N-CSR

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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

500 Chesterfield Parkway

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

Joe M. Thomson, President

500 Chesterfield Parkway

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2022 to April 30, 2023

Updated April 6, 2023 

Item 1. Reports to Stockholders.

(a)

Pacer Funds

TABLE OF CONTENTS

	Page
Letter to Shareholders	1
Portfolio Allocation	23
Performance Summary	39
Expense Example	71
Schedules of Investments	74
Statements of Assets & Liabilities	163
Statements of Operations	169
Statements of Changes in Net Assets	175
Financial Highlights	193
Notes to Financial Statements	223
Report of Independent Registered Public Accounting Firm	251
Additional Information	255

Pacer Funds

Dear Shareholder,

I address you today as we reflect upon the progress, achievements, and exciting opportunities for Pacer.

I am pleased to report Pacer has demonstrated strong growth over the past year. From April 30, 2022 to April 30, 2023 Pacer’s assets under management grew to $23.8 billion, with an overall growth percentage of 80.7%. Pacer ETFs saw particularly significant growth within the Cash Cows ETF™ Series, having a 199% increase during that time period. Despite the volatile markets, many of our strategies grew assets significantly and performed in line with their objectives, a testament to our firm’s commitment to deliver investment solutions that can help investors navigate challenging market environments.

In today’s rapidly evolving business landscape, innovation is the key to staying ahead of the competition. I am proud to share that Pacer launched four new thematic funds; the Pacer BlueStar Digital Entertainment ETF (ticker: ODDS), the Pacer BlueStar Engineering the Future ETF (ticker: BULD), the Pacer Industrials and Logistics ETF (ticker: SHPP), and the Pacer Data and Digital Revolution ETF (ticker: TRFK). The important themes captured by these funds include artificial intelligence (AI) in BULD, supply chain in SHPP, online gambling, eSports and video gaming in ODDS, and data transmission and communication in TRFK.

Looking ahead, we are optimistic about the future of Pacer. We have continued to grow our team to be able to reach more financial advisors. This allows us to support their business and help meet their clients’ investment needs. We will continue to invest in our people to ensure that we remain at the forefront of innovation and deliver long-term value to shareholders. We thank our investors, financial advisors, and partners for continuing to entrust your assets with us.

Joe M. Thomson,
Chairman, Pacer Funds Trust

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From the period 5/1/2022 – 4/30/2023, the S&P 500 gained 2.66%, the Nasdaq-100 gained 3.99%, and the Dow Jones Industrial Average gained 5.64%. Though all three indices were able to post positive returns, the road to get there was bumpy. Much like the first half of 2022, the second half of 2022 was marked by volatility in financial markets. From the period 5/1/2022 through the end of the year, the returns of the S&P 500, Nasdaq-100, and Dow Jones Industrial Average were: -5.96%, -14.34%, and 2.04%, respectively. Record high inflation, hawkish monetary policy, and concerns over a potential recession led to volatility in equity and fixed income markets. During the second half of 2022, inflation in the US reached levels which hadn’t been seen since the inflationary period of the 1970’s. Inflation in the US averaged 8% from 5/1/2022 through the end of the year, peaking at 9.1% in June before moderating throughout the remainder of the year. In order to combat inflation, the Federal Reserve (Fed) hiked rates aggressively in the latter half of 2022, raising the target Federal Funds Rate (FFR) by 75 basis points in June, July, September, and November, and by 50 basis points in May and December. This brought the 2022 year-end FFR range to 4.25% - 4.50%, blowing past median expectations, which began 2022 at only 0.90%. Due to high inflation and a rapid response from the Federal Reserve, there were losses observed in both equity and fixed income markets throughout the second half of 2022. From 5/1/2023 until the end of the year, the Bloomberg US AGG Index and the S&P 500 total return index experienced declines of -3.87% and -5.96% respectively.

The start of 2023 brought a much-needed sigh of relief for financial markets. After a tumultuous 2022, both equity and fixed income markets recovered to start 2023. From the beginning of 2023 through 4/30/2023, the S&P 500, Nasdaq-100, Dow Jones Industrial Average, and Bloomberg US Aggregate Bond Index returned: 9.17%, 21.40%, 3.53%, and 3.59%, respectively. Mega Capitalization (Mega-Cap) technology stocks bounced back at the beginning of 2023 after suffering steep losses in 2022. A select few Mega-Cap tech stocks drove the S&P 500 and tech-heavy Nasdaq-100 index higher to start the year. As of 4/30/2023 the 5 largest stocks in the S&P 500 are responsible for over 80% of the YTD returns in 2023, those companies being: Apple, Amazon, Alphabet, Microsoft, and Nvidia. The lack of breadth in the market recovery YTD in 2023 has led the market-capitalization indices to have the highest concentrations to a select group of companies since the Dot-Com Bubble. The aggressive actions employed by the Fed in 2022 seem to be having the desired effect on inflation, as the inflation rate in the US moderated from 6.5% in December 2022 to 4.9% in April 2023. April’s CPI print was the first-time year-over-year inflation registered under 5% in two years (since April 2021). Though inflation is moderating, there’s still work to do to reach the Fed’s 2% inflation target, which led the Fed to raise the target FFR another 25 basis points in March 2023. Financial markets have shrugged off elevated inflation, tighter monetary policy, and recession fears thus far in 2023. Recession fears, which permeated discussions amongst financial market participants in the latter half of 2022, have receded slightly. Stronger than expected economic data and a historically low unemployment rate of 3.4% in April 2023 have juxtaposed concerns over a recession in 2023. Moving forward, all eyes will be on how inflation and monetary policy affect corporate earnings. Earnings declined Y-o-Y during the first quarter of 2023, though the decline was less than expected heading into earnings season.

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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, 2023.

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

The Fund had a NAV total return of 4.20%. The Index had a total return of 4.72%. The S&P 500 Index had a total return of 2.66%.

Since the end of the previous fiscal year, the Fund remained in T-Bills until the exposure change to equities in January 2023. During this time (4/28/2022 – 1/27/2023), the U.S. Treasury 3-Month Yield rose significantly, from 0.8026% to 4.6645%, due to high levels of inflation.

PTLC EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
January 27, 2023	Equity	4.6645%

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 15.65%, Communication Services at 10.71%, and Consumer Staples at 6.17%. The three sectors with the lowest contribution to performance were Financials at -5.98%, Energy at -3.37%, and Real Estate at -4.45%. Sector performance numbers reflect their total return during the period.

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

The Fund had a NAV total return of -5.81%. The Index had a total return of -5.34%. The S&P MidCap 400 Index had a total return of 1.33%.

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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
August 19, 2022	Equity	2.6451%
September 2, 2022	T-Bill	2.8657%
November 17, 2022	Equity	4.1974%
March 29, 2023	T-Bill	4.7239%
April 5, 2023	Equity	4.8174%

During the fiscal year, the top three sectors for contribution to performance were Industrials at 2.25%, Consumer Staples at 0.49%, and Communication Services at -5.40%. The three sectors with the lowest contribution to performance were Financials at -13.78%, Energy at -24.03%, and Real Estate at -9.29%. Sector performance numbers reflect their total return during the period.    

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

The Fund had a NAV total return of 6.47%. The Index had a total return of 7.09%. The NASDAQ-100 Index had a total return of 3.99%.

The Fund had the following exposure changes during the fiscal year. Summary details of these changes are presented in the following table. During this time (5/13/2022 – 2/7/2023), the U.S. Treasury 3-Month Yield rose significantly, from 0.9425% to 4.6441%, due to high levels of inflation.

PTNQ EXPOSURE CHANGES
Dates	Resulting Exposure	U.S. Treasury 3-Month Yield
May 13, 2022	50/50	0.9425%
February 7, 2023	Equities	4.6441%

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 13.29%, Health Care at 22.70%, and Communication Services at 5.00%. The three sectors with the lowest contribution to performance were Consumer Discretionary at -3.46%, Utilities at -0.11%, and Real Estate at -0.27%. Sector performance numbers reflect their total return during the period.

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.

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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.

The Fund

The Fund had a NAV total return of 19.43%. The Index had a total return of 21.03%. The FTSE Eurozone Index (USD) had a total return of 17.03%.

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
November 17, 2022	Equities	4.1974%

During the fiscal year, the top three sectors for contribution to performance were Industrials at 32.00%, Consumer Discretionary at 26.98%, and Financials at 16.97%. The three sectors with the lowest contribution to performance were Telecommunication Services at -11.74%, Real Estate at -3.47%, and Energy at 8.97%. Sector performance numbers reflect their total return during the period.

Pacer Trendpilot^® International ETF

The Pacer Trendpilot^® International ETF is an exchange traded fund (“ETF”) 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

The Fund had a NAV total return of 10.75%. The Index had a total return of 11.61%. The S&P Developed Ex-US Large Cap Index had a total return of 6.87%.

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
November 15, 2022	Equities	4.1207%

During the fiscal year, the top three sectors for contribution to performance were Industrials at 22.35%, Consumer Discretionary at 23.58%, and Financials at -0.38%. The three sectors with the lowest contribution to performance were Real Estate at 0.49%, Telecommunication Services at 1.10%, and Energy at 2.85%. Sector performance numbers reflect their total return during the period.

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Pacer Trendpilot^® US Bond ETF

The Pacer Trendpilot US Bond 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 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 iBoxx^® USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx^® USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx USD Treasuries 7-10 Year Index, depending on the “Risk Ratio,” described below.

The iBoxx USD Liquid High Yield Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The iBoxx USD Treasuries 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years. 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 iBoxx USD Liquid High Yield Index by the value of the iBoxx USD Treasuries 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

The Fund had a NAV total return of -7.30%. The Index had a total return of -6.40%. The iBoxx USD Liquid High Yield Index had a total return of 1.50%.

PTBD had six exposure changes initiated on May 19, 2022, May 31, 2022, June 7, 2022, June 27, 2022, August 18, 2022, and March 20, 2023. Two of these exposure changes resulted in exposure to 100% High Yield Bonds. 10-Year yields at the time were 2.9736% and 2.8822%. PTBD had three exposure changes to T-Bills. 10- Yields during those changes were 2.8441%, 3.1997%, and 3.4847% PTBD saw one exposure to 50/50 at a 10-Year Yield of 2.8370%.

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
May 19, 2022	50/50	2.8370%
May 31, 2022	T-Bill	2.8441%
June 7, 2022	High Yield	2.9736%
June 27, 2022	T-Bill	3.1997%
August 18, 2022	High Yield	2.8822%
March 20, 2023	T-Bill	3.4847%

Between treasuries and corporates, treasuries had the stronger contribution to return, with -0.47% as opposed to the high yield sector which contributed -5.97 over the year. Within high yield corporates, the Real Estate sector had the strongest contribution, at -0.02%, followed by Utilities and Consumer Staples at -0.04 and -0.09 respectively. The worst performing sectors were Communication Services at -0.65%, Consumer Discretionary at -0.61%, and Energy at -0.26%.

Pacer Trendpilot^® Fund of Funds ETF

The Pacer Trendpilot Fund of Funds ETF 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

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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
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	iBoxx USD Liquid High Yield Index

The Fund

The Fund had a NAV total return of 1.71%. The Index had a return of 2.17%. The S&P Global 1200 Index had a total return of 3.82%.

The Fund’s top two contributors to its return were Pacer Trendpilot International ETF at 11.38% and the Pacer Trendpilot 100 ETF at 6.27%. During the fiscal year, the top three sectors for contribution to performance of the Pacer Trendpilot International ETF were Industrials at 22.35%, Consumer Discretionary at 23.58%, and Financials at -0.38%.

The Fund’s bottom two contributors to its return were Pacer Trendpilot US Bond ETF at -6.59% and the Pacer Trendpilot US Mid Cap ETF at -5.78%. The Fund’s bottom three contributors to the return of the Pacer Trendpilot US Mid Cap ETF were Financials at -13.78%, Energy at -24.03%, and Real Estate at -9.29%. Performance numbers reflect their total return during the period.

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, 2023.

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.

The Fund

The Fund had a NAV total return of -0.38%. The Index had a total return of 0.01%. The Russell 1000 Value Index had a total return of 1.21%. The Russell 1000 Index had a total return of 1.82%.

During the fiscal year, the top three sectors for contribution to performance were Industrials at 23.97%, Energy at 10.14%, and Health Care at 5.13%. The three sectors with the lowest contribution to performance were Communication Services at -17.89%, Utilities at -13.29%, and Information Technology at -12.40%. 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”).

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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

The Fund had a NAV total return of -1.46%. The Index had a total return of -0.88%. The S&P Small Cap 600 Value Index had a total return of -2.97%. The S&P Small Cap 600 Index had a total return of -3.84%.

During the fiscal year, the top three sectors for contribution to performance were Real Estate at 15.14%, Industrials at 10.47%, and Consumer Discretionary at 9.89%. The three sectors with the lowest contribution to performance were Health Care at -26.80%, Materials at -14.12%, and Consumer Staples at -5.40%. Sector performance numbers reflect their total return during the period.

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 8.50%. The Index had a total return of 8.92%. The MSCI World Value Index had a total return of 1.84%. The FTSE Developed Large-Cap Index had a total return of 4.54%.

During the fiscal year, the top three sectors for contribution to performance were Real Estate at 50.32%, Energy at 24.98%, and Health Care at 24.74%. The three sectors with the lowest contribution to performance were Utilities at -0.81%, Materials at 1.68%, and Industrials at -3.53%. Sector performance numbers reflect their total return during the period.

During the fiscal year, the top three countries for contribution to performance were Germany at 21.72%, Switzerland at 20.95%, and France at 19.58%. The three countries with the lowest contribution to performance were Israel at -18.07%, Netherlands at -8.32%, and Hong Kong at -7.13%. Country 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

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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

The Fund had a NAV total return of 5.26%. The Index had a total return of 5.44%. The MSCI EAFE Value Index had a total return of 8.38%. The FTSE Developed ex-US Index had a total return of 5.87%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 25.78%, Consumer Staples at 20.49%, and Utilities at 18.79%. The three sectors with the lowest contribution to performance were Materials at -4.08%, Industrials at 3.37%, and Energy at 7.39%. Sector performance numbers reflect their total return during the period.

During the fiscal year, the top three countries for contribution to performance were Spain at 38.65%, Switzerland at 29.67%, and Italy at 28.88%. The three countries with the lowest contribution to performance were Norway at -14.22%, South Korea at -14.05%, and Denmark at -9.97%. Country performance numbers reflect their total return during the period.

Pacer Emerging Markets Cash Cows 100 ETF

The Pacer Emerging Markets Cash Cows 100 ETF is an exchange traded fund (“ETF”) 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 2023, 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 2023, 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, 2023, 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

The Fund had a NAV total return of -6.43%. The Index had a total return of -4.14%. The MSCI Emerging Markets Value Index had a total return of -3.64%. The FTSE Emerging Market Index had a total return of -6.09%.

During the fiscal year, the top three sectors for contribution to performance were Energy at 15.99%, Utilities at 9.38%, and Consumer Staples at 4.00%. The three sectors with the lowest contribution to performance were Health Care at -28.65%, Materials at -15.47%, and Consumer Discretionary at -14.27%. Sector performance numbers reflect their total return during the period.

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During the fiscal year, the top three countries for contribution to performance were Turkey at 45.49%, Mexico at 45.38%, and Colombia at 14.81%. The three countries with the lowest contribution to performance were Malaysia at -62.30%, Czech Republic at -31.57%, and Chile at -31.44%. Country performance numbers reflect their total return during the period.

Pacer US Large Cap Cash Cows Growth Leaders ETF

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

The Index uses a rules-based methodology that seeks to provide exposure to large capitalization U.S. companies with above average free cash flow margins. Companies with above average free cash flow margins are commonly referred to as “cash cows.” The initial Index universe is typically derived from the component companies of the Russell 1000 Index^® . The initial universe of companies is typically screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies for which information on their projected free cash flows or earnings is not available will typically remain in the Index universe. A company’s projected free cash flows and earnings are typically determined by the Index Provider. Companies with negative average projected free cash flows or earnings are typically removed from the Index universe. Additionally, companies in the financial or real estate sectors are typically excluded from the Index universe.

The Fund

The Fund’s inception occurred during the fiscal year on 12/21/2022. Since inception, it had a NAV total return of -1.30%. The Index had a total return of -1.15%. The Russell 1000 Growth Index had a total return of 13.28%. The Russell 1000 Index had a total return of 7.75%.

Since inception, the top three sectors for contribution to performance were Consumer Discretionary at 15.18%, Communication Services at 9.36%, and Information Technology at 4.78%. The three sectors with the lowest contribution to performance were Energy at -10.09%, Health Care at -2.77%, and Materials at -1.57%. Sector performance numbers reflect their total return during the period.

Pacer US Cash Cows Growth ETF

The Pacer US Cash Cows Growth ETF is an exchange traded fund (“ETF”) 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 2023, 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, 2023, 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.

The Fund

The Fund had a NAV total return of -0.07%. The Index had a total return of -0.09%. The S&P 900 Pure Growth Index had a total return of -1.63%.

During the fiscal year, the top three sectors for contribution to performance were Industrials at 19.87%, Health Care at 14.31%, and Consumer Discretionary 9.09%. The three sectors with the lowest contribution to performance were Communication Services at -30.94%, Information Technology at -19.43%, and Utilities at -6.92%. Sector performance numbers reflect their total return during the period.

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Pacer Cash Cows Fund of Funds ETF

The Pacer Cash Cows Fund of Funds ETF 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

The Fund had a NAV total return of 2.81%. The Index had a total return of 2.70%. The FTSE All-World Developed Index had a total return of 3.06%.

The Fund’s top contributor to its return was Pacer Global Cash Cows Dividend ETF at 8.50%. The Fund’s bottom contributor to its return was Pacer US Small Cap Cash Cows 100 ETF at -1.46%.

The Fund’s top two contributors to its return were Pacer Global Cash Cows Dividend ETF at 9.08% and the Pacer Developed Markets International Cash Cows 100 ETF at 6.38. During the fiscal year the top three sectors for contribution to performance for the Pacer Global Cash Cows Dividend ETF were Health Care at 24.74%, Energy at 24.98%, and Consumer Discretionary at 12.41%.

The Fund’s bottom two contributors to its return were the Pacer US Small Cap Cash Cows 100 ETF at -1.45% and the Pacer US Cash Cows 100 ETF at -0.43%. The three sectors with the lowest contribution to performance of the Pacer US Small Cap Cash Cows 100 ETF were Health Care at -26.80%, Materials at -14.12%, and Consumer Staples at -5.40%. Sector performance numbers reflect their total return during the period.

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, 2023.

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

The Fund had a NAV total return of -8.09%. The Index had a total return of -7.76%. The S&P 500 Index had a total return of 2.66%.

Throughout the fiscal year, the Fund went “risk on” for the months April 2022, May 2022, September 2022, November 2022, December 2022, January 2023, February 2023, and March 2023. The Fund went “risk off” for the months of June 2022, July 2022, and August 2023. The Fund finished the fiscal year in April 2023, “risk on”.

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Pacer Industrial Real Estate ETF

The Pacer Industrial Real Estate ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Solactive GPR Industrial Real Estate Index (the “Index”).

The Index is generally composed of the equity securities of developed markets companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derive at least 85% of their earnings or revenues from self-storage real estate operations (“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 that are part of the GPR 250 Index 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 Fund

The Fund had a NAV total return of -12.56%. The Solactive GPR Industrial Real Estate Index had a total return of -11.98%. The FTSE NAREIT All Equity REITS Total Return Index had a total return of -16.10%.

The Fund’s top three contributors to its return were SEGRO plc at 18.05%, Mapletree Logistics Trust at 24.78%, and AB Sagax Class B at 32.81%. The Fund’s bottom three contributors to its return were Rexford Industrial Realty, Inc. at -26.81%, Industrial Logistics Properties Trust at -87.12%, and Prologis, Inc. at -19.68%. Performance numbers reflect their total return during the period.    

Pacer Data & Infrastructure Real Estate ETF

The Pacer Data & Infrastructure Real Estate ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Solactive GPR Data & Infrastructure Real Estate Index (the “Index”).

The 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 that are part of the GPR 250 Index and the GPR Pure Infrastructure Index 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 Fund

The Fund had a NAV total return of -19.11%. The Solactive GPR Data & Infrastructure Real Estate Index had a total return of -19.19%. The FTSE NAREIT All Equity REITS Total Return Index had a total return of -16.10%.

The Fund’s top three contributors to its return were Infrastrutture Wireless Italiane S.p.A. at 33.60%, Vantage Towers AG at 33.92%, and Keppel DC REIT at 12.98%. The Fund’s bottom three contributors to its return were Crown Castle Inc. at -30.74%, Uniti Group Inc. at -69.49%, and GDS Holdings Ltd. Sponsored ADR Class A at -70.69%. 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.

The Fund

The Fund had a NAV total return of 5.95%. The Index had a total return of 6.59%. The S&P 500 Index had a total return of 2.66%.

Between 4/30/2022 and 10/31/2022, the Fund’s returns were influenced by Health Care, which contributed -1.12%, and Consumer Staples, which contributed -0.71% to the overall return.

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From 11/1/2022 to 4/28/2023, the Fund experienced notable contributions to its return from three sectors. Consumer Discretionary led with 14.16%, followed by Information Technology with 11.16%, and Industrials with 6.70%. Conversely, the bottom three contributors to the Fund’s return were Materials at 5.36%, Industrials at 6.70%, and Information Technology at 11.16%. These performance figures represent the total return during the specified period.

These results can be attributed to the China re-opening trade, as investors anticipate increased Chinese spending on luxury goods, an area where European consumer discretionary stocks excel. Additionally, the performance may be influenced by domestic spending, as energy prices did not reach the heights previously feared during the Ukraine conflict.    

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

The Fund had a NAV total return of -5.68%. The FTSE China A50 Index had a total return of -4.86%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 15.92%, Information Technology at 14.62%, and Industrials at 6.98%. The three sectors with the lowest contribution to performance were Consumer Staples at -10.06%, Financials at -8.81%, and Health Care at 17.95%. 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, 2023.

Pacer BioThreat Strategy ETF

The Pacer BioThreat Strategy ETF 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

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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 moths 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 29, 2023, the Index was made up of 50 companies and included significant allocations to companies in the health care and industrial sectors.

The Fund

The Fund had a NAV total return of 4.13%. The Index had a total return of 4.79%. The S&P 500 Index had a total return of 2.66%.

During the fiscal year, the top three sectors for contribution to performance were Communication Services at 73.32%, Information Technology at 25.13%, and Health Care at 1.68%. The three sectors with the lowest contribution to performance were Industrials at -11.22%, Consumer Staples at -1.12%, and Materials at 0.05%. Sector performance numbers reflect their total return during the period.

Pacer Lunt Large Cap Alternator ETF

The Pacer Lunt Large Cap Alternator ETF 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 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

The Fund had a NAV total return of -14.49%. The Index had a total return of -13.98%. The S&P 500 Index had a total return of 2.66%.

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During the fiscal year, the top three sectors for contribution to performance were Utilities at 10.43%, Energy at 32.41%, and Health Care at -7.02%. The three sectors with the lowest contribution to performance were Information Technology at -21.63%, Financials at -41.28%, and Consumer Discretionary at -10.72%. Sector performance numbers reflect their total return during the period.    

Pacer Lunt Midcap Multi-Factor Alternator ETF

The Pacer Lunt Midcap Multi-Factor Alternator ETF 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 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

The Fund as of April 2023, had a NAV total return of 4.43%. The Index had a total return of 5.23%. The S&P MidCap 400 Index had a total return of 1.33%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Discretionary at 0.66%, Industrials at 20.88%, and Materials at -13.42%. The three sectors with the lowest contribution to performance were Real Estate at -17.91%, Information Technology at 5.31%, and Financials at 2.15%. 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 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 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

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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’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

The Fund had a NAV total return of -2.26%. The Index had a total return of -1.59%. The S&P 500 Index had a total return of 2.66%

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 6.05%, Energy at 6.77%, and Health Care at 7.31%. The three sectors with the lowest contribution to performance were Financials at -5.68%, Consumer Staples at -7.21%, and Real Estate at -26.28%. 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, 2023.

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

The Fund had a NAV total return of 5.06%. The Index had a total return of 5.64%. The S&P 900 Index had a total return of 2.59%.

The Fund’s top three contributors to its return were Health Care at 11.87%, Financials at 19.86%, and Industrials at 14.10%. The Fund’s bottom three contributors to its return were Materials at -9.98%, Consumer Discretionary at 1.15%, and Real Estate at 2.60%. Performance numbers reflect their total return during the period.    

Pacer Pacific Asset Floating Rate High Income ETF

Aristotle Capital 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)

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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 investment-grade 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.

The Fund

The Fund had a NAV total return of 2.91%. The S&P/LSTA Leveraged Loan Total Return Index had a total return of 3.76%.

The Fund’s top three performers in the fund were the Las Vegas Sands Corp. 3.9% 08-aug-2029 at 10.28% total return, the Eagle Point Credit Co., Inc., at 8.46% total return, and 1011778 B.c. Unlimited Liability Company 4.0% 15-oct-2030 at 7.25% total return.

The Fund’s bottom three contributors to its return were Bausch Health Companies Inc. 8.5% 31-jan-2027 at -37.69% total return, FILLMORE PK CLO LTD 2018 at -12.84% total return, Misys Limited Term Loan 13-jun-2024 at -12.09% total return. The performance numbers reflected are based on the individual securities total return.

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

The Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF 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 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 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

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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 had a NAV total return of 2.64%. The Index had a total return of 3.38%. The S&P 500 Index had a total return of 2.66%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 9.25%, Health Care at 4.03%, and Energy at 19.22%. The three sectors with the lowest contribution to performance were Consumer Discretionary at -8.27%, Real Estate at -16.55%, and Financials at -1.50%. Sector performance numbers reflect their total return during the period.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

The Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF 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 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, 2023, 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 had a NAV total return of 3.25%. The Index had a total return of 3.70%. The S&P 500 Index had a total return of 2.66%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 9.26%, Health Care at 4.17%, and Energy at 19.31%. The three sectors with the lowest contribution to performance were Consumer Discretionary at -8.01%, Real Estate at -16.19%, and Materials at -3.05%. Sector performance numbers reflect their total return during the period.    

Pacer Data and Digital Revolution ETF

The Pacer Data and Digital Revolution ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Pacer Data Transmission and Communication Revolution Index (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 is a rules-based index that consists of globally-listed stocks and depositary receipts of companies that, at the time of being added to the Index, derive at least 50% of their revenues from one of the following activities related to the use, manipulation, transmission, or storage of data (i.e., information that is stored in a digital or electronic format) and the ancillary

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services that enable these processes (i.e., services that enable companies to use, manipulate, transmit, or store data): electrical equipment and component manufacturing; automatic environmental control or heating and cooling equipment; computer storage device manufacturing; computer systems design services; computer equipment or telephone 3 equipment manufacturing; custom computer programming or record reproducing services; data processing and hosting services; software publishing; semiconductor manufacturing; wireless communications equipment manufacturing; communication and energy wire or wiring device manufacturing or producers of raw materials; cybersecurity systems and data protection services; power and distribution transformer manufacturing; satellite and digital telecommunications; electrical equipment component manufacturing; industrial value manufacturing; commercial machinery manufacturing; instruments used for measuring, displaying, and controlling industrial process variables (e.g., instruments used for testing electricity and glass thermometers for non-medical uses); computer facilities management services; or electrical equipment or wiring supplies wholesalers (collectively, “Data and Digital Revolution”), as determined by the Index Provider.

The Fund

The Fund had a NAV total return since inception on June 8, 2022 of 0.84%. The S&P 1200 Index had a total return of 4.09% since June 8, 2022.

The Fund’s top three contributors to its return were NVIDIA Corporation at 49.75%, Advanced Micro Devices, Inc. at 4.50%, and Broadcom Inc. at 16.69%. The Fund’s bottom three contributors to its return were SentinelOne, Inc. Class A at -51.70%, Teradata Corporation at -6.38%, and Radware Ltd. at -30.30%. Performance numbers reflect their total return during the period.        

Pacer Industrials and Logistics ETF

The Pacer Industrials and Logistics ETF (the “Fund”) employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Pacer Global Supply Chain Infrastructure Index (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 consists of globally-listed stocks and depositary receipts of industrials and logistics companies, as described below. Companies eligible to be added to the Index are those that derive at least 50% of their revenue from the following activities: (i) transportation, including air, ocean, and rail freight, long and short haul trucking, and other courier services that contribute to the movement of products within global supply chains; (ii) software, including transportation management services, logistics software, and other software services that enable companies to draw insights and maximize supply chain efficiency; (iii) hardware, including robotics, forklifts, and other equipment that is instrumental in the logistics process such as conveyor belt technology in warehouses; or (iv) consulting companies responsible for increasing the efficiency of companies with operations in supply chain and logistics management (collectively, 9“Industrials and Logistics”), as determined by the Index Provider. “Industrials” companies are those companies that are engaged in the research, development, manufacture, distribution, supply, or sale of industrial products, services, or equipment (e.g., capital goods, construction services, machinery, and transportation). “Logistics” companies are those companies involved in the supply chain movements required to move raw materials, intermediate goods, and finished products around the world (e.g., the provision of logistics support, logistics software, rail and air freight, trucking, and marine shipping).

The Fund

The Fund had a NAV total return since inception on June 8, 2022 of 2.90%. The S&P 1200 Index had a total return of 4.09% since June 8, 2022.

The Fund’s top three contributors to its return were ServiceNow, Inc. at -3.91%, SAP SE at 35.37%, and FedEx Corporation at 17.22%. The Fund’s bottom three contributors to its return were Kerry Logistics Network Ltd. at -35.90%, RXO, Inc. at -5.09%, and Sumitomo Warehouse Co., Ltd. at 2.99%. Performance numbers reflect their total return during the period.    

Before investing you should carefully consider the 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.

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

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,

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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).

“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.

The Pacer Trendpilot^® US Bond Index (the “Index”) is 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 Index. The Index is based in part on the iBoxx $ Liquid High Yield Index and the iBoxx $ Treasuries 7-10 Year Index, which are index products of S&P Dow Jones Indices or its affiliates (collectively, “S&P DJI”), but the Index is not sponsored by S&P DJI. S&P DJI will not be liable for any errors or omissions in calculating the Index. “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^® and iBoxx^® are registered trademarks of S&P DJI, and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

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.

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Solactive AG (“Solactive”) is the licensor of the Solactive GPR Data & Infrastructure Real Estate Index (the “Index”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Index.

Solactive AG (“Solactive”) is the licensor of the Solactive GPR Industrial Real Estate Index (the “Index”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive reserves the right to change the methods of calculation or publication with respect to the Index. Solactive shall not be liable for any damages suffered or incurred as a result of the use (or inability to use) of the Index.

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, 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.

21

Pacer Funds

Pacer Advisors, Inc. is the fund advisor. Aristotle Capital Management, LLC serves as investment sub-advisor to the Pacer Pacific Asset Floating Rate High Income 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.

The Value Indices listed below are being included to provide a performance comparison of a value index, which the Adviser believes is a more suitable comparison for the Cash Cows Series based on the investment strategy of the Fund.

Russell 1000 Value Index
S&P SmallCap 600 Value Index
MSCI EAFE Value Index
MSCI World Value Index
MSCI Emerging Markets Value Index

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.

22

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of April 30, 2023

Pacer Trendpilot^® US Large Cap ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.7%
Banks	3.2%
Capital Goods	5.6%
Commercial & Professional Services	1.3%
Consumer Discretionary Distribution & Retail	5.1%
Consumer Durables & Apparel	0.9%
Consumer Services	2.2%
Consumer Staples Distribution & Retail	2.0%
Energy	4.7%
Equity Real Estate Investment	2.5%
Financial Services	7.6%
Food, Beverage & Tobacco	3.7%
Health Care Equipment & Services	6.1%
Household & Personal Products	1.7%
Insurance	2.2%
Materials	2.6%
Media & Entertainment	7.2%
Pharmaceuticals, Biotechnology & Life Sciences	8.3%
Real Estate Management & Development	0.1%
Semiconductors & Semiconductor Equipment	6.0%
Software & Services	10.7%
Technology Hardware & Equipment	8.9%
Telecommunication Services	1.1%
Transportation	1.6%
Utilities	2.9%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	5.4%
Liabilities in Excess of Other Assets	-5.4%
Total	100.0%

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

Pacer Trendpilot^® US Mid Cap ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.2%
Banks	6.0%
Capital Goods	15.1%
Commercial & Professional Services	4.1%
Consumer Discretionary Distribution & Retail	3.7%
Consumer Durables & Apparel	5.0%
Consumer Services	4.6%
Consumer Staples Distribution & Retail	2.0%
Energy	3.8%
Equity Real Estate Investment Trusts	7.3%
Financial Services	4.7%
Food, Beverage & Tobacco	1.9%
Health Care Equipment & Services	6.2%
Household & Personal Products	0.5%
Insurance	4.1%

23

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Trendpilot® US Mid Cap ETF (Continued)
Industry(a)	Percentage of Net Assets
Materials	6.5%
Media & Entertainment	1.5%
Pharmaceuticals, Biotechnology & Life Sciences	3.7%
Real Estate Management & Development	0.3%
Semiconductors & Semiconductor Equipment	2.5%
Software & Services	3.0%
Technology Hardware & Equipment	4.2%
Telecommunication Services	0.6%
Transportation	2.6%
Utilities	3.8%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	12.4%
Liabilities in Excess of Other Assets	-12.4%
Total	100.0%

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

Pacer Trendpilot^® 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	3.3%
Capital Goods	1.6%
Commercial & Professional Services	2.1%
Consumer Discretionary Distribution & Retail	8.1%
Consumer Durables & Apparel	0.4%
Consumer Services	2.5%
Consumer Staples Distribution & Retail	2.2%
Energy	0.4%
Financial Services	1.2%
Food, Beverage & Tobacco	3.9%
Health Care Equipment & Services	1.7%
Media & Entertainment	15.6%
Pharmaceuticals, Biotechnology	4.6%
Semiconductors & Semiconductor Equipment	16.0%
Software & Services	19.0%
Technology Hardware & Equipment	14.1%
Telecommunication Services	1.3%
Transportation	0.7%
Utilities	1.2%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	4.8%
Liabilities in Excess of Other Assets	-4.8%
Total	100.0%

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

24

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Trendpilot^® European Index ETF

Country(a)	Percentage of Net Assets
Automobiles & Components	4.6%
Banks	9.0%
Capital Goods	13.4%
Commercial & Professional Services	1.1%
Consumer Discretionary Distribution & Retail	2.0%
Consumer Durables & Apparel	7.4%
Consumer Services	1.1%
Consumer Staples Distribution	1.2%
Energy	4.6%
Equity Real Estate Investment	0.5%
Financial Services	3.3%
Food, Beverage & Tobacco	4.1%
Health Care Equipment & Services	2.5%
Household & Personal Products	2.8%
Insurance	6.0%
Materials	5.5%
Media & Entertainment	1.2%
Pharmaceuticals, Biotechnology & Life Sciences	5.3%
Real Estate Management & Development	0.5%
Semiconductors & Semiconductor Equipment	6.6%
Software & Services	4.0%
Technology Hardware & Equipment	0.4%
Telecommunication Services	3.6%
Transportation	1.6%
Utilities	6.3%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	14.7%
Liabilities in Excess of Other Assets	-13.6%
Total	100.0%

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

Pacer Trendpilot^® International ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	3.5%
Banks	11.5%
Capital Goods	8.8%
Commercial & Professional Services	1.7%
Consumer Discretionary Distribution & Retail	1.8%
Consumer Durables & Apparel	4.2%
Consumer Services	1.5%
Consumer Staples Distribution & Retail	1.4%
Energy	6.2%
Equity Real Estate Investment	0.4%
Financial Services	3.0%
Food, Beverage & Tobacco	5.9%
Health Care Equipment & Services	1.7%
Household & Personal Products	2.9%
Insurance	4.9%

25

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Trendpilot® International ETF (Continued)
Industry(a)	Percentage of Net Assets
Materials	7.0%
Media & Entertainment	1.0%
Pharmaceuticals, Biotechnology & Life Sciences	10.7%
Real Estate Management & Devel	0.8%
Semiconductors & Semiconductor Equipment	2.8%
Software & Services	3.0%
Technology Hardware & Equipment	1.7%
Telecommunication Services	2.7%
Transportation	2.7%
Utilities	3.0%
Exchange Traded Funds	4.3%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	18.2%
Liabilities in Excess of Other Assets	-17.5%
Total	100.0%

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

Pacer Trendpilot^® US Bond ETF

Industry(a)	Percentage of Net Assets
Corporate Bonds	0%*
U.S. Government Notes/Bonds	99.3%
Short-Term Investments	0%*
Other Assets in Excess of Liabilities	0.7%
Total	100.0%

* Less than 0.05%.

