1144 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 0.70 %<sup>(d)</sup> | 0.10% | 0.43% | 1.16 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 15 %<sup>(c)</sup> | 76% | 170% | 166 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 2, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Emerging Markets Cash Cows 100 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Period Ended <br> April 30, <br> 2020<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $22.14 | $25.94 | $19.11 | $24.95 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.95 | 1.36 | 0.72 | 1.05 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (5.62) | (4.03) | 6.91 | (4.81) |
| Total from Investment Operations  | (4.67) | (2.67) | 7.63 | (3.76) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| Distributions from Net Investment Income  | (1.09) | (1.14) | (0.85) | (2.08) |
| Total Distributions  | (1.09) | (1.14) | (0.85) | (2.08) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Transaction Fees (see Note 1)  | 0.01 | 0.01 | 0.05 | 0.00 |
| Net Asset Value, End of Period  | $16.39 | $22.14 | $25.94 | $19.11 |
| Total Return  | -21.47 %<sup>(c)</sup> | -10.67% | 41.19% | -16.76 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net Assets at End of Period (000's)  | $13112 | $11070 | $3891 | $956 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to Average Net Assets  | 0.70 %<sup>(d)</sup> | 0.71% | 0.70% | 0.70 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 9.91 %<sup>(d)</sup> | 5.50% | 3.12% | 4.43 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 39 %<sup>(c)</sup> | 97% | 109% | 144 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 2, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Cash Cows Fund of Funds ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Period Ended <br> April 30, <br> 2020<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $33.44 | $33.44 | $20.83 | $25.31 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)(c)</sup>  | 0.51 | 0.79 | 0.55 | 0.53 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(h)</sup>  | (2.30) |  | 12.56 | (4.46) |
| Total from Investment Operations  | (1.79) | 0.79 | 13.11 | (3.93) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |
| Distributions from Net Investment Income  | (0.42) | (0.79) | (0.50) | (0.55) |
| Distributions from Return of Capital  |  |  |  | (0.00)<sup>(i)</sup> |
| Total Distributions  | (0.42) | (0.79) | (0.50) | (0.55) |
| Net Asset Value, End of Period  | $31.23 | $33.44 | $33.44 | $20.83 |
| Total Return  | -5.27 %<sup>(d)</sup> | 2.29% | 63.73% | -15.71 %<sup>(d)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |
| Net Assets at End of Period (000's)  | $24984 | $8361 | $1672 | $1041 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |
| Expenses to Average Net Assets <sup>(f)</sup>  | 0.15 %<sup>(e)</sup> | 0.16% | 0.15% | 0.15 %<sup>(e)</sup> |
| Net Investment Income (Loss) to Average Net Assets <sup>(f)</sup>  | 3.24 %<sup>(e)</sup> | 2.27% | 2.09% | 2.27 %<sup>(e)</sup> |
| Portfolio Turnover Rate <sup>(g)</sup>  | 5 %<sup>(d)</sup> | 26% | 9% | 2 %<sup>(d)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 03, 2019.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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<br>
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Does not include expenses of the investment companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Less than $0.005.

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

Pacer WealthShield ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Year Ended <br> April 30, <br> 2019** | **For the <br> Period Ended <br> April 30, <br> 2018<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $30.16 | $32.10 | $23.92 | $25.02 | $25.02 | $25.02 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.27 | 0.26 | 0.14 | 0.33 | 0.38 | 0.10 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (1.25) | (1.94) | 8.20 | (1.10) | (0.01) | (0.05) |
| Total from Investment Operations  | (0.98) | (1.68) | 8.34 | (0.77) | 0.37 | 0.05 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.17) | (0.26) | (0.16) | (0.33) | (0.37) | (0.05) |
| Total Distributions  | (0.17) | (0.26) | (0.16) | (0.33) | (0.37) | (0.05) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Transaction Fees (see Note 1)  |  | — <sup>(g)</sup> |  |  |  |  |
| Net Asset Value, End of Period  | $29.01 | $30.16 | $32.10 | $23.92 | $25.02 | $25.02 |
| Total Return  | -3.18 %<sup>(c)</sup> | -5.30% | 35.00% | -3.04% | 1.43% | 0.23 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $36262 | $33172 | $48143 | $51428 | $110078 | $62539 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.61% | 0.60% | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.77 %<sup>(d)</sup> | 0.79% | 0.53% | 1.38% | 1.52% | 1.04 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 360 %<sup>(c)</sup> | 448% | 227% | 676% | 542% | 131 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on December 11, 2017.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Less than $0.005.

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

Pacer Industrial Real Estate ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Period Ended <br> April 30, <br> 2019<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $47.82 | $42.12 | $30.09 | $29.42 | $24.83 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.62 | 0.78 | 0.63 | 0.77 | 0.65 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (10.45) | 5.48 | 12.08 | 0.52 | 4.61 |
| Total from Investment Operations  | (9.83) | 6.26 | 12.71 | 1.29 | 5.26 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| Distributions from: |  |  |  |  |  |
| Net Investment Income  | (0.60) | (0.57) | (0.58) | (0.61) | (0.67) |
| Return of Capital  |  |  | (0.10) |  |  |
| Long-Term Capital Gain  |  |  |  | (0.01) |  |
| Total Distributions  | (0.60) | (0.57) | (0.68) | (0.62) | (0.67) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| Transaction Fees (see Note 6)  |  | 0.01 | 0.00 <sup>(g)</sup> |  |  |
| Net Asset Value, End of Period  | $37.39 | $47.82 | $42.12 | $30.09 | $29.42 |
| Total Return  | -20.51 %<sup>(c)</sup> | 14.88% | 42.70% | 4.38% | 21.62 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $215017 | $384990 | $200086 | $48147 | $7356 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.61% | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 2.99 %<sup>(d)</sup> | 1.60% | 1.75% | 2.40% | 2.60 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 70 %<sup>(c)</sup> | 43% | 13% | 29% | 36 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 14, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gain and losses in the statement of operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Less than $0.005.

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

Pacer Data & Infrastructure Real Estate ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Period Ended <br> April 30, <br> 2019<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $37.50 | $38.48 | $33.27 | $28.36 | $24.67 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.36 | 0.32 | 0.36 | 0.54 | 0.39 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (9.17) | (0.91) | 5.39 | 4.92 | 3.93 |
| Total from Investment Operations  | (8.81) | (0.59) | 5.75 | 5.46 | 4.32 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| Distributions from: |  |  |  |  |  |
| Net Investment Income  | (0.35) | (0.33) | (0.37) | (0.49) | (0.44) |
| Long-Term Capital Gain  |  | (0.06) | 0.00 | 0.00 | (0.01) |
| Return of Capital  |  | 0.00 | (0.17) | (0.06) | (0.18) |
| Total Distributions  | (0.35) | (0.39) | (0.54) | (0.55) | (0.63) |
| Net Asset Value, End of Period  | $28.34 | $37.50 | $38.48 | $33.27 | $28.36 |
| Total Return  | -23.77 %<sup>(c)</sup> | -1.63% | 17.46% | 19.50% | 17.89 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $912562 | $1299321 | $1119810 | $552214 | $22691 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.62% | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 2.13 %<sup>(d)</sup> | 0.81% | 1.02% | 1.70% | 1.55 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 34 %<sup>(c)</sup> | 23% | 30% | 28% | 27 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on May 15, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Period Ended <br> April 30, <br> 2019<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $34.95 | $37.16 | $25.23 | $28.16 | $25.01 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.20 | 0.34 | 0.26 | 0.50 | 0.25 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(g)</sup>  | (0.94) | (2.21) | 11.95 | (3.00) | 3.11 |
| Total from Investment Operations  | (0.74) | (1.87) | 12.21 | (2.50) | 3.36 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.17) | (0.34) | (0.28) | (0.43) | (0.21) |
| Total Distributions  | (0.17) | (0.34) | (0.28) | (0.43) | (0.21) |
| Net Asset Value, End of Period  | $34.04 | $34.95 | $37.16 | $25.23 | $28.16 |
| Total Return <sup>(f)</sup>  | -2.11 %<sup>(c)</sup> | -5.11% | 48.66% | -8.80% | 13.67 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $69773 | $80388 | $66883 | $60554 | $7040 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.20 %<sup>(d)</sup> | 0.89% | 0.89% | 1.75% | 1.23 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 102 %<sup>(c)</sup> | 225% | 217% | 225% | 262 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on July 23, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022 and April 30, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

Pacer CSOP FTSE China A50 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Period Ended <br> April 30, <br> 2020 <sup>(a)</sup>** | **For the <br> Year Ended <br> September 30, <br> 2019** | **For the <br> Year Ended <br> September 30, <br> 2018** |
| Net Asset Value, Beginning of Period  | $17.39 | $22.74 | $16.18 | $16.85 | $15.30 | $16.74 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.31 | 0.31 | 0.36 | (0.07) | 0.31 | 0.31 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (4.42) | (5.33) | 6.54 | 0.15 | 1.48 | (0.59) |
| Total from Investment Operations  | (4.11) | (5.02) | 6.90 | 0.08 | 1.79 | (0.28) |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |
| Distributions from: |  |  |  |  |  |  |
| Net Investment Income  |  | (0.37) | (0.33) | (0.71) | (0.24) | (1.16) |
| Return of Capital  |  | (0.01) | (0.01) | (0.04) |  |  |
| Total Distributions  |  | (0.38) | (0.34) | (0.75) | (0.24) | (1.16) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |  |
| Transaction Fees (see Note 1)  |  | 0.05 | 0.00 <sup>(g)</sup> |  |  |  |
| Net Asset Value, End of Period  | $13.28 | $17.39 | $22.74 | $16.18 | $16.85 | $15.30 |
| Total Return  | -23.60 %<sup>(c)</sup> | -22.15% | 42.73% | 0.14 %<sup>(c)</sup> | 12.05% | -2.34% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $4728 | $6188 | $10367 | $8992 | $12740 | $9269 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.70 %<sup>(d)</sup> | 0.71% | 0.70% | 0.70 %<sup>(d)</sup> | 0.70% | 0.70% |
| Net Investment Income (Loss) to Average Net Assets  | 3.69 %<sup>(d)</sup> | 1.49% | 1.73% | -0.66 %<sup>(d)</sup> | 1.97% | 1.84% |
| Portfolio Turnover Rate <sup>(d)</sup>  | 7 %<sup>(c)</sup> | 59% | 32% | 193 %<sup>(c)</sup> | 45% | 20% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period October 1, 2019 to April 30, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents less than $0.005.

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

Pacer BioThreat Strategy ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended<br> April 30, <br> 2021<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $28.51 | $30.05 | $24.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.17 | 0.22 | 0.16 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (7.97) | (1.52) | 5.53 |
| Total from Investment Operations  | (7.80) | (1.30) | 5.69 |
| **LESS DISTRIBUTIONS:** |  |  |  |
| Distributions from: |  |  |  |
| Net Investment Income  | (0.17) | (0.24) | (0.15) |
| Return of Capital  |  |  | — <sup>(g)</sup> |
| Total Distributions  | (0.17) |  |  |
| Net Asset Value, End of Period  | $20.54 | $28.51 | $30.05 |
| Total Return  | -3.32 %<sup>(c)</sup> | -4.41% | 23.23 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |
| Net Assets at End of Period (000's)  | $4108 | $5702 | $4507 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
| Expenses to Average Net Assets  | 0.70 %<sup>(d)</sup> | 0.71% | 0.70 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.25 %<sup>(d)</sup> | 0.69% | 0.65 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 7 %<sup>(c)</sup> | 17% | 5 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 24, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Represents less than $0.005.

