N-CSRS 1 fp0060499_ncsrs.htm

As filed with the U.S. Securities and Exchange Commission on 1/6/2021

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

500 Chesterfield Parkway

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

Joe M. Thomson, President

500 Chesterfield Parkway

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2020 through October 31, 2020

Updated July 14, 2017

Item 1. Reports to Stockholders.

Pacer Funds

TABLE OF CONTENTS

	Page
Portfolio Allocation	1
Performance Summary	10
Expense Example	37
Schedules of Investments	40
Statements of Assets & Liabilities	117
Statements of Operations	122
Statements of Changes in Net Assets	127
Financial Highlights	140
Notes to Financial Statements	165
Additional Information	188

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2020

Pacer Trendpilot^® US Large Cap ETF

Sector^(a)	Percentage of Net Assets
Technology	23.2%
Consumer, Non-Cyclical	21.8%
Communications	16.9%
Financial	13.9%
Consumer, Cyclical	8.3%
Industrial	8.3%
Utilities	3.2%
Basic Materials	2.1%
Energy	2.0%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	2.7%
Liabilities in Excess of Other Assets	-2.6%
Total	100.0%

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

Pacer Trendpilot^® US Mid Cap ETF

Sector^(a)	Percentage of Net Assets
Financial	23.0%
Industrial	20.0%
Consumer, Non-Cyclical	18.4%
Consumer, Cyclical	16.7%
Technology	7.6%
Basic Materials	3.8%
Utilities	3.6%
Energy	3.5%
Communications	3.2%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	22.8%
Liabilities in excess of other assets	-22.8%
Total	100.0%

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

Pacer Trendpilot^® 100 ETF

Sector^(a)	Percentage of Net Assets
Technology	21.7%
Communications	16.3%
Consumer, Non-Cyclical	5.9%
Consumer, Cyclical	3.9%
Utilities	0.3%
Industrial	0.2%
Short-Term Investments	51.9%
Investments Purchased with Proceeds from Securities Lending	0.6%
Liabilities in Excess of Other Assets	-0.8%
Total	100.0%

*	Less than 0.05%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer Trendpilot^® European Index ETF

Country^(a)	Percentage of Net Assets
Consumer, Non-cyclical	22.2%
Financial	15.7%
Industrial	14.3%
Consumer, Cyclical	13.0%
Technology	10.0%
Utilities	7.6%
Basic Materials	6.5%
Communications	6.6%
Energy	3.4%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	12.7%
Liabilities in excess of other assets	-12.2%
Total	100.0%

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

Pacer Global Cash Cows Dividend ETF

Sector^(a)	Percentage of Net Assets
Communications	21.4%
Consumer, Non-Cyclical	19.1%
Basic Materials	15.7%
Energy	15.1%
Consumer, Cyclical	8.1%
Financial	5.9%
Utilities	5.2%
Technology	4.2%
Industrial	2.8%
Diversified	1.6%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	16.5%
Liabilities in excess of other assets	-15.8%
Total	100.0%

^(a)	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)
As of October 31, 2020

Pacer US Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	31.8%
Consumer, Cyclical	23.5%
Technology	12.1%
Communications	9.7%
Industrial	8.8%
Basic Materials	6.1%
Energy	2.7%
Utilities	2.5%
Financial	2.4%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	10.3%
Liabilities in excess of other assets	-10.2%
Total	100.0%

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

Pacer US Small Cap Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	37.3%
Consumer, Non-Cyclical	27.5%
Industrial	23.1%
Energy	4.5%
Technology	3.7%
Basic Materials	1.7%
Financial	1.4%
Communications	0.6%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	3.5%
Liabilities in excess of other assets	-3.5%
Total	100.0%

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

Pacer Developed Markets International Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	24.2%
Basic Materials	16.2%
Industrial	14.2%
Communications	13.0%
Consumer, Non-Cyclical	11.8%
Energy	8.7%
Technology	7.3%
Utilities	3.0%
Financial	0.7%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	13.4%
Liabilities in excess of other assets	-12.6%
Total	100.0%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer WealthShield ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	23.3%
Communications	22.3%
Technology	21.6%
Basic Materials	16.1%
Consumer, Cyclical	10.8%
Industrial	3.3%
Financial	2.1%
Short-Term Investments	0.5%
Investments Purchased with Proceeds from Securities Lending	13.6%
Liabilities in excess of other assets	-13.6%
Total	100.0%

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

Pacer Military Times Best Employers ETF

Sector^(a)	Percentage of Net Assets
Industrial	23.1%
Financial	22.6%
Consumer, Non-Cyclical	17.9%
Consumer, Cyclical	9.8%
Communications	9.1%
Technology	8.7%
Utilities	8.1%
Short-Term Investments	0.6%
Other Assets less Liabilities	0.1%
Total	100.0%

^(a)	The Fund may classify a company in a different category than the Military Times Best for VETS Total Return Index.

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

Sector^(a)	Percentage of Net Assets
Financial	99.8%
Investments Purchased with Proceeds from Securities Lending	18.1%
Short-Term Investments	0.2%
Liabilities in excess of other assets	-18.1%
Total	100.0%

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

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

Sector^(a)	Percentage of Net Assets
Financial	77.8%
Industrial	9.2%
Communications	12.8%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	10.3%
Liabilities in excess of other assets	-10.4%
Total	100.0%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer US Export Leaders ETF

Sector^(a)	Percentage of Net Assets
Technology	32.8%
Industrial	30.6%
Consumer, Non-Cyclical	16.0%
Basic Materials	9.6%
Consumer, Cyclical	3.6%
Energy	3.1%
Communications	2.0%
Utilities	1.1%
Financial	0.9%
Short-Term Investments	0.3%
Liabilities in excess of other assets	*0.0%
Total	100.0%

*	Less than 0.05%

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Sector^(a)	Percentage of Net Assets
Industrial	27.4%
Consumer, Cyclical	25.7%
Technology	17.5%
Basic Materials	16.3%
Consumer, Non-Cyclical	6.8%
Communications	5.0%
Financial	0.9%
Short-Term Investments	0.1%
Other assets in excess of liabilities	0.3%
Total	100.0%

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

Pacer US Cash Cows Growth ETF

Sector^(a)	Percentage of Net Assets
Technology	29.2%
Industrial	21.3%
Consumer, Cyclical	16.3%
Communications	12.7%
Consumer, Non-Cyclical	9.3%
Basic Materials	8.5%
Utilities	1.5%
Energy	0.7%
Short-Term Investments	0.5%
Liabilities in excess of other assets	*0.0%
Total	100.0%

*	Less than 0.05%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer Trendpilot^® International ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	25.3%
Financial	18.9%
Industrial	12.7%
Consumer, Cyclical	12.1%
Communications	6.5%
Basic Materials	6.3%
Technology	5.4%
Diversified	5.3%
Energy	3.9%
Utilities	3.3%
Short-Term Investments	*0.0%
Other assets in excess of liabilities	0.3%
Total	100.0%

*	Less than 0.05%

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

Pacer Emerging Markets Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Communications	21.0%
Energy	13.9%
Basic Materials	13.8%
Consumer, Non-Cyclical	12.2%
Consumer, Cyclical	10.7%
Industrial	9.9%
Technology	9.6%
Utilities	5.8%
Diversified	2.6%
Short-Term Investments	0.2%
Other assets in excess of liabilities	0.3%
Total	100.0%

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

Pacer Cash Cows Fund of Funds ETF

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

*	Less than 0.05%.

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer Trendpilot^® Fund of Funds ETF

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

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

Pacer Trendpilot^® US Bond ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	21.9%
Communications	18.0%
Consumer, Non-Cyclical	14.1%
Energy	11.3%
Financial	10.5%
Industrial	8.8%
Basic Materials	8.4%
Utilities	3.1%
Technology	2.3%
Short-Term Investments	*0.0%
Other assets in excess of liabilities	1.6%
Total	100.0%

*	Less than 0.05%.

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

Pacer CSOP FTSE China A50 ETF

Sector^(a)	Percentage of Net Assets
Financial	46.3%
Consumer, Non-Cyclical	29.0%
Consumer, Cyclical	8.8%
Industrial	8.6%
Energy	3.5%
Basic Materials	1.7%
Utilities	1.1%
Communications	0.5%
Short-Term Investments	0.5%
Other Assets in Excess of Liabilities	*0.0%
Total	100.0%

*	Less than 0.05%.

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer BioThreat Strategy ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	48.6%
Industrial	7.6%
Consumer, Cyclical	15.4%
Communications	12.3%
Technology	14.0%
Basic Materials	2.0%
Short-Term Investments	0.1%
Other Assets in Excess of Liabilities	*0.0%
Total	100.0%

*	Less than 0.05%.

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

Pacer Lunt Large Cap Alternator ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	46.3%
Industrial	13.5%
Communications	10.0%
Financial	8.7%
Technology	7.7%
Utilities	6.9%
Consumer, Cyclical	5.7%
Basic Materials	0.9%
Short-Term Investments	0.1%
Other Assets in Excess of Liabilities	0.2%
Total	100.0%

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

Pacer Lunt Midcap Multi-Factor Alternator ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	30.5%
Industrial	15.7%
Consumer, Cyclical	15.5%
Technology	13.9%
Communications	8.2%
Energy	7.3%
Financial	6.4%
Basic Materials	2.1%
Short-Term Investments	0.4%
Liabilities in excess of other assets	*0.0%
Total	100.0%

*	Less than 0.05%.

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2020

Pacer Lunt Large Cap Multi-Factor Alternator ETF

Sector^(a)	Percentage of Net Assets
Technology	33.4%
Consumer, Non-Cyclical	27.6%
Communications	16.8%
Consumer, Cyclical	8.4%
Financial	8.4%
Basic Materials	2.1%
Industrial	2.1%
Utilities	0.8%
Energy	0.3%
Short-Term Investments	0.1%
Other Assets in Excess of Liabilities	*0.0%
Total	100.0%

*	Less than 0.05%.

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

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Large Cap ETF - NAV	-8.39%	2.27%	5.07%	3.50%
Pacer Trendpilot^® US Large Cap ETF - Market	-8.39%	2.23%	5.03%	3.50%
Pacer Trendpilot^® US Large Cap Index⁽³⁾	-7.92%	2.87%	5.71%	4.12%
S&P 500^® Index⁽³⁾	9.71%	10.42%	11.71%	10.68%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 15, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 11, 2015.

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

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Mid Cap ETF - NAV	-3.89%	-1.54%	4.54%	2.78%
Pacer Trendpilot^® US Mid Cap ETF - Market	-3.89%	-1.64%	4.54%	2.78%
Pacer Trendpilot^® US Mid Cap Index⁽³⁾	-3.15%	-1.03%	5.16%	3.40%
S&P MidCap 400 Index⁽³⁾	-1.15%	2.87%	7.39%	5.73%

⁽¹⁾

⁽²⁾	Inception date is June 11, 2015.

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

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer Trendpilot^® 100 ETF - NAV	29.24%	18.28%	15.20%	13.33%
Pacer Trendpilot^® 100 ETF - Market	29.28%	18.27%	15.17%	13.35%
Pacer NASDAQ-100 Trendpilot^® Index⁽³⁾	29.78%	18.86%	15.86%	14.00%
NASDAQ-100 Index⁽³⁾	38.02%	22.20%	20.24%	19.51%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 15, 2020, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 11, 2015.

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

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot^® European Index ETF - NAV	-22.55%	-10.84%	-2.89%
Pacer Trendpilot^® European Index ETF - Market	-22.69%	-11.33%	-2.99%
Pacer Trendpilot^® European Index(3)	-21.54%	-9.48%	-1.55%
FTSE Eurozone Index (USD)(3)	-9.40%	-3.34%	4.24%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 15, 2020, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is December 14, 2015.

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

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Global Cash Cows Dividend ETF - NAV	-17.92%	-3.66%	2.53%
Pacer Global Cash Cows Dividend ETF - Market	-18.11%	-4.03%	2.44%
Pacer Global Cash Cows Dividend Index⁽³⁾	-17.52%	-2.93%	3.35%
FTSE All-World Developed Large-Cap Index⁽³⁾	5.89%	6.94%	11.71%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is February 22, 2016.

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

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Since Inception⁽²⁾
Pacer US Cash Cows 100 ETF - NAV	-3.59%	2.96%	4.81%
Pacer US Cash Cows 100 ETF - Market	-3.51%	2.85%	4.75%
Pacer US Cash Cows 100 Index⁽³⁾	-3.53%	3.35%	5.17%
Russell 1000^® Index⁽³⁾	10.87%	10.63%	12.33%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is December 16, 2016.

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

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Since Inception⁽²⁾
Pacer US Small Cap Cash Cows 100 ETF - NAV	0.54%	1.97%	1.71%
Pacer US Small Cap Cash Cows 100 ETF - Market	0.40%	1.83%	1.60%
Pacer US Small Cap Cash Cows Index⁽³⁾	0.44%	2.11%	1.85%
S&P SmallCap 600^® Index⁽³⁾	-7.72%	0.20%	2.33%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 16, 2017.

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

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Developed Markets International Cash Cows 100 ETF - NAV	-10.78%	-4.18%	-0.46%
Pacer Developed Markets International Cash Cows 100 ETF - Market	-10.74%	-4.80%	-0.62%
Pacer Developed Markets International Cash Cows 100 Index⁽³⁾	-10.20%	-3.37%	0.30%
FTSE Developed ex-US Index⁽³⁾	-5.47%	-1.01%	1.15%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 16, 2017.

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

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer WealthShield ETF - NAV	9.23%	1.19%
Pacer WealthShield ETF - Market	8.93%	1.06%
Pacer WealthShield Index⁽³⁾	8.61%	1.51%
S&P 500^® Index⁽³⁾	9.71%	9.50%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is December 11, 2017.

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

Pacer Military Times Best Employers ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on April 9, 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 Military Times Best for VETS^SM Index is composed of the U.S.-listed stocks of companies that have been included in the Best for Vets List for the last three consecutive years, have a minimum market capitalization of $200 million, and meet the Index’s liquidity threshold. Index components are equally weighted at the time of each annual reconstitution of the Index, which is effective at the close of business on the third Friday of each September. As of June 30, 2019, the Index was made up of 43 companies and included significant allocations to companies in the financial, industrial, and information technology sectors. Companies previously included in the Index for two consecutive years that are no longer on the Best for Vets List may continue to be included in the Index if the reason that they are no longer on the Best for Vets List is because they did not complete the most recent Best for Vets Survey.

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Military Times Best Employers ETF - NAV	-2.10%	8.15%
Pacer Military Times Best Employers ETF - Market	1.96%	9.92%
Military Times Best for VETS^SM Index⁽³⁾	-1.72%	8.50%
S&P 500^® Index⁽³⁾	9.71%	11.28%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is April 9, 2018.

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

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Benchmark Industrial Real Estate SCTR^SM Index is generally composed of the U.S.-listed equity securities of 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 derivate at least 85% of their earnings or revenues from self-storage real estate operations (“Self-Storage Companies”). At the time of each reconstitution of the Index, Industrial Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares 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 FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Benchmark Industrial Real Estate SCTR^SM ETF - NAV	1.01%	15.45%
Pacer Benchmark Industrial Real Estate SCTR^SM ETF - Market	0.72%	15.35%
Benchmark Industrial Real Estate SCTR^SM Index⁽³⁾	2.36%	16.38%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	-16.01%	3.77%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 14, 2018.

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

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Benchmark Data & Infrastructure Real Estate SCTR^SM Index is generally composed of the U.S.-listed equity securities of 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 $200 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”).

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF - NAV	9.67%	16.36%
Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF - Market	9.42%	16.35%
Benchmark Data & Infrastructure Real Estate SCTR^SM Index⁽³⁾	9.67%	17.35%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	-16.01%	4.46%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented September 16, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 15, 2018.

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

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer US Export Leaders ETF - NAV	13.75%	8.98%
Pacer US Export Leaders ETF - Market	13.28%	8.68%
Pacer US Export Leaders Index⁽³⁾	14.49%	9.69%
S&P 900 Index^TM⁽³⁾	9.01%	8.41%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is July 23, 2018.

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	-7.27%	4.45%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	-7.58%	4.25%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index⁽³⁾	-5.93%	5.55%
S&P 500^® Index⁽³⁾	9.71%	9.05%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is July 23, 2018.

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

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer US Cash Cows Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”.

The S&P 900 Pure Growth Index cis made up of approximately 150 companies that exhibit strong growth characteristics from the S&P 500 and S&P MidCap 400.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer US Cash Cows Growth ETF - NAV	12.00%	7.71%
Pacer US Cash Cows Growth ETF - Market	11.69%	7.43%
Pacer US Cash Cows Growth Index⁽³⁾	12.17%	7.80%
S&P 900 Pure Growth Index⁽³⁾	18.95%	11.71%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 2, 2019.

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

Pacer Trendpilot International ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 calculation of the 200-day moving average for the S&P Developed Ex-U.S. LargeCap Index is based on the total return version of the S&P Developed Ex-U.S. LargeCap Local Currency Index and reflects the reinvestment of dividends paid by the securities in the S&P Developed Ex-U.S. LargeCap Index. The Index is expected to be predominantly invested in the components of the S&P Developed Ex-U.S. LargeCap Index over most short- and long-term periods and is only expected to invest in 3-Month US Treasury bills from time to time in response to adverse market conditions as defined by the “50/50 Indicator” and “T-Bill Indicator” below.

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Trendpilot International ETF - NAV	-14.07%	-7.43%
Pacer Trendpilot International ETF - Market	-14.26%	-7.25%
Pacer Trendpilot International Index	-12.76%	-6.32%
S&P Developed Ex-US Large Cap Index (USD)⁽³⁾	-4.96%	-0.64%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 29, 2020, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 2, 2019.

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

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Emerging Markets Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields.

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Emerging Markets Cash Cows 100 ETF - NAV	-13.76%	-8.31%
Pacer Emerging Markets Cash Cows 100 ETF - Market	-13.75%	-7.91%
Pacer Emerging Markets Cash Cows 100 Index⁽³⁾	-12.33%	-6.79%
FTSE Emerging Markets Index⁽³⁾	7.52%	4.41%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 2, 2019.

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

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

The FTSE All World Developed Index is a market-capitalization weighted index representing the performance of large and mid cap companies in Developed and Emerging Markets, excluding the USA. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Cash Cows Fund of Funds ETF - NAV	-4.28%	-3.78%
Pacer Cash Cows Fund of Funds ETF - Market	-5.24%	-3.47%
Pacer Cash Cows Fund of Funds Index⁽³⁾	-4.08%	-3.15%
FTSE All World Developed Index⁽³⁾	4.28%	5.24%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.15%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 3, 2019.

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

Pacer Trendpilot Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Trendpilot Fund of Funds ETF - NAV	-2.25%	-0.68%
Pacer Trendpilot Fund of Funds ETF - Market	-2.51%	-0.89%
Pacer Trendpilot Fund of Funds Index⁽³⁾	-1.16%	0.40%
S&P 1200 Index⁽³⁾	4.43%	5.57%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, as supplemented October 15, 2020, is 0.15%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 3, 2019.

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

Pacer Trendpilot US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Since Inception⁽²⁾
Pacer Trendpilot US Bond ETF - NAV	7.30%	6.87%
Pacer Trendpilot US Bond ETF - Market	7.77%	7.34%
Pacer Trendpilot US Bond Index⁽³⁾	8.47%	7.97%
S&P U.S. High Yield Corporate Bond Index^TM(3)	3.27%	3.28%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is October 22, 2019.

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

Pacer CSOP FTSE China A50 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2020)

	One Year	Three Year	Five Year	Since Inception⁽²⁾
Pacer CSOP FTSE China A50 ETF - NAV	20.91%	8.58%	10.88%	8.62%
Pacer CSOP FTSE China A50 ETF - Market	21.69%	8.58%	11.07%	8.63%
FTSE China A50 Net Total Return Index^®(3)	21.93%	9.44%	10.88%	9.05%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2020, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾

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

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

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2020)

	Since Inception⁽²⁾
Pacer BioThreat Strategy ETF - NAV	9.31%
Pacer BioThreat Strategy ETF - Market	8.99%
LifeSci BioThreat Strategy Index⁽³⁾	9.58%
S&P 500^® Index⁽³⁾	7.80%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 23, 2020, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 24, 2020.

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

Pacer Lunt Large Cap Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2020)

	Since Inception⁽²⁾
Pacer Lunt Large Cap Alternator ETF - NAV	3.35%
Pacer Lunt Large Cap Alternator ETF - Market	3.15%
Lunt Capital U.S. Large Cap Equity Rotation Index⁽³⁾	3.58%
S&P 500^® Index⁽³⁾	7.80%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 24, 2020.

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

Pacer Lunt Midcap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2020)

	Since Inception⁽²⁾
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	14.08%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	13.75%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index⁽³⁾	14.02%
S&P MidCap 400^® Index⁽³⁾	10.31%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 24, 2020.

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2020)

	Since Inception⁽²⁾
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	10.13%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	9.62%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index⁽³⁾	10.47%
S&P 500^® Index⁽³⁾	7.80%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 23, 2020, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 24, 2020.

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

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2020 (Unaudited)

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/20	Ending Account Value 10/31/20	Expenses Paid During Period^(a)
Pacer Trendpilot^® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 860.10	$ 2.77
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Trendpilot^® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 975.40	$ 2.95
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Trendpilot^TM 100 ETF
Actual	0.65%	$1,000.00	$ 1,015.70	$ 3.26
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Trendpilot^® European Index ETF
Actual	0.65%	$1,000.00	$ 900.80	$ 3.07
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 829.10	$ 2.73
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 870.50	$ 2.28
Hypothetical^(b)	0.49%	$1,000.00	$ 1,022.43	$ 2.46
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 825.00	$ 2.68
Hypothetical^(b)	0.59%	$1,000.00	$ 1,021.93	$ 2.97
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 811.10	$ 2.93
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 1,040.40	$ 3.04
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2020 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/20	Ending Account Value 10/31/20	Expenses Paid During Period^(a)
Pacer Military Times Best Employers ETF
Actual	0.60%	$1,000.00	$ 926.30	$ 2.87
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Benchmark Industrial Real Estate ETF
Actual	0.60%	$1,000.00	$ 899.70	$ 2.83
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Benchmark Data & Infrastructure Real Estate ETF
Actual	0.60%	$1,000.00	$ 1,063.80	$ 3.08
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 951.30	$ 2.91
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 870.80	$ 2.79
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 936.70	$ 2.89
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 915.70	$ 3.10
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.63	$ 3.27
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 817.50	$ 3.16
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.38	$ 3.52
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 854.70	$ 0.69
Hypothetical^(b)	0.15%	$1,000.00	$ 1,024.12	$ 0.75
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 934.50	$ 0.72
Hypothetical^(b)	0.15%	$1,000.00	$ 1,024.12	$ 0.75
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 1,044.90	$ 3.05
Hypothetical^(b)	0.60%	$1,000.00	$ 1,021.88	$ 3.02
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 964.70	$ 3.42
Hypothetical^(b)	0.70%	$1,000.00	$ 1,021.38	$ 3.52

^(a)

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

^(b)	Assumes 5% return before expenses.

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2020 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 06/24/20^(a)	Ending Account Value 10/31/20	Expenses Paid During Period^(a)
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 854.70	$ 0.69^(b)
Hypothetical^(d)	0.70%	$1,000.00	$ 1,021.68	$ 3.57^(c)
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 934.50	$ 0.72^(b)
Hypothetical^(d)	0.60%	$1,000.00	$ 1,022.18	$ 3.06^(c)
Pacer Lunt Midcap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 1,044.90	$ 3.05^(b)
Hypothetical^(d)	0.60%	$1,000.00	$ 1,022.18	$ 3.06^(c)
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 964.70	$ 3.42^(b)
Hypothetical^(d)	0.60%	$1,000.00	$ 1,022.18	$ 3.06^(c)

^(a)	Inception Date of the Fund.

^(b)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (129) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

^(c)

^(d)	Assumes 5% return before expenses.

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.2%

Advertising — 0.1%
Interpublic Group of Cos., Inc.		25,236	$	456,519
Omnicom Group, Inc.		14,379		678,689
				1,135,208
Aerospace/Defense — 1.5%
Boeing Co.		35,041		5,059,570
General Dynamics Corp.		15,422		2,025,371
Howmet Aerospace, Inc.		25,438		438,805
L3Harris Technologies, Inc.		14,682		2,365,417
Lockheed Martin Corp.		16,268		5,695,915
Northrop Grumman Corp.		10,374		3,006,593
Raytheon Technologies Corp.		95,742		5,200,705
Teledyne Technologies, Inc. ^(a)		2,372		733,304
TransDigm Group, Inc.		3,165		1,511,003
				26,036,683
Agriculture — 0.7%
Altria Group, Inc.		121,964		4,400,461
Archer-Daniels-Midland Co. ^(b)		36,474		1,686,558
Philip Morris International, Inc.		101,396		7,201,144
				13,288,163
Airlines — 0.2%
Alaska Air Group, Inc.		8,202		310,774
American Airlines Group, Inc. ^(b)		25,647		289,298
Delta Air Lines, Inc.		37,697		1,155,036
Southwest Airlines Co.		34,408		1,360,148
United Airlines Holdings, Inc. ^(a)		16,357		553,848
				3,669,104
Apparel — 0.7%
Hanesbrands, Inc. ^(b)		23,985		385,439
NIKE, Inc. - Class B		81,382		9,772,351
PVH Corp.		4,894		285,271
Ralph Lauren Corp.		3,159		211,179
Tapestry, Inc.		17,910		398,139
Under Armour, Inc. - Class A ^(a)(b)		12,333		170,689
Under Armour, Inc. - Class C ^(a)(b)		12,845		157,094
VF Corp.		21,537		1,447,287
				12,827,449
Auto Manufacturers — 0.5%
Cummins, Inc.		10,052		2,210,334
Ford Motor Co.		253,885		1,962,531
General Motors Co.		81,995		2,831,288
PACCAR, Inc.		22,724		1,940,175
				8,944,328
Auto Parts & Equipment — 0.1%
Aptiv PLC		16,587		1,600,480
BorgWarner, Inc.		13,535		473,454
				2,073,934
Banks — 4.2%
Bank of America Corp.		497,892		11,800,040

	Shares		Value
Banks — 4.2% (Continued)
Bank of New York Mellon Corp.		52,299	$	1,796,994
Citigroup, Inc.		135,349		5,606,156
Citizens Financial Group, Inc.		28,378		773,301
Comerica, Inc. ^(b)		9,628		438,170
Fifth Third Bancorp		46,237		1,073,623
First Republic Bank		11,052		1,394,099
Goldman Sachs Group, Inc.		20,252		3,828,438
Huntington Bancshares, Inc.		67,642		706,182
JPMorgan Chase & Co.		197,863		19,398,489
KeyCorp.		64,352		835,289
M&T Bank Corp. ^(b)		8,637		894,620
Morgan Stanley		91,108		4,386,850
Northern Trust Corp.		13,934		1,090,614
PNC Financial Services Group, Inc.		27,741		3,103,663
Regions Financial Corp.		62,989		837,754
State Street Corp.		23,853		1,404,942
SVB Financial Group ^(a)		3,326		966,868
Truist Financial Corp.		87,549		3,687,564
US Bancorp		88,970		3,465,382
Wells Fargo & Co.		269,382		5,778,244
Zions Bancorp		11,137		359,391
				73,626,673
Beverages — 1.6%
Brown-Forman Corp. - Class B		11,810		823,275
Coca-Cola Co.		251,402		12,082,380
Constellation Brands, Inc. - Class A		10,959		1,810,756
Molson Coors Brewing Co. - Class B ^(b)		12,325		434,579
Monster Beverage Corp. ^(a)		25,017		1,915,552
PepsiCo, Inc.		91,011		12,130,856
				29,197,398
Biotechnology — 1.7%
Alexion Pharmaceuticals, Inc. ^(a)		14,395		1,657,440
Amgen, Inc.		38,274		8,303,161
Biogen, Inc. ^(a)		10,481		2,641,946
Bio-Rad Laboratories, Inc. - Class A ^(a)		1,440		844,445
Corteva, Inc.		48,751		1,607,808
Gilead Sciences, Inc.		82,923		4,821,972
Illumina, Inc. ^(a)		9,580		2,804,066
Incyte Corp. ^(a)		11,587		1,003,898
Regeneron Pharmaceuticals, Inc. ^(a)		6,745		3,666,312
Vertex Pharmaceuticals, Inc. ^(a)		16,686		3,476,695
				30,827,743
Building Materials — 0.5%
Carrier Global Corp.		53,017		1,770,238
Fortune Brands Home & Security, Inc.		9,247		747,805
Johnson Controls International PLC		50,970		2,151,444

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)

Building Materials — 0.5% (Continued)
Martin Marietta Materials, Inc.		4,229	$	1,126,394
Masco Corp.		18,868		1,011,325
Vulcan Materials Co.		8,641		1,251,562
				8,058,768
Chemicals — 1.8%
Air Products & Chemicals, Inc.		14,317		3,954,928
Albemarle Corp. ^(b)		6,824		636,065
Celanese Corp.		8,014		909,669
CF Industries Holdings, Inc.		14,352		396,259
Dow, Inc.		48,517		2,207,038
DuPont de Nemours, Inc. ^(b)		48,454		2,756,063
Eastman Chemical Co.		8,971		725,216
Ecolab, Inc.		16,501		3,029,419
FMC Corp.		8,484		871,646
International Flavors & Fragrances, Inc. ^(b)		6,891		707,430
Linde PLC		34,058		7,504,340
LyondellBasell Industries NV - Class A		16,648		1,139,556
Mosaic Co.		22,980		425,130
PPG Industries, Inc.		15,360		1,992,499
Sherwin-Williams Co.		5,532		3,805,905
				31,061,163
Commercial Services — 2.4%
Automatic Data Processing, Inc.		28,286		4,468,057
Cintas Corp.		5,613		1,765,569
Equifax, Inc.		8,033		1,097,308
FleetCor Technologies, Inc. ^(a)		5,865		1,295,637
Gartner, Inc. ^(a)		5,801		696,700
Global Payments, Inc.		19,663		3,101,642
IHS Markit Ltd.		26,284		2,125,587
MarketAxess Holdings, Inc.		2,479		1,335,809
Moody’s Corp.		10,492		2,758,347
Nielsen Holdings PLC ^(b)		23,234		313,891
PayPal Holdings, Inc. ^(a)		76,710		14,278,032
Quanta Services, Inc.		9,459		590,525
Robert Half International, Inc.		7,781		394,419
Rollins, Inc. ^(b)		9,338		540,203
S&P Global, Inc.		15,568		5,024,261
United Rentals, Inc. ^(a)		4,958		883,962
Verisk Analytics, Inc.		10,629		1,891,643
				42,561,592
Computers — 7.8%
Accenture PLC - Class A		41,354		8,970,096
Apple, Inc.		1,049,928		114,295,162
Cognizant Technology Solutions Corp. - Class A		35,762		2,554,122
DXC Technology Co.		16,889		311,096
Fortinet, Inc. ^(a)		9,429		1,040,679

	Shares		Value
Computers — 7.8% (Continued)
Hewlett Packard Enterprise Co.		84,609	$	731,022
HP, Inc.		97,471		1,750,579
International Business Machines Corp.		57,836		6,457,968
Leidos Holdings, Inc.		8,706		722,598
NetApp, Inc.		14,935		655,497
Seagate Technology PLC ^(b)		15,204		727,055
Western Digital Corp.		19,377		731,094
				138,946,968
Cosmetics/Personal Care — 1.7%
Colgate-Palmolive Co.		56,094		4,425,256
Coty, Inc. - Class A ^(b)		19,259		55,851
Estee Lauder Cos., Inc. - Class A		14,510		3,187,266
Procter & Gamble Co.		162,142		22,229,668
				29,898,041
Distribution/Wholesale — 0.3%
Copart, Inc. ^(a)		13,359		1,474,299
Fastenal Co.		37,607		1,625,751
LKQ Corp. ^(a)		20,113		643,415
W.W. Grainger, Inc.		2,998		1,049,360
				4,792,825
Diversified Financial Services — 3.8%
American Express Co.		43,958		4,010,728
Ameriprise Financial, Inc.		8,525		1,371,076
BlackRock, Inc.		9,247		5,540,895
Capital One Financial Corp.		30,626		2,238,148
Cboe Global Markets, Inc.		7,263		590,409
Charles Schwab Corp.		74,542		3,064,422
CME Group, Inc.		23,437		3,532,425
Discover Financial Services		20,660		1,343,107
Franklin Resources, Inc. ^(b)		18,184		340,950
Intercontinental Exchange, Inc.		36,485		3,444,184
Invesco Ltd.		24,238		317,760
MasterCard, Inc. - Class A		57,249		16,524,351
Nasdaq, Inc.		7,525		910,450
Raymond James Financial, Inc.		8,231		629,178
Synchrony Financial		37,479		937,724
T Rowe Price Group, Inc.		15,413		1,952,210
Visa, Inc. - Class A ^(b)		110,834		20,139,646
Western Union Co.		27,457		533,764
				67,421,427
Electric — 3.0%
AES Corp.		43,399		846,281
Alliant Energy Corp.		15,644		864,800
Ameren Corp.		16,069		1,303,517
American Electric Power Co., Inc. ^(b)		32,310		2,905,638
CenterPoint Energy, Inc. ^(b)		32,126		678,822
CMS Energy Corp.		18,537		1,173,948
Consolidated Edison, Inc. ^(b)		21,592		1,694,756

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)

Electric — 3.0% (Continued)
Dominion Energy, Inc.		53,635	$	4,309,036
DTE Energy Co.		12,620		1,557,561
Duke Energy Corp. ^(b)		47,475		4,372,922
Edison International ^(b)		23,121		1,295,701
Entergy Corp.		12,932		1,308,977
Evergy, Inc.		14,905		822,756
Eversource Energy		20,891		1,823,158
Exelon Corp.		63,344		2,526,792
FirstEnergy Corp.		35,163		1,045,044
NextEra Energy, Inc.		127,724		9,350,674
NRG Energy, Inc.		16,575		524,102
Pinnacle West Capital Corp.		7,404		603,944
PPL Corp.		50,032		1,375,880
Public Service Enterprise Group, Inc. ^(b)		32,987		1,918,194
Sempra Energy ^(b)		18,148		2,275,033
Southern Co.		68,372		3,927,972
WEC Energy Group, Inc.		20,532		2,064,493
Xcel Energy, Inc.		34,199		2,394,956
				52,964,957
Electrical Components & Equipment — 0.2%
AMETEK, Inc.		14,968		1,469,858
Emerson Electric Co. ^(b)		39,876		2,583,566
				4,053,424
Electronics — 1.4%
Agilent Technologies, Inc.		20,345		2,077,021
Allegion PLC ^(b)		6,117		602,524
Amphenol Corp. - Class A		19,294		2,177,135
Flir Systems, Inc.		8,805		305,445
Fortive Corp.		19,199		1,182,658
Garmin Ltd.		9,350		972,587
Honeywell International, Inc.		45,660		7,531,617
Keysight Technologies, Inc. ^(a)		12,300		1,289,901
Mettler-Toledo International, Inc. ^(a)		1,730		1,726,384
PerkinElmer, Inc.		7,285		943,772
Roper Technologies, Inc.		6,714		2,493,177
TE Connectivity Ltd.		22,082		2,139,304
Vontier Corp. ^(a)		7,697		221,218
Waters Corp. ^(a)		4,336		966,148
				24,628,891
Engineering & Construction — 0.0% ^(c)
Jacobs Engineering Group, Inc.		8,927		848,065

Entertainment — 0.0% ^(c)
Live Nation Entertainment, Inc. ^(a)		9,114		444,763

Environmental Control — 0.3%
Pentair PLC		11,013		548,007

	Shares		Value
Environmental Control — 0.3% (Continued)
Republic Services, Inc.		13,820	$	1,218,509
Waste Management, Inc.		25,400		2,740,914
				4,507,430
Food — 1.2%
Campbell Soup Co. ^(b)		11,083		517,244
ConAgra Foods, Inc.		31,737		1,113,651
General Mills, Inc.		39,459		2,332,816
Hershey Co.		9,699		1,333,224
Hormel Foods Corp. ^(b)		18,103		881,435
JM Smucker Co. ^(b)		7,462		837,236
Kellogg Co. ^(b)		16,339		1,027,560
Kroger Co.		52,480		1,690,381
Lamb Weston Holdings, Inc.		9,494		602,394
McCormick & Co., Inc.		8,002		1,444,441
Mondelez International, Inc. - Class A		94,077		4,997,370
Sysco Corp.		33,305		1,842,100
The Kraft Heinz Co.		40,691		1,244,738
Tyson Foods, Inc. - Class A		19,175		1,097,385
				20,961,975
Forest Products & Paper — 0.1%
International Paper Co.		25,565		1,118,469

Gas — 0.1%
Atmos Energy Corp. ^(b)		7,941		727,952
NiSource, Inc.		24,361		559,572
				1,287,524
Hand/Machine Tools — 0.1%
Snap-On, Inc.		3,624		570,888
Stanley Black & Decker, Inc.		9,944		1,652,693
				2,223,581
Healthcare-Products — 4.3%
Abbott Laboratories		115,285		12,117,606
ABIOMED, Inc. ^(a)		3,083		776,546
Align Technology, Inc. ^(a)		4,674		1,991,498
Baxter International, Inc.		33,335		2,585,796
Boston Scientific Corp. ^(a)		90,411		3,098,385
Danaher Corp.		41,216		9,460,721
DENTSPLY SIRONA, Inc.		14,498		684,161
Edwards Lifesciences Corp. ^(a)		40,897		2,931,906
Henry Schein, Inc. ^(a)		9,556		607,570
Hologic, Inc. ^(a)		17,595		1,210,888
IDEXX Laboratories, Inc. ^(a)		5,774		2,452,911
Intuitive Surgical, Inc. ^(a)		7,600		5,069,808
Medtronic PLC		87,550		8,804,903
ResMed, Inc.		9,287		1,782,547
STERIS PLC		5,702		1,010,337
Stryker Corp.		21,036		4,249,482
Teleflex, Inc.		3,172		1,009,426

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)

Healthcare-Products — 4.3% (Continued)
The Cooper Cos., Inc.		3,144	$	1,003,093
Thermo Fisher Scientific, Inc.		25,638		12,129,851
Varian Medical Systems, Inc. ^(a)		5,933		1,025,222
West Pharmaceutical Services, Inc.		4,881		1,327,974
Zimmer Biomet Holdings, Inc.		13,462		1,778,330
				77,108,961
Healthcare-Services — 2.1%
Anthem, Inc.		16,686		4,551,941
Catalent, Inc. ^(a)		10,802		948,092
Centene Corp. ^(a)		38,148		2,254,547
DaVita, Inc. ^(a)(b)		5,825		502,406
HCA Healthcare, Inc.		17,269		2,140,320
Humana, Inc.		8,648		3,452,973
IQVIA Holdings, Inc. ^(a)		11,956		1,841,104
Laboratory Corp. of American Holdings ^(a)		6,405		1,279,527
Quest Diagnostics, Inc.		8,854		1,081,428
UnitedHealth Group, Inc.		61,131		18,653,513
Universal Health Services, Inc. - Class B		5,365		587,736
				37,293,587
Home Builders — 0.2%
DR Horton, Inc.		21,856		1,460,199
Lennar Corp. - Class A		18,269		1,283,032
NVR, Inc. ^(a)		246		972,460
PulteGroup, Inc.		16,772		683,627
				4,399,318
Home Furnishings — 0.1%
Leggett & Platt, Inc.		8,636		360,380
Whirlpool Corp. ^(b)		4,293		794,033
				1,154,413
Household Products/Wares — 0.4%
Avery Dennison Corp.		5,586		773,046
Church & Dwight Co., Inc.		16,034		1,417,245
Clorox Co. ^(b)		8,109		1,680,590
Kimberly-Clark Corp. ^(b)		22,445		2,975,983
				6,846,864
Housewares — 0.0% ^(c)
Newell Brands, Inc.		24,954		440,688

Insurance — 3.3%
Aflac, Inc.		43,280		1,469,356
Allstate Corp.		21,216		1,882,920
American International Group, Inc.		56,803		1,788,727
Aon PLC - Class A		15,413		2,836,146
Arthur J Gallagher & Co.		12,204		1,265,677
Assurant, Inc.		4,060		504,942
Berkshire Hathaway, Inc. - Class B ^(a)		129,507		26,147,463
Chubb Ltd.		29,596		3,844,816

	Shares		Value
Insurance — 3.3% (Continued)
Cincinnati Financial Corp.		9,937	$	702,943
Everest Re Group Ltd.		2,739		539,802
Globe Life, Inc.		6,635		538,032
Hartford Financial Services Group, Inc.		23,562		907,608
Lincoln National Corp.		13,100		459,810
Loews Corp.		16,871		585,086
Marsh & McLennan Cos., Inc.		32,891		3,402,903
MetLife, Inc.		51,169		1,936,747
Principal Financial Group, Inc.		16,785		658,308
Progressive Corp.		38,223		3,512,694
Prudential Financial, Inc.		26,373		1,688,399
Travelers Cos., Inc.		17,081		2,061,848
Unum Group ^(b)		13,515		238,675
W R Berkley Corp.		9,714		584,006
Willis Towers Watson PLC		8,389		1,530,825
				59,087,733
Internet — 12.2%
Alphabet, Inc. - Class A ^(a)		19,615		31,699,998
Alphabet, Inc. - Class C ^(a)		19,143		31,030,994
Amazon.com, Inc. ^(a)		27,782		84,350,319
Booking Holdings, Inc. ^(a)		2,724		4,419,690
CDW Corp.		9,277		1,137,360
eBay, Inc.		42,915		2,044,041
Etsy, Inc. ^(a)		7,898		960,318
Expedia Group, Inc.		9,248		870,699
F5 Networks, Inc. ^(a)		4,074		541,598
Facebook, Inc. - Class A ^(a)		157,078		41,328,793
Netflix, Inc. ^(a)		28,700		13,653,738
NortonLifeLock, Inc.		37,826		778,081
Twitter, Inc. ^(a)		50,409		2,084,916
VeriSign, Inc. ^(a)		6,903		1,316,402
				216,216,947
Iron/Steel — 0.1%
Nucor Corp.		19,814		946,317

Leisure Time — 0.1%
Carnival Corp. ^(b)		30,315		415,619
Norwegian Cruise Line Holdings Ltd. ^(a)(b)		16,040		266,745
Royal Caribbean Cruises Ltd. ^(b)		11,267		635,684
				1,318,048
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. ^(b)		18,477		1,622,465
Las Vegas Sands Corp.		22,096		1,061,934
Marriott International, Inc. - Class A		17,879		1,660,601
MGM Resorts International ^(b)		26,672		548,643
Wynn Resorts Ltd.		6,362		460,800
				5,354,443

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)

Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		35,112	$	5,514,340

Machinery-Diversified — 0.7%
Deere & Co.		20,481		4,626,863
Dover Corp.		9,422		1,043,109
Flowserve Corp. ^(b)		8,597		250,345
IDEX Corp.		4,977		848,031
Ingersoll Rand, Inc. ^(a)		22,735		794,361
Otis Worldwide Corp.		26,381		1,616,628
Rockwell Automation, Inc.		7,598		1,801,638
Wabtec Corp.		11,804		699,977
Xylem, Inc.		11,687		1,018,405
				12,699,357
Media — 2.0%
Charter Communications, Inc. - Class A ^(a)		9,797		5,915,625
Comcast Corp. - Class A		295,816		12,495,268
Discovery, Inc. - Class C ^(a)(b)		22,174		406,228
Discovery, Inc. - Class A ^(a)(b)		10,481		212,135
DISH Network Corp. - Class A ^(a)		16,645		424,281
FOX Corp. - Class A ^(b)		23,422		621,151
FOX Corp. - Class B		10,799		282,286
News Corp. - Class B		8,096		105,410
News Corp. - Class A		25,277		331,887
ViacomCBS, Inc. - Class B ^(b)		35,168		1,004,750
Walt Disney Co.		117,509		14,247,966
				36,046,987
Mining — 0.3%
Freeport-McMoRan, Inc.		94,693		1,641,977
Newmont Goldcorp Corp.		53,635		3,370,423
				5,012,400
Miscellaneous Manufacturing — 1.2%
3M Co.		37,656		6,023,454
A O Smith Corp.		9,070		468,828
Eaton Corp. PLC		27,323		2,835,854
General Electric Co.		569,502		4,225,705
Illinois Tool Works, Inc.		19,237		3,768,144
Parker-Hannifin Corp.		8,379		1,745,849
Textron, Inc.		14,938		534,780
Trane Technologies PLC		15,575		2,067,581
				21,670,195
Office/Business Equipment — 0.1%
Xerox Holdings Corp.		12,152		211,202
Zebra Technologies Corp. - Class A ^(a)		3,540		1,004,085
				1,215,287
Oil & Gas — 1.6%
Apache Corp.		24,588		204,080
Cabot Oil & Gas Corp. ^(b)		26,826		477,235

	Shares		Value
Oil & Gas — 1.6% (Continued)
Chevron Corp.		125,057	$	8,691,462
Concho Resources, Inc.		13,345		553,951
ConocoPhillips		71,962		2,059,552
Devon Energy Corp. ^(b)		25,407		226,885
Diamondback Energy, Inc.		10,688		277,460
EOG Resources, Inc.		37,962		1,299,819
Exxon Mobil Corp.		276,192		9,009,383
HESS Corp.		16,852		627,231
HollyFrontier Corp.		9,714		179,806
Marathon Oil Corp. ^(b)		52,376		207,409
Marathon Petroleum Corp. ^(b)		42,539		1,254,901
Occidental Petroleum Corp. ^(b)		58,148		530,891
Phillips 66		29,169		1,361,026
Pioneer Natural Resources Co.		10,790		858,452
Valero Energy Corp.		26,766		1,033,435
				28,852,978
Oil & Gas Services — 0.2%
Baker Hughes a GE Co.		42,284		624,535
Halliburton Co.		57,193		689,748
National Oilwell Varco, Inc. ^(b)		25,081		210,680
Schlumberger Ltd.		90,166		1,347,080
TechnipFMC PLC		27,547		152,335
				3,024,378
Packaging & Containers — 0.3%
Amcor PLC		106,638		1,112,234
Ball Corp.		21,505		1,913,945
Packaging Corp. of America		6,183		707,892
Sealed Air Corp.		10,172		402,709
WestRock Co.		16,754		629,113
				4,765,893
Pharmaceuticals — 5.5%
AbbVie, Inc.		115,210		9,804,371
AmerisourceBergen Corp.		9,869		948,115
Becton Dickinson and Co.		19,150		4,426,139
Bristol-Myers Squibb Co.		147,008		8,592,618
Cardinal Health, Inc.		19,235		880,771
Cigna Corp.		24,354		4,066,387
CVS Health Corp.		84,935		4,764,004
DexCom, Inc. ^(a)		5,959		1,904,377
Eli Lilly & Co.		51,828		6,761,481
Johnson & Johnson		171,063		23,454,448
McKesson Corp.		10,482		1,545,990
Merck & Co., Inc.		163,929		12,329,100
Mylan NV ^(a)(b)		33,842		492,063
Perrigo Co. PLC		8,983		394,084
Pfizer, Inc.		360,653		12,795,968
Zoetis, Inc.		31,190		4,945,175
				98,105,091

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)

Pipelines — 0.2%
Kinder Morgan, Inc.		127,183	$	1,513,477
ONEOK, Inc.		26,981		782,449
Williams Cos., Inc.		79,183		1,519,522
				3,815,448
Real Estate — 0.1%
CBRE Group, Inc. - Class A ^(a)		21,804		1,098,922

Retail — 5.7%
Advance Auto Parts, Inc.		4,450		655,396
AutoZone, Inc. ^(a)		1,542		1,740,887
Best Buy Co., Inc.		14,889		1,660,868
CarMax, Inc. ^(a)		10,680		923,179
Chipotle Mexican Grill, Inc. ^(a)		1,841		2,211,925
Costco Wholesale Corp.		28,975		10,362,040
Darden Restaurants, Inc.		8,558		786,651
Dollar General Corp.		16,762		3,498,397
Dollar Tree, Inc. ^(a)		15,378		1,388,941
Domino’s Pizza, Inc.		2,546		963,203
Gap, Inc.		14,016		272,611
Genuine Parts Co.		9,424		852,212
Home Depot, Inc.		70,538		18,813,190
L Brands, Inc.		15,300		489,753
Lowe’s Cos., Inc.		49,054		7,755,438
McDonald’s Corp.		48,448		10,319,424
O’Reilly Automotive, Inc. ^(a)		4,940		2,156,804
Ross Stores, Inc.		23,681		2,016,911
Starbucks Corp.		77,243		6,717,051
Target Corp.		33,079		5,035,286
Tiffany & Co.		6,998		915,618
TJX Cos., Inc.		79,239		4,025,341
Tractor Supply Co.		7,856		1,046,498
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)		3,743		773,940
Walgreens Boots Alliance, Inc.		49,182		1,674,155
Walmart, Inc.		90,652		12,577,965
Yum! Brands, Inc.		19,746		1,842,894
				101,476,578
Savings & Loans — 0.0% ^(c)
People’s United Financial, Inc. ^(b)		29,147		310,998

Semiconductors — 5.0%
Advanced Micro Devices, Inc. ^(a)		76,390		5,751,403
Analog Devices, Inc.		23,954		2,839,268
Applied Materials, Inc.		60,335		3,573,642
Broadcom, Inc.		25,904		9,056,816
Intel Corp.		274,916		12,173,280
IPG Photonics Corp. ^(a)		2,355		437,936
KLA Corp.		10,470		2,064,475

	Shares		Value
Semiconductors — 5.0% (Continued)
Lam Research Corp.		9,405	$	3,217,262
Maxim Integrated Products, Inc.		17,820		1,241,163
Microchip Technology, Inc.		15,519		1,630,737
Micron Technology, Inc. ^(a)		72,152		3,632,132
NVIDIA Corp.		39,829		19,968,667
Qorvo, Inc. ^(a)		7,655		974,941
QUALCOMM, Inc.		72,996		9,004,787
Skyworks Solutions, Inc.		11,129		1,572,416
Teradyne, Inc.		10,932		960,376
Texas Instruments, Inc.		59,550		8,610,334
Xilinx, Inc.		16,564		1,965,981
				88,675,616
Shipbuilding — 0.0% ^(c)
Huntington Ingalls Industries, Inc.		2,750		405,570

Software — 10.3%
Activision Blizzard, Inc.		50,072		3,791,953
Adobe Systems, Inc. ^(a)		31,506		14,086,333
Akamai Technologies, Inc. ^(a)		10,481		996,953
ANSYS, Inc. ^(a)		5,518		1,679,514
Autodesk, Inc. ^(a)		14,281		3,363,747
Broadridge Financial Solutions, Inc.		7,516		1,034,202
Cadence Design System, Inc. ^(a)		18,334		2,005,190
Cerner Corp.		20,717		1,452,054
Citrix Systems, Inc.		7,547		854,849
Electronic Arts, Inc. ^(a)		19,209		2,301,814
Fidelity National Information Services, Inc.		40,047		4,989,456
Fiserv, Inc. ^(a)		37,387		3,569,337
Intuit, Inc.		16,974		5,341,378
Jack Henry & Associates, Inc.		5,057		749,700
Microsoft Corp.		493,118		99,841,601
MSCI, Inc.		5,460		1,910,126
Oracle Corp.		126,217		7,082,036
Paychex, Inc.		20,817		1,712,198
Paycom Software, Inc. ^(a)		3,097		1,127,587
Salesforce.com, Inc. ^(a)		57,653		13,391,062
ServiceNow, Inc. ^(a)		12,333		6,136,531
Synopsys, Inc. ^(a)		9,870		2,110,798
Take-Two Interactive Software, Inc. ^(a)		7,398		1,146,098
Tyler Technologies, Inc. ^(a)		2,624		1,008,613
				181,683,130
Telecommunications — 2.7%
Arista Networks, Inc. ^(a)(b)		3,570		745,773
AT&T, Inc.		462,851		12,506,234
CenturyLink, Inc. ^(b)		64,102		552,559
Cisco Systems, Inc.		276,809		9,937,443
Corning, Inc.		50,456		1,613,078

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.2% (Continued)

Telecommunications — 2.7% (Continued)
Juniper Networks, Inc.		21,799	$	429,876
Motorola Solutions, Inc.		11,216		1,772,801
T-Mobile US, Inc. ^(a)		38,118		4,176,589
Verizon Communications, Inc.		269,962		15,385,135
				47,119,488
Textiles — 0.0% ^(c)
Mohawk Industries, Inc. ^(a)		3,951		407,704

Toys/Games/Hobbies — 0.0% ^(c)
Hasbro, Inc.		8,269		684,012

Transportation — 1.8%
CH Robinson Worldwide, Inc. ^(b)		8,905		787,469
CSX Corp.		50,833		4,012,757
Expeditors International of Washington, Inc.		11,122		982,851
FedEx Corp.		15,615		4,051,624
JB Hunt Trasport Services, Inc.		5,728		697,327
Kansas City Southern		6,589		1,160,586
Norfolk Southern Corp.		17,014		3,557,968
Old Dominion Freight Line, Inc.		6,286		1,196,666
Union Pacific Corp.		44,070		7,808,763
United Parcel Service, Inc. - Class B		45,778		7,192,182
				31,448,193
Water — 0.1%
American Water Works Co., Inc.		11,713		1,762,924
TOTAL COMMON STOCKS (Cost $1,622,503,022)				1,723,369,354

REAL ESTATE INVESTMENT TRUSTS — 2.5%
Alexandria Real Estate Equities, Inc.		7,918		1,199,736
American Tower Corp.		28,802		6,614,379
Apartment Investment and Management Co. - Class A		9,751		311,057
AvalonBay Communities, Inc.		9,247		1,286,535
Boston Properties, Inc.		9,288		672,544
Crown Castle International Corp.		27,140		4,239,268
Digital Realty Trust, Inc.		17,206		2,482,826

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.5% (Continued)
Duke Realty Corp.		23,888	$	907,505
Equinix, Inc.		5,685		4,157,100
Equity Residential		22,693		1,066,117
Essex Property Trust, Inc.		4,486		917,791
Extra Space Storage, Inc. ^(b)		8,474		982,560
Federal Realty Investment Trust		4,539		312,193
Healthpeak Properties, Inc.		31,480		849,016
Host Hotels & Resorts, Inc. ^(b)		47,165		494,289
Iron Mountain, Inc. ^(b)		18,838		490,918
Kimco Realty Corp.		27,421		281,340
Mid-America Apartment Communities, Inc.		7,463		870,410
Prologis, Inc.		48,220		4,783,424
Public Storage		9,873		2,261,608
Realty Income Corp.		22,435		1,298,089
Regency Centers Corp.		10,968		390,351
SBA Communications Corp.		7,398		2,148,157
Simon Property Group, Inc. ^(b)		20,146		1,265,370
SL Green Realty Corp. ^(b)		5,474		234,342
UDR, Inc.		19,051		595,153
Ventas, Inc.		24,288		958,647
Vornado Realty Trust ^(b)		10,481		322,081
Welltower, Inc.		26,390		1,418,990
Weyerhaeuser Co.		48,524		1,324,220
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $47,230,747)				45,136,016

	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts, — 0.2%
U.S. Bank Money Market Deposit Account 0.025% ^(d)	$	3,088,702		3,088,702
TOTAL SHORT-TERM INVESTMENTS (Cost $3,088,702)				3,088,702

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.7%
Mount Vernon Liquid Assets Portfolio, LLC 0.16% ^(d)		46,975,267	$	46,975,267
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $46,975,267)				46,975,267
Total Investments (Cost $1,719,797,738) — 102.6%				1,818,569,338
Liabilities in Excess of Other Assets — (2.6)%				(46,146,577	)
TOTAL NET ASSETS — 100.0%			$	1,772,422,761

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $45,796,491 or 2.6% of net assets.

(c)

Less than 0.05%.

(d)

The rate shown is as of October 31, 2020.

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. Categories are shown as a percentage of net assets.

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 91.2%

Aerospace/Defense — 0.4%
Hexcel Corp.		19,191	$	642,515
Mercury Systems, Inc. ^(a)		12,822		883,179
				1,525,694
Agriculture — 0.4%
Darling Ingredients, Inc. ^(a)		37,812		1,625,916

Airlines — 0.2%
JetBlue Airways Corp. ^(a)		62,082		743,122

Apparel — 1.1%
Carter’s, Inc.		10,052		818,736
Columbia Sportswear Co. ^(b)		6,509		485,506
Deckers Outdoor Corp. ^(a)		6,114		1,549,104
Skechers U.S.A, Inc. - Class A ^(a)		31,299		992,491
Urban Outfitters, Inc. ^(a)		16,168		361,193
				4,207,030
Auto Parts & Equipment — 1.6%
Adient PLC ^(a)		20,056		425,588
BorgWarner, Inc.		8,572		299,849
Dana, Inc.		33,198		464,440
Fox Factory Holding Corp. ^(a)(b)		9,018		758,233
Gentex Corp.		56,386		1,560,201
Goodyear Tire & Rubber Co.		53,617		443,949
LEAR Corp.		12,565		1,517,978
VISTEON Corp. ^(a)(b)		6,411		574,746
				6,044,984
Banks — 5.9%
Associated Banc-Corp.		35,354		483,996
BancorpSouth Bank		22,418		524,805
Bank of Hawaii Corp.		9,181		556,736
Bank OZK ^(b)		27,858		690,321
Cathay General Bancorp		17,392		409,234
CIT Group, Inc. ^(b)		22,674		667,749
Commerce Bancshares, Inc. ^(b)		23,089		1,437,290
Cullen Frost Bankers, Inc. ^(b)		13,080		919,132
East West Bancorp, Inc. ^(b)		32,610		1,189,613
First Financial Bankshares, Inc. ^(b)		32,684		974,310
First Horizon National Corp.		127,416		1,326,401
FNB Corp.		74,350		562,086
Fulton Financial Corp.		37,266		409,553
Glacier Bancorp, Inc.		20,413		730,785
Hancock Whitney Corp.		19,804		452,917
Home BancShares, Inc. ^(b)		35,356		586,910
International Bancshares Corp.		12,822		354,913
PacWest Bancorp		26,829		516,190
Pinnacle Financial Partners, Inc.		16,359		749,079
Prosperity Bancshares, Inc. ^(b)		21,289		1,173,237
Signature Bank ^(b)		12,308		993,748

	Shares		Value
Banks — 5.9% (Continued)
Synovus Financial Corp.		33,912	$	881,712
TCF Financial Corp.		35,040		953,438
Texas Capital Bancshares, Inc. ^(a)		11,594		521,730
Trustmark Corp.		14,523		339,693
UMB Financial Corp.		9,694		590,074
Umpqua Holdings Corp.		50,689		636,654
United Bankshares, Inc.		29,240		766,965
Valley National Bancorp		90,147		688,723
Webster Financial Corp.		20,775		669,163
Wintrust Financial Corp.		13,236		651,608
				22,408,765
Beverages — 0.5%
The Boston Beer Co., Inc. - Class A ^(a)(b)		1,987		2,064,851

Biotechnology — 1.6%
Arrowhead Pharmaceuticals, Inc. ^(a)(b)		23,445		1,343,399
Emergent BioSolutions, Inc. ^(a)		9,866		887,644
Exelixis, Inc. ^(a)		70,649		1,446,892
Ligand Pharmaceuticals, Inc. ^(a)(b)		3,641		300,200
Nektar Therapeutics ^(a)(b)		40,993		649,329
United Therapeutics Corp. ^(a)		10,139		1,360,958
				5,988,422
Building Materials — 2.3%
Builders FirstSource, Inc. ^(a)		25,501		772,681
Eagle Materials, Inc.		9,537		813,029
Lennox International, Inc. ^(b)		7,570		2,056,466
Louisiana-Pacific Corp.		25,759		736,192
MDU Resources Group, Inc.		46,178		1,097,189
Owens Corning		24,830		1,625,620
Trex Co, Inc. ^(a)(b)		26,658		1,853,798
				8,954,975
Chemicals — 2.1%
Ashland Global Holdings, Inc. ^(b)		11,853		826,984
Cabot Corp.		12,979		493,332
Ingevity Corp. ^(a)		9,438		517,958
Minerals Technologies, Inc.		7,796		426,363
NewMarket Corp.		1,644		588,042
OLIN Corp.		31,004		513,116
RPM International, Inc.		29,856		2,527,908
Sensient Technologies Corp.		9,695		634,344
The Chemours Co. ^(b)		37,810		761,493
Valvoline, Inc.		42,636		838,650
				8,128,190
Commercial Services — 4.1%
Adtalem Global Education, Inc. ^(a)		11,951		280,131
ASGN, Inc. ^(a)		12,050		803,494
Avis Budget Group, Inc. ^(a)(b)		12,309		414,444
CoreLogic, Inc.		18,262		1,404,896

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 91.2% (Continued)

Commercial Services — 4.1% (Continued)
FTI Consulting, Inc. ^(a)		8,496	$	836,516
Graham Holdings Co. - Class B		971		369,310
Grand Canyon Education, Inc. ^(a)(b)		10,923		856,036
H&R Block, Inc.		42,197		728,320
HealthEquity, Inc. ^(a)(b)		17,490		900,560
Insperity, Inc.		8,410		644,038
John Wiley & Sons, Inc. - Class A		10,052		311,210
LiveRamp Holdings, Inc. ^(a)		15,070		995,976
ManpowerGroup, Inc.		13,336		905,114
Paylocity Holding Corp. ^(a)		8,221		1,525,160
Sabre Corp. ^(b)		68,101		444,019
Service Corp. International		38,522		1,783,954
Strategic Education, Inc. ^(b)		5,124		425,599
The Brink’s Co. ^(b)		11,594		496,571
WEX, Inc. ^(a)		9,654		1,221,714
WW International, Inc. ^(a)		10,723		226,899
				15,573,961
Computers — 1.7%
CACI International, Inc. - Class A ^(a)		5,517		1,150,460
Lumentum Holdings, Inc. ^(a)(b)		17,234		1,425,079
Maximus, Inc.		14,107		953,351
NCR Corp. ^(a)		29,399		597,388
NetScout Systems, Inc. ^(a)		14,614		299,879
Perspecta, Inc.		31,399		562,984
Qualys, Inc. ^(a)(b)		7,696		676,094
Science Applications International Corp.		12,760		974,481
				6,639,716
Cosmetics/Personal Care — 0.1%
Coty, Inc. - Class A ^(b)		61,815		179,264
Edgewell Personal Care Co. ^(a)		12,465		326,832
				506,096
Distribution/Wholesale — 2.1%
Avient Corp.		21,032		653,464
IAA, Inc. ^(a)		29,305		1,658,370
KAR Auction Services, Inc.		29,757		433,262
Pool Corp.		8,784		3,072,907
Univar Solutions, Inc. ^(a)		36,936		612,768
Watsco, Inc. ^(b)		7,539		1,689,792
				8,120,563
Diversified Financial Services — 3.0%
Aaron’s Holdings Co, Inc.		15,592		814,838
Affiliated Managers Group, Inc. ^(b)		10,823		815,729
Alliance Data Systems Corp.		10,448		538,490
Eaton Vance Corp.		26,215		1,567,395
Evercore, Inc. - Class A		9,338		742,745
Federated Hermes, Inc.		22,061		527,258
Interactive Brokers Group, Inc. - Class A		17,646		839,420

	Shares		Value
Diversified Financial Services — 3.0% (Continued)
Janus Henderson Group PLC ^(b)		35,299	$	857,766
Jefferies Financial Group, Inc.		47,221		921,282
LendingTree, Inc. ^(a)(b)		1,731		560,134
Navient Corp.		39,233		314,256
SEI Investments Co.		26,543		1,304,588
SLM Corp. ^(b)		86,358		793,630
Stifel Financial Corp. ^(b)		15,749		920,687
				11,518,218
Electric — 1.6%
ALLETE, Inc.		11,851		611,275
Black Hills Corp.		14,464		819,530
Hawaiian Electric Industries, Inc.		25,087		828,874
IDACORP, Inc. ^(b)		11,594		1,017,142
NorthWestern Corp.		11,594		604,395
OGE Energy Corp.		46,078		1,417,820
PNM Resources, Inc. ^(b)		18,359		917,950
				6,216,986
Electrical Components & Equipment — 2.2%
Acuity Brands, Inc. ^(b)		9,081		809,480
Belden, Inc. ^(b)		8,761		270,540
Energizer Holdings, Inc. ^(b)		12,724		500,689
EnerSys		9,795		701,322
Generac Holdings, Inc. ^(a)		14,464		3,039,609
Littelfuse, Inc.		5,540		1,096,588
Universal Display Corp. ^(b)		9,386		1,861,338
				8,279,566
Electronics — 3.5%
Arrow Electronics, Inc. ^(a)		16,959		1,320,936
AVNET, Inc.		22,743		561,070
Coherent, Inc. ^(a)		5,540		693,276
Hubbell, Inc.		12,465		1,813,782
II-VI, Inc. ^(a)(b)		22,212		1,009,980
Jabil, Inc.		31,557		1,045,799
National Instruments Corp.		28,691		897,454
nVent Electric PLC		35,957		649,024
SYNNEX Corp.		9,438		1,242,418
Trimble, Inc. ^(a)		57,514		2,768,149
Vishay Intertechnology, Inc. ^(b)		30,528		495,164
Woodward, Inc.		13,078		1,040,355
				13,537,407
Energy-Alternate Sources — 2.3%
Enphase Energy, Inc. ^(a)(b)		27,491		2,696,592
First Solar, Inc. ^(a)		17,549		1,527,553
SolarEdge Technologies, Inc. ^(a)		11,436		2,946,943
Sunrun, Inc. ^(a)(b)		27,681		1,439,965
				8,611,053
Engineering & Construction — 1.5%
AECOM ^(a)		36,839		1,651,861
Dycom Industries, Inc. ^(a)(b)		7,282		472,893
EMCOR Group, Inc.		12,622		860,694

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 91.2% (Continued)

Engineering & Construction — 1.5% (Continued)
Fluor Corp.		32,282	$	366,401
KBR, Inc.		32,784		730,756
MasTec, Inc. ^(a)(b)		13,427		666,516
TopBuild Corp. ^(a)		7,639		1,170,371
				5,919,492
Entertainment — 1.6%
Caesars Entertainment, Inc. ^(a)		33,419		1,497,839
Churchill Downs, Inc.		8,053		1,201,105
Cinemark Holdings, Inc. ^(b)		24,661		201,974
Marriott Vacations Worldwide Corp.		8,978		867,275
Penn National Gaming, Inc. ^(a)(b)		29,755		1,606,175
Scientific Games Corp. ^(a)(b)		12,622		402,389
Six Flags Entertainment Corp.		18,090		391,106
				6,167,863
Environmental Control — 0.8%
Clean Harbors, Inc. ^(a)		11,782		624,092
Stericycle, Inc. ^(a)		21,032		1,310,294
Tetra Tech, Inc.		12,365		1,247,752
				3,182,138
Food — 1.9%
Flowers Foods, Inc.		44,375		1,046,362
Grocery Outlet Holding Corp. ^(a)(b)		18,223		802,176
Hain Celestial Group, Inc. ^(a)		18,084		556,083
Ingredion, Inc. ^(b)		15,392		1,091,139
Lancaster Colony Corp. ^(b)		4,512		749,624
Pilgrim’s Pride Corp. ^(a)		11,954		200,110
Post Holdings, Inc. ^(a)		14,722		1,264,620
Sanderson Farms, Inc. ^(b)		4,512		577,401
Sprouts Farmers Market, Inc. ^(a)(b)		27,086		515,988
Tootsie Roll Industries, Inc. ^(b)		3,812		113,903
TreeHouse Foods, Inc. ^(a)(b)		12,979		504,104
				7,421,510
Food Service — 0.1%
Healthcare Services Group, Inc. ^(b)		17,134		392,026

Forest Products & Paper — 0.1%
DOMTAR Corp.		12,722		303,801

Gas — 1.4%
National Fuel Gas Co.		20,775		830,169
New Jersey Resources Corp. ^(b)		22,060		643,711
ONE Gas, Inc.		12,108		835,936
Southwest Gas Holdings, Inc.		12,622		829,518
Spire, Inc.		11,783		660,319
UGI Corp.		47,919		1,549,701
				5,349,354
Hand/Machine Tools — 1.2%
Colfax Corp. ^(a)		21,936		596,440

	Shares		Value
Hand/Machine Tools — 1.2% (Continued)
Kennametal, Inc. ^(b)		19,033	$	590,023
Lincoln Electric Holdings, Inc.		13,693		1,394,221
MSA Safety, Inc. ^(b)		8,220		1,084,382
Regal Beloit Corp.		9,280		915,472
				4,580,538
Healthcare-Products — 4.7%
Avanos Medical, Inc. ^(a)		10,980		388,143
Bio-Techne Corp.		8,469		2,137,660
Cantel Medical Corp. ^(b)		8,495		406,401
Globus Medical, Inc. - Class A ^(a)		17,391		906,419
Haemonetics Corp. ^(a)		11,594		1,172,037
Hill-Rom Holdings, Inc.		15,335		1,396,558
ICU Medical, Inc. ^(a)		4,412		784,410
Integra LifeSciences Holdings Corp. ^(a)		16,166		712,921
LivaNova PLC ^(a)(b)		11,180		562,801
Masimo Corp. ^(a)		11,028		2,468,287
NuVasive, Inc. ^(a)		11,783		523,519
Patterson Cos., Inc. ^(b)		19,804		492,625
Penumbra, Inc. ^(a)(b)		7,638		1,993,747
Quidel Corp. ^(a)(b)		8,766		2,351,830
Repligen Corp. ^(a)		10,821		1,802,454
				18,099,812
Healthcare-Services — 3.8%
Acadia Healthcare Co., Inc. ^(a)		20,418		727,902
Amedisys, Inc. ^(a)		7,439		1,926,701
Charles River Laboratories International, Inc. ^(a)		10,854		2,471,456
Chemed Corp.		3,455		1,652,595
Encompass Health Corp.		22,831		1,399,769
LHC Group, Inc. ^(a)		6,949		1,504,806
MEDNAX, Inc. ^(a)(b)		19,647		250,499
Medpace Holdings, Inc. ^(a)		5,983		663,754
Molina Healthcare, Inc. ^(a)		12,910		2,407,328
Syneos Health, Inc. ^(a)		14,364		762,441
Tenet Healthcare Corp. ^(a)		24,117		591,831
				14,359,082
Home Builders — 1.0%
KB Home		20,002		645,064
Taylor Morrison Home Corp. ^(a)		29,856		644,890
Thor Industries, Inc. ^(b)		12,722		1,076,027
Toll Brothers, Inc.		26,573		1,123,506
TRI Pointe Group, Inc. ^(a)		30,014		493,130
				3,982,617
Home Furnishings — 0.2%
Tempur Sealy International, Inc. ^(a)		10,520		936,280

Household Products/Wares — 0.3%
Helen of Troy Ltd. ^(a)(b)		5,797		1,099,111

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 91.2% (Continued)

Housewares — 0.9%
Scotts Miracle-Gro Co.		9,080	$	1,362,454
Toro Co.		24,661		2,024,668
				3,387,122
Insurance — 4.7%
Alleghany Corp.		3,289		1,798,853
American Financial Group, Inc.		15,706		1,177,008
Brighthouse Financial, Inc. ^(a)		21,646		716,483
Brown & Brown, Inc.		51,271		2,230,801
CNO Financial Group, Inc.		33,042		586,495
Essent Group Ltd.		25,443		1,013,903
First American Financial Corp.		25,601		1,141,549
Genworth Financial, Inc. - Class A ^(a)		116,724		458,725
Hanover Insurance Group, Inc.		8,767		838,651
Kemper Corp.		14,107		869,838
Mercury General Corp.		6,254		254,600
Old Republic International Corp.		65,785		1,070,980
Primerica, Inc.		8,681		956,993
Reinsurance Group of America, Inc.		15,592		1,575,104
RenaissanceRe Holdings Ltd. ^(b)		11,594		1,874,982
RLI Corp. ^(b)		9,181		795,993
Selective Insurance Group, Inc.		13,750		715,825
				18,076,783
Internet — 0.6%
GrubHub, Inc. ^(a)(b)		21,189		1,567,139
TripAdvisor, Inc.		23,192		443,199
YELP, Inc. ^(a)(b)		15,072		296,466
				2,306,804
Iron/Steel — 1.1%
Commercial Metals Co.		27,401		565,831
Reliance Steel & Aluminum Co.		14,621		1,593,543
Steel Dynamics, Inc.		43,680		1,375,046
United States Steel Corp. ^(b)		50,689		489,656
				4,024,076
Leisure Time — 0.9%
Brunswick Corp. ^(b)		18,162		1,157,101
Harley-Davidson, Inc. ^(b)		35,297		1,160,565
Polaris Industries, Inc.		13,236		1,202,623
				3,520,289
Lodging — 0.7%
Boyd Gaming Corp.		18,419		584,251
Choice Hotels International, Inc. ^(b)		6,326		552,576
Wyndham Destinations, Inc.		19,547		637,818
Wyndham Hotels & Resorts, Inc.		21,447		997,500
				2,772,145
Machinery-Construction & Mining — 0.4%
Oshkosh Corp.		15,649		1,054,117
Terex Corp.		14,616		360,869
				1,414,986

	Shares		Value
Machinery-Diversified — 2.9%
AGCO Corp. ^(b)		14,265	$	1,098,833
Cognex Corp.		39,508		2,603,577
CRANE Co.		11,337		575,353
Curtiss-Wright Corp.		9,538		804,626
Graco, Inc.		38,324		2,372,255
Middleby Corp. ^(a)(b)		12,822		1,276,302
Nordson Corp.		12,141		2,348,434
				11,079,380
Media — 1.9%
AMC Networks, Inc. - Class A ^(a)(b)		9,338		198,433
Cable One, Inc.		1,228		2,126,724
FactSet Research Systems, Inc.		8,280		2,537,820
TEGNA, Inc.		50,332		605,494
The New York Times Co. - Class A ^(b)		33,198		1,316,633
World Wrestling Entertainment, Inc. - Class A ^(b)		10,665		387,779
				7,172,883
Metal Fabricate/Hardware — 0.5%
The Timken Co.		15,592		930,842
Valmont Industries, Inc.		4,868		691,013
Worthington Industries, Inc.		8,410		413,856
				2,035,711
Mining — 0.6%
Compass Minerals International, Inc.		7,796		470,722
Royal Gold, Inc.		15,071		1,790,586
				2,261,308
Miscellaneous Manufacturing — 2.0%
AptarGroup, Inc.		14,804		1,688,988
Axon Enterprise, Inc. ^(a)(b)		14,463		1,430,391
Carlisle Cos., Inc.		12,623		1,563,611
Donaldson Co., Inc.		29,045		1,379,637
ITT, Inc.		19,804		1,198,340
Trinity Industries, Inc. ^(b)		21,708		408,979
				7,669,946
Office Furnishings — 0.2%
Herman Miller, Inc.		13,493		411,132
HNI Corp.		9,795		318,827
				729,959
Oil & Gas — 0.9%
Cimarex Energy Co.		23,545		597,337
CNX Resources Corp. ^(a)		43,050		417,585
EQT Corp.		58,800		890,232
Murphy Oil Corp. ^(b)		33,656		259,824
Murphy USA, Inc. ^(a)		6,312		771,894
WPX Energy, Inc. ^(a)		94,059		433,612
				3,370,484
Oil & Gas Services — 0.1%
ChampionX Corp. ^(a)		42,736		373,085

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 91.2% (Continued)

Packaging & Containers — 0.6%
Greif, Inc. - Class A		6,054	$	245,732
O-I Glass, Inc.		36,068		340,121
Silgan Holdings, Inc.		17,810		613,555
Sonoco Products Co.		23,089		1,128,821
				2,328,229
Pharmaceuticals — 0.9%
Jazz Pharmaceuticals PLC ^(a)		12,138		1,749,086
PRA Health Sciences, Inc. ^(a)		14,621		1,424,670
Prestige Brands Holdings, Inc. ^(a)(b)		11,510		380,175
				3,553,931
Pipelines — 0.3%
Antero Midstream Corp. ^(b)		64,751		371,023
Equitrans Midstream Corp.		93,540		679,101
				1,050,124
Real Estate — 0.4%
Jones Lang LaSalle, Inc.		11,851		1,337,504

Retail — 5.7%
American Eagle Outfitters, Inc. ^(b)		35,816		491,037
AutoNation, Inc. ^(a)(b)		13,236		750,878
BJ’s Wholesale Club Holdings, Inc. ^(a)(b)		30,161		1,154,865
Casey’s General Stores, Inc.		8,495		1,432,002
Cracker Barrel Old Country Store, Inc.		5,481		623,847
Dick’s Sporting Goods, Inc. ^(b)		14,978		848,504
Dunkin’ Brands Group, Inc. ^(b)		18,876		1,882,126
FirstCash, Inc.		9,538		496,358
Five Below, Inc. ^(a)(b)		12,822		1,709,685
Foot Locker, Inc.		23,959		883,608
Jack in the Box, Inc. ^(b)		5,208		416,952
Kohl’s Corp. ^(b)		34,519		734,910
Lithia Motors, Inc. - Class B ^(b)		4,933		1,132,469
MSC Industrial Direct Co., Inc. - Class A		10,466		729,062
Nordstrom, Inc. ^(b)		24,930		301,653
Nu Skin Enterprises, Inc. - Class A		11,951		589,782
Ollie’s Bargain Outlet Holdings, Inc. ^(a)(b)		12,979		1,130,341
Papa John’s International, Inc. ^(b)		7,205		551,903
RH ^(a)(b)		3,355		1,124,697
Sally Beauty Holdings, Inc. ^(a)(b)		25,958		217,268
Texas Roadhouse, Inc. ^(b)		14,978		1,048,909
The Wendy’s Co.		40,993		895,697
Williams-Sonoma, Inc. ^(b)		17,905		1,633,115
Wingstop, Inc. ^(b)		6,453		750,678
World Fuel Services Corp.		14,523		305,709
				21,836,055

	Shares		Value
Savings & Loans — 0.5%
New York Community Bancorp, Inc. ^(b)		106,863	$	888,032
Sterling Bancorp		44,793		599,330
Washington Federal, Inc.		17,391		370,254
				1,857,616
Semiconductors — 2.7%
Cirrus Logic, Inc. ^(a)		13,426		924,649
CMC Materials, Inc.		6,668		948,123
CREE, Inc. ^(a)(b)		24,929		1,585,484
MKS Instruments, Inc. ^(b)		12,622		1,368,099
Monolithic Power Systems, Inc.		9,240		2,953,104
Semtech Corp. ^(a)		14,978		822,142
Silicon Laboratories, Inc. ^(a)		10,052		1,029,928
Synaptics, Inc. ^(a)(b)		7,796		597,719
				10,229,248
Software — 3.2%
ACI Worldwide, Inc. ^(a)		26,629		776,768
Blackbaud, Inc. ^(b)		11,437		564,302
CDK Global, Inc. ^(b)		27,950		1,204,645
Ceridian HCM Holding, Inc. ^(a)(b)		28,370		2,446,061
CommVault Systems, Inc. ^(a)		9,792		387,665
Fair Isaac Corp. ^(a)		6,379		2,497,060
J2 Global, Inc. ^(a)(b)		10,409		706,563
Manhattan Associates, Inc. ^(a)		14,621		1,250,095
PTC, Inc. ^(a)		23,959		2,009,681
Teradata Corp. ^(a)(b)		24,988		459,030
				12,301,870
Telecommunications — 0.7%
CIENA Corp. ^(a)		35,354		1,392,594
InterDigital, Inc.		7,024		393,204
Telephone and Data Systems, Inc.		22,473		382,041
ViaSat, Inc. ^(a)(b)		13,428		455,209
				2,623,048
Toys/Games/Hobbies — 0.3%
Mattel, Inc. ^(a)(b)		79,890		1,100,085

Transportation — 1.5%
Kirby Corp. ^(a)		13,750		529,237
Knight-Swift Transportation Holdings, Inc.		28,111		1,067,937
Landstar System, Inc.		8,824		1,100,353
Ryder System, Inc.		12,365		609,100
Werner Enterprises, Inc.		13,152		500,039
XPO Logistics, Inc. ^(a)		20,932		1,883,880
				5,690,546
Trucking & Leasing — 0.1%
GATX Corp. ^(b)		7,953		543,031

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 91.2% (Continued)

Water — 0.6%
Essential Utilities, Inc.		51,361	$	2,116,073
TOTAL COMMON STOCKS (Cost $339,768,205)				349,251,460

REAL ESTATE INVESTMENT TRUSTS — 8.6%
American Campus Communities, Inc. ^(b)		31,656		1,185,834
Brixmor Property Group, Inc.		68,226		747,757
Camden Property Trust ^(b)		22,417		2,067,744
CoreSite Realty Corp.		9,279		1,107,541
Corporate Office Properties Trust		25,759		577,774
Cousins Properties, Inc. ^(b)		34,169		870,626
CyrusOne, Inc. ^(b)		25,580		1,817,459
Douglas Emmett, Inc.		37,967		896,021
EastGroup Properties, Inc.		9,023		1,200,781
EPR Properties ^(b)		17,813		424,662
First Industrial Realty Trust, Inc.		29,242		1,164,124
Healthcare Realty Trust, Inc.		31,041		862,940
Highwoods Properties, Inc.		23,860		710,312
Hudson Pacific Properties, Inc.		35,297		679,820
JBG SMITH Properties		24,517		572,472
Kilroy Realty Corp.		24,388		1,148,187
Lamar Advertising Co. - Class A		19,904		1,233,252
Life Storage, Inc.		10,823		1,235,445
Macerich Co. ^(b)		26,733		186,062
Medical Properties Trust, Inc.		121,655		2,167,892
National Retail Properties, Inc. ^(b)		39,608		1,267,852
Omega Healthcare Investors, Inc. ^(b)		52,232		1,504,804
Park Hotels & Resorts, Inc. ^(b)		54,230		538,504
Pebblebrook Hotel Trust ^(b)		30,113		360,754
Physicians Realty Trust ^(b)		46,587		785,457
PotlatchDeltic Corp.		15,393		639,579
PS Business Parks, Inc.		4,611		525,792
Rayonier, Inc.		31,815		807,465
Rexford Industrial Realty, Inc. ^(b)		27,025		1,255,582
Sabra Health Care REIT, Inc. ^(b)		47,305		622,534
Service Properties Trust		37,867		273,021
Spirit Realty Capital, Inc.		23,702		712,245
STORE Capital Corp. ^(b)		51,199		1,315,814
Taubman Centers, Inc.		14,207		474,798
The GEO Group, Inc. ^(b)		27,950		247,637
Urban Edge Properties		25,445		239,183
Weingarten Realty Investors		27,675		438,925
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $35,032,468)				32,866,651

	Principal Amount	Value
SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts, — 0.2%
U.S. Bank Money Market Deposit Account 0.025% (c)	$ 585,077	$ 585,077
TOTAL SHORT-TERM INVESTMENTS (Cost $585,077)		585,077

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.8%
Mount Vernon Liquid Assets Portfolio, LLC 0.16% (c)	87,061,332	87,061,332
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $87,061,332)		87,061,332
Total Investments (Cost $462,447,082) — 122.8%		469,764,520
Liabilities in Excess of Other Assets — (22.8)%		(87,095,780)
TOTAL NET ASSETS — 100.0%		$ 382,668,740

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $83,870,350 or 21.9% of net assets.

(c)

The rate shown is as of October 31, 2020.

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 48.3%

Auto Manufacturers — 1.7%
PACCAR, Inc.		11,672	$	996,555
Tesla Motors, Inc. ^(a)		31,423		12,193,381
				13,189,936
Beverages — 1.0%
Monster Beverage Corp. ^(a)		17,788		1,362,027
PepsiCo, Inc.		46,690		6,223,310
				7,585,337
Biotechnology — 2.2%
Alexion Pharmaceuticals, Inc. ^(a)		7,395		851,460
Amgen, Inc.		19,749		4,284,348
Biogen, Inc. ^(a)		5,348		1,348,070
BioMarin Pharmaceutical, Inc. ^(a)		6,120		455,512
Gilead Sciences, Inc.		42,275		2,458,291
Illumina, Inc. ^(a)		4,924		1,441,255
Incyte Corp. ^(a)		7,383		639,663
Moderna, Inc. ^(a)(b)		13,304		897,621
Regeneron Pharmaceuticals, Inc. ^(a)		3,532		1,919,854
Seagen, Inc. ^(a)(b)		5,873		979,616
Vertex Pharmaceuticals, Inc. ^(a)		8,788		1,831,068
				17,106,758
Commercial Services — 1.5%
Automatic Data Processing, Inc.		14,504		2,291,052
Cintas Corp.		3,493		1,098,723
PayPal Holdings, Inc. ^(a)		39,557		7,362,744
Verisk Analytics, Inc.		5,481		975,454
				11,727,973
Computers — 6.6%
Apple, Inc.		452,022		49,207,115
Check Point Software Technologies Ltd. ^(a)		4,729		537,025
Cognizant Technology Solutions Corp. - Class A		18,289		1,306,200
Western Digital Corp.		10,209		385,186
				51,435,526
Distribution/Wholesale — 0.2%
Copart, Inc. ^(a)		7,918		873,830
Fastenal Co.		19,343		836,198
				1,710,028
Electric — 0.3%
Exelon Corp.		32,864		1,310,945
Xcel Energy, Inc.		17,717		1,240,722
				2,551,667
Food — 0.5%
Mondelez International, Inc. - Class A		48,161		2,558,312
The Kraft Heinz Co.		41,225		1,261,073
				3,819,385

	Shares		Value
Healthcare-Products — 0.6%
Align Technology, Inc. ^(a)		2,661	$	1,133,799
IDEXX Laboratories, Inc. ^(a)		2,870		1,219,234
Intuitive Surgical, Inc. ^(a)		3,954		2,637,634
				4,990,667
Internet — 13.5%
Alphabet, Inc. - Class A ^(a)		9,120		14,738,923
Alphabet, Inc. - Class C ^(a)		8,824		14,303,792
Amazon.com, Inc. ^(a)		13,247		40,219,879
BAIDU, Inc. - ADR ^(a)		9,488		1,262,379
Booking Holdings, Inc. ^(a)		1,388		2,252,030
CDW Corp.		4,818		590,687
eBay, Inc.		23,599		1,124,020
Expedia Group, Inc.		4,583		431,490
Facebook, Inc. - Class A ^(a)		63,554		16,721,693
JD.com, Inc. - ADR ^(a)		30,950		2,523,044
MercadoLibre, Inc. ^(a)(b)		1,684		2,044,460
Netflix, Inc. ^(a)		14,878		7,078,060
Pinduoduo, Inc. - ADR ^(a)(b)		9,733		875,775
Trip.com Group Ltd. - ADR ^(a)		17,633		507,125
VeriSign, Inc. ^(a)		3,879		739,725
				105,413,082
Lodging — 0.1%
Marriott International, Inc. - Class A		10,944		1,016,479

Media — 1.6%
Charter Communications, Inc. - Class A ^(a)		6,912		4,173,604
Comcast Corp. - Class A		153,694		6,492,035
FOX Corp. - Class A ^(b)		11,589		307,340
FOX Corp. - Class B		8,809		230,267
Liberty Global PLC - Class A ^(a)(b)		6,153		116,784
Liberty Global PLC - Class C ^(a)(b)		13,447		250,921
Sirius XM Holdings, Inc. ^(b)		146,332		838,482
				12,409,433
Pharmaceuticals — 0.1%
DexCom, Inc. ^(a)		3,239		1,035,120

Retail — 1.8%
Costco Wholesale Corp.		14,889		5,324,604
Dollar Tree, Inc. ^(a)		8,009		723,373
Lululemon Athletica, Inc. ^(a)		4,202		1,341,657
O’Reilly Automotive, Inc. ^(a)		2,502		1,092,373
Ross Stores, Inc.		12,001		1,022,125
Starbucks Corp.		39,414		3,427,441
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)		1,906		394,104
Walgreens Boots Alliance, Inc.		29,215		994,479
				14,320,156
Semiconductors — 6.0%
Advanced Micro Devices, Inc. ^(a)		39,585		2,980,355

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 48.3% (Continued)

Semiconductors — 6.0% (Continued)
Analog Devices, Inc.		12,451	$	1,475,817
Applied Materials, Inc.		30,797		1,824,106
ASML Holding NV - ADR ^(b)		2,584		933,367
Broadcom, Inc.		13,483		4,714,061
Intel Corp.		143,397		6,349,619
KLA Corp.		5,245		1,034,209
Lam Research Corp.		4,913		1,680,639
Maxim Integrated Products, Inc.		9,003		627,059
Microchip Technology, Inc.		8,518		895,071
Micron Technology, Inc. ^(a)		37,464		1,885,938
NVIDIA Corp.		20,810		10,433,302
NXP Semiconductors NV		9,414		1,272,020
QUALCOMM, Inc.		38,043		4,692,984
Skyworks Solutions, Inc.		5,638		796,593
Texas Instruments, Inc.		30,890		4,466,385
Xilinx, Inc.		8,243		978,362
				47,039,887
Software — 9.1%
Activision Blizzard, Inc.		26,033		1,971,479
Adobe Systems, Inc. ^(a)		16,182		7,234,972
ANSYS, Inc. ^(a)		2,901		882,977
Autodesk, Inc. ^(a)		7,397		1,742,289
Cadence Design System, Inc. ^(a)		9,405		1,028,625
Cerner Corp.		10,307		722,418
Citrix Systems, Inc.		4,174		472,789
DocuSign, Inc. ^(a)		6,245		1,263,051
Electronic Arts, Inc. ^(a)		9,740		1,167,144
Fiserv, Inc. ^(a)		22,588		2,156,476
Intuit, Inc.		8,834		2,779,883
Microsoft Corp.		200,021		40,498,252
NetEase, Inc. - ADR		12,101		1,050,246
Paychex, Inc.		12,099		995,143
Splunk, Inc. ^(a)		5,361		1,061,693
Synopsys, Inc. ^(a)		5,125		1,096,033
Take-Two Interactive Software, Inc. ^(a)		3,867		599,076
Workday, Inc. - Class A ^(a)		5,974		1,255,257
Zoom Video Communications, Inc. - Class A ^(a)		6,151		2,835,057
				70,812,860
Telecommunications — 1.2%
Cisco Systems, Inc.		142,356		5,110,580
T-Mobile US, Inc. ^(a)		41,740		4,573,452
				9,684,032
Transportation — 0.3%
CSX Corp.		25,797		2,036,415
TOTAL COMMON STOCKS (Cost $295,168,237)				377,884,741

	Principal Amount	Value
SHORT-TERM INVESTMENTS — 51.9%

Money Market Deposit Accounts, — 0.7%
U.S. Bank Money Market Deposit Account 0.025% (c)	$ 5,243,030	$ 5,243,030

U.S. Treasury Bills — 51.2%
0.00% 01/14/2021 (a)(c)	400,000,000	399,939,976
TOTAL SHORT-TERM INVESTMENTS (Cost $405,157,030)		405,183,006

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.6%
Mount Vernon Liquid Assets Portfolio, LLC 0.16% (c)	4,601,812	4,601,812
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $4,601,812)		4,601,812
Total Investments (Cost $704,939,079) — 100.8%		787,669,559
Liabilities in Excess of Other Assets — (0.8)%		(6,257,206)
TOTAL NET ASSETS — 100.0%		$ 781,412,353

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $4,279,661 or 0.5% of net assets.

(c)

The rate shown is as of October 31, 2020.

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.1%

Austria — 0.5%
Andritz AG		949	$	31,964
Erste Group Bank AG		3,887		79,584
OMV AG		1,895		43,478
Raiffeisen Bank International AG ^(a)		1,801		25,884
Telekom Austria AG		1,895		12,756
Verbund AG		949		54,577
Vienna Insurance Group AG Wiener Versicherung Gruppe		570		11,564
Voestalpine AG		1,613		44,804
				304,611
Belgium — 2.9%
Ackermans & van Haaren NV ^(a)		285		35,051
Ageas		2,465		99,188
Anheuser-Busch InBev SA/NV - ADR ^(b)		10,800		560,628
Colruyt SA		664		39,300
Elia Group SA/NV		476		46,068
Galapagos NV - ADR ^(a)		597		69,538
Groupe Bruxelles Lambert SA		1,422		116,393
KBC Groep NV		3,790		186,845
Proximus SADP		1,895		36,846
Sofina SA		191		49,606
Solvay SA - Class A		949		77,036
Telenet Group Holding NV		664		25,520
UCB SA		1,613		159,115
Umicore SA		2,750		105,820
				1,606,954
Cyprus — 0.0%
Cairo Mezz PLC ^(a)		3,180		384

Finland — 4.6%
Elisa OYJ		1,992		97,996
Fortum OYJ		5,876		110,522
Huhtamaki OYJ		1,234		60,246
Kesko OYJ - Class B		3,696		94,958
Kojamo Oyj		2,653		54,690
Kone OYJ - Class B		5,306		422,315
Metso Outotec Oyj		8,244		58,040
Neles Oyj		1,422		19,037
Neste OYJ		5,685		295,827
Nokia OYJ - ADR ^(a) ^(b)		72,816		245,390
Nokian Renkaat OYJ		1,895		58,243
Nordea Bank Abp ^(a)		44,055		331,453
Orion OYJ - Class B		1,422		60,863
Sampo OYJ - Class A		7,300		275,462
Stora Enso OYJ - Class R		7,865		114,728
UPM-Kymmene OYJ		7,295		206,115

	Shares		Value
Finland — 4.6% (Continued)
Wartsila OYJ Abp		6,634	$	52,708
				2,558,593
France — 29.4%
Accor SA ^(a)		2,267		57,716
Aeroports de Paris		332		32,441
Air Liquide SA		6,074		887,794
ALD SA ^(c)		684		7,369
Alstom SA ^(a)		2,361		105,810
Amundi SA ^(a) ^(c)		694		45,505
Arkema SA		845		82,745
Atos SE ^(a)		1,194		81,488
AXA SA		25,041		402,462
BioMerieux		540		80,375
BNP Paribas SA ^(a)		14,107		490,507
Bollore SA		11,937		42,764
Bouygues SA		2,683		87,962
Bureau Veritas SA ^(a)		3,458		75,915
Capgemini SE		2,039		235,429
Carrefour SA		7,372		114,706
Casino Guichard Perrachon SA ^(a)		560		12,604
Cie de Saint-Gobain ^(a)		6,282		245,096
Cie Generale des Etablissements Michelin		2,267		244,593
CNP Assurances ^(a)		1,650		18,582
Credit Agricole SA ^(a)		14,704		116,141
Danone SA		7,808		431,035
Dassault Aviation SA ^(a)		30		25,017
Dassault Systemes SE		1,707		291,349
Edenred		3,156		147,172
Eiffage SA ^(a)		959		69,605
Electricite de France SA		6,396		74,252
Engie SA ^(a)		21,459		259,543
EssilorLuxottica SA ^(a)		3,837		474,581
Eurazeo SE ^(a)		570		25,917
Faurecia ^(a)		872		33,047
Getlink SE ^(a)		5,695		76,541
Hermes International		399		371,290
Iliad SA		191		36,926
Imerys SA		399		11,915
Ingenico Group SA ^(a)		798		114,779
Ipsen SA		409		37,226
JCDecaux SA ^(a)		949		14,644
Kering		969		585,149
La Francaise des Jeux SAEM ^(c)		1,043		39,090
Legrand SA		3,458		255,656
L’Oreal SA		3,136		1,014,252
LVMH Moet Hennessy Louis Vuitton SE - ADR		16,391		1,542,885
Natixis SA ^(a)		9,351		21,738
Orange SA		24,746		277,540

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.1% (Continued)

France — 29.4% (Continued)
Orpea ^(a)		607	$	60,613
Pernod Ricard SA		2,700		435,205
Peugeot SA ^(a)		6,926		124,464
Plastic Omnium SA		590		13,434
Publicis Groupe SA		2,710		94,054
Remy Cointreau SA		295		49,818
Renault SA ^(a)		2,267		56,119
Rexel SA ^(a)		3,669		38,577
Rubis SCA		1,130		37,086
Safran SA ^(a)		4,189		441,620
Sanofi - ADR		28,509		1,291,458
Sartorius Stedim Biotech		305		115,659
Schneider Electric SE		6,869		833,595
SCOR SE ^(a)		1,925		46,767
SEB SA		332		53,978
Societe Generale SA ^(a)		9,884		133,992
Sodexo SA		1,090		69,947
Suez SA		4,662		85,353
Teleperformance		751		225,397
Thales SA		1,261		82,066
TOTAL SA - ADR ^(b)		31,692		961,218
Ubisoft Entertainment SA ^(a)		1,187		104,706
Valeo SA		3,015		91,191
Veolia Environnement SA		6,416		119,483
Vinci SA		6,054		478,183
Vivendi SA		10,374		299,514
Wendel SA		315		27,295
Worldline SA/France ^(a) ^(c)		1,878		139,194
				16,209,139
Germany — 26.4%
1&1 Drillisch AG		446		9,397
adidas AG ^(a)		2,512		746,026
Allianz SE		5,440		957,067
BASF SE		11,957		655,481
Bayer AG - ADR		51,387		602,769
Bayerische Motoren Werke AG		4,159		284,232
Bechtle AG		342		58,671
Beiersdorf AG		1,281		134,123
Brenntag AG		1,972		126,042
Carl Zeiss Meditec AG		476		61,480
Commerzbank AG ^(a)		12,913		60,833
Continental AG		1,385		147,238
Covestro AG ^(c)		2,160		103,066
CTS Eventim AG & Co KGaA ^(a)		758		33,582
Daimler AG		10,508		543,372
Delivery Hero SE ^(a) ^(c)		1,831		210,645
Deutsche Bank AG ^(a)		26,413		243,049
Deutsche Boerse AG		2,388		351,401

	Shares		Value
Germany — 26.4% (Continued)
Deutsche Lufthansa AG ^(a)		3,498	$	30,033
Deutsche Post AG		12,745		564,643
Deutsche Telekom AG		42,160		641,756
Deutsche Wohnen SE		4,474		225,776
DWS Group GmbH & Co KGaA ^(c)		352		11,952
E.ON SE		28,080		292,760
Evonik Industries AG		2,371		57,078
Fielmann AG ^(a)		275		20,850
Fraport AG Frankfurt Airport Services Worldwide ^(a)		372		13,439
Fresenius Medical Care AG & Co KGaA - ADR ^(b)		5,232		200,019
Fresenius SE & Co. KGaA		5,212		193,273
FUCHS PETROLUB SE		342		13,104
GEA Group AG		2,066		68,744
GRENKE AG		258		10,072
Hannover Rueck SE		758		110,085
HeidelbergCement AG		1,895		108,408
Hella GmbH & Co. KGaA ^(a)		570		24,881
HelloFresh SE ^(a)		1,774		94,874
Henkel AG & Co. KGaA		1,291		116,751
HOCHTIEF AG		211		15,531
Infineon Technologies AG		16,958		472,027
KION Group AG		882		68,659
Knorr-Bremse AG		835		96,694
LANXESS AG		1,033		52,358
LEG Immobilien AG		882		119,178
Merck KGaA		1,670		247,302
METRO AG		1,821		17,857
MTU Aero Engines AG		674		115,038
Muenchener Rueckversicherungs-Gesellschaft AG - Class R		1,831		428,199
Nemetschek SE		664		48,023
OSRAM Licht AG ^(a)		379		22,247
ProSiebenSat.1 Media SE ^(a)		1,754		19,570
Puma SE ^(a)		1,033		90,279
Rational AG		40		29,978
Rheinmetall AG		523		38,191
RWE AG		8,177		302,746
SAP SE - ADR ^(b)		14,751		1,575,849
Scout24 AG ^(c)		1,308		105,340
Siemens AG - ADR ^(b)		18,266		1,175,052
Siemens Energy AG ^(a)		4,860		106,411
Siemens Healthineers AG ^(c)		1,754		75,287
Suedzucker AG		788		11,343
Symrise AG		1,630		200,943
Talanx AG		580		17,077
TeamViewer AG ^(a) ^(c)		1,526		67,180
Telefonica Deutschland Holding AG		7,325		18,487

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.1% (Continued)

Germany — 26.4% (Continued)
ThyssenKrupp AG ^(a)		5,296	$	25,258
Traton SE		466		9,045
Uniper SE		1,348		40,285
United Internet AG		1,318		46,204
Varta AG ^(a)		154		19,299
Volkswagen AG		399		62,083
Vonovia SE		7,382		471,310
Wacker Chemie AG		191		18,423
Zalando SE ^(a) ^(c)		2,066		192,926
				14,548,651
Greece — 0.3%
Alpha Bank AE ^(a)		18,759		9,460
Eurobank Ergasias SA ^(a)		34,771		11,529
FF Group ^(a) ^(d)		1,259		7,038
Hellenic Petroleum SA		758		3,708
Hellenic Telecommunications Organization SA		3,223		42,867
JUMBO SA		1,422		19,874
Motor Oil Hellas Corinth Refineries SA		758		7,062
Mytilineos SA		1,422		15,535
National Bank of Greece SA ^(a)		7,486		7,817
OPAP SA		2,750		22,179
				147,069
Ireland — 0.8%
AIB Group PLC ^(a)		10,706		12,026
Glanbia PLC		2,653		25,213
Kerry Group PLC - Class A		2,086		249,505
Kingspan Group PLC ^(a)		2,086		181,844
				468,588
Italy — 5.9%
A2A SpA		21,033		26,737
Amplifon SpA ^(a)		1,707		62,047
Assicurazioni Generali SpA		17,243		231,144
Atlantia SpA ^(a)		6,728		103,079
Banca Mediolanum SpA		3,508		23,942
Buzzi Unicem SpA		949		20,530
Buzzi Unicem SpA - Savings Shares		570		8,086
DiaSorin SpA		285		62,568
Enel SpA		106,011		843,762
Eni SpA		33,255		232,808
FinecoBank Banca Fineco SpA ^(a)		8,338		114,102
Hera SpA		9,569		30,090
Infrastrutture Wireless Italiane SpA ^(c)		4,454		48,138
Intesa Sanpaolo SpA ^(a)		211,737		350,071
Italgas SpA		6,634		38,338
Leonardo SpA		5,400		25,710

	Shares		Value
Italy — 5.9% (Continued)
Mediobanca Banca di Credito Finanziario SpA		10,518	$	74,576
Moncler SpA ^(a)		2,653		106,166
Nexi SpA ^(a) ^(c)		3,981		61,155
Pirelli & C SpA ^(a) ^(c)		5,306		22,123
Poste Italiane SpA ^(c)		6,255		50,994
Prysmian SpA		3,223		87,610
Recordati SpA		1,328		68,810
Snam SpA		29,750		145,176
Telecom Italia SpA		145,139		49,257
Telecom Italia SpA - Savings Shares		82,328		29,944
Terna Rete Elettrica Nazionale SpA		18,950		128,095
UniCredit SpA ^(a)		29,180		217,534
UnipolSai Assicurazioni SpA		6,822		15,843
				3,278,435
Luxembourg — 0.7%
ArcelorMittal ^(a)		9,569		129,856
Aroundtown SA ^(a)		14,969		71,774
Eurofins Scientific SE ^(a)		154		122,643
RTL Group SA ^(a)		409		15,538
Tenaris SA - ADR		2,673		25,554
				365,365
Netherlands — 16.6%
Aalberts Industries NV		1,328		44,605
ABN AMRO Group NV - ADR ^(a) ^(c)		5,685		46,652
Adyen NV ^(a) ^(c)		372		627,127
Aegon NV		23,971		64,630
Airbus SE - ADR ^(a)		28,972		529,318
Akzo Nobel NV		2,653		255,527
Altice Europe NV ^(a)		379		1,878
Altice NV - Class A ^(a)		7,392		36,408
Argenx SE - ADR ^(a)		607		150,615
ASM International NV		664		94,964
ASML Holding NV - ADR ^(b)		5,202		1,879,014
ASR Nederland NV		1,895		57,603
Davide Campari-Milano NV		7,580		79,134
Euronext NV ^(c)		768		80,098
EXOR NV		1,422		73,863
Ferrari NV		1,660		296,087
GrandVision NV ^(a) ^(c)		664		18,444
Heineken Holding NV		1,422		109,884
Heineken NV		3,223		286,028
IMCD NV		758		87,803
ING Groep NV - ADR ^(a) ^(b)		50,988		347,738
JDE Peet’s BV ^(a)		855		30,471
Koninklijke Ahold Delhaize NV		14,687		403,511
Koninklijke DSM NV		2,371		379,551
Koninklijke KPN NV		45,095		121,846
Koninklijke Philips NV ^(a)		12,413		576,463

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.1% (Continued)

Netherlands — 16.6% (Continued)
Koninklijke Vopak NV		949	$	49,327
NN Group NV		4,266		148,753
Prosus NV		5,876		587,032
QIAGEN NV ^(a)		2,824		134,091
Randstad Holding NV ^(a)		1,516		75,762
Signify NV ^(a) ^(c)		1,707		60,815
Unilever NV		19,802		1,119,676
Wolters Kluwer NV		3,602		291,892
				9,146,610
Portugal — 0.5%
EDP - Energias de Portugal SA		38,370		189,117
Galp Energia SGPS SA		7,013		56,798
Jeronimo Martins SGPS SA		3,317		52,693
				298,608
Spain — 7.4%
Acciona SA		285		28,778
ACS Actividades de Construccion y Servicios SA		3,129		74,341
Aena SME SA ^(a) ^(c)		949		127,767
Amadeus IT Holding SA		5,779		275,883
Banco Bilbao Vizcaya Argentaria SA - ADR		86,383		249,647
Banco Santander SA - ADR ^(b)		213,075		428,281
Bankia SA		16,391		20,082
Bankinter SA		9,381		35,148
CaixaBank SA		48,979		89,102
Cellnex Telecom SA ^(c)		4,645		298,187
EDP Renovaveis SA		2,086		39,649
Enagas SA		3,411		73,612
Endesa SA		4,360		116,842
Ferrovial SA		6,537		141,417
Grifols SA		4,548		122,833
Iberdrola SA		81,000		955,155
Industria de Diseno Textil SA		14,308		353,105
Mapfre SA		13,453		20,274
Naturgy Energy Group SA		4,075		75,698
Red Electrica Corp. SA		5,876		103,507
Repsol SA		19,329		120,211
Siemens Gamesa Renewable Energy SA ^(a)		3,032		85,914
Telefonica SA		64,327		210,220
Zardoya Otis SA		2,465		15,043
				4,060,696
Switzerland — 0.5%
STMicroelectronics NV		8,197		249,644

United Kingdom — 0.6%
CNH Industrial NV ^(a)		13,453		104,349
Fiat Chrysler Automobiles NV ^(a)		15,066		184,976

	Shares		Value
United Kingdom — 0.6% (Continued)
TechnipFMC PLC		5,440	$	29,784
				319,109
TOTAL COMMON STOCKS (Cost $59,050,329)				53,562,456

PREFERRED STOCKS — 1.7%

Germany — 1.7%
Bayerische Motoren Werke AG		684	$	35,370
FUCHS PETROLUB SE		835		42,964
Henkel AG & Co. KGaA		2,257		219,541
Porsche Automobil Holding SE		1,945		104,201
Sartorius AG		436		184,529
Volkswagen AG		2,378		346,468
				933,073
TOTAL PREFERRED STOCKS (Cost $1,023,437)				933,073

REAL ESTATE INVESTMENT TRUSTS — 0.5%

France — 0.4%
Covivio		597		35,529
Gecina SA		654		81,195
ICADE		352		17,792
Klepierre		2,180		27,611
Unibail-Rodamco-Westfield ^(b)		1,801		73,204
				235,331
Spain — 0.1%
Inmobiliaria Colonial Socimi SA		4,454		31,669
Merlin Properties Socimi SA		4,548		30,589
				62,258
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $331,534)				297,589
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.025% ^(e)	$	108,392		108,392
TOTAL SHORT-TERM INVESTMENTS (Cost $108,392)				108,392

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.7%
Mount Vernon Liquid Assets Portfolio, LLC, 0.16% ^(e)		7,021,988	$	7,021,988
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,021,988)				7,021,988

Total Investments (Cost $67,535,680) — 112.2%				61,923,498
Liabilities in Excess of Other Assets — (12.2)%				(6,755,350	)
TOTAL NET ASSETS — 100.0%			$	55,168,148

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $6,802,792 or 12.3% of net assets.

(c)

Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $2,439,054 or 4.42% of net assets.

(d)

As of October 31, 2020, the Fund has fair valued this security. This security is deemed illiquid according to the Fund’s liquidity guidelines. Value determined using significant unobservable inputs.

(e)

The rate shown is as of October 31, 2020.

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.3%

Australia — 8.1%
AGL Energy Ltd.		37,268	$	326,921
Alumina Ltd.		196,205		197,904
Aurizon Holdings Ltd.		98,812		261,845
BHP Billiton Ltd. - ADR ^(a)		48,355		2,326,359
Coca-Cola Amatil Ltd.		35,714		312,034
Fortescue Metals Group Ltd.		245,400		2,996,175
Origin Energy Ltd.		78,416		220,474
Sydney Airport		125,695		481,512
Telstra Corp. Ltd.		545,957		1,028,457
Woodside Petroleum Ltd.		50,764		625,148
Worley Ltd.		20,739		137,174
				8,914,003
Austria — 0.4%
OMV AG		17,455		400,479

Bermuda — 1.0%
CK Infrastructure Holdings Ltd.		134,976		635,488
Dairy Farm International Holdings Ltd.		55,565		209,480
Pacific Century Premium Developments Ltd. ^(b)		56,744		6,002
Yue Yue Industrial Holdings Ltd.		134,746		219,348
				1,070,318
Canada — 2.6%
BCE, Inc. ^(a)		45,570		1,832,826
Nutrien Ltd. ^(a)		24,612		1,001,216
				2,834,042
Cayman Islands — 2.1%
Chow Tai Fook Jewellery Group Ltd.		888,740		1,134,927
NagaCorp Ltd.		250,169		258,156
Uni-President China Holdings Ltd.		176,776		152,776
Want Want China Holdings Ltd.		460,819		304,340
WH Group Ltd. ^(c)		631,285		495,908
				2,346,107
Finland — 0.9%
Fortum OYJ		50,500		949,856

France — 1.9%
Sodexo SA		5,488		352,176
TOTAL SA - ADR ^(a)		57,195		1,734,724
				2,086,900
Germany — 2.0%
Deutsche Telekom AG		144,789		2,203,967

Hong Kong — 3.6%
CK Hutchison Holdings Ltd.		209,585		1,262,511
CLP Holdings Ltd.		91,326		839,928
Jardine Matheson Holdings Ltd.		10,990		487,846

	Shares		Value
Hong Kong — 3.6% (Continued)
Lenovo Group Ltd.		723,922	$	452,889
PCCW Ltd.		525,849		316,086
Power Assets Holdings Ltd.		123,132		632,933
				3,992,193
Israel — 0.2%
ICL Group Ltd.		57,617		209,728

Italy — 1.5%
Eni SpA - ADR ^(a)		116,107		1,623,176

Japan — 17.2%
Bridgestone Corp.		26,762		866,547
Canon, Inc. - ADR ^(a)		65,761		1,147,529
ENEOS Holdings, Inc.		158,924		532,201
Idemitsu Kosan Co Ltd.		15,073		303,058
Inpex Corp.		96,534		453,649
ITOCHU Corp.		57,094		1,363,341
Japan Tobacco, Inc.		117,633		2,213,449
Marubeni Corp.		101,230		525,222
Mitsubishi Chemical Holdings Corp.		79,656		446,004
Mitsubishi Corp.		70,303		1,561,580
Nippon Telegraph & Telephone Corp.		108,896		2,284,117
NTT DOCOMO, Inc.		93,705		3,478,975
SoftBank Corp.		199,865		2,314,689
Subaru Corp.		39,892		726,054
Sumitomo Corp.		72,677		794,487
				19,010,902
Jersey — 0.7%
WPP PLC - ADR ^(a)		19,879		794,166

Netherlands Antilles — 1.5%
Schlumberger Ltd.		112,743		1,684,380

New Zealand — 0.3%
Meridian Energy Ltd.		92,628		324,602

Norway — 2.9%
Equinor ASA - ADR		150,907		1,936,137
Telenor ASA		79,804		1,230,499
				3,166,636
Portugal — 0.3%
Galp Energia SGPS SA		44,523		360,590

Republic of Korea — 0.7%
GS Holdings Corp.		4,806		139,771
POSCO - ADR		13,760		637,226
				776,997
South Korea — 0.4%
KT&G Corp.		6,783		484,201

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)(Continued)

	Shares		Value
COMMON STOCKS — 93.3% (Continued)

Spain — 2.2%
Endesa SA		51,405	$	1,377,577
Naturgy Energy Group SA		56,900		1,056,981
Repsol SA		4,580		28,484
				2,463,042
Sweden — 0.7%
Telia Co. AB ^(a)		195,115		748,148

Switzerland — 2.9%
Glencore PLC ^(b)		550,947		1,112,743
LafargeHolcim Ltd.		25,307		1,086,025
Swisscom AG		2,046		1,040,460
				3,239,228
United Kingdom — 13.8%
Anglo American PLC		54,270		1,273,401
BAE Systems PLC		134,536		691,939
BP PLC - ADR		90,017		1,393,463
British American Tobacco PLC - ADR ^(a)		61,364		1,956,284
GlaxoSmithKline PLC - ADR		59,470		1,987,488
Imperial Brands PLC		121,518		1,926,908
Rio Tinto PLC - ADR ^(a)		43,000		2,441,110
Royal Dutch Shell PLC - ADR		68,361		1,650,918
Vodafone Group PLC - ADR		138,498		1,871,108
				15,192,619
United States — 25.4%
AbbVie, Inc.		26,453		2,251,150
Altria Group, Inc.		59,172		2,134,926
AT&T, Inc.		75,642		2,043,847
Chevron Corp.		24,597		1,709,492
Dow, Inc.		43,702		1,988,004
HP, Inc.		51,080		917,397
International Business Machines Corp.		18,775		2,096,417
Kinder Morgan, Inc.		125,043		1,488,012
LyondellBasell Industries NV - Class A		17,372		1,189,113
Pfizer, Inc.		68,938		2,445,920
Philip Morris International, Inc.		32,320		2,295,366
Southern Copper Corp. ^(a)		29,323		1,534,766
The Kraft Heinz Co.		55,529		1,698,632
Valero Energy Corp.		18,648		719,999
Verizon Communications, Inc.		43,026		2,452,052
Walgreens Boots Alliance, Inc.		33,077		1,125,941
				28,091,034
TOTAL COMMON STOCKS (Cost $131,652,230)				102,967,314

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 5.8%

Australia — 2.0%
Dexus		52,475	$	317,576
GPT Group		112,228		317,906
Mirvac Group		181,062		268,536
Scentre Group		435,426		642,727
STOCKLAND		153,661		415,831
Vicinity Centres		312,480		265,767
				2,228,343
France — 0.7%
Unibail-Rodamco-Westfield ^(a)		19,432		789,836

Hong Kong — 0.2%
Champion REIT		369,311		178,641

Singapore — 0.1%
CapitaLand Commercial Trust ^(d)		184,539		203,271

United States — 2.8%
Public Storage		6,280		1,438,559
Simon Property Group, Inc. ^(a)		26,705		1,677,341
				3,115,900
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,240,968)				6,515,991

	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.025% ^(d)	$	191,879		191,879
TOTAL SHORT-TERM INVESTMENTS (Cost $191,879)				191,879

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)(Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.5%
Mount Vernon Liquid Assets Portfolio, LLC, 0.16% ^(e)		18,210,715	$	18,210,715
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $18,210,715)				18,210,715
Total Investments (Cost $156,295,792) — 115.8%				127,885,899
Liabilities in Excess of Other Assets — (15.8)%				(17,492,908	)
TOTAL NET ASSETS — 100.0%			$	110,392,991

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $17,715,254 or 16.0% of net assets.

(b)

Non-income producing security.

(c)

(d)

(e)

The rate shown is as of October 31, 2020.

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.9%

Advertising — 1.0%
Omnicom Group, Inc.		41,551	$	1,961,207

Agriculture — 1.7%
Altria Group, Inc.		93,268		3,365,109

Apparel — 2.1%
Capri Holdings Ltd. ^(a)(b)		53,393		1,132,999
Carter’s, Inc.		9,295		757,078
Hanesbrands, Inc. ^(a)		78,509		1,261,640
PVH Corp.		15,846		923,663
				4,075,380
Auto Parts & Equipment — 0.4%
Allison Transmission Holdings, Inc.		21,178		765,585

Beverages — 1.1%
Molson Coors Brewing Co. - Class B ^(a)		62,873		2,216,902

Biotechnology — 6.3%
Alexion Pharmaceuticals, Inc. ^(b)		33,506		3,857,881
Biogen, Inc. ^(b)		14,890		3,753,322
Gilead Sciences, Inc.		62,256		3,620,187
United Therapeutics Corp. ^(b)		9,100		1,221,493
				12,452,883
Chemicals — 4.0%
Cabot Corp.		10,172		386,638
CF Industries Holdings, Inc.		56,175		1,550,992
Dow, Inc.		83,620		3,803,874
Eastman Chemical Co.		25,855		2,090,118
				7,831,622
Commercial Services — 4.5%
Euronet Worldwide, Inc. ^(b)		8,418		747,855
Graham Holdings Co. - Class B		853		324,430
Grand Canyon Education, Inc. ^(b)		5,577		437,070
H&R Block, Inc.		52,715		909,861
ManpowerGroup, Inc.		23,776		1,613,677
Quanta Services, Inc.		37,245		2,325,205
Robert Half International, Inc.		19,451		985,971
WEX, Inc. ^(a)(b)		12,221		1,546,568
				8,890,637
Computers — 9.6%
Cognizant Technology Solutions Corp. - Class A		61,509		4,392,973
DXC Technology Co.		183,763		3,384,914
HP, Inc.		197,837		3,553,153
International Business Machines Corp.		33,136		3,699,966
Lumentum Holdings, Inc. ^(b)		9,380		775,632

	Shares		Value
Computers — 9.6% (Continued)
NCR Corp. ^(b)		40,328	$	819,465
NetApp, Inc.		29,890		1,311,872
Science Applications International Corp.		12,240		934,769
				18,872,744
Distribution/Wholesale — 1.3%
LKQ Corp. ^(b)		55,372		1,771,350
Univar Solutions, Inc. ^(b)		46,190		766,292
				2,537,642
Electric — 2.5%
NRG Energy, Inc.		71,076		2,247,423
Vistra Corp.		159,202		2,765,339
				5,012,762
Electrical Components & Equipment — 0.3%
Acuity Brands, Inc.		7,556		673,542

Electronics — 4.1%
Arrow Electronics, Inc. ^(b)		31,675		2,467,166
AVNET, Inc.		37,425		923,275
Jabil, Inc.		38,335		1,270,422
nVent Electric PLC		27,965		504,768
SYNNEX Corp.		21,316		2,806,038
				7,971,669
Food — 4.7%
Kroger Co.		115,855		3,731,690
Sprouts Farmers Market, Inc. ^(a)(b)		31,538		600,799
Tyson Foods, Inc. - Class A		64,163		3,672,048
US Foods Holding Corp. ^(b)		56,595		1,182,835
				9,187,372
Hand/Machine Tools — 0.9%
Regal Beloit Corp.		6,654		656,417
Snap-On, Inc. ^(a)		7,586		1,195,023
				1,851,440
Healthcare-Services — 4.4%
DaVita, Inc. ^(a)(b)		30,459		2,627,089
HCA Healthcare, Inc.		29,608		3,669,615
Universal Health Services, Inc. - Class B		22,460		2,460,493
				8,757,197
Home Builders — 3.2%
Lennar Corp. - Class A		55,821		3,920,309
PulteGroup, Inc.		56,263		2,293,280
				6,213,589
Household Products/Wares — 0.3%
Spectrum Brands Holdings, Inc.		11,017		626,537

Housewares — 0.8%
Newell Brands, Inc.		92,863		1,639,961

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.9% (Continued)

Internet — 2.5%
eBay, Inc.		78,221	$	3,725,666
F5 Networks, Inc. ^(b)		8,351		1,110,182
				4,835,848
Iron/Steel — 2.2%
Nucor Corp.		46,784		2,234,404
Reliance Steel & Aluminum Co.		18,885		2,058,276
				4,292,680
Leisure Time — 1.2%
Harley-Davidson, Inc. ^(a)		47,437		1,559,729
Polaris Industries, Inc.		9,604		872,619
				2,432,348
Machinery-Diversified — 0.8%
CRANE Co.		10,438		529,728
GrafTech International Ltd. ^(a)		164,098		1,107,662
				1,637,390
Media — 3.4%
Discovery, Inc. - Class A ^(a)(b)		180,162		3,646,479
FOX Corp. - Class A ^(a)		116,416		3,087,352
				6,733,831
Metal Fabricate/Hardware — 0.7%
The Timken Co.		14,140		844,158
Valmont Industries, Inc.		3,160		448,562
				1,292,720
Miscellaneous Manufacturing — 0.8%
Carlisle Cos., Inc.		8,004		991,455
ITT, Inc.		9,690		586,342
				1,577,797
Office/Business Equipment — 0.7%
Xerox Holdings Corp.		79,621		1,383,813

Oil & Gas Services — 2.7%
Halliburton Co. ^(a)		182,810		2,204,689
Schlumberger Ltd.		212,810		3,179,381
				5,384,070
Pharmaceuticals — 8.7%
Bristol-Myers Squibb Co.		66,924		3,911,708
Cardinal Health, Inc.		51,179		2,343,486
CVS Health Corp.		67,470		3,784,392
Herbalife Ltd. ^(b)		20,295		916,116
McKesson Corp.		26,682		3,935,328
Mylan NV ^(a)(b)		152,449		2,216,609
				17,107,639
Retail — 13.4%
AutoNation, Inc. ^(a)(b)		50,632		2,872,353
Best Buy Co., Inc.		38,657		4,312,188
Dick’s Sporting Goods, Inc. ^(a)		32,386		1,834,667
Genuine Parts Co.		21,040		1,902,647
Lowe’s Cos., Inc.		25,686		4,060,957

	Shares		Value
Retail — 13.4% (Continued)
MSC Industrial Direct Co., Inc.		7,662	$	533,735
Nu Skin Enterprises, Inc. - Class A		6,905		340,762
Penske Automotive Group, Inc. ^(a)		39,740		2,033,098
Qurate Retail Group, Inc. QVC Group - Class A		441,643		2,989,923
Target Corp.		27,631		4,205,991
Williams-Sonoma, Inc. ^(a)		15,108		1,378,001
				26,464,322
Semiconductors — 1.8%
Intel Corp.		80,094		3,546,562

Shipbuilding — 0.6%
Huntington Ingalls Industries, Inc.		8,561		1,262,576

Telecommunications — 2.9%
Cisco Systems, Inc.		100,672		3,614,125
CommScope Holding Co., Inc. ^(b)		142,491		1,268,170
Juniper Networks, Inc.		38,155		752,416
				5,634,711
Textiles — 0.8%
Mohawk Industries, Inc. ^(b)		15,167		1,565,083

Transportation — 0.5%
Kirby Corp. ^(b)		13,653		525,504
Schneider National, Inc. - Class B		20,000		441,200
				966,704
TOTAL COMMON STOCKS (Cost $189,804,532)				191,021,874

PREFERRED STOCKS — 0.3%

Retail — 0.3%
Qurate Retail, Inc. ^(b)		6,596		645,242
TOTAL PREFERRED STOCKS (Cost $475,917)				645,242

REAL ESTATE INVESTMENT TRUSTS — 2.4%
Corporate Office Properties Trust		26,541		595,315
Equity Commonwealth		3,599		95,085
New Residential Investment Corp.		536,996		4,027,470
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,947,214)				4,717,870

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%

Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 0.025% (c)	$	553,012	$	553,012
TOTAL SHORT-TERM INVESTMENTS (Cost $553,012)				553,012

		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.16% (c)		20,197,179		20,197,179
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,197,179)				20,197,179
Total Investments (Cost $215,977,854) — 110.2%				217,135,177
Liabilities in Excess of Other Assets — (10.2)%				(20,145,987	)
TOTAL NET ASSETS — 100.0%			$	196,989,190

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $19,954,099 or 10.1% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2020.

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.4%

Aerospace/Defense — 1.3%
Aerojet Rocketdyne Holdings, Inc. ^(a)		14,616	$	473,851

Agriculture — 4.4%
The Andersons, Inc.		41,908		908,985
Vector Group Ltd.		69,795		641,416
				1,550,401
Airlines — 1.7%
SkyWest, Inc.		20,462		594,012

Apparel — 1.6%
Steven Madden Ltd.		20,845		500,489
Unifi, Inc. ^(a)		5,190		77,798
				578,287
Auto Parts & Equipment — 3.0%
Cooper Tire & Rubber Co.		13,089		450,131
Dorman Products, Inc. ^(a)		5,803		518,034
Motorcar Parts of America, Inc. ^(a)		5,784		85,198
				1,053,363
Biotechnology — 1.4%
Innoviva, Inc. ^(a)(b)		46,600		503,746

Building Materials — 4.4%
Apogee Enterprises, Inc.		10,454		249,746
Boise Cascade Co.		10,410		399,536
UFP Industries, Inc.		11,661		582,000
US Concrete, Inc. ^(a)		9,955		338,072
				1,569,354
Coal — 1.0%
SunCoke Energy, Inc.		57,745		201,530
Warrior Met Coal, Inc.		11,195		167,925
				369,455
Commercial Services — 7.6%
ABM Industries, Inc.		19,186		666,138
American Public Education, Inc. ^(a)		2,775		78,449
Deluxe Corp.		16,949		363,387
Heidrick & Struggles International, Inc.		6,072		138,745
Kelly Services, Inc. - Class A		23,900		415,382
Korn/Ferry International		14,399		434,706
Perdoceo Education Corp. ^(a)		19,592		221,194
Resources Connection, Inc.		8,050		86,457
TrueBlue, Inc. ^(a)		17,549		272,360
				2,676,818
Computers — 1.9%
Insight Enterprises, Inc. ^(a)		12,350		658,872

Distribution/Wholesale — 4.3%
Core-Mark Holding Co, Inc.		14,987		409,894

	Shares		Value
Distribution/Wholesale — 4.3% (Continued)
G-III Apparel Group Ltd. ^(a)		48,594	$	655,047
ScanSource, Inc. ^(a)		22,727		456,813
				1,521,754
Electrical Components & Equipment — 1.3%
Encore Wire Corp.		3,362		155,358
Insteel Industries, Inc.		8,021		174,537
Powell Industries, Inc.		6,193		146,341
				476,236
Electronics — 3.7%
Bel Fuse, Inc. - Class B		4,546		53,233
Comtech Telecommunications Corp.		6,196		89,222
Sanmina Corp. ^(a)		23,250		568,230
SMART Global Holdings, Inc. ^(a)		6,771		178,687
TTM Technologies, Inc. ^(a)		35,102		416,661
				1,306,033
Energy-Alternate Sources — 3.3%
FutureFuel Corp.		16,985		201,952
Renewable Energy Group, Inc. ^(a)		16,971		957,164
				1,159,116
Engineering & Construction — 3.9%
Aegion Corp. ^(a)		13,339		188,213
Arcosa, Inc.		10,737		495,727
Comfort Systems USA, Inc.		9,480		434,184
MYR Group, Inc. ^(a)		5,897		252,097
				1,370,221
Food — 3.5%
Seneca Foods Corp. ^(a) - Class A		5,693		209,787
SpartanNash Co.		22,561		415,348
United Natural Foods, Inc. ^(a)		41,771		608,604
				1,233,739
Forest Products & Paper — 0.5%
Glatfelter Corp.		12,834		183,141

Healthcare-Services — 4.5%
The Providence Service Corp. ^(a)		3,882		456,329
RadNet, Inc. ^(a)		27,462		398,474
Select Medical Holdings Corp. ^(a)		35,721		749,426
				1,604,229
Home Builders — 1.7%
Meritage Homes Corp. ^(a)		7,015		610,936

Home Furnishings — 0.6%
Daktronics, Inc.		9,879		38,528
Ethan Allen Interiors, Inc.		9,832		157,804
				196,332
Household Products/Wares — 0.5%
Quanex Building Products Corp.		9,366		170,461

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 98.4% (Continued)

Leisure Time — 1.0%
Vista Outdoor, Inc. ^(a)		16,989	$	335,873

Machinery-Construction & Mining — 0.7%
Astec Industries, Inc.		5,001		254,051

Machinery-Diversified — 0.4%
DXP Enterprises Inc/TX ^(a)(b)		9,919		155,133

Metal Fabricate/Hardware — 2.3%
AZZ, Inc.		6,401		215,009
Mueller Industries, Inc.		16,101		465,802
Olympic Steel, Inc.		11,624		132,630
				813,441
Mining — 1.2%
Kaiser Aluminum Corp.		6,556		412,569

Miscellaneous Manufacturing — 1.0%
Lydall, Inc. ^(a)		6,632		131,247
Sturm Ruger & Co, Inc.		3,400		227,324
				358,571
Oil & Gas Services — 0.1%
Matrix Service Co. ^(a)		6,543		49,727

Pharmaceuticals — 5.6%
Coherus Biosciences, Inc. ^(a)		15,132		252,250
Corcept Therapeutics, Inc. ^(a)		19,005		318,904
Owens & Minor, Inc.		29,991		753,374
Supernus Pharmaceuticals, Inc. ^(a)		15,994		293,650
USANA Health Sciences, Inc. ^(a)		3,714		280,964
Vanda Pharmaceuticals, Inc. ^(a)		7,506		80,239
				1,979,381
Retail — 23.5%
Asbury Automotive Group, Inc. ^(a)		6,668		686,671
Big Lots, Inc.		14,762		702,671
Conn’s, Inc. ^(a)		55,604		521,010
Foundation Building Materials, Inc. ^(a)		26,771		389,786
Genesco, Inc. ^(a)		15,469		274,111
GMS, Inc. ^(a)		22,704		513,110
Group 1 Automotive, Inc.		7,877		835,592
Guess?, Inc.		37,036		436,284
Haverty Furniture Cos, Inc.		5,237		131,030
Hibbett Sports, Inc. ^(a)		8,788		332,274
La-Z-Boy, Inc.		16,235		555,724
Lumber Liquidators Holdings, Inc. ^(a)		8,801		194,678
MarineMax, Inc. ^(a)		14,170		424,817
Michaels Cos., Inc. ^(a)		67,913		550,774
Movado Group, Inc.		7,731		84,345

	Shares		Value
Retail — 23.5% (Continued)
PC Connection, Inc.		5,082	$	231,485
Shoe Carnival, Inc. ^(b)		5,843		181,016
Sonic Automotive, Inc. - Class A		17,468		629,896
The Buckle, Inc.		12,782		306,257
Zumiez, Inc. ^(a)		11,527		322,756
				8,304,287
Semiconductors — 1.6%
Axcelis Technologies, Inc. ^(a)		5,366		118,428
Photronics, Inc. ^(a)		14,715		143,471
Rambus, Inc. ^(a)		22,687		312,854
				574,753
Software — 0.3%
Computer Programs & Systems, Inc.		3,178		88,634

Telecommunications — 0.6%
NETGEAR, Inc. ^(a)		6,710		206,802

Transportation — 4.0%
ArcBest Corp.		5,595		170,760
Atlas Air Worldwide Holdings, Inc. ^(a)		12,196		721,515
Dorian LPG Ltd. ^(a)		41,721		342,112
SEACOR Holdings, Inc. ^(a)		5,395		165,249
				1,399,636
TOTAL COMMON STOCKS (Cost $33,335,924)				34,793,215

REAL ESTATE INVESTMENT TRUSTS — 1.4%
CoreCivic, Inc. ^(b)		74,042		474,610
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $627,843)				474,610
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.025% ^(c)	$	70,885		70,885
TOTAL SHORT-TERM INVESTMENTS (Cost $70,885)				70,885

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.5%
Mount Vernon Liquid Assets Portfolio, LLC, 0.16% ^(c)		1,235,495	$	1,235,495
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,235,495)				1,235,495
Total Investments (Cost $35,270,147) — 103.5%				36,574,205
Liabilities in Excess of Other Assets — (3.5)%				(1,224,768	)
TOTAL NET ASSETS — 100.0%			$	35,349,437

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $1,206,780 or 3.4% of net assets.

(c)

The rate shown is as of October 31, 2020.

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.7%

Australia — 6.7%
AGL Energy Ltd.		4,472	$	39,229
Ampol Ltd.		1,387		25,289
BHP Billiton Ltd. - ADR ^(a)		5,034		242,186
Fortescue Metals Group Ltd.		25,576		312,266
Santos Ltd.		20,402		67,831
South32 Ltd.		30,282		43,209
Woodside Petroleum Ltd.		8,812		108,518
				838,528
Austria — 0.8%
OMV AG		4,161		95,468

Canada — 2.8%
Loblaw Cos Ltd.		3,409		169,695
Magna International, Inc. ^(a)		3,610		184,507
				354,202
Denmark — 3.4%
AP Moller - Maersk A/S - Class B		216		345,019
Pandora A/S		1,019		80,697
				425,716
Finland — 1.7%
Fortum OYJ		6,644		124,967
Stora Enso OYJ - Class R		5,683		82,899
				207,866
France — 11.1%
Atos SE ^(b)		949		64,768
Bouygues SA		3,360		110,157
Capgemini SE		1,136		131,166
Cie de Saint-Gobain ^(b)		4,109		160,315
Cie Generale des Etablissements Michelin		1,033		111,453
Edenred		1,112		51,855
Eiffage SA ^(b)		1,117		81,073
Peugeot SA ^(b)		14,575		261,920
Publicis Groupe SA		4,492		155,901
Thales SA		1,154		75,103
TOTAL SA - ADR ^(a)		5,952		180,524
				1,384,235
Germany — 2.0%
Continental AG		1,311		139,371
HeidelbergCement AG		1,862		106,520
				245,891
Hong Kong — 1.1%
Galaxy Entertainment Group Ltd.		20,827		137,279

Ireland — 1.4%
CRH PLC - ADR		4,855		170,653

	Shares		Value
Italy — 3.2%
Eni SpA - ADR ^(a)		12,093	$	169,060
Prysmian SpA		1,762		47,896
Telecom Italia SpA		542,519		184,119
				401,075
Japan — 22.2%
Asahi Group Holdings Ltd.		3,142		96,725
Bridgestone Corp.		3,530		114,301
ENEOS Holdings, Inc.		68,404		229,070
FamilyMart UNY Holdings Co Ltd.		4,003		87,481
Fujitsu Ltd.		1,048		122,373
ITOCHU Corp.		12,037		287,430
KDDI Corp.		8,908		237,601
Marubeni Corp.		30,241		156,902
Mitsubishi Chemical Holdings Corp.		25,911		145,079
Nexon Co. Ltd.		3,642		101,543
Nitto Denko Corp.		583		40,706
NTT DOCOMO, Inc.		9,766		362,581
Renesas Electronics Corp. ^(b)		16,925		139,189
Seven & i Holdings Co. Ltd.		4,346		131,964
Shionogi & Co. Ltd.		1,503		70,689
Showa Denko KK		1,014		17,114
Skylark Holdings Co Ltd.		1,392		19,771
Sony Corp. - ADR ^(a)		3,934		329,118
Welcia Holdings Co Ltd.		868		33,992
Yamato Holdings Co. Ltd.		2,017		53,057
				2,776,686
Jersey — 0.9%
WPP PLC - ADR ^(a)		2,907		116,135

Luxembourg — 1.4%
ArcelorMittal ^(b)		12,683		172,114

Netherlands — 3.1%
ASM International NV		234		33,467
Koninklijke Ahold Delhaize NV		9,758		268,091
Randstad Holding NV ^(b)		1,754		87,656
				389,214
Republic of Korea — 7.4%
Hyundai Engineering & Construction Co Ltd.		2,767		74,741
Hyundai Mobis Co. Ltd.		565		112,283
Kia Motors Corp.		4,651		206,994
POSCO - ADR		4,369		202,328
Samsung Electronics Co. Ltd.		5,648		281,728
Samsung SDS Co Ltd.		271		40,243
				918,317
Spain — 5.2%
ACS Actividades de Construccion y Servicios SA		3,236		76,883
Enagas SA		2,164		46,701

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)

Spain — 5.2% (Continued)
Industria de Diseno Textil SA		8,332	$	205,624
Naturgy Energy Group SA		8,437		156,727
Telefonica SA - ADR ^(a)		49,321		163,746
				649,681
Sweden — 3.2%
Hennes & Mauritz AB - Class B		9,841		159,917
ICA Gruppen AB		1,131		53,548
Lundin Energy AB		1,725		32,926
Skanska AB - Class B		2,245		42,209
SKF AB		2,573		52,684
Tele2 AB		4,670		55,394
				396,678
Switzerland — 6.4%
Adecco Group AG		894		43,874
Glencore PLC ^(b)		112,748		227,716
Kuehne + Nagel International AG - Class R		584		116,615
LafargeHolcim Ltd.		4,903		210,407
The Swatch Group AG		251		53,091
Swisscom AG		305		155,103
				806,806
United Kingdom — 12.7%
Anglo American PLC		8,088		189,778
Antofagasta PLC		6,673		88,999
Barratt Developments PLC ^(b)		5,766		36,042
Berkeley Group Holdings PLC		648		34,058
Bunzl Plc		2,054		63,863
Imperial Brands PLC		13,545		214,783
J Sainsbury PLC		37,452		97,815
Kingfisher PLC ^(b)		15,376		57,190
Meggitt Plc ^(b)		4,242		15,019
Next PLC		881		66,654
Persimmon PLC		1,635		49,480
Rio Tinto PLC - ADR ^(a)		4,514		256,260
Rolls-Royce Holdings PLC ^(b)		14,141		13,066
Royal Dutch Shell PLC - ADR ^(a)		7,110		171,707
Taylor Wimpey PLC ^(b)		22,048		30,220
Vodafone Group PLC - ADR		14,587		197,070
				1,582,004
TOTAL COMMON STOCKS (Cost $13,451,439)				12,068,548

CONTINGENT VALUE RIGHTS — 0.2%
Rolls-Royce Holdings PLC - NIL		47,137		23,816
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)				23,816

	Shares		Value
PREFERRED STOCKS — 1.5%

Germany — 1.5%
Henkel AG & Co. KGaA		1,899	$	184,718
TOTAL PREFERRED STOCKS (Cost $194,541)				184,718

REAL ESTATE INVESTMENT TRUSTS — 0.7%

Australia — 0.3%
STOCKLAND		14,673		39,708

United Kingdom — 0.4%
The British Land Co. PLC		9,950		44,936
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $76,002)				84,644
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%

Money Market Depost Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.025% ^(c)	$	11,581		11,581
TOTAL SHORT-TERM INVESTMENTS (Cost $11,581)				11,581
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.16% ^(c)		1,678,843		1,678,843
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,678,843)				1,678,843
Total Investments (Cost $15,412,406) — 112.6%				14,052,150
Liabilities in Excess of Other Assets — (12.6)%				(1,577,718	)
TOTAL NET ASSETS — 100.0%			$	12,474,432

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $1,646,597 or 13.2% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2020.

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.5%

Apparel — 1.3%
Hanesbrands, Inc. ^(a)		1,330	$	21,373
NIKE, Inc. - Class B		3,818		458,465
PVH Corp.		272		15,855
Ralph Lauren Corp. ^(a)		183		12,234
Tapestry, Inc. ^(a)		1,055		23,453
Under Armour, Inc. - Class A ^(b)		721		9,979
Under Armour, Inc. - Class C ^(a)(b)		750		9,172
VF Corp.		982		65,990
				616,521
Auto Manufacturers — 0.5%
Ford Motor Co.		11,973		92,551
General Motors Co.		3,856		133,148
				225,699
Auto Parts & Equipment — 0.2%
Aptiv PLC ^(a)		827		79,797
BorgWarner, Inc.		635		22,213
				102,010
Banks — 0.3%
Morgan Stanley		2,942		141,657

Biotechnology — 15.9%
ACADIA Pharmaceuticals, Inc. ^(a)(b)		2,516		116,868
Acceleron Pharma, Inc. ^(a)(b)		1,018		106,462
Adverum Biotechnologies, Inc. ^(b)		7,449		81,269
Agenus, Inc. ^(b)		7,373		27,206
Alexion Pharmaceuticals, Inc. ^(b)		876		100,863
Allakos, Inc. ^(a)(b)		978		93,037
Allogene Therapeutics, Inc. ^(a)(b)		2,849		96,638
Alnylam Pharmaceuticals, Inc. ^(b)		749		92,105
Amgen, Inc. ^(a)		377		81,786
Amicus Therapeutics, Inc. ^(b)		7,155		127,574
AnaptysBio, Inc. ^(b)		1,367		40,272
Apellis Pharmaceuticals, Inc. ^(a)(b)		3,307		105,493
Arcturus Therapeutics Holdings, Inc. ^(b)		2,389		129,197
Arcus Biosciences, Inc. ^(b)		3,268		71,242
Ardelyx, Inc. ^(b)		3,276		16,740
Arena Pharmaceuticals, Inc. ^(b)		1,457		124,894
Arrowhead Pharmaceuticals, Inc. ^(a)(b)		2,778		159,179
Assembly Biosciences, Inc. ^(b)		808		11,910
Atara Biotherapeutics, Inc. ^(b)		3,319		42,848
Athersys, Inc. ^(a)(b)		16,110		28,193
Avrobio, Inc. ^(b)		1,015		14,494
BioCryst Pharmaceuticals, Inc. ^(a)(b)		23,891		91,264
Biogen, Inc. ^(b)		345		86,964
Biohaven Pharmaceutical Holding Co Ltd. ^(b)		1,552		120,218

	Shares		Value
Biotechnology — 15.9% (Continued)
BioMarin Pharmaceutical, Inc. ^(b)		1,281	$	95,345
Bluebird Bio, Inc. ^(a)(b)		1,738		89,872
Blueprint Medicines Corp. ^(b)		1,387		141,862
Bridgebio Pharma, Inc. ^(a)(b)		2,053		78,794
CEL-SCI Corp. ^(a)(b)		2,167		26,069
ChemoCentryx, Inc. ^(b)		1,916		91,968
Constellation Pharmaceuticals, Inc. ^(b)		3,023		59,311
Corteva, Inc.		10,140		334,417
Cue Biopharma, Inc. ^(b)		1,555		17,323
CytomX Therapeutics, Inc. ^(b)		2,379		15,749
Deciphera Pharmaceuticals, Inc. ^(a)(b)		1,890		109,752
Denali Therapeutics, Inc. ^(a)(b)		1,824		78,031
Dicerna Pharmaceuticals, Inc. ^(a)(b)		3,448		72,374
Dynavax Technologies Corp. ^(a)(b)		18,398		68,625
Editas Medicine, Inc. ^(a)(b)		3,076		95,171
Emergent BioSolutions, Inc. ^(b)		944		84,932
Epizyme, Inc. ^(b)		5,187		64,111
Esperion Therapeutics, Inc. ^(a)(b)		2,356		70,609
Exact Sciences Corp. ^(a)(b)		1,199		148,472
Exelixis, Inc. ^(b)		4,247		86,979
Fate Therapeutics, Inc. ^(a)(b)		2,748		122,011
FibroGen, Inc. ^(a)(b)		2,186		83,899
Geron Corp. ^(b)		12,617		21,954
Gilead Sciences, Inc.		1,406		81,759
Gossamer Bio, Inc. ^(b)		2,222		18,443
Halozyme Therapeutics, Inc. ^(a)(b)		3,409		95,452
IGM Biosciences, Inc. ^(b)		347		18,318
ImmunoGen, Inc. ^(b)		10,860		61,250
Immunovant, Inc. ^(b)		1,005		43,838
Incyte Corp. ^(b)		1,047		90,712
Inovio Pharmaceuticals, Inc. ^(a)(b)		9,149		90,118
Insmed, Inc. ^(a)(b)		3,234		106,528
Intercept Pharmaceuticals, Inc. ^(a)(b)		2,211		61,444
Ionis Pharmaceuticals, Inc. ^(b)		1,756		82,444
Iovance Biotherapeutics, Inc. ^(b)		2,907		103,722
Karuna Therapeutics, Inc. ^(b)		909		73,802
Karyopharm Therapeutics, Inc. ^(a)(b)		6,496		96,271
Kodiak Sciences, Inc. ^(b)		1,265		114,875
Krystal Biotech, Inc. ^(b)		603		25,923
Ligand Pharmaceuticals, Inc. ^(a)(b)		942		77,668
MacroGenics, Inc. ^(b)		2,431		47,186
Mersana Therapeutics, Inc. ^(b)		3,596		64,800
Mirati Therapeutics, Inc. ^(b)		695		150,912
Moderna, Inc. ^(a)(b)		1,554		104,848
Myriad Genetics, Inc. ^(b)		3,741		46,501
Novavax, Inc. ^(a)(b)		968		78,127
PDL BioPharma, Inc. ^(b)		5,410		11,632
Precigen, Inc. ^(a)(b)		4,524		19,408

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Biotechnology — 15.9% (Continued)
Prothena Corp PLC ^(b)		1,234	$	13,463
PTC Therapeutics, Inc. ^(a)(b)		2,080		108,555
Puma Biotechnology, Inc. ^(b)		4,163		34,844
Radius Health, Inc. ^(b)		3,122		41,866
Regeneron Pharmaceuticals, Inc. ^(b)		166		90,231
REGENXBIO, Inc. ^(b)		2,288		65,803
Retrophin, Inc. ^(b)		1,850		37,444
REVOLUTION Medicines, Inc. ^(b)		858		25,903
Rigel Pharmaceuticals, Inc. ^(b)		12,578		31,193
Rocket Pharmaceuticals, Inc. ^(b)		1,593		44,508
Sage Therapeutics, Inc. ^(b)		1,659		121,737
Sangamo Therapeutics, Inc. ^(a)(b)		8,766		90,640
Seagen, Inc. ^(a)(b)		620		103,416
Sorrento Therapeutics, Inc. ^(a)(b)		14,592		101,268
SpringWorks Therapeutics, Inc. ^(b)		780		45,232
Syndax Pharmaceuticals, Inc. ^(a)(b)		1,229		21,397
Translate Bio, Inc. ^(b)		7,093		91,003
Turning Point Therapeutics, Inc. ^(b)		1,171		107,954
Twist Bioscience Corp. ^(b)		1,479		113,351
Ultragenyx Pharmaceutical, Inc. ^(a)(b)		1,251		125,726
United Therapeutics Corp. ^(b)		886		118,928
VBI Vaccines, Inc. ^(a)(b)		29,553		69,450
Veracyte, Inc. ^(b)		2,087		72,335
Vericel Corp. ^(b)		1,956		36,245
Vertex Pharmaceuticals, Inc. ^(b)		360		75,010
Viela Bio, Inc. ^(b)		1,562		49,843
Viking Therapeutics, Inc. ^(b)		7,094		39,939
Xencor, Inc. ^(b)		1,258		48,282
Y-mAbs Therapeutics, Inc. ^(b)		932		39,834
ZIOPHARM Oncology, Inc. ^(b)		9,517		19,891
				7,775,618
Building Materials — 1.0%
Martin Marietta Materials, Inc.		849		226,131
Vulcan Materials Co.		1,794		259,843
				485,974
Chemicals — 13.2%
Air Products & Chemicals, Inc.		3,006		830,377
Albemarle Corp. ^(a)		1,443		134,502
Celanese Corp.		1,599		181,502
CF Industries Holdings, Inc.		2,896		79,959
Dow, Inc.		10,043		456,856
DuPont de Nemours, Inc. ^(a)		9,936		565,160
Eastman Chemical Co.		1,833		148,180
Ecolab, Inc.		3,377		619,983
FMC Corp.		1,755		180,309
International Flavors & Fragrances, Inc. ^(a)		1,453		149,165
Linde PLC		7,140		1,573,228

	Shares		Value
Chemicals — 13.2% (Continued)
LyondellBasell Industries NV - Class A		3,481	$	238,274
Mosaic Co.		4,671		86,413
PPG Industries, Inc.		3,198		414,845
Sherwin-Williams Co.		1,113		765,722
				6,424,475
Commercial Services — 2.1%
2U, Inc. ^(a)(b)		2,170		79,965
Automatic Data Processing, Inc.		549		86,720
FleetCor Technologies, Inc. ^(b)		124		27,393
Gartner, Inc. ^(b)		135		16,213
Global Payments, Inc.		383		60,414
PayPal Holdings, Inc. ^(b)		4,131		768,903
				1,039,608
Computers — 5.5%
Accenture PLC - Class A		803		174,179
Apple, Inc.		20,355		2,215,845
Cognizant Technology Solutions Corp. - Class A		688		49,137
DXC Technology Co.		382		7,036
Fortinet, Inc. ^(b)		201		22,184
Hewlett Packard Enterprise Co.		1,936		16,727
HP, Inc.		1,736		31,179
International Business Machines Corp.		1,131		126,288
Leidos Holdings, Inc.		200		16,600
NetApp, Inc.		333		14,615
Seagate Technology PLC ^(a)		339		16,211
Western Digital Corp.		452		17,054
				2,707,055
Distribution/Wholesale — 0.1%
LKQ Corp. ^(b)		855		27,351
Pool Corp.		120		41,980
				69,331
Diversified Financial Services — 1.8%
Charles Schwab Corp.		4,232		173,977
MasterCard, Inc. - Class A		1,122		323,854
Visa, Inc. - Class A ^(a)		2,132		387,406
Western Union Co.		618		12,014
				897,251
Electronics — 0.4%
Amphenol Corp. - Class A		381		42,992
Flir Systems, Inc.		196		6,799
Garmin Ltd.		457		47,537
Keysight Technologies, Inc. ^(b)		281		29,469
LENSAR, Inc. ^(b)		411		4,011
TE Connectivity Ltd.		420		40,690
				171,498
Forest Products & Paper — 0.5%
International Paper Co. ^(a)		5,324		232,925

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Healthcare-Products — 0.4%
CareDx, Inc. ^(b)		2,296	$	112,619
Natera, Inc. ^(b)		1,549		104,186
				216,805
Healthcare-Services — 0.8%
Invitae Corp. ^(a)(b)		2,836		111,200
OPKO Health, Inc. ^(a)(b)		30,838		108,550
Teladoc Health, Inc. ^(a)(b)		870		170,920
				390,670
Home Builders — 0.4%
DR Horton, Inc.		1,017		67,946
Lennar Corp. - Class A		843		59,204
NVR, Inc. ^(b)		13		51,390
PulteGroup, Inc.		818		33,341
				211,881
Home Furnishings — 0.1%
Leggett & Platt, Inc.		506		21,115
Whirlpool Corp.		189		34,958
				56,073
Household Products/Wares — 0.3%
Avery Dennison Corp.		1,131		156,519

Housewares — 0.0% ^(c)
Newell Brands, Inc.		1,157		20,433

Internet — 19.8%
Alphabet, Inc. - Class A ^(b)		266		429,885
Alphabet, Inc. - Class C ^(b)		269		436,052
Amazon.com, Inc. ^(b)		1,606		4,876,057
Booking Holdings, Inc. ^(b)		124		201,190
CDW Corp.		213		26,114
eBay, Inc.		6,634		315,977
Etsy, Inc. ^(b)		1,777		216,065
Expedia Group, Inc.		2,021		190,277
F5 Networks, Inc. ^(b)		92		12,231
Facebook, Inc. - Class A ^(b)		2,695		709,081
GoDaddy, Inc. - Class A ^(b)		2,026		143,319
GrubHub, Inc. ^(a)(b)		1,665		123,143
Match Group, Inc. ^(b)		2,077		242,552
Netflix, Inc. ^(b)		978		465,274
NortonLifeLock, Inc.		817		16,806
Okta, Inc. ^(b)		1,018		213,607
Pinterest, Inc. - Class A ^(b)		4,903		289,032
Snap, Inc. - Class A ^(b)		8,251		325,007
Twitter, Inc. ^(b)		5,871		242,825
VeriSign, Inc. ^(b)		1,079		205,765
				9,680,259
Iron/Steel — 0.4%
Nucor Corp.		4,086		195,147

	Shares		Value
Leisure Time — 0.1%
Carnival Corp. ^(a)		1,812	$	24,843
Norwegian Cruise Line Holdings Ltd. ^(a)(b)		978		16,264
Royal Caribbean Cruises Ltd. ^(a)		548		30,918
				72,025
Lodging — 0.5%
Hilton Worldwide Holdings, Inc. ^(a)		853		74,902
Las Vegas Sands Corp.		1,002		48,156
Marriott International, Inc. - Class A		814		75,604
MGM Resorts International		1,257		25,857
Wynn Resorts Ltd.		293		21,222
				245,741
Mining — 2.1%
Freeport-McMoRan, Inc.		19,666		341,009
Newmont Goldcorp Corp.		10,911		685,647
				1,026,656
Office/Business Equipment — 0.1%
Xerox Holdings Corp.		276		4,797
Zebra Technologies Corp. - Class A ^(b)		78		22,124
				26,921
Packaging & Containers — 2.0%
Amcor PLC		21,246		221,596
Ball Corp.		4,427		394,003
Packaging Corp. of America		1,287		147,349
Sealed Air Corp.		2,106		83,376
WestRock Co.		3,520		132,176
				978,500
Pharmaceuticals — 3.7%
AbbVie, Inc.		1,026		87,313
Agios Pharmaceuticals, Inc. ^(a)(b)		2,496		100,015
Akebia Therapeutics, Inc. ^(b)		23,896		53,049
Alector, Inc. ^(b)		5,117		48,151
Alkermes PLC ^(b)		5,299		86,109
Anika Therapeutics, Inc. ^(b)		514		16,767
Athenex, Inc. ^(a)(b)		2,158		24,601
Bioxcel Therapeutics, Inc. ^(b)		2,052		93,756
Catalyst Pharmaceuticals, Inc. ^(b)		10,838		32,189
Clovis Oncology, Inc. ^(a)(b)		15,163		74,754
Coherus Biosciences, Inc. ^(a)(b)		4,693		78,232
Corbus Pharmaceuticals Holdings, Inc. ^(a)(b)		28,987		27,239
Cytokinetics, Inc. ^(b)		3,303		50,767
Eagle Pharmaceuticals, Inc. ^(a)(b)		862		40,100
Enanta Pharmaceuticals, Inc. ^(b)		685		29,886
Flexion Therapeutics, Inc. ^(b)		3,209		38,476
G1 Therapeutics, Inc. ^(b)		3,189		35,047
Global Blood Therapeutics, Inc. ^(a)(b)		1,752		92,646
Heron Therapeutics, Inc. ^(b)		5,067		82,643

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Pharmaceuticals — 3.7% (Continued)
Intellia Therapeutics, Inc. ^(a)(b)		3,792	$	90,780
Ironwood Pharmaceuticals, Inc. ^(b)		9,484		93,702
Kadmon Holdings, Inc. ^(b)		10,334		35,136
Kura Oncology, Inc. ^(b)		1,338		41,812
Madrigal Pharmaceuticals, Inc. ^(a)(b)		492		62,607
Neurocrine Biosciences, Inc. ^(a)(b)		891		87,915
Protagonist Therapeutics, Inc. ^(b)		1,297		24,578
Rhythm Pharmaceuticals, Inc. ^(b)		499		10,564
Sarepta Therapeutics, Inc. ^(a)(b)		703		95,545
Spectrum Pharmaceuticals, Inc. ^(a)(b)		5,956		20,429
Syros Pharmaceuticals, Inc. ^(a)(b)		1,619		10,799
TG Therapeutics, Inc. ^(b)		3,705		93,625
Vanda Pharmaceuticals, Inc. ^(b)		2,905		31,054
				1,790,286
Retail — 7.4%
Advance Auto Parts, Inc.		213		31,371
AutoZone, Inc. ^(b)		71		80,158
Best Buy Co., Inc. ^(a)		705		78,643
CarMax, Inc. ^(b)		504		43,566
Chipotle Mexican Grill, Inc. ^(b)		88		105,730
Darden Restaurants, Inc.		399		36,676
Dollar General Corp. ^(a)		765		159,663
Dollar Tree, Inc. ^(b)		732		66,114
Domino’s Pizza, Inc. ^(a)		119		45,020
Gap, Inc.		815		15,852
Genuine Parts Co.		444		40,151
Home Depot, Inc.		3,295		878,809
L Brands, Inc.		715		22,887
Lowe’s Cos., Inc.		2,314		365,843
McDonald’s Corp.		2,280		485,640
O’Reilly Automotive, Inc. ^(b)		227		99,108
Ross Stores, Inc.		1,087		92,580
Starbucks Corp.		3,584		311,665
Target Corp.		1,529		232,744
Tiffany & Co.		330		43,177
TJX Cos., Inc.		3,674		186,639
Tractor Supply Co.		352		46,890
Ulta Salon Cosmetics & Fragrance, Inc. ^(b)		175		36,185
Yum! Brands, Inc.		926		86,424
				3,591,535
Semiconductors — 3.6%
Advanced Micro Devices, Inc. ^(b)		1,491		112,257
Analog Devices, Inc.		467		55,353
Applied Materials, Inc.		1,155		68,411
Broadcom, Inc.		512		179,010
Intel Corp.		5,386		238,492
IPG Photonics Corp. ^(b)		53		9,856

	Shares		Value
Semiconductors — 3.6% (Continued)
KLA Corp.		195	$	38,450
Lam Research Corp.		188		64,311
Maxim Integrated Products, Inc.		404		28,139
Microchip Technology, Inc. ^(a)		321		33,731
Micron Technology, Inc. ^(b)		1,403		70,627
NVIDIA Corp.		785		393,568
Qorvo, Inc. ^(b)		171		21,779
QUALCOMM, Inc.		1,433		176,775
Skyworks Solutions, Inc.		211		29,812
Teradyne, Inc.		215		18,888
Texas Instruments, Inc.		1,165		168,447
Xilinx, Inc.		308		36,556
				1,744,462
Software — 12.4%
8x8, Inc. ^(a)(b)		4,264		73,682
Adobe Systems, Inc. ^(b)		605		270,496
Akamai Technologies, Inc. ^(a)(b)		1,859		176,828
ANSYS, Inc. ^(b)		108		32,872
Autodesk, Inc. ^(b)		281		66,187
Box, Inc. - Class A ^(b)		4,348		67,394
Broadridge Financial Solutions, Inc.		171		23,530
Cadence Design System, Inc. ^(a)(b)		351		38,389
Citrix Systems, Inc.		1,422		161,070
Cloudera, Inc. ^(a)(b)		6,703		65,153
Coupa Software, Inc. ^(b)		683		182,839
DocuSign, Inc. ^(b)		1,213		245,329
Dropbox, Inc. - Class A ^(b)		5,511		100,631
Fidelity National Information Services, Inc.		783		97,554
Fiserv, Inc. ^(b)		700		66,829
HubSpot, Inc. ^(b)		532		154,317
Intuit, Inc.		333		104,788
Jack Henry & Associates, Inc.		115		17,049
Microsoft Corp.		9,587		1,941,080
Oracle Corp.		2,446		137,245
Paychex, Inc.		411		33,805
Paycom Software, Inc. ^(b)		72		26,214
Salesforce.com, Inc. ^(b)		3,140		729,328
ServiceNow, Inc. ^(b)		248		123,397
Smartsheet, Inc. - Class A ^(b)		2,224		110,866
Synopsys, Inc. ^(b)		189		40,420
Tyler Technologies, Inc. ^(a)(b)		59		22,678
Veeva Systems, Inc. - Class A ^(b)		924		249,526
Workday, Inc. - Class A ^(b)		1,182		248,362
Zoom Video Communications, Inc. - Class A ^(b)		945		435,560
				6,043,418
Telecommunications — 2.4%
Arista Networks, Inc. ^(a)(b)		774		161,689
CIENA Corp. ^(b)		2,770		109,110

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Telecommunications — 2.4% (Continued)
Cisco Systems, Inc.		16,265	$	583,913
CommScope Holding Co., Inc. ^(b)		7,308		65,041
Corning, Inc. ^(a)		968		30,947
Juniper Networks, Inc.		5,824		114,849
Motorola Solutions, Inc.		216		34,141
Vonage Holdings Corp. ^(b)		7,520		79,562
				1,179,252
Textiles — 0.1%
Mohawk Industries, Inc. ^(b)		228		23,527

Toys/Games/Hobbies — 0.1%
Hasbro, Inc.		388		32,094
TOTAL COMMON STOCKS (Cost $46,576,746)				48,571,826

CONTINGENT VALUE RIGHTS — 0.0% ^(c)

Biotechnology — 0.0% ^(c)
Achillion Pharmaceuticals ^(b)(d)		6,273		2,886
TOTAL CONTINGENT VALUE RIGHTS (Cost $2,886)				2,886

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.025% ^(e)	$	237,768		237,768
TOTAL SHORT-TERM INVESTMENTS (Cost $237,768)				237,768

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.6%
Mount Vernon Liquid Assets Portfolio, LLC , 0.16% (e)		6,631,208	$	6,631,208
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,631,208)				6,631,208
Total Investments (Cost $53,448,608) — 113.6%				55,443,688
Liabilities in Excess of Other Assets — (13.6)%				(6,642,848	)
TOTAL NET ASSETS — 100.0%			$	48,800,840

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $6,302,318 or 12.9% of net assets.

(b)

Non-income producing security.

(c)

Less than 0.05%.

(d)

(e)

The rate shown is as of October 31, 2020.

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

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.3%

Aerospace/Defense — 6.6%
Boeing Co.		162	$	23,391
General Dynamics Corp.		186		24,428
Lockheed Martin Corp.		71		24,859
Northrop Grumman Corp.		79		22,896
				95,574
Airlines — 2.0%
Southwest Airlines Co.		740		29,252

Auto Manufacturers — 2.2%
General Motors Co.		939		32,424

Banks — 9.2%
Associated Banc-Corp.		2,070		28,338
Bank of America Corp.		1,081		25,620
Citigroup, Inc.		544		22,532
JPMorgan Chase & Co.		278		27,255
US Bancorp		764		29,758
				133,503
Beverages — 1.8%
Brown-Forman Corp. - Class B		380		26,490

Commercial Services — 5.4%
Booz Allen Hamilton Holding Corp.		316		24,806
United Rentals, Inc. ^(a)		157		27,992
Vectrus, Inc. ^(a)		641		25,332
				78,130
Computers — 5.2%
Accenture PLC - Class A		116		25,162
CACI International, Inc. - Class A ^(a)		119		24,815
Leidos Holdings, Inc.		308		25,564
				75,541
Diversified Financial Services — 4.2%
Capital One Financial Corp.		403		29,451
Charles Schwab Corp.		783		32,189
				61,640
Electric — 8.1%
Dominion Energy, Inc.		355		28,521
Exelon Corp.		754		30,077
Southern Co.		533		30,621
Xcel Energy, Inc.		401		28,082
				117,301
Engineering & Construction — 2.1%
AECOM ^(a)		685		30,715

Environmental Control — 1.8%
Waste Management, Inc.		244		26,330

	Shares		Value
Food — 3.5%
Hormel Foods Corp.		546	$	26,585
Kellogg Co.		392		24,653
				51,238
Healthcare-Services — 3.7%
DaVita, Inc. ^(a)		321		27,686
Humana, Inc.		67		26,752
				54,438
Insurance — 9.2%
Allstate Corp.		291		25,826
Marsh & McLennan Cos., Inc.		242		25,037
Progressive Corp.		293		26,927
Prudential Financial, Inc.		411		26,312
Travelers Cos., Inc.		240		28,971
				133,073
Internet — 3.7%
Amazon.com, Inc. ^(a)		8		24,289
CDW Corp.		245		30,037
				54,326
Lodging — 1.9%
Hilton Worldwide Holdings, Inc.		308		27,045

Machinery-Construction & Mining — 1.7%
Oshkosh Corp.		361		24,317

Media — 1.8%
Comcast Corp. - Class A		621		26,231

Miscellaneous Manufacturing — 4.2%
Eaton Corp. PLC		273		28,335
General Electric Co.		4,389		32,566
				60,901
Packaging & Containers — 1.8%
Sonoco Products Co.		525		25,667

Pharmaceuticals — 3.4%
CVS Health Corp.		448		25,128
Merck & Co., Inc.		326		24,519
				49,647
Retail — 3.7%
Home Depot, Inc.		98		26,138
Walmart, Inc.		200		27,750
				53,888
Software — 3.5%
Fiserv, Inc. ^(a)		279		26,636
ManTech International Corp. VA - Class A		372		24,135
				50,771

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

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.3% (Continued)

Telecommunications — 3.6%
AT&T, Inc.		933	$	25,210
Verizon Communications, Inc.		469		26,728
				51,938
Transportation — 5.0%
JB Hunt Trasport Services, Inc.		198		24,104
Union Pacific Corp.		145		25,693
Werner Enterprises, Inc.		605		23,002
				72,799
TOTAL COMMON STOCKS (Cost $1,476,942)				1,443,179

	Principal Amount
SHORT-TERM INVESTMENTS 0.6%

Money Market Deposit Accounts, — 0.6%
U.S. Bank Money Market Deposit Account 0.025% ^(b)	$	8,034		8,034
TOTAL SHORT-TERM INVESTMENTS (Cost $8,034)				8,034
Total Investments (Cost $1,484,976) — 99.9%				1,451,213
Other Assets in Excess of Liabilities — 0.1%				1,312
TOTAL NET ASSETS — 100.0%			$	1,452,525

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

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

Pacer Benchmark Industrial Real Estate SCTR^SMETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 1.9%

Real Estate and Rental and Leasing — 1.9%
Griffin Industrial Realty, Inc.		40,083	$	2,126,403
TOTAL COMMON STOCKS (Cost $2,146,952)				2,126,403

REAL ESTATE INVESTMENT TRUSTS — 97.9%

Diversified — 26.7%
One Liberty Properties, Inc.		212,131		3,273,175
Lexington Realty Trust ^(a)		470,311		4,670,188
Duke Realty Corp.		463,382		17,603,882
PS Business Parks, Inc.		42,417		4,836,810
				30,384,055
Storage — 5.1%
Life Storage, Inc.		50,711		5,788,662

Warehouse/Industrial — 66.1%
Americold Realty Trust ^(a)		375,286		13,596,612
EastGroup Properties, Inc.		40,152		5,343,428
First Industrial Realty Trust, Inc.		125,920		5,012,875
Industrial Logistics Properties Trust		247,905		4,754,818
Innovative Industrial Properties, Inc. ^(a)		43,434		5,065,707
Monmouth Real Estate Investment Corp. ^(a)		368,531		5,104,154
Plymouth Industrial REIT, Inc.		286,887		3,646,334
Prologis, Inc.		175,334		17,393,133
Rexford Industrial Realty, Inc. ^(a)		111,452		5,178,060
STAG Industrial, Inc.		165,550		5,151,916
Terreno Realty Corp.		89,656		5,045,840
				75,292,877
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $109,193,017)				111,465,594
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts, — 0.2%
U.S. Bank Money Market Deposit Account 0.025% ^(b)	$	321,213		321,213
TOTAL SHORT-TERM INVESTMENTS (Cost $321.213)				321,213

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.1%
Mount Vernon Liquid Assets Portfolio, LLC, 0.16% ^(b)		20,663,664	$	20,663,664
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $20,663,664)				20,663,664
Total Investments (Cost $132,324,846) — 118.1%				134,576,874
Liabilities in Excess of Other Assets — (18.1)%				(20,612,551	)
TOTAL NET ASSETS — 100.0%			$	113,964,323

Percentages are stated as a percent of net assets.

(a)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $20,046,355 or 17.6% of net assets.

(b)

The rate shown is as of October 31, 2020.

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

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 22.0%

Advertising Sales — 0.3%
Clear Channel Outdoor Holdings, Inc. ^(a)		3,686,424	$	3,295,663

Building-Heavy Construction — 5.4%
Cellnex Telecom SA ^(b)		787,821		50,583,232
Helios Towers PLC ^(a)		2,781,153		5,796,766
				56,379,998
Engineering & Construction — 3.9%
Infrastrutture Wireless Italiane SpA ^(b)		3,762,533		40,672,242

Internet — 1.7%
Cogent Communications Holdings, Inc.		323,755		18,065,529

Internet Connective Services — 1.4%
21Vianet Group, Inc. - ADR ^(a)		626,911		14,393,876

Telecom Services — 6.1%
GDS Holdings Ltd. - ADR ^(a)(c)		625,552		52,571,390
Switch, Inc. - Class A ^(c)		850,864		11,963,148
				64,534,538
Telecommunication Services — 3.2%
NEXTDC Ltd. ^(a)		3,763,066		33,666,993
TOTAL COMMON STOCKS (Cost $220,053,179)				231,008,839

REAL ESTATE INVESTMENT TRUSTS — 77.8%

Diversified — 66.6%
American Tower Corp.		677,385		155,561,465
CoreSite Realty Corp.		340,312		40,619,640
Crown Castle International Corp.		1,033,789		161,477,842
Digital Realty Trust, Inc.		325,403		46,955,653
Equinix, Inc.		213,799		156,338,381
Keppel DC REIT		10,892,515		23,133,133
Lamar Advertising Co. - Class A		698,595		43,284,946
Outfront Media, Inc.		1,178,745		15,453,347
SBA Communications Corp.		165,652		48,100,371
Uniti Group, Inc.		1,246,709		10,995,974
				701,920,752
Storage — 4.2%
Iron Mountain, Inc. ^(c)		1,682,594		43,848,400

	Shares		Value
Warehouse/Industrial — 7.0%
CyrusOne, Inc. ^(c)		606,196	$	43,070,226
QTS Realty Trust, Inc. - Class A ^(c)		495,683		30,489,461
				73,559,687
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $813,584,571)				819,328,839

	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%

Money Market Deposit Accounts, — 0.3%
U.S. Bank Money Market Deposit Account, 0.025% ^(d)	$	3,319,926		3,319,926
TOTAL SHORT-TERM INVESTMENTS (Cost $3,319,926)				3,319,926

	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.3%
Mount Vernon Liquid Assets Portfolio, LLC 0.16% ^(d)		108,852,982	$	108,852,982
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $108,852,982)				108,852,982
Total Investments (Cost $1,145,810,658) — 110.4%				1,162,510,586
Liabilities in Excess of Other Assets — (10.4)%				(109,345,007	)
TOTAL NET ASSETS — 100.0%			$	1,053,165,579

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $91,255,474 or 8.7% of net assets.

(c)

All or a portion of this security is on loan as of October 31, 2020. The total value of securities on loan is $105,527,709 or 10.0% of net assets.

(d)

The rate shown is as of October 31, 2020.

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

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.8%

Aerospace/Defense — 0.9%
Hexcel Corp.		383	$	12,823

Auto Parts & Equipment — 0.8%
BorgWarner, Inc.		349		12,208

Biotechnology — 2.0%
Bio-Rad Laboratories, Inc. - Class A ^(a)		29		17,006
Illumina, Inc. ^(a)		42		12,294
				29,300
Building Materials — 1.0%
Johnson Controls International PLC		355		14,985

Chemicals — 7.8%
Ashland Global Holdings, Inc.		203		14,163
Celanese Corp.		139		15,778
FMC Corp.		136		13,973
Ingevity Corp. ^(a)		260		14,269
Linde PLC		59		13,000
PPG Industries, Inc.		116		15,047
Sensient Technologies Corp.		260		17,012
The Chemours Co.		696		14,017
				117,259
Commercial Services — 2.9%
ManpowerGroup, Inc.		218		14,796
PayPal Holdings, Inc. ^(a)		80		14,890
The Brink’s Co.		327		14,005
				43,691
Computers — 3.9%
Accenture PLC - Class A		63		13,665
DXC Technology Co.		757		13,944
Fortinet, Inc. ^(a)		128		14,128
Lumentum Holdings, Inc. ^(a)		210		17,365
				59,102
Distribution/Wholesale — 1.0%
LKQ Corp. ^(a)		460		14,715

Electric — 1.1%
AES Corp.		831		16,205

Electrical Components & Equipment — 2.1%
AMETEK, Inc.		148		14,534
Littelfuse, Inc.		84		16,627
				31,161
Electronics — 12.3%
Agilent Technologies, Inc.		150		15,314
Allegion PLC		151		14,874
Amphenol Corp. - Class A		142		16,023

	Shares		Value
Electronics — 12.3% (Continued)
Arrow Electronics, Inc. ^(a)		187	$	14,565
AVNET, Inc.		540		13,322
Coherent, Inc. ^(a)		137		17,144
Garmin Ltd.		148		15,395
Jabil, Inc.		482		15,974
Keysight Technologies, Inc. ^(a)		160		16,779
Mettler-Toledo International, Inc. ^(a)		15		14,969
National Instruments Corp.		412		12,887
PerkinElmer, Inc.		126		16,323
				183,569
Energy-Alternate Sources — 1.4%
SolarEdge Technologies, Inc. ^(a)		80		20,615

Engineering & Construction — 0.9%
KBR, Inc.		605		13,485

Food — 0.9%
Mondelez International, Inc. - Class A		257		13,652

Healthcare-Products — 6.4%
Abbott Laboratories		141		14,821
Align Technology, Inc. ^(a)		47		20,026
Baxter International, Inc.		178		13,807
Repligen Corp. ^(a)		102		16,990
Thermo Fisher Scientific, Inc.		34		16,086
West Pharmaceutical Services, Inc.		54		14,692
				96,422
Healthcare-Services — 1.0%
IQVIA Holdings, Inc. ^(a)		93		14,321

Household Products/Wares — 0.9%
Kimberly-Clark Corp.		100		13,259

Internet — 2.0%
Alphabet, Inc. - Class A ^(a)		10		16,161
Facebook, Inc. - Class A ^(a)		55		14,471
				30,632
Machinery-Diversified — 6.8%
Cognex Corp.		238		15,684
Deere & Co.		68		15,362
IDEX Corp.		82		13,972
Ingersoll Rand, Inc. ^(a)		411		14,360
Nordson Corp.		77		14,894
Wabtec Corp.		219		12,987
Xylem, Inc.		175		15,250
				102,509
Metal Fabricate/Hardware — 1.1%
The Timken Co.		263		15,701

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

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 98.8% (Continued)

Mining — 1.8%
Newmont Goldcorp Corp.		223	$	14,013
Royal Gold, Inc.		113		13,426
				27,439
Miscellaneous Manufacturing — 2.9%
Donaldson Co., Inc.		306		14,535
Illinois Tool Works, Inc.		76		14,887
ITT, Inc.		236		14,280
				43,702
Office/Business Equipment — 1.1%
Zebra Technologies Corp. - Class A ^(a)		59		16,735

Oil & Gas — 0.9%
Chevron Corp.		190		13,205

Oil & Gas Services — 0.8%
Halliburton Co.		1,037		12,506

Packaging & Containers — 1.8%
Amcor PLC		1,337		13,945
O-I Glass, Inc.		1,329		12,532
				26,477
Pharmaceuticals — 1.9%
Mylan NV ^(a)		965		14,031
Zoetis, Inc.		93		14,745
				28,776
Retail — 1.8%
Domino’s Pizza, Inc.		37		13,998
World Fuel Services Corp.		630		13,261
				27,259
Semiconductors — 19.0%
Advanced Micro Devices, Inc. ^(a)		194		14,606
Analog Devices, Inc.		130		15,409
Applied Materials, Inc.		269		15,933
Broadcom, Inc.		41		14,335
Cirrus Logic, Inc. ^(a)		255		17,562
CMC Materials, Inc.		104		14,788
Intel Corp.		300		13,284
IPG Photonics Corp. ^(a)		93		17,294
KLA Corp.		86		16,957
Lam Research Corp.		50		17,104
Microchip Technology, Inc.		147		15,447
MKS Instruments, Inc.		143		15,500
Monolithic Power Systems, Inc.		62		19,815
NVIDIA Corp.		30		15,041
Qorvo, Inc. ^(a)		120		15,283
Semtech Corp. ^(a)		264		14,491
Silicon Laboratories, Inc. ^(a)		156		15,984

	Shares		Value
Semiconductors — 19.0% (Continued)
Texas Instruments, Inc.		108	$	15,615
				284,448
Software — 8.7%
Activision Blizzard, Inc.		190	$	14,389
Adobe Systems, Inc. ^(a)		31		13,860
ANSYS, Inc. ^(a)		47		14,305
Autodesk, Inc. ^(a)		65		15,310
Cadence Design System, Inc. ^(a)		146		15,968
Citrix Systems, Inc.		112		12,686
Electronic Arts, Inc. ^(a)		117		14,020
Microsoft Corp.		72		14,578
Synopsys, Inc. ^(a)		74		15,826
				130,942
Transportation — 0.9%
Kansas City Southern		79		13,915
TOTAL COMMON STOCKS (Cost $1,488,237)				1,481,018

REAL ESTATE INVESTMENT TRUSTS — 0.9%
Rayonier, Inc.		541		13,731
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $14,769)				13,731

	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%

Money Market Deposit Accounts, — 0.3%
U.S. Bank Money Market Deposit Account, 0.025% ^(b)	$	4,431		4,431
TOTAL SHORT-TERM INVESTMENTS (Cost $4,431)				4,431
Total Investments (Cost $1,507,437) — 100.0%				1,499,180
Liabilities in Excess of Other Assets — 0.0% ^(c)				(9	)
TOTAL NET ASSETS — 100.0%			$	1,499,171

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

(c)

Less than 0.05%.

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.6%

Aerospace/Defense — 2.9%
Boeing Co.		1,100	$	158,829
General Dynamics Corp.		1,210		158,909
Howmet Aerospace, Inc.		9,900		170,775
L3Harris Technologies, Inc.		970		156,277
Lockheed Martin Corp.		450		157,559
Northrop Grumman Corp.		520		150,706
Raytheon Technologies Corp.		2,910		158,071
Teledyne Technologies, Inc. ^(a)		560		173,124
TransDigm Group, Inc.		350		167,094
				1,451,344
Airlines — 1.6%
Alaska Air Group, Inc.		4,370		165,579
American Airlines Group, Inc.		13,610		153,521
Delta Air Lines, Inc.		5,560		170,359
Southwest Airlines Co.		4,530		179,071
United Airlines Holdings, Inc. ^(a)		4,890		165,575
				834,105
Apparel — 3.1%
Hanesbrands, Inc.		13,770		221,284
NIKE, Inc. - Class B		1,800		216,144
PVH Corp.		3,160		184,196
Ralph Lauren Corp.		2,780		185,843
Tapestry, Inc.		13,120		291,658
Under Armour, Inc. - Class A ^(a)		9,790		135,494
Under Armour, Inc. - Class C ^(a)		10,210		124,868
VF Corp.		3,030		203,616
				1,563,103
Auto Manufacturers — 1.7%
Cummins, Inc.		850		186,906
Ford Motor Co.		30,270		233,987
General Motors Co.		6,960		240,329
PACCAR, Inc.		2,100		179,298
				840,520
Auto Parts & Equipment — 0.8%
Aptiv PLC		2,510		242,190
BorgWarner, Inc.		5,000		174,900
				417,090
Biotechnology — 1.0%
Corteva, Inc.		14,810		488,434

Building Materials — 3.5%
Carrier Global Corp.		6,030		201,342
Fortune Brands Home & Security, Inc.		2,130		172,253
Johnson Controls International PLC		4,230		178,548
Martin Marietta Materials, Inc.		2,060		548,681
Masco Corp.		3,010		161,336

	Shares		Value
Building Materials — 3.5% (Continued)
Vulcan Materials Co.		3,410	$	493,904
				1,756,064
Chemicals — 12.6%
Air Products & Chemicals, Inc.		1,500		414,360
Albemarle Corp.		4,760		443,680
Celanese Corp.		4,240		481,282
CF Industries Holdings, Inc.		13,540		373,840
Dow, Inc.		9,060		412,139
DuPont de Nemours, Inc.		7,710		438,545
Eastman Chemical Co.		5,650		456,746
Ecolab, Inc.		2,220		407,570
FMC Corp.		4,160		427,398
International Flavors & Fragrances, Inc.		3,730		382,922
Linde PLC		1,810		398,815
LyondellBasell Industries NV - Class A		6,080		416,176
Mosaic Co.		24,680		456,580
PPG Industries, Inc.		3,560		461,803
Sherwin-Williams Co.		640		440,307
				6,412,163
Commercial Services — 4.8%
Automatic Data Processing, Inc.		1,270		200,609
Cintas Corp.		550		173,002
Equifax, Inc.		1,080		147,528
FleetCor Technologies, Inc. ^(a)		730		161,264
Gartner, Inc. ^(a)		1,340		160,934
Global Payments, Inc.		1,020		160,895
IHS Markit Ltd.		2,280		184,384
Nielsen Holdings PLC		12,170		164,417
PayPal Holdings, Inc. ^(a)		920		171,239
Quanta Services, Inc.		3,420		213,511
Robert Half International, Inc.		3,410		172,853
Rollins, Inc.		3,260		188,591
United Rentals, Inc. ^(a)		1,010		180,073
Verisk Analytics, Inc.		970		172,631
				2,451,931
Computers — 3.9%
Accenture PLC - Class A		720		156,175
Apple, Inc.		1,510		164,379
Cognizant Technology Solutions Corp. - Class A		2,490		177,836
DXC Technology Co.		8,670		159,701
Fortinet, Inc. ^(a)		1,470		162,244
Hewlett Packard Enterprise Co.		18,350		158,544
HP, Inc.		8,790		157,868
International Business Machines Corp.		1,400		156,324
Leidos Holdings, Inc.		1,950		161,850
NetApp, Inc.		3,850		168,977

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.6% (Continued)

Computers — 3.9% (Continued)
Seagate Technology PLC		3,640	$	174,065
Western Digital Corp.		4,540		171,294
				1,969,257
Distribution/Wholesale — 1.9%
Copart, Inc. ^(a)		1,730		190,923
Fastenal Co.		4,000		172,920
LKQ Corp. ^(a)		6,590		210,814
Pool Corp.		620		216,894
W.W. Grainger, Inc.		500		175,010
				966,561
Diversified Financial Services — 0.9%
MasterCard, Inc. - Class A		510		147,206
Visa, Inc. - Class A		850		154,454
Western Union Co.		7,670		149,105
				450,765
Electrical Components & Equipment — 0.7%
AMETEK, Inc.		1,760		172,832
Emerson Electric Co.		2,600		168,454
				341,286
Electronics — 3.5%
Allegion PLC		1,800		177,300
Amphenol Corp. - Class A		1,630		183,929
Flir Systems, Inc.		4,960		172,063
Fortive Corp.		2,650		163,240
Garmin Ltd.		2,120		220,522
Honeywell International, Inc.		1,060		174,847
Keysight Technologies, Inc. ^(a)		1,840		192,961
Roper Technologies, Inc.		440		163,390
TE Connectivity Ltd.		1,730		167,602
Vontier Corp. ^(a)		5,800		166,692
				1,782,546
Engineering & Construction — 0.4%
Jacobs Engineering Group, Inc.		1,900		180,500

Environmental Control — 1.0%
Pentair PLC		4,030		200,533
Republic Services, Inc.		1,840		162,233
Waste Management, Inc.		1,560		168,339
				531,105
Forest Products & Paper — 1.0%
International Paper Co.		11,610		507,938

Hand/Machine Tools — 0.7%
Snap-On, Inc.		1,190		187,461
Stanley Black & Decker, Inc.		1,110		184,482
				371,943
Home Builders — 1.5%
DR Horton, Inc.		2,970		198,426

	Shares		Value
Home Builders — 1.5% (Continued)
Lennar Corp. - Class A		2,730	$	191,728
NVR, Inc. ^(a)		50		197,654
PulteGroup, Inc.		4,680		190,757
				778,565
Home Furnishings — 0.8%
Leggett & Platt, Inc.		4,760		198,635
Whirlpool Corp.		1,230		227,501
				426,136
Household Products/Wares — 1.0%
Avery Dennison Corp.		3,590		496,820

Housewares — 0.4%
Newell Brands, Inc.		12,140		214,392

Internet — 3.4%
Amazon.com, Inc. ^(a)		70		212,530
Booking Holdings, Inc. ^(a)		120		194,700
CDW Corp.		1,520		186,352
eBay, Inc.		4,020		191,473
Etsy, Inc. ^(a)		1,910		232,237
Expedia Group, Inc.		2,240		210,896
F5 Networks, Inc. ^(a)		1,410		187,445
NortonLifeLock, Inc.		8,030		165,177
VeriSign, Inc. ^(a)		860		164,002
				1,744,812
Iron/Steel — 0.9%
Nucor Corp.		9,840		469,958

Leisure Time — 1.1%
Carnival Corp.		11,980		164,246
Norwegian Cruise Line Holdings Ltd. ^(a)		12,100		201,223
Royal Caribbean Cruises Ltd.		3,060		172,645
				538,114
Lodging — 1.9%
Hilton Worldwide Holdings, Inc.		2,430		213,378
Las Vegas Sands Corp.		4,080		196,085
Marriott International, Inc. - Class A		2,130		197,834
MGM Resorts International		9,320		191,713
Wynn Resorts Ltd.		2,580		186,869
				985,879
Machinery-Construction & Mining — 0.4%
Caterpillar, Inc.		1,150		180,607

Machinery-Diversified — 3.1%
Deere & Co.		820		185,246
Dover Corp.		1,560		172,708
Flowserve Corp.		6,260		182,291
IDEX Corp.		970		165,278
Ingersoll Rand, Inc. ^(a)		4,900		171,206

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.6% (Continued)

Machinery-Diversified — 3.1% (Continued)
Otis Worldwide Corp.		2,930	$	179,551
Rockwell Automation, Inc.		790		187,325
Wabtec Corp.		2,610		154,773
Xylem, Inc.		2,080		181,251
				1,579,629
Mining — 1.8%
Freeport-McMoRan, Inc.		27,770		481,532
Newmont Goldcorp Corp.		6,820		428,569
				910,101
Miscellaneous Manufacturing — 2.9%
3M Co.		1,060		169,558
AO Smith Corp.		3,610		186,601
Eaton Corp. PLC		1,720		178,519
General Electric Co.		29,630		219,855
Illinois Tool Works, Inc.		900		176,292
Parker-Hannifin Corp.		840		175,022
Textron, Inc.		4,550		162,890
Trane Technologies PLC		1,510		200,452
				1,469,189
Office/Business Equipment — 0.7%
Xerox Holdings Corp.		8,880		154,335
Zebra Technologies Corp. - Class A ^(a)		680		192,875
				347,210
Packaging & Containers — 4.7%
Amcor PLC		40,850		426,065
Ball Corp.		5,530		492,170
Packaging Corp. of America		4,320		494,597
Sealed Air Corp.		11,520		456,077
WestRock Co.		13,240		497,162
				2,366,071
Retail — 9.9%
Advance Auto Parts, Inc.		1,370		201,774
AutoZone, Inc. ^(a)		170		191,927
Best Buy Co., Inc.		1,980		220,869
CarMax, Inc. ^(a)		2,080		179,795
Chipotle Mexican Grill, Inc. ^(a)		160		192,237
Darden Restaurants, Inc.		2,440		224,285
Dollar General Corp.		1,060		221,233
Dollar Tree, Inc. ^(a)		2,350		212,252
Domino’s Pizza, Inc.		540		204,293
Gap, Inc.		12,730		247,598
Genuine Parts Co.		2,110		190,807
Home Depot, Inc.		770		205,367
L Brands, Inc.		7,570		242,316
Lowe’s Cos., Inc.		1,310		207,111
McDonald’s Corp.		970		206,610
O’Reilly Automotive, Inc. ^(a)		450		196,470

	Shares		Value
Retail — 9.9% (Continued)
Ross Stores, Inc.		2,350	$	200,149
Starbucks Corp.		2,480		215,661
Target Corp.		1,440		219,197
Tiffany & Co.		1,860		243,362
TJX Cos., Inc.		3,910		198,628
Tractor Supply Co.		1,540		205,143
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)		930		192,296
Yum! Brands, Inc.		2,300		214,659
				5,034,039
Semiconductors — 6.4%
Advanced Micro Devices, Inc. ^(a)		2,220		167,144
Analog Devices, Inc.		1,490		176,610
Applied Materials, Inc.		3,080		182,428
Broadcom, Inc.		470		164,326
Intel Corp.		3,440		152,323
IPG Photonics Corp. ^(a)		1,070		198,977
KLA Corp.		990		195,208
Lam Research Corp.		580		198,406
Maxim Integrated Products, Inc.		2,570		179,001
Microchip Technology, Inc.		1,680		176,534
Micron Technology, Inc. ^(a)		3,680		185,251
NVIDIA Corp.		350		175,476
Qorvo, Inc. ^(a)		1,380		175,757
QUALCOMM, Inc.		1,500		185,040
Skyworks Solutions, Inc.		1,250		176,613
Teradyne, Inc.		2,260		198,541
Texas Instruments, Inc.		1,240		179,292
Xilinx, Inc.		1,720		204,147
				3,271,074
Shipbuilding — 0.4%
Huntington Ingalls Industries, Inc.		1,200		176,976

Software — 6.5%
Adobe Systems, Inc. ^(a)		360		160,956
Akamai Technologies, Inc. ^(a)		1,590		151,241
ANSYS, Inc. ^(a)		540		164,360
Autodesk, Inc. ^(a)		750		176,655
Broadridge Financial Solutions, Inc.		1,260		173,376
Cadence Design System, Inc. ^(a)		1,670		182,648
Citrix Systems, Inc.		1,280		144,985
Fidelity National Information Services, Inc.		1,180		147,016
Fiserv, Inc. ^(a)		1,820		173,755
Intuit, Inc.		540		169,927
Jack Henry & Associates, Inc.		1,090		161,592
Microsoft Corp.		830		168,050
Oracle Corp.		2,980		167,208
Paychex, Inc.		2,260		185,885
Paycom Software, Inc. ^(a)		640		233,018

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.6% (Continued)

Software — 6.5% (Continued)
Salesforce.com, Inc. ^(a)		700	$	162,589
ServiceNow, Inc. ^(a)		380		189,077
Synopsys, Inc. ^(a)		850		181,781
Tyler Technologies, Inc. ^(a)		520		199,878
				3,293,997
Telecommunications — 1.6%
Arista Networks, Inc. ^(a)		830		173,387
Cisco Systems, Inc.		4,250		152,575
Corning, Inc.		5,310		169,760
Juniper Networks, Inc.		7,340		144,745
Motorola Solutions, Inc.		1,100		173,866
				814,333
Textiles — 0.4%
Mohawk Industries, Inc. ^(a)		2,190		225,986

Toys/Games/Hobbies — 0.4%
Hasbro, Inc.		2,690		222,517

Transportation — 3.4%
CH Robinson Worldwide, Inc.		1,790		158,290
CSX Corp.		2,280		179,983
Expeditors International of Washington, Inc.		1,950		172,322
FedEx Corp.		760		197,197
JB Hunt Trasport Services, Inc.		1,300		158,262
Kansas City Southern		950		167,333
Norfolk Southern Corp.		810		169,387
Old Dominion Freight Line, Inc.		900		171,333
Union Pacific Corp.		900		159,471
United Parcel Service, Inc. - Class B		1,110		174,392
				1,707,970
TOTAL COMMON STOCKS (Cost $50,579,953)				50,571,030

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts, — 0.1%
U.S. Bank Money Market Deposit Account, 0.025% (b)	$	67,716	$	67,716
TOTAL SHORT-TERM INVESTMENTS (Cost $67,716)				67,716
Total Investments (Cost $50,647,669) — 99.7%				50,638,746
Other Assets in Excess of Liabilities — 0.3%				154,430
TOTAL NET ASSETS — 100.0%			$	50,793,176

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

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

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.5%

Aerospace/Defense — 9.3%
Hexcel Corp.		221	$	7,399
Lockheed Martin Corp.		174		60,923
Northrop Grumman Corp.		200		57,964
				126,286
Apparel — 1.4%
Deckers Outdoor Corp. ^(a)		74		18,749

Auto Parts & Equipment — 1.3%
Gentex Corp.		649		17,958

Biotechnology — 1.2%
Exelixis, Inc. ^(a)		816		16,712

Building Materials — 0.7%
Eagle Materials, Inc.		110		9,378

Chemicals — 7.2%
Celanese Corp.		312		35,415
Dow, Inc.		1,363		62,003
				97,418
Commercial Services — 5.4%
FleetCor Technologies, Inc. ^(a)		222		49,042
FTI Consulting, Inc. ^(a)		97		9,550
WEX, Inc. ^(a)		116		14,680
				73,272
Computers — 2.8%
CACI International, Inc. - Class A ^(a)		66		13,763
Lumentum Holdings, Inc. ^(a)		199		16,456
Perspecta, Inc.		425		7,620
				37,839
Electric — 1.5%
NRG Energy, Inc.		645		20,395

Electronics — 4.0%
Coherent, Inc. ^(a)		64		8,009
Hubbell, Inc.		143		20,808
Jabil, Inc.		398		13,189
Woodward, Inc.		165		13,126
				55,132
Engineering & Construction — 2.3%
KBR, Inc.		376		8,381
MasTec, Inc. ^(a)		195		9,680
TopBuild Corp. ^(a)		87		13,329
				31,390
Environmental Control — 1.6%
Clean Harbors, Inc. ^(a)		147		7,787
Tetra Tech, Inc.		142		14,329
				22,116

	Shares		Value
Hand/Machine Tools — 1.2%
Lincoln Electric Holdings, Inc.		157	$	15,986

Healthcare-Services — 2.7%
Chemed Corp.		41		19,611
LHC Group, Inc. ^(a)		80		17,324
				36,935
Home Builders — 5.0%
NVR, Inc. ^(a)		10		39,531
PulteGroup, Inc.		708		28,858
				68,389
Home Furnishings — 0.9%
Tempur Sealy International, Inc. ^(a)		136		12,104

Internet — 4.5%
eBay, Inc.		1,287		61,300

Iron/Steel — 1.3%
Reliance Steel & Aluminum Co.		168		18,310

Leisure Time — 1.1%
Polaris Industries, Inc.		162		14,719

Metal Fabricate/Hardware — 0.9%
The Timken Co.		198		11,821

Miscellaneous Manufacturing — 1.3%
Carlisle Cos., Inc.		144		17,837

Office Furnishings — 0.3%
Herman Miller, Inc.		156		4,753

Office/Business Equipment — 3.7%
Xerox Holdings Corp.		563		9,785
Zebra Technologies Corp. - Class A ^(a)		141		39,993
				49,778
Oil & Gas — 0.7%
Murphy USA, Inc. ^(a)		77		9,416

Retail — 6.2%
Dollar General Corp.		339		70,753
Lithia Motors, Inc. - Class B		60		13,774
				84,527
Semiconductors — 18.8%
Applied Materials, Inc.		1,235		73,149
Broadcom, Inc.		189		66,080
KLA Corp.		395		77,886
Qorvo, Inc. ^(a)		302		38,463
				255,578

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

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Software — 4.0%
J2 Global, Inc. ^(a)		126	$	8,553
Take-Two Interactive Software, Inc. ^(a)		298		46,166
				54,719
Telecommunications — 8.2%
Arista Networks, Inc. ^(a)		201		41,989
Motorola Solutions, Inc.		438		69,230
				111,219
TOTAL COMMON STOCKS (Cost $1,392,526)				1,354,036

	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts, — 0.5%
U.S. Bank Money Market Deposit Account, 0.025% ^(b)	$	7,123		7,123
TOTAL SHORT-TERM INVESTMENTS (Cost $7,123)				7,123
Total Investments (Cost $1,399,649) — 100.0%				1,361,159
Liabilities in Excess of Other Assets — 0.0% ^(c)				(341	)
TOTAL NET ASSETS — 100.0%			$	1,360,818

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

(c)

Less than 0.05%.

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.1%

Australia — 5.7%
Afterpay Ltd. ^(a)		1,790	$	121,654
AGL Energy Ltd.		5,197		45,589
APA Group		9,180		67,688
Aristocrat Leisure Ltd.		5,292		106,496
ASX Ltd.		1,615		90,395
Australia & New Zealand Banking Group Ltd.		23,527		311,063
BHP Billiton Ltd. - ADR		11,276		542,488
Brambles Ltd.		12,573		84,752
Cochlear Ltd.		516		76,957
Coles Group Ltd.		9,963		124,303
Commonwealth Bank of Australia		14,690		712,672
CSL Ltd.		3,530		713,503
Fortescue Metals Group Ltd.		14,039		171,407
Insurance Australia Group Ltd.		19,164		64,254
Macquarie Group Ltd.		2,756		245,539
National Australia Bank Ltd.		26,495		346,393
Newcrest Mining Ltd.		6,708		137,868
Origin Energy Ltd.		14,605		41,063
QBE Insurance Group Ltd.		12,182		70,642
Ramsay Health Care Ltd.		1,509		66,133
REA Group Ltd.		394		32,754
Rio Tinto Ltd.		3,087		200,559
Santos Ltd.		14,694		48,853
Scentre Group		43,022		63,504
Sonic Healthcare Ltd.		3,716		90,949
South32 Ltd.		40,184		57,338
Suncorp Group Ltd.		10,467		60,403
Sydney Airport		10,981		42,066
Telstra Corp. Ltd.		34,496		64,983
TPG Telecom Ltd. ^(a)		2,902		14,646
Transurban Group		22,674		214,519
Wesfarmers Ltd.		9,421		304,348
Westpac Banking Corp.		29,942		376,937
Woodside Petroleum Ltd.		7,928		97,632
Woolworths Group Ltd.		10,490		281,369
				6,091,719
Austria — 0.3%
ams AG ^(a)		2,279		48,838
Andritz AG		597		20,108
BAWAG Group AG ^(a)(b)		601		21,979
CA Immobilien Anlagen AG		611		16,758
Erste Group Bank AG		2,506		51,309
Mayr Melnhof Karton AG		86		14,042
OMV AG		1,198		27,486
Raiffeisen Bank International AG ^(a)		1,129		16,226
Strabag SE		115		3,335
Telekom Austria AG		1,179		7,937

	Shares		Value
Austria — 0.3% (Continued)
Verbund AG		586	$	33,701
Voestalpine AG		927		25,749
				287,468
Belgium — 0.9%
Ageas		1,549		62,330
Anheuser-Busch InBev SA/NV - ADR		7,046		365,758
Galapagos NV - ADR ^(a)		392		45,660
Groupe Bruxelles Lambert SA		981		80,296
KBC Groep NV		2,843		140,158
Sofina SA		129		33,503
Solvay SA - Class A		610		49,517
UCB SA		1,067		105,255
Umicore SA		1,573		60,529
				943,006
Bermuda — 0.1%
Alibaba Health Information Technology Ltd. ^(a)		32,404		84,641

Canada — 8.3%
Agnico Eagle Mines Ltd.		2,011		159,452
Alimentation Couche-Tard, Inc. - Class B ^(a)		7,135		219,732
Bank of Montreal		5,296		314,953
Barrick Gold Corp.		14,761		394,562
BCE, Inc.		2,477		99,625
Canadian Imperial Bank of Commerce		3,698		275,945
Canadian National Railway Co.		5,895		586,258
Canadian Natural Resources Ltd.		9,800		156,310
Canadian Pacific Railway Ltd.		1,136		339,812
CGI, Inc. ^(a)		1,918		119,242
Constellation Software Inc./Canada ^(a)		182		191,056
Enbridge, Inc.		16,761		461,933
Fortis, Inc.		3,843		151,798
Franco-Nevada Corp.		1,577		215,339
Great-West Lifeco, Inc.		2,250		45,851
Hydro One Ltd. ^(a)(b)		2,547		55,650
Imperial Oil Ltd.		1,898		25,300
Intact Financial Corp. ^(a)		1,188		122,715
Loblaw Cos Ltd. ^(a)		1,438		71,582
Magna International, Inc.		2,353		120,262
Manulife Financial Corp.		16,067		218,190
National Bank of Canada ^(a)		2,795		134,138
Nutrien Ltd.		4,720		192,010
Pembina Pipeline Corp.		4,329		90,606
Restaurant Brands International, Inc.		2,495		129,740
Rogers Communications, Inc. - Class B		2,921		118,622
Royal Bank of Canada		11,785		824,832

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

Canada — 8.3% (Continued)
Shopify, Inc. - Class A ^(a)		893	$	826,409
Sun Life Financial, Inc.		4,851		193,167
Suncor Energy, Inc.		12,661		142,943
TC Energy Corp.		7,794		307,551
TELUS Corp.		3,488		59,680
The Bank of Nova Scotia		10,049		417,636
The Toronto-Dominion Bank		14,936		660,619
Thomson Reuters Corp.		1,401		109,068
TOPICUS.COM, Inc. ^(a)(c)		338		2,105
Waste Connections, Inc.		2,181		216,617
Wheaton Precious Metals Corp.		3,510		161,846
				8,933,156
Cayman Islands — 0.1%
CK Asset Holdings Ltd.		21,133		97,862

Denmark — 2.2%
AP Moller - Maersk A/S - Class B		70		111,812
AP Moller - Maersk A/S - Class A		34		50,160
Carlsberg A/S - Class B		861		108,972
Coloplast A/S - Class B		993		144,911
DSV A/S		1,668		270,084
Genmab A/S - ADR ^(a)		5,374		180,889
Novo Nordisk A/S - ADR		13,452		859,448
Novozymes A/S - Class B		1,742		104,678
Orsted A/S ^(b)		1,388		220,295
Vestas Wind Systems A/S		1,671		285,210
				2,336,459
Finland — 1.1%
Fortum OYJ		3,630		68,277
Kone OYJ - Class B		3,355		267,031
Neste OYJ		3,582		186,394
Nokia OYJ - ADR ^(a)		46,536		156,826
Nordea Bank Abp ^(a)		26,770		200,600
Sampo OYJ - Class A		4,309		162,598
Stora Enso OYJ - Class R		5,097		74,351
UPM-Kymmene OYJ		4,410		124,602
				1,240,679
France — 7.2%
Air Liquide SA		3,927		573,982
AXA SA		16,091		258,616
BNP Paribas SA ^(a)		9,511		330,702
Christian Dior SE		58		24,683
Credit Agricole SA ^(a)		10,528		83,157
Danone SA		5,349		295,287
Dassault Systemes SE		1,149		196,110
Electricite de France SA		3,868		44,904
Engie SA ^(a)		13,800		166,909
EssilorLuxottica SA ^(a)		2,451		303,153

	Shares		Value
France — 7.2% (Continued)
Hermes International		299	$	278,235
Kering		625		377,418
L’Oreal SA		1,887		610,298
LVMH Moet Hennessy Louis Vuitton SE - ADR		10,428		981,588
Orange SA		15,811		177,329
Pernod Ricard SA		1,570		253,064
Safran SA ^(a)		2,744		289,283
Sanofi - ADR		17,837		808,016
Schneider Electric SE		4,215		511,516
TOTAL SA - ADR		20,633		625,799
Vinci SA		4,219		333,243
Vivendi SA		6,673		192,660
				7,715,952
Germany — 6.3%
adidas AG ^(a)		1,545		458,841
Allianz SE - ADR		1		18
Allianz SE		3,249		571,601
BASF SE		7,630		418,276
Bayer AG - ADR		32,653		383,020
Bayerische Motoren Werke AG		2,649		181,036
Beiersdorf AG		823		86,169
Daimler AG		6,513		336,789
Deutsche Boerse AG		1,576		231,913
Deutsche Post AG		8,051		356,684
Deutsche Telekom AG		26,854		408,770
E.ON SE		18,178		189,522
Fresenius Medical Care AG & Co KGaA - ADR		3,529		134,914
Fresenius SE & Co. KGaA		3,412		126,525
Henkel AG & Co. KGaA		856		77,412
Infineon Technologies AG		10,834		301,565
Merck KGaA		1,081		160,080
Muenchener Rueckversicherungs-Gesellschaft AG - Class R		1,185		277,125
SAP SE - ADR		8,821		942,347
Sartorius AG		7		2,650
Siemens AG - ADR		12,554		807,599
Siemens Healthineers AG ^(b)		1,262		54,169
Volkswagen AG		290		45,123
Vonovia SE		4,518		288,456
				6,840,604
Hong Kong — 2.9%
AIA Group Ltd. - ADR		23,295		886,841
BOC Hong Kong Holdings Ltd.		29,795		82,630
Budweiser Brewing Co APAC Ltd. ^(b)		10,981		32,295
China Evergrande New Energy Vehicle Group Ltd. ^(a)		16,785		46,442
CK Hutchison Holdings Ltd.		22,377		134,796

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

Hong Kong — 2.9% (Continued)
CLP Holdings Ltd.		12,590	$	115,791
Galaxy Entertainment Group Ltd.		16,512		108,837
Hang Seng Bank Ltd.		6,033		92,761
Henderson Land Development Co Ltd.		13,647		48,321
Hong Kong & China Gas Co. Ltd.		85,435		122,766
Hong Kong Exchanges & Clearing Ltd.		9,898		472,653
Jardine Matheson Holdings Ltd.		2,109		93,618
Jardine Strategic Holdings Ltd.		1,475		31,993
MTR Corp Ltd.		12,767		63,156
Sands China Ltd.		20,116		70,448
Sea Ltd. - ADR ^(a)		2,341		369,176
Sun Hung Kai Properties Ltd.		12,252		156,696
Techtronic Industries Co Ltd.		13,387		178,551
				3,107,771
Ireland — 0.8%
CRH PLC - ADR		6,590		231,639
Flutter Entertainment PLC ^(a)		1,188		205,618
James Hardie Industries PLC		3,446		83,759
Kerry Group PLC - Class A		1,275		152,502
Kingspan Group PLC ^(a)		1,289		112,367
Ryanair Holdings PLC - ADR ^(a)		785		63,271
				849,156
Israel — 0.7%
Azrieli Group Ltd.		304		14,336
Bank Hapoalim BM ^(a)		9,277		54,351
Bank Leumi Le-Israel BM		12,156		57,537
Check Point Software Technologies Ltd. ^(a)		941		106,860
CyberArk Software Ltd. ^(a)		329		32,620
Elbit Systems Ltd.		208		23,537
Fiverr International Ltd. ^(a)		140		20,499
ICL Group Ltd.		5,713		20,795
Isracard Ltd.		0		1
Israel Discount Bank Ltd.		9,658		27,179
Kornit Digital Ltd. ^(a)		325		21,879
Mizrahi Tefahot Bank Ltd.		1,091		21,302
Nice Ltd. - ADR ^(a)		520		118,695
Plus500 Ltd.		843		16,114
Taro Pharmaceutical Industries Ltd. ^(a)		98		5,746
Teva Pharmaceutical Industries Ltd. - ADR ^(a)		9,031		78,750
Wix.com Ltd. ^(a)		394		97,444
				717,645
Italy — 1.4%
Assicurazioni Generali SpA		10,192		136,625
Atlantia SpA ^(a)		3,919		60,043

	Shares		Value
Italy — 1.4% (Continued)
Enel SpA		63,989	$	509,301
Eni SpA		21,085		147,609
Intesa Sanpaolo SpA ^(a)		145,090		239,882
Poste Italiane SpA ^(b)		3,807		31,037
Recordati SpA		788		40,830
Snam SpA		18,026		87,964
Terna Rete Elettrica Nazionale SpA		11,619		78,540
UniCredit SpA ^(a)		17,528		130,669
				1,462,500
Japan — 25.0%
Acom Co. Ltd.		3,840		17,129
Advantest Corp.		1,678		96,646
Aeon Co Ltd.		7,246		184,342
Aisin Seiki Co. Ltd.		1,527		45,871
Ajinomoto Co, Inc.		4,563		91,417
ANA Holdings, Inc. ^(a)		973		21,097
Asahi Glass Co. Ltd.		1,891		58,611
Asahi Group Holdings Ltd.		3,831		117,936
Asahi Kasei Corp.		11,576		99,556
Astellas Pharma, Inc.		14,673		201,115
Bandai Namco Holdings, Inc.		1,861		138,222
Bridgestone Corp.		5,160		167,080
Canon, Inc. - ADR ^(a)		9,011		157,242
Central Japan Railway Co.		1,719		206,635
Chubu Electric Power Co, Inc.		5,993		67,060
Chugai Pharmaceutical Co Ltd.		5,292		203,249
Dai Nippon Printing Co Ltd.		2,513		46,542
Daifuku Co Ltd.		985		100,951
Dai-ichi Life Holdings, Inc.		9,941		146,843
Daiichi Sankyo Co Ltd.		15,185		398,571
Daikin Industries Ltd.		2,451		456,044
Daiwa House Industry Co Ltd.		5,531		144,516
Daiwa Securities Group, Inc.		12,962		52,123
Denso Corp.		4,315		199,398
Dentsu, Inc.		2,061		58,880
Disco Corp.		239		63,987
East Japan Railway Co.		3,137		163,509
Eisai Co Ltd.		2,460		190,066
ENEOS Holdings, Inc.		26,774		89,660
FANUC Corp.		1,617		340,559
Fast Retailing Co Ltd.		549		381,277
FUJIFILM Holdings Corp.		3,435		174,481
Fujitsu Ltd.		1,581		184,610
GMO Payment Gateway, Inc.		339		41,349
Hankyu Hanshin Holdings, Inc.		2,121		64,423
Hikari Tsushin, Inc.		190		44,299
Hitachi Ltd.		8,038		268,867
Honda Motor Co. Ltd. - ADR ^(a)		13,309		314,359
Hoya Corp.		3,137		353,566
Hulic Co Ltd.		4,137		38,171

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

Japan — 25.0% (Continued)
Idemitsu Kosan Co Ltd.		2,058	$	41,378
Inpex Corp.		8,982		42,210
Isuzu Motors Ltd.		5,143		41,411
ITOCHU Corp.		11,513		274,918
Itochu Techno-Solutions Corp.		763		25,908
Japan Airlines Co. Ltd. ^(a)		933		16,192
Japan Exchange Group, Inc.		4,455		108,189
Japan Post Bank Co. Ltd.		3,363		26,693
Japan Post Holdings Co. Ltd.		12,322		84,140
Japan Post Insurance Co. Ltd.		244		3,845
Japan Tobacco, Inc.		9,301		175,013
KAJIMA Corp.		4,175		44,344
Kansai Paint Co. Ltd.		2,156		55,375
Kao Corp.		4,016		284,624
KDDI Corp.		12,998		346,692
Keio Corp.		1,021		59,000
Keyence Corp.		1,575		710,815
Kikkoman Corp.		1,618		80,054
Kintetsu Group Holdings Co. Ltd.		1,583		62,900
Kirin Holdings Co. Ltd.		7,582		136,077
Kobe Bussan Co Ltd.		978		27,510
Koito Manufacturing Co. Ltd.		1,091		52,312
Komatsu Ltd.		8,067		180,380
Kose Corp.		306		38,814
Kubota Corp.		9,611		166,204
Kyocera Corp.		2,930		160,388
Kyowa Kirin Co. Ltd.		2,116		52,347
Lasertec Corp.		604		52,153
LINE Corp. ^(a)		480		24,620
M3, Inc.		3,547		238,070
Makita Corp.		2,340		102,813
Marubeni Corp.		14,407		74,749
MEIJI Holdings Co Ltd.		1,209		87,302
MINEBEA MITSUMI, Inc.		3,542		63,400
MISUMI Group, Inc.		2,354		69,477
Mitsubishi Chemical Holdings Corp.		11,754		65,812
Mitsubishi Corp.		10,994		244,200
Mitsubishi Electric Corp.		17,810		227,952
Mitsubishi Estate Co. Ltd.		11,547		171,393
Mitsubishi Heavy Industries Ltd.		2,811		59,995
Mitsubishi UFJ Financial Group, Inc.		106,930		418,957
Mitsui & Co. Ltd.		12,679		197,400
Mitsui Fudosan Co Ltd.		8,138		137,933
Mizuho Financial Group, Inc.		21,063		257,818
MonotaRO Co Ltd.		975		54,014
MS&AD Insurance Group Holdings, Inc.		4,099		111,367
Murata Manufacturing Co. Ltd.		5,329		369,892

	Shares		Value
Japan — 25.0% (Continued)
NEC Corp.		2,159	$	108,264
Nexon Co. Ltd.		3,828		106,728
Nidec Corp.		4,557		457,028
Nihon M&A Center, Inc.		1,153		67,289
Nintendo Co. Ltd. - ADR ^(a)		7,845		531,342
Nippon Paint Holdings Co. Ltd.		1,667		149,512
Nippon Steel Corp. ^(a)		7,885		75,804
Nippon Telegraph & Telephone Corp.		10,691		224,246
Nissan Motor Co. Ltd. ^(a)		19,949		69,739
Nissin Foods Holdings Co. Ltd.		705		60,874
Nitori Holdings Co. Ltd.		706		145,320
Nitto Denko Corp.		1,328		92,723
Nomura Holdings, Inc.		23,620		104,795
Nomura Research Institute Ltd.		3,236		95,663
NTT Data Corp.		5,362		60,178
NTT DOCOMO, Inc.		8,332		309,341
Obayashi Corp.		5,980		49,693
Obic Co Ltd.		571		101,171
Odakyu Electric Railway Co. Ltd.		2,828		67,881
Olympus Corp.		10,796		205,103
Omron Corp.		1,721		123,287
Ono Pharmaceutical Co. Ltd.		4,172		118,431
Oracle Corp Japan		299		29,873
Oriental Land Co. Ltd.		1,871		260,648
ORIX Corp.		10,978		127,454
Osaka Gas Co. Ltd.		3,460		65,502
Otsuka Corp.		877		40,376
Otsuka Holdings Co. Ltd.		4,628		170,409
Pan Pacific International Holdings Corp.		5,000		106,118
Panasonic Corp.		19,317		177,256
Rakuten, Inc.		6,780		65,731
Recruit Holdings Co. Ltd.		13,236		501,905
Renesas Electronics Corp. ^(a)		8,663		71,244
Resona Holdings, Inc.		18,317		59,922
Rohm Co. Ltd.		784		59,907
Santen Pharmaceutical Co. Ltd.		3,338		59,207
Secom Co. Ltd.		1,783		149,783
Sekisui Chemical Co. Ltd.		3,789		58,629
Sekisui House Ltd.		5,345		88,143
Seven & i Holdings Co. Ltd.		6,624		201,134
SG Holdings Co. Ltd.		4,066		97,674
Sharp Corp.		1,736		19,898
Shimadzu Corp.		2,290		64,985
Shimano, Inc.		713		161,846
Shimizu Corp.		6,021		41,637
Shin-Etsu Chemical Co. Ltd.		3,188		422,955
Shionogi & Co. Ltd.		2,382		112,030
Shiseido Co. Ltd.		3,338		205,646

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

Japan — 25.0% (Continued)
SMC Corp.		490	$	258,818
SoftBank Corp.		13,506		156,416
SoftBank Group Corp. - ADR ^(a)		27,248		886,922
Sompo Holdings, Inc.		3,110		115,583
Sony Corp. - ADR ^(a)		10,438		873,243
Subaru Corp.		5,296		96,390
Sumitomo Corp.		10,389		113,570
Sumitomo Electric Industries Ltd.		6,583		72,027
Sumitomo Metal Mining Co. Ltd.		2,269		69,850
Sumitomo Mitsui Financial Group, Inc. - ADR ^(a)		57,193		316,849
Sumitomo Mitsui Trust Holdings, Inc.		3,131		83,243
Sumitomo Realty & Development Co. Ltd.		3,953		105,230
Suntory Beverage & Food Ltd.		1,070		36,793
Suzuki Motor Corp.		3,826		162,878
Sysmex Corp.		1,375		128,707
T&D Holdings, Inc.		4,940		48,931
Taisei Corp.		1,866		57,836
Taiyo Nippon Sanso Corp.		1,769		25,801
Takeda Pharmaceutical Co. Ltd. - ADR ^(a)		26,046		400,848
TDK Corp.		1,079		125,838
Terumo Corp.		5,793		212,309
The Kansai Electric Power Co., Inc.		6,870		62,397
Tobu Railway Co. Ltd.		1,760		49,676
Toho Co Ltd./Tokyo		1,182		46,627
Tokio Marine Holdings, Inc.		5,828		259,350
Tokyo Electron Ltd.		1,311		349,366
Tokyo Gas Co. Ltd.		3,236		73,115
Tokyu Corp.		4,715		55,619
Toray Industries, Inc.		13,525		60,769
Toshiba Corp.		3,549		89,119
TOTO Ltd.		1,333		60,414
Toyota Industries Corp.		1,711		109,823
Toyota Motor Corp. - ADR ^(a)		9,865		1,295,176
Toyota Tsusho Corp.		1,968		54,494
Trend Micro, Inc.		1,023		57,162
Unicharm Corp.		3,661		169,246
Welcia Holdings Co Ltd.		802		31,407
West Japan Railway Co.		1,591		67,776
Yakult Honsha Co Ltd.		1,349		65,198
Yamaha Corp.		1,404		65,979
Yamato Holdings Co. Ltd.		2,799		73,628
Yaskawa Electric Corp.		2,226		85,791
Z Holdings Corp.		23,091		159,924
ZOZO, Inc.		796		20,156
				26,971,927

	Shares		Value
Jersey — 0.5%
Experian PLC		7,548	$	275,459
Ferguson PLC		1,940		194,075
WPP PLC - ADR		2,048		81,818
				551,352
Luxembourg — 0.3%
ArcelorMittal ^(a)		5,915		80,269
Ardagh Group SA		158		2,604
Globant SA ^(a)		307		55,447
RTL Group SA ^(a)		328		12,461
SES SA		3,190		25,464
Spotify Technology SA ^(a)		846		202,947
				379,192
Netherlands — 4.0%
Adyen NV ^(a)(b)		204		343,908
Airbus SE - ADR ^(a)		20,407		372,836
ASML Holding NV - ADR		3,467		1,252,315
CNH Industrial NV ^(a)		8,235		63,986
Davide Campari-Milano NV		3,252		33,951
EXOR NV		803		41,710
Ferrari NV		1,084		193,348
Heineken NV		1,962		174,120
ING Groep NV - ADR ^(a)		32,564		222,086
Koninklijke Ahold Delhaize NV		9,124		250,673
Koninklijke Philips NV ^(a)		7,593		352,621
Prosus NV		3,521		351,760
Unilever NV		11,344		641,430
				4,294,744
New Zealand — 0.4%
A2 Milk Co. Ltd. ^(a)		6,147		59,503
Auckland International Airport Ltd. ^(a)		9,909		45,863
Contact Energy Ltd.		5,971		29,136
Fisher & Paykel Healthcare Corp. Ltd.		4,779		110,596
Mercury NZ Ltd.		5,199		18,391
Meridian Energy Ltd.		10,412		36,487
Ryman Healthcare Ltd.		3,442		31,862
Spark New Zealand Ltd.		15,233		45,224
Xero Ltd. ^(a)		912		70,611
				447,673
Norway — 0.7%
Adevinta ASA ^(a)		1,876		28,985
Aker ASA		205		8,173
Aker BP ASA		899		13,965
DNB ASA ^(a)		7,470		100,704
Equinor ASA - ADR		9,205		118,100
Gjensidige Forsikring ASA		1,576		29,930
Leroy Seafood Group ASA		2,339		10,986
Mowi ASA		3,726		58,798
NEL ASA ^(a)		6,102		11,556

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

Norway — 0.7% (Continued)
Norsk Hydro ASA ^(a)		11,330	$	31,723
Orkla ASA		6,739		63,588
Salmar ASA ^(a)		467		23,603
Schibsted ASA - Class A ^(a)		684		27,886
Schibsted ASA - Class B ^(a)		862		30,935
Telenor ASA		5,404		83,324
TOMRA Systems ASA		916		36,912
Yara International ASA		1,484		51,686
				730,854
Portugal — 0.1%
EDP - Energias de Portugal SA		23,039		113,554
Jeronimo Martins SGPS SA		2,055		32,646
				146,200
Republic of Korea — 0.2%
KB Financial Group, Inc. - ADR ^(a)		3,211		114,729
POSCO - ADR ^(a)		2,362		109,384
SK Telecom Co. Ltd. - ADR ^(a)		2,479		52,208
				276,321
Singapore — 0.9%
CapitaLand Ltd.		20,879		39,283
City Developments Ltd.		5,115		23,741
DBS Group Holdings Ltd.		14,852		221,266
Genting Singapore Ltd.		46,968		22,178
Keppel Corp. Ltd.		12,033		38,673
Oversea-Chinese Banking Corp. Ltd.		32,487		200,257
Singapore Airlines Ltd.		10,810		26,828
Singapore Exchange Ltd.		6,848		43,416
Singapore Technologies Engineering Ltd.		12,941		33,064
Singapore Telecommunications Ltd.		53,286		79,191
United Overseas Bank Ltd.		11,604		161,323
Wilmar International Ltd.		25,190		74,503
				963,723
Spain — 1.7%
Aena SME SA ^(a)(b)		615		82,799
Amadeus IT Holding SA		3,736		178,352
Banco Bilbao Vizcaya Argentaria SA - ADR		55,578		160,621
Banco Santander SA - ADR		139,899		281,197
Cellnex Telecom SA ^(b)		2,161		138,726
EDP Renovaveis SA		1,173		22,295
Endesa SA		2,656		71,177
Iberdrola SA		44,912		529,604
Industria de Diseno Textil SA		8,798		217,125
Naturgy Energy Group SA		2,781		51,660
Telefonica SA		37,875		123,775
				1,857,331
Sweden — 3.1%
Alfa Laval AB ^(a)		2,493		50,569

	Shares		Value
Sweden — 3.1% (Continued)
Assa Abloy AB - Class B		8,243	$	176,932
Atlas Copco AB - Class B		3,234		124,041
Atlas Copco AB - Class A		5,375		237,328
Boliden AB		2,270		62,041
Epiroc AB - Class B		3,234		46,374
Epiroc AB - Class A		5,199		77,707
EQT AB		1,609		30,658
Essity AB - Class B		5,026		145,667
Evolution Gaming Group AB ^(b)		1,044		77,551
Hennes & Mauritz AB - Class B		6,428		104,456
Hexagon AB - Class B		2,340		171,035
ICA Gruppen AB		790		37,403
Industrivarden AB ^(a)- Class A		1,353		36,401
Industrivarden AB ^(a)- Class C		1,388		35,502
Investment AB Latour - Class B		1,043		24,357
Investor AB - Class A		1,027		61,516
Investor AB - Class B		3,789		227,551
Kinnevik AB - Class B		2,018		82,809
L E Lundbergforetagen AB - Class B ^(a)		540		24,310
Lundin Energy AB		1,569		29,949
Nibe Industrier AB - Class B ^(a)		2,771		66,827
Sandvik AB ^(a)		9,167		163,284
Skandinaviska Enskilda Banken AB - Class A ^(a)		13,330		114,299
Skandinaviska Enskilda Banken AB - Class C ^(a)		124		1,140
Skanska AB - Class B		2,996		56,328
SKF AB - Class B		3,118		63,843
Svenska Cellulosa AB SCA - Class B ^(a)		5,026		68,202
Svenska Handelsbanken AB - Class A ^(a)		12,574		101,910
Svenska Handelsbanken AB - Class B ^(a)		298		2,877
Swedbank AB ^(a)		7,706		120,807
Swedish Match AB		1,364		102,794
Tele2 AB		4,144		49,155
Telefonaktiebolaget LM Ericsson - ADR		21,776		244,109
Telia Co. AB		21,024		80,614
Volvo AB - Class B ^(a)		12,280		238,951
				3,339,297
Switzerland — 7.9%
ABB Ltd. - ADR		14,867		361,119
Alcon, Inc. ^(a)		4,059		230,628
Cie Financiere Richemont SA		4,330		271,525
Givaudan SA		64		260,760
Glencore PLC ^(a)		90,660		183,105
Lonza Group AG		490		296,688
Nestle SA - ADR		22,444		2,519,788

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

Switzerland — 7.9% (Continued)
Novartis AG - ADR		20,158	$	1,573,937
Roche Holding AG - ADR		45,334		1,812,907
STMicroelectronics NV		5,443		165,769
UBS Group AG		31,756		368,660
Zurich Insurance Group AG		1,268		420,385
				8,465,271
United Kingdom — 10.3%
Anglo American PLC		11,304		265,239
Ashtead Group PLC		3,528		127,975
Associated British Foods PLC		2,956		65,006
AstraZeneca PLC - ADR		21,672		1,087,068
Atlassian Corp PLC - Class A ^(a)		1,060		203,117
Aviva PLC		32,646		108,905
BAE Systems PLC		26,469		136,134
Barclays PLC - ADR ^(a)		34,068		188,396
BHP Group PLC - ADR		8,755		340,307
BP PLC - ADR		27,878		431,551
British American Tobacco PLC - ADR		18,833		600,396
BT Group PLC		72,715		95,521
Coca-Cola European Partners PLC		1,761		62,885
Compass Group PLC		14,801		202,294
Diageo PLC - ADR		4,561		593,751
Fiat Chrysler Automobiles NV ^(a)		9,119		111,960
GlaxoSmithKline PLC - ADR		20,511		685,478
HSBC Holdings PLC - ADR ^(a)		34,215		717,831
Imperial Brands PLC		7,876		124,890
Legal & General Group PLC		48,973		117,246
Lloyds Banking Group PLC - ADR ^(a)		153,643		216,637
London Stock Exchange Group PLC		2,631		282,153
National Grid PLC - ADR		6,280		373,346
Natwest Group PLC ^(a)		38,091		61,289
Ocado Group PLC ^(a)		4,707		138,789
Prudential PLC - ADR		10,742		262,427
Reckitt Benckiser Group PLC		6,112		538,432
RELX PLC - ADR		16,423		324,026
Rio Tinto PLC - ADR		8,394		476,527
Royal Dutch Shell PLC - ADR		30,885		745,873
Smith & Nephew PLC - ADR		3,726		130,671
SSE PLC		8,685		141,206
Standard Chartered PLC ^(a)		21,976		100,157
Tesco PLC		80,504		214,323
Unilever PLC - ADR		9,670		549,546
Vodafone Group PLC - ADR		22,161		299,395
				11,120,747
TOTAL COMMON STOCKS (Cost $107,580,766)				100,253,250

	Shares		Value
EXCHANGE TRADED FUNDS — 5.1%
iShares MSCI South Korea ETF		84,564	$	5,488,204
TOTAL EXCHANGE TRADED FUNDS (Cost $5,460,932)				5,488,204

PREFERRED STOCKS — 0.4%

Germany — 0.4%
Bayerische Motoren Werke AG		494		25,545
Henkel AG & Co. KGaA		1,478		143,767
Volkswagen AG		1,535		223,645
				392,957
TOTAL PREFERRED STOCKS (Cost $434,838)				392,957

REAL ESTATE INVESTMENT TRUSTS — 1.1%

Australia — 0.2%
Dexus		9,051		54,776
Goodman Group		13,502		174,626
				229,402
Britian — 0.1%
Segro PLC		9,262		108,231

Hong Kong — 0.1%
Link REIT		17,054		129,899

Japan — 0.3%
Japan Real Estate Investment Corp.		15		73,356
Nippon Building Fund, Inc.		15		75,648
Nippon Prologis REIT, Inc.		25		82,143
Nomura Real Estate Master Fund, Inc.		50		59,506
				290,653
Singapore — 0.1%
Ascendas Real Estate Investment Trust		24,848		52,390

United States — 0.3%
Brookfield Asset Management, Inc. - Class A		11,608		345,686
Brookfield Property REIT, Inc.		484		7,140
				352,826
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,259,467)				1,163,401

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.0% (d)

Money Market Deposit Accounts — 0.0% (d)
U.S. Bank Money Market Deposit Account, 0.025% (e)	$	23,348	$	23,348
TOTAL SHORT-TERM INVESTMENTS (Cost $23,348)				23,348
Total Investments (Cost $114,759,351) — 99.7%				107,321,160
Other Assets in Excess of Liabilities — 0.3%				362,028
TOTAL NET ASSETS — 100.0%			$	107,683,188

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

(c)

(d)

Less than 0.05%.

(e)

The rate shown is as of October 31, 2020.

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 93.1%

Bermuda — 1.2%
Nine Dragons Paper Holdings Ltd.		17,844	$	23,708

Brazil — 9.5%
Ambev SA - ADR		13,992		29,943
BRF SA - ADR ^(a)		3,840		11,366
CCR SA		5,304		10,288
Cosan SA		772		8,700
CPFL Energia SA		3,590		17,387
Engie Brasil Energia SA		2,220		15,395
JBS SA		9,876		33,322
Petrobras Distribuidora SA		3,122		10,398
TIM SA/Brazil - ADR		920		9,476
Vale SA - ADR		3,576		37,798
				184,073
Cayman Islands — 4.8%
SINA Corp. ^(a)		404		17,311
Tongcheng-Elong Holdings Ltd. ^(a)(b)		3,224		5,348
Xiaomi Corp. - Class B ^(a)(b)		24,786		70,338
				92,997
Chile — 0.6%
Cencosud SA		8,820		12,261

China — 15.0%
Air China Ltd. - Class H		59,648		38,470
Anhui Conch Cement Co. Ltd. - Class H		5,820		36,298
Beijing Capital International Airport Co Ltd. - Class H		11,972		7,304
China Communications Services Corp Ltd. - Class H		16,414		9,528
China Eastern Airlines Corp Ltd. - Class H		104,774		41,626
China Shenhua Energy Co Ltd. - Class H		24,634		42,579
China Telecom Corp Ltd. - Class H		131,714		41,455
Great Wall Motor Co. Ltd. - Class H		40,152		64,948
Sinopec Shanghai Petrochemical Co Ltd. - Class H		52,426		9,670
				291,878
Colombia — 1.4%
Ecopetrol SA - ADR		3,044		28,157

Greece — 0.9%
Hellenic Telecommunications Organization SA		966		12,848
OPAP SA		566		4,565
				17,413

	Shares		Value
Hong Kong — 8.4%
China Medical System Holdings Ltd.		5,600	$	5,865
China Mobile Ltd. - ADR		1,152		35,401
China Resources Cement Holdings Ltd.		19,836		25,894
China Unicom Hong Kong Ltd.		69,848		42,886
CNOOC Ltd. - ADR		338		31,137
Sinotruk Hong Kong Ltd.		8,948		22,807
				163,990
Indonesia — 2.0%
Hanjaya Mandala Sampoerna Tbk PT		160,744		15,552
Indofood CBP Sukses Makmur Tbk PT		14,220		9,383
Indofood Sukses Makmur Tbk PT		28,506		13,644
				38,579
Malaysia — 1.1%
Malaysia Airports Holdings Bhd		5,160		5,191
MISC Bhd		9,698		15,381
				20,572
Mexico — 3.5%
Fomento Economico Mexicano SAB de CV - ADR		512		27,530
Gruma SAB de CV - Class B		654		6,980
Grupo Aeroportuario del Pacifico SAB de CV - ADR		94		7,819
Grupo Bimbo SAB de CV		9,598		18,552
Kimberly-Clark de Mexico SAB de CV - Class A		4,760		7,109
				67,990
Russian Federation — 11.9%
Alrosa PJSC		14,966		13,454
Federal Grid Co Unified Energy System PJSC		3,957,206		9,459
Inter RAO UES PJSC		396,234		25,357
LUKOIL PJSC - ADR		516		26,347
Magnitogorsk Iron & Steel Works PJSC		24,110		11,429
MMC Norilsk Nickel PJSC - ADR		1,390		33,138
Mobile TeleSystems PJSC - ADR		1,908		14,921
Novolipetsk Steel PJSC		11,502		26,929
ROSSETI PJSC		815,932		14,933
Surgutneftegas PJSC		70,564		29,267
Tatneft PJSC - ADR		830		25,830
				231,064
Singapore — 0.2%
Yangzijiang Shipbuilding Holdings Ltd.		5,254		3,539

South Africa — 6.1%
African Rainbow Minerals Ltd.		658		9,201
Anglo American Platinum Ltd.		422		27,627
Impala Platinum Holdings Ltd.		1,416		12,423

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 93.1% (Continued)

South Africa — 6.1% (Continued)
Kumba Iron Ore Ltd.		1,048	$	30,931
Mr Price Group Ltd.		690		5,210
MultiChoice Group		1,248		10,274
Vodacom Group Ltd.		2,966		22,332
				117,998
Taiwan — 16.7%
Asia Cement Corp.		10,042		14,447
Asustek Computer, Inc.		1,986		16,837
Catcher Technology Co. Ltd.		2,710		17,101
Chicony Electronics Co. Ltd.		2,324		6,996
Compal Electronics, Inc.		12,020		7,816
Foxconn Technology Co. Ltd.		4,946		8,663
Hon Hai Precision Industry Co. Ltd.		15,810		42,837
Inventec Corp.		14,866		11,746
Lite-On Technology Corp.		5,626		9,156
Nanya Technology Corp.		3,446		6,963
Pou Chen Corp.		10,898		9,601
President Chain Store Corp.		1,488		13,422
Quanta Computer, Inc.		17,238		43,391
Realtek Semiconductor Corp.		558		6,935
Synnex Technology International Corp.		5,664		8,406
Uni-President Enterprises Corp.		11,664		24,997
United Microelectronics Corp.		53,726		57,664
Wistron Corp.		18,134		18,068
				325,046
Thailand — 3.6%
Advanced Info Service PCL		5,084		28,138
Electricity Generating PCL		1,548		8,244
PTT Exploration & Production PCL		13,268		33,524
				69,906
Turkey — 4.1%
BIM Birlesik Magazalar AS		1,218		9,710
Eregli Demir ve Celik Fabrikalari TAS		15,348		17,455
KOC Holding AS		13,484		22,786
Tupras Turkiye Petrol Rafinerileri AS ^(a)		504		4,496
Turk Telekomunikasyon AS		14,586		11,192
Turkcell Iletisim Hizmetleri AS		8,354		14,556
				80,195
United Arab Emirates — 2.1%
Emirates Telecommunications Group Co PJSC		9,158		42,086
TOTAL COMMON STOCKS (Cost $1,947,743)				1,811,452

	Shares		Value
PREFERRED STOCKS — 5.0%

Brazil — 3.5%
Cia de Transmissao de Energia Eletrica Paulista - ADR		1,350	$	5,524
Cia Energetica de Minas Gerais		3,462		6,336
Cia Paranaense de Energia		936		10,032
Gerdau SA - ADR		4,094		15,598
Telefonica Brasil SA - ADR		4,114		30,279
				67,769
Russian Federation — 1.5%
Transneft PJSC		18		29,931
TOTAL PREFERRED STOCKS (Cost $120,960)				97,700

EXCHANGE TRADED FUNDS — 1.4%
iShares MSCI Saudi Arabia ETF		960		27,187
TOTAL EXCHANGE TRADED FUNDS (Cost $28,424)				27,187

	Principal Amount
SHORT-TERM INVESTMENTS 0.2%

Money Market Deposit Accounts, — 0.2%
U.S. Bank Money Market Deposit Account 0.025% ^(c)	$	3,820		3,820
TOTAL SHORT-TERM INVESTMENTS (Cost $3,820)				3,820
Total Investments (Cost $2,100,947) — 99.7%				1,940,159
Other Assets in Excess of Liabilities — 0.3%				5,355
TOTAL NET ASSETS — 100.0%			$	1,945,514

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

(c)

The rate shown is as of October 31, 2020.

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

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 100.0%
Pacer Developed Markets International Cash Cows 100 ETF		10,179	$	229,740
Pacer Global Cash Cows Dividend ETF		9,613		227,540
Pacer US Cash Cows 100 ETF		8,389		231,117
Pacer US Cash Cows Growth ETF		8,487		230,206
Pacer US Small Cap Cash Cows 100 ETF		9,277		233,651
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $1,262,055)				1,152,254

	Principal Amount
SHORT-TERM INVESTMENTS — 0.0% ^(a)

Money Market Deposit Accounts, — 0.0% ^(a)
U.S. Bank Money Market Deposit Account, 0.025% ^(b)	$	329		329
TOTAL SHORT-TERM INVESTMENTS (Cost $329)				329
Total Investments (Cost $1,262,384) — 100.0%				1,152,583
Liabilities in Excess of Other Assets — 0.0% ^(a)				(155	)
TOTAL NET ASSETS — 100.0%			$	1,152,428

Percentages are stated as a percent of net assets.

(a)

Less than 0.05%.

(b)

The rate shown is as of October 31, 2020.

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

Pacer Trendpilot Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.9%
Pacer Trendpilot 100 ETF		134,576	$	6,495,984
Pacer Trendpilot International ETF		291,804		6,428,442
Pacer Trendpilot US Bond ETF		254,400		6,690,720
Pacer Trendpilot US Large Cap ETF		220,287		6,335,454
Pacer Trendpilot US Mid Cap ETF		229,227		6,402,310
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $31,810,675)				32,352,910

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts, — 0.1%
U.S. Bank Money Market Deposit Account, 0.025% ^(a)	$	24,202		24,202
TOTAL SHORT-TERM INVESTMENTS (Cost $24,202)				24,202
Total Investments (Cost $31,834,877) — 100.0%				32,377,112
Liabilities in Excess of Other Assets — 0.0% ^(b)				(4,186	)
TOTAL NET ASSETS — 100.0%			$	32,372,926

Percentages are stated as a percent of net assets.

(a)

The rate shown is as of October 31, 2020.

(b)

Less than 0.05%.

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

100

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Principal Amount		Value
CORPORATE BONDS — 98.4%

Advertising — 1.0%
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.000%, 08/15/2027 ^(a)		3,265,000	$	3,099,138

Aerospace/Defense — 0.9%
TransDigm, Inc.
6.250%, 03/15/2026 ^(a)		2,620,000		2,734,612

Agriculture — 0.7%
Vector Group Ltd.
6.125%, 02/01/2025 ^(a)		2,130,000		2,128,669

Airlines — 1.1%
American Airlines, Inc.
11.750%, 07/15/2025 ^(a)		3,500,000		3,409,000

Apparel — 0.9%
Under Armour, Inc.
3.250%, 06/15/2026		3,050,000		2,952,446

Auto Manufacturers — 2.8%
Allison Transmission, Inc.
5.875%, 06/01/2029 ^(a)		720,000		788,483
Ford Motor Co.
9.625%, 04/22/2030		3,070,000		4,126,402
Navistar International Corp.
9.500%, 05/01/2025 ^(a)		3,510,000		3,896,100
				8,810,985
Auto Parts & Equipment — 2.0%
Adient US LLC
9.000%, 04/15/2025 ^(a)		3,350,000		3,688,182
Goodyear Tire & Rubber Co/The
5.000%, 05/31/2026		2,550,000		2,517,360
				6,205,542
Beverages — 0.8%
Primo Water Holdings, Inc.
5.500%, 04/01/2025 ^(a)		2,415,000		2,496,506

Building Materials — 1.1%
Builders FirstSource, Inc.
6.750%, 06/01/2027 ^(a)		3,210,000		3,446,737

Chemicals — 3.4%
Chemours Co.
7.000%, 05/15/2025		3,500,000		3,529,750
Olin Corp.
5.625%, 08/01/2029		3,550,000		3,674,232

	Principal Amount		Value
Chemicals — 3.4% (Continued)
Tronox, Inc.
6.500%, 04/15/2026 ^(a)	$	3,410,000	$	3,462,889
				10,666,871
Commercial Services — 5.6%
ADT Security Corp/The
4.875%, 07/15/2032 ^(a)		3,160,000		3,257,802
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625%, 07/15/2026 ^(a)		3,525,000		3,696,967
APX Group, Inc.
6.750%, 02/15/2027 ^(a)		2,920,000		3,047,750
Sabre GLBL, Inc.
5.250%, 11/15/2023 ^(a)		3,470,000		3,409,275
Service Corp International/US
5.125%, 06/01/2029		1,050,000		1,149,246
United Rentals North America, Inc.
4.000%, 07/15/2030		2,830,000		2,890,421
				17,451,461
Computers — 0.3%
NCR Corp.
5.750%, 09/01/2027 ^(a)		970,000		1,001,525

Cosmetics/Personal Care — 0.3%
Edgewell Personal Care Co.
5.500%, 06/01/2028 ^(a)		760,000		799,797

Distribution/Wholesale — 1.8%
H&E Equipment Services, Inc.
5.625%, 09/01/2025		700,000		727,125
HD Supply, Inc.
5.375%, 10/15/2026 ^(a)		2,270,000		2,378,767
Performance Food Group, Inc.
5.500%, 10/15/2027 ^(a)		2,450,000		2,515,734
				5,621,626
Diversified Financial Services — 2.3%
Navient Corp.
5.000%, 03/15/2027		2,970,000		2,777,603
5.625%, 08/01/2033		3,400,000		2,920,991
OneMain Finance Corp.
5.375%, 11/15/2029		1,420,000		1,462,657
				7,161,251
Electric — 3.1%
AES Corp
5.125%, 09/01/2027		1,830,000		1,967,067
NRG Energy, Inc.
5.250%, 06/15/2029 ^(a)		2,500,000		2,715,162
Talen Energy Supply LLC
7.250%, 05/15/2027 ^(a)		3,505,000		3,518,144

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

101

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)

Electric — 3.1% (Continued)
Vistra Operations Co LLC
5.000%, 07/31/2027 ^(a)	$	1,350,000	$	1,412,100
				9,612,473
Entertainment — 5.9%
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.500%, 05/01/2025 ^(a)		2,350,000		2,382,312
Churchill Downs, Inc.
5.500%, 04/01/2027 ^(a)		2,700,000		2,802,438
Live Nation Entertainment, Inc.
4.875%, 11/01/2024 ^(a)		3,100,000		2,989,578
Scientific Games International, Inc.
5.000%, 10/15/2025 ^(a)		2,800,000		2,814,000
Six Flags Theme Parks, Inc.
7.000%, 07/01/2025 ^(a)		2,150,000		2,280,344
Vail Resorts, Inc.
6.250%, 05/15/2025 ^(a)		2,600,000		2,733,250
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
5.125%, 10/01/2029 ^(a)		2,725,000		2,612,594
				18,614,516
Environmental Control — 1.0%
Harsco Corp.
5.750%, 07/31/2027 ^(a)		3,110,000		3,185,806

Food — 2.9%
B&G Foods, Inc.
5.250%, 04/01/2025		1,300,000		1,340,300
Post Holdings, Inc.
5.500%, 12/15/2029 ^(a)		1,780,000		1,926,894
Simmons Foods, Inc.
5.750%, 11/01/2024 ^(a)		3,450,000		3,419,813
US Foods, Inc.
6.250%, 04/15/2025 ^(a)		2,270,000		2,375,180
				9,062,187
Food Service — 1.1%
Aramark Services, Inc.
5.000%, 02/01/2028 ^(a)		3,405,000		3,439,425

Forest Products & Paper — 1.2%
Mercer International, Inc.
7.375%, 01/15/2025		3,700,000		3,769,394

Healthcare-Services — 1.5%
Catalent Pharma Solutions, Inc.
5.000%, 07/15/2027 ^(a)		800,000		835,352
MEDNAX, Inc.
6.250%, 01/15/2027 ^(a)		1,300,000		1,343,511

	Principal Amount		Value
Healthcare-Services — 1.5% (Continued)
Select Medical Corp.
6.250%, 08/15/2026 ^(a)	$	2,470,000	$	2,609,654
				4,788,517
Home Builders — 1.4%
MDC Holdings, Inc.
6.000%, 01/15/2043		3,635,000		4,552,201

Insurance — 0.3%
Radian Group, Inc.
6.625%, 03/15/2025		1,000,000		1,084,375

Internet — 0.3%
GrubHub Holdings, Inc.
5.500%, 07/01/2027 ^(a)		970,000		1,010,013

Investment Companies — 1.0%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750%, 09/15/2024		3,030,000		3,087,767

Iron/Steel — 1.2%
Cleveland-Cliffs, Inc.
9.875%, 10/17/2025 ^(a)		3,420,000		3,915,900

Lodging — 1.2%
Marriott Ownership Resorts, Inc. / ILG LLC
6.500%, 09/15/2026		2,950,000		3,043,574
Wyndham Hotels & Resorts, Inc.
5.375%, 04/15/2026 ^(a)		750,000		760,781
				3,804,355
Machinery-Construction & Mining — 1.0%
Terex Corp.
5.625%, 02/01/2025 ^(a)		3,180,000		3,233,663

Media — 9.7%
AMC Networks, Inc.
4.750%, 08/01/2025		2,550,000		2,547,463
Cumulus Media New Holdings, Inc.
6.750%, 07/01/2026 ^(a)		3,650,000		3,400,760
DISH DBS Corp.
5.875%, 11/15/2024		2,475,000		2,493,562
Gray Television, Inc.
7.000%, 05/15/2027 ^(a)		3,400,000		3,672,000
iHeartCommunications, Inc.
4.750%, 01/15/2028 ^(a)		3,300,000		3,157,077
Liberty Interactive LLC
8.250%, 02/01/2030		2,970,000		3,220,594
Nexstar Broadcasting, Inc.
5.625%, 07/15/2027 ^(a)		1,700,000		1,774,910

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

102

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.4% (Continued)

Media — 9.7% (Continued)
Sinclair Television Group, Inc.
5.500%, 03/01/2030 ^(a)	$	3,530,000	$	3,324,519
Sirius XM Radio, Inc.
5.500%, 07/01/2029 ^(a)		720,000		785,034
TEGNA, Inc.
4.625%, 03/15/2028 ^(a)		3,000,000		2,965,740
Univision Communications, Inc.
5.125%, 02/15/2025 ^(a)		3,250,000		3,199,219
				30,540,878
Mining — 2.6%
Arconic Corp.
6.000%, 05/15/2025 ^(a)		1,100,000		1,166,688
Compass Minerals International, Inc.
6.750%, 12/01/2027 ^(a)		2,800,000		3,041,948
Freeport-McMoRan, Inc.
5.450%, 03/15/2043		3,470,000		3,953,579
				8,162,215
Miscellaneous Manufacturing — 0.7%
Koppers, Inc.
6.000%, 02/15/2025 ^(a)		2,300,000		2,356,063

Oil & Gas — 5.9%
Apache Corp.
4.375%, 10/15/2028		920,000		842,720
Continental Resources Inc/OK
4.500%, 04/15/2023		910,000		866,793
CVR Energy, Inc.
5.250%, 02/15/2025 ^(a)		2,200,000		1,604,625
EQT Corp.
7.875%, 02/01/2025		1,000,000		1,113,895
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028 ^(a)		3,200,000		2,942,464
Murphy Oil Corp.
5.875%, 12/01/2027		2,700,000		2,133,054
Occidental Petroleum Corp.
2.900%, 08/15/2024		1,810,000		1,509,178
PDC Energy, Inc.
5.750%, 05/15/2026		1,400,000		1,322,125
Southwestern Energy Co.
7.500%, 04/01/2026		2,920,000		2,976,356
Sunoco LP / Sunoco Finance Corp.
4.875%, 01/15/2023		850,000		859,473
WPX Energy, Inc.
4.500%, 01/15/2030		2,470,000		2,374,905
				18,545,588

	Principal Amount		Value
Oil & Gas Services — 0.3%
Archrock Partners LP / Archrock Partners Finance Corp.
6.250%, 04/01/2028 ^(a)	$	1,120,000	$	1,083,600

Packaging & Containers — 3.3%
Ball Corp.
5.000%, 03/15/2022		1,115,000		1,163,809
Berry Global, Inc.
4.500%, 02/15/2026 ^(a)		1,090,000		1,106,606
Crown Americas LLC / Crown Americas Capital Corp. VI
4.750%, 02/01/2026		1,000,000		1,041,060
LABL Escrow Issuer LLC
6.750%, 07/15/2026 ^(a)		3,720,000		3,906,744
Mauser Packaging Solutions Holding Co.
5.500%, 04/15/2024 ^(a)		3,110,000		3,115,723
				10,333,942
Pharmaceuticals — 2.4%
Bausch Health Americas, Inc.
8.500%, 01/31/2027 ^(a)		3,370,000		3,689,594
Par Pharmaceutical, Inc.
7.500%, 04/01/2027 ^(a)		3,620,000		3,841,942
				7,531,536
Pipelines — 5.1%
EnLink Midstream Partners LP
4.150%, 06/01/2025		3,050,000		2,631,265
EQM Midstream Partners LP
5.500%, 07/15/2028		720,000		730,714
Genesis Energy LP / Genesis Energy Finance Corp.
7.750%, 02/01/2028		3,220,000		2,675,627
NuStar Logistics LP
5.625%, 04/28/2027		2,370,000		2,328,087
Rockies Express Pipeline LLC
4.950%, 07/15/2029 ^(a)		2,230,000		2,176,201
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
5.500%, 09/15/2024 ^(a)		1,500,000		1,445,220
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.500%, 07/15/2027		2,120,000		2,226,000
Western Midstream Operating LP
6.000%, 02/01/2050		1,945,000		1,790,061
				16,003,175
Real Estate — 1.5%
Cushman & Wakefield US Borrower LLC
6.750%, 05/15/2028 ^(a)		2,500,000		2,667,187
Howard Hughes Corp.
5.375%, 03/15/2025 ^(a)		1,900,000		1,907,125
				4,574,312

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

103

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Principal Amount		Value
REITS — 5.5%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LLC
5.750%, 05/15/2026 ^(a)	$	3,700,000	$	3,077,937
Diversified Healthcare Trust
4.750%, 02/15/2028		3,100,000		2,759,000
ESH Hospitality, Inc.
5.250%, 05/01/2025 ^(a)		2,455,000		2,458,621
Iron Mountain, Inc.
5.625%, 07/15/2032 ^(a)		1,700,000		1,759,500
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.250%, 02/01/2027 ^(a)		3,130,000		2,711,363
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
7.500%, 06/01/2025 ^(a)		3,400,000		3,559,375
Service Properties Trust
5.000%, 08/15/2022		900,000		891,000
				17,216,796
Retail — 3.4%
Gap, Inc.
8.375%, 05/15/2023 ^(a)		1,250,000		1,397,000
L Brands, Inc.
6.750%, 07/01/2036		3,285,000		3,324,666
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.500%, 06/01/2024		3,063,000		3,106,081
Yum! Brands, Inc.
4.750%, 01/15/2030 ^(a)		2,650,000		2,852,725
				10,680,472
Semiconductors — 0.9%
Amkor Technology, Inc.
6.625%, 09/15/2027 ^(a)		2,535,000		2,715,619

Software — 1.1%
SS&C Technologies, Inc.
5.500%, 09/30/2027 ^(a)		1,560,000		1,659,965
The Dun & Bradstreet Corp.
6.875%, 08/15/2026 ^(a)		1,648,000		1,766,450
				3,426,415
Telecommunications — 6.9%
CommScope Technologies LLC
5.000%, 03/15/2027 ^(a)		2,905,000		2,716,233
Embarq Corp.
7.995%, 06/01/2036		3,570,000		4,192,519
Plantronics, Inc.
5.500%, 05/31/2023 ^(a)		2,950,000		2,848,564
T-Mobile USA, Inc.
4.750%, 02/01/2028		3,600,000		3,861,529

	Principal Amount		Value
Telecommunications — 6.9% (Continued)
United States Cellular Corp.
6.700%, 12/15/2033	$	2,931,000	$	3,868,920
ViaSat, Inc.
5.625%, 04/15/2027 ^(a)		1,355,000		1,421,903
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.750%, 08/15/2028 ^(a)		2,990,000		2,892,825
				21,802,493
Toys/Games/Hobbies — 0.3%
Mattel, Inc.
5.875%, 12/15/2027 ^(a)		745,000		810,988

Transportation — 0.7%
XPO Logistics, Inc.
6.250%, 05/01/2025 ^(a)		2,105,000		2,241,182
TOTAL CORPORATE BONDS (Cost $306,943,608)				309,172,032

SHORT-TERM INVESTMENTS — 0.0% ^(b)

Money Market Deposit Accounts — 0.0% ^(b)
U.S. Bank Money Market Deposit Account, 0.025% ^(c)		68,880		68,880
TOTAL SHORT-TERM INVESTMENTS (Cost $68,880)				68,880
Total Investments (Cost $307,012,488) — 98.4%				309,240,912
Other Assets in Excess of Liabilities — 1.6%				4,928,797
TOTAL NET ASSETS — 100.0%			$	314,169,709

Percentages are stated as a percent of net assets.

(a)

Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At October 31, 2020, the market value of these securities total $198,795,087, which represents 63.28% of total net assets.

(b)

Less than 0.05%.

(c)

The rate shown is as of October 31, 2020.

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

104

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.5%

Agriculture — 1.0%
Muyuan Foodstuff Co Ltd. - Class A		9,030	$	95,526

Auto Manufacturers — 0.9%
SAIC Motor Corp Ltd. - Class A		24,600		84,996

Banks — 24.1%
Agricultural Bank of China Ltd. - Class H		346,900		163,090
Bank of China Ltd. - Class H		193,900		92,027
Bank of Communications Co. Ltd. - Class A		181,300		122,577
China CITIC Bank Corp. Ltd. - Class H		24,700		18,617
China Construction Bank Corp. - Class H		81,500		76,510
China Everbright Bank Co. Ltd. - Class H		126,400		73,951
China Merchants Bank Co. Ltd. - Class A		106,500		632,782
China Minsheng Banking Corp. Ltd. - Class A		250,400		197,324
Industrial & Commercial Bank of China Ltd. - Class A		195,300		143,410
Industrial Bank Co. Ltd. - Class A		125,500		333,408
Ping An Bank Co. Ltd. - Class A		73,800		195,509
Shanghai Pudong Development Bank Co. Ltd. - Class A		130,200		179,943
				2,229,148
Beverages — 18.2%
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A		4,000		100,332
Kweichow Moutai Co. Ltd. - Class A		4,000		996,997
Wuliangye Yibin Co. Ltd. - Class A		15,900		579,858
				1,677,187
Building Materials — 1.3%
Anhui Conch Cement Co. Ltd. - Class H		15,600		118,370

Chemicals — 1.6%
Wanhua Chemical Group Co. Ltd. - Class A		12,900		151,118

Coal — 0.5%
China Shenhua Energy Co. Ltd. - Class H		17,900		44,482

Commercial Services — 0.4%
Offcn Education Technology Co. Ltd. - Class A		5,600		33,031

	Shares		Value
Diversified Financial Services — 5.3%
CITIC Securities Co. Ltd. - Class A		76,200	$	325,603
CSC Financial Co. Ltd. - Class H		3,600		22,991
East Money Information Co. Ltd. - Class A		40,900		142,719
				491,313
Electric — 1.1%
China Yangtze Power Co. Ltd. - Class A		35,900		101,589

Electrical Components & Equipment — 0.8%
Contemporary Amperex Technology Co. Ltd. - Class A		2,100		77,469

Electronics — 4.2%
Foxconn Industrial Internet Co. Ltd. - Class A		10,200		20,780
Hangzhou Hikvision Digital Technology Co. Ltd. - Class A		25,600		171,553
Luxshare Precision Industry Co. Ltd. - Class A		23,629		193,470
				385,803
Energy-Alternate Sources — 2.1%
LONGi Green Energy Technology Co. Ltd. - Class A		17,200		195,073

Engineering & Construction — 1.3%
China State Construction Engineering Corp. Ltd. - Class A		152,000		115,925

Food — 3.6%
Foshan Haitian Flavouring & Food Co. Ltd. - Class A		2,900		69,338
Inner Mongolia Yili Industrial Group Co. Ltd. - Class A		45,000		266,836
				336,174
Healthcare-Products — 1.4%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A		2,300		132,778

Healthcare-Services — 0.4%
WuXi AppTec Co. Ltd. - Class H		1,890		31,796

Home Furnishings — 5.6%
Gree Electric Appliances Inc of Zhuhai - Class A		38,500		335,744
Midea Group Co. Ltd. - Class A		15,810		183,745
				519,489
Insurance — 12.7%
China Life Insurance Co. Ltd. - Class H		13,200		90,782
China Pacific Insurance Group Co. Ltd. - Class A		24,800		118,111

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

105

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)

Insurance — 12.7% (Continued)
Ping An Insurance Group Co. of China Ltd. - Class A		83,400	$	968,780
				1,177,673
Oil & Gas — 0.9%
China Petroleum & Chemical Corp. - Class H		86,700		50,465
PetroChina Co. Ltd. - Class H		53,700		32,620
				83,085
Pharmaceuticals — 4.0%
Chongqing Zhifei Biological Products Co. Ltd. - Class A		3,200		76,501
Jiangsu Hengrui Medicine Co.Ltd. - Class A		22,100		293,031
				369,532
Real Estate — 4.2%
China Vanke Co. Ltd. - Class H		58,600		240,952
Poly Developments and Holdings Group Co. Ltd. - Class A		62,300		142,821
				383,773
Retail — 2.3%
China Tourism Group Duty Free Corp. Ltd. - Class A		7,100		211,298

Telecommunications — 0.5%
China United Network Communications Ltd. - Class A		68,900		49,051

Transportation — 1.1%
Beijing-Shanghai High Speed Railway Co. Ltd. - Class A		23,940		19,937
SF Holding Co. Ltd. - Class A		6,500		80,326
				100,263
TOTAL COMMON STOCKS (Cost $8,006,974)				9,195,942

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%

Money Market Deposit Accounts, — 0.5%
U.S. Bank Money Market Deposit Account, 0.025% (a)	$	45,616	$	45,616
TOTAL SHORT-TERM INVESTMENTS (Cost $45,616)				45,616
Total Investments (Cost $8,052,590) — 100.0%				9,241,558
Other Assets in Excess of Liabilities — 0.0% (b)				855
TOTAL NET ASSETS — 100.0%			$	9,242,413

Percentages are stated as a percent of net assets.

(a)

The rate shown is as of October 31, 2020.

(b)

Less than 0.05%.

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

106

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Biotechnology — 7.8%
Emergent BioSolutions, Inc. ^(a)		104	$	9,357
Gilead Sciences, Inc.		2,624		152,585
Illumina, Inc. ^(a)		304		88,981
Moderna, Inc. ^(a)		620		41,831
Regeneron Pharmaceuticals, Inc. ^(a)		216		117,409
Vir Biotechnology, Inc. ^(a)		172		5,408
				415,571
Chemicals — 2.0%
Ecolab, Inc.		560		102,811
Stepan Co.		44		5,123
				107,934
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc.		136		5,352

Electronics — 3.3%
Agilent Technologies, Inc.		604		61,662
Flir Systems, Inc.		264		9,158
Mettler-Toledo International, Inc. ^(a)		48		47,900
PerkinElmer, Inc.		220		28,501
Waters Corp. ^(a)		124		27,630
				174,851
Environmental Control — 0.2%
Stericycle, Inc. ^(a)		176		10,965

Food — 2.5%
Campbell Soup Co.		604		28,189
Hormel Foods Corp.		1,040		50,637
Kroger Co.		1,620		52,180
				131,006
Healthcare-Products — 16.8%
Abbott Laboratories		2,484		261,093
Danaher Corp.		1,356		311,256
QIAGEN NV ^(a)		440		20,874
Thermo Fisher Scientific, Inc.		650		307,528
				900,751
Healthcare-Services — 1.8%
Laboratory Corp. of American Holdings ^(a)		196		39,155
Quest Diagnostics, Inc.		268		32,733
Teladoc Health, Inc. ^(a)		128		25,147
				97,035
Household Products/Wares — 3.4%
Church & Dwight Co., Inc.		480		42,427
Clorox Co.		244		50,569
Kimberly-Clark Corp.		668		88,570
				181,566

	Shares		Value
Internet — 12.3%
Amazon.com, Inc. ^(a)		116	$	352,193
Netflix, Inc. ^(a)		648		308,280
				660,473
Machinery-Diversified — 0.6%
Xylem, Inc.		348		30,325

Miscellaneous Manufacturing — 3.4%
3M Co.		1,148		183,634

Pharmaceuticals — 16.3%
CVS Health Corp.		2,480		139,103
GlaxoSmithKline PLC - ADR		4,612		154,133
Johnson & Johnson		1,480		202,923
Merck & Co., Inc.		2,428		182,610
Sanofi - ADR		4,312		195,334
				874,103
Retail — 15.4%
Home Depot, Inc.		952		253,908
Lowe’s Cos., Inc.		1,524		240,944
Walgreens Boots Alliance, Inc.		1,772		60,319
Walmart, Inc.		1,920		266,400
				821,571
Semiconductors — 8.3%
NVIDIA Corp.		884		443,202

Software — 5.7%
Akamai Technologies, Inc. ^(a)		320		30,438
Citrix Systems, Inc.		252		28,544
Zoom Video Communications, Inc. ^(a)		536		247,048
				306,030
TOTAL COMMON STOCKS (Cost $5,117,174)				5,344,369

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

107

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts, — 0.1%
U.S. Bank Money Market Deposit Account 0.025% (b)	$	4,339	$	4,339
TOTAL SHORT-TERM INVESTMENTS (Cost $4,339)				4,339
Total Investments (Cost $5,121,513) — 100.0%				5,348,708
Other Assets in Excess of Liabilities — 0.0%				164
TOTAL NET ASSETS — 100.0%			$	5,348,872

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income produc ing security.

(b)

The rate shown is as of October 31, 2020.

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

108

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.6%

Aerospace/Defense — 1.6%
General Dynamics Corp.		3,397	$	446,128
Northrop Grumman Corp.		1,530		443,425
				889,553
Agriculture — 1.8%
Altria Group, Inc.		13,415		484,013
Archer-Daniels-Midland Co.		11,677		539,945
				1,023,958
Auto Manufacturers — 1.0%
PACCAR, Inc.		6,330		540,455

Beverages — 4.0%
Brown-Forman Corp. - Class B		7,474		521,012
Coca-Cola Co.		12,919		620,887
Monster Beverage Corp. ^(a)		6,954		532,468
PepsiCo, Inc.		4,123		549,555
				2,223,922
Biotechnology — 3.7%
Amgen, Inc.		2,327		504,819
Bio-Rad Laboratories, Inc. - Class A ^(a)		1,034		606,358
Gilead Sciences, Inc.		7,948		462,176
Incyte Corp. ^(a)		5,507		477,127
				2,050,480
Chemicals — 0.9%
Linde PLC		2,217		488,494

Commercial Services — 2.8%
Equifax, Inc.		3,145		429,607
Rollins, Inc.		10,753		622,061
Verisk Analytics, Inc.		2,882		512,910
				1,564,578
Cosmetics/Personal Care — 2.3%
Colgate-Palmolive Co.		8,336		657,627
Procter & Gamble Co.		4,527		620,652
				1,278,279
Diversified Financial Services — 0.9%
Intercontinental Exchange, Inc.		5,338		503,907

Electric — 6.0%
Alliant Energy Corp.		10,310		569,937
American Electric Power Co., Inc.		6,633		596,506
CMS Energy Corp.		8,936		565,917
Consolidated Edison, Inc.		7,078		555,552
Public Service Enterprise Group, Inc.		9,623		559,577
Xcel Energy, Inc.		7,608		532,788
				3,380,277
Electronics — 3.9%
Agilent Technologies, Inc.		5,616		573,337

	Shares		Value
Electronics — 3.9% (Continued)
Garmin Ltd.		5,296	$	550,890
PerkinElmer, Inc.		4,979		645,029
Roper Technologies, Inc.		1,134		421,100
				2,190,356
Environmental Control — 2.1%
Republic Services, Inc.		6,578		579,982
Waste Management, Inc.		5,362		578,614
				1,158,596
Food — 10.2%
Campbell Soup Co.		12,887		601,436
ConAgra Foods, Inc.		13,932		488,874
General Mills, Inc.		10,811		639,146
Hershey Co.		3,754		516,025
Hormel Foods Corp.		13,172		641,345
JM Smucker Co.		5,543		621,925
Kellogg Co.		9,549		600,537
Kroger Co.		16,858		542,996
McCormick & Co., Inc.		2,701		487,557
Mondelez International, Inc. - Class A		10,789		573,112
				5,712,953
Gas — 0.8%
Atmos Energy Corp.		4,983		456,792

Healthcare-Products — 8.4%
Abbott Laboratories		5,456		573,480
Baxter International, Inc.		6,525		506,144
Danaher Corp.		3,030		695,506
Medtronic PLC		5,254		528,395
STERIS Plc		3,394		601,383
The Cooper Cos., Inc.		1,756		560,252
Thermo Fisher Scientific, Inc.		1,384		654,798
West Pharmaceutical Services, Inc.		2,030		552,302
				4,672,260
Healthcare-Services — 1.0%
Quest Diagnostics, Inc.		4,398		537,172

Household Products/Wares — 3.2%
Church & Dwight Co., Inc.		6,724		594,334
Clorox Co.		3,168		656,568
Kimberly-Clark Corp.		4,094		542,824
				1,793,726
Insurance — 4.7%
Aon Plc		2,697		496,275
Berkshire Hathaway, Inc. - Class B ^(a)		2,884		582,279
Marsh & McLennan Cos., Inc.		4,886		505,505
Progressive Corp.		6,214		571,067
Willis Towers Watson PLC		2,595		473,536
				2,628,662

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

109

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.6% (Continued)

Internet — 3.9%
Alphabet, Inc. - Class C ^(a)		371	$	601,395
Amazon.com, Inc. ^(a)		192		582,941
eBay, Inc.		10,569		503,401
VeriSign, Inc. ^(a)		2,461		469,313
				2,157,050
Machinery-Diversified — 0.9%
IDEX Corp.		3,129		533,150

Media — 2.1%
Charter Communications, Inc. - Class A ^(a)		1,033		623,746
Comcast Corp. - Class A		12,677		535,476
				1,159,222
Miscellaneous Manufacturing — 1.9%
3M Co.		3,238		517,951
AO Smith Corp.		11,006		568,900
				1,086,851
Pharmaceuticals — 8.9%
AbbVie, Inc.		6,488		552,129
Becton Dickinson and Co.		2,219		512,878
Bristol-Myers Squibb Co.		11,652		681,059
CVS Health Corp.		8,221		461,116
Eli Lilly & Co.		3,518		458,958
Johnson & Johnson		4,543		622,891
Merck & Co., Inc.		7,722		580,772
Pfizer, Inc.		16,203		574,882
Zoetis, Inc.		3,333		528,447
				4,973,132
Retail — 4.7%
Costco Wholesale Corp.		2,137		764,234
Dollar General Corp.		3,285		685,612
Tractor Supply Co.		3,615		481,554
Walmart, Inc.		5,117		709,984
				2,641,384
Software — 7.7%
Activision Blizzard, Inc.		6,456		488,913
Akamai Technologies, Inc. ^(a)		5,208		495,385
Broadridge Financial Solutions, Inc.		4,105		564,848
Cerner Corp.		9,158		641,884
Citrix Systems, Inc.		3,988		451,721
Electronic Arts, Inc. ^(a)		4,243		508,439
Jack Henry & Associates, Inc.		2,982		442,081
Tyler Technologies, Inc. ^(a)		1,818		698,803
				4,292,074
Telecommunications — 4.1%
AT&T, Inc.		19,320		522,026
Juniper Networks, Inc.		23,114		455,808
T-Mobile US, Inc. ^(a)		4,547		498,215

	Shares		Value
Telecommunications — 4.1% (Continued)
Verizon Communications, Inc.		14,199	$	809,201
				2,285,250
Transportation — 3.1%
CH Robinson Worldwide, Inc.		6,268		554,279
Expeditors International of Washington, Inc.		7,206		636,794
United Parcel Service, Inc. - Class B		3,288		516,578
				1,707,651
TOTAL COMMON STOCKS (Cost $55,422,131)				53,930,184

REAL ESTATE INVESTMENT TRUSTS — 3.1%
Equinix, Inc.		669		489,200
Extra Space Storage, Inc.		5,097		590,997
Public Storage		2,928		670,716
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,633,777)				1,750,913

	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts, — 0.1%
U.S. Bank Money Market Deposit Account, 0.025% ^(b)	$	71,665		71,665
TOTAL SHORT-TERM INVESTMENTS (Cost $71,665)				71,665
Total Investments (Cost $57,127,573) — 99.8%				55,752,762
Other Assets in Excess of Liabilities — 0.2%				96,426
TOTAL NET ASSETS — 100.0%			$	55,849,188

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

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

110

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 95.0%

Agriculture — 0.6%
Darling Ingredients, Inc. ^(a)		1,984	$	85,312.00

Apparel — 0.5%
Deckers Outdoor Corp. ^(a)		319		80,825

Banks — 0.6%
PacWest Bancorp		1,747		33,613
Umpqua Holdings Corp.		4,604		57,826
				91,439
Beverages — 2.6%
The Boston Beer Co., Inc. - Class A ^(a)		371		385,536

Biotechnology — 2.9%
Arrowhead Pharmaceuticals, Inc. ^(a)		2,728		156,314
Emergent BioSolutions, Inc. ^(a)		1,080		97,168
Ligand Pharmaceuticals, Inc. ^(a)		393		32,403
Nektar Therapeutics ^(a)		3,418		54,141
United Therapeutics Corp. ^(a)		683		91,679
				431,705
Building Materials — 2.5%
Builders FirstSource, Inc. ^(a)		1,224		37,087
Lennox International, Inc.		516		140,177
Trex Co, Inc. ^(a)		2,839		197,424
				374,688
Chemicals — 0.8%
RPM International, Inc.		1,401		118,623

Commercial Services — 3.4%
CoreLogic, Inc.		1,101		84,700
FTI Consulting, Inc. ^(a)		330		32,492
HealthEquity, Inc. ^(a)		1,112		57,257
LiveRamp Holdings, Inc. ^(a)		1,267		83,736
Paylocity Holding Corp. ^(a)		984		182,551
WEX, Inc. ^(a)		564		71,374
				512,110
Computers — 1.3%
Lumentum Holdings, Inc. ^(a)		1,219		100,799
Perspecta, Inc.		2,419		43,373
Qualys, Inc. ^(a)		556		48,844
				193,016
Cosmetics/Personal Care — 0.2%
Edgewell Personal Care Co. ^(a)		921		24,149

Distribution/Wholesale — 4.4%
Pool Corp.		1,482		518,448
Watsco, Inc.		621		139,191
				657,639

	Shares		Value
Diversified Financial Services — 0.2%
LendingTree, Inc. ^(a)		109	$	35,271

Electrical Components & Equipment — 3.2%
Belden, Inc.		689		21,276
Energizer Holdings, Inc.		893		35,139
Generac Holdings, Inc. ^(a)		1,457		306,189
Universal Display Corp.		610		120,969
				483,573
Electronics — 0.7%
II-VI, Inc. ^(a)		1,028		46,743
SYNNEX Corp.		420		55,289
				102,032
Energy-Alternate Sources — 6.3%
Enphase Energy, Inc. ^(a)		3,533		346,552
SolarEdge Technologies, Inc. ^(a)		1,894		488,065
Sunrun, Inc. ^(a)		2,033		105,756
				940,373
Engineering & Construction — 0.5%
TopBuild Corp. ^(a)		471		72,162

Entertainment — 2.1%
Churchill Downs, Inc.		519		77,409
Penn National Gaming, Inc. ^(a)		3,794		204,800
Scientific Games Corp. ^(a)		933		29,744
				311,953
Environmental Control — 1.3%
Stericycle, Inc. ^(a)		2,303		143,477
Tetra Tech, Inc.		459		46,318
				189,795
Food — 0.9%
Hain Celestial Group, Inc. ^(a)		1,479		45,479
Lancaster Colony Corp.		272		45,190
Sprouts Farmers Market, Inc. ^(a)		1,980		37,719
				128,388
Hand/Machine Tools — 0.7%
MSA Safety, Inc.		843		111,209

Healthcare-Products — 11.1%
Bio-Techne Corp.		1,161		293,048
Haemonetics Corp. ^(a)		936		94,620
Integra LifeSciences Holdings Corp. ^(a)		1,102		48,598
LivaNova PLC ^(a)		707		35,590
Masimo Corp. ^(a)		1,670		373,779
NuVasive, Inc. ^(a)		734		32,612
Patterson Cos., Inc.		1,115		27,736
Penumbra, Inc. ^(a)		956		249,545
Quidel Corp. ^(a)		848		227,510
Repligen Corp. ^(a)		1,691		281,670
				1,664,708

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

111

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 95.0% (Continued)

Healthcare-Services — 7.9%
Amedisys, Inc. ^(a)		1,154	$	298,886
Catalent, Inc. ^(a)		2,525		221,620
Charles River Laboratories International, Inc. ^(a)		718		163,489
Chemed Corp.		438		209,504
LHC Group, Inc. ^(a)		504		109,141
MEDNAX, Inc. ^(a)		1,095		13,961
Molina Healthcare, Inc. ^(a)		728		135,750
Syneos Health, Inc. ^(a)		578		30,680
				1,183,031
Home Builders — 0.8%
KB Home		806		25,994
Thor Industries, Inc.		972		82,212
TRI Pointe Group, Inc. ^(a)		1,136		18,664
				126,870
Housewares — 1.8%
Helen of Troy Ltd. ^(a)		281		53,278
Scotts Miracle-Gro Co.		564		84,628
Toro Co.		1,566		128,569
				266,475
Insurance — 0.9%
Brown & Brown, Inc.		2,973		129,355

Internet — 2.3%
Etsy, Inc. ^(a)		2,053		249,624
GrubHub, Inc. ^(a)		1,376		101,769
				351,393
Leisure Time — 0.4%
Brunswick Corp.		891		56,766

Lodging — 0.3%
Choice Hotels International, Inc.		449		39,220

Machinery-Diversified — 5.1%
Cognex Corp.		5,155		339,715
Graco, Inc.		2,306		142,741
Nordson Corp.		1,444		279,313
				761,769
Media — 5.4%
Cable One, Inc.		176		304,807
FactSet Research Systems, Inc.		1,042		319,373
The New York Times Co. - Class A		3,892		154,357
World Wrestling Entertainment, Inc. - Class A		733		26,652
				805,189
Mining — 1.3%
Royal Gold, Inc.		1,687		200,432

	Shares		Value
Miscellaneous Manufacturing — 0.8%
Axon Enterprise, Inc. ^(a)		1,266	$	125,207

Oil & Gas — 0.6%
Cimarex Energy Co.		1,825		46,300
Murphy USA, Inc. ^(a)		403		49,283
				95,583
Oil & Gas Services — 0.1%
ChampionX Corp. ^(a)		1,332		11,628

Packaging & Containers — 0.3%
Silgan Holdings, Inc.		1,201		41,374

Pharmaceuticals — 0.6%
PRA Health Sciences, Inc. ^(a)		911		88,768

Pipelines — 0.3%
Antero Midstream Corp.		5,104		29,246
Equitrans Midstream Corp.		3,232		23,464
				52,710
Retail — 5.0%
BJ’s Wholesale Club Holdings, Inc. ^(a)		2,513		96,223
Dunkin’ Brands Group, Inc.		1,259		125,535
Five Below, Inc. ^(a)		775		103,338
Jack in the Box, Inc.		348		27,861
Lithia Motors, Inc. - Class B		365		83,793
Papa John’s International, Inc.		1,101		84,336
RH ^(a)		282		94,535
The Wendy’s Co.		2,754		60,175
Williams-Sonoma, Inc.		846		77,164
				752,960
Semiconductors — 5.7%
Cirrus Logic, Inc. ^(a)		693		47,727
CREE, Inc. ^(a)		1,591		101,188
MKS Instruments, Inc.		739		80,100
Monolithic Power Systems, Inc.		1,366		436,574
Semtech Corp. ^(a)		1,028		56,427
Silicon Laboratories, Inc. ^(a)		616		63,115
Synaptics, Inc. ^(a)		794		60,876
				846,007
Software — 7.0%
Blackbaud, Inc.		783		38,633
CDK Global, Inc.		1,841		79,347
Ceridian HCM Holding, Inc. ^(a)		3,171		273,404
CommVault Systems, Inc. ^(a)		667		26,407
Fair Isaac Corp. ^(a)		752		294,370
Manhattan Associates, Inc. ^(a)		1,096		93,708
PTC, Inc. ^(a)		2,799		234,780
				1,040,649

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

112

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 95.0% (Continued)

Telecommunications — 0.5%
CIENA Corp. ^(a)		1,845	$	72,675

Toys/Games/Hobbies — 0.5%
Mattel, Inc. ^(a)		5,283		72,747

Transportation — 0.6%
Knight-Swift Transportation Holdings, Inc.		1,376		52,274
Werner Enterprises, Inc.		814		30,948
				83,222
TOTAL COMMON STOCKS (Cost $13,002,157)				14,198,536

REAL ESTATE INVESTMENT TRUSTS — 4.7%
CoreSite Realty Corp.		1,255		149,797
CyrusOne, Inc.		3,599		255,709
EastGroup Properties, Inc.		875		116,445
First Industrial Realty Trust, Inc.		1,241		49,404
Mack-Cali Realty Corp.		1,346		14,792
Medical Properties Trust, Inc.		5,063		90,223
PS Business Parks, Inc.		288		32,842
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $753,139)				709,212

	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%

Money Market Deposit Accounts, — 0.3%
U.S. Bank Money Market Deposit Account, 0.025% ^(b)	$	45,714		45,714
TOTAL SHORT-TERM INVESTMENTS (Cost $45,714)				45,714
Total Investments (Cost $13,801,010) — 100.0%				14,953,462
Liabilities in Excess of Other Assets — 0.0% ^(c)				(5,057	)
TOTAL NET ASSETS — 100.0%			$	14,948,405

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

(c)

Less than 0.05%

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.

113

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS — 95.6%

Aerospace/Defense — 0.6%
Boeing Co.		395	$	57,034
TransDigm Group, Inc.		51		24,348
				81,382
Agriculture — 0.5%
Altria Group, Inc.		1,829		65,990

Apparel — 1.3%
NIKE, Inc. - Class B		1,382		165,950
Under Armour, Inc. - Class A ^(a)		384		5,315
				171,265
Auto Manufacturers — 0.1%
PACCAR, Inc.		195		16,649

Beverages — 0.4%
Brown-Forman Corp. - Class B		294		20,495
Monster Beverage Corp. ^(a)		442		33,844
				54,339
Biotechnology — 2.5%
Amgen, Inc.		385		83,522
Bio-Rad Laboratories, Inc. - Class A ^(a)		20		11,728
Illumina, Inc. ^(a)		162		47,417
Incyte Corp. ^(a)		195		16,895
Regeneron Pharmaceuticals, Inc. ^(a)		125		67,945
Vertex Pharmaceuticals, Inc. ^(a)		533		111,056
				338,563
Building Materials — 0.1%
Fortune Brands Home & Security, Inc.		78		6,308
Masco Corp.		180		9,648
				15,956
Chemicals — 1.7%
Air Products & Chemicals, Inc.		117		32,320
Ecolab, Inc.		278		51,038
Linde PLC		315		69,407
Sherwin-Williams Co.		101		69,486
				222,251
Commercial Services — 6.1%
Automatic Data Processing, Inc.		395		62,394
Equifax, Inc.		119		16,255
FleetCor Technologies, Inc. ^(a)		76		16,789
Gartner, Inc. ^(a)		81		9,728
IHS Markit Ltd.		187		15,123
MarketAxess Holdings, Inc.		69		37,181
Moody’s Corp.		254		66,777
PayPal Holdings, Inc. ^(a)		2,107		392,176
Rollins, Inc.		289		16,719
S&P Global, Inc.		418		134,901

	Shares		Value
Commercial Services — 6.1% (Continued)
Verisk Analytics, Inc.		264	$	46,984
				815,027
Computers — 7.1%
Apple, Inc.		8,526		928,140
Fortinet, Inc. ^(a)		234		25,827
				953,967
Cosmetics/Personal Care — 3.9%
Colgate-Palmolive Co.		961		75,813
Estee Lauder Cos., Inc. - Class A		243		53,378
Procter & Gamble Co.		2,831		388,130
				517,321
Distribution/Wholesale — 0.3%
Copart, Inc. ^(a)		232		25,604
Fastenal Co.		475		20,534
				46,138
Diversified Financial Services — 3.7%
MasterCard, Inc. - Class A		745		215,037
Nasdaq, Inc.		75		9,074
Visa, Inc. - Class A		1,499		272,383
				496,494
Electric — 0.7%
NextEra Energy, Inc.		1,288		94,294

Electronics — 0.8%
Agilent Technologies, Inc.		220		22,460
Garmin Ltd.		85		8,842
Keysight Technologies, Inc. ^(a)		193		20,240
Mettler-Toledo International, Inc. ^(a)		26		25,945
PerkinElmer, Inc.		80		10,364
Waters Corp. ^(a)		74		16,489
				104,340
Food — 0.6%
Campbell Soup Co.		103		4,807
ConAgra Foods, Inc.		295		10,351
General Mills, Inc.		355		20,987
Hormel Foods Corp.		175		8,521
Kellogg Co.		140		8,805
Kroger Co.		865		27,862
				81,333
Healthcare-Products — 6.8%
Abbott Laboratories		2,134		224,305
ABIOMED, Inc. ^(a)		48		12,090
Danaher Corp.		545		125,099
Edwards Lifesciences Corp. ^(a)		702		50,327
Hologic, Inc. ^(a)		160		11,011
IDEXX Laboratories, Inc. ^(a)		143		60,749
Intuitive Surgical, Inc. ^(a)		192		128,079
ResMed, Inc.		266		51,056
Teleflex, Inc.		57		18,139
Thermo Fisher Scientific, Inc.		340		160,861

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

114

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 95.6% (Continued)

Healthcare-Products — 6.8% (Continued)
Varian Medical Systems, Inc. ^(a)		108	$	18,663
West Pharmaceutical Services, Inc.		171		46,524
				906,903
Healthcare-Services — 0.4%
DaVita, Inc. ^(a)		72		6,210
IQVIA Holdings, Inc. ^(a)		218		33,570
Quest Diagnostics, Inc.		75		9,160
				48,940
Home Builders — 0.2%
DR Horton, Inc.		198		13,228
Lennar Corp. - Class A		165		11,588
PulteGroup, Inc.		139		5,666
				30,482
Household Products/Wares — 0.5%
Church & Dwight Co., Inc.		155		13,700
Clorox Co.		268		55,543
				69,243
Insurance — 0.4%
Aon PLC - Class A		281		51,707

Internet — 15.7%
Amazon.com, Inc. ^(a)		302		916,917
eBay, Inc.		465		22,148
Expedia Group, Inc.		149		14,028
Facebook, Inc. - Class A ^(a)		2,827		743,812
Netflix, Inc. ^(a)		792		376,786
NortonLifeLock, Inc.		676		13,905
VeriSign, Inc. ^(a)		88		16,782
				2,104,378
Lodging — 0.4%
Hilton Worldwide Holdings, Inc.		291		25,553
Marriott International, Inc. - Class A		257		23,870
Wynn Resorts Ltd.		88		6,374
				55,797
Machinery-Diversified — 0.4%
Rockwell Automation, Inc.		197		46,713

Media — 0.6%
Charter Communications, Inc. - Class A ^(a)		139		83,931

Mining — 0.4%
Newmont Goldcorp Corp.		952		59,824

Oil & Gas — 0.2%
Apache Corp.		276		2,291
Chevron Corp.		55		3,823
Concho Resources, Inc.		168		6,974

	Shares		Value
Oil & Gas — 0.2% (Continued)
Devon Energy Corp.		408	$	3,643
HESS Corp.		188		6,997
				23,728
Oil & Gas Services — 0.1%
Schlumberger Ltd.		1,072		16,016

Pharmaceuticals — 6.0%
AbbVie, Inc.		3,604		306,700
Bristol-Myers Squibb Co.		1,825		106,671
DexCom, Inc. ^(a)		203		64,875
Eli Lilly & Co.		1,566		204,300
Zoetis, Inc.		801		126,999
				809,545
Retail — 6.0%
Chipotle Mexican Grill, Inc. ^(a)		43		51,664
Costco Wholesale Corp.		238		85,114
Dollar General Corp.		210		43,829
Domino’s Pizza, Inc.		73		27,617
Home Depot, Inc.		556		148,291
Lowe’s Cos., Inc.		515		81,421
McDonald’s Corp.		781		166,353
Starbucks Corp.		1,293		112,439
Target Corp.		369		56,169
Tractor Supply Co.		70		9,325
Yum! Brands, Inc.		317		29,586
				811,808
Semiconductors — 10.4%
Advanced Micro Devices, Inc. ^(a)		2,327		175,200
Broadcom, Inc.		355		124,119
KLA Corp.		231		45,549
Lam Research Corp.		121		41,392
NVIDIA Corp.		1,233		618,177
Qorvo, Inc. ^(a)		96		12,226
QUALCOMM, Inc.		1,731		213,536
Skyworks Solutions, Inc.		140		19,781
Texas Instruments, Inc.		804		116,250
Xilinx, Inc.		228		27,061
				1,393,291
Software — 15.9%
Activision Blizzard, Inc.		802		60,735
Adobe Systems, Inc. ^(a)		743		332,195
Akamai Technologies, Inc. ^(a)		93		8,846
ANSYS, Inc. ^(a)		141		42,916
Autodesk, Inc. ^(a)		312		73,488
Broadridge Financial Solutions, Inc.		108		14,861
Cadence Design System, Inc. ^(a)		454		49,654
Citrix Systems, Inc.		217		24,580
Electronic Arts, Inc. ^(a)		265		31,755
Intuit, Inc.		221		69,544
Jack Henry & Associates, Inc.		114		16,901

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

115

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2020 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 95.6% (Continued)

Software — 15.9% (Continued)
Microsoft Corp.		4,392	$	889,248
MSCI, Inc.		155		54,225
Paychex, Inc.		293		24,099
Paycom Software, Inc. ^(a)		39		14,200
Salesforce.com, Inc. ^(a)		766		177,919
ServiceNow, Inc. ^(a)		296		147,281
Synopsys, Inc. ^(a)		252		53,893
Take-Two Interactive Software, Inc. ^(a)		202		31,294
Tyler Technologies, Inc. ^(a)		40		15,375
				2,133,009
Telecommunications — 0.5%
Motorola Solutions, Inc.		145		22,919
T-Mobile US, Inc. ^(a)		364		39,883
				62,802
Transportation — 0.2%
JB Hunt Trasport Services, Inc.		45		5,478
Kansas City Southern		54		9,512
Old Dominion Freight Line, Inc.		84		15,991
				30,981
Water — 0.1%
American Water Works Co., Inc.		101		15,201
TOTAL COMMON STOCKS (Cost $12,220,826)				12,829,608

REAL ESTATE INVESTMENT TRUSTS — 4.3%
American Tower Corp.		670		153,865
Crown Castle International Corp.		675		105,435
Digital Realty Trust, Inc.		195		28,139
Equinix, Inc.		175		127,967
Extra Space Storage, Inc.		149		17,277
Prologis, Inc.		426		42,259
Public Storage		173		39,629
SBA Communications Corp.		172		49,944
UDR, Inc.		326		10,184
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $579,380)				574,699

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts, — 0.1%
U.S. Bank Money Market Deposit Account 0.025% (b)	$	19,122	$	19,122
TOTAL SHORT-TERM INVESTMENTS (Cost $19,122)				19,122
Total Investments (Cost $12,819,328) — 100.0%				13,423,429
Other Assets in Excess of Liabilities — 0.0% (c)				3,356
TOTAL NET ASSETS — 100.0%			$	13,426,785

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2020.

(c)

Less than 0.05%

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

116

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2020 (Unaudited)

	Pacer Trendpilot^® US Large Cap ETF			Pacer Trendpilot^® US Mid Cap ETF			Pacer Trendpilot^® 100 ETF		Pacer Trendpilot^® European Index ETF			Pacer Global Cash Cows Dividend ETF
ASSETS
Investments in Securities, at Value*^	$	1,818,569,338		$	469,764,520		$	787,669,559	$	61,923,498		$	127,885,899
Interest and Dividends Receivable		1,806,691			166,038			54,485		374,520			774,326
Receivable for Investment Securities Sold		10,121,922			—			1,183,634		2,999,859			—
Securities Lending Income Receivable		3,130			6,141			673		607			3,723
Total Assets		1,830,501,080			469,936,699			788,908,351		65,298,484			128,663,948

LIABILITIES
Management Fees Payable		970,663			206,627			450,896		35,178			60,242
Payable for Fund Shares Redeemed		10,132,390			—			2,443,290		3,073,170			—
Collateral Received for Securities Loaned (See Note 5)		46,975,267			87,061,332			4,601,812		7,021,988			18,210,715
Total Liabilities		58,078,319			87,267,959			7,495,998		10,130,336			18,270,957

NET ASSETS	$	1,772,422,761		$	382,668,740		$	781,412,353	$	55,168,148		$	110,392,991

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,095,433,577		$	503,594,644		$	563,999,868	$	112,501,623		$	169,594,806
Total Distributable Earnings (Accumulated Deficit)		(323,010,816	)		(120,925,904	)		217,412,485		(57,333,475	)		(59,201,815	)
Net Assets	$	1,772,422,761		$	382,668,740		$	781,412,353	$	55,168,148		$	110,392,991
* Identified Cost:
Investments in Securities	$	1,719,797,738		$	462,447,082		$	704,939,079	$	67,535,680		$	156,295,792
^ Includes Loaned securities with a value of		45,796,491		$	83,870,350		$	4,279,661		6,802,792			17,715,254

Net Asset Value:
Net Assets	$	1,772,422,761		$	382,668,740		$	781,412,353	$	55,168,148		$	110,392,991
Shares Outstanding (No Par Value)		61,650,000			13,700,000			16,200,000		2,700,000			4,650,000
Net Asset Value, Offering and Redemption Price per Share	$	28.75		$	27.93		$	48.24	$	20.43		$	23.74

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

117

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2020 (Unaudited)

	Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF			Pacer Developed Markets International Cash Cows 100 ETF			Pacer WealthShield ETF			Pacer Military Times Best Employers ETF
ASSETS
Investments in Securities, at Value*^	$	217,135,179		$	36,574,205		$	14,052,150		$	55,443,688		$	1,451,213
Foreign Currency at Value*		—			—			21			—			—
Interest and Dividends Receivable		138,512			28,892			108,097			7,609			2,078
Securities Lending Income Receivable		1,088			131			211			7,043			—
Total Assets		217,274,779			36,603,228			14,160,479			55,458,340			1,453,291

LIABILITIES
Management Fees Payable		88,410			18,296			7,204			26,292			766
Collateral Received for Securities Loaned (See Note 5)		20,197,179			1,235,495			1,678,843			6,631,208			—
Total Liabilities		20,285,589			1,253,791			1,686,047			6,657,500			766

NET ASSETS	$	196,989,190		$	35,349,437		$	12,474,432		$	48,800,840		$	1,452,525

NET ASSETS CONSIST OF:
Paid-in Capital	$	239,327,863		$	48,920,689		$	22,742,460		$	66,065,263		$	1,555,517
Total Distributable Earnings (Accumulated Deficit)		(42,338,673	)		(13,571,252	)		(10,268,028	)		(17,264,423	)		(102,992	)
Net Assets	$	196,989,190		$	35,349,437		$	12,474,432		$	48,800,840		$	1,452,525
* Identified Cost:
Investments in Securities	$	215,977,854		$	35,270,147		$	15,412,406		$	53,448,608		$	1,484,976
Foreign Currencies		—			—			21			—			—
^ Includes loaned securities with a value of		19,954,099			1,206,780			1,646,597			6,302,318			—

Net Asset Value:
Net Assets	$	196,989,190		$	35,349,437		$	12,474,432		$	48,800,840		$	1,452,525
Shares Outstanding (No Par Value)		7,150,000			1,400,000			550,000			1,950,000			50,000
Net Asset Value, Offering and Redemption Price per Share	$	27.55		$	25.25		$	22.68		$	25.03		$	29.05

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

118

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2020 (Unaudited)

	Pacer Benchmark Industrial Real Estate SCTR^SM ETF		Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF		Pacer US Export Leaders ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer US Cash Cows Growth ETF
ASSETS
Investments in Securities, at Value*^	$	134,576,874	$	1,162,510,586	$	1,499,180		$	50,638,746		$	1,361,159
Foreign Currency at Value*		—		2		—			—			—
Interest and Dividends Receivable		98,982		79		782			54,639			388
Receivable for Investment Securities Sold		—		—		—			67,950,069			—
Receivable for Fund Shares Sold		1,675,955		—		—			17,412,265			—
Securities Lending Income Receivable		829		6,818		—			—			—
Total Assets		136,352,640		1,162,517,485		1,499,962			136,055,719			1,361,547

LIABILITIES
Management Fees Payable		54,958		498,924		791			29,132			729
Payable for Investment Securities Purchased		1,669,695		—		—			67,850,851			—
Payable for Fund Shares Redeemed		—		—		—			17,382,560			—
Collateral Received for Securities Loaned (See Note 5)		20,663,664		108,852,982		—			—			—
Total Liabilities		22,388,317		109,351,906		791			85,262,543			729

NET ASSETS	$	113,964,323	$	1,053,165,579	$	1,499,171		$	50,793,176		$	1,360,818

NET ASSETS CONSIST OF:
Paid-in Capital	$	113,482,681	$	1,034,039,054	$	1,595,241		$	62,042,318		$	1,446,891
Total Distributable Earnings (Accumulated Deficit)		481,642		19,126,525		(96,070	)		(11,249,142	)		(86,073	)
Net Assets	$	113,964,323	$	1,053,165,579	$	1,499,171		$	50,793,176		$	1,360,818
* Identified Cost:
Investments in Securities	$	132,324,846	$	1,145,810,658	$	1,507,437		$	50,647,669		$	1,399,649
Foreign Currencies		—		2		—			—			—
^ Includes loaned securities with a value of		20,046,355		105,527,709		—			—			—

Net Asset Value:
Net Assets	$	113,964,323	$	1,053,165,579	$	1,499,170		$	50,793,176		$	1,360,818
Shares Outstanding (No Par Value)		3,400,000		30,950,000		50,000			1,900,000			50,000
Net Asset Value, Offering and Redemption Price per Share	$	33.52	$	34.03	$	29.98		$	26.73		$	27.22

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

119

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2020 (Unaudited)

	Pacer Trendpilot International ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer Trendpilot Fund of Funds ETF			Pacer Trendpilot US Bond ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	107,321,160		$	1,940,159		$	329		$	24,202		$	309,240,912
Investments in Affiliated Securities, at Value*		—			—			1,152,254			32,352,910			—
Foreign Currency at Value*		121,641			1,690			—			—			—
Interest and Dividends Receivable		307,826			4,866			—			—			5,072,315
Return of Capital Receivable		617			—			—			—			—
Receivable for Investment Securities Sold		5,167			—			—			—			—
Total Assets		107,756,411			1,946,715			1,152,583			32,377,112			314,313,227

LIABILITIES
Management Fees Payable		73,223			1,201			155			4,186			143,518
Total Liabilities		73,223			1,201			155			4,186			143,518

NET ASSETS	$	107,683,188		$	1,945,514		$	1,152,428		$	32,372,926		$	314,169,709

NET ASSETS CONSIST OF:
Paid-in Capital	$	127,491,619		$	2,219,627		$	1,175,779		$	32,400,825		$	310,148,944
Total Distributable Earnings (Accumulated Deficit)		(19,808,431	)		(274,113	)		(23,351	)		(27,899	)		4,020,765
Net Assets	$	107,683,188		$	1,945,514		$	1,152,428		$	32,372,926		$	314,169,709
* Identified Cost:
Investments in Unaffiliated Securities	$	114,759,351		$	2,100,947		$	329		$	24,202		$	307,012,488
Investments in Affiliated Securities		—			—			1,262,055			31,810,675			—
Foreign Currencies		121,863			1,805			—			—			—

Net Asset Value:
Net Assets	$	107,683,188		$	1,945,514		$	1,152,428		$	32,372,926		$	314,169,709
Shares Outstanding (No Par Value)		4,900,000			100,000			50,000			1,300,000			12,000,000
Net Asset Value, Offering and Redemption Price per Share	$	21.98		$	19.46		$	23.05		$	24.90		$	26.18

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

120

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2020 (Unaudited)

	Pacer CSOP FTSE China A50 ETF		Pacer BioThreat Strategy ETF		Pacer Lunt Large Cap Alternator ETF		Pacer Lunt Midcap Multi-Factor Alternator ETF		Pacer Lunt Large Cap Multi-Factor Alternator ETF
ASSETS
Investments in Securities, at Value*	$	9,241,558	$	5,348,708	$	55,752,762	$	14,953,462	$	13,423,429
Cash		—		—		—		—		—
Foreign Currency at Value*		6,299		—		—		—		—
Interest and Dividends Receivable		1		3,517		70,108		2,820		10,586
Receivable for Investment Securities Sold		—		—		1,203,555		—		—
Receivable for Fund Shares Sold		—		—		7,284,690		—		—
Total Assets		9,247,858		5,352,225		64,311,115		14,956,282		13,434,015

LIABILITIES
Due to Custodian		—		—		—		—		—
Foreign Currency, at Value*		—		—		—		—		—
Management Fees Payable		5,445		3,353		26,486		7,877		7,230
Payable for Investment Securities Purchased		—		—		7,221,326		—		—
Payable for Fund Shares Redeemed		—		—		1,214,115		—		—
Collateral Received for Securities Loaned (See Note 5)		—		—		—		—		—
Total Liabilities		5,445		3,353		8,461,927		7,877		7,230

NET ASSETS	$	9,242,413	$	5,348,872	$	55,849,188	$	14,948,405	$	13,426,785

NET ASSETS CONSIST OF:
Paid-in Capital	$	9,028,096	$	5,122,385	$	54,249,605	$	13,058,675	$	12,438,230
Total Distributable Earnings (Accumulated Deficit)		214,317		226,487		1,599,583		1,889,730		988,555
Foreign Currencies						—		—		—
Net Assets	$	9,242,413	$	5,348,872	$	55,849,188	$	14,948,405	$	13,426,785
* Identified Cost:
Investments in Securities	$	8,052,590	$	5,121,513	$	57,127,573	$	13,801,010	$	12,819,328
Foreign Currencies		6,249		—		—		—		—

Net Asset Value:
Net Assets	$	9,242,413	$	5,348,872	$	55,849,188	$	14,948,405	$	13,426,785
Shares Outstanding (No Par Value)		455,882		200,000		2,300,000		550,000		500,000
Net Asset Value, Offering and Redemption Price per Share	$	20.27	$	26.74	$	24.28	$	27.18	$	26.85

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

121

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2020 (Unaudited)

	Pacer Trendpilot ^® US Large Cap ETF		Pacer Trendpilot^® US Mid Cap ETF			Pacer Trendpilot^® 100 ETF			Pacer Trendpilot^® European Index ETF			Pacer Global Cash Cows Dividend ETF
INVESTMENT INCOME
Income:
Dividends*	$	13,651,684	$	2,043,130		$	3,420,560		$	112,055		$	3,386,600
Interest		478,137		364,757			12,199			52,463			173
Securities Lending Income		141,762		48,338			30,853			11,060			21,799
Total Investment Income		14,271,583		2,456,225			3,463,612			175,578			3,408,572

Expenses:
Management Fees		6,441,284		1,353,082			2,664,188			248,667			393,174
Total Expenses		6,441,284		1,353,082			2,664,188			248,667			393,174
Net Investment Income (Loss)		7,830,299		1,103,143			799,424			(73,089	)		3,015,398

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		283,528		(16,943,665	)		(2,697,726	)		(3,455,721	)		(11,802,806	)
In-Kind Redemptions		41,300,010		1,026,054			207,540,096			(263,230	)		(1,596,328	)
Foreign Currencies		—		—			—			(359,679	)		(80,563	)
Total		41,583,538		(15,917,611	)		204,842,370			(4,078,630	)		(13,479,697	)
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		98,414,640		7,053,248			(11,788,495	)		(5,623,805	)		10,363,049
Foreign Currencies		—		—			—			23,244			10,458
Total		98,414,640		7,053,248			(11,788,495	)		(5,600,561	)		10,373,507
Net Realized and Unrealized Gain (Loss) on Investments		139,998,178		(8,864,363	)		193,053,875			(9,679,191	)		(3,106,190	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	147,828,477	$	(7,761,220	)	$	193,853,299		$	(9,752,280	)	$	(90,792	)

* Net of fees and foreign witholding tax of	$	—	$	—		$	2,392		$	19,728		$	190,165

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

122

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2020 (Unaudited)

	Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF			Pacer Developed Markets International Cash Cows 100 ETF			Pacer WealthShield ETF			Pacer Military Times Best Employers ETF
INVESTMENT INCOME
Income:
Dividends*	$	2,923,469		$	121,355		$	212,193		$	122,490		$	17,495
Interest		143			11			10			125,400			1
Securities Lending Income		17,554			7,023			2,181			21,775			—
Total Investment Income		2,941,166			128,389			214,384			269,665			17,496

Expenses:
Management Fees		510,132			76,165			43,247			154,006			4,885
Total Expenses		510,132			76,165			43,247			154,006			4,885
Net Investment Income		2,431,034			52,224			171,137			115,659			12,611

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(20,201,759	)		(3,095,237	)		(1,407,929	)		2,832,786			(121,626	)
In-Kind Redemptions		19,888,021			2,534,227			(2,804,440	)		1,463,965			114,484
Foreign Currencies		—			—			6,174			—			—
Total		(313,738	)		(561,010	)		(4,206,195	)		4,296,751			(7,142	)
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		17,557,054			3,885,592			5,023,217			(1,746,897	)		47,765
Foreign Currencies		—			—			2,324			—			—
Total		17,557,054			3,885,592			5,025,541			(1,746,897	)		47,765
Net Realized and Unrealized Gain (Loss) on Investments		17,243,316			3,324,582			819,346			2,549,854			40,623
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	19,674,350		$	3,376,806		$	990,483		$	2,665,513		$	53,234

* Net of fees and foreign witholding tax of	$	—		$	—		$	25,580		$	—		$	—

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

123

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2020 (Unaudited)

	Pacer Benchmark Industrial Real Estate SCTR ETF			Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF			Pacer US Export Leaders ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer US Cash Cows Growth ETF
INVESTMENT INCOME
Income:
Dividends	$	1,342,731		$	9,301,238		$	8,296		$	504,549		$	11,330
Interest		89			330			1			30			1
Securities Lending Income		3,417			77,942			—			—			—
Total Investment Income		1,346,237			9,379,510			8,297			504,579			11,331

Expenses:
Management Fees		237,056			2,404,238			4,399			180,321			4,081
Total Expenses		237,056			2,404,238			4,399			180,321			4,081
Net Investment Income		1,109,181			6,975,272			3,898			324,258			7,250

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(544,131	)		(24,636,550	)		(151,638	)		(941,738	)		(109,464	)
In-Kind Redemptions		1,086,736			34,665,994			331,313			4,675,026			273,293
Foreign Currencies		—			294,925			—			—			—
Total		542,605			10,324,369			179,675			3,733,288			163,829
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		3,840,119			(19,478,037	)		41,110			(1,934	)		30,141
Total		3,840,119			(19,478,037	)		41,110			(1,934	)		30,141
Net Realized and Unrealized Gain (Loss) on Investments		4,382,724			(9,153,668	)		220,785			3,731,354			193,970
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,491,905		$	(2,178,396	)	$	224,683		$	4,055,612		$	201,220

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

124

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2020 (Unaudited)

	Pacer Trendpilot International ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer Trendpilot Fund of Funds ETF			Pacer Trendpilot US Bond ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	627,083		$	32,687		$	—		$	—		$	—
Dividends from Affiliated Investments		—			—			28,873			—			—
Interest		69,578			(1	)		(5	)		5			4,844,159
Total Investment Income		696,661			32,686			28,868			5			4,844,159

Expenses:
Management Fees		469,562			4,324			1,456			22,454			635,683
Total Expenses		469,562			4,324			1,456			22,454			635,683
Net Investment Income (Loss)		227,099			28,362			27,412			(22,449	)		4,208,476

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment in Unaffiliated Securities		(69,385	)		(65,119	)		(1	)		(456,984	)		(145,694	)
Investment in Affiliated Securities		—			—			(1,796	)		(323,486	)		1,410,114
In-Kind Redemptions		(450,960	)		—			93,215			292,175			—
Foreign Currencies		311,298			(2,839	)		—			—			—
Total		(209,047	)		(67,958	)		91,418			(488,295	)		1,264,420
Net Change in Unrealized Appreciation (Depreciation) of:
Investments in Unaffiliated Securities		(7,471,127	)		68,017			—			—			(871,409	)
Investments in Affiliated Securities		—			—			110,896			1,624,655			—
Foreign Currencies		1,922			875			—			—			—
Total		(7,469,205	)		68,892			110,896			1,624,655			(871,409	)
Net Realized and Unrealized Gain (Loss) on Investments		(7,678,252	)		934			202,314			1,136,360			393,011
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,451,153	)	$	29,296		$	229,726		$	1,113,911		$	4,601,487

* Net of fees and foreign witholding tax of	$	66,432		$	4,228		$	—		$	—		$	—

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

125

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2020 (Unaudited)

	Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF ^(a)		Pacer Lunt Large Cap Alternator ETF ^(a)			Pacer Lunt Midcap Multi-Factor Alternator ETF ^(a)			Pacer Lunt Large Cap Multi-Factor Alternator ETF ^(a)
INVESTMENT INCOME
Income:
Dividends*	$	209,652		$	20,641	$	344,338		$	38,642		$	47,139
Interest		37			1		8			1			18
Total Investment Income		209,689			20,642		344,346			38,643			47,157

Expenses:
Management Fees		30,924			11,666		105,062			29,309			25,434
Total Expenses		30,924			11,666		105,062			29,309			25,434
Net Investment Income		178,765			8,976		239,284			9,334			21,723

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		33,858			6		(631,483	)		(250,220	)		33,097
In-Kind Redemptions		—			—		3,551,668			987,830			347,574
Foreign Currencies		4,519			—		—			—			—
Total		38,377			6		2,920,185			737,610			380,671
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		1,804,729			227,195		(1,374,811	)		1,152,452			604,101
Foreign Currencies		(32	)		—		—			—			—
Total		1,804,697			227,195		(1,374,811	)		1,152,452			604,101
Net Realized and Unrealized Gain (Loss) on Investments		1,843,074			227,201		1,545,374			1,890,062			984,772
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,021,839		$	236,177	$	1,784,658		$	1,899,396		$	1,006,495

* Net of fees and foreign witholding tax of	$	23,364		$	—	$	—		$	—		$	—

(a)	Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to October 31, 2020.

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

126

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot ^® US Large Cap ETF						Pacer Trendpilot ^® US Mid Cap ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	7,830,299		$	33,672,399		$	1,103,143		$	6,105,748
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		41,583,538			(292,924,566	)		(15,917,611	)		(39,781,273	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		98,414,640			(112,490,262	)		7,053,248			(13,366,245	)
Net Increase (Decrease) in Net Assets Resulting from Operations		147,828,477			(371,742,429	)		(7,761,220	)		(47,041,770	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(33,554,677	)		—			(8,738,254	)
Total Distributions to Shareholders		—			(33,554,677	)		—			(8,738,254	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		41,328,085			1,910,014,995			15,388,870			166,856,260
Payments for Shares Redeemed		(820,573,095	)		(1,264,868,215	)		(165,009,430	)		(332,331,150	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(779,245,010	)		645,146,780			(149,620,560	)		(165,474,890	)
Net Increase (Decrease) in Net Assets	$	(631,416,533	)	$	239,849,674		$	(157,381,780	)	$	(221,254,914	)

NET ASSETS
Beginning of Period	$	2,403,839,294		$	2,163,989,620		$	540,050,520		$	761,305,434
End of Period	$	1,772,422,761		$	2,403,839,294		$	382,668,740		$	540,050,520

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

	Shares			Shares			Shares			Shares
Subscriptions		1,450,000			65,400,000			550,000			6,000,000
Redemptions		(28,850,000	)		(47,150,000	)		(5,900,000	)		(11,550,000	)
Net Increase (Decrease)		(27,400,000	)		18,250,000			(5,350,000	)		(5,550,000	)

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

127

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot ^® 100 ETF						Pacer Trendpilot ^® European Index ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	799,424		$	2,474,219		$	(73,089	)	$	2,567,627
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		204,842,370			(32,800,388	)		(4,078,630	)		(4,699,814	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(11,788,495	)		52,334,741			(5,600,561	)		(9,778,661	)
Net Increase (Decrease) in Net Assets Resulting from Operations		193,853,299			22,008,572			(9,752,280	)		(11,910,848	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(3,044,420	)		—			(4,195,663	)
Total Distributions to Shareholders		—			(3,044,420	)		—			(4,195,663	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		331,498,475			313,516,410			—			42,658,960
Payments for Shares Redeemed		(483,197,205	)		(95,395,915	)		(26,567,245	)		(118,444,135	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(151,698,730	)		218,120,495			(26,567,245	)		(75,785,175	)
Net Increase (Decrease) in Net Assets	$	42,154,569		$	237,084,647		$	(36,319,525	)	$	(91,891,686	)

NET ASSETS
Beginning of Period	$	739,257,784		$	502,173,137		$	91,487,673		$	183,379,359
End of Period	$	781,412,353		$	739,257,784		$	55,168,148		$	91,487,673

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

	Shares			Shares			Shares			Shares
Subscriptions		6,700,000			8,300,000			—			1,700,000
Redemptions		(10,000,000	)		(2,750,000	)		(1,150,000	)		(4,700,000	)
Net Increase (Decrease)		(3,300,000	)		5,550,000			(1,150,000	)		(3,000,000	)

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

128

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Global Cash Cows Dividend ETF						Pacer US Cash Cows 100 ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	3,015,398		$	8,948,034		$	2,431,034		$	6,384,748
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(13,479,697	)		(2,144,916	)		(313,738	)		(9,174,531	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		10,373,507			(43,293,755	)		17,557,054			(25,628,588	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(90,792	)		(36,490,637	)		19,674,350			(28,418,371	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(3,355,878	)		(8,770,455	)		(2,447,236	)		(6,190,930	)
Total Distributions to Shareholders		(3,355,878	)		(8,770,455	)		(2,447,236	)		(6,190,930	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			82,306,360			68,435,140			105,467,960
Payments for Shares Redeemed		(21,639,985	)		(112,070,715	)		(78,699,905	)		(146,849,935	)
Transaction Fees (See Note 1)		—			232			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(21,639,985	)		(29,764,123	)		(10,264,765	)		(41,381,975	)
Net Increase (Decrease) in Net Assets	$	(25,086,655	)	$	(75,025,215	)	$	6,962,349		$	(75,991,276	)

NET ASSETS
Beginning of Period	$	135,479,646		$	210,504,861		$	190,026,841		$	266,018,117
End of Period	$	110,392,991		$	135,479,646		$	196,989,190		$	190,026,841

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

	Shares			Shares			Shares			Shares
Subscriptions		—			2,650,000			2,400,000			3,700,000
Redemptions		(850,000	)		(3,900,000	)		(2,800,000	)		(5,100,000	)
Net Increase (Decrease)		(850,000	)		(1,250,000	)		(400,000	)		(1,400,000	)

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

129

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Small Cap Cash Cows 100 ETF						Pacer Developed Markets International Cash Cows 100 ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	52,224		$	440,904		$	171,137		$	934,227
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(561,010	)		(8,077,625	)		(4,206,195	)		(1,137,710	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		3,885,592			(4,564,010	)		5,025,541			(6,002,034	)
Net Increase (Decrease) in Net Assets Resulting from Operations		3,376,806			(12,200,731	)		990,483			(6,205,517	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(61,953	)		(419,742	)		(228,419	)		(1,009,491	)
Total Distributions to Shareholders		(61,953	)		(419,742	)		(228,419	)		(1,009,491	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		28,455,225			20,281,980			—			12,100,810
Payments for Shares Redeemed		(10,954,585	)		(43,601,320	)		(9,279,055	)		(17,740,240	)
Transaction Fees (See Note 1)		—			—			109			1,376
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		17,500,640			(23,319,340	)		(9,278,946	)		(5,638,054	)
Net Increase (Decrease) in Net Assets	$	20,815,493		$	(35,939,813	)	$	(8,516,882	)	$	(12,853,062	)

NET ASSETS
Beginning of Period	$	14,533,944		$	50,473,757		$	20,991,314		$	33,844,376
End of Period	$	35,349,437		$	14,533,944		$	12,474,432		$	20,991,314

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

	Shares			Shares			Shares			Shares
Subscriptions		1,150,000			800,000			—			450,000
Redemptions		(450,000	)		(2,050,000	)		(450,000	)		(700,000	)
Net Increase (Decrease)		700,000			(1,250,000	)		(450,000	)		(250,000	)

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

130

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Military Times Best Employers ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	115,659		$	1,127,632		$	12,611		$	51,053
Net Realized Gain (Loss) on Investments		4,296,751			(5,576,677	)		(7,142	)		282,219
Change in Unrealized Appreciation (Depreciation) of Investments		(1,746,897	)		(1,499,370	)		47,765			(395,605	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,665,513			(5,948,415	)		53,234			(62,333	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(171,898	)		(1,151,877	)		(12,671	)		(52,852	)
Total Distributions to Shareholders		(171,898	)		(1,151,877	)		(12,671	)		(52,852	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		8,701,715			28,716,405			1,454,095			1,499,390
Payments for Shares Redeemed		(13,822,395	)		(80,267,410	)		(2,815,070	)		(1,483,825	)
Transaction Fees (See Note 1)		—			1,088			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		(5,120,680	)		(51,549,917	)		(1,360,975	)		15,565
Net Increase (Decrease) in Net Assets	$	(2,627,065	)	$	(58,650,209	)	$	(1,320,412	)	$	(99,620	)

NET ASSETS
Beginning of Period	$	51,427,905		$	110,078,114		$	2,772,937		$	2,872,557
End of Period	$	48,800,840		$	51,427,905		$	1,452,525		$	2,772,937

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

	Shares			Shares			Shares			Shares
Subscriptions		350,000			1,200,000			50,000			50,000
Redemptions		(550,000	)		(3,450,000	)		(100,000	)		(50,000	)
Net Increase (Decrease)		(200,000	)		(2,250,000	)		(50,000	)		—

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

131

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Industrial Real Estate SCTR^SM ETF						Pacer Benchmark Data and Infrastructure Real Estate SCTR^SM ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	1,109,181		$	684,334		$	6,975,272		$	2,874,627
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		542,605			(2,546,332	)		10,324,369			(5,462,685	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		3,840,119			(1,898,576	)		(19,478,037	)		34,852,455
Net Increase (Decrease) in Net Assets Resulting from Operations		5,491,905			(3,760,574	)		(2,178,396	)		32,264,397

DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(666,033	)		(656,033	)		(6,151,753	)		(2,911,078	)
Long-Term Capital Gain		—			(6,106	)		—			—
Return of Capital		—			—			—			(340,803	)
Total Distributions to Shareholders		(666,033	)		(662,139	)		(6,151,753	)		(3,251,881	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		65,726,235			50,782,050			645,271,685			513,245,545
Payments for Shares Redeemed		(4,735,275	)		(5,567,595	)		(135,990,385	)		(12,735,020	)
Transaction Fees (Note 1)		43			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		60,991,003			45,214,455			509,281,300			500,510,525
Net Increase (Decrease) in Net Assets	$	65,816,875		$	40,791,742		$	500,951,151		$	529,523,041

NET ASSETS
Beginning of Period	$	48,147,448		$	7,355,706		$	552,214,428		$	22,691,387
End of Period	$	113,964,323		$	48,147,448		$	1,053,165,579		$	552,214,428

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

	Shares			Shares			Shares			Shares
Subscriptions		1,950,000			1,550,000			18,150,000			16,200,000
Redemptions		(150,000	)		(200,000	)		(3,800,000	)		(400,000	)
Net Increase (Decrease)		1,800,000			1,350,000			14,350,000			15,800,000

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

132

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Export Leaders ETF						Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020
OPERATIONS
Net Investment Income (Loss)	$	3,898		$	7,964		$	324,258		$	917,220
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		179,675			56,801			3,733,288			(18,336,835	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		41,110			(99,287	)		(1,934	)		(5,007	)
Net Increase (Decrease) in Net Assets Resulting from Operations		224,683			(34,522	)		4,055,612			(17,424,622	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(4,150	)		(7,790	)		—			(898,227	)
Total Distributions to Shareholders		(4,150	)		(7,790	)		(291,564	)		(898,227	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,874,230			2,760,720			20,066,295			123,166,500
Payments for Shares Redeemed		(2,852,995	)		(2,759,395	)		(33,591,545	)		(51,328,850	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		21,235			1,325			(13,525,250	)		71,837,650
Net Increase (Decrease) in Net Assets	$	241,768		$	(40,987	)	$	(9,761,202	)	$	53,514,801

NET ASSETS
Beginning of Period	$	1,257,403		$	1,298,390		$	60,554,378		$	7,039,577
End of Period	$	1,499,171		$	1,257,403		$	50,793,176		$	60,554,378

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

	Shares			Shares			Shares			Shares
Subscriptions		100,000			100,000			750,000			4,100,000
Redemptions		(100,000	)		(100,000	)		(1,250,000	)		(1,950,000	)
Net Increase		—			—			(500,000	)		2,150,000

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

133

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows Growth ETF						Pacer Trendpilot International ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020 ^(a)
OPERATIONS
Net Investment Income (Loss)	$	7,250		$	24,483		$	227,099		$	1,135,638
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		163,829			35,274			(209,047	)		(9,580,885	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		30,141			(68,631	)		(7,469,205	)		32,620
Net Increase (Decrease) in Net Assets Resulting from Operations		201,220			(8,874	)		(7,451,153	)		(8,412,627	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(7,149	)		(24,159	)		—			(1,060,524	)
Total Distributions to Shareholders		(7,149	)		(24,159	)		—			(1,060,524	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,698,270			6,249,605			15,252,350			175,364,155
Payments for Shares Redeemed		(2,675,855	)		(5,072,240	)		(51,156,480	)		(14,856,015	)
Transaction Fees (See Note 1)		—			—			—			3,482
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		22,415			1,177,365			(35,904,130	)		160,511,622
Net Increase (Decrease) in Net Assets	$	216,486		$	1,144,332		$	(43,355,283	)	$	151,038,471

NET ASSETS
Beginning of Period	$	1,144,332		$	—		$	151,038,471		$	—
End of Period	$	1,360,818		$	1,144,332		$	107,683,188		$	151,038,471

(a)	Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to April 30, 2020.

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

	Shares			Shares			Shares			Shares
Subscriptions		100,000			250,000			650,000			7,050,000
Redemptions		(100,000	)		(200,000	)		(2,200,000	)		(600,000	)
Net Increase		—			50,000			(1,550,000	)		6,450,000

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

134

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Emerging Markets Cash Cows 100 ETF						Pacer Cash Cows Fund of Funds ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020^(a)			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020^(a)
OPERATIONS
Net Investment Income (Loss)	$	28,362		$	102,683		$	27,412		$	42,529
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(67,958	)		143,068			91,418			(8,917	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		68,892			(229,909	)		110,896			(220,697	)
Net Increase (Decrease) in Net Assets Resulting from Operations		29,296			15,842			229,726			(187,085	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(37,854	)		(149,137	)		(27,663	)		(42,529	)
Return of Capital								—			(151	)
Total Distributions to Shareholders		(37,854	)		(149,137	)		(27,663	)		(42,680	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		995,690			5,831,035			1,092,215			2,531,000
Payments for Shares Redeemed		—			(4,744,030	)		(1,183,135	)		(1,259,950	)
Transaction Fees (Note 1) Payments for Shares Redeemed		2,816			1,856			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		998,506			1,088,861			(90,920	)		1,271,050
Net Increase (Decrease) in Net Assets	$	989,948		$	955,566		$	111,143		$	1,041,285

NET ASSETS
Beginning of Period	$	955,566		$	—		$	1,041,285		$	—
End of Period	$	1,945,514		$	955,566		$	1,152,428		$	1,041,285

(a)	Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to April 30, 2020.

(b)	Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to April 30, 2020.

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

	Shares		Shares			Shares			Shares
Subscriptions		50,000		250,000			50,000			100,000
Redemptions		—		(200,000	)		(50,000	)		(50,000	)
Net Increase		50,000		50,000			—			50,000

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

135

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot Fund of Funds ETF						Pacer Trendpilot US Bond ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020^(a)			For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020^(b)
OPERATIONS
Net Investment Income (Loss)	$	(22,449	)	$	125,302		$	4,208,476		$	954,002
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(488,295	)		(47,411	)		1,264,420			(920,856	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		1,624,655			(1,082,420	)		(871,409	)		3,099,833
Net Increase (Decrease) in Net Assets Resulting from Operations		1,113,911			(1,004,529	)		4,601,487			3,132,979

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(137,281	)		(2,676,642	)		(913,550	)
Return of Capital								—			—
Total Distributions to Shareholders		—			(137,281	)		(2,676,642	)		(913,550	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		8,789,885			28,519,960			242,426,290			152,226,140
Payments for Shares Redeemed		(4,909,020	)		—			(74,527,390	)		(10,137,840	)
Transaction Fees (Note 1)		—			—			18,911			19,324
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(b)		3,880,865			28,519,960			167,917,811			142,107,624
Net Increase (Decrease) in Net Assets	$	4,994,776		$	27,378,150		$	169,842,656		$	144,327,053

NET ASSETS
Beginning of Period	$	27,378,150		$	—		$	144,327,053		$	—
End of Period	$	32,372,926		$	27,378,150		$	314,169,709		$	144,327,053

(a) Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to April 30, 2020.

(b) Fund commenced operations on October 22, 2019. The information presented is from October 22, 2019 to April 30, 2020.

	Shares			Shares		Shares			Shares
Subscriptions		350,000			1,150,000		9,300,000			6,000,000
Redemptions		(200,000	)		—		(2,900,000	)		(400,000	)
Net Increase		150,000			1,150,000		6,400,000			5,600,000

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

136

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF						Pacer BioThreat Strategy ETF
	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020^(a)			For the Period Ended October 31, 2020 (Unaudited)^(b)
OPERATIONS
Net Investment Income (Loss)	$	178,765		$	(55,203	)	$	8,976
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		38,377			3,741,277			6
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		1,804,697			(2,901,864	)		227,195
Net Increase (Decrease) in Net Assets Resulting from Operations		2,021,839			784,210			236,177

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(961,121	)		(9,690	)
Return of Capital		—			(58,489	)		—
Total Distributions to Shareholders		—			(1,019,610	)		(9,690	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			14,683,370			5,122,385
Payments for Shares Redeemed		(1,772,630	)		(18,254,205	)		—
Transaction Fees (See Note 1)		857			58,539			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions^(c)		(1,771,773	)		(3,512,296	)		5,122,385
Net Increase (Decrease) in Net Assets	$	250,066		$	(3,747,696	)	$	5,348,872

NET ASSETS
Beginning of Period/Year	$	8,992,347		$	12,740,043		$	—
End of Period/Year	$	9,242,413		$	8,992,347		$	5,348,872

(a) For the period ended October 1, 2019 to April 30, 2020. See Note 1 to the Financial Statements.

(b) Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to October 31, 2020.

	Shares			Shares^(d)			Shares
Subscriptions		—			850,000			200,000
Redemptions		(100,000	)		(1,050,000	)		—
Net Increase		(100,000	)		(200,000	)		200,000

(d)	For the period ended October 1, 2019 to April 30, 2020. Shares of the Predecessor CSOP Fund converted Shares at the close of business on January 22, 2020. See Note 1 to the Financial Statements.

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

137

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF
	For the Period Ended October 31, 2020 (Unaudited) ^(a)			For the Period Ended October 31, 2020 (Unaudited)^(a)
OPERATIONS
Net Investment Income (Loss)	$	239,284		$	9,334
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		2,920,185			737,610
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(1,374,811	)		1,152,452
Net Increase (Decrease) in Net Assets Resulting from Operations		1,784,658			1,899,396

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(185,075	)		(9,666	)
Total Distributions to Shareholders		(185,075	)		(9,666	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		96,604,575			19,647,460
Payments for Shares Redeemed		(42,354,970	)		(6,588,785	)
Net Increase in Net Assets Derived from Capital Share Transactions ^(b)		54,249,605			13,058,675
Net Increase in Net Assets	$	55,849,188		$	14,948,405

NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	55,849,188		$	14,948,405

(a) Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to October 31, 2020.

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

	Shares			Shares
Subscriptions		4,000,000			800,000
Redemptions		(1,700,000	)		(250,000	)
Net Increase		2,300,000			550,000

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

138

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Multi-Factor Alternator ETF
	For the Period Ended October 31, 2020 (Unaudited)^(a)
OPERATIONS
Net Investment Income (Loss)	$	21,723
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		380,671
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		604,101
Net Increase (Decrease) in Net Assets Resulting from Operations		1,006,495

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(17,940	)
Total Distributions to Shareholders		(17,940	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		15,253,910
Payments for Shares Redeemed		(2,815,680	)
Net Increase in Net Assets Derived from Capital Share Transactions ^(b)		12,438,230
Net Increase (Decrease) in Net Assets	$	13,426,785

NET ASSETS
Beginning of Period	$	—
End of Period	$	13,426,785

(a) Fund commenced operations on June 24, 2020. The information presented is from June 24, 2020 to October 31, 2020.

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

	Shares
Subscriptions		600,000
Redemptions		(100,000	)
Net Increase		500,000

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

139

Pacer Trendpilot^® US Large Cap ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	26.99		$	30.56		$	28.41		$	25.48		$	21.88		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.10			0.39			0.43			0.37			0.34			0.13
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.66			(3.59	)		2.01			2.84			3.52			(3.15	)
Total from Investment Operations		1.76			(3.20	)		2.44			3.21			3.86			(3.02	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.37	)		(0.29	)		(0.28	)		(0.26	)		(0.10	)
Total Distributions		—			(0.37	)		(0.29	)		(0.28	)		(0.26	)		(0.10	)
Net Asset Value, End of Period	$	28.75		$	26.99		$	30.56		$	28.41		$	25.48		$	21.88
Total Return		6.50	%^(c)		-10.71	%		8.65	%		12.56	%		17.72	%		-12.10	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,772,423		$	2,403,839		$	2,163,990		$	921,975		$	456,180		$	365,448

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		0.73	%^(d)		1.25	%		1.43	%		1.32	%		1.44	%		0.62	%^(d)
Portfolio Turnover Rate ^(e)		1	%^(c)		5	%		162	%		12	%		7	%		317	%^(c)

(a)	Commencement of operations on June 11, 2015.

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

(c)	Not annualized.

(d)	Annualized.

(e)	Excluded impact of in-kind transactions.

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

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

140

Pacer Trendpilot^® US Mid Cap ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	28.35		$	30.95		$	30.72		$	28.00		$	23.78		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.07			0.28			0.41			0.27			0.27			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.49	)		(2.45	)		0.10			2.66			4.13			(1.16	)
Total from Investment Operations		(0.42	)		(2.17	)		0.51			2.93			4.40			(1.20	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.43	)		(0.28	)		(0.21	)		(0.18	)		—
Distributions from Return of Capital		—			—			—			—			—			(0.02	)
Total Distributions		—			(0.43	)		(0.28	)		(0.21	)		(0.18	)		(0.02	)
Net Asset Value, End of Period	$	27.93		$	28.35		$	30.95		$	30.72		$	28.00		$	23.78
Total Return		-1.47	%^(c)		-7.11	%		1.66	%		10.42	%		18.54	%		-4.82	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	382,669		$	540,051		$	761,305		$	497,590		$	281,430		$	149,808

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		0.49	%^(d)		0.96	%		1.30	%		0.91	%		1.02	%		-0.17	%^(d)
Portfolio Turnover Rate ^(e)		203	%^(c)		143	%		405	%		66	%		27	%		379	%^(c)

(a)	Commencement of operations on June 11, 2015.

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

(c)	Not annualized.

(d)	Annualized.

(e)	Excluded impact of in-kind transactions.

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

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

141

Pacer Trendpilot^® 100 ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	37.91		$	36.00		$	31.16		$	26.32		$	21.44		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.04			0.15			0.26			0.11			0.11			0.04
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		10.29			1.94			4.73			4.83			4.84			(3.55	)
Total from Investment Operations		10.33			2.09			4.99			4.94			4.95			(3.51	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.18	)		(0.15	)		(0.10	)		(0.07	)		(0.05	)
Total Distributions		—			(0.18	)		(0.15	)		(0.10	)		(0.07	)		(0.05	)
Net Asset Value, End of Period	$	48.24		$	37.91		$	36.00		$	31.16		$	26.32		$	21.44
Total Return		27.23	%^(c)		5.78	%		16.04	%		18.78	%		23.11	%		-14.04	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	781,412		$	739,258		$	502,173		$	211,906		$	73,696		$	69,689

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%^(d)
Net Investment Income to Average Net Assets		0.20	%^(d)		0.40	%		0.76	%		0.38	%		0.46	%		0.18	%^(d)
Portfolio Turnover Rate ^(e)		2	%^(c)		61	%		107	%		3	%		125	%		295	%^(c)

(a)	Commencement of operations on June 11, 2015.

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

(c)	Not annualized.

(d)	Annualized.

(e)	Excluded impact of in-kind transactions.

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

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

142

Pacer Trendpilot^® European Index ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	23.76		$	26.77		$	29.66		$	27.03		$	24.97		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Gain (Loss) ^(b)		(0.02	)		0.54			0.74			0.51			0.18			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments ^(h)		(3.31	)		(2.61	)		(3.16	)		2.31			1.88	^(c)		0.01
Total from Investment Operations		(3.33	)		(2.07	)		(2.42	)		2.82			2.06			(0.03	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.94	)		(0.47	)		(0.19	)		—			—
Total Distributions		—			(0.94	)		(0.47	)		(0.19	)		—			—
Net Asset Value, End of Period	$	20.43		$	23.76		$	26.77		$	29.66		$	27.03		$	24.97
Total Return		-14.01	%^(d)		-8.18	%		-8.07	%		10.43	%		8.25	%^(e)		-0.13	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	55,168		$	91,488		$	183,379		$	158,703		$	31,081		$	22,470

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%^(f)
Net Investment Income (Loss) to Average Net Assets		-0.19	%^(f)		2.04	%		2.77	%		1.69	%		0.77	%		-0.39	%^(f)
Portfolio Turnover Rate ^(g)		513	%^(d)		12	%		396	%		228	%		143	%		0	%^(d)

(a)	Commencement of operations on December 14, 2015.

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

(c)	Includes $0.41 gain derived from contribution from a settlement. See Note 8.

(d)	Not annualized.

(e)	Before the contribution from a settlement, the total return for the year would have been 6.60%. See Note 8.

(f)	Annualized.

(g)	Excluded impact of in-kind transactions.

(h)	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.

143

Pacer Global Cash Cows Dividend ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	24.63		$	31.19		$	30.75		$	28.60		$	27.16		$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.59			1.32			1.21			1.07			0.88			0.23
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.81	)		(6.60	)		0.43			2.01			1.26			1.93
Total from Investment Operations		(0.22	)		(5.28	)		1.64			3.08			2.14			2.16

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.67	)		(1.28	)		(1.20	)		(0.93	)		(0.70	)		—
Total Distributions		(0.67	)		(1.28	)		(1.20	)		(0.93	)		(0.70	)		—
Net Asset Value, End of Period	$	23.74		$	24.63		$	31.19		$	30.75		$	28.60		$	27.16
Total Return		-1.00	%^(c)		-17.32	%		5.56	%		10.86	%		8.03	%		8.64	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	110,393		$	135,480		$	210,505		$	173,710		$	70,059		$	5,432

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		4.60	%^(d)		4.52	%		4.00	%		3.50	%		3.19	%		4.63	%^(d)
Portfolio Turnover Rate ^(e)		35	%^(c)		91	%		74	%		76	%		44	%		0	%^(c)

(a)	Commencement of operations on February 22, 2016.

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

(c)	Not annualized.

(d)	Annualized.

(e)	Excluded impact of in-kind transactions.

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

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

144

Pacer US Cash Cows 100 ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Period Ended April 30, 2017^(a)
Net Asset Value, Beginning of Period	$	25.17		$	29.72		$	28.98		$	26.13		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.32			0.77			0.53			0.61			0.13
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		2.38			(4.55	)		0.67			2.84			1.09
Total from Investment Operations		2.70			(3.78	)		1.20			3.45			1.22

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.32	)		(0.77	)		(0.46	)		(0.60	)		(0.09	)
Total Distributions		(0.32	)		(0.77	)		(0.46	)		(0.60	)		(0.09	)
Net Asset Value, End of Period	$	27.55		$	25.17		$	29.72		$	28.98		$	26.13
Total Return		10.75	%^(c)		-12.63	%		4.28	%		13.35	%		4.87	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	196,989		$	190,027		$	266,018		$	28,981		$	11,759

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%^(d)		0.49	%		0.49	%		0.49	%		0.49	%^(d)
Net Investment Income to Average Net Assets		2.34	%^(d)		2.73	%		1.82	%		2.16	%		1.37	%^(d)
Portfolio Turnover Rate ^(e)		64	%^(c)		85	%		122	%		101	%		36	%^(c)

(a)	Commencement of operations on December 16, 2016.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

145

Pacer US Small Cap Cash Cows 100 ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	20.76		$	25.88		$	26.17		$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.05			0.27			0.32			0.28
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		4.49			(5.12	)		(0.29	)		1.38
Total from Investment Operations		4.54			(4.85	)		0.03			1.66

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.05	)		(0.27	)		(0.32	)		(0.27	)
Total Distributions		(0.05	)		(0.27	)		(0.32	)		(0.27	)
Net Asset Value, End of Period	$	25.25		$	20.76		$	25.88		$	26.17
Total Return		21.87	%^(c)		-18.72%			0.20	%		6.69	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	35,349		$	14,534		$	50,474		$	5,233

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%^(d)		0.59%			0.59	%		0.59	%^(d)
Net Investment Income to Average Net Assets		0.40	%^(d)		1.11%			1.21	%		1.25	%^(d)
Portfolio Turnover Rate ^(e)		86	%^(c)		128%			123	%		97	%^(c)

(a)	Commencement of operations on June 16, 2017.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

146

Pacer Developed Markets International Cash Cows 100 ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	20.99		$	27.08		$	28.91		$	25.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.30			0.74			0.85			0.60
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.81			(6.05	)		(2.01	)		3.53
Total from Investment Operations		2.11			(5.31	)		(1.16	)		4.13

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.42	)		(0.78	)		(0.67	)		(0.31	)
Total Distributions		(0.42	)		(0.78	)		(0.67	)		(0.31	)
Net Asset Value, End of Period	$	22.68		$	20.99		$	27.08		$	28.91
Total Return		10.00	%^(c)		-20.04	%		-3.92	%		16.48	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	12,474		$	20,991		$	33,844		$	20,235

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)		0.65	%		0.65	%		0.65	%^(d)
Net Investment Income to Average Net Assets		2.57	%^(d)		2.96	%		3.18	%		2.42	%^(d)
Portfolio Turnover Rate ^(e)		39	%^(c)		149	%		80	%		25	%^(c)

(a)	Commencement of operations on June 16, 2017.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

147

Pacer WealthShield ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	23.92		$	25.02		$	25.02		$	25.02

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.06			0.33			0.38			0.10
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.13			(1.10	)		(0.01	)		(0.05	)
Total from Investment Operations		1.19			(0.77	)		0.37			0.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.08	)		(0.33	)		(0.37	)		(0.05	)
Total Distributions		(0.08	)		(0.33	)		(0.37	)		(0.05	)
Net Asset Value, End of Period	$	25.03		$	23.92		$	25.02		$	25.02
Total Return		4.99	%^(c)		-3.04%			1.43	%		0.23	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	48,801		$	51,428		$	110,078		$	62,539

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60%			0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		0.45	%^(d)		1.38%			1.52	%		1.04	%^(d)
Portfolio Turnover Rate ^(e)		126	%^(c)		676%			542	%		131	%^(c)

(a)	Commencement of operations on December 11, 2017.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

148

Pacer Military Times Best Employers ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	27.73		$	28.73		$	25.33		$	24.89

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.23			0.51			0.44			—	^(c)
Net Realized and Unrealized Gain (Loss) on Investments ^(g)		1.34			(0.98	)		3.43			0.44
Total from Investment Operations		1.57			(0.47	)		3.87			0.44

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.25	)		(0.53	)		(0.47	)		—
Total Distributions		(0.25	)		(0.53	)		(0.47	)		—
Net Asset Value, End of Period	$	29.05		$	27.73		$	28.73		$	25.33
Total Return		5.69	%^(d)		-1.59	%		15.46	%		1.79	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,453		$	2,773		$	2,873		$	2,533

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(e)		0.60	%		0.60	%		0.60	%^(e)
Net Investment Income to Average Net Assets		1.55	%^(e)		1.72	%		1.66	%		0.25	%^(e)
Portfolio Turnover Rate ^(f)		45	%^(d)		19	%		9	%		0	%^(d)

(a)	Commencement of operations on April 9, 2018.

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

(c)	Less than $0.005

(d)	Not annualized

(e)	Annualized

(f)	Excluded impact of in-kind transactions

(g)	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.

149

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	30.09		$	29.42		$	24.83

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.47			0.77			0.65
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		3.22			0.52			4.61
Total from Investment Operations		3.69			1.29			5.26

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.26	)		(0.61	)		(0.67	)
Long-Term Capital Gain		—			(0.01	)		—
Total Distributions		(0.26	)		(0.62	)		(0.67	)
Net Asset Value, End of Period	$	33.52		$	30.09		$	29.42
Total Return		12.27	%^(c)		4.38	%		21.62	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	113,964		$	48,147		$	7,356

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income (Loss) to Average Net Assets		2.81	%^(d)		2.40	%		2.60	%^(d)
Portfolio Turnover Rate ^(e)		5	%^(c)		29	%		36	%^(c)

(a)	Commencement of operations on May 14, 2018.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

(f)	These amounts are comprised of only net investment income.

(g)	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.

150

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	33.27		$	28.36		$	24.67

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.31			0.54			0.39
Net Realized and Unrealized Gain on Investments ^(f)		0.72			4.92			3.93
Total from Investment Operations		1.03			5.46			4.32

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.25	)		(0.49	)		(0.44	)
Long-Term Capital Gain		—			—			(0.01	)
Return of Capital		(0.02	)		(0.06	)		(0.18	)
Total Distributions		(0.27	)		(0.55	)		(0.63	)
Net Asset Value, End of Period	$	34.03		$	33.27		$	28.36
Total Return		3.09	%^(c)		19.50	%		17.89	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,053,166		$	552,214		$	22,691

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		1.74	%^(d)		1.70	%		1.55	%^(d)
Portfolio Turnover Rate ⁽⁶⁾		23	%^(c)		28	%		27	%^(c)

(a)	Commencement of operations on May 15, 2018.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

151

Pacer US Export Leaders ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	25.15		$	25.97		$	24.98

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.08			0.16			0.09
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		4.83			(0.82	)		0.98
Total from Investment Operations		4.91			(0.66	)		1.07

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.08	)		(0.16	)		(0.08	)
Total Distributions		(0.08	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	29.98		$	25.15		$	25.97
Total Return		19.58	%^(c)		-2.53	%		4.33	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,499		$	1,257		$	1,298

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		0.53	%^(d)		0.61	%		0.50	%^(d)
Portfolio Turnover Rate ^(e)		71	%^(c)		79	%		55	%^(c)

(a)	Commencement of operations on July 23, 2018.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

152

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	25.23		$	28.16		$	25.01

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.15			0.50			0.25
Net Realized and Unrealized Gain (Loss) on Investments ^(g)		1.48			(3.00	)		3.11
Total from Investment Operations		1.63			(2.50	)		3.36

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.13	)		(0.43	)		(0.21	)
Total Distributions		(0.13	)		(0.43	)		(0.21	)
Net Asset Value, End of Period	$	26.73		$	25.23		$	28.16
Total Return		6.49	%^(c)		-8.80	%		13.67	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	50,793		$	60,554		$	7,040

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		1.08	%^(d)		1.75	%		1.23	%^(d)
Portfolio Turnover Rate ^(e)		96	%^(c)		225	%		262	%^(c)

(a)	Commencement of operations on July 23, 2018.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

(f)	Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2019.

(g)	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.

153

Pacer US Cash Cows Growth ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	22.89		$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		4.33			(1.90	)
Total from Investment Operations		4.47			(1.62	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.14	)		(0.27	)
Total Distributions		(0.14	)		(0.27	)
Net Asset Value, End of Period	$	27.22		$	22.89
Total Return		19.56	%^(c)		-6.52	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,361		$	1,144

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		1.07	%^(d)		1.16	%^(d)
Portfolio Turnover Rate ^(e)		68	%^(c)		166	%^(c)

(a)	Commencement of operations on May 2, 2019.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

154

Pacer Trendpilot International ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	23.42		$	24.91

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.04			0.32
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(1.48	)		(1.55	)
Total from Investment Operations		(1.44	)		(1.23	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.26	)
Total Distributions		—			(0.26	)
Net Asset Value, End of Period	$	21.98		$	23.42
Total Return		-6.15	%^(c)		-5.08	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	107,683		$	151,038

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)		0.65	%^(d)
Net Investment Income to Average Net Assets		0.31	%^(d)		1.26	%^(d)
Portfolio Turnover Rate ^(e)		173	%^(c)		39	%^(c)

(a)	Commencement of operations on May 2, 2019.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

155

Pacer Emerging Markets Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	19.11		$	24.95

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.47			1.05
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		0.64			(4.81	)
Total from Investment Operations		1.11			(3.76	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.76	)		(2.08	)
Total Distributions		(0.76	)		(2.08	)
Net Asset Value, End of Period	$	19.46		$	19.11
Total Return		5.50	%^(c)		-16.76	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,946		$	956

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%^(d)		0.70	%^(d)
Net Investment Income to Average Net Assets		4.59	%^(d)		4.43	%^(d)
Portfolio Turnover Rate ^(e)		31	%^(c)		144	%^(c)

(a)	Commencement of operations on May 2, 2019.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

156

Pacer Trendpilot Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	23.81		$	25.39

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)(c)		(0.02	)		0.26
Net Realized and Unrealized Gain (Loss) on Investments ^(h)		1.11			(1.59	)
Total from Investment Operations		1.09			(1.33	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.25	)
Total Distributions		—			(0.25	)
Net Asset Value, End of Period	$	24.90		$	23.81
Total Return		4.60	%^(d)		-5.37	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	32,373		$	27,378

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.15	%^(e)		0.15	%^(e)
Net Investment Income to Average Net Assets ^(f)		-0.15	%^(e)		1.03	%^(e)
Portfolio Turnover Rate ^(g)		30	%^(d)		6	%^(d)

(a)	Commencement of operations on May 3, 2019.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d)	Not annualized

(e)	Annualized

(f)	Does not include expenses of the investment companies in which the Fund invests.

(g)	Excluded impact of in-kind transactions

(h)	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.

157

Pacer Cash Cows Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	20.83		$	25.31

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)(c)		0.33			0.53
Net Realized and Unrealized Gain (Loss) on Investments ^(h)		2.17			(4.46	)
Total from Investment Operations		2.50			(3.93	)

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.28	)		(0.55	)
Return of Capital		—			(0.00	)⁽ⁱ⁾
Total Distributions		(0.28	)		(0.55	)
Net Asset Value, End of Period	$	23.05		$	20.83
Total Return		11.99	%^(d)		-15.71	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,152		$	1,041

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.15	%^(e)		0.15	%^(e)
Net Investment Income (Loss) to Average Net Assets ^(f)		2.82	%^(e)		2.27	%^(e)
Portfolio Turnover Rate ^(g)		5	%^(d)		2	%^(d)

(a)	Commencement of operations on May 3, 2019.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d)	Not annualized

(e)	Annualized

(f)	Does not include expenses of the investment companies in which the Fund invests.

(g)	Excluded impact of in-kind transactions

(h)	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.

(i)	Less than $0.005

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

158

Pacer Trendpilot US Bond ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020^(a)
Net Asset Value, Beginning of Period	$	25.77		$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.52			0.33
Net Realized and Unrealized Gain on Investments ^(f)		0.17			0.72
Total from Investment Operations		0.69			1.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.28	)		(0.28	)
Total Distributions		(0.28	)		(0.28	)
Net Asset Value, End of Period	$	26.18		$	25.77
Total Return		2.69	%^(c)		4.24	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	314,170		$	144,327

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		3.97	%^(d)		2.47	%^(d)
Portfolio Turnover Rate ^(e)		78	%^(c)		131	%^(c)

(a)	Commencement of operations on October 22, 2019.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

159

Pacer CSOP FTSE China A50 ETF

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

	For the Period Ended October 31, 2020 (Unaudited)			For the Period Ended April 30, 2020 ^(a)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016
Net Asset Value, Beginning of Period	$	16.18		$	16.85		$	15.30		$	16.74		$	13.34		$	15.09

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.37			(0.07	)		0.31			0.31			0.23			0.13
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		3.72			0.15			1.48			(0.59	)		3.32			0.50
Total from Investment Operations		4.09			0.08			1.79			(0.28	)		3.55			0.63

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		0.12			(0.71	)		(0.24	)		(1.16	)		(0.15	)		(2.38	)
Return of Capital		(0.12	)		(0.04	)		—			—			—			—
Total Distributions		—			(0.75	)		(0.24	)		(1.16	)		(0.15	)		(2.38	)
Net Asset Value, End of Period	$	20.27		$	16.18		$	16.85		$	15.30		$	16.74		$	13.34
Total Return		25.33	%^(c)		0.14	%^(c)		12.05	%		-2.34	%		26.94	%		3.07	%

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	9,242		$	8,992		$	12,740		$	9,269		$	6,793		$	6,082

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (Before Advisory Fees Waived)		0.70	%^(d)		0.70	%^(d)		0.70	%		0.70	%		0.70	%		0.70	%
Expenses to Average Net Assets (After Advisory Fees Waived)		0.70	%^(d)		0.70	%^(d)		0.70	%		0.70	%		0.70	%		0.69	%
Net Investment Income (Loss) to Average Net Assets		4.05	%^(d)		-0.66	%^(d)		1.97	%		1.84	%		1.57	%		0.95	%
Portfolio Turnover Rate ^(e)		9	%^(c)		193	%^(c)		45	%		20	%		34	%		410	%

(a)	For the period October 1, 2019 to April 30, 2020. See Note 1.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

160

Pacer BioThreat Strategy ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020^(a) (Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.05
Net Realized and Unrealized Gain on Investments ^(f)		1.74
Total from Investment Operations		1.79

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.05	)
Total Distributions		(0.05	)
Net Asset Value, End of Period	$	26.74
Total Return		9.31	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	5,349

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%^(d)
Net Investment Income to Average Net Assets		0.54	%^(d)
Portfolio Turnover Rate ^(e)		0	%^(c)(g)

(a)	Commencement of operations on June 24, 2020.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

(g)	Less than 0.5%

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

161

Pacer Lunt Large Cap Alternator ETF

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

	For the Period Ended October 31, 2020^(a) (Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.12
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.75	)
Total from Investment Operations		(0.63	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.09	)
Total Distributions		(0.09	)
Net Asset Value, End of Period	$	24.28
Total Return		3.35	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	55,849

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)
Net Investment Income to Average Net Assets		1.37	%^(d)
Portfolio Turnover Rate ^(e)		108	%^(c)

(a)	Commencement of operations on June 24, 2020.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

162

Pacer Lunt Midcap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2020^(a) (Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.02
Net Realized and Unrealized Gain on Investments ^(f)		2.18
Total from Investment Operations		2.20

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.02	)
Total Distributions		(0.02	)
Net Asset Value, End of Period	$	27.18
Total Return		14.08	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	14,948

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)
Net Investment Income to Average Net Assets		0.19	%^(d)
Portfolio Turnover Rate ^(e)		72	%^(c)

(a)	Commencement of operations on June 24, 2020.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

163

Pacer Lunt Large Cap Multi-Factor Alternator ETF

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

	For the Period Ended October 31, 2020^(a) (Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.05
Net Realized and Unrealized Gain on Investments ^(f)		1.84
Total from Investment Operations		1.89

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.04	)
Total Distributions		(0.04	)
Net Asset Value, End of Period	$	26.85
Total Return		10.13	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	13,427

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)
Net Investment Income to Average Net Assets		0.51	%^(d)
Portfolio Turnover Rate ^(e)		21	%^(c)

(a)	Commencement of operations on June 24, 2020.

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

(c)	Not annualized

(d)	Annualized

(e)	Excluded impact of in-kind transactions

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

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

164

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited)

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, SLT, and LSLT’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”):

Name	Ticker		Commencement of Operations
Pacer Trendpilot ^® US Large Cap ETF		PTLC		June 11, 2015
Pacer Trendpilot ^® US Mid Cap ETF		PTMC		June 11, 2015
Pacer Trendpilot ^® 100 ETF		PTNQ		June 11, 2015
Pacer Trendpilot ^® European Index ETF		PTEU		December 14, 2015
Pacer Global Cash Cows Dividend ETF		GCOW		February 22, 2016
Pacer US Cash Cows 100 ETF		COWZ		December 16, 2016
Pacer US Small Cap Cash Cows 100 ETF		CALF		June 16, 2017
Pacer Developed Markets International Cash Cows 100 ETF		ICOW		June 16, 2017
Pacer WealthShield ETF		PWS		December 11, 2017
Pacer Military Times Best Employers ETF		VETS		April 9, 2018
Pacer Benchmark Industrial Real Estate SCTRSM ETF		INDS		May 14, 2018
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF		SRVR		May 15, 2018
Pacer US Export Leaders ETF		PEXL		July 23, 2018
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF		SZNE		July 23, 2018
Pacer US Cash Cows Growth ETF		BUL		May 2, 2019
Pacer Trendpilot ^® International ETF		PTIN		May 2, 2019
Pacer Emerging Markets Cash Cows 100 ETF		ECOW		May 2, 2019
Pacer Trendpilot ^® Fund of Funds ETF		TRND		May 3, 2019
Pacer Cash Cows Fund of Funds ETF		HERD		May 3, 2019
Pacer Trendpilot ^® US Bond ETF		PTBD		October 22, 2019
Pacer American Energy Independence ETF		USAI		December 12, 2017
Pacer CSOP FTSE China A50 ETF		AFTY		March 10, 2015
Pacer BioThreat Strategy ETF		VIRS		June 24, 2020
Pacer Lunt Large Cap Alternator ETF		ALTL		June 24, 2020
Pacer Lunt Midcap Multi-Factor Alternator ETF		PAMC		June 24, 2020
Pacer Lunt Large Cap Multi-Factor Alternator ETF		PALC		June 24, 2020
Pacer Salt High truBeta US Market ETF		SLT		May 15, 2018
Pacer Salt Low truBeta US Market ETF		LSLT		March 12, 2019

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the Pacer Trendpilot^® US Large Cap Index, the Pacer Trendpilot^® US Mid-Cap Index, the Pacer NASDAQ-100 Trendpilot^® Index, the Pacer Trendpilot^® European Index, the Pacer Global Cash Cows High Dividends 100 Index, the Pacer US Cash Cows 100 Index, the Pacer US Small Cap Cash Cows Index, the Pacer Developed Markets International Cash Cows 100 Index, the Pacer WealthShield Index, the Military Times Best for VETS^SM Index, the Benchmark Retail Real Estate SCTR^SM Index, the Benchmark Industrial Real Estate SCTR^SM Index, the Benchmark Data & Infrastructure Real Estate SCTR^SM Index, the US Export Leaders Index, the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index, the Pacer US Cash Cows Growth Index, the Pacer Trendpilot^® International Index, the Pacer Emerging Markets Cash Cows 100 Index, Pacer Trendpilot^® Fund of Funds Index, the Pacer US Cash Cows Growth Index, the Pacer Trendpilot^® US Bond Index, FTSE China A50 Net Total Return Index, LifeSci BioThreat Strategy Index, Lunt Capital U.S. Large Cap Equity Rotation Index, Lunt Capital U.S. MidCap Multi-Factor Rotation Index, and the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index, respectively. Each of the Funds are non-diversfied series of the Trust except for PTLC, PTMC, PTEU, GCOW, PEXL, COWZ, CALF and ICOW.

AFTY is the successor in interest to CSOP FTSE China A50 ETF (the “Predecessor Fund”) having the same investment objective that was included as a series of another investment company, CSOP ETF Trust, and advised by AFTY’s investment adviser at the time and current sub-adviser, CSOP Asset Management Limited (“CSOP).On January 21, 2020, the shareholders of the Predecessor Fund approved the tax-free reorganization of the Predecessor Fund with and into Pacer CSOP FTSE China A50 ETF, and effective as of the close of business on

165

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

January 22, 2020, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of Pacer CSOP FTSE China A50 ETF. For financial reporting purposes, assets received, and shares issued by AFTY were recorded at fair value; however, Chinese regulations prohibited free of payment (i.e., in-kind) transfers of China A shares and required that all securities be crossed on an exchange against local currency. These constraints prevented the Predecessor Fund from directly transferring the securities within its portfolio to AFTY. The Predecessor Fund sold all of its assets and transferred the proceeds to AFTY, at which time AFTY used the transferred proceeds to repurchase the same or similar securities to those sold by the Predecessor Fund. The Predecessor Fund recognized taxable gain on the sale of its assets; however, AFTY also expects to use its capital loss carryforwards to offset any gain recognized from the selling of its assets. Accordingly, neither the Predecessor Fund nor AFTY expects to make a capital gain distribution solely because of the reorganization. While the Predecessor Fund may also realize losses on the sale of its assets, to the extent AFTY repurchased (or entered into a contract to or option to repurchase) the same shares of stock or securities within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of such securities) any losses by the Predecessor Fund have been disallowed under the “wash sales” rule. Such losses will be reflected in an adjustment to the basis of the securities acquired by AFTY. Costs incurred by AFTY in connection with the reorganization were paid by the Sub-Adviser. The fiscal year end of the Predecessor Fund was September 30. The reporting period covered by this annual report for AFTY is October 1, 2019 through April 30, 2020.Operations prior to January 22, 2020 were for the Predecessor Fund. The net assets were $13,150,293, including ($3,630,464) of net unrealized depreciation, ($1,198,629) of undistributed (accumulated) net investment income, and ($3,267,672) of undistributed (accumulated) net realized loss and shares outstanding were 755,882, all of which were transferred into the Trust at NAV at the close of business on January 22, 2020.

The primary purpose of the reorganization was to move the existing Fund from its existing trust to another trust, which the Pacer Advisors, Inc.(the “Adviser”) believed would allow the Fund to become part of a series of a stable fund family with a consistent Adviser across all funds in the Trust. Shareholders are expected to benefit accordingly and to enjoy an improvement in the level and quality of services provided to them and the Fund. During the fiscal year ended April 30, 2020, the Fund accepted a cash contribution of $25,686 to reimburse the Fund for securities transactions related to the reorganization.

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”) with the exceptions of VETS, ECOW, and HERD, which is listed and traded on the Nasdaq Stock Market LLC (“Nasdaq”) and INDS, SRVR, PEXL, SZNE, BUL, PTIN, TRND, PTBD, AFTY, ALTL, PAMC, and PALC which are listed and traded on 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. 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”). Prior to January 23, 2020, ALPS Distributors, Inc. acted as the principal underwriter for AFTY. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. PTLC charges $500, PTMC charges $500, PTNQ charges $250, PTEU charges $2,000, GCOW charges $1,500, COWZ charges $250, CALF charges $250, ICOW charges $1,500, PWS charges $500, VETS charges $250, INDS charges $250, RTL charges $250, SRVR charges $250, PEXL charges $250, SZNE charges $500, BUL charges $250, PTIN charges $8,000, ECOW charges $1,750, HERD charges $250, TRND charges $250, PTBD charges $500, AFTY charges $250, VIRS charges $250, ALTL charges $250, PAMC charges $250, and PALC charges $250 for the standard fixed creation fee, payable to the Custodian. For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $200 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $250 when the Deposit Securities include only U.S. Treasury bills. 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.

166

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principals 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 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 maturies of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market 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.

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.

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, 2020:

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,723,369,354	$	—	$	—	$	—	$	1,723,369,354
Real Estate Investment Trusts		45,136,016		—		—		—		45,136,016
Short-Term Investments		3,088,702		—		—		—		3,088,702
Investments Purchased with Proceeds from Securities Lending		—		—		—		46,975,266		46,975,266
Total Investments in Securities	$	1,771,594,072	$	—	$	—	$	46,975,266	$	1,818,569,338

^ See Schedule of Investments for industry breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	349,251,460	$	—	$	—	$	—	$	349,251,460
Real Estate Investment Trusts		32,866,651		—		—		—		32,866,651
Short-Term Investments		585,077		—		—		—		585,077
Investments Purchased with Proceeds from Securities Lending		—		—		—		87,061,332		87,061,332
Total Investments in Securities	$	382,703,188	$	—	$	—	$	87,061,332	$	469,764,520

^ See Schedule of Investments for industry breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	377,884,741	$	—	$	—	$	—	$	377,884,741
Short-Term Investments		5,243,030		399,939,976		—		—		405,183,006
Investments Purchased with Proceeds from Securities Lending		—		—		—		4,601,812		4,601,812
Total Investments in Securities	$	383,127,771	$	399,939,976	$	—	$	4,601,812	$	787,669,559

^ See Schedule of Investments for industry breakouts.

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	53,555,418	$	—	$	7,038	$	—	$	53,562,456
Preferred Stocks		933,073		—		—		—		933,073
Real Estate Investment Trusts		297,589		—		—		—		297,589
Short-Term Investments		108,392		—		—		—		108,392
Investments Purchased with Proceeds from Securities Lending		—		—		—		7,021,988		7,021,988
Total Investments in Securities	$	54,894,472	$	—	$	7,038	$	7,021,988	$	61,923,498

^ See Schedule of Investments for industry breakouts.

168

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Balance as of 4/30/2020	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 10/31/20
Common Stocks	$ 6,622	$ —	$ 416	$ —	$ —	$ —	$ —	$ 7,038

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

Fair Value as
of 10/31/2020

Valuation
Techniques

Unobservable
Input

Impact to valuation from
an increase to input

Common Stocks

7,038

Last Trade Price

Stale Data

5.26 EUR

Table presents information for one security, which has been valued at 5.26 EUR throughout the period.

For the period ended October 31, 2020, the Fund did not recognize any transfers to or from Level 3.

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	102,967,314	$	—	$	—	$	—	$	102,967,314
Real Estate Investment Trusts		6,515,991		—		—		—		6,515,991
Short-Term Investments		191,879		—		—		—		191,879
Investments Purchased with Proceeds from Securities Lending		—		—		—		18,210,715		18,210,715
Total Investments in Securities	$	109,675,184	$	—	$	—	$	18,210,715	$	127,885,899

^ 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:

GCOW^(a)	Balance as of 4/30/2019	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/20
Real Estate Investment Trusts	$ —	$ (399)	$ (25,462)	$ 247,791	$ (18,659)	$ —	$ —	$ 203,271

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

GCOW

Fair Value as
of 10/31/2020

Valuation
Techniques

Unobservable
Input

Impact to valuation from
an increase to input

Common Stocks

203,271

Last Trade Price

Stale Data

1.5046 SGD

Table presents information for one security, which has been valued at 1.5046 SGD throughout the period.

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	191,021,874	$	—	$	—	$	—	$	191,021,874
Preferred Stocks		645,242		—		—		—		645,242
Real Estate Investment Trusts		4,717,870		—		—		—		4,717,870
Short-Term Investments		553,012		—		—		—		553,012
Investments Purchased with Proceeds from Securities Lending		—		—		—		20,197,179		20,197,179
Total Investments in Securities	$	196,937,998	$	—	$	—	$	20,197,179	$	217,135,177

^ See Schedule of Investments for industry breakouts.

169

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	34,793,215	$	—	$	—	$	—	$	34,793,215
Real Estate Investment Trusts		474,610		—		—		—		474,610
Short-Term Investments		70,885		—		—		—		70,885
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,235,495		1,235,495
Total Investments in Securities	$	35,338,710	$	—	$	—	$	1,235,495	$	36,574,205

^ See Schedule of Investments for industry breakouts.

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	12,068,548	$	—	$	—	$	—	$	12,068,548
Contingent Value Rights		23,816		—		—		—		23,816
Preferred Stocks		184,718		—		—		—		184,718
Real Estate Investment Trusts		84,644		—		—		—		84,644
Short-Term Investments		11,581		—		—		—		11,581
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,678,843		1,678,843
Total Investments in Securities	$	12,373,307	$	—	$	—	$	1,678,843	$	14,052,150

^ See Schedule of Investments for country breakouts.

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	48,571,826	$	—	$	—	$	—	$	48,571,826
Contingent Value Rights		—		—		2,886		—		2,886
Short-Term Investments		237,768		—		—		—		237,768
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,631,208		6,631,208
Total Investments in Securities	$	48,809,594	$	—	$	2,886	$	6,631,208	$	55,443,688

^ See Schedule of Investments for industry breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PWS^(a)	Balance as of 4/30/2020	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Corporate Action	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/20
Common Stocks	$ 2,886	$ —	$ —	$ —	$ —	$ —	$ —	$ —	$ 2,886

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

PWS

Fair Value as
of 10/31/2020

Valuation
Techniques

Unobservable
Input

Impact to valuation from
an increase to input

Common Stocks

2,886

Acquisition Price

Stale Data

$0.46

Table presents information for one security, which has been valued at $0.46 throughout the period.

170

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

VETS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,443,179	$	—	$	—	$	—	$	1,443,179
Short-Term Investments		8,034		—		—		—		8,034
Total Investments in Securities	$	1,451,213	$	—	$	—	$	—	$	1,451,213

^ See Schedule of Investments for industry breakouts.

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,126,403	$	—	$	—	$		$	2,126,403
Real Estate Investment Trusts		111,465,594		—		—		—		111,465,594
Short-Term Investments		321,213		—		—		—		321,213
Investments Purchased with Proceeds from Securities Lending		—		—		—		20,663,664		20,663,664
Total Investments in Securities	$	113,913,210	$	—	$	—	$	20,663,664	$	134,576,874

^ See Schedule of Investments for industry breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	231,008,839	$	—	$	—	$	—	$	231,008,839
Real Estate Investment Trusts		819,328,839		—		—		—		819,328,839
Short-Term Investments		3,319,926		—		—		—		3,319,926
Investments Purchased with Proceeds from Securities Lending		—		—		—		108,852,982		108,852,982
Total Investments in Securities	$	1,053,657,604	$	—	$	—	$	—	$	1,162,510,586

^ See Schedule of Investments for industry breakouts.

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,481,018	$	—	$	—	$	—	$	1,481,018
Real Estate Investment Trusts		13,731		—		—		—		13,731
Short-Term Investments		4,431		—		—		—		4,431
Total Investments in Securities	$	1,499,180	$	—	$	—	$	—	$	1,499,180

^ See Schedule of Investments for industry breakouts.

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	50,571,030	$	—	$	—	$	—	$	50,571,030
Short-Term Investments		67,716		—		—		—		67,716
Total Investments in Securities	$	50,638,746	$	—	$	—	$	—	$	50,638,746

^ See Schedule of Investments for industry breakouts.

171

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,354,036	$	—	$	—	$	—	$	1,354,036
Short-Term Investments		7,123		—		—		—		7,123
Total Investments in Securities	$	1,361,159	$	—	$	—	$	—	$	1,361,159

^ See Schedule of Investments for industry breakouts.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	100,251,145	$	—	$	2,105	$	—	$	100,253,250
Exchange Traded Funds		5,488,204		—		—		—		5,488,204
Preferred Stocks		392,957		—		—		—		392,957
Real Estate Investment Trusts		1,163,401		—		—		—		1,163,401
Short-Term Investments		23,348		—		—		—		23,348
Total Investments in Securities	$	107,319,055	$	—	$	2,105	$	—	$	107,321,160

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTIN^(a)	Balance as of 4/30/2020	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Corporate Action	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 10/31/20
Common Stocks	$ —	$ —	$ —	$ —	$ —	$ 2,105	$ —	$ —	$ 2,105

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

PTIN

Fair Value as
of 10/31/2020

Valuation
Techniques

Unobservable
Input

Impact to valuation from
an increase to input

Common Stocks

2,105

Corporate
Action Details

Corporate Action Details

8.29 CAD

Table presents information for one security, which has been valued at 8.29 CAD throughout the period.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,811,452	$	—	$	—	$	—	$	1,811,452
Preferred Stocks		97,700		—		—		—		97,700
Exchange Traded Funds		27,187		—		—		—		27,187
Short-Term Investments		3,820		—		—		—		3,820
Total Investments in Securities	$	1,940,159	$	—	$	—	$	—	$	1,940,159

^ See Schedule of Investments for country breakouts.

172

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

HERD

Description	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	1,152,254	$	—	$	—	$	—	$	1,152,254
Short-Term Investments		329		—		—		—		329
Total Investments in Securities	$	1,152,583	$	—	$	—	$	—	$	1,152,583

TRND

Description	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	32,352,910	$	—	$	—	$	—	$	32,352,910
Short-Term Investments		24,202		—		—		—		24,202
Total Investments in Securities	$	32,377,112	$	—	$	—	$	—	$	32,377,112

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	309,172,032	$	—	$	—	$	309,172,032
Short-Term Investments		68,880		—		—		—		68,880
Total Investments in Securities	$	68,880	$	309,172,032	$	—	$	—	$	309,240,912

^ See Schedule of Investments for industry breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	9,195,942	$	—	$	—	$	—	$	9,195,942
Short-Term Investments		45,616		—		—		—		45,616
Total Investments in Securities	$	9,241,558	$	—	$	—	$	—	$	9,241,558

^ See Schedule of Investments for industry breakouts.

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	5,344,369	$	—	$	—	$	—	$	5,344,369
Short-Term Investments		4,339		—		—		—		4,339
Total Investments in Securities	$	5,348,708	$	—	$	—	$	—	$	5,348,708

^ See Schedule of Investments for industry breakouts.

173

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	53,930,184	$	—	$	—	$	—	$	53,930,184
Real Estate Investment Trusts		1,750,913		—		—		—		1,750,913
Short-Term Investments		71,665		—		—		—		71,665
Total Investments in Securities	$	55,752,762	$	—	$	—	$	—	$	55,752,762

^ See Schedule of Investments for industry breakouts.

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	14,198,536	$	—	$	—	$	—	$	14,198,536
Real Estate Investment Trusts		709,212		—		—		—		709,212
Short-Term Investments		45,714		—		—		—		45,714
Total Investments in Securities	$	14,953,462	$	—	$	—	$	—	$	14,953,462

^ See Schedule of Investments for industry breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	12,829,608	$	—	$	—	$	—	$	12,829,608
Real Estate Investment Trusts		574,699		—		—		—		574,699
Short-Term Investments		19,122		—		—		—		19,122
Total Investments in Securities	$	13,423,429	$	—	$	—	$	—	$	13,423,429

^ See Schedule of Investments for industry breakouts.

During the period ended October 31, 2020, the Funds did not recognize any transfers to or from Level 3.

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.

Federal Income Taxes. The Funds 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, 2020, 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, 2020, 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 (2017-2019) or expected to be taken in each of the Fund’s 2020 tax returns. During the year/period ended April 30, 2020, the Funds did not incur any interest or penalties.

174

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

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.

Distributions to Shareholders. Distributions to shareholders from net investment income for the PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. The GCOW, COWZ, CALF, ICOW, PWS, VETS, PEXL, INDS, SRVR, SZNE, BUL, ECOW, HERD, PTBD, VIRS, ALTL, PAMC and PALC are declared and paid on a quarterly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2020, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid In Capital
PTLC	$	(146,749,396	)	$	146,749,396
PTMC		(15,413,212	)		15,413,212
PTNQ		(18,103,919	)		18,103,919
PTEU		(7,513,275	)		7,513,275
GCOW		(4,967,660	)		4,967,660
COWZ		(16,682,090	)		16,682,090
CALF		(1,752,977	)		1,752,977
ICOW		(1,263,971	)		1,263,971
PWS		(3,271,211	)		3,271,211
VETS		(327,505	)		327,505
INDS		(236,208	)		236,208
SRVR		(3,025,386	)		3,025,386
PEXL		(239,319	)		239,319
SZNE		3,476,053			(3,476,053	)
BUL		(247,111	)		247,111

175

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NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

	Distributable Earnings (Accumulated Deficit)			Paid In Capital
PTIN	$	(2,884,127	)	$	2,884,127
ECOW		(132,260	)		132,260
HERD		4,200			(4,200	)
TRND		—			—
PTBD		(123,509	)		123,509
AFTY		28,865			(28,865	)

During the fiscal year/period ended April 30, 2020, 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	$	152,994,042
PTMC		32,298,842
PTNQ		19,066,067
PTEU		7,519,816
GCOW		6,216,192
COWZ		20,338,001
CALF		2,844,207
ICOW		1,547,891
PWS		3,274,584
VETS		328,018
INDS		222,076
SRVR		3,031,680
PEXL		287,024
SZNE		(3,441,334	)
BUL		286,571
PTIN		2,874,669
ECOW		178,277
HERD		(4,200	)
TRND		—
PTBD		131,641
AFTY		—

VIRS, ALTL, PAMC AND PALC commenced operations after April 30, 2020.

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, PTLC pays the Adviser 0.60%, PTMC pays the Adviser 0.60%, PTNQ pays the Adviser 0.65%, PTEU pays the Adviser 0.65%, GCOW pays the Adviser 0.60%, COWZ pays the Adviser 0.49%, CALF pays the Adviser 0.59%, ICOW pays the Adviser 0.65%, PWS pays the Adviser 0.60%, VETS pays the Adviser 0.60%, INDS pays the Adviser 0.60%, RTL pays the Adviser 0.60%, SRVR pays the Adviser 0.60%, PEXL pays the Adviser 0.60%, SZNE pays the Adviser 0.60%, BUL pays the Adviser 0.60%, PTIN pays the Adviser 0.65%, ECOW pays the Adviser 0.70%, HERD pays the Adviser 0.15%, TRND pays the Adviser 0.15%, PTBD pays the Adviser 0.60%, AFTY pays the Adviser 0.70%, VIRS pays the advisor 0.70%, ALTL pays the advisor 0.60%, PAMC pays the advisor 0.60%, and PALC pays the advisor 0.60% at an annual rate based on each Fund’s average daily net assets.

176

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub-adviser to PTBD and CSOP serves as the sub-adviser to AFTY. Each sub-adviser has responsibility for selecting and continuously monitoring the Fund’s investments. Sub-Advisory fees earned by Vident and CSOP 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 VIA (the “Sub-Advisory Agreement”), VIA 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, VIA is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period ended October 31, 2020.

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.

Prior to January 23, 2020, Brown Brothers Harriman & Co. (“BBH) served as administrator and custodian for AFTY.

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, 2020, the Funds 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 period ended October 31, 2020, the Funds (excluding VETS, PEXL, SZNE, BUL, PTIN, ECOW, HERD, TRND, PTBD, AFTY, VIRS, ALTL, PAMC, and PALC) 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.

177

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2020.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	46,975,266
PTMC		87,061,332
PTNQ		4,601,812
PTEU		7,021,988
GCOW		18,210,715
COWZ		20,197,179
CALF		1,235,495
ICOW		1,678,843
PWS		6,631,208
INDS		20,663,664
SRVR		108,852,982

*	Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

NOTE 7 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2020:

Liabilities

							Gross Amounts Net Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PTLC
Securities Lending	$	46,975,266	$	—	$	46,975,266	$	46,975,266	$	—	$	—
PTMC
Securities Lending		87,061,332		—		87,061,332		87,061,332		—		—
PTNQ
Securities Lending		4,601,812		—		4,601,812		4,601,812		—		—
PTEU
Securities Lending		7,021,988		—		7,021,988		7,021,988		—		—
GCOW
Securities Lending		18,210,715		—		18,210,715		18,210,715		—		—
COWZ
Securities Lending		20,197,179		—		20,197,179		20,197,179		—		—
CALF
Securities Lending		1,235,495		—		1,235,495		1,235,495		—		—
ICOW
Securities Lending		1,678,843		—		1,678,843		1,678,843		—		—

178

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

							Gross Amounts Net Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PWS
Securities Lending	$	6,631,208	$	—	$	6,631,208	$	6,631,208	$	—	$	—
INDS
Securities Lending		20,663,664		—		20,663,664		20,663,664		—		—
SRVR
Securities Lending		108,852,982		—		108,852,982		108,852,982		—		—

NOTE 8 – INVESTMENT TRANSACTIONS

For the period ended October 31, 2020, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

	Purchases		Sales
PTLC	$	2,339,433,854	$	17,738,728
PTMC		946,043,980		472,519,468
PTNQ		18,412,086		425,328,914
PTEU		215,280,320		145,657,585
GCOW		44,667,703		44,726,801
COWZ		133,123,715		130,419,506
CALF		22,020,508		21,957,404
ICOW		5,371,299		5,951,338
PWS		63,914,547		64,231,169
VETS		737,099		738,249
INDS		5,375,242		3,832,303
SRVR		185,820,412		184,465,317
PEXL		1,006,238		1,068,233
SZNE		56,689,254		56,511,157
BUL		898,309		930,802
PTIN		289,875,190		152,709,289
ECOW		653,908		412,196
HERD		83,703		85,128
TRND		8,835,411		8,864,453
PTBD		212,738,109		163,651,644
AFTY		756,371		2,358,097
VIRS		—		838
ALTL		61,010,472		60,185,941
PAMC		9,545,888		9,475,050
PALC		2,622,007		2,585,382

179

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

For the period ended October 31, 2020, in-kind transactions associated with creations and redemptions are as follows:

	Purchases		Sales
PTLC	$	31,397,852	$	724,610,300
PTMC		—		82,748,075
PTNQ		329,522,084		477,112,316
PTEU		—		5,323,002
GCOW		—		21,110,710
COWZ		67,909,410		78,600,890
CALF		28,354,684		10,971,751
ICOW		—		8,670,794
PWS		7,356,266		12,033,815
VETS		1,448,636		2,810,198
INDS		64,574,035		4,704,393
SRVR		640,667,702		134,330,019
PEXL		2,867,752		2,787,582
SZNE		19,906,536		33,479,050
BUL		2,689,808		2,639,392
PTIN		9,210,518		31,559,012
ECOW		739,954		—
HERD		1,092,052		1,181,680
TRND		8,783,518		4,905,867
PTBD		190,957,119		74,019,258
AFTY		—		—
VIRS		5,118,006		—
ALTL		96,350,545		43,024,477
PAMC		19,618,008		6,663,631
PALC		15,239,394		2,794,305

For the period ended October 31, 2020, long-term purchases and sales of U.S. Government Securities were as follows:

	Purchases		Sales
PWS	$	1,341,275	$	100,504,787
PTBD		82,431,390		410,850,269

During the fiscal year ended April 30, 2017, PTEU accepted a cash contribution in the amount of $409,837 to reimburse the Fund from prior securities transactions.

180

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES

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

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2020		Purchases		Sales		Balance October 31, 2020
BUL		9,353		9,353		10,219		8,487
CALF		10,472		10,472		11,667		9,277
COWZ		8,322		8,655		8,588		8,389
GCOW		8,196		10,220		8,803		9,613
ICOW		9,510		10,567		9,898		10,179

	Period Ended October 31, 2020
Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	230,206	$	2,586	$	28,175		$	37,368
CALF		233,651		1,032		36,731			46,161
COWZ		231,117		5,418		15,064			19,922
GCOW		227,540		11,686		(3,599	)		(9,107	)
ICOW		229,740		8,150		15,047			16,551
Total	$	1,152,254	$	28,873	$	91,418		$	110,896

181

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

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

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

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2020		Purchases		Sales		Balance October 31, 2020
PTBD		—		254,400		—		254,400
PTIN		457,345		191,729		357,270		291,804
PTLC		198,393		72,716		50,822		220,287
PTMC		188,916		84,151		43,840		229,227
PTNQ		156,725		42,089		64,238		134,576

	Period Ended October 31, 2020
Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTBD	$	6,690,720	$	—	$	—		$	(88,404	)
PTIN		6,428,442		—		(700,960	)		178,102
PTLC		6,335,454		—		(36,450	)		388,590
PTMC		6,402,310		—		(9,280	)		(71,875	)
PTNQ		6,495,984		—		258,395			1,218,241
Total	$	32,352,910	$	—	$	(488,295	)	$	1,624,655

NOTE 10 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2020 were as follows:

	PTLC			PTMC			PTNQ			PTEU			GCOW
Tax cost of investments	$	3,170,570,008		$	702,799,261		$	798,281,717		$	117,923,023		$	210,392,185
Gross tax unrealized appreciation		360,259			264,190			104,735,993			29,640			3,473,286
Gross tax unrealized depreciation		—			(2,037	)		(64,112,907	)		(19,792	)		(44,165,970	)
Net tax unrealized appreciation (depreciation)		360,259			262,153			40,623,086			9,848			(40,692,684	)
Undistributed ordinary income		8,861,367			892,895			518,444			—			1,003,305
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		8,861,367			892,895			518,444			—			1,003,305
Other accumulated (loss)		(480,060,919	)		(114,319,732	)		(17,582,345	)		(47,591,043	)		(16,065,766	)
Total accumulated gain (loss)	$	(470,839,293	)	$	(113,164,684	)	$	23,559,185		$	(47,581,195	)	$	(55,755,145	)

182

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

	COWZ			CALF			ICOW			PWS			VETS
Tax cost of investments	$	265,194,167		$	20,965,531		$	31,710,603		$	62,185,260		$	2,868,687
Gross tax unrealized appreciation		19,007,834			1,412,888			392,687			3,763,162			232,427
Gross tax unrealized depreciation		(38,546,481	)		(4,162,523	)		(7,035,962	)		(19,021	)		(329,962	)
Net tax unrealized appreciation (depreciation)		(19,538,647	)		(2,749,635	)		(6,643,275	)		3,744,141			(97,535	)
Undistributed ordinary income		294,997			29,901			99,871			49,843			1,691
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		294,997			29,901			99,871			49,843			1,691
Other accumulated (loss)		(40,322,137	)		(14,166,371	)		(4,486,688	)		(23,552,021	)		(47,711	)
Total accumulated gain (loss)	$	(59,565,787	)	$	(16,886,105	)	$	(11,030,092	)	$	(19,758,037	)	$	(143,555	)

	INDS			SRVR			PEXL			SZNE
Tax cost of investments	$	52,780,742		$	638,180,881		$	1,316,565		$	60,661,892
Gross tax unrealized appreciation		2,173,457			56,195,327			123,586			—
Gross tax unrealized depreciation		(4,569,744	)		(28,202,324	)		(182,761	)		(6,989	)
Net tax unrealized appreciation (depreciation)		(2,396,287	)		27,993,003			(59,175	)		(6,989	)
Undistributed ordinary income		30,349			—			617			23,090
Undistributed long-term gain		—			—			—			—
Total distributable earnings		30,349			—			617			23,090
Other accumulated (loss)		(1,978,292	)		(536,329	)		(258,045	)		(15,029,291	)
Total accumulated gain (loss)	$	(4,344,230	)	$	27,456,674		$	(316,603	)	$	(15,013,190	)

	BUL			PTIN			ECOW			HERD			TRND
Tax cost of investments	$	1,219,620		$	151,020,429		$	1,194,453		$	1,262,100		$	28,517,104
Gross tax unrealized appreciation		96,071			38,733			48,677			2,904			360,438
Gross tax unrealized depreciation		(171,163	)		(11,231	)		(286,759	)		(223,601	)		(1,496,228	)
Net tax unrealized appreciation (depreciation)		(75,092	)		27,502			(238,082	)		(220,697	)		(1,135,790	)
Undistributed ordinary income		324			227,453			13,585			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		324			227,453			13,585			—			—
Other accumulated (loss)		(205,376	)		(12,612,233	)		(41,058	)		(4,717	)		(6,020	)
Total accumulated gain (loss)	$	(280,144	)	$	(12,357,278	)	$	(265,555	)	$	(225,414	)	$	(1,141,810	)

	PTBD			AFTY
Tax cost of investments	$	140,301,610		$	9,606,950
Gross tax unrealized appreciation		3,109,727			256,734
Gross tax unrealized depreciation		(54,156	)		(872,569	)
Net tax unrealized appreciation (depreciation)		3,055,571			(615,835	)
Undistributed ordinary income		40,452			—
Undistributed long-term gain		—			—
Total distributable earnings		40,452			—
Other accumulated (loss)		(1,000,103	)		(1,191,687	)
Total accumulated gain (loss)	$	2,095,920		$	(1,807,522	)

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 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

183

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

At April 30, 2020, the Funds had the following capital loss carryforwards:

	Short-Term		Long-Term		Expires
PTLC	$	228,446,268	$	251,614,651		Indefinite
PTMC		106,713,763		7,605,969		Indefinite
PTNQ		16,331,208		1,251,137		Indefinite
PTEU		38,573,148		8,767,332		Indefinite
GCOW		7,383,320		8,684,188		Indefinite
COWZ		26,797,213		13,524,924		Indefinite
CALF		10,982,976		3,183,395		Indefinite
ICOW		2,707,011		1,779,379		Indefinite
PWS		23,552,021		—		Indefinite
VETS		30,831		16,880		Indefinite
INDS		1,978,292		—		Indefinite
SRVR		536,329		—		Indefinite
PEXL		230,870		27,175		Indefinite
SZNE		15,029,291		—		Indefinite
BUL		205,376		—		Indefinite
PTIN		12,611,917		—		Indefinite
ECOW		39,967		—		Indefinite
HERD		4,717		—		Indefinite
TRND		—		—		Indefinite
PTBD		1,000,103		—		Indefinite
AFTY		1,166,967		—		Indefinite

AFTY utilized $2,385,684 of capital loss carryforward during the current period ended April 30, 2020.

At April 30, 2020, PTEU, TRND and AFTY deferred on a tax basis, a post-October capital loss of $232,971, $6,020 and $24,720, respectively. None of the Funds deferred on a tax bases late-year ordinary losses.

VIRS, ALTL, PAMC AND PALC commenced operations after April 30, 2020.

NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal period ended October 31, 2020 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	—	$	—	$	—
PTMC		—		—		—
PTNQ		—		—		—
PTEU		—		—		—
GCOW		3,355,878		—		—
COWZ		2,447,236		—		—
CALF		61,953		—		—
ICOW		228,419		—		—
PWS		171,898		—		—
VETS		12,671		—		—
INDS		666,033		—		—
SRVR		6,151,753		—		—
PEXL		4,150		—		—
SZNE		291,564		—		—
BUL		7,149		—		—
PTIN		—		—		—

184

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

	Ordinary Income		Capital Gains		Return of Capital
ECOW	$	37,854	$	—	$	—
HERD		27,663		—		—
TRND		—		—		—
PTBD		2,676,642		—		—
AFTY		—		—		—
VIRS		9,690		—		—
ALTL		185,075		—		—
PAMC		9,666		—		—
PALC		17,940		—		—

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2020 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	33,554,677	$	—	$	—
PTMC		8,738,254		—		—
PTNQ		3,044,420		—		—
PTEU		4,195,663		—		—
GCOW		8,770,455		—		—
COWZ		6,190,930		—		—
CALF		419,742		—		—
ICOW		1,009,491		—		—
PWS		1,151,877		—		—
VETS		52,852		—		—
INDS		656,033		6,106		—
SRVR		3,251,881		—		340,803
PEXL		7,790		—		—
SZNE		898,227		—		—
BUL		24,159		—		—
PTIN		1,060,524		—		—
ECOW		149,137		—		—
HERD		42,680		—		151
TRND		137,281		—		—
PTBD		913,550		—		—
AFTY		1,019,610		—		58,489

185

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2019 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	14,704,858	$	—	$	—
PTMC		5,930,872		—		—
PTNQ		1,575,175		—		—
PTEU		2,870,463		—		—
GCOW		7,760,389		—		—
COWZ		2,630,630		—		—
CALF		329,410		—		—
ICOW		731,370		—		—
PWS		1,397,954		—		—
VETS		38,615		—		—
RTL		83,796		5,909		20,617
INDS		67,295		—		—
SRVR		89,513		1,372		37,487
PEXL		6,972		—		—
SZNE		29,474		—		—

The tax character of distributions paid by AFTY during the fiscal year ended September 30, 2019 was $183,318 of ordinary income.

The tax composition of distributions paid during the year ended September 30, 2019 for AFTY was as follows:

		Ordinary Income				Capital Gains				Return of Capital
		$	183,318			$	—			$	—

The tax character of distributions paid by AFTY during the fiscal year ended September 30, 2019 was $183,318 of ordinary income.

VIRS, ALTL, PAMC AND PALC commenced operations after April 30, 2020.

NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has evaluated the ASU 2018-13 and has decided to adopt the disclosure framework.

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.

NOTE 13 – 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.

186

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2020 (Unaudited) (Continued)

On December 18, 2020, the following Funds declared distributions from ordinary income to shareholders of record as of December 22, 2020, Payable December 28, 2020, as follows:

	Ordinary Income		Per Share Amount
PTLC	$	20,840,884	$	0.35233955
PTMC	$	2,277,219	$	0.17121949
PTNQ	$	1,304,636	$	0.08309784
PTEU	$	—	$	—
GCOW	$	1,299,760	$	0.29208090
COWZ	$	1,802,041	$	0.24685493
CALF	$	229,967	$	0.12103527
ICOW	$	133,552	$	0.24282182
PWS	$	42,762	$	0.02375667
VETS	$	5,765	$	0.11530000
INDS	$	955,090	$	0.25469067
SRVR	$	4,215,854	$	0.13845170
PEXL	$	2,698	$	0.05396000
SZNE	$	186,305	$	0.10070541
BUL	$	2,279	$	0.02279000
PTIN	$	994,630	$	0.20298572
ECOW	$	1,402	$	0.01402000
PTBD	$	4,387,376	$	0.28124206
AFTY	$	154,929	$	0.33984453
VIRS	$	7,887	$	0.03943500
ALTL	$	232,769	$	0.15017355
PAMC	$	43,582	$	0.07924000
PALC	$	96,794	$	0.17598910

On December 21, 2020, the following Funds declared distributions from ordinary income to shareholders of record as of December 23, 2020, Payable December 29, 2020, as follows:

	Ordinary Income		Per Share Amount
HERD	$	8,077	$	0.16154000
TRND	$	245,087	$	0.16902552

On December 22, 2020 the Adviser launched three new funds in the Pacer Funds Trust: Pacer Swan SOS Conservative (December) ETF, Pacer Swan SOS Flex (December) ETF, and Pacer Swan SOS Moderate (December) ETF.

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.

187

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year/period ended April 30, 2020, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

PTLC	97.51%
PTMC	75.77%
PTNQ	94.93%
PTEU	99.94%
GCOW	97.34%
COWZ	100.00%
CALF	100.00%
ICOW	100.00%
PWS	64.11%
VETS	100.00%
INDS	0.07%
SRVR	3.15%
PEXL	100.00%
SZNE	100.00%
BUL	100.00%
PTIN	100.00%
ECOW	45.09%
HERD	95.50%
TRND	93.23%
PTBD	0.00%
AFTY	94.27%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year/period ended April 30, 2020 was as follows:

PTLC	96.80%
PTMC	75.12%
PTNQ	93.34%
PTEU	0.00%
GCOW	26.86%
COWZ	100.00%
CALF	100.00%
ICOW	0.08%
PWS	62.64%
VETS	100.00%
INDS	0.00%
SRVR	1.52%
PEXL	100.00%
SZNE	100.00%
BUL	100.00%
PTIN	0.03%

188

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

ECOW	0.00%
HERD	0.00%
TRND	52.77%
PTBD	0.00%
AFTY	0.00%

Short Term Capital Gains

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:

PTLC	0.00%
PTMC	0.00%
PTNQ	0.00%
PTEU	0.00%
GCOW	0.00%
COWZ	0.00%
CALF	0.00%
ICOW	0.00%
PWS	0.00%
VETS	0.00%
INDS	0.00%
SRVR	0.00%
PEXL	0.00%
SZNE	0.00%
BUL	0.00%
PTIN	0.00%
ECOW	0.00%
HERD	0.00%
TRND	4.34%
PTBD	0.00%
AFTY	0.00%

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, 2020. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		508,255		508,255		0.13		0.13
GCOW		575,395		558,448		0.10		0.10
COWZ		—		—		—		—
CALF		—		—		—		—
ICOW		110,070		109,411		0.10		0.10
PWS		—		—		—		—

189

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
VETS	$	—	$	—	$	—	$	—
INDS		—		—		—		—
SRVR		—		—		—		—
PEXL		—		—		—		—
SZNE		—		—		—		—
BUL		—		—		—		—
PTIN		149,935		149,358		0.02		0.02
ECOW		18,857		18,786		0.19		0.19
HERD		1,853		1,853		0.04		0.04
TRND		5,580		5,580		0.01		0.01
PTBD		—		—		—		—
AFTY		—		—		—		—

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 governements.

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 on the website of the SEC at http://www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at 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

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 June 22, 2020 (the “Meeting”), for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer Lunt Large Cap Multi-Factor Alternator ETF (“PALC”), Pacer Lunt Mid Cap Multi-Factor Alternator ETF (“PAMC”), Pacer Lunt Large Cap Alternator ETF (“ALTL”) and the Pacer BioThreat Strategy ETF (“VIRS”), each a “Fund” and, together, the “Funds.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement for each of the Funds, 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, 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.

190

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s proposed expenses relative to the expenses of other comparable funds. At the Meetings, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared to provide to each Fund, the advisory fee payable by each Fund to the Advisor for the Advisor’s services; (5) certain comparative information regarding the Funds’ expenses relative to the expenses of other funds; (6) a copy of the Trust’s registration statement; and (7) 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 Meetings to help the Board evaluate the Advisor’s services, fees and other aspects of the Investment Advisory Agreement.

In considering the approval of the Investment Advisory Agreement, the Board considered various factors that its members determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including where relevant the performance of the firm with respect to other, comparable funds; (ii) the fee to be paid to the Advisor by each Fund; and (iii) potential economies of scale.

●

Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, its members reviewed each Fund’s investment goal and proposed investment strategy, and each firm’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices.

Based on its review, the Board determined that the Advisor was capable of providing all necessary advisory services required by the Funds, as indicated by the firm’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of comparable funds managed by the firm. The Board also considered other services 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 policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Funds by the Advisor.

●

Costs 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 ratios of each Fund with the expense ratios of the ETFs in each Fund’s projected peer group. The Board compared each Fund’s expense ratio to the expense ratios of ETFs in its peer group, focusing on whether each Fund was charged fees that were within the range of fees charged by those in the peer group. It also noted that the Advisor had contractually agreed to pay all 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 benefits received (or proposed or likely to be received), by the Advisor from its relationship with the Funds, taking into account assessments of the Advisor’s profitability prepared and shared by the Advisor’s management. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Advisor.

●	Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of the Funds may grow in the future.

Based on the Board’s deliberations and its evaluation of the information described above, 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 rendered and expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each Fund for a term of two years. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

191

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

NOTE 6 – REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect its particular risks, but not to eliminate all adverse impacts of liquidity risk.

The Investment Adviser to the Trust has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the funds it advises.

On June 22, 2020, 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.

NOTE 7 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee , Chairman, President and Principal Executive Officer	Indefinite Term; since 2014	Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)	28	Director, First Cornerstone Bank (2000-2016)

192

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	28	None
Jonathan H. Newman, Sr. Born: 1962	Trustee	Indefinite Term; since 2015	CEO and Chairman, Newman Wine & Spirits (since 2007)	28	None
Dennis J. Ryan Born: 1947	Trustee	Indefinite Term; since 2017	Principal/Owner, Brendan Abstract Company, Inc. (title insurance) (since 1999)	28	None
Officers who are not Trustees:
Sean E. O’Hara Born: 1962	Treasurer and Principal Financial Officer	Indefinite Term; since 2014	Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007)	N/A	None
Bruce Kavanaugh Born: 1964	Secretary and Portfolio Manager	Indefinite Term; since 2016	Vice President, Pacer Advisors, Inc. (since 2005), Vice President, Pacer Financial, Inc. (since 2004)	N/A	None
Perpetua Seidenberg Gateway Corporate Center, Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1990	Chief Compliance Officer and AML Officer	Indefinite Term; since 2018	Compliance Director, Vigilant Compliance, LLC (an investment management services company) (since 2014); Auditor, PricewaterhouseCoopers (2012-2014)	N/A	None

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 inaccordance 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.

193

Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

Benchmark Investments, LLC
1115 Broadway, 12th Floor
New York, NY 10010

CFRA
One New York Plaza, 34th Floor
New York, NY 10004

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111

FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP

VETS Indexes, LLC
6 East 39th Street, Suite 1003
New York, NY 10016

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2801-2803, Two Exchange Square, 8 Connaught Place
Central, Hong Kong

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
1514 Old York Rd.
Abington, PA 19001

Legal Counsel

Practus, LLP
137 Airdale Road
Bryn Mawr, PA 19010

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	(Registrant)	Pacer Funds Trust

	By (Signature and Title)	/s/ Joe Thomson
		Joe M. Thomson, President (Principal Executive Officer)

	Date	1-6-2021

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 Thomson
		Joe M. Thomson, President (Principal Executive Officer)

	Date	1-6-2021

	By (Signature and Title)	/s/ Sean O’Hara
		Sean E. O’Hara, Treasurer (Principal Financial Officer)

	Date	1-6-2021

* Print the name and title of each signing officer under his or her signature.