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

Pacer Trendpilot^® Fund of Funds ETF

Industry(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	99.8%
Short-Term Investments	0.1%
Other Assets in Excess of Liabilities	0.1%
Total	100.0%

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

26

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer US Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	0.3%
Capital Goods	3.5%
Commercial & Professional Services	0.8%
Consumer Discretionary Distribution & Retail	2.3%
Consumer Durables & Apparel	3.7%
Consumer Services	4.2%
Energy	36.1%
Equity Real Estate Investment	1.0%
Financial Services	0.5%
Food, Beverage & Tobacco	2.1%
Health Care Equipment & Services	7.8%
Household & Personal Products	0.1%
Materials	13.1%
Media & Entertainment	2.5%
Pharmaceuticals, Biotechnology & Life Sciences	10.9%
Real Estate Management & Development	2.1%
Semiconductors & Semiconductor Equipment	0.6%
Software & Services	3.1%
Technology Hardware & Equipment	3.0%
Transportation	2.4%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	8.1%
Liabilities in Excess of Other Assets	-8.4%
Total	100.0%

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

Pacer US Small Cap Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	5.9%
Capital Goods	10.9%
Commercial & Professional Services	3.1%
Consumer Discretionary Distribution & Retail	8.5%
Consumer Durables & Apparel	14.0%
Consumer Services	1.9%
Energy	17.2%
Food, Beverage & Tobacco	1.4%
Health Care Equipment & Services	4.9%
Household & Personal Products	1.1%
Materials	7.7%
Media & Entertainment	2.7%
Pharmaceuticals, Biotechnology & Life Sciences	4.3%
Semiconductors & Semiconductor Equipment	4.3%
Software & Services	3.6%
Technology Hardware & Equipment	2.9%
Transportation	5.5%

27

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer US Small Cap Cash Cows 100 ETF (Continued)
Industry(a)	Percentage of Net Assets
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	30.2%
Liabilities in Excess of Other Assets	-30.2%
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 Global Cash Cows Dividend ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	10.1%
Capital Goods	6.7%
Commercial & Professional Services	0.3%
Consumer Discretionary Distribution & Retail	0.7%
Consumer Durables & Apparel	0.1%
Consumer Staples Distribution & Retail	0.9%
Energy	12.0%
Food, Beverage & Tobacco	9.4%
Health Care Equipment & Services	0.3%
Household & Personal Products	2.1%
Materials	16.8%
Media & Entertainment	0.9%
Pharmaceuticals, Biotechnology & Life Sciences	8.7%
Semiconductors & Semiconductor Equipment	0.9%
Software & Services	1.6%
Technology Hardware & Equipment	0.7%
Telecommunication Services	14.6%
Transportation	8.8%
Utilities	3.4%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	8.5%
Liabilities in Excess of Other Assets	-7.7%
Total	100.0%

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

Pacer Developed Markets International Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	9.2%
Capital Goods	8.6%
Commercial & Professional Services	0.5%
Consumer Discretionary Distribution & Retail	3.8%
Consumer Durables & Apparel	2.1%
Consumer Staples Distribution & Retail	2.5%
Energy	20.8%
Food, Beverage & Tobacco	4.5%
Health Care Equipment & Services	0.4%
Materials	15.3%
Media & Entertainment	2.0%
Pharmaceuticals, Biotechnology & Life Sciences	3.8%

28

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Developed Markets International Cash Cows 100 ETF (Continued)
Industry(a)	Percentage of Net Assets
Semiconductors & Semiconductor Equipment	1.5%
Technology Hardware & Equipment	1.7%
Telecommunication Services	6.5%
Transportation	14.9%
Utilities	1.1%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	6.1%
Liabilities in Excess of Other Assets	-5.6%
Total	100.0%

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

Pacer Emerging Markets Cash Cows 100 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.6%
Capital Goods	7.0%
Consumer Discretionary Distribution & Retail	0.5%
Consumer Services	0.8%
Consumer Staples Distribution & Retail	0.9%
Energy	21.1%
Food, Beverage & Tobacco	5.3%
Household & Personal Products	0.4%
Materials	19.4%
Media & Entertainment	2.7%
Pharmaceuticals, Biotechnology & Life Sciences	1.0%
Semiconductors & Semiconductor Equipment	6.9%
Technology Hardware & Equipment	5.5%
Telecommunication Services	9.3%
Transportation	12.1%
Utilities	4.0%
Short-Term Investments	0.3%
Investments Purchased with Proceeds from Securities Lending	6.4%
Liabilities in Excess of Other Assets	-5.3%
Total	100.0%

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

Pacer US Large Cap Cash Cows Growth Leaders ETF

Industry(a)	Percentage of Net Assets
Commercial & Professional Services	1.2%
Consumer Discretionary Distribution & Retail	1.2%
Consumer Services	8.6%
Energy	8.2%
Financial Services	4.5%
Food, Beverage & Tobacco	2.6%
Health Care Equipment & Services	5.1%
Household & Personal Products	0.2%
Materials	2.0%
Media & Entertainment	2.7%

29

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer US Large Cap Cash Cows Growth Leaders ETF (Continued)
Industry(a)	Percentage of Net Assets
Pharmaceuticals, Biotechnology & Life Sciences	16.3%
Semiconductors & Semiconductor Equipment	14.1%
Software & Services	28.0%
Technology Hardware & Equipment	3.9%
Transportation	1.3%
Short-Term Investments	0.2%
Liabilities in Excess of Other Assets	-0.1%
Total	100.0%

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

Pacer US Cash Cows Growth ETF

Industry(a)	Percentage of Net Assets
Capital Goods	2.3%
Consumer Discretionary Distribution & Retail	0.6%
Consumer Services	0.5%
Energy	46.8%
Financial Services	0.8%
Health Care Equipment & Services	2.1%
Materials	13.1%
Media & Entertainment	0.7%
Pharmaceuticals, Biotechnology & Life Sciences	30.1%
Semiconductors & Semiconductor Equipment	0.5%
Transportation	2.4%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	13.3%
Liabilities in Excess of Other Assets	-13.3%
Total	100.0%

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

Pacer Cash Cows Fund of Funds ETF

Industry(a)	Percentage of Net Assets
Affiliated Exchange Traded Funds	99.9%
Short-Term Investments	0.1%
Liabilities in Excess of Other Assets	0%*
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.

30

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer WealthShield ETF

Industry(a)	Percentage of Net Assets
Health Care Equipment & Services	0%*
U.S. Government Notes/Bonds	98.3%
Short-Term Investments	2.4%
Liabilities in Excess of Other Assets	-0.7%
Total	100.0%

* Less than 0.05%.

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

Pacer Industrial Real Estate ETF

Industry(a)	Percentage of Net Assets
Equity Real Estate Investment Trusts	96.3%
Real Estate Management & Development	3.3%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	19.9%
Liabilities in Excess of Other Assets	-19.6%
Total	100.0%

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

Pacer Data & Infrastructure Real Estate ETF

Industry(a)	Percentage of Net Assets
Equity Real Estate Investment Trusts	66.7%
Media & Entertainment	7.3%
Telecommunication Services	26.0%
Short-Term Investments	0.4%
Investments Purchased with Proceeds from Securities Lending	6.9%
Liabilities in Excess of Other Assets	-7.3%
Total	100.0%

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Industry(a)	Percentage of Net Assets
Consumer Staples Distribution & Retail	10.5%
Food, Beverage & Tobacco	30.8%
Health Care Equipment & Services	28.6%
Household & Personal Products	8.3%
Pharmaceuticals, Biotechnology & Life Sciences	21.3%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	15.7%
Liabilities in Excess of Other Assets	-15.3%
Total	100.0%

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

31

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer CSOP FTSE China A50 ETF    

Industry(a)	Percentage of Net Assets
Automobiles & Components	4.4%
Banks	19.3%
Capital Goods	8.2%
Consumer Discretionary Distribution & Retail	2.0%
Consumer Durables & Apparel	1.0%
Energy	5.3%
Financial Services	3.3%
Food, Beverage & Tobacco	29.0%
Health Care Equipment & Services	3.8%
Insurance	5.4%
Materials	3.6%
Pharmaceuticals, Biotechnology & Life Sciences	3.1%
Real Estate Management & Development	0.9%
Semiconductors & Semiconductor Equipment	2.8%
Technology Hardware & Equipment	2.5%
Transportation	1.8%
Utilities	3.2%
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

Industry(a)	Percentage of Net Assets
Capital Goods	2.7%
Commercial & Professional Services	0.6%
Consumer Discretionary Distribution & Retail	14.7%
Consumer Staples Distribution	7.3%
Food, Beverage & Tobacco	1.4%
Health Care Equipment & Services	9.9%
Household & Personal Products	4.8%
Materials	1.8%
Media & Entertainment	5.0%
Pharmaceuticals, Biotechnology & Life Sciences	41.4%
Semiconductors & Semiconductor Equipment	7.9%
Software & Services	1.7%
Technology Hardware & Equipment	0.7%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	22.9%
Liabilities in Excess of Other Assets	-22.9%
Total	100.0%

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

32

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Lunt Large Cap Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	3.9%
Banks	0%*
Capital Goods	2.0%
Consumer Discretionary Distribution & Retail	5.0%
Consumer Durables & Apparel	7.0%
Consumer Services	8.0%
Financial Services	9.7%
Health Care Equipment & Services	4.4%
Household & Personal Products	0.9%
Insurance	0.7%
Materials	1.6%
Media & Entertainment	6.4%
Pharmaceuticals, Biotechnology & Life Sciences	2.6%
Semiconductors & Semiconductor Equipment	21.9%
Software & Services	15.7%
Technology Hardware & Equipment	6.7%
Transportation	3.5%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	9.2%
Liabilities in Excess of Other Assets	-9.3%
Total	100.0%

* Less than 0.05%.

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

Pacer Lunt Midcap Multi-Factor Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.0%
Banks	0.4%
Capital Goods	17.1%
Commercial & Professional Services	3.6%
Consumer Discretionary Distribution & Retail	4.8%
Consumer Durables & Apparel	4.6%
Consumer Services	6.1%
Energy	4.7%
Equity Real Estate Investment	2.2%
Financial Services	3.5%
Food, Beverage & Tobacco	1.6%
Health Care Equipment & Services	11.9%
Household & Personal Products	0.5%
Insurance	4.0%
Materials	5.1%
Media & Entertainment	1.7%
Pharmaceuticals, Biotechnology & Life Sciences	6.9%
Semiconductors & Semiconductor Equipment	5.2%
Software & Services	7.5%
Technology Hardware & Equipment	4.5%
Telecommunication Services	1.0%
Transportation	2.1%

33

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Lunt Midcap Multi-Factor Alternator ETF (Continued)
Industry(a)	Percentage of Net Assets
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	11.0%
Liabilities in Excess of Other Assets	-11.1%
Total	100.0%

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

Pacer Lunt Large Cap Multi-Factor Alternator ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	2.2%
Capital Goods	4.3%
Commercial & Professional Services	3.1%
Consumer Discretionary Distribution & Retail	4.4%
Consumer Durables & Apparel	1.0%
Consumer Services	5.0%
Consumer Staples Distribution & Retail	1.2%
Energy	6.3%
Equity Real Estate Investment	2.0%
Financial Services	10.1%
Food, Beverage & Tobacco	6.2%
Health Care Equipment & Services	3.3%
Household & Personal Products	2.6%
Insurance	0.8%
Materials	2.2%
Media & Entertainment	2.8%
Pharmaceuticals, Biotechnology & Life Sciences	9.5%
Semiconductors & Semiconductor Equipment	10.7%
Software & Services	12.7%
Technology Hardware & Equipment	7.4%
Transportation	1.1%
Utilities	1.0%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	7.7%
Liabilities in Excess of Other Assets	-7.7%
Total	100.0%

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

34

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer US Export Leaders ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.9%
Capital Goods	10.7%
Commercial & Professional Services	1.9%
Consumer Services	3.3%
Energy	6.0%
Equity Real Estate Investment	1.1%
Financial Services	4.1%
Food, Beverage & Tobacco	4.2%
Health Care Equipment & Services	2.3%
Household & Personal Products	1.1%
Materials	10.6%
Media & Entertainment	3.4%
Pharmaceuticals, Biotechnology & Life Sciences	11.1%
Semiconductors & Semiconductor Equipment	18.0%
Software & Services	10.6%
Technology Hardware & Equipment	8.6%
Transportation	1.0%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	14.3%
Liabilities in Excess of Other Assets	-14.3%
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

Industry(a)	Percentage of Net Assets
Advertising	1.2%
Aerospace/Defense	1.9%
Airlines	1.9%
Auto Manufacturers	0.5%
Building Materials	1.9%
Chemicals	0.4%
Coal	0%*
Commercial Services	1.9%
Computers	1.9%
Cosmetics/Personal Care	1.0%
Diversified Financial Services	2.6%
Electronics	0.5%
Entertainment	1.7%
Environmental Control	2.6%
Food	0.5%
Healthcare-Products	1.4%
Healthcare-Services	1.2%
Insurance	1.6%
Leisure Time	3.2%
Lodging	0.9%
Machinery-Diversified	4.9%
Media	2.4%
Oil & Gas	1.0%

35

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Pacific Asset Floating Rate High Income ETF (Continued)
Industry(a)	Percentage of Net Assets
Packaging & Containers	2.9%
Pharmaceuticals	0.6%
Pipelines	1.8%
Real Estate	0.5%
Retail	6.2%
Semiconductors	0.5%
Software	5.5%
Telecommunications	1.0%
Transportation	1.0%
Asset Backed Securities	36.3%
Exchange Traded Funds	1.2%
Closed End Funds	0%*
Short-Term Investments	5.0%
Other Assets in Excess of Liabilities	0.4%
Total	100.0%

* Less than 0.05%.

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

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.5%
Banks	2.9%
Capital Goods	4.9%
Commercial & Professional Services	1.2%
Consumer Discretionary Distribution & Retail	4.5%
Consumer Durables & Apparel	0.7%
Consumer Services	2.1%
Consumer Staples Distribution & Retail	1.7%
Energy	4.3%
Equity Real Estate Investment	2.3%
Financial Services	7.0%
Food, Beverage & Tobacco	3.3%
Health Care Equipment & Services	5.6%
Household & Personal Products	1.5%
Insurance	2.0%
Materials	2.4%
Media & Entertainment	6.5%
Pharmaceuticals, Biotechnology & Life Sciences	7.6%
Real Estate Management & Development	0.1%
Semiconductors & Semiconductor Equipment	5.4%
Software & Services	9.9%
Technology Hardware & Equipment	8.0%
Telecommunication Services	1.0%
Transportation	1.4%
Utilities	2.6%

36

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (Continued)
Industry(a)	Percentage of Net Assets
Short-Term Investments	4.5%
Other Assets in Excess of Liabilities	5.1%
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.

Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF

Industry(a)	Percentage of Net Assets
Automobiles & Components	1.4%
Banks	2.7%
Capital Goods	4.8%
Commercial & Professional Services	1.1%
Consumer Discretionary Distribution & Retail	4.4%
Consumer Durables & Apparel	0.8%
Consumer Services	1.8%
Consumer Staples Distribution & Retail	1.7%
Energy	4.0%
Equity Real Estate Investment	2.1%
Financial Services	6.6%
Food, Beverage & Tobacco	3.2%
Health Care Equipment & Services	5.2%
Household & Personal Products	1.4%
Insurance	1.9%
Materials	2.2%
Media & Entertainment	6.1%
Pharmaceuticals, Biotechnology & Life Sciences	7.0%
Real Estate Management & Development	0.1%
Semiconductors & Semiconductor Equipment	5.2%
Software & Services	9.2%
Technology Hardware & Equipment	7.6%
Telecommunication Services	0.9%
Transportation	1.4%
Utilities	2.5%
Short-Term Investments	1.5%
Government Notes/Bonds	11.1%
Other Assets in Excess of Liabilities	2.1%
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.

37

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2023

Pacer Data and Digital Revolution ETF

Industry(a)	Percentage of Net Assets
Capital Goods	7.6%
Semiconductors & Semiconductor Equipment	34.3%
Software & Services	32.4%
Technology Hardware & Equipment	25.5%
Short-Term Investments	0.2%
Liabilities in Excess of Other Assets	0%*
Total	100.0%

* Less than 0.05%.

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

Pacer Industrials and Logistics ETF

Industry(a)	Percentage of Net Assets
Capital Goods	5.9%
Commercial & Professional Services	0.5%
Energy	0.1%
Pharmaceuticals, Biotechnology & Life Sciences	0.1%
Software & Services	18.7%
Technology Hardware & Equipment	1.3%
Transportation	71.2%
Exchange Traded Funds	1.9%
Short-Term Investments	0.1%
Other Assets in Excess of Liabilities	0.2%
Total	100.0%

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

38

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Large Cap ETF - NAV	4.20%	13.85%	7.44%	6.70%
Pacer Trendpilot® US Large Cap ETF - Market	4.25%	13.84%	7.39%	6.69%
Pacer Trendpilot® US Large Cap Index(3)	4.72%	14.53%	8.07%	7.33%
S&P 500® Index(3)	2.66%	14.52%	11.45%	11.08%

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

39

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® US Mid Cap ETF - NAV	-5.81%	4.91%	1.74%	3.96%
Pacer Trendpilot® US Mid Cap ETF - Market	-5.79%	4.90%	1.72%	3.95%
Pacer Trendpilot® US Mid Cap Index(3)	-5.34%	5.59%	2.32%	4.59%
S&P MidCap 400 Index(3)	1.33%	16.52%	7.56%	8.01%

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

⁽²⁾ Inception date is June 11, 2015.

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

40

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® 100 ETF - NAV	6.47%	13.65%	12.50%	10.92%
Pacer Trendpilot® 100 ETF - Market	6.27%	13.54%	12.43%	10.89%
Pacer NASDAQ-100 Trendpilot® Index(3)	7.09%	14.39%	13.10%	11.58%
NASDAQ-100 Index(3)	3.99%	14.66%	15.98%	15.86%

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

⁽²⁾ Inception date is June 11, 2015.

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

41

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Trendpilot® European Index ETF - NAV	19.43%	4.57%	-0.71%	1.94%
Pacer Trendpilot® European Index ETF - Market	20.41%	4.88%	-0.59%	2.04%
Pacer Trendpilot® European Index(3)	21.03%	6.18%	0.76%	3.39%
FTSE Eurozone Index(3)	17.03%	15.82%	4.07%	7.55%

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

⁽²⁾ Inception date is December 14, 2015.

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

42

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, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot International ETF - NAV	10.75%	6.00%	3.12%
Pacer Trendpilot International ETF - Market	11.38%	6.08%	3.19%
Pacer Trendpilot International Index	11.61%	6.84%	3.99%
S&P Developed Ex-US Large Cap Index(3)	6.87%	12.40%	6.52%

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

⁽²⁾ Inception date is May 2, 2019.

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

43

Pacer Trendpilot^® US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot US Bond ETF - NAV	-7.30%	-3.88%	-2.17%
Pacer Trendpilot US Bond ETF - Market	-6.56%	-4.08%	-2.17%
Pacer Trendpilot US Bond Index(3)	-6.40%	-1.71%	-0.27%
iBoxx USD Liquid High Yield Index(3)	1.50%	3.81%	1.19%
S&P U.S. High Yield Corporate Bond IndexTM(3)	1.07%	4.52%	1.77%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, as supplemented January 12, 2023, 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.

44

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 iBoxx^® USD Liquid High Yield Index, (ii) 50% to the iBoxx USD Liquid High Yield Index and 50% to the iBoxx USD Treasuries 7-10 Year Index or (iii) 100% to iBoxx^® USD Treasuries 7-10 Year Index, depending on the value of the iBoxx USD Liquid High Yield Index divided by the value of the iBoxx USD Treasuries 7-10 Year Index (the “Risk Ratio”).

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

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

45

Pacer Trendpilot^® Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Trendpilot Fund of Funds ETF - NAV	1.71%	6.46%	3.37%
Pacer Trendpilot Fund of Funds ETF - Market	1.79%	6.46%	3.37%
Pacer Trendpilot Fund of Funds Index(3)	2.17%	7.62%	4.48%
S&P 1200 Index(3)	3.82%	13.52%	8.98%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, as supplemented January 12, 2023, is 0.77%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 3, 2019.

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

46

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Cash Cows 100 ETF - NAV	-0.38%	25.38%	12.42%	12.64%
Pacer US Cash Cows 100 ETF - Market	-0.45%	25.33%	12.31%	12.60%
Pacer US Cash Cows 100 Index(3)	0.01%	25.97%	12.89%	13.10%
Russell 1000® Index(3)	1.82%	14.22%	11.07%	11.79%
Russell 1000 Value Index	1.21%	14.38%	7.74%	7.64%

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

⁽²⁾ Inception date is December 16, 2016.

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

47

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer US Small Cap Cash Cows 100 ETF - NAV	-1.46%	23.12%	8.73%	8.58%
Pacer US Small Cap Cash Cows 100 ETF - Market	-1.46%	22.98%	8.66%	8.53%
Pacer US Small Cap Cash Cows Index(3)	-0.88%	23.85%	9.12%	8.96%
S&P SmallCap 600® Index(3)	-3.84%	15.86%	5.48%	6.76%
S&P Small Cap 600 Value Index	-2.97%	19.06%	5.43%	6.56%

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

⁽²⁾ Inception date is June 16, 2017.

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

48

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Global Cash Cows Dividend ETF - NAV	8.50%	16.45%	6.63%	8.47%
Pacer Global Cash Cows Dividend ETF - Market	9.09%	16.77%	6.69%	8.51%
Pacer Global Cash Cows Dividend Index(3)	8.92%	17.47%	7.55%	9.44%
FTSE All-World Developed Large-Cap Index(3)	4.54%	13.45%	8.95%	11.49%
MSCI World Value Index	1.84%	13.41%	5.11%	8.12%

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

⁽²⁾ Inception date is February 22, 2016.

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

49

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer Developed Markets International Cash Cows 100 ETF - NAV	5.26%	16.29%	3.86%	5.99%
Pacer Developed Markets International Cash Cows 100 ETF - Market	6.44%	16.90%	3.76%	6.10%
Pacer Developed Markets International Cash Cows 100 Index(3)	5.44%	17.28%	4.75%	6.95%
FTSE Developed ex-US Index(3)	5.87%	11.70%	-4.29%	4.84%
MSCI EAFE Value Index	8.38%	13.80%	1.78%	3.23%

⁽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, 2022, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 16, 2017.

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

50

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, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Emerging Markets Cash Cows 100 ETF - NAV	-6.43%	5.68%	-0.44%
Pacer Emerging Markets Cash Cows 100 ETF - Market	-5.66%	6.73%	-0.19%
Pacer Emerging Markets Cash Cows 100 Index(3)	-4.14%	8.03%	1.65%
FTSE Emerging Markets Index(3)	-6.09%	5.35%	0.75%
MSCI Emerging Markets Value Index	-3.64%	7.24%	-0.26%

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

51

Pacer US Large Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	Since Inception(2)
Pacer US Large Cap Cash Cows Growth Leaders - NAV	-1.30%
Pacer US Large Cap Cash Cows Growth Leaders - Market	-1.36%
Pacer US Large Cap Cash Cows Growth Leaders Index(3)	-1.15%
Russell 1000 Index	7.75%

⁽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 December 19, 2022 is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is December 21, 2022

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

52

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, 2023)

	One Year	Three Year	Since Inception(2)
Pacer US Cash Cows Growth ETF - NAV	-0.07%	15.98%	9.90%
Pacer US Cash Cows Growth ETF - Market	0.00%	15.90%	9.89%
Pacer US Cash Cows Growth Index(3)	-0.09%	16.20%	10.06%
S&P 900 Pure Growth Index(3)	-1.63%	11.57%	7.05%

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

⁽²⁾ Inception date is May 2, 2019.

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

53

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.

54

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Cash Cows Fund of Funds ETF - NAV	2.81%	19.86%	9.78%
Pacer Cash Cows Fund of Funds ETF - Market	3.28%	19.89%	9.79%
Pacer Cash Cows Fund of Funds Index(3)	2.70%	20.21%	10.25%
FTSE All World Developed Index(3)	3.06%	12.90%	8.39%

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

⁽²⁾ Inception date is May 3, 2019.

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

55

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer WealthShield ETF - NAV	-8.09%	5.52%	2.93%	2.77%
Pacer WealthShield ETF - Market	-8.13%	5.63%	2.88%	2.74%
Pacer WealthShield Index(3)	-7.76%	5.71%	3.16%	3.02%
S&P 500® Index(3)	2.66%	14.52%	11.45%	10.63%

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

⁽²⁾ Inception date is December 11, 2017.

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

56

Pacer Industrial Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Industrial Real Estate ETF - NAV	-12.56%	12.75%	12.82%
Pacer Industrial Real Estate ETF - Market	-12.70%	12.69%	12.78%
Kelly Industrial Real Estate index / Solactive GPR Industrial Real Estate Index(3)(4)	-11.98%	13.60%	13.69%
FTSE NAREIT All Equity REITS Total Return Index(3)	-16.10%	7.21%	5.86%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses after Fee Waiver as stated in the fee table to the Fund’s prospectus dated August 31, 2022, supplemented November 1, 2022 is 0.55%. The Fund’s investment adviser has agreed to waive 5 basis points (0.05%) of its management fee for the Fund until October 31, 2023. The fee waiver agreement may only be terminated prior to October 31, 2023 with the consent of the Adviser and the Fund’s Board of Trustees, and may be renewed by the Adviser in its sole discretion. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 14, 2018.

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

⁽⁴⁾ Effective November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Solactive GPR Industrial Real Estate Index. Prior to November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Kelly Industrial Real Estate Index. Performance shown for periods beginning November 1, 2022 is that of the Solactive GPR Industrial Real Estate Index, and performance shown for periods prior to November 1, 2022 is that of the Kelly Industrial Real Estate Index.

57

Pacer Data & Infrastructure Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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, 2023)

	One Year	Three Year	Since Inception(2)
Pacer Data & Infrastructure Real Estate ETF - NAV	-19.11%	-2.23%	5.71%
Pacer Data & Infrastructure Real Estate ETF - Market	-18.91%	-2.33%	5.66%
Kelly Data Center & Tech Infrastructure Real Estate Index / Solactive GPR Data & Infrastructure Real Estate Index(3)(4)	-19.19%	-1.91%	6.31%
FTSE NAREIT All Equity REITS Total Return Index(3)	-16.10%	7.21%	6.21%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2022, supplemented November 1, 2022 is 0.55%. The Fund’s investment adviser has agreed to waive 5 basis points (0.05%) of its management fee for the Fund until October 31, 2023. The fee waiver agreement may only be terminated prior to October 31, 2023 with the consent of the Adviser and the Fund’s Board of Trustees, and may be renewed by the Adviser in its sole discretion. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 15, 2018.

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

⁽⁴⁾ Effective November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Solactive GPR Data & Infrastructure Real Estate Index. Prior to November 1, 2022, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Kelly Data Center & Tech Infrastructure Real Estate Index. Performance shown for periods beginning November 1, 2022 is that of the Solactive GPR Data & Infrastructure Real Estate Index, and performance shown for periods prior to November 1, 2022 is that of the Kelly Data Center & Tech Infrastructure Real Estate Index.

58

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year	Since Inception(2)
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	5.95%	14.33%	9.61%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	5.95%	14.28%	9.55%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3)	6.59%	15.07%	10.55%
S&P 500® Index(3)	2.66%	14.52%	10.56%

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

⁽²⁾ Inception date is July 23, 2018.

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

59

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, 2023)

	One Year	Three Year	Five Year	Since Inception(2)
Pacer CSOP FTSE China A50 ETF - NAV	-5.68%	1.58%	1.43%	3.60%
Pacer CSOP FTSE China A50 ETF - Market	-2.87%	2.91%	1.42%	3.69%
FTSE China A50 Net Total Return Index®(3)	-4.86%	2.22%	2.19%	4.05%

⁽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, 2022, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

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

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

60

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Since Inception(2)
Pacer BioThreat Strategy ETF - NAV	4.13%	7.43%
Pacer BioThreat Strategy ETF - Market	4.02%	7.37%
LifeSci BioThreat Strategy Index(3)	4.79%	8.19%
S&P 500® Index(3)	2.66%	13.35%

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

⁽²⁾ Inception date is June 24, 2020.

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

61

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.

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Since Inception(2)
Pacer Lunt Large Cap Alternator ETF - NAV	-14.49%	17.95%
Pacer Lunt Large Cap Alternator ETF - Market	-14.45%	17.92%
Lunt Capital U.S. Large Cap Equity Rotation Index(3)	-13.98%	18.93%
S&P 500® Index(3)	2.66%	13.35%

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

⁽²⁾ Inception date is June 24, 2020.

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

62

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.

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Since Inception(2)
Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV	4.43%	13.19%
Pacer Lunt Midcap Multi-Factor Alternator ETF - Market	4.48%	13.18%
Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3)	5.23%	14.24%
S&P MidCap 400® Index(3)	1.33%	15.29%

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

⁽²⁾ Inception date is June 24, 2020.

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

63

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.

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Since Inception(2)
Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV	-2.26%	14.74%
Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market	-2.29%	14.73%
Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3)	-1.59%	15.68%
S&P 500® Index(3)	2.66%	13.35%

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

⁽²⁾ Inception date is June 24, 2020.

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

64

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, 2023)

	One Year	Three Year	Since Inception(2)
Pacer US Export Leaders ETF - NAV	5.06%	17.54%	10.91%
Pacer US Export Leaders ETF - Market	5.09%	17.23%	10.88%
Pacer US Export Leaders Index(3)	5.64%	17.97%	11.60%
S&P 900 IndexTM(3)	2.59%	14.64%	10.29%

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

⁽²⁾ Inception date is July 23, 2018.

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

65

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Three Year(2)	Five Year(2)	Since Inception(2)
Pacer Pacific Asset Floating Rate High Income ETF - NAV	2.91%	4.88%	3.02%	2.96%
Pacer Pacific Asset Floating Rate High Income ETF - Market	2.63%	5.33%	3.00%	2.95%
S&P/LSTA U.S. Leveraged Loan 100 Index(3)	3.76%	5.78%	3.53%	3.55%
S&P 500® Index(3)	2.66%	14.52%	11.45%	10.79%

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

⁽²⁾ Inception date is February 18, 2015. The Fund is the successor to the investment performance of the Pacific Global Senior Loan ETF (the “Predecessor Fund”) as a result of the reorganization of the Predecessor 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.

66

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

Annualized Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Since Inception
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - NAV	2.64%	-1.51%
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF - Market	2.50%	-1.51%
Metaurus US Large Cap Dividend Multiplier Index – Series 300(3)	3.38%	-0.68%
S&P 500® Index(3)	2.66%	-1.22%

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

⁽²⁾ Inception date is July 12, 2021.

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

67

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

Annual Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	One Year	Since Inception(2)
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - NAV	3.25%	-1.07%
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF - Market	2.95%	-1.06%
Metaurus US Large Cap Dividend Multiplier Index – Series 400(3)	3.70%	-0.41%
S&P 500® Index(3)	2.66%	-1.22%

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

⁽²⁾ Inception date is July 12, 2021.

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

68

Pacer Data and Digital Revolution ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	Since Inception(2)
Pacer Data and Digital Revolution ETF - NAV	0.84%
Pacer Data and Digital Revolution ETF - Market	1.18%
Pacer Data Transmission and Communication Revolution Index(3)	1.40%
S&P 500® Index(3)	2.84%
S&P 1200 Index	4.09%

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

⁽²⁾ Inception date is June 8, 2022.

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

69

Pacer Industrials and Logistics ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Cumulative Returns⁽¹⁾
(For the Periods Ended April 30, 2023)

	Since Inception(2)
Pacer Industrials and Logistics ETF - NAV	2.90%
Pacer Industrials and Logistics ETF - Market	3.35%
Pacer Global Supply Chain Infrastructure Index(3)	3.18%
S&P 500® Index(3)	2.84%
S&P 1200 Index	4.09%

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

⁽²⁾ Inception date is June 8, 2022.

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

70

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2023

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 11/01/22	Ending Account Value 04/30/23	Expenses Paid During Period(a)
Pacer Trendpilot® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,036.10	$ 3.03
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Trendpilot® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 1,010.20	$ 2.99
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer TrendpilotTM 100 ETF
Actual	0.65%	$1,000.00	$ 1,105.00	$ 3.39
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot® European Index ETF
Actual	0.65%	$1,000.00	$ 1,189.80	$ 3.53
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 1,101.80	$ 3.39
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 1,038.40	$ 3.03
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,058.40	$ 0.77
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.05	$ 0.75
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 1,018.20	$ 2.45
Hypothetical(b)	0.49%	$1,000.00	$ 1,022.36	$ 2.46

71

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2023 (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/22	Ending Account Value 04/30/23	Expenses Paid During Period(a)
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 996.60	$ 2.92
Hypothetical(b)	0.59%	$1,000.00	$ 1,021.87	$ 2.96
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 1,203.20	$ 3.28
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 1,215.10	$ 3.57
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 1,191.60	$ 3.80
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.32	$ 3.51
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 1,009.00	$ 2.99
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,085.30	$ 0.78
Hypothetical(b)	0.15%	$1,000.00	$ 1,024.05	$ 0.75
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 950.00	$ 2.90
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Industrial Real Estate ETF
Actual	0.55%	$1,000.00	$ 1,100.00	$ 3.12
Hypothetical(b)	0.55%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Data & Infrastructure Real Estate ETF
Actual	0.55%	$1,000.00	$ 1,061.20	$ 3.07
Hypothetical(b)	0.55%	$1,000.00	$ 1,021.82	$ 3.01
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 1,082.30	$ 3.10
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer CSOP FTSE China A50 ETF
Actual	0.70%	$1,000.00	$ 1,234.60	$ 3.88
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.32	$ 3.51
Pacer BioThreat Strategy ETF
Actual	0.70%	$1,000.00	$ 1,077.00	$ 3.60
Hypothetical(b)	0.70%	$1,000.00	$ 1,021.32	$ 3.51
Pacer Lunt Large Cap Alternator ETF
Actual	0.60%	$1,000.00	$ 941.80	$ 2.89
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	$ 1,075.60	$ 3.09
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	$ 996.10	$ 2.97
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 1,133.00	$ 3.17
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01

72

Pacer Funds

EXPENSE EXAMPLE
For the Six-Months Ended April 30, 2023 (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/22	Ending Account Value 04/30/23	Expenses Paid During Period(a)
Pacer Pacific Asset Floating Rate High Income ETF
Actual	0.60%	$1,000.00	$ 1,080.80	$ 3.10
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	$ 1,079.50	$ 4.07
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	$ 1,081.70	$ 4.08
Hypothetical(b)	0.79%	$1,000.00	$ 1,020.88	$ 3.96
Pacer Industrials and Logistics ETF
Actual	0.60%	$1,000.00	$ 1,168.10	$ 3.23
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Data and Digital Revolution ETF
Actual	0.60%	$1,000.00	$ 1,161.10	$ 3.22
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01

^(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 (181) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

^(b) Assumes 5% return before expenses.

	Fund’s Annual Expense Ratio	Beginning Account Value 12/21/22(b)	Ending Account Value 04/30/23	Expenses Paid During Period
Pacer U.S. Large Cap Cash Cows Growth Leaders ETF
Actual	0.49%	$1,000.00	$ 987.00	$ 1.73(c)
Hypothetical(a)	0.49%	$1,000.00	$ 1,022.36	$ 2.46(d)

^(a) Assumes 5% return before expenses.

^(b) Inception Date of the Fund.

^(c) The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (130) in the most recent period and divided by the number of days in the most recent twelve-month period (365).

^(d) 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 (181) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (365).

73

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 97.5%
Communication Services — 8.3%
Activision Blizzard, Inc.		41,345	$	3,212,920
Alphabet, Inc. - Class A (a)		348,096		37,364,625
Alphabet, Inc. - Class B (a)		304,904		32,996,711
AT&T, Inc.		414,042		7,316,122
Charter Communications, Inc. - Class A (a)(b)		6,230		2,297,001
Comcast Corp. - Class A		245,406		10,152,446
DISH Network Corp. - Class A (a)(b)		14,570		109,421
Electronic Arts, Inc.		15,270		1,943,566
Fox Corp. - Class A		17,535		583,214
Fox Corp. - Class B		8,040		245,542
Live Nation Entertainment, Inc. (a)		8,340		565,285
Match Group, Inc. (a)(b)		16,225		598,702
Meta Platforms, Inc. - Class A (a)		130,715		31,413,429
Netflix, Inc. (a)		25,875		8,536,939
News Corp. - Class A		22,255		391,911
News Corp. - Class B		6,830		121,232
Omnicom Group, Inc.		11,905		1,078,236
Paramount Global - Class B (b)		29,340		684,502
Take-Two Interactive Software, Inc. (a)		9,195		1,142,847
The Interpublic Group of Cos., Inc.		22,555		805,890
T-Mobile US, Inc. (a)		34,715		4,995,488
Verizon Communications, Inc.		243,996		9,474,365
Walt Disney Co. (a)		107,723		11,041,607
Warner Bros Discovery, Inc. (a)		128,410		1,747,660
				168,819,661
Consumer Discretionary — 9.9%
Advance Auto Parts, Inc.		3,465		434,961
Amazon.com, Inc. (a)		521,989		55,043,740
Aptiv PLC		15,725		1,617,474
AutoZone, Inc. (a)		1,138		3,030,847
Bath & Body Works, Inc.		13,215		463,846
Best Buy Co., Inc. (b)		11,605		864,805
Booking Holdings, Inc. (a)		2,310		6,205,376
BorgWarner, Inc.		13,615		655,290
Caesars Entertainment, Inc. (a)		12,460		564,313
CarMax, Inc. (a)(b)		9,195		643,926
Carnival Corp. (a)(b)		58,225		536,252
Chipotle Mexican Grill, Inc. (a)		1,619		3,347,477
Darden Restaurants, Inc. (b)		7,085		1,076,424
Domino’s Pizza, Inc.		2,010		638,115
DR Horton, Inc.		18,235		2,002,568
eBay, Inc.		31,550		1,464,866
Etsy, Inc. (a)(b)		7,285		736,004
Expedia Group, Inc. (a)		8,740		821,210
Ford Motor Co.		229,426		2,725,581
Garmin Ltd.		8,940		877,640

	Shares		Value
Consumer Discretionary — 9.9% (Continued)
General Motors Co.		82,581	$	2,728,476
Genuine Parts Co.		8,140		1,370,043
Hasbro, Inc. (b)		7,585		449,184
Hilton Worldwide Holdings, Inc.		15,725		2,264,714
Las Vegas Sands Corp. (a)(b)		19,090		1,218,897
Lennar Corp. - Class A		14,770		1,666,204
LKQ Corp.		14,770		852,672
Lowe’s Cos., Inc.		35,286		7,333,489
Marriott International, Inc.		15,625		2,645,938
McDonald’s Corp.		42,600		12,598,950
MGM Resorts International		18,490		830,571
Mohawk Industries, Inc. (a)		3,065		324,584
Newell Brands, Inc. (b)		21,855		265,538
Nike, Inc. - Class B		73,186		9,274,130
Norwegian Cruise Line Holdings Ltd. (a)(b)		24,465		326,608
NVR, Inc. (a)		200		1,168,000
O’Reilly Automotive, Inc. (a)		3,665		3,361,941
Pool Corp. (b)		2,310		811,549
PulteGroup, Inc.		13,215		887,387
Ralph Lauren Corp. (b)		2,410		276,644
Ross Stores, Inc.		20,145		2,150,076
Royal Caribbean Cruises Ltd. (a)		12,760		834,887
Starbucks Corp.		66,665		7,619,143
Tapestry, Inc. (b)		14,015		571,952
Tesla Motors, Inc. (a)		157,813		25,930,254
The Home Depot, Inc.		59,457		17,869,207
The TJX Cos., Inc.		67,420		5,314,044
Tractor Supply Co. (b)		6,430		1,532,912
Ulta Beauty, Inc. (a)		2,965		1,634,990
VF Corp. (b)		19,190		451,157
Whirlpool Corp. (b)		3,165		441,802
Wynn Resorts Ltd. (a)(b)		5,930		677,680
Yum! Brands, Inc.		16,380		2,302,700
				201,737,038
Consumer Staples — 7.3%
Altria Group, Inc.		104,145		4,947,929
Archer-Daniels-Midland Co.		31,950		2,494,656
Brown-Forman Corp. Class B		10,650		693,208
Bunge Ltd.		8,772		821,059
Campbell Soup Co. (b)		11,705		635,582
Church & Dwight Co., Inc.		14,215		1,380,561
Colgate-Palmolive Co.		48,530		3,872,694
Conagra Brands, Inc. (b)		27,830		1,056,427
Constellation Brands, Inc. - Class A		9,395		2,155,871
Costco Wholesale Corp.		26,116		13,142,094
Dollar General Corp.		13,160		2,914,414
Dollar Tree, Inc. (a)(b)		12,260		1,884,485

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

74

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.5% (Continued)
Consumer Staples — 7.3% (Continued)
General Mills, Inc. (b)		34,515	$	3,059,064
Hormel Foods Corp. (b)		16,780		678,583
Kellogg Co.		14,870		1,037,480
Keurig Dr Pepper, Inc.		49,385		1,614,890
Kimberly-Clark Corp.		19,545		2,831,875
Lamb Weston Holdings, Inc.		8,340		932,495
McCormick & Co., Inc. (b)		14,570		1,279,975
Molson Coors Brewing Co. - Class B		10,950		651,306
Mondelez International, Inc.		79,325		6,085,814
Monster Beverage Corp. (a)		44,310		2,481,360
PepsiCo, Inc.		80,498		15,366,263
Philip Morris International, Inc.		90,066		9,003,898
Sysco Corp.		29,440		2,259,226
Target Corp. (b)		26,775		4,223,756
The Clorox Co.		7,185		1,189,980
The Coca-Cola Co.		227,481		14,592,906
The Estee Lauder Cos., Inc. - Class A		13,415		3,309,749
The Hershey Co.		8,540		2,331,932
The JM Smucker Co.		6,230		961,974
The Kraft Heinz Co. (b)		46,220		1,815,059
The Kroger Co.		37,880		1,842,104
The Procter & Gamble Co.		138,111		21,597,798
Tyson Foods, Inc. - Class A		16,780		1,048,582
Walgreens Boots Alliance, Inc. (b)		41,712		1,470,348
Walmart, Inc.		81,990		12,378,030
				150,043,427
Energy — 4.7%
APA Corp.		18,690		688,726
Baker Hughes Co.		58,225		1,702,499
Chevron Corp.		103,776		17,494,558
ConocoPhillips		72,395		7,448,722
Coterra Energy, Inc.		45,856		1,173,914
Devon Energy Corp.		37,980		2,029,271
Diamondback Energy, Inc.		10,250		1,457,550
EOG Resources, Inc.		34,160		4,081,095
EQT Corp.		21,300		742,092
Exxon Mobil Corp.		241,640		28,595,678
Halliburton Co.		52,750		1,727,562
Hess Corp.		16,125		2,339,092
Kinder Morgan, Inc. (b)		114,895		1,970,449
Marathon Oil Corp.		36,925		892,108
Marathon Petroleum Corp.		27,230		3,322,060
Occidental Petroleum Corp.		42,200		2,596,566
ONEOK, Inc. (b)		25,975		1,699,025
Phillips 66		27,430		2,715,570
Pioneer Natural Resources Co.		13,815		3,005,453
Schlumberger Ltd.		82,390		4,065,947
Targa Resources Corp.		13,160		993,975

	Shares		Value
Energy — 4.7% (Continued)
The Williams Cos., Inc.		70,785	$	2,141,954
Valero Energy Corp.		22,455		2,574,915
				95,458,781
Financials — 13.1%
Aflac, Inc.		32,905		2,298,414
American Express Co.		34,715		5,600,918
American International Group, Inc.		43,155		2,288,941
Ameriprise Financial, Inc.		6,130		1,870,386
Aon PLC		12,005		3,903,786
Arch Capital Group Ltd.		21,500		1,614,005
Arthur J Gallagher & Co.		12,260		2,550,816
Assurant, Inc.		3,065		377,393
Bank of America Corp.		411,475		12,047,988
Berkshire Hathaway, Inc. - Class B (a)		105,709		34,730,692
BlackRock, Inc.		8,740		5,866,288
Brown & Brown, Inc.		13,615		876,670
Capital One Financial Corp.		22,155		2,155,681
Cboe Global Markets, Inc.		6,130		856,361
Chubb Ltd.		24,065		4,850,541
Cincinnati Financial Corp.		9,095		968,072
Citigroup, Inc.		112,485		5,294,669
Citizens Financial Group, Inc.		28,585		884,420
CME Group, Inc.		20,900		3,882,593
Comerica, Inc. (b)		7,585		328,961
Discover Financial Services		15,825		1,637,413
Everest Re Group Ltd.		2,310		873,180
FactSet Research Systems, Inc.		2,210		909,835
Fidelity National Information Services, Inc.		34,415		2,020,849
Fifth Third Bancorp		39,890		1,045,118
First Republic Bank (b)		10,650		37,381
Fiserv, Inc. (a)		36,925		4,509,281
FleetCor Technologies, Inc. (a)		4,320		924,134
Franklin Resources, Inc. (b)		16,480		442,982
Global Payments, Inc.		15,725		1,772,365
Globe Life, Inc.		5,275		572,443
Huntington Bancshares, Inc. (b)		83,836		938,963
Intercontinental Exchange, Inc.		32,405		3,529,877
Invesco Ltd.		26,375		451,804
Jack Henry & Associates, Inc. (b)		4,220		689,295
JPMorgan Chase & Co.		172,295		23,818,061
Key Corp.		54,196		610,247
Lincoln National Corp.		8,940		194,266
Loews Corp.		11,405		656,586
M&T Bank Corp. (b)		10,059		1,265,422
MarketAxess Holdings, Inc.		2,210		703,598
Marsh & McLennan Cos., Inc.		28,785		5,186,769
MasterCard, Inc. - Class A		49,585		18,843,788
MetLife, Inc.		38,280		2,347,712

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

75

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.5% (Continued)
Financials — 13.1% (Continued)
Moody’s Corp.		9,095	$	2,847,826
Morgan Stanley		76,551		6,887,293
MSCI, Inc.		4,620		2,228,919
Nasdaq, Inc.		19,645		1,087,744
Northern Trust Corp. (b)		12,105		946,127
PayPal Holdings, Inc. (a)		66,265		5,036,140
Principal Financial Group, Inc. (b)		13,215		987,028
Prudential Financial, Inc.		21,400		1,861,800
Raymond James Financial, Inc.		11,205		1,014,389
Regions Financial Corp. (b)		54,296		991,445
S&P Global, Inc.		19,390		7,030,426
State Street Corp.		21,300		1,539,138
Synchrony Financial		26,175		772,424
T Rowe Price Group, Inc. (b)		12,960		1,455,797
The Allstate Corp.		15,425		1,785,598
The Bank of New York Mellon Corp.		42,768		1,821,489
The Charles Schwab Corp.		88,620		4,629,509
The Goldman Sachs Group, Inc.		19,645		6,746,879
The Hartford Financial Services Group, Inc.		18,490		1,312,605
The PNC Financial Services Group, Inc.		23,410		3,049,153
The Progressive Corp.		33,960		4,632,144
The Travelers Cos., Inc.		13,615		2,466,221
Truist Financial Corp.		77,115		2,512,407
US Bancorp		81,429		2,791,386
Visa, Inc. - Class A (b)		95,450		22,214,079
W R Berkley Corp.		11,905		701,443
Wells Fargo & Co.		221,341		8,798,305
Willis Towers Watson PLC		6,330		1,466,028
Zions Bancorp (b)		8,740		243,496
				267,086,202
Health Care — 14.4%
Abbott Laboratories		102,873		11,364,380
AbbVie, Inc.		104,023		15,719,956
Agilent Technologies, Inc.		17,891		2,422,978
Align Technology, Inc. (a)		4,220		1,372,766
AmerisourceBergen Corp.		9,395		1,567,556
Amgen, Inc.		30,995		7,430,741
Baxter International, Inc.		29,240		1,394,163
Becton Dickinson and Co.		16,580		4,382,260
Biogen, Inc. (a)		8,340		2,537,278
Bio-Rad Laboratories, Inc. - Class A (a)		1,255		565,741
Bio-Techne Corp.		9,095		726,509
Boston Scientific Corp. (a)		83,245		4,338,729
Bristol-Myers Squibb Co.		123,526		8,247,831
Cardinal Health, Inc.		15,270		1,253,667

	Shares		Value
Health Care — 14.4% (Continued)
Catalent, Inc. (a)		10,450	$	523,754
Centene Corp. (a)		32,905		2,268,142
Charles River Laboratories International, Inc. (a)		2,965		563,706
Cigna Corp.		17,735		4,492,098
CVS Health Corp.		74,867		5,488,500
Danaher Corp.		38,080		9,021,533
DaVita, Inc. (a)		3,165		285,989
DENTSPLY SIRONA, Inc.		12,460		522,448
DexCom, Inc. (a)		22,455		2,724,690
Edwards Lifesciences Corp. (a)		35,870		3,155,843
Elevance Health, Inc.		13,915		6,521,265
Eli Lilly & Co.		46,087		18,244,000
GE HealthCare Technologies, Inc. (a)		21,200		1,724,408
Gilead Sciences, Inc.		72,895		5,992,698
HCA Healthcare, Inc.		12,260		3,522,666
Henry Schein, Inc. (a)(b)		7,885		637,187
Hologic, Inc. (a)		14,470		1,244,565
Humana, Inc.		7,385		3,917,669
IDEXX Laboratories, Inc. (a)		4,775		2,350,064
Illumina, Inc. (a)		9,095		1,869,568
Incyte Corp. (a)		10,750		799,908
Insulet Corp. (a)(b)		4,036		1,283,609
Intuitive Surgical, Inc. (a)		20,545		6,188,565
IQVIA Holdings, Inc. (a)		10,850		2,042,296
Johnson & Johnson		153,476		25,124,021
Laboratory Corp. of American Holdings		5,175		1,173,224
McKesson Corp.		8,240		3,001,338
Medtronic PLC		77,215		7,022,704
Merck & Co., Inc.		148,188		17,111,268
Mettler-Toledo International, Inc. (a)		1,355		2,020,983
Moderna, Inc. (a)		19,190		2,550,159
Molina Healthcare, Inc. (a)		3,365		1,002,400
Organon & Co.		14,770		363,785
PerkinElmer, Inc.		7,285		950,620
Pfizer, Inc.		328,068		12,758,565
Quest Diagnostics, Inc.		6,630		920,310
Regeneron Pharmaceuticals, Inc. (a)		6,230		4,995,152
ResMed, Inc.		8,540		2,057,798
STERIS PLC		5,775		1,088,876
Stryker Corp.		19,545		5,856,659
Teleflex, Inc. (b)		2,665		726,266
The Cooper Cos., Inc.		2,865		1,092,854
Thermo Fisher Scientific, Inc.		22,810		12,657,269
UnitedHealth Group, Inc.		54,604		26,870,082
Universal Health Services, Inc. - Class B		3,729		560,655
Vertex Pharmaceuticals, Inc. (a)		14,870		5,066,655

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

76

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.5% (Continued)
Health Care — 14.4% (Continued)
Viatris, Inc.		70,485	$	657,625
Waters Corp. (a)		3,465		1,040,747
West Pharmaceutical Services, Inc.		4,320		1,560,557
Zimmer Biomet Holdings, Inc.		12,160		1,683,430
Zoetis, Inc. (b)		27,030		4,751,333
				293,375,061
Industrials — 8.4%
3M Co.		32,141		3,414,017
A O Smith Corp. (b)		7,385		504,322
Alaska Air Group, Inc. (a)		7,385		320,952
Allegion PLC		5,075		560,686
American Airlines Group, Inc. (a)		44,830		611,481
AMETEK, Inc.		13,315		1,836,538
Automatic Data Processing, Inc.		24,065		5,294,300
Broadridge Financial Solutions, Inc. (b)		6,830		993,150
Carrier Global Corp. (b)		48,630		2,033,707
Caterpillar, Inc.		30,195		6,606,666
CH Robinson Worldwide, Inc. (b)		6,830		688,942
Cintas Corp.		4,975		2,267,456
Copart, Inc. (a)		24,920		1,969,926
CoStar Group, Inc. (a)		23,610		1,816,789
CSX Corp.		122,080		3,740,531
Cummins, Inc.		8,140		1,913,226
Deere & Co.		15,925		6,019,968
Delta Air Lines, Inc. (a)		37,225		1,277,190
Dover Corp.		8,140		1,189,742
Eaton Corp. PLC		23,110		3,862,143
Emerson Electric Co.		34,320		2,857,483
Equifax, Inc. (b)		7,085		1,476,372
Expeditors International of Washington, Inc.		9,195		1,046,759
Fastenal Co. (b)		33,264		1,790,934
FedEx Corp.		13,915		3,169,559
Fortive Corp.		20,536		1,295,616
Generac Holdings, Inc. (a)(b)		3,665		374,636
General Dynamics Corp.		13,060		2,851,520
General Electric Co. (b)		63,500		6,284,595
Honeywell International, Inc.		39,035		7,800,754
Howmet Aerospace, Inc.		21,400		947,806
Huntington Ingalls Industries, Inc.		2,310		465,835
IDEX Corp.		4,420		911,934
Illinois Tool Works, Inc.		16,225		3,925,476
Ingersoll Rand, Inc.		23,510		1,340,540
Jacobs Solutions, Inc.		7,385		852,672
JB Hunt Trasport Services, Inc. (b)		4,775		837,010
Johnson Controls International PLC		39,990		2,393,002
L3Harris Technologies, Inc.		11,050		2,156,408

	Shares		Value
Industrials — 8.4% (Continued)
Leidos Holdings, Inc.		7,940	$	740,484
Lockheed Martin Corp.		13,215		6,137,707
Masco Corp.		13,160		704,192
Nordson Corp. (b)		3,165		684,621
Norfolk Southern Corp.		13,415		2,723,647
Northrop Grumman Corp.		8,440		3,893,119
Old Dominion Freight Line, Inc. (b)		5,275		1,690,057
Otis Worldwide Corp.		24,165		2,061,275
PACCAR, Inc.		30,351		2,266,916
Parker-Hannifin Corp.		7,485		2,431,727
Paychex, Inc.		18,590		2,042,297
Pentair PLC		9,595		557,278
Quanta Services, Inc. (b)		8,340		1,414,798
Raytheon Technologies Corp.		85,355		8,526,965
Republic Services, Inc.		11,905		1,721,701
Robert Half International, Inc.		6,330		462,090
Rockwell Automation, Inc.		6,730		1,907,349
Rollins, Inc.		13,415		566,784
Snap-On, Inc. (b)		3,065		795,092
Southwest Airlines Co.		34,515		1,045,459
Stanley Black & Decker, Inc. (b)		8,640		745,978
Textron, Inc.		12,105		810,309
The Boeing Co. (a)		33,333		6,892,598
Trane Technologies PLC		13,315		2,474,060
TransDigm Group, Inc.		2,965		2,268,225
Union Pacific Corp.		35,670		6,980,619
United Airlines Holdings, Inc. (a)		18,990		831,762
United Parcel Service, Inc. - Class B		42,400		7,623,944
United Rentals, Inc.		4,020		1,451,662
Verisk Analytics, Inc. (b)		9,095		1,765,430
W.W. Grainger, Inc.		2,610		1,815,438
Waste Management, Inc.		21,655		3,595,813
Westinghouse Air Brake Technologies Corp.		10,550		1,030,419
Xylem, Inc. (b)		10,450		1,085,128
				171,445,586
Information Technology — 25.8%
Accenture PLC - Class A		36,625		10,265,621
Adobe, Inc. (a)		26,746		10,098,220
Advanced Micro Devices, Inc. (a)		93,695		8,373,522
Akamai Technologies, Inc. (a)		9,095		745,517
Amphenol Corp.		34,515		2,604,847
Analog Devices, Inc.		29,940		5,385,607
ANSYS, Inc. (a)		5,075		1,593,144
Apple, Inc.		871,323		147,846,087
Applied Materials, Inc.		49,176		5,558,363
Arista Networks, Inc. (a)		14,370		2,301,499
Autodesk, Inc. (a)		12,560		2,446,562
Broadcom, Inc.		24,380		15,274,070

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

77

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.5% (Continued)
Information Technology — 25.8% (Continued)
Cadence Design System, Inc. (a)		15,925	$	3,335,491
CDW Corp.		7,885		1,337,217
Ceridian HCM Holding, Inc. (a)		8,940		567,511
Cisco Systems, Inc.		241,935		11,431,429
Cognizant Technology Solutions Corp.		29,840		1,781,746
Corning, Inc.		44,210		1,468,656
DXC Technology Co. (a)		13,315		317,563
Enphase Energy, Inc. (a)(b)		7,885		1,294,717
EPAM Systems, Inc. (a)		3,365		950,411
F5, Inc. (a)		3,465		465,557
Fair Isaac Corp. (a)		1,484		1,080,278
First Solar, Inc. (a)		5,775		1,054,400
Fortinet, Inc. (a)		37,680		2,375,724
Gartner, Inc. (a)		4,620		1,397,365
Gen Digital, Inc.		33,660		594,772
Hewlett Packard Enterprise Co.		74,705		1,069,776
HP, Inc.		51,395		1,526,945
Intel Corp.		239,776		7,447,443
International Business Machines Corp.		52,550		6,642,846
Intuit, Inc.		16,380		7,271,901
Juniper Networks, Inc.		18,890		569,534
Keysight Technologies, Inc. (a)		10,350		1,497,024
KLA Corp.		8,240		3,185,090
Lam Research Corp.		7,949		4,165,912
Microchip Technology, Inc.		31,950		2,332,031
Micron Technology, Inc.		63,100		4,061,116
Microsoft Corp.		436,251		134,042,482
Monolithic Power Systems, Inc.		2,610		1,205,742
Motorola Solutions, Inc.		9,695		2,825,123
NetApp, Inc.		12,660		796,187
NVIDIA Corp.		144,413		40,073,163
NXP Semiconductors NV		15,070		2,467,562
ON Semiconductor Corp. (a)		25,120		1,807,635
Oracle Corp.		89,275		8,456,128
Paycom Software, Inc. (a)		2,765		802,873
PTC, Inc. (a)(b)		6,130		771,093
Qorvo, Inc. (a)		5,830		536,826
QUALCOMM, Inc.		65,110		7,604,848
Roper Technologies, Inc.		6,130		2,787,801
salesforce.com, Inc. (a)		58,918		11,687,564
Seagate Technology Holdings PLC		11,105		652,641
ServiceNow, Inc. (a)		12,105		5,561,279
Skyworks Solutions, Inc.		9,295		984,341
SolarEdge Technologies, Inc. (a)(b)		3,265		932,582
Synopsys, Inc. (a)		8,940		3,319,601
TE Connectivity Ltd.		18,490		2,262,621

	Shares		Value
Information Technology — 25.8% (Continued)
Teledyne Technologies, Inc. (a)		2,665	$	1,104,376
Teradyne, Inc. (b)		8,995		821,962
Texas Instruments, Inc.		52,750		8,819,800
Trimble, Inc. (a)		14,270		672,117
Tyler Technologies, Inc. (a)		2,410		913,462
VeriSign, Inc. (a)		5,375		1,192,175
Western Digital Corp. (a)		18,426		634,591
Zebra Technologies Corp. (a)(b)		2,965		854,009
				526,306,098
Materials — 2.6%
Air Products & Chemicals, Inc.		12,860		3,785,470
Albemarle Corp.		6,830		1,266,692
Amcor PLC		86,510		949,015
Avery Dennison Corp.		4,720		823,546
Ball Corp. (b)		18,235		969,737
Celanese Corp.		5,775		613,536
CF Industries Holdings, Inc.		11,405		816,370
Corteva, Inc.		41,545		2,539,230
Dow, Inc.		40,845		2,221,968
DuPont de Nemours, Inc.		26,717		1,862,709
Eastman Chemical Co.		6,985		588,626
Ecolab, Inc.		14,370		2,411,861
FMC Corp.		7,285		900,280
Freeport-McMoRan, Inc.		83,045		3,148,236
International Flavors & Fragrances, Inc. (b)		14,770		1,432,099
International Paper Co.		20,600		682,066
Linde PLC		28,685		10,597,673
LyondellBasell Industries NV		14,770		1,397,390
Martin Marietta Materials, Inc.		3,665		1,331,128
Mosaic Co.		19,745		846,073
Newmont Goldcorp Corp.		46,120		2,186,088
Nucor Corp.		14,870		2,203,437
Packaging Corp. of America (b)		5,375		727,022
PPG Industries, Inc.		13,615		1,909,640
Sealed Air Corp.		8,440		405,036
Steel Dynamics, Inc.		9,695		1,007,795
The Sherwin-Williams Co.		13,715		3,257,861
Vulcan Materials Co.		7,785		1,363,309
Westrock Co.		14,770		442,066
				52,685,959
Real Estate — 0.1%
CBRE Group, Inc. (a)		18,335		1,405,561
Healthpeak Properties, Inc.		31,250		686,563
				2,092,124
Utilities — 2.9%
Alliant Energy Corp.		14,570		803,390
Ameren Corp.		15,070		1,340,777
American Electric Power Co., Inc.		29,840		2,757,813

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

78

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.5% (Continued)
Utilities — 2.9% (Continued)
American Water Works Co., Inc.		11,234	$	1,665,440
Atmos Energy Corp.		8,140		929,100
CenterPoint Energy, Inc. (b)		36,525		1,112,917
CMS Energy Corp.		16,880		1,050,949
Consolidated Edison, Inc. (b)		20,600		2,028,482
Constellation Energy Corp.		18,990		1,469,826
Dominion Energy, Inc. (b)		48,430		2,767,290
DTE Energy Co.		11,205		1,259,554
Duke Energy Corp.		44,701		4,420,035
Edison International (b)		22,155		1,630,608
Entergy Corp.		11,805		1,269,982
Evergy, Inc. (b)		13,315		826,995
Eversource Energy		20,245		1,571,214
Exelon Corp.		57,725		2,449,849
FirstEnergy Corp. (b)		31,550		1,255,690
NextEra Energy, Inc.		115,486		8,849,692
NiSource, Inc.		23,610		671,941
NRG Energy, Inc. (b)		13,415		458,391
PG&E Corp.		93,495		1,599,699
Pinnacle West Capital Corp. (b)		6,630		520,190
PPL Corp.		42,768		1,228,297
Public Service Enterprise Group, Inc. (b)		28,976		1,831,283
Sempra Energy		18,235		2,835,360
The AES Corp. (b)		38,835		918,836
The Southern Co.		63,200		4,648,360
WEC Energy Group, Inc. (b)		18,335		1,763,277
Xcel Energy, Inc.		31,750		2,219,642
				58,154,879
TOTAL COMMON STOCKS (Cost $1,934,617,851)				1,987,204,816
REAL ESTATE INVESTMENT TRUSTS — 2.4%
Alexandria Real Estate Equities, Inc.		8,640		1,072,915
American Tower Corp.		27,030		5,524,662
AvalonBay Communities, Inc.		8,140		1,468,212
Boston Properties, Inc.		8,240		439,686
Camden Property Trust		6,230		685,611
Crown Castle, Inc.		25,120		3,092,021
Digital Realty Trust, Inc. (b)		16,680		1,653,822
Equinix, Inc.		5,375		3,891,930
Equity Residential		19,745		1,248,871
Essex Property Trust, Inc. (b)		3,720		817,396
Extra Space Storage, Inc. (b)		7,785		1,183,631
Federal Realty Investment Trust		4,220		417,316
Host Hotels & Resorts, Inc.		41,545		671,783
Invitation Homes, Inc. (b)		33,760		1,126,571

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.4% (Continued)
Iron Mountain, Inc. (b)		16,880	$	932,451
Kimco Realty Corp.		35,970		690,264
Mid-America Apartment Communities, Inc.		6,730		1,035,074
Prologis, Inc.		53,605		6,714,026
Public Storage		9,195		2,710,962
Realty Income Corp.		36,432		2,289,387
Regency Centers Corp.		8,940		549,184
SBA Communications Corp.		6,230		1,625,345
Simon Property Group, Inc. (b)		18,990		2,151,947
UDR, Inc. (b)		17,735		732,988
Ventas, Inc.		23,210		1,115,240
VICI Properties, Inc.		58,654		1,990,717
Welltower, Inc.		27,430		2,173,005
Weyerhaeuser Co.		42,768		1,279,191
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $52,622,164)				49,284,208
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	2,462,895		2,462,895
TOTAL SHORT-TERM INVESTMENTS (Cost $2,462,895)				2,462,895

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

79

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		110,285,458	$	110,285,458
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $110,285,458)				110,285,458
Total Investments (Cost $2,099,988,368) — 105.4%				2,149,237,377
Liabilities in Excess of Other Assets — (5.4)%				(109,628,641	)
TOTAL NET ASSETS — 100.0%			$	2,039,608,736

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, 2023. The total value of securities on loan is $108,892,966 or 5.3% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

80

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 91.9%
Communication Services — 2.1%
Cable One, Inc.		874	$	662,850
Frontier Communications Parent, Inc. (a)		40,940		922,788
Iridium Communications, Inc.		23,090		1,465,522
J2 Global, Inc. (a)		8,670		634,124
John Wiley & Sons, Inc. - Class A		7,864		303,314
Nexstar Media Group, Inc. (b)		6,886		1,194,377
TEGNA, Inc.		40,940		700,074
The New York Times Co. - Class A		30,252		1,202,517
TripAdvisor, Inc. (a)(b)		19,258		341,444
World Wrestling Entertainment, Inc. - Class A (b)		7,962		853,288
				8,280,298
Consumer Discretionary — 15.5%
Adient PLC (a)		17,544		648,075
Aramark (b)		47,796		1,658,521
Autoliv, Inc. (b)		14,216		1,219,875
AutoNation, Inc. (a)		6,248		822,862
Boyd Gaming Corp. (b)		14,520		1,007,688
Brunswick Corp.		13,310		1,128,555
Capri Holdings Ltd. (a)		23,090		958,235
Carter’s, Inc. (b)		7,058		492,437
Choice Hotels International, Inc.		5,038		642,446
Churchill Downs, Inc.		6,050		1,769,806
Columbia Sportswear Co.		6,450		538,833
Crocs, Inc. (a)		11,292		1,396,482
Dana, Inc.		23,392		345,968
Deckers Outdoor Corp. (a)		4,840		2,320,006
Dick’s Sporting Goods, Inc. (b)		10,990		1,593,660
Five Below, Inc. (a)		10,184		2,009,914
Foot Locker, Inc. (b)		14,520		609,695
Fox Factory Holding Corp. (a)(b)		7,764		860,795
GameStop Corp. (a)(b)		46,384		894,747
Gentex Corp.		43,054		1,187,860
Graham Holdings Co. - Class B		702		404,050
Grand Canyon Education, Inc. (a)		5,646		670,180
H&R Block, Inc.		27,930		947,106
Harley-Davidson, Inc.		24,400		905,240
Helen of Troy Ltd. (a)(b)		4,436		445,108
Hilton Grand Vacations, Inc. (a)		14,620		625,736
KB Home		15,026		658,439
Kohl’s Corp.		20,266		446,460
Lear Corp.		10,798		1,378,473
Leggett & Platt, Inc.		24,400		788,364
Light & Wonder, Inc. (a)		17,244		1,039,641
Lithia Motors, Inc. (b)		4,988		1,101,799
Macy’s, Inc. (b)		49,812		813,928
Marriott Vacations Worldwide Corp.		7,058		949,724

	Shares		Value
Consumer Discretionary — 15.5% (Continued)
Mattel, Inc. (a)		65,038	$	1,170,684
Murphy USA, Inc.		3,630		999,085
Nordstrom, Inc. (b)		20,572		318,043
Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		10,584		690,606
Papa John’s International, Inc. (b)		5,948		444,851
Penn Entertainment, Inc. (a)(b)		28,534		850,028
Polaris, Inc.		9,982		1,084,544
PVH Corp.		11,592		994,710
RH (a)(b)		3,428		874,586
Service Corp. International		28,232		1,981,604
Skechers U.S.A., Inc. - Class A (a)		24,602		1,308,580
Taylor Morrison Home Corp. (a)(b)		19,864		855,940
Tempur Sealy International, Inc.		31,260		1,171,312
Texas Roadhouse, Inc.		12,220		1,351,776
The Gap, Inc. (b)		38,922		373,651
The Goodyear Tire & Rubber Co. (a)		51,930		554,093
The Wendy’s Co.		31,260		690,846
Thor Industries, Inc.		9,780		772,816
Toll Brothers, Inc.		18,854		1,204,959
TopBuild Corp. (a)		5,848		1,318,607
Topgolf Callaway Brands Corp. (a)		25,412		563,384
Travel + Leisure Co. (b)		14,922		571,065
Under Armour, Inc. - Class A (a)		34,688		307,683
Under Armour, Inc. - Class C (a)		34,786		279,679
Valvoline, Inc.		31,562		1,090,467
Victoria’s Secret & Co. (a)		14,822		459,630
Visteon Corp. (a)		5,142		721,885
Williams-Sonoma, Inc. (b)		12,200		1,476,688
Wingstop, Inc. (b)		5,444		1,089,399
Wyndham Hotels & Resorts, Inc.		16,236		1,107,620
YETI Holdings, Inc. (a)		15,830		624,494
				60,584,023
Consumer Staples — 4.5%
BellRing Brands, Inc. (a)		24,502		881,827
BJ’s Wholesale Club Holdings, Inc. (a)(b)		24,706		1,886,797
Casey’s General Stores, Inc.		6,856		1,568,790
Celsius Holdings, Inc. (a)		7,460		712,952
Coca-Cola Consolidated, Inc.		806		475,105
Coty, Inc. (a)		67,360		799,563
Darling Ingredients, Inc. (a)		29,442		1,753,860
Energizer Holdings, Inc.		12,200		407,846
Flowers Foods, Inc.		35,290		970,828
Grocery Outlet Holding Corp. (a)		16,234		483,449
Ingredion, Inc.		12,102		1,284,869
Lancaster Colony Corp.		3,630		759,106
Performance Food Group Co. (a)		28,638		1,795,316
Pilgrim’s Pride Corp. (a)		8,268		188,593
Post Holdings, Inc. (a)		9,880		894,041

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

81

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 91.9% (Continued)
Consumer Staples — 4.5% (Continued)
Sprouts Farmers Market, Inc. (a)		19,460	$	674,484
The Boston Beer Co., Inc. - Class A (a)		1,714		544,212
US Foods Holding Corp. (a)		37,612		1,444,301
				17,525,939
Energy — 3.8%
Antero Midstream Corp.		61,512		661,869
Antero Resources Corp. (a)		50,720		1,166,053
ChampionX Corp. (b)		36,502		988,474
Chord Energy Corp. (b)		7,602		1,081,993
CNX Resources Corp. (a)(b)		31,260		485,468
DT Midstream, Inc.		17,746		874,345
Equitrans Midstream Corp.		79,460		409,219
HF Sinclair Corp.		24,706		1,089,782
Matador Resources Co. (b)		20,572		1,008,645
Murphy Oil Corp.		26,820		984,562
NOV, Inc. (b)		72,096		1,207,608
PBF Energy, Inc. - Class A		20,972		731,084
PDC Energy, Inc.		16,942		1,102,077
Range Resources Corp.		44,368		1,173,534
Southwestern Energy Co. (a)		202,686		1,051,940
Valaris Ltd. (a)		11,090		665,400
				14,682,053
Financials — 13.5%
Affiliated Managers Group, Inc.		6,876		992,757
American Financial Group, Inc. (b)		12,802		1,571,189
Associated Banc-Corp.		27,630		492,643
Bank of Hawaii Corp. (b)		7,360		356,445
Bank OZK		20,266		723,901
Brighthouse Financial, Inc.		12,502		552,588
Cadence Bank		33,478		676,925
Cathay General Bancorp		13,310		424,190
CNO Financial Group, Inc.		20,972		470,612
Columbia Banking System, Inc. (b)		38,214		816,251
Commerce Bancshares, Inc.		20,872		1,165,701
Cullen Frost Bankers, Inc.		11,796		1,300,509
East West Bancorp, Inc. (b)		25,916		1,339,598
Essent Group Ltd.		19,762		839,292
Evercore, Inc. - Class A		6,554		747,615
Federated Hermes, Inc.		15,528		642,704
First American Financial Corp.		19,056		1,097,816
First Financial Bankshares, Inc.		23,796		696,271
First Horizon Corp.		98,520		1,729,026
FirstCash Holdings, Inc.		6,856		706,374
FNB Corp. (b)		66,250		760,550
Fulton Financial Corp.		30,756		366,919
Glacier Bancorp, Inc.		20,370		676,895
Hancock Whitney Corp.		15,732		574,533

	Shares		Value
Financials — 13.5% (Continued)
Home BancShares, Inc.		34,788	$	757,335
Interactive Brokers Group, Inc. - Class A		18,854		1,467,784
International Bancshares Corp.		9,680		413,046
Janus Henderson Group PLC (b)		24,300		630,585
Jefferies Financial Group, Inc.		33,276		1,065,830
Kemper Corp.		11,696		569,010
Kinsale Capital Group, Inc. (b)		3,962		1,294,425
MGIC Investment Corp.		53,846		800,690
Navient Corp.		18,656		308,570
New York Community Bancorp, Inc. (b)		125,142		1,337,768
Old National Bancorp/IN (b)		53,748		720,761
Old Republic International Corp.		50,620		1,279,167
Pinnacle Financial Partners, Inc.		14,012		759,871
Primerica, Inc.		6,752		1,232,308
Prosperity Bancshares, Inc.		16,738		1,048,134
Reinsurance Group of America, Inc.		12,200		1,736,304
RenaissanceRe Holdings Ltd.		7,986		1,720,264
RLI Corp.		7,390		1,027,579
SEI Investments Co.		18,754		1,104,798
Selective Insurance Group, Inc.		11,090		1,068,300
SLM Corp.		44,166		663,373
SouthState Corp.		13,914		959,788
Stifel Financial Corp.		19,362		1,161,139
Synovus Financial Corp.		26,722		823,038
Texas Capital Bancshares, Inc. (a)		8,872		445,818
The Hanover Insurance Group, Inc.		6,554		783,596
The Western Union Co.		68,570		749,470
UMB Financial Corp.		7,962		506,463
United Bankshares, Inc.		24,706		818,510
Unum Group		34,386		1,451,089
Valley National Bancorp (b)		77,140		723,573
Voya Financial, Inc.		17,716		1,354,920
Webster Financial Corp. (b)		31,966		1,192,332
Wintrust Financial Corp.		11,192		765,197
				52,462,139
Health Care — 9.8%
Acadia Healthcare Co., Inc. (a)		16,740		1,210,135
Amedisys, Inc. (a)		5,948		477,624
Arrowhead Pharmaceuticals, Inc. (a)		19,866		703,455
Azenta, Inc. (a)		12,704		552,497
Bruker Corp. (b)		18,350		1,452,035
Chemed Corp.		2,722		1,500,502
Encompass Health Corp. (b)		18,350		1,177,153
Enovis Corp. (a)(b)		8,772		510,969
Envista Holdings Corp. (a)		29,946		1,152,622
Exelixis, Inc. (a)		59,492		1,088,704
Globus Medical, Inc. - Class A (a)		14,318		832,449

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

82

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 91.9% (Continued)
Health Care — 9.8% (Continued)
Haemonetics Corp. (a)		9,276	$	776,494
Halozyme Therapeutics, Inc. (a)		24,804		796,953
HealthEquity, Inc. (a)		15,528		829,972
ICU Medical, Inc. (a)		3,680		696,035
Inari Medical, Inc. (a)		8,872		589,278
Integra LifeSciences Holdings Corp. (a)		13,310		736,309
Jazz Pharmaceuticals PLC (a)		11,494		1,614,562
Lantheus Holdings, Inc. (a)		12,604		1,077,012
LivaNova PLC (a)		9,780		468,462
Masimo Corp. (a)		8,872		1,678,050
Medpace Holdings, Inc. (a)(b)		4,638		928,249
Neogen Corp. (a)		39,730		684,151
Neurocrine Biosciences, Inc. (a)		17,746		1,793,056
Omnicell, Inc. (a)		8,164		496,126
Option Care Health, Inc. (a)		30,756		988,805
Patterson Cos., Inc.		15,830		429,151
Penumbra, Inc. (a)		6,954		1,975,770
Perrigo Co. PLC		24,706		918,816
Progyny, Inc. (a)		13,814		459,177
QuidelOrtho Corp. (a)		9,780		879,711
R1 RCM, Inc. (a)(b)		25,210		393,024
Repligen Corp. (a)		9,478		1,437,149
Shockwave Medical, Inc. (a)		6,604		1,916,217
Sotera Health Co. (a)		18,152		304,409
STAAR Surgical Co. (a)(b)		8,872		625,210
Syneos Health, Inc. (a)		18,854		740,208
Tenet Healthcare Corp. (a)(b)		19,866		1,456,575
United Therapeutics Corp. (a)		8,368		1,925,728
				38,272,804
Industrials — 21.8%
Acuity Brands, Inc.		5,848		920,358
Advanced Drainage Systems, Inc.		11,494		985,266
AECOM		25,510		2,118,605
AGCO Corp.		11,394		1,412,172
ASGN, Inc. (a)		9,172		656,623
Avis Budget Group, Inc. (a)(b)		4,534		801,022
Axon Enterprise, Inc. (a)		12,402		2,613,225
Builders FirstSource, Inc. (a)		27,022		2,560,875
CACI International, Inc. (a)		4,292		1,344,769
Carlisle Cos., Inc.		9,478		2,045,826
Chart Industries, Inc. (a)		7,774		1,034,719
Clean Harbors, Inc. (a)		9,182		1,332,859
Concentrix Corp.		7,864		758,955
Crane Co. (a)		8,772		632,198
Crane NXT Co.		8,772		415,442
Curtiss-Wright Corp.		6,994		1,187,791
Donaldson Co., Inc.		22,384		1,422,503

	Shares		Value
Industrials — 21.8% (Continued)
EMCOR Group, Inc.		8,772	$	1,500,012
EnerSys		7,458		618,790
Esab Corp.		9,478		553,136
ExlService Holdings, Inc. (a)		6,050		1,079,199
Exponent, Inc.		9,276		853,856
Flowserve Corp.		24,000		801,360
Fluor Corp. (a)(b)		26,114		758,873
Fortune Brands Innovations, Inc.		23,596		1,526,425
FTI Consulting, Inc. (a)		6,292		1,135,706
GATX Corp.		6,452		734,947
Genpact Ltd.		30,954		1,379,001
Graco, Inc.		30,954		2,454,343
GXO Logistics, Inc. (a)		21,782		1,157,278
Hertz Global Holdings, Inc. (a)(b)		29,646		494,495
Hexcel Corp.		15,530		1,119,402
Hubbell, Inc.		9,790		2,636,643
Insperity, Inc. (b)		6,554		802,603
ITT, Inc.		15,224		1,285,515
JetBlue Airways Corp. (a)		59,492		424,773
KBR, Inc.		25,210		1,430,163
Kirby Corp. (a)		10,990		789,522
Knight-Swift Transportation Holdings, Inc. (b)		29,546		1,664,031
Landstar System, Inc. (b)		6,554		1,153,701
Lennox International, Inc.		5,898		1,662,705
Lincoln Electric Holdings, Inc.		10,586		1,776,331
ManpowerGroup, Inc.		9,276		702,286
MasTec, Inc. (a)		10,890		967,141
MDU Resources Group, Inc.		37,310		1,090,198
Mercury Systems, Inc. (a)		10,688		509,497
MSA Safety, Inc. (b)		6,752		876,072
MSC Industrial Direct Co., Inc. - Class A		8,668		786,448
nVent Electric PLC		30,554		1,281,129
Oshkosh Corp.		11,998		918,087
Owens Corning		17,140		1,830,723
Regal Rexnord Corp.		12,100		1,574,936
Ryder System, Inc.		9,276		734,288
Saia, Inc. (a)(b)		4,840		1,441,207
Science Applications International Corp.		9,982		1,018,463
Simpson Manufacturing Co., Inc.		7,784		979,072
Stericycle, Inc. (a)		16,942		773,402
SunPower Corp. (a)(b)		15,628		206,602
Sunrun, Inc. (a)		39,124		823,169
Terex Corp.		12,402		553,005
Tetra Tech, Inc.		9,780		1,353,259
The Brink’s Co.		8,570		538,625
The Middleby Corp. (a)		9,878		1,391,613

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

83

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 91.9% (Continued)
Industrials — 21.8% (Continued)
The Timken Co. (b)		12,200	$	937,570
The Toro Co.		19,118		1,993,243
Trex Co., Inc. (a)		20,166		1,102,274
UFP Industries, Inc.		11,292		886,648
Univar Solutions, Inc. (a)		29,946		1,063,083
Valmont Industries, Inc.		3,932		1,142,482
Vicor Corp. (a)		4,134		177,638
Watsco, Inc. (b)		6,080		2,105,990
Watts Water Technologies, Inc. - Class A		5,038		814,796
Werner Enterprises, Inc.		10,788		487,294
Woodward, Inc. (b)		10,990		1,055,260
XPO Logistics, Inc. (a)(b)		21,074		931,049
				85,082,567
Information Technology — 10.4%
ACI Worldwide, Inc. (a)		20,670		523,571
Allegro MicroSystems, Inc. (a)		11,998		429,169
Amkor Technology, Inc.		18,452		412,771
Arrow Electronics, Inc. (a)		10,688		1,223,028
Aspen Technology, Inc. (a)		5,344		945,888
Avnet, Inc.		16,738		690,610
Belden, Inc.		7,864		620,391
Blackbaud, Inc. (a)		8,164		566,214
Calix, Inc. (a)		10,486		479,210
Ciena Corp. (a)		27,224		1,253,393
Cirrus Logic, Inc. (a)(b)		10,090		865,621
Cognex Corp.		31,764		1,514,825
Coherent Corp. (b)		25,510		870,911
CommVault Systems, Inc. (a)		8,166		475,833
Dynatrace, Inc. (a)		39,830		1,684,012
Envestnet, Inc. (a)(b)		10,184		645,462
Euronet Worldwide, Inc. (a)		8,670		960,116
IPG Photonics Corp. (a)		5,868		674,703
Jabil, Inc.		24,504		1,914,988
Kyndryl Holdings, Inc. (a)		37,612		543,870
Lattice Semiconductor Corp. (a)		25,036		1,995,369
Littelfuse, Inc.		4,534		1,098,316
Lumentum Holdings, Inc. (a)		12,604		608,143
MACOM Technology Solutions Holdings, Inc. (a)		9,478		552,947
Manhattan Associates, Inc. (a)		11,414		1,891,072
Maximus, Inc.		11,192		936,211
MKS Instruments, Inc.		10,486		879,461
National Instruments Corp.		24,000		1,397,520
NCR Corp.		25,308		564,115
Novanta, Inc. (a)		6,554		1,001,713
Paylocity Holding Corp. (a)		7,562		1,461,659
Power Integrations, Inc.		10,486		763,171

	Shares		Value
Information Technology — 10.4% (Continued)
Qualys, Inc. (a)		6,352	$	717,395
Silicon Laboratories, Inc. (a)(b)		5,848		814,626
SiTime Corp. (a)(b)		2,924		317,166
Super Micro Computer, Inc. (a)(b)		8,570		903,535
Synaptics, Inc. (a)		7,260		642,946
SYNNEX Corp.		7,660		682,046
Teradata Corp. (a)		18,654		722,096
Universal Display Corp.		7,962		1,062,609
Vishay Intertechnology, Inc.		23,798		506,659
Vontier Corp.		29,042		787,910
WEX, Inc. (a)		7,962		1,412,061
Wolfspeed, Inc. (a)(b)		22,888		1,065,436
Xerox Holdings Corp.		20,572		322,363
				40,401,131
Materials — 6.4%
Alcoa Corp.		32,470		1,205,936
AptarGroup, Inc.		11,998		1,421,883
Ashland Global Holdings, Inc.		9,172		931,967
Avient Corp.		15,732		605,839
Axalta Coating Systems Ltd. (a)		40,536		1,279,722
Cabot Corp.		10,384		745,156
Cleveland-Cliffs, Inc. (a)(b)		94,688		1,456,301
Commercial Metals Co.		21,476		1,002,714
Eagle Materials, Inc. (b)		6,584		975,815
Greif, Inc. - Class A		4,738		297,499
Ingevity Corp. (a)		6,452		462,866
Louisiana-Pacific Corp.		13,208		789,046
MP Materials Corp. (a)		16,942		367,133
NewMarket Corp.		1,210		483,516
Olin Corp.		22,586		1,251,264
Reliance Steel & Aluminum Co. (b)		10,788		2,673,266
Royal Gold, Inc.		11,988		1,587,691
RPM International, Inc. (b)		23,694		1,943,619
Sensient Technologies Corp.		7,680		571,853
Silgan Holdings, Inc.		15,326		754,959
Sonoco Products Co.		17,950		1,088,129
The Chemours Co.		27,224		791,402
The Scotts Miracle-Gro Co.		7,458		498,269
United States Steel Corp. (b)		41,646		952,860
Westlake Chemical Corp.		6,352		722,731
Worthington Industries, Inc.		5,542		329,139
				25,190,575
Real Estate — 0.3%
Jones Lang LaSalle, Inc. (a)		8,668		1,205,199
Utilities — 3.8%
ALLETE, Inc.		10,486		654,117
Black Hills Corp.		11,998		783,349

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

84

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 91.9% (Continued)
Utilities — 3.8% (Continued)
Essential Utilities, Inc.		43,864	$	1,872,993
Hawaiian Electric Industries, Inc.		20,064		786,710
IDACORP, Inc.		9,276		1,030,749
National Fuel Gas Co.		16,838		941,244
New Jersey Resources Corp.		17,746		916,404
NorthWestern Corp.		10,586		620,551
OGE Energy Corp.		36,806		1,381,697
ONE Gas, Inc.		9,982		768,115
Ormat Technologies, Inc. (b)		9,682		830,812
PNM Resources, Inc.		15,730		757,085
Portland General Electric Co.		16,434		831,889
Southwest Gas Holdings, Inc.		11,898		666,288
Spire, Inc. (b)		9,680		655,626
UGI Corp. (b)		38,520		1,305,058
				14,802,687
TOTAL COMMON STOCKS (Cost $352,561,680)				358,489,415
REAL ESTATE INVESTMENT TRUSTS — 8.0%
Agree Realty Corp. (b)		16,234		1,103,750
Annaly Capital Management, Inc.		86,014		1,718,560
Apartment Income REIT Corp. (b)		27,324		1,010,441
Brixmor Property Group, Inc. (b)		55,056		1,174,344
Corporate Office Properties Trust (b)		20,670		473,136
Cousins Properties, Inc. (b)		27,832		607,016
CubeSmart (b)		41,242		1,876,099
Douglas Emmett, Inc. (b)		32,268		415,612
EastGroup Properties, Inc. (b)		7,962		1,326,151
EPR Properties (b)		13,816		579,719
First Industrial Realty Trust, Inc.		24,302		1,275,126
Healthcare Realty Trust, Inc. (b)		69,880		1,382,226
Highwoods Properties, Inc. (b)		19,362		443,777
Independence Realty Trust, Inc. (b)		41,144		685,048
Kilroy Realty Corp.		19,362		566,145
Kite Realty Group Trust		40,234		833,648
Lamar Advertising Co. - Class A (b)		16,032		1,694,262
Life Storage, Inc.		15,628		2,100,091
Medical Properties Trust, Inc. (b)		110,014		964,823
National Retail Properties, Inc. (b)		33,274		1,447,419
National Storage Affiliates Trust (b)		15,528		598,604
Omega Healthcare Investors, Inc. (b)		43,056		1,152,178
Park Hotels & Resorts, Inc. (b)		41,342		498,171
Physicians Realty Trust		41,948		604,890
PotlatchDeltic Corp. (b)		14,822		685,221
Rayonier, Inc. (b)		27,022		847,410
Rexford Industrial Realty, Inc.		34,688		1,934,550
Sabra Health Care REIT, Inc.		42,452		483,953
Spirit Realty Capital, Inc. (b)		25,610		984,961

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 8.0% (Continued)
Starwood Property Trust, Inc. (b)		56,874	$	1,017,476
The Macerich Co.		39,528		394,885
Vornado Realty Trust (b)		29,546		443,485
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $31,239,845)				31,323,177
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	308,742		308,742
TOTAL SHORT-TERM INVESTMENTS (Cost $308,742)				308,742
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		48,433,414		48,433,414
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,433,414)				48,433,414
Total Investments (Cost $432,543,681) — 112.4%				438,554,748
Liabilities in Excess of Other Assets — (12.4)%				(48,302,334	)
TOTAL NET ASSETS — 100.0%			$	390,252,414

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, 2023. The total value of securities on loan is $47,969,269 or 12.3% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

85

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 16.9%
Activision Blizzard, Inc.		44,623	$	3,467,653
Alphabet, Inc. - Class A (a)		266,778		28,635,951
Alphabet, Inc. - Class C (a)		262,580		28,416,408
Charter Communications, Inc. - Class A (a)(b)		8,684		3,201,791
Comcast Corp. - Class A		239,345		9,901,703
Electronic Arts, Inc.		15,602		1,985,823
Meta Platforms, Inc. - Class A (a)		126,892		30,494,685
Netflix, Inc. (a)		25,339		8,360,096
Sirius XM Holdings, Inc. (b)		221,359		841,164
T-Mobile US, Inc. (a)		69,380		9,983,782
Warner Bros Discovery, Inc. (a)(b)		138,263		1,881,759
				127,170,815
Consumer Discretionary — 14.3%
Airbnb, Inc. - Class A (a)(b)		23,266		2,784,242
Amazon.com, Inc. (a)		450,693		47,525,577
Booking Holdings, Inc. (a)		2,140		5,748,703
eBay, Inc. (b)		30,547		1,418,297
JD.com, Inc. - ADR		26,225		936,757
Lucid Group, Inc. (a)(b)		104,147		826,927
Lululemon Athletica, Inc. (a)		6,963		2,645,453
Marriott International, Inc.		17,530		2,968,530
MercadoLibre, Inc. (a)		2,859		3,652,344
O’Reilly Automotive, Inc. (a)		3,516		3,225,262
PDD Holdings, Inc. - ADR (a)		33,862		2,307,695
Rivian Automotive, Inc. - Class A (a)(b)		52,304		670,537
Ross Stores, Inc.		19,594		2,091,268
Starbucks Corp.		65,392		7,473,652
Tesla Motors, Inc. (a)		139,124		22,859,464
				107,134,708
Consumer Staples — 6.1%
Costco Wholesale Corp.		25,246		12,704,292
Dollar Tree, Inc. (a)(b)		12,584		1,934,287
Keurig Dr Pepper, Inc.		80,023		2,616,752
Mondelez International, Inc.		77,569		5,951,094
Monster Beverage Corp. (a)		59,372		3,324,832
PepsiCo, Inc.		78,562		14,996,700
The Kraft Heinz Co. (b)		69,699		2,737,080
Walgreens Boots Alliance, Inc. (b)		49,074		1,729,858
				45,994,895
Energy — 0.4%
Baker Hughes Co.		57,535		1,682,323
Diamondback Energy, Inc.		10,445		1,485,279
				3,167,602
Financials — 1.2%
Fiserv, Inc. (a)(b)		35,738		4,364,324

	Shares		Value
Financials — 1.2% (Continued)
PayPal Holdings, Inc. (a)		64,371	$	4,892,196
				9,256,520
Health Care — 6.3%
Align Technology, Inc. (a)		4,359		1,417,983
Amgen, Inc.		30,381		7,283,541
AstraZeneca PLC - ADR		34,302		2,511,592
Biogen, Inc. (a)		8,220		2,500,771
DexCom, Inc. (a)		21,984		2,667,538
Gilead Sciences, Inc.		70,956		5,833,293
IDEXX Laboratories, Inc. (a)		4,716		2,321,027
Illumina, Inc. (a)		8,990		1,847,984
Intuitive Surgical, Inc. (a)		19,936		6,005,122
Moderna, Inc. (a)		21,980		2,920,922
Regeneron Pharmaceuticals, Inc. (a)		6,116		4,903,748
Seagen, Inc. (a)		10,628		2,125,600
Vertex Pharmaceuticals, Inc. (a)		14,626		4,983,517
				47,322,638
Industrials — 4.4%
Automatic Data Processing, Inc.		23,574		5,186,280
Cintas Corp.		5,781		2,634,806
Copart, Inc. (a)(b)		27,116		2,143,520
CoStar Group, Inc. (a)		23,144		1,780,931
CSX Corp.		117,357		3,595,819
Fastenal Co. (b)		32,486		1,749,046
Honeywell International, Inc.		38,014		7,596,718
Old Dominion Freight Line, Inc. (b)		6,260		2,005,641
PACCAR, Inc.		29,729		2,220,459
Paychex, Inc.		20,509		2,253,119
Verisk Analytics, Inc. (b)		8,801		1,708,362
				32,874,701
Information Technology — 49.1%
Adobe, Inc. (a)		26,046		9,833,928
Advanced Micro Devices, Inc. (a)		91,684		8,193,799
Analog Devices, Inc.		28,780		5,176,946
ANSYS, Inc. (a)		4,955		1,555,474
Apple, Inc.		559,734		94,975,665
Applied Materials, Inc. (b)		48,084		5,434,935
ASML Holding NV		4,998		3,183,026
Atlassian Corp. - Class A (a)(b)		8,540		1,261,016
Autodesk, Inc. (a)		12,276		2,391,242
Broadcom, Inc.		23,822		14,924,483
Cadence Design System, Inc. (a)		15,529		3,252,549
Cisco Systems, Inc.		233,042		11,011,234
Cognizant Technology Solutions Corp.		28,977		1,730,217
Crowdstrike Holdings, Inc. - Class A (a)		12,418		1,490,782
Datadog, Inc. - Class A (a)		16,730		1,127,267
Enphase Energy, Inc. (a)(b)		7,765		1,275,013

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

86

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Information Technology — 49.1% (Continued)
Fortinet, Inc. (a)		44,612	$	2,812,787
GlobalFoundries, Inc. (a)(b)		31,013		1,823,564
Intel Corp.		235,385		7,311,058
Intuit, Inc.		15,961		7,085,886
KLA Corp.		7,877		3,044,776
Lam Research Corp.		7,677		4,023,362
Marvell Technology, Inc.		48,544		1,916,517
Microchip Technology, Inc.		31,167		2,274,879
Micron Technology, Inc.		62,085		3,995,791
Microsoft Corp.		325,982		100,161,229
Nvidia Corp.		141,048		39,139,410
NXP Semiconductors NV		14,744		2,414,183
Palo Alto Networks, Inc. (a)(b)		17,217		3,141,414
Qualcomm, Inc.		63,441		7,409,909
Synopsys, Inc. (a)		8,664		3,217,116
Texas Instruments, Inc.		51,560		8,620,832
Workday, Inc. - Class A (a)		11,606		2,160,341
Zoom Video Communications, Inc. - Class A (a)(b)		13,976		858,546
Zscaler, Inc. (a)(b)		8,205		739,270
				368,968,445
Utilities — 1.2%
American Electric Power Co., Inc.		29,267		2,704,856
Constellation Energy Corp.		18,612		1,440,569
Exelon Corp.		56,562		2,400,491
Xcel Energy, Inc.		31,285		2,187,135
				8,733,051
TOTAL COMMON STOCKS (Cost $711,446,764)				750,623,376
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	648,146		648,146
TOTAL SHORT-TERM INVESTMENTS (Cost $648,146)				648,146

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		35,841,898	$	35,841,898
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $35,841,898)				35,841,898
Total Investments (Cost $747,936,808) — 104.8%				787,113,420
Liabilities in Excess of Other Assets — (4.8)%				(36,188,592	)
TOTAL NET ASSETS — 100.0%			$	750,924,828

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, 2023. The total value of securities on loan is $35,491,407 or 4.7% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

87

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 97.0%
Austria — 0.7%
Andritz AG		558	$	36,184
Erste Group Bank AG		2,622		95,083
OMV AG		1,142		53,909
Raiffeisen Bank International AG (a)		1,038		15,910
Telekom Austria AG		1,094		8,535
Verbund AG		528		47,068
voestalpine AG		924		31,950
				288,639
Belgium — 2.6%
Ackermans & van Haaren NV		180		31,655
Ageas SA NV		1,472		65,513
Anheuser-Busch InBev SA NV (b)		6,999		454,725
D’ieteren Group		180		33,817
Elia Group SA NV		302		41,397
Groupe Bruxelles Lambert NV		802		71,847
KBC Groep NV		2,208		157,610
Lotus Bakeries NV		5		34,490
Proximus SADP		1,122		9,557
Sofina SA		124		28,393
Solvay SA		558		66,928
Titan Cement International SA		315		5,199
UCB SA		972		90,418
Umicore SA		1,642		53,846
Viohalco SA		520		2,845
				1,148,240
Finland — 3.6%
Elisa OYJ		1,152		71,492
Fortum OYJ		3,462		51,614
Huhtamaki OYJ		746		26,831
Kesko OYJ - Class B		2,170		45,204
Kojamo OYJ		1,566		19,447
Kone OYJ - Class B		2,620		149,257
Metso Outotec OYJ		4,856		53,509
Neste OYJ		3,338		161,618
Nokia OYJ - ADR (b)		46,024		192,841
Nordea Bank Abp		27,738		307,174
Orion OYJ - Class B		830		38,980
Sampo OYJ - Class A		3,739		189,356
Stora Enso OYJ - Class R		4,602		58,316
UPM-Kymmene OYJ		4,272		136,042
Valmet OYJ		1,340		45,212
Wartsila OYJ Abp		3,894		45,054
				1,591,947
France — 33.0%
Accor SA (a)		1,472		52,099
Aeroports de Paris (a)		258		40,966

	Shares		Value
France — 33.0% (Continued)
Air Liquide SA		4,150	$	746,206
ALD SA (c)		1,087		13,068
Alstom SA		2,424		60,739
Amundi SA (c)		462		30,214
Arkema SA		520		51,351
AXA SA (b)		15,228		496,179
BioMerieux		350		36,600
BNP Paribas SA - ADR		18,104		584,216
Bollore SE		7,920		53,410
Bouygues SA		1,688		61,752
Bureau Veritas SA		2,282		65,730
Capgemini SE		1,284		233,308
Carrefour SA		4,734		98,382
Cie de L’Odet SE		5		8,804
Cie de Saint-Gobain		3,678		212,448
Cie Generale des Etablissements Michelin SCA		5,610		178,218
Credit Agricole SA		9,702		118,495
Danone SA		4,984		329,459
Dassault Aviation SA		190		37,120
Dassault Systemes SE		5,346		216,015
Edenred		1,990		129,199
Eiffage SA		594		70,624
Engie SA (b)		13,314		212,961
EssilorLuxottica SA		2,430		480,366
Eurazeo SE		388		27,640
Getlink SE		2,820		52,701
Hermes International		251		543,973
Ipsen SA		274		33,211
JCDecaux SE (a)		586		12,966
Kering		576		367,934
La Francaise des Jeux SAEM (c)		698		29,796
Legrand SA		2,142		202,276
L’Oreal SA		1,997		952,267
LVMH Moet Hennessy Louis Vuitton SE - ADR (b)		9,958		1,911,836
Neoen SA (c)		495		14,836
Orange SA		15,360		199,989
Pernod Ricard SA		1,671		385,564
Publicis Groupe SA		1,820		148,645
Remy Cointreau SA		198		34,221
Renault SA (a)		1,538		56,994
Rexel SA		1,924		44,521
Safran SA		2,812		436,710
Sanofi - ADR		17,560		942,094
Sartorius Stedim Biotech		190		50,770
Schneider Electric SE		4,292		746,390
SCOR SE		1,198		30,916
SEB SA		246		28,137

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

88

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.0% (Continued)
France — 33.0% (Continued)
Societe Generale SA		5,887	$	142,874
Sodexo SA		698		74,759
Soitec (a)		198		29,170
Teleperformance		462		92,042
Thales SA		802		122,308
TotalEnergies SE - ADR		18,378		1,174,906
Ubisoft Entertainment SA (a)		756		22,067
Unibail-Rodamco-Westfield (a)		822		43,966
Valeo		1,934		37,646
Veolia Environnement SA		5,128		162,115
Vinci SA		4,043		499,851
Vivendi SE		5,582		61,225
Wendel SA		218		24,406
Worldline SA (a)(c)		1,962		85,137
				14,444,788
Germany — 24.1%
adidas AG - ADR		2,759		242,020
Allianz SE		3,234		810,531
BASF SE		7,345		379,180
Bayer AG - ADR		31,787		519,399
Bayerische Motoren Werke AG		2,574		287,714
Bechtle AG		660		30,581
Beiersdorf AG		802		111,880
Brenntag SE		1,236		100,485
Carl Zeiss Meditec AG		294		39,458
Commerzbank AG (a)		8,336		92,452
Continental AG		868		60,658
Covestro AG (c)		1,416		62,084
CTS Eventim AG & Co. KGaA (a)		472		30,998
Daimler Truck Holding AG (a)		3,366		111,048
Delivery Hero SE (a)(c)		1,528		60,832
Deutsche Bank AG		16,236		177,885
Deutsche Boerse AG		1,472		280,444
Deutsche Lufthansa AG (a)		4,790		51,356
Deutsche Post AG		7,761		372,178
Deutsche Telekom AG		27,152		654,626
Deutsche Wohnen SE		396		8,945
DWS Group GmbH & Co. KGaA (c)		274		9,088
E.ON SE		17,746		234,751
Evonik Industries AG		1,528		33,270
Fielmann AG		198		10,246
Fraport AG Frankfurt Airport Services Worldwide (a)		284		15,231
Fresenius Medical Care AG & Co KGaA - ADR (b)		3,380		81,864
Fresenius SE & Co. KGaA		3,272		94,534
Fuchs Petrolub SE		274		8,892

	Shares		Value
Germany — 24.1% (Continued)
GEA Group AG		1,312	$	61,500
Hannover Rueck SE		482		102,824
HeidelbergCement AG		1,160		87,634
Hella GmbH & Co. KGaA		180		15,213
HelloFresh SE (a)		1,312		35,029
Henkel AG & Co. KGaA		812		59,948
Hochtief AG		170		14,190
Infineon Technologies AG		10,446		378,753
KION Group AG		632		26,059
Knorr-Bremse AG		528		36,910
Lanxess AG		690		28,025
LEG Immobilien SE		594		36,903
Mercedes-Benz Group AG		6,746		524,653
Merck KGaA		1,038		185,921
Metro AG (a)		1,048		8,898
MTU Aero Engines AG		426		111,579
Muenchener Rueckversicherungs-Gesellschaft AG		1,122		420,973
Nemetschek SE		434		33,753
Puma SE		802		46,802
Rational AG		38		27,426
Rheinmetall AG		350		102,394
RWE AG		5,054		236,962
SAP SE - ADR (b)		8,957		1,211,613
Sartorius AG		20		6,204
Scout24 SE (c)		624		38,849
Siemens AG - ADR		12,148		998,080
Siemens Energy AG (a)		3,432		83,879
Siemens Healthineers AG (c)		2,216		137,767
Sixt SE		104		12,869
Symrise AG		1,048		126,392
Talanx AG		426		21,386
Telefonica Deutschland Holding AG		7,186		24,270
ThyssenKrupp AG		3,952		28,323
Traton SE		406		9,359
United Internet AG		868		14,882
Vantage Towers AG		576		20,640
Volkswagen AG		228		38,175
Vonovia SE		5,679		122,808
Wacker Chemie AG		124		19,122
Zalando SE (a)(c)		1,774		72,659
				10,542,256
Greece — 0.6%
Aegean Airlines SA (a)		294		2,520
Alpha Services and Holdings SA (a)		17,132		21,426
Athens Water Supply & Sewage Co SA		330		2,291
Autohellas Tourist and Trading SA		152		2,144

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

89

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.0% (Continued)
Greece — 0.6% (Continued)
Ellaktor SA (a)		670	$	1,459
Eurobank Ergasias SA (a)		20,424		28,807
FF Group (a)(d)		1,259		7,345
GEK Terna Holding Real Estate Construction SA		416		5,684
Hellenic Energy Holdings SA		472		3,745
Hellenic Telecommunications Organization SA		1,736		25,346
Holding Co ADMIE IPTO SA		906		1,757
Jumbo SA		878		20,220
LAMDA Development (a)		558		3,443
Motor Oil Hellas Corinth Refineries SA		444		10,568
Mytilineos SA		822		23,822
National Bank of Greece SA (a)		4,376		22,856
OPAP SA		1,490		25,383
Piraeus Financial Holdings SA (a)		4,640		10,941
Public Power Corp SA (a)		1,716		14,787
Quest Holdings SA		218		1,187
Sarantis SA		256		2,025
Terna Energy SA		416		9,204
				246,960
Ireland — 0.8%
AIB Group PLC		8,354		35,882
Bank of Ireland Group PLC		8,603		88,825
Glanbia PLC		1,482		22,454
Kerry Group PLC		1,236		129,985
Kingspan Group PLC		1,208		83,460
				360,606
Italy — 6.0%
A2A SpA		12,220		21,544
Amplifon SpA		1,038		38,065
Assicurazioni Generali SpA		11,052		229,925
Banca Mediolanum SpA		1,924		17,372
Banco BPM SpA		11,020		44,747
Buzzi Unicem SpA		690		17,122
De’ Longhi SpA		558		12,949
DiaSorin SpA		180		19,533
Enel SpA		62,286		425,457
Eni SpA - ADR (b)		9,028		273,368
FinecoBank Banca Fineco SpA		4,894		74,042
Hera SpA		6,300		19,604
Infrastrutture Wireless Italiane SpA (c)		2,820		39,137
Interpump Group SpA		642		35,711
Intesa Sanpaolo SpA		130,026		341,642
Italgas SpA		3,932		25,693
Leonardo SpA		3,206		38,171

	Shares		Value
Italy — 6.0% (Continued)
Mediobanca Banca di Credito Finanziario SpA		5,196	$	55,709
Moncler SpA		1,632		120,774
Nexi SpA (a)(c)		4,452		36,822
Pirelli & C SpA (c)		3,924		20,521
Poste Italiane SpA (c)		3,660		38,015
Prysmian SpA		2,112		86,270
Recordati Industria Chimica e Farmaceutica SpA		784		36,050
Reply SpA		180		20,925
Snam SpA		17,858		99,176
Telecom Italia SpA - Common Shares (a)		86,018		25,298
Telecom Italia SpA - Savings Shares (a)		48,350		13,959
Terna Rete Elettrica Nazionale SpA		11,286		97,748
UniCredit SpA		15,048		297,471
UnipolSai Assicurazioni SpA		3,414		9,172
				2,631,992
Luxembourg — 0.6%
ArcelorMittal		3,828		108,447
Eurofins Scientific		982		68,452
InPost SA (a)		1,632		17,462
RTL Group SA		312		14,604
SUSE SA (a)		322		6,067
Tenaris SA - ADR (b)		2,031		58,310
				273,342
Netherlands — 16.7%
Aalberts Industries NV		774		35,633
ABN AMRO Group NV (c)		3,320		53,101
Adyen NV - ADR (a)		23,718		379,488
Aegon NV		14,200		64,513
Airbus SE - ADR		18,143		635,731
Akzo Nobel NV		1,416		117,241
Argenx SE - ADR (a)		441		171,055
ASM International NV		368		133,024
ASML Holding NV (b)		3,268		2,081,258
ASR Nederland NV		1,160		50,924
BE Semiconductor Industries NV		632		56,645
CTP NV (c)		538		7,055
Davide Campari-Milano NV		3,990		51,352
Euronext NV (c)		652		51,800
EXOR NV (a)		830		68,118
Ferrari NV		962		267,446
Heineken Holding NV		955		91,499
Heineken NV		2,016		231,141
IMCD NV		454		68,136
ING Groep NV - ADR (b)		29,493		365,123
JDE Peet’s NV		652		19,829
Just Eat Takeaway.com NV (a)(c)		1,472		25,757

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

90

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.0% (Continued)
Netherlands — 16.7% (Continued)
Koninklijke Ahold Delhaize NV		7,685	$	264,375
Koninklijke DSM NV		1,396		182,668
Koninklijke KPN NV		26,100		95,166
Koninklijke Philips NV		7,100		149,320
Koninklijke Vopak NV		520		19,825
NN Group NV		2,261		84,135
OCI NV		774		20,375
Prosus NV		5,933		443,707
Qiagen NV (a)		1,764		78,742
Randstad Holding NV		878		47,619
Signify NV (c)		1,000		33,289
Stellantis NV		16,656		275,300
STMicroelectronics NV		5,074		215,619
Universal Music Group NV		5,988		130,710
Wolters Kluwer NV		2,011		266,244
				7,332,963
Portugal — 0.5%
EDP - Energias de Portugal SA		22,658		124,835
Galp Energia SGPS SA		4,122		49,917
Jeronimo Martins SGPS SA		2,208		55,716
				230,468
Spain — 7.4%
Acciona SA		180		33,322
ACS Actividades de Construccion y Servicios SA		1,726		59,339
Aena SME SA (a)(c)		566		95,360
Amadeus IT Holding SA (a)		3,609		253,480
Banco Bilbao Vizcaya Argentaria SA - ADR		49,463		363,058
Banco Santander SA - ADR (b)		134,063		465,199
Bankinter SA		5,488		32,425
CaixaBank SA		30,612		113,068
Cellnex Telecom SA (c)		4,493		188,974
Corp ACCIONA Energias Renovables SA		454		16,289
EDP Renovaveis SA		1,924		42,741
Enagas SA		1,990		39,810
Endesa SA		2,538		56,967
Ferrovial SA		3,828		119,920
Grifols SA (a)		2,632		27,030
Iberdrola SA		47,830		620,854
Industria de Diseno Textil SA		8,420		289,104
Mapfre SA		7,920		15,857
Naturgy Energy Group SA		1,160		36,173
Red Electrica Corp. SA		3,452		62,781
Repsol SA		10,042		147,667
Telefonica SA		40,798		185,441
				3,264,859

	Shares		Value
United Kingdom — 0.4%
Allfunds Group PLC		2,386	$	15,762
CNH Industrial NV		7,912		111,114
TechnipFMC PLC (a)(d)		3,996		54,646
				181,522
TOTAL COMMON STOCKS (Cost $36,262,495)				42,538,582
PREFERRED STOCKS — 1.1%
Germany — 1.1%
Bayerische Motoren Werke AG		482		51,120
Fuchs Petrolub SE		558		22,012
Henkel AG & Co. KGaA		1,358		109,655
Sartorius AG		198		76,711
Sixt SE		132		10,487
Volkswagen AG		1,614		219,962
				489,947
Spain — 0.0% (e)
Grifols SA - Class B (a)		2,056		15,156
TOTAL PREFERRED STOCKS (Cost $487,063)				505,103
REAL ESTATE INVESTMENT TRUSTS — 0.5%
Belgium — 0.1%
Warehouses De Pauw CVA		1,142		34,127
France — 0.3%
Covivio		406		23,040
Gecina SA		416		46,252
Icade		264		12,369
Klepierre		1,500		37,950
				119,611
Spain — 0.1%
Inmobiliaria Colonial Socimi SA		2,726		17,407
Merlin Properties Socimi SA		2,670		23,566
				40,973
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $183,978)				194,711
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 3.760% (f)	$	110,089		110,089
TOTAL SHORT-TERM INVESTMENTS (Cost $110,089)				110,089

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

91

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (f)		6,456,708	$	6,456,708
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,456,708)				6,456,708
Total Investments (Cost $43,500,333) — 113.6%				49,805,193
Liabilities in Excess of Other Assets — (13.6)%				(5,961,844	)
TOTAL NET ASSETS — 100.0%			$	43,843,349

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, 2023. The total value of securities on loan is $6,224,817 or 14.2% of net assets.

(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. The value of these securities total $1,144,161, which represents 2.6% of total net assets.

(d) Value determined using significant unobservable inputs.

(e) Less than 0.05%.

(f) The rate shown is as of April 30, 2023.

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 Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 94.0%
Australia — 6.0%
APA Group		9,132	$	62,118
Aristocrat Leisure Ltd.		5,150		129,188
ASX Ltd.		1,498		67,869
Australia & New Zealand Banking Group Ltd.		23,148		372,969
BHP Group Ltd. - ADR (a)		20,131		1,188,534
Brambles Ltd.		10,738		101,251
Cochlear Ltd.		510		83,233
Coles Group Ltd.		10,346		124,596
Commonwealth Bank of Australia		13,080		859,964
Computershare Ltd.		4,425		65,588
CSL Ltd.		3,730		741,873
Endeavour Group Ltd		9,710		43,626
Fortescue Metals Group Ltd.		13,113		181,694
Macquarie Group Ltd.		2,810		339,522
National Australia Bank Ltd.		24,582		469,109
Newcrest Mining Ltd.		6,910		132,232
QBE Insurance Group Ltd.		11,482		116,472
Ramsay Health Care Ltd.		1,440		61,621
REA Group Ltd.		402		37,477
Rio Tinto Ltd.		2,883		214,137
Santos Ltd.		25,982		121,549
Scentre Group		40,190		76,590
Sonic Healthcare Ltd.		3,720		87,236
South32 Ltd.		35,842		100,559
Suncorp Group Ltd.		9,778		80,747
Telstra Corp. Ltd.		31,312		90,543
Transurban Group		23,774		235,811
Wesfarmers Ltd.		8,780		301,931
Westpac Banking Corp.		27,104		402,993
WiseTech Global Ltd.		1,342		60,881
Woodside Energy Group Ltd. - ADR (a)		15,498		352,735
Woolworths Group Ltd.		9,396		241,419
				7,546,067
Austria — 0.2%
Andritz AG		558		36,185
BAWAG Group AG (c)		696		33,867
Erste Group Bank AG		2,760		100,088
OMV AG		1,116		52,681
Raiffeisen Bank International AG (b)		1,048		16,063
Telekom Austria AG		1,079		8,418
Verbund AG		254		22,643
				269,945
Belgium — 0.8%
Anheuser-Busch InBev SA NV - ADR (a)		7,824		508,325
D’ieteren Group		176		33,066

	Shares		Value
Belgium — 0.8% (Continued)
Elia Group SA NV		279	$	38,244
Groupe Bruxelles Lambert SA		784		70,235
KBC Groep NV		2,614		186,591
Solvay SA		568		68,127
UCB SA		978		90,976
				995,564
Bermuda — 0.0% (e)
CK Infrastructure Holdings Ltd.		4,678		26,579
Canada — 9.3%
Agnico Eagle Mines Ltd.		3,534		200,484
Alimentation Couche-Tard, Inc.		6,100		304,448
Bank of Montreal (a)		5,600		505,064
Barrick Gold Corp.		13,754		261,876
BCE, Inc. (a)		2,330		112,003
Brookfield Corp. (a)		11,278		366,084
Canadian Imperial Bank of Commerce (a)		6,998		293,566
Canadian National Railway Co.		4,785		570,707
Canadian Natural Resources Ltd.		8,571		522,574
Canadian Pacific Kansas City Ltd. (a)		7,184		566,387
Cenovus Energy, Inc.		10,828		181,910
CGI, Inc. (b)		1,644		166,718
Constellation Software, Inc.		156		305,336
Enbridge, Inc. (a)		15,920		632,979
Fortis, Inc.		3,710		162,906
Franco-Nevada Corp.		1,478		224,331
Great-West Lifeco, Inc.		2,094		59,535
Imperial Oil Ltd.		1,518		77,312
Intact Financial Corp.		1,360		205,719
Loblaw Cos. Ltd.		1,194		112,301
Lumine Group, Inc. (b)(g)		461		6,211
Magna International, Inc. (a)		2,106		109,849
Manulife Financial Corp.		14,836		293,011
National Bank of Canada		2,604		194,178
Nutrien Ltd.		4,008		278,155
Pembina Pipeline Corp.		4,296		141,467
Power Corp of Canada		4,376		117,212
Restaurant Brands International, Inc.		2,368		166,068
Rogers Communications, Inc. - Class B		2,702		133,452
Royal Bank of Canada		10,906		1,083,075
Shopify, Inc. - Class A (b)		9,490		459,790
Sun Life Financial, Inc.		4,532		222,431
Suncor Energy, Inc.		10,435		326,824
TC Energy Corp. (a)		7,830		325,258
Telus Corp.		3,627		76,929
The Bank of Nova Scotia (a)		9,410		469,653
The Toronto-Dominion Bank		14,283		865,978

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

93

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
Canada — 9.3% (Continued)
Thomson Reuters Corp.		1,234	$	162,283
Tourmaline Oil Corp.		2,446		109,893
Waste Connections, Inc.		1,986		276,352
				11,650,309
Cayman Islands — 0.1%
Chow Tai Fook Jewellery Group Ltd.		17,043		34,088
Grab Holdings Ltd. - Class A (b)		14,642		42,608
				76,696
China — 0.1%
ENN Energy Holdings Ltd.		5,875		80,083
Denmark — 2.5%
AP Moller - Maersk A/S - Class A		20		35,627
AP Moller - Maersk A/S - Class B		40		72,112
Coloplast A/S - Class B		920		132,332
DSV A/S		1,384		259,941
Genmab A/S - ADR (a)(b)		5,070		207,921
Novo Nordisk A/S - ADR (a)		12,714		2,124,382
Orsted AS (c)		1,468		131,642
Vestas Wind Systems A/S (b)		7,820		215,554
				3,179,511
Finland — 0.9%
Kone Oyj - Class B		3,122		177,855
Neste Oyj		3,338		161,618
Nokia Oyj - ADR (a)		42,130		176,525
Nordea Bank Abp		25,566		283,755
Sampo Oyj - Class A		3,836		194,269
UPM-Kymmene Oyj		4,130		131,520
				1,125,542
France — 9.2%
Air Liquide SA		4,052		728,585
AXA SA (a)		15,378		501,066
BNP Paribas SA - ADR		18,152		585,765
Capgemini SE		1,214		220,589
Christian Dior SE		30		27,504
Credit Agricole SA		10,540		128,730
Danone SA		4,914		324,831
Dassault Systemes SE		5,364		216,742
Engie SA (a)		14,330		229,212
EssilorLuxottica SA		2,360		466,529
Hermes International		267		578,649
Kering		558		356,436
L’Oreal SA		1,958		933,670
LVMH Moet Hennessy Louis Vuitton SE - ADR (a)		10,234		1,964,826
Pernod Ricard SA		1,581		364,798
Safran SA		2,712		421,180

	Shares		Value
France — 9.2% (Continued)
Sanofi - ADR		17,824	$	956,258
Sartorius Stedim Biotech		186		49,701
Schneider Electric SE		4,391		763,606
TotalEnergies SE - ADR		18,593		1,188,650
Vinci SA		4,160		514,316
				11,521,643
Germany — 6.7%
adidas AG - ADR		2,770		242,984
Allianz SE		3,162		792,486
BASF SE		7,116		367,358
Bayer AG		7,606		500,854
Bayerische Motoren Werke AG		2,466		275,643
Beiersdorf AG		764		106,579
BioNTech SE - ADR (a)		714		81,567
Daimler Truck Holding AG (b)		4,014		132,426
Deutsche Boerse AG		1,468		279,682
Deutsche Post AG		7,674		368,006
Deutsche Telekom AG		27,024		651,540
E.ON SE		17,391		230,054
Hapag-Lloyd AG (c)		58		17,972
Henkel AG & Co. KGaA		764		56,404
Infineon Technologies AG		10,112		366,642
Mercedes-Benz Group		6,050		470,523
Merck KGaA		998		178,756
Muenchener Rueckversicherungs-Gesellschaft AG		1,086		407,465
RWE AG		5,236		245,495
SAP SE - ADR (a)		8,596		1,162,781
Sartorius AG		20		6,204
Siemens AG - ADR		11,782		968,009
Siemens Healthineers AG (c)		2,182		135,654
Volkswagen AG		226		37,840
Vonovia SE		6,166		133,339
				8,216,263
Hong Kong — 2.2%
AIA Group Ltd. - ADR		23,132		1,010,637
BOC Hong Kong Holdings Ltd.		27,831		87,574
Budweiser Brewing Co. APAC Ltd. (c)		13,343		38,416
CK Asset Holdings Ltd.		15,245		89,920
CK Hutchison Holdings Ltd.		20,791		139,054
CLP Holdings Ltd.		12,916		96,093
Galaxy Entertainment Group Ltd. (b)		15,543		109,895
Hang Seng Bank Ltd.		5,628		83,241
Henderson Land Development Co. Ltd.		10,126		35,991
Hong Kong & China Gas Co. Ltd.		83,813		74,314
Hong Kong Exchanges & Clearing Ltd.		9,233		381,099

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

94

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
Hong Kong — 2.2% (Continued)
MTR Corp Ltd.		12,003	$	59,865
Sands China Ltd. (b)		18,808		66,729
Sun Hung Kai Properties Ltd.		11,673		162,091
Techtronic Industries Co. Ltd.		14,216		152,851
				2,587,770
Ireland — 1.0%
CRH PLC - ADR (a)		5,892		285,762
Experian PLC		7,508		265,144
Flutter Entertainment PLC (b)		1,184		236,815
ICON PLC (b)		626		120,624
James Hardie Industries PLC		3,446		76,364
Kerry Group PLC - Class A		1,209		127,145
Ryanair Holdings PLC - ADR (b)		778		74,369
				1,186,223
Israel — 0.8%
Airport City Ltd. (b)		480		6,115
Alony Hetz Properties & Investments Ltd.		1,164		9,092
Amot Investments Ltd.		1,674		8,837
Ashtrom Group Ltd.		307		4,817
Azrieli Group Ltd.		284		16,433
Bank Hapoalim BM		9,524		81,270
Bank Leumi Le-Israel BM		11,952		93,789
Bezeq The Israeli Telecommunication Corp. Ltd.		15,848		21,471
Big Shopping Centers Ltd. (b)		93		7,867
Check Point Software Technologies Ltd. (b)		784		99,850
CyberArk Software Ltd. (b)		314		39,124
Delek Group Ltd.		68		7,301
Elbit Systems Ltd.		192		35,344
Global-e Online Ltd. (b)		694		19,349
ICL Group Ltd.		5,580		34,209
Inmode Ltd. (b)		538		20,046
Isracard Ltd.		1		3
Israel Corp Ltd.		30		8,679
Israel Discount Bank Ltd.		9,579		47,112
Melisron Ltd.		176		11,668
Mivne Real Estate KD Ltd.		4,630		12,885
Mizrahi Tefahot Bank Ltd.		1,156		37,585
Monday.com Ltd. (a)(b)		138		16,825
Nice Ltd. - ADR (a)(b)		500		102,005
Nova Ltd. (a)(b)		226		20,668
Shapir Engineering and Industry Ltd.		1,106		7,853
Strauss Group Ltd.		392		8,702
Teva Pharmaceutical Industries Ltd. - ADR (b)		8,594		75,026
The First International Bank Of Israel Ltd.		402		14,488

	Shares		Value
Israel — 0.8% (Continued)
The Phoenix Holdings Ltd		1,302	$	13,865
Tower Semiconductor Ltd. (b)		842		37,894
Wix.com Ltd. (b)		440		38,381
ZIM Integrated Shipping Services Ltd. (a)		626		10,686
				969,239
Italy — 1.4%
Assicurazioni Generali SpA		9,338		194,267
Enel SpA		59,824		408,640
Eni SpA - ADR (a)		9,980		302,194
Intesa Sanpaolo SpA		131,987		346,795
PRADA SpA		3,978		29,190
Snam SpA		15,876		88,169
Terna - Rete Elettrica Nazionale		10,894		94,353
UniCredit SpA		14,966		295,850
				1,759,458
Japan — 19.9%
Advantest Corp.		1,470		113,720
Aeon Co. Ltd.		6,754		137,192
AGC, Inc.		1,767		65,495
Aisin Corp.		1,420		41,429
Ajinomoto Co., Inc.		4,160		149,155
ANA Holdings, Inc. (b)		1,234		26,787
Asahi Group Holdings Ltd.		3,926		151,081
Asahi Kasei Corp.		10,796		75,888
Astellas Pharma, Inc.		14,212		213,631
Bandai Namco Holdings, Inc.		5,166		116,708
Bridgestone Corp.		4,748		189,509
Canon, Inc.		8,056		191,459
Central Japan Railway Co.		1,596		197,326
Chubu Electric Power Co., Inc.		5,874		65,489
Chugai Pharmaceutical Co. Ltd.		4,944		127,152
Daifuku Co. Ltd.		2,934		53,621
Dai-ichi Life Holdings, Inc.		7,988		147,424
Daiichi Sankyo Co. Ltd.		15,074		514,139
Daikin Industries Ltd.		2,270		410,198
Daiwa House Industry Co. Ltd.		5,158		130,876
Denso Corp.		3,906		233,681
Dentsu Group, Inc.		1,850		66,195
Disco Corp.		678		76,685
East Japan Railway Co.		2,926		167,599
Eisai Co. Ltd.		2,300		132,232
Eneos Holdings, Inc.		25,008		88,472
FANUC Corp.		7,440		250,594
Fast Retailing Co. Ltd.		1,470		345,368
Fujifilm Holdings Corp.		3,112		161,259
Fujitsu Ltd.		1,410		186,903
Hamamatsu Photonics KK		1,132		59,655
Hankyu Hanshin Holdings, Inc.		1,870		58,127

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

95

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
Japan — 19.9% (Continued)
Hitachi Ltd.		7,254	$	398,519
Honda Motor Co. Ltd. - ADR		13,626		362,179
Hoya Corp.		2,757		287,548
Idemitsu Kosan Co. Ltd.		1,752		37,060
Inpex Corp.		8,164		88,264
Isuzu Motors Ltd.		4,816		56,239
Itochu Corp.		11,162		368,011
Japan Airlines Co. Ltd.		1,116		21,182
Japan Exchange Group, Inc.		4,092		66,060
Japan Post Bank Co. Ltd.		3,190		25,404
Japan Post Holdings Co. Ltd.		18,696		153,416
Japan Tobacco, Inc.		8,516		182,733
Kao Corp.		3,682		148,772
KDDI Corp.		12,128		378,140
Keyence Corp.		1,546		693,314
Kikkoman Corp.		1,498		88,289
Kirin Holdings Co. Ltd.		6,440		104,415
Kobe Bussan Co. Ltd.		1,106		30,888
Komatsu Ltd.		7,536		184,964
Konami Group Corp.		774		38,005
Kubota Corp.		8,835		132,805
Kyocera Corp.		2,697		140,764
Kyowa Kirin Co. Ltd.		1,968		43,623
Lasertec Corp.		598		80,760
M3, Inc.		3,308		80,609
Marubeni Corp.		13,302		187,455
Meiji Holdings Co. Ltd.		2,172		52,369
MinebeaMitsuni, Inc.		3,142		57,653
MISUMI Group, Inc.		2,202		55,113
Mitsubishi Chemical Holdings Corp.		11,080		64,612
Mitsubishi Corp.		11,502		423,627
Mitsubishi Electric Corp.		16,620		204,815
Mitsubishi Estate Co. Ltd.		10,238		125,641
Mitsubishi Heavy Industries Ltd.		2,614		98,367
Mitsubishi UFJ Financial Group, Inc. - ADR		99,370		624,044
Mitsui & Co. Ltd.		12,302		381,850
Mitsui Fudosan Co. Ltd.		7,380		145,764
Mitsui OSK Lines Ltd.		2,800		69,052
Mizuho Financial Group, Inc.		19,664		283,605
MonotaRO Co. Ltd.		1,898		28,530
MS&AD Insurance Group Holdings, Inc.		3,544		115,623
Murata Manufacturing Co. Ltd.		4,972		287,565
NEC Corp.		2,114		80,839
Nexon Co. Ltd.		3,634		81,885
Nidec Corp.		4,112		202,333
Nintendo Co. Ltd. - ADR		37,506		396,063

	Shares		Value
Japan — 19.9% (Continued)
Nippon Paint Holdings Co. Ltd.		8,262	$	74,164
Nippon Steel Corp.		7,360		156,281
Nippon Telegraph & Telephone Corp.		9,250		281,686
Nippon Yusen KK		3,954		92,955
Nissan Chemical Corp.		1,089		48,118
Nissan Motor Co. Ltd.		18,304		66,125
Nissin Foods Holdings Co. Ltd.		636		61,245
Nitori Holdings Co. Ltd.		676		86,159
Nitto Denko Corp.		1,154		74,198
Nomura Holdings, Inc.		23,286		83,046
Nomura Research Institute Ltd.		3,456		86,752
NTT Data Corp.		4,992		67,381
Obic Co. Ltd.		510		78,271
Olympus Corp.		9,954		172,969
Omron Corp.		1,596		93,034
Ono Pharmaceutical Co. Ltd.		3,690		74,317
Oracle Corp. Japan		254		18,177
Oriental Land Co. Ltd.		9,010		317,362
Orix Corp.		9,260		156,321
Osaka Gas Co. Ltd.		3,230		53,436
Otsuka Holdings Co. Ltd.		4,316		145,752
Pan Pacific International Holdings Corp.		4,130		76,813
Panasonic Holdings Corp.		18,050		168,716
Rakuten Group, Inc.		7,126		35,304
Recruit Holdings Co. Ltd.		13,126		368,409
Renesas Electronics Corp. (b)		10,884		141,557
Resona Holdings, Inc.		18,588		92,050
Rohm Co. Ltd.		676		50,510
Secom Co. Ltd.		1,664		106,231
Sekisui House Ltd.		5,306		108,655
Seven & i Holdings Co. Ltd.		6,176		278,553
SG Holdings Co. Ltd.		3,768		54,040
Shimadzu Corp.		2,139		66,410
Shimano, Inc.		651		100,437
Shin-Etsu Chemical Co. Ltd.		15,640		443,446
Shionogi & Co. Ltd.		2,192		97,706
Shiseido Co. Ltd.		3,094		154,445
SMC Corp.		470		233,715
SoftBank Corp.		21,494		241,609
SoftBank Group Corp.		9,207		344,236
Sompo Holdings, Inc.		2,697		111,902
Sony Group Corp. - ADR		9,872		885,222
Subaru Corp.		4,766		76,783
Sumitomo Corp.		9,690		172,613
Sumitomo Electric Industries Ltd.		6,148		77,795
Sumitomo Metal Mining Co. Ltd.		2,114		77,720

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

96

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
Japan — 19.9% (Continued)
Sumitomo Mitsui Financial Group, Inc. - ADR (a)		56,138	$	460,893
Sumitomo Mitsui Trust Holdings, Inc.		2,908		104,350
Sumitomo Realty & Development Co. Ltd.		3,690		85,584
Suntory Beverage & Food Ltd.		978		36,681
Suzuki Motor Corp.		3,798		130,991
Sysmex Corp.		1,312		83,836
Taiyo Nippon Sanso Corp.		1,644		29,442
Takeda Pharmaceutical Co. Ltd. - ADR (a)		24,280		402,805
TDK Corp.		3,014		102,756
Terumo Corp.		5,882		175,107
The Kansai Electric Power Co., Inc.		6,392		68,966
TIS, Inc.		1,769		48,300
Toho Co. Ltd.		978		38,691
Tokio Marine Holdings, Inc.		15,798		315,392
Tokyo Electron Ltd.		3,642		414,201
Tokyo Gas Co. Ltd.		3,172		64,979
Tokyu Corp.		4,836		68,079
Toray Industries, Inc.		12,626		71,144
Toshiba Corp.		3,286		106,121
Toyota Industries Corp.		1,586		91,380
Toyota Motor Corp. - ADR (a)		10,004		1,373,849
Toyota Tsusho Corp.		1,840		75,764
Trend Micro, Inc.		1,086		52,768
Unicharm Corp.		3,416		137,297
West Japan Railway Co.		1,890		81,720
Yakult Honsha Co. Ltd.		1,234		92,655
Yamaha Corp.		1,332		52,109
Yamaha Motor Co. Ltd.		2,712		69,669
Yaskawa Electric Corp.		2,066		83,553
Z Holdings Corp.		20,582		55,985
ZOZO, Inc.		872		18,279
				24,949,789
Luxembourg — 0.2%
ArcelorMittal		4,414		125,049
Spotify Technology SA (a)(b)		1,086		145,090
Tenaris SA - ADR		1,792		51,448
				321,587
Netherlands — 5.0%
Adyen NV - ADR (b)		24,706		395,296
Airbus SE - ADR		19,386		679,285
Argenx SE - ADR (b)		430		166,789
ASML Holding NV		3,192		2,032,857
Davide Campari-Milano NV		4,140		53,283
EXOR NV (b)		900		73,863
Ferrari NV		988		274,674

	Shares		Value
Netherlands — 5.0% (Continued)
Heineken NV		1,830	$	209,815
ING Groep NV - ADR (a)		29,316		362,932
Koninklijke Ahold Delhaize NV		7,684		264,341
Koninklijke DSM NV		1,350		176,649
Prosus NV		8,974		671,132
Stellantis NV		16,748		276,820
STMicroelectronics NV		5,080		215,874
Universal Music Group NV		5,892		128,615
Wolters Kluwer NV		2,036		269,554
				6,251,779
New Zealand — 0.3%
Auckland International Airport Ltd. (b)		9,348		51,102
EBOS Group Ltd.		1,234		33,805
Fisher & Paykel Healthcare Corp. Ltd.		4,474		76,583
Infratil Ltd.		5,608		33,119
Mainfreight Ltd.		666		29,530
Mercury NZ Ltd.		5,030		19,721
Meridian Energy Ltd.		9,376		31,658
Spark New Zealand Ltd.		14,486		46,851
Xero Ltd. (b)		1,076		66,457
				388,826
Norway — 0.6%
Adevinta ASA (b)		2,076		15,974
Aker BP ASA		2,398		57,266
DNB Bank ASA		6,960		122,258
Equinor ASA - ADR		8,114		233,196
Gjensidige Forsikring ASA		1,468		25,525
Mowi ASA		3,524		67,160
Norsk Hydro ASA		10,572		77,596
Orkla ASA		5,814		41,790
Salmar ASA		470		20,838
Telenor ASA		4,982		62,152
Var Energi ASA		3,094		8,100
Yara International ASA		1,262		50,778
				782,633
Portugal — 0.1%
EDP - Energias de Portugal SA		22,718		125,165
Singapore — 1.2%
Capitaland Investment Ltd		19,008		52,992
DBS Group Holdings Ltd.		14,124		347,397
Jardine Cycle & Carriage Ltd.		764		19,398
Keppel Corp. Ltd.		10,776		49,828
Oversea-Chinese Banking Corp. Ltd.		31,352		295,581
Sea Ltd. - ADR (b)		2,790		212,514
Seatrium Ltd. (b)(d)		0		0
Singapore Airlines Ltd.		10,112		44,333

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

97

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
Singapore — 1.2% (Continued)
Singapore Technologies Engineering Ltd.		12,060	$	32,718
Singapore Telecommunications Ltd.		54,964		105,039
United Overseas Bank Ltd.		11,932		252,348
Wilmar International Ltd.		24,226		71,352
				1,483,500
South Korea — 0.3%
Coupang, Inc. (b)		7,888		132,203
KB Financial Group, Inc. - ADR (a)		3,026		112,840
POSCO Holdings, Inc. - ADR		2,368		168,412
				413,455
Spain — 2.0%
Amadeus IT Holding SA (b)		3,484		244,700
Banco Bilbao Vizcaya Argentaria SA - ADR		48,325		354,706
Banco Santander SA - ADR (a)		133,745		464,095
CaixaBank SA		33,700		124,474
Cellnex Telecom SA (c)		4,414		185,651
EDP Renovaveis SA		1,634		36,298
Iberdrola SA		45,454		590,013
Industria de Diseno Textil SA		8,682		298,099
Naturgy Energy Group SA		1,430		44,593
Telefonica SA		43,642		198,368
				2,540,997
Sweden — 2.7%
Alfa Laval AB		2,270		83,119
Assa Abloy AB - Class B		7,674		182,514
Atlas Copco AB - Class A		19,752		285,252
Atlas Copco AB - Class B		12,090		154,794
Boliden AB		2,114		75,489
Embracer Group AB (b)		6,340		33,020
Epiroc AB - Class A		4,846		96,872
Epiroc AB - Class B		3,014		51,756
EQT AB		2,556		54,784
Essity AB - Class B		4,670		141,488
Evolution AB (c)		1,478		196,787
H & M Hennes & Mauritz AB - Class B		5,540		80,968
Hexagon AB		16,474		187,711
Industrivarden AB - Class A		1,410		40,258
Industrivarden AB - Class C		1,322		37,681
Investment AB Latour - Class B		1,058		22,852
Investor AB - Class A		4,346		95,099
Investor AB - Class B		14,104		302,296
L E Lundbergforetagen AB - Class B		490		23,456
Nibe Industrier AB		11,874		132,576
Sandvik AB (a)		8,448		171,760
Skandinaviska Enskilda Banken AB - Class A		13,174		149,660

	Shares		Value
Sweden — 2.7% (Continued)
Svenska Cellulosa AB SCA - Class B		4,640	$	63,548
Svenska Handelsbanken AB - Class A		11,892		105,085
Swedbank AB		7,096		123,167
Telefonaktiebolaget LM Ericsson - ADR		23,694		130,080
Telia Co. AB		18,998		52,909
Volvo AB - Class A		1,478		31,275
Volvo AB - Class B		12,294		252,712
Volvo Car AB (b)		4,150		17,061
				3,376,029
Switzerland — 8.6%
ABB Ltd. - ADR (a)		13,252		478,265
Alcon, Inc.		3,866		280,354
Cie Financiere Richemont SA - Class A		4,042		664,509
Givaudan SA		58		202,580
Glencore PLC		93,727		552,444
Holcim AG		4,386		288,622
Kuehne + Nagel International AG		440		129,905
Lonza Group AG		578		358,110
Nestle SA - ADR		21,678		2,780,420
Novartis AG - ADR		18,938		1,942,471
Roche Holding AG - ADR (a)		45,584		1,787,804
Sika AG		1,194		327,804
UBS Group AG		27,271		551,156
Zurich Insurance Group AG		1,164		562,304
				10,906,748
United Kingdom — 11.9%
Anglo American PLC		10,356		318,216
Ashtead Group PLC		3,474		199,830
Associated British Foods PLC		2,760		67,847
AstraZeneca PLC - ADR		24,134		1,767,091
BAE Systems PLC		23,632		301,154
Barclays PLC - ADR		30,162		243,407
BP PLC - ADR		24,195		974,575
British American Tobacco PLC - ADR		17,474		647,412
BT Group PLC		54,020		107,843
CNH Industrial NV (a)		7,719		108,838
Coca-Cola European Partners PLC (a)		1,556		100,315
Compass Group PLC		13,820		364,214
Diageo PLC - ADR (a)		4,594		852,187
GSK PLC - ADR		15,720		566,392
Haleon PLC - ADR (a)		19,872		176,265
HSBC Holdings PLC - ADR (a)		31,472		1,134,566
Imperial Brands PLC		7,430		183,719
Legal & General Group PLC		46,238		136,035
Lloyds Banking Group PLC - ADR		135,921		328,929

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

98

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 94.0% (Continued)
United Kingdom — 11.9% (Continued)
London Stock Exchange Group PLC		2,938	$	308,163
National Grid PLC - ADR		6,130		439,214
NatWest Group PLC		39,172		128,982
Prudential PLC - ADR (a)		10,650		326,422
Reckitt Benckiser Group PLC		5,706		461,098
RELX PLC - ADR		15,616		517,046
Rio Tinto PLC - ADR (a)		8,266		528,941
Shell PLC - ADR		27,580		1,709,408
SSE PLC		8,114		187,376
Standard Chartered PLC		19,222		151,805
Tesco PLC		57,998		204,892
Unilever PLC - ADR		20,544		1,140,808
Vodafone Group PLC - ADR		21,492		256,829
				14,939,819
TOTAL COMMON STOCKS (Cost $108,107,587)				117,671,219
EXCHANGE TRADED FUNDS — 4.3%
iShares MSCI South Korea ETF (a)		89,128		5,407,396
TOTAL EXCHANGE TRADED FUNDS (Cost $5,377,493)				5,407,396
PREFERRED STOCKS — 0.4%
Germany — 0.4%
Bayerische Motoren Werke AG		465		49,317
Dr. Ing. h.c.F. Porsche AG		420		52,481
Henkel AG & Co. KGaA		1,380		111,432
Sartorius AG		206		79,810
Volkswagen AG		1,420		193,523
TOTAL PREFERRED STOCKS (Cost $477,704)				486,563
REAL ESTATE INVESTMENT TRUSTS — 0.4%
Australia — 0.2%
Goodman Group		13,164		168,202
Hong Kong — 0.1%
Link REIT		19,561		127,588
Japan — 0.0% (e)
Nippon Building Fund, Inc.		10		41,836
Singapore — 0.1%
CapitaLand Ascendas REIT		26,016		55,762
CapitaLand Ascott Trust		1,084		877

	Shares		Value
Singapore — 0.1% (Continued)
CapitaLand Integrated Commercial Trust		38,986	$	59,311
				115,950
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $453,711)				453,576
	Principal Amount
SHORT-TERM INVESTMENTS- 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 3.760% (f)	$	295,227		295,227
TOTAL SHORT-TERM INVESTMENTS (Cost $295,227)				295,227
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (f)		22,817,228		22,817,228
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $22,817,228)				22,817,228
Total Investments (Cost $137,528,951) — 117.5%				147,131,209
Liabilities in Excess of Other Assets — (17.5)%				(21,989,998	)
TOTAL NET ASSETS — 100.0%			$	125,141,211

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of these securities on loan is $22,233,725 or 17.8% of net assets.

(b) Non-income producing security.

(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. The value of those securities total $739,989, which represents 0.6% of total net assets.

(d) Less than 0.5 shares and $0.50.

(e) Less than 0.05%.

(f) The rate shown is as of April 30, 2023.

(g) Security exempt from registration under 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, 2023, the value of these securities amounted to $6,211 or less than 0.5% of net assets.

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

99

Pacer Trendpilot^® International ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

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

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

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

100

Pacer Trendpilot^® US Bond ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Principal Amount		Value
CORPORATE BONDS — 0.0% (a)
Financials — 0.0% (a)
Prime Security Services Borrower LLC / Prime Finance, Inc.
5.250%, 04/15/2024 (b)	$	38,000	$	37,788
TOTAL CORPORATE BONDS (Cost $37,748)				37,788
U.S. GOVERNMENT NOTES/BONDS — 99.3%
United States Treasury Note/Bond
6.250%, 05/15/2030		3,415,000		4,004,621
0.625%, 05/15/2030		18,060,000		14,898,090
0.625%, 08/15/2030		21,670,000		17,786,331
0.875%, 11/15/2030		23,475,000		19,590,622
1.125%, 02/15/2031		23,475,000		19,942,747
5.375%, 02/15/2031		3,290,000		3,725,154
1.625%, 05/15/2031		23,475,000		20,579,138
1.250%, 08/15/2031		15,850,000		13,403,156
1.375%, 11/15/2031		22,270,000		18,934,720
1.875%, 02/15/2032		21,070,000		18,622,258
2.875%, 05/15/2032		20,430,000		19,555,341
2.750%, 08/15/2032		19,865,000		18,797,256
4.125%, 11/15/2032		19,815,000		20,911,017
3.500%, 02/15/2033		19,830,000		19,943,092
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $229,825,936)				230,693,543
SHORT-TERM INVESTMENTS — 0.0% (a)
Money Market Deposit Accounts — 0.0% (a)
U.S. Bank Money Market Deposit Account, 3.760% (c)		41,354		41,354
TOTAL SHORT-TERM INVESTMENTS (Cost $41,354)				41,354
Total Investments (Cost $229,905,038) — 99.3%				230,772,685
Other Assets in Excess of Liabilities — 0.7%				1,567,530
TOTAL NET ASSETS — 100.0%			$	232,340,215

Percentages are stated as a percent of net assets.

(a) Less than 0.05%.

(b) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2023, the market value of these securities total $37,788, which represents less than 0.5% of total net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

101

Pacer Trendpilot^® Fund of Funds ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.8%
Pacer Trendpilot 100 ETF		191,684	$	10,563,705
Pacer Trendpilot International ETF		396,769		10,712,962
Pacer Trendpilot US Bond ETF		513,868		10,380,750
Pacer Trendpilot US Large Cap ETF		275,318		10,630,028
Pacer Trendpilot US Mid Cap ETF		323,679		10,432,174
TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $54,124,074)				52,719,619
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (a)	$	71,676		71,676
TOTAL SHORT-TERM INVESTMENTS (Cost $71,676)				71,676
Total Investments (Cost $54,195,750) — 99.9%				52,791,295
Other Assets in Excess of Liabilities — 0.1%				27,378
TOTAL NET ASSETS — 100.0%			$	52,818,673

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2023.

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

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

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

102

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.1%
Communication Services — 2.5%
Fox Corp. - Class A (a)		3,684,791	$	122,556,149
Live Nation Entertainment, Inc. (a)(b)		1,344,057		91,100,184
Nexstar Media Group, Inc. (a)		448,501		77,792,498
Playtika Holding Corp. (a)(b)		2,369,267		23,692,670
TripAdvisor, Inc. (a)(b)		1,068,018		18,935,959
				334,077,460
Consumer Discretionary — 10.4%
AutoNation, Inc. (a)(b)		414,267		54,558,964
Booking Holdings, Inc. (b)		106,324		285,619,224
Boyd Gaming Corp. (a)		771,686		53,555,008
eBay, Inc. (a)		2,593,048		120,395,219
Expedia Group, Inc. (b)		1,711,827		160,843,265
H&R Block, Inc. (a)		1,611,321		54,639,895
Lennar Corp. - Class A (a)		2,450,300		276,418,343
Macy’s, Inc. (a)		3,407,135		55,672,586
NVR, Inc. (b)		23,389		136,591,760
Thor Industries, Inc. (a)		567,343		44,831,444
Toll Brothers, Inc.		1,009,504		64,517,401
Williams-Sonoma, Inc. (a)		587,588		71,121,652
				1,378,764,761
Consumer Staples — 2.3%
Altria Group, Inc.		5,974,071		283,828,113
Olaplex Holdings, Inc. (a)(b)		3,603,448		13,332,758
				297,160,871
Energy — 36.1%
Antero Resources Corp. (b)		5,114,048		117,571,963
APA Corp. (a)		5,053,494		186,221,254
Cheniere Energy, Inc.		1,695,413		259,398,189
Chesapeake Energy Corp. (a)		1,813,847		149,968,870
Chevron Corp.		1,689,458		284,808,830
ConocoPhillips		2,565,192		263,932,605
Coterra Energy, Inc. (a)		9,430,499		241,420,774
Devon Energy Corp.		3,984,273		212,879,706
Diamondback Energy, Inc. (a)		1,898,874		270,019,883
EOG Resources, Inc.		2,288,620		273,421,431
EQT Corp.		3,987,452		138,922,828
Exxon Mobil Corp.		2,470,362		292,342,639
HF Sinclair Corp.		4,040,801		178,239,732
Marathon Oil Corp.		9,942,918		240,220,899
Marathon Petroleum Corp.		2,082,256		254,035,232
Occidental Petroleum Corp. (a)		4,538,466		279,251,813
Ovintiv, Inc.		2,788,732		100,617,451
PDC Energy, Inc.		1,556,074		101,222,614
Phillips 66		2,621,941		259,572,159
Pioneer Natural Resources Co.		1,324,755		288,200,450
Range Resources Corp. (a)		3,270,502		86,504,778
Southwestern Energy Co. (b)		12,154,321		63,080,926

	Shares		Value
Energy — 36.1% (Continued)
Valero Energy Corp.		1,969,163	$	225,803,921
Vitesse Energy, Inc. (a)		142,600		2,623,840
				4,770,282,787
Financials — 0.6%
Euronet Worldwide, Inc. (a)(b)		376,643		41,709,446
WEX, Inc. (b)		172,572		30,605,644
				72,315,090
Health Care — 18.6%
AbbVie, Inc.		1,785,696		269,854,379
Bristol-Myers Squibb Co.		4,021,378		268,507,409
Cardinal Health, Inc. (a)		2,461,977		202,128,312
CVS Health Corp.		3,406,500		249,730,515
Exelixis, Inc. (b)		1,294,972		23,697,988
Gilead Sciences, Inc.		3,428,923		281,891,760
Hologic, Inc. (a)(b)		1,381,005		118,780,240
Incyte Corp. (b)		762,712		56,753,400
Jazz Pharmaceuticals PLC (b)		484,608		68,072,886
Maravai LifeSciences Holdings, Inc. (a)(b)		2,099,885		28,957,414
McKesson Corp.		804,160		292,907,238
Pfizer, Inc.		6,755,175		262,708,756
Premier, Inc. (a)		747,161		24,902,876
Quest Diagnostics, Inc. (a)		618,928		85,913,396
QuidelOrtho Corp. (b)		558,801		50,264,150
United Therapeutics Corp. (b)		174,740		40,212,916
Viatris, Inc.		14,862,825		138,670,157
				2,463,953,792
Industrials — 6.7%
Advanced Drainage Systems, Inc. (a)		418,064		35,836,446
Allison Transmission Holdings, Inc.		666,085		32,498,287
Builders FirstSource, Inc. (b)		2,423,327		229,658,700
CACI International, Inc. (b)		144,602		45,306,699
CH Robinson Worldwide, Inc. (a)		999,368		100,806,250
Expeditors International of Washington, Inc. (a)		1,230,765		140,110,287
Knight-Swift Transportation Holdings, Inc. (a)		759,721		42,787,487
Landstar System, Inc. (a)		216,668		38,140,068
ManpowerGroup, Inc.		269,178		20,379,466
Owens Corning (a)		860,584		91,918,977
Robert Half International, Inc. (a)		507,653		37,058,669
Textron, Inc.		1,008,204		67,489,176
				881,990,512
Information Technology — 6.7%
Cirrus Logic, Inc. (a)(b)		329,844		28,297,317
Cisco Systems, Inc.		5,640,673		266,521,799
Cognizant Technology Solutions Corp.		2,356,644		140,715,213
Dropbox, Inc. - Class A (a)(b)		2,732,309		55,575,165
DXC Technology Co. (b)		2,247,743		53,608,671

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

103

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.1% (Continued)
Information Technology — 6.7% (Continued)
F5, Inc. (b)		237,856	$	31,958,332
GoDaddy, Inc. - Class A (b)		803,088		60,777,700
NetApp, Inc.		902,312		56,746,402
Pure Storage, Inc. (a)(b)		1,598,842		36,501,563
Qorvo, Inc. (b)		612,381		56,388,042
Teradata Corp. (b)		646,010		25,007,047
Zoom Video Communications, Inc. - Class A (a)(b)		1,122,943		68,982,388
				881,079,639
Materials — 13.1%
CF Industries Holdings, Inc.		2,615,994		187,252,850
Cleveland-Cliffs, Inc. (a)(b)		4,307,321		66,246,597
Dow, Inc.		4,778,496		259,950,182
Eagle Materials, Inc. (a)		219,412		32,519,053
Huntsman Corp.		1,400,122		37,509,268
LyondellBasell Industries NV		2,865,915		271,144,218
Mosaic Co. (a)		3,115,609		133,503,846
Nucor Corp.		1,562,363		231,510,949
Olin Corp. (a)		1,814,740		100,536,596
Reliance Steel & Aluminum Co. (a)		447,315		110,844,657
Steel Dynamics, Inc. (a)		1,594,483		165,746,508
Westlake Chemical Corp. (a)		1,217,720		138,552,182
				1,735,316,906
Real Estate — 2.1%
Zillow Group, Inc. - Class C (a)(b)		6,448,042		280,747,749
TOTAL COMMON STOCKS (Cost $12,766,321,706)				13,095,689,567
REAL ESTATE INVESTMENT TRUSTS — 1.0%
Weyerhaeuser Co.		4,307,636		128,841,393
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $144,339,257)				128,841,393
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	24,546,430		24,546,430
TOTAL SHORT-TERM INVESTMENTS (Cost $24,546,430)				24,546,430

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		1,074,712,013	$	1,074,712,013
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,074,712,013)				1,074,712,013
Total Investments (Cost $14,009,919,406) — 108.4%				14,323,789,403
Liabilities in Excess of Other Assets — (8.4)%				(1,103,913,784	)
TOTAL NET ASSETS — 100.0%			$	13,219,875,619

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $1,062,795,125 or 8.0% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2023.

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

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

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

104

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.1%
Communication Services — 2.7%
Cars.com, Inc. (a)(b)		597,135	$	11,685,932
TechTarget, Inc. (a)(b)		203,557		6,939,258
The Marcus Corp. (a)		342,349		5,997,955
Thryv Holdings, Inc. (a)(b)		507,330		11,394,632
YELP, Inc. (b)		636,783		19,052,547
				55,070,324
Consumer Discretionary — 30.3%
American Axle & Manufacturing Holdings, Inc. (a)(b)		2,992,373		21,395,467
Asbury Automotive Group, Inc. (a)(b)		184,009		35,598,381
Cavco Industries, Inc. (a)(b)		63,380		19,027,944
Century Communities, Inc. (a)		468,748		31,565,490
Chico’s FAS, Inc. (a)(b)		3,592,203		18,104,703
Ethan Allen Interiors, Inc. (a)		326,271		9,112,749
Group 1 Automotive, Inc. (a)		187,395		42,066,430
La-Z-Boy, Inc. (a)		507,549		14,581,883
LCI Industries (a)		393,155		44,410,789
M/I Homes, Inc. (b)		274,751		18,584,158
MDC Holdings, Inc. (a)		1,170,720		47,964,398
Meritage Homes Corp. (a)		319,444		40,904,804
Monarch Casino & Resort, Inc. (a)		127,306		8,829,944
Monro, Inc. (a)		337,716		16,507,558
Movado Group, Inc. (a)		162,683		4,167,938
Patrick Industries, Inc. (a)		434,541		29,822,549
Perdoceo Education Corp. (b)		921,167		11,956,748
PetMed Express, Inc. (a)		120,951		1,859,017
Signet Jewelers Ltd. (a)		571,082		42,020,213
Steven Madden Ltd. (a)		657,413		23,035,751
Stride, Inc. (b)		415,725		17,859,546
Sturm Ruger & Co., Inc. (a)		80,570		4,637,609
The Buckle, Inc. (a)		473,258		15,868,341
Tri Pointe Homes, Inc. (a)(b)		1,518,820		43,559,758
Vista Outdoor, Inc. (a)(b)		1,181,279		28,468,824
Winnebago Industries, Inc. (a)		436,172		25,359,040
				617,270,032
Consumer Staples — 2.6%
Cal-Maine Foods, Inc. (a)		620,142		29,456,745
Medifast, Inc. (a)		151,835		13,915,678
USANA Health Sciences, Inc. (b)		140,286		9,310,782
				52,683,205
Energy — 17.2%
Callon Petroleum Co. (a)(b)		1,129,787		37,441,141
Civitas Resources, Inc. (a)		612,699		42,306,866
Comstock Resources, Inc. (a)		3,812,713		43,846,199
CONSOL Energy, Inc.		719,885		42,717,976
Dorian LPG Ltd.		632,088		14,044,995

	Shares		Value
Energy — 17.2% (Continued)
NexTier Oilfield Solutions, Inc. (a)(b)		2,334,296	$	18,861,112
Par Pacific Holdings, Inc. (b)		1,056,488		24,753,514
REX American Resources Corp. (b)		259,582		7,343,575
SM Energy Co. (a)		1,443,093		40,522,051
Talos Energy, Inc. (a)(b)		2,507,058		34,171,201
US Silica Holdings, Inc. (b)		1,744,816		22,769,849
Vital Energy, Inc. (a)(b)		456,331		21,233,081
				350,011,560
Health Care — 9.2%
AMN Healthcare Services, Inc. (a)(b)		473,485		40,885,430
Catalyst Pharmaceuticals, Inc. (a)(b)		532,610		8,479,151
Collegium Pharmaceutical, Inc. (a)(b)		459,030		10,681,628
Corcept Therapeutics, Inc. (b)		538,666		12,136,145
Cross Country Healthcare, Inc. (a)(b)		484,969		10,659,618
Embecta Corp. (a)		928,072		25,753,998
Innoviva, Inc. (a)(b)		1,696,910		19,904,754
Ironwood Pharmaceuticals, Inc. (a)(b)		2,344,987		24,411,315
Ligand Pharmaceuticals, Inc. (a)(b)		159,159		12,151,790
Pediatrix Medical Group, Inc. (b)		864,972		12,395,049
Veradigm, Inc. (a)(b)		742,555		9,274,512
				186,733,390
Industrials — 18.6%
American Woodmark Corp. (b)		241,154		12,183,100
ArcBest Corp. (a)		287,082		27,100,541
Boise Cascade Co.		639,214		43,664,708
Encore Wire Corp. (a)		224,536		35,101,713
Forrester Research, Inc. (b)		133,914		4,143,299
Forward Air Corp. (a)		188,263		19,863,629
GMS, Inc. (a)(b)		638,549		37,074,155
Heidrick & Struggles International, Inc.		312,294		7,841,702
Hub Group, Inc. - Class A (b)		245,347		18,499,164
Korn/Ferry International		501,172		24,066,279
Liquidity Services, Inc. (b)		182,214		2,381,537
Matson, Inc. (a)		670,593		45,620,442
Mueller Industries, Inc. (a)		579,797		41,658,415
PGT Innovations, Inc. (b)		651,287		16,712,024
Quanex Building Products Corp.		396,035		7,564,269
Titan International, Inc. (b)		849,754		8,293,599
TrueBlue, Inc. (b)		531,064		8,045,620
Veritiv Corp. (a)		165,967		19,064,629
				378,878,825
Information Technology — 10.7%
Adeia, Inc.		1,711,450		13,075,478
Cohu, Inc. (b)		262,381		8,878,973
Consensus Cloud Solutions, Inc. (b)		269,516		10,061,032
CTS Corp. (a)		224,603		8,806,684
Digital Turbine, Inc. (a)(b)		1,049,302		12,308,312
Extreme Networks, Inc. (b)		969,678		17,240,875

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

105

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.1% (Continued)
Information Technology — 10.7% (Continued)
InterDigital, Inc. (a)		300,081	$	20,327,487
Kulicke & Soffa Industries, Inc. (a)		610,267		29,085,325
MaxLinear, Inc. (b)		954,647		23,035,632
NetScout Systems, Inc. (b)		659,129		17,934,900
Photronics, Inc. (a)(b)		654,182		9,459,472
Progress Software Corp. (a)		314,428		17,255,809
Semtech Corp. (a)(b)		484,119		9,435,479
TTM Technologies, Inc. (a)(b)		1,202,907		14,206,332
Veeco Instruments, Inc. (a)(b)		367,860		6,775,981
				217,887,771
Materials — 7.8%
AdvanSix, Inc. (a)		458,034		17,258,721
Clearwater Paper Corp. (b)		301,027		10,867,075
FutureFuel Corp.		717,750		5,383,125
Mercer International, Inc.		1,576,323		15,337,623
Olympic Steel, Inc.		288,454		13,433,303
SunCoke Energy, Inc.		1,325,627		10,313,378
Sylvamo Corp.		813,607		37,279,473
TimkenSteel Corp. (b)		565,830		9,471,994
Warrior Met Coal, Inc.		1,103,538		38,149,308
				157,494,000
TOTAL COMMON STOCKS (Cost $1,986,698,322)				2,016,029,107
REAL ESTATE INVESTMENT TRUSTS — 0.8%
The GEO Group, Inc. (a)(b)		2,227,235		16,771,080
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $23,361,030)				16,771,080
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	1,891,529		1,891,529
TOTAL SHORT-TERM INVESTMENTS (Cost $1,891,529)				1,891,529

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		615,208,781	$	615,208,781
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $615,208,781)				615,208,781
Total Investments (Cost $2,627,159,662) — 130.2%				2,649,900,497
Liabilities in Excess of Other Assets — (30.2)%				(614,136,074	)
TOTAL NET ASSETS — 100.0%			$	2,035,764,423

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $610,198,777 or 30.0% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2023.

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

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

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

106

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 97.0%
Australia — 7.3%
Aurizon Holdings Ltd.		792,242	$	1,792,853
BHP Group Ltd. - ADR (a)		483,428		28,541,589
Coles Group Ltd.		377,766		4,549,410
Fortescue Metals Group Ltd.		2,240,093		31,038,701
Origin Energy Ltd.		476,605		2,630,180
South32 Ltd.		2,720,903		7,633,781
Telstra Corp. Ltd.		3,602,251		10,416,366
Woodside Energy Group Ltd. - ADR (a)		1,249,793		28,445,289
				115,048,169
Canada — 2.0%
Canadian Natural Resources Ltd.		298,158		18,168,745
Suncor Energy, Inc.		428,947		13,430,219
				31,598,964
Chile — 0.6%
Antofagasta PLC		533,004		9,783,239
China — 0.5%
Lenovo Group Ltd.		5,251,319		5,365,281
Want Want China Holdings Ltd.		3,825,399		2,436,669
				7,801,950
Denmark — 1.6%
AP Moller - Maersk A/S - Class B		14,081		25,385,142
Finland — 0.5%
Kone Oyj - Class B		148,382		8,453,091
France — 8.1%
Cie de Saint-Gobain		145,541		8,406,712
Danone SA		198,613		13,128,960
Engie SA (a)		1,162,861		18,600,240
Orange SA - ADR (a)		1,501,361		19,547,720
Sanofi - ADR		667,103		35,790,076
TotalEnergies SE		495,718		31,691,252
				127,164,960
Germany — 11.1%
BASF SE		509,330		26,293,757
Bayer AG - ADR		1,164,613		19,029,776
Bayerische Motoren Werke AG		334,806		37,423,661
Deutsche Post AG		459,674		22,043,605
Deutsche Telekom AG		1,313,653		31,671,729
Fresenius Medical Care AG & Co. KGaA (a) - ADR		207,330		5,021,533
Mercedes-Benz Group AG		445,420		34,641,378
				176,125,439

	Shares		Value
Hong Kong — 5.0%
CK Hutchison Holdings Ltd.		1,690,271	$	11,304,864
CK Infrastructure Holdings Ltd.		1,151,583		6,543,044
Jardine Matheson Holdings Ltd.		88,121		4,247,432
JS Global Lifestyle Co. Ltd. (b)		1,014,823		895,928
Man Wah Holdings Ltd.		1,192,631		999,728
Orient Overseas International Ltd.		1,703,994		34,472,142
Power Assets Holdings Ltd.		1,076,817		6,145,675
SITC International Holdings Co. Ltd.		4,667,298		8,597,725
WH Group Ltd. (b)		3,799,471		2,110,373
Xinyi Glass Holdings Ltd.		2,358,071		4,295,786
				79,612,697
Israel — 0.3%
ICL Group Ltd.		806,183		4,942,365
Italy — 2.1%
Eni SpA - ADR (a)		827,292		25,050,402
Snam SpA		1,402,808		7,790,630
				32,841,032
Japan — 11.6%
Honda Motor Co. Ltd. - ADR		514,868		13,685,192
Inpex Corp.		409,430		4,426,514
Isuzu Motors Ltd.		261,026		3,048,129
Japan Tobacco, Inc.		751,949		16,135,072
Marubeni Corp.		659,863		9,298,961
Mitsubishi Corp.		401,742		14,796,443
Mitsui OSK Lines Ltd.		508,327		12,536,084
Nintendo Co. Ltd. - ADR		1,310,737		13,841,383
Nippon Yusen KK		1,001,952		23,555,009
SoftBank Corp.		2,165,758		24,344,808
Sumitomo Corp.		546,507		9,735,201
Sumitomo Metal Mining Co. Ltd.		127,112		4,673,228
Takeda Pharmaceutical Co. Ltd. - ADR (a)		1,108,891		18,396,502
Tokyo Electron Ltd.		126,848		14,426,289
				182,898,815
Netherlands — 1.9%
Stellantis NV		1,815,095		30,000,909
New Zealand — 0.2%
Spark New Zealand Ltd.		801,458		2,592,095
Norway — 0.9%
Telenor ASA		1,106,406		13,802,758

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

107

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.0% (Continued)
Singapore — 0.8%
Jardine Cycle & Carriage Ltd.		118,657	$	3,012,777
Singapore Telecommunications Ltd.		5,098,906		9,744,228
				12,757,005
South Korea — 2.0%
Kia Corp.		144,883		9,147,201
Korea Zinc Co. Ltd.		4,905		1,880,054
KT&G Corp.		47,506		3,045,438
LG Uplus Corp.		163,135		1,343,207
POSCO Holdings, Inc. - ADR (a)		116,802		8,306,958
S-Oil Corp.		52,859		2,946,265
SK Telecom Co. Ltd. - ADR (a)		242,706		4,795,871
				31,464,994
Spain — 2.5%
Endesa SA		547,946		12,299,079
Repsol SA		383,179		5,634,613
Telefonica SA - ADR (a)		4,774,779		21,534,253
				39,467,945
Sweden — 1.8%
H & M Hennes & Mauritz AB - Class B		768,827		11,236,590
Telefonaktiebolaget LM Ericsson - ADR		1,065,187		5,847,877
Volvo AB		584,776		12,020,495
				29,104,962
Switzerland — 6.4%
Glencore PLC		4,363,612		25,719,920
Holcim Ltd.		204,446		13,453,615
Kuehne + Nagel International AG		38,602		11,396,843
Novartis AG - ADR		335,253		34,386,900
SGS SA		47,526		4,283,375
Swisscom AG		16,607		11,389,037
				100,629,690
United Kingdom — 13.5%
Anglo American PLC		635,677		19,532,867
BP PLC - ADR		853,122		34,363,754
British American Tobacco PLC - ADR		714,731		26,480,784
GSK PLC - ADR		805,990		29,039,820
Imperial Brands PLC		504,735		12,480,409
Rio Tinto PLC - ADR (a)		433,510		27,740,305
Tesco PLC		2,871,699		10,144,961
Unilever PLC - ADR		588,558		32,682,626
Vodafone Group PLC - ADR		1,749,390		20,905,210
				213,370,736

	Shares		Value
United States — 16.3%
3M Co.		186,140	$	19,771,791
Altria Group, Inc.		629,925		29,927,737
AT&T, Inc.		1,578,361		27,889,639
Dow, Inc.		276,397		15,035,998
EOG Resources, Inc.		216,488		25,863,821
International Business Machines Corp.		202,110		25,548,725
Newmont Goldcorp Corp.		261,892		12,413,681
Philip Morris International, Inc.		287,155		28,706,885
Southern Copper Corp. (a)		360,232		27,676,625
The Kraft Heinz Co. (a)		354,149		13,907,431
Verizon Communications, Inc.		786,388		30,535,446
				257,277,779
TOTAL COMMON STOCKS (Cost $1,471,372,401)				1,532,124,736
PREFERRED STOCKS — 2.0%
Germany — 2.0%
Volkswagen AG		235,055		32,034,118
TOTAL PREFERRED STOCKS (Cost $33,230,965)				32,034,118
	Principal Amount
SHORT-TERM INVESTMENTS- 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	2,914,387		2,914,387
TOTAL SHORT-TERM INVESTMENTS (Cost $2,914,387)				2,914,387
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		133,954,312		133,954,312
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $133,954,312)				133,954,312
Total Investments (Cost $1,641,472,065) — 107.7%				1,701,027,553
Liabilities in Excess of Other Assets — (7.7)%				(121,467,148	)
TOTAL NET ASSETS — 100.0%			$	1,579,560,405

Percentages are stated as a percent of net assets.

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

108

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

ADR American Depositary Receipt

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $130,160,519 or 8.2% 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 these securities total $3,006,301, which represents 0.2% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

109

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.2%
Australia — 6.4%
BHP Group Ltd. - ADR (a)		168,795	$	9,965,657
BlueScope Steel Ltd.		165,957		2,181,998
Fortescue Metals Group Ltd.		465,105		6,444,489
Incitec Pivot Ltd.		280,980		593,099
Origin Energy Ltd.		537,650		2,967,061
Qantas Airways Ltd. (b)		488,884		2,135,062
Santos Ltd.		665,890		3,115,177
Sonic Healthcare Ltd.		98,966		2,320,815
South32 Ltd.		1,416,998		3,975,538
Whitehaven Coal Ltd.		418,910		1,995,786
				35,694,682
Canada — 9.7%
Canadian Natural Resources Ltd.		175,590		10,705,722
Cenovus Energy, Inc.		472,294		7,934,539
Imperial Oil Ltd.		180,092		9,172,085
NUTRIEN Ltd.		101,425		7,038,895
Suncor Energy, Inc.		329,618		10,323,636
Teck Resources Ltd. - Class B		125,528		5,849,605
Tourmaline Oil Corp.		58,778		2,640,748
				53,665,230
China — 1.2%
Lenovo Group Ltd.		6,305,230		6,442,064
Denmark — 3.7%
AP Moller - Maersk A/S - Class B		4,956		8,934,647
Carlsberg A/S - Class B		21,302		3,519,105
DSV A/S		35,657		6,697,054
Pandora A/S		12,675		1,169,596
				20,320,402
Finland — 0.3%
Stora Enso Oyj - Class R		125,066		1,584,823
France — 7.3%
Carrefour SA		255,493		5,309,633
Cie de Saint-Gobain		100,509		5,805,582
Eiffage SA		32,484		3,862,200
Publicis Groupe SA		57,173		4,669,498
Rexel SA		62,152		1,438,196
Thales SA		38,099		5,810,232
TotalEnergies SE - ADR		173,148		11,069,352
Vivendi SE		209,564		2,298,572
				40,263,265
Germany — 7.0%
adidas AG - ADR		72,210		6,334,261
Bayerische Motoren Werke AG		117,378		13,120,179
Deutsche Lufthansa AG (b)		631,046		6,765,777
Deutsche Post AG		257,670		12,356,530
				38,576,747

	Shares		Value
Hong Kong - 2.1%
Orient Overseas International Ltd.		588,340	$	11,902,237
Italy — 2.0%
Eni SpA - ADR (a)		361,135		10,935,168
Japan — 19.7%
Asics Corp.		25,764		713,854
CyberAgent, Inc.		152,982		1,326,080
Honda Motor Co. Ltd. - ADR		437,008		11,615,673
Inpex Corp.		405,625		4,385,376
ITOCHU Corp.		293,029		9,661,171
Japan Tobacco, Inc.		266,931		5,727,717
Kawasaki Kisen Kaisha Ltd.		142,228		3,366,621
KDDI Corp.		353,483		11,021,291
Marubeni Corp.		414,522		5,841,552
Mitsubishi Corp.		319,316		11,760,635
Mitsubishi Heavy Industries Ltd.		68,722		2,586,060
Mitsui OSK Lines Ltd.		114,810		2,831,382
Nexon Co. Ltd.		82,346		1,855,497
Nippon Yusen KK		203,530		4,784,811
Niterra Co. Ltd.		34,726		722,327
Nitto Denko Corp.		16,087		1,034,329
Renesas Electronics Corp. (b)		526,496		6,847,597
SCREEN Holdings Co. Ltd.		8,196		661,720
Secom Co. Ltd.		23,127		1,476,448
Shin-Etsu Chemical Co. Ltd.		199,630		5,660,176
Shinko Electric Industries Co. Ltd.		20,214		594,202
Subaru Corp.		125,402		2,020,312
Sumitomo Forestry Co. Ltd.		56,206		1,206,668
Suntory Beverage & Food Ltd.		36,834		1,381,495
Takeda Pharmaceutical Co. Ltd. - ADR (a)		617,680		10,247,311
				109,330,305
Luxembourg — 2.2%
ArcelorMittal		390,324		11,057,861
B&M European Value Retail SA		220,262		1,327,883
				12,385,744
Netherlands — 2.9%
OCI NV		137,414		3,617,353
Randstad Holding NV		24,555		1,331,758
Stellantis NV		685,979		11,338,246
				16,287,357
Norway — 3.0%
Aker BP ASA		208,061		4,968,685
Equinor ASA - ADR		281,817		8,099,421
Norsk Hydro ASA		478,410		3,511,406
				16,579,512

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

110

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.2% (Continued)
South Korea — 6.4%
HMM Co. Ltd.		629,429	$	9,593,807
Kia Corp.		197,608		12,475,998
Korean Air Lines Co. Ltd.		305,545		5,216,455
Krafton, Inc. (b)		5,730		822,425
POSCO - ADR (a)		69,273		4,926,696
SK Telecom Co. Ltd. - ADR (a)		116,107		2,294,274
				35,329,655
Spain — 5.8%
Industria de Diseno Textil SA		395,914		13,593,838
Red Electrica Corp. SA		103,202		1,876,927
Repsol SA		452,416		6,652,737
Telefonica SA		2,224,090		10,109,277
				32,232,779
Sweden — 1.6%
H & M Hennes & Mauritz AB - Class B		310,391		4,536,438
Tele2 AB - Class B		138,819		1,474,818
Telefonaktiebolaget LM Ericsson - ADR (a)		555,297		3,048,581
				9,059,837
Switzerland — 1.4%
Kuehne + Nagel International AG		26,807		7,914,490
United Kingdom — 16.5%
Anglo American PLC		256,837		7,892,000
Barratt Developments PLC		173,844		1,092,397
BP PLC - ADR		298,117		12,008,153
British American Tobacco PLC - ADR		249,540		9,245,457
Centrica PLC		942,731		1,356,575
GSK PLC - ADR		298,562		10,757,189
Howden Joinery Group PLC		84,950		730,888
Imperial Brands PLC		208,373		5,152,368
J Sainsbury PLC		727,024		2,525,442
JD Sports Fashion PLC		783,065		1,584,927
Persimmon PLC		29,785		491,862
Rio Tinto PLC - ADR (a)		151,429		9,689,942
Shell PLC - ADR (a)		181,404		11,243,420
Taylor Wimpey PLC		347,147		559,309
Tesco PLC		1,768,168		6,246,475
Vodafone Group PLC - ADR		942,823		11,266,735
				91,843,139
TOTAL COMMON STOCKS (Cost $521,629,032)				550,347,436

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	1,482,100	$	1,482,100
TOTAL SHORT-TERM INVESTMENTS (Cost $1,482,100)				1,482,100
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		33,888,836		33,888,836
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $33,888,836)				33,888,836
Total Investments (Cost $556,999,968) — 105.6%				585,718,372
Liabilities in Excess of Other Assets — (5.6)%				(31,134,562	)
TOTAL NET ASSETS — 100.0%			$	554,583,810

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $33,278,717 or 6.0% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2023.

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

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

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

111

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 92.4%
Brazil — 4.2%
Ambev SA - ADR		297,770	$	833,756
CPFL Energia SA		35,085		232,057
EDP - Energias do Brasil SA		51,621		232,552
Telefonica Brasil SA - ADR		81,004		661,803
TIM SA/Brazil - ADR (a)		19,514		271,635
Transmissora Alianca de Energia Eletrica SA		14,659		107,008
				2,338,811
Chile — 1.8%
Cencosud SA		185,935		378,895
Sociedad Quimica y Minera de Chile SA - ADR		9,372		632,423
				1,011,318
China — 25.3%
Aluminum Corp. of China Ltd. - Class H		2,513,946		1,486,017
China Coal Energy Co. Ltd. - Class H		1,216,279		1,041,243
China Hongqiao Group Ltd.		918,740		900,054
China Meidong Auto Holdings Ltd.		49,498		76,552
China Shenhua Energy Co. Ltd. - Class H		366,766		1,214,821
China Tower Corp. Ltd. - Class H (c)		10,086,645		1,284,980
COSCO SHIPPING Holdings Co. Ltd. - Class H		1,019,855		1,179,706
Dongfang Electric Corp. Ltd.		180,865		255,296
Hengan International Group Co. Ltd.		49,789		221,999
JD Logistics, Inc. (b)(c)		162,136		251,993
Jiangxi Copper Co. Ltd. - Class H		482,425		855,498
NetEase, Inc. - ADR		15,351		1,368,235
PetroChina Co. Ltd. - Class H		2,316,746		1,602,610
Shanghai Fudan Microelectronics Group Co. Ltd. - Class H		230,379		694,103
Yangzijiang Shipbuilding Holdings Ltd.		311,122		289,123
Yankuang Energy Group - Class H		347,052		1,187,103
				13,909,333
Colombia — 2.0%
Ecopetrol SA (a) - ADR		110,983		1,078,755
Greece — 1.0%
Hellenic Telecommunications Organization SA		16,155		235,867
OPAP SA		18,810		320,436
				556,303

	Shares		Value
Hong Kong — 3.4%
Geely Automobile Holdings Ltd.		585,577	$	719,882
Kunlun Energy Co. Ltd.		765,998		708,458
Sino Biopharmaceutical Ltd.		758,002		419,092
				1,847,432
Hungary — 0.2%
Richter Gedeon Nyrt		5,374		129,687
Indonesia — 7.4%
Adaro Energy Tbk PT		4,264,455		909,867
Astra International Tbk PT		2,205,615		1,014,853
Bukit Asam Tbk PT		1,371,544		387,061
Perusahaan Gas Negara Tbk PT		2,313,015		225,468
Telkom Indonesia Persero Tbk PT - ADR		31,476		906,509
United Tractors Tbk PT		311,109		612,887
				4,056,645
Malaysia — 1.1%
Genting Malaysia Bhd		200,444		121,781
Petronas Chemicals Group Bhd		315,653		501,025
				622,806
Mexico — 6.3%
Arca Continental SAB de CV		46,403		443,267
Coca-Cola Femsa SAB de CV - ADR		4,303		363,259
Fomento Economico Mexicano SAB de CV - ADR		11,305		1,096,811
Grupo Aeroportuario del Sureste SAB de CV - ADR		649		185,822
Grupo Mexico SAB de CV		258,488		1,264,154
Promotora y Operadora de Infraestructura SAB de CV		10,162		105,754
				3,459,067
Qatar — 1.9%
Industries Qatar QSC		226,426		793,735
Qatar Aluminum Manufacturing Co.		143,084		60,536
Qatar Fuel QSC		46,852		212,893
				1,067,164
Russia — –% (d)(e)
Alrosa PJSC (b)		91,900		—
Inter RAO UES PJSC		1,901,988		—
LUKOIL PJSC - ADR (b)		2,652		—
Magnit PJSC (b)		1,958		—
Magnit PJSC - GDR (b)		4		—
Magnitogorsk Iron & Steel Works PJSC (b)		106,418		—
Magnitogorsk Iron & Steel Works PJSC - GDR (b)		2,458		—
Severstal PAO (b)		9,320		—
Severstal PAO - GDR (b)		2,129		—
Surgutneftegas PJSC		477,461		—

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

112

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 92.4% (Continued)
Russia — –% (d)(e) (Continued)
Tatneft PJSC		3,600	$	—
				—
South Africa — 7.5%
African Rainbow Minerals Ltd.		14,765		185,405
Anglo American Platinum Ltd.		11,176		661,811
Exxaro Resources Ltd.		38,275		401,362
Impala Platinum Holdings Ltd.		58,005		563,608
Kumba Iron Ore Ltd.		17,289		419,378
Mr Price Group Ltd.		8,802		72,379
MTN Group Ltd.		69,751		489,296
MultiChoice Group		20,408		127,731
Northam Platinum Holdings Ltd. (b)		14,201		138,994
Sibanye Stillwater Ltd. - ADR (a)		54,522		487,972
The Bidvest Group Ltd.		9,596		131,435
Vodacom Group Ltd.		47,389		324,424
Woolworths Holdings Ltd.		40,188		142,913
				4,146,708
Taiwan — 18.6%
Catcher Technology Co. Ltd.		41,750		245,808
Cheng Shin Rubber Industry Co. Ltd.		148,544		182,645
China Airlines Ltd.		657,099		406,111
Eva Airways Corp.		589,594		514,942
Evergreen Marine Corp. Taiwan Ltd.		205,157		1,077,753
Globalwafers Co. Ltd.		22,211		347,515
Innolux Corp. (f)		0		0
Largan Precision Co. Ltd.		3,307		216,218
Lite-On Technology Corp.		64,037		153,101
Micro-Star International Co. Ltd.		38,534		182,376
Nanya Technology Corp.		107,561		237,217
Novatek Microelectronics Corp.		49,801		677,945
Realtek Semiconductor Corp.		25,683		299,917
Sino-American Silicon Products, Inc.		69,321		332,596
Unimicron Technology Corp.		95,937		452,496
United Microelectronics Corp. - ADR (a)		127,916		1,027,165
Vanguard International Semiconductor Corp.		54,298		153,131
Wan Hai Lines Ltd.		436,396		922,688
Wistron Corp.		823,827		1,246,091
Wiwynn Corp.		14,290		541,526
Yang Ming Marine Transport Corp.		501,700		1,029,756
				10,246,997
Thailand — 2.8%
Advanced Info Service PCL		86,773		543,800
Banpu PCL		880,139		234,549
PTT Exploration & Production PCL		170,739		740,007
				1,518,356

	Shares		Value
Turkey — 6.7%
Anadolu Efes Biracilik Ve Malt Sanayii AS		48,175	$	155,907
BIM Birlesik Magazalar AS		14,903		119,674
Enka Insaat ve Sanayi AS		178,538		250,944
KOC Holding AS		286,726		1,115,123
Koza Altin Isletmeleri AS		111,720		108,438
Turk Hava Yollari AO (b)		153,796		1,010,468
Turkcell Iletisim Hizmetleri AS		224,543		382,098
Turkiye Petrol Rafinerileri AS		155,542		530,161
				3,672,813
United Arab Emirates — 2.2%
ADNOC Drilling Co. PJSC		377,586		441,098
Fertiglobe PLC		728,077		761,325
				1,202,423
TOTAL COMMON STOCKS (Cost $50,974,700)				50,864,618
PREFERRED STOCKS — 6.2%
Brazil — 6.2%
Braskem SA		80,748		317,954
Cia Energetica de Minas Gerais - ADR (a)		195,226		472,447
Cia Paranaense de Energia		137,683		220,831
Gerdau SA - ADR (a)		134,799		672,647
Metalurgica Gerdau SA		293,350		682,825
Petroleo Brasileiro SA - ADR		108,839		1,032,882
TOTAL PREFERRED STOCKS (Cost $3,514,990)				3,399,586
	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 3.760% (g)	$	178,835		178,835
TOTAL SHORT-TERM INVESTMENTS (Cost $178,835)				178,835

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

113

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (g)		3,496,672	$	3,496,672
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,496,672)				3,496,672
Total Investments (Cost $58,165,197) — 105.3%				57,939,711
Liabilities in Excess of Other Assets — (5.3)%				(2,888,928	)
TOTAL NET ASSETS — 100.0%			$	55,050,783

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

GDR Global Depositary Receipt

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $3,416,172 or 6.2% of net assets.

(b) Non-income producing security.

(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. The value of these securities total $1,536,973, which represents 2.8% of net assets.

(d) Value determined using significant unobservable inputs.

(e) Less than 0.05%.

(f) Less than 0.5 shares and $0.50.

(g) The rate shown is as of April 30, 2023.

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

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

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

114

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 2.8%
Activision Blizzard, Inc.		1,796	$	139,567
Nexstar Media Group, Inc.		781		135,465
The Trade Desk Inc. - Class A (a)		1,916		123,276
TripAdvisor, Inc. (a)		5,355		94,944
ZoomInfo Technologies, Inc. (a)		2,074		45,441
				538,693
Consumer Discretionary — 9.8%
Airbnb, Inc. - Class A (a)		1,898		227,133
Booking Holdings, Inc. (a)		183		491,595
Choice Hotels International, Inc.		1,483		189,112
Etsy, Inc. (a)		2,425		244,998
Expedia Group, Inc. (a)		1,974		185,477
H&R Block, Inc.		2,501		84,809
McDonald’s Corp.		740		218,855
Wyndham Hotels & Resorts, Inc.		4,100		279,702
				1,921,681
Consumer Staples — 2.8%
Altria Group, Inc.		3,907		185,622
Olaplex Holdings, Inc. (a)		9,407		34,806
Philip Morris International, Inc.		1,751		175,047
The Coca-Cola Co.		2,340		150,111
				545,586
Energy — 8.2%
Antero Resources Corp. (a)		2,382		54,762
APA Corp.		3,595		132,476
Cheniere Energy, Inc.		914		139,842
ConocoPhillips		1,192		122,645
Coterra Energy, Inc.		3,432		87,859
Diamondback Energy, Inc.		1,404		199,649
DT Midstream, Inc.		2,229		109,823
Marathon Oil Corp.		5,619		135,755
Occidental Petroleum Corp.		1,491		91,741
PDC Energy, Inc.		2,136		138,947
Pioneer Natural Resources Co.		405		88,108
Range Resources Corp.		3,246		85,856
Texas Pacific Land Corp.		78		115,257
The Williams Cos., Inc.		3,473		105,093
				1,607,813
Financials — 4.5%
MasterCard, Inc. - Class A		674		256,140
Visa, Inc. - Class A		1,138		264,847
WEX, Inc. (a)		1,975		350,266
				871,253
Health Care — 21.4%
AbbVie, Inc.		1,856		280,479
Amgen, Inc.		592		141,926
Bio-Techne Corp.		1,368		109,276

	Shares		Value
Health Care — 21.4% (Continued)
Bristol-Myers Squibb Co.		2,558	$	170,798
Danaher Corp.		468		110,874
Doximity, Inc. - Class A (a)		4,917		180,700
Gilead Sciences, Inc.		4,994		410,557
Hologic, Inc. (a)		3,999		343,954
Incyte Corp. (a)		3,116		231,862
Jazz Pharmaceuticals PLC (a)		781		109,707
Maravai LifeSciences Holdings, Inc. (a)		4,336		59,793
Merck & Co., Inc.		3,581		413,498
Pfizer, Inc.		2,700		105,003
Premier, Inc.		3,667		122,221
QIAGEN NV (a)		3,628		161,845
QuidelOrtho Corp. (a)		2,772		249,341
Regeneron Pharmaceuticals, Inc. (a)		569		456,218
United Therapeutics Corp. (a)		945		217,473
Veeva Systems, Inc. - Class A (a)		519		92,942
Vertex Pharmaceuticals, Inc. (a)		631		215,001
				4,183,468
Industrials — 2.4%
CSX Corp.		4,448		136,287
Paychex, Inc.		979		107,553
Union Pacific Corp.		575		112,527
Verisk Analytics, Inc.		626		121,513
				477,880
Information Technology — 46.0%
Adobe, Inc. (a)		302		114,023
Akamai Technologies, Inc. (a)		1,158		94,921
Analog Devices, Inc.		1,886		339,254
ANSYS, Inc. (a)		1,172		367,914
Apple, Inc.		838		142,192
Atlassian Corp. - Class A (a)		371		54,782
Autodesk, Inc. (a)		724		141,028
Bentley Systems, Inc. - Class B		5,855		249,189
Broadcom, Inc.		528		330,792
Cadence Design System, Inc. (a)		1,311		274,589
Cirrus Logic, Inc. (a)		4,546		390,001
Cisco Systems, Inc.		4,712		222,642
Cognex Corp.		5,541		264,250
Crowdstrike Holdings, Inc. - Class A (a)		522		62,666
Dolby Laboratories, Inc. - Class A		3,237		270,905
Dropbox, Inc. - Class A (a)		6,481		131,824
Dynatrace, Inc. (a)		6,012		254,187
Enphase Energy, Inc. (a)		345		56,649
Fair Isaac Corp. (a)		891		648,603
Fortinet, Inc. (a)		5,932		374,013
Gen Digital, Inc.		5,271		93,139
GoDaddy, Inc. - Class A (a)		2,095		158,550

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

115

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Information Technology — 46.0% (Continued)
Intuit, Inc.		321	$	142,508
KLA Corp.		660		255,116
Lattice Semiconductor Corp. (a)		7,812		622,616
Manhattan Associates, Inc. (a)		1,172		194,177
Microchip Technology, Inc.		4,606		336,192
Microsoft Corp.		524		161,004
Palo Alto Networks, Inc. (a)		889		162,207
PTC, Inc. (a)		1,921		241,643
Pure Storage, Inc. (a)		6,127		139,879
Qorvo, Inc. (a)		2,633		242,447
ServiceNow, Inc. (a)		351		161,256
Synopsys, Inc. (a)		552		204,969
Teradata Corp. (a)		9,330		361,164
Texas Instruments, Inc.		1,092		182,582
VeriSign, Inc. (a)		1,145		253,961
VMware, Inc. (a)		1,109		138,658
Zoom Video Communications, Inc. - Class A (a)		1,723		105,844
Zscaler, Inc. (a)		768		69,197
				9,011,533
Materials — 2.0%
CF Industries Holdings, Inc.		1,082		77,450
Eagle Materials, Inc.		2,153		319,096
				396,546
TOTAL COMMON STOCKS (Cost $19,620,511)				19,554,453
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 3.760% (b)	$	38,320		38,320
TOTAL SHORT-TERM INVESTMENTS (Cost $38,320)				38,320
Total Investments (Cost $19,658,831) — 100.1%				19,592,773
Liabilities in Excess of Other Assets — (0.1)%				(22,043	)
TOTAL NET ASSETS — 100.0%			$	19,570,730

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2023.

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

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

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

116

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 0.7%
Nexstar Media Group, Inc.		1,421	$	246,473
Consumer Discretionary — 1.1%
H&R Block, Inc.		5,879		199,357
Murphy USA, Inc.		838		230,643
				430,000
Energy — 46.8%
Antero Resources Corp. (a)		11,397		262,017
APA Corp.		11,885		437,962
Chevron Corp.		11,682		1,969,352
CNX Resources Corp. (a)(b)		6,569		102,017
ConocoPhillips		17,893		1,841,011
Coterra Energy, Inc. (b)		29,428		753,357
Devon Energy Corp.		25,177		1,345,207
Diamondback Energy, Inc.		7,071		1,005,496
EOG Resources, Inc.		16,620		1,985,591
EQT Corp. (b)		13,783		480,200
Exxon Mobil Corp.		17,278		2,044,678
Marathon Oil Corp.		24,206		584,817
Matador Resources Co. (b)		4,598		225,440
Murphy Oil Corp.		6,014		220,774
Occidental Petroleum Corp. (b)		31,107		1,914,014
PBF Energy, Inc. - Class A		4,979		173,568
PDC Energy, Inc.		3,559		231,513
Pioneer Natural Resources Co.		9,036		1,965,782
Range Resources Corp. (b)		9,289		245,694
Southwestern Energy Co. (a)		42,460		220,367
				18,008,857
Financials — 0.7%
WEX, Inc. (a)		1,667		295,643
Health Care — 32.3%
AbbVie, Inc.		12,451		1,881,595
Bristol-Myers Squibb Co.		28,374		1,894,532
Exelixis, Inc. (a)		12,512		228,969
Gilead Sciences, Inc.		23,452		1,927,989
Hologic, Inc. (a)		9,463		813,913
Incyte Corp. (a)		8,548		636,057
Jazz Pharmaceuticals PLC (a)		2,419		339,797
Medpace Holdings, Inc. (a)		1,200		240,168
Pfizer, Inc. (b)		47,335		1,840,858
United Therapeutics Corp. (a)		1,770		407,330
Vertex Pharmaceuticals, Inc. (a)		6,481		2,208,271
				12,419,479
Industrials — 4.7%
Builders FirstSource, Inc. (a)		5,282		500,575
Expeditors International of Washington, Inc.		5,917		673,591

	Shares		Value
Industrials — 4.7% (Continued)
Landstar System, Inc. (b)		1,387	$	244,154
Simpson Manufacturing Co., Inc.		1,649		207,411
UFP Industries, Inc.		2,379		186,799
				1,812,530
Information Technology — 0.5%
Cirrus Logic, Inc. (a)(b)		2,103		180,416
Materials — 13.1%
CF Industries Holdings, Inc.		7,494		536,421
Eagle Materials, Inc.		1,392		206,308
Mosaic Co.		12,880		551,908
Nucor Corp.		9,689		1,435,716
Olin Corp.		5,107		282,928
Reliance Steel & Aluminum Co. (b)		2,268		562,010
Silgan Holdings, Inc.		4,257		209,700
Steel Dynamics, Inc. (b)		6,578		683,783
Westlake Chemical Corp. (b)		4,918		559,570
				5,028,344
TOTAL COMMON STOCKS (Cost $39,477,703)				38,421,742
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	52,632		52,632
TOTAL SHORT-TERM INVESTMENTS (Cost $52,632)				52,632
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		5,133,975		5,133,975
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,133,975)				5,133,975
Total Investments (Cost $44,664,310) — 113.3%				43,608,349
Liabilities in Excess of Other Assets — (13.3)%				(5,108,722	)
TOTAL NET ASSETS — 100.0%			$	38,499,627

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

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

117

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

(b) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $5,104,746 or 13.3% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

118

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
AFFILIATED EXCHANGE TRADED FUNDS — 99.9%
Pacer Developed Markets International Cash Cows 100 ETF		328,702	$	9,857,773
Pacer Global Cash Cows Dividend ETF		288,041		9,876,926
Pacer US Cash Cows 100 ETF		206,174		9,638,635
Pacer US Cash Cows Growth ETF		279,015		9,765,804
Pacer US Small Cap Cash Cows 100 ETF		254,470		9,420,479
TOTAL EXCHANGE TRADED FUNDS (Cost $48,038,213)				48,559,617
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (a)	$	64,422		64,422
TOTAL SHORT-TERM INVESTMENTS (Cost $64,422)				64,422
Total Investments (Cost $48,102,635) — 100.0%				48,624,039
Liabilities in Excess of Other Assets — 0.0% (b)				(5,815	)
TOTAL NET ASSETS — 100.0%			$	48,618,224

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2023.

(b) Less than 0.05%.

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

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

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

119

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
CONTINGENT VALUE RIGHTS — 0.0% (a)(b)
Health Care — 0.0% (b)
Abiomed, Inc. (a)(c)		64	$	—
Achillion Pharmaceuticals, Inc. (a)(c)		6,273		2,509
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)				2,509
U.S. GOVERNMENT NOTES/BONDS — 98.3%
United States Treasury Note/Bond
2.875%, 05/15/2043		547,000		474,448
3.625%, 08/15/2043		393,000		383,037
3.750%, 11/15/2043		400,000		396,797
3.625%, 02/15/2044		426,000		413,636
3.375%, 05/15/2044		395,000		368,831
3.125%, 08/15/2044		508,000		455,037
3.000%, 11/15/2044		445,000		389,949
2.500%, 02/15/2045		590,000		472,622
3.000%, 05/15/2045		289,000		252,491
2.875%, 08/15/2045		393,000		335,762
3.000%, 11/15/2045		232,000		202,538
2.500%, 02/15/2046		478,000		380,664
2.500%, 05/15/2046		484,000		385,177
2.250%, 08/15/2046		597,000		451,481
2.875%, 11/15/2046		269,000		229,627
3.000%, 02/15/2047		532,000		463,744
3.000%, 05/15/2047		410,000		357,148
2.750%, 08/15/2047		585,000		486,784
2.750%, 11/15/2047		589,000		490,366
3.000%, 02/15/2048		674,000		587,960
3.125%, 05/15/2048		723,000		645,616
3.000%, 08/15/2048		792,000		691,886
3.375%, 11/15/2048		813,000		760,663
3.000%, 02/15/2049		856,000		749,736
2.875%, 05/15/2049		836,000		715,858
2.250%, 08/15/2049		787,000		592,217
2.375%, 11/15/2049		739,000		571,253
2.000%, 02/15/2050		929,000		658,864
1.250%, 05/15/2050		1,079,000		628,602
1.375%, 08/15/2050		1,216,000		731,167
1.625%, 11/15/2050		1,204,000		773,335
1.875%, 02/15/2051		1,342,000		917,802
2.375%, 05/15/2051		1,352,000		1,038,927
2.000%, 08/15/2051		1,338,000		941,304
1.875%, 11/15/2051		1,246,000		848,399
2.250%, 02/15/2052		1,138,000		848,610
2.875%, 05/15/2052		1,083,000		926,092
3.000%, 08/15/2052		1,029,000		903,269

	Shares		Value
U.S. GOVERNMENT NOTES/BONDS — 98.3% (Continued)
4.000%, 11/15/2052		1,029,000	$	1,091,705
3.625%, 02/15/2053		1,030,000		1,020,505
TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $24,040,874)				24,033,909
SHORT-TERM INVESTMENTS — 2.4%
Money Market Deposit Accounts — 2.4%
U.S. Bank Money Market Deposit Account, 3.760% (d)		590,618		590,618
TOTAL SHORT-TERM INVESTMENTS (Cost $590,618)				590,618
Total Investments (Cost $24,631,492) — 100.7%				24,627,036
Liabilities in Excess of Other Assets — (0.7)%				(180,546	)
TOTAL NET ASSETS — 100.0%			$	24,446,490

Percentages are stated as a percent of net assets.

(a) Value determined using significant unobservable inputs.

(b) Less than 0.05%.

(c) Non-income producing security.

(d) The rate shown is as of April 30, 2023.

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

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

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

120

Pacer Industrial Real Estate ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 5.9%
Real Estate — 5.9%
Dream Industrial Real Estate Investment Trust		333,019	$	3,647,638
National Storage REIT		1,241,733		2,054,135
Sagax AB - Class B		215,425		5,272,688
VGP NV		18,312		1,916,916
TOTAL COMMON STOCKS (Cost $12,217,930)				12,891,377
REAL ESTATE INVESTMENT TRUSTS — 93.7%
Big Yellow Group PLC		219,009		3,368,946
Centuria Industrial REIT		718,095		1,482,509
CubeSmart (a)		205,203		9,334,684
EastGroup Properties, Inc. (a)		59,430		9,898,661
Extra Space Storage, Inc. (a)		67,069		10,197,171
First Industrial Realty Trust, Inc.		183,931		9,650,860
GLP J-Reit		5,627		6,422,243
Granite Real Estate Investment Trust		90,221		5,610,969
Industrial Logistics Properties Trust		91,908		189,330
Lexington Realty Trust		400,890		3,768,366
Life Storage, Inc.		79,333		10,660,768
LondonMetric Property PLC		1,239,645		3,000,573
Mapletree Industrial Trust		2,756,080		4,915,855
Mapletree Logistics Trust		4,517,383		5,890,693
National Storage Affiliates Trust (a)		116,787		4,502,139
Prologis, Inc.		266,712		33,405,678
Public Storage		110,802		32,667,754
Rexford Industrial Realty, Inc.		166,365		9,278,176
Safestore Holdings PLC		299,937		3,733,664
Segro PLC		998,617		10,476,882
STAG Industrial, Inc. (a)		249,401		8,447,212
Terreno Realty Corp. (a)		113,323		6,979,564
Tritax Big Box REIT PLC		2,432,121		4,740,756
Urban Logistics REIT PLC		628,499		1,116,875
Warehouses De Pauw CVA		215,875		6,451,130
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $203,181,896)				206,191,458
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (b)	$	303,314		303,314
TOTAL SHORT-TERM INVESTMENTS (Cost $303,314)				303,314

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 19.9%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (b)		43,696,987	$	43,696,987
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $43,696,987)				43,696,987
Total Investments (Cost $259,400,127) — 119.6%				263,083,136
Liabilities in Excess of Other Assets — (19.6)%				(43,151,226	)
TOTAL NET ASSETS — 100.0%			$	219,931,910

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $42,969,842 or 19.5% of net assets.

(b) The rate shown is as of April 30, 2023.

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

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

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

121

Pacer Data & Infrastructure Real Estate ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 33.3%
Communication Services — 33.3%
Cellnex Telecom SA (a)		815,445	$	34,362,481
Chorus Ltd.		6,174,134		32,682,271
Eutelsat Communications SA (b)		3,605,018		23,979,061
Helios Towers PLC (c)		14,977,355		19,634,471
HKBN Ltd.		21,613,308		15,225,875
Infrastrutture Wireless Italiane SpA (a)		2,511,338		34,919,742
RAI Way SpA (a)		2,322,654		14,898,012
SES SA - ADR		4,358,435		27,017,678
Vantage Towers AG (b)		845,465		30,353,855
TOTAL COMMON STOCKS (Cost $251,071,202)				233,073,446
REAL ESTATE INVESTMENT TRUSTS — 66.7%
American Tower Corp.		531,828		108,700,325
Crown Castle, Inc.		801,456		98,651,219
Digital Realty Trust, Inc. (b)		297,340		29,481,261
Equinix, Inc.		152,816		110,651,009
Iron Mountain, Inc. (b)		594,148		32,820,736
Keppel DC REIT		21,197,118		34,159,430
SBA Communications Corp. (b)		126,995		33,131,726
Uniti Group, Inc. (b)		5,740,920		19,633,946
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $561,751,317)				467,229,652
	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%
Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 3.760% (d)	$	2,954,090		2,954,090
TOTAL SHORT-TERM INVESTMENTS (Cost $2,954,090)				2,954,090

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.9%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (d)		48,579,877	$	48,579,877
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,579,877)				48,579,877
Total Investments (Cost $864,356,486) — 107.3%				751,837,065
Liabilities in Excess of Other Assets — (7.3)%				(51,289,455	)
TOTAL NET ASSETS — 100.0%			$	700,547,610

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) 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 $84,180,235 or 12.0% of total net assets.

(b) All or a portion of this security is on loan as of April 30, 2023. The total value of securities on loan is $47,150,649 or 6.7% of net assets.

(c) Non-income producing security.

(d) The rate shown is as of April 30, 2023.

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

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

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

122

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.5%
Consumer Discretionary — 1.3%
Target Corp.		6,180	$	974,895
				974,895
Consumer Staples — 48.3%
Altria Group, Inc.		20,990		997,235
Archer-Daniels-Midland Co.		12,760		996,301
Brown-Forman Corp. - Class B		15,900		1,034,931
Bunge Ltd.		10,570		989,352
Campbell Soup Co.		18,630		1,011,609
Church & Dwight Co., Inc.		11,280		1,095,514
Colgate-Palmolive Co.		13,720		1,094,856
Conagra Brands, Inc.		27,940		1,060,602
Constellation Brands, Inc. - Class A		4,610		1,057,857
Costco Wholesale Corp.		2,080		1,046,698
Dollar General Corp.		4,530		1,003,214
Dollar Tree, Inc. (a)		6,970		1,071,359
General Mills, Inc.		12,460		1,104,330
Hormel Foods Corp.		24,970		1,009,787
Kellogg Co.		15,310		1,068,179
Keurig Dr Pepper, Inc.		28,500		931,950
Kimberly-Clark Corp.		7,740		1,121,449
Lamb Weston Holdings, Inc.		10,020		1,120,336
McCormick & Co., Inc.		13,370		1,174,554
Molson Coors Brewing Co. - Class B		18,700		1,112,276
Mondelez International, Inc.		14,600		1,120,112
Monster Beverage Corp. (a)		19,530		1,093,680
PepsiCo, Inc.		5,690		1,086,164
Philip Morris International, Inc.		9,950		994,701
Sysco Corp.		13,380		1,026,781
The Clorox Co.		6,520		1,079,842
The Coca-Cola Co.		16,520		1,059,758
The Estee Lauder Cos., Inc. - Class A		4,140		1,021,421
The Hershey Co.		3,980		1,086,779
The JM Smucker Co.		6,620		1,022,194
The Kraft Heinz Co.		25,780		1,012,381
The Kroger Co.		20,770		1,010,045
The Procter & Gamble Co.		7,130		1,114,989
Tyson Foods, Inc. - Class A		17,170		1,072,953
Walgreens Boots Alliance, Inc.		29,410		1,036,702
Walmart, Inc.		7,140		1,077,926
				38,018,817
Health Care — 49.9%
Abbott Laboratories		5,750		635,202
AbbVie, Inc.		3,720		562,166
Agilent Technologies, Inc.		4,110		556,617
Align Technology, Inc.		1,780		579,034

	Shares		Value
Health Care — 49.9% (Continued)
AmerisourceBergen Corp.		3,730	$	622,350
Amgen, Inc.		2,450		587,363
Baxter International, Inc.		14,660		698,989
Becton Dickinson and Co.		2,430		642,273
Biogen, Inc. (a)		2,170		660,179
Bio-Rad Laboratories, Inc. - Class A (a)		1,170		527,424
Bio-Techne Corp.		7,740		618,271
Boston Scientific Corp. (a)		11,990		624,919
Bristol-Myers Squibb Co.		8,480		566,210
Cardinal Health, Inc.		7,830		642,843
Catalent, Inc. (a)		8,210		411,485
Centene Corp. (a)		8,560		590,041
Charles River Laboratories International, Inc. (a)		2,750		522,830
Cigna Corp.		2,020		511,646
CVS Health Corp.		7,230		530,031
Danaher Corp.		2,320		549,631
DaVita, Inc. (a)		7,460		674,086
Dentsply Sirona, Inc.		15,090		632,724
DexCom, Inc. (a)		5,170		627,328
Edwards Lifesciences Corp. (a)		7,500		659,850
Elevance Health, Inc.		1,230		576,439
Eli Lilly & Co.		1,770		700,672
GE HealthCare Technologies, Inc. (a)		7,430		604,356
Gilead Sciences, Inc.		7,010		576,292
HCA Healthcare, Inc.		2,260		649,366
Henry Schein, Inc. (a)		7,230		584,256
Hologic, Inc. (a)		7,170		616,692
Humana, Inc.		1,160		615,368
IDEXX Laboratories, Inc. (a)		1,230		605,357
Illumina, Inc. (a)		2,870		589,957
Incyte Corp. (a)		7,740		575,933
Insulet Corp. (a)		1,990		632,900
Intuitive Surgical, Inc. (a)		2,480		747,026
IQVIA Holdings, Inc. (a)		2,830		532,691
Johnson & Johnson		3,680		602,416
Laboratory Corp. of American Holdings		2,500		566,775
McKesson Corp.		1,660		604,638
Medtronic PLC		7,260		660,297
Merck & Co., Inc.		5,180		598,135
Mettler-Toledo International, Inc. (a)		390		581,685
Moderna, Inc. (a)		4,030		535,547
Molina Healthcare, Inc. (a)		2,130		634,506
Organon & Co.		24,570		605,159
PerkinElmer, Inc.		4,640		605,474
Pfizer, Inc.		14,150		550,293
Quest Diagnostics, Inc.		4,150		576,062

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

123

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.5% (Continued)
Health Care — 49.9% (Continued)
Regeneron Pharmaceuticals, Inc. (a)		750	$	601,343
ResMed, Inc.		2,710		653,002
STERIS PLC		3,140		592,047
Stryker Corp.		2,110		632,262
Teleflex, Inc.		2,500		681,300
The Cooper Cos., Inc.		1,720		656,094
Thermo Fisher Scientific, Inc.		1,020		565,998
UnitedHealth Group, Inc.		1,210		595,429
Universal Health Services, Inc. - Class B		4,740		712,659
Vertex Pharmaceuticals, Inc. (a)		1,940		661,016
Viatris, Inc.		55,730		519,961
Waters Corp. (a)		1,830		549,659
West Pharmaceutical Services, Inc.		1,770		639,395
Zimmer Biomet Holdings, Inc.		4,510		624,364
Zoetis, Inc.		3,450		606,441
				39,252,754
TOTAL COMMON STOCKS (Cost $78,252,900)				78,246,466
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (b)	$	104,949		104,949
TOTAL SHORT-TERM INVESTMENTS (Cost $104,949)				104,949

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.7% (c)
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (b)		12,335,605	$	12,335,605
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $12,335,605)				12,335,605
Total Investments (Cost $90,693,454) — 115.3%				90,687,020
Liabilities in Excess of Other Assets — (15.3)%				(12,007,286	)
TOTAL NET ASSETS — 100.0%			$	78,679,734

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2023.

(c) Due to settlement of open trades, there are no posistions in the portfolio on loan as of April 30, 2023. The total value of securities on loan is $12,190,006 or 15.5 % of total net assets.

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

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

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

124

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.6%
Consumer Discretionary — 7.4%
BYD Co. Ltd. - Class A		4,045	$	149,383
China Tourism Group Duty Free Corp. Ltd. - Class A		4,300		99,913
Great Wall Motor Co. Ltd. - Class A		6,000		23,261
Haier Smart Home Co. Ltd. - Class A		13,800		47,207
SAIC Motor Corp. Ltd.		21,100		43,003
				362,767
Consumer Staples — 29.0%
Foshan Haitian Flavouring & Food Co. Ltd.		8,927		90,968
Inner Mongolia Yili Industrial Group Co. Ltd.		14,000		59,733
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.		3,300		71,304
Kweichow Moutai Co. Ltd.		2,700		686,095
Luzhou Laojiao Co. Ltd.		3,245		105,965
Muyuan Foods Co. Ltd.		11,962		82,651
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.		2,683		96,218
Wuliangye Yibin Co. Ltd.		8,500		207,341
Yihai Kerry Arawana Holdings Co. Ltd.		4,200		26,334
				1,426,609
Energy — 5.3%
China Petroleum & Chemical Corp. - Class A		74,400		72,057
China Shenhua Energy Co. Ltd. - Class A		15,400		64,639
PetroChina Co. Ltd. - Class A		54,300		61,838
Shaanxi Coal Industry Co. Ltd.		21,100		59,601
				258,135
Financials — 28.0%
Agricultural Bank of China Ltd. - Class A		207,400		102,380
Bank of China Ltd. - Class A		97,700		51,753
Bank of Communications Co. Ltd. - Class A		85,600		68,819
Bank of Ningbo Co. Ltd.		14,400		56,908
China CITIC Bank Corp. Ltd. - Class A		21,200		19,890
China Construction Bank Corp. - Class A		20,900		19,035
China Merchants Bank Co. Ltd. - Class A		45,200		219,208
China Pacific Insurance Group Co. Ltd. - Class A		14,900		67,121
CITIC Securities Co. Ltd. - Class A		26,570		80,613
East Money Information Co. Ltd.		34,592		80,336
Industrial & Commercial Bank of China Ltd. - Class A		168,800		114,999

	Shares		Value
Financials — 28.0% (Continued)
Industrial Bank Co. Ltd.		45,500	$	113,090
Ping An Bank Co. Ltd.		42,300		76,624
Ping An Insurance Group Co. of China Ltd. - Class A		23,700		177,198
Postal Savings Bank of China Co. Ltd. - Class A		45,900		36,504
Shanghai Pudong Development Bank Co. Ltd.		64,000		70,206
The People’s Insurance Co. Group of China Ltd - Class A		23,200		20,828
				1,375,512
Health Care — 6.9%
Aier Eye Hospital Group Co. Ltd.		15,700		66,759
Jiangsu Hengrui Pharmaceuticals Co. Ltd.		13,900		97,606
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		2,700		121,551
WuXi AppTec Co. Ltd. - Class A		5,596		54,545
				340,461
Industrials — 10.0%
China State Construction Engineering Corp. Ltd.		91,400		86,675
Contemporary Amperex Technology Co. Ltd.		9,540		317,876
SF Holding Co. Ltd.		10,700		87,182
				491,733
Information Technology — 5.3%
Foxconn Industrial Internet Co. Ltd.		27,200		63,287
LONGi Green Energy Technology Co. Ltd.		16,620		83,649
Luxshare Precision Industry Co. Ltd.		15,429		58,124
Tongwei Co. Ltd.		9,800		56,340
				261,400
Materials — 3.6%
Wanhua Chemical Group Co. Ltd.		6,912		91,965
Zijin Mining Group Co. Ltd. - Class A		44,900		83,148
				175,113
Real Estate — 0.9%
China Vanke Co. Ltd. - Class A		21,200		46,328
Utilities — 3.2%
China Yangtze Power Co. Ltd.		49,800		157,274
TOTAL COMMON STOCKS (Cost $4,688,069)				4,895,332

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

125

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 3.760% (a)	$	14,900	$	14,900
TOTAL SHORT-TERM INVESTMENTS (Cost $14,900)				14,900
Total Investments (Cost $4,702,969) — 99.9%				4,910,232
Other Assets in Excess of Liabilities — 0.1%				3,298
TOTAL NET ASSETS — 100.0%			$	4,913,530

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2023.

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

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

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

126

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 5.0%
Netflix, Inc. (a)		554	$	182,781
Consumer Discretionary — 14.7%
Amazon.com, Inc. (a)(b)		1,990		209,846
Lowe’s Cos., Inc.		786		163,354
The Home Depot, Inc. (b)		553		166,199
				539,399
Consumer Staples — 13.5%
Campbell Soup Co. (b)		390		21,177
Church & Dwight Co., Inc.		319		30,981
Energizer Holdings, Inc.		96		3,209
Haleon PLC - ADR (b)		5,994		53,167
Hormel Foods Corp.		712		28,793
Kimberly-Clark Corp.		440		63,752
The Clorox Co. (b)		161		26,665
The Kroger Co.		933		45,372
Walgreens Boots Alliance, Inc.		1,128		39,762
Walmart, Inc. (b)		1,219		184,032
				496,910
Health Care — 51.2%
Abbott Laboratories (b)		1,648		182,055
Agilent Technologies, Inc. (b)		386		52,276
BioNTech SE - ADR (b)		316		36,100
CVS Health Corp.		1,708		125,213
Danaher Corp.		658		155,887
Emergent BioSolutions, Inc. (a)		70		618
Gilead Sciences, Inc.		1,631		134,085
GSK PLC - ADR (b)		2,634		94,903
Illumina, Inc. (a)		205		42,140
Johnson & Johnson (b)		1,008		165,010
Laboratory Corp. of American Holdings		115		26,072
Merck & Co., Inc.		1,629		188,101
Mettler-Toledo International, Inc. (a)(b)		29		43,253
Moderna, Inc. (a)		501		66,578
Neogen Corp. (a)		282		4,856
Organon & Co.		332		8,177
PerkinElmer, Inc.		164		21,400
QIAGEN NV (a)		296		13,205
Quest Diagnostics, Inc.		148		20,544
Regeneron Pharmaceuticals, Inc. (a)		142		113,854
Sanofi - ADR		3,317		177,957
Teladoc Health, Inc. (a)		208		5,518
Thermo Fisher Scientific, Inc.		316		175,348
Vir Biotechnology, Inc. (a)		170		4,275
Waters Corp. (a)(b)		77		23,128
				1,880,553

	Shares		Value
Industrials — 3.4%
3M Co.		718	$	76,266
Booz Allen Hamilton Holding Corp.		172		16,464
Stericycle, Inc. (a)		120		5,478
Xylem, Inc. (b)		235		24,402
				122,610
Information Technology — 10.3%
Akamai Technologies, Inc. (a)		205		16,804
NVIDIA Corp.		1,043		289,422
Palantir Technologies, Inc. - Class A (a)		2,693		20,871
Teledyne Technologies, Inc. (a)		61		25,278
Zoom Video Communications, Inc. - Class A (a)		381		23,405
				375,780
Materials — 1.8%
Ecolab, Inc.		371		62,269
Stepan Co.		30		2,766
				65,035
TOTAL COMMON STOCKS (Cost $4,290,630)				3,663,068
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	5,327		5,327
TOTAL SHORT-TERM INVESTMENTS (Cost $5,327)				5,327

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

127

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.9%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		842,165	$	842,165
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $842,165)				842,165
Total Investments (Cost $5,138,122) — 122.9%				4,510,560
Liabilities in Excess of Other Assets — (22.9)%				(839,875	)
TOTAL NET ASSETS — 100.0%			$	3,670,685

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, 2023. The total value of securities on loan is $821,431 or 22.4% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

128

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 6.4%
Alphabet, Inc. - Class C (a)		76,729	$	8,303,612
DISH Network Corp. - Class A (a)(b)		670,105		5,032,489
Match Group, Inc. (a)		210,058		7,751,140
Meta Platforms, Inc. - Class A (a)		54,101		13,001,552
Netflix, Inc. (a)		24,986		8,243,631
Warner Bros Discovery, Inc. (a)(b)		527,190		7,175,056
				49,507,480
Consumer Discretionary — 23.8%
Amazon.com, Inc. (a)		93,879		9,899,540
Aptiv PLC (a)		82,223		8,457,458
Bath & Body Works, Inc. (b)		186,073		6,531,162
Caesars Entertainment, Inc. (a)		231,507		10,484,952
CarMax, Inc. (a)(b)		106,193		7,436,696
Carnival Corp. (a)(b)		988,633		9,105,310
DR Horton, Inc. (b)		73,140		8,032,235
Etsy, Inc. (a)(b)		82,101		8,294,664
Expedia Group, Inc. (a)		67,583		6,350,099
Ford Motor Co.		608,254		7,226,057
General Motors Co.		188,812		6,238,348
Lennar Corp. - Class A		71,985		8,120,628
MGM Resorts International		207,501		9,320,945
Mohawk Industries, Inc. (a)		58,588		6,204,469
NIKE, Inc. - Class B		63,194		8,007,944
Norwegian Cruise Line Holdings Ltd. (a)(b)		669,098		8,932,458
Pool Corp. (b)		18,432		6,475,530
PulteGroup, Inc.		135,900		9,125,685
Ralph Lauren Corp. (b)		65,163		7,480,061
Royal Caribbean Cruises Ltd. (a)		136,718		8,945,459
Tapestry, Inc. (b)		182,090		7,431,093
Tesla Motors, Inc. (a)		49,951		8,207,449
Wynn Resorts Ltd. (a)		76,706		8,765,962
				185,074,204
Consumer Staples — 0.9%
The Estee Lauder Cos., Inc.		28,701		7,081,111
Financials — 10.4%
Ameriprise Financial, Inc.		20,520		6,261,062
BlackRock, Inc.		10,226		6,863,691
Capital One Financial Corp. (b)		66,033		6,425,011
Discover Financial Services		61,556		6,369,199
First Republic Bank (b)		52,796		185,314
Franklin Resources, Inc. (b)		233,228		6,269,169
Invesco Ltd.		436,472		7,476,765
Lincoln National Corp.		238,407		5,180,584
MSCI, Inc.		14,058		6,782,282
PayPal Holdings, Inc. (a)		114,354		8,690,904
State Street Corp.		77,533		5,602,535

	Shares		Value
Financials — 10.4% (Continued)
Synchrony Financial		214,556	$	6,331,548
T Rowe Price Group, Inc. (b)		70,350		7,902,416
				80,340,480
Health Care — 7.0%
Align Technology, Inc. (a)		27,633		8,989,015
Catalent, Inc. (a)		101,388		5,081,567
DexCom, Inc. (a)		74,524		9,042,742
IDEXX Laboratories, Inc. (a)		14,334		7,054,621
Illumina, Inc. (a)		40,900		8,407,404
Intuitive Surgical, Inc. (a)		30,934		9,317,940
Moderna, Inc. (a)		51,124		6,793,868
				54,687,157
Industrials — 5.5%
American Airlines Group, Inc. (a)		526,802		7,185,579
Delta Air Lines, Inc. (a)		188,774		6,476,836
Generac Holdings, Inc. (a)		93,296		9,536,717
Old Dominion Freight Line, Inc.		20,228		6,480,849
United Airlines Holdings, Inc. (a)		162,742		7,128,100
United Rentals, Inc.		16,804		6,068,092
				42,876,173
Information Technology — 44.3%
Adobe, Inc. (a)		21,540		8,132,642
Advanced Micro Devices, Inc. (a)		137,712		12,307,321
Analog Devices, Inc.		41,350		7,438,038
ANSYS, Inc. (a)		30,591		9,603,127
Apple, Inc.		48,686		8,261,041
Applied Materials, Inc.		84,355		9,534,646
Arista Networks, Inc. (a)		56,908		9,114,385
Autodesk, Inc. (a)		41,368		8,058,073
Broadcom, Inc.		12,098		7,579,397
Cadence Design System, Inc. (a)		40,029		8,384,074
Ceridian HCM Holding, Inc. (a)		137,077		8,701,648
Enphase Energy, Inc. (a)		40,576		6,662,579
EPAM Systems, Inc. (a)		25,151		7,103,648
Fortinet, Inc. (a)		148,894		9,387,767
HP, Inc.		244,776		7,272,295
Intel Corp.		249,764		7,757,670
Intuit, Inc.		22,732		10,091,871
KLA Corp.		22,809		8,816,591
Lam Research Corp.		19,783		10,367,875
Microchip Technology, Inc.		107,773		7,866,351
Micron Technology, Inc.		140,315		9,030,673
Microsoft Corp.		27,691		8,508,337
Monolithic Power Systems, Inc.		24,998		11,548,326
NVIDIA Corp.		56,910		15,791,956
NXP Semiconductors NV		45,953		7,524,344
ON Semiconductor Corp. (a)		134,918		9,708,699
Paycom Software, Inc. (a)		28,829		8,371,077
Qorvo, Inc. (a)		82,648		7,610,228

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

129

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Information Technology — 44.3% (Continued)
QUALCOMM, Inc.		66,032	$	7,712,538
salesforce.com, Inc. (a)		49,835		9,885,769
Seagate Technology Holdings PLC		100,964		5,933,654
ServiceNow, Inc. (a)(b)		20,453		9,396,517
Skyworks Solutions, Inc.		71,040		7,523,136
SolarEdge Technologies, Inc. (a)		26,412		7,544,060
Synopsys, Inc. (a)		21,120		7,842,278
Teradyne, Inc. (b)		86,316		7,887,556
Trimble, Inc. (a)		148,280		6,983,988
Tyler Technologies, Inc. (a)		22,628		8,576,691
Western Digital Corp. (a)		190,572		6,563,300
Zebra Technologies Corp. (a)		26,579		7,655,549
				344,039,715
Materials — 1.6%
Albemarle Corp.		29,799		5,526,523
Freeport-McMoRan, Inc.		185,233		7,022,183
				12,548,706
TOTAL COMMON STOCKS (Cost $842,647,784)				776,155,026
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	784,997		784,997
TOTAL SHORT-TERM INVESTMENTS (Cost $784,997)				784,997

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		71,566,308	$	71,566,308
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $71,566,308)				71,566,308
Total Investments (Cost $914,999,089) — 109.2%				848,506,331
Liabilities in Excess of Other Assets — (9.2)%				(71,826,515	)
TOTAL NET ASSETS — 100.0%			$	776,679,816

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, 2023. The total value of securities on loan is $70,882,655 or 9.1% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

130

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 97.8%
Communication Services — 2.7%
Iridium Communications, Inc.		5,299	$	336,328
The New York Times Co. - Class A		5,662		225,064
TripAdvisor, Inc. (a)(b)		4,034		71,523
World Wrestling Entertainment, Inc. - Class A (b)		1,707		182,939
Ziff Davis, Inc. (a)(b)		1,701		124,411
				940,265
Consumer Discretionary — 16.5%
AutoNation, Inc. (a)		1,567		206,374
Boyd Gaming Corp.		2,512		174,333
Capri Holdings Ltd. (a)		4,211		174,757
Carter’s, Inc. (b)		1,184		82,608
Choice Hotels International, Inc.		2,226		283,860
Churchill Downs, Inc.		1,146		335,239
Deckers Outdoor Corp. (a)		1,720		824,465
Dick’s Sporting Goods, Inc. (b)		1,738		252,027
Five Below, Inc. (a)		1,764		348,143
GameStop Corp. (a)		12,011		231,692
Gentex Corp.		6,968		192,247
Grand Canyon Education, Inc. (a)		1,499		177,931
Harley-Davidson, Inc.		3,972		147,361
Light & Wonder, Inc. (a)		3,970		239,351
Macy’s, Inc. (b)		9,366		153,041
Papa John’s International, Inc. (b)		1,176		87,953
PVH Corp.		1,896		162,696
Texas Roadhouse, Inc.		2,062		228,098
The Wendy’s Co.		5,834		128,931
Toll Brothers, Inc.		3,160		201,956
Under Armour, Inc. - Class A (a)		6,279		55,695
Williams-Sonoma, Inc. (b)		3,827		463,220
Wingstop, Inc.		1,338		267,747
Wyndham Hotels & Resorts, Inc.		3,075		209,777
YETI Holdings, Inc. (a)(b)		2,851		112,472
				5,741,974
Consumer Staples — 2.0%
BellRing Brands, Inc. (a)		4,593		165,302
Celsius Holdings, Inc. (a)		1,777		169,828
Coca-Cola Consolidated, Inc.		172		101,387
Lancaster Colony Corp.		735		153,703
The Boston Beer Co., Inc. - Class A (a)		355		112,716
				702,936
Energy — 4.7%
Antero Resources Corp. (a)		11,360		261,166
Equitrans Midstream Corp.		20,668		106,440
Matador Resources Co. (b)		4,438		217,595
Murphy Oil Corp.		5,670		208,146
PBF Energy, Inc. - Class A		6,163		214,842

	Shares		Value
Energy — 4.7% (Continued)
PDC Energy, Inc.		5,019	$	326,486
Range Resources Corp. (b)		11,568		305,974
				1,640,649
Financials — 7.9%
American Financial Group, Inc. (b)		2,290		281,052
Essent Group Ltd.		3,552		150,853
Evercore, Inc.		1,585		180,801
Federated Hermes, Inc.		2,588		107,117
First Financial Bankshares, Inc.		4,496		131,553
Kinsale Capital Group, Inc.		1,615		527,637
MGIC Investment Corp.		9,357		139,139
RenaissanceRe Holdings Ltd.		1,585		341,425
RLI Corp.		1,814		252,237
SEI Investments Co.		3,741		220,382
The Western Union Co.		13,251		144,833
WEX, Inc. (a)		1,623		287,839
				2,764,868
Health Care — 18.9%
Acadia Healthcare Co., Inc. (a)		3,398		245,642
Arrowhead Pharmaceuticals, Inc. (a)		4,620		163,594
Azenta, Inc. (a)		3,496		152,041
Bruker Corp.		3,753		296,975
Chemed Corp.		1,089		600,311
Envista Holdings Corp. (a)		4,915		189,178
Exelixis, Inc. (a)		10,059		184,080
Globus Medical, Inc. (a)		2,846		165,467
Haemonetics Corp. (a)		1,871		156,622
Halozyme Therapeutics, Inc. (a)		5,423		174,241
HealthEquity, Inc. (a)		2,949		157,624
Inari Medical, Inc. (a)(b)		2,081		138,220
Jazz Pharmaceuticals PLC (a)		2,264		318,024
Lantheus Holdings, Inc. (a)(b)		5,852		500,053
LivaNova PLC (a)		1,968		94,267
Masimo Corp. (a)		1,800		340,452
Medpace Holdings, Inc. (a)		2,110		422,295
Neurocrine Biosciences, Inc. (a)		3,925		396,582
Patterson Cos., Inc.		2,606		70,649
Penumbra, Inc. (a)(b)		1,452		412,542
Progyny, Inc. (a)		3,247		107,930
Repligen Corp. (a)(b)		2,006		304,170
Shockwave Medical, Inc. (a)		2,940		853,070
STAAR Surgical Co. (a)		1,734		122,195
				6,566,224
Industrials — 22.8%
Acuity Brands, Inc.		1,040		163,675
ASGN, Inc. (a)		1,548		110,821
Axon Enterprise, Inc. (a)		5,355		1,128,352
Chart Industries, Inc. (a)(b)		1,252		166,641
Crane NXT Co.		1,574		74,545

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

131

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Industrials — 22.8% (Continued)
Donaldson Co., Inc.		4,295	$	272,947
ExlService Holdings, Inc. (a)		1,300		231,894
Genpact Ltd.		5,135		228,764
Graco, Inc.		11,320		897,563
Hexcel Corp.		2,856		205,861
Hubbell, Inc. (b)		1,766		475,619
Landstar System, Inc. (b)		1,365		240,281
Lennox International, Inc.		1,105		311,511
Lincoln Electric Holdings, Inc.		2,053		344,493
MSA Safety, Inc.		1,424		184,764
MSC Industrial Direct Co., Inc.		1,451		131,649
Owens Corning		3,122		333,461
Saia, Inc. (a)(b)		831		247,447
SunPower Corp. (a)(b)		3,314		43,811
Terex Corp.		2,063		91,989
Tetra Tech, Inc.		3,494		483,465
The Toro Co.		7,120		742,331
Trex Co., Inc. (a)		7,561		413,284
Vicor Corp. (a)		840		36,095
Watts Water Technologies, Inc. - Class A		840		135,853
XPO Logistics, Inc. (a)		5,211		230,222
				7,927,338
Information Technology — 17.2%
Arrow Electronics, Inc. (a)		1,985		227,144
Blackbaud, Inc. (a)		1,720		119,291
Calix, Inc. (a)		2,197		100,403
Cognex Corp.		6,531		311,463
CommVault Systems, Inc. (a)		3,104		180,870
Dynatrace, Inc. (a)		8,554		361,663
Envestnet, Inc. (a)(b)		1,920		121,690
Jabil, Inc.		4,400		343,860
Lattice Semiconductor Corp. (a)		10,366		826,170
MACOM Technology Solutions Holdings, Inc. (a)		2,186		127,531
Manhattan Associates, Inc. (a)		6,090		1,008,991
National Instruments Corp.		4,698		273,565
Novanta, Inc. (a)		1,462		223,452
Paylocity Holding Corp. (a)		1,834		354,494
Power Integrations, Inc. (b)		2,159		157,132
Qualys, Inc. (a)		2,902		327,752
Silicon Laboratories, Inc. (a)(b)		1,214		169,110
SiTime Corp. (a)(b)		573		62,153
Teradata Corp. (a)		3,820		147,872
Universal Display Corp.		1,475		196,854
Vishay Intertechnology, Inc.		4,135		88,034
Wolfspeed, Inc. (a)(b)		5,547		258,213
				5,987,707

	Shares		Value
Materials — 5.1%
Ashland Global Holdings, Inc.		1,653	$	167,961
Commercial Metals Co.		3,844		179,476
Eagle Materials, Inc.		1,356		200,973
Ingevity Corp. (a)		1,117		80,134
Louisiana-Pacific Corp.		3,818		228,087
MP Materials Corp. (a)(b)		3,342		72,421
Olin Corp.		5,393		298,772
Royal Gold, Inc. (b)		1,881		249,120
Scotts Miracle-Gro Co.		1,648		110,103
The Chemours Co.		6,429		186,891
				1,773,938
TOTAL COMMON STOCKS (Cost $33,456,305)				34,045,899
REAL ESTATE INVESTMENT TRUSTS — 2.2%
Apartment Income REIT Corp.		5,418		200,358
EastGroup Properties, Inc. (b)		1,443		240,346
Lamar Advertising Co. - Class A		3,180		336,062
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $740,546)				776,766
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	37,650		37,650
TOTAL SHORT-TERM INVESTMENTS (Cost $37,650)				37,650

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

132

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.0%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		3,847,863	$	3,847,863
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,847,863)				3,847,863
Total Investments (Cost $38,082,364) — 111.1%				38,708,178
Liabilities in Excess of Other Assets — (11.1)%				(3,856,139	)
TOTAL NET ASSETS — 100.0%			$	34,852,039

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, 2023. The total value of securities on loan is $3,809,083 or 10.9% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

133

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 97.9%
Communication Services — 2.8%
Match Group, Inc. (a)		4,652	$	171,659
Meta Platforms, Inc. - Class A (a)		22,806		5,480,738
The Interpublic Group of Cos., Inc. (b)		3,984		142,348
				5,794,745
Consumer Discretionary — 12.6%
Amazon.com, Inc. (a)		54,493		5,746,287
AutoZone, Inc. (a)		241		641,858
Best Buy Co., Inc.		2,194		163,497
Booking Holdings, Inc. (a)		968		2,600,348
Chipotle Mexican Grill, Inc. (a)(b)		382		789,831
Domino’s Pizza, Inc.		473		150,163
Etsy, Inc. (a)(b)		2,100		212,163
Genuine Parts Co.		1,290		217,120
Hilton Worldwide Holdings, Inc.		3,824		550,733
LKQ Corp.		2,440		140,861
Marriott International Inc/MD		3,526		597,093
McDonald’s Corp.		9,763		2,887,407
NIKE, Inc. - Class B		14,402		1,825,021
Norwegian Cruise Line Holdings Ltd. (a)(b)		6,841		91,327
NVR, Inc. (a)		40		233,600
O’Reilly Automotive, Inc. (a)		796		730,179
Royal Caribbean Cruises Ltd. (a)(b)		3,314		216,835
Starbucks Corp.		14,498		1,656,976
Tapestry, Inc. (b)		2,784		113,615
Tesla Motors, Inc. (a)		27,494		4,517,539
The TJX Cos., Inc.		11,112		875,848
Ulta Beauty, Inc. (a)		582		320,932
Wynn Resorts Ltd. (a)		1,739		198,733
Yum! Brands, Inc.		3,658		514,242
				25,992,208
Consumer Staples — 9.9%
Altria Group, Inc.		20,701		983,505
Brown-Forman Corp. - Class B		4,288		279,106
Colgate-Palmolive Co.		10,100		805,980
Constellation Brands, Inc. - Class A		2,004		459,858
Costco Wholesale Corp.		4,780		2,405,392
Monster Beverage Corp. (a)		9,460		529,760
PepsiCo, Inc.		13,344		2,547,236
Philip Morris International, Inc.		17,627		1,762,171
The Clorox Co. (b)		1,457		241,308
The Coca-Cola Co.		82,633		5,300,907
The Estee Lauder Cos., Inc.		2,846		702,165
The Hershey Co.		1,716		468,571
The Kraft Heinz Co.		7,316		287,299
The Procter & Gamble Co.		22,621		3,537,472

	Shares		Value
Consumer Staples — 9.9% (Continued)
Tyson Foods, Inc. - Class A		2,814	$	175,847
				20,486,577
Energy — 6.3%
APA Corp.		3,688		135,903
Chevron Corp.		19,678		3,317,317
EOG Resources, Inc.		7,228		863,529
Exxon Mobil Corp.		44,389		5,252,994
Marathon Oil Corp.		8,684		209,805
Marathon Petroleum Corp.		6,560		800,320
Occidental Petroleum Corp. (b)		10,730		660,217
Phillips 66		5,674		561,726
Schlumberger Ltd.		13,316		657,145
Valero Energy Corp.		5,006		574,038
				13,032,994
Financials — 10.9%
American International Group, Inc.		7,160		379,766
Ameriprise Financial, Inc.		1,604		489,413
Aon PLC		2,550		829,209
FactSet Research Systems, Inc.		476		195,965
Jack Henry & Associates, Inc. (b)		1,576		257,424
MarketAxess Holdings, Inc.		798		254,059
MasterCard, Inc. - Class A		23,974		9,110,839
Moody’s Corp.		2,042		639,391
MSCI, Inc.		1,113		536,967
Principal Financial Group, Inc. (b)		2,832		211,522
T Rowe Price Group, Inc. (b)		2,152		241,734
Visa, Inc. - Class A (b)		39,287		9,143,264
Willis Towers Watson PLC		994		230,210
				22,519,763
Health Care — 12.8%
Abbott Laboratories		17,200		1,900,084
AbbVie, Inc.		18,508		2,796,929
Agilent Technologies, Inc.		3,554		481,318
Amgen, Inc.		11,396		2,732,077
Baxter International, Inc.		7,810		372,381
Biogen, Inc. (a)(b)		1,526		464,255
Bio-Techne Corp.		2,004		160,079
Bristol-Myers Squibb Co.		20,514		1,369,720
DexCom, Inc. (a)		5,350		649,169
Edwards Lifesciences Corp. (a)		7,700		677,446
Eli Lilly & Co.		18,095		7,163,087
IDEXX Laboratories, Inc. (a)		2,236		1,100,470
Illumina, Inc. (a)		2,603		535,072
Intuitive Surgical, Inc. (a)		4,594		1,383,805
Mettler-Toledo International, Inc. (a)		300		447,450
Quest Diagnostics, Inc.		1,062		147,416
ResMed, Inc.		1,846		444,812
Teleflex, Inc.		425		115,821
Vertex Pharmaceuticals, Inc. (a)		2,360		804,123

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

134

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.9% (Continued)
Health Care — 12.8% (Continued)
Waters Corp. (a)(b)		1,620	$	486,583
West Pharmaceutical Services, Inc.		820		296,217
Zoetis, Inc.		10,582		1,860,104
				26,388,418
Industrials — 8.5%
3M Co.		5,605		595,363
A O Smith Corp.		1,210		82,631
Allegion PLC		818		90,373
Automatic Data Processing, Inc.		12,048		2,650,560
Carrier Global Corp.		9,186		384,158
Cintas Corp.		1,896		864,140
Copart, Inc. (a)		5,112		404,104
CoStar Group, Inc. (a)		4,854		373,515
Equifax, Inc. (b)		1,386		288,815
Expeditors International of Washington, Inc.		1,702		193,756
Fastenal Co.		5,468		294,397
General Electric Co.		13,300		1,316,301
Illinois Tool Works, Inc. (b)		6,636		1,605,514
Ingersoll Rand, Inc.		3,964		226,027
L3Harris Technologies, Inc.		1,742		339,951
Nordson Corp.		512		110,751
Northrop Grumman Corp.		1,348		621,792
Old Dominion Freight Line, Inc.		2,044		654,877
Otis Worldwide Corp.		4,886		416,776
Paychex, Inc.		7,122		782,423
Robert Half International, Inc. (b)		1,290		94,170
Rollins, Inc.		5,184		219,024
The Boeing Co. (a)		9,326		1,928,430
TransDigm Group, Inc. (b)		734		561,510
United Parcel Service, Inc. - Class B		7,818		1,405,755
Verisk Analytics, Inc.		3,420		663,856
W.W. Grainger, Inc.		472		328,309
				17,497,278
Information Technology — 30.9%
Accenture PLC - Class A		6,108		1,712,011
Adobe, Inc. (a)		5,642		2,130,194
ANSYS, Inc. (a)		996		312,664
Apple, Inc.		66,769		11,329,364
Applied Materials, Inc.		9,342		1,055,926
Arista Networks, Inc. (a)		3,114		498,738
Autodesk, Inc. (a)		2,881		561,190
Broadcom, Inc.		9,301		5,827,076
Cadence Design System, Inc. (a)		6,550		1,371,898
Ceridian HCM Holding, Inc. (a)		2,035		129,182
Cisco Systems, Inc.		41,350		1,953,788
Corning, Inc. (b)		7,406		246,027
Enphase Energy, Inc. (a)		1,775		291,455

	Shares		Value
Information Technology — 30.9% (Continued)
EPAM Systems, Inc. (a)		670	$	189,235
Fortinet, Inc. (a)		8,652		545,509
Gartner, Inc. (a)		979		296,108
Intuit, Inc.		3,404		1,511,206
Keysight Technologies, Inc. (a)		3,664		529,961
KLA Corp.		2,144		828,742
Lam Research Corp.		1,752		918,188
Microchip Technology, Inc.		5,802		423,488
Microsoft Corp.		38,506		11,831,354
Monolithic Power Systems, Inc.		546		252,236
Motorola Solutions, Inc.		2,057		599,410
NetApp, Inc.		2,842		178,733
NVIDIA Corp. (b)		29,877		8,290,569
NXP Semiconductors NV		2,616		428,344
ON Semiconductor Corp. (a)(b)		4,190		301,512
Oracle Corp.		19,585		1,855,091
Paycom Software, Inc. (a)		1,162		337,410
QUALCOMM, Inc.		13,492		1,575,866
Roper Technologies, Inc.		1,054		479,338
ServiceNow, Inc. (a)(b)		2,836		1,302,915
SolarEdge Technologies, Inc. (a)(b)		607		173,377
Synopsys, Inc. (a)		3,350		1,243,922
Teradyne, Inc. (b)		1,830		167,225
Texas Instruments, Inc.		8,822		1,475,038
Tyler Technologies, Inc. (a)		523		198,233
VeriSign, Inc. (a)		1,158		256,844
				63,609,367
Materials — 2.2%
CF Industries Holdings, Inc.		3,118		223,187
DuPont de Nemours, Inc.		4,986		347,624
Eastman Chemical Co.		1,190		100,281
Freeport-McMoRan, Inc.		14,034		532,029
International Paper Co.		3,894		128,930
Linde PLC		4,898		1,809,566
LyondellBasell Industries NV		2,548		241,066
Mosaic Co.		3,678		157,602
Newmont Goldcorp Corp.		7,258		344,029
The Sherwin-Williams Co.		2,716		645,159
				4,529,473
Utilities — 1.0%
NextEra Energy, Inc.		21,702		1,663,024
PPL Corp.		6,766		194,320
The AES Corp.		8,159		193,042
				2,050,386
TOTAL COMMON STOCKS (Cost $192,242,957)				201,901,209

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

135

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.0%
American Tower Corp.		6,045	$	1,235,538
Crown Castle, Inc.		5,250		646,222
Equinix, Inc.		1,116		808,073
Iron Mountain, Inc.		3,411		188,424
Public Storage		2,214		652,754
SBA Communications Corp.		1,606		418,989
UDR, Inc.		3,600		148,788
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,339,384)				4,098,788
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	221,821		221,821
TOTAL SHORT-TERM INVESTMENTS (Cost $221,821)				221,821
	Shares
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		15,928,141		15,928,141
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $15,928,141)				15,928,141
Total Investments (Cost $212,732,303) — 107.7%				222,149,959
Liabilities in Excess of Other Assets — (7.7)%				(15,959,108	)
TOTAL NET ASSETS — 100.0%			$	206,190,851

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, 2023. The total value of securities on loan is $15,836,024 or 7.7% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

136

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 98.8%
Communication Services — 3.4%
Alphabet, Inc. - Class A (a)		2,182	$	234,216
Netflix, Inc. (a)		671		221,383
News Corp. - Class A		12,280		216,251
				671,850
Consumer Discretionary — 5.1%
Booking Holdings, Inc. (a)		80		214,905
BorgWarner, Inc.		4,101		197,381
Domino’s Pizza, Inc.		653		207,308
McDonald’s Corp.		750		221,812
Tesla Motors, Inc. (a)		1,132		185,999
				1,027,405
Consumer Staples — 5.3%
Archer-Daniels-Midland Co.		2,563		200,119
Coty, Inc. (a)		18,340		217,696
Mondelez International, Inc.		3,030		232,462
Philip Morris International, Inc.		1,996		199,540
The Coca-Cola Co.		3,320		212,978
				1,062,795
Energy — 6.0%
APA Corp.		5,466		201,422
Baker Hughes Co.		6,762		197,721
ChampionX Corp. (b)		6,853		185,579
Chevron Corp.		1,231		207,522
Exxon Mobil Corp.		1,822		215,616
Valaris Ltd. (a)		3,041		182,460
				1,190,320
Financials — 4.1%
Euronet Worldwide, Inc. (a)		1,942		215,057
MasterCard, Inc. - Class A		570		216,617
MSCI, Inc.		378		182,366
Visa, Inc. - Class A (b)		911		212,017
				826,057
Health Care — 13.4%
Abbott Laboratories		2,025		223,702
Agilent Technologies, Inc. (b)		1,457		197,321
Bio-Rad Laboratories, Inc. - Class A (a)		411		185,275
Bruker Corp. (b)		2,723		215,471
Danaher Corp.		820		194,266
IQVIA Holdings, Inc. (a)(b)		995		187,289
Merck & Co., Inc.		1,824		210,617
Mettler-Toledo International, Inc. (a)(b)		137		204,335
PerkinElmer, Inc.		1,634		213,221
Pfizer, Inc. (b)		4,991		194,100
STAAR Surgical Co. (a)		3,471		244,601
Viatris, Inc.		19,660		183,428

	Shares		Value
Health Care — 13.4% (Continued)
West Pharmaceutical Services, Inc.		624	$	225,414
				2,679,040
Industrials — 13.7%
AMETEK, Inc.		1,446		199,447
Caterpillar, Inc.		864		189,043
Donaldson Co., Inc.		3,065		194,781
Emerson Electric Co.		2,392		199,158
Expeditors International of Washington, Inc. (b)		1,831		208,441
General Electric Co.		2,160		213,775
Genpact Ltd.		4,392		195,664
Ingersoll Rand, Inc.		3,533		201,452
ITT, Inc.		2,273		191,932
Nordson Corp. (b)		922		199,438
Terex Corp.		3,692		164,626
The Brink’s Co.		3,062		192,447
The Timken Co. (b)		2,390		183,671
Westinghouse Air Brake Technologies Corp.		1,965		191,921
				2,725,796
Information Technology — 37.2%
Accenture PLC - Class A		782		219,187
Advanced Micro Devices, Inc. (a)		2,376		212,343
Amphenol Corp.		2,570		193,958
Analog Devices, Inc.		1,081		194,450
ANSYS, Inc. (a)		663		208,129
Apple, Inc.		1,322		224,317
Autodesk, Inc. (a)		1,012		197,128
Broadcom, Inc.		320		200,480
Cadence Design System, Inc. (a)		1,003		210,078
Cirrus Logic, Inc. (a)(b)		1,947		167,033
Coherent Corp. (a)(b)		5,101		174,148
Corning, Inc. (b)		5,911		196,363
Dynatrace, Inc. (a)		5,126		216,727
Fortinet, Inc. (a)		3,344		210,839
Hewlett Packard Enterprise Co.		13,720		196,470
Jabil, Inc.		2,400		187,560
Keysight Technologies, Inc. (a)		1,272		183,982
KLA Corp.		537		207,572
Lam Research Corp.		411		215,397
Lattice Semiconductor Corp. (a)		2,267		180,680
Littelfuse, Inc.		761		184,345
Lumentum Holdings, Inc. (a)		3,813		183,977
MACOM Technology Solutions Holdings, Inc. (a)		2,806		163,702
Microchip Technology, Inc.		2,410		175,906
Microsoft Corp.		791		243,043
MKS Instruments, Inc.		2,245		188,288
Monolithic Power Systems, Inc.		410		189,408

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

137

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 98.8% (Continued)
Information Technology — 37.2% (Continued)
NVIDIA Corp.		861	$	238,919
NXP Semiconductors NV		1,122		183,716
ON Semiconductor Corp. (a)(b)		2,506		180,332
Power Integrations, Inc. (b)		2,415		175,764
PTC, Inc. (a)		1,661		208,937
Qorvo, Inc. (a)		2,062		189,869
QUALCOMM, Inc.		1,705		199,144
SiTime Corp. (a)(b)		1,554		168,562
Synaptics, Inc. (a)		1,826		161,711
Synopsys, Inc. (a)		552		204,969
Teradata Corp. (a)		5,203		201,408
				7,438,841
Materials — 10.6%
Albemarle Corp.		872		161,721
Avery Dennison Corp. (b)		1,151		200,827
Avient Corp.		4,961		191,048
Celanese Corp.		1,801		191,338
Corteva, Inc.		3,336		203,896
Dow, Inc.		3,646		198,342
FMC Corp.		1,631		201,559
Ingevity Corp. (a)		2,752		197,429
Linde PLC		574		212,064
The Chemours Co.		6,296		183,025
The Mosaic Co.		4,021		172,300
				2,113,549
TOTAL COMMON STOCKS (Cost $19,098,917)				19,735,653
REAL ESTATE INVESTMENT TRUSTS — 1.1%
Equinix, Inc.		297		215,052
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $202,191)				215,052
	Principal Amount
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	27,878		27,878
TOTAL SHORT-TERM INVESTMENTS (Cost $27,878)				27,878

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.030% (c)		2,855,922	$	2,855,922
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,855,922)				2,855,922
Total Investments (Cost $22,184,908) — 114.3%				22,834,505
Liabilities in Excess of Other Assets — (14.3)%				(2,858,842	)
TOTAL NET ASSETS — 100.0%			$	19,975,663

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, 2023. The total value of securities on loan is $2,832,958 or 14.2% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

138

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
ASSET BACKED SECURITIES — 36.4%
Financials — 33.4%
AGL CLO 12 Ltd.
6.410%, 07/20/2034 (a)(b)	$	1,000,000	$	980,655
AIG CLO 2018-1 LLC
11.850%, 04/20/2032 (a)(b)		1,000,000		943,140
AIG CLO 2021-2 LLC
11.750%, 07/20/2034 (a)(b)		1,000,000		934,685
Basswood Park CLO Ltd.
6.250%, 04/20/2034 (a)(b)		1,000,000		976,066
Benefit Street Partners CLO IV Ltd.
12.450%, 01/20/2032 (a)(b)		250,000		231,931
Burnham Park Clo Ltd.
10.650%, 10/20/2029 (a)(b)		1,000,000		856,741
Carlyle Global Market Strategies CLO 2012-4 Ltd.
6.353%, 04/22/2032 (a)(b)		1,000,000		985,300
CarVal CLO III Ltd.
11.690%, 07/20/2032 (a)(b)		1,000,000		887,138
CIFC Falcon 2020 Ltd.
12.660%, 01/20/2033 (a)(b)		1,000,000		935,989
CIFC Funding 2018-V Ltd.
11.410%, 01/15/2032 (a)(b)		1,000,000		926,187
CIFC Funding 2019-I Ltd.
12.080%, 04/20/2032 (a)(b)		1,000,000		936,438
CIFC Funding 2021-IV Ltd.
6.310%, 07/15/2033 (a)(b)		1,000,000		989,187
Dryden 50 Senior Loan Fund
11.520%, 07/15/2030 (a)(b)		1,000,000		884,328
Goldentree Loan Management US CLO 1 Ltd.
12.500%, 04/20/2034 (a)(b)		1,000,000		821,243
Goldentree Loan Management US Clo 6 Ltd.
11.748%, 04/20/2035 (a)(b)		1,000,000		917,842
Harbor Park CLO 18-1 Ltd.
10.850%, 01/21/2031 (a)(b)		1,000,000		835,964
Magnetite XIX Ltd.
6.310%, 07/17/2034 (a)(b)		1,000,000		978,591
Magnetite XXIX Ltd.
11.010%, 01/17/2034 (a)(b)		1,050,000		977,177
Magnetite XXXI Ltd.
11.260%, 07/17/2034 (a)(b)		500,000		471,144
Magnetite XV Ltd.
10.529%, 07/25/2031 (a)(b)		1,500,000		1,347,376
Neuberger Berman Loan Advisers CLO 26 Ltd.
11.162%, 10/18/2030 (a)(b)		1,000,000		930,576
Neuberger Berman Loan Advisers CLO 35 Ltd.
12.265%, 01/19/2033 (a)(b)		1,000,000		931,207
Neuberger Berman Loan Advisers CLO 41 Ltd.
11.760%, 04/17/2034 (a)(b)		1,000,000		913,050
Neuberger Berman Loan Advisers CLO 48 Ltd.
11.568%, 04/25/2036 (a)(b)		1,500,000		1,337,490

	Shares		Value
Financials — 33.4% (Continued)
Neuberger Berman CLO XX Ltd.
6.420%, 07/17/2034 (a)(b)		1,000,000	$	982,500
OCP CLO 2020-19 Ltd.
11.750%, 10/20/2034 (a)(b)		250,000		226,419
Octagon 54 Ltd.
6.380%, 07/17/2034 (a)(b)		1,000,000		977,293
OHA Credit Funding 2 Ltd.
11.621%, 04/21/2034 (a)(b)		550,000		520,713
OHA Loan Funding 2016-1 Ltd.
11.600%, 01/20/2033 (a)(b)		500,000		464,639
Palmer Square CLO 2015-2 Ltd.
11.000%, 07/22/2030 (a)(b)		1,000,000		896,100
Palmer Square CLO 2018-2 Ltd.
10.860%, 07/16/2031 (a)(b)		1,000,000		917,507
Parallel 2021-2 Ltd.
12.450%, 12/20/2034 (a)(b)		1,000,000		895,390
Point Au Roche Park CLO Ltd.
11.350%, 07/20/2034 (a)(b)		370,000		344,502
Rad CLO 12 Ltd.
11.152%, 10/30/2034 (a)(b)		500,000		444,609
RR 12 Ltd.
11.980%, 01/15/2036 (a)(b)		1,080,000		1,007,437
RR 15 Ltd.
11.460%, 04/15/2036 (a)(b)		500,000		450,580
RR 19 Ltd.
11.760%, 10/15/2035 (a)(b)		1,000,000		953,590
Sixth Street CLO XIX Ltd.
11.150%, 07/20/2034 (a)(b)		500,000		461,502
Storm King Park CLO Ltd.
13.156%, 10/15/2035 (a)(b)		1,000,000		992,170
Symphony CLO XXIV Ltd.
12.273%, 01/23/2032 (a)(b)		1,000,000		950,111
				33,414,507
Real Estate — 3.0%
Aimco CLO 10 Ltd.
11.223%, 07/22/2032 (a)(b)		1,000,000		918,112
Aimco CLO 15 Ltd.
11.210%, 10/17/2034 (a)(b)		1,250,000		1,171,469
Aimco CLO Series 2015-A
11.860%, 10/16/2034 (a)(b)		1,000,000		915,279
				3,004,860
TOTAL ASSET BACKED SECURITIES (Cost $37,559,419)				36,419,367

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

139

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
BANK LOANS — 46.6%
Communication Services — 4.8%
Charter Communications Operating, LLC
6.800%, (3 Month SOFR USD+1.750%), 02/01/2027 (a)		1,476,163	$	1,453,326
6.730%, (1 Month SOFR USD+1.750%), 02/01/2027 (a)		3,834		3,775
Clear Channel Outdoor Holdings Inc. (a)
8.810%, (3 Month SOFR USD+3.500%), 08/21/2016 (a)		1,225,233		1,156,442
8.600%, (1 Month SOFR USD+3.500%), 08/21/2026 (a)		3,182		3,004
SBA Senior Finance II LLC 6.78%, (1 Month LIBOR USD+1.750%), 04/11/2025 (a)		962,819		963,093
SeaWorld Parks & Entertainment, Inc. 8.06%, (1 Month LIBOR USD+3.000%,0.500%Floor), 08/25/2028 (a)		1,224,262		1,221,201
				4,800,841
Consumer Discretionary — 7.9%
Bombardier Recreational Products, Inc. 6.910%, (1 Month SOFR USD+2.000%), 05/24/2027 (a)		234,675		229,269
Carnival Corporation 8.270%, (1 Month LIBOR USD+3.250%,0.750%Floor), 10/18/2028 (a)		1,492,443		1,469,437
ClubCorp Holdings, Inc. 7.770%, (1 Month LIBOR USD+2.75%), 09/18/2024 (a)		1,215,244		1,151,596
Great Outdoors Group, LLC 8.770%, (1 Month LIBOR USD+3.750%,0.750%Floor), 03/06/2028 (a)		1,284,506		1,276,484
ICON Luxembourg S.A.R.L. 7.410%, (3 Month SOFR USD+2.250%,0.500%Floor), 07/03/2028 (a)		687,453		688,021
Madison IAQ LLC 8.300%, (6 Month LIBOR USD+3.250%,0.500%Floor), 06/21/2028 (a)		984,969		949,992
Pilot Travel Centers LLC 7.080%, (1 Month SOFR USD+2.000%), 08/04/2028 (a)		1,236,875		1,235,224
SRS Distribution, Inc. 8.520%, (1 Month LIBOR USD+3.500%,0.500%Floor), 06/02/2028 (a)		983,731		940,924
				7,940,947

	Shares		Value
Consumer Staples — 3.3%
1011778 B.C. Unlimited Liability Company 6.775%, (1 Month LIBOR USD+1.750%), 11/19/2026 (a)		1,315,592	$	1,305,008
Sunshine Luxembourg VII SARL 8.910%, (3 Month LIBOR USD+3.750%,0.750%Floor), 10/01/2026 (a)		986,265		976,777
Whatabrands LLC 8.270%, (1 Month LIBOR USD+3.250%,0.500%Floor), 08/03/2028 (a)		997,475		987,500
				3,269,285
Energy — 1.4%
Arch Coal, Inc. 7.770%, (1 Month LIBOR USD+2.750%,1.000%Floor), 03/07/2024 (a)		119		119
Blackstone CQP Holdco LP 8.660%, (3 Month LIBOR USD+3.500%,0.500%Floor), 06/05/2028 (a)		739,341		738,742
Traverse Midstream Partners LLC 8.730%, (3 Month SOFR USD+3.750%,0.500%Floor), 02/16/2028 (a)		647,518		641,366
				1,380,227
Financials — 4.2%
Avolon TLB Borrower 1 (US) LLC 6.700%, (1 Month LIBOR USD+1.750%,0.750%Floor), 01/15/2025 (a)		1,175,812		1,173,772
Deerfield Dakota Holding, LLC 8.560%, (1 Month SOFR USD+3.750%,1.000%Floor), 04/09/2027 (a)		1,483,686		1,436,972
HUB International Ltd.
8.020%, (1 Month LIBOR USD+3.000%), 04/25/2025 (a)		1,232,264		1,231,341
8.160%, (3 Month LIBOR USD+3.000%), 04/25/2025 (a)		3,243		3,240
USI, Inc. 8.650%, (3 Month SOFR USD+3.750%,0.500%Floor), 11/14/2029 (a)		378,100		377,758
				4,223,083
Health Care — 3.5%
AthenaHealth Group, Inc.
7.821%, 01/14/2027 (c) (d)		163,744		153,977
8.460%, (1 Month SOFR USD+3.500%,0.500%Floor), 02/15/2029		1,332,899		1,253,398

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

140

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
BANK LOANS — 46.6% (Continued)
Health Care — 3.5% (Continued)
Milano Acquisition Corp. 9.000%, (3 Month SOFR USD+4.000%,0.750%Floor), 10/01/2027 (a)		492,443	$	475,826
Medline Borrower, LP 8.270%, (1 Month LIBOR USD+3.250%,0.500%Floor), 10/23/2028 (a)		997,481		969,567
Parexel International 8.270%, (1 Month LIBOR USD+3.250%,0.500%Floor), 11/15/2028 (a)		495,000		487,236
PRA Health Sciences, Inc. 7.160%, (3 Month SOFR USD+2.250%,0.500%Floor), 07/03/2028 (a)		171,279		171,421
				3,511,425
Industrials — 10.8%
AAdvantage Loyalty IP Ltd. 10.000%, (3 Month LIBOR USD+4.750%,0.750%Floor), 04/20/2028 (a)		1,000,000		1,008,190
Allied Universal Holdco LLC 8.830%, (1 Month SOFR USD+3.750%,0.500%Floor), 05/12/2028 (a)		992,443		958,814
Chart Industries, Inc. 8.740%, (1 Month SOFR USD+3.750%,0.500%Floor), 03/15/2030 (a)		1,500,000		1,502,820
Dynasty Acquisition Co., Inc. 8.580%, (1 Month SOFR USD+3.500%), 04/06/2026 (a)		955,827		940,491
8.580%, (1 Month SOFR USD+3.500%), 04/06/2026 (a)		513,885		505,640
Genesee & Wyoming, Inc. 7.000%, (3 Month SOFR USD+2.000%), 12/30/2026 (a)		992,327		990,377
GFL Environmental, Inc. 8.150%, (1 Month SOFR USD+3.000%,0.500%Floor), 05/31/2027 (a)		992,437		994,436
Mileage Plus Holdings, LLC 10.210%, (3 Month LIBOR USD+5.250%,1.00%Floor), 06/21/2027 (a)		425,000		442,914
QUIKRETE Holdings, Inc. 7.650%, (1 Month LIBOR USD+2.630%), 02/01/2027 (a)		1,465,386		1,459,107
SPX Flow, Inc. 9.580%, (1 Month SOFR USD+4.500%,0.500%Floor), 04/05/2029 (a)		1,089,266		1,053,598

	Shares		Value
Industrials — 10.8% (Continued)
Titan Acquisition Limited 8.150%, (6 Month LIBOR USD+3.000%), 03/28/2025 (a)		973,469	$	934,419
				10,790,806
Information Technology — 6.5%
Epicor Software Corporation 8.270%, (1 Month LIBOR USD+3.250%,0.750%Floor), 07/30/2027 (a)		1,487,500		1,471,123
Peraton Corp. 8.830%, (1 Month LIBOR USD+3.750%,0.750%Floor), 02/01/2028 (a)		987,155		968,952
Polaris Newco, LLC 9.160%, (3 Month LIBOR USD+4.000%,0.500%Floor), 06/02/2028 (a)		1,237,437		1,150,130
Roper Industrial Products Investment Company LLC 9.400%, (3 Month SOFR USD+4.500%,0.500%Floor), 11/22/2029 (a)		500,000		497,657
Tempo Acquisition, LLC 7.980%, (1 Month SOFR USD+3.000%,0.500%Floor), 08/31/2028 (a)		921,079		921,751
UKG Inc. 8.270%, (3 Month SOFR USD+3.250%,0.500%Floor), 05/04/2026 (a)		1,496,212		1,459,315
				6,468,928
Materials — 4.2%
Engineered Machinery Holdings, Inc. 8.660%, (3 Month LIBOR USD+3.500%,0.750%Floor), 05/22/2028 (a)		987,481		976,506
Graham Packaging Company, Inc. 8.020%, (1 Month LIBOR USD+3.000%,0.750%Floor), 08/04/2027 (a)		976,236		972,297
Starfruit US Holdco LLC 7.900%, (3 Month SOFR USD+2.750%), 10/01/2025 (a)		367,380		366,548
Pregis Topco LLC 8.850%, (1 Month SOFR USD+3.750%), 07/31/2026 (a)		488,636		481,815
Proampac PG Borrower LLC
9.000%, (3 Month SOFR USD+3.750%,0.750%Floor), 11/03/2025 (a)		1,091,078		1,077,216

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

141

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
BANK LOANS — 46.6% (Continued)
Materials — 4.2% (Continued)
8.930%, (6 Month LIBOR USD+3.750%,0.750%Floor), 11/03/2025 (a)		359,964	$	355,390
8.650%, (3 Month LIBOR USD+3.750%,0.750%Floor), 11/03/2025 (a)		18,087		17,857
				4,247,630
TOTAL BANK LOANS (Cost $46,904,535)				46,633,172
	Shares
CLOSED END FUNDS — 0.0% (e)
Eagle Point Credit Co., Inc.		1,905		21,716
TOTAL CLOSED END FUNDS (Cost $33,494)				21,716

	Principal Amount
CORPORATE BONDS — 10.4%
Communication Services — 1.4%
Millennium Operations, LLC
5.500%, 05/01/2025 (b)	$	500,000	499,692
CCO Holdings LLC / CCO Holdings Capital Corp.
4.750%, 03/01/2030 (b)		500,000	431,884
DISH Network Corp.
11.750%, 11/15/2027 (b)		500,000	473,203
			1,404,779
Consumer Discretionary — 1.5%
Boyd Gaming Corp.
4.750%, 12/01/2027		500,000	482,988
Las Vegas Sands Corp.
3.900%, 08/08/2029		500,000	455,647
Madison IAQ LLC
4.125%, 06/30/2028 (b)		250,000	220,192
MajorDrive Holdings IV LLC
6.375%, 06/01/2029 (b)		500,000	395,450
			1,554,277
Consumer Staples — 0.9%
1011778 BC ULC / New Red Finance, Inc.
4.000%, 10/15/2030 (b)		500,000	437,002
US Foods, Inc.
4.625%, 06/01/2030 (b)		500,000	457,703
			894,705

	Principal Amount		Value
Energy — 0.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.375%, 06/15/2029 (b)	$	500,000	$	468,718
Callon Petroleum Co.
7.500%, 06/15/2030 (b)		500,000		474,162
				942,880
Financials — 0.5%
Ford Motor Credit Co. LLC
5.113%, 05/03/2029		500,000		467,594
Health Care — 0.4%
Medline Borrower LP
3.875%, 04/01/2029 (b)		500,000		437,768
Industrials — 3.3%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
9.750%, 07/15/2027 (b)		500,000		465,706
American Airlines, Inc.
5.500%, 04/20/2026 (b)		500,000		491,670
GFL Environmental, Inc.
3.500%, 09/01/2028 (b)		500,000		454,978
Standard Industries, Inc.
4.750%, 01/15/2028 (b)		500,000		467,035
TK Elevator Holdco GmbH
7.625%, 07/15/2028 (b)		500,000		447,782
TransDigm UK Holdings PLC
6.875%, 05/15/2026		500,000		503,728
United Rentals North America, Inc.
4.875%, 01/15/2028		500,000		481,301
				3,312,200
Information Technology — 0.5%
Entegris, Inc.
4.375%, 04/15/2028 (b)		500,000		458,219
Materials — 0.5%
Endeavor Energy Resources LP / EER Finance, Inc.
5.750%, 01/30/2028 (b)		500,000		498,139
Real Estate — 0.5%
The Howard Hughes Corp.
5.375%, 08/01/2028 (b)		500,000		451,983
TOTAL CORPORATE BONDS (Cost $10,585,476)				10,422,544

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

142

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
EXCHANGE TRADED FUNDS — 1.2%
iShares iBoxