N-CSR

As filed with the U.S. Securities and Exchange Commission on July 8, 2022

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, 2021 to April 30, 2022

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Letter to Shareholders	1
Portfolio Allocation	21
Performance Summary	30
Expense Example	59
Schedules of Investments	62
Statements of Assets & Liabilities	153
Statements of Operations	159
Statements of Changes in Net Assets	165
Financial Highlights	179
Notes to Financial Statements	206
Report of Independent Registered Public Accounting Firm	232
Additional Information	236

Pacer Funds

Dear Shareholder,

The highs and lows of the economy and stock market over the past year have been many. The final months of 2021 were promising as the availability of vaccines and boosters allowed many businesses to reopen, mask mandates to lift and life to start to get back to normal after the challenges of a nearly two year worldwide pandemic. The stock market had a solid performance in 2021 with the S&P 500 returning 26.9% and Nasdaq Composite gaining 21.4%.

During this time, Pacer experienced notable growth across its existing exchange traded funds ending the year at a company milestone of $10.2 billion in assets under management (AUM), a 76% increase from December 31, 2020. Pacer added 12 new funds through new launches and acquisitions such as the Pacer Swan SOS Series, the Pacer Metaurus US Large Cap Dividend Multiplier 300 Fund, Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF and the Pacer Pacific Asset Floating Rate High Income ETF. To enable Pacer’s growth, the firm added 46 employees in 2021 along with a third distribution channel to reach more financial advisors.

Unfortunately, the early months of 2022 have brought extreme volatility due to geopolitical concerns, rising interest rates and high inflation. These concerns have led the stock market to take a negative turn with the S&P 500 currently in bear market territory. In spite of these things, the company has continued to grow its assets under management to $13.3 billion (as of April 29, 2022) with the Pacer Cash Cows ETF Series leading the way.

The Cash Cows Series, launched in 2016, is now Pacer’s largest fund family with assets of $5.85 billion (as of April 29, 2022). It has surpassed the previous largest, Pacer’s Trendpilot Series, by approximately $1.7 billion as the fund series continues to deliver on its objective of investing in companies with high free-cash-flow yield. We credit this momentum to the Pacer wholesaler model of working closely with financial advisors to support their business and portfolio construction. This growth can also be attributed to a transition from growth stocks to value stocks. What separates Pacer’s Cash Cows series from other value-oriented strategies is the firm’s approach to measuring free-cash-flow relative to a company’s enterprise value. Incorporating enterprise value looks at the true value of a company, including its debt, which is not captured by price/book the traditional metric for measuring value.

Since our inception nearly seven years ago, our goal has been to design innovative products to help investors and financial advisors reach their investment goals. We thank our investors, financial advisors, and our partners for continuing to entrust your assets with us.

Joe M. Thomson
Chairman, Pacer Funds Trust

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The second half of the 2021-year finished very strong. The S&P 500 gained 26.9%, the Dow Jones Industrial Average gained 18.7%, and the Nasdaq Composite gained 21.4% for 2021. The unemployment rate was also very low at a rate of 3.9%. The covid pandemic still raged on, with variants like delta and omicron leading to case outbreaks throughout the year, but it was not enough to slow the equity markets. The stock market also got some help from the Federal Reserve, which kept its short-term interest rate at .05%. This helped keep borrowing costs for companies low and stock valuations high. It was a different look in the bond market. Bonds ended the year lower with The Bloomberg Barclays Aggregate Composite falling 1.77%. Despite the growth in the economy one concern that made its presence was inflation. The annual inflation rate for the United States at the end of the year was 7.0% for the 12 months ended December 2021 and it foreshadowed what a new year would bring to the markets.

The start of 2022 did not fare well for most of the stock market. The first half of the year started with a storm of events; from political turmoil around the presidential election, a war in Europe between Russia and Ukraine, to the Federal Reserve (Fed) stepping in to control the inflation rate. The S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite have year to date returns of -13.79%, -9.86%, and -22.09% respectively as of April 30, 2022. The biggest factors affecting the market right now are the current inflation rate and the Fed decision on short-term interest rates. We’ve seen inflation rise this year to 8.26% for the month of April. In an anticipated move, the Federal Reserve raised interest rates by a half percentage point, in an attempt to curb inflation. This had a rippling effect on equities and a direct effect on the bond market which saw its prices drop due to the increase in interest rates. The Barclays Aggregate U.S. Bond Index has fallen about 10% since the beginning of the year. It appears that the Fed might not be done raising interest rates. In recent statements Federal Reserve Chairman, Jerome Powell, expressed his support for raising interest rates again to combat inflation.

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The Pacer Trendpilot™ Series

The Pacer Trendpilot series is based on a trend following strategy that alternates exposure between a Benchmark Index and 3-Month US T-Bills using three indicators. It is designed to participate in the market when it is trending up, maintain some exposure during short term market declines and exit the market when it is trending down. The period referenced in this section for all Trendpilot Funds is for the fiscal year end of April 30, 2022.

Pacer Trendpilot^® US Large Cap ETF

The Pacer Trendpilot^® US Large Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot^® US Large Cap Index (the “Index”).

The 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 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average.

The S&P 500 Total Return Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

The Fund

As of the fiscal year end, the Fund had a NAV total return of 3.48%. The Index had a total return of 4.19%. The S&P 500 Index had a total return of 0.21%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 1.29%, Health Care at 0.96%, and Consumer Staples at 0.82%. The three sectors with the lowest contribution to performance were Industrials at -0.43%, Consumer Discretionary at -1.20%, and Communication Services at -2.00%. Sector performance numbers reflect their total return during the period.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTLC EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
February 25, 2022	50/50	0.30%
March 25, 2022	Equity	0.47%
April 19 ,2022	50/50	0.79%
April 28, 2022	T-Bills	0.82%

Pacer Trendpilot^® US Mid Cap ETF

The Pacer Trendpilot^® US Mid Cap ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Mid Cap Trendpilot Index (the “Index”).

The 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 Total Return 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.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -2.98%. The Index had a total return of -2.63%. The S&P MidCap 400 Index had a total return of -7.03%.

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During the fiscal year, the top three sectors for contribution to performance were Financials at 0.30%, Energy at 0.27%, and Real Estate at 0.18%. The three sectors with the lowest contribution to performance were Industrials at -0.72%, Health Care at -0.89%, and Consumer Discretionary at -1.20%. Sector performance numbers reflect their total return during the period.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTMC EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
January 26, 2022	T-Bills	0.19%

Pacer Trendpilot^® 100 ETF

The Pacer Trendpilot^® 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer NASDAQ-100 Trendpilot™ Index (the “Index”).

The 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 Total Return Index and its 200-business day historical simple moving average.

The Nasdaq-100 Total Return Index is a total return version of the Nasdaq-100 Index and reflects the reinvestment of dividends paid by the securities in the Nasdaq-100 Index. 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.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -3.38%. The Index had a total return of -2.77%. The NASDAQ-100 Index had a total return of -6.61%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 1.04%, Consumer Staples at 0.33%, and Utilities at 0.09%. The three sectors with the lowest contribution to performance were Industrials at -0.06%, Consumer Discretionary at -1.20%, and Communication Services at -1.55%. Sector performance numbers reflect their total return during the period.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTNQ EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
March 14, 2022	T-Bills	0.38%

Pacer Trendpilot^® European Index ETF

The Pacer Trendpilot^® European Index ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot European Index (the “Index”).

The 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. The FTSE Eurozone Total Return Index is a total return version of the FTSE Eurozone Index and reflects the reinvestment of dividend paid by the securities in the FTSE Eurozone Index.

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The Fund

As of the fiscal year end, the Fund had a NAV total return of -6.47%. The Index had a total return of -5.59%. The FTSE Eurozone Index (USD) had a total return of -13.51%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 0.47%, Telecommunication Services at 0.06%, and Financials at -0.16%. The three sectors with the lowest contribution to performance were Industrials at -1.29%, Information Technology at -1.36%, and Consumer Discretionary at -2.31%. Sector performance numbers reflect their total return during the period.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTEU EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
February 18, 2022	50/50	0.32%
March 2, 2022	T-Bills	0.32%

Pacer Trendpilot^® International ETF

The Pacer Trendpilot^® International ETF is an exchange traded fund (the “Fund”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot International Index (the “Index”).

The 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-U.S. 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. The S&P Developed Ex-U.S. LargeCap Index is a subset of the S&P Global BMI, a comprehensive, rules-based index measuring global stock market performance.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -11.46%. The Index had a total return of -11.25%. The S&P Developed Ex-US Large Cap Index had a total return of -6.82%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 1.21%, Materials at -0.05%, and Real Estate at -0.17%. The three sectors with the lowest contribution to performance were Industrials -1.47%, Consumer Discretionary at -1.54%, and Financials at -2.03%. Sector performance numbers reflect their total return during the period.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTIN EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
January 31, 2022	50/50	0.18%
February 8, 2022	Equity	0.26%
February 28, 2022	50/50	0.29%
March 8, 2022	T-Bills	0.34%
April 5, 2022	Equity	0.62%
April 13, 2022	50/50	0.74%
April 28, 2022	T-Bills	0.82%

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Pacer Trendpilot^® US Bond ETF

The Pacer Trendpilot US Bond ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot US Bond Index (the “Index”).

The 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 Risk Ratio.

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.

The Index, and consequently the Fund, may stay in any of its three possible positions for an extended period of time. As described below, the Index will change its position based on the following indicators, and each change will become effective by the close of business on the sixth business day after the indicator for the change is triggered. The Index will be in a new position effective on the seventh business day.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -12.54%. The Index had a total return of -8.90%. The S&P US High Yield Corporate Bond Index had a total return of -5.20%.

PTBD had three exposure changes initiated on September 9, 2021, December 15, 2021, and March 25, 2022, resulting in exposure 100% High Yield Bonds, and 10-Year yields at the time were 1.34%, 1.46%, and 2.47%, respectively. When PTBD had three exposure changes to T-Bills on August 10, 2021, December 6, 2021, and February 28, 2022, 10- Yields during those changes were 1.35%, 1.43%, 1.83%, respectively. PTBD saw one exposure to 50/50 at a 10-Year Yield of 1.28%.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTBD EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 10-Year Yield
July 23, 2021	50/50	1.28%
August 10, 2021	T-Bills	1.35%
September 9, 2021	High Yield	1.34%
December 6, 2021	T-Bills	1.43%
December 15, 2021	High Yield	1.46%
February 28, 2022	T-Bills	1.83%
March 25, 2022	High Yield	2.47%

Pacer Trendpilot^® Fund of Funds ETF

The Pacer Trendpilot Fund of Funds ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot Fund of Funds Index (the “Index” or the “Fund of Funds Index”).

The 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 uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Equity Component” specified in the table below, (ii) 50% to the applicable Equity 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 Equity 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 Equity Component is based on the total return version of such Equity Component and reflects the reinvestment of dividends paid by the securities in such Equity Component.

Weight	Trendpilot ETF	Trendpilot Index	Equity Universe
20%	Pacer Trendpilot® US Large Cap ETF	Pacer Trendpilot US Large Cap Index S	S&P 500® Index

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Weight	Trendpilot ETF	Trendpilot Index	Equity Universe
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-U.S. LargeCap Index
20%	Pacer Trendpilot® US Bond ETF	Pacer Trendpilot US Bond Index	S&P U.S. High Yield Corporate Bond Index

The Fund

The Fund had a NAV total return of -5.87%. The Index had a return of -4.38%. The S&P Global 1200 Index had a total return of -3.10%.

The Pacer Cash Cows Index^® ETF Series

The Pacer Cash Cows ETFs aim to provide capital appreciation over time by screening broad based indexes to identify quality companies with high free cash flow yield. The period referenced in this section for all Cash Cows Funds is for the fiscal year end of April 30, 2022.

Pacer Global Cash Cows Dividend ETF

The Pacer Global Cash Cows Dividend ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Global Cash Cows Dividend Index (the “Index”).

The 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 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 Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets. The FTSE Developed Large-Cap Total Return Index is a total return version of the FTSE Developed Large-Cap Index and reflects the reinvestment of dividends paid by the securities in the FTSE Developed Large-Cap Index.

The Fund

The Fund had a NAV total return of 10.22%. The Index had a total return of 11.59%. The FTSE Developed Large-Cap Index had a total return of -3.35%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 34.60%, Health Care at 19.53%, and Information Technology at 11.11%. The three sectors with the lowest contribution to performance were Real Estate at -12.63%, Consumer Discretionary at -5.68%, and Utilities at -5.32%. Sector performance numbers reflect their total return during the period.

Pacer US Cash Cows 100 ETF

The Pacer US Cash Cows 100 ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. 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. The Russell 1000 Total Return Index is a total return version of the Russell 1000 Index that reflects the reinvestment of dividends paid by the securities in the Russell 1000 Index.

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The Fund

The Fund had a NAV total return of 16.08%. The Index had a total return of 16.76%. The Russell 1000 Index had a total return of -2.10%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 114.65%, Consumer Staples at 52.89%, and Health Care at 27.33%. The three sectors with the lowest contribution to performance were Industrials at -11.02%, Information Technology at -10.70%, and Communication Services at -10.47%. Sector performance numbers reflect their total return during the period.

Pacer US Small Cap Cash Cows 100 ETF

The Pacer US Small Cap Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer US Small Cap Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. 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.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -6.57%. The Index had a total return of -5.91%. The S&P 600 Index had a total return of -8.54%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 44.56%, Materials at 28.43%, and Industrials at 8.00%. The three sectors with the lowest contribution to performance were Communication Services at -55.61%, Real Estate at -29.03%, and Health Care at -16.80%. Sector performance numbers reflect their total return during the period.

Pacer Developed Markets International Cash Cows 100 ETF

The Pacer Developed Markets International Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer Developed Markets International Cash Cows 100 Index (the “Index”).

The 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 over 99% of the world’s investable market capitalization.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -4.48%. The Index had a total return of -3.22%. The FTSE Developed ex-US Index had a total return of -7.93%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 40.54%, Consumer Staples 11.62%, and Communication Services at 10.80%. The three sectors with the lowest contribution to performance were Utilities at -40.99%, Consumer Discretionary at -21.66%, and Information Technology at -19.92%. Sector performance numbers reflect their total return during the period.

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Pacer Emerging Markets Cash Cows 100 ETF

The Pacer Emerging Markets Cash Cows 100 ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Emerging Markets Cash Cows 100 Index (the “Index”).

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial index universe is derived from the component companies of the FTSE Emerging Markets Index. The Fund defines emerging markets countries as those countries included in the FTSE Emerging Markets Index. As of April 2022, the Index had significant exposure to companies in Hong Kong, Brazil, Taiwan, and South Africa. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), companies with a market capitalization of less than $2 billion, and companies whose average daily trading value (“ADTV”) for the prior 90 days does not exceed $5 million are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The equity securities of the 100 companies with the highest free cash flow yield (the “Top 100 Companies”) are included in the Index, subject to the exceptions described below. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their trailing twelve-month free cash flow, and weightings are capped at 2% of the weight of the Index for any individual company. Additionally, the Index is limited to a maximum of twenty companies from any individual country and any sector. As of April 2022, the Index had significant exposure to companies in the materials, energy and industrials sectors. If the Top 100 Companies include more than 20 companies from an individual country or sector (the “Exposure Limit”), the Index will exclude the companies with the lowest free cash flow yield from each country and/or sector needed to meet the Exposure Limit and will include companies outside the Top 100 Companies based on their free cash flow yield until the Index includes 100 companies and satisfies the Exposure Limit. As of April 30, 2022, the companies included in the Index had a market capitalization of $625 million to $93.5 billion. The Index is reconstituted and rebalanced semi-annually as of the close of business on the 3rd Friday of June and December based on data as of the 1st Friday of the applicable rebalance month.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -10.67%. The Index had a total return of -8.68%. The FTSE Emerging Market Index had a total return of -15.07%.

During the fiscal year, the top three sectors for contribution to performance were Telecommunication Services at 56.51%, Communication Services at 27.46%, and Energy at 13.76%. The three sectors with the lowest contribution to performance were Health Care at -56.16%, Information Technology at -29.70%, and Financials at -22.99%. Sector performance numbers reflect their total return during the period.

Pacer US Cash Cows Growth ETF

The Pacer US Cash Cows Growth ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows Growth Index (the “Index”).

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”. The initial Index universe is derived from the component companies of the S&P 900^® Pure Growth Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 50 companies with the highest free cash flow yield are included in the Index. As of April 2022, the Index had significant exposure to companies in the information technology, consumer discretionary and health care. At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their current market capitalization, and weightings are capped at 5% of the weight of the Index for any individual company. Weight above the 5% limitation is redistributed among the other Index constituents in proportion to their weights. As of April 30, 2022, the Index had a market capitalization range of $3.78 billion to $55.48 billion. The Index is reconstituted and rebalanced quarterly as of the close of business on the 3nd Friday of March, June, September, and December based on data as of the 2nd Friday of the applicable rebalance month.

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Pacer Funds

The Fund

As of the fiscal year end, the Fund had a NAV total return of -1.98%. The Index had a total return of -1.78%. The S&P 900 Pure Growth Index had a total return of -12.41%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 56.32%, Financials at 38.90%, and Materials 23.18%. The three sectors with the lowest contribution to performance were Communication Services at -32.69%, Consumer Discretionary at -14.70%, and Health Care at -12.08%. Sector performance numbers reflect their total return during the period.

Pacer Cash Cows Fund of Funds ETF

The Pacer Cash Cows Fund of Funds ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer Cash Cows Fund of Funds Index (the “Index” or the “Fund of Funds Index”).

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is based on a proprietary methodology developed and maintained by Index Design Group, an affiliate of Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The 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 Index	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 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 Fund

As of the fiscal year end, the Fund had a NAV total return of 2.29%. The Index had a total return of 3.12%. The FTSE All-World Developed Index had a total return of -4.18%

The Fund’s top contributor to its return was Pacer US Cash Cows 100 ETF at 16.08%. The Fund’s bottom contributor to its return was Pacer US Small Cap Cash Cows 100 ETF at -6.57%.

The Pacer Custom ETF Series

The Pacer Custom ETFs are strategy-driven, rules-based and are each designed to offer a specific investment focus. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2022.

Pacer WealthShield ETF

The Pacer WealthShield ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer WealthShield Index (the “Index”).

The 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 Fund

As of the fiscal year end, the Fund had a NAV total return of -5.30%. The Index had a total return of -5.40%. The S&P 500 Index had a total return of 0.21%. Throughout the fiscal year, the Fund went “risk on” from April 2021 to the end of January 2022, and “risk off” from February 2022 to the end of March, 2022. The Fund finished the fiscal year in April 2022, “risk on.”

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Pacer Funds

Pacer CSOP FTSE China A50 ETF

The Pacer CSOP FTSE China A50 ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to provide investment results that, before fees and expenses, track the performance for the FTSE China A50 Net Total Return Index (the “Index.”)

The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is comprised of A-Shares issued by the 50 largest companies in the China A-Shares market. The Index is a net total return index, which means that the performance of the Index assumes that dividends paid by the Index constituents, net of any withholding taxes, are reinvested in additional shares of such Index constituents. The Index is a free float-adjusted market capitalization-weighted index compiled and published by FTSE International Limited (“FTSE” or the “Index Provider”), which is not affiliated with the Fund, Pacer Advisors, Inc. (the “Adviser”), CSOP Asset Management Limited (the “Sub-Adviser”), or the Fund’s distributor. The Index is a real-time, tradable index comprising the largest 50 China A-Share companies by full market capitalization of the FTSE China AAll Cap Free Index. The Index is a subset of the FTSE China AAll Cap Free Index, FTSE’s most comprehensive benchmark for the Chinese A-Share market. It is denominated and quoted in Chinese Yuan (“CNY”) and comprised of stocks listed on the Shanghai Stock and Shenzhen Stock Exchange main markets, the Shenzhen SME Board and/or the Shenzhen ChiNext Board. The Index Provider determines the composition of the Index and relative weightings of the Index constituents based on the Index’s methodology, and publishes information regarding the market value of the Index.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -22.15%. The FTSE China A50 Index had a total return of -22.09%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 0.49%, Utilities at 0.12%, and Real Estate at -0.63%. The three sectors with the lowest contribution to performance were Health Care at -3.67%, Consumer Staples at -5.28%, and Financials at -6.51%. Sector performance numbers reflect their total return during the period.

Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF

The Pacer Benchmark Data & Infrastructure Real Estate SCTR℠ ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Kelly Data Center and Tech Infrastructure Index (the “Index”), formerly the Benchmark Data & Infrastructure Real Estate SCTR Index.

The 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”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. Each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -1.63%. The Index had a total return of -0.99%. The FTSE NAREIT All Equity REITS Index had a total return of 10.15%.

The Fund’s top three contributors to its return were Switch, Inc. Clas A at 62.21%, CoreSite Realty Corporation at 43.41%, and Iron Mountain at 41.13%. The Fund’s bottom three contributors to its return were Chindata Group Holdings Limited at –52.69%, GDS Holdings Ltd. at -62.13%, and VNET Group, Inc at –78.61%. Performance numbers reflect their total return during the period.

Pacer Benchmark Industrial Real Estate SCTR ETF

The Pacer Benchmark Industrial Real Estate SCTR℠ ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Kelly Benchmark Indexes (the “Index”), formerly Benchmark Investments, LLC.

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Pacer Funds

The 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 real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. The sum of all Industrial Companies that are not Self-Storage Companies cannot exceed 80% of the total Index weight, and the remaining weight will be composed of Self-Storage Companies. Additionally, each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.

The Fund

As of the fiscal year end, the Fund had a NAV total return of 14.88%. The Index had a total return of 15.72%. The FTSE NAREIT All Equity REITS Index had a total return of 10.15%.

The Fund’s top three contributors to its return were Rexford Industrial Realty, Inc. at 42.67%, Life Storage, Inc. at 41.79%, and Prologis, Inc. at 40.16%. The Fund’s bottom three contributors to its return were Innovative Industrial Properties Inc. at -18.81%, Industrial Logistics Properties Trust at -31.15%, and Americold at -32.85%. Performance numbers reflect their total return during the period.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index (the “Index”).

The 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 EWI includes stocks covering all 11 Global Industry Classification Standard (“GICS^®”) sectors, six of which are eligible for inclusion in the Index.

On the last business day of each April, the Index is equally weighted in the S&P 500 EWI Consumer Staples and Healthcare sectors. The Index holdings then float until the last business day of the following October, when the Index is reconstituted and rebalanced to an equal weighting in the S&P 500 EWI Consumer Discretionary, Industrials, Information Technology, and Materials sectors. The Index holdings then float until the last business day of the following April (the next calendar year), when the Index is reconstituted and rebalanced back to an equal weighting in the S&P 500 EWI Consumer Staples and Healthcare sectors.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -5.11%. The Index had a total return of -4.37%. The S&P 500 Index had a total return of 0.21%.

During the fiscal year, the top three sectors for contribution to performance were Financials at 10.27%, Health Care at 9.68%, and Materials at 8.57%. The three sectors with the lowest contribution to performance were Industrials at -7.72%, Information Technology at -15.29%, and Consumer Discretionary at -16.48. Sector performance numbers reflect their total return during the period.

The Pacer Leaders ETF Series

The Pacer Leaders ETFs are strategy-driven, rules-based and are each designed to offer exposure to leaders in specific themes. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2022.

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Pacer Funds

Pacer US Export Leaders ETF

The Pacer US Export Leaders ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Export Leaders Index (the “Index”).

The 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. From time to time, the Index may include more or less than 100 companies as a result of events such as acquisitions, spin-offs and other corporate actions. The S&P 500 consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The S&P MidCap 400 measures the performance of mid-capitalization stocks in the United States.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -5.00%. The Index had a total return of -4.49%. The S&P 900 Index had a total return of -24.00%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 70.45%, Real Estate at 14.79%, and Consumer Staples at 12.90%. The three sectors with the lowest contribution to performance were Health Care at -15.742%, Financials at -17.87%, and Communication Services at -33.68%. Sector performance numbers reflect their total return during the period.

Pacer BioThreat Strategy ETF

The Pacer BioThreat Strategy ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index.

The Index is based on a proprietary methodology developed by LifeSci Index Partners, LLC, the Fund’s Index Provider (the “Index Provider”), which is not affiliated with the Fund, its distributor, or Pacer Advisors, Inc., the Fund’s investment adviser (the “Adviser”). The 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 connectivity. Such companies may reflect a variety of industries, ranging from the provision of consumer staples that may be stockpiled in an emergency to critical healthcare supplies to basic energy resources. Companies helping to recover from a biological threat include those that support the treatment of diseases or responses to chemical or biological attacks. The Index selects companies based on a proprietary, multi-step research process. First, the Index Provider conducts fundamental research to identify the most important current and emerging biological threats to human health. Such threats may include pandemic diseases, biological warfare, food and water safety, environmental safety, and natural disasters. Next, the Index Provider utilizes publicly available information such as financial reports and screens, corporate websites, news reports, and interviews with key opinion leaders to identify publicly traded companies which protect against and prepare for recovering from these threats. These companies have products, technologies, and services that seek to: ● research or combat pandemic diseases such as the novel coronavirus (COVID-19), Zika, H1N1, Ebola, avian flu, and MERS; ● combat agents of biological or chemical warfare such as anthrax, sarin gas, variola virus, and brucellosis; ● detect the presence of biological or chemical threats; ● enable social distancing and increased productivity for working and shopping at home; ● secure national borders and ports and strengthen homeland security; ● aid in stockpiling of products in times of natural disasters and disease outbreaks, such as canned foods, power sources, consumer first aid kits, anti-microbial agents, gas masks, and sterilization supplies and services; and ● test and improve food and water safety and purity. Finally, 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 months of at least $2 million. Index components are weighted based on their market capitalization, subject to a maximum weight of 4.9% at the time of rebalance. The Index is reconstituted (i.e., components are added or removed and weights are reset based on the Index methodology) on the third Friday of each January and rebalanced (i.e., weights are reset based on the Index methodology, but no components are added or removed) semi-annually as of the close of business on the third Friday of each January and July. The weights are fixed as of closing prices on the second Friday in each January and July. As of April 30, 2022, the Index was made up of 50 companies and included significant allocations to companies in the health care and industrial sectors.

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Pacer Funds

The Fund

As of the fiscal year end, the Fund had a NAV total return of -4.41%. The Index had a total return of -3.68%. The S&P 500 Index had a total return of 0.21%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Staples at 8.11%, Health Care at 5.13%, and Telecommunication Services at -4.39%. The three sectors with the lowest contribution to performance were Industrials at -23.33%, Materials at -23.63%, and Communication Services at -62.93%. Sector performance numbers reflect their total return during the period.

The Pacer Factor ETF Series

The Pacer Factor ETFs invest in equities based on certain shared characteristics (factors) and seeks to outperform the market over time. Three of these funds, the Pacer Lunt funds, have the ability to rotate their factor exposures on a monthly basis based on certain signals in an effort to realize greater returns than the overall market. The period referenced in this section for all factor funds is for the fiscal year end of April 30, 2022.

Pacer Lunt Large Cap Alternator ETF

The Pacer Lunt Large Cap Alternator ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Lunt Capital U.S. Large Cap Rotation Index (the “Index”).

The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The Index uses an objective, rules-based methodology to provide exposure to large-capitalization U.S. companies. The Index uses Lunt Capital’s proprietary relative strength methodology to rotate between the holdings of one of two sub-indices, the S&P 500 Low Volatility Index and the S&P 500 High Beta Index (each, a “Sub-Index,” and together, the “Sub-Indices”), that seek to identify the 100 components of the S&P 500 Index that most strongly exhibit a particular trait (e.g., low volatility or high beta). Each Sub-Index is composed of the 100 securities comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. Accordingly, each Sub-Index is composed of large-capitalization equity 4 securities. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The S&P 500 Low Volatility Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the lowest realized volatility over the prior 12 months. Each stock comprising the S&P 500 Low Volatility Index is weighted by the inverse of its volatility with the least volatile stocks receiving the highest weights. Volatility is a statistical measurement of the magnitude of price fluctuations in a stock’s price over time. The S&P 500 High Beta Index is composed of the 100 securities comprising the S&P 500 Index that have exhibited the highest sensitivity to market movements, or “beta,” over the prior 12 months. The weight of each stock in the S&P 500 High Beta Index is proportionate to its beta, rather than to its market capitalization. Beta is a measure of relative risk and is the rate of change of a security’s price. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which Sub-Index is likely to exhibit better price performance than the other Sub-Index. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. Each Sub-Index’s “Risk-Adjusted Score” is calculated using the Sub-Index’s standard deviation of returns over the prior 12 months. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers the Sub-Index with the higher Risk-Adjusted Score to have the higher relative strength. The Index is composed of the securities comprising the Sub-Index demonstrating the greater relative strength. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Index comprising the Index at such time.

The Fund

As of the fiscal year end, the Fund had a NAV total return of 6.97%. The Index had a total return of 7.80%. The S&P 500 Index had a total return of 0.21%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 49.49%, Materials at 34.30%, and Health Care at 11.66%. The three sectors with the lowest contribution to performance were Information Technology at -4.65%, Industrials at -5.33%, Utilities at -7.00%. Sector performance numbers reflect their total return during the period.

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Pacer Funds

Pacer Lunt Midcap Multi-Factor Alternator ETF

The Pacer Lunt Midcap Multi-Factor Alternator ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Lunt Capital U.S. MidCap Multi-Factor Rotation Index (the “Index”).

The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The 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. 9 The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P MidCap 400 Momentum Index S&P MidCap 400 Quality Index S&P MidCap 400 Enhanced Value Index S&P MidCap 400 Volatility - Highest Quintile Index Lowest Quintile S&P MidCap 400 Momentum - Lowest Quintile Index S&P MidCap 400 Quality - Lowest Quintile Index S&P MidCap 400 Enhanced Value - Lowest Quintile Index S&P MidCap 400 Low Volatility Index Each Sub-Index is composed of the 80 securities (a quintile) comprising the S&P MidCap 400 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P MidCap 400 Index is a market-weighted index and measures the performance of mid-capitalization stocks in the United States. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P MidCap 400 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -12.66%. The Index had a total return of -12.41%. The S&P MidCap 400 Index had a total return of -7.03%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 32.42%, Materials at 20.15%, and Utilities at 5.74%. The three sectors with the lowest contribution to performance were Consumer Staples at -23.45%, Information Technology at -27.16%, and Consumer Discretionary at -29.92%. Sector performance numbers reflect their total return during the period.

Pacer Lunt Large Cap Multi-Factor Alternator ETF

The Pacer Lunt Large Cap Multi-Factor Alternator ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Lunt Capital U.S. Large Cap Multi-Factor Rotation Index (the “Index”). The Index is based on a proprietary methodology developed by Lunt Capital Management, Inc. (“Lunt Capital” or the “Index Provider”). The 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. 14 The Index will include holdings for two of the following eight Sub-Indices: Momentum Quality Value Volatility Highest Quintile S&P 500 Momentum Index S&P 500 Quality Index S&P 500 Enhanced Value Index S&P 500 Volatility - Highest Quintile Index Lowest Quintile S&P 500 Momentum - Lowest Quintile Index S&P 500 Quality - Lowest Quintile Index S&P 500 Enhanced Value - Lowest Quintile Index S&P 500 Low Volatility Index Each Sub-Index is composed of the 100 securities (a quintile) comprising the S&P 500 Index that most strongly exhibit the characteristic screened for by the Sub-Index. The S&P 500 is a free-float weighted index that measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 includes approximately 500 leading companies and captures approximately 80% of the U.S. market capitalization. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) compiles, maintains, and calculates the S&P 500 Index and the Sub-Indices. The Index utilizes Lunt Capital’s proprietary relative strength analysis in its attempt to determine which two Sub-Indices are likely to exhibit better price performance than the other Sub-Indices. Pursuant to this methodology, the Index Provider calculates the “Risk Adjusted Score” for each Sub-Index. On the final trading day of each month, the Index Provider computes the relative strength of each Sub-Index by comparing each Sub-Index’s Risk-Adjusted Score. The Index Provider considers a higher Risk-Adjusted Score to indicate greater relative strength. The Index is composed of the securities comprising the two Sub-Indices demonstrating the greatest relative

15

Pacer Funds

strength unless such Sub-Indices include both the highest and lowest quintile from the same factor group, in which case only the Sub-Indices with the highest and third-highest Risk-Adjusted Score would be selected. The Index is reconstituted and rebalanced monthly, except when the Index methodology would not result in a change in the Sub-Indices comprising the Index at such time. The Fund’s Investment Strategy Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of collateral held from securities lending) will be invested in the component securities of the Fund’s underlying Index or in one or more ETFs that track the performance of all or a portion of such component securities in the same approximate proportion as in the Fund’s underlying Index. The Fund’s investment adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all of the component securities of the Index. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

The Fund

As of the fiscal year end, the Fund had a NAV total return of -2.58%. The Index had a total return of -1.72%. The S&P 500 Index had a total return of 0.21%

During the fiscal year, the top three sectors for contribution to performance were Energy at 76.54%, Consumer Staples at 20.02%, and Real Estate at 6.10%. The three sectors with the lowest contribution to performance were Industrials at -9.56%, Communication Services at -14.73%, and Consumer Discretionary at -17.50%. Sector performance numbers reflect their total return during the period.

The performance data quoted is historical. Past performance is no guarantee of future results. You cannot invest directly in an index.

Pacer Pacific Asset Floating Rate High Income ETF

Pacific Asset Management LLC (the “Sub-Adviser”) seeks to achieve the Fund’s investment objective by selecting a focused portfolio comprised primarily of income-producing adjustable rate securities. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other adjustable rate securities. Other adjustable rate securities will typically include collateralized loan obligations (“CLOs”), asset-backed securities (“ABS”), and commercial mortgage backed securities (“CMBS”) (collectively, “Adjustable Rate Securities”). The Fund is expected to invest primarily in loans and Adjustable Rate Securities that are rated below investment grade (i.e., high yield securities, sometimes called “junk bonds” or non-investment grade securities) or, if unrated, of comparable quality as determined by the Sub-Adviser. The Fund may invest in U.S.-dollar denominated senior floating rate loans and Adjustable Rate Securities of domestic and foreign issuers. Senior floating rate loans are debt instruments that may have a right to payment that is senior to most other debts of borrowers. Borrowers may include corporations, partnerships and other entities that operate in a variety of industries and geographic regions, which may from time to time prepay their loan obligations in response, for example, to changes in interest rates. Senior loans in which the Fund may invest include secured and unsecured loans. Generally, secured floating rate loans are secured by specific assets of the borrower. An adjustable rate security includes any fixed income security that requires periodic changes in its interest rate based upon changes in a recognized index interest rate or another method of determining prevailing interest rates. The Fund invests in various types of ABS, such as auto loan and student loan ABS. The Fund is actively managed. The Fund may invest up to 20% of its assets in certain other types of debt instruments or securities, including corporate bonds (including floating rate investment grade bonds) and secured or unsecured second lien floating rate loans. Second lien loans generally are second in line behind senior loans in terms of prepayment priority with respect to pledged collateral and therefore have a lower credit quality as compared to senior loans but may produce a higher yield to compensate for the additional risk. The secondary market on which high yield securities are traded may be less liquid than the market for investmentgrade securities. Less liquidity in the secondary trading market could adversely affect the ability of the Fund to sell a high yield security or the price at which the Fund could sell a high yield security, and could adversely affect the daily NAV of Fund shares. When secondary markets for high yield securities are less liquid than the market for investment-grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available. The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments, as such term is defined by Rule 22e-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). When the Sub-Adviser believes that current market, economic, political or other conditions are unsuitable and would impair the pursuit of the Fund’s investment objectives, the Fund may invest some or all of its assets in cash or cash equivalents, including but not limited to obligations of the U.S. government, money market fund shares, commercial paper, certificates of deposit and/or bankers acceptances, as well as other interest bearing or discount obligations or debt instruments that carry an investment grade rating by a national rating agency. When the Fund takes a temporary defensive position, the Fund may not achieve its investment objectives. The Fund may invest from time to time more heavily in one or more sectors of the economy than in other sectors.

16

Pacer Funds

The Fund

As of the fiscal year end, the Fund had a NAV total return of 1.02%. The S&P/LSTA Leveraged Loan Total Return Index had a total return of 1.72%.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

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

The Index, as designed, has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500 (“S&P Dividend Futures”). The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The Dividend Component is designed to give the Fund exposure to approximately 400% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract. As of April 30, 2022, the S&P 500 Component comprised approximately 78% of the Index. S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of time. The amount of such futures contracts will generally result in exposure to such dividends that is significantly greater than the amount of dividends that the Fund would normally receive from its direct investment in S&P 500 constituent companies (i.e., approximately 400% of such dividends that the Fund would normally have received). S&P Dividend Futures provide for the future sale by one party and purchase by another party of a specified dividend value of the S&P 500 at a specified future time and at a specified price. S&P Dividend Futures are standardized contracts traded on a recognized exchange. The Fund’s investment in S&P Dividend Futures will generally include the three most current annual S&P Dividend Futures contracts (e.g., in April 2022, the Fund would invest in the 2022, 2023, and 2024 contracts. The Index is typically rebalanced each December, at the end of the trading day on which the current year’s S&P Dividend Futures expire. At each rebalancing date, the current year’s annual S&P Dividend Futures will be replaced by the then closest maturing contract in three years. On each Index rebalancing date, the composition of the Index is expected to change.

The Fund

The Fund’s inception date was July 12, 2021. As of the fiscal year end, the Fund had a NAV total return of -5.00%. The Index had a total return of -4.28%. The S&P 500 Index had a total return of -4.73%.

During the fiscal period, the top three sectors for contribution to performance were Energy at 49.53%, Consumer Staples at 14.40%, and Utilities at 13.24%. The three sectors with the lowest contribution to performance were Information Technology at -6.49%, Consumer Discretionary at -12.95%, and Communication Services at -26.34%. Sector performance numbers reflect their total return during the period.

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

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

The Index, as designed, has two components: (i) an S&P 500 Index component (the “S&P 500 Component”) and (ii) a dividend component (the “Dividend Component”) consisting of long positions in annual futures contracts that provide exposure to ordinary dividends paid on the common stocks of companies included in the S&P 500 (“S&P Dividend Futures”). The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The Dividend Component is designed to give the Fund exposure to approximately 300% of the ordinary dividends the Fund would otherwise have expected to receive from its investment in the S&P 500 Component. The Dividend Component consists of annual futures contracts whose value represents the market’s expectation of the amount of ordinary dividends to be paid by S&P 500 companies during the term of the futures contract. As of April 30, 2022, the S&P 500 Component comprised approximately 88% of the Index. S&P Dividend Futures seek to allow investors in these instruments to obtain exposure to the actual dividend value that will be paid by the S&P 500 constituent companies over a period of

17

Pacer Funds

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

The Fund

The Fund’s inception date was July 12, 2021. As of the fiscal year end, the Fund had a NAV total return of -5.21%. The Index had a total return of -4.44%. The S&P 500 Index had a total return of -4.73%.

During the fiscal period, the top three sectors for contribution to performance were Energy at 49.63%, Consumer Staples at 14.42%, and Utilities at 13.22%. The three sectors with the lowest contribution to performance were Information Technology at -6.51%, Consumer Discretionary at -12.90%, and Communication Services at -26.21%. Sector performance numbers reflect their total return during the period.

Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A copy may be obtained by visiting www.paceretfs.com or calling 1-877-337-0500. Please read the prospectus carefully before investing.

An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these funds are detailed in the prospectus and could include factors such as alternator strategy risk, cash redemption risk, high yield risk, management risk, calculation methodology risk, concentration risk, currency exchange rate risk, emerging markets risk, equity market risk, ETF risks, European investments risk, fixed income risk, foreign sales risk, foreign securities risk, geographic concentration risk, government obligations risk, high portfolio turnover risk, index criteria risk, international operations risk, large and mid-capitalization investing risk, monthly exposure risk, new fund risk, non-diversification risk, other investment companies risk, passive investment risk, real estate companies risk, REIT investment risk, models and data risk, sector risk, sector rotation risk, smaller-capitalization companies risk, style risk, tax risk, tracking risk, trend lag risk, energy infrastructure industry risk, MLP risk, risk of investing in China, risk of investments in A-Shares, A-Shares tax risk, risk of investing through Shanghai-Hong Kong Stock Connect, risk of investing in Issuers listed on the ChiNext Board, authorized participant concentration risk, concentration risk, costs of buying or selling fund shares, emerging markets risk, equity securities risk, financial sector risk, index tracking error risk, international closed market trading risk, large-capitalization securities risk, market risk, non-U.S. currency risk, non-U.S. securities risk, passive investment risk, risk of cash transactions, secondary market trading risk, shares of the fund may trade at prices other than NAV, cybersecurity risk and/or special risks of exchange traded funds.

The Pacer Trendpilot^® US Large Cap Index, Pacer Trendpilot^® US Mid Cap Index, Pacer US Small Cap Cash Cows Index, Pacer US Export Leaders Index, Pacer WealthShield Index, Pacer Trendpilot^® International Index, Pacer US Cash Cows Growth Index, Pacer Trendpilot^® US Bond Index, and Pacer Trendpilot^® Fund of Funds Index (the “Indices”) are the property of Index Design Group, LLC which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Index Design Group, LLC. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

The Pacer NASDAQ-100 Trendpilot^® Index is co-owned by Index Design Group, LLC. and Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”). The NASDAQ-100 is a registered trademark of the Corporations and is licensed for use by Index Design Group, LLC. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

18

Pacer Funds

“FTSE^®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The Russell 1000 Index (the “Index”) is a trademark of Frank Russell Company (“Russell”) and has been licensed for use by Index Design Group, LLC (“IDG”). The Pacer US Cash Cows 100 Index is not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies (“LSEG”) (together the “Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the Pacer US Cash Cows 100 Index is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Pacer US Cash Cows 100 Index. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to IDG or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Kelly Data Center & Tech Infrastructure Index and Kelly Industrial Real Estate Index are trademarks of Benchmark Investments, LLC and have been licensed for use by Pacer Advisors, Inc. The Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF and Pacer Benchmark Industrial Real Estate SCTR ETF are not sponsored, endorsed, sold or promoted by Benchmarks Investments, LLC and Benchmark Investments, LLC makes no representation or warranty regarding the advisability of investing in this Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF and Pacer Benchmark Industrial Real Estate SCTR ETF. On November 3, 2021, the index name of the Benchmark Data & Infrastructure Real Estate SCTR Index changed to the Kelly Data Center & Tech Infrastructure Index and the Benchmark Industrial Real Estate SCTR Index changed to the Kelly Industrial Real Estate Index. No changes were made to either index methodology.

Pacer Cash Cows Fund of Funds ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Indexes are calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Indexes to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Indexes or Indexes trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

The Lunt Capital U.S. Large Cap Equity Rotation Index, Lunt Capital U.S. MidCap Multi-Factor Rotation Index, and Lunt Capital U.S. Large Cap Multi-Factor Rotation Index (the “Indices”) are a service mark of Lunt Capital Management, Inc. and have been licensed for use by Pacer Advisors, Inc. The Products are not sponsored, endorsed, sold, or promoted by Lunt Capital Management, Inc. and Lunt Capital Management, Inc. makes no representation regarding the advisability of investing in the Products. The Index is the property of Lunt Capital Management, Inc., which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Lunt Capital Management, Inc. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

CFRA makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally, or in the Product particularly, or the ability of CFRA’s Index to track general market performance. CFRA is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the product may be converted into cash or other redemption mechanics. CFRA has no obligation or liability in connection with the administration, marketing or trading of the Product. CFRA is not an investment advisor. Inclusion of a security within a CFRA Index is not a recommendation by CFRA to buy, sell,

19

or hold any security, nor is it investment advice. CFRA does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the CFRA Index or any data related thereto or any communication with respect thereto, including oral, written, or electronic communications. CFRA shall not be subject to any damages or liability for any errors, omissions, or delays therein. CFRA makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by users, owners of the product, or any other person or entity from the use of the CFRA Index or with respect to any data related thereto.

The LifeSci BioThreat Strategy Index is a trademark of LifeSci Index Partners, LLC (“LSIP”) and has been licensed for use by Pacer Advisors, Inc. The Pacer BioThreat Strategy ETF (CBOE: VIRS) is not sponsored, endorsed, sold or promoted by LifeSci Index Partners, LLC and LSIP makes no representation or warranty regarding the advisability of investing in the Pacer BioThreat ETF.

Pacer Advisors, Inc. is the fund advisor. Pacific Asset Management LLC serves as investment sub-advisor to the Pacer Pacific Asset Floating Rate High Income ETF (the “Fund”). The Fund is the successor to the Pacific Global Senior Loan ETF, a series of Pacific Global ETF Trust, and its investment performance as a result of the reorganization of the Predecessor Fund into the Fund at the close of business on October 22, 2021. In addition, the Pacific Global Senior Loan ETF was the successor to the investment performance of AdvisorShares Pacific Asset Enhanced Floating Rate ETF, a series of AdvisorShares Trust, as a result of the reorganization of the series of AdvisorShares Trust into a series of Pacific Global ETF that occurred on December 27, 2019 (together, the “Predecessor Fund”).

From the Predecessor Fund’s inception to October 22, 2021, the Predecessor Fund invested at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans. After the reorganization, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in senior secured floating rate loans and other adjustable rate securities. Other than each Fund’s respective 80% policy and the associated risks with investing in adjustable rate securities, the Funds had similar investment objectives, strategies, and policies.

Investment products offered are: Not FDIC Insured ● No Bank Guarantee ● May Lose Value

Trendpilot^®, Cash Cows Index^® and Strategy Driven ETFs™ are trademarks of Index Design Group, LLC.

Distributor: Pacer Financial, Inc, member FINRA, SIPC, an affiliate of Pacer Advisors, Inc.

20

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2022

Pacer Trendpilot^® US Large Cap ETF

Sector(a)	Percentage of Net Assets
Short-Term Investments	64.6%
Investments Purchased with Proceeds from Securities Lending	0.5%
Other assets in excess of liabilities	34.9%
Total	100.0%

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

Pacer Trendpilot^® US Mid Cap ETF

Sector(a)	Percentage of Net Assets
Short-Term Investments	100.0%
Other assets in excess of liabilities	0.0%*
Total	100.0%

* Less than 0.05%.

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

Pacer Trendpilot^® 100 ETF

Sector(a)	Percentage of Net Assets
Short-Term Investments	100.1%
Investments Purchased with Proceeds from Securities Lending	14.8%
Liabilities in excess of other assets	-14.9%
Total	100.0%

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

Pacer Trendpilot^® European Index ETF

Sector(a)	Percentage of Net Assets
Energy	0.1%
Short-Term Investments	99.1%
Liabilities in excess of other assets	0.8%
Total	100.0%

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

Pacer Trendpilot^® International ETF

Sector(a)	Percentage of Net Assets
Short-Term Investments	51.2%
Investments Purchased with Proceeds from Securities Lending	3.0%
Liabilities in excess of other assets	45.8%
Total	100.0%

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

21

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer Trendpilot^® US Bond ETF

Sector(a)	Percentage of Net Assets
Consumer, Cyclical	20.0%
Communications	19.8%
Financial	11.5%
Consumer, Non-Cyclical	16.0%
Industrial	7.7%
Energy	12.2%
Basic Materials	5.3%
Technology	3.8%
Utilities	2.4%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	8.8%
Liabilities in excess of other assets	-7.6%
Total	100.0%

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

Pacer Trendpilot^® Fund of Funds ETF

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

* Less than 0.05%.

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

Pacer Global Cash Cows Dividend ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical	32.2%
Communications	14.1%
Energy	17.6%
Consumer, Cyclical	4.9%
Basic Materials	17.6%
Industrial	5.5%
Technology	3.5%
Utilities	2.9%
Diversified	0.9%
Short-Term Investments	0.5%
Investments Purchased with Proceeds from Securities Lending	15.1%
Liabilities in excess of other assets	-14.8%
Total	100.0%

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

22

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer US Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Consumer, Cyclical	13.9%
Consumer, Non-Cyclical	28.6%
Technology	8.2%
Communications	9.6%
Basic Materials	14.3%
Industrial	4.4%
Energy	16.9%
Financial	3.7%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	10.9%
Liabilities in excess of other assets	-10.8%
Total	100.0%

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

Pacer US Small Cap Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Consumer, Cyclical	51.4%
Consumer, Non-Cyclical	16.5%
Industrial	12.7%
Energy	6.2%
Communications	5.3%
Basic Materials	2.7%
Financial	2.5%
Technology	2.5%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	30.4%
Liabilities in excess of other assets	-30.4%
Total	100.0%

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

Pacer Developed Markets International Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Consumer, Cyclical	21.1%
Communications	10.2%
Consumer, Non-Cyclical	11.9%
Industrial	19.1%
Basic Materials	17.2%
Energy	4.4%
Technology	14.0%
Utilities	0.9%
Short-Term Investments	0.5%
Investments Purchased with Proceeds from Securities Lending	10.7%
Liabilities in excess of other assets	-10.0%
Total	100.0%

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

23

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer US Cash Cows Growth ETF

Sector(a)	Percentage of Net Assets
Technology	31.2%
Consumer, Non-cyclical	17.7%
Communications	11.3%
Consumer, Cyclical	19.2%
Industrial	5.6%
Basic Materials	4.3%
Energy	10.5%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	26.4%
Liabilities in excess of other assets	-26.4%
Total	100.0%

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

Pacer Emerging Markets Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Basic Materials	25.6%
Consumer, Cyclical	11.0%
Industrial	17.6%
Energy	18.2%
Consumer, Non-Cyclical	7.2%
Communications	9.3%
Utilities	2.5%
Technology	3.8%
Diversified	3.0%
Financial	0.6%
Short-Term Investments	0.5%
Investments Purchased with Proceeds from Securities Lending	3.8%
Other assets in excess of liabilities	-3.1%
Total	100.0%

Pacer Cash Cows 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%

* Less than 0.05%.

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

24

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer WealthShield ETF

Sector(a)	Percentage of Net Assets
Energy	20.1%
Utilities	19.8%
Financial	19.5%
Consumer, Non-cyclical	17.9%
Basic Materials	15.8%
Consumer, Cyclical	4.3%
Industrial	2.6%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	17.0%
Liabilities in excess of other assets	-17.1%
Total	100.0%

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

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

Sector(a)	Percentage of Net Assets
Financial	99.7%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	16.9%
Liabilities in excess of other assets	-16.8%
Total	100.0%

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

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

Sector(a)	Percentage of Net Assets
Financial	76.7%
Communications	14.3%
Industrial	8.8%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	8.6%
Liabilities in excess of other assets	-8.7%
Total	100.0%

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

25

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical	93.2%
Consumer, Cyclical	4.3%
Industrial	1.5%
Technology	0.8%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	16.4%
Liabilities in excess of other assets	-16.3%
Total	100.0%

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

Pacer CSOP FTSE China A50 ETF    

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical	38.0%
Financial	26.9%
Consumer, Cyclical	14.6%
Industrial	6.5%
Energy	5.5%
Utilities	3.3%
Basic Materials	3.0%
Communications	1.8%
Short-Term Investments	0.3%
Other assets in excess of liabilities	0.1%
Total	100.0%

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

Pacer BioThreat Strategy ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical	62.0%
Consumer, Cyclical	16.4%
Communications	6.1%
Technology	6.6%
Industrial	6.9%
Basic Materials	1.9%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	31.2%
Liabilities in excess of other assets	-31.2%
Total	100.0%

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

26

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer Lunt Large Cap Alternator ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-cyclical	30.1%
Utilities	24.9%
Financial	17.7%
Industrial	13.3%
Consumer, Cyclical	5.9%
Communications	3.3%
Basic Materials	2.7%
Technology	2.0%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	5.2%
Liabilities in excess of other assets	-5.2%
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
Financial	20.7%
Consumer, Cyclical	24.1%
Consumer, Non-Cyclical	13.3%
Industrial	10.2%
Energy	7.8%
Technology	8.3%
Basic Materials	11.5%
Communications	2.8%
Utilities	1.1%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	31.2%
Liabilities in excess of other assets	-31.2%
Total	100.0%

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

Sector(a)	Percentage of Net Assets
Financial	21.2%
Consumer, Non-Cyclical	17.1%
Consumer, Cyclical	15.6%
Energy	15.1%
Technology	12.1%
Communications	8.1%
Basic Materials	7.1%
Industrial	2.6%
Utilities	0.8%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	13.9%
Liabilities in excess of other assets	-13.8%
Total	100.0%

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

27

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer US Export Leaders ETF

Sector(a)	Percentage of Net Assets
Technology	32.6%
Industrial	17.7%
Consumer, Non-cyclical	20.1%
Consumer, Cyclical	6.4%
Financial	1.1%
Basic Materials	12.6%
Communications	4.6%
Energy	4.9%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	23.3%
Liabilities in excess of other assets	-23.4%
Total	100.0%

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

Pacer Pacific Asset Floating Rate High Income ETF

Sector	Percentage of Net Assets
Consumer, Cyclical	17.6%
Industrial	10.0%
Consumer, Non-cyclical	10.3%
Communications	7.9%
Technology	9.5%
Financial	5.8%
Energy	2.4%
Basic Materials	0.8%
Short-Term Investments	12.2%
Other assets in excess of liabilities	-10.6%
Asset Backed Securities	34.2%
Total	100.0%

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

Sector(a)	Percentage of Net Assets
Technology	21.8%
Consumer, Non-Cyclical	19.7%
Communications	12.1%
Financial	13.9%
Consumer, Cyclical	9.0%
Industrial	7.1%
Energy	4.0%
Utilities	2.7%
Basic Materials	2.1%
Short-Term Investments	2.5%
Other assets in excess of liabilities	5.2%
Total	100.0%

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

28

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2022

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Sector(a)	Percentage of Net Assets
Technology	20.7%
Consumer, Non-Cyclical	18.8%
Communications	11.4%
Financial	13.2%
Consumer, Cyclical	8.7%
Industrial	6.8%
Energy	3.8%
Utilities	2.5%
Basic Materials	2.0%
Short-Term Investments	6.9%
Government Notes/Bonds	2.7%
Other assets in excess of liabilities	2.5%
Total	100.0%

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

29

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Large Cap ETF - NAV	3.48%	8.14%	9.11%	7.06%
Pacer Trendpilot® US Large Cap ETF - Market	3.38%	8.09%	9.08%	7.05%
Pacer Trendpilot® US Large Cap Index(3)	4.19%	8.79%	9.78%	7.72%
S&P 500® Total Return Index (3)	0.21%	13.85%	13.66%	12.36%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

30

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Mid Cap ETF - NAV	-2.98%	4.42%	5.03%	5.46%
Pacer Trendpilot® US Mid Cap ETF - Market	-3.11%	4.38%	4.98%	5.44%
Pacer Trendpilot® US Mid Cap Index(3)	-2.63%	5.08%	5.65%	6.11%
S&P MidCap 400 Index(3)	-7.03%	9.91%	9.29%	9.01%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

31

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® 100 ETF - NAV	-3.38%	13.40%	14.99%	11.58%
Pacer Trendpilot® 100 ETF - Market	-3.44%	13.37%	15.00%	11.58%
Pacer NASDAQ-100 Trendpilot® Index(3)	-2.77%	14.03%	15.62%	12.25%
NASDAQ-100 Index(3)	-6.61%	19.22%	19.27%	17.70%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

32

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® European Index ETF - NAV	-6.47%	-4.20%	-2.25%	-0.56%
Pacer Trendpilot® European Index ETF - Market	-6.17%	-4.55%	-2.45%	-0.58%
Pacer Trendpilot® European Index(3)	-5.59%	-2.78%	-0.76%	0.86%
FTSE Eurozone Index(3)	-13.51%	3.57%	4.18%	6.14%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

33

Pacer Trendpilot^® International ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Trendpilot International ETF - NAV	-11.46%	0.69%
Pacer Trendpilot International ETF - Market	-11.72%	0.59%
Pacer Trendpilot International Index	-11.25%	1.57%
S&P Developed Ex-US Large Cap Index(3)	-6.82%	6.42%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

34

Pacer Trendpilot^® US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Trendpilot US Bond ETF - NAV	-12.54%	-0.06%
Pacer Trendpilot US Bond ETF - Market	-13.32%	-0.37%
Pacer Trendpilot US Bond Index(3)	-8.90%	2.27%
S&P U.S. High Yield Corporate Bond IndexTM(3)	-5.20%	2.05%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

35

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

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

36

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Trendpilot Fund of Funds ETF - NAV	-5.87%	3.94%
Pacer Trendpilot Fund of Funds ETF - Market	-5.97%	3.91%
Pacer Trendpilot Fund of Funds Index(3)	-4.38%	5.26%
S&P 1200 Index(3)	-3.10%	10.78%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

37

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Global Cash Cows Dividend ETF - NAV	10.22%	6.37%	7.09%	8.46%
Pacer Global Cash Cows Dividend ETF - Market	9.95%	6.22%	6.96%	8.42%
Pacer Global Cash Cows Dividend Index(3)	11.59%	7.53%	8.18%	9.52%
FTSE All-World Developed Large-Cap Index(3)	-3.35%	11.12%	10.90%	12.66%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

38

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Cash Cows 100 ETF - NAV	16.08%	20.01%	15.36%	15.25%
Pacer US Cash Cows 100 ETF - Market	16.06%	19.88%	15.33%	15.21%
Pacer US Cash Cows 100 Index(3)	16.76%	20.47%	15.81%	15.72%
Russell 1000® Index(3)	-2.10%	13.57%	13.44%	13.75%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

39

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer US Small Cap Cash Cows 100 ETF - NAV	-6.57%	15.46%	10.76%
Pacer US Small Cap Cash Cows 100 ETF - Market	-6.65%	15.35%	10.71%
Pacer US Small Cap Cash Cows Index(3)	-5.91%	15.87%	11.09%
S&P SmallCap 600® Index(3)	-8.54%	9.15%	9.07%

⁽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, 2021, as supplmented March 17, 2022 and December 3, 2021, 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.

40

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Developed Markets International Cash Cows 100 ETF - NAV	-4.48%	6.11%	6.14%
Pacer Developed Markets International Cash Cows 100 ETF - Market	-5.24%	5.67%	6.03%
Pacer Developed Markets International Cash Cows 100 Index(3)	-3.22%	7.42%	7.27%
FTSE Developed ex-US Index(3)	-7.93%	11.12%	4.63%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

41

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer US Cash Cows Growth ETF - NAV	-1.98%	13.45%
Pacer US Cash Cows Growth ETF - Market	-2.23%	13.40%
Pacer US Cash Cows Growth Index(3)	-1.78%	13.67%
S&P 900 Pure Growth Index(3)	-12.41%	10.11%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

42

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Emerging Markets Cash Cows 100 ETF - NAV	-10.67%	1.64%
Pacer Emerging Markets Cash Cows 100 ETF - Market	-10.91%	1.70%
Pacer Emerging Markets Cash Cows 100 Index(3)	-8.68%	3.66%
FTSE Emerging Markets Index(3)	-15.07%	3.15%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

43

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

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

 44

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Cash Cows Fund of Funds ETF - NAV	2.29%	12.21%
Pacer Cash Cows Fund of Funds ETF - Market	1.94%	12.06%
Pacer Cash Cows Fund of Funds Index(3)	3.12%	12.90%
FTSE All World Developed Index(3)	-4.18%	10.23%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

45

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer WealthShield ETF - NAV	-5.30%	7.42%	5.42%
Pacer WealthShield ETF - Market	-5.35%	7.37%	5.39%
Pacer WealthShield Index(3)	-5.40%	7.28%	5.65%
S&P 500® Total Return Index(3)	0.21%	13.85%	12.54%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

46

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Benchmark Industrial Real Estate SCTRSM ETF - NAV	14.88%	19.61%	20.32%
Pacer Benchmark Industrial Real Estate SCTRSM ETF - Market	15.00%	19.54%	20.31%
Kelly Industrial Real Estate Index(3)	15.72%	20.69%	21.27%
FTSE NAREIT All Equity REITS Total Return Index	10.15%	10.41%	12.25%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

47

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF - NAV	-1.63%	11.35%	13.10%
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF - Market	-2.04%	11.11%	12.96%
Kelly Data Center & Tech Infrastructure Index(3)	-0.99%	12.00%	13.94%
FTSE NAREIT All Equity REITS Total Return Index(3)	10.15%	10.41%	12.72%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

48

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	-5.11%	8.76%	10.61%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	-5.22%	8.64%	10.53%
CFRA-Stovall Equal Weight Seasonal Rotation Index(3)	-4.37%	9.89%	11.63%
S&P 500® Total Return Index(3)	0.21%	13.85%	12.76%

⁽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, 2021, as supplemented March 17, 2022 and December 3, 2021, 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.

49

Pacer CSOP FTSE China A50 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer CSOP FTSE China A50 ETF - NAV	-22.15%	2.15%	8.16%	4.97%
Pacer CSOP FTSE China A50 ETF - Market	-24.03%	1.20%	7.80%	4.64%
FTSE China A50 Net Total Return Index®(3)	-22.09%	2.71%	8.86%	5.36%

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

50

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer BioThreat Strategy ETF - NAV	-4.41%	9.26%
Pacer BioThreat Strategy ETF - Market	-4.44%	9.22%
LifeSci BioThreat Strategy Index(3)	-3.68%	10.07%
S&P 500® Total Return Index(3)	0.21%	19.58%

⁽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.

51

Pacer Lunt Large Cap Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Lunt Large Cap Alternator ETF - NAV	6.97%	40.36%
Pacer Lunt Large Cap Alternator ETF - Market	6.80%	40.27%
Lunt Capital U.S. Large Cap Equity Rotation Index(3)	7.80%	41.70%
S&P 500® Total Return Index(3)	0.21%	19.58%

⁽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.

52

Pacer Lunt Midcap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	-12.66%	18.22%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	-12.78%	18.18%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3)	-12.41%	19.43%
S&P MidCap 400® Total Return Index(3)	-7.03%	23.62%

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

53

Pacer Lunt Large Cap Multi-Factor Alternator ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Since Inception(2)
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	-2.58%	25.14%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	-2.52%	25.13%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3)	-1.72%	26.25%
S&P 500® Index(3)	0.21%	19.58%

⁽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.

54

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	One Year	Three Year	Since Inception(2)
Pacer US Export Leaders ETF - NAV	-5.00%	14.35%	12.51%
Pacer US Export Leaders ETF - Market	-4.66%	14.31%	12.47%
Pacer US Export Leaders Index(3)	-4.49%	15.07%	13.24%
S&P 900 IndexTM(3)	-24.00%	13.60%	12.43%

⁽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.

55

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	Ten Months	One Year	Three Year	Five Year	Since Inception(2)
Pacer Pacific Asset Floating Rate High Income ETF - NAV	0.34%	1.02%	2.66%	2.97%	2.97%
Pacer Pacific Asset Floating Rate High Income ETF - Market	0.47%	0.99%	2.72%	2.95%	3.00%
S&P/LSTA U.S. Leveraged Loan 100 Index (3)	1.04%	1.72%	3.06%	3.57%	3.52%
S&P 500® Index (3)	-2.62%	0.21%	13.85%	13.66%	11.97%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated October 25, 2021, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

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

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

56

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	Since Inception(2)
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV	-5.21%
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market	-5.07%
Metaurus US Large Cap Dividend Multiplier Return Index – Series 300 (3)	-4.44%
S&P 500® Total Return Index (3)	-4.73%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 12, 2021, is 0.79%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 12, 2021.

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

57

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended April 30, 2022)

	Since Inception(2)
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV	-5.00%
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market	-4.71%
Metaurus US Large Cap Dividend Multiplier Return Index – Series 400 (3)	-4.28%
S&P 500® Total Return Index (3)	-4.73%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated July 12, 2021, is 0.79%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 12, 2021.

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

58

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2022

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 11/01/21	Ending Account Value 04/30/22	Expenses Paid During Period (a)
Pacer Trendpilot® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 936.40	$ 2.88
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Trendpilot® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 954.80	$ 2.91
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Trendpilot® 100 ETF
Actual	0.65%	$1,000.00	$ 898.10	$ 3.06
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot® European Index ETF
Actual	0.65%	$1,000.00	$ 898.80	$ 3.06
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot® International ETF
Actual	0.65%	$1,000.00	$ 847.60	$ 2.98
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot® US Bond ETF
Actual	0.60%	$1,000.00	$ 879.20	$ 2.80
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Trendpilot® Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 899.50	$ 0.71
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.05	$ 0.75
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 1,109.40	$ 3.14
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01

59

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2022 (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During Period (a)
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 1,074.20	$ 2.52
Hypothetical(b)	0.49%	$1,000.00	$ 1,022.36	$ 2.46
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 907.60	$ 2.79
Hypothetical(b)	0.59%	$1,000.00	$ 1,021.87	$ 2.96
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 974.30	$ 3.18
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 870.50	$ 2.78
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 942.80	$ 3.37
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.32	$ 3.51
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 982.00	$ 0.74
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.05	$ 0.75
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 883.20	$ 2.80
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Benchmark Industrial Real Estate SCTRSM ETF
Actual	0.60%	$1,000.00	$ 970.20	$ 2.93
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF
Actual	0.60%	$1,000.00	$ 926.90	$ 2.87
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 916.10	$ 2.85
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 824.00	$ 3.17
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.32	$ 3.51
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 827.70	$ 3.17
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.32	$ 3.51
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 998.70	$ 2.97
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Lunt Midcap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 892.10	$ 2.81
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Lunt Large Cap Multi-Factor Alternator ETF
Actual	0.60%	$1,000.00	$ 875.70	$ 2.79
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 867.40	$ 2.78
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01

60

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2022 (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During Period (a)
Pacer Pacific Asset Floating Rate High Income ETF
Actual	0.60%	$1,000.00	$ 993.60	$ 2.97
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Metarus US Large Cap Target Dividend 300 ETF
Actual	0.79%	$1,000.00	$ 903.10	$ 3.73
Hypothetical(b)	0.79%	$1,000.00	$ 1,020.88	$ 3.96
Pacer Metarus US Large Cap Target Dividend 400 ETF
Actual	0.79%	$1,000.00	$ 906.10	$ 3.73
Hypothetical(b)	0.79%	$1,000.00	$ 1,020.88	$ 3.96

^(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.

61

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 64.6%
Money Market Deposit Accounts — 16.5%
U.S. Bank Money Market Deposit Account, 0.13% (b)	$	303,238,097	$	303,238,097
U.S. Treasury Bills — 48.1%
United States Treasury Bill, 0.00%, 07/21/2022		887,000,000		885,388,126
TOTAL SHORT-TERM INVESTMENTS (Cost $1,188,651,477)				1,188,626,223
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%
Mount Vernon Liquid Assets Portfolio, LLC, 0.45% (b)		9,260,305		9,260,305
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,260,305)				9,260,305
Total Investments (Cost $1,197,911,782) — 65.1%				1,197,886,528
Other Assets in Excess of Liabilities — 34.9%				643,356,549
TOTAL NET ASSETS — 100.0%			$	1,841,243,077

Percentages are stated as a percent of net assets.

(a) Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $8,697,806 or 0.5% of net assets.

(b) The rate shown is as of April 30, 2022.

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.

62

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.0%
Money Market Deposit Accounts — 63.8%
U.S. Bank Money Market Deposit Account, 0.13% (a)	$	282,122,221	$	282,122,221
U.S. Treasury Bills — 36.2%
United States Treasury Bill, 0.00%, 05/19/2022		160,000,000		159,984,133
TOTAL SHORT-TERM INVESTMENTS (Cost $442,093,421)				442,106,354
Total Investments (Cost $442,093,421) — 100.0%				442,106,354
Liabilities in Excess of Other Assets — 0.0% (b)				(212,828	)
TOTAL NET ASSETS — 100.0%			$	441,893,526

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2022.

(b) 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. Categories are shown as a percentage of net assets.

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

63

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 100.1%
Money Market Deposit Accounts — 2.3%
U.S. Bank Money Market Deposit Account, 0.13% (b)	$	15,943,812	$	15,943,812
U.S. Treasury Bills — 97.8%
United States Treasury Bill, 0.00%, 07/21/2022		324,000,000		323,411,221
United States Treasury Bill, 0.00%, 06/16/2022 (a)		350,000,000		349,807,391
				673,218,612
TOTAL SHORT-TERM INVESTMENTS (Cost $689,180,896)				689,162,424
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.8%
Mount Vernon Liquid Assets Portfolio, LLC, 0.45% (b)		102,000,000		102,000,000
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $102,000,000)				102,000,000
Total Investments (Cost $791,180,896) — 114.9%				791,162,424
Liabilities in Excess of Other Assets — (14.9)%				(102,346,540	)
TOTAL NET ASSETS — 100.0%			$	688,815,884

Percentages are stated as a percent of net assets.

(a) Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $99,945,000 or 14.5% of net assets.

(b) The rate shown is as of April 30, 2022.

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.

64

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 0.1%
Greece — 0.0%(d)
FF Group (a) (b)		1,259	$	6,376
Netherlands — 0.0%(d)
Iveco Group NV (b)		844		5,029
United Kingdom — 0.1%
TechnipFMC PLC (a) (b)		3,996		27,654
TOTAL COMMON STOCKS (Cost $58,227)				39,059
	Principal Amount
SHORT-TERM INVESTMENTS- 99.1%
Money Market Deposit Accounts — 12.1%
U.S. Bank Money Market Deposit Account, 0.13% (c)	$	5,551,951		5,551,951
U.S. Treasury Bills — 87.0%
United States Treasury Bill, 0.00%, 06/02/2022		20,000,000		19,994,442
United States Treasury Bill, 0.00%, 06/09/2022		20,000,000		19,991,001
				39,985,443
TOTAL SHORT-TERM INVESTMENTS (Cost $45,537,782)				45,537,394
Total Investments (Cost $45,596,009) — 99.2%				45,576,453
Other Assets in Excess of Liabilities — 0.8%				348,364
TOTAL NET ASSETS — 100.0%			$	45,924,817

Percentages are stated as a percent of net assets.

(a) Value determined using significant unobservable inputs.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2022.

(d) 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.

65

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 0.0%(d)
Germany — 0.0%(d)
Allianz SE - ADR		1	$	22
Israel — 0.0%(d)
Isracard Ltd.		1		4
Netherlands — 0.0%(d)
Iveco Group NV (b)		1,975		11,768
Iveco Group NV (b)		1,529		8,942
				20,710
United States — 0.0%(d)
Block, Inc. (b)		0		39
TOTAL COMMON STOCKS (Cost $26,164)				20,775
PREFERRED STOCKS — 0.0%(d)
Bermuda — 0.0%(d)
Brookfield Property Preferred LP (b)		31		647
TOTAL PREFERRED STOCKS (Cost $778)				647
	Principal Amount
SHORT-TERM INVESTMENTS- 51.2%
Money Market Deposit Accounts — 5.3%
U.S. Bank Money Market Deposit Account, 0.13% (c)	$	6,965,347		6,965,347
U.S. Treasury Bills — 45.9%
United States Treasury Bill, 0.00%, 07/21/2022		60,000,000		59,890,967
TOTAL SHORT-TERM INVESTMENTS (Cost $66,853,972)				66,856,314

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0%
Mount Vernon Liquid Assets Portfolio, LLC, 0.45% (c)		3,876,193	$	3,876,193
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,876,193)				3,876,193
Total Investments (Cost $70,757,107) — 54.2%				70,753,929
Other Assets in Excess of Liabilities — 45.8%				59,772,937
TOTAL NET ASSETS — 100.0%			$	130,526,866

Percentages are stated as a percent of net assets.

  ADR American Depositary Receipt

(a) Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $3,781,664 or 2.9% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2022.

(d) 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.

66

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Principal Amount		Value
CORPORATE BONDS — 98.7%
Accommodation and Food Services — 0.0% (a)
Resorts World Las Vegas LLC
4.625%, 04/06/2031	$	320,000	$	273,842
Advertising — 0.9%
Advantage Sales & Marketing, Inc.
6.500%, 11/15/2028 (b)		995,000		905,485
Clear Channel Outdoor Holdings, Inc.
5.125%, 08/15/2027 (b)		1,640,000		1,543,281
7.750%, 04/15/2028 (b)		895,000		844,692
7.500%, 06/01/2029 (b)		300,000		283,494
Lamar Media Corp.
4.875%, 01/15/2029		615,000		587,365
4.000%, 02/15/2030		965,000		865,986
National CineMedia LLC
5.875%, 04/15/2028 (b)(c)		875,000		753,515
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.625%, 03/15/2030 (b)		1,080,000		962,496
Stagwell Global LLC
5.625%, 08/15/2029 (b)		1,155,000		1,021,170
Terrier Media Buyer, Inc.
8.875%, 12/15/2027 (b)		860,000		842,847
				8,610,331
Aerospace/Defense — 1.9%
Bombardier, Inc.
7.500%, 12/01/2024 (b)		1,595,000		1,589,410
7.125%, 06/15/2026 (b)		1,900,000		1,750,289
Hexcel Corp.
4.950%, 08/15/2025		1,275,000		1,292,687
Howmet Aerospace, Inc.
5.125%, 10/01/2024		235,000		239,412
6.875%, 05/01/2025		345,000		365,295
6.750%, 01/15/2028		695,000		737,555
3.000%, 01/15/2029		605,000		528,749
5.950%, 02/01/2037		680,000		688,265
Spirit AeroSystems, Inc.
5.500%, 01/15/2025 (b)		2,250,000		2,246,602
4.600%, 06/15/2028 (c)		730,000		630,954
TransDigm, Inc.
6.250%, 03/15/2026 (b)		2,645,000		2,638,030
6.375%, 06/15/2026		1,245,000		1,230,963
5.500%, 11/15/2027		1,815,000		1,666,660
4.625%, 01/15/2029		1,120,000		975,901
4.875%, 05/01/2029		740,000		649,650
Triumph Group, Inc.
6.250%, 09/15/2024 (b)		705,000		679,557
7.750%, 08/15/2025 (c)		320,000		311,646
				18,221,625

	Principal Amount		Value
Agriculture — 0.1%
Turning Point Brands, Inc.
5.625%, 02/15/2026 (b)	$	655,000	$	624,441
Vector Group Ltd.
5.750%, 02/01/2029 (b)		680,000		597,825
				1,222,266
Airlines — 1.2%
Air Canada
3.875%, 08/15/2026 (b)		105,000		97,206
American Airlines Group, Inc.
3.750%, 03/01/2025 (b)(c)		760,000		679,421
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.500%, 04/20/2026 (b)		2,405,000		2,386,758
5.750%, 04/20/2029 (b)		1,215,000		1,172,718
American Airlines, Inc.
11.750%, 07/15/2025 (b)		1,430,000		1,647,260
Delta Air Lines, Inc.
7.375%, 01/15/2026		695,000		740,988
4.375%, 04/19/2028 (c)		450,000		421,740
3.750%, 10/28/2029 (c)		565,000		499,344
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd.
5.750%, 01/20/2026 (b)(c)		625,000		607,625
Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd.
8.000%, 09/20/2025 (b)		710,000		750,697
United Airlines Holdings, Inc.
4.875%, 01/15/2025 (c)		545,000		526,576
United Airlines, Inc.
4.375%, 04/15/2026 (b)		1,195,000		1,154,968
4.625%, 04/15/2029 (b)		1,125,000		1,033,813
				11,719,114
Apparel — 0.3%
Crocs, Inc.
4.250%, 03/15/2029 (b)		200,000		170,240
Hanesbrands, Inc.
4.625%, 05/15/2024 (b)		365,000		364,996
4.875%, 05/15/2026 (b)		695,000		680,190
Kontoor Brands, Inc.
4.125%, 11/15/2029 (b)		440,000		382,457
Levi Strauss & Co.
3.500%, 03/01/2031 (b)		505,000		437,631
The William Carter Co.
5.625%, 03/15/2027 (b)		560,000		558,818
Under Armour, Inc.
3.250%, 06/15/2026		340,000		313,318
Wolverine World Wide, Inc.
4.000%, 08/15/2029 (b)(c)		295,000		251,095
				3,158,745

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

67

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Auto Manufacturers — 2.1%
Allison Transmission, Inc.
5.875%, 06/01/2029 (b)	$	1,195,000	$	1,181,365
3.750%, 01/30/2031 (b)		1,170,000		1,013,957
Ford Motor Co.
9.000%, 04/22/2025		3,920,000		4,376,601
4.346%, 12/08/2026 (c)		3,815,000		3,666,692
6.625%, 10/01/2028		360,000		373,566
9.625%, 04/22/2030		335,000		409,980
7.450%, 07/16/2031		640,000		696,947
3.250%, 02/12/2032		1,155,000		940,326
4.750%, 01/15/2043		1,000,000		806,935
5.291%, 12/08/2046		635,000		545,713
Ford Motor Credit Co. LLC
2.700%, 08/10/2026		870,000		776,675
JB Poindexter & Co, Inc.
7.125%, 04/15/2026 (b)		3,015,000		3,024,437
PM General Purchaser LLC
9.500%, 10/01/2028 (b)		1,480,000		1,430,139
Wabash National Corp.
4.500%, 10/15/2028 (b)		615,000		515,524
				19,758,857
Auto Parts & Equipment — 2.0%
American Axle & Manufacturing, Inc.
6.500%, 04/01/2027 (c)		985,000		919,079
6.875%, 07/01/2028 (c)		615,000		580,452
5.000%, 10/01/2029 (c)		965,000		832,313
Clarios Global LP
6.750%, 05/15/2025 (b)		4,190,000		4,279,436
Clarios Global LP / Clarios US Finance Co.
8.500%, 05/15/2027 (b)		1,325,000		1,325,848
Dana, Inc.
5.375%, 11/15/2027		1,255,000		1,188,303
Dealer Tire LLC / DT Issuer LLC
8.000%, 02/01/2028 (b)		395,000		386,914
Dornoch Debt Merger Sub, Inc.
6.625%, 10/15/2029 (b)		870,000		714,487
Real Hero Merger Sub 2, Inc.
6.250%, 02/01/2029 (b)		660,000		536,092
Tenneco, Inc.
7.875%, 01/15/2029 (b)		1,765,000		1,785,703
5.125%, 04/15/2029 (b)		1,305,000		1,264,800
The Goodyear Tire & Rubber Co.
5.250%, 04/30/2031 (c)		325,000		282,955
5.625%, 04/30/2033		250,000		215,651
5.000%, 05/31/2026 (c)		1,905,000		1,838,430
4.875%, 03/15/2027		1,220,000		1,139,394

	Principal Amount		Value
Auto Parts & Equipment — 2.0% (Continued)
Titan International, Inc.
7.000%, 04/30/2028	$	1,090,000	$	1,069,552
Wheel Pros, Inc.
6.500%, 05/15/2029 (b)		595,000		452,979
				18,812,388
Banks — 1.2%
Freedom Mortgage Corp.
8.125%, 11/15/2024 (b)		1,190,000		1,154,300
8.250%, 04/15/2025 (b)		945,000		908,480
7.625%, 05/01/2026 (b)		930,000		847,467
6.625%, 01/15/2027 (b)		850,000		736,959
Texas Capital Bancshares, Inc.
4.000%, 05/06/2031		7,840,000		7,523,125
				11,170,331
Beverages — 0.1%
Primo Water Holdings, Inc.
4.375%, 04/30/2029 (b)		795,000		691,813
Triton Water Holdings, Inc.
6.250%, 04/01/2029 (b)		780,000		649,233
				1,341,046
Biotechnology — 0.1%
Emergent BioSolutions, Inc.
3.875%, 08/15/2028 (b)		655,000		557,081
Building Materials — 0.9%
Cornerstone Building Brands, Inc.
6.125%, 01/15/2029 (b)		545,000		454,129
CP Atlas Buyer, Inc.
7.000%, 12/01/2028 (b)		825,000		690,187
Eco Material Technologies, Inc.
7.875%, 01/31/2027 (b)		640,000		620,432
Griffon Corp.
5.750%, 03/01/2028		890,000		796,020
JELD-WEN, Inc.
4.625%, 12/15/2025 (b)		925,000		873,061
Koppers, Inc.
6.000%, 02/15/2025 (b)		830,000		804,245
Masonite International Corp.
5.375%, 02/01/2028 (b)		740,000		709,901
New Enterprise Stone & Lime Co, Inc.
9.750%, 07/15/2028 (b)		325,000		320,434
Standard Industries Inc/NJ
5.000%, 02/15/2027 (b)		580,000		550,232
4.750%, 01/15/2028 (b)		955,000		879,956
4.375%, 07/15/2030 (b)		1,265,000		1,056,275
Summit Materials LLC / Summit Materials Finance Corp.
5.250%, 01/15/2029 (b)		620,000		582,391

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

68

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Building Materials — 0.9% (Continued)
Victors Merger Corp.
6.375%, 05/15/2029 (b)	$	655,000	$	398,800
				8,736,063
Chemicals — 2.2%
Ashland LLC
3.375%, 09/01/2031 (b)		715,000		619,594
The Chemours Co.
5.750%, 11/15/2028 (b)		805,000		755,645
4.625%, 11/15/2029 (b)		660,000		572,600
CVR Partners LP / CVR Nitrogen Finance Corp.
6.125%, 06/15/2028 (b)		505,000		495,617
Diamond BC BV
4.625%, 10/01/2029 (b)(c)		510,000		439,385
Element Solutions, Inc.
3.875%, 09/01/2028 (b)(c)		610,000		546,072
EverArc Escrow Sarl
5.000%, 10/30/2029 (b)		650,000		570,785
HB Fuller Co.
4.250%, 10/15/2028		505,000		452,657
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.
9.000%, 07/01/2028 (b)		345,000		328,174
Ingevity Corp.
3.875%, 11/01/2028 (b)(c)		615,000		551,261
LSF11 A5 HoldCo LLC
6.625%, 10/15/2029 (b)		375,000		327,143
Methanex Corp.
4.250%, 12/01/2024		1,220,000		1,202,247
5.125%, 10/15/2027		1,190,000		1,143,852
Minerals Technologies, Inc.
5.000%, 07/01/2028 (b)		460,000		430,360
NOVA Chemicals Corp.
4.875%, 06/01/2024 (b)		1,610,000		1,589,947
5.000%, 05/01/2025 (b)		45,000		44,607
5.250%, 06/01/2027 (b)		1,475,000		1,406,693
4.250%, 05/15/2029 (b)(c)		1,335,000		1,157,158
Nufarm Australia Ltd / Nufarm Americas, Inc.
5.000%, 01/27/2030 (b)		1,060,000		1,003,248
Olin Corp.
5.625%, 08/01/2029		565,000		557,127
5.000%, 02/01/2030		340,000		322,488
Polar US Borrower LLC / Schenectady International Group, Inc.
6.750%, 05/15/2026 (b)		450,000		367,576
Rayonier AM Products, Inc.
7.625%, 01/15/2026 (b)(c)		865,000		822,818
SCIH Salt Holdings, Inc.
4.875%, 05/01/2028 (b)		155,000		136,140

	Principal Amount		Value
Chemicals — 2.2% (Contiued)
6.625%, 05/01/2029 (b)(c)	$	930,000	$	742,865
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc.
5.125%, 04/01/2029 (b)		550,000		484,704
Tronox, Inc.
4.625%, 03/15/2029 (b)		910,000		815,524
Unifrax Escrow Issuer Corp.
7.500%, 09/30/2029 (b)(c)		815,000		676,637
Valvoline, Inc.
4.250%, 02/15/2030 (b)		455,000		395,543
3.625%, 06/15/2031 (b)		570,000		464,179
Venator Finance Sarl / Venator Materials LLC
5.750%, 07/15/2025 (b)(c)		345,000		283,386
WR Grace Holdings LLC
5.625%, 10/01/2024 (b)		150,000		150,563
4.875%, 06/15/2027 (b)		405,000		381,287
5.625%, 08/15/2029 (b)		980,000		837,312
				21,075,194
Coal — 0.2%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.
7.500%, 05/01/2025 (b)		695,000		697,755
SunCoke Energy, Inc.
4.875%, 06/30/2029 (b)		495,000		444,426
Warrior Met Coal, Inc.
7.875%, 12/01/2028 (b)		330,000		345,746
				1,487,927
Commercial Services — 5.1%
The ADT Security Corp.
4.125%, 08/01/2029 (b)		630,000		535,982
Adtalem Global Education, Inc.
5.500%, 03/01/2028 (b)		790,000		732,172
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.625%, 07/15/2026 (b)		950,000		917,852
9.750%, 07/15/2027 (b)		1,285,000		1,248,930
AMN Healthcare, Inc.
4.625%, 10/01/2027 (b)(c)		995,000		956,379
APX Group, Inc.
5.750%, 07/15/2029 (b)(c)		865,000		709,841
ASGN, Inc.
4.625%, 05/15/2028 (b)		355,000		330,276
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.750%, 07/15/2027 (b)		655,000		641,058
5.375%, 03/01/2029 (b)(c)		775,000		727,481
Block, Inc.
2.750%, 06/01/2026 (b)		370,000		337,866
3.500%, 06/01/2031 (b)		840,000		704,844

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

69

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Commercial Services — 5.1% (Continued)
The Brink’s Co.
4.625%, 10/15/2027 (b)	$	680,000	$	645,150
CoreCivic, Inc.
8.250%, 04/15/2026		940,000		967,335
CoreLogic, Inc.
4.500%, 05/01/2028 (b)(c)		710,000		630,075
CoStar Group, Inc.
2.800%, 07/15/2030 (b)		1,030,000		899,631
CPI CG, Inc.
8.625%, 03/15/2026 (b)		480,000		465,288
Deluxe Corp.
8.000%, 06/01/2029 (b)		560,000		532,020
Garda World Security Corp.
4.625%, 02/15/2027 (b)		1,790,000		1,627,763
9.500%, 11/01/2027 (b)		330,000		324,682
Gartner, Inc.
4.500%, 07/01/2028 (b)		325,000		311,935
3.625%, 06/15/2029 (b)		370,000		331,648
3.750%, 10/01/2030 (b)		590,000		527,062
GXO Logistics, Inc.
2.650%, 07/15/2031 (b)		1,725,000		1,417,795
HealthEquity, Inc.
4.500%, 10/01/2029 (b)		15,000		13,725
The Hertz Corp.
5.000%, 12/01/2029 (b)		545,000		476,216
Korn Ferry
4.625%, 12/15/2027 (b)		325,000		308,323
Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.
5.000%, 02/01/2026 (b)		490,000		460,455
Metis Merger Sub LLC
6.500%, 05/15/2029 (b)		690,000		601,200
MPH Acquisition Holdings LLC
5.500%, 09/01/2028 (b)		640,000		593,882
5.750%, 11/01/2028 (b)(c)		810,000		705,279
NESCO Holdings II, Inc.
5.500%, 04/15/2029 (b)		770,000		726,699
The Nielsen Co. Luxembourg SARL
5.000%, 02/01/2025 (b)		465,000		466,162
Nielsen Finance LLC / Nielsen Finance Co.
5.625%, 10/01/2028 (b)(c)		660,000		640,507
5.875%, 10/01/2030 (b)(c)		800,000		771,384
4.750%, 07/15/2031 (b)		435,000		411,751
PECF USS Intermediate Holding III Corp.
8.000%, 11/15/2029 (b)		480,000		445,198
Prime Security Services Borrower LLC / Prime Finance, Inc.

	Principal Amount		Value
Commercial Services — 5.1% (Continued)
5.250%, 04/15/2024 (b)	$	495,000	$	495,010
5.750%, 04/15/2026 (b)		740,000		710,755
3.375%, 08/31/2027 (b)		840,000		720,716
6.250%, 01/15/2028 (b)(c)		1,045,000		937,940
PROG Holdings, Inc.
6.000%, 11/15/2029 (b)		665,000		588,508
Rent-A-Center Inc/TX
6.375%, 02/15/2029 (b)(c)		590,000		514,734
Ritchie Bros Auctioneers, Inc.
5.375%, 01/15/2025 (b)		6,540,000		6,565,539
RR Donnelley & Sons Co.
6.125%, 11/01/2026 (b)		785,000		765,375
Sabre GLBL, Inc.
7.375%, 09/01/2025 (b)		2,505,000		2,535,022
Service Corp. International/US
3.375%, 08/15/2030 (c)		640,000		551,440
4.000%, 05/15/2031		845,000		761,810
Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc.
4.625%, 11/01/2026 (b)(c)		510,000		488,909
StoneMor, Inc.
8.500%, 05/15/2029 (b)		265,000		256,737
Team Health Holdings, Inc.
6.375%, 02/01/2025 (b)(c)		1,110,000		947,663
The ADT Security Corp.
4.125%, 06/15/2023		2,745,000		2,732,085
4.875%, 07/15/2032 (b)		630,000		534,379
TriNet Group, Inc.
3.500%, 03/01/2029 (b)		545,000		494,694
United Rentals North America, Inc.
4.875%, 01/15/2028		800,000		779,336
5.250%, 01/15/2030		380,000		370,080
4.000%, 07/15/2030		410,000		368,277
3.875%, 02/15/2031		865,000		764,141
3.750%, 01/15/2032		655,000		570,836
WASH Multifamily Acquisition, Inc.
5.750%, 04/15/2026 (b)		465,000		452,912
WW International, Inc.
4.500%, 04/15/2029 (b)(c)		610,000		483,431
ZipRecruiter, Inc.
5.000%, 01/15/2030 (b)		485,000		454,120
				47,988,295
Computers — 1.2%
Ahead DB Holdings LLC
6.625%, 05/01/2028 (b)		595,000		524,376
Booz Allen Hamilton, Inc.
3.875%, 09/01/2028 (b)		255,000		235,226

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

70

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Computers — 1.2% (Continued)
Conduent Business Services LLC / Conduent State & Local Solutions, Inc.
6.000%, 11/01/2029 (b)	$	845,000	$	778,473
Dell, Inc.
6.500%, 04/15/2038		500,000		513,630
Diebold Nixdorf, Inc.
8.500%, 04/15/2024 (c)		690,000		449,469
NCR Corp.
6.125%, 09/01/2029 (b)		1,320,000		1,265,537
5.250%, 10/01/2030 (b)		965,000		913,064
Presidio Holdings, Inc.
8.250%, 02/01/2028 (b)		395,000		384,122
Seagate HDD Cayman
4.875%, 03/01/2024		150,000		150,936
4.091%, 06/01/2029		1,055,000		937,800
4.125%, 01/15/2031		565,000		496,641
Tempo Acquisition LLC / Tempo Acquisition Finance Corp.
5.750%, 06/01/2025 (b)		1,070,000		1,082,139
Unisys Corp.
6.875%, 11/01/2027 (b)		900,000		904,379
Vericast Corp.
11.000%, 09/15/2026 (b)		905,000		850,139
Virtusa Corp.
7.125%, 12/15/2028 (b)		225,000		202,800
Western Digital Corp.
4.750%, 02/15/2026		1,160,000		1,152,866
3.100%, 02/01/2032		995,000		830,178
				11,671,775
Cosmetics/Personal Care — 0.3%
Coty, Inc.
6.500%, 04/15/2026 (b)(c)		540,000		524,648
5.000%, 04/15/2026 (b)		890,000		841,695
Edgewell Personal Care Co.
5.500%, 06/01/2028 (b)		640,000		620,128
4.125%, 04/01/2029 (b)		605,000		537,751
				2,524,222
Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co, Inc.
4.000%, 01/15/2028 (b)		475,000		443,607
3.875%, 11/15/2029 (b)		405,000		358,354
Avient Corp.
5.750%, 05/15/2025 (b)		430,000		434,881
BCPE Empire Holdings, Inc.
7.625%, 05/01/2027 (b)		795,000		746,092
H&E Equipment Services, Inc.
3.875%, 12/15/2028 (b)		980,000		854,785

	Principal Amount		Value
Distribution/Wholesale — 0.6% (Continued)
IAA, Inc.
5.500%, 06/15/2027 (b)	$	325,000	$	318,063
KAR Auction Services, Inc.
5.125%, 06/01/2025 (b)		310,000		313,856
Resideo Funding, Inc.
4.000%, 09/01/2029 (b)		205,000		182,740
Ritchie Bros Holdings, Inc.
4.750%, 12/15/2031 (b)(c)		1,155,000		1,156,779
Univar Solutions USA Inc./Washington
5.125%, 12/01/2027 (b)		455,000		436,704
				5,245,861
Diversified Financial Services — 4.1%
AG Issuer LLC
6.250%, 03/01/2028 (b)		535,000		523,693
Ally Financial, Inc.
5.750%, 11/20/2025		6,650,000		6,823,528
Aretec Escrow Issuer, Inc.
7.500%, 04/01/2029 (b)		375,000		349,693
Armor Holdco, Inc.
8.500%, 11/15/2029 (b)		695,000		672,882
Brightsphere Investment Group, Inc.
4.800%, 07/27/2026		500,000		465,972
Castlelake Aviation Finance DAC
5.000%, 04/15/2027 (b)(c)		295,000		265,904
Cobra AcquisitionCo LLC
6.375%, 11/01/2029 (b)		495,000		379,311
Coinbase Global, Inc.
3.375%, 10/01/2028 (b)		750,000		583,661
3.625%, 10/01/2031 (b)		870,000		646,510
Credit Acceptance Corp.
5.125%, 12/31/2024 (b)		765,000		756,853
Curo Group Holdings Corp.
7.500%, 08/01/2028 (b)		515,000		429,430
Enact Holdings, Inc.
6.500%, 08/15/2025 (b)		755,000		754,653
Enova International, Inc.
8.500%, 09/15/2025 (b)		25,000		24,909
goeasy Ltd.
5.375%, 12/01/2024 (b)		1,560,000		1,531,982
LD Holdings Group LLC
6.500%, 11/01/2025 (b)		590,000		487,526
LFS Topco LLC
5.875%, 10/15/2026 (b)		475,000		440,254
LPL Holdings, Inc.
4.625%, 11/15/2027 (b)		480,000		456,000
4.000%, 03/15/2029 (b)		485,000		442,002
4.375%, 05/15/2031 (b)		475,000		434,447

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Diversified Financial Services — 4.1% (Continued)
Mexico Remittances Funding Fiduciary Estate Management Sarl
4.875%, 01/15/2028 (b)	$	290,000	$	242,179
Nationstar Mortgage Holdings, Inc.
6.000%, 01/15/2027 (b)		505,000		490,512
5.500%, 08/15/2028 (b)		685,000		624,261
5.750%, 11/15/2031 (b)(c)		845,000		751,082
Navient Corp.
6.125%, 03/25/2024		325,000		327,260
6.750%, 06/25/2025		385,000		384,794
6.750%, 06/15/2026		475,000		467,588
5.000%, 03/15/2027		555,000		506,271
4.875%, 03/15/2028		780,000		685,831
5.625%, 08/01/2033		620,000		490,990
NFP Corp.
4.875%, 08/15/2028 (b)		2,745,000		2,501,711
OneMain Finance Corp.
5.625%, 03/15/2023		885,000		894,965
6.125%, 03/15/2024		475,000		477,344
6.875%, 03/15/2025		760,000		767,133
7.125%, 03/15/2026		1,235,000		1,252,586
6.625%, 01/15/2028		810,000		800,361
3.875%, 09/15/2028 (c)		495,000		421,386
5.375%, 11/15/2029		670,000		604,179
4.000%, 09/15/2030		490,000		401,750
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.
6.375%, 02/01/2027 (b)		540,000		548,829
PennyMac Financial Services, Inc.
5.375%, 10/15/2025 (b)		280,000		265,150
4.250%, 02/15/2029 (b)		545,000		439,115
5.750%, 09/15/2031 (b)		490,000		402,655
PHH Mortgage Corp.
7.875%, 03/15/2026 (b)		590,000		530,301
PRA Group, Inc.
5.000%, 10/01/2029 (b)(c)		535,000		495,766
Provident Funding Associates LP / PFG Finance Corp.
6.375%, 06/15/2025 (b)		635,000		624,948
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.
2.875%, 10/15/2026 (b)		660,000		584,836
3.625%, 03/01/2029 (b)(c)		605,000		518,077
3.875%, 03/01/2031 (b)		940,000		794,582
4.000%, 10/15/2033 (b)		660,000		530,029
SLM Corp.
3.125%, 11/02/2026		750,000		685,095

	Principal Amount		Value
Diversified Financial Services — 4.1% (Continued)
United Wholesale Mortgage LLC
5.500%, 11/15/2025 (b)(c)	$	575,000	$	529,175
5.750%, 06/15/2027 (b)(c)		440,000		382,525
5.500%, 04/15/2029 (b)		605,000		503,224
VistaJet Malta Finance PLC / XO Management Holding, Inc.
6.375%, 02/01/2030 (b)		770,000		674,643
World Acceptance Corp.
7.000%, 11/01/2026 (b)		475,000		412,697
				38,483,040
Electric — 2.2%
The AES Corp.
3.950%, 07/15/2030 (b)(c)		880,000		827,125
American Electric Power Co, Inc.
3.875%, 02/15/2062		1,785,000		1,601,883
Calpine Corp.
4.500%, 02/15/2028 (b)		485,000		449,692
4.625%, 02/01/2029 (b)		415,000		362,641
5.000%, 02/01/2031 (b)		705,000		602,081
3.750%, 03/01/2031 (b)		660,000		557,093
Clearway Energy Operating LLC
4.750%, 03/15/2028 (b)		435,000		411,773
3.750%, 02/15/2031 (b)		980,000		844,295
CMS Energy Corp.
4.750%, 06/01/2050		215,000		206,937
3.750%, 12/01/2050		795,000		669,788
DPL, Inc.
4.125%, 07/01/2025		150,000		144,219
4.350%, 04/15/2029		490,000		449,041
FirstEnergy Corp.
2.650%, 03/01/2030		555,000		471,550
2.250%, 09/01/2030		155,000		129,674
7.375%, 11/15/2031		845,000		972,701
5.350%, 07/15/2047		795,000		744,307
3.400%, 03/01/2050		495,000		369,592
FirstEnergy Transmission LLC
4.350%, 01/15/2025 (b)		1,085,000		1,084,413
Leeward Renewable Energy Operations LLC
4.250%, 07/01/2029 (b)		290,000		260,516
NextEra Energy Operating Partners LP
3.875%, 10/15/2026 (b)		165,000		155,923
4.500%, 09/15/2027 (b)		620,000		589,790
NRG Energy, Inc.
5.750%, 01/15/2028		790,000		773,149
3.375%, 02/15/2029 (b)		280,000		237,682
5.250%, 06/15/2029 (b)		430,000		405,615
3.625%, 02/15/2031 (b)(c)		695,000		579,696
3.875%, 02/15/2032 (b)		905,000		756,806

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

72

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Electric — 2.2% (Continued)
PG&E Corp.
5.000%, 07/01/2028 (c)	$	1,000,000	$	920,110
Pike Corp.
5.500%, 09/01/2028 (b)		740,000		679,982
Talen Energy Supply LLC
7.250%, 05/15/2027 (b)(c)		735,000		704,777
7.625%, 06/01/2028 (b)		40,000		38,402
TransAlta Corp.
6.500%, 03/15/2040		395,000		396,258
Vistra Operations Co. LLC
5.500%, 09/01/2026 (b)		1,515,000		1,513,485
5.625%, 02/15/2027 (b)		870,000		857,972
4.375%, 05/01/2029 (b)		725,000		658,837
				20,427,805
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc.
6.500%, 12/31/2027 (b)		270,000		259,578
4.750%, 06/15/2028 (b)		455,000		400,655
4.375%, 03/31/2029 (b)		685,000		570,262
				1,230,495
Electronics — 0.7%
II-VI, Inc.
5.000%, 12/15/2029 (b)		800,000		751,076
Imola Merger Corp.
4.750%, 05/15/2029 (b)		880,000		819,522
Likewize Corp.
9.750%, 10/15/2025 (b)		630,000		613,516
Schweitzer-Mauduit International, Inc.
6.875%, 10/01/2026 (b)		495,000		445,344
Sensata Technologies BV
4.875%, 10/15/2023 (b)		1,300,000		1,305,005
5.000%, 10/01/2025 (b)		985,000		978,869
Sensata Technologies, Inc.
3.750%, 02/15/2031 (b)		985,000		834,438
Vontier Corp.
1.800%, 04/01/2026		625,000		556,675
2.950%, 04/01/2031		660,000		557,109
				6,861,554
Energy-Alternate Sources — 0.1%
Sunnova Energy Corp.
5.875%, 09/01/2026 (b)(c)		430,000		394,028
TerraForm Power Operating LLC
5.000%, 01/31/2028 (b)		880,000		822,254
				1,216,282

	Principal Amount		Value
Engineering & Construction — 0.3%
AECOM
5.125%, 03/15/2027	$	755,000	$	747,412
Artera Services LLC
9.033%, 12/04/2025 (b)		935,000		884,795
Fluor Corp.
4.250%, 09/15/2028 (c)		345,000		327,717
TopBuild Corp.
4.125%, 02/15/2032 (b)		400,000		345,229
Tutor Perini Corp.
6.875%, 05/01/2025 (b)(c)		630,000		590,754
				2,895,907
Entertainment — 2.1%
Allen Media LLC / Allen Media Co-Issuer, Inc.
10.500%, 02/15/2028 (b)		565,000		510,687
AMC Entertainment Holdings, Inc.
10.000%, 06/15/2026 (b)(c)		1,835,000		1,539,170
Boyne USA, Inc.
4.750%, 05/15/2029 (b)(c)		575,000		534,103
Caesars Entertainment, Inc.
6.250%, 07/01/2025 (b)		635,000		642,715
8.125%, 07/01/2027 (b)(c)		1,195,000		1,250,197
4.625%, 10/15/2029 (b)		1,035,000		888,687
Caesars Resort Collection LLC / CRC Finco, Inc.
5.750%, 07/01/2025 (b)		645,000		659,412
CCM Merger, Inc.
6.375%, 05/01/2026 (b)		440,000		439,518
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.375%, 04/15/2027 (c)		660,000		642,652
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op
5.500%, 05/01/2025 (b)(c)		340,000		342,127
Churchill Downs, Inc.
5.500%, 04/01/2027 (b)		490,000		481,793
4.750%, 01/15/2028 (b)		530,000		496,236
Cinemark USA, Inc.
5.875%, 03/15/2026 (b)		355,000		331,487
5.250%, 07/15/2028 (b)(c)		640,000		569,507
Everi Holdings, Inc.
5.000%, 07/15/2029 (b)		420,000		380,726
Golden Entertainment, Inc.
7.625%, 04/15/2026 (b)		365,000		373,729
Lions Gate Capital Holdings LLC
5.500%, 04/15/2029 (b)		865,000		767,904
Live Nation Entertainment, Inc.
6.500%, 05/15/2027 (b)		815,000		840,379
4.750%, 10/15/2027 (b)		545,000		512,709
3.750%, 01/15/2028 (b)		540,000		490,050

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Entertainment — 2.1% (Continued)
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.
4.875%, 05/01/2029 (b)	$	650,000	$	571,197
Mohegan Gaming & Entertainment
8.000%, 02/01/2026 (b)		640,000		565,360
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In
8.500%, 11/15/2027 (b)		385,000		422,549
Penn National Gaming, Inc.
5.625%, 01/15/2027 (b)		310,000		295,662
4.125%, 07/01/2029 (b)		410,000		346,450
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.625%, 09/01/2029 (b)		860,000		689,101
5.875%, 09/01/2031 (b)		305,000		240,596
Scientific Games Holdings LP/Scientific Games US FinCo, Inc.
6.625%, 03/01/2030 (b)		725,000		689,736
Scientific Games International, Inc.
7.000%, 05/15/2028 (b)		725,000		742,989
7.250%, 11/15/2029 (b)		350,000		367,063
SeaWorld Parks & Entertainment, Inc.
5.250%, 08/15/2029 (b)		685,000		624,179
WMG Acquisition Corp.
3.875%, 07/15/2030 (b)		585,000		524,403
3.000%, 02/15/2031 (b)		710,000		592,214
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
7.750%, 04/15/2025 (b)		340,000		350,880
5.125%, 10/01/2029 (b)(c)		650,000		569,969
				20,286,136
Environmental Control — 0.6%
Covanta Holding Corp.
4.875%, 12/01/2029 (b)		935,000		851,883
GFL Environmental, Inc.
3.750%, 08/01/2025 (b)		975,000		925,017
4.000%, 08/01/2028 (b)(c)		820,000		722,707
3.500%, 09/01/2028 (b)		535,000		476,910
4.750%, 06/15/2029 (b)		495,000		449,868
4.375%, 08/15/2029 (b)(c)		560,000		497,515
Harsco Corp.
5.750%, 07/31/2027 (b)		665,000		606,849
Tervita Corp.
11.000%, 12/01/2025 (b)		830,000		926,488
Waste Pro USA, Inc.
5.500%, 02/15/2026 (b)		660,000		587,984
				6,045,221

	Principal Amount		Value
Finance and Insurance — 0.1%
ENFRAGEN ENERGIA SUR S A U / P SR SEC GLBL 30
5.375%, 12/30/2030	$	410,000	$	294,331
FORD MOTOR CREDIT COMPANY
4.000%, 11/13/2030		955,000		828,462
				1,122,793
Food — 3.8%
Albertsons Cos Inc / Safeway Inc. / New Albertsons LP / Albertsons LLC
3.500%, 02/15/2023 (b)		7,835,000		7,824,815
3.250%, 03/15/2026 (b)		410,000		374,607
5.875%, 02/15/2028 (b)		535,000		520,587
3.500%, 03/15/2029 (b)		975,000		822,622
4.875%, 02/15/2030 (b)		665,000		603,075
B&G Foods, Inc.
5.250%, 04/01/2025		695,000		662,831
5.250%, 09/15/2027 (c)		640,000		587,436
C&S Group Enterprises LLC
5.000%, 12/15/2028 (b)		585,000		498,733
Chobani LLC / Chobani Finance Corp, Inc.
7.500%, 04/15/2025 (b)(c)		720,000		676,084
Ingles Markets, Inc.
4.000%, 06/15/2031 (b)		355,000		319,369
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance, Inc.
6.500%, 04/15/2029 (b)		1,945,000		2,005,315
5.500%, 01/15/2030 (b)		450,000		444,962
3.000%, 05/15/2032 (b)		760,000		634,478
4.375%, 02/02/2052 (b)		390,000		318,172
Kraft Heinz Foods Co.
3.000%, 06/01/2026		260,000		248,960
4.625%, 01/30/2029		435,000		437,736
3.750%, 04/01/2030		675,000		641,842
4.250%, 03/01/2031		255,000		247,698
5.000%, 07/15/2035		490,000		488,925
6.875%, 01/26/2039		650,000		747,521
7.125%, 08/01/2039 (b)		675,000		792,317
4.625%, 10/01/2039		445,000		413,374
6.500%, 02/09/2040		610,000		672,735
5.000%, 06/04/2042		1,250,000		1,207,834
4.375%, 06/01/2046		2,835,000		2,491,989
4.875%, 10/01/2049		645,000		601,749
5.500%, 06/01/2050		375,000		379,755
Lamb Weston Holdings, Inc.
4.125%, 01/31/2030 (b)		895,000		799,964
4.375%, 01/31/2032 (b)		805,000		723,683
Performance Food Group, Inc.
4.250%, 08/01/2029 (b)		945,000		841,253

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Food — 3.8% (Continued)
Pilgrim’s Pride Corp.
5.875%, 09/30/2027 (b)	$	1,285,000	$	1,295,922
4.250%, 04/15/2031 (b)		875,000		799,562
3.500%, 03/01/2032 (b)		525,000		444,415
Post Holdings, Inc.
5.625%, 01/15/2028 (b)		765,000		724,551
5.500%, 12/15/2029 (b)		495,000		451,027
4.500%, 09/15/2031 (b)		1,695,000		1,411,816
Simmons Foods Inc./Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed
4.625%, 03/01/2029 (b)		425,000		384,117
TreeHouse Foods, Inc.
4.000%, 09/01/2028		460,000		375,388
United Natural Foods, Inc.
6.750%, 10/15/2028 (b)		725,000		726,454
US Foods, Inc.
4.750%, 02/15/2029 (b)		695,000		642,972
4.625%, 06/01/2030 (b)		585,000		524,268
				35,810,913
Food Service — 0.4%
Aramark Services, Inc.
6.375%, 05/01/2025 (b)		3,145,000		3,207,287
TKC Holdings, Inc.
6.875%, 05/15/2028 (b)		610,000		584,773
10.500%, 05/15/2029 (b)		285,000		274,702
				4,066,762
Forest Products & Paper — 0.2%
Domtar Corp.
6.750%, 10/01/2028 (b)		870,000		863,941
Glatfelter Corp.
4.750%, 11/15/2029 (b)		555,000		444,699
Mercer International, Inc.
5.125%, 02/01/2029		430,000		400,203
Sylvamo Corp.
7.000%, 09/01/2029 (b)		525,000		507,573
				2,216,416
Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp.
5.625%, 05/20/2024		710,000		710,064
5.500%, 05/20/2025		610,000		601,653
5.750%, 05/20/2027		765,000		752,569
				2,064,286
Healthcare-Products — 0.6%
Avantor Funding, Inc.
4.625%, 07/15/2028 (b)		725,000		690,729
3.875%, 11/01/2029 (b)		565,000		507,774

	Principal Amount		Value
Healthcare-Products — 0.6% (Continued)
Hologic, Inc.
4.625%, 02/01/2028 (b)	$	425,000	$	416,366
3.250%, 02/15/2029 (b)(c)		560,000		499,632
Mozart Debt Merger Sub, Inc.
3.875%, 04/01/2029 (b)		710,000		620,448
5.250%, 10/01/2029 (b)(c)		2,580,000		2,248,831
Ortho-Clinical Diagnostics Inc. / Ortho-Clinical Diagnostics SA
7.250%, 02/01/2028 (b)		420,000		424,803
Teleflex, Inc.
4.250%, 06/01/2028 (b)		325,000		306,787
				5,715,370
Healthcare-Services — 3.7%
Akumin Escrow, Inc.
7.500%, 08/01/2028 (b)		345,000		274,315
Catalent Pharma Solutions, Inc.
3.500%, 04/01/2030 (b)		710,000		618,520
Centene Corp.
4.250%, 12/15/2027		330,000		319,222
2.450%, 07/15/2028		1,060,000		926,276
4.625%, 12/15/2029		1,570,000		1,521,291
3.375%, 02/15/2030		1,215,000		1,087,249
3.000%, 10/15/2030		1,305,000		1,137,327
2.500%, 03/01/2031		1,340,000		1,115,918
2.625%, 08/01/2031		855,000		711,557
Charles River Laboratories International, Inc.
4.250%, 05/01/2028 (b)		370,000		353,726
4.000%, 03/15/2031 (b)		495,000		442,693
CHS/Community Health Systems, Inc.
5.625%, 03/15/2027 (b)		555,000		529,685
6.875%, 04/01/2028 (b)(c)		1,275,000		1,032,909
6.000%, 01/15/2029 (b)		150,000		141,952
6.875%, 04/15/2029 (b)(c)		960,000		843,322
6.125%, 04/01/2030 (b)		1,270,000		1,045,940
5.250%, 05/15/2030 (b)		325,000		285,456
4.750%, 02/15/2031 (b)		470,000		399,227
DaVita, Inc.
4.625%, 06/01/2030 (b)		1,770,000		1,543,024
3.750%, 02/15/2031 (b)		1,025,000		837,364
Encompass Health Corp.
4.500%, 02/01/2028		175,000		162,088
4.750%, 02/01/2030		805,000		728,585
Global Medical Response, Inc.
6.500%, 10/01/2025 (b)(c)		520,000		504,437
HCA, Inc.
5.375%, 02/01/2025 (c)		1,895,000		1,949,126
5.875%, 02/15/2026		940,000		971,875
5.375%, 09/01/2026		620,000		635,283

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Healthcare-Services — 3.7% (Continued)
5.625%, 09/01/2028	$	1,240,000	$	1,283,208
5.875%, 02/01/2029		675,000		704,083
3.500%, 09/01/2030 (c)		2,280,000		2,049,811
Molina Healthcare, Inc.
4.375%, 06/15/2028 (b)		205,000		191,895
3.875%, 11/15/2030 (b)		305,000		275,566
3.875%, 05/15/2032 (b)		560,000		492,509
Prime Healthcare Services, Inc.
7.250%, 11/01/2025 (b)		650,000		652,587
Radiology Partners, Inc.
9.250%, 02/01/2028 (b)		655,000		623,180
RegionalCare Hospital Partners Holdings Inc / LifePoint Health, Inc.
9.750%, 12/01/2026 (b)		675,000		694,578
RP Escrow Issuer LLC
5.250%, 12/15/2025 (b)		535,000		498,288
Surgery Center Holdings, Inc.
6.750%, 07/01/2025 (b)		840,000		825,384
Syneos Health, Inc.
3.625%, 01/15/2029 (b)		430,000		381,012
Tenet Healthcare Corp.
5.125%, 11/01/2027 (b)		1,930,000		1,876,346
4.625%, 06/15/2028 (b)		375,000		354,013
6.125%, 10/01/2028 (b)(c)		1,840,000		1,768,957
4.375%, 01/15/2030 (b)		1,635,000		1,485,684
US Acute Care Solutions LLC
6.375%, 03/01/2026 (b)		530,000		515,393
US Renal Care, Inc.
10.625%, 07/15/2027 (b)		610,000		527,510
				35,318,371
Home Builders — 1.4%
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.625%, 01/15/2028 (b)		930,000		905,508
Beazer Homes USA, Inc.
5.875%, 10/15/2027 (c)		665,000		614,384
Brookfield Residential Properties Inc / Brookfield Residential US LLC
6.250%, 09/15/2027 (b)		760,000		714,005
4.875%, 02/15/2030 (b)		670,000		560,314
Empire Communities Corp.
7.000%, 12/15/2025 (b)		850,000		806,446
Forestar Group, Inc.
3.850%, 05/15/2026 (b)		300,000		270,552
5.000%, 03/01/2028 (b)		375,000		339,521
Installed Building Products, Inc.
5.750%, 02/01/2028 (b)		410,000		388,974

	Principal Amount		Value
Home Builders — 1.4% (Continued)
KB Home
4.000%, 06/15/2031	$	320,000	$	274,098
LGI Homes, Inc.
4.000%, 07/15/2029 (b)		365,000		301,850
M/I Homes, Inc.
4.950%, 02/01/2028		630,000		580,432
Mattamy Group Corp.
5.250%, 12/15/2027 (b)		620,000		580,868
4.625%, 03/01/2030 (b)(c)		730,000		622,321
MDC Holdings, Inc.
2.500%, 01/15/2031		470,000		378,271
6.000%, 01/15/2043		550,000		518,344
Meritage Homes Corp.
6.000%, 06/01/2025		295,000		300,534
3.875%, 04/15/2029 (b)		565,000		506,311
Picasso Finance Sub, Inc.
6.125%, 06/15/2025 (b)		445,000		453,916
Shea Homes LP / Shea Homes Funding Corp.
4.750%, 04/01/2029 (b)		555,000		480,986
Taylor Morrison Communities, Inc.
5.875%, 06/15/2027 (b)		260,000		258,398
5.750%, 01/15/2028 (b)		350,000		342,533
5.125%, 08/01/2030 (b)		485,000		443,385
Thor Industries, Inc.
4.000%, 10/15/2029 (b)		515,000		435,875
Toll Brothers Finance Corp.
4.875%, 11/15/2025		340,000		340,429
4.350%, 02/15/2028		710,000		678,991
TRI Pointe Group Inc. / TRI Pointe Homes, Inc.
5.875%, 06/15/2024		380,000		386,329
Tri Pointe Homes, Inc.
5.700%, 06/15/2028		510,000		489,661
Williams Scotsman International, Inc.
4.625%, 08/15/2028 (b)		380,000		360,166
Winnebago Industries, Inc.
6.250%, 07/15/2028 (b)		330,000		327,855
				13,661,257
Home Furnishings — 0.1%
Tempur Sealy International, Inc.
4.000%, 04/15/2029 (b)		370,000		321,164
3.875%, 10/15/2031 (b)(c)		375,000		310,612
				631,776
Household Products/Wares — 0.3%
ACCO Brands Corp.
4.250%, 03/15/2029 (b)		690,000		601,163
Central Garden & Pet Co.
4.125%, 10/15/2030		885,000		766,410

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Household Products/Wares — 0.3% (Continued)
Kronos Acquisition Holdings Inc. / KIK Custom Products, Inc.
5.000%, 12/31/2026 (b)	$	1,380,000	$	1,223,170
Spectrum Brands, Inc.
3.875%, 03/15/2031 (b)		480,000		402,677
				2,993,420
Housewares — 0.5%
CD&R Smokey Buyer, Inc.
6.750%, 07/15/2025 (b)		930,000		948,832
Newell Brands, Inc.
4.875%, 06/01/2025		490,000		496,938
4.700%, 04/01/2026		1,280,000		1,270,522
6.000%, 04/01/2046		640,000		597,248
The Scotts Miracle-Gro Co.
4.500%, 10/15/2029		430,000		378,095
4.000%, 04/01/2031		655,000		539,985
SWF Escrow Issuer Corp.
6.500%, 10/01/2029 (b)		470,000		363,766
				4,595,386
Insurance — 1.4%
Acrisure LLC / Acrisure Finance, Inc.
7.000%, 11/15/2025 (b)		1,125,000		1,096,892
10.125%, 08/01/2026 (b)		150,000		156,201
4.250%, 02/15/2029 (b)		860,000		751,661
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6.750%, 10/15/2027 (b)		955,000		904,165
4.250%, 10/15/2027 (b)		410,000		379,193
AmWINS Group, Inc.
4.875%, 06/30/2029 (b)		585,000		536,308
AssuredPartners, Inc.
7.000%, 08/15/2025 (b)		810,000		799,956
BroadStreet Partners, Inc.
5.875%, 04/15/2029 (b)		730,000		634,224
Genworth Holdings, Inc.
6.500%, 06/15/2034		250,000		233,449
GTCR AP Finance, Inc.
8.000%, 05/15/2027 (b)		445,000		443,919
HUB International Ltd.
7.000%, 05/01/2026 (b)		1,200,000		1,189,116
Liberty Mutual Group, Inc.
4.125%, 12/15/2051 (b)		1,250,000		1,136,306
MGIC Investment Corp.
5.250%, 08/15/2028		1,075,000		1,011,193
NMI Holdings, Inc.
7.375%, 06/01/2025 (b)		840,000		876,838

	Principal Amount		Value
Insurance — 1.4% (Continued)
Radian Group, Inc.
4.500%, 10/01/2024	$	475,000	$	463,170
6.625%, 03/15/2025		775,000		790,028
4.875%, 03/15/2027		660,000		637,738
Ryan Specialty Group LLC
4.375%, 02/01/2030 (b)		630,000		575,366
USI Inc/NY
6.875%, 05/01/2025 (b)		755,000		744,608
				13,360,331
Internet — 2.2%
ANGI Group LLC
3.875%, 08/15/2028 (b)		375,000		298,766
Arches Buyer, Inc.
6.125%, 12/01/2028 (b)		790,000		688,299
Cars.com, Inc.
6.375%, 11/01/2028 (b)		790,000		744,484
Cogent Communications Group, Inc.
3.500%, 05/01/2026 (b)		715,000		675,922
Endurance International Group Holdings, Inc.
6.000%, 02/15/2029 (b)		920,000		745,816
Getty Images, Inc.
9.750%, 03/01/2027 (b)		290,000		301,216
Go Daddy Operating Co. LLC / GD Finance Co, Inc.
3.500%, 03/01/2029 (b)		995,000		884,252
GrubHub Holdings, Inc.
5.500%, 07/01/2027 (b)		625,000		535,231
Match Group Holdings II LLC
5.625%, 02/15/2029 (b)(c)		1,550,000		1,497,765
Millennium Escrow Corp.
6.625%, 08/01/2026 (b)		1,050,000		971,638
Netflix, Inc.
5.750%, 03/01/2024		815,000		842,543
5.875%, 02/15/2025		1,420,000		1,476,800
4.875%, 04/15/2028 (c)		2,140,000		2,098,099
6.375%, 05/15/2029		1,625,000		1,724,710
5.375%, 11/15/2029 (b)(c)		1,265,000		1,267,991
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.
6.000%, 02/15/2028 (b)(c)		700,000		586,625
Photo Holdings Merger Sub, Inc.
8.500%, 10/01/2026 (b)		1,095,000		1,014,359
TripAdvisor, Inc.
7.000%, 07/15/2025 (b)		1,450,000		1,488,193
Twitter, Inc.
3.875%, 12/15/2027 (b)		570,000		560,025
5.000%, 03/01/2030 (b)		675,000		690,333
Uber Technologies, Inc.
4.500%, 08/15/2029 (b)		1,570,000		1,354,439
				20,447,506

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

77

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Investment Companies — 0.3%
Compass Group Diversified Holdings LLC
5.250%, 04/15/2029 (b)	$	715,000	$	642,606
5.000%, 01/15/2032 (b)		385,000		327,807
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
4.750%, 09/15/2024		500,000		489,380
6.250%, 05/15/2026		840,000		834,296
5.250%, 05/15/2027		290,000		271,399
4.375%, 02/01/2029		705,000		609,501
				3,174,989
Iron/Steel — 1.0%
Allegheny Technologies, Inc.
5.125%, 10/01/2031		570,000		515,719
Baffinland Iron Mines Corp. / Baffinland Iron Mines LP
8.750%, 07/15/2026 (b)		1,795,000		1,826,511
Big River Steel LLC / BRS Finance Corp.
6.625%, 01/31/2029 (b)		430,000		440,105
Carpenter Technology Corp.
6.375%, 07/15/2028		360,000		359,345
7.625%, 03/15/2030		355,000		362,094
Cleveland-Cliffs, Inc.
6.750%, 03/15/2026 (b)		1,800,000		1,887,705
4.625%, 03/01/2029 (b)		285,000		267,514
4.875%, 03/01/2031 (b)(c)		660,000		613,054
Mineral Resources Ltd.
8.125%, 05/01/2027 (b)		1,780,000		1,810,598
United States Steel Corp.
6.875%, 03/01/2029 (c)		1,055,000		1,074,797
				9,157,442
Leisure Time — 2.0%
Carnival Corp.
10.500%, 02/01/2026 (b)		655,000		721,306
7.625%, 03/01/2026 (b)		1,035,000		1,015,480
5.750%, 03/01/2027 (b)		1,480,000		1,342,656
9.875%, 08/01/2027 (b)		420,000		453,474
4.000%, 08/01/2028 (b)		1,600,000		1,444,160
6.000%, 05/01/2029 (b)		1,185,000		1,065,303
CWT Travel Group, Inc.
8.500%, 11/19/2026 (b)		615,000		610,388
Life Time, Inc.
5.750%, 01/15/2026 (b)		240,000		233,197
8.000%, 04/15/2026 (b)(c)		550,000		537,680
Lindblad Expeditions LLC
6.750%, 02/15/2027 (b)		420,000		412,673
MajorDrive Holdings IV LLC
6.375%, 06/01/2029 (b)		675,000		535,815

	Principal Amount		Value
Leisure Time — 2.0% (Continued)
NCL Corp Ltd.
3.625%, 12/15/2024 (b)(c)	$	1,200,000	$	1,117,776
5.875%, 02/15/2027 (b)		1,615,000		1,541,647
NCL Finance Ltd.
6.125%, 03/15/2028 (b)		515,000		464,200
Royal Caribbean Cruises Ltd.
5.250%, 11/15/2022		1,375,000		1,378,596
10.875%, 06/01/2023 (b)		620,000		649,478
9.125%, 06/15/2023 (b)		880,000		909,603
4.250%, 07/01/2026 (b)		685,000		619,969
5.500%, 08/31/2026 (b)		940,000		875,798
5.500%, 04/01/2028 (b)		860,000		786,221
Viking Cruises Ltd.
5.875%, 09/15/2027 (b)		455,000		386,101
7.000%, 02/15/2029 (b)		210,000		187,166
Viking Ocean Cruises Ship VII Ltd.
5.625%, 02/15/2029 (b)		385,000		340,253
Vista Outdoor, Inc.
4.500%, 03/15/2029 (b)		525,000		470,550
VOC Escrow Ltd.
5.000%, 02/15/2028 (b)		615,000		557,467
				18,656,957
Lodging — 1.9%
Boyd Gaming Corp.
4.750%, 12/01/2027		480,000		454,234
4.750%, 06/15/2031 (b)		765,000		693,013
Full House Resorts, Inc.
8.250%, 02/15/2028 (b)		195,000		193,060
Hilton Domestic Operating Co, Inc.
5.375%, 05/01/2025 (b)		150,000		153,422
5.750%, 05/01/2028 (b)		365,000		370,566
3.750%, 05/01/2029 (b)		575,000		521,746
4.875%, 01/15/2030		520,000		503,828
4.000%, 05/01/2031 (b)		770,000		689,862
3.625%, 02/15/2032 (b)		1,115,000		946,005
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc
5.000%, 06/01/2029 (b)		530,000		479,149
4.875%, 07/01/2031 (b)		500,000		437,328
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
4.875%, 04/01/2027		510,000		508,781
Hyatt Hotels Corp.
5.375%, 04/23/2025		275,000		283,678
4.850%, 03/15/2026		295,000		297,480
5.750%, 04/23/2030		635,000		668,524
Las Vegas Sands Corp.
3.200%, 08/08/2024		1,300,000		1,250,257

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

78

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Lodging — 1.9% (Continued)
3.500%, 08/18/2026	$	770,000	$	703,125
3.900%, 08/08/2029		675,000		581,991
Marriott Ownership Resorts, Inc.
4.750%, 01/15/2028		665,000		612,718
MGM Resorts International
6.000%, 03/15/2023		805,000		816,097
5.750%, 06/15/2025		225,000		223,749
5.500%, 04/15/2027		605,000		585,552
4.750%, 10/15/2028		655,000		602,535
Station Casinos LLC
4.500%, 02/15/2028 (b)(c)		410,000		372,731
4.625%, 12/01/2031 (b)		460,000		386,161
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp.
5.875%, 05/15/2025 (b)		415,000		407,277
Travel + Leisure Co.
5.650%, 04/01/2024		970,000		978,536
6.625%, 07/31/2026 (b)		1,460,000		1,493,733
Wyndham Hotels & Resorts, Inc.
4.375%, 08/15/2028 (b)		405,000		378,075
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
5.500%, 03/01/2025 (b)(c)		970,000	$	939,785
5.250%, 05/15/2027 (b)(c)		835,000		770,425
				18,303,423
Machinery-Construction & Mining — 0.2%
Terex Corp.
5.000%, 05/15/2029 (b)		665,000		611,002
The Manitowoc Co., Inc.
9.000%, 04/01/2026 (b)		910,000		943,120
Vertiv Group Corp.
4.125%, 11/15/2028 (b)(c)		430,000		375,181
				1,929,303
Machinery-Diversified — 0.5%
ATS Automation Tooling Systems, Inc.
4.125%, 12/15/2028 (b)		775,000		702,378
Granite US Holdings Corp.
11.000%, 10/01/2027 (b)		265,000		273,981
OT Merger Corp.
7.875%, 10/15/2029 (b)		340,000		289,444
SPX FLOW, Inc.
8.750%, 04/01/2030 (b)		425,000		382,766
Titan Acquisition Ltd / Titan Co-Borrower LLC
7.750%, 04/15/2026 (b)		710,000		693,212
Westinghouse Air Brake Technologies Corp.
4.400%, 03/15/2024		1,360,000		1,372,984
4.950%, 09/15/2028		1,055,000		1,069,679
				4,784,444

	Principal Amount		Value
Manufacturing — 0.1%
GOODYEAR TIRE & RUBR Co.
5.000%, 07/15/2029	$	435,000	$	388,392
5.250%, 07/15/2031		225,000		194,380
LANNETT CO, Inc.
7.750%, 04/15/2026		200,000		104,250
				687,022
Media — 10.1%
AMC Networks, Inc.
4.750%, 08/01/2025		595,000		575,261
4.250%, 02/15/2029		880,000		767,373
Audacy Capital Corp.
6.500%, 05/01/2027 (b)(c)		550,000		473,712
6.750%, 03/31/2029 (b)		215,000		186,484
Block Communications, Inc.
4.875%, 03/01/2028 (b)		730,000		683,605
Cable One, Inc.
4.000%, 11/15/2030 (b)		545,000		468,498
CCO Holdings LLC / CCO Holdings Capital Corp.
5.000%, 02/01/2028 (b)		1,790,000		1,707,356
5.375%, 06/01/2029 (b)		300,000		284,646
4.750%, 03/01/2030 (b)		1,810,000		1,614,303
4.500%, 08/15/2030 (b)		1,415,000		1,236,929
4.250%, 02/01/2031 (b)		2,005,000		1,693,623
4.750%, 02/01/2032 (b)		400,000		345,252
4.500%, 05/01/2032		1,650,000		1,401,131
4.500%, 06/01/2033 (b)		1,130,000		926,261
4.250%, 01/15/2034 (b)		1,155,000		920,194
Cengage Learning, Inc.
9.500%, 06/15/2024 (b)		460,000		451,488
Charter Communications Operating LLC / Charter Communications Operating Capital
4.500%, 02/01/2024		975,000		988,064
4.908%, 07/23/2025		1,175,000		1,197,960
3.750%, 02/15/2028		740,000		701,170
4.200%, 03/15/2028		970,000		936,324
2.250%, 01/15/2029		860,000		735,417
5.050%, 03/30/2029		890,000		887,472
2.800%, 04/01/2031		945,000		786,898
2.300%, 02/01/2032		620,000		486,059
4.400%, 04/01/2033		525,000		479,511
6.384%, 10/23/2035		1,370,000		1,447,074
5.375%, 04/01/2038		975,000		909,632
3.500%, 06/01/2041		615,000		451,237
3.500%, 03/01/2042		850,000		621,910
6.484%, 10/23/2045		2,530,000		2,559,185
5.375%, 05/01/2047		1,740,000		1,563,644
5.750%, 04/01/2048		1,710,000		1,612,778
5.125%, 07/01/2049		590,000		509,015

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

79

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Media — 10.1% (Continued)
4.800%, 03/01/2050	$	1,315,000	$	1,082,812
3.700%, 04/01/2051		2,505,000		1,776,158
3.900%, 06/01/2052		1,040,000		758,429
5.250%, 04/01/2053 (c)		1,280,000		1,124,563
6.834%, 10/23/2055		215,000		227,071
4.400%, 12/01/2061		1,195,000		898,135
CSC Holdings LLC
5.250%, 06/01/2024		7,840,000		7,672,930
Cumulus Media New Holdings, Inc.
6.750%, 07/01/2026 (b)(c)		1,025,000		1,021,325
Directv Financing LLC / Directv Financing Co-Obligor, Inc.
5.875%, 08/15/2027 (b)		2,985,000		2,815,228
DISH DBS Corp.
5.000%, 03/15/2023		1,045,000		1,036,598
5.875%, 11/15/2024		560,000		543,897
7.750%, 07/01/2026 (c)		1,400,000		1,318,632
5.250%, 12/01/2026 (b)		1,805,000		1,660,645
7.375%, 07/01/2028		745,000		656,543
5.750%, 12/01/2028 (b)		1,290,000		1,156,298
5.125%, 06/01/2029		665,000		520,023
Gannett Holdings LLC
6.000%, 11/01/2026 (b)		865,000		788,664
GCI LLC
4.750%, 10/15/2028 (b)		685,000		636,266
Gray Escrow II, Inc.
5.375%, 11/15/2031 (b)		720,000		621,544
Gray Television, Inc.
4.750%, 10/15/2030 (b)		625,000		540,959
iHeartCommunications, Inc.
6.375%, 05/01/2026		5,450,000		5,504,500
5.250%, 08/15/2027 (b)		1,010,000		945,724
4.750%, 01/15/2028 (b)		1,025,000		930,367
Liberty Interactive LLC
8.500%, 07/15/2029		410,000		369,755
8.250%, 02/01/2030		590,000		522,020
McGraw-Hill Education, Inc.
5.750%, 08/01/2028 (b)		1,455,000		1,301,330
Midcontinent Communications / Midcontinent Finance Corp.
5.375%, 08/15/2027 (b)		300,000		293,624
News Corp.
3.875%, 05/15/2029 (b)		710,000		642,907
5.125%, 02/15/2032 (b)		795,000		760,449
Nexstar Media, Inc.
5.625%, 07/15/2027 (b)		1,005,000		979,071
4.750%, 11/01/2028 (b)		325,000		295,371

	Principal Amount		Value
Media — 10.1% (Continued)
Radiate Holdco LLC / Radiate Finance, Inc.
4.500%, 09/15/2026 (b)	$	475,000	$	438,102
6.500%, 09/15/2028 (b)		470,000		410,902
Scripps Escrow II, Inc.
3.875%, 01/15/2029 (b)		1,265,000		1,126,059
Scripps Escrow, Inc.
5.875%, 07/15/2027 (b)		980,000		937,223
Sinclair Television Group, Inc.
5.125%, 02/15/2027 (b)(c)		440,000		386,051
5.500%, 03/01/2030 (b)		545,000		446,230
4.125%, 12/01/2030 (b)		640,000		531,632
Sirius XM Radio, Inc.
3.125%, 09/01/2026 (b)		660,000		608,774
5.000%, 08/01/2027 (b)		980,000		946,861
5.500%, 07/01/2029 (b)		1,060,000		1,020,467
4.125%, 07/01/2030 (b)		625,000		549,610
3.875%, 09/01/2031 (b)(c)		800,000		676,804
Spanish Broadcasting System, Inc.
9.750%, 03/01/2026 (b)		800,000		785,248
TEGNA, Inc.
4.750%, 03/15/2026 (b)		550,000		545,817
4.625%, 03/15/2028		395,000		380,632
5.000%, 09/15/2029		840,000		815,917
Time Warner Cable LLC
6.550%, 05/01/2037		955,000		1,002,770
7.300%, 07/01/2038		955,000		1,074,297
6.750%, 06/15/2039		1,060,000		1,134,256
5.875%, 11/15/2040		345,000		338,578
5.500%, 09/01/2041		890,000		841,736
4.500%, 09/15/2042		970,000		805,018
Time Warner Entertainment Co. LP
8.375%, 07/15/2033		555,000		674,112
Townsquare Media, Inc.
6.875%, 02/01/2026 (b)		1,210,000		1,208,457
Univision Communications, Inc.
5.125%, 02/15/2025 (b)		1,230,000		1,210,074
6.625%, 06/01/2027 (b)		420,000		421,571
4.500%, 05/01/2029 (b)		500,000		449,390
Urban One, Inc.
7.375%, 02/01/2028 (b)		775,000		751,742
ViacomCBS, Inc.
6.250%, 02/28/2057		1,060,000		1,025,099
Videotron Ltd.
5.375%, 06/15/2024 (b)		1,755,000		1,774,832
5.125%, 04/15/2027 (b)		2,110,000		2,069,910
3.625%, 06/15/2029 (b)		415,000		361,585
				95,761,060

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

80

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Metal Fabricate/Hardware — 0.0% (a)
Park-Ohio Industries, Inc.
6.625%, 04/15/2027 (c)	$	440,000	$	333,892
Mining — 1.9%
Arconic Corp.
6.000%, 05/15/2025 (b)		785,000		789,639
6.125%, 02/15/2028 (b)		750,000		727,965
Coeur Mining, Inc.
5.125%, 02/15/2029 (b)(c)		490,000		393,845
Compass Minerals International, Inc.
4.875%, 07/15/2024 (b)		485,000		480,780
Eldorado Gold Corp.
6.250%, 09/01/2029 (b)		2,540,000		2,463,800
ERO Copper Corp.
6.500%, 02/15/2030 (b)		2,810,000		2,525,488
FMG Resources August 2006 Pty Ltd.
5.125%, 05/15/2024 (b)		1,455,000		1,471,412
4.500%, 09/15/2027 (b)		855,000		811,173
4.375%, 04/01/2031 (b)		475,000		420,955
Freeport-McMoRan, Inc.
4.375%, 08/01/2028		175,000		169,657
5.250%, 09/01/2029		150,000		150,530
4.625%, 08/01/2030		525,000		509,925
5.400%, 11/14/2034		505,000		517,691
5.450%, 03/15/2043		1,430,000		1,431,666
Hudbay Minerals, Inc.
4.500%, 04/01/2026 (b)		340,000		313,927
6.125%, 04/01/2029 (b)		765,000		724,845
Joseph T Ryerson & Son, Inc.
8.500%, 08/01/2028 (b)		435,000		468,112
Kaiser Aluminum Corp.
4.625%, 03/01/2028 (b)		330,000		303,315
4.500%, 06/01/2031 (b)		580,000		501,088
New Gold, Inc.
7.500%, 07/15/2027 (b)		1,445,000		1,455,794
Novelis Corp.
3.875%, 08/15/2031 (b)		785,000		674,401
Taseko Mines Ltd.
7.000%, 02/15/2026 (b)		450,000		447,172
				17,753,180
Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc.
7.875%, 11/01/2024 (b)(c)		1,100,000		1,085,810
Hillenbrand, Inc.
3.750%, 03/01/2031		355,000		313,836
				1,399,646

	Principal Amount		Value
Office/Business Equipment — 1.1%
CDW LLC / CDW Finance Corp.
5.500%, 12/01/2024	$	325,000	$	333,230
3.250%, 02/15/2029		1,140,000		1,004,762
3.569%, 12/01/2031		1,185,000		1,039,731
Xerox Corp.
4.625%, 03/15/2023		6,265,000		6,272,706
Xerox Holdings Corp.
5.000%, 08/15/2025 (b)		1,555,000		1,491,245
				10,141,674
Oil & Gas — 6.9%
Antero Resources Corp.
8.375%, 07/15/2026 (b)		710,000		765,966
Apache Corp.
6.000%, 01/15/2037		215,000		222,453
5.100%, 09/01/2040		1,035,000		938,310
5.250%, 02/01/2042		465,000		428,532
4.750%, 04/15/2043		560,000		485,282
5.350%, 07/01/2049		230,000		202,274
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
8.250%, 12/31/2028 (b)		590,000		614,364
Athabasca Oil Corp.
9.750%, 11/01/2026 (b)		560,000		595,098
Baytex Energy Corp.
8.750%, 04/01/2027 (b)		1,520,000		1,609,650
Callon Petroleum Co.
8.000%, 08/01/2028 (b)(c)		745,000		771,567
Calumet Specialty Products Partners LP / Calumet Finance Corp.
11.000%, 04/15/2025 (b)		285,000		285,527
8.125%, 01/15/2027 (b)		495,000		443,837
CITGO Petroleum Corp.
7.000%, 06/15/2025 (b)		1,400,000		1,392,888
Comstock Resources, Inc.
6.750%, 03/01/2029 (b)		755,000		764,524
5.875%, 01/15/2030 (b)		800,000		770,924
Continental Resources Inc/OK
5.750%, 01/15/2031 (b)		1,180,000		1,209,789
2.875%, 04/01/2032 (b)		1,015,000		840,217
4.900%, 06/01/2044		385,000		336,490
Continental Resources, Inc./OK
4.500%, 04/15/2023		3,800,000		3,847,500
Crescent Energy Finance LLC
7.250%, 05/01/2026 (b)		710,000		697,067
CVR Energy, Inc.
5.250%, 02/15/2025 (b)		930,000		900,993
Encino Acquisition Partners Holdings LLC
8.500%, 05/01/2028 (b)		635,000		637,315

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

81

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Oil & Gas — 6.9% (Continued)
Ensign Drilling, Inc.
9.250%, 04/15/2024 (b)(c)	$	550,000	$	538,406
EQT Corp.
6.625%, 02/01/2025		580,000		603,867
3.900%, 10/01/2027		760,000		728,551
7.500%, 02/01/2030		855,000		946,100
3.625%, 05/15/2031 (b)		300,000		271,949
Hess Corp.
7.300%, 08/15/2031		160,000		185,431
6.000%, 01/15/2040		630,000		670,452
5.600%, 02/15/2041		940,000		960,776
5.800%, 04/01/2047		510,000		540,772
Hilcorp Energy I LP / Hilcorp Finance Co.
6.250%, 11/01/2028 (b)		715,000		713,220
6.000%, 02/01/2031 (b)		545,000		526,731
Laredo Petroleum, Inc.
9.500%, 01/15/2025		900,000		923,774
10.125%, 01/15/2028 (c)		660,000		695,478
MEG Energy Corp.
7.125%, 02/01/2027 (b)		1,645,000		1,673,532
5.875%, 02/01/2029 (b)		275,000		269,499
Moss Creek Resources Holdings, Inc.
7.500%, 01/15/2026 (b)		905,000		831,012
10.500%, 05/15/2027 (b)		815,000		795,692
Murphy Oil Corp.
6.375%, 07/15/2028		1,475,000		1,502,288
Nabors Industries, Inc.
5.750%, 02/01/2025		825,000		790,008
Northern Oil and Gas, Inc.
8.125%, 03/01/2028 (b)		700,000		697,372
Occidental Petroleum Corp.
5.875%, 09/01/2025		1,285,000		1,321,327
5.500%, 12/01/2025 (c)		375,000		382,013
5.550%, 03/15/2026		925,000		949,179
8.500%, 07/15/2027		565,000		637,727
6.375%, 09/01/2028		510,000		536,030
3.500%, 08/15/2029 (c)		450,000		420,705
8.875%, 07/15/2030		800,000		962,000
6.625%, 09/01/2030		1,005,000		1,090,586
6.125%, 01/01/2031		760,000		799,828
7.500%, 05/01/2031		780,000		890,327
7.875%, 09/15/2031		705,000		825,294
6.450%, 09/15/2036		910,000		988,797
0.000%, 10/10/2036		1,000,000		516,660
4.300%, 08/15/2039		470,000		399,935
6.200%, 03/15/2040		680,000		704,874
4.625%, 06/15/2045		675,000		583,251

	Principal Amount		Value
Oil & Gas — 6.9% (Continued)
Occidental Petroleum Corp.
6.600%, 03/15/2046	$	380,000	$	414,804
4.400%, 04/15/2046		420,000		360,847
4.100%, 02/15/2047		280,000		233,545
4.200%, 03/15/2048		390,000		323,815
4.400%, 08/15/2049		305,000		259,213
Parkland Corp.
5.875%, 07/15/2027 (b)		660,000		641,203
4.500%, 10/01/2029 (b)		770,000		675,325
4.625%, 05/01/2030 (b)		505,000		442,776
Patterson-UTI Energy, Inc.
5.150%, 11/15/2029		595,000		567,102
PBF Holding Co. LLC / PBF Finance Corp.
9.250%, 05/15/2025 (b)		1,485,000		1,541,616
7.250%, 06/15/2025		785,000		759,083
Range Resources Corp.
5.000%, 03/15/2023		3,790,000		3,804,516
SM Energy Co.
6.625%, 01/15/2027 (c)		990,000		983,872
Southwestern Energy Co.
5.375%, 03/15/2030		815,000		805,770
4.750%, 02/01/2032		980,000		928,942
Strathcona Resources Ltd.
6.875%, 08/01/2026 (b)		1,240,000		1,201,362
Sunoco LP / Sunoco Finance Corp.
4.500%, 05/15/2029		610,000		549,344
4.500%, 04/30/2030 (b)		740,000		664,202
Talos Production, Inc.
12.000%, 01/15/2026		900,000		968,873
Teine Energy Ltd.
6.875%, 04/15/2029 (b)		770,000		768,510
Transocean Poseidon Ltd.
6.875%, 02/01/2027 (b)		553,125		532,997
Transocean Sentry Ltd.
5.375%, 05/15/2023 (b)		529,056		515,948
Transocean, Inc.
7.250%, 11/01/2025 (b)		430,000		357,371
7.500%, 01/15/2026 (b)		320,000		262,011
8.000%, 02/01/2027 (b)(c)		890,000		704,310
Vine Energy Holdings LLC
6.750%, 04/15/2029 (b)		910,000		917,207
				65,818,574
Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp.
6.250%, 04/01/2028 (b)		890,000		864,470
TechnipFMC Plc
6.500%, 02/01/2026 (b)		2,510,000		2,600,661

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

82

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Oil & Gas Services — 0.6% (Continued)
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 04/01/2026	$	415,000	$	407,250
6.875%, 09/01/2027		715,000		699,735
Weatherford International Ltd.
11.000%, 12/01/2024 (b)		785,000		809,677
8.625%, 04/30/2030 (b)		550,000		545,204
				5,926,997
Packaging & Containers — 1.5%
Ball Corp.
4.000%, 11/15/2023		635,000		634,225
5.250%, 07/01/2025		630,000		646,474
4.875%, 03/15/2026		540,000		541,990
2.875%, 08/15/2030		840,000		707,692
3.125%, 09/15/2031		805,000		674,908
Berry Global, Inc.
0.950%, 02/15/2024		1,655,000		1,580,678
1.570%, 01/15/2026		1,295,000		1,179,824
4.875%, 07/15/2026 (b)		770,000		766,150
5.625%, 07/15/2027 (b)		660,000		658,350
Cascades Inc./Cascades USA, Inc.
5.375%, 01/15/2028 (b)		1,275,000		1,231,835
Intelligent Packaging Ltd Finco Inc. / Intelligent Packaging Ltd Co-Issuer LLC
6.000%, 09/15/2028 (b)		1,325,000		1,248,813
LABL, Inc.
10.500%, 07/15/2027 (b)		630,000		608,832
8.250%, 11/01/2029 (b)(c)		785,000	$	645,172
Mauser Packaging Solutions Holding Co.
7.250%, 04/15/2025 (b)		750,000		713,516
Owens-Brockway Glass Container, Inc.
6.625%, 05/13/2027 (b)(c)		945,000		932,077
Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer LLC/Reynolds Gro
4.000%, 10/15/2027 (b)		500,000		436,953
Sealed Air Corp.
6.875%, 07/15/2033 (b)		540,000		592,453
Trident TPI Holdings, Inc.
9.250%, 08/01/2024 (b)		560,000		551,020
				14,350,962
Pharmaceuticals — 1.9%
AdaptHealth LLC
6.125%, 08/01/2028 (b)		445,000		421,123
5.125%, 03/01/2030 (b)		790,000		680,352
Bausch Health Americas, Inc.
9.250%, 04/01/2026 (b)		1,260,000		1,252,251
8.500%, 01/31/2027 (b)(c)		1,350,000		1,277,761

	Principal Amount		Value
Pharmaceuticals — 1.9% (Continued0
Bausch Health Cos, Inc.
5.500%, 11/01/2025 (b)	$	2,380,000	$	2,307,101
9.000%, 12/15/2025 (b)		1,655,000		1,663,275
5.750%, 08/15/2027 (b)		915,000		857,209
7.000%, 01/15/2028 (b)		925,000		759,716
4.875%, 06/01/2028 (b)		1,095,000		972,864
6.250%, 02/15/2029 (b)		1,730,000		1,260,962
7.250%, 05/30/2029 (b)		645,000		487,791
BellRing Brands, Inc.
7.000%, 03/15/2030 (b)		795,000		778,090
Elanco Animal Health, Inc.
6.400%, 08/28/2028		560,000		577,500
Embecta Corp.
5.000%, 02/15/2030 (b)		490,000		443,063
6.750%, 02/15/2030 (b)		275,000		267,245
Endo Dac / Endo Finance LLC / Endo Finco, Inc.
9.500%, 07/31/2027 (b)(c)		870,000		684,438
Endo Luxembourg Finance Co. I Sarl / Endo US, Inc.
6.125%, 04/01/2029 (b)		730,000		639,520
Owens & Minor, Inc.
4.500%, 03/31/2029 (b)		470,000		423,425
6.625%, 04/01/2030 (b)		165,000		162,297
Par Pharmaceutical, Inc.
7.500%, 04/01/2027 (b)		1,610,000		1,470,832
Prestige Brands, Inc.
5.125%, 01/15/2028 (b)		545,000		518,412
3.750%, 04/01/2031 (b)		600,000		509,541
				18,414,768
Pipelines — 4.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.750%, 03/01/2027 (b)(c)		860,000		839,102
5.750%, 01/15/2028 (b)		715,000		696,603
Blue Racer Midstream LLC / Blue Racer Finance Corp.
7.625%, 12/15/2025 (b)		570,000		587,787
6.625%, 07/15/2026 (b)		310,000		310,812
Buckeye Partners LP
3.950%, 12/01/2026		350,000		331,189
4.500%, 03/01/2028 (b)		595,000		543,795
5.850%, 11/15/2043		455,000		363,736
5.600%, 10/15/2044		450,000		362,387
Cheniere Energy Partners LP
4.500%, 10/01/2029		870,000		834,208
4.000%, 03/01/2031 (c)		465,000		421,597
3.250%, 01/31/2032 (b)		985,000		843,731
Cheniere Energy, Inc.
4.625%, 10/15/2028		795,000		770,172

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

83

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Pipelines — 4.4% (Continued)
CNX Midstream Partners LP
4.750%, 04/15/2030 (b)	$	415,000	$	382,358
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.
5.750%, 04/01/2025		795,000		786,660
6.000%, 02/01/2029 (b)		425,000		414,150
8.000%, 04/01/2029 (b)		645,000		673,474
DCP Midstream Operating LP
5.375%, 07/15/2025		645,000		649,054
5.625%, 07/15/2027		980,000		995,474
3.250%, 02/15/2032		645,000		548,011
6.750%, 09/15/2037 (b)		1,025,000		1,152,746
Delek Logistics Partners LP / Delek Logistics Finance Corp.
7.125%, 06/01/2028 (b)		475,000		454,941
DT Midstream, Inc.
4.125%, 06/15/2029 (b)		405,000		369,080
4.375%, 06/15/2031 (b)		720,000		646,067
EnLink Midstream LLC
5.625%, 01/15/2028 (b)		310,000		307,529
5.375%, 06/01/2029		475,000		462,983
EnLink Midstream Partners LP
4.400%, 04/01/2024		640,000		632,768
5.450%, 06/01/2047		865,000		702,311
EQM Midstream Partners LP
6.000%, 07/01/2025 (b)		370,000		367,136
6.500%, 07/01/2027 (b)(c)		590,000		596,602
5.500%, 07/15/2028		455,000		435,392
4.500%, 01/15/2029 (b)		500,000		450,915
4.750%, 01/15/2031 (b)		850,000		764,618
6.500%, 07/15/2048		530,000		488,607
Genesis Energy LP / Genesis Energy Finance Corp.
5.625%, 06/15/2024 (c)		560,000		549,875
6.500%, 10/01/2025		465,000		442,366
8.000%, 01/15/2027		860,000		844,602
Harvest Midstream I LP
7.500%, 09/01/2028 (b)		745,000		757,501
Hess Midstream Operations LP
5.125%, 06/15/2028 (b)		335,000		324,603
4.250%, 02/15/2030 (b)		550,000		505,211
Holly Energy Partners LP / Holly Energy Finance Corp.
5.000%, 02/01/2028 (b)		495,000		471,510
ITT Holdings LLC
6.500%, 08/01/2029 (b)(c)		995,000		886,246
New Fortress Energy, Inc.
6.750%, 09/15/2025 (b)		735,000		723,516
6.500%, 09/30/2026 (b)(c)		1,240,000		1,201,448

	Principal Amount		Value
Pipelines — 4.4% (Continued)
NGL Energy Partners LP / NGL Energy Finance Corp.
7.500%, 11/01/2023	$	535,000	$	497,004
6.125%, 03/01/2025 (c)		890,000		747,937
Northriver Midstream Finance LP
5.625%, 02/15/2026 (b)		1,995,000		1,948,876
NuStar Logistics LP
6.000%, 06/01/2026		330,000		329,569
5.625%, 04/28/2027		440,000		422,967
6.375%, 10/01/2030		600,000		592,095
PBF Logistics LP / PBF Logistics Finance Corp.
6.875%, 05/15/2023		1,835,000		1,833,018
Rattler Midstream LP
5.625%, 07/15/2025 (b)		495,000		496,284
Rockies Express Pipeline LLC
3.600%, 05/15/2025 (b)		155,000		147,404
4.950%, 07/15/2029 (b)		340,000		318,713
4.800%, 05/15/2030 (b)		360,000		330,228
6.875%, 04/15/2040 (b)		535,000		509,288
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
8.500%, 10/15/2026 (b)		895,000		837,331
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.
7.500%, 10/01/2025 (b)		500,000		511,225
6.000%, 03/01/2027 (b)		265,000		254,748
5.500%, 01/15/2028 (b)		420,000		393,225
6.000%, 12/31/2030 (b)		510,000		472,375
6.000%, 09/01/2031 (b)		470,000		429,533
Venture Global Calcasieu Pass LLC
3.875%, 08/15/2029 (b)		765,000		699,061
4.125%, 08/15/2031 (b)		85,000		77,268
3.875%, 11/01/2033 (b)		975,000		849,751
Western Midstream Operating LP
4.750%, 08/15/2028		295,000		287,671
4.550%, 02/01/2030		670,000		616,484
5.450%, 04/01/2044		550,000		502,727
5.300%, 03/01/2048		600,000		521,703
5.750%, 02/01/2050		835,000		737,372
				41,256,730
Real Estate — 0.9%
Cushman & Wakefield US Borrower LLC
6.750%, 05/15/2028 (b)		920,000		939,435
Five Point Operating Co. LP / Five Point Capital Corp.
7.875%, 11/15/2025 (b)		905,000		899,190
Hunt Cos, Inc.
5.250%, 04/15/2029 (b)		680,000		629,003
Kennedy-Wilson, Inc.
4.750%, 03/01/2029		660,000		609,748

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

84

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Real Estate — 0.9% (Continued)
Kennedy-Wilson, Inc.
5.000%, 03/01/2031	$	720,000	$	650,844
Newmark Group, Inc.
6.125%, 11/15/2023		1,765,000		1,801,235
Realogy Group LLC / Realogy Co-Issuer Corp.
5.750%, 01/15/2029 (b)		725,000		609,421
5.250%, 04/15/2030 (b)		800,000		648,032
The Howard Hughes Corp.
4.125%, 02/01/2029 (b)		660,000		595,167
4.375%, 02/01/2031 (b)		690,000		614,690
WeWork Cos, Inc.
7.875%, 05/01/2025 (b)		690,000		582,374
				8,579,139
REITS — 3.5%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
5.750%, 05/15/2026 (b)		1,510,000		1,464,775
Diversified Healthcare Trust
9.750%, 06/15/2025		2,770,000		2,907,073
GLP Capital LP / GLP Financing II, Inc.
5.250%, 06/01/2025		445,000		453,486
5.375%, 04/15/2026		505,000		515,745
5.300%, 01/15/2029		745,000		746,229
4.000%, 01/15/2030		880,000		820,798
3.250%, 01/15/2032		875,000		737,529
HAT Holdings I LLC / HAT Holdings II LLC
3.375%, 06/15/2026 (b)		1,200,000		1,103,610
Iron Mountain Information Management Services, Inc.
5.000%, 07/15/2032 (b)		720,000		635,825
Iron Mountain, Inc.
4.875%, 09/15/2027 (b)		480,000		457,790
5.250%, 03/15/2028 (b)		535,000		510,438
5.000%, 07/15/2028 (b)(c)		555,000		526,565
5.250%, 07/15/2030 (b)		1,165,000		1,069,784
4.500%, 02/15/2031 (b)		910,000		781,472
5.625%, 07/15/2032 (b)		565,000		517,173
iStar, Inc.
4.750%, 10/01/2024		930,000		905,560
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.250%, 02/01/2027 (b)		1,130,000		1,040,097
MPT Operating Partnership LP / MPT Finance Corp.
5.000%, 10/15/2027		1,160,000		1,114,418
4.625%, 08/01/2029		510,000		469,391
3.500%, 03/15/2031		1,085,000		925,310
New Residential Investment Corp.
6.250%, 10/15/2025 (b)(c)		665,000		634,317

	Principal Amount		Value
REITS — 3.5% (Continued)
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer
5.875%, 10/01/2028 (b)	$	500,000	$	485,675
4.875%, 05/15/2029 (b)		730,000		669,568
RLJ Lodging Trust LP
4.000%, 09/15/2029 (b)		665,000		594,530
Sabra Health Care LP
3.200%, 12/01/2031		930,000		782,122
SBA Communications Corp.
3.125%, 02/01/2029 (c)		1,390,000		1,194,267
Service Properties Trust
4.500%, 06/15/2023		3,315,000		3,245,385
4.350%, 10/01/2024		1,500,000		1,389,690
3.950%, 01/15/2028		1,330,000		1,056,233
Starwood Property Trust, Inc.
3.750%, 12/31/2024 (b)		1,325,000		1,276,969
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC
7.875%, 02/15/2025 (b)		855,000		871,442
6.000%, 01/15/2030 (b)		820,000		683,736
Uniti Group LP / Uniti Group Finance Inc. / CSL Capital LLC
6.500%, 02/15/2029 (b)		1,230,000		1,062,160
VICI Properties LP / VICI Note Co, Inc.
3.750%, 02/15/2027 (b)		240,000		222,243
4.625%, 12/01/2029 (b)		1,165,000		1,092,158
				32,963,563
Retail — 5.1%
1011778 BC ULC / New Red Finance, Inc.
3.875%, 01/15/2028 (b)		610,000		562,106
3.500%, 02/15/2029 (b)		825,000		729,609
4.000%, 10/15/2030 (b)		2,085,000		1,784,969
Academy Ltd.
6.000%, 11/15/2027 (b)		800,000		798,844
Arko Corp.
5.125%, 11/15/2029 (b)		635,000		562,813
Asbury Automotive Group, Inc.
4.625%, 11/15/2029 (b)		955,000		861,095
4.750%, 03/01/2030 (c)		765,000		683,742
At Home Group, Inc.
7.125%, 07/15/2029 (b)(c)		845,000		631,637
Bath & Body Works, Inc.
7.500%, 06/15/2029		660,000		683,496
6.625%, 10/01/2030 (b)		1,130,000		1,126,045
6.875%, 11/01/2035		890,000		871,359
6.750%, 07/01/2036		730,000		709,553
BCPE Ulysses Intermediate, Inc.
7.750%, 04/01/2027 (b)		580,000		496,631

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

85

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Retail — 5.1% (Continued)
Beacon Roofing Supply, Inc.
4.125%, 05/15/2029 (b)(c)	$	660,000	$	579,662
Bed Bath & Beyond, Inc.
3.749%, 08/01/2024 (c)		2,315,000		2,136,803
Bloomin’ Brands Inc. / OSI Restaurant Partners LLC
5.125%, 04/15/2029 (b)(c)		625,000		582,047
Brinker International, Inc.
5.000%, 10/01/2024 (b)		720,000		719,297
Carrols Restaurant Group, Inc.
5.875%, 07/01/2029 (b)		715,000		546,035
Carvana Co.
5.625%, 10/01/2025 (b)(c)		470,000		408,651
5.875%, 10/01/2028 (b)(c)		605,000		482,040
4.875%, 09/01/2029 (b)(c)		680,000		495,975
Ferrellgas LP / Ferrellgas Finance Corp.
5.375%, 04/01/2026 (b)(c)		620,000		561,884
5.875%, 04/01/2029 (b)		790,000		689,311
FirstCash, Inc.
5.625%, 01/01/2030 (b)		955,000		889,812
Foot Locker, Inc.
4.000%, 10/01/2029 (b)		660,000		549,985
Foundation Building Materials, Inc.
6.000%, 03/01/2029 (b)		510,000		415,594
The Gap Inc.
3.625%, 10/01/2029 (b)		360,000		293,400
Group 1 Automotive, Inc.
4.000%, 08/15/2028 (b)		940,000		847,048
Guitar Center, Inc.
8.500%, 01/15/2026 (b)		905,000		908,109
Ken Garff Automotive LLC
4.875%, 09/15/2028 (b)		690,000		628,920
LBM Acquisition LLC
6.250%, 01/15/2029 (b)		835,000		680,583
LCM Investments Holdings II LLC
4.875%, 05/01/2029 (b)		360,000		315,909
Lithia Motors, Inc.
3.875%, 06/01/2029 (b)		600,000		542,583
4.375%, 01/15/2031 (b)		685,000		629,546
LSF9 Atlantis Holdings LLC / Victra Finance Corp.
7.750%, 02/15/2026 (b)		1,030,000		930,414
Macy’s Retail Holdings LLC
5.875%, 04/01/2029 (b)		740,000		703,192
5.875%, 03/15/2030 (b)		480,000		453,300
6.125%, 03/15/2032 (b)		570,000		528,342
4.500%, 12/15/2034		645,000		504,280

	Principal Amount		Value
Retail — 5.1% (Continued)
The Michaels Cos Inc.
7.875%, 05/01/2029 (b)(c)	$	1,080,000	$	851,715
Murphy Oil USA, Inc.
4.750%, 09/15/2029		430,000		408,029
3.750%, 02/15/2031 (b)		735,000		646,697
NMG Holding Co. Inc. / Neiman Marcus Group LLC
7.125%, 04/01/2026 (b)		920,000		914,439
Nordstrom, Inc.
6.950%, 03/15/2028 (c)		360,000		368,313
4.375%, 04/01/2030 (c)		485,000		422,731
4.250%, 08/01/2031		375,000		318,572
5.000%, 01/15/2044 (c)		820,000		681,313
Park River Holdings, Inc.
5.625%, 02/01/2029 (b)		610,000		469,003
Party City Holdings, Inc.
8.750%, 02/15/2026 (b)		1,075,000		986,678
Penske Automotive Group, Inc.
3.750%, 06/15/2029		805,000		687,897
QVC, Inc.
4.850%, 04/01/2024		615,000		615,015
4.450%, 02/15/2025		520,000		505,026
4.750%, 02/15/2027		940,000		844,346
4.375%, 09/01/2028		845,000		719,501
Rite Aid Corp.
7.500%, 07/01/2025 (b)		680,000		583,491
8.000%, 11/15/2026 (b)(c)		1,010,000		850,305
Sizzling Platter LLC / Sizzling Platter Finance Corp.
8.500%, 11/28/2025 (b)		730,000		665,673
Sonic Automotive, Inc.
4.625%, 11/15/2029 (b)(c)		595,000		512,757
4.875%, 11/15/2031 (b)		580,000		495,865
Specialty Building Products Holdings LLC / SBP Finance Corp.
6.375%, 09/30/2026 (b)		1,125,000		1,105,734
SRS Distribution, Inc.
6.125%, 07/01/2029 (b)(c)		375,000		331,402
6.000%, 12/01/2029 (b)		895,000		786,428
Staples, Inc.
7.500%, 04/15/2026 (b)		150,000		143,488
10.750%, 04/15/2027 (b)(c)		665,000		590,055
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, 06/01/2031 (b)		825,000		751,431
Superior Plus LP / Superior General Partner, Inc.
4.500%, 03/15/2029 (b)		650,000		594,740
Victoria’s Secret & Co.
4.625%, 07/15/2029 (b)		400,000		328,636
White Cap Buyer LLC
6.875%, 10/15/2028 (b)(c)		660,000		605,593

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

86

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Retail — 5.1% (Continued)
White Cap Parent LLC
8.250%, 03/15/2026 (b)	$	275,000	$	265,721
Yum! Brands, Inc.
4.750%, 01/15/2030 (b)		740,000		704,935
3.625%, 03/15/2031		740,000		637,026
4.625%, 01/31/2032		760,000		691,790
6.875%, 11/15/2037		430,000		455,577
				48,064,543
Semiconductors — 0.2%
Qorvo, Inc.
4.375%, 10/15/2029		1,925,000		1,790,982
Software — 1.3%
Boxer Parent Co, Inc.
9.125%, 03/01/2026 (b)		400,000		405,438
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.
5.750%, 03/01/2025 (b)		705,000		704,129
Clarivate Science Holdings Corp.
4.875%, 07/01/2029 (b)		995,000		878,102
Minerva Merger Sub, Inc.
6.500%, 02/15/2030 (b)(c)		960,000		885,000
MSCI, Inc.
3.625%, 09/01/2030 (b)		1,565,000		1,382,599
3.625%, 11/01/2031 (b)		1,270,000		1,116,318
Open Text Corp.
3.875%, 02/15/2028 (b)		1,265,000		1,154,172
3.875%, 12/01/2029 (b)		510,000		453,900
Open Text Holdings, Inc.
4.125%, 02/15/2030 (b)		1,270,000		1,128,916
4.125%, 12/01/2031 (b)		1,375,000		1,194,208
Rackspace Technology Global, Inc.
5.375%, 12/01/2028 (b)(c)		955,000		780,784
Rocket Software, Inc.
6.500%, 02/15/2029 (b)		680,000		583,100
Skillz, Inc.
10.250%, 12/15/2026 (b)(c)		450,000		329,117
Veritas US Inc. / Veritas Bermuda Ltd.
7.500%, 09/01/2025 (b)		1,815,000		1,602,327
				12,598,110
Telecommunications — 6.6%
Avaya, Inc.
6.125%, 09/15/2028 (b)		1,225,000		1,138,691
Ciena Corp.
4.000%, 01/31/2030 (b)		605,000		552,528
CommScope Technologies LLC
6.000%, 06/15/2025 (b)		850,000		740,563

	Principal Amount		Value
Telecommunications — 6.6% (Continued)
CommScope Technologies LLC
5.000%, 03/15/2027 (b)(c)	$	915,000	$	719,565
CommScope, Inc.
6.000%, 03/01/2026 (b)		500,000		472,450
8.250%, 03/01/2027 (b)		835,000		719,119
7.125%, 07/01/2028 (b)(c)		900,000		718,911
4.750%, 09/01/2029 (b)		580,000		485,892
Consolidated Communications, Inc.
6.500%, 10/01/2028 (b)		1,125,000		983,073
Embarq Corp.
7.995%, 06/01/2036		660,000		597,184
Frontier Communications Holdings LLC
5.875%, 10/15/2027 (b)		750,000		719,407
5.000%, 05/01/2028 (b)		660,000		603,438
6.750%, 05/01/2029 (b)		330,000		297,767
5.875%, 11/01/2029 (c)		630,000		547,706
6.000%, 01/15/2030 (b)		785,000		683,496
Hughes Satellite Systems Corp.
5.250%, 08/01/2026		570,000		555,049
6.625%, 08/01/2026		945,000		942,014
Intrado Corp.
8.500%, 10/15/2025 (b)(c)		915,000		820,814
Level 3 Financing, Inc.
5.375%, 05/01/2025		490,000		486,354
5.250%, 03/15/2026		355,000		345,690
4.625%, 09/15/2027 (b)		975,000		878,090
4.250%, 07/01/2028 (b)		1,095,000		927,093
3.625%, 01/15/2029 (b)(c)		1,075,000		874,975
3.875%, 11/15/2029 (b)		880,000		777,753
LogMeIn, Inc.
5.500%, 09/01/2027 (b)		1,115,000		977,024
Lumen Technologies, Inc.
7.500%, 04/01/2024		490,000		504,455
5.125%, 12/15/2026 (b)		915,000		825,115
4.000%, 02/15/2027 (b)		645,000		574,627
4.500%, 01/15/2029 (b)		890,000		704,252
5.375%, 06/15/2029 (b)		980,000		800,915
7.600%, 09/15/2039		755,000		675,295
Nokia Oyj
4.375%, 06/12/2027		445,000		432,211
6.625%, 05/15/2039		555,000		641,738
Plantronics, Inc.
4.750%, 03/01/2029 (b)		455,000		462,867
Quebecor Media, Inc.
5.750%, 01/15/2023		7,135,000		7,223,224
Sprint Capital Corp.
6.875%, 11/15/2028		1,625,000		1,785,916
8.750%, 03/15/2032		1,210,000		1,539,725

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

87

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 98.7% (Continued)
Telecommunications — 6.6% (Continued)
Sprint Communications, Inc.
6.000%, 11/15/2022	$	3,160,000	$	3,211,461
Sprint Corp.
7.875%, 09/15/2023		6,305,000		6,589,009
7.125%, 06/15/2024		240,000		252,911
7.625%, 02/15/2025		155,000		165,055
7.625%, 03/01/2026		940,000		1,021,949
Switch Ltd.
3.750%, 09/15/2028 (b)		480,000		453,075
4.125%, 06/15/2029 (b)		380,000		363,405
Telecom Italia Capital SA
7.200%, 07/18/2036		1,385,000		1,252,129
7.721%, 06/04/2038		1,180,000		1,110,073
T-Mobile USA, Inc.
2.625%, 04/15/2026		155,000		144,305
4.750%, 02/01/2028		1,830,000		1,808,269
2.625%, 02/15/2029		520,000		450,174
3.375%, 04/15/2029		765,000		695,672
3.375%, 04/15/2029 (b)		595,000		541,078
2.875%, 02/15/2031		1,205,000		1,024,708
3.500%, 04/15/2031 (c)		980,000		869,946
3.500%, 04/15/2031 (b)		835,000		741,229
Viasat, Inc.
5.625%, 09/15/2025 (b)		2,020,000		1,856,047
Viavi Solutions, Inc.
3.750%, 10/01/2029 (b)		705,000		635,247
Vodafone Group Plc
7.000%, 04/04/2079 (c)		1,365,000		1,443,337
3.250%, 06/04/2081		500,000		450,567
4.125%, 06/04/2081		500,000		432,808
5.125%, 06/04/2081		920,000		770,394
Windstream Escrow LLC / Windstream Escrow Finance Corp.
7.750%, 08/15/2028 (b)		1,450,000		1,383,525
Zayo Group Holdings, Inc.
4.000%, 03/01/2027 (b)		150,000		130,759
6.125%, 03/01/2028 (b)		1,555,000		1,304,357
				62,836,475
Toys/Games/Hobbies — 0.3%
Mattel, Inc.
3.375%, 04/01/2026 (b)		220,000		214,189
5.875%, 12/15/2027 (b)		1,750,000		1,792,096
3.750%, 04/01/2029 (b)		770,000		734,545
5.450%, 11/01/2041		190,000		189,362
				2,930,192

	Principal Amount		Value
Transportation — 0.5%
Cargo Aircraft Management, Inc.
4.750%, 02/01/2028 (b)	$	955,000	$	898,946
First Student Bidco Inc. / First Transit Parent, Inc.
4.000%, 07/31/2029 (b)		2,010,000		1,792,920
Watco Cos LLC / Watco Finance Corp.
6.500%, 06/15/2027 (b)		550,000		532,115
XPO CNW, Inc.
6.700%, 05/01/2034		955,000		981,206
				4,205,187
Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC
6.500%, 10/01/2025 (b)		360,000		343,582
9.750%, 08/01/2027 (b)		545,000		556,993
5.500%, 05/01/2028 (b)		810,000		699,998
				1,600,573
Water — 0.0% (a)
Solaris Midstream Holdings LLC
7.625%, 04/01/2026 (b)		355,000		364,329
TOTAL CORPORATE BONDS (Cost $975,233,833)				936,810,146
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.130% (d)		748,880		748,880
TOTAL SHORT-TERM INVESTMENTS (Cost $748,880)				748,880
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.8%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d)		83,712,043		83,712,043
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $83,712,043)				83,712,043
Total Investments (Cost $1,059,694,756) — 107.6%				1,021,271,069
Liabilities in Excess of Other Assets — (7.6)%				(71,721,485	)
TOTAL NET ASSETS — 100.0%			$	949,549,584

Percentages are stated as a percent of net assets.

(a) Less than 0.05%.

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

88

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

(b) Restriced security as defined in Rule 144(b) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2022, the market value of these securities total $584,654,907, which represents 61.57% of total net assets.

(c) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $81,379,161 or 8.6% of net assets.

(d) The rate shown is as of April 30, 2022.

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.

89

Pacer Trendpilot^® Fund of Funds ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.8%
Pacer Trendpilot 100 ETF		252,350	$	13,167,623
Pacer Trendpilot International ETF		512,621		12,477,195
Pacer Trendpilot US Bond ETF		544,421		12,603,346
Pacer Trendpilot US Large Cap ETF		331,507		12,431,513
Pacer Trendpilot US Mid Cap ETF		381,321		13,151,761
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $63,755,273)				63,831,438
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.130% (a)	$	144,139		144,139
TOTAL SHORT-TERM INVESTMENTS (Cost $144,139)				144,139
Total Investments (Cost $63,899,412) — 100.0%				63,975,577
Liabilities in Excess of Other Assets — 0.0% (b)				(7,998	)
TOTAL NET ASSETS — 100.0%			$	63,967,579

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2022.

(b) Less than 0.05%

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

90

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.2%
Australia — 6.4%
Aurizon Holdings Ltd.		314,627	$	895,867
BHP Group Ltd. - ADR (a)		114,751		7,686,022
Coles Group Ltd.		92,665		1,224,333
Evolution Mining Ltd.		108,948		311,757
Fortescue Metals Group Ltd.		530,754		8,111,330
Newcrest Mining Ltd.		52,515		997,367
Origin Energy Ltd.		142,801		690,128
Telstra Corp. Ltd.		934,605		2,667,791
				22,584,595
Britain — 15.2%
Anglo American PLC		153,360		6,915,335
BAE Systems PLC		272,664		2,537,175
BP PLC - ADR		239,269		6,871,806
British American Tobacco PLC - ADR		187,335		7,826,856
GlaxoSmithKline PLC - ADR (a)		157,532		7,133,049
Imperial Brands PLC		156,717		3,283,084
Rio Tinto PLC - ADR (a)		105,038		7,470,302
Unilever PLC - ADR (a)		124,642		5,765,939
Vodafone Group PLC - ADR (a)		368,484		5,597,272
				53,400,818
Canada — 1.4%
Canadian Natural Resources Ltd.		79,316		4,907,281
Chile — 0.4%
Antofagasta PLC		74,152		1,446,191
China — 0.7%
Lenovo Group Ltd.		877,948		859,263
Tingyi Cayman Islands Holding Corp.		580,421		1,063,649
Uni-President China Holdings Ltd.		440,468		388,995
				2,311,907
Finland — 0.4%
Fortum Oyj		74,723		1,253,385
France — 8.1%
Carrefour SA		49,867		1,060,564
Danone SA		45,013		2,737,126
Engie SA		185,609		2,216,946
Orange SA - ADR (a)		345,523		4,059,895
Sanofi - ADR		135,649		7,087,660
TotalEnergies SE - ADR		134,416		6,547,403
Vinci SA		35,696		3,496,130
Vivendi SE		114,091		1,319,152
				28,524,876

	Shares		Value
Germany — 1.8%
BASF SE		97,412	$	5,180,385
Evonik Industries AG		39,169		1,033,449
				6,213,834
Hong Kong — 3.4%
ASM Pacific Technology Ltd.		28,787		293,666
CK Hutchison Holdings Ltd.		361,997		2,546,481
CK Infrastructure Holdings Ltd.		259,484		1,747,640
CLP Holdings Ltd.		195,073		1,901,757
Dairy Farm International Holdings Ltd.		113,694		309,248
Power Assets Holdings Ltd.		239,561		1,613,457
SITC International Holdings Co Ltd.		259,334		875,793
Swire Pacific Ltd. - Class A		130,231		745,173
WH Group Ltd. (b)		1,015,348		705,192
Xinyi Glass Holdings Ltd.		487,519		1,097,182
				11,835,589
Italy — 1.6%
Eni SpA - ADR (a)		199,464		5,547,094
Japan — 13.3%
Aisin Corp.		21,046		613,014
Canon, Inc. - ADR		69,570		1,598,719
Inpex Corp.		100,401		1,185,239
Isuzu Motors Ltd.		48,402		565,793
Japan Tobacco, Inc.		213,013		3,649,658
KDDI Corp.		161,227		5,385,622
Kirin Holdings Co. Ltd.		57,646		844,201
Marubeni Corp.		157,960		1,731,444
Mitsubishi Chemical Holdings Corp.		90,344		552,054
Mitsui & Co. Ltd.		112,995		2,742,703
Nintendo Co. Ltd. - ADR		73,844		4,207,631
Nippon Steel Corp.		80,325		1,280,929
Nippon Telegraph & Telephone Corp.		233,408		6,919,057
Oracle Corp Japan		27,456		1,772,924
SoftBank Corp.		471,106		5,499,716
Sumitomo Chemical Co. Ltd.		115,807		491,694
Sumitomo Corp.		123,283		1,958,373
Takeda Pharmaceutical Co. Ltd. - ADR		363,667		5,287,718
Yamaha Motor Co. Ltd.		25,513		528,838
				46,815,327
Netherlands — 2.2%
Shell PLC - ADR		147,973		7,906,197
New Zealand — 0.2%
Spark New Zealand Ltd.		236,930		752,571

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

91

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.2% (Continued)
Norway — 0.7%
Telenor ASA		173,598	$	2,459,784
Singapore — 0.3%
Jardine Cycle & Carriage Ltd.		24,690		517,741
Singapore Technologies Engineering Ltd.		234,617		695,564
				1,213,305
South Korea — 1.4%
KT&G Corp.		12,839		844,348
LG Corp.		10,343		603,616
POSCO Holdings Inc. - ADR		33,653		1,908,462
SK Telecom Co Ltd. - ADR		61,624		1,541,833
				4,898,259
Spain — 2.5%
Naturgy Energy Group SA		83,079		2,518,023
Repsol SA		141,750		2,136,172
Telefonica SA - ADR (a)		838,259		4,006,878
				8,661,073
Sweden — 1.0%
H & M Hennes & Mauritz AB - Class B (a)		123,125		1,569,618
Telia Co. AB		435,988		1,815,091
				3,384,709
Switzerland — 4.9%
Glencore PLC		833,388		5,211,426
Holcim Ltd.		51,438		2,546,122
Novartis AG - ADR		80,325		7,071,010
Swisscom AG		4,094		2,427,570
				17,256,128
United States — 33.3%
3M Co.		37,068		5,345,947
AbbVie, Inc. (a)		53,877		7,913,454
Altria Group, Inc.		145,784		8,101,217
Amgen, Inc.		31,679		7,387,226
AT&T, Inc.		271,393		5,118,472
Bristol-Myers Squibb Co.		113,739		8,561,135
Chevron Corp.		55,683		8,723,856
Dow, Inc.		73,549		4,891,008
Exxon Mobil Corp.		104,942		8,946,305
Gilead Sciences, Inc.		91,513		5,430,381
International Business Machines Corp.		53,561		7,081,300
Kinder Morgan, Inc.		289,798		5,259,834
Merck & Co., Inc.		87,321		7,744,499
Newmont Goldcorp Corp.		56,671		4,128,482
Philip Morris International, Inc.		71,616		7,161,600
Phillips 66 (a)		42,009		3,644,701
Southern Copper Corp.		67,554		4,206,588

	Shares		Value
United States — 33.3% (Continued)
The Kraft Heinz Co.		109,028	$	4,647,864
Walgreens Boots Alliance, Inc. (a)		65,300		2,768,720
				117,062,589
TOTAL COMMON STOCKS (Cost $345,508,357)				348,435,512
		Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.130% (c)	$	1,616,516		1,616,516
TOTAL SHORT-TERM INVESTMENTS (Cost $1,616,516)				1,616,516
		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.1%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		53,099,720		53,099,720
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $53,099,720)				53,099,720
Total Investments (Cost $400,224,593) — 114.8%				403,151,748
Liabilities in Excess of Other Assets — (14.8)%				(51,849,275	)
TOTAL NET ASSETS — 100.0%			$	351,302,473

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $50,750,327 or 14.4% of net assets.

(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 $705,192 or 0.2% of net assets.

(c) The rate shown is as of April 30, 2022.

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

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

92

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 96.6%
Advertising — 1.0%
The Interpublic Group of Cos., Inc.		1,323,496	$	43,172,439
Agriculture — 4.3%
Altria Group, Inc.		1,716,964		95,411,690
Archer-Daniels-Midland Co.		1,108,954		99,317,920
				194,729,610
Airlines — 0.3%
JetBlue Airways Corp. (a)		1,178,716		12,977,663
Apparel — 1.5%
PVH Corp.		193,046		14,049,888
Ralph Lauren Corp.		150,719		15,726,021
Tapestry, Inc.		731,637		24,085,490
Under Armour, Inc. - Class A (a)		938,640		14,417,510
				68,278,909
Auto Parts & Equipment — 0.2%
Allison Transmission Holdings, Inc.		270,564		10,129,916
Biotechnology — 8.1%
Biogen, Inc. (a)		384,154		79,688,906
Gilead Sciences, Inc.		1,484,721		88,103,344
Moderna, Inc. (a)		672,678		90,414,650
Regeneron Pharmaceuticals, Inc. (a)		147,571		97,265,522
United Therapeutics Corp. (a)		65,468		11,624,498
				367,096,920
Building Materials — 2.2%
Builders FirstSource, Inc. (a)		492,182		30,303,646
Eagle Materials, Inc.		83,888		10,345,068
Louisiana-Pacific Corp. (b)		501,699		32,369,620
Owens Corning		301,069		27,376,204
				100,394,538
Chemicals — 8.2%
CF Industries Holdings, Inc.		619,408		59,977,277
Dow, Inc.		1,560,131		103,748,711
LyondellBasell Industries NV - Class A		945,374		100,238,005
Olin Corp.		777,753		44,643,022
The Chemours Co. (b)		517,835		17,124,803
Westlake Chemical Corp. (b)		373,190		47,227,195
				372,959,013
Commercial Services — 0.7%
Grand Canyon Education, Inc. (a) (b)		76,794		7,369,920
ManpowerGroup, Inc.		146,618		13,224,943
StoneCo. Ltd. - Class A (a) (b)		1,158,316		10,911,337
				31,506,200
Computers — 5.4%
Dell Technologies, Inc. - Class C		1,767,756		83,102,209
Genpact Ltd.		377,280		15,193,066

	Shares		Value
Computers — 5.4% (Continued)
HP, Inc.		2,527,214	$	92,571,849
Lumentum Holdings, Inc. (a) (b)		178,786		14,519,211
NCR Corp. (a) (b)		480,068		16,816,782
NetApp, Inc.		348,265		25,510,411
				247,713,528
Diversified Financial Services — 0.7%
Alliance Data Systems Corp.		602,899		33,038,865
Electronics — 0.2%
Vontier Corp. (b)		436,110		11,173,138
Engineering & Construction — 0.3%
MasTec, Inc. (a) (b)		205,992		14,833,484
Food — 1.2%
Albertsons Cos., Inc. - Class A		1,677,882		52,484,149
Forest Products & Paper — 0.4%
Sylvamo Corp. (a)		429,440		19,174,496
Hand/Machine Tools — 0.5%
Snap-On, Inc. (b)		103,621		22,018,426
Healthcare-Products — 1.4%
Hologic, Inc. (a)		703,510		50,645,685
Quidel Corp. (a)		123,886		12,465,409
Zimvie, Inc. (a)		48,166		1,083,735
				64,194,829
Healthcare-Services — 2.2%
Laboratory Corp. of American Holdings (a)		236,601		56,850,488
Quest Diagnostics, Inc.		319,896		42,814,881
				99,665,369
Home Builders — 2.9%
Lennar Corp. - Class A (b)		763,882		58,429,334
NVR, Inc. (a)		5,925		25,929,044
PulteGroup, Inc.		480,029		20,046,011
Thor Industries, Inc. (b)		137,532		10,528,075
Toll Brothers, Inc.		405,738		18,814,071
				133,746,535
Home Furnishings — 1.0%
Tempur Sealy International, Inc. (b)		454,446		12,320,031
Whirlpool Corp. (b)		194,644		35,331,779
				47,651,810
Internet — 3.6%
Expedia Group, Inc. (a) (b)		419,353		73,281,937
Meta Platforms Inc. - Class A (a)		452,360		90,684,609
				163,966,546

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

93

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 96.6% (Continued)
Iron/Steel — 5.7%
Cleveland-Cliffs, Inc. (a) (b)		1,928,692	$	49,162,359
Nucor Corp.		661,593		102,401,365
Steel Dynamics, Inc.		372,469		31,939,217
United States Steel Corp. (b)		2,472,866		75,397,684
				258,900,625
Leisure Time — 0.4%
Harley-Davidson, Inc. (b)		528,737		19,272,464
Lodging — 0.4%
Boyd Gaming Corp.		305,090		18,482,352
Machinery-Construction & Mining — 0.3%
Oshkosh Corp.		125,828		11,631,540
Media — 1.7%
Nexstar Media Group, Inc. - Class A		139,803		22,147,591
Warner Bros Discovery, Inc. (a)		3,086,359		56,017,416
				78,165,007
Metal Fabricate/Hardware — 0.2%
Crane Co. (b)		105,506		10,152,842
Miscellaneous Manufacturing — 0.6%
Textron, Inc.		413,171		28,612,092
Office/Business Equipment — 0.3%
Xerox Holdings Corp. (b)		729,835		12,699,129
Oil & Gas — 15.9%
APA Corp.		1,453,535		59,493,187
ConocoPhillips		916,017		87,497,944
Diamondback Energy, Inc.		430,451		54,335,830
EOG Resources, Inc.		766,810		89,532,736
Exxon Mobil Corp.		1,091,893		93,083,878
Marathon Oil Corp.		2,099,663		52,323,602
Occidental Petroleum Corp.		1,634,553		90,047,525
Phillips 66		1,069,770		92,813,245
Valero Energy Corp.		936,000		104,345,280
				723,473,227
Pharmaceuticals — 10.8%
Bristol-Myers Squibb Co.		1,324,475		99,693,233
CVS Health Corp.		872,930		83,914,761
McKesson Corp.		325,695		100,838,429
Organon & Co. (b)		1,345,903		43,513,044
Pfizer, Inc.		1,886,723		92,581,498
Premier, Inc. - Class A		257,420		9,321,178
Viatris, Inc.		5,915,181		61,103,820
				490,965,963

	Shares		Value
Pipelines — 1.0%
Targa Resources Corp. (b)		622,238	$	45,678,492
Retail — 7.1%
AutoNation, Inc. (a) (b)		525,578		60,919,746
Bath & Body Works, Inc. (a) (b)		729,814		38,599,862
Dick’s Sporting Goods, Inc. (b)		291,349		28,091,871
Foot Locker, Inc.		576,031		16,883,469
Kohl’s Corp.		757,511		43,844,737
Lithia Motors, Inc. (b)		101,588		28,762,610
Penske Automotive Group, Inc. (b)		410,624		43,041,608
Qurate Retail Group, Inc. - Class A (b)		3,823,767		16,098,059
Victoria’s Secret & Co. (a) (b)		409,030		19,273,494
Williams-Sonoma, Inc. (b)		217,828		28,422,197
				323,937,653
Software — 2.5%
Dropbox, Inc. - Class A (a)		802,147		17,446,697
Loyalty Ventures, Inc. (a) (b)		239,829		3,067,413
Teradata Corp. (a) (b)		224,582		9,286,466
VMware, Inc. - Class A		770,055		83,196,742
				112,997,318
Telecommunications — 3.4%
AT&T, Inc.		3,781,584		71,320,674
Lumen Technologies, Inc. (b)		8,219,661		82,689,790
				154,010,464
TOTAL COMMON STOCKS (Cost $4,410,596,944)				4,399,885,551
REAL ESTATE INVESTMENT TRUSTS — 3.0%
New Residential Investment Corp. (b)		6,802,920		70,750,368
Weyerhaeuser Co.		1,665,205		68,639,750
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $136,739,292)				139,390,118
		Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account 0.130% (c)	$	13,434,058		13,434,058
TOTAL SHORT-TERM INVESTMENTS (Cost $13,434,058)				13,434,058

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

94

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.9%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		495,833,899	$	495,833,899
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $495,833,899)				495,833,899
Total Investments (Cost $5,056,604,193) — 110.8%				5,048,543,626
Liabilities in Excess of Other Assets — (10.8)%				(493,793,480	)
TOTAL NET ASSETS — 100.0%			$	4,554,750,146

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 April 30, 2022. The total value of securities on loan is $467,566,033 or 10.3% of net assets.

(c) The rate shown is as of April 30, 2022.

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

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

95

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 98.8%
Aerospace/Defense — 0.1%
National Presto Industries, Inc.		15,750	$	1,120,297
Agriculture — 1.5%
Vector Group Ltd. (a)		984,060		12,517,243
Apparel — 2.8%
Fossil Group, Inc. (a) (b)		657,254		6,493,669
Kontoor Brands, Inc.		222,116		8,824,669
Oxford Industries, Inc. (a)		87,760		7,863,296
				23,181,634
Auto Parts&Equipment — 1.3%
American Axle & Manufacturing Holdings, Inc. (b)		1,671,203		11,063,364
Beverages — 1.7%
Coca-Cola Consolidated, Inc. (a)		31,171		13,761,996
Biotechnology — 3.1%
Innoviva, Inc. (a) (b)		757,697		12,926,311
iTeos Therapeutics, Inc. (a) (b)		465,846		12,433,430
				25,359,741
Building Materials — 3.1%
Apogee Enterprises, Inc. (a)		81,319		3,578,036
Boise Cascade Co.		223,612		16,900,595
SPX Corp. (b)		133,640		5,599,516
				26,078,147
Chemicals — 2.6%
AdvanSix, Inc.		133,753		5,957,359
American Vanguard Corp.		124,359		2,661,282
Trinseo PLC		274,602		13,029,865
				21,648,506
Coal — 2.9%
CONSOL Energy, Inc. (a) (b)		203,992		9,699,820
SunCoke Energy, Inc.		607,519		5,054,558
Warrior Met Coal, Inc.		264,048		8,996,115
				23,750,493
Commercial Services — 7.2%
CoreCivic, Inc. (a) (b)		1,166,083		14,494,412
Forrester Research, Inc. (b)		84,080		4,682,415
Heidrick & Struggles International, Inc.		278,015		8,885,360
Kelly Services, Inc. - Class A		206,177		3,977,154
Korn/Ferry International		236,978		14,559,928
Perdoceo Education Corp. (b)		661,725		7,398,086
Strategic Education, Inc. (a)		86,882		5,612,577
				59,609,932
Computers — 1.1%
NetScout Systems, Inc. (b)		291,150		8,967,420

	Shares		Value
Distribution/Wholesale — 1.2%
G-III Apparel Group Ltd. (b)		376,042	$	9,957,592
Electrical Components & Equipment — 1.6%
Encore Wire Corp. (a)		93,850		10,587,218
Insteel Industries, Inc. (a)		54,876		2,327,840
				12,915,058
Electronics — 1.2%
Sanmina Corp. (b)		253,294		10,357,192
Energy-Alternate Sources — 0.3%
FutureFuel Corp.		178,907		1,701,405
REX American Resources Corp. (a) (b)		12,055		1,020,215
				2,721,620
Entertainment — 1.1%
Golden Entertainment, Inc. (b)		195,778		9,389,513
Forest Products & Paper — 2.7%
Sylvamo Corp. (b)		504,232		22,513,959
Healthcare-Products — 0.4%
Natus Medical, Inc. (b)		95,819		3,187,898
Healthcare-Services — 2.1%
Fulgent Genetics, Inc. (a) (b)		316,332		17,360,300
Home Builders — 1.0%
Winnebago Industries, Inc. (a)		158,261		8,416,320
Home Furnishings — 1.2%
Ethan Allen Interiors, Inc. (a)		167,442		3,975,073
Sleep Number Corp. (a) (b)		151,139		6,130,198
				10,105,271
Internet — 0.8%
Cars.com, Inc. (b)		320,446		3,563,360
Liquidity Services, Inc. (b)		130,994		1,888,933
QuinStreet, Inc. (b)		144,137		1,370,743
				6,823,036
Leisure Time — 1.0%
Vista Outdoor, Inc. (a) (b)		241,950		8,523,898
Media — 1.2%
Scholastic Corp.		123,894		4,565,494
Thryv Holdings, Inc. (a) (b)		208,842		5,394,389
				9,959,883
Metal Fabricate/Hardware — 2.5%
Mueller Industries, Inc. (a)		199,831		10,820,849
TimkenSteel Corp. (a) (b)		382,209		7,900,260

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

96

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 98.8% (Continued)
Metal Fabricate/Hardware — 2.5% (Continued)
Tredegar Corp.		151,300	$	1,732,385
				20,453,494
Miscellaneous Manufacturing — 2.5%
Hillenbrand, Inc.		384,168		15,681,738
Sturm Ruger & Co., Inc. (a)		79,834		5,440,687
				21,122,425
Oil and Gas — 1.9%
SM Energy Co.		439,128		15,602,218
Oil & Gas Services — 1.9%
Bristow Group, Inc. (b)		127,990		3,816,662
Oceaneering International, Inc. (b)		425,670		4,822,841
US Silica Holdings, Inc. (b)		403,274		7,492,831
				16,132,334
Pharmaceuticals — 1.9%
Collegium Pharmaceutical, Inc. (a) (b)		232,133		3,737,341
Corcept Therapeutics, Inc. (a) (b)		273,756		5,888,492
USANA Health Sciences, Inc. (a) (b)		51,764		3,968,228
Vanda Pharmaceuticals, Inc. (a) (b)		224,560		2,227,635
				15,821,696
Retail — 32.0%
Abercrombie & Fitch Co. (a) (b)		498,342		17,232,666
Academy Sports & Outdoors, Inc. (a)		529,403		19,778,496
Asbury Automotive Group, Inc. (a) (b)		91,232		16,760,231
Big Lots, Inc. (a)		330,029		10,197,896
Bloomin’ Brands, Inc. (a)		715,217		15,727,622
Boot Barn Holdings, Inc. (a) (b)		91,794		8,266,968
Caleres, Inc.		384,069		8,806,702
Chico’s FAS, Inc. (a) (b)		2,841,497		15,059,934
Chuy’s Holdings, Inc. (a) (b)		79,708		1,993,497
Conn’s, Inc. (a) (b)		536,452		8,395,474
Genesco, Inc. (a) (b)		126,077		7,820,556
Group 1 Automotive, Inc.		91,436		15,922,665
Haverty Furniture Cos., Inc. (a)		87,566		2,174,264
Hibbett, Inc. (a)		92,446		3,991,818
La-Z-Boy, Inc. (a)		214,722		5,642,894
MarineMax, Inc. (a) (b)		320,838		13,128,691
Movado Group, Inc. (a)		125,026		4,497,185
Sally Beauty Holdings, Inc. (a) (b)		595,123		8,998,260
Shoe Carnival, Inc. (a)		278,410		8,405,198
Signet Jewelers Ltd. (a)		260,918		18,316,444
Sonic Automotive, Inc. - Class A (a)		364,591		15,513,347
The Buckle, Inc. (a)		333,234		10,350,248
The Cato Corp. - Class A (a)		165,118		2,237,349
The Children’s Place, Inc. (a) (b)		149,276		6,915,957

	Shares		Value
Retail — 32.0% (Continued)
The ODP Corp. (b)		252,451	$	10,862,966
Vera Bradley, Inc. (b)		335,844		2,065,441
Zumiez, Inc. (a) (b)		197,982		7,252,081
				266,314,850
Semiconductors — 3.8%
Axcelis Technologies, Inc. (a) (b)		87,704		4,775,483
COHU, Inc. (a) (b)		128,333		3,408,525
Kulicke & Soffa Industries, Inc. (a)		243,695		11,309,885
Rambus, Inc. (a) (b)		283,721		7,067,490
Ultra Clean Holdings, Inc. (b)		149,644		4,664,403
				31,225,786
Software — 3.4%
Consensus Cloud Solutions, Inc. (a) (b)		144,417		7,613,664
Loyalty Ventures, Inc. (b)		398,631		5,098,491
Progress Software Corp. (a)		163,313		7,835,758
Xperi Holding Corp.		509,547		7,948,933
				28,496,846
Telecommunications — 0.6%
Extreme Networks, Inc. (b)		525,935		5,048,976
Transportation — 5.1%
ArcBest Corp.		114,575		8,267,732
Atlas Air Worldwide Holdings, Inc. (a) (b)		200,733		13,838,533
Dorian LPG Ltd.		442,170		6,508,742
Matson, Inc.		158,393		13,624,966
				42,239,973
TOTAL COMMON STOCKS (Cost $885,875,119)				821,748,911
REAL ESTATE INVESTMENT TRUSTS — 1.0%
Tanger Factory Outlet Centers, Inc. (a)		537,451		8,669,085
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $9,043,971)				8,669,085
		Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 0.130% (c)	$	1,447,176		1,447,176
TOTAL SHORT-TERM INVESTMENTS (Cost $1,447,176)				1,447,176

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

97

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		252,673,651	$	252,673,651
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $252,673,651)				252,673,651
Total Investments (Cost $1,149,039,917) — 130.4%				1,084,538,823
Liabilities in Excess of Other Assets — (30.4)%				(252,863,842	)
TOTAL NET ASSETS — 100.0%			$	831,674,981

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $240,276,535 or 28.9% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2022.

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.

98

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 98.8%
Australia — 5.6%
BHP Group Ltd. - ADR (a)		38,961		2,609,608
BlueScope Steel Ltd.		20,720		300,699
Fortescue Metals Group Ltd.		183,863		2,809,915
Newcrest Mining Ltd.		29,030		551,339
				6,271,561
Austria — 0.2%
ams-OSRAM AG (b)		15,930		198,808
Britain — 12.9%
Anglo American PLC		61,420		2,769,561
BAE Systems PLC		151,258		1,407,476
Barratt Developments PLC		69,123		429,813
Burberry Group PLC		16,550		331,100
Imperial Brands PLC		89,241		1,869,521
Kingfisher PLC		137,356		437,496
Persimmon PLC		19,920		526,017
Rio Tinto PLC - ADR (a)		36,179		2,573,050
Royal Mail PLC		78,610		340,631
Taylor Wimpey PLC		155,808		248,623
Vodafone Group PLC - ADR (a)		148,860		2,261,183
WPP PLC - ADR (a)		18,808		1,164,215
				14,358,686
Canada — 9.5%
Canadian Natural Resources Ltd.		54,592		3,377,607
Imperial Oil Ltd. (a)		34,340		1,721,807
Loblaw Cos. Ltd.		16,804		1,537,102
Magna International, Inc.		14,488		873,192
Suncor Energy, Inc.		84,271		3,028,700
				10,538,408
Chile — 0.9%
Antofagasta PLC		48,918		954,051
China — 1.3%
Lenovo Group Ltd.		1,500,287		1,468,358
Denmark — 1.9%
AP Moller - Maersk A/S - Class B		722		2,117,506
Finland — 2.0%
Fortum Oyj		61,300		1,028,231
Nokia OYJ - ADR (b)		234,576		1,182,263
				2,210,494
France — 11.8%
Airbus Group SE		19,847		2,209,759
Atos SE		8,670		214,027
Bouygues SA		30,887		1,070,395
Carrefour SA		69,770		1,483,857
Cie de Saint-Gobain		33,814		2,009,413

	Shares		Value
France — 11.8% (Continued)
Cie Generale des Etablissements Michelin		9,308	$	1,169,011
Eiffage SA		13,458		1,340,817
Faurecia		15,270		339,419
Publicis Groupe SA		19,883		1,207,776
Thales SA		12,115		1,559,251
Valeo SA		25,926		478,774
				13,082,499
Germany — 6.1%
Continental AG (b)		18,300		1,274,558
Covestro AG (c)		13,131		571,973
Daimler AG		28,711		2,032,374
Daimler Truck Holding AG (b)		14,275		388,534
Deutsche Post AG		37,458		1,617,012
HeidelbergCement AG		16,382		955,016
				6,839,467
Ireland — 1.1%
CRH PLC - ADR (a)		31,968		1,265,293
Japan — 24.1%
Aisin Corp.		20,930		609,635
Astellas Pharma, Inc.		65,640		1,000,469
Canon, Inc. - ADR (a)		59,706		1,372,044
Capcom Co. Ltd.		8,340		220,750
Dentsu Group, Inc.		12,526		454,131
Isuzu Motors Ltd.		38,650		451,798
ITOCHU Corp.		73,059		2,213,585
Japan Tobacco, Inc.		89,880		1,539,959
KDDI Corp.		75,832		2,533,090
Konami Holdings Corp.		5,100		315,962
Marubeni Corp.		156,910		1,719,934
Mazda Motor Corp.		32,850		235,158
Mitsubishi Electric Corp.		93,759		988,344
Nabtesco Corp.		4,220		96,838
NEC Corp.		14,358		558,720
Nintendo Co. Ltd. - ADR		39,457		2,248,260
Nippon Telegraph & Telephone Corp.		80,884		2,397,694
Nitto Denko Corp.		4,804		323,907
Otsuka Holdings Co. Ltd.		19,675		661,468
Ricoh Co. Ltd.		33,380		244,611
Ryohin Keikaku Co. Ltd.		11,850		106,744
SCREEN Holdings Co. Ltd.		2,955		245,463
Secom Co. Ltd.		7,352		519,724
Seiko Epson Corp.		24,172		338,622
Sharp Corp.		58,820		498,571
Subaru Corp.		19,228		290,254
Sumitomo Chemical Co. Ltd.		163,810		695,506
Suzuki Motor Corp.		23,410		704,961

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

99

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 98.8% (Continued)
Japan — 24.1% (Continued)
Taisei Corp.		7,660	$	208,064
Takeda Pharmaceutical Co. Ltd. - ADR (a)		161,134		2,342,888
Yamada Holdings Co. Ltd. (b)		118,970		354,779
Yamaha Motor Co. Ltd.		17,783		368,609
				26,860,542
Luxembourg — 2.0%
ArcelorMittal		74,913		2,221,919
Netherlands — 2.4%
Shell PLC - ADR		50,263		2,685,552
Norway — 3.7%
Aker BP ASA		29,350		1,065,497
Equinor ASA - ADR (a)		87,923		2,996,416
				4,061,913
Poland — 0.3%
KGHM Polska Miedz SA		9,760		319,204
South Korea — 7.3%
HMM Co. Ltd.		58,644		1,326,027
Hyundai Mobis Co. Ltd.		2,507		414,174
Kia Corp.		28,355		1,891,838
Korean Air Lines Co. Ltd. (b)		31,214		749,285
KT&G Corp.		5,820		382,748
Kumho Petrochemical Co. Ltd.		3,334		410,114
LG Display Co. Ltd. - ADR (a)		73,617		473,357
Lotte Chemical Corp.		1,983		310,239
POSCO - ADR		21,582		1,223,915
Samsung Engineering Co. Ltd. (b)		14,512		300,408
SK Telecom Co. Ltd. - ADR		27,127		678,718
				8,160,823
Spain — 0.0% (d)
Telefonica SA - ADR (a)		726		3,470
Sweden — 3.8%
Boliden AB (a)		12,016		527,657
H & M Hennes & Mauritz AB - Class B (a)		125,800		1,603,720
Lundin Energy AB		18,330		765,348
Telefonaktiebolaget LM Ericsson - ADR		173,336		1,379,754
				4,276,479
Switzerland — 1.9%
Holcim Ltd.		34,151		1,690,435
The Swatch Group AG		1,810		473,549
				2,163,984
TOTAL COMMON STOCKS (Cost $114,440,454)				110,059,017

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account 0.130% (b)(e)	$	553,266	$	553,266
TOTAL SHORT-TERM INVESTMENTS (Cost $553,266)				553,266
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.7%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (e)		11,911,218		11,911,218
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,911,218)				11,911,218
Total Investments (Cost $126,904,938) — 110.0%				122,523,501
Liabilities in Excess of Other Assets — (10.0)%				(11,177,614	)
TOTAL NET ASSETS — 100.0%			$	111,345,887

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $11,365,193 or 10.2% of net assets.

(b) Non-income producing security.

(c) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2022, the market value of these securities total $571,973, which represents 0.5% of total net assets.

(d) Less than 0.05%.

(e) The rate shown is as of April 30, 2022.

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

100

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.8%
Apparel — 1.2%
Crocs, Inc. (a)		596	$	39,592
Deckers Outdoor Corp. (a) (b)		265		70,424
				110,016
Biotechnology — 10.3%
Moderna, Inc. (a)		3,277		440,462
Regeneron Pharmaceuticals, Inc. (a)		710		467,968
				908,430
Building Materials — 2.3%
Builders FirstSource, Inc. (a) (b)		1,722		106,023
Eagle Materials, Inc.		385		47,478
Louisiana-Pacific Corp. (b)		836		53,939
				207,440
Chemicals — 1.0%
Olin Corp.		1,521		87,305
Commercial Services — 4.4%
FTI Consulting, Inc. (a)		335		52,833
Gartner, Inc. (a)		802		233,021
Service Corp. International		1,573		103,205
				389,059
Computers — 7.9%
Apple, Inc. (b)		2,920		460,338
EPAM Systems, Inc. (a)		554		146,805
Maximus, Inc.		603		43,947
Qualys, Inc. (a) (b)		380		51,786
				702,876
Engineering & Construction — 0.7%
TopBuild Corp. (a) (b)		321		58,146
Entertainment — 0.6%
Light & Wonder, Inc. (a)		942		52,809
Environmental Control — 0.8%
Tetra Tech, Inc.		526		73,261
Healthcare-Products — 2.5%
PerkinElmer, Inc. (b)		1,229		180,184
Quidel Corp. (a)		407		40,952
				221,136
Healthcare-Services — 0.5%
Medpace Holdings, Inc. (a) (b)		343		45,815
Home Furnishings — 0.5%
Tempur Sealy International, Inc. (b)		1,764		47,822
Internet — 11.3%
Alphabet, Inc. - Class A (a) (b)		176		401,665

	Shares		Value
Internet — 11.3% (Continued)
Etsy, Inc. (a)		1,204	$	112,201
Meta Platforms, Inc. - Class A (a) (b)		2,432		487,543
				1,001,409
Iron/Steel — 3.3%
Cleveland-Cliffs, Inc. (a)		5,119		130,483
Steel Dynamics, Inc.		1,864		159,838
				290,321
Lodging — 0.7%
Boyd Gaming Corp. (b)		1,072		64,942
Oil & Gas — 8.1%
Devon Energy Corp.		6,471		376,418
Diamondback Energy, Inc.		1,728		218,126
Murphy Oil Corp.		1,505		57,310
PDC Energy, Inc. (b)		938		65,416
				717,270
Pipelines — 2.4%
Antero Midstream Corp.		4,654		47,796
Targa Resources Corp.		2,229		163,631
				211,427
Retail — 16.1%
AutoZone, Inc. (a)		195		381,317
Dick’s Sporting Goods, Inc. (b)		844		81,379
Lowe’s Cos., Inc.		2,054		406,137
O’Reilly Automotive, Inc. (a)		649		393,651
RH (a) (b)		209		70,249
Williams-Sonoma, Inc.		711		92,771
				1,425,504
Semiconductors — 22.4%
Applied Materials, Inc.		3,691		407,302
KLA Corp.		1,412		450,795
Lam Research Corp.		935		435,485
Power Integrations, Inc. (b)		576		46,080
QUALCOMM, Inc.		2,995		418,371
Synaptics, Inc. (a)		385		57,149
Teradyne, Inc. (b)		1,582		166,838
				1,982,020
Software — 1.0%
Teradata Corp. (a)		1,034		42,756
Ziff Davis, Inc. (a)		462		40,822
				83,578
Transportation — 1.8%
Expeditors International of Washington, Inc.		1,629		161,385
TOTAL COMMON STOCKS (Cost $10,487,798)				8,841,971

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

101

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 0.130% (c)	$	17,701	$	17,701
TOTAL SHORT-TERM INVESTMENTS (Cost $17,701)				17,701
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		2,339,820		2,339,820
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,339,819)				2,339,820
Total Investments (Cost $12,845,319) — 126.4%				11,199,492
Liabilities in Excess of Other Assets — (26.4)%				(2,340,242	)
TOTAL NET ASSETS — 100.0%			$	8,859,250

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 April 30, 2022. The total value of securities on loan is $2,218,009 or 25.0% of net assets.

(c) The rate shown is as of April 30, 2022.

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.

102

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 91.6%
Brazil — 10.5%
Cia Siderurgica Nacional SA - ADR (c)		57,125	$	240,496
CPFL Energia SA		10,381		76,032
CSN Mineracao SA		148,362		155,746
Marfrig Global Foods SA		32,474		123,684
Telefonica Brasil SA - ADR (c)		15,919		168,741
TIM SA/Brazil - ADR		6,232		85,004
Vale SA - ADR		18,795		317,448
				1,167,151
Chile — 2.3%
Cencosud SA		74,250		118,851
Falabella SA		49,455		138,896
				257,747
China — 21.4%
Angang Steel Co. Ltd. - Class H		277,173		123,274
Anhui Conch Cement Co. Ltd. - Class H		49,322		269,646
BAIC Motor Corp Ltd. - Class H (b)		496,902		157,043
China Coal Energy Co Ltd. - Class H		410,203		349,721
China Feihe Ltd. (b)		62,712		60,019
China Hongqiao Group Ltd.		223,301		284,284
China Medical System Holdings Ltd.		19,020		27,535
China Shenhua Energy Co. Ltd. - Class H		161,440		520,509
COSCO SHIPPING Holdings Co. Ltd. - Class H (a)		135,069		214,471
Hengan International Group Co. Ltd.		10,335		48,995
Kingsoft Corp. Ltd.		9,169		28,160
Topsports International Holdings Ltd. (b)		50,647		39,113
Weichai Power Co. Ltd. - Class H		113,142		160,045
Yadea Group Holdings Ltd. (b)		39,661		60,449
Yangzijiang Shipbuilding Holdings Ltd.		44,056		28,990
				2,372,254
Greece — 0.7%
Hellenic Telecommunications Organization SA		3,926		76,208
Hong Kong — 2.7%
China Resources Cement Holdings Ltd.		79,376		66,256
Kingboard Holdings Ltd.		17,549		79,839
Kunlun Energy Co. Ltd.		75,641		63,621
Sun Art Retail Group Ltd.		302,574		94,856
				304,572
Hungary — 1.0%
MOL Hungarian Oil & Gas PLC		13,455		114,775

	Shares		Value
India — 2.4%
Tata Steel Ltd. - GDR		16,084	$	261,365
Indonesia — 7.1%
Adaro Energy Tbk PT		539,266		124,243
Astra International Tbk PT		488,761		255,388
Bukit Asam Tbk PT		164,342		43,305
Telkom Indonesia Persero Tbk PT - ADR		6,844		217,776
United Tractors Tbk PT		69,321		144,767
				785,479
Malaysia — 1.3%
Hartalega Holdings Bhd		64,486		65,175
Supermax Corp Bhd		4,006		1,022
Top Glove Corp Bhd		197,357		76,159
				142,356
Mexico — 3.0%
Alfa SAB de CV		79,990		53,859
Arca Continental SAB de CV		12,853		81,673
Fomento Economico Mexicano SAB de CV - ADR		2,587		193,352
				328,884
Russia — 0.0% (e) (f)
Alrosa PJSC		91,900		—
Inter RAO UES PJSC		1,901,988		—
LUKOIL PJSC - ADR		2,652		—
Magnit PJSC		1,640		—
Magnit PJSC - GDR		1,594		—
Magnitogorsk Iron & Steel Works PJSC		106,418		—
Magnitogorsk Iron & Steel Works PJSC - GDR		2,458		—
Severstal PAO		9,320		—
Severstal PAO - GDR		2,129		—
Surgutneftegas PJSC		412,871		—
Surgutneftegas PJSC - ADR		6,459		—
Tatneft PJSC (a)		3,600		—
				—
Singapore — 0.2%
Yangzijiang Financial Holding Pte Ltd. (a)		44,056		17,362
South Africa — 13.9%
African Rainbow Minerals Ltd.		3,343		55,438
Anglo American Platinum Ltd.		2,171		241,216
Distell Group Holdings Ltd. (a)		1,684		18,459
Exxaro Resources Ltd.		4,113		58,990
Impala Platinum Holdings Ltd.		15,182		198,238
Kumba Iron Ore Ltd.		8,425		284,879
MTN Group Ltd.		17,071		182,347
MultiChoice Group		6,110		50,025

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

103

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 91.6% (Continued)
South Africa — 13.9% (Continued)
Pepkor Holdings Ltd. (b)		28,482	$	38,631
Sibanye Stillwater Ltd. - ADR		11,185		153,682
The Bidvest Group Ltd.		3,642		50,286
The Foschini Group Ltd.		4,341		38,186
Vodacom Group Ltd.		12,913		124,269
Woolworths Holdings Ltd.		10,542		39,665
				1,534,311
Taiwan — 15.2%
Acer, Inc.		15,606		14,613
AU Optronics Corp.		303,193		176,410
Catcher Technology Co. Ltd.		3,814		18,762
Eva Airways Corp. (a)		55,612		67,261
Evergreen Marine Corp Taiwan Ltd.		49,382		242,927
Far EasTone Telecommunications Co. Ltd.		28,000		78,655
Innolux Corp.		355,286		164,532
Largan Precision Co. Ltd.		836		47,933
Lite-On Technology Corp.		13,703		30,218
Nanya Technology Corp.		30,266		67,359
Novatek Microelectronics Corp.		3,636		49,158
Pegatron Corp.		99,224		236,652
Powertech Technology, Inc.		8,574		27,169
Sino-American Silicon Products, Inc.		7,400		37,407
Taiwan Glass Industry Corp.		27,524		20,964
Wan Hai Lines Ltd.		27,750		137,453
Winbond Electronics Corp.		34,650		32,034
Yang Ming Marine Transport Corp. (a)		54,462		232,811
				1,682,318
Thailand — 2.2%
Electricity Generating PCL		7,296		35,468
PTT Exploration & Production PCL		36,471		160,792
Sri Trang Gloves Thailand PCL		65,570		46,521
				242,781
Turkey — 6.3%
BIM Birlesik Magazalar AS		5,634		31,702
Enka Insaat ve Sanayi AS		63,912		68,310
Ford Otomotiv Sanayi AS		4,406		88,694
KOC Holding AS		103,745		280,878
Turk Telekomunikasyon AS		62,715		42,575
Turkcell Iletisim Hizmetleri AS		33,590		48,955
Turkiye Petrol Rafinerileri AS (a)		8,955		141,246
				702,360
United Arab Emirates — 1.4%
ADNOC Drilling Co. PJSC (a)		153,412		149,943
TOTAL COMMON STOCKS (Cost $11,835,927)				10,139,866

	Shares		Value
PREFERRED STOCKS — 7.2%
Brazil — 7.2%
Bradespar SA		7,250	$	43,172
Braskem SA		16,800		137,011
Cia Energetica de Minas Gerais - ADR (c)		31,346		94,978
Cia Paranaense de Energia - ADR		9,955		72,273
Metalurgica Gerdau SA		46,345		107,052
Petroleo Brasileiro SA - ADR		23,533		288,750
Usinas Siderurgicas de Minas Gerais SA Usiminas - Class A		23,723		54,414
				797,650
TOTAL PREFERRED STOCKS (Cost $779,846)				797,650
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 0.130% (d)	$	57,337		57,337
TOTAL SHORT-TERM INVESTMENTS (Cost $57,337)				57,337
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.8%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d)		422,385		422,385
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $422,385)				422,385
Total Investments (Cost $13,095,495) — 103.1%				11,417,238
Liabilities in Excess of Other Assets — (3.1)%				(347,496	)
TOTAL NET ASSETS — 100.0%			$	11,069,742

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global 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 these securities total $355,255, which represents 3.2% of net assets.

(c) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $397,136 or 3.6% of net assets.

(d) The rate shown is as of April 30, 2022.

(e) Less than 0.05%

(f) Value determined using significant unobservable inputs.

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

104

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.9%
Pacer Developed Markets International Cash Cows 100 ETF		57,271	$	1,692,244
Pacer Global Cash Cows Dividend ETF		53,671		1,759,872
Pacer US Cash Cows 100 ETF		35,485		1,702,925
Pacer US Cash Cows Growth ETF		44,165		1,563,732
Pacer US Small Cap Cash Cows 100 ETF		42,955		1,633,579
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $8,856,691)				8,352,352
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.130% (a)	$	9,320		9,320
TOTAL SHORT-TERM INVESTMENTS (Cost $9,320)				9,320
Total Investments (Cost $8,866,011) — 100.0%				8,361,672
Liabilities in Excess of Other Assets — 0.0% (b)				(1,076	)
TOTAL NET ASSETS — 100.0%			$	8,360,596

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2022.

(b) 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.

105

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 81.0%
Agriculture — 2.7%
Altria Group, Inc.		5,336	$	296,521
Archer-Daniels-Midland Co.		1,642		147,058
Philip Morris International, Inc.		4,538		453,800
				897,379
Beverages — 5.1%
Brown-Forman Corp. - Class B		532		35,878
Constellation Brands, Inc. - Class A (a)		478		117,631
Molson Coors Brewing Co. - Class B (a)		542		29,344
Monster Beverage Corp. (b)		1,082		92,706
PepsiCo, Inc.		4,052		695,769
The Coca-Cola Co.		11,376		735,003
				1,706,331
Biotechnology — 0.8%
Corteva, Inc.		4,868		280,835
Building Materials — 0.9%
Martin Marietta Materials, Inc. (a)		422		149,481
Vulcan Materials Co.		880		151,615
				301,096
Chemicals — 12.2%
Air Products & Chemicals, Inc.		1,486		347,828
Albemarle Corp.		780		150,407
Celanese Corp.		716		105,209
CF Industries Holdings, Inc. (a)		1,440		139,435
Dow, Inc.		4,932		327,978
DuPont de Nemours, Inc.		3,438		226,667
Eastman Chemical Co.		854		87,680
Ecolab, Inc.		1,670		282,798
FMC Corp. (a)		844		111,864
International Flavors & Fragrances, Inc.		1,706		206,938
Linde PLC -		3,438		1,072,519
LyondellBasell Industries NV		1,760		186,613
PPG Industries, Inc.		1,596		204,272
The Mosaic Co. (a)		2,486		155,176
The Sherwin-Williams Co.		1,614		443,786
				4,049,170
Cosmetics/Personal Care — 4.5%
Colgate-Palmolive Co.		2,466		190,005
The Estee Lauder Cos., Inc.		680		179,561
The Procter & Gamble Co.		7,014		1,126,098
				1,495,664
Electric — 18.7%
Alliant Energy Corp.		1,624		95,507
Ameren Corp. (a)		1,688		156,815
American Electric Power Co., Inc.		3,300		327,063

	Shares		Value
Electric — 18.7% (Continued)
CenterPoint Energy, Inc.		4,070	$	124,583
CMS Energy Corp.		1,880		129,137
Consolidated Edison, Inc.		2,320		215,157
Constellation Energy Corp.		2,118		125,407
Dominion Energy, Inc.		5,308		433,345
DTE Energy Co. (a)		1,256		164,586
Duke Energy Corp.		5,042		555,427
Edison International		2,486		171,012
Entergy Corp.		1,320		156,882
Evergy, Inc.		1,486		100,825
Eversource Energy		2,256		197,174
Exelon Corp. (a)		6,418		300,234
FirstEnergy Corp.		3,732		161,633
NextEra Energy, Inc.		12,852		912,749
NRG Energy, Inc. (a)		1,586		56,937
Pinnacle West Capital Corp.		734		52,261
PPL Corp.		4,914		139,115
Public Service Enterprise Group, Inc.		3,310		230,575
Sempra Energy (a)		2,090		337,242
Southern Co.		6,940		509,327
The AES Corp.		4,318		88,174
WEC Energy Group, Inc.		2,064		206,503
Xcel Energy, Inc.		3,530		258,608
				6,206,278
Food — 3.6%
Campbell Soup Co. (a)		588		27,765
Conagra Brands, Inc. (a)		1,386		48,413
General Mills, Inc. (a)		1,770		125,192
Hormel Foods Corp. (a)		816		42,750
Kellogg Co. (a)		744		50,964
Lamb Weston Holdings, Inc.		422		27,894
McCormick & Co., Inc. (a)		726		73,014
Mondelez International, Inc. - Class A		4,062		261,918
Sysco Corp.		1,468		125,485
The Hershey Co.		422		95,275
The JM Smucker Co. (a)		312		42,722
The Kraft Heinz Co. (a)		2,054		87,562
The Kroger Co. (a)		1,936		104,467
Tyson Foods, Inc. - Class A		844		78,627
				1,192,048
Forest Products & Paper — 0.4%
International Paper Co. (a)		2,568		118,847
Gas — 0.5%
Atmos Energy Corp.		880		99,792
NiSource, Inc. (a)		2,540		73,965
				173,757

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

106

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 81.0% (Continued)
Household Products/Wares — 1.1%
Avery Dennison Corp.		550	$	99,330
Church & Dwight Co., Inc. (a)		698		68,097
Kimberly-Clark Corp.		972		134,943
The Clorox Co. (a)		358		51,362
				353,732
Iron/Steel — 0.9%
Nucor Corp. (a)		1,826		282,628
Mining — 2.4%
Freeport-McMoRan, Inc. (a)		9,836		398,850
Newmont Goldcorp Corp.		5,346		389,456
				788,306
Oil & Gas — 17.1%
APA Corp.		1,650		67,534
Cabot Oil & Gas Corp. (a)		3,696		106,408
Chevron Corp.		8,856		1,387,469
ConocoPhillips		5,978		571,019
Devon Energy Corp.		2,888		167,995
Diamondback Energy, Inc.		780		98,459
EOG Resources, Inc.		2,686		313,617
Exxon Mobil Corp.		19,444		1,657,601
Hess Corp. (a)		1,266		130,487
Marathon Oil Corp.		3,530		87,968
Marathon Petroleum Corp.		2,660		232,112
Occidental Petroleum Corp.		4,070		224,216
Phillips 66 (a)		2,146		186,187
Pioneer Natural Resources Co. (a)		1,046		243,164
Valero Energy Corp.		1,880		209,582
				5,683,818
Oil & Gas Services — 1.6%
Baker Hughes Co. (a)		4,162		129,105
Halliburton Co.		4,126		146,968
Schlumberger Ltd.		6,446		251,459
				527,532
Packaging & Containers — 1.6%
Amcor PLC		10,020		118,837
Ball Corp.		2,174		176,442
Packaging Corp. of America		634		102,182
Sealed Air Corp.		982		63,054
Westrock Co.		1,742		86,281
				546,796
Pharmaceuticals — 0.0% (c)
Achillion Pharmaceuticals, Inc. (b)		6,273		2,886
Pipelines — 1.5%
Kinder Morgan, Inc.		8,956		162,552
ONEOK, Inc.		2,046		129,573

	Shares		Value
Pipelines — 1.5% (Continued)
The Williams Cos., Inc.		5,584	$	191,475
				483,600
Real Estate — 0.5%
CBRE Group, Inc. (b)		2,156		179,034
Retail — 4.3%
Costco Wholesale Corp.		1,302		692,299
Walgreens Boots Alliance, Inc. (a)		2,072		87,853
Walmart, Inc. (a)		4,136		632,767
				1,412,919
Water — 0.6%
American Water Works Co., Inc.		1,192		183,663
TOTAL COMMON STOCKS (Cost $27,364,999)				26,866,319
REAL ESTATE INVESTMENT TRUSTS — 18.9%
Alexandria Real Estate Equities, Inc. (a)		936		170,502
American Tower Corp.		2,934		707,153
AvalonBay Communities, Inc.		900		204,732
Boston Properties, Inc. (a)		908		106,781
Crown Castle International Corp.		2,778		514,513
Digital Realty Trust, Inc.		1,826		266,815
Duke Realty Corp.		2,448		134,028
Equinix, Inc. (a)		578		415,628
Equity Residential		2,200		179,300
Essex Property Trust, Inc.		422		138,952
Extra Space Storage, Inc.		854		162,260
Federal Realty Investment Trust		450		52,677
Healthpeak Properties, Inc. (a)		3,430		112,538
Host Hotels & Resorts, Inc. (a)		4,538		92,348
Iron Mountain, Inc. (a)		1,844		99,078
Kimco Realty Corp. (a)		3,924		99,395
Mid-America Apartment Communities, Inc.		744		146,330
Prologis, Inc.		4,758		762,660
Public Storage		982		364,813
Realty Income Corp.		3,640		252,470
Regency Centers Corp.		982		67,591
SBA Communications Corp.		698		242,283
Simon Property Group, Inc. (a)		2,118		249,924
UDR, Inc.		1,898		100,993
Ventas, Inc.		2,568		142,652
Vornado Realty Trust		1,010		39,097
Welltower, Inc. (a)		2,796		253,905
Weyerhaeuser Co.		4,804		198,021
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $6,500,569)				6,277,439

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

107

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 0.130% (d)	$	31,319	$	31,319
TOTAL SHORT-TERM INVESTMENTS (Cost $31,319)				31,319
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.1%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d)		5,654,273		5,654,273
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,654,273)				5,654,273
Total Investments (Cost $39,551,160) — 117.1%				38,829,350
Liabilities in Excess of Other Assets — (17.1)%				(5,656,913	)
TOTAL NET ASSETS — 100.0%			$	33,172,437

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $5,368,462 or 16.2% of net assets.

(b) Non-income producing security.

(c) Rounds to less than 0.05%.

(d) The rate shown is as of April 30, 2022.

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.

108

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 9.2%
Real Estate — Warehouse/Industrial — 9.2%
Dream Industrial Real Estate Investment Trust		1,292,175	$	15,047,630
Indus Realty Trust, Inc.		63,079		4,506,994
Summit Industrial Income REIT		1,010,723		16,002,885
				35,557,509
TOTAL COMMON STOCKS (Cost $39,896,852)				35,557,509
REAL ESTATE INVESTMENT TRUSTS — 90.5%
Diversified — 25.5%
Duke Realty Corp.		1,085,271		59,418,587
Lexington Realty Trust (a)		1,113,566		13,975,253
One Liberty Properties, Inc.		148,910		4,266,272
PS Business Parks, Inc.		108,345		20,282,184
				97,942,296
Storage — 4.7%
Life Storage, Inc.		136,005		18,019,303
				18,019,303
Warehouse/Industrial — 60.3%
Americold Realty Trust (a)		645,780		17,035,677
EastGroup Properties, Inc. (a)		90,457		16,960,688
First Industrial Realty Trust, Inc.		299,040		17,344,320
Granite Real Estate Investment Trust		232,059		17,186,076
Industrial Logistics Properties Trust (a)		460,657		7,444,217
Innovative Industrial Properties, Inc. (a)		91,386		13,213,502
Plymouth Industrial REIT, Inc.		241,858		5,833,615
Prologis, Inc.		394,352		63,210,682
Rexford Industrial Realty, Inc.		507,625		39,615,055
STAG Industrial, Inc. (a)		441,862		16,490,290
Terreno Realty Corp.		250,243		18,205,178
				232,539,300
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $326,114,359)				348,500,899
				17,186,076
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 0.130% (b)	$	770,813		770,813
TOTAL SHORT-TERM INVESTMENTS (Cost $770,813)				770,813

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.9%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (b)		64,909,177	$	64,909,177
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $64,909,177)				64,909,177
Total Investments (Cost $431,691,201) — 116.8%				449,738,398
Liabilities in Excess of Other Assets — (16.8)%				(64,748,681	)
TOTAL NET ASSETS — 100.0%			$	384,989,717

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $59,330,106 or 15.4% of net assets.

(b) The rate shown is as of April 30, 2022.

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.

109

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 23.2%
Advertising Sales — 1.0%
Clear Channel Outdoor Holdings, Inc. (a)		5,217,029	$	12,833,891
Building-Heavy Construct — 8.8%
Cellnex Telecom SA (b)		1,240,645		58,321,087
Helios Towers PLC (a)		8,518,662		11,989,228
Infrastrutture Wireless Italiane SpA (b)		4,125,030		44,300,414
				114,610,729
Internet Connective Services — 2.5%
Cogent Communications Holdings, Inc.		424,404		24,827,634
Vnet Group, Inc. - ADR (a)(c)		1,253,744		7,484,852
				32,312,486
Telecom Services — 10.9%
Chindata Group Holdings Ltd. - ADR (a)		1,395,848		8,710,092
Cyxtera Technologies, Inc. (a)(c)		425,465		5,118,344
GDS Holdings Ltd. - ADR (a)(c)		1,103,494		34,671,782
NEXTDC Ltd. (a)		5,312,174		42,583,162
Switch, Inc. - Class A		1,677,230		50,082,088
				141,165,468
TOTAL COMMON STOCKS (Cost $378,046,162)				300,922,574
REAL ESTATE INVESTMENT TRUSTS — 76.6%
Diversified — 71.8%
American Tower Corp.		838,755		202,156,730
Crown Castle International Corp.		1,142,358		211,576,125
Digital Realty Trust, Inc.		423,170		61,833,601
Digital Core REIT Management Pte Ltd. (a)		6,664,392		6,631,070
DigitalBridge Group, Inc. (a)(c)		5,910,915		41,139,968
Equinix, Inc. (c)		268,125		192,803,325
Keppel DC REIT		15,554,910		23,317,158
Lamar Advertising Co. - Class A		522,018		57,636,007
Outfront Media, Inc. (c)		1,587,676		40,644,506
SBA Communications Corp.		188,158		65,311,523
Uniti Group, Inc. (c)		2,417,903		29,957,818
				933,007,831
Storage — 4.8%
Iron Mountain, Inc. (c)		1,157,558		62,195,591
				62,195,591
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $948,979,988)				995,203,422

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.6%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d)		111,785,245	$	111,785,245
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $111,785,245)				111,785,245
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account
U.S. Bank Money Market Deposit Account, 0.130% (d)	$	3,847,469		3,847,469
TOTAL SHORT-TERM INVESTMENTS (Cost $3,847,469)				3,847,469
Total Investments (Cost $1,442,658,864) — 108.7%				1,411,758,710
Liabilities in Excess of Other Assets — (8.7)%				(112,438,155	)
TOTAL NET ASSETS — 100.0%			$	1,299,320,555

Percentages are stated as a percent of net assets.

(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 these securities total $102,621,501 or 7.9% of net assets.

(c) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $108,152,837 or 8.3% of net assets.

(d) The rate shown is as of April 30, 2022.

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

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

110

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.8%
Agriculture — 4.7%
Altria Group, Inc.		22,789	$	1,266,385
Archer-Daniels-Midland Co.		13,761		1,232,435
Philip Morris International, Inc.		12,945		1,294,500
				3,793,320
Beverages — 9.5%
Brown-Forman Corp. - Class B		18,392		1,240,356
Constellation Brands, Inc. - Class A		5,254		1,292,957
Molson Coors Brewing Co. - Class B		22,637		1,225,567
Monster Beverage Corp. (a)		15,244		1,306,106
PepsiCo, Inc.		7,483		1,284,906
The Coca-Cola Co.		19,862		1,283,284
				7,633,176
Biotechnology — 7.2%
Amgen, Inc.		2,755		642,438
Biogen, Inc. (a)		3,190		661,734
Bio-Rad Laboratories, Inc. - Class A (a)		1,190		609,351
Gilead Sciences, Inc.		10,872		645,144
Illumina, Inc. (a)		2,075		615,549
Incyte Corp. (a)		8,528		639,259
Moderna, Inc. (a)		4,563		613,313
Regeneron Pharmaceuticals, Inc. (a)		981		646,587
Vertex Pharmaceuticals, Inc. (a)		2,666		728,405
				5,801,780
Cosmetics/Personal Care — 4.5%
Colgate-Palmolive Co.		15,595		1,201,595
The Estee Lauder Cos., Inc.		4,354		1,149,717
The Procter & Gamble Co.		8,032		1,289,538
				3,640,850
Electronics — 1.5%
Agilent Technologies, Inc.		4,839		577,147
Mettler-Toledo International, Inc. (a)		481		614,492
				1,191,639
Food — 22.1%
Campbell Soup Co.		27,280		1,288,162
Conagra Brands, Inc.		37,073		1,294,960
General Mills, Inc.		18,475		1,306,737
Hormel Foods Corp.		22,789		1,193,916
Kellogg Co.		19,222		1,316,707
Lamb Weston Holdings, Inc.		22,362		1,478,128
McCormick & Co., Inc.		11,919		1,198,694
Mondelez International, Inc.		19,459		1,254,716
Sysco Corp.		14,783		1,263,651
The Hershey Co.		5,620		1,268,827
The JM Smucker Co.		8,929		1,222,648
The Kraft Heinz Co.		30,793		1,312,705
The Kroger Co.		20,583		1,110,659

	Shares		Value
Food — 22.1% (Continued)
Tyson Foods, Inc. - Class A		13,127	$	1,222,911
				17,733,421
Healthcare-Products — 17.7%
Abbott Laboratories		5,530		627,655
ABIOMED, Inc. (a)		2,199		630,190
Align Technology, Inc. (a)		1,574		456,318
Baxter International, Inc.		8,205		583,047
Bio-Techne Corp.		1,573		597,252
Boston Scientific Corp. (a)		15,121		636,745
Danaher Corp.		2,402		603,214
DENTSPLY SIRONA, Inc.		12,929		517,031
Edwards Lifesciences Corp. (a)		6,095		644,729
Henry Schein, Inc. (a)		7,491		607,520
Hologic, Inc. (a)		9,081		653,741
IDEXX Laboratories, Inc. (a)		1,266		544,988
Intuitive Surgical, Inc. (a)		2,304		551,347
Medtronic PLC		6,074		633,883
PerkinElmer, Inc.		3,801		557,265
ResMed, Inc.		2,649		529,721
STERIS PLC		2,882		645,712
Stryker Corp.		2,545		614,007
Teleflex, Inc.		1,877		536,109
The Cooper Cos., Inc.		1,660		599,326
Thermo Fisher Scientific, Inc.		1,190		657,975
Waters Corp. (a)		2,015		610,585
West Pharmaceutical Services, Inc.		1,736		546,944
Zimmer Biomet Holdings, Inc.		5,307		640,820
				14,226,124
Healthcare-Services — 9.8%
Anthem, Inc.		1,355		680,115
Catalent, Inc. (a)		6,560		594,074
Centene Corp. (a)		7,560		608,958
Charles River Laboratories International, Inc. (a)		2,430		586,869
DaVita, Inc. (a)		5,734		621,394
HCA Healthcare, Inc.		2,362		506,767
Humana, Inc.		1,480		657,949
IQVIA Holdings, Inc. (a)		2,952		643,507
Laboratory Corp. of American Holdings (a)		2,375		570,665
Molina Healthcare, Inc. (a)		2,014		631,288
Quest Diagnostics, Inc.		4,625		619,010
UnitedHealth Group, Inc.		1,306		664,166
Universal Health Services, Inc. - Class B		4,185		512,788
				7,897,550
Household Products/Wares — 4.7%
Church & Dwight Co., Inc.		12,090		1,179,500
Kimberly-Clark Corp.		9,500		1,318,885

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

111

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Household Products/Wares — 4.7% (Continued)
The Clorox Co.		8,838	$	1,267,988
				3,766,373
Pharmaceuticals — 13.0%
AbbVie, Inc.		4,230		621,302
AmerisourceBergen Corp.		4,362		659,927
Becton Dickinson and Co.		2,535		626,627
Bristol-Myers Squibb Co.		9,156		689,172
Cardinal Health, Inc.		11,995		696,310
Cigna Corp.		2,779		685,802
CVS Health Corp.		6,094		585,816
DexCom, Inc. (a)		1,616		660,265
Eli Lilly & Co.		2,368		691,764
Johnson & Johnson		3,723		671,852
McKesson Corp.		2,242		694,146
Merck & Co., Inc.		8,057		714,575
Organon & Co.		17,599		568,976
Pfizer, Inc.		12,543		615,485
Viatris, Inc.		62,930		650,067
Zoetis, Inc.		3,403		603,182
				10,435,268
Retail — 4.3%
Costco Wholesale Corp.		2,181		1,159,681
Walgreens Boots Alliance, Inc.		24,250		1,028,200
Walmart, Inc.		8,097		1,238,760
				3,426,641
Software — 0.8%
Cerner Corp.		6,751		632,164
TOTAL COMMON STOCKS (Cost $80,184,761)				80,178,306
		Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.130% (b)	$	86,173		86,173
TOTAL SHORT-TERM INVESTMENTS (Cost $86,173)				86,173

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.4% (c)
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (b)		13,218,029	$	13,218,029
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,218,029)				13,218,029
Total Investments (Cost $93,488,963) — 116.3%				93,482,508
Liabilities in Excess of Other Assets — (16.3)%				(13,094,040	)
TOTAL NET ASSETS — 100.0%			$	80,388,468

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2022.

(c) Due to settlement of open trades, there are no positions in the portfolio on loan as of April 30, 2022. The total value of securities on loan is $12,503,940 or 1.6% of net assets.

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

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

112

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.6%
Agriculture — 1.7%
Muyuan Foods Co. Ltd.		13,562	$	107,537
Auto Manufacturers — 4.2%
BYD Co. Ltd. - Class A		4,645		171,358
Great Wall Motor Co. Ltd. - Class A		7,000		26,376
SAIC Motor Corp. Ltd.		24,900		60,294
				258,028
Auto Parts & Equipment — 6.0%
Contemporary Amperex Technology Co. Ltd.		6,000		372,871
Banks — 20.2%
Agricultural Bank of China Ltd. - Class A		243,700		113,211
Bank of China Ltd. - Class A		115,500		56,637
Bank of Communications Co. Ltd. - Class A		101,100		77,970
Bank of Ningbo Co Ltd.		17,000		93,710
China Construction Bank Corp. - Class A		24,700		22,761
China Merchants Bank Co. Ltd. - Class A		53,100		321,889
Industrial & Commercial Bank of China Ltd. - Class A		198,400		143,973
Industrial Bank Co. Ltd.		53,500		166,340
Ping An Bank Co. Ltd.		50,000		116,290
Postal Savings Bank of China Co Ltd. - Class A		54,200		44,515
Shanghai Pudong Development Bank Co. Ltd.		75,600		92,162
				1,249,458
Beverages — 23.9%
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.		3,900		94,176
Kweichow Moutai Co. Ltd.		3,200		888,237
Luzhou Laojiao Co. Ltd.		3,745		119,809
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		3,183		131,437
Wuliangye Yibin Co. Ltd.		10,000		246,136
				1,479,795
Chemicals — 1.6%
Wanhua Chemical Group Co. Ltd.		8,112		95,874
Coal — 1.4%
China Shenhua Energy Co. Ltd. - Class A		18,200		85,046
Commercial Services — 0.8%
Beijing-Shanghai High Speed Railway Co. Ltd.		73,380		51,133

	Shares		Value
Diversified Financial Services — 1.5%
CITIC Securities Co. Ltd. - Class A		31,570	$	94,370
Electric — 3.3%
China Yangtze Power Co. Ltd.		58,600		202,124
Electronics — 2.1%
Foxconn Industrial Internet Co. Ltd.		32,200		46,538
Luxshare Precision Industry Co. Ltd.		18,129		84,989
				131,527
Energy-Alternate Sources — 2.3%
LONGi Green Energy Technology Co. Ltd.		13,943		143,854
Engineering & Construction — 1.7%
China State Construction Engineering Corp. Ltd.		108,000		102,966
Food — 4.3%
Foshan Haitian Flavouring & Food Co. Ltd.		10,527		130,281
Inner Mongolia Yili Industrial Group Co. Ltd.		16,500		96,365
Yihai Kerry Arawana Holdings Co. Ltd.		5,000		36,435
				263,081
Healthcare-Products — 2.4%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		3,100		147,070
Healthcare-Services — 1.7%
WuXi AppTec Co. Ltd. - Class A		6,596		103,371
Home Furnishings — 2.2%
Gree Electric Appliances, Inc. of Zhuhai		15,200		72,019
Haier Smart Home Co Ltd. - Class A		16,200		63,723
				135,742
Insurance — 3.9%
China Pacific Insurance Group Co. Ltd. - Class A		17,600		55,576
Ping An Insurance Group Co. of China Ltd. - Class A		27,900		188,739
				244,315
Internet — 1.8%
East Money Information Co. Ltd.		31,927		110,415
Mining — 1.4%
Zijin Mining Group Co. Ltd. - Class A		53,000		89,071

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

113

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.6% (Continued)
Oil & Gas — 1.8%
China Petroleum & Chemical Corp. - Class A		87,900	$	57,915
PetroChina Co. Ltd. - Class A		64,100		52,354
				110,269
Pharmaceuticals — 3.3%
Chongqing Zhifei Biological Products Co. Ltd.		4,100		58,820
Jiangsu Hengrui Medicine Co. Ltd.		16,500		73,845
Zhangzhou Pientzehuang Pharmaceutical Co Ltd.		1,600		74,365
				207,030
Real Estate — 1.2%
China Vanke Co. Ltd. - Class A		25,000		73,554
Retail — 2.2%
China Tourism Group Duty Free Corp. Ltd.		5,000		138,143
Transportation — 2.7%
COSCO SHIPPING Holdings Co. Ltd. - Class A (a)		32,400		70,978
SF Holding Co. Ltd.		12,600		98,130
				169,108
TOTAL COMMON STOCKS (Cost $5,843,525)				6,165,752
		Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Account — 0.3%
U.S. Bank Money Market Deposit Account, 0.130% (b)	$	15,902		15,902
TOTAL SHORT-TERM INVESTMENTS (Cost $15,902)				15,902
Total Investments (Cost $5,859,427) — 99.9%				6,181,654
Other Assets in Excess of Liabilities — 0.1%				6,454
TOTAL NET ASSETS — 100.0%			$	6,188,108

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2022.

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.

114

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.9%
Aerospace/Defense — 0.7%
Teledyne Technologies, Inc. (a)		97	$	41,860
Biotechnology — 10.3%
BioNTech SE - ADR (a)		504		69,945
Emergent BioSolutions, Inc. (a)		112		3,627
Gilead Sciences, Inc.		2,602		154,403
Illumina, Inc. (a)		324		96,115
Moderna, Inc. (a)		841		113,039
Regeneron Pharmaceuticals, Inc. (a)(b)		223		146,981
Vir Biotechnology, Inc. (a)(b)		272		5,535
				589,645
Chemicals — 1.9%
Ecolab, Inc.		595		100,758
Stepan Co.		47		4,799
				105,557
Commercial Services — 0.4%
Booz Allen Hamilton Holding Corp.		278		22,693
Electrical Components & Equipment — 0.1%
Energizer Holdings, Inc.		139		4,210
Electronics — 2.4%
Agilent Technologies, Inc.		627		74,782
Mettler-Toledo International, Inc. (a)(b)		48		61,322
				136,104
Environmental Control — 0.2%
Stericycle, Inc. (a)		191		9,586
Food — 3.0%
Campbell Soup Co.		626		29,560
Hormel Foods Corp.		1,125		58,939
The Kroger Co.		1,525		82,289
				170,788
Healthcare-Products — 16.5%
Abbott Laboratories (b)		2,494		283,069
Danaher Corp.		1,056		265,193
Neogen Corp. (a)		224		5,914
PerkinElmer, Inc. (b)		262		38,412
QIAGEN NV (a)		474		21,505
Thermo Fisher Scientific, Inc. (b)		522		288,624
Waters Corp. (a)		127		38,484
				941,201
Healthcare-Services — 1.6%
Laboratory Corp. of American Holdings (a)		199		47,816
Quest Diagnostics, Inc.		255		34,129

	Shares		Value
Healthcare-Services — 1.6% (Continued)
Teladoc Health, Inc. (a)(b)		332	$	11,208
				93,153
Household Products/Wares — 3.2%
Church & Dwight Co., Inc.		507		49,463
Kimberly-Clark Corp.		699		97,042
The Clorox Co. (b)		255		36,585
				183,090
Internet — 6.1%
Amazon.com, Inc. (a)(b)		97		241,106
Netflix, Inc. (a)(b)		548		104,317
				345,423
Machinery-Diversified — 0.5%
Xylem, Inc.		374		30,107
Miscellaneous Manufacturing — 3.0%
3M Co.		1,196		172,487
Pharmaceuticals — 27.0% (c)
CVS Health Corp. (b)		2,738		263,204
GlaxoSmithKline PLC - ADR (b)		4,767		215,850
Johnson & Johnson		2,023		365,070
Merck & Co., Inc. (b)		4,615		409,304
Organon & Co.		526		17,006
Sanofi - ADR		5,190		271,177
				1,541,611
Retail — 16.4%
Lowe’s Cos., Inc.		1,281		253,292
The Home Depot, Inc.		804		241,522
Walgreens Boots Alliance, Inc. (b)		1,792		75,981
Walmart, Inc.		2,373		363,045
				933,840
Semiconductors — 3.6%
NVIDIA Corp.		1,110		205,872
Software — 3.0%
Akamai Technologies, Inc. (a)(b)		337		37,838
Citrix Systems, Inc. (b)		259		25,926
Palantir Technologies, Inc. - Class A (a)		4,158		43,243
Zoom Video Communications, Inc. - Class A (a)		619		61,634
				168,641
TOTAL COMMON STOCKS (Cost $6,531,107)				5,695,868

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

115

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account 0.130% (d)	$	4,942	$	4,942
TOTAL SHORT-TERM INVESTMENTS (Cost $4,942)				4,942
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 31.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (d)		1,781,714		1,781,714
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,781,714)				1,781,714
Total Investments (Cost $8,317,763) — 131.2%				7,482,524
Liabilities in Excess of Other Assets — (31.2)%				(1,780,526	)
TOTAL NET ASSETS — 100.0%			$	5,701,998

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 April 30, 2022. The total value of securities on loan is $1,678,171 or 29.4% of net assets.

(c) To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies.

(d) The rate shown is as of April 30, 2022.

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.

116

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 90.7%
Aerospace/Defense — 3.1%
General Dynamics Corp.		27,190	$	6,431,250
L3Harris Technologies, Inc.		22,030		5,116,688
Lockheed Martin Corp.		12,782		5,523,358
				17,071,296
Agriculture — 2.0%
Archer-Daniels-Midland Co.		62,640		5,610,039
Philip Morris International, Inc.		54,298		5,429,800
				11,039,839
Beverages — 4.5%
Brown-Forman Corp. - Class B		72,163		4,866,673
Constellation Brands, Inc. - Class A		21,930		5,396,754
PepsiCo, Inc.		41,398		7,108,450
The Coca-Cola Co.		116,236		7,510,008
				24,881,885
Biotechnology — 1.9%
Amgen, Inc.		21,404		4,991,199
Gilead Sciences, Inc.		88,710		5,264,051
				10,255,250
Chemicals — 2.7%
Air Products & Chemicals, Inc.		19,668		4,603,689
Linde PLC		18,060		5,633,998
The Sherwin-Williams Co.		18,060		4,965,777
				15,203,464
Cosmetics/Personal Care — 2.4%
Colgate-Palmolive Co.		83,302		6,418,419
The Procter & Gamble Co.		43,642		7,006,723
				13,425,142
Distribution/Wholesale — 0.9%
Fastenal Co.		90,318		4,995,489
Diversified Financial Services — 1.8%
CME Group, Inc.		20,465		4,488,793
Intercontinental Exchange, Inc.		45,804		5,304,561
				9,793,354
Electric — 22.8%
Alliant Energy Corp.		93,552		5,501,793
Ameren Corp.		66,500		6,177,850
American Electric Power Co., Inc.		68,927		6,831,355
CenterPoint Energy, Inc.		175,366		5,367,953
CMS Energy Corp.		89,409		6,141,504
Consolidated Edison, Inc.		68,806		6,381,069
Dominion Energy, Inc.		68,388		5,583,196
DTE Energy Co.		50,964		6,678,323
Duke Energy Corp.		61,502		6,775,060
Edison International		84,186		5,791,155
Entergy Corp.		44,296		5,264,580
Evergy, Inc.		88,492		6,004,182

	Shares		Value
Electric — 22.8% (Continued)
Eversource Energy		58,268	$	5,092,623
Exelon Corp.		137,412		6,428,133
FirstEnergy Corp.		128,382		5,560,224
PPL Corp.		209,670		5,935,758
Public Service Enterprise Group, Inc.		86,230		6,006,782
Sempra Energy (a)		39,136		6,314,985
The Southern Co.		99,030		7,267,812
WEC Energy Group, Inc.		56,342		5,637,017
Xcel Energy, Inc.		79,562		5,828,712
				126,570,066
Electrical Components & Equipment — 0.9%
AMETEK, Inc.		38,841		4,904,065
Electronics — 0.9%
Honeywell International, Inc.		26,990		5,222,835
Environmental Control — 2.3%
Republic Services, Inc.		45,368		6,091,561
Waste Management, Inc.		41,934		6,895,627
				12,987,188
Food — 10.3%
Campbell Soup Co. (a)		116,399		5,496,361
Conagra Brands, Inc. (a)		143,554		5,014,341
General Mills, Inc. (a)		78,926		5,582,436
Hormel Foods Corp. (a)		108,714		5,695,526
Kellogg Co. (a)		86,548		5,928,538
McCormick & Co., Inc. (a)		57,732		5,806,107
Mondelez International, Inc.		95,378		6,149,973
The Hershey Co.		33,976		7,670,762
The JM Smucker Co. (a)		38,918		5,329,042
Tyson Foods, Inc. - Class A		49,456		4,607,321
				57,280,407
Gas — 2.0%
Atmos Energy Corp.		47,653		5,403,850
NiSource, Inc.		201,176		5,858,245
				11,262,095
Healthcare-Products — 1.7%
Baxter International, Inc.		63,414		4,506,199
Medtronic PLC		46,976		4,902,415
				9,408,614
Healthcare-Services — 1.0%
UnitedHealth Group, Inc.		10,538		5,359,100
Household Products/Wares — 2.1%
Church & Dwight Co., Inc. (a)		56,200		5,482,872
Kimberly-Clark Corp.		44,178		6,133,232
				11,616,104
Insurance — 6.7%
Aflac, Inc.		75,698		4,335,982

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

117

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 90.7% (Continued)
Insurance — 6.7% (Continued)
Arthur J Gallagher & Co.		32,323	$	5,446,102
Assurant, Inc.		30,427		5,534,063
Berkshire Hathaway, Inc. - Class B (b)		19,568		6,317,138
Brown & Brown, Inc.		70,482		4,368,474
Marsh & McLennan Cos., Inc.		36,556		5,911,105
The Progressive Corp.		46,222		4,962,394
				36,875,258
Internet — 0.7%
VeriSign, Inc. (b)		22,148		3,957,626
Machinery-Diversified — 1.6%
Dover Corp.		29,770		3,968,341
IDEX Corp. (a)		25,146		4,773,214
				8,741,555
Miscellaneous Manufacturing — 2.7%
3M Co.		34,930		5,037,605
Eaton Corp. PLC		31,060		4,504,321
Illinois Tool Works, Inc.		26,436		5,210,800
				14,752,726
Packaging & Containers — 0.9%
Amcor PLC		438,681		5,202,757
Pharmaceuticals — 4.3%
AbbVie, Inc.		35,935		5,278,133
Becton Dickinson and Co.		19,806		4,895,845
Bristol-Myers Squibb Co.		81,308		6,120,053
Johnson & Johnson		41,498		7,488,729
				23,782,760
Retail — 5.0%
Costco Wholesale Corp.		9,428		5,013,056
McDonald’s Corp.		25,700		6,403,412
O’Reilly Automotive, Inc. (b)		7,940		4,816,007
Walmart, Inc.		43,224		6,612,840
Yum! Brands, Inc.		42,470		4,969,415
				27,814,730
Software — 2.0%
Paychex, Inc.		40,308		5,108,233
Roper Technologies, Inc.		12,246		5,754,640
				10,862,873
Telecommunications — 2.6%
Cisco Systems, Inc.		88,750		4,346,975
Motorola Solutions, Inc.		20,522		4,385,346
Verizon Communications, Inc.		126,338		5,849,450
				14,581,771

	Shares		Value
Transportation — 0.9%
Union Pacific Corp.		20,958	$	4,910,250
TOTAL COMMON STOCKS (Cost $519,174,692)				502,758,499
REAL ESTATE INVESTMENT TRUSTS — 9.2%
Alexandria Real Estate Equities, Inc.		27,133		4,942,547
AvalonBay Communities, Inc.		21,672		4,929,947
Duke Realty Corp.		96,332		5,274,177
Equity Residential		57,632		4,697,008
Healthpeak Properties, Inc.		154,300		5,062,583
Mid-America Apartment Communities, Inc.		23,756		4,672,330
Prologis, Inc.		33,976		5,446,013
Public Storage		14,726		5,470,709
Realty Income Corp.		82,142		5,697,369
UDR, Inc.		87,520		4,656,939
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $55,038,462)				50,849,622
		Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.130% (c)	$	542,375		542,375
TOTAL SHORT-TERM INVESTMENTS (Cost $542,375)				542,375
		Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		28,979,067		28,979,067
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $28,979,067)				28,979,067
Total Investments (Cost $603,734,596) — 105.2%				583,129,563
Liabilities in Excess of Other Assets — (5.2)%				(28,676,015	)
TOTAL NET ASSETS — 100.0%			$	554,453,548

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

118

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $27,672,030 or 5.0% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2022.

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.

119

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.8%
Airlines — 0.4%
JetBlue Airways Corp. (a)(b)		11,460	$	126,175
Apparel — 1.8%
Capri Holdings Ltd. (b)		2,975		141,908
Crocs, Inc. (b)		2,038		135,384
Hanesbrands, Inc.		11,660		154,612
Urban Outfitters, Inc. (b)		9,284		220,959
				652,863
Auto Parts & Equipment — 3.9%
Adient PLC (a)(b)		11,110		379,295
Dana, Inc.		15,537		230,103
Lear Corp. (a)		1,981		253,449
The Goodyear Tire & Rubber Co. (a)(b)		24,385		324,808
Visteon Corp. (b)		1,770		185,337
				1,372,992
Banks — 5.9%
Associated Banc-Corp.		6,505		129,775
Bank OZK		3,839		147,494
Cadence Bank		7,177		179,712
First Horizon Corp.		20,351		455,455
FNB Corp. (a)		13,424		154,645
Fulton Financial Corp.		6,229		94,494
International Bancshares Corp.		1,760		70,030
Prosperity Bancshares, Inc.		3,100		202,678
Texas Capital Bancshares, Inc. (b)		1,796		92,243
Umpqua Holdings Corp.		7,029		116,260
United Bankshares, Inc. (a)		4,490		149,337
Valley National Bancorp		12,529		150,097
Wintrust Financial Corp.		1,850		161,542
				2,103,762
Beverages — 0.5%
The Boston Beer Co., Inc. - Class A (b)		469		175,875
Biotechnology — 1.2%
Arrowhead Pharmaceuticals, Inc. (a)(b)		4,707		193,505
Exelixis, Inc. (b)		9,585		214,129
				407,634
Building Materials — 2.7%
Builders FirstSource, Inc. (a)(b)		6,947		427,727
Louisiana-Pacific Corp. (a)		5,656		364,925
MDU Resources Group, Inc. (a)		6,442		165,946
				958,598
Chemicals — 1.1%
Olin Corp.		3,769		216,341

	Shares		Value
Chemicals — 1.1% (Continued)
The Chemours Co.		5,089	$	168,293
				384,634
Commercial Services — 5.5%
Avis Budget Group, Inc. (b)		2,727		729,936
Graham Holdings Co. - Class B		240		142,169
HealthEquity, Inc. (b)		3,549		221,174
LiveRamp Holdings, Inc. (b)		5,060		158,479
ManpowerGroup, Inc.		2,733		246,516
Progyny, Inc. (b)		5,500		211,475
Sabre Corp. (a)(b)		26,487		277,319
				1,987,068
Computers — 0.2%
Kyndryl Holdings, Inc. (b)		7,211		85,739
Cosmetics/Personal Care — 0.6%
Coty, Inc. (b)		24,956		202,393
Distribution/Wholesale — 0.5%
Univar Solutions, Inc. (b)		6,290		183,165
Diversified Financial Services — 2.6%
Alliance Data Systems Corp.		5,189		284,357
Jefferies Financial Group, Inc.		10,853		333,838
Navient Corp. (a)		8,342		132,555
SLM Corp.		10,808		180,818
				931,568
Electronics — 4.9%
Arrow Electronics, Inc. (b)		4,213		496,544
Avnet, Inc.		6,620		289,029
II-VI, Inc. (a)(b)		2,784		170,409
Jabil, Inc.		6,572		379,402
SYNNEX Corp.		2,128		212,991
Vicor Corp. (a)(b)		1,770		107,120
Vishay Intertechnology, Inc.		4,665		86,909
				1,742,404
Energy-Alternate Sources — 2.1%
First Solar, Inc. (a)(b)		2,535		185,131
SunPower Corp. (a)(b)		18,825		310,801
Sunrun, Inc. (a)(b)		12,894		257,622
				753,554
Engineering & Construction — 1.4%
Dycom Industries, Inc. (a)(b)		2,459		208,794
Fluor Corp. (a)(b)		11,048		273,438
				482,232
Entertainment — 1.1%
Light & Wonder, Inc. (b)		3,760		210,786
Six Flags Entertainment Corp. (b)		4,276		163,642
				374,428

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

120

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Food — 1.2%
Performance Food Group Co. (a)(b)		6,067	$	298,800
Sprouts Farmers Market, Inc. (a)(b)		4,512		134,457
				433,257
Gas — 1.1%
Southwest Gas Holdings, Inc.		1,883		165,911
UGI Corp. (a)		6,793		233,000
				398,911
Healthcare-Products — 2.8%
Haemonetics Corp. (b)		4,420		223,962
Quidel Corp. (b)		2,803		282,038
Repligen Corp. (b)		1,014		159,441
STAAR Surgical Co. (b)		3,281		187,312
Tandem Diabetes Care, Inc. (b)		1,483		143,080
				995,833
Healthcare-Services — 1.4%
Amedisys, Inc. (b)		1,368		174,625
Tenet Healthcare Corp. (a)(b)		4,587		332,604
				507,229
Home Builders — 2.6%
KB Home		8,664		280,974
Taylor Morrison Home Corp. (b)		6,215		162,771
Thor Industries, Inc. (a)		2,644		202,398
Toll Brothers, Inc.		3,652		169,343
Tri Pointe Homes, Inc. (b)		5,378		111,163
				926,649
Insurance — 10.0%
Alleghany Corp. (b)		604		505,246
American Financial Group, Inc.		2,792		386,636
CNO Financial Group, Inc.		7,316		176,608
Essent Group Ltd. (a)		4,253		172,374
First American Financial Corp.		4,941		288,110
Kemper Corp.		2,853		131,694
Mercury General Corp.		1,292		65,156
MGIC Investment Corp.		14,263		186,275
Old Republic International Corp.		16,290		358,543
Reinsurance Group of America, Inc.		4,092		439,153
Selective Insurance Group, Inc.		1,850		152,366
The Hanover Insurance Group, Inc.		1,342		197,032
Unum Group		15,459		471,809
				3,531,002
Internet — 0.6%
TripAdvisor, Inc. (b)		8,207		210,674
Iron/Steel — 9.7%
Cleveland-Cliffs, Inc. (b)		36,198		922,687
Commercial Metals Co.		5,266		215,906
Reliance Steel & Aluminum Co.		2,565		508,511
Steel Dynamics, Inc.		8,922		765,062

	Shares		Value
Iron/Steel — 9.7% (Continued)
United States Steel Corp. (a)		33,361	$	1,017,177
				3,429,343
Leisure Time — 1.3%
Callaway Golf Co. (a)(b)		7,519		164,967
Harley-Davidson, Inc.		4,267		155,532
YETI Holdings, Inc. (b)		2,698		131,851
				452,350
Lodging — 0.5%
Boyd Gaming Corp. (a)		2,621		158,780
Media — 0.5%
TEGNA, Inc.		8,012		176,665
Metal Fabricate/Hardware — 0.2%
Worthington Industries, Inc.		1,242		59,082
Mining — 0.7%
Alcoa Corp.		3,788		256,826
Miscellaneous Manufacturing — 0.4%
Axon Enterprise, Inc. (b)		1,232		138,230
Office/Business Equipment — 0.3%
Xerox Holdings Corp. (a)		7,062		122,879
Oil & Gas — 3.9%
CNX Resources Corp. (a)(b)		12,837		263,801
EQT Corp. (a)		10,551		419,402
HF Sinclair Corp. (b)		10,004		380,352
Murphy Oil Corp.		8,437		321,281
				1,384,836
Oil & Gas Services — 1.2%
ChampionX Corp.		9,298		196,188
NOV, Inc.		13,105		237,593
				433,781
Packaging & Containers — 0.2%
Greif, Inc. - Class A		1,110		67,355
Pipelines — 0.6%
Equitrans Midstream Corp.		25,119		197,435
Retail — 12.1%
American Eagle Outfitters, Inc. (a)		8,647		130,656
AutoNation, Inc. (a)(b)		2,110		244,570
Dick’s Sporting Goods, Inc. (a)		3,830		369,289
Foot Locker, Inc.		5,655		165,748
GameStop Corp. - Class A (a)(b)		6,285		786,065
Kohl’s Corp. (a)		12,199		706,078
Lithia Motors, Inc.		1,582		447,912

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

121

Pacer Lunt Midcap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Retail — 12.1% (Continued)
Macy’s, Inc. (a)		10,723	$	259,175
Murphy USA, Inc. (a)		944		220,518
Nordstrom, Inc. (a)		11,469		294,753
Ollie’s Bargain Outlet Holdings, Inc. (b)		4,391		210,988
RH (a)(b)		450		151,254
Victoria’s Secret & Co. (b)		2,819		132,831
Williams-Sonoma, Inc. (a)		1,167		152,270
				4,272,107
Savings & Loans — 0.7%
New York Community Bancorp, Inc. (a)		19,646		181,529
Washington Federal, Inc.		2,105		64,055
				245,584
Semiconductors — 5.0%
Amkor Technology, Inc.		13,243		249,101
Azenta, Inc. (a)		2,487		186,426
CMC Materials, Inc.		1,273		227,752
Lattice Semiconductor Corp. (a)(b)		3,597		172,800
MKS Instruments, Inc.		1,177		134,155
Silicon Laboratories, Inc. (a)(b)		1,129		152,313
SiTime Corp. (b)		1,520		256,226
Synaptics, Inc. (b)		919		136,416
Wolfspeed, Inc. (b)		2,762		253,303
				1,768,492
Software — 2.7%
Cerence, Inc. (a)(b)		5,940		175,230
Digital Turbine, Inc. (a)(b)		6,935		219,493
Sailpoint Technologies Holdings, Inc. (a)(b)		5,013		319,980
Teradata Corp. (b)		6,227		257,486
				972,189
Telecommunications — 1.7%
Calix, Inc. (b)		5,041		201,186
Iridium Communications, Inc. (b)		6,294		224,759
Viasat, Inc. (b)		4,563		167,964
				593,909
Transportation — 0.5%
Ryder System, Inc.		2,464		172,234
TOTAL COMMON STOCKS (Cost $37,465,364)				34,830,716
REITS — 1.5%
Park Hotels & Resorts, Inc.		9,394		185,156
SL Green Realty Corp. (a)		2,625		181,702
The Macerich Co.		12,674		159,059
TOTAL REITS (Cost $585,501)				525,917

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 0.130% (c)	$	55,745	$	55,745
TOTAL SHORT-TERM INVESTMENTS (Cost $55,745)				55,745
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 31.2%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		11,051,037		11,051,037
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,051,037)				11,051,037
Total Investments (Cost $49,157,647) — 131.2%				46,463,415
Liabilities in Excess of Other Assets — (31.2)%				(11,057,714	)
TOTAL NET ASSETS — 100.0%			$	35,405,701

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $10,433,196 or 29.5% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2022.

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.

122

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 99.5%
Aerospace/Defense — 0.3%
The Boeing Co. (a)		6,046	$	899,887
Agriculture — 1.1%
Archer-Daniels-Midland Co.		32,120		2,876,667
Airlines — 2.2%
Alaska Air Group, Inc. (a)		21,889		1,190,543
American Airlines Group, Inc. (a)		88,512		1,661,370
Delta Air Lines, Inc. (a)		30,024		1,291,933
United Airlines Holdings, Inc. (a)		32,314		1,631,857
				5,775,703
Apparel — 1.7%
PVH Corp.		17,644		1,284,130
Ralph Lauren Corp. - Class A		9,797		1,022,219
Tapestry, Inc.		33,045		1,087,842
Under Armour, Inc. - Class A (a)(b)		72,664		1,116,119
				4,510,310
Auto Manufacturers — 3.5%
Ford Motor Co.		241,367		3,417,757
General Motors Co. (a)		106,080		4,021,493
Tesla Motors, Inc. (a)		2,185		1,902,610
				9,341,860
Auto Parts & Equipment — 0.2%
BorgWarner, Inc.		10,803		397,874
Banks — 10.1%
Bank of America Corp.		141,325		5,042,476
Citigroup, Inc. (b)		72,252		3,483,269
Citizens Financial Group, Inc.		11,831		466,141
Comerica, Inc.		2,855		233,825
Fifth Third Bancorp		13,761		516,450
Huntington Bancshares, Inc. (b)		28,282		371,908
KeyCorp. (b)		23,163		447,278
M&T Bank Corp.		11,090		1,848,038
Morgan Stanley		25,972		2,093,084
Regions Financial Corp.		24,497		507,578
Signature Bank		4,169		1,009,940
State Street Corp.		7,656		512,722
SVB Financial Group (a)		2,185		1,065,493
The Bank of New York Mellon Corp.		17,097		719,100
The Goldman Sachs Group, Inc.		9,442		2,884,437
Truist Financial Corp.		27,297		1,319,810
Wells Fargo & Co.		98,196		4,284,291
Zions Bancorp		3,942		222,762
				27,028,602
Biotechnology — 2.5%
Biogen, Inc. (a)		7,628		1,582,352

	Shares		Value
Biotechnology — 2.5% (Continued)
Bio-Rad Laboratories, Inc. - Class A (a)		932	$	477,240
Corteva, Inc.		22,214		1,281,526
Illumina, Inc. (a)		3,751		1,112,734
Moderna, Inc. (a)		17,404		2,339,272
				6,793,124
Building Materials — 0.5%
Mohawk Industries, Inc. (a)		10,294		1,452,072
Chemicals — 4.7%
Albemarle Corp.		6,565		1,265,929
Celanese Corp. - Class A		3,974		583,940
CF Industries Holdings, Inc.		18,244		1,766,566
Dow, Inc.		37,536		2,496,144
DuPont de Nemours, Inc.		23,834		1,571,376
LyondellBasell Industries NV - Class A		14,016		1,486,116
Mosaic Co.		52,153		3,255,390
				12,425,461
Commercial Services — 0.9%
Nielsen Holdings PLC		14,024		375,984
PayPal Holdings, Inc. (a)		10,738		944,192
United Rentals, Inc. (a)		3,645		1,153,715
				2,473,891
Computers — 3.3%
DXC Technology Co. (a)		47,985		1,377,170
EPAM Systems, Inc. (a)		2,775		735,347
Fortinet, Inc. (a)		4,063		1,174,248
Hewlett Packard Enterprise Co.		61,874		953,478
HP, Inc.		37,048		1,357,068
Seagate Technology Holdings PLC		12,193		1,000,314
Western Digital Corp. (a)		40,746		2,162,390
				8,760,015
Diversified Financial Services — 2.0%
Capital One Financial Corp.		14,088		1,755,646
Discover Financial Services		6,726		756,406
Franklin Resources, Inc.		47,459		1,167,017
Invesco Ltd.		64,134		1,178,783
Synchrony Financial		14,021		516,113
				5,373,965
Electric — 0.8%
NRG Energy, Inc. (b)		48,326		1,734,903
Pinnacle West Capital Corp.		4,398		313,138
				2,048,041
Electrical Components & Equipment — 0.4%
Generac Holdings, Inc. (a)		5,316		1,166,224
Energy-Alternate Sources — 1.6%
Enphase Energy, Inc. (a)(b)		14,590		2,354,826

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

123

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)
Energy-Alternate Sources — 1.6% (Continued)
SolarEdge Technologies, Inc. (a)		7,918	$	1,982,746
				4,337,572
Entertainment — 1.5%
Caesars Entertainment, Inc. (a)		19,704		1,305,981
Live Nation Entertainment, Inc. (a)(b)		12,093		1,268,314
Penn National Gaming, Inc. (a)		42,534		1,555,468
				4,129,763
Food — 1.8%
Conagra Brands, Inc.		17,483		610,681
The Kraft Heinz Co.		30,506		1,300,471
The Kroger Co. (b)		29,030		1,566,459
Tyson Foods, Inc. - Class A		13,708		1,277,037
				4,754,648
Forest Products & Paper — 0.3%
International Paper Co.		17,813		824,386
Healthcare-Products — 1.1%
ABIOMED, Inc. (a)		3,957		1,133,997
Align Technology, Inc. (a)(b)		2,603		754,636
Bio-Techne Corp.		2,915		1,106,796
				2,995,429
Healthcare-Services — 3.8%
Anthem, Inc.		8,419		4,225,749
Centene Corp. (a)		27,827		2,241,465
Humana, Inc.		4,357		1,936,948
Laboratory Corp. of American Holdings (a)		3,122		750,154
Quest Diagnostics, Inc.		3,925		525,322
Universal Health Services, Inc. - Class B		3,516		430,815
				10,110,453
Home Builders — 1.2%
DR Horton, Inc.		12,036		837,585
Lennar Corp. - Class A (b)		25,588		1,957,226
PulteGroup, Inc.		11,377		475,104
				3,269,915
Home Furnishings — 0.2%
Whirlpool Corp. (b)		3,305		599,924
Housewares — 0.1%
Newell Brands, Inc.		13,090		303,033
Insurance — 9.0%
Aflac, Inc.		17,572		1,006,524
American International Group, Inc.		28,880		1,689,769
Assurant, Inc.		1,982		360,486
Berkshire Hathaway, Inc. - Class B (a)		23,792		7,680,771

	Shares		Value
Insurance — 9.0% (Continued)
Chubb Ltd.		10,679	$	2,204,679
Cincinnati Financial Corp.		3,913		479,969
Everest Re Group Ltd.		1,253		344,212
Globe Life, Inc.		2,410		236,373
Lincoln National Corp.		23,654		1,422,788
Loews Corp.		6,641		417,320
MetLife, Inc.		25,370		1,666,302
Principal Financial Group, Inc. (b)		6,671		454,562
Prudential Financial, Inc.		16,715		1,813,745
The Allstate Corp.		10,133		1,282,230
The Hartford Financial Services Group, Inc.		9,347		653,636
The Progressive Corp.		10,671		1,145,638
The Travelers Cos., Inc.		6,838		1,169,708
				24,028,712
Internet — 2.4%
Etsy, Inc. (a)(b)		14,177		1,321,155
Expedia Group, Inc. (a)(b)		7,294		1,274,626
Match Group, Inc. (a)		13,029		1,031,245
Netflix, Inc. (a)(b)		3,227		614,292
Twitter, Inc. (a)(b)		41,804		2,049,232
				6,290,550
Iron/Steel — 1.6%
Nucor Corp.		26,775		4,144,234
Leisure Time — 1.7%
Carnival Corp. (a)(b)		80,482		1,392,339
Norwegian Cruise Line Holdings Ltd. (a)(b)		85,486		1,712,285
Royal Caribbean Cruises Ltd. (a)		19,387		1,506,951
				4,611,575
Lodging — 1.3%
Las Vegas Sands Corp. (a)(b)		33,986		1,204,124
MGM Resorts International		29,712		1,219,380
Wynn Resorts Ltd. (a)(b)		16,366		1,153,476
				3,576,980
Media — 2.8%
DISH Network Corp. - Class A (a)		55,895		1,593,566
Fox Corp. - Class A		11,263		403,666
Paramount Global - Class B (b)		97,567		2,841,151
Warner Bros Discovery, Inc. (a)		147,520		2,677,488
				7,515,871
Mining — 0.6%
Freeport-McMoRan, Inc.		40,238		1,631,651
Oil & Gas — 11.0%
APA Corp.		59,943		2,453,467
Cabot Oil & Gas Corp.		62,445		1,797,791
ConocoPhillips		13,552		1,294,487

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

124

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)
Oil & Gas — 11.0% (Continued)
Devon Energy Corp.		34,817	$	2,025,305
Diamondback Energy, Inc.		14,282		1,802,817
EOG Resources, Inc.		13,447		1,570,072
Hess Corp.		16,573		1,708,179
Marathon Oil Corp.		89,448		2,229,044
Marathon Petroleum Corp.		46,113		4,023,820
Occidental Petroleum Corp.		48,674		2,681,451
Phillips 66 (b)		32,085		2,783,695
Pioneer Natural Resources Co. (b)		5,734		1,332,983
Valero Energy Corp.		31,858		3,551,530
				29,254,641
Oil & Gas Services — 2.0%
Baker Hughes Co. (b)		74,430		2,308,819
Halliburton Co.		47,226		1,682,190
Schlumberger Ltd.		36,800		1,435,568
				5,426,577
Packaging & Containers — 0.3%
Westrock Co.		15,224		754,045
Pharmaceuticals — 5.9%
AmerisourceBergen Corp.		5,999		907,589
Cardinal Health, Inc. (b)		13,190		765,680
Cigna Corp.		22,151		5,466,424
CVS Health Corp.		72,371		6,957,024
DexCom, Inc. (a)(b)		3,126		1,277,221
Organon & Co. (b)		9,825		317,642
				15,691,580
Pipelines — 0.4%
Kinder Morgan, Inc.		65,343		1,185,975
Retail — 2.0%
Bath & Body Works, Inc. (a)		23,349		1,234,929
Best Buy Co., Inc. (b)		10,135		911,441
Dollar Tree, Inc. (a)		9,172		1,489,991
Walgreens Boots Alliance, Inc.		37,738		1,600,091
				5,236,452
Semiconductors — 5.9%
Advanced Micro Devices, Inc. (a)		12,092		1,034,108
Applied Materials, Inc.		11,050		1,219,368
IPG Photonics Corp. (a)(b)		9,067		856,650
KLA Corp.		3,806		1,215,104
Lam Research Corp.		2,502		1,165,332
Microchip Technology, Inc.		17,202		1,121,570
Micron Technology, Inc.		16,155		1,101,609
Monolithic Power Systems, Inc.		3,438		1,348,521
NVIDIA Corp.		6,212		1,152,140
NXP Semiconductors NV		6,670		1,139,903

	Shares	Value
Semiconductors — 5.9% (Continued)
Qorvo, Inc. (a)	9,590	$ 1,091,150
QUALCOMM, Inc.	6,877	960,648
Skyworks Solutions, Inc.	8,548	968,488
Teradyne, Inc.	14,282	1,506,180
		15,880,771
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.	1,569	333,789
Software — 2.9%
Autodesk, Inc. (a)	5,004	947,157
Cadence Design System, Inc. (a)	7,919	1,194,581
Ceridian HCM Holding, Inc. (a)	16,784	942,086
Citrix Systems, Inc. (b)	11,987	1,199,899
Paycom Software, Inc. (a)	3,856	1,085,348
PTC, Inc. (a)	10,421	1,190,182
ServiceNow, Inc. (a)	2,185	1,044,649
		7,603,902
Telecommunications — 2.9%
Arista Networks, Inc. (a)(b)	9,590	1,108,316
AT&T, Inc.	279,354	5,268,617
Lumen Technologies, Inc. (b)	135,735	1,365,494
		7,742,427
Transportation — 0.9%
CH Robinson Worldwide, Inc. (b)	4,498	477,463
FedEx Corp.	9,642	1,916,251
		2,393,714
TOTAL COMMON STOCKS (Cost $287,242,769)		265,952,265
REAL ESTATE INVESTMENT TRUSTS — 0.2%
Kimco Realty Corp.	19,602	496,518
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $478,982)		496,518
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 0.130% (c)	$ 480,606	480,606
TOTAL SHORT-TERM INVESTMENTS (Cost $480,606)		480,606

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

125

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.9%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		37,084,238	$	37,084,238
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $37,084,238)				37,084,238
Total Investments (Cost $325,286,595) — 113.8%				304,013,627
Liabilities in Excess of Other Assets — (13.8)%				(36,918,848	)
TOTAL NET ASSETS — 100.0%			$	267,094,779

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 April 30, 2022. The total value of securities on loan is $35,383,725 or 13.2% of net assets.

(c) The rate shown is as of April 30, 2022.

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.

126

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SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 98.9%
Aerospace/Defense — 1.0%
Hexcel Corp.		717	$	38,976
Agriculture — 1.1%
Archer-Daniels-Midland Co.		474		42,452
Apparel — 1.1%
NIKE, Inc. - Class B (a)		323		40,278
Auto Manufacturers — 1.1%
Tesla Motors, Inc. (a) (b)		50		43,538
Auto Parts & Equipment — 1.0%
Adient PLC (a) (b)		1,143		39,022
Beverages — 1.2%
The Coca-Cola Co.		685		44,258
Biotechnology — 2.0%
Bio-Rad Laboratories, Inc. - Class A (a) (b)		75		38,404
Moderna, Inc. (b)		275		36,963
				75,367
Building Materials — 1.0%
Johnson Controls International PLC		656		39,275
Chemicals — 9.8%
Celanese Corp.		272		39,967
Dow, Inc.		658		43,757
FMC Corp.		322		42,678
Ingevity Corp. (b)		623		37,318
International Flavors & Fragrances, Inc.		336		40,757
Linde PLC		141		43,986
LyondellBasell Industries NV		363		38,489
Mosaic Co.		640		39,949
The Chemours Co.		1,504		49,737
				376,638
Commercial Services — 1.0%
The Brink’s Co.		623		36,726
Computers — 7.1%
Apple, Inc. (a)		256		40,358
DXC Technology Co. (b)		1,310		37,597
Fortinet, Inc. (b)		142		41,039
Genpact Ltd. (a)		961		38,700
Hewlett Packard Enterprise Co.		2,396		36,922
HP, Inc.		1,093		40,037

	Shares		Value
Computers — 7.1% (Continued)
Lumentum Holdings, Inc. (a) (b)		434	$	35,245
				269,898
Cosmetics/Personal Care — 1.0%
The Estee Lauder Cos., Inc.		150		39,609
Distribution/Wholesale — 1.2%
LKQ Corp.		900		44,667
Electrical Components & Equipment — 1.8%
Littelfuse, Inc.		166		38,055
Universal Display Corp.		253		32,316
				70,371
Electronics — 6.9%
Agilent Technologies, Inc.		304		36,258
Arrow Electronics, Inc. (a) (b)		334		39,365
Jabil, Inc.		713		41,162
Keysight Technologies, Inc. (b)		272		38,154
Mettler-Toledo International, Inc. (a) (b)		30		38,326
Trimble, Inc. (b)		612		40,820
Vicor Corp. (a) (b)		519		31,410
				265,495
Energy-Alternate Sources — 0.8%
SolarEdge Technologies, Inc. (b)		125		31,301
Food — 1.1%
Mondelez International, Inc.		636		41,009
Hand/Machine Tools — 0.9%
Kennametal, Inc.		1,382		35,559
Healthcare-Products — 8.5%
Abbott Laboratories (a)		348		39,498
Align Technology, Inc. (a) (b)		99		28,701
Bruker Corp.		635		36,506
Danaher Corp.		151		37,921
PerkinElmer, Inc. (a)		239		35,040
Repligen Corp. (b)		237		37,266
STAAR Surgical Co. (a) (b)		615		35,110
Thermo Fisher Scientific, Inc. (a)		75		41,469
West Pharmaceutical Services, Inc.		109		34,342
				325,853
Healthcare-Services — 1.1%
IQVIA Holdings, Inc. (b)		186		40,546
Household Products/Wares — 1.2%
Avery Dennison Corp.		244		44,066

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

127

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 98.9% (Continued)
Internet — 2.6%
Alphabet, Inc. - Class A (a) (b)		15	$	34,233
Meta Platforms, Inc. - Class A (a) (b)		211		42,299
Netflix, Inc. (a) (b)		117		22,272
				98,804
Machinery-Construction & Mining — 1.0%
Caterpillar, Inc.		185		38,950
Machinery-Diversified — 4.1%
AGCO Corp.		303		38,602
Cognex Corp.		602		40,713
Ingersoll Rand, Inc.		833		36,619
Westinghouse Air Brake Technologies Corp. (a)		445		40,010
				155,944
Media — 1.0%
News Corp. - Class A		1,892		37,575
Mining — 2.8%
Alcoa Corp.		502		34,035
Freeport-McMoRan, Inc. (a)		845		34,265
Royal Gold, Inc.		289		37,709
				106,009
Miscellaneous Manufacturing — 0.8%
General Electric Co.		430		32,057
Office/Business Equipment — 1.0%
Zebra Technologies Corp. (b)		103		38,075
Oil & Gas — 3.1%
APA Corp.		1,015		41,544
Chevron Corp.		232		36,347
Exxon Mobil Corp.		467		39,812
				117,703
Oil & Gas Services — 1.0%
Halliburton Co.		1,060		37,757
Pharmaceuticals — 2.0%
Pfizer, Inc.		750		36,803
Viatris, Inc.		3,998		41,299
				78,102
Retail — 2.1%
Domino’s Pizza, Inc.		103		34,814
McDonald’s Corp.		177		44,101
				78,915
Semiconductors — 17.1%
Advanced Micro Devices, Inc. (b)		380		32,498
Amkor Technology, Inc.		1,905		35,833
Analog Devices, Inc.		269		41,528

	Shares		Value
Semiconductors — 17.1% (Continued)
Applied Materials, Inc.		321	$	35,422
Broadcom, Inc.		69		38,253
CMC Materials, Inc.		219		39,181
KLA Corp.		123		39,269
Lam Research Corp.		82		38,192
Lattice Semiconductor Corp. (b)		736		35,358
Microchip Technology, Inc.		574		37,425
Micron Technology, Inc.		545		37,164
MKS Instruments, Inc. (a)		280		31,914
Monolithic Power Systems, Inc.		100		39,224
NVIDIA Corp.		179		33,199
Power Integrations, Inc. (a)		455		36,400
Qorvo, Inc. (b)		321		36,523
Synaptics, Inc. (b)		193		28,649
Teradyne, Inc. (a)		371		39,126
				655,158
Software — 7.4%
Aspen Technology, Inc. (b)		284		45,025
Autodesk, Inc. (b)		206		38,992
Cadence Design System, Inc. (b)		274		41,333
Microsoft Corp.		142		39,408
MSCI, Inc.		87		36,649
PTC, Inc. (b)		382		43,628
Synopsys, Inc. (b)		135		38,716
				283,751
Telecommunications — 1.0%
Arista Networks, Inc. (a) (b)		331		38,254
TOTAL COMMON STOCKS (Cost $4,151,458)				3,781,958
REAL ESTATE INVESTMENT TRUSTS — 1.1%
Equinix, Inc. (a)		58		41,707
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $42,471)				41,707
		Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 0.130% (c)	$	4,805		4,805
TOTAL SHORT-TERM INVESTMENTS (Cost $4,805)				4,805

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

128

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 23.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.450% (c)		893,073	$	893,073
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $893,073)				893,073
Total Investments (Cost $5,091,807) — 123.4%				4,721,543
Liabilities in Excess of Other Assets — (23.4)%				(894,180	)
TOTAL NET ASSETS — 100.0%			$	3,827,363

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2022. The total value of securities on loan is $848,375 or 22.2% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2022.

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.

129

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
April 30, 2022

	Principal Amount		Value
BANK LOANS — 54.0%
Advertising — 1.5%
Clear Channel Outdoor Holdings Inc
4.740% (3 Month LIBOR USD + 3.500%), 08/21/2026 (a)	$	1,237,962	$	1,210,306
3.710% (1 Month LIBOR USD + 3.500%), 08/21/2026 (a)		2,554		2,497
4.260% (1 Month LIBOR USD + 3.500%), 08/21/2026 (a)		3,182		3,111
				1,215,915
Aerospace/Defense — 1.8%
Dynasty Acquisition Co. Inc.
4.510% (3 Month LIBOR USD + 3.500%), 04/06/2026 (a)		965,732		948,479
4.510% (3 Month LIBOR USD + 3.500%), 04/06/2026 (a)		519,211		509,935
				1,458,414
Airlines — 1.3%
AAdvantage Loyalty IP Ltd. 5.810% (3 Month LIBOR USD + 4.750%, 0.750% Floor), 04/20/2028 (a)		500,000		509,652
Mileage Plus Holdings, LLC 6.250% (3 Month LIBOR USD + 5.250%, 1.000% Floor), 06/21/2027 (a)		500,000		519,625
				1,029,277
Building Materials — 1.8%
QUIKRETE Holdings, Inc. 3.080% (1 Month LIBOR USD + 2.630%), 02/01/2027 (a)		1,480,532		1,443,785
Chemicals — 0.4%
Starfruit US Holdco LLC 3.760% (1 Month LIBOR USD + 3.000%), 10/01/2025 (a)		372,380		367,958
Coal — 0.0% (e)
Arch Coal, Inc. 3.750% (1 Month LIBOR USD + 2.750%, 1.000% Floor), 03/07/2024 (a)		182		180
Commercial Services — 2.0%
Corelogic, Inc. 4.310% (1 Month LIBOR USD + 3.500%, 0.500% Floor), 06/02/2028 (a)		1,244,997		1,173,410
Verscend Holding Corp. 4.760% (1 Month LIBOR USD + 4.000%), 08/27/2025 (a)		495,260		494,693
				1,668,103

	Principal Amount		Value
Computers — 2.3%
Peraton Corp. 4.510% (1 Month LIBOR USD + 3.750%, 0.750% Floor), 02/01/2028 (a)	$	1,500,000	$	1,491,915
Tempo Acquisition LLC 3.500%, 08/31/2028 (b)		429,150		426,871
				1,918,786
Cosmetics/Personal Care — 0.6%
Sunshine Luxembourg VII SARL 4.760% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 10/01/2026 (a)		492,513		488,907
Diversified Financial Services — 2.3%
Avolon TLB Borrower 1 (US) LLC 2.500% (1 Month LIBOR USD + 1.750%, 0.750% Floor), 01/15/2025 (a)		175,812		174,356
Deerfield Dakota Holding LLC 4.750%, 04/09/2027 (b)		491,250		490,366
REDWOOD STAR MERGER SUB (SPX FLOW) T/L 5.000%, 03/31/2029 (b)		1,250,000		1,220,313
				1,885,035
Engineering & Construction — 0.6%
Brand Industrial Services, Inc.
5.430% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a)		268,847		256,214
5.430% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a)		114,708		109,318
5.250% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a)		94,925		90,465
5.260% (3 Month LIBOR USD + 4.250%, 1.000% Floor), 06/21/2024 (a)		3,797		3,619
				459,616
Entertainment — 1.5%
SeaWorld Parks & Entertainment, Inc. 3.810% (1 Month LIBOR USD + 3.000%, 0.500% Floor), 08/25/2028 (a)		1,236,691		1,220,972
Environmental Control — 2.1%
GFL Environmental Inc. 4.240% (3 Month LIBOR USD + 3.000%, 0.500% Floor), 05/30/2025 (a)		748,711		748,186

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

130

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
BANK LOANS — 54.0% (Continued)
Environmental Control — 2.1% (Continued)
Madison IAQ LLC 4.520% (6 Month LIBOR USD + 3.250%, 0.500% Floor), 06/21/2028 (a)	$	994,994	$	967,010
				1,715,196
Healthcare Products — 0.9%
Avantor Funding, Inc. 2.500% (1 Month LIBOR USD + 2.000%, 0.500% Floor), 11/21/2024 (a)		21,072		21,034
Mozart Borrower LP 3.750%, 10/21/2028 (b)		750,000		738,240
				759,274
Healthcare Services — 3.0%
Da Vinci Purchaser Corp. 5.010% (3 Month LIBOR USD + 4.000%, 1.000% Floor), 01/08/2027 (a)		492,481		492,097
LifePoint Health, Inc. 4.197%, 11/14/2025 (b)		1,500,000		1,484,610
Phoenix Newco, Inc. 4.000% (1 Month LIBOR USD + 3.500%, 0.500% Floor), 11/15/2028 (a)		500,000		497,228
				2,473,935
Insurance — 2.6%
Acrisure LLC 4.750%, 02/15/2027 (b)		1,500,000		1,491,878
HUB International Ltd.
4.210% (3 Month LIBOR USD + 3.000%), 04/25/2025 (a)		240,000		237,225
4.000% (1 Month LIBOR USD + 3.000%), 04/25/2025 (a)		625		618
USI, Inc. 4.010% (3 Month LIBOR USD + 3.000%), 05/16/2024 (a)		382,000		379,087
				2,108,808
Internet — 2.4%
Arches Buyer Inc. 3.750% (1 Month LIBOR USD + 3.250%, 0.500% Floor), 12/06/2027 (a)		494,987		484,090
Uber Technologies Inc 4.260% (1 Month LIBOR USD + 3.500%), 02/25/2027 (a)		1,472,500		1,469,320
				1,953,410
Leisure Time — 1.7%
Bombardier Recreational Products, Inc. 2.490% (1 Month LIBOR USD + 2.000%), 05/24/2027 (a)		237,100		233,460

	Principal Amount		Value
Leisure Time — 1.7% (Continued)
ClubCorp Holdings, Inc. 3.760% (3 Month LIBOR USD + 2.750%), 09/18/2024 (a)	$	1,226,847	$	1,196,004
				1,429,464
Lodging — 2.7%
Caesars Resort Collection LLC
3.510% (1 Month LIBOR USD + 2.750%), 12/23/2024 (a)		478,750		477,101
4.260% (1 Month LIBOR USD + 3.500%), 07/21/2025 (a)		997,468		994,765
Playa Resorts Holding BV 3.750% (1 Month LIBOR USD + 2.750%, 1.000% Floor), 04/29/2024 (a)		730,778		721,391
				2,193,257
Machinery — Diversified — 0.6%
Titan Acquisition Limited 3.350% (6 Month LIBOR USD + 3.000%), 03/28/2025 (a)		482,411		472,309
Media — 0.6%
Charter Communications Operating, LLC. 2.520% (1 Month LIBOR USD + 1.750%), 02/01/2027 (a)		486,263		480,870
Mining — 0.3%
U.S. Silica Company 5.000% (1 Month LIBOR USD + 4.000%, 1.000% Floor), 05/01/2025 (a)		246,733		244,600
Packaging & Containers — 1.7%
Graham Packaging Company, Inc 3.760% (1 Month LIBOR USD + 3.000%, 0.750% Floor), 08/04/2027 (a)		484,932		475,704
Pregis Topco LLC 4.760% (1 Month LIBOR USD + 4.000%), 07/31/2026 (a)		493,687		484,840
Proampac PG Borrower LLC
4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a)		207,846		205,075
4.710% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a)		115,566		114,025
4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a)		97,021		95,728
4.500% (3 Month LIBOR USD + 3.750%, 0.750% Floor), 11/03/2025 (a)		56,017		55,270
				1,430,643

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

131

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
BANK LOANS — 54.0% (Continued)
Pharmaceuticals — 2.2%
Bausch Health Americas, Inc.
3.460% (1 Month LIBOR USD + 3.000%), 06/02/2025 (a)	$	287,364	$	286,407
3.210% (1 Month LIBOR USD + 2.750%), 11/27/2025 (a)		1,000,000		996,000
Milano Acquisition Corporation 5.010% (3 Month LIBOR USD + 4.000%, 0.750% Floor), 10/01/2027 (a)		497,481		496,862
				1,779,269
Pipelines — 1.8%
Blackstone CQP Holdco LP 4.760% (3 Month LIBOR USD + 3.750%, 0.500% Floor), 06/05/2028 (a)		746,866		745,641
Traverse Midstream Partners LLC
5.250%, 09/27/2024 (b)		704,310		703,430
5.250%, 09/27/2024 (b)		16,538		16,517
				1,465,588
Retail — 5.3%
1011778 B.C. Unlimited Liability Company 2.514% (1 Month LIBOR USD + 1.750%), 11/19/2026 (a)		326,625		321,011
Great Outdoors Group LLC 4.500%, 03/05/2028 (b)		1,297,547		1,287,653
PetSmart, Inc. 4.500% (6 Month LIBOR USD + 3.750%, 0.750% Floor), 02/11/2028 (a)		993,744		986,787
Pilot Travel Centers LLC 2.460% (1 Month LIBOR USD + 2.000%), 08/04/2028 (a)		746,250		737,989
SRS Distribution Inc. 4.020% (6 Month LIBOR USD + 3.500%, 0.500% Floor), 06/02/2028 (a)		993,744		961,035
				4,294,475
Semiconductors — 0.2%
ON Semiconductor Corporation 2.760% (1 Month LIBOR USD + 2.000%), 09/18/2026 (a)		173,891		173,433
Software — 6.9%
Almonde, Inc. 4.740% (3 Month LIBOR USD + 3.500%, 1.000% Floor), 06/13/2024 (a)		1,242,511		1,208,442

	Principal Amount		Value
Software — 6.9% (Continued)
Epicor Software Corporation 4.010% (1 Month LIBOR USD + 3.250%, 0.750% Floor), 07/30/2027 (a)	$	492,500	$	490,015
Polaris Newco LLC 4.760%, 06/04/2028 (b)		1,250,000		1,239,063
Project Ruby Ultimate Parent Corp. 4.010% (1 Month LIBOR USD + 3.250%, 0.750% Floor), 03/10/2028 (a)		496,241		491,898
Sophia, L.P. 4.260% (3 Month LIBOR USD + 3.250%, 0.500% Floor), 10/07/2027 (a)		493,769		488,831
The Dun & Bradstreet Corporation 3.920% (1 Month LIBOR USD + 3.250%), 02/06/2026 (a)		490,047		487,045
UKG Inc. 4.760% (3 Month LIBOR USD + 3.750%), 05/04/2026 (a)		1,244,975		1,240,568
				5,645,862
Telecommunications — 2.9%
LogMeIn, Inc. 5.300% (1 Month LIBOR USD + 4.750%), 08/31/2027 (a)		744,347		716,903
SBA Senior Finance II LLC 2.210% (1 Month LIBOR USD + 1.750%), 04/11/2025 (a)		471,625		464,602
Zayo Group Holdings, Inc. 3.760% (1 Month LIBOR USD + 3.000%), 03/09/2027 (a)		1,222,697		1,162,914
				2,344,419
TOTAL BANK LOANS (Cost $44,618,062)				44,121,760
CORPORATE BONDS — 10.1%
Aerospace/Defense — 1.2%
TransDigm UK Holdings PLC
6.875%, 05/15/2026		500,000		498,168
TransDigm, Inc.
5.500%, 11/15/2027		500,000		459,135
				957,303
Commercial Services — 0.6%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
9.750%, 07/15/2027 (c)		500,000		485,965
Distribution/Wholesale — 0.3%
American Builders & Contractors Supply Co. Inc.
4.000%, 01/15/2028 (c)		250,000		233,477

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

132

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
CORPORATE BONDS — 10.1% (Continued)
Diversified Financial Services — 0.3%
Ally Financial, Inc.
5.750%, 11/20/2025	$	250,000	$	256,524
Entertainment — 2.1%
Caesars Entertainment, Inc.
8.125%, 07/01/2027 (c)		500,000		523,095
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op.
5.375%, 04/15/2027		750,000		730,286
Six Flags Entertainment Corp.
4.875%, 07/31/2024 (c)		500,000		498,655
				1,752,036
Environmental Control — 0.3%
Madison IAQ LLC
4.125%, 06/30/2028 (c)		250,000		220,626
Food — 0.3%
JBS USA LUX SA / JBS USA Finance, Inc.
6.750%, 02/15/2028 (c)		250,000		258,425
Food Service — 0.6%
Aramark Services, Inc.
5.000%, 02/01/2028 (c)		500,000		466,215
Leisure Time — 1.0%
MajorDrive Holdings IV LLC
6.375%, 06/01/2029 (c)		500,000		396,900
Viking Cruises Ltd.
7.000%, 02/15/2029 (c)		500,000		445,633
				842,533
Lodging — 0.6%
Boyd Gaming Corp.
4.750%, 12/01/2027		500,000		473,160
Pharmaceuticals — 0.6%
Bausch Health Americas, Inc.
8.500%, 01/31/2027 (c)		500,000		473,245
Pipelines — 0.6%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.750%, 03/01/2027 (c)		500,000		487,850

	Principal Amount		Value
Real Estate — 0.5%
The Howard Hughes Corp.
4.125%, 02/01/2029 (c)	$	500,000	$	450,884
Retail — 0.6%
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co. Inc.
4.625%, 01/15/2029 (c)		500,000		454,337
Telecommunications — 0.5%
CommScope Technologies LLC
6.000%, 06/15/2025 (c)		500,000		435,625
TOTAL CORPORATE BONDS (Cost $8,872,715)				8,248,205
ASSET BACKED SECURITIES — 34.2%
Aimco CLO 15 Ltd.
6.994%, 10/17/2034 (a) (c)		1,250,000		1,243,825
Benefit Street Partners CLO IV Ltd.
8.263%, 01/20/2032 (a) (c)		250,000		245,813
Burnham Park Clo Ltd.
6.463%, 10/20/2029 (a) (c)		1,000,000		912,773
CarVal CLO III Ltd.
7.503%, 07/20/2032 (a) (c)		1,000,000		979,414
CIFC Falcon 2020 Ltd.
8.473%, 01/20/2033 (a) (c)		1,000,000		990,097
CIFC Funding 2015-II Ltd.
7.854%, 04/15/2030 (a) (c)		1,000,000		979,148
CIFC Funding 2018-V Ltd.
7.194%, 01/15/2032 (a) (c)		1,000,000		977,885
Dryden 50 Senior Loan Fund
7.304%, 07/15/2030 (a) (c)		1,000,000		967,767
Dryden 65 CLO Ltd.
6.794%, 07/18/2030 (a) (c)		600,000		574,469
Dryden 93 CLO Ltd.
7.294%, 01/18/2034 (a) (c)		1,000,000		980,980
Elmwood CLO 14 Ltd.
7.000%, 04/20/2035 (a) (c)		1,000,000		988,664
Fillmore Park CLO Ltd 2018-1A
6.444%, 07/15/2030 (a) (c)		1,000,000		977,555
Goldentree Loan Management US CLO 1 Ltd.
8.313%, 04/20/2034 (a) (c)		1,000,000		884,438
Goldentree Loan Management US Clo 6 Ltd.
7.551%, 04/20/2035 (a) (c)		1,000,000		978,051
Goldentree Loan Opportunities X Ltd.
6.713%, 07/21/2031 (a) (c)		1,000,000		962,624

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

133

Pacer Pacific Asset Floating Rate High Income

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Principal Amount		Value
ASSET BACKED SECURITIES — 34.2% (Continued)
Magnetite XXIII Ltd.
7.484%, 01/25/2035 (a) (c)	$	500,000	$	485,381
Magnetite XXVII Ltd.
7.063%, 10/20/2034 (a) (c)		1,000,000		972,763
Magnetite Xxx Ltd.
7.384%, 10/25/2034 (a) (c)		400,000		391,184
Magnetite XXXI Ltd.
7.044%, 07/17/2034 (a) (c)		500,000		475,987
Neuberger Berman CLO XXII Ltd.
7.104%, 10/17/2030 (a) (c)		1,000,000		954,948
Neuberger Berman Loan Advisers CLO 28 Ltd.
6.663%, 04/22/2030 (a) (c)		1,000,000		934,504
Neuberger Berman Loan Advisers CLO 32 Ltd.
7.144%, 01/20/2032 (a) (c)		1,000,000		970,526
Neuberger Berman Loan Advisers CLO 35 Ltd.
8.044%, 01/19/2033 (a) (c)		1,000,000		990,702
OCP CLO 2018-15 Ltd.
6.913%, 07/21/2031 (a) (c)		1,000,000		961,212
OCP CLO 2020-19 Ltd.
7.563%, 10/20/2034 (a) (c)		250,000		242,898
OHA Credit Funding 2 Ltd.
7.458%, 04/21/2034 (a) (c)		550,000		537,003
OHA Loan Funding 2016-1 Ltd.
7.413%, 01/20/2033 (a) (c)		500,000		497,898
Palmer Square CLO 2018-2 Ltd.
6.663%, 07/16/2031 (a) (c)		500,000		479,017
Point Au Roche Park CLO Ltd.
7.163%, 07/20/2034 (a) (c)		370,000		353,400
Rad CLO 12 Ltd.
6.491%, 10/30/2034 (a) (c)		500,000		485,666
RR 19 Ltd.
7.544%, 10/15/2035 (a) (c)		625,000		613,724
RR 7 Ltd.
6.680%, 01/15/2037 (a) (c)		1,000,000		970,313
RR15 Ltd.
7.244%, 04/15/2036 (a) (c)		500,000		482,889
Sixth Street CLO XIX Ltd.
6.963%, 07/20/2034 (a) (c)		500,000		499,295
Symphony CLO XXIV Ltd.
8.184%, 01/23/2032 (a) (c)		1,000,000		997,333
TICP CLO III-2 Ltd.
6.963%, 04/20/2028 (a) (c)		1,000,000		973,391
				27,913,537
TOTAL ASSET BACKED SECURITIES (Cost $28,401,371)				27,913,537

	Shares		Value
CLOSED-END FUNDS — 0.1%
Eagle Point Credit Co. Inc.		1,905	$	24,898
TOTAL CLOSED-END FUNDS (Cost $29,264)				24,898
		Principal Amount
SHORT-TERM INVESTMENTS — 12.2%
Money Market Deposit Accounts — 12.2%
U.S. Bank Money Market Deposit Account, 0.130% (d)	$	9,994,728		9,994,728
TOTAL SHORT-TERM INVESTMENTS (Cost $9,994,728)				9,994,728
Total Investments (Cost $91,916,140) — 110.6%				90,303,128
Liabilities in Excess of Other Assets — (10.6)%				(8,640,345	)
TOTAL NET ASSETS — 100.0%			$	81,662,783

Percentages are stated as a percent of net assets.

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at April 30,2022.

(b) The loan will settle after April 30, 2022 at which time the interest rate will be determined.

(c) 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. At April 30, 2022, the value of these securities total $33,744,471, which represents 41.32% of total net assets.

(d) The rate shown is as of April 30, 2022

(e) 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. Categories are shown as a percentage of net assets.

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

134

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 89.7%
Advertising — 0.1%
Omnicom Group, Inc.		10	$	761
The Interpublic Group of Cos., Inc.		19		620
				1,381
Aerospace/Defense — 1.5%
General Dynamics Corp.		11		2,602
Howmet Aerospace, Inc.		19		648
L3Harris Technologies, Inc.		10		2,323
Lockheed Martin Corp.		12		5,185
Northrop Grumman Corp.		7		3,076
Raytheon Technologies Corp.		74		7,023
Teledyne Technologies, Inc. (a)		2		863
The Boeing Co. (a)		27		4,019
TransDigm Group, Inc. (a)		3		1,784
				27,523
Agriculture — 0.8%
Altria Group, Inc.		90		5,001
Archer-Daniels-Midland Co.		28		2,508
Philip Morris International, Inc.		76		7,600
				15,109
Airlines — 0.2%
Alaska Air Group, Inc. (a)		6		326
American Airlines Group, Inc. (a)		32		601
Delta Air Lines, Inc. (a)		32		1,377
Southwest Airlines Co. (a)		29		1,355
United Airlines Holdings, Inc. (a)		16		808
				4,467
Apparel — 0.5%
NIKE, Inc. - Class B		63		7,856
PVH Corp.		3		218
Ralph Lauren Corp.		2		209
Tapestry, Inc.		13		428
Under Armour, Inc. - Class A (a)		9		138
Under Armour, Inc. - Class C (a)		11		156
VF Corp.		16		832
				9,837
Auto Manufacturers — 2.4%
Cummins, Inc.		7		1,324
Ford Motor Co.		194		2,747
General Motors Co. (a)		72		2,730
PACCAR, Inc.		17		1,412
Tesla Motors, Inc. (a)		41		35,701
				43,914
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		13		1,383
BorgWarner, Inc.		12		442
				1,825

	Shares		Value
Banks — 4.2%
Bank of America Corp.		351	$	12,524
Citigroup, Inc.		98		4,725
Citizens Financial Group, Inc.		21		827
Comerica, Inc.		6		491
Fifth Third Bancorp		34		1,276
First Republic Bank		9		1,343
Huntington Bancshares, Inc.		71		934
JPMorgan Chase & Co.		146		17,427
KeyCorp.		46		888
M&T Bank Corp.		6		1,000
Morgan Stanley		70		5,641
Northern Trust Corp.		10		1,030
Regions Financial Corp.		46		953
Signature Bank		3		727
State Street Corp.		18		1,205
SVB Financial Group (a)		3		1,463
The Bank of New York Mellon Corp.		36		1,514
The Goldman Sachs Group, Inc.		17		5,193
The PNC Financial Services Group, Inc.		21		3,488
Truist Financial Corp.		66		3,191
US Bancorp		67		3,254
Wells Fargo & Co.		192		8,377
Zions Bancorp		7		396
				77,867
Beverages — 1.5%
Brown-Forman Corp. - Class B		9		607
Constellation Brands, Inc. - Class A		8		1,969
Molson Coors Brewing Co. - Class B		9		487
Monster Beverage Corp. (a)		19		1,628
PepsiCo, Inc.		68		11,676
The Coca-Cola Co.		192		12,405
				28,772
Biotechnology — 1.4%
Amgen, Inc.		28		6,529
Biogen, Inc. (a)		7		1,452
Bio-Rad Laboratories, Inc. - Class A (a)		1		512
Corteva, Inc.		36		2,077
Gilead Sciences, Inc.		62		3,679
Illumina, Inc. (a)		8		2,373
Incyte Corp. (a)		9		675
Moderna, Inc. (a)		17		2,285
Regeneron Pharmaceuticals, Inc. (a)		5		3,296
Vertex Pharmaceuticals, Inc. (a)		13		3,552
				26,430

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

135

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Building Materials — 0.4%
Carrier Global Corp.		42	$	1,607
Fortune Brands Home & Security, Inc.		7		499
Johnson Controls International PLC		35		2,096
Martin Marietta Materials, Inc.		3		1,063
Masco Corp.		12		632
Mohawk Industries, Inc. (a)		3		423
Vulcan Materials Co.		7		1,206
				7,526
Chemicals — 1.6%
Air Products & Chemicals, Inc.		11		2,575
Albemarle Corp.		6		1,157
Celanese Corp.		5		735
CF Industries Holdings, Inc.		11		1,065
Dow, Inc.		36		2,394
DuPont de Nemours, Inc.		25		1,648
Eastman Chemical Co.		6		616
Ecolab, Inc.		12		2,032
FMC Corp.		6		795
International Flavors & Fragrances, Inc.		13		1,577
Linde PLC		25		7,799
LyondellBasell Industries NV		13		1,378
Mosaic Co.		18		1,124
PPG Industries, Inc.		12		1,536
The Sherwin-Williams Co.		12		3,299
				29,730
Commercial Services — 1.7%
Automatic Data Processing, Inc.		21		4,582
Cintas Corp.		4		1,589
Equifax, Inc.		6		1,221
FleetCor Technologies, Inc. (a)		4		998
Gartner, Inc. (a)		4		1,162
Global Payments, Inc.		14		1,918
MarketAxess Holdings, Inc.		2		527
Moody’s Corp.		8		2,532
Nielsen Holdings PLC		18		483
PayPal Holdings, Inc. (a)		57		5,012
Quanta Services, Inc.		7		812
Robert Half International, Inc.		5		492
Rollins, Inc.		11		369
S&P Global, Inc.		17		6,400
United Rentals, Inc. (a)		4		1,266
Verisk Analytics, Inc.		8		1,632
				30,995

	Shares		Value
Computers — 7.9%
Accenture PLC - Class A		31	$	9,311
Apple, Inc.		765		120,602
Cognizant Technology Solutions Corp.		26		2,104
DXC Technology Co. (a)		12		345
EPAM Systems, Inc. (a)		3		795
Fortinet, Inc. (a)		7		2,023
Hewlett Packard Enterprise Co.		64		986
HP, Inc.		53		1,941
International Business Machines Corp.		44		5,817
Leidos Holdings, Inc.		7		725
NetApp, Inc.		11		806
Seagate Technology Holdings PLC		10		820
Western Digital Corp. (a)		15		796
				147,071
Cosmetics/Personal Care — 1.3%
Colgate-Palmolive Co.		42		3,236
The Estee Lauder Cos., Inc.		11		2,905
The Procter & Gamble Co.		118		18,945
				25,086
Distribution/Wholesale — 0.3%
Copart, Inc. (a)		11		1,250
Fastenal Co.		28		1,549
LKQ Corp.		13		645
Pool Corp.		2		811
W.W. Grainger, Inc.		2		1,000
				5,255
Diversified Financial Services — 3.5%
American Express Co.		30		5,241
Ameriprise Financial, Inc.		5		1,328
BlackRock, Inc.		7		4,373
Capital One Financial Corp.		20		2,492
Cboe Global Markets, Inc.		5		565
CME Group, Inc.		18		3,948
Discover Financial Services		14		1,575
Franklin Resources, Inc.		14		344
Intercontinental Exchange, Inc.		28		3,243
Invesco Ltd.		17		313
MasterCard, Inc. - Class A		43		15,625
Nasdaq, Inc.		6		944
Raymond James Financial, Inc.		9		877
Synchrony Financial		26		957
T Rowe Price Group, Inc.		11		1,353
The Charles Schwab Corp.		74		4,908
Visa, Inc. - Class A		82		17,477
				65,563

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

136

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Electric — 2.5%
Alliant Energy Corp.		12	$	706
Ameren Corp.		13		1,208
American Electric Power Co., Inc.		25		2,478
CenterPoint Energy, Inc.		31		949
CMS Energy Corp.		14		962
Consolidated Edison, Inc.		17		1,577
Constellation Energy Corp.		16		947
Dominion Energy, Inc.		40		3,266
DTE Energy Co.		10		1,310
Duke Energy Corp.		38		4,186
Edison International		19		1,307
Entergy Corp.		10		1,188
Evergy, Inc.		11		746
Eversource Energy		17		1,486
Exelon Corp.		48		2,245
FirstEnergy Corp.		28		1,213
NextEra Energy, Inc.		97		6,889
NRG Energy, Inc.		12		431
Pinnacle West Capital Corp.		6		427
PPL Corp.		37		1,047
Public Service Enterprise Group, Inc.		25		1,741
Sempra Energy		16		2,582
Southern Co.		52		3,816
The AES Corp.		33		674
WEC Energy Group, Inc.		16		1,601
Xcel Energy, Inc.		27		1,978
				46,960
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		11		1,389
Emerson Electric Co.		29		2,615
Generac Holdings, Inc. (a)		3		658
				4,662
Electronics — 1.0%
Agilent Technologies, Inc.		15		1,789
Allegion PLC		4		457
Amphenol Corp.		30		2,145
Fortive Corp.		18		1,035
Garmin Ltd.		7		768
Honeywell International, Inc.		34		6,579
Keysight Technologies, Inc. (a)		9		1,262
Mettler-Toledo International, Inc. (a)		1		1,278
TE Connectivity Ltd.		16		1,997
Trimble, Inc. (a)		12		800
				18,110
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		7		1,130

	Shares		Value
Energy-Alternate Sources — 0.1% (Continued)
SolarEdge Technologies, Inc. (a)		3	$	751
				1,881
Engineering & Construction — 0.0% (b)
Jacobs Engineering Group, Inc.		6		831
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		11		729
Live Nation Entertainment, Inc. (a)		7		734
Penn National Gaming, Inc. (a)		8		293
				1,756
Environmental Control — 0.3%
Pentair PLC		8		406
Republic Services, Inc.		10		1,343
Waste Management, Inc.		19		3,124
				4,873
Food — 1.1%
Campbell Soup Co.		10		472
Conagra Brands, Inc.		24		838
General Mills, Inc.		30		2,122
Hormel Foods Corp.		14		733
Kellogg Co.		13		891
Lamb Weston Holdings, Inc.		7		463
McCormick & Co., Inc.		12		1,207
Mondelez International, Inc.		68		4,385
Sysco Corp.		25		2,137
The Hershey Co.		7		1,580
The JM Smucker Co.		5		685
The Kraft Heinz Co.		35		1,492
The Kroger Co.		33		1,781
Tyson Foods, Inc. - Class A		14		1,304
				20,090
Forest Products & Paper — 0.0% (b)
International Paper Co.		19		879
Gas — 0.1%
Atmos Energy Corp.		7		794
NiSource, Inc.		19		553
				1,347
Hand/Machine Tools — 0.1%
Snap-On, Inc.		3		638
Stanley Black & Decker, Inc.		8		961
				1,599
Healthcare-Products — 3.5%
Abbott Laboratories		87		9,874
ABIOMED, Inc. (a)		2		573
Align Technology, Inc. (a)		4		1,160
Baxter International, Inc.		25		1,777
Bio-Techne Corp.		2		759
Boston Scientific Corp. (a)		70		2,948

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

137

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Healthcare-Products — 3.5% (Continued)
Danaher Corp.		31	$	7,785
DENTSPLY SIRONA, Inc.		11		440
Edwards Lifesciences Corp. (a)		31		3,279
Henry Schein, Inc. (a)		7		568
Hologic, Inc. (a)		12		864
IDEXX Laboratories, Inc. (a)		4		1,722
Intuitive Surgical, Inc. (a)		18		4,307
Medtronic PLC		66		6,888
PerkinElmer, Inc.		6		880
ResMed, Inc.		7		1,400
STERIS PLC		5		1,120
Stryker Corp.		17		4,101
Teleflex, Inc.		2		571
The Cooper Cos., Inc.		2		722
Thermo Fisher Scientific, Inc.		19		10,505
Waters Corp. (a)		3		909
West Pharmaceutical Services, Inc.		4		1,260
Zimmer Biomet Holdings, Inc.		10		1,208
				65,620
Healthcare-Services — 2.4%
Anthem, Inc.		12		6,023
Catalent, Inc. (a)		9		815
Centene Corp. (a)		29		2,336
Charles River Laboratories International, Inc. (a)		2		483
DaVita, Inc. (a)		3		325
HCA Healthcare, Inc.		12		2,575
Humana, Inc.		6		2,667
IQVIA Holdings, Inc. (a)		9		1,962
Laboratory Corp. of American Holdings (a)		5		1,202
Molina Healthcare, Inc. (a)		3		940
Quest Diagnostics, Inc.		6		803
UnitedHealth Group, Inc.		46		23,393
Universal Health Services, Inc. - Class B		4		490
				44,014
Home Builders — 0.1%
DR Horton, Inc.		16		1,114
Lennar Corp. - Class A		13		994
PulteGroup, Inc.		12		501
				2,609
Home Furnishings — 0.0% (b)
Whirlpool Corp.		3		545

	Shares		Value
Household Products/Wares — 0.3%
Avery Dennison Corp.		4	$	722
Church & Dwight Co., Inc.		12		1,171
Kimberly-Clark Corp.		17		2,360
The Clorox Co.		6		861
				5,114
Housewares — 0.0% (b)
Newell Brands, Inc.		19		440
Insurance — 3.5%
Aflac, Inc.		30		1,718
American International Group, Inc.		41		2,399
Aon PLC		11		3,168
Arthur J Gallagher & Co.		10		1,685
Assurant, Inc.		3		546
Berkshire Hathaway, Inc. - Class B (a)		90		29,055
Brown & Brown, Inc.		12		744
Chubb Ltd.		21		4,335
Cincinnati Financial Corp.		7		859
Everest Re Group Ltd.		2		549
Globe Life, Inc.		5		490
Lincoln National Corp.		8		481
Loews Corp.		10		628
Marsh & McLennan Cos., Inc.		25		4,042
MetLife, Inc.		35		2,299
Principal Financial Group, Inc.		12		818
Prudential Financial, Inc.		19		2,062
The Allstate Corp.		14		1,772
The Hartford Financial Services Group, Inc.		17		1,189
The Progressive Corp.		29		3,113
The Travelers Cos., Inc.		12		2,053
W R Berkley Corp.		10		665
Willis Towers Watson PLC		6		1,289
				65,959
Internet — 8.7%
Alphabet, Inc. - Class A (a)		15		34,233
Alphabet, Inc. - Class C (a)		14		32,191
Amazon.com, Inc. (a)		22		54,684
Booking Holdings, Inc. (a)		2		4,421
CDW Corp.		7		1,142
eBay, Inc.		31		1,609
Etsy, Inc. (a)		6		559
Expedia Group, Inc. (a)		7		1,223
F5, Inc. (a)		3		502
Match Group, Inc. (a)		14		1,108
Meta Platforms, Inc. - Class A (a)		114		22,854
Netflix, Inc. (a)		22		4,188
NortonLifeLock, Inc.		29		726

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

138

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Internet — 8.7% (Continued)
Twitter, Inc. (a)		39	$	1,912
VeriSign, Inc. (a)		5		893
				162,245
Iron/Steel — 0.1%
Nucor Corp.		13		2,012
Leisure Time — 0.1%
Carnival Corp. (a)		40		692
Norwegian Cruise Line Holdings Ltd. (a)		21		421
Royal Caribbean Cruises Ltd. (a)		11		855
				1,968
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a)		14		2,174
Las Vegas Sands Corp. (a)		17		602
Marriott International, Inc. (a)		13		2,308
MGM Resorts International		19		780
Wynn Resorts Ltd. (a)		5		352
				6,216
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		27		5,685
Machinery-Diversified — 0.7%
Deere & Co.		14		5,286
Dover Corp.		7		933
IDEX Corp.		4		759
Ingersoll Rand, Inc.		20		879
Nordson Corp.		3		647
Otis Worldwide Corp.		21		1,530
Rockwell Automation, Inc.		6		1,516
Westinghouse Air Brake Technologies Corp.		9		809
Xylem, Inc.		9		725
				13,084
Media — 1.4%
Charter Communications, Inc. - Class A (a)		6		2,571
Comcast Corp. - Class A		223		8,867
DISH Network Corp. - Class A (a)		12		342
FactSet Research Systems, Inc.		2		807
Fox Corp. - Class A		16		573
Fox Corp. - Class B		7		233
News Corp.		6		119
News Corp. - Class A		19		377
Paramount Global - Class B		30		874
Walt Disney Co. (a)		90		10,047
Warner Bros Discovery, Inc. (a)		108		1,960
				26,770

	Shares		Value
Mining — 0.3%
Freeport-McMoRan, Inc.		72	$	2,920
Newmont Goldcorp Corp.		39		2,841
				5,761
Miscellaneous Manufacturing — 1.0%
3M Co.		28		4,038
A O Smith Corp.		6		351
Eaton Corp. PLC -		20		2,900
General Electric Co.		54		4,026
Illinois Tool Works, Inc.		14		2,759
Parker-Hannifin Corp.		6		1,625
Textron, Inc.		11		762
Trane Technologies PLC		12		1,679
				18,140
Office/Business Equipment — 0.1%
Zebra Technologies Corp. (a)		3		1,109
Oil & Gas — 3.3%
APA Corp.		18		737
Chevron Corp.		95		14,884
ConocoPhillips		64		6,113
Coterra Energy, Inc.		40		1,152
Devon Energy Corp.		31		1,803
Diamondback Energy, Inc.		8		1,010
EOG Resources, Inc.		29		3,386
Exxon Mobil Corp.		209		17,817
Hess Corp.		14		1,443
Marathon Oil Corp.		38		947
Marathon Petroleum Corp.		29		2,530
Occidental Petroleum Corp.		44		2,424
Phillips 66		23		1,995
Pioneer Natural Resources Co.		11		2,557
Valero Energy Corp.		20		2,230
				61,028
Oil & Gas Services — 0.3%
Baker Hughes Co.		45		1,396
Halliburton Co.		44		1,567
Schlumberger Ltd.		69		2,692
				5,655
Packaging & Containers — 0.2%
Amcor PLC		75		889
Ball Corp.		16		1,299
Packaging Corp. of America		5		806
Sealed Air Corp.		7		449
Westrock Co.		13		644
				4,087
Pharmaceuticals — 5.6%
AbbVie, Inc.		87		12,778
AmerisourceBergen Corp.		7		1,059

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Pharmaceuticals — 5.6% (Continued)
Becton Dickinson and Co.		14	$	3,461
Bristol-Myers Squibb Co.		108		8,129
Cardinal Health, Inc.		14		813
Cigna Corp.		16		3,949
CVS Health Corp.		65		6,248
DexCom, Inc. (a)		5		2,043
Eli Lilly & Co.		39		11,393
Johnson & Johnson		130		23,460
McKesson Corp.		7		2,167
Merck & Co., Inc.		125		11,086
Organon & Co.		13		420
Pfizer, Inc.		277		13,592
Viatris, Inc.		60		620
Zoetis, Inc.		23		4,077
				105,295
Pipelines — 0.3%
Kinder Morgan, Inc.		96		1,743
ONEOK, Inc.		22		1,393
The Williams Cos., Inc.		60		2,057
				5,193
Real Estate — 0.1%
CBRE Group, Inc. (a)		17		1,412
Retail — 4.8%
Advance Auto Parts, Inc.		3		599
AutoZone, Inc. (a)		1		1,955
Bath & Body Works, Inc. (a)		13		688
Best Buy Co., Inc.		11		989
CarMax, Inc. (a)		8		686
Chipotle Mexican Grill, Inc. (a)		1		1,456
Costco Wholesale Corp.		22		11,698
Darden Restaurants, Inc.		6		790
Dollar General Corp.		11		2,613
Dollar Tree, Inc. (a)		11		1,787
Domino’s Pizza, Inc.		2		676
Genuine Parts Co.		7		910
Lowe’s Cos., Inc.		33		6,525
McDonald’s Corp.		37		9,219
O’Reilly Automotive, Inc. (a)		3		1,820
Ross Stores, Inc.		17		1,696
Starbucks Corp.		57		4,254
Target Corp.		24		5,488
The Home Depot, Inc.		52		15,621
The TJX Cos., Inc.		59		3,616
Tractor Supply Co.		6		1,209
Ulta Beauty, Inc. (a)		3		1,190

	Shares		Value
Retail — 4.8% (Continued)
Walgreens Boots Alliance, Inc.		35	$	1,484
Walmart, Inc.		70		10,709
Yum! Brands, Inc.		14		1,638
				89,316
Semiconductors — 4.9%
Advanced Micro Devices, Inc. (a)		81		6,927
Analog Devices, Inc.		26		4,014
Applied Materials, Inc.		44		4,855
Broadcom, Inc.		20		11,088
Intel Corp.		201		8,762
IPG Photonics Corp. (a)		2		189
KLA Corp.		7		2,235
Lam Research Corp.		7		3,260
Microchip Technology, Inc.		27		1,760
Micron Technology, Inc.		55		3,750
Monolithic Power Systems, Inc.		2		784
NVIDIA Corp.		123		22,813
NXP Semiconductors NV		13		2,222
Qorvo, Inc. (a)		5		569
QUALCOMM, Inc.		56		7,823
Skyworks Solutions, Inc.		8		906
Teradyne, Inc.		8		844
Texas Instruments, Inc.		46		7,832
				90,633
Shipbuilding — 0.0% (b)
Huntington Ingalls Industries, Inc.		2		425
Software — 9.0%
Activision Blizzard, Inc.		38		2,873
Adobe, Inc. (a)		23		9,107
Akamai Technologies, Inc. (a)		8		898
ANSYS, Inc. (a)		4		1,103
Autodesk, Inc. (a)		11		2,082
Broadridge Financial Solutions, Inc.		6		865
Cadence Design System, Inc. (a)		14		2,112
Ceridian HCM Holding, Inc. (a)		7		393
Cerner Corp.		15		1,405
Citrix Systems, Inc.		6		601
Electronic Arts, Inc.		14		1,653
Fidelity National Information Services, Inc.		30		2,974
Fiserv, Inc. (a)		29		2,840
Intuit, Inc.		14		5,862
Jack Henry & Associates, Inc.		4		758
Microsoft Corp.		370		102,682
MSCI, Inc.		4		1,685
Oracle Corp.		78		5,725

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 89.7% (Continued)
Software — 9.0% (Continued)
Paychex, Inc.		16	$	2,028
Paycom Software, Inc. (a)		2		563
PTC, Inc. (a)		5		571
Roper Technologies, Inc.		5		2,350
salesforce.com, Inc. (a)		49		8,621
ServiceNow, Inc. (a)		10		4,781
Synopsys, Inc. (a)		8		2,294
Take-Two Interactive Software, Inc. (a)		6		717
Tyler Technologies, Inc. (a)		2		789
				168,332
Telecommunications — 1.9%
Arista Networks, Inc. (a)		11		1,271
AT&T, Inc.		352		6,639
Cisco Systems, Inc.		208		10,188
Corning, Inc.		37		1,302
Juniper Networks, Inc.		16		504
Lumen Technologies, Inc.		45		453
Motorola Solutions, Inc.		8		1,710
T-Mobile US, Inc. (a)		29		3,571
Verizon Communications, Inc.		207		9,584
				35,222
Toys/Games/Hobbies — 0.0% (b)
Hasbro, Inc.		6		528
Transportation — 1.4%
CH Robinson Worldwide, Inc.		6		637
CSX Corp.		109		3,743
Expeditors International of Washington, Inc.		8		792
FedEx Corp.		12		2,385
JB Hunt Trasport Services, Inc.		4		683
Norfolk Southern Corp.		12		3,095
Old Dominion Freight Line, Inc.		5		1,401
Union Pacific Corp.		31		7,263
United Parcel Service, Inc. - Class B		36		6,479
				26,478
Water — 0.1%
American Water Works Co., Inc.		9		1,387
TOTAL COMMON STOCKS (Cost $1,863,516)				1,673,621
REAL ESTATE INVESTMENT TRUSTS — 2.6%
Alexandria Real Estate Equities, Inc.		7		1,275
American Tower Corp.		22		5,303
AvalonBay Communities, Inc.		7		1,592

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.6% (Continued)
Boston Properties, Inc.		7	$	823
Camden Property Trust		5		785
Crown Castle International Corp.		21		3,889
Digital Realty Trust, Inc.		14		2,046
Duke Realty Corp.		19		1,040
Equinix, Inc.		4		2,876
Equity Residential		17		1,386
Essex Property Trust, Inc.		3		988
Extra Space Storage, Inc.		7		1,330
Federal Realty Investment Trust		3		351
Healthpeak Properties, Inc.		27		886
Host Hotels & Resorts, Inc.		35		712
Iron Mountain, Inc.		14		752
Kimco Realty Corp.		30		760
Mid-America Apartment Communities, Inc.		6		1,180
Prologis, Inc.		36		5,770
Public Storage		8		2,972
Realty Income Corp.		28		1,942
Regency Centers Corp.		8		551
SBA Communications Corp.		5		1,736
Simon Property Group, Inc.		16		1,888
UDR, Inc.		15		798
Ventas, Inc.		20		1,111
Vornado Realty Trust		8		310
Welltower, Inc.		21		1,907
Weyerhaeuser Co.		37		1,525
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $49,632)				48,484
	Principal Amount
SHORT-TERM INVESTMENTS — 2.5%
Money Market Deposit Accounts — 2.5%
U.S. Bank Money Market Deposit Account, 0.130% (c)	$	46,365		46,365
TOTAL SHORT-TERM INVESTMENTS (Cost $46,365)				46,365
Total Investments (Cost $1,959,513) — 94.8%				1,768,470
Other Assets in Excess of Liabilities — 5.2%				96,172
TOTAL NET ASSETS — 100.0%			$	1,864,642

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.05%.

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

(c) The rate shown is as of April 30, 2022.

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

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

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SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2022

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	4	Long	S&P 500 Annual Dividend Futures Index (a)		12/16/2022	$	64,200	$	1,536
	4	Long	S&P 500 Annual Dividend Futures Index (a)		12/15/2023		62,700		(2,089	)
	4	Long	S&P 500 Annual Dividend Futures Index (a)		12/20/2024		62,050		(4,814	)
								$	(5,367	)

(a) Exchange traded.

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

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SCHEDULE OF INVESTMENTS
April 30, 2022

	Shares		Value
COMMON STOCKS — 85.4%
Advertising — 0.1%
Omnicom Group, Inc.		291	$	22,154
The Interpublic Group of Cos., Inc.		544		17,745
				39,899
Aerospace/Defense — 1.4%
General Dynamics Corp.		316		74,744
Howmet Aerospace, Inc.		527		17,981
L3Harris Technologies, Inc.		273		63,407
Lockheed Martin Corp.		336		145,192
Northrop Grumman Corp.		200		87,880
Raytheon Technologies Corp.		2,070		196,464
Teledyne Technologies, Inc. (a)		64		27,619
The Boeing Co. (a)		761		113,267
TransDigm Group, Inc. (a)		71		42,232
				768,786
Agriculture — 0.8%
Altria Group, Inc.		2,531		140,648
Archer-Daniels-Midland Co.		775		69,409
Philip Morris International, Inc.		2,150		215,000
				425,057
Airlines — 0.2%
Alaska Air Group, Inc. (a)		175		9,518
American Airlines Group, Inc. (a)		897		16,837
Delta Air Lines, Inc. (a)		888		38,211
Southwest Airlines Co. (a)		823		38,450
United Airlines Holdings, Inc. (a)		450		22,725
				125,741
Apparel — 0.5%
NIKE, Inc. - Class B		1,771		220,844
PVH Corp.		97		7,060
Ralph Lauren Corp. - Class A		63		6,573
Tapestry, Inc.		364		11,983
Under Armour, Inc. - Class A (a)		258		3,963
Under Armour, Inc. - Class C (a)		298		4,228
VF Corp.		449		23,348
				277,999
Auto Manufacturers — 2.3%
Cummins, Inc.		194		36,703
Ford Motor Co.		5,466		77,398
General Motors Co. (a)		2,015		76,389
PACCAR, Inc.		480		39,864
Tesla Motors, Inc. (a)		1,164		1,013,565
				1,243,919
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		372		39,581
BorgWarner, Inc.		333		12,264
				51,845

	Shares		Value
Banks — 4.0%
Bank of America Corp.		9,871	$	352,197
Citigroup, Inc.		2,757		132,915
Citizens Financial Group, Inc.		591		23,285
Comerica, Inc.		181		14,824
Fifth Third Bancorp		948		35,578
First Republic Bank		247		36,857
Huntington Bancshares, Inc.		1,997		26,261
JPMorgan Chase & Co.		4,105		489,973
KeyCorp.		1,290		24,910
M&T Bank Corp.		178		29,662
Morgan Stanley		1,964		158,279
Northern Trust Corp.		286		29,472
Regions Financial Corp.		1,306		27,060
Signature Bank		83		20,107
State Street Corp.		508		34,021
SVB Financial Group (a)		78		38,036
The Bank of New York Mellon Corp.		1,023		43,027
The Goldman Sachs Group, Inc.		471		143,886
The PNC Financial Services Group, Inc.		584		97,002
Truist Financial Corp.		1,849		89,399
US Bancorp		1,876		91,099
Wells Fargo & Co.		5,395		235,384
Zions Bancorp		211		11,924
				2,185,158
Beverages — 1.5%
Brown-Forman Corp. - Class B		251		16,927
Constellation Brands, Inc. - Class A		226		55,616
Molson Coors Brewing Co. - Class B		258		13,968
Monster Beverage Corp. (a)		523		44,811
PepsiCo, Inc.		1,924		330,370
The Coca-Cola Co.		5,403		349,088
				810,780
Biotechnology — 1.3%
Amgen, Inc.		779		181,655
Biogen, Inc. (a)		200		41,488
Bio-Rad Laboratories, Inc. - Class A (a)		31		15,874
Corteva, Inc.		1,008		58,151
Gilead Sciences, Inc.		1,745		103,548
Illumina, Inc. (a)		217		64,373
Incyte Corp. (a)		257		19,265
Moderna, Inc. (a)		487		65,458
Regeneron Pharmaceuticals, Inc. (a)		149		98,207
Vertex Pharmaceuticals, Inc. (a)		353		96,447
				744,466

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 85.4% (Continued)
Building Materials — 0.4%
Carrier Global Corp.		1,186	$	45,388
Fortune Brands Home & Security, Inc.		187		13,324
Johnson Controls International PLC		976		58,433
Martin Marietta Materials, Inc.		82		29,046
Masco Corp.		333		17,546
Mohawk Industries, Inc. (a)		74		10,438
Vulcan Materials Co.		183		31,529
				205,704
Chemicals — 1.5%
Air Products & Chemicals, Inc.		306		71,625
Albemarle Corp.		162		31,238
Celanese Corp. - Class A		151		22,188
CF Industries Holdings, Inc.		297		28,758
Dow, Inc.		1,018		67,697
DuPont de Nemours, Inc.		711		46,876
Eastman Chemical Co.		179		18,378
Ecolab, Inc.		344		58,253
FMC Corp.		176		23,327
International Flavors & Fragrances, Inc.		353		42,819
Linde PLC		711		221,804
LyondellBasell Industries NV - Class A		363		38,489
Mosaic Co.		514		32,084
PPG Industries, Inc.		330		42,237
The Sherwin-Williams Co.		335		92,112
				837,885
Commercial Services — 1.6%
Automatic Data Processing, Inc.		584		127,417
Cintas Corp.		122		48,466
Equifax, Inc.		167		33,988
FleetCor Technologies, Inc. (a)		110		27,447
Gartner, Inc. (a)		112		32,542
Global Payments, Inc.		395		54,107
MarketAxess Holdings, Inc.		51		13,444
Moody’s Corp.		223		70,575
Nielsen Holdings PLC		494		13,244
PayPal Holdings, Inc. (a)		1,613		141,831
Quanta Services, Inc.		195		22,616
Robert Half International, Inc.		153		15,041
Rollins, Inc.		311		10,431
S&P Global, Inc.		489		184,109
United Rentals, Inc. (a)		100		31,652
Verisk Analytics, Inc.		223		45,503
				872,413

	Shares		Value
Computers — 7.5%
Accenture PLC - Class A		878	$	263,716
Apple, Inc.		21,534		3,394,835
Cognizant Technology Solutions Corp. - Class A		726		58,733
DXC Technology Co. (a)		338		9,701
EPAM Systems, Inc. (a)		76		20,139
Fortinet, Inc. (a)		187		54,045
Hewlett Packard Enterprise Co.		1,791		27,599
HP, Inc.		1,498		54,872
International Business Machines Corp.		1,244		164,469
Leidos Holdings, Inc.		192		19,874
NetApp, Inc.		306		22,415
Seagate Technology Holdings PLC		279		22,889
Western Digital Corp. (a)		431		22,873
				4,136,160
Cosmetics/Personal Care — 1.3%
Colgate-Palmolive Co.		1,171		90,226
The Estee Lauder Cos., Inc.		318		83,971
The Procter & Gamble Co.		3,326		533,989
				708,186
Distribution/Wholesale — 0.3%
Copart, Inc. (a)		296		33,640
Fastenal Co.		800		44,248
LKQ Corp.		369		18,313
Pool Corp.		53		21,477
W.W. Grainger, Inc.		60		30,002
				147,680
Diversified Financial Services — 3.3%
American Express Co.		849		148,329
Ameriprise Financial, Inc.		154		40,885
BlackRock, Inc.		195		121,813
Capital One Financial Corp.		574		71,532
Cboe Global Markets, Inc.		149		16,834
CME Group, Inc.		495		108,573
Discover Financial Services		399		44,871
Franklin Resources, Inc.		391		9,615
Intercontinental Exchange, Inc.		778		90,100
Invesco Ltd.		473		8,694
MasterCard, Inc. - Class A		1,195		434,239
Nasdaq, Inc.		162		25,494
Raymond James Financial, Inc.		256		24,950
Synchrony Financial		721		26,540
T Rowe Price Group, Inc.		315		38,758
The Charles Schwab Corp.		2,083		138,165
Visa, Inc. - Class A		2,301		490,412
				1,839,804

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

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 85.4% (Continued)
Electric — 2.4%
Alliant Energy Corp.		348	$	20,466
Ameren Corp.		357		33,165
American Electric Power Co., Inc.		700		69,377
CenterPoint Energy, Inc.		875		26,784
CMS Energy Corp.		401		27,545
Consolidated Edison, Inc.		488		45,257
Constellation Energy Corp.		453		26,822
Dominion Energy, Inc.		1,124		91,763
DTE Energy Co.		270		35,381
Duke Energy Corp.		1,067		117,541
Edison International		528		36,321
Entergy Corp.		278		33,040
Evergy, Inc.		315		21,373
Eversource Energy		476		41,602
Exelon Corp.		1,359		63,574
FirstEnergy Corp.		788		34,128
NextEra Energy, Inc.		2,721		193,246
NRG Energy, Inc.		339		12,170
Pinnacle West Capital Corp.		157		11,178
PPL Corp.		1,045		29,584
Public Service Enterprise Group, Inc.		703		48,971
Sempra Energy		445		71,805
Southern Co.		1,471		107,957
The AES Corp.		928		18,950
WEC Energy Group, Inc.		434		43,422
Xcel Energy, Inc.		747		54,725
				1,316,147
Electrical Components & Equipment — 0.2%
AMETEK, Inc.		317		40,024
Emerson Electric Co.		825		74,398
Generac Holdings, Inc. (a)		83		18,209
				132,631
Electronics — 0.9%
Agilent Technologies, Inc.		416		49,616
Allegion PLC		123		14,052
Amphenol Corp. - Class A		830		59,345
Fortive Corp.		494		28,405
Garmin Ltd.		212		23,265
Honeywell International, Inc.		950		183,834
Keysight Technologies, Inc. (a)		251		35,208
Mettler-Toledo International, Inc. (a)		33		42,158
TE Connectivity Ltd.		452		56,401
Trimble, Inc. (a)		349		23,278
				515,562
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		185		29,859

	Shares		Value
Energy-Alternate Sources — 0.1% (Continued)
SolarEdge Technologies, Inc. (a)		71	$	17,779
				47,638
Engineering & Construction — 0.0% (b)
Jacobs Engineering Group, Inc.		179		24,800
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		296		19,619
Live Nation Entertainment, Inc. (a)		186		19,508
Penn National Gaming, Inc. (a)		228		8,338
				47,465
Environmental Control — 0.2%
Pentair PLC		228		11,571
Republic Services, Inc.		291		39,073
Waste Management, Inc.		534		87,811
				138,455
Food — 1.0%
Campbell Soup Co.		280		13,222
Conagra Brands, Inc.		663		23,159
General Mills, Inc.		835		59,060
Hormel Foods Corp.		392		20,537
Kellogg Co.		355		24,318
Lamb Weston Holdings, Inc.		198		13,088
McCormick & Co., Inc.		348		34,998
Mondelez International, Inc. - Class A		1,930		124,446
Sysco Corp.		705		60,263
The Hershey Co.		198		44,702
The JM Smucker Co.		151		20,676
The Kraft Heinz Co.		988		42,118
The Kroger Co.		931		50,237
Tyson Foods, Inc. - Class A		407		37,916
				568,740
Forest Products & Paper — 0.0% (b)
International Paper Co.		536		24,806
Gas — 0.1%
Atmos Energy Corp.		186		21,093
NiSource, Inc.		543		15,812
				36,905
Hand/Machine Tools — 0.1%
Snap-On, Inc.		72		15,299
Stanley Black & Decker, Inc.		225		27,034
				42,333
Healthcare-Products — 3.4%
Abbott Laboratories		2,457		278,869
ABIOMED, Inc. (a)		63		18,055
Align Technology, Inc. (a)		101		29,281
Baxter International, Inc.		697		49,529
Bio-Techne Corp.		52		19,744

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

146

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 85.4% (Continued)
Healthcare-Products — 3.4% (Continued)
Boston Scientific Corp. (a)		1,982	$	83,462
Danaher Corp.		883		221,748
DENTSPLY SIRONA, Inc.		302		12,077
Edwards Lifesciences Corp. (a)		866		91,605
Henry Schein, Inc. (a)		190		15,409
Hologic, Inc. (a)		348		25,052
IDEXX Laboratories, Inc. (a)		118		50,797
Intuitive Surgical, Inc. (a)		493		117,975
Medtronic PLC		1,869		195,049
PerkinElmer, Inc.		175		25,657
ResMed, Inc.		199		39,794
STERIS PLC		136		30,471
Stryker Corp.		467		112,668
Teleflex, Inc.		64		18,280
The Cooper Cos., Inc.		67		24,190
Thermo Fisher Scientific, Inc.		544		300,788
Waters Corp. (a)		81		24,545
West Pharmaceutical Services, Inc.		102		32,136
Zimmer Biomet Holdings, Inc.		291		35,138
				1,852,319
Healthcare-Services — 2.3%
Anthem, Inc.		336		168,648
Catalent, Inc. (a)		247		22,368
Centene Corp. (a)		812		65,407
Charles River Laboratories International, Inc. (a)		68		16,423
DaVita, Inc. (a)		81		8,778
HCA Healthcare, Inc.		333		71,445
Humana, Inc.		178		79,132
IQVIA Holdings, Inc. (a)		261		56,895
Laboratory Corp. of American Holdings (a)		127		30,516
Molina Healthcare, Inc. (a)		78		24,449
Quest Diagnostics, Inc.		164		21,950
UnitedHealth Group, Inc.		1,306		664,166
Universal Health Services, Inc. - Class B		101		12,375
				1,242,552
Home Builders — 0.2%
DR Horton, Inc.		448		31,176
Lennar Corp. - Class A		361		27,613
NVR, Inc. (a)		4		17,505
PulteGroup, Inc.		343		14,324
				90,618
Home Furnishings — 0.0% (b)
Whirlpool Corp.		78		14,159

	Shares		Value
Household Products/Wares — 0.3%
Avery Dennison Corp.		112	$	20,227
Church & Dwight Co., Inc.		336		32,780
Kimberly-Clark Corp.		468		64,973
The Clorox Co.		169		24,246
				142,226
Housewares — 0.0% (b)
Newell Brands, Inc.		526		12,177
Insurance — 3.4%
Aflac, Inc.		832		47,657
American International Group, Inc.		1,153		67,462
Aon PLC		298		85,821
Arthur J Gallagher & Co.		290		48,862
Assurant, Inc.		76		13,823
Berkshire Hathaway, Inc. - Class B (a)		2,541		820,311
Brown & Brown, Inc.		327		20,267
Chubb Ltd.		597		123,251
Cincinnati Financial Corp.		209		25,636
Everest Re Group Ltd.		52		14,285
Globe Life, Inc.		127		12,456
Lincoln National Corp.		232		13,955
Loews Corp.		273		17,155
Marsh & McLennan Cos., Inc.		702		113,513
MetLife, Inc.		975		64,038
Principal Financial Group, Inc.		337		22,963
Prudential Financial, Inc.		526		57,076
The Allstate Corp.		390		49,351
The Hartford Financial Services Group, Inc.		466		32,587
The Progressive Corp.		813		87,284
The Travelers Cos., Inc.		335		57,305
W R Berkley Corp.		291		19,349
Willis Towers Watson PLC		168		36,097
				1,850,504
Internet — 8.2%
Alphabet, Inc. - Class A (a)		417		951,673
Alphabet, Inc. - Class C (a)		387		889,841
Amazon.com, Inc. (a)		605		1,503,806
Booking Holdings, Inc. (a)		54		119,357
CDW Corp.		187		30,515
eBay, Inc.		871		45,222
Etsy, Inc. (a)		176		16,401
Expedia Group, Inc. (a)		210		36,698
F5, Inc. (a)		80		13,393
Match Group, Inc. (a)		393		31,106
Meta Platforms, Inc. - Class A (a)		3,204		642,306
Netflix, Inc. (a)		612		116,500
NortonLifeLock, Inc.		807		20,207

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

147

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 85.4% (Continued)
Internet — 8.2% (Continued)
Twitter, Inc. (a)		1,111	$	54,461
VeriSign, Inc. (a)		132		23,587
				4,495,073
Iron/Steel — 0.1%
Nucor Corp.		374		57,888
Leisure Time — 0.1%
Carnival Corp. (a)		1,122		19,411
Norwegian Cruise Line Holdings Ltd. (a)		580		11,617
Royal Caribbean Cruises Ltd. (a)		309		24,019
				55,047
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a)		388		60,252
Las Vegas Sands Corp. (a)		476		16,865
Marriott International, Inc. - Class A (a)		376		66,748
MGM Resorts International		524		21,505
Wynn Resorts Ltd. (a)		142		10,008
				175,378
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		750		157,905
Machinery-Diversified — 0.6%
Deere & Co.		390		147,245
Dover Corp.		196		26,127
IDEX Corp.		104		19,741
Ingersoll Rand, Inc.		566		24,881
Nordson Corp.		73		15,745
Otis Worldwide Corp.		590		42,976
Rockwell Automation, Inc.		161		40,680
Westinghouse Air Brake Technologies Corp.		256		23,017
Xylem, Inc.		248		19,964
				360,376
Media — 1.4%
Charter Communications, Inc. - Class A (a)		164		70,272
Comcast Corp. - Class A		6,280		249,693
DISH Network Corp. - Class A (a)		348		9,921
FactSet Research Systems, Inc.		50		20,174
Fox Corp. - Class A		434		15,555
Fox Corp. - Class B		198		6,582
News Corp. - Class A		541		10,744
News Corp. - Class B		166		3,305
Paramount Global - Class B		839		24,432
Walt Disney Co. (a)		2,528		282,201
Warner Bros Discovery, Inc. (a)		3,053		55,412
				748,291

	Shares		Value
Mining — 0.3%
Freeport-McMoRan, Inc.		2,041	$	82,762
Newmont Goldcorp Corp.		1,109		80,791
				163,553
Miscellaneous Manufacturing — 0.9%
3M Co.		789		113,790
A O Smith Corp.		182		10,634
Eaton Corp. PLC		550		79,761
General Electric Co.		1,527		113,838
Illinois Tool Works, Inc.		396		78,055
Parker-Hannifin Corp.		178		48,206
Textron, Inc.		304		21,052
Trane Technologies PLC		320		44,765
				510,101
Office/Business Equipment — 0.0% (b)
Zebra Technologies Corp. - Class A (a)		71		26,246
Oil & Gas — 3.1%
APA Corp.		505		20,670
Chevron Corp.		2,675		419,092
ConocoPhillips		1,810		172,891
Coterra Energy, Inc.		1,128		32,475
Devon Energy Corp.		875		50,899
Diamondback Energy, Inc.		236		29,790
EOG Resources, Inc.		814		95,043
Exxon Mobil Corp.		5,882		501,440
Hess Corp.		378		38,960
Marathon Oil Corp.		1,078		26,864
Marathon Petroleum Corp.		804		70,157
Occidental Petroleum Corp.		1,232		67,871
Phillips 66		649		56,307
Pioneer Natural Resources Co.		312		72,531
Valero Energy Corp.		568		63,321
				1,718,311
Oil & Gas Services — 0.3%
Baker Hughes Co.		1,254		38,899
Halliburton Co.		1,246		44,383
Schlumberger Ltd.		1,947		75,952
				159,234
Packaging & Containers — 0.2%
Amcor PLC		2,104		24,954
Ball Corp.		450		36,522
Packaging Corp. of America		130		20,952
Sealed Air Corp.		201		12,906
Westrock Co.		364		18,029
				113,363
Pharmaceuticals — 5.4%
AbbVie, Inc.		2,457		360,884
AmerisourceBergen Corp.		210		31,771

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

148

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 85.4% (Continued)
Pharmaceuticals — 5.4% (Continued)
Becton Dickinson and Co.		395	$	97,640
Bristol-Myers Squibb Co.		3,025		227,692
Cardinal Health, Inc.		386		22,407
Cigna Corp.		449		110,804
CVS Health Corp.		1,822		175,149
DexCom, Inc. (a)		132		53,933
Eli Lilly & Co.		1,105		322,804
Johnson & Johnson		3,657		659,942
McKesson Corp.		209		64,708
Merck & Co., Inc.		3,504		310,770
Organon & Co.		352		11,380
Pfizer, Inc.		7,795		382,501
Viatris, Inc.		1,674		17,292
Zoetis, Inc.		655		116,099
				2,965,776
Pipelines — 0.3%
Kinder Morgan, Inc.		2,707		49,132
ONEOK, Inc.		614		38,885
The Williams Cos., Inc.		1,690		57,950
				145,967
Real Estate — 0.1%
CBRE Group, Inc. - Class A (a)		466		38,697
Retail — 4.6%
Advance Auto Parts, Inc.		82		16,370
AutoZone, Inc. (a)		24		46,931
Bath & Body Works, Inc. (a)		357		18,882
Best Buy Co., Inc.		300		26,979
CarMax, Inc. (a)		223		19,129
Chipotle Mexican Grill, Inc. (a)		39		56,769
Costco Wholesale Corp.		611		324,881
Darden Restaurants, Inc.		177		23,316
Dollar General Corp.		317		75,297
Dollar Tree, Inc. (a)		310		50,360
Domino’s Pizza, Inc.		49		16,562
Genuine Parts Co.		194		25,230
Lowe’s Cos., Inc.		936		185,075
McDonald’s Corp.		1,038		258,628
O’Reilly Automotive, Inc. (a)		94		57,016
Ross Stores, Inc.		488		48,688
Starbucks Corp.		1,596		119,126
Target Corp.		662		151,366
The Home Depot, Inc.		1,453		436,481
The TJX Cos., Inc.		1,655		101,418
Tractor Supply Co.		158		31,829
Ulta Beauty, Inc. (a)		73		28,966
Walgreens Boots Alliance, Inc.		996		42,230

	Shares		Value
Retail — 4.6% (Continued)
Walmart, Inc.		1,961	$	300,013
Yum! Brands, Inc.		400		46,804
				2,508,346
Semiconductors — 4.6%
Advanced Micro Devices, Inc. (a)		2,267		193,874
Analog Devices, Inc.		726		112,080
Applied Materials, Inc.		1,233		136,062
Broadcom, Inc.		573		317,665
Intel Corp.		5,656		246,545
IPG Photonics Corp. (a)		48		4,535
KLA Corp.		210		67,045
Lam Research Corp.		191		88,960
Microchip Technology, Inc.		771		50,269
Micron Technology, Inc.		1,551		105,763
Monolithic Power Systems, Inc.		60		23,534
NVIDIA Corp.		3,471		643,766
NXP Semiconductors NV		367		62,720
Qorvo, Inc. (a)		152		17,295
QUALCOMM, Inc.		1,568		219,034
Skyworks Solutions, Inc.		226		25,606
Teradyne, Inc.		225		23,728
Texas Instruments, Inc.		1,284		218,601
				2,557,082
Shipbuilding — 0.0% (b)
Huntington Ingalls Industries, Inc.		53		11,275
Software — 8.6%
Activision Blizzard, Inc.		1,078		81,497
Adobe, Inc. (a)		654		258,951
Akamai Technologies, Inc. (a)		224		25,151
ANSYS, Inc. (a)		121		33,358
Autodesk, Inc. (a)		304		57,541
Broadridge Financial Solutions, Inc.		161		23,205
Cadence Design System, Inc. (a)		386		58,228
Ceridian HCM Holding, Inc. (a)		188		10,552
Cerner Corp.		409		38,299
Citrix Systems, Inc.		174		17,417
Electronic Arts, Inc.		391		46,158
Fidelity National Information Services, Inc.		842		83,484
Fiserv, Inc. (a)		825		80,784
Intuit, Inc.		393		164,569
Jack Henry & Associates, Inc.		101		19,148
Microsoft Corp.		10,409		2,888,706
MSCI, Inc.		111		46,759
Oracle Corp.		2,186		160,452
Paychex, Inc.		447		56,648
Paycom Software, Inc. (a)		66		18,577
PTC, Inc. (a)		142		16,218

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

149

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

	Shares		Value
COMMON STOCKS — 85.4% (Continued)
Software — 8.6% (Continued)
Roper Technologies, Inc.		142	$	66,729
salesforce.com, Inc. (a)		1,365		240,158
ServiceNow, Inc. (a)		277		132,434
Synopsys, Inc. (a)		213		61,086
Take-Two Interactive Software, Inc. (a)		160		19,122
Tyler Technologies, Inc. (a)		54		21,314
				4,726,545
Telecommunications — 1.8%
Arista Networks, Inc. (a)		309		35,711
AT&T, Inc.		9,919		187,073
Cisco Systems, Inc.		5,854		286,729
Corning, Inc.		1,037		36,492
Juniper Networks, Inc.		451		14,216
Lumen Technologies, Inc.		1,282		12,897
Motorola Solutions, Inc.		235		50,217
T-Mobile US, Inc. (a)		816		100,482
Verizon Communications, Inc.		5,831		269,975
				993,792
Toys/Games/Hobbies — 0.0% (b)
Hasbro, Inc.		179		15,763
Transportation — 1.3%
CH Robinson Worldwide, Inc.		180		19,107
CSX Corp.		3,079		105,733
Expeditors International of Washington, Inc.		235		23,282
FedEx Corp.		338		67,174
JB Hunt Trasport Services, Inc.		117		19,989
Norfolk Southern Corp.		333		85,874
Old Dominion Freight Line, Inc.		128		35,855
Union Pacific Corp.		884		207,112
United Parcel Service, Inc. - Class B		1,010		181,780
				745,906
Water — 0.1%
American Water Works Co., Inc.		249		38,366
TOTAL COMMON STOCKS (Cost $51,152,689)				47,009,800
REAL ESTATE INVESTMENT TRUSTS — 2.5%
Alexandria Real Estate Equities, Inc.		198		36,068
American Tower Corp.		632		152,325
AvalonBay Communities, Inc.		191		43,449
Boston Properties, Inc.		194		22,814
Camden Property Trust		145		22,749
Crown Castle International Corp.		598		110,755
Digital Realty Trust, Inc.		394		57,571

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.5% (Continued)
Duke Realty Corp.		529	$	28,963
Equinix, Inc.		124		89,166
Equity Residential		474		38,631
Essex Property Trust, Inc.		92		30,293
Extra Space Storage, Inc.		184		34,960
Federal Realty Investment Trust		98		11,472
Healthpeak Properties, Inc.		748		24,542
Host Hotels & Resorts, Inc.		993		20,207
Iron Mountain, Inc.		400		21,492
Kimco Realty Corp.		857		21,708
Mid-America Apartment Communities, Inc.		160		31,469
Prologis, Inc.		1,023		163,977
Public Storage		212		78,758
Realty Income Corp.		782		54,239
Regency Centers Corp.		214		14,730
SBA Communications Corp.		152		52,761
Simon Property Group, Inc.		455		53,690
UDR, Inc.		415		22,082
Ventas, Inc.		550		30,552
Vornado Realty Trust		220		8,516
Welltower, Inc.		602		54,668
Weyerhaeuser Co.		1,038		42,786
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,390,700)				1,375,393
	Principal Amount
SHORT-TERM INVESTMENTS — 9.6%
Money Market Deposit Accounts — 4.2%
U.S. Bank Money Market Deposit Account, 0.130% (c)	$	2,343,261		2,343,261
U.S. Government Notes/Bonds — 2.7%
United States Treasury Note/Bond, 1.500%, 02/29/2024		1,500,000		1,469,531
U.S. Treasury Bills — 2.7%
United States Treasury Bill, 0.00%, 02/23/2023		1,500,000		1,478,619
TOTAL SHORT-TERM INVESTMENTS (Cost $5,309,505)				5,291,411
Total Investments (Cost $57,852,894) — 97.5%				53,676,604
Other Assets in Excess of Liabilities — 2.5%				1,378,833
TOTAL NET ASSETS — 100.0%			$	55,055,437

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

150

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SCHEDULE OF INVESTMENTS
April 30, 2022 (Continued)

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than 0.05%

(c) The rate shown is as of April 30, 2022.

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.

151

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2022

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	169	Long	S&P 500 Annual Dividend Futures Index (a)		12/16/2022	$	2,712,450	$	34,094
	169	Long	S&P 500 Annual Dividend Futures Index (a)		12/15/2023		2,649,075		(95,018	)
	169	Long	S&P 500 Annual Dividend Futures Index (a)		12/20/2024		2,621,613		(173,869	)
								$	(234,793	)

(a) Exchange traded.

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

152

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022

	Pacer Trendpilot® US Large Cap ETF			Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF			Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
ASSETS
Investments in Securities, at Value* ^	$	1,197,886,528		$	442,106,354		$	791,162,424		$	45,576,453		$	70,753,929
Foreign Currency at Value*		—			—			—			3			155,748
Interest and Dividends Receivable		1,107,870			5,128			18,234			372,952			262,264
Receivable for Investment Securities Sold		652,447,159			—			—			—			63,300,386
Return of Capital Receivable		—			—			—			—			44
Securities Lending Income Receivable		5,969			—			6,312			—			2,368
Total Assets		1,851,447,526			442,111,482			791,186,970			45,949,408			134,474,739
LIABILITIES
Management Fees Payable		944,144			217,956			371,086			24,543			71,680
Payable to Custodian		—			—			—			48			—
Collateral Received For Securities Loaned (See Note 5)		9,260,305			—			102,000,000			—			3,876,193
Total Liabilities		10,204,449			217,956			102,371,086			24,591			3,947,873
NET ASSETS	$	1,841,243,077		$	441,893,526		$	688,815,884		$	45,924,817		$	130,526,866
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,181,009,972		$	527,150,322		$	735,950,833		$	96,877,525		$	155,061,081
Total Distributable Earnings (Accumulated Deficit)		(339,766,895	)		(85,256,796	)		(47,134,949	)		(50,952,708	)		(24,534,215	)
Net Assets	$	1,841,243,077		$	441,893,526		$	688,815,884		$	45,924,817		$	130,526,866
* Identified Cost:
Investments in Securities	$	1,197,911,782		$	442,093,421		$	791,180,896		$	45,596,009		$	70,757,107
Foreign Currencies		—			—			—			—			160,108
^ Includes Loaned Securities with a value of		8,697,806			—			99,945,000			—			3,781,664
Net Asset Value:
Net Assets	$	1,841,243,077		$	441,893,526		$	688,815,884		$	45,924,817		$	130,526,866
Shares Outstanding (No Par Value)		49,050,000			12,800,000			13,200,000			2,050,000			5,350,000
Net Asset Value, Offering and Redemption Price per Share	$	37.54		$	34.52		$	52.18		$	22.40		$	24.40

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

153

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF			Pacer Global Cash Cows Dividend ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	1,021,271,069		$	144,139		$	403,151,748		$	5,048,543,626		$	1,084,538,823
Investments in Affiliated Securities, at Value*^		—			63,831,438			—			—			—
Foreign Currency at Value*		—			—			12,713			—
Interest and Dividends Receivable		14,577,740			9			1,379,592			3,372,733			190,855
Receivable for Investment Securities Sold		17,090,253			—			—			60,700,215			1,903,140
Securities Lending Income Receivable		44,753			—			13,674			54,265			23,451
Total Assets		1,052,983,815			63,975,586			404,557,727			5,112,670,839			1,086,656,269
LIABILITIES
Management Fees Payable		504,545			8,007			155,176			1,685,933			409,332
Payable to Custodian		—			—			358			—			—
Payable for Investment Securities Purchased		7,495,942			—			—			60,400,861			1,898,305
Payable for Fund Shares Redeemed		11,721,701			—			—			—			—
Collateral Received For Securities Loaned (See Note 5)		83,712,043			—			53,099,720			495,833,899			252,673,651
Total Liabilities		103,434,231			8,007			53,255,254			557,920,693			254,981,288
NET ASSETS	$	949,549,584		$	63,967,579		$	351,302,473		$	4,554,750,146		$	831,674,981
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,140,182,448		$	64,491,596		$	381,983,547		$	4,618,598,237		$	942,351,754
Total Distributable Earnings (Accumulated Deficit)		(190,632,864	)		(524,017	)		(30,681,074	)		(63,848,091	)		(110,676,773	)
Net Assets	$	949,549,584		$	63,967,579		$	351,302,473		$	4,554,750,146		$	831,674,981
* Identified Cost:
Investments in Unaffiliated Securities	$	1,059,694,756		$	144,139		$	400,224,593		$	5,056,604,193		$	1,149,039,917
Investments in Affiliated Securities		—			63,755,273			—			—			—
Foreign Currencies		—			—			13,247			—			—
^ Includes Loaned Securities with a value of		81,379,161			—			50,750,327			467,566,033			240,276,535
Net Asset Value:
Net Assets	$	949,549,584		$	63,967,579		$	351,302,473		$	4,554,750,146		$	831,674,981
Shares Outstanding (No Par Value)		40,700,000			2,300,000			10,700,000			95,000,000			21,850,000
Net Asset Value, Offering and Redemption Price per Share	$	23.33		$	27.81		$	32.83		$	47.94		$	38.06

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

154

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer US Cash Cows Growth ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	122,523,501		$	11,199,492		$	11,417,238		$	9,320		$	38,829,350
Investments in Affiliated Securities, at Value*^	$	—		$	—		$	—		$	8,352,352		$	—
Foreign Currency at Value*		7,300			—			119			—			—
Interest and Dividends Receivable		497,121			4,113			81,346			—			23,457
Receivable for Fund Shares Sold		—			—			—			—			1,499,246
Receivable for Investment Securities Sold		283,533			—			—			—			—
Securities Lending Income Receivable		6,462			153			100			—			508
Total Assets		123,317,917			11,203,758			11,498,803			8,361,672			40,352,561
LIABILITIES
Management Fees Payable		60,693			4,688			6,676			1,076			18,016
Other Payable		119			—			—			—			—
Payable for Fund Shares Redeemed		—			—			—			—			1,507,835
Collateral Received For Securities Loaned (See Note 5)		11,911,218			2,339,820			422,385			—			5,654,273
Total Liabilities		11,972,030			2,344,508			429,061			1,076			7,180,124
NET ASSETS	$	111,345,887		$	8,859,250		$	11,069,742		$	8,360,596		$	33,172,437
NET ASSETS CONSIST OF:
Paid-in Capital	$	121,190,287		$	11,011,511		$	13,005,822		$	8,913,731		$	56,776,344
Total Distributable Earnings (Accumulated Deficit)		(9,844,400	)		(2,152,261	)		(1,936,080	)		(553,135	)		(23,603,907	)
Net Assets	$	111,345,887		$	8,859,250		$	11,069,742		$	8,360,596		$	33,172,437
* Identified Cost:
Investments in Unaffiliated Securities	$	126,904,938		$	12,845,319		$	13,095,495		$	9,320		$	39,551,160
Investments in Affiliated Securities		—			—			—			8,856,691			—
Foreign Currencies		7,053			—			102			—			—
^ Includes Loaned Securities with a value of		11,365,193			2,218,009			397,136			—			5,368,462
Net Asset Value:
Net Assets	$	111,345,887		$	8,859,250		$	11,069,742		$	8,360,596		$	33,172,437
Shares Outstanding (No Par Value)		3,750,000			250,000			500,000			250,000			1,100,000
Net Asset Value, Offering and Redemption Price per Share	$	29.69		$	35.44		$	22.14		$	33.44		$	30.16

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

155

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022

	Pacer Benchmark Industrial Real Estate SCTRSM ETF		Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF
ASSETS
Investments in Securities, at Value* ^	$	449,738,398	$	1,411,758,710		$	93,482,508		$	6,181,654		$	7,482,524
Cash		—		—			—			3,730			—
Foreign Currency at Value*		—		6,211			—			5,431			—
Interest and Dividends Receivable		326,781		199			34,864			991			4,537
Receivable for Investment Securities Sold		—		1,928,385			80,314,373			—			—
Securities Lending Income Receivable		5,385		33,583			1,464			—			165
Total Assets		450,070,564		1,413,727,088			173,833,209			6,191,806			7,487,226
LIABILITIES
Management Fees Payable		171,670		686,004			41,951			3,698			3,514
Payable for Investment Securities Purchased		—		954			80,184,761			—			—
Payable for Fund Shares Redeemed		—		1,934,330			—			—			—
Collateral Received For Securities Loaned (See Note 5)		64,909,177		111,785,245			13,218,029			—			1,781,714
Total Liabilities		65,080,847		114,406,533			93,444,741			3,698			1,785,228
NET ASSETS	$	384,989,717	$	1,299,320,555		$	80,388,468		$	6,188,108		$	5,701,998
NET ASSETS CONSIST OF:
Paid-in Capital	$	369,328,095	$	1,352,870,090		$	100,353,464		$	7,524,127		$	6,572,362
Total Distributable Earnings (Accumulated Deficit)		15,661,622		(53,549,535	)		(19,964,996	)		(1,336,019	)		(870,364	)
Net Assets	$	384,989,717	$	1,299,320,555		$	80,388,468		$	6,188,108		$	5,701,998
* Identified Cost:
Investments in Securities	$	431,691,201	$	1,442,658,864		$	93,488,963		$	5,859,427		$	8,317,763
Foreign Currencies		—		6,505			—			5,507			—
^ Includes Loaned Securities with a value of		59,330,106		108,152,837			12,503,940			—			1,678,171
Net Asset Value:
Net Assets	$	384,989,717	$	1,299,320,555		$	80,388,468		$	6,188,108		$	5,701,998
Shares Outstanding (No Par Value)		8,050,000		34,650,000			2,300,000			355,882			200,000
Net Asset Value, Offering and Redemption Price per Share	$	47.82	$	37.50		$	34.95		$	17.39		$	28.51

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

156

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022

	Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF			Pacer Lunt Large Cap Multi-Factor Alternator ETF			Pacer US Export Leaders ETF
ASSETS
Investments in Securities, at Value* ^	$	583,129,563		$	46,463,415		$	304,013,627		$	4,721,543
Interest and Dividends Receivable		577,716			8,511			301,858			843
Securities Lending Income Receivable		2,927			3,362			3,457			67
Total Assets		583,710,206			46,475,288			304,318,942			4,722,453
LIABILITIES
Management Fees Payable		277,591			18,550			139,925			2,017
Collateral Received For Securities Loaned (See Note 5)		28,979,067			11,051,037			37,084,238			893,073
Total Liabilities		29,256,658			11,069,587			37,224,163			895,090
NET ASSETS	$	554,453,548		$	35,405,701		$	267,094,779		$	3,827,363
NET ASSETS CONSIST OF:
Paid-in Capital	$	616,190,865		$	44,660,365		$	304,501,650		$	4,362,304
Total Distributable Earnings (Accumulated Deficit)		(61,737,317	)		(9,254,664	)		(37,406,871	)		(534,941	)
Net Assets	$	554,453,548		$	35,405,701		$	267,094,779		$	3,827,363
* Identified Cost:
Investments in Securities	$	603,734,596		$	49,157,647		$	325,286,595		$	5,091,807
^ Includes Loaned Securities with a value of		27,672,030			10,433,196			35,383,725			848,375
Net Asset Value:
Net Assets	$	554,453,548		$	35,405,701		$	267,094,779		$	3,827,363
Shares Outstanding (No Par Value)		12,850,000			1,100,000			7,350,000			100,000
Net Asset Value, Offering and Redemption Price per Share	$	43.15		$	32.19		$	36.34		$	38.27

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

157

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2022

	Pacer Pacific Asset Floating Rate High Income ETF			Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
ASSETS
Investments in Securities, at Value* ^	$	90,303,128		$	1,768,470		$	53,676,604
Interest and Dividends Receivable		444,205			1,342			39,830
Receivable for Investment Securities Sold		1,943,498			—			—
Return of Capital Receivable		—			25			691
Deposits at Broker for Futures		—			96,096			1,374,060
Total Assets		92,690,831			1,865,933			55,091,185
LIABILITIES
Management Fees Payable		38,189			1,291			35,748
Payable for Investment Securities Purchased		10,989,571			—			—
Other Payables		288			—			—
Total Liabilities		11,028,048			1,291			35,748
NET ASSETS	$	81,662,783		$	1,864,642		$	55,055,437
NET ASSETS CONSIST OF:
Paid-in Capital	$	83,847,608		$	2,062,189		$	59,608,544
Total Distributable Earnings (Accumulated Deficit)		(2,184,825	)		(197,547	)		(4,553,107	)
Net Assets	$	81,662,783		$	1,864,642		$	55,055,437
* Identified Cost:
Investments in Securities	$	91,916,140		$	1,959,513		$	57,852,894
Net Asset Value:
Net Assets	$	81,662,783		$	1,864,642		$	55,055,437
Shares Outstanding (No Par Value)		1,710,000			50,000			1,740,000
Net Asset Value, Offering and Redemption Price per Share	$	47.76		$	37.29		$	31.64

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

158

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022

	Pacer Trendpilot® US Large Cap ETF			Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF			Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
INVESTMENT INCOME
Income:
Dividends*	$	25,253,007		$	2,406,647		$	2,833,427		$	1,034,553		$	2,978,264
Interest		371,146			277,466			425,902			22,064			52,291
Securities Lending Income		52,425			30,997			66,613			14,532			40,197
Total Investment Income		25,676,578			2,715,110			3,325,942			1,071,149			3,070,752
Expenses:
Management fees		11,704,201			2,639,914			5,042,740			339,728			901,621
Miscellaneous Expense		67,854			18,653			27,336			2,988			5,757
Total Expenses		11,772,055			2,658,567			5,070,076			342,716			907,378
Net Investment Income (Loss)		13,904,523			56,543			(1,744,134	)		728,433			2,163,374
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		127,213,815			10,243,741			(12,229,693	)		3,232,813			(12,844,398	)
Net Realized Gain (Loss) on In-Kind Redemptions		425,464,379			47,052,055			133,074,735			862,772			14,922,002
Net Realized Gain (Loss) on Foreign Currency		—			—			—			35,336			(579,952	)
Total		552,678,194			57,295,796			120,845,042			4,130,921			1,497,652
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(484,795,449	)		(70,263,447	)		(143,049,027	)		(7,776,842	)		(20,222,244	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			(34,527	)		(54,488	)
Total		(484,795,449	)		(70,263,447	)		(143,049,027	)		(7,811,369	)		(20,276,732	)
Net Realized and Unrealized Gain (Loss) on Investments		67,882,745			(12,967,651	)		(22,203,985	)		(3,680,448	)		(18,779,080	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	81,787,268		$	(12,911,108	)	$	(23,948,119	)	$	(2,952,015	)	$	(16,615,706	)
* Net of fees and foreign witholding tax of	$	4,515		$	—		$	5,020		$	175,131		$	310,420

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

159

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF			Pacer Global Cash Cows Dividend ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	—		$	—		$	8,282,304		$	32,420,561		$	12,502,945
Dividends from Affiliated Investments		—			793,232			—			—			—
Interest		42,680,135			9			112			689			116
Securities Lending Income		219,528			—			65,688			355,414			123,033
Total Investment Income		42,899,663			793,241			8,348,104			32,776,664			12,626,094
Expenses:
Management fees		7,130,317			90,594			1,016,723			7,072,763			3,248,079
Miscellaneous Expense		46,157			2,030			7,673			37,831			30,643
Total Expenses		7,176,474			92,624			1,024,396			7,110,594			3,278,722
Net Investment Income (Loss)		35,723,189			700,617			7,323,708			25,666,070			9,347,372
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(158,943,262	)		—			(3,948,850	)		(10,257	)		(30,917,169	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			(65,564	)		—			—			—
Net Realized Gain (Loss) on In-Kind Redemptions		15,528,274			627,315			8,296,440			122,848,890			37,606,314
Net Realized Gain (Loss) on Foreign Currency		—			—			(80,972	)		—			—
Total		(143,414,988	)		561,751			4,266,618			122,838,633			6,689,145
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		(55,275,943	)		—			(2,316,773	)		(69,877,441	)		(94,081,950	)
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			(5,824,309	)		—			—			—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			(51,029	)		—			—
Total		(55,275,943	)		(5,824,309	)		(2,367,802	)		(69,877,441	)		(94,081,950	)
Net Realized and Unrealized Gain (Loss) on Investments		(198,690,931	)		(5,262,558	)		1,898,816			52,961,192			(87,392,805	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(162,967,742	)	$	(4,561,941	)	$	9,222,524		$	78,627,262		$	(78,045,433	)
* Net of fees and foreign witholding tax of	$	—		$	—		$	387,464		$	—		$	890

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

160

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer US Cash Cows Growth ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer WealthShield ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	2,066,902		$	76,036		$	552,968		$	—		$	591,414
Dividends from Affiliated Investments		—			—			—			92,534			—
Interest		53			2			7			1			99,037
Securities Lending Income		28,085			1,152			522			—			4,310
Total Investment Income		2,095,040			77,190			553,497			92,535			694,761
Expenses:
Management fees		345,903			66,180			62,475			5,730			297,845
Miscellaneous Expense		1,906			523			500			203			2,778
Total Expenses		347,809			66,703			62,975			5,933			300,623
Net Investment Income (Loss)		1,747,231			10,487			490,522			86,602			394,138
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(1,008,317	)		(323,469	)		(279,623	)		—			(3,390,889	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			—			—			(48,147	)		—
Net Realized Gain (Loss) on In-Kind Redemptions		881,143			(841,357	)		210,906			213,706			6,611,900
Net Realized Gain (Loss) on Foreign Currency		(33,761	)		—			(22,376	)		—			—
Total		(160,935	)		(1,164,826	)		(91,093	)		165,559			3,221,011
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		(6,868,288	)		(1,889,376	)		(1,924,578	)		—			(6,041,695	)
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			—			—			(651,837	)		—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(53,668	)		—			(365	)		—			—
Total		(6,921,956	)		(1,889,376	)		(1,924,943	)		(651,837	)		(6,041,695	)
Net Realized and Unrealized Gain (Loss) on Investments		(7,082,891	)		(3,054,202	)		(2,016,036	)		(486,278	)		(2,820,684	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,335,660	)	$	(3,043,715	)	$	(1,525,514	)	$	(399,676	)	$	(2,426,546	)
* Net of fees and foreign witholding tax of	$	188,432		$	—		$	58,453		$	—		$	—

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

161

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022

	Pacer Benchmark Industrial Real Estate SCTRSM ETF			Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF			Pacer CSOP FTSE China A50 ETF			Pacer BioThreat Strategy ETF
INVESTMENT INCOME
Income:
Dividends*	$	7,085,988		$	19,995,099		$	1,228,966		$	196,547		$	85,462
Interest		72			313			6			5			—
Securities Lending Income		21,275			515,275			7,481			—			677
Total Investment Income		7,107,335			20,510,687			1,236,453			196,552			86,139
Expenses:
Management fees		1,930,171			8,615,531			496,031			62,633			42,945
Miscellaneous Expense		18,020			222,244			3,459			559			608
Total Expenses		1,948,191			8,837,775			499,490			63,192			43,553
Net Investment Income (Loss)		5,159,144			11,672,912			736,963			133,360			42,586
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(932,105	)		152,632			(5,946,530	)		(949,871	)		(44,164	)
Net Realized Gain (Loss) on In-Kind Redemptions		29,746,781			94,280,539			166,594			—			568,961
Net Realized Gain (Loss) on Foreign Currency		(366	)		(109,045	)		—			11,544			—
Capital Gain Distributions from Underlying Holdings		—			601,464			—			—			—
Total		28,814,310			94,925,590			(5,779,936	)		(938,327	)		524,797
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(13,555,681	)		(148,312,835	)		787			(1,673,785	)		(1,195,399	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		(260	)		(286	)		—			(100	)		—
Total		(13,555,941	)		(148,313,121	)		787			(1,673,885	)		(1,195,399	)
Net Realized and Unrealized Gain (Loss) on Investments		15,258,369			(51,355,428	)		(5,779,149	)		(2,612,212	)		(670,602	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,417,513		$	(41,714,619	)	$	(5,042,186	)	$	(2,478,852	)	$	(628,016	)
* Net of fees and foreign witholding tax of	$	43,336		$	188,469		$	570		$	21,946		$	2,000

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

162

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022

	Pacer Lunt Large Cap Alternator ETF			Pacer Lunt Midcap Multi-Factor Alternator ETF			Pacer Lunt Large Cap Multi-Factor Alternator ETF			Pacer US Export Leaders ETF
INVESTMENT INCOME
Income:
Dividends*	$	4,568,816		$	456,734		$	2,414,794		$	23,668
Interest		66			6			50			1
Securities Lending Income		14,437			8,331			10,788			294
Total Investment Income		4,583,319			465,071			2,425,632			23,963
Expenses:
Management fees		1,620,632			241,185			918,753			16,143
Miscellaneous Expense		8,059			3,098			5,208			148
Total Expenses		1,628,691			244,283			923,961			16,291
Net Investment Income (Loss)		2,954,628			220,788			1,501,671			7,672
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(42,234,218	)		(6,130,294	)		(16,722,381	)		19,832
Net Realized Gain (Loss) on In-Kind Redemptions		78,914,614			6,294,585			15,371,108			378,356
Total		36,680,396			164,291			(1,351,273	)		398,188
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(40,395,418	)		(5,818,988	)		(22,556,438	)		(755,979	)
Total		(40,395,418	)		(5,818,988	)		(22,556,438	)		(755,979	)
Net Realized and Unrealized Gain (Loss) on Investments		(3,715,022	)		(5,654,697	)		(23,907,711	)		(357,791	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(760,394	)	$	(5,433,909	)	$	(22,406,040	)	$	(350,119	)
* Net of fees and foreign witholding tax of	$	—		$	—		$	1,158		$	52

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

163

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2022

	Pacer Pacific Asset Floating Rate High Income ETF (b)			Pacer Pacific Asset Floating Rate High Income ETF (c)			Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (a)			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (a)
INVESTMENT INCOME
Income:
Dividends*	$	3,897		$	74		$	20,435		$	272,699
Interest		1,528,108			1,097,421			31			5,295
Total Investment Income		1,532,005			1,097,495			20,466			277,994
Expenses:
Management fees		224,013			201,085			13,034			180,757
Miscellaneous Expense		—			—			39			752
Total Expenses		224,013			201,085			13,073			181,509
Net Investment Income (Loss)		1,307,992			896,410			7,393			96,485
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		26,972			(23,314	)		(2,564	)		(151,253	)
Net Realized Gain (Loss) on In-Kind Redemptions		—			—			99,468			—
Net realized gain (loss) on futures		—			—			1,435			9,229
Total		26,972			(23,314	)		98,339			(142,024	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		(1,694,753	)		1,513,865			(191,043	)		(4,176,290	)
Change in Unrealized Appreciation (Depreciation) on Futures		—			—			(5,367	)		(234,793	)
Total		(1,694,753	)		1,513,865			(196,410	)		(4,411,083	)
Net Realized and Unrealized Gain (Loss) on Investments		(1,667,781	)		1,490,551			(98,071	)		(4,553,107	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(359,789	)	$	2,386,961		$	(90,678	)	$	(4,456,622	)
* Net of fees and foreign witholding tax of	$	—		$	285		$	—		$	—

(a) Fund commenced operations on June 21, 2021. The information presented is from June 21, 2021 to April 30, 2022

(b) For the period ended July 1, 2021 to April 30, 2022. Shares of the Predecessor Fund converted Shares at the close of business on October 22, 2021. See Note 1 to the Financial Statements.

(c) For the year ended June 30, 2021. See Note 1 to the Financial Statements.

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

164

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® US Large Cap ETF						Pacer Trendpilot® US Mid Cap ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	13,904,523		$	16,559,388		$	56,543		$	1,319,084
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		552,678,194			115,242,879			57,295,796			25,501,647
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(484,795,449	)		484,413,235			(70,263,447	)		70,012,190
Net Increase (Decrease) in Net Assets Resulting from Operations		81,787,268			616,215,502			(12,911,108	)		96,832,921
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(15,230,924	)		(20,840,884	)		(541,282	)		(2,277,219	)
Total Distributions to Shareholders		(15,230,924	)		(20,840,884	)		(541,282	)		(2,277,219	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		898,356,321			65,551,735			143,753,819			29,031,925
Payments for Shares Redeemed		(1,018,441,915	)		(1,169,993,320	)		(140,882,185	)		(211,163,865	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(120,085,594	)		(1,104,441,585	)		2,871,634			(182,131,940	)
Net Increase (Decrease) in Net Assets	$	(53,529,250	)	$	(509,066,967	)	$	(10,580,756	)	$	(87,576,238	)
NET ASSETS
Beginning of Year	$	1,894,772,327		$	2,403,839,294		$	452,474,282		$	540,050,520
End of Year	$	1,841,243,077		$	1,894,772,327		$	441,893,526		$	452,474,282

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

	Shares			Shares			Shares			Shares
Subscriptions		24,050,000			2,200,000			4,100,000			950,000
Redemptions		(26,850,000	)		(39,400,000	)		(4,000,000	)		(7,300,000	)
Net Increase (Decrease)		(2,800,000	)		(37,200,000	)		100,000			(6,350,000	)

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

165

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® 100 ETF						Pacer Trendpilot® European Index ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	(1,744,134	)	$	90,493		$	728,433		$	278,145
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		120,845,042			236,233,333			4,130,921			(8,218,211	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(143,049,027	)		48,511,580			(7,811,369	)		7,774,742
Net Increase (Decrease) in Net Assets Resulting from Operations		(23,948,119	)		284,835,406			(2,952,015	)		(165,324	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(1,304,636	)		(787,274	)		—
Total Distributions to Shareholders		—			(1,304,636	)		(787,274	)		—
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		283,712,689			392,693,120			—			—
Payments for Shares Redeemed		(354,072,496	)		(632,357,880	)		(5,076,888	)		(36,581,355	)
Transaction Fees (See Note 1)		—			16			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(70,359,807	)		(239,664,744	)		(5,076,888	)		(36,581,355	)
Net Increase (Decrease) in Net Assets	$	(94,307,926	)	$	43,866,026		$	(8,816,177	)	$	(36,746,679	)
NET ASSETS
Beginning of Year	$	783,123,810		$	739,257,784		$	54,740,994		$	91,487,673
End of Year	$	688,815,884		$	783,123,810		$	45,924,817		$	54,740,994

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

	Shares			Shares			Shares			Shares
Subscriptions		5,350,000			7,850,000			—			—
Redemptions		(6,650,000	)		(12,850,000	)		(200,000	)		(1,600,000	)
Net Increase (Decrease)		(1,300,000	)		(5,000,000	)		(200,000	)		(1,600,000	)

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

166

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® International ETF						Pacer Trendpilot® US Bond ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	2,163,374		$	1,539,225		$	35,723,189		$	15,275,302
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		1,497,652			2,055,052			(143,414,988	)		1,270,299
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(20,276,732	)		20,188,051			(55,275,943	)		13,752,423
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,615,706	)		23,782,328			(162,967,742	)		30,298,024
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(3,379,159	)		(994,630	)		(34,403,646	)		(11,952,976	)
Total Distributions to Shareholders		(3,379,159	)		(994,630	)		(34,403,646	)		(11,952,976	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		93,963,710			20,782,070			1,053,288,390			751,806,520
Payments for Shares Redeemed		(74,670,450	)		(63,379,965	)		(746,337,560	)		(74,527,390	)
Transaction Fees (See Note 1)		197			—			—			18,911
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		19,293,457			(42,597,895	)		306,950,830			677,298,041
Net Increase (Decrease) in Net Assets	$	(701,408	)	$	(19,810,197	)	$	109,579,442		$	695,643,089
NET ASSETS
Beginning of Year	$	131,228,274		$	151,038,471		$	839,970,142		$	144,327,053
End of Year	$	130,526,866		$	131,228,274		$	949,549,584		$	839,970,142

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

	Shares			Shares			Shares			Shares
Subscriptions		3,450,000			850,000			38,300,000			27,900,000
Redemptions		(2,750,000	)		(2,650,000	)		(28,200,000	)		(2,900,000	)
Net Increase (Decrease)		700,000			(1,800,000	)		10,100,000			25,000,000

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

167

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® Fund of Funds ETF						Pacer Global Cash Cows Dividend ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	700,617		$	289,076		$	7,323,708		$	5,590,153
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		561,751			707,838			4,266,618			(14,382,265	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(5,824,309	)		6,982,894			(2,367,802	)		44,026,422
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,561,941	)		7,979,808			9,222,524			35,234,310
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(640,806	)		(245,087	)		(6,929,204	)		(5,702,135	)
Total Distributions to Shareholders		(640,806	)		(245,087	)		(6,929,204	)		(5,702,135	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		27,424,105			21,559,740			254,155,400			3,126,310
Payments for Shares Redeemed		(2,982,125	)		(11,944,265	)		(40,421,200	)		(32,868,725	)
Transaction Fees (See Note 1)		—			—			5,547			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		24,441,980			9,615,475			213,739,747			(29,742,415	)
Net Increase (Decrease) in Net Assets	$	19,239,233		$	17,350,196		$	216,033,067		$	(210,240	)
NET ASSETS
Beginning of Year	$	44,728,346		$	27,378,150		$	135,269,406		$	135,479,646
End of Year	$	63,967,579		$	44,728,346		$	351,302,473		$	135,269,406

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

	Shares			Shares			Shares			Shares
Subscriptions		900,000			800,000			7,650,000			100,000
Redemptions		(100,000	)		(450,000	)		(1,300,000	)		(1,250,000	)
Net Increase (Decrease)		800,000			350,000			6,350,000			(1,150,000	)

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

168

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Cash Cows 100 ETF						Pacer US Small Cap Cash Cows 100 ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	25,666,070		$	5,380,746		$	9,347,372		$	238,406
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		122,838,633			46,486,167			6,689,145			12,403,913
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(69,877,441	)		78,216,603			(94,081,950	)		32,162,390
Net Increase (Decrease) in Net Assets Resulting from Operations		78,627,262			130,083,516			(78,045,433	)		44,804,709
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(22,592,335	)		(5,246,948	)		(9,347,348	)		(268,296	)
Return of Capital		—			—			(5,679,191	)		(74,624	)
Total Distributions to Shareholders		(22,592,335	)		(5,246,948	)		(15,026,539	)		(342,920	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		4,463,948,445			336,649,250			798,531,545			267,545,490
Payments for Shares Redeemed		(397,345,830	)		(219,400,055	)		(145,624,255	)		(54,701,560	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		4,066,602,615			117,249,195			652,907,290			212,843,930
Net Increase (Decrease) in Net Assets	$	4,122,637,542		$	242,085,763		$	559,835,318		$	257,305,719
NET ASSETS
Beginning of Year	$	432,112,604		$	190,026,841		$	271,839,663		$	14,533,944
End of Year	$	4,554,750,146		$	432,112,604		$	831,674,981		$	271,839,663

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

	Shares			Shares			Shares			Shares
Subscriptions		93,400,000			9,400,000			18,800,000			7,400,000
Redemptions		(8,700,000	)		(6,650,000	)		(3,450,000	)		(1,600,000	)
Net Increase (Decrease)		84,700,000			2,750,000			15,350,000			5,800,000

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

169

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Developed Markets International Cash Cows 100 ETF						Pacer US Cash Cows Growth ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	1,747,231		$	374,732		$	10,487		$	9,352
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(160,935	)		(2,992,117	)		(1,164,826	)		555,630
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(6,921,956	)		8,873,845			(1,889,376	)		312,180
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,335,660	)		6,256,460			(3,043,715	)		877,162
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(1,413,637	)		(374,692	)		(8,394	)		(11,770	)
Return of Capital		—			—			(5,331	)		—
Total Distributions to Shareholders		(1,413,637	)		(374,692	)		(13,725	)		(11,770	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		100,561,873			3,174,460			39,700,106			7,659,260
Payments for Shares Redeemed		(3,253,781	)		(9,279,055	)		(31,404,510	)		(6,047,890	)
Transaction Fees (See Note 1)		18,489			116			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		97,326,581			(6,104,479	)		8,295,596			1,611,370
Net Increase (Decrease) in Net Assets	$	90,577,284		$	(222,711	)	$	5,238,156		$	2,476,762
NET ASSETS
Beginning of Year	$	20,768,603		$	20,991,314		$	3,621,094		$	1,144,332
End of Year	$	111,345,887		$	20,768,603		$	8,859,250		$	3,621,094

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

	Shares			Shares			Shares			Shares
Subscriptions		3,200,000			100,000			1,000,000			250,000
Redemptions		(100,000	)		(450,000	)		(850,000	)		(200,000	)
Net Increase (Decrease)		3,100,000			(350,000	)		150,000			50,000

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

170

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Emerging Markets Cash Cows 100 ETF						Pacer Cash Cows Fund of Funds ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	490,522		$	65,319		$	86,602		$	38,744
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(91,093	)		190,647			165,559			386,898
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(1,924,943	)		476,172			(651,837	)		368,195
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,525,514	)		732,138			(399,676	)		793,837
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(420,442	)		(51,325	)		(92,538	)		(39,016	)
Total Distributions to Shareholders		(420,442	)		(51,325	)		(92,538	)		(39,016	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		11,756,449			3,443,130			10,590,215			2,595,360
Payments for Shares Redeemed		(2,635,631	)		(1,193,160	)		(3,409,181	)		(2,719,690	)
Transaction Fees (See Note 1)		3,835			4,696			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		9,124,653			2,254,666			7,181,034			(124,330	)
Net Increase (Decrease) in Net Assets	$	7,178,697		$	2,935,479		$	6,688,820		$	630,491
NET ASSETS
Beginning of Year	$	3,891,045		$	955,566		$	1,671,776		$	1,041,285
End of Year	$	11,069,742		$	3,891,045		$	8,360,596		$	1,671,776

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

	Shares			Shares			Shares			Shares
Subscriptions		450,000			150,000			300,000			100,000
Redemptions		(100,000	)		(50,000	)		(100,000	)		(100,000	)
Net Increase (Decrease)		350,000			100,000			200,000			—

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

171

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Benchmark Industrial Real Estate SCTRSM ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	394,138		$	274,560		$	5,159,144		$	1,992,916
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		3,221,011			13,576,065			28,814,310			7,497,477
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(6,041,695	)		1,577,908			(13,555,941	)		33,190,969
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,426,546	)		15,428,533			20,417,513			42,681,362
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(417,075	)		(310,992	)		(3,888,598	)		(2,023,062	)
Return of Capital		—			—			—			(327,809	)
Total Distributions to Shareholders		(417,075	)		(310,992	)		(3,888,598	)		(2,350,871	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		35,129,274			35,612,290			270,265,745			144,392,710
Payments for Shares Redeemed		(47,257,190	)		(54,014,295	)		(101,951,680	)		(32,784,815	)
Transaction Fees (See Note 1)		533			—			60,860			43
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(12,127,383	)		(18,402,005	)		168,374,925			111,607,938
Net Increase (Decrease) in Net Assets	$	(14,971,004	)	$	(3,284,464	)	$	184,903,840		$	151,938,429
NET ASSETS
Beginning of Year	$	48,143,441		$	51,427,905		$	200,085,877		$	48,147,448
End of Year	$	33,172,437		$	48,143,441		$	384,989,717		$	200,085,877

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

	Shares			Shares			Shares			Shares
Subscriptions		1,050,000			1,250,000			5,450,000			4,050,000
Redemptions		(1,450,000	)		(1,900,000	)		(2,150,000	)		(900,000	)
Net Increase (Decrease)		(400,000	)		(650,000	)		3,300,000			3,150,000

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

172

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF						Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	11,672,912		$	9,443,308		$	736,963		$	537,502
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		94,925,590			44,426,650			(5,779,936	)		22,538,856
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(148,313,121	)		81,234,708			787			(253	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(41,714,619	)		135,104,666			(5,042,186	)		23,076,105
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(11,646,957	)		(9,533,565	)		(734,947	)		(557,732	)
Long-Term Capital Gain		(2,032,103	)		—			—
Return of Capital		—			(4,446,515	)		—			—
Total Distributions to Shareholders		(13,679,060	)		(13,980,080	)		(734,947	)		(557,732	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		688,968,095			766,413,780			22,991,205			78,034,485
Payments for Shares Redeemed		(454,063,560	)		(319,943,095	)		(3,708,195	)		(94,224,645	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		234,904,535			446,470,685			19,283,010			(16,190,160	)
Net Increase (Decrease) in Net Assets	$	179,510,856		$	567,595,271		$	13,505,877		$	6,328,213
NET ASSETS
Beginning of Year	$	1,119,809,699		$	552,214,428		$	66,882,591		$	60,554,378
End of Year	$	1,299,320,555		$	1,119,809,699		$	80,388,468		$	66,882,591

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

	Shares			Shares			Shares			Shares
Subscriptions		17,100,000			21,550,000			600,000			2,300,000
Redemptions		(11,550,000	)		(9,050,000	)		(100,000	)		(2,900,000	)
Net Increase (Decrease)		5,550,000			12,500,000			500,000			(600,000	)

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

173

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF						Pacer BioThreat Strategy ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (b)
OPERATIONS
Net Investment Income (Loss)	$	133,360		$	166,067		$	42,586		$	29,096
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(938,327	)		477,886			524,797			552,342
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(1,673,885	)		2,611,715			(1,195,399	)		360,160
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,478,852	)		3,255,668			(628,016	)		941,598
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(153,101	)		(152,212	)		(42,336	)		(29,096	)
Return of Capital		(2,676	)		(2,717	)		—			(352	)
Total Distributions to Shareholders		(155,777	)		(154,929	)		(42,336	)		(29,448	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,373,565			1,246,115			6,439,360			6,545,070
Payments for Shares Redeemed		(3,938,245	)		(2,974,140	)		(4,573,800	)		(2,950,430	)
Transaction Fees (See Note 1)		20,781			1,575			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(1,543,899	)		(1,726,450	)		1,865,560			3,594,640
Net Increase (Decrease) in Net Assets	$	(4,178,528	)	$	1,374,289		$	1,195,208		$	4,506,790
NET ASSETS
Beginning of Year/Period	$	10,366,636		$	8,992,347		$	4,506,790		$	—
End of Year/Period	$	6,188,108		$	10,366,636		$	5,701,998		$	4,506,790

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

	Shares			Shares			Shares			Shares
Subscriptions		100,000			50,000			200,000			250,000
Redemptions		(200,000	)		(150,000	)		(150,000	)		(100,000	)
Net Increase (Decrease)		(100,000	)		(100,000	)		50,000			150,000

(b) Commencement of operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021.

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

174

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Alternator ETF						Pacer Lunt Midcap Multi Factor Alternator ETF
	For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (b)			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (b)
OPERATIONS
Net Investment Income (Loss)	$	2,954,628		$	712,468		$	220,788		$	42,541
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		36,680,396			7,991,935			164,291			5,345,966
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(40,395,418	)		19,790,385			(5,818,988	)		3,124,756
Net Increase (Decrease) in Net Assets Resulting from Operations		(760,394	)		28,494,788			(5,433,909	)		8,513,263
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(2,774,225	)		(689,136	)		(220,791	)		(42,541	)
Return of Capital		—			—			(18,230	)		(15,796	)
Total Distributions to Shareholders		(2,774,225	)		(689,136	)		(239,021	)		(58,337	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1,047,719,120			182,475,575			69,078,310			71,744,085
Payments for Shares Redeemed		(620,083,945	)		(79,928,235	)		(63,219,085	)		(44,979,605	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		427,635,175			102,547,340			5,859,225			26,764,480
Net Increase (Decrease) in Net Assets	$	424,100,556		$	130,352,992		$	186,295		$	35,219,406
NET ASSETS
Beginning of Year/Period	$	130,352,992		$	—		$	35,219,406		$	—
End of Year/Period	$	554,453,548		$	130,352,992		$	35,405,701		$	35,219,406

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

	Shares			Shares			Shares			Shares
Subscriptions		23,550,000			6,200,000			1,900,000			2,400,000
Redemptions		(13,900,000	)		(3,000,000	)		(1,750,000	)		(1,450,000	)
Net Increase (Decrease)		9,650,000			3,200,000			150,000			950,000

(b) Commencement of operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021.

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

175

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Large Cap Multi Factor Alternator ETF						Pacer US Export Leaders ETF
	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021 (b)			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	1,501,671		$	186,010		$	7,672		$	7,012
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,351,273	)		6,671,002			398,188			307,405
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(22,556,438	)		1,283,470			(755,979	)		435,081
Net Increase (Decrease) in Net Assets Resulting from Operations		(22,406,040	)		8,140,482			(350,119	)		749,498
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(1,367,759	)		(164,989	)		(7,727	)		(7,574	)
Return of Capital		—			—			(804	)		—
Total Distributions to Shareholders		(1,367,759	)		(164,989	)		(8,531	)		(7,574	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		367,366,855			85,462,130			4,175,840			2,874,230
Payments for Shares Redeemed		(119,751,630	)		(50,184,270	)		(2,010,389	)		(2,852,995	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		247,615,225			35,277,860			2,165,451			21,235
Net Increase (Decrease) in Net Assets	$	223,841,426		$	43,253,353		$	1,806,801		$	763,159
NET ASSETS
Beginning of Year/Period	$	43,253,353		$	—		$	2,020,562		$	1,257,403
End of Year/Period	$	267,094,779		$	43,253,353		$	3,827,363		$	2,020,562

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

	Shares			Shares			Shares			Shares
Subscriptions		9,200,000			2,650,000			100,000			100,000
Redemptions		(3,000,000	)		(1,500,000	)		(50,000	)		(100,000	)
Net Increase (Decrease)		6,200,000			1,150,000			50,000			—

(b) Commencement of operations on June 24, 2020. The information presented is from June 24, 2020 to April 30, 2021.

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

176

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

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

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

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

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

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

177

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF			Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF
	For the Year Ended April 30, 2022 (a)			For the Year Ended April 30, 2022 (a)
OPERATIONS
Net Investment Income (Loss)	$	7,393		$	96,485
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		98,339			(142,024	)
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts		(196,410	)		(4,411,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(90,678	)		(4,456,622	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(7,393	)		(96,485	)
Return of Capital		(53,832	)		(1,275,430	)
Total Distributions to Shareholders		(61,225	)		(1,371,915	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		3,093,585			60,883,974
Payments for Shares Redeemed		(1,077,040	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		2,016,545			60,883,974
Net Increase (Decrease) in Net Assets	$	1,864,642		$	55,055,437
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	1,864,642		$	55,055,437

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

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

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

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

178

Pacer Trendpilot^® US Large Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

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

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

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

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

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

179

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

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

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

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

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

(d) Represents less than $0.005.

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

180

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	54.01		$	37.91		$	36.00		$	31.16		$	26.32
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		(0.13	)		0.01			0.15			0.26			0.11
Net Realized and Unrealized Gain (Loss) on Investments (c)		(1.70	)		16.17			1.94			4.73			4.83
Total from Investment Operations		(1.83	)		16.18			2.09			4.99			4.94
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		—			(0.08	)		(0.18	)		(0.15	)		(0.10	)
Total Distributions		—			(0.08	)		(0.18	)		(0.15	)		(0.10	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 6)		—			0.00	(d)		—			—			—
Net Asset Value, End of Period	$	52.18		$	54.01		$	37.91		$	36.00		$	31.16
Total Return		-3.38	%		42.69	%		5.78	%		16.04	%		18.78	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	688,816		$	783,124		$	739,258		$	502,173		$	211,906
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		-0.22	%		0.01	%		0.40	%		0.76	%		0.38	%
Portfolio Turnover Rate (b)		7	%		6	%		61	%		107	%		3	%

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

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

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

(d) Represents less than $0.005.

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

181

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	24.33		$	23.76		$	26.77		$	29.66		$	27.03
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.34			0.10			0.54			0.74			0.51
Net Realized and Unrealized Gain (Loss) on Investments (d)		(1.89	)		0.47			(2.61	)		(3.16	)		2.31
Total from Investment Operations		(1.55	)		0.57			(2.07	)		(2.42	)		2.82
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.38	)		—			(0.94	)		(0.47	)		(0.19	)
Total Distributions		(0.38	)		—			(0.94	)		(0.47	)		(0.19	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—	(b)		—			—			—			—
Net Asset Value, End of Period	$	22.40		$	24.33		$	23.76		$	26.77		$	29.66
Total Return		-6.47	%		2.38	%		-8.18	%		-8.07	%		10.43	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	45,925		$	54,741		$	91,488		$	183,379		$	158,703
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.66	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		1.39	%		0.43	%		2.04	%		2.77	%		1.69	%
Portfolio Turnover Rate (c)		7	%		506	%		12	%		396	%		228	%

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

(b) Represents less than $0.005.

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

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

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

182

Pacer Trendpilot^® International ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	28.22		$	23.42		$	24.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.44			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments (f)		(3.57	)		4.72			(1.55	)
Total from Investment Operations		(3.13	)		5.00			(1.23	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.69	)		(0.20	)		(0.26	)
Total Distributions		(0.69	)		(0.20	)		(0.26	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(g)		—			—
Net Asset Value, End of Period	$	24.40		$	28.22		$	23.42
Total Return		-11.46	%		21.46	%		-5.08	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	130,527		$	131,228		$	151,038
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%(d)
Net Investment Income (Loss) to Average Net Assets		1.56	%		1.15	%		1.26	%(d)
Portfolio Turnover Rate (e)		202	%		161	%		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) Excludes the impact of in-kind transactions.

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

(g) Represents less than $0.005.

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

183

Pacer Trendpilot^® US Bond ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	27.45		$	25.77		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.80			1.09			0.33
Net Realized and Unrealized Gain (Loss) on Investments (f)		(4.17	)		1.34			0.72
Total from Investment Operations		(3.37	)		2.43			1.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.75	)		(0.75	)		(0.28	)
Total Distributions		(0.75	)		(0.75	)		(0.28	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	(g)		—
Net Asset Value, End of Period	$	23.33		$	27.45		$	25.77
Total Return		-12.54	%		9.53	%		4.24	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	949,550		$	839,970		$	144,327
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		3.01	%		4.04	%		2.47	%(d)
Portfolio Turnover Rate (e)		652	%		55	%		131	%(c)

(a) Commencement of operations on October 22, 2019.

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

(c) Not annualized.

(d) Annualized.

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

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

(g) Represents less than $0.005.

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

184

Pacer Trendpilot^® Fund of Funds ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	29.82		$	23.81		$	25.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)(c)		0.35			0.22			0.26
Net Realized and Unrealized Gain (Loss) on Investments (h)		(2.07	)		5.96			(1.59	)
Total from Investment Operations		(1.72	)		6.18			(1.33	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.29	)		(0.17	)		(0.25	)
Total Distributions		(0.29	)		(0.17	)		(0.25	)
Net Asset Value, End of Period	$	27.81		$	29.82		$	23.81
Total Return		-5.87	%		26.02	%		-5.37	%(d)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	63,968		$	44,728		$	27,378
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (f)		0.15	%		0.15	%		0.15	%(e)
Net Investment Income (Loss) to Average Net Assets (f)		1.16	%		0.82	%		1.03	%(e)
Portfolio Turnover Rate (g)		5	%		29	%		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) Excludes the impact of in-kind transactions.

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

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

185

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	31.10		$	24.63		$	31.19		$	30.75		$	28.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		1.39			1.17			1.32			1.21			1.07
Net Realized and Unrealized Gain (Loss) on Investments (c)		1.69			6.51			(6.60	)		0.43			2.01
Total from Investment Operations		3.08			7.68			(5.28	)		1.64			3.08
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.35	)		(1.21	)		(1.28	)		(1.20	)		(0.93	)
Total Distributions		(1.35	)		(1.21	)		(1.28	)		(1.20	)		(0.93	)
CAPITAL SHARE TRANSACTIONS
Transactions Fees (see Note 1)		—	(d)		—			—			—			—
Net Asset Value, End of Period	$	32.83		$	31.10		$	24.63		$	31.19		$	30.75
Total Return		10.22	%		32.05	%		-17.32	%		5.56	%		10.86	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	351,302		$	135,269		$	135,480		$	210,505		$	173,710
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60%			0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		4.32%			4.32	%		4.52	%		4.00	%		3.50	%
Portfolio Turnover Rate (b)		39%			76	%		91	%		74	%		76	%

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

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

(c) 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.

(d) Represents less than $0.005.

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

186

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
Net Asset Value, Beginning of Period	$	41.95		$	25.17		$	29.72		$	28.98		$	26.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.84			0.71			0.77			0.53			0.61
Net Realized and Unrealized Gain (Loss) on Investments (c)		5.87			16.76			(4.55	)		0.67			2.84
Total from Investment Operations		6.71			17.47			(3.78	)		1.20			3.45
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.72	)		(0.69	)		(0.77	)		(0.46	)		(0.60	)
Total Distributions		(0.72	)		(0.69	)		(0.77	)		(0.46	)		(0.60	)
Net Asset Value, End of Period	$	47.94		$	41.95		$	25.17		$	29.72		$	28.98
Total Return		16.08	%		70.43	%		-12.63	%		4.28	%		13.35	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,554,750		$	432,113		$	190,027		$	266,018		$	28,981
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		1.78	%		2.23	%		2.73	%		1.82	%		2.16	%
Portfolio Turnover Rate (b)		114	%		104	%		85	%		122	%		101	%

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

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

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

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

187

Pacer US Small Cap Cash Cows 100 ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	41.82		$	20.76		$	25.88		$	26.17		$	24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.72			0.11			0.27			0.32			0.28
Net Realized and Unrealized Gain (Loss) on Investments (f)		(3.37	)		21.13			(5.12	)		(0.29	)		1.38
Total from Investment Operations		(2.65	)		21.24			(4.85	)		0.03			1.66
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.67	)		(0.14	)		(0.27	)		(0.32	)		(0.27	)
Distributions from Return of Capital		(0.44	)		(0.04	)		—			—			—
Total Distributions		(1.11	)		(0.18	)		(0.27	)		(0.32	)		(0.27	)
Net Asset Value, End of Period	$	38.06		$	41.82		$	20.76		$	25.88		$	26.17
Total Return		-6.57	%		102.70	%		-18.72	%		0.20	%		6.69	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	831,675		$	271,840		$	14,534		$	50,474		$	5,233
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.59	%		0.59	%		0.59	%		0.59	%(d)
Net Investment Income (Loss) to Average Net Assets		1.70	%		0.33	%		1.11	%		1.21	%		1.25	%(d)
Portfolio Turnover Rate (e)		133	%		123	%		128	%		123	%		97	%(c)

(a) Commencement of operations on June 16, 2017.

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

(c) Not annualized.

(d) Annualized.

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

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

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

188

Pacer Developed Markets International Cash Cows 100 ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	31.95		$	20.99		$	27.08		$	28.91		$	25.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		1.03			0.66			0.74			0.85			0.60
Net Realized and Unrealized Gain (Loss) on Investments (f)		(2.43	)		10.98			(6.05	)		(2.01	)		3.53
Total from Investment Operations		(1.40	)		11.64			(5.31	)		(1.16	)		4.13
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.87	)		(0.68	)		(0.78	)		(0.67	)		(0.31	)
Total Distributions		(0.87	)		(0.68	)		(0.78	)		(0.67	)		(0.31	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.00	(g)		—			—			—
Net Asset Value, End of Period	$	29.69		$	31.95		$	20.99		$	27.08		$	28.91
Total Return		-4.48	%		56.41	%		-20.04	%		-3.92	%		16.48	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	111,346		$	20,769		$	20,991		$	33,844		$	20,235
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%(d)
Net Investment Income (Loss) to Average Net Assets		3.28	%		2.52	%		2.96	%		3.18	%		2.42	%(d)
Portfolio Turnover Rate (e)		71	%		83	%		149	%		80	%		25	%(c)

(a) Commencement of operations on June 16, 2017.

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

(c) Not annualized.

(d) Annualized.

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

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

(g) Represents less than $0.005.

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

189

Pacer US Cash Cows Growth ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	36.21		$	22.89		$	24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.04			0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments (f)		(0.75	)		13.37			(1.90	)
Total from Investment Operations		(0.71	)		13.51			(1.62	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.04	)		(0.19	)		(0.27	)
Distributions from Return of Capital		(0.02	)		—			—
Total Distributions		(0.06	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	35.44		$	36.21		$	22.89
Total Return		-1.98	%		59.29	%		-6.52	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	8,859		$	3,621		$	1,144
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.10	%		0.43	%		1.16	%(d)
Portfolio Turnover Rate (e)		76	%		170	%		166	%(c)

(a) Commencement of operations on May 2, 2019.

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

(c) Not annualized.

(d) Annualized.

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

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

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

190

Pacer Emerging Markets Cash Cows 100 ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	25.94		$	19.11		$	24.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		1.36			0.72			1.05
Net Realized and Unrealized Gain (Loss) on Investments (f)		(4.03	)		6.91			(4.81	)
Total from Investment Operations		(2.67	)		7.63			(3.76	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.14	)		(0.85	)		(2.08	)
Total Distributions		(1.14	)		(0.85	)		(2.08	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.05			0.00
Net Asset Value, End of Period	$	22.14		$	25.94		$	19.11
Total Return		-10.67	%		41.19	%		-16.76	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	11,070		$	3,891		$	956
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.71	%		0.70	%		0.70	%(d)
Net Investment Income (Loss) to Average Net Assets		5.50	%		3.12	%		4.43	%(d)
Portfolio Turnover Rate (e)		97	%		109	%		144	%(c)

(a) Commencement of operations on May 2, 2019.

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

(c) Not annualized.

(d) Annualized.

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

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

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

191

Pacer Cash Cows Fund of Funds ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)
Net Asset Value, Beginning of Period	$	33.44		$	20.83		$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)(c)		0.79			0.55			0.53
Net Realized and Unrealized Gain (Loss) on Investments (h)		—			12.56			(4.46	)
Total from Investment Operations		0.79			13.11			(3.93	)
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.79	)		(0.50	)		(0.55	)
Return of Capital		—			—			(0.00	)(i)
Total Distributions		(0.79	)		(0.50	)		(0.55	)
Net Asset Value, End of Period	$	33.44		$	33.44		$	20.83
Total Return		2.29	%		63.73	%		-15.71	%(d)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	8,361		$	1,672		$	1,041
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (f)		0.16	%		0.15	%		0.15	%(e)
Net Investment Income (Loss) to Average Net Assets (f)		2.27	%		2.09	%		2.27	%(e)
Portfolio Turnover Rate (g)		26	%		9	%		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) Excludes the impact of in-kind transactions.

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

(i) Less than $0.005.

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

192

Pacer WealthShield ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	32.10		$	23.92		$	25.02		$	25.02		$	25.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.26			0.14			0.33			0.38			0.10
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.94	)		8.20			(1.10	)		(0.01	)		(0.05	)
Total from Investment Operations		(1.68	)		8.34			(0.77	)		0.37			0.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.26	)		(0.16	)		(0.33	)		(0.37	)		(0.05	)
Total Distributions		(0.26	)		(0.16	)		(0.33	)		(0.37	)		(0.05	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—	(g)		—			—			—			—
Net Asset Value, End of Period	$	30.16		$	32.10		$	23.92		$	25.02		$	25.02
Total Return		-5.30	%		35.00	%		-3.04	%		1.43	%		0.23	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	33,172		$	48,143		$	51,428		$	110,078		$	62,539
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.61	%		0.60	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.79	%		0.53	%		1.38	%		1.52	%		1.04	%(d)
Portfolio Turnover Rate (e)		448	%		227	%		676	%		542	%		131	%(c)

(a) Commencement of operations on December 11, 2017.

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

(c) Not annualized.

(d) Annualized.

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

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

(g) Less than $0.005.

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

193

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	42.12		$	30.09		$	29.42		$	24.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.78			0.63			0.77			0.65
Net Realized and Unrealized Gain (Loss) on Investments (f)		5.48			12.08			0.52			4.61
Total from Investment Operations		6.26			12.71			1.29			5.26
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.57	)		(0.58	)		(0.61	)		(0.67	)
Return of Capital		—			(0.10	)		—			—
Long-Term Capital Gain		—			—			(0.01	)		—
Total Distributions		(0.57	)		(0.68	)		(0.62	)		(0.67	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.00	(g)		—			—
Net Asset Value, End of Period	$	47.82		$	42.12		$	30.09		$	29.42
Total Return		14.88	%		42.70	%		4.38	%		21.62	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	384,990		$	200,086		$	48,147		$	7,356
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.61	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		1.60	%		1.75	%		2.40	%		2.60	%(d)
Portfolio Turnover Rate (e)		43	%		13	%		29	%		36	%(c)

(a) Commencement of operations on May 14, 2018.

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

(c) Not annualized.

(d) Annualized.

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

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

(g) Less than $0.005.

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

194

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	38.48		$	33.27		$	28.36		$	24.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.32			0.36			0.54			0.39
Net Realized and Unrealized Gain (Loss) on Investments (f)		(0.91	)		5.39			4.92			3.93
Total from Investment Operations		(0.59	)		5.75			5.46			4.32
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.33	)		(0.37	)		(0.49	)		(0.44	)
Long-Term Capital Gain		(0.06	)		0.00			0.00			(0.01	)
Return of Capital		0.00			(0.17	)		(0.06	)		(0.18	)
Total Distributions		(0.39	)		(0.54	)		(0.55	)		(0.63	)
Net Asset Value, End of Period	$	37.50		$	38.48		$	33.27		$	28.36
Total Return		-1.63	%		17.46	%		19.50	%		17.89	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,299,321		$	1,119,810		$	552,214		$	22,691
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.62	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.81	%		1.02	%		1.70	%		1.55	%(d)
Portfolio Turnover Rate (e)		23	%		30	%		28	%		27	%(c)

(a) Commencement of operations on May 15, 2018.

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

(c) Not annualized.

(d) Annualized.

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

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

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

195

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	37.16		$	25.23		$	28.16		$	25.01
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.34			0.26			0.50			0.25
Net Realized and Unrealized Gain (Loss) on Investments (g)		(2.21	)		11.95			(3.00	)		3.11
Total from Investment Operations		(1.87	)		12.21			(2.50	)		3.36
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Total Distributions		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Net Asset Value, End of Period	$	34.95		$	37.16		$	25.23		$	28.16
Total Return (f)		-5.11	%		48.66	%		-8.80	%		13.67	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	80,388		$	66,883		$	60,554		$	7,040
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.89	%		0.89	%		1.75	%		1.23	%(d)
Portfolio Turnover Rate (e)		225	%		217	%		225	%		262	%(c)

(a) Commencement of operations on July 23, 2018.

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

(c) Not annualized.

(d) Annualized.

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

(f) Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022, 2021, 2020 and 2019.

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

(g) Represents less than $0.005.

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

196

Pacer CSOP FTSE China A50 ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
Net Asset Value, Beginning of Period	$	22.74		$	16.18		$	16.85		$	15.30		$	16.74
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.31			0.36			(0.07	)		0.31			0.31
Net Realized and Unrealized Gain (Loss) on Investments (f)		(5.33	)		6.54			0.15			1.48			(0.59	)
Total from Investment Operations		(5.02	)		6.90			0.08			1.79			(0.28	)
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.37	)		(0.33	)		(0.71	)		(0.24	)		(1.16	)
Return of Capital		(0.01	)		(0.01	)		(0.04	)		—			—
Total Distributions		(0.38	)		(0.34	)		(0.75	)		(0.24	)		(1.16	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.05			0.00	(g)		—			—			—
Net Asset Value, End of Period	$	17.39		$	22.74		$	16.18		$	16.85		$	15.30
Total Return		-22.15	%		42.73	%		0.14	%(c)		12.05	%		-2.34	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	6,188		$	10,367		$	8,992		$	12,740		$	9,269
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.71	%		0.70	%		0.70	%(d)		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		1.49	%		1.73	%		-0.66	%(d)		1.97	%		1.84	%
Portfolio Turnover Rate (e)		59	%		32	%		193	%(c)		45	%		20	%

(a) For the period October 1, 2019 to April 30, 2020.

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

(c) Not annualized.

(d) Annualized.

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

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

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

197

Pacer BioThreat Strategy ETF

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

	For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (a)
Net Asset Value, Beginning of Period	$	30.05		$	24.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.22			0.16
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.52	)		5.53
Total from Investment Operations		(1.30	)		5.69
LESS DISTRIBUTIONS:
Distributions from:		(0.24	)		(0.15	)
Net Investment Income		—			—	(g)
Return of Capital		(0.24	)		(0.15	)
Net Asset Value, End of Period	$	28.51		$	30.05
Total Return		-4.41	%		23.23	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	5,702		$	4,507
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.71	%		0.70	%(d)
Net Investment Income (Loss) to Average Net Assets		0.69	%		0.65	%(d)
Portfolio Turnover Rate (e)		17	%		5	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

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

(g) Represents less than $0.005.

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

198

Pacer Lunt Large Cap Alternator ETF

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

	For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (a)
Net Asset Value, Beginning of Period	$	40.74		$	23.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.48			0.41
Net Realized and Unrealized Gain (Loss) on Investments (f)		2.36			17.16
Total from Investment Operations		2.84			17.57
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.43	)		(0.41	)
Total Distributions		(0.43	)		(0.41	)
Net Asset Value, End of Period	$	43.15		$	40.74
Total Return		6.97	%		74.99	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	554,454		$	130,353
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		1.09	%		1.59	%(d)
Portfolio Turnover Rate (e)		722	%		193	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

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

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

199

Pacer Lunt Midcap Multi-Factor Alternator ETF

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

	For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (a)
Net Asset Value, Beginning of Period	$	37.07		$	23.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.20			0.07
Net Realized and Unrealized Gain (Loss) on Investments (f)		(4.87	)		13.26
Total from Investment Operations		(4.67	)		13.33
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.19	)		(0.07	)
Distributions from Return of Capital		(0.02	)		(0.03	)
Total Distributions		(0.21	)		(0.10	)
Net Asset Value, End of Period	$	32.19		$	37.07
Total Return		-12.66	%		56.04	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	35,406		$	35,219
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.61	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.55	%		0.27	%(d)
Portfolio Turnover Rate (e)		529	%		322	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

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

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

200

Pacer Lunt Large Cap Multi-Factor Alternator ETF

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

	For the Year Ended April 30, 2022			For the Period Ended April 30, 2021 (a)
Net Asset Value, Beginning of Period	$	37.61		$	24.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.39			0.32
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.33	)		13.14
Total from Investment Operations		(0.94	)		13.46
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.33	)		(0.27	)
Total Distributions		(0.33	)		(0.27	)
Net Asset Value, End of Period	$	36.34		$	37.61
Total Return		-2.58	%		55.41	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	267,095		$	43,253
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.98	%		1.19	%(d)
Portfolio Turnover Rate (e)		434	%		304	%(c)

(a) Commencement of operations on June 24, 2020.

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

(c) Not annualized.

(d) Annualized.

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

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

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

201

Pacer US Export Leaders ETF

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

	For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019 (a)
Net Asset Value, Beginning of Period	$	40.41		$	25.15		$	25.97		$	24.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.12			0.14			0.16			0.09
Net Realized and Unrealized Gain (Loss) on Investments (f)		(2.13	)		15.27			(0.82	)		0.98
Total from Investment Operations		(2.01	)		15.41			(0.66	)		1.07
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.12	)		(0.15	)		(0.16	)		(0.08	)
Distribution from Return of Capital		(0.01	)		—			—			—
Total Distributions		(0.13	)		(0.15	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	38.27		$	40.41		$	25.15		$	25.97
Total Return		-5.00	%		61.47	%		-2.53	%		4.33	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,827		$	2,021		$	1,257		$	1,298
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.61	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income (Loss) to Average Net Assets		0.29	%		0.43	%		0.61	%		0.50	%(d)
Portfolio Turnover Rate (e)		79	%		111	%		79	%		55	%(c)

(a) Commencement of operations on July 23, 2018.

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

(c) Not annualized.

(d) Annualized.

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

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

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

202

Pacer Pacific Asset Floating Rate High Income ETF

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

	For the Period Ended April 30, 2022(a)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019			For the Year Ended June 30, 2018			For the Year Ended June 30, 2017
Net Asset Value, Beginning of Period	$	48.90		$	46.52		$	48.73		$	48.87		$	49.35		$	48.73
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		1.47			1.47			1.90			2.10			1.78			1.73
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.29	)		2.47			(2.20	)		(0.15	)		(0.63	)		0.58
Total from Investment Operations		0.18			3.94			(0.30	)		1.95			1.15			2.31
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.32	)		(1.56	)		(1.91	)		(2.09	)		(1.63	)		(1.69	)
Total Distributions		(1.32	)		(1.56	)		(1.91	)		(2.09	)		(1.63	)		(1.69	)
Net Asset Value, End of Period	$	47.76		$	48.90		$	46.52		$	48.73		$	48.87		$	49.35
Total Return		0.34	%(c)		8.63	%		-0.70	%		4.09	%		2.36	%		4.78	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	81,663		$	31,788		$	27,911		$	29,240		$	29,323		$	27,143
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.62	%		0.68	%		1.06	%		1.63	%		1.62	%		1.39	%
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		N/A			0.86	%		1.10	%		1.10	%		1.10	%		1.10	%
Net Investment Income (Loss) to Average Net Assets		3.63	%		3.04	%		3.98	%		4.31	%		3.61	%		3.49	%
Portfolio Turnover Rate (e)		37	%(c)		35	%		48	%		70	%		73	%		52	%

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

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

(c) Not annualized.

(d) Annualized.

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

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

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

203

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2022 (a)
Net Asset Value, Beginning of Period	$	40.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.15
Net Realized and Unrealized Gain (Loss) on Investments (f)		(2.15	)
Total from Investment Operations		(2.00	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.15	)
Distributions from Return of Capital		(1.07	)
Total Distributions		(1.22	)
Net Asset Value, End of Period	$	37.29
Total Return		-5.21	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,865
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%(d)
Net Investment Income (Loss) to Average Net Assets		0.45	%(d)
Portfolio Turnover Rate (e)		57	%(c)

(a) Commencement of operations on July 12, 2021.

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

(c) Not annualized.

(d) Annualized.

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

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

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

204

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2022 (a)
Net Asset Value, Beginning of Period	$	34.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.12
Net Realized and Unrealized Gain (Loss) on Investments (f)		(1.73	)
Total from Investment Operations		(1.61	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.10	)
Distributions from Return of Capital		(1.30	)
Total Distributions		(1.40	)
Net Asset Value, End of Period	$	31.64
Total Return		-5.00	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	55,055
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%(d)
Net Investment Income (Loss) to Average Net Assets		0.42	%(d)
Portfolio Turnover Rate (e)		7	%(c)

(a) Commencement of operations on July 12, 2021.

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

(c) Not annualized.

(d) Annualized.

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

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

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

205

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, PSCX, PSMD, PSFD, PSFF, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, ODDS and BULD’s fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, TRPL which generally consist of 25,000 shares, QDPL which generally consist of 305,000 shares and FLRT which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Pacific Global Senior Loan ETF (FLRT or the “Predecessor Fund”) is the successor to interest and has the same investment objective that was included as a series of another investment company, Pacific Global ETF Trust, and that was advised by Pacific Global Advisors LLC and Sub-Advised by Pacific Asset Management LLC. On October 20, 2021, the shareholders of the Predecessor Fund approved the tax-free reorganization of the Predecessor Fund with and into Pacer Pacific Asset Floating Rate High Income ETF, and effective as of the close of business on October 22, 2021, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of Pacer Pacific Asset Floating Rate High Income ETF. For financial reporting purposes, assets received and shares issued by FLRT were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of FLRT’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by Pacer Pacific Asset Floating Rate High Income ETF in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was June 30. The reporting period ended April 30, 2022 for FLRT is July 1, 2021 through April 30, 2022. Operations prior to October 25, 2021 were for the Predecessor Fund. The net assets were $36,716,030, including $47,406 of net unrealized appreciation, $24,639 of undistributed (accumulated) net investment income, and ($649,269) of undistributed (accumulated) net realized loss and shares outstanding were 750,000, all of which were transferred into the Trust at NAV at the close of business on October 22, 2021.

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer Trendpilot® US Large Cap ETF		PTLC		June 11, 2015		Cboe	$	500	*
Pacer Trendpilot® US Mid Cap ETF		PTMC		June 11, 2015		Cboe		500	*
Pacer Trendpilot® 100 ETF		PTNQ		June 11, 2015		Cboe		300
Pacer Trendpilot® European Index ETF		PTEU		December 14, 2015		Cboe		2,000	*
Pacer Trendpilot® International ETF		PTIN		May 2, 2019		NYSE		8,000	*
Pacer Trendpilot® US Bond ETF		PTBD		October 22, 2019		NYSE		500	*

206

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer Trendpilot® Fund of Funds ETF		TRND		May 3, 2019		NYSE	$	300
Pacer Global Cash Cows Dividend ETF		GCOW		February 22, 2016		Cboe		1,500
Pacer US Cash Cows 100 ETF		COWZ		December 16, 2016		Cboe		300
Pacer US Small Cap Cash Cows 100 ETF		CALF		June 16, 2017		Cboe		300
Pacer Developed Markets International Cash Cows 100 ETF		ICOW		June 16, 2017		Cboe		1,500
Pacer US Cash Cows Growth ETF		BUL		May 2, 2019		NYSE		300
Pacer Emerging Markets Cash Cows 100 ETF		ECOW		May 2, 2019		Nasdaq		1,750
Pacer Cash Cows Fund of Funds ETF		HERD		May 3, 2019		Nasdaq		300
Pacer WealthShield ETF		PWS		December 11, 2017		Cboe		500
Pacer Benchmark Industrial Real Estate SCTRSM ETF		INDS		May 14, 2018		NYSE		300
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF		SRVR		May 15, 2018		NYSE		300
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF		SZNE		July 23, 2018		NYSE		500
Pacer CSOP FTSE China A50 ETF		AFTY		March 10, 2015		NYSE		300
Pacer BioThreat Strategy ETF		VIRS		June 24, 2020		Cboe		300
Pacer Lunt Large Cap Alternator ETF		ALTL		June 24, 2020		NYSE		300
Pacer Lunt Midcap Multi-Factor Alternator ETF		PAMC		June 24, 2020		NYSE		300
Pacer Lunt Large Cap Multi-Factor Alternator ETF		PALC		June 24, 2020		NYSE		300
Pacer US Export Leaders ETF		PEXL		July 23, 2018		NYSE		300
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF		TRPL		July 12, 2021		NYSE		300
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF		QDPL		July 12, 2021		NYSE		300
Pacer Pacific Asset Floating Rate High Income ETF		FLRT		February 18, 2015		NYSE		300

* For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

Ticker	Index	Diversification
PTLC	Pacer Trendpilot® US Large Cap Index	Diversified
PTMC	Pacer Trendpilot® US Mid-Cap Index	Diversified
PTNQ	Pacer NASDAQ-100 Trendpilot® Index	Non-Diversified
PTEU	Pacer Trendpilot® European Index	Diversified
PTIN	Pacer Trendpilot® International Index	Diversified
PTBD	Pacer Trendpilot® US Bond Index	Diversified
TRND	Pacer Trendpilot Fund of Funds Index	Diversified
GCOW	Pacer Global Cash Cows High Dividends 100 Index	Diversified
COWZ	Pacer US Cash Cows 100 Index	Diversified
CALF	Pacer US Small Cap Cash Cows Index	Diversified
ICOW	Pacer Developed Markets International Cash Cows 100 Index	Diversified
BUL	Pacer US Cash Cows Growth Index	Non-Diversified
ECOW	Pacer Emerging Markets Cash Cows 100 Index	Non-Diversified
HERD	Pacer Cash Cows Fund of Funds Index	Non-Diversified
PWS	Pacer WealthShield Index	Non-Diversified
INDS	Kelly Industrial Real Estate Index	Non-Diversified
SRVR	Kelly Data Center & Tech Infrastructure Index	Non-Diversified
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index	Non-Diversified
AFTY	FTSE China A50 Net Total Return Index	Diversified
VIRS	LifeSci BioThreat Strategy Index	Non-Diversified
ALTL	Lunt Capital U.S. Large Cap Equity Rotation Index	Non-Diversified
PAMC	Lunt Capital U.S. MidCap Multi-Factor Rotation Index	Non-Diversified

207

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

Ticker	Index	Diversification
PALC	Lunt Capital U.S. Large Cap Multi-Factor Rotation Index	Non-Diversified
PEXL	US Export Leaders Index	Non-Diversified
TRPL	Metaurus US Large Cap Dividend Multiplier Index – Series 300	Non-Diversified
QDPL	Metaurus US Large Cap Dividend Multiplier Index – Series 400	Non-Diversified

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.

Deposit accounts are valued at acquisition cost, which approximates fair value.

Any securities for which there are no readily available market quotations and other assets will be valued at their fair value as determined in good faith by the Fair Value Pricing Committee using the Fair Value Procedures approved by the Board of Trustees (the “Board”).

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

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.

208

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2022:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Short-Term Investments	$	303,238,097	$	885,388,126	$	—	$	—		1,188,626,223
Investments Purchased with Proceeds from Securities Lending		—		—		—		9,260,305		9,260,305
Total Investments in Securities	$	303,238,097	$	885,388,126	$	—	$	9,260,305	$	1,197,886,528

^ See Schedule of Investments for industry breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Short-Term Investments	$	282,122,221	$	159,984,133	$	—	$	—		442,106,354
Total Investments in Securities	$	282,122,221	$	159,984,133	$	—	$	—	$	442,106,354

^ See Schedule of Investments for industry breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Short-Term Investments	$	15,943,812	$	673,218,612	$	—	$	—		689,162,424
Investments Purchased with Proceeds from Securities Lending		—		—		—		102,000,000		102,000,000
Total Investments in Securities	$	15,943,812	$	673,218,612	$	—	$	102,000,000	$	791,162,424

^ See Schedule of Investments for industry breakouts.

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	5,029	$	—	$	34,030	$	—	$	39,059
Short-Term Investments		5,551,951		39,985,443		—		—		45,537,394
Total Investments in Securities	$	5,556,980	$	39,985,443	$	34,030	$	—	$	45,576,453

^ See Schedule of Investments for country breakouts.

209

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:    

PTEU(a)	Balance as of 4/30/2021	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 4/30/2022
Common Stocks	$ 7,265	$ —	$ (889)	$ —	$ —	$ 27,654	$ —	$ 34,030

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

PTEU	Fair Value as of 4/30/2022		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	6,376		Last Trade Price		Stale Data		4.80 EUR
Common Stocks	$	27,654		US Line		Delisting		6.5599 EUR

^(a) Table presents information for two securities: FF Group, which has been valued at 4.80 EUR throughout the period and TechnipFMC PLC which has been valued between 5.6224 - 8.1988 EUR.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	20,775	$	—	$	—	$	—	$	20,775
Preferred Stocks		647		—		—		—		647
Short-Term Investments		6,965,347		59,890,967		—		—		66,856,314
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,876,193		3,876,193
Total Investments in Securities	$	6,986,769	$	59,890,967	$	—	$	3,876,193	$	70,753,929

^ See Schedule of Investments for country breakouts.

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	936,810,146	$	—	$	—	$	936,810,146
Short-Term Investments		748,880		—		—		—		748,880
Investments Purchased with Proceeds from Securities Lending		—		—		—		83,712,043		83,712,043
Total Investments in Securities	$	748,880	$	936,810,146	$	—	$	83,712,043	$	1,021,271,069

^ See Schedule of Investments for industry breakouts.

TRND

Description	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	63,831,438	$	—	$	—	$	—	$	63,831,438
Short-Term Investments		144,139		—		—		—		144,139
Total Investments in Securities	$	63,975,577	$	—	$	—	$	—	$	63,975,577

210

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	348,435,512	$	—	$	—	$	—	$	348,435,512
Short-Term Investments		1,616,516		—		—		—		1,616,516
Investments Purchased with Proceeds from Securities Lending		—		—		—		53,099,720		53,099,720
Total Investments in Securities	$	350,052,028	$	—	$	—	$	53,099,720	$	403,151,748

^ See Schedule of Investments for country breakouts.

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,399,885,551	$	—	$	—	$	—	$	4,399,885,551
Real Estate Investment Trusts		139,390,118		—		—		—		139,390,118
Short-Term Investments		13,434,058		—		—		—		13,434,058
Investments Purchased with Proceeds from Securities Lending		—		—		—		495,833,899		495,833,899
Total Investments in Securities	$	4,552,709,727	$	—	$	—	$	495,833,899	$	5,048,543,626

^ See Schedule of Investments for industry breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	821,748,911	$	—	$	—	$	—	$	821,748,911
Real Estate Investment Trusts		8,669,085		—		—		—		8,669,085
Short-Term Investments		1,447,176		—		—		—		1,447,176
Investments Purchased with Proceeds from Securities Lending		—		—		—		252,673,651		252,673,651
Total Investments in Securities	$	831,865,172	$	—	$	—	$	252,673,651	$	1,084,538,823

^ See Schedule of Investments for industry breakouts.

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	110,059,017	$	—	$	—	$	—	$	110,059,017
Short-Term Investments		553,266		—		—		—		553,266
Investments Purchased with Proceeds from Securities Lending		—		—		—		11,911,218		11,911,218
Total Investments in Securities	$	110,612,283	$	—	$	—	$	11,911,218	$	122,523,501

^ See Schedule of Investments for country breakouts.

211

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	8,841,971	$	—	$	—	$	—	$	8,841,971
Short-Term Investments		17,701		—		—		—		17,701
Investments Purchased with Proceeds from Securities Lending		—		—		—		2,339,820		2,339,820
Total Investments in Securities	$	8,859,672	$	—	$	—	$	2,339,820	$	11,199,492

^ See Schedule of Investments for industry breakouts.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	10,139,865	$	—	$	—	$	—	$	10,139,865
Preferred Stocks		797,650		—		—		—		797,650
Short-Term Investments		57,337		—		—		—		57,337
Investments Purchased with Proceeds from Securities Lending		—		—		—		422,385		422,385
Total Investments in Securities	$	10,994,852	$	—	$	—	$	422,385	$	11,417,237

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

ECOW	Balance as of 4/30/2021	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 4/30/2022
Common Stocks	$ —	$ —	$ —	$ —	$ —	$ —	$ 0	$ 0

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

ECOW	Fair Value as of 4/30/2022		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	0		Market comparable companies		Discount for lack of marketability		$0.00

* Table presents information for eleven securities, which due to the Russian foreign exchange restrictions are not actively traded.

HERD

Description	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	8,352,352	$	—	$	—	$	—	$	8,352,352
Short-Term Investments		9,320		—		—		—		9,320
Total Investments in Securities	$	8,361,672	$	—	$	—	$	—	$	8,361,672

212

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	26,863,433	$	—	$	—	$	—	$	26,863,433
Real Estate Investment Trusts		6,277,439		—		—		—		6,277,439
Contingent Value Rights		—		—		2,886		—		2,886
Short-Term Investments		31,319		—		—		—		31,319
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,654,273		5,654,273
Total Investments in Securities	$	33,172,191	$	—	$	2,886	$	5,654,273	$	38,829,350

^ 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 4/30/2021	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 4/30/2022
Contingent Value Rights	$ 2,886	$ —	$ —	$ —	$ —	$ —	$ —	$ 2,886

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

PWS	Fair Value as of 4/30/2022		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Contingent Value Rights	$	2,886		Acquisition Price		Stale Data		$0.46

^(a) Table presents information for one security, which has been valued at $0.46 throughout the period.

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	35,557,509	$	—	$	—	$	—	$	35,557,509
Real Estate Investment Trusts		348,500,899		—		—		—		348,500,899
Short-Term Investments		770,813		—		—		—		770,813
Investments Purchased with Proceeds from Securities Lending		—		—		—		64,909,177		64,909,177
Total Investments in Securities	$	384,829,221	$	—	$	—	$	64,909,177	$	449,738,398

^ See Schedule of Investments for industry breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	300,922,574	$	—	$	—	$	—	$	300,922,574
Real Estate Investment Trusts		995,203,422		—		—		—		995,203,422
Short-Term Investments		3,847,469		—		—		—		3,847,469
Investments Purchased with Proceeds from Securities Lending		—		—		—		111,785,245		111,785,245
Total Investments in Securities	$	1,299,973,465	$	—	$	—	$	111,785,245	$	1,411,758,710

^ See Schedule of Investments for industry breakouts.

213

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	80,178,306	$	—	$	—	$	—	$	80,178,306
Short-Term Investments		86,173		—		—		—		86,173
Investments Purchased with Proceeds from Securities Lending		—		—		—		13,218,029		13,218,029
Total Investments in Securities	$	80,264,479	$	—	$	—	$	13,218,029	$	93,482,508

^ See Schedule of Investments for industry breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	6,165,752	$	—	$	—	$	—	$	6,165,752
Short-Term Investments		15,902		—		—		—		15,902
Total Investments in Securities	$	6,181,654	$	—	$	—	$	—	$	6,181,654

^ See Schedule of Investments for industry breakouts.

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	5,695,868	$	—	$	—	$	—	$	5,695,868
Short-Term Investments		4,942		—		—		—		4,942
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,781,714		1,781,714
Total Investments in Securities	$	5,700,810	$	—	$	—	$	1,781,714	$	7,482,524

^ See Schedule of Investments for industry breakouts.

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	502,758,499	$	—	$	—	$	—	$	502,758,499
Real Estate Investment Trusts		50,849,622		—		—		—		50,849,622
Short-Term Investments		542,375		—		—		—		542,375
Investments Purchased with Proceeds from Securities Lending		—		—		—		28,979,067		28,979,067
Total Investments in Securities	$	554,150,496	$	—	$	—	$	28,979,067	$	583,129,563

^ See Schedule of Investments for industry breakouts.

214

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	34,830,716		—		—		—	$	34,830,716
Real Estate Investment Trusts		525,917		—		—		—		525,917
Short-Term Investments		55,745		—		—		—		55,745
Investments Purchased with Proceeds from Securities Lending		—		—		—		11,051,037		11,051,037
Total Investments in Securities	$	35,412,378	$	—	$	—	$	11,051,037	$	46,463,415

^ See Schedule of Investments for industry breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	265,952,265	$	—	$	—	$	—	$	265,952,265
Real Estate Investment Trusts		496,518		—		—		—		496,518
Short-Term Investments		480,606		—		—		—		480,606
Investments Purchased with Proceeds from Securities Lending		—		—		—		37,084,238		37,084,238
Total Investments in Securities	$	266,929,389	$	—	$	—	$	37,084,238	$	304,013,627

^ See Schedule of Investments for industry breakouts.

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,781,958	$	—	$	—	$	—	$	3,781,958
Real Estate Investment Trusts		41,707		—		—		—		41,707
Short-Term Investments		4,805		—		—		—		4,805
Investments Purchased with Proceeds from Securities Lending		—		—		—		893,073		893,073
Total Investments in Securities	$	3,828,470	$	—	$	—	$	893,073	$	4,721,543

^ See Schedule of Investments for industry breakouts.

TRPL

Description^	Level 1			Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,673,621		$	—	$	—	$	—	$	1,673,621
Real Estate Investment Trusts		48,484			—		—		—		48,484
Short-Term Investments		46,365			—		—		—		46,365
Total Investments in Securities	$	1,768,470		$	—	$	—	$	—	$	1,768,470
Other Financial Instruments (a)
Futures Contracts	$	(5,367	)	$	—	$	—	$	—	$	(5,367	)

^ See Schedule of Investments for industry breakouts.

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

215

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

QDPL

Description^	Level 1			Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	47,009,800		$	—	$	—	$	—	$	47,009,800
Real Estate Investment Trusts		1,375,393			—		—		—		1,375,393
Short-Term Investments		2,343,261			1,478,619		—		—		3,821,880
US Government Notes/Bonds		—			1,469,531		—		—		1,469,531
Total Investments in Securities		50,728,454			2,948,150		—		—	$	53,676,604
Other Financial Instruments (a)
Futures Contracts	$	(234,793	)	$	—	$	—	$	—	$	(234,793	)

^ See Schedule of Investments for industry breakouts.

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

FLRT

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Bank Loans	$	—	$	44,121,760	$	—	$	—	$	44,121,760
Corporate Bonds		—		8,248,205		—		—		8,248,205
Asset-Backed Securities		—		27,913,537		—		—		27,913,537
Closed-End Funds		24,898		—		—		—		24,898
Short-Term Investments		9,994,728		—		—		—		9,994,728
Total Investments in Securities	$	10,019,626	$	80,283,502	$	—	$	—	$	90,303,128

^ See Schedule of Investments for industry breakouts.

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

C. Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period/year ended April 30, 2022, the Funds did not have any tax positions that did not meet the “more-likely- than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2022, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2019-2021) or expected to be taken in each of the Fund’s 2022 tax returns. During the year/period ended April 30, 2022, the Funds did not incur any interest or penalties.

216

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

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

Distributions received from the Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.

E. Distributions to Shareholders. Distributions to shareholders from net investment income for PTLC, PTMC, PTNQ, PTEU, PTIN, TRND, and AFTY, are declared and paid on an annual basis. GCOW, COWZ, CALF, ICOW, PWS, PEXL, INDS, SRVR, SZNE, BUL, ECOW, HERD, PTBD, VIRS, ALTL, PAMC, PALC, TRPL and QDPL are declared and paid on a quarterly basis. FLRT is declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

F. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

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

I. Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the fiscal period/year ended April 30, 2022, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTLC		(424,859,325	)		424,859,325
PTMC		(47,080,888	)		47,080,888
PTNQ		(115,946,441	)		115,946,441
PTEU		(333,007	)		333,007
PTIN		(14,509,524	)		14,509,524
PTBD		(12,354,230	)		12,354,230
TRND		(583,509	)		583,509
GCOW		(8,060,321	)		8,060,321
COWZ		(119,756,133	)		119,756,133
CALF		(30,604,251	)		30,604,251
ICOW		(881,143	)		881,143
BUL		(932,219	)		932,219
ECOW		(157,472	)		157,472
HERD		(212,885	)		212,885
PWS		(6,586,585	)		6,586,585

217

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
INDS		(29,026,660	)		29,026,660
SRVR		(90,466,164	)		90,466,164
SZNE		(154,535	)		154,535
AFTY		2,676			(2,676	)
VIRS		(556,553	)		556,553
ALTL		(76,074,041	)		76,074,041
PAMC		(5,660,154	)		5,660,154
PALC		(14,604,996	)		14,604,996
PEXL		(352,539	)		352,539
TRPL		(45,644	)		45,644
QDPL		1,275,430			(1,275,430	)
FLRT		—			—

During the fiscal year/period ended April 30, 2022, the Funds’ realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid- in-capital.

PTLC	$	425,464,379
PTMC		47,052,055
PTNQ		133,074,735
PTEU		862,772
PTIN		14,922,002
PTBD		15,528,274
TRND		627,315
GCOW		8,296,440
COWZ		122,848,890
CALF		37,606,314
ICOW		881,143
BUL		(841,357	)
ECOW		210,906
HERD		213,706
PWS		6,611,900
INDS		29,746,781
SRVR		94,280,539
SZNE		166,594
AFTY		—
VIRS		568,961
ALTL		78,914,614
PAMC		6,294,585
PALC		15,371,108
PEXL		378,356
TRPL		99,468
QDPL		—
FLRT		—	(a)

^(a) For the period ended July 1, 2021 to April 30, 2022.

218

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

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

	Annual Rate of Average Daily Net Assets
PTLC		0.60	%
PTMC		0.60	%
PTNQ		0.65	%
PTEU		0.65	%
PTIN		0.65	%
PTBD		0.60	%
TRND		0.15	%
GCOW		0.60	%
COWZ		0.49	%
CALF		0.59	%
ICOW		0.65	%
BUL		0.60	%
ECOW		0.70	%
HERD		0.15	%
PWS		0.60	%
INDS		0.60	%
SRVR		0.60	%
SZNE		0.60	%
AFTY		0.70	%
VIRS		0.70	%
ALTL		0.60	%
PAMC		0.60	%
PALC		0.60	%
PEXL		0.60	%
TRPL		0.79	%
QDPL		0.79	%
FLRT*		0.60	%

For the period July 1, 2021 to October 22, 2021, the Predecessor Fund was obligated to pay Pacific Global Advisors LLC 0.68% at an annual rate of average daily net assets.*

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub- adviser to PTBD, CSOP serves as the sub-adviser to AFTY, Metaurus Advisors, LLC, (“Metaurus”) serves as the sub-adviser to TRPL and QDPL and Pacific Asset Management LLC (“Pacific Asset”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, Metaurus and Pacific Asset are paid by the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for trading portfolio securities on behalf of AFTY, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of AFTY’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.

219

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for trading portfolio securities on behalf of PTBD, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of PTBD’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

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

Pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset is responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Pacific Asset is compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended April 30, 2022.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

NOTE 4 – SERVICE AND CUSTODY AGREEMENTS

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.

NOTE 5 – SECURITIES LENDING

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of April 30, 2022, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended April 30, 2022, the Funds (excluding TRND, HERD, AFTY, TRPL, QDPL and FLRT) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.

220

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2022.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	9,260,305
PTNQ		102,000,000
PTIN		3,876,193
PTBD		83,712,043
TRND		—
GCOW		53,099,720
COWZ		495,833,899
CALF		252,673,651
ICOW		11,911,218
BUL		2,339,820
ECOW		422,385
PWS		5,654,273
INDS		64,909,177
SRVR		111,785,245
SZNE		13,218,029
VIRS		1,781,714
ALTL		28,979,067
PAMC		11,051,037
PALC		37,084,238
PEXL		893,073

* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

NOTE 7 – DERIVATIVES TRANSACTIONS

The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking- to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds’ cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

The following table represents a summary of the value of derivative instruments as of April 30, 2022 and the effect of derivative instruments on the Statement of Assets and Liabilities as of April 30, 2022:

221

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

TRPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2022

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures		($5,367	)

The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2022 is as follows:

Derivatives	Amount of Realized Gain on Derivatives Recognized in Income	Derivatives	Change in Unrealized Appreciation on Derivatives Recognized in Income
Equity Contracts - Futures	$1,435	Equity Contracts - Futures	($5,367)

QDPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2022

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures		($234,793	)

The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2022 is as follows:

Derivatives	Amount of Realized Gain on Derivatives Recognized in Income	Derivatives	Change in Unrealized Appreciation on Derivatives Recognized in Income
Equity Contracts - Futures	$9,229	Equity Contracts - Futures	($234,793)

The average monthly notional value of long futures during the period ended April 30, 2022 in TRPL was $173,523. The average monthly notional value of long futures during the period ended April 30, 2022 in QDPL was $3,709,174.

NOTE 8 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2022:

Assets

							Gross Amounts not offset in the Statement of Assets and Liabilities
Description / Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
TRPL
Futures Contracts
Morgan Stanley, LLC	$	96,096	$	—	$	96,096	$	96,096	$	—	$	—
QDPL
Futures Contracts
Morgan Stanley, LLC		1,374,060		—		1,374,060		1,374,060		—		—

222

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

Liabilities

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PTLC
Securities Lending	$	9,260,305	$	—	$	9,260,305	$	9,260,305	$	—	$	—
PTNQ
Securities Lending		102,000,000		—		102,000,000		102,000,000		—		—
PTIN
Securities Lending		3,876,193		—		3,876,193		3,876,193		—		—
PTBD
Securities Lending		83,712,043		—		83,712,043		83,712,043		—		—
GCOW
Securities Lending		53,099,720		—		53,099,720		53,099,720		—		—
COWZ
Securities Lending		495,833,899		—		495,833,899		495,833,899		—		—
CALF
Securities Lending		252,673,651		—		252,673,651		252,673,651		—		—
ICOW
Securities Lending		11,911,218		—		11,911,218		11,911,218		—		—
BUL
Securities Lending		2,339,820		—		2,339,820		2,339,820		—		—
ECOW
Securities Lending		422,385		—		422,385		422,385		—		—
PWS
Securities Lending		5,654,273		—		5,654,273		5,654,273		—		—
INDS
Securities Lending		64,909,177		—		64,909,177		64,909,177		—		—
SRVR
Securities Lending		111,785,245		—		111,785,245		111,785,245		—		—
SZNE
Securities Lending		13,218,029		—		13,218,029		13,218,029		—		—
VIRS
Securities Lending		1,781,714		—		1,781,714		1,781,714		—		—
ALTL
Securities Lending		28,979,067		—		28,979,067		28,979,067		—		—
PAMC
Securities Lending		11,051,037		—		11,051,037		11,051,037		—		—
PALC
Securities Lending		37,084,238		—		37,084,238		37,084,238		—		—
PEXL
Securities Lending		893,073		—		893,073		893,073		—		—

223

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

NOTE 9 – INVESTMENT TRANSACTIONS

For the year/period ended April 30, 2022, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

	Purchases		Sales		In-Kind Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
PTLC	$	991,167,207	$	2,594,646,931	$	655,781,250	$	1,009,722,368		—		—
PTMC		26,824,720		218,583,648		65,438,723		113,816,031		—		—
PTNQ		24,569,346		262,008,823		143,586,488		304,315,376		—		—
PTEU		2,766,609		48,287,019		—		4,977,657		—		—
PTIN		216,271,532		309,103,994		24,648,779		43,863,388		—		—
PTBD		7,437,005,293		7,453,614,300		1,035,627,085		733,647,918		3,926,019,007		3,866,960,196
TRND		2,873,360		2,921,438		27,410,044		2,975,966		—		—
GCOW		73,308,250		68,656,371		248,963,536		40,674,387		—		—
COWZ		1,774,830,347		1,755,744,199		4,439,329,462		394,293,409		—		—
CALF		740,071,928		733,354,934		796,246,788		145,383,265		—		—
ICOW		45,555,657		38,350,192		92,702,408		3,243,887		—		—
BUL		9,239,895		9,029,810		39,516,898		31,402,052		—		—
ECOW		11,909,399		8,355,677		8,134,167		2,611,048		—		—
HERD		1,032,365		1,073,440		10,587,899		3,379,309		—		—
PWS		185,868,669		194,514,850		33,131,038		36,477,671		57,780,242		56,792,697
INDS		135,574,882		137,411,759		269,385,921		96,689,292		—		—
SRVR		436,926,430		325,644,459		579,892,721		448,331,097		—		—
SZNE		183,223,401		182,790,052		22,746,257		3,647,614		—		—
AFTY		5,112,020		6,622,327		—		—		—		—
VIRS		1,056,454		1,036,900		6,406,598		4,555,577		—		—
ALTL		2,297,894,619		2,290,502,126		1,041,502,417		621,240,407		—		—
PAMC		207,285,798		207,417,850		68,694,037		62,658,595		—		—
PALC		668,636,427		665,071,799		1,074,023		119,860,546		—		—
PEXL		2,178,321		2,179,962		4,169,888		2,005,565		—		—
TRPL		1,924,714		98,159		967,524		975,864		—		—
QDPL		5,038,108		1,914,650		51,066,593		—		1,481,250		—
FLRT		66,670,525		15,753,352		—		—		—		—

NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES

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

224

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2021		Purchases		Sales			Balance April 30, 2022
BUL		9,252		64,069		(29,156	)		44,165
CALF		8,142		53,217		(18,404	)		42,955
COWZ		7,989		54,733		(27,237	)		35,485
GCOW		10,508		65,817		(22,654	)		53,671
ICOW		10,384		66,761		(19,874	)		57,271

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	1,563,732	$	1,855	$	55,748		$	(197,456	)
CALF		1,633,579		17,198		65,861			(264,253	)
COWZ		1,702,925		13,403		65,149			(51,052	)
GCOW		1,759,872		35,885		(20,582	)		14,888
ICOW		1,692,244		24,193		(618	)		(153,964	)
Total		8,352,352		92,534		165,559			(651,837	)

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

225

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2021		Purchases		Sales			Balance April 30, 2022
PTBD		319,645		244,569		(19,793	)		544,421
PTIN		314,720		223,918		(26,017	)		512,621
PTLC		249,757		144,612		(62,862	)		331,507
PTMC		250,800		158,112		(27,591	)		381,321
PTNQ		166,100		107,891		(21,641	)		252,350

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares		Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliates
PTBD	$	12,603,346	$	350,113	$	927	$	(2,284,264	)
PTIN		12,477,195		319,767		96,121		(2,190,583	)
PTLC		12,431,513		106,725		193,411		(22,922	)
PTMC		13,151,761		16,627		62,183		(510,853	)
PTNQ		13,167,623		—		209,110		(815,687	)
Total		63,831,438		793,232		561,751		(5,824,309	)

NOTE 11 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2022 were as follows:

	PTLC			PTMC			PTNQ			PTEU			PTIN
Tax cost of investments	$	1,197,906,243		$	442,093,299		$	791,186,353		$	45,608,228		$	70,917,239
Gross tax unrealized appreciation		5,539			13,055			—			487			3,607
Gross tax unrealized depreciation		(25,254	)		—			(23,929	)		(32,259	)		(11,169	)
Net tax unrealized appreciation (depreciation)		(19,715	)		13,055			(23,929	)		(31,772	)		(7,562	)
Undistributed ordinary income		3,251,380			—			—			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		3,251,380			—			—			—			—
Other accumulated (loss)		(342,998,560	)		(85,269,851	)		(47,111,020	)		(50,920,936	)		(24,526,653	)
Total accumulated gain (loss)	$	(339,766,895	)	$	(85,256,796	)	$	(47,134,949	)	$	(50,952,708	)	$	(24,534,215	)

	PTBD			TRND			GCOW			COWZ			CALF
Tax cost of investments	$	1,076,596,498		$	64,008,470		$	403,475,319		$	5,074,827,097		$	1,159,066,283
Gross tax unrealized appreciation		356,394			3,910,631			21,233,507			273,920,091			43,606,791
Gross tax unrealized depreciation		(55,681,823	)		(3,943,524	)		(21,557,612	)		(300,203,562	)		(118,134,251	)
Net tax unrealized appreciation (depreciation)		(55,325,429	)		(32,893	)		(324,105	)		(26,283,471	)		(74,527,460	)
Undistributed ordinary income		4,682,286			97,780			1,589,181			3,502,339			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		4,682,286			97,780			1,589,181			3,502,339			—
Other accumulated (loss)		(139,989,721	)		(588,904	)		(31,946,150	)		(41,066,959	)		(36,149,313	)
Total accumulated gain (loss)	$	(190,632,864	)	$	(524,017	)	$	(30,681,074	)	$	(63,848,091	)	$	(110,676,773	)

226

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

	ICOW			BUL			ECOW			HERD			PWS
Tax cost of investments	$	127,322,025		$	12,856,386		$	13,230,603		$	8,920,463		$	39,548,109
Gross tax unrealized appreciation		6,820,671			263,290			937,564			101,196			478,594
Gross tax unrealized depreciation		(11,618,948	)		(1,920,184	)		(2,750,912	)		(659,987	)		(1,197,353	)
Net tax unrealized appreciation (depreciation)		(4,798,277	)		(1,656,894	)		(1,813,348	)		(558,791	)		(718,759	)
Undistributed ordinary income		438,015			—			108,252			5,656			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		438,015			—			108,252			5,656			—
Other accumulated (loss)		(5,484,138	)		(495,368	)		(230,984	)		—			(22,885,148	)
Total accumulated gain (loss)	$	(9,844,400	)	$	(2,152,262	)	$	(1,936,080	)	$	(553,135	)	$	(23,603,907	)

	INDS			SRVR			SZNE			AFTY			VIRS
Tax cost of investments	$	434,507,707		$	1,467,025,582		$	93,488,926		$	6,051,599		$	8,353,255
Gross tax unrealized appreciation		42,368,815			101,947,062			37			999,411			235,261
Gross tax unrealized depreciation		(27,138,384	)		(157,214,228	)		(6,455	)		(869,432	)		(1,105,992	)
Net tax unrealized appreciation (depreciation)		15,230,431			(55,267,166	)		(6,418	)		129,979			(870,731	)
Undistributed ordinary income		1,270,595			—			4,837			—			367
Undistributed long-term gain		—			1,717,631			—			—			—
Total distributable earnings		1,270,595			1,717,631			4,837			—			367
Other accumulated (loss)		(839,404	)		—			(19,963,415	)		(1,465,998	)		—
Total accumulated gain (loss)	$	15,661,622		$	(53,549,535	)	$	(19,964,996	)	$	(1,336,019	)	$	(870,364	)

	ALTL			PAMC			PALC			PEXL			TRPL
Tax cost of investments	$	604,282,674		$	49,294,229		$	327,993,307		$	5,097,189		$	1,954,188
Gross tax unrealized appreciation		3,771,557			1,849,535			9,365,536			163,909			87,185
Gross tax unrealized depreciation		(24,924,668	)		(4,680,349	)		(33,345,216	)		(539,556	)		(278,270	)
Net tax unrealized appreciation (depreciation)		(21,153,111	)		(2,830,814	)		(23,979,680	)		(375,647	)		(191,085	)
Undistributed ordinary income		203,751			—			154,942			—			—
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		203,751			—			154,942			—			—
Other accumulated (loss)		(40,787,957	)		(6,423,850	)		(13,582,133	)		(159,294	)		(6,462	)
Total accumulated gain (loss)	$	(61,737,317	)	$	(9,254,664	)	$	(37,406,871	)	$	(534,941	)	$	(197,547	)

	QDPL			FLRT
Tax cost of investments	$	57,785,975		$	91,916,140
Gross tax unrealized appreciation		1,999,531			37,527
Gross tax unrealized depreciation		(6,343,695	)		(1,650,539	)
Net tax unrealized appreciation (depreciation)		(4,344,164	)		(1,613,012	)
Undistributed ordinary income		—			118,897
Undistributed long-term gain		—			—
Total distributable earnings		—			118,897
Other accumulated (loss)		(208,943	)		(690,710	)
Total accumulated gain (loss)	$	(4,553,107	)	$	(2,184,825	)

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2022 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

227

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

At April 30, 2022, the Funds had the following capital loss carryforwards:

	Short-Term			Long-Term			Expires
PTLC	$	(230,987,298	)	$	(112,011,262	)		Indefinite
PTMC		(84,756,736	)		—			Indefinite
PTNQ		(30,168,104	)		(16,475,195	)		Indefinite
PTEU		(40,092,832	)		(10,693,471	)		Indefinite
PTIN		(19,596,784	)		(4,325,607	)		Indefinite
PTBD		(139,778,600	)		(211,121	)		Indefinite
TRND		(401,047	)		(187,857	)		Indefinite
GCOW		(12,199,255	)		(19,706,117	)		Indefinite
COWZ		(20,846,980	)		(20,219,979	)		Indefinite
CALF		(33,052,854	)		(3,096,459	)		Indefinite
ICOW		(3,387,695	)		(2,045,871	)		Indefinite
BUL		(460,683	)		(34,685	)		Indefinite
ECOW		(230,544	)		—			Indefinite
HERD		—			—			Indefinite
PWS		(22,884,333	)		—			Indefinite
INDS		(839,404	)		—			Indefinite
SRVR		—			—			Indefinite
SZNE		(19,963,415	)		—			Indefinite
AFTY		(1,253,834	)		(198,061	)		Indefinite
VIRS		—			—			Indefinite
ALTL		(40,787,957	)		—			Indefinite
PAMC		(6,423,850	)		—			Indefinite
PALC		(13,582,133	)		—			Indefinite
PEXL		(125,091	)		(34,203	)		Indefinite
TRPL		(4,363	)		(2,099	)		Indefinite
QRPL		(77,507	)		(131,436	)		Indefinite
FLRT		(315,620	)		(402,062	)		Indefinite

At April 30, 2022, PTMC, PTNQ, PTEU, PWS, PTIN & AFTY deferred on a tax basis, post-December ordinary late-year losses of $513,115, $467,721, $111,659, $815, $555,739 and $14,103, respectively. None of the Funds deferred on a tax basis post-October capital losses.

NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2022 was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	15,230,924	$	—	$	—	$	—
PTMC		541,282		—		—		—
PTNQ		—		—		—		—
PTEU		787,274		—		—		—
PTIN		3,379,159		—		—		—
PTBD		34,403,646		—		—		—
TRND		640,806		—		—		—
GCOW		6,929,204		—		—		—
COWZ		22,592,335		—		—		—
CALF		9,347,348		—		—		5,679,191
ICOW		1,413,637		—		—		—
BUL		8,394		—		—		5,331

228

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
ECOW	$	420,442	$	—	$	—	$	—
HERD		92,538		—		—		—
PWS		417,075		—		—		—
INDS		3,888,598		—		—		—
SRVR		11,646,957		—		2,032,103		—
SZNE		734,947		—		—		—
AFTY		153,101		—		—		2,676
VIRS		42,336		—		—		—
ALTL		2,774,225		—		—		—
PAMC		220,791		—		—		18,230
PALC		1,367,759		—		—		—
PEXL		7,727		—		—		804
TRPL		7,393		—		—		53,832
QDPL		96,485		—		—		1,275,430
FLRT (a)		1,211,347		—		—		—

^(a) For the period ended July 1, 2021 to April 30, 2022.

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2021 was as follows:

	Ordinary Income		Return of Capital
PTLC	$	20,840,884	$	—
PTMC		2,277,219		—
PTNQ		1,304,636
PTEU		—		—
PTIN		994,630		—
PTBD		11,952,976		—
TRND		245,087		—
GCOW		5,702,135		—
COWZ		5,246,948		—
CALF		268,296		74,624
ICOW		374,692		—
BUL		11,770		—
ECOW		51,325		—
HERD		39,016		—
PWS		310,992		—
INDS		2,023,062		327,809
SRVR		9,533,565		4,446,515
SZNE		557,732		—
AFTY		152,212		2,717
VIRS		29,096		352
ALTL		689,136		—
PAMC		42,541		15,796
PALC		164,989		—
PEXL		7,574		—

NOTE 13 – NEW ACCOUNTING PRONOUNCEMENTS

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate

229

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

(“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 14 – RISKS

The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known. The operational and financial performance of the issuers of securities in which each Funds invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn adversely affect the value and liquidity of each Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

NOTE 15 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On June 22, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of June 24, 2022, Payable June 29, 2022, as follows:

	Ordinary Income		Per Share Amount
PTBD	$	5,361,273	$	0.18423618
GCOW		4,987,678		0.28419816
COWZ		28,902,055		0.21251511
CALF		2,842,173		0.11530112
ICOW		1,307,074		0.29706218
BUL		16,875		0.05625123
ECOW		202,503		0.40500590
PWS		102,828		0.10282767
INDS		624,671		0.08988072
SRVR		7,167,063		0.21394217
SZNE		147,326		0.06547819
VIRS		19,915		0.09957700
ALTL		2,130,342		0.12680606
PAMC		123,100		0.10704305
PALC		808,840		0.12941438
PEXL		8,890		0.05926413

On June 23, 2022, the following Fund declared a distribution from ordinary income to shareholders of record as of June 27, 2022, Payable June 30, 2022, as follows:

	Ordinary Income		Per Share Amount
HERD	$	45,425	$	0.18170064

230

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2022 (Continued)

On June 28, 2022, the following Funds declared distributions from ordinary income to shareholders of record as of June 30, 2022, Payable July 1, 2022, as follows:

	Ordinary Income		Per Share Amount
TRPL	$	22,870	$	0.45740000
QDPL		1,012,830		0.51940000

On May 25, 2022, the following Fund declared a distribution from ordinary income to shareholders of record as of May 27, 2022, Payable May 31, 2022, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	246,465	$	0.16322200

On June 22, 2022, the following Fund declared a distribution from ordinary income to shareholders of record as of June 24, 2022, Payable June 27, 2022, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	256, 515	$	0.17938130

On May 4, 2022, the Adviser launched Pacer Bluestar Engineering the Future ETF.

On June 8 2022, the Adviser launched two new funds in the Pacer Funds Trust: Pacer Data and Digital Revolution ETF and Pacer Industrials and Logistics ETF.

231

Pacer Funds

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Pacer Funds Trust and the Shareholders of
Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap ETF, Pacer Trendpilot^® 100 ETF, Pacer Trendpilot^® European Index ETF, Pacer Trendpilot^® International ETF, Pacer Trendpilot^® US Bond ETF, Pacer Trendpilot^® Fund of Funds ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Benchmark Industrial Real Estate SCTR^SM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, 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, Pacer US Export Leaders ETF, Pacer Pacific Asset Floating Rate High Income ETF, Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap ETF, Pacer Trendpilot^® 100 ETF, Pacer Trendpilot^® European Index ETF, Pacer Trendpilot^® International ETF, Pacer Trendpilot^® US Bond ETF, Pacer Trendpilot^® Fund of Funds ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer US Cash Cows Growth ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Benchmark Industrial Real Estate SCTR^SM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, 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, Pacer US Export Leaders ETF, Pacer Pacific Asset Floating Rate High Income ETF, Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (collectively the “Funds”), each a series of the Pacer Funds Trust (the “Trust”) including the schedules of investments, and schedules of open futures contracts, as of April 30, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for the periods indicated below (collectively referred to as the “financial statements”).

The financial highlights for the years ended September 30, 2019 and 2018 for the Pacer CSOP FTSE China A50 ETF, was audited by other auditors whose opinion dated November 19, 2019 expressed an unqualified opinion on those financial statements. The statements of changes and financial highlights for the two years in the year ended June 30, 2021 for the Pacer Pacific Asset Floating Rate High Income ETF were audited by other auditors whose opinion dated August 16, 2021 expressed an unqualified opinion on those financial statements. The financial highlights for the three years in the period ended June 30, 2019 for the Pacer Pacific Asset Floating Rate High Income ETF (formerly known as AdvisorShares Pacific Asset Enhanced Floating Rate ETF) were audited by other auditors whose opinion dated August 26, 2019 expressed an unqualified opinion on those financial statements.

In our opinion, the financial statements present fairly, in all material respects, the financial positions of the Funds as of April 30, 2022, the results of their operations, the changes in their net assets, and the financial highlights for each of the periods indicated below, in conformity with accounting principles generally accepted in the United States of America.

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer Trendpilot® US Large Cap ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and 2018
Pacer Trendpilot® US Mid Cap ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and 2018
Pacer Trendpilot® 100 ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and 2018
Pacer Trendpilot® European Index ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and 2018
Pacer Trendpilot® International ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020

232

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer Trendpilot® US Bond ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022 and 2021 and period from October 22, 2019 (commencement of operations) through April 30, 2020
Pacer Trendpilot® Fund of Funds ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022 and 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020
Pacer Global Cash Cows Dividend ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and 2018
Pacer US Cash Cows 100 ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and 2018
Pacer US Small Cap Cash Cows 100 ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and the period June 16, 2017 (commencement of operations) through April 30, 2018
Pacer Developed Markets International Cash Cows 100 ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and the period June 16, 2017 (commencement of operations) through April 30, 2018
Pacer US Cash Cows Growth ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020
Pacer Emerging Markets Cash Cows 100 ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020
Pacer Cash Cows Fund of Funds ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022 and 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020
Pacer WealthShield ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020, 2019 and the period December 11, 2017 (commencement of operations) through April 30, 2018
Pacer Benchmark Industrial Real Estate SCTRSM ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020 and the period May 14, 2018 (commencement of operations) through April 30, 2019
Pacer Benchmark Data & Infrastructure Real Estate SCTRSM ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020 and the period May 15, 2018 (commencement of operations) through April 30, 2019

233

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019
Pacer CSOP FTSE China A50 ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021 and period from October 1, 2019 through April 30, 2020
Pacer BioThreat Strategy ETF	For the year ended April 30, 2022	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer Lunt Large Cap Alternator ETF	For the year ended April 30, 2022	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer Lunt MidCap Multi-Factor Alternator ETF	For the year ended April 30, 2022	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer Lunt Large Cap Multi-Factor Alternator ETF	For the year ended April 30, 2022	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021	For the year ended April 30, 2022 and for the period June 24, 2020 (commencement of operations) through April 30, 2021
Pacer US Export Leaders ETF	For the year ended April 30, 2022	For the years ended April 30, 2022 and 2021	For the years ended April 30, 2022, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019
Pacer Pacific Asset Floating Rate High Income ETF	For the period July 1, 2021 through April 30, 2022	For the period July 1, 2021 through April 30, 2022	For the period July 1, 2021 through April 30, 2022
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF	For the period July 12, 2021 (commencement of operations) through April 30, 2022	For the period July 12, 2021 (commencement of operations) through April 30, 2022	For the period July 12, 2021 (commencement of operations) through April 30, 2022
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF	For the period July 12, 2021 (commencement of operations) through April 30, 2022	For the period July 12, 2021 (commencement of operations) through April 30, 2022	For the period July 12, 2021 (commencement of operations) through April 30, 2022

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

234

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor for the Pacer Funds Trust since 2015

Abington, Pennsylvania
June 29, 2022

235

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

For the fiscal year/period ended April 30, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received deduction (“DRD”), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain (“STCG”) distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

	QDI	DRD	STCG
PTLC	100.00%	100.00%	0.00%
PTMC	100.00%	100.00%	0.00%
PTNQ	0.00%	0.00%	0.00%
PTEU	100.00%	3.37%	0.00%
PTIN	100.00%	3.10%	0.00%
PTBD	0.00%	0.00%	0.00%
TRND	62.88%	49.19%	0.00%
GCOW	100.00%	29.52%	0.00%
COWZ	100.00%	100.00%	0.00%
CALF	100.00%	100.00%	0.00%
ICOW	100.00%	0.61%	0.00%
BUL	100.00%	100.00%	0.00%
ECOW	75.64%	0.15%	0.00%
HERD	94.46%	43.76%	6.41%
PWS	100.00%	100.00%	0.00%
INDS	7.74%	0.09%	0.00%
SRVR	31.11%	11.35%	0.00%
SZNE	100.00%	100.00%	0.00%
AFTY	100.00%	0.00%	0.00%
VIRS	100.00%	100.00%	0.00%
ALTL	50.79%	50.70%	0.00%
PAMC	100.00%	100.00%	0.00%
PALC	100.00%	100.00%	0.00%
PEXL	100.00%	100.00%	0.00%
TRPL	100.00%	100.00%	0.00%
QDPL	100.00%	100.00%	0.00%
FLRT	0.00%	0.00%	0.00%

236

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2022. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		—		—		—		—
PTIN		—		—		—		—
PTBD		—		—		—		—
TRND		—		—		—		—
GCOW		6,456,856		382,698		0.60		0.04
COWZ		—		—		—		—
CALF		—		—		—		—
ICOW		2,268,164		192,676		0.60		0.05
BUL		—		—		—		—
ECOW		613,240		58,453		1.23		0.12
HERD		60,077		4,162		0.24		0.02
PWS		—		—		—		—
INDS		—		—		—		—
SRVR		—		—		—		—
SZNE		—		—		—		—
AFTY		218,493		21,946		0.61		0.06
VIRS		—		—		—		—
ALTL		—		—		—		—
PAMC		—		—		—		—
PALC		—		—		—		—
PEXL		—		—		—		—
TRPL		—		—		—		—
QDPL		—		—		—		—
FLRT		—		—		—		—

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

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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 March 21, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to 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, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, 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, Pacer Trendpilot International ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Trendpilot Fund of Funds ETF, and the Pacer Trendpilot US Bond ETF. Each of the aforenamed funds is referred to as a “Fund” and, together, as the “Funds.”

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement at the Meeting, respectively, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, respectively, 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 under consideration; (5) the advisory fee payable by each such Fund to the Advisor for its services; (6) certain comparative information regarding each such Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each relevant Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to the Funds; and (iii) potential economies of scale.

● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Advisor and any potential conflicts.

Based on its review, the Board determined that the Advisor is capable of providing all necessary advisory services required by each Fund, as indicated by the Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to comparable funds managed by other investment advisers (each a “Peer Group”). The Board

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(Unaudited) (Continued)

also considered other services provided to the Funds by the Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to 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 and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratios of each Fund with the expense ratios of each Fund’s Peer Group. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether 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 the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Advisor from its relationship with 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 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. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Advisor involved a contractual commitment by the Advisor to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Advisor’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

Based on its deliberations and its evaluation of the information described above, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

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(Unaudited) (Continued)

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President at Pacer Advisors, Inc. (since 2005)	50	Director, First Cornerstone Bank (2000–2016)
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	50	0
Jane K. Sagendorph Born: 1951	Trustee	Indefinite Term; since 2021	Accountant, BluFish Designs (since 2011)	50	0
Colin C. Lake Born: 1971	Trustee	Indefinite Term; since 2021	Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)	50	0

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

Name and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
Principal Officers of the Trust
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)
Sean E. O’Hara Born: 1962	Treasurer and Principal Financial Officer	Indefinite Term; since 2014	Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007)
Bruce Kavanaugh Born: 1964	Secretary and Portfolio Manager	Indefinite Term; since 2016	Vice President, Pacer Advisors, Inc. (since 2005); Vice President, Pacer Financial, Inc. (since 2004)
Justin Dausch Gateway Corporate Center Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1989	Chief Compliance Officer and AML Officer	Indefinite Term; since 2021	Director, Vigilant, since 2017; Compliance Associate, HSBC (investment banking company), 2015-2017

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(Unaudited) (Continued)

Mr. Thomson is an “Interested Person” by reason of his relationship with the Adviser.

Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor in accordance with the Trust’s Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his or her successor is duly elected and qualified.

The Statement of Additional Information includes additional information, including compensation, about the Funds’ Trustees.

241

Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

Kelly Benchmark Indexes
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

S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong

Metaurus Advisors LLC
22 Hudson Place, Third Floor
Hoboken, New Jersey 07030

Pacific Asset Management LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
1514 Old York Rd.
Abington, PA 19001

Legal Counsel

Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211

(b) Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

(1) A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Deborah Wolk is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” provided by the principal accountant were. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

	FYE  04/30/2022		FYE  04/30/2021
( a ) Audit Fees	$	218,300	$	202,500
( b ) Audit-Related Fees	$	0	$	0
( c ) Tax Fees	$	27,000	$	25,000
( d ) All Other Fees	$	0	$	0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE  04/30/2022		FYE  04/30/2021
Audit-Related Fees		0%		0%
Tax Fees		0%		0%
All Other Fees		0%		0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

Non-Audit Related Fees	FYE  04/30/2022		FYE  04/30/2021
Registrant	$	0	$	0
Registrant’s Investment Adviser	$	0	$	0

The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

( i ) Not applicable

Item 5. Audit Committee of Listed Registrants.

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Jane Sagendorph, Colin Lake and Deborah Wolk.

(b) Not applicable.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees

Item 11. Controls and Procedures.

(a) The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(2) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Pacer Funds Trust
By (Signature and Title)*	/s/ Joe M. Thomson
	Joe M. Thomson, President/Principal Executive Officer
Date	6/30/2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Joe M. Thomson
	Joe M. Thomson, President/Principal Executive Officer
Date	6/30/2022
By (Signature and Title)*	/s/ Sean E. O’Hara
	Sean E. O’Hara, Treasurer/Principal Financial Officer
Date	6/30/2022

* Print the name and title of each signing officer under his or her signature.

EX-99.CODE ETH

Exhibit 20

PACER FUNDS TRUST
FINANCIAL OFFICER CODE OF ETHICS

Purposes of the Code

The reputation and integrity of Pacer Funds Trust (the “Trust”) are valuable assets that are vital to the Trust’s success. Each officer and employee of the Trust, including each of the Trust’s senior financial officers (“SFOs”), is responsible for conducting the Trust’s business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust’s Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

· Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC, and in other public communications made by the Trust;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust’s other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

Principles for the Handling of Financial Information

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust’s financial statements. Specifically, persons subject to this Code shall:

• Act with honesty and integrity

• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

• Provide information to the Trust’s employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports

• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

• Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

• Record (or participate in the recording of) entries in the Trust’s books and records that are accurate

• Refrain from using confidential information for personal advantage

Violations of the Code

Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non- criminal violations.

Enforcement of the Code

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust’s senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a “Disclosure Letter”) regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust’s senior management or to the Audit Committee of the Board.

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust’s financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

Annual Certification

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify (Appendix A) on an annual basis that he/she is in full compliance with the Code and any related policy statements.

Questions about the Code

The Trust’s Board of Trustees has designated the Trust’s CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

EX-99.CERT

EX.99.CERT

CERTIFICATIONS

I, Joe M. Thomson, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	6/30/2022	/s/ Joe M. Thomson
		Joe M. Thomson
		President (Principal Executive Officer)

EX.99.CERT

CERTIFICATIONS

I, Sean E. O’Hara, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	6/30/2022	/s/ Sean E. O’Hara
		Sean E. O’Hara
		Treasurer (Principal Financial Officer)

EX-99.906 CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the period ended April 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Pacer funds Trust for the stated period.

/s/ Joe M. Thomson	/s/ Sean E. O’Hara
Joe M. Thomson	Sean E. O’Hara
President (Principal Executive Officer)	Treasurer (Principal Financial Officer)
Pacer Funds Trust	Pacer Funds Trust

Dated: 6/30/2022

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Pacer Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.