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

Pacer Lunt Large Cap Alternator ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended<br> April 30, <br> 2021<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $43.15 | $40.74 | $23.58 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.21 | 0.48 | 0.41 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (4.19) | 2.36 | 17.16 |
| Total from Investment Operations  | (3.98) | 2.84 | 17.57 |
| **LESS DISTRIBUTIONS:** |  |  |  |
| Distributions from Net Investment Income  | (0.21) | (0.43) | (0.41) |
| Total Distributions  | (0.21) | (0.43) | (0.41) |
| Net Asset Value, End of Period  | $38.96 | $43.15 | $40.74 |
| Total Return  | -9.21 %<sup>(c)</sup> | 6.97% | 74.99 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |
| Net Assets at End of Period (000's)  | $831891 | $554454 | $130353 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.02 %<sup>(d)</sup> | 1.09% | 1.59 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 143 %<sup>(c)</sup> | 722% | 193 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 24, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Lunt Midcap Multi-Factor Alternator ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended<br> April 30, <br> 2021<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $32.19 | $37.07 | $23.84 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.20 | 0.20 | 0.07 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (1.15) | (4.87) | 13.26 |
| Total from Investment Operations  | (0.95) | (4.67) | 13.33 |
| **LESS DISTRIBUTIONS:** |  |  |  |
| Distributions from Net Investment Income  | (0.20) | (0.19) | (0.07) |
| Distributions from Return of Capital  |  | (0.02) | (0.03) |
| Total Distributions  | (0.20) | (0.21) | (0.10) |
| Net Asset Value, End of Period  | $31.04 | $32.19 | $37.07 |
| Total Return  | -2.91 %<sup>(c)</sup> | -12.66% | 56.04 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |
| Net Assets at End of Period (000's)  | $37247 | $35406 | $35219 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.61% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 1.28 %<sup>(d)</sup> | 0.55% | 0.27 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 253 %<sup>(c)</sup> | 529% | 322 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 24, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Period Ended<br> April 30, <br> 2021<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $36.34 | $37.61 | $24.42 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.36 | 0.39 | 0.32 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (1.05) | (1.33) | 13.14 |
| Total from Investment Operations  | (0.69) | (0.94) | 13.46 |
| **LESS DISTRIBUTIONS:** |  |  |  |
| Distributions from Net Investment Income  | (0.35) | (0.33) | (0.27) |
| Total Distributions  | (0.35) | (0.33) | (0.27) |
| Net Asset Value, End of Period  | $35.30 | $36.34 | $37.61 |
| Total Return  | -1.87 %<sup>(c)</sup> | -2.58% | 55.41 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |
| Net Assets at End of Period (000's)  | $208254 | $267095 | $43253 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 2.00 %<sup>(d)</sup> | 0.98% | 1.19 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 221 %<sup>(c)</sup> | 434% | 304 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 24, 2020.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer US Export Leaders ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022** | **For the <br> Year Ended <br> April 30, <br> 2021** | **For the <br> Year Ended <br> April 30, <br> 2020** | **For the <br> Period Ended <br> April 30, <br> 2019<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $38.27 | $40.41 | $25.15 | $25.97 | $24.98 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.13 | 0.12 | 0.14 | 0.16 | 0.09 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (2.92) | (2.13) | 15.27 | (0.82) | 0.98 |
| Total from Investment Operations  | (2.79) | (2.01) | 15.41 | (0.66) | 1.07 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |
| Distributions from Net Investment Income  | (0.10) | (0.12) | (0.15) | (0.16) | (0.08) |
| Distribution from Return of Capital  |  | (0.01) |  |  |  |
| Total Distributions  | (0.10) | (0.13) | (0.15) | (0.16) | (0.08) |
| Net Asset Value, End of Period  | $35.38 | $38.27 | $40.41 | $25.15 | $25.97 |
| Total Return  | -7.27 %<sup>(c)</sup> | -5.00% | 61.47% | -2.53% | 4.33 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $8846 | $3827 | $2021 | $1257 | $1298 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.61% | 0.60% | 0.60% | 0.60 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 0.69 %<sup>(d)</sup> | 0.29% | 0.43% | 0.61% | 0.50 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 33 %<sup>(c)</sup> | 79% | 111% | 79% | 55 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on July 23, 2018.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Pacific Asset Floating Rate High Income ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Period Ended <br> April 30, <br> 2022 <sup>(a)</sup>** | **For the <br> Year Ended <br> June 30, <br> 2021** | **For the <br> Year Ended <br> June 30, <br> 2020** | **For the <br> Year Ended <br> June 30, <br> 2019** | **For the <br> Year Ended <br> June 30, <br> 2018** | **For the <br> Year Ended <br> June 30, <br> 2017** |
| Net Asset Value, Beginning of Period  | $47.76 | $48.90 | $46.52 | $48.73 | $48.87 | $49.35 | $48.73 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 1.39 | 1.47 | 1.47 | 1.90 | 2.10 | 1.78 | 1.73 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (3.68) | (1.29) | 2.47 | (2.20) | (0.15) | (0.63) | 0.58 |
| Total from Investment Operations  | (2.29) | 0.18 | 3.94 | (0.30) | 1.95 | 1.15 | 2.31 |
| **LESS DISTRIBUTIONS:** |  |  |  |  |  |  |  |
| Distributions from Net Investment Income  | (1.41) | (1.32) | (1.56) | (1.91) | (2.09) | (1.63) | (1.69) |
| Total Distributions  | (1.41) | (1.32) | (1.56) | (1.91) | (2.09) | (1.63) | (1.69) |
| Net Asset Value, End of Period  | $44.06 | $47.76 | $48.90 | $46.52 | $48.73 | $48.87 | $49.35 |
| Total Return  | -4.78 %<sup>(c)</sup> | 0.34 %<sup>(c)</sup> | 8.63% | -0.70% | 4.09% | 2.36% | 4.78% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |  |  |
| Net Assets at End of Period (000's)  | $71821 | $81663 | $31788 | $27911 | $29240 | $29323 | $27143 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |  |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(d)</sup> | 0.62 %<sup>(d)</sup> | 0.68% | 1.06% | 1.63% | 1.62% | 1.39% |
| Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped  | N/A | N/A | 0.86% | 1.10% | 1.10% | 1.10% | 1.10% |
| Net Investment Income (Loss) to Average Net Assets  | 6.12 %<sup>(d)</sup> | 3.63 %<sup>(d)</sup> | 3.04% | 3.98% | 4.31% | 3.61% | 3.49% |
| Portfolio Turnover Rate <sup>(e)</sup>  | 56 %<sup>(c)</sup> | 37 %<sup>(c)</sup> | 35% | 48% | 70% | 73% | 52% |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $37.29 | $40.51 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.16 | 0.15 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (2.03) | (2.15) |
| Total from Investment Operations  | (1.87) | (2.00) |
| **LESS DISTRIBUTIONS:** |  |  |
| Distributions from Net Investment Income  | (0.91) | (0.15) |
| Distributions from Return of Capital  |  | (1.07) |
| Total Distributions  | (0.91) | (1.22) |
| Net Asset Value, End of Period  | $34.51 | $37.29 |
| Total Return  | -4.92 %<sup>(c)</sup> | -5.21 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |
| Net Assets at End of Period (000's)  | $1725 | $1865 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |
| Expenses to Average Net Assets  | 0.79 %<sup>(d)</sup> | 0.79 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 0.88 %<sup>(d)</sup> | 0.45 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 1 %<sup>(c)</sup> | 57 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on July 12, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the year/period**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <br> (Unaudited)** | **For the <br> Year Ended <br> April 30, <br> 2022<sup>(a)</sup>** |
| Net Asset Value, Beginning of Period  | $31.64 | $34.65 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.13 | 0.12 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(f)</sup>  | (1.60) | (1.73) |
| Total from Investment Operations  | (1.47) | (1.61) |
| **LESS DISTRIBUTIONS:** |  |  |
| Distributions from Net Investment Income  | (1.04) | (0.10) |
| Distributions from Return of Capital  |  | (1.30) |
| Total Distributions  | (1.04) | (1.40) |
| Net Asset Value, End of Period  | $29.13 | $31.64 |
| Total Return  | -4.55 %<sup>(c)</sup> | -5.00 %<sup>(c)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |
| Net Assets at End of Period (000's)  | $77765 | $55055 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |
| Expenses to Average Net Assets  | 0.79 %<sup>(d)</sup> | 0.79 %<sup>(d)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 0.88 %<sup>(d)</sup> | 0.42 %<sup>(d)</sup> |
| Portfolio Turnover Rate <sup>(e)</sup>  | 3 %<sup>(c)</sup> | 7 %<sup>(c)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on July 12, 2021.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Excludes the impact of in-kind transactions.

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

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

Pacer Industrials and Logistics ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the period**

---

| | |
|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <sup>(a)</sup>** **<br> (Unaudited)** |
| Net Asset Value, Beginning of Period  | $24.87 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.19 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(c)</sup>  | (3.16) |
| Total from Investment Operations  | (2.97) |
| **LESS DISTRIBUTIONS:** |  |
| Distributions from Net Investment Income  | (0.15) |
| Total Distributions  | (0.15) |
| Net Asset Value, End of Period  | $21.75 |
| Total Return  | -11.91 %<sup>(f)</sup> |
| **SUPPLEMENTAL DATA:** |  |
| Net Assets at End of Period (000's)  | $870 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(e)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 2.02 %<sup>(e)</sup> |
| Portfolio Turnover Rate <sup>(d)</sup>  | 1 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 8, 2022.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not annualized.

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

Pacer Data and Digital Revolution ETF

**FINANCIAL HIGHLIGHTS<br> For a capital share outstanding throughout the period**

---

| | |
|:---|:---|
|  | **For the <br> Period Ended <br> October 31, <br> 2022 <sup>(a)</sup>** **<br> (Unaudited)** |
| Net Asset Value, Beginning of Period  | $25.31 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net Investment Income (Loss) <sup>(b)</sup>  | 0.07 |
| Net Realized and Unrealized Gain (Loss) on Investments <sup>(c)</sup>  | (3.40) |
| Total from Investment Operations  | (3.33) |
| **LESS DISTRIBUTIONS:** |  |
| Distributions from Net Investment Income  | (0.04) |
| Total Distributions  | (0.04) |
| Net Asset Value, End of Period  | $21.94 |
| Total Return  | -13.16 %<sup>(f)</sup> |
| **SUPPLEMENTAL DATA:** |  |
| Net Assets at End of Period (000's)  | $878 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |
| Expenses to Average Net Assets  | 0.60 %<sup>(e)</sup> |
| Net Investment Income (Loss) to Average Net Assets  | 0.76 %<sup>(e)</sup> |
| Portfolio Turnover Rate <sup>(d)</sup>  | 4 %<sup>(f)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commencement of operations on June 8, 2022.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not annualized.

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

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited)**

**NOTE 1 – ORGANIZATION** 

Pacer Funds Trust (the "Trust"), a Delaware statutory trust organized on August 12, 2014. USAI, PSCX, PSMD, PSFD, PSFF, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, ODDS and BULD's fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust currently consists of multiple operational series, of which are covered in this report, individually the ("Fund") or collectively the ("Funds").

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"), Nasdaq Stock Market LLC ("Nasdaq"), or the NYSE Arca, Inc. ("NYSE"). Market prices for the shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called "Creation Units," which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, TRPL which generally consist of 25,000 shares, QDPL which generally consist of 30,000 shares, and FLRT, SHPP and TRFK which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Pacific Global Senior Loan ETF (FLRT or the "Predecessor Fund") is the successor to interest and has the same investment objective that was included as a series of another investment company, Pacific Global ETF Trust, and that was advised by Pacific Global Advisors LLC and Sub-Advised by Pacific Asset Management LLC. On October 20, 2021, the shareholders of the Predecessor Fund approved the tax-free reorganization of the Predecessor Fund with and into Pacer Pacific Asset Floating Rate High Income ETF, and effective as of the close of business on October 22, 2021, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of Pacer Pacific Asset Floating Rate High Income ETF. For financial reporting purposes, assets received and shares issued by FLRT were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of FLRT's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by Pacer Pacific Asset Floating Rate High Income ETF in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was June 30. The reporting period ended April 30, 2022 for FLRT is July 1, 2021 through April 30, 2022. Operations prior to October 25, 2021 were for the Predecessor Fund. The net assets were $36,716,030, including $47,406 of net unrealized appreciation, $24,639 of undistributed (accumulated) net investment income, and ($649,269) of undistributed (accumulated) net realized loss and shares outstanding were 750,000, all of which were transferred into the Trust at NAV at the close of business on October 22, 2021.

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement <br> of Operations** | **Exchange** | **Transaction Fees** |
| Pacer Trendpilot<sup>®</sup> US Large Cap ETF | PTLC | June 11, 2015 | Cboe | $500 \* |
| Pacer Trendpilot<sup>®</sup> US Mid Cap ETF | PTMC | June 11, 2015 | Cboe | 500 \* |
| Pacer Trendpilot<sup>®</sup> 100 ETF | PTNQ | June 11, 2015 | Cboe | 300 |
| Pacer Trendpilot<sup>®</sup> European Index ETF | PTEU | December 14, 2015 | Cboe | 2000 \* |
| Pacer Trendpilot<sup>®</sup> International ETF | PTIN | May 2, 2019 | NYSE | 8000 \* |
| Pacer Trendpilot<sup>®</sup> US Bond ETF | PTBD | October 22, 2019 | NYSE | 500 \* |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Ticker** | **Commencement <br> of Operations** | **Exchange** | **Transaction Fees** |
| Pacer Trendpilot<sup>®</sup> Fund of Funds ETF | TRND | May 3, 2019 | NYSE | $300 |
| Pacer Global Cash Cows Dividend ETF | GCOW | February 22, 2016 | Cboe | 1500 |
| Pacer US Cash Cows 100 ETF | COWZ | December 16, 2016 | Cboe | 300 |
| Pacer US Small Cap Cash Cows 100 ETF | CALF | June 16, 2017 | Cboe | 300 |
| Pacer Developed Markets International Cash Cows 100 ETF | ICOW | June 16, 2017 | Cboe | 1500 |
| Pacer US Cash Cows Growth ETF | BUL | May 2, 2019 | NYSE | 300 |
| Pacer Emerging Markets Cash Cows 100 ETF | ECOW | May 2, 2019 | Nasdaq | 1750 |
| Pacer Cash Cows Fund of Funds ETF | HERD | May 3, 2019 | Nasdaq | 300 |
| Pacer WealthShield ETF | PWS | December 11, 2017 | Cboe | 500 |
| Pacer Industrial Real Estate ETF | INDS | May 14, 2018 | NYSE | 300 |
| Pacer Data & Infrastructure Real Estate ETF | SRVR | May 15, 2018 | NYSE | 300 |
| Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF | SZNE | July 23, 2018 | NYSE | 500 |
| Pacer CSOP FTSE China A50 ETF | AFTY | March 10, 2015 | NYSE | 300 |
| Pacer BioThreat Strategy ETF | VIRS | June 24, 2020 | Cboe | 300 |
| Pacer Lunt Large Cap Alternator ETF | ALTL | June 24, 2020 | NYSE | 300 |
| Pacer Lunt Midcap Multi-Factor Alternator ETF | PAMC | June 24, 2020 | NYSE | 300 |
| Pacer Lunt Large Cap Multi-Factor Alternator ETF | PALC | June 24, 2020 | NYSE | 300 |
| Pacer US Export Leaders ETF | PEXL | July 23, 2018 | NYSE | 300 |
| Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF | TRPL | July 12, 2021 | NYSE | 300 |
| Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | QDPL | July 12, 2021 | NYSE | 300 |
| Pacer Pacific Asset Floating Rate High Income ETF | FLRT | February 18, 2015 | NYSE | 300 |
| Pacer Data and Digital Revolution ETF | TRFK | June 8, 2022 | NYSE | 750 |
| Pacer Industrials and Logistics ETF | SHPP | June 8, 2022 | NYSE | 2000 |

---

\* 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<sup>®</sup> US Large Cap Index | Diversified |
| PTMC | Pacer Trendpilot<sup>®</sup> US Mid-Cap Index | Diversified |
| PTNQ | Pacer NASDAQ-100 Trendpilot<sup>®</sup> Index | Non-Diversified |
| PTEU | Pacer Trendpilot<sup>®</sup> European Index | Diversified |
| PTIN | Pacer Trendpilot<sup>®</sup> International Index | Non-Diversified |
| PTBD | Pacer Trendpilot<sup>®</sup> US Bond Index | Diversified |
| TRND | Pacer Trendpilot Fund of Funds Index | Non-Diversified |
| GCOW | Pacer Global Cash Cows Dividends Index | Diversified |
| COWZ | Pacer US Cash Cows 100 Index | Diversified |
| CALF | Pacer US Small Cap Cash Cows Index | Diversified |
| ICOW | Pacer Developed Markets International Cash Cows 100 Index | Diversified |
| BUL | Pacer US Cash Cows Growth Index | Non-Diversified |
| ECOW | Pacer Emerging Markets Cash Cows 100 Index | Non-Diversified |
| HERD | Pacer Cash Cows Fund of Funds Index | Non-Diversified |
| PWS | Pacer WealthShield Index | Diversified |
| INDS | Solactive GPR Industrial Real Estate Index | Non-Diversified |
| SRVR | Solactive GPR Data & Infrastructure Real Estate Index | Non-Diversified |
| SZNE | CFRA-Stovall Equal Weight Seasonal Rotation Index | Diversified |
| AFTY | FTSE China A50 Net Total Return Index | Diversified |
| VIRS | LifeSci BioThreat Strategy Index | Non-Diversified |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
| **Ticker** | **Index** | **Diversification** |
| ALTL | Lunt Capital U.S. Large Cap Equity Rotation Index | Non-Diversified |
| PAMC | Lunt Capital U.S. MidCap Multi-Factor Rotation Index | Non-Diversified |
| PALC | Lunt Capital U.S. Large Cap Multi-Factor Rotation Index | Non-Diversified |
| PEXL | Pacer US Export Leaders Index | Diversified |
| TRPL | Metaurus US Large Cap Dividend Multiplier Index – Series 300 | Non-Diversified |
| QDPL | Metaurus US Large Cap Dividend Multiplier Index – Series 400 | Non-Diversified |
| TRFK | Pacer Data Transmission and Communication Revolution Index | Non-Diversified |
| SHPP | Pacer Global Supply Chain Infrastructure Index | Non-Diversified |

---

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities, including master limited partnerships (""MLPs""), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market ("Nasdaq"). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price ("NOCP") will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company's net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange ("NYSE") on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share as provided by its administrator.

Deposit accounts are valued at acquisition cost, which approximates fair value.

Any securities for which there are no readily available market quotations and other assets will be valued at their fair value as determined in good faith by the Fair Value Pricing Committee using the Fair Value Procedures approved by the Board of Trustees (the "Board").

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | |
|:---|:---|
| Level 2 –  | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.  |

---

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of October 31, 2022:

**PTLC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Short-Term Investments  | $69585935 | $2050991308 | $— | $— | 2120577243 |
| Total Investments in Securities  | $69585935 | $2050991308 | $— | $— | $2120577243 |

---

^ See Schedule of Investments for further breakouts.

**PTMC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Short-Term Investments  | $38412509 | $483231489 | $— | $— | 521643998 |
| Total Investments in Securities  | $38412509 | $483231489 | $— | $— | $521643998 |

---

^ See Schedule of Investments for further breakouts.

**PTNQ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $319534239 | $— | $— | $— | $319534239 |
| Short-Term Investments  | 19853625 | 332102327 |  |  | 351955952 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 42974735 | 42974735 |
| Total Investments in Securities  | $339387864 | $332102327 | $— | $42974735 | $714464926 |

---

^ See Schedule of Investments for sector breakouts.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**PTEU** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $4044 | $— | $47792 |  | $51836 |
| Short-Term Investments  | 1448048 | 48804658 |  |  | 50252706 |
| Total Investments in Securities  | $1452092 | $48804658 | $47792 | $— | $50304542 |

---

^ 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 <br> as of <br> 4/30/2022** | **Net <br> Realized <br> Gain <br> (Loss)** | **Change in Net <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Purchases** | **Sales** | **Transfers <br> Into <br> Level 3** | **Transfers <br> Out of <br> Level 3** | **Balance as of <br> 10/31/2022** |
| Common Stocks | $34030 | $— | $13762 | $— | $— | $— | $— | $47792 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PTEU** | **Fair Value as <br> of 10/31/2022** | **Valuation <br> Techniques** | **Unobservable <br> Input** | **Impact to Valuation From <br> an Increase to Input<sup>(a)</sup>** |
| Common Stocks | $5972 | Last Trade Price | Stale Data | 4.80 EUR |
| Common Stocks | $41820 | US Line | Delisting | 10.59 EUR |

---

<sup>(a)</sup> Table presents information for two securities: FF Group, which has been valued at 4.80 EUR throughout the period and TechnipFMC PLC which has been valued between 5.6251 - 10.9200 EUR.

**PTIN** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $10123 | $— | $— | $— | $10123 |
| Preferred Stocks  | 484 |  |  |  | 484 |
| Short-Term Investments  | 3780803 | 112471293 |  |  | 116252096 |
| Total Investments in Securities  | $3791410 | $112471293 | $— | $— | $116262703 |

---

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

**PTBD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Corporate Bonds  | $— | $322530692 | $— | $— | $322530692 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 12837594 | 12837594 |
| Total Investments in Securities  | $— | $322530692 | $— | $12837594 | $335368286 |

---

^ See Schedule of Investments for sector breakouts.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**TRND** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Affiliated Exchange Traded Funds  | $57343058 | $— | $— | $— | $57343058 |
| Short-Term Investments  | 127287 |  |  |  | 127287 |
| Total Investments in Securities  | $57470345 | $— | $— | $— | $57470345 |

---

**GCOW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $687228716 | $— | $— | $— | $687228716 |
| Preferred Stocks  | 12651517 |  |  |  | 12651517 |
| Short-Term Investments  | 105413 |  |  |  | 105413 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 96835987 | 96835987 |
| Total Investments in Securities  | $699985646 | $— | $— | $96835987 | $796821633 |

---

^ See Schedule of Investments for country breakouts.

**COWZ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $8484856909 | $— | $— | $— | $8484856909 |
| Real Estate Investment Trusts  | 236092578 |  |  |  | 236092578 |
| Short-Term Investments  | 8330964 |  |  |  | 8330964 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 1131458005 | 1131458005 |
| Total Investments in Securities  | $8729280451 | $— | $— | $1131458005 | $9860738456 |

---

^ See Schedule of Investments for sector breakouts.

**CALF** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $1177919712 | $— | $— | $— | $1177919712 |
| Real Estate Investment Trusts  | 34097313 |  |  |  | 34097313 |
| Short-Term Investments  | 1734674 |  |  |  | 1734674 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 361989914 | 361989914 |
| Total Investments in Securities  | $1213751699 | $— | $— | $361989914 | $1575741613 |

---

^ See Schedule of Investments for sector breakouts.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**ICOW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $175195838 | $— | $— | $— | $175195838 |
| Preferred Stocks | 3372153 |  |  |  | 3372153 |
| Short-Term Investments  | 114775 |  |  |  | 114775 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 20586519 | 20586519 |
| Total Investments in Securities  | $178682766 | $— | $— | $20586519 | $199269285 |

---

^ See Schedule of Investments for country breakouts.

**BUL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $20972354 | $— | $— | $— | $20972354 |
| Short-Term Investments  | 11952 |  |  |  | 11952 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 2864668 | 2864668 |
| Total Investments in Securities  | $20984306 | $— | $— | $2864668 | $23848974 |

---

^ See Schedule of Investments for sector breakouts.

**ECOW** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $11444448 | $— | $0 | $— | $11444448 |
| Preferred Stocks  | 1398698 |  |  |  | 1398698 |
| Mutual Funds | 46308 |  |  |  | 46308 |
| Short-Term Investments  | 135561 |  |  |  | 135561 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 237400 | 237400 |
| Total Investments in Securities  | $13025015 | $— | $— | $237400 | $13262415 |

---

^ 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 <sup>(a)</sup>** | **Balance <br> as of <br> 4/30/2022** | **Net <br> Realized <br> Gain <br> (Loss)** | **Change in Net <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Purchases** | **Sales** | **Transfers <br> Into <br> Level 3** | **Transfers <br> Out of <br> Level 3** | **Balance as of <br> 10/31/2022** |
| Common Stocks | $0 | $— | $— | $— | $— | $— | $— | $0 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ECOW** | **Fair Value as <br> of 10/31/2022** | **Valuation <br> Techniques** | **Unobservable Input** | **Impact to Valuation From <br> an Increase to Input<sup>(a)</sup>** |
| Common Stocks | $0 | Market comparable companies | Discount for lack of marketability | $0.00 |

---

<sup>(a)</sup> Table presentes information for eleven securities, which due to the Russian foreign exchange restrictions, are not actively traded.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**HERD** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Affiliated Exchange Traded Funds  | $24970356 | $— | $— | $— | $24970356 |
| Short-Term Investments  | 16036 |  |  |  | 16036 |
| Total Investments in Securities  | $24986392 | $— | $— | $— | $24986392 |

---

**PWS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $14620384 | $— | $— | $— | $14620384 |
| Contingent Value Rights  |  |  | 2886 |  | 2886 |
| Short-Term Investments  | 4424448 | 19876965 |  |  | 24301413 |
| Total Investments in Securities  | $19044832 | $19876965 | $2886 | $— | $38924683 |

---

^ 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<sup>(a)</sup>** | **Balance <br> as of <br> 4/30/2022** | **Net <br> Realized <br> Gain <br> (Loss)** | **Change in Net <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Purchases** | **Sales** | **Transfers <br> Out of <br> Level 3** | **Transfers <br> Into Level 3** | **Balance as of <br> 10/31/2022** |
| Contingent Value Rights | $2886 | $— | $— | $— | $— | $— | $— | $2886 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PWS** | **Fair Value as <br> of 10/31/2022** | **Valuation <br> Techniques** | **Unobservable <br> Input** | **Impact to Valuation From <br> an Increase to Input** |
| Contingent Value Rights | $2886 | Acquisition Price | Stale Data | $0.46 |

---

<sup>(a)</sup> Table presents information for one security, which has been valued at $0.46 throughout the period. 

**INDS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $10867872 | $— | $— | $— | $10867872 |
| Real Estate Investment Trusts  | 197235511 |  |  |  | 197235511 |
| Short-Term Investments  | 609670 |  |  |  | 609670 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 31600088 | 31600088 |
| Total Investments in Securities  | $208713053 | $— | $— | $31600088 | $240313141 |

---

^ See Schedule of Investments for sector breakouts.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**SRVR** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $301118724 | $— | $— | $— | $301118724 |
| Real Estate Investment Trusts  | 604020369 |  |  |  | 604020369 |
| Short-Term Investments  | 1832094 |  |  |  | 1832094 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 69760923 | 69760923 |
| Total Investments in Securities  | $906971187 | $— | $— | $69760923 | $976732110 |

---

^ See Schedule of Investments for sector breakouts.

**SZNE** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $69384094 | $— | $— | $— | $69384094 |
| Short-Term Investments  | 59281 |  |  |  | 59281 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 9105652 | 9105652 |
| Total Investments in Securities  | $69443375 | $— | $— | $9105652 | $78549027 |

---

^ See Schedule of Investments for sector breakouts.

**AFTY** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $4693077 | $— | $— | $— | $4693077 |
| Short-Term Investments  | 31851 |  |  |  | 31851 |
| Total Investments in Securities  | $4724928 | $— | $— | $— | $4724928 |

---

^ See Schedule of Investments for sector breakouts.

**VIRS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $4102870 | $— | $— | $— | $4102870 |
| Short-Term Investments  | 2845 |  |  |  | 2845 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 432497 | 432497 |
| Total Investments in Securities  | $4105715 | $— | $— | $432497 | $4538212 |

---

^ See Schedule of Investments for sector breakouts.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**ALTL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $831554490 | $— | $— | $— | $831554490 |
| Short-Term Investments  | 473254 |  |  |  | 473254 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 88557948 | 88557948 |
| Total Investments in Securities  | $832027744 | $— | $— | $88557948 | $920585692 |

---

^ See Schedule of Investments for sector breakouts.

**PAMC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $36450494 | $— | $— | $— | $36450494 |
| Real Estate Investment Trusts  | 770406 |  |  |  | 770406 |
| Short-Term Investments  | 36790 |  |  |  | 36790 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 8258734 | 8258734 |
| Total Investments in Securities  | $37257690 | $— | $— | $8258734 | $45516424 |

---

^ See Schedule of Investments for sector breakouts.

**PALC** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $196038260 | $— | $— | $— | $196038260 |
| Real Estate Investment Trusts  | 11269251 |  |  |  | 11269251 |
| Short-Term Investments  | 946116 |  |  |  | 946116 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 20268142 | 20268142 |
| Total Investments in Securities  | $208253627 | $— | $— | $20268142 | $228521769 |

---

^ See Schedule of Investments for sector breakouts.

**PEXL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at <br> Net Asset Value** | **Total** |
| Common Stocks  | $8755353 | $— | $— | $— | $8755353 |
| Real Estate Investment Trusts  | 81001 |  |  |  | 81001 |
| Short-Term Investments  | 9465 |  |  |  | 9465 |
| Investments Purchased with Proceeds from Securities Lending  |  |  |  | 1344952 | 1344952 |
| Total Investments in Securities  | $8845819 | $— | $— | $1344952 | $10190771 |

---

^ See Schedule of Investments for sector breakouts.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**FLRT** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at Net <br> Asset Value** | **Total** |
| Bank Loans  | $— | $39659187 | $— | $— | $39659187 |
| Corporate Bonds  |  | 7565608 |  |  | 7565608 |
| Asset-Backed Securities  |  | 21651939 |  |  | 21651939 |
| Exchange Traded Funds  | 1180510 |  |  |  | 1180510 |
| Closed-End Funds  | 24898 |  |  |  | 24898 |
| Short-Term Investments  | 5728283 |  |  |  | 5728283 |
| Total Investments in Securities  | $6933691 | $68876734 | $— | $— | $75810425 |

---

^ See Schedule of Investments for sector breakouts.

**TRPL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at Net <br> Asset Value** | **Total** |
| Common Stocks  | $1548087 | $— | $— | $— | $1548087 |
| Real Estate Investment Trusts  | 40888 |  |  |  | 40888 |
| Short-Term Investments  | 35883 |  |  |  | 35883 |
| Total Investments in Securities  | 1624858 |  |  |  | $1624858 |
| **Other Financial Instruments** <sup>(a)</sup>  |  |  |  |  |  |
| Futures Contracts  | $133 | $— | $— | $— | $133 |

---

^ See Schedule of Investments for sector breakouts.

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

**QDPL** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at Net <br> Asset Value** | **Total** |
| Common Stocks  | $66713247 | $— | $— | $— | $66713247 |
| Real Estate Investment Trusts  | 1762755 |  |  |  | 1762755 |
| Short-Term Investments  | 2929607 |  |  |  | 2929607 |
| US Government Notes/Bonds  |  | 4867297 |  |  | 4867297 |
| Total Investments in Securities  | 71405609 | 4867297 |  |  | 76272906 |
| **Other Financial Instruments** <sup>(a)</sup>  |  |  |  |  |  |
| Futures Contracts  | $73647 | $— | $— | $— | $73647 |

---

^ See Schedule of Investments for industry breakouts.

<sup>(a)</sup> Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**TRFK** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at Net <br> Asset Value** | **Total** |
| Common Stocks  | $875845 | $— | $— | $— | $875845 |
| Short-Term Investments  | 2233 |  |  |  | 2233 |
| Total Investments in Securities  | $878078 | $— | $— | $— | $878078 |

---

^ See Schedule of Investments for sector breakouts.

**SHPP** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description^** | **Level 1** | **Level 2** | **Level 3** | **Investments <br> Measured at Net <br> Asset Value** | **Total** |
| Common Stocks  | $845298 | $— | $— | $— | $845298 |
| Exchange Traded Funds  | 20502 |  |  |  | 20502 |
| Short-Term Investments  | 2840 |  |  |  | 2840 |
| Total Investments in Securities  | $868640 | $— | $— | $— | $868640 |

---

^ See Schedule of Investments for sector breakouts.

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

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period/year ended April 30, 2022, the Funds did not have any tax positions that did not meet the "more-likely- than-not" threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2022, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2019-2021) or expected to be taken in each of the Fund's 2022 tax returns. During the year/period ended April 30, 2022, the Funds did not incur any interest or penalties.

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

Distributions received from the Fund's investments in Real Estate Investment Trusts ("REIT") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund's shareholders may represent a return of capital.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. GCOW, COWZ, CALF, ICOW, PWS, PEXL, INDS, SRVR, SZNE, BUL, ECOW, HERD, VIRS, ALTL, PAMC, PALC, TRPL, QDPL, SHPP and TRFK are declared and paid on a quarterly basis. FLRT and PTBD are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2022, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br> Earnings <br> (Accumulated <br> Deficit)** | **Paid-In Capital** |
| PTLC | (424859325) | 424859325 |
| PTMC | (47080888) | 47080888 |
| PTNQ | (115946441) | 115946441 |
| PTEU | (333007) | 333007 |
| PTIN | (14509524) | 14509524 |
| PTBD | (12354230) | 12354230 |
| TRND | (583509) | 583509 |
| GCOW | (8060321) | 8060321 |
| COWZ | (119756133) | 119756133 |
| CALF | (30604251) | 30604251 |
| ICOW | (881143) | 881143 |
| BUL | (932219) | 932219 |
| ECOW | (157472) | 157472 |
| HERD | (212885) | 212885 |
| PWS | (6586585) | 6586585 |
| INDS | (29026660) | 29026660 |
| SRVR | (90466164) | 90466164 |
| SZNE | (154535) | 154535 |
| AFTY | 2676 | (2676) |
| VIRS | (556553) | 556553 |
| ALTL | (76074041) | 76074041 |
| PAMC | (5660154) | 5660154 |
| PALC | (14604996) | 14604996 |
| PEXL | (352539) | 352539 |
| TRPL | (45644) | 45644 |
| QDPL | 1275430 | (1275430) |
| FLRT |  |  |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

SHPP and TRFK commenced operations after April 30, 2022.

During the fiscal year/period ended April 30, 2022, the Funds' realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid- in-capital.

---

| | |
|:---|:---|
| PTLC  | $425464379 |
| PTMC | 47052055 |
| PTNQ | 133074735 |
| PTEU | 862772 |
| PTIN | 14922002 |
| PTBD | 15528274 |
| TRND | 627315 |
| GCOW | 8296440 |
| COWZ | 122848890 |
| CALF | 37606314 |
| ICOW | 881143 |
| BUL | (841357) |
| ECOW | 210906 |
| HERD | 213706 |
| PWS | 6611900 |
| INDS | 29746781 |
| SRVR | 94280539 |
| SZNE | 166594 |
| AFTY |  |
| VIRS | 568961 |
| ALTL | 78914614 |
| PAMC | 6294585 |
| PALC | 15371108 |
| PEXL | 378356 |
| TRPL | 99468 |
| QDPL |  |
| FLRT | — <sup>(a)</sup> |

---

<sup>(a)</sup> For the period ended July 1, 2021 to April 30, 2022.

SHPP and TRFK commenced operations after April 30, 2022.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

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

---

| | |
|:---|:---|
|  | **Annual Rate of <br> Average Daily <br> Net Assets** |
| PTLC | 0.60% |
| PTMC | 0.60% |
| PTNQ | 0.65% |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | |
|:---|:---|
|  | **Annual Rate of <br> Average Daily <br> Net Assets** |
| PTEU | 0.65% |
| PTIN | 0.65% |
| PTBD | 0.60% |
| TRND | 0.15% |
| GCOW | 0.60% |
| COWZ | 0.49% |
| CALF | 0.59% |
| ICOW | 0.65% |
| BUL | 0.60% |
| ECOW | 0.70% |
| HERD | 0.15% |
| PWS | 0.60% |
| INDS | 0.60% |
| SRVR | 0.60% |
| SZNE | 0.60% |
| AFTY | 0.70% |
| VIRS | 0.70% |
| ALTL | 0.60% |
| PAMC | 0.60% |
| PALC | 0.60% |
| PEXL | 0.60% |
| TRPL | 0.79% |
| QDPL | 0.79% |
| FLRT | 0.60% |
| TRFK | 0.60% |
| SHPP | 0.60% |

---

The Adviser has overall responsibility for overseeing the investment of the Funds' assets, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC ("Vident") serves as the sub- adviser to PTBD, CSOP serves as the sub-adviser to AFTY, Metaurus Advisors, LLC, ("Metaurus") serves as the sub-adviser to TRPL and QDPL and Pacific Asset Management LLC ("Pacific Asset") serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, Metaurus and Pacific Asset are paid by the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the "Sub-Advisory Agreement"), CSOP is responsible for trading portfolio securities on behalf of AFTY, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of AFTY's respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the "Sub-Advisory Agreement"), Vident is responsible for trading portfolio securities on behalf of PTBD, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of PTBD's respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

Pusuant to a Sub-Advisory Agreement between the Adviser and Metaurus (the "Sub-Advisory Agreement"), Metaurus is responsible for trading portfolio securities on behalf of TRPL and QDPL, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of TRPL and QDPL respective Indexes, subject to the supervision of the Adviser and the Board. For the services it provides to TRPL and QDPL, Metaurus is compensated by the Adviser from the management fees paid by TRPL and QDPL to the Adviser.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

Pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the "Sub-Advisory Agreement"), Pacific Asset is responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Pacific Asset is compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended October 31, 2022.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

**NOTE 4 – SERVICE AND CUSTODY AGREEMENTS** 

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator") doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the "Custodian"), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the "Securities Lending Agent") for the Funds.

**NOTE 5 – SECURITIES LENDING** 

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of October 31, 2022, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value ("NAV") of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended October 31, 2022, the Funds (excluding TRND, HERD, AFTY, TRPL, QDPL, FLRT, TRFK and SHPP) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund's Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund's portion of total cash collateral received. Securities lending income is disclosed in each Fund's Statement of Operations, as applicable.

**NOTE 6 – SECURED BORROWINGS** 

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2022.

<u><u>**Securities Lending Transactions**</u></u>

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments Purchased <br> with Proceeds from <br> Securities Lending <br> Collateral\*** |
| PTLC | $— |
| PTMC |  |
| PTNQ | 42974735 |
| PTEU |  |
| PTIN |  |
| PTBD | 12837594 |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | |
|:---|:---|
| **Overnight and Continuous** | **Investments Purchased <br> with Proceeds from <br> Securities Lending <br> Collateral\*** |
| TRND | $— |
| GCOW | 96835987 |
| COWZ | 1131458005 |
| CALF | 361989914 |
| ICOW | 20586519 |
| BUL | 2864668 |
| ECOW | 237400 |
| HERD |  |
| PWS |  |
| INDS | 31600088 |
| SRVR | 69760923 |
| SZNE | 9105652 |
| AFTY |  |
| VIRS | 432497 |
| ALTL | 88557948 |
| PAMC | 8258734 |
| PALC | 20268142 |
| PEXL | 1344952 |
| TRPL |  |
| QDPL |  |
| FLRT |  |
| TRFK |  |
| SHPP |  |

---

\* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

**NOTE 7 – DERIVATIVES TRANSACTIONS** 

The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by "marking- to-market" on a daily basis to reflect the fair value of the contract at the end of each day's trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds' cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

The following table represents a summary of the value of derivative instruments as of October 31, 2022 and the effect of derivative instruments on the Statement of Assets and Liabilities as of October 31, 2022:

**TRPL** 

**Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** |
| <br>**Derivatives** | **Location** | **Value** |
| Equity Contracts - Futures | Deposit at Broker for Futures | $133 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2022 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Amount of Realized <br> Gain on Derivatives <br> Recognized in Income** | **Derivatives** | **Change in Unrealized <br> Appreciation on <br> Derivatives Recognized <br> in Income** |
| Equity Contracts - Futures |  | Equity Contracts - Futures | $5500  |

---

**QDPL** 

**Statement of Assets and Liabilities - Values of Derivative Instruments as of October 31, 2022** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** |
| <br>**Derivatives** | **Location** | **Value** |
| Equity Contracts - Futures | Deposit at Broker for Futures | $73647 |

---

The effect of Derivative Instruments on the Statement of Operations for the period ended October 31, 2022 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Derivatives** | **Amount of Realized <br> Gain on Derivatives <br> Recognized in Income** | **Derivatives** | **Change in Unrealized <br> Appreciation on <br> Derivatives Recognized <br> in Income** |
| Equity Contracts - Futures |  | Equity Contracts - Futures | $308440  |

---

The average monthly value of long futures during the period ended October 31, 2022 in TRPL was $191,050. The average monthly value of long futures during the period ended October 31, 2022 in QDPL was $9,975,525.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**NOTE 8 – OFFSETTING ASSETS AND LIABILITIES** 

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2022:

<u><u>**Assets**</u></u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts not offset in the <br> Statement of Assets and Liabilities** | **Gross Amounts not offset in the <br> Statement of Assets and Liabilities** | |
| <br>**Description / Counterparty** | <br>**Gross Amounts <br> of Recognized <br> Assets** | <br>**Gross Amounts <br> Offset in the <br> Statement of <br> Assets and <br> Liabilities** | <br>**Net Amounts <br> Presented in <br> the Statement <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Collateral <br> Pledged <br> (Received)** | <br>**Net Amount** |
| **TRPL** |  |  |  |  |  |  |
| Futures Contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, LLC | $102224 | $— | $102224 | $102224 | $— | $— |
| **QDPL** |  |  |  |  |  |  |
| Futures Contracts |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, LLC | 1690912 |  | 1690912 | 1690912 |  |  |

---

<u>**Liabilities**</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | |
| <br>**Description** | <br>**Gross Amounts <br> of Recognized <br> Liabilities** | <br>**Gross Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amounts <br> Presented in <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Collateral <br> Pledged <br> (Received)** | <br>**Net <br> Amount** |
| **PTNQ** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | $42974735 | $— | $42974735 | $42974735 | $— | $— |
| **PTBD** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 12837594 |  | 12837594 | 12837594 |  |  |
| **GCOW** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 96835987 |  | 96835987 | 96835987 |  |  |
| **COWZ** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 1131458005 |  | 1131458005 | 1131458005 |  |  |
| **CALF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 361989914 |  | 361989914 | 361989914 |  |  |
| **ICOW** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 20586519 |  | 20586519 | 20586519 |  |  |
| **BUL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 2864668 |  | 2864668 | 2864668 |  |  |
| **ECOW** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 237400 |  | 237400 | 237400 |  |  |
| **INDS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 31600088 |  | 31600088 | 31600088 |  |  |
| **SRVR** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 69760923 |  | 69760923 | 69760923 |  |  |
| **SZNE** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 9105652 |  | 9105652 | 9105652 |  |  |
| **VIRS** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 432497 |  | 432497 | 432497 |  |  |
| **ALTL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 88557948 |  | 88557948 | 88557948 |  |  |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | |
| <br>**Description** | <br>**Gross Amounts <br> of Recognized <br> Liabilities** | <br>**Gross Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amounts <br> Presented in <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Collateral <br> Pledged <br> (Received)** | <br>**Net <br> Amount** |
| **PAMC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | $8258734 | $— | $8258734 | $8258734 | $— | $— |
| **PALC** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 20268142 |  | 20268142 | 20268142 |  |  |
| **PEXL** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Lending | 1344952 |  | 1344952 | 1344952 |  |  |

---

**NOTE 9 – INVESTMENT TRANSACTIONS** 

For the year/period ended October 31, 2022, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **In-Kind <br> Purchases** | **In-Kind Sales** | **U.S. <br> Government <br> Purchases** | **U.S. <br> Government <br> Sales** |
| PTLC | $— | $— | $— | $— | $— | $— |
| PTMC | 475035906 | 418600054 |  | 23431306 |  |  |
| PTNQ | 344417744 | 1091913 | 14210814 | 9742461 |  |  |
| PTEU |  |  |  | 488 |  |  |
| PTIN |  | 7997 |  | 455 |  |  |
| PTBD | 2641877133 | 2670250500 |  | 468725159 | 1471917202 | 1457363626 |
| TRND | 2253245 | 1860842 |  | 4083249 |  |  |
| GCOW | 202900054 | 179062535 | 414816322 | 5441284 |  |  |
| COWZ | 38109443990 | 3779195309 | 4803474175 | 449145700 |  |  |
| CALF | 455449144 | 452720596 | 426661045 | 40584903 |  |  |
| ICOW | 57432685 | 45879887 | 78448243 |  |  |  |
| BUL | 2008696 | 1967075 | 12022983 |  |  |  |
| ECOW | 5542339 | 4164796 | 3742909 |  |  |  |
| HERD | 766130 | 751530 | 20280862 | 3022520 |  |  |
| PWS | 34906753 | 54546637 | 4542107 | 1667769 |  |  |
| INDS | 197789319 | 203906889 | 24461812 | 116812187 |  |  |
| SRVR | 384407388 | 388747530 | 91020886 | 169167593 |  |  |
| SZNE | 76548451 | 76700518 |  | 8296854 |  |  |
| AFTY | 500064 | 402174 |  |  |  |  |
| VIRS | 328941 | 332054 |  | 1349101 |  |  |
| ALTL | 1057451377 | 1054965580 | 424983846 | 62055113 |  |  |
| PAMC | 87123171 | 87082449 | 77540107 | 4642743 |  |  |
| PALC | 508281337 | 509132732 | 24960804 | 76049845 |  |  |
| PEXL | 2109052 | 2017836 | 5416059 |  |  |  |
| FLRT | 39483497 | 43815355 |  |  |  |  |
| TRPL | 23418 | 49607 |  |  |  |  |
| QDPL | 3566360 | 1496862 | 22695669 | 715002 | 967734 |  |
| TRFK | 38925 | 38632 | 1011536 |  |  |  |
| SHPP | 37051 | 13558 | 968377 |  |  |  |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

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

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

---

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

---

TRND had the following transactions during the current fiscal period with affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** |
| <br>**Security Name** | **Balance <br> May 1, 2022** | **Purchases** | **Sales** | **Balance <br> October 31, 2022** |
| PTBD | 544421 | 72100 | (38036) | 578485 |
| PTIN | 512621 | 3000 | (48711) | 466910 |
| PTLC | 331507 | 3500 | (31644) | 303363 |
| PTMC | 381321 | 16200 | (41881) | 355640 |
| PTNQ | 252350 | 600 | (26259) | 226691 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Value** | **Dividend Income** | **Gain (Loss) Realized <br> on Sale of Shares** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation) <br> on Investments <br> in Affiliate** |
| PTBD | $11621763 | $427512 | $(26909) | $(1646387) |
| PTIN | 11443964 |  | (50652) | 133366 |
| PTLC | 11456504 |  | 177142 | (92729) |
| PTMC | 11440939 |  | 102026 | (909265) |
| PTNQ | 11379888 |  | 171749 | (655875) |
| Total | 57343058 | 427512 | 373356 | (3170890) |

---

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

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

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<sup>®</sup> Index |
| 20% | Pacer US Cash Cows Growth ETF | Pacer US Cash Cows Growth Index | S&P 900<sup>®</sup> 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** | **Share Activity** | **Share Activity** | **Share Activity** |
| <br>**Security Name** | **Balance <br> May 1, 2022** | **Purchases** | **Sales** | **Balance <br> October 31, 2022** |
| BUL | 44165 | 123562 | (27017) | 140710 |
| CALF | 42955 | 117617 | (23460) | 137112 |
| COWZ | 35485 | 91148 | (17087) | 109546 |
| GCOW | 53671 | 140070 | (24616) | 169125 |
| ICOW | 57271 | 164930 | (24588) | 197613 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security Name** | **Value** | **Dividend Income** | **Gain (Loss) Realized <br> on Sale of Shares** | **Net Change <br> in Unrealized <br> Appreciation <br> (Depreciation) <br> on Investments <br> in Affiliate** |
| BUL | $4922008 | $9018 | $(69342) | $50167 |
| CALF | 5140329 | 14095 | (36933) | 69345 |
| COWZ | 5087316 | 28136 | (6130) | 16358 |
| GCOW | 4884330 | 74410 | (11121) | (270916) |
| ICOW | 4936373 | 96036 | 6333 | (402698) |
| Total | 24970356 | 221695 | (117193) | (537744) |

---

**NOTE 11 – TAX COST BASIS** 

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PTLC** | **PTMC** | **PTNQ** | **PTEU** | **PTIN** |
| Tax cost of investments  | $1197906243 | $442093299 | $791186353 | $45608228 | $70917239 |
| Gross tax unrealized appreciation  | 5539 | 13055 |  | 487 | 3607 |
| Gross tax unrealized depreciation  | (25254) |  | (23929) | (32259) | (11169) |
| Net tax unrealized appreciation (depreciation)  | (19715) | 13055 | (23929) | (31772) | (7562) |
| Undistributed ordinary income  | 3251380 |  |  |  |  |
| Undistributed long-term gain  |  |  |  |  |  |
| Total distributable earnings  | 3251380 |  |  |  |  |
| Other accumulated (loss)  | (342998560) | (85269851) | (47111020) | (50920936) | (24526653) |
| Total accumulated gain (loss)  | $(339766895) | $(85256796) | $(47134949) | $(50952708) | $(24534215) |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **PTBD** | **TRND** | **GCOW** | **COWZ** | **CALF** |
| Tax cost of investments  | $1076596498 | $64008470 | $403475319 | $5074827097 | $1159066283 |
| Gross tax unrealized appreciation  | 356394 | 3910631 | 21233507 | 273920091 | 43606791 |
| Gross tax unrealized depreciation  | (55681823) | (3943524) | (21557612) | (300203562) | (118134251) |
| Net tax unrealized appreciation (depreciation)  | (55325429) | (32893) | (324105) | (26283471) | (74527460) |
| Undistributed ordinary income  | 4682286 | 97780 | 1589181 | 3502339 |  |
| Undistributed long-term gain  |  |  |  |  |  |
| Total distributable earnings  | 4682286 | 97780 | 1589181 | 3502339 |  |
| Other accumulated (loss)  | (139989721) | (588904) | (31946150) | (41066959) | (36149313) |
| Total accumulated gain (loss)  | $(190632864) | $(524017) | $(30681074) | $(63848091) | $(110676773) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ICOW** | **BUL** | **ECOW** | **HERD** | **PWS** |
| Tax cost of investments  | $127322025 | $12856386 | $13230603 | $8920463 | $39548109 |
| Gross tax unrealized appreciation  | 6820671 | 263290 | 937564 | 101196 | 478594 |
| Gross tax unrealized depreciation  | (11618948) | (1920184) | (2750912) | (659987) | (1197353) |
| Net tax unrealized appreciation (depreciation)  | (4798277) | (1656894) | (1813348) | (558791) | (718759) |
| Undistributed ordinary income  | 438015 |  | 108252 | 5656 |  |
| Undistributed long-term gain  |  |  |  |  |  |
| Total distributable earnings  | 438015 |  | 108252 | 5656 |  |
| Other accumulated (loss)  | (5484138) | (495368) | (230984) |  | (22885148) |
| Total accumulated gain (loss)  | $(9844400) | $(2152262) | $(1936080) | $(553135) | $(23603907) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INDS** | **SRVR** | **SZNE** | **AFTY** | **VIRS** |
| Tax cost of investments  | $434507707 | $1467025582 | $93488926 | $6051599 | $8353255 |
| Gross tax unrealized appreciation  | 42368815 | 101947062 | 37 | 999411 | 235261 |
| Gross tax unrealized depreciation  | (27138384) | (157214228) | (6455) | (869432) | (1105992) |
| Net tax unrealized appreciation (depreciation)  | 15230431 | (55267166) | (6418) | 129979 | (870731) |
| Undistributed ordinary income  | 1270595 |  | 4837 |  | 367 |
| Undistributed long-term gain  |  | 1717631 |  |  |  |
| Total distributable earnings  | 1270595 | 1717631 | 4837 |  | 367 |
| Other accumulated (loss)  | (839404) |  | (19963415) | (1465998) |  |
| Total accumulated gain (loss)  | $15661622 | $(53549535) | $(19964996) | $(1336019) | $(870364) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ALTL** | **PAMC** | **PALC** | **PEXL** | **TRPL** |
| Tax cost of investments  | $604282674 | $49294229 | $327993307 | $5097189 | $1954188 |
| Gross tax unrealized appreciation  | 3771557 | 1849535 | 9365536 | 163909 | 87185 |
| Gross tax unrealized depreciation  | (24924668) | (4680349) | (33345216) | (539556) | (278270) |
| Net tax unrealized appreciation (depreciation)  | (21153111) | (2830814) | (23979680) | (375647) | (191085) |
| Undistributed ordinary income  | 203751 |  | 154942 |  |  |
| Undistributed long-term gain  |  |  |  |  |  |
| Total distributable earnings  | 203751 |  | 154942 |  |  |
| Other accumulated (loss)  | (40787957) | (6423850) | (13582133) | (159294) | (6462) |
| Total accumulated gain (loss)  | $(61737317) | $(9254664) | $(37406871) | $(534941) | $(197547) |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **QDPL** | **FLRT** |
| Tax cost of investments  | $57785975 | $91916140 |
| Gross tax unrealized appreciation  | 1999531 | 37527 |
| Gross tax unrealized depreciation  | (6343695) | (1650539) |
| Net tax unrealized appreciation (depreciation)  | (4344164) | (1613012) |
| Undistributed ordinary income  |  | 118897 |
| Undistributed long-term gain  |  |  |
| Total distributable earnings  |  | 118897 |
| Other accumulated (loss)  | (208943) | (690710) |
| Total accumulated gain (loss)  | $(4553107) | $(2184825) |

---

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2022 and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year.

At April 30, 2022, the Funds had the following capital loss carryforwards:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**  | **Long-Term**  | **Expires** |
| PTLC | $(230987298) | $(112011262) | Indefinite |
| PTMC | (84756736) |  | Indefinite |
| PTNQ | (30168104) | (16475195) | Indefinite |
| PTEU | (40092832) | (10693471) | Indefinite |
| PTIN | (19596784) | (4325607) | Indefinite |
| PTBD | (139778600) | (211121) | Indefinite |
| TRND | (401047) | (187857) | Indefinite |
| GCOW | (12199255) | (19706117) | Indefinite |
| COWZ | (20846980) | (20219979) | Indefinite |
| CALF | (33052854) | (3096459) | Indefinite |
| ICOW | (3387695) | (2045871) | Indefinite |
| BUL | (460683) | (34685) | Indefinite |
| ECOW | (230544) |  | Indefinite |
| HERD |  |  | Indefinite |
| PWS | (22884333) |  | Indefinite |
| INDS | (839404) |  | Indefinite |
| SRVR |  |  | Indefinite |
| SZNE | (19963415) |  | Indefinite |
| AFTY | (1253834) | (198061) | Indefinite |
| VIRS |  |  | Indefinite |
| ALTL | (40787957) |  | Indefinite |
| PAMC | (6423850) |  | Indefinite |
| PALC | (13582133) |  | Indefinite |
| PEXL | (125091) | (34203) | Indefinite |
| TRPL | (4363) | (2099) | Indefinite |
| QRPL | (77507) | (131436) | Indefinite |
| FLRT | (315620) | (402062) | Indefinite |

---

At April 30, 2022, PTMC, PTNQ, PTEU, PWS, PTIN & AFTY deferred on a tax basis, post-December ordinary late-year losses of $513,115, $467,721, $111,659, $815, $555,739 and $14,103, respectively. None of the Funds deferred on a tax basis post-October capital losses.

SHPP and TRFK commenced operations after April 30, 2022.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS** 

The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2022 was as follows:

---

| | |
|:---|:---|
|  | **Ordinary Income** |
| PTLC | $— |
| PTMC |  |
| PTNQ |  |
| PTEU |  |
| PTIN |  |
| PTBD | 17730756 |
| TRND |  |
| GCOW | 15828801 |
| COWZ | 66124207 |
| CALF | 5137759 |
| ICOW | 4249732 |
| BUL | 46210 |
| ECOW | 614540 |
| HERD | 215411 |
| PWS | 198877 |
| INDS | 3895356 |
| SRVR | 11735531 |
| SZNE | 379280 |
| AFTY |  |
| VIRS | 30650 |
| ALTL | 3958154 |
| PAMC | 223720 |
| PALC | 2271423 |
| PEXL | 17925 |
| TRPL | 45655 |
| QDPL | 2316678 |
| FLRT  | 2337015 |
| TRFK <sup>(a)</sup> | 1401 |
| SHPP <sup>(a)</sup> | 6131 |

---

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

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains** | **Long Term <br> Capital Gain** | **Return of Capital** |
| PTLC | $15230924 | $– $|  | $— |
| PTMC | 541282 | – |  |  |
| PTNQ |  | – |  |  |
| PTEU | 787274 | – |  |  |
| PTIN | 3379159 | – |  |  |
| PTBD | 34403646 | – |  |  |
| TRND | 640806 | – |  |  |
| GCOW | 6929204 | – |  |  |
| COWZ | 22592335 | – |  |  |
| CALF | 9347348 | – |  | 5679191 |
| ICOW | 1413637 | – |  |  |
| BUL | 8394 | – |  | 5331 |
| ECOW | 420442 | – |  |  |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains** | **Long Term <br> Capital Gain** | **Return of Capital** |
| HERD | $92538 | $– $|  | $— |
| PWS | 417075 | – |  |  |
| INDS | 3888598 | – |  |  |
| SRVR | 11646957 | – | 2032103 |  |
| SZNE | 734947 | – |  |  |
| AFTY | 153101 | – |  | 2676 |
| VIRS | 42336 | – |  |  |
| ALTL | 2774225 | – |  |  |
| PAMC | 220791 | – |  | 18230 |
| PALC | 1367759 | – |  |  |
| PEXL | 7727 | – |  | 804 |
| TRPL | 7393 | – |  | 53832 |
| QDPL | 96485 | – |  | 1275430 |
| FLRT <sup>(a)</sup> | 1211347 | – |  |  |

---

<sup>(a)</sup> For the period ended July 1, 2021 to April 30, 2022.

**NOTE 13 – NEW ACCOUNTING PRONOUNCEMENTS** 

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate ("LIBOR") quotes by the UK Financial Conduct Authority. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU's adoption to the Funds' financial statements and various filings.

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

**NOTE 14 – RISKS** 

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which each Funds invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of each Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

**NOTE 15 – SUBSEQUENT EVENT** 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On November 23, 2022, the following Funds declared a distribution from ordinary income to shareholders of record as of November 28, 2022, Payable November 29, 2022, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Per Share Amount** |
| FLRT | $479761 | $0.30558042 |
| PTBD | $1707569 | $0.10945954 |

---

On December 21, 2022, the following Funds declared a distribution from ordinary income to shareholders of record as of December 23, 2022, Payable December 27, 2022, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Per Share Amount** |
| FLRT | $678159 | $0.40127752 |
| PTBD | $2300954 | $0.15868649 |

---

On December 21, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of December 23, 2022, Payable December 29, 2022, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Per Share Amount** |
| AFTY | $100794 | $0.32951923 |
| ALTL | $4197632 | $0.16960130 |
| BUL | $92003 | $0.08000261 |
| CALF | $4264445 | $0.11237010 |
| COWZ | $70315209 | $0.32085425 |
| ECOW | $206874 | $0.14776715 |
| GCOW | $11086304 | $0.38097265 |
| ICOW | $3031516 | $0.36089477 |
| INDS | $1822019 | $0.31687288 |
| PALC | $858175 | $0.13621826 |
| PAMC | $135070 | $0.11745218 |
| PEXL | $22345 | $0.07448334 |
| PTEU | $273384 | $0.15621943 |
| PTIN | $444569 | $0.09879312 |
| PTLC | $26415381 | $0.47086240 |
| PTMC | $3237927 | $0.25495481 |
| PTNQ | $4142394 | $0.30571174 |
| PWS | $254817 | $0.24268286 |
| SHPP | $4414 | $0.11035000 |
| SRVR | $4236532 | $0.14145349 |
| SZNE | $266211 | $0.14789501 |
| TRFK | $3579 | $0.08947500 |
| VIRS | $7763 | $0.06210400 |

---

Pacer Funds

**NOTES TO FINANCIAL STATEMENTS<br> October 31, 2022 (Unaudited) (Continued)**

On December 22, 2022, the following Funds declared a distribution from ordinary income to shareholders of record as of December 27, 2022, Payable December 30, 2022, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Per Share Amount** |
| HERD | $217694 | $0.24188223 |
| TRND | $942758 | $0.45988197 |

---

On December 28, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of December 30, 2022, Payable January 3, 2023, as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Per Share Amount** |
| TRPL | $23365 | $0.46730000 |
| QDPL | $1591800 | $0.53060000 |

---

Effective November 1, 2022, PTNQ transfered its primary listing to The Nasdaq Stock Market, LLC.

Effective November 1, 2022, Pacer Advisors, Inc. (the "Adviser"), the investment adviser to the INDS, has contractually agreed to waive 5 basis points (0.05%) of its management fee in INDS until October 31, 2023. The fee waiver agreement may only be terminated prior to October 31, 2023 with the consent of the Adviser and the Pacer Funds Board of Trustees, and may be renewed by the Adviser in its sole discretion.

Effective November 1, 2022, Pacer Advisors, Inc. (the "Adviser"), the investment adviser to the SRVR, has contractually agreed to waive 5 basis points (0.05%) of its management fee in SRVR until October 31, 2023. The fee waiver agreement may only be terminated prior to October 31, 2023 with the consent of the Adviser and the Pacer Funds Board of Trustees, and may be renewed by the Adviser in its sole discretion.

On December 21, 2022, the Pacer Cash Cows Growth Leaders ETF commenced operations.

Pacer Funds

**Review of Liquidity Risk Management Program**<br> **(Unaudited)**

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust has adopted a liquidity risk management program to govern the Trust's approach to managing liquidity risk Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust's liquidity risk management program is tailored to reflect its particular risks, but not to eliminate all adverse impacts of liquidity risk.

The Investment Adviser to the Trust has adopted and implemented its own written liquidity risk management program (the "Program") tailored specifically to assess and manage the liquidity risk of the funds it advises.

On June 27, 2022, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Fund's Liquidity Risk Management Program (the "Program"), which addressed the operation of the Program and assessed the Program's adequacy and effectiveness of implementation. In considering the report, the Trustees noted that the Program Administrator has determined that several of the funds within the Pacer Funds Trust are deemed "In-Kind" in accordance with Rule 22e-4. They then confirmed with the Program Administrator that no material changes were made to the Program, and reviewed all of the material features of the Program to ensure that they understand how the Program is designed to assess and manage the risk that the funds within the Trust could not meet requests to redeem shares issued by the funds without significant dilution of remaining investors in the funds. Following this review and discussion, the Trustees determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively assess the Program and its implementation, and that they are comfortable with the report's conclusion that the Program is reasonably designed to assess and manage the Fund's liquidity risk, and that the Program has operated as intended during the past year.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited)**

**NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds' website at www.PacerETFs.com.

**NOTE 2 – FEDERAL TAX INFORMATION** 

*Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains* 

For the fiscal year/period ended April 30, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income ("QDI"), for corporate shareholders, the percent qualifying for the corporate dividends received deduction ("DRD"), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain ("STCG") distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

---

| | | | |
|:---|:---|:---|:---|
|  | **QDI** | **DRD** | **STCG** |
| PTLC | 100.00% | 100.00% | 0.00% |
| PTMC | 100.00% | 100.00% | 0.00% |
| PTNQ | 0.00% | 0.00% | 0.00% |
| PTEU | 100.00% | 3.37% | 0.00% |
| PTIN | 100.00% | 3.10% | 0.00% |
| PTBD | 0.00% | 0.00% | 0.00% |
| TRND | 62.88% | 49.19% | 0.00% |
| GCOW | 100.00% | 29.52% | 0.00% |
| COWZ | 100.00% | 100.00% | 0.00% |
| CALF | 100.00% | 100.00% | 0.00% |
| ICOW | 100.00% | 0.61% | 0.00% |
| BUL | 100.00% | 100.00% | 0.00% |
| ECOW | 75.64% | 0.15% | 0.00% |
| HERD | 94.46% | 43.76% | 6.41% |
| PWS | 100.00% | 100.00% | 0.00% |
| INDS | 7.74% | 0.09% | 0.00% |
| SRVR | 31.11% | 11.35% | 0.00% |
| SZNE | 100.00% | 100.00% | 0.00% |
| AFTY | 100.00% | 0.00% | 0.00% |
| VIRS | 100.00% | 100.00% | 0.00% |
| ALTL | 50.79% | 50.70% | 0.00% |
| PAMC | 100.00% | 100.00% | 0.00% |
| PALC | 100.00% | 100.00% | 0.00% |
| PEXL | 100.00% | 100.00% | 0.00% |
| TRPL | 100.00% | 100.00% | 0.00% |
| QDPL | 100.00% | 100.00% | 0.00% |
| FLRT | 0.00% | 0.00% | 0.00% |

---

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

*Foreign Tax Credit Pass Through* 

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Per Share** | **Per Share** |
| <br>**Fund** | <br>**Gross Foreign <br> Source Income** | <br>**Foreign Taxes <br> Passthrough** | **Gross Foreign <br> Source Income** | **Foreign Taxes <br> Passthrough** |
| PTLC | $— | $— | $— | $— |
| PTMC |  |  |  |  |
| PTNQ |  |  |  |  |
| PTEU |  |  |  |  |
| PTIN |  |  |  |  |
| PTBD |  |  |  |  |
| TRND |  |  |  |  |
| GCOW | 6456856 | 382698 | 0.60 | 0.04 |
| COWZ |  |  |  |  |
| CALF |  |  |  |  |
| ICOW | 2268164 | 192676 | 0.60 | 0.05 |
| BUL |  |  |  |  |
| ECOW | 613240 | 58453 | 1.23 | 0.12 |
| HERD | 60077 | 4162 | 0.24 | 0.02 |
| PWS |  |  |  |  |
| INDS |  |  |  |  |
| SRVR |  |  |  |  |
| SZNE |  |  |  |  |
| AFTY | 218493 | 21946 | 0.61 | 0.06 |
| VIRS |  |  |  |  |
| ALTL |  |  |  |  |
| PAMC |  |  |  |  |
| PALC |  |  |  |  |
| PEXL |  |  |  |  |
| TRPL |  |  |  |  |
| QDPL |  |  |  |  |
| FLRT |  |  |  |  |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

**NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC's website at www.sec.gov. Each Fund's portfolio holdings are posted on their website at www.paceretfs.com daily.

Pacer Funds

**ADDITIONAL INFORMATION<br> (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** 

<u><u>**PTBD**</u></u>

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting on September 27, 2022 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor"), relating to the Pacer Trendpilot US Bond ETF (PTBD or the "Fund"). The Board also considered the continuation of the investment sub-advisory agreement (the "Sub-Advisory Agreement") between the Advisor and Vident Investment Advisory, LLC (the "Sub-Advisor") with respect to the Fund.

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor, Sub-Advisor as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund's expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement; (2) the Advisor's and Sub-Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and Sub-Advisory Agreement, respectively; (3) the Advisor's and the Sub-Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to the Fund by the Advisor and the Sub-Advisor, respectively; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fee payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund's expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and Sub-Advisor, respectively. Representatives from the Advisor and the Sub-Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the services and fees, as well as other aspects of the Investment Advisory Agreement and Sub-Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: : (i) the nature, extent and quality of the services to be provided by the Advisor and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; (iii) the fee paid to the Sub-Advisor by the Advisor; and (iv) potential economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Nature, Extent and Quality of Services to be Provided by the Advisor and Sub-Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed the Fund's investment goal and investment strategy, and each of the Advisor's and Sub-Advisor's ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that the Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor's ability to ensure compliance with the Fund's strategies, policies, and limitations. The Trustees also considered the successful performance of the Sub-Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the "Peer Group"). In addition, the Trustees reviewed the management team at the Advisor and the Sub-

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;● Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Board also considered a report from the Trust's Chief Compliance Officer regarding the Sub-Advisor's compliance program as such relates to the operation of the Fund.

Based on its review, the Board determined that each of the Advisor and the Sub-Advisor is capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor's and Sub-Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to the Peer Group and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (as applicable). The Board also considered other services provided to the Fund by the Advisor and Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor and Sub-Advisor, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Costs and Benefits of Advisory Services to be Provided to the Fund . In considering the advisory fees payable by the Trust to the Advisor and the Fund's expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund's Peer Group. The Board compared the Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Fund, taking into account assessments of the Advisor's profitability prepared and shared by the Advisor's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Costs and Benefits of Sub-Advisor's Sub-Advisory Advisory Services to be Provided to the Fund . The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to the Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to the Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;● *Economies of Scale.* The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Fund may grow in the future.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Advisor's fees and the Sub-Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor and the Sub-Advisor, respectively, to the Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement as to the Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

<u>**USAI, GCOW, COWZ, PTEU and PWS**</u> 

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting on September 27, 2022 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor"), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU) and Pacer Wealthshield ETF (PWS) (each, a "Fund" and together, the "Funds").

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund's expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to a Fund by the Advisor; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund's expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor's services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to each Fund; and (iii) potential economies of scale as it relates to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund's investment goal and investment strategy, and the Advisor's ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each Fund relative to comparable funds managed by other investment advisers (each a "Peer Group"). The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to each Fund by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund's expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund's Peer Group. The Board compared each Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received (or proposed or likely to be received) by the Advisor from its relationship with each Fund, taking into account assessments of the Advisor's profitability prepared and shared by the Advisor's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;● *Economies of Scale.* The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of a Fund may grow in the future. In considering the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors, the Trustees considered that each Fund's fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of the Fund. The Trustees considered that, while the investment advisory fee would remain the same at all asset levels, each Fund's shareholders benefited from the Advisor's commitment to pay the Fund's operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of each Fund would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

<u><u>**BUL**</u></u>

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting on March 21, 2022 and reconvened on April 6, 2022 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor"), relating to the Pacer US Cash Cows Growth ETF (the "Fund").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund's expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to the Fund by the Advisor; (5) the advisory fee payable by the Fund to the Advisor for its services; (6) certain comparative information regarding the Fund's expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: : (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to the Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed the Fund's investment goal and investment strategy, and the Advisor's ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. The Trustees also considered the successful performance of the Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the "Peer Group"). In addition, the Trustees reviewed the management team at the Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and any potential conflicts.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by the Fund, as indicated by the Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to the Peer Group and other products managed by the Advisor with similar investment objectives and strategies as the Fund (as applicable). The Board also considered other services provided to the Fund by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund's expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund's Peer Group. The Board compared the Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received (or proposed or likely to be received) by the Advisor from its relationship with the Fund, taking into account assessments of the Advisor's profitability prepared and shared by the Advisor's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;● *Economies of Scale.* The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors, the Trustees considered that the Fund's fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of the Fund. For the Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Fund's shareholders benefited from the Advisor's commitment to pay the Fund's operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Fund would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to the Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

<u><u>**VIRS, PALC, ALTL and PAMC**</u></u>

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting on September 27, 2022 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor"), relating to the Pacer Bio Threat Strategy ETF, Pacer Lunt Large Cap Alternator ETF, Pacer Lunt Large Cap Multi-Factor Alternator ETF and Pacer Lunt MidCap Multi-Factor Alternator ETF (each, a "Fund" and together, the "Funds").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust's other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund's expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to a Fund by the Advisor; (5) the advisory fee payable by a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund's expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor's services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to each Fund; (iii) potential economies of scale as it relates to each Fund; and (iv) other incidental and "fall-out" benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund's investment goal and investment strategy, and the Advisor's ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor's management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each Fund relative to comparable funds managed by other investment advisers (each a "Peer Group"). The Board also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to each Fund by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund's expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Fund's Peer Group. The Board compared each Fund's expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or "fall-out" benefits received (or proposed or likely to be received) by the Advisor from its relationship with each Fund, taking into account assessments of the Advisor's profitability prepared and shared by the Advisor's management.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund's advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;● *Economies of Scale.* The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of a Fund may grow in the future. In considering the extent to which economies of scale would be realized as a Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors, the Trustees considered that each Fund's fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of the Fund. The Trustees considered that, while the investment advisory fee would remain the same at all asset levels, each Fund's shareholders benefited from the Advisor's commitment to pay the Fund's operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of each Fund would not directly result in economies of scale for shareholders.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

<u>**SHPP and TRFK**</u> 

The Board of Trustees (the "Board") of Pacer Funds Trust (the "Trust"), including the Trustees thereof who are not "interested persons," as defined by the Investment Company Act of 1940, as amended (the "1940 Act"), of the Trust (the "Independent Trustees"), held a meeting on March 21, 2022 and reconvened on April 6, 2022 (the "Meeting") for the purpose of, among other things, the consideration of, and voting on, the proposed investment advisory agreement (the "Investment Advisory Agreement") between the Trust and Pacer Advisors, Inc. (the "Advisor"), relating to the Pacer Industrials and Logistics ETF and the Pacer Data and Digital Revolution (each, a "Fund," together, the "Funds").

The Board, including a majority of the Trust's Independent Trustees voting separately, approved the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust's other service providers. Prior to deciding to approve the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund's expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor's responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor's Form ADV disclosures; (4) information describing the nature, quality and extent of services to be provided to each Fund by the Advisor; (5) the advisory fee payable by each Fund to the Advisor for its services; (6) certain comparative information regarding each Fund's expenses relative to the expenses and performance of other comparable funds; (7) a copy of the Trust's registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the approval of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: : (i) the nature, extent and quality of the services to be provided by the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Fund; and (iii) potential economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;*●* Nature, Extent and Quality of Services to be Provided by the Advisor. The Board considered the scope of services to be provided under the Investment Advisory Agreement between the Trust and Advisor, noting that the Advisor will be providing investment management services to each Fund. In considering the nature, extent and quality of the services to be provided by the Advisor, the Board reviewed the portfolio management services to be provided by the Advisor to each Fund and discussed these services with the Advisor. Among other things, the Board considered the quality of the Advisor's portfolio management personnel and the level of services provided to the existing funds in the Trust. The Advisor's registration form ("Form ADV") was provided to the Board, as was the Advisor's response to the 15(c) questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds. The Trustees considered the methodology of each Fund's underlying index and the performance results provided at the Meeting for each such index. The Trustees also considered each Fund's investment strategy and the manner in which the Advisor would manage each Fund pursuant to such strategy. The Trustees also considered other services to be provided to the Funds by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Funds by the Advisor.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

&nbsp;&nbsp;&nbsp;&nbsp;*●* Costs of Services Provided and Economies of Scale. The Board reviewed the proposed expense ratio and the proposed advisory fee to be paid by each Fund, considered fees paid by comparable funds, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm's length negotiation. Additionally, the Board took into consideration that the advisory fee was a "unified fee," meaning that each Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to a Rule 12b-1 distribution plan. The Board noted that the Advisor would be responsible for compensating the Trust's other service providers and paying the Funds' other expenses out of its own fee and resources. The Board also evaluated the compensation and benefits expected to be received by the Advisor from its relationship with each Fund. The Board then evaluated the anticipated profitability of the Advisor with respect to its costs to manage each of the Funds.

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor's fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to the Fund for an initial two year term. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

**NOTE 6 – TRUSTEES AND OFFICERS** 

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds' performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds' shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not "interested persons" of the Trust within the meaning of that term under the 1940 Act ("Independent Trustee"). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds' Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) <br> Held with <br> the Trust** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund <br> Complex <br> Overseen <br> By Trustee** | **Other <br> Directorships <br> held by <br> Trustee During <br> Past Five Years** |
| **Interested Trustee** |  |  |  |  |  |
| Joe M. Thomson <br> Born: 1944 | Trustee, Chairman, President, and Principal Executive Officer | Indefinite Term; since 2014 | Founder/President at Pacer Advisors, Inc. (since 2005) | 51 | Director, First Cornerstone Bank (2000–2016) |

---

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) <br> Held with <br> the Trust** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios in <br> Fund <br> Complex <br> Overseen <br> By Trustee** | **Other <br> Directorships <br> held by <br> Trustee During <br> Past Five Years** |
| **Independent Trustees** |  |  |  |  |  |
| Deborah G. Wolk <br> Born: 1950 | Lead Independent Trustee | Indefinite Term; since 2015 | Self-employed providing accounting services and computer modeling (since 1997) | 51 | 0 |
| Jane K. Sagendorph <br> Born: 1951 | Trustee | Indefinite Term; since 2021 | Accountant, BluFish Designs (since 2011) | 51 | 0 |
| Colin C. Lake <br> Born: 1971 | Trustee | Indefinite Term; since 2021 | Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016) | 51 | 0 |

---

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held <br> with Funds** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s) <br> During Past Five Years** |
| **Principal Officers of the Trust** |  |  |  |
| Joe M. Thomson <br> 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 <br> 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 <br> Born: 1964 | Secretary and Portfolio Manager | Indefinite Term; since 2016 | Vice President, Pacer Advisors, Inc. (since 2005); Vice President, Pacer Financial, Inc. (since 2004) |
| Justin Dausch <br> Gateway Corporate Center <br> Suite 216 <br> 223 Wilmington West Chester Pike <br> Chadds Ford, PA 19317 <br> Born: 1989 | Chief Compliance Officer and AML Officer | Indefinite Term; since 2021 | Director, Vigilant, since 2017; Compliance Associate, HSBC (investment banking company), 2015-2017 |

---

Mr. Thomson is an "Interested Person" by reason of his relationship with the Adviser.

Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor in accordance with the Trust's Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his or her successor is duly elected and qualified.

The Statement of Additional Information includes additional information, including compensation, about the Funds' Trustees.

Pacer Funds

**ADDITIONAL INFORMATION<br> (Unaudited) (Continued)**

**NOTE 7 – SPECIAL MEETING OF SHAREHOLDERS** 

On November 15, 2021, a special meeting of the shareholders of each series of Pacer Funds Trust was held at the offices of the Administrator for the purpose of approving the election of two trustees to serve until his or her successor is elected and qualified.

Below are the voting results from the special meeting of the Trust:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Election of Trustee** | **For** | **For** | **Abstain** | **Abstain** |
| Colin C. Lake |  | 187708430 |  | 1376292 |
| Jane K. Sagendorph |  | 187795703 |  | 1289019 |

---

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

---

| |
|:---|
| ***Advisor*** <br>Pacer Advisors, Inc.<br> 500 Chesterfield Parkway<br> Malvern, PA 19355 |
| ***Index Provider*** <br>CFRA <br> One New York Plaza, 34th Floor<br> New York, NY 10004<br> FTSE International Limited<br> 12th Floor, 10 Upper Bank Street<br> Canary Wharf, London E14 5NP <br>Index Design Group, LLC<br> 500 Chesterfield Parkway<br> Malvern, PA 19355 <br>LifeSci Index Partners, LLC<br> 250 W 55th St, Suite 16b<br> New York, NY 10019 <br>Lunt Capital Management, Inc.<br> 215 S State St, Suite 100<br> Salt Lake City, UT 84111 <br>Solactive AG<br> Platz der Einheit 1<br> 60327 Frankfurt am Main<br> Germany <br>S&P Dow Jones Indices LLC<br> 55 Water Street<br> New York, NY 10041 |
| ***Custodian*** <br>U.S. Bank National Association<br> Custody Operations<br> 1555 North Rivercenter Drive <br> Milwaukee, WI 53212 |

---

---

| |
|:---|
| ***Sub Adviser*** <br>Vident Investment Advisory, LLC<br> 1125 Sanctuary Parkway, Suite 515<br> Alpharetta, GA 30009 <br>CSOP Asset Management Limited<br> 2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong <br>Metaurus Advisors LLC<br> 22 Hudson Place, Third Floor <br> Hoboken, New Jersey 07030 <br>Pacific Asset Management LLC <br> 840 Newport Center Drive, 7th Floor<br> Newport Beach, CA 92660 |
| ***Distributor*** <br>Pacer Financial, Inc.<br> 500 Chesterfield Parkway<br> Malvern, PA 19355 |
| ***Transfer Agent*** <br>U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street <br> Milwaukee, WI 53202 |
| ***Independent Registered <br> Public Accounting Firm*** <br>Sanville & Company<br> 1514 Old York Rd.<br> Abington, PA 19001 |
| ***Legal Counsel*** <br>Practus, LLP<br> 11300 Tomahawk Creek Parkway, Suite 310<br> Leawood, Kansas 66211 |

---

![](fp0079859-2_238.jpg)

![](fp0079859-2_238a.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 10. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 11. Controls and Procedures.</u>**

(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.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Exhibits.</u>**

(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *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.](fp0079859-2_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](fp0079859-2_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Pacer Funds Trust |
| By (Signature and Title)\* | /s/ Joe M. Thomson |
|  | Joe M. Thomson, President (Principal Executive Officer) |
| Date | 1/3/2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joe M. Thomson |
|  | Joe M. Thomson, President (Principal Executive Officer) |
| Date | 1/3/2023 |
| By (Signature and Title)\* | /s/ Sean E. O'Hara |
|  | Sean E. O'Hara Treasurer (Principal Financial Officer) |
| Date | 1/5/2023 |

---

*\** *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

EX.99.CERT

<u>CERTIFICATIONS</u>

I, Joe Thomson, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/3/2023 | /s/ Joe M. Thomson |
|  |  | Joe M. Thomson |
|  |  | President (Principal Executive Officer) |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Sean O'Hara, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/5/2023 | /s/ Sean E. O'Hara |
|  |  | Sean E. O'Hara |
|  |  | Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

EX.99.906.CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the period ended October 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Pacer Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Joe M. Thomson | /s/ Sean E. O'Hara |
| Joe M. Thomson<br> President (Principal Executive Officer)<br> Pacer Funds Trust  | <u>Sean E. O'Hara</u><br> Treasurer (Principal Financial Officer)<br> Pacer Funds Trust |

---

Dated: <u>1/3/2023</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Pacer Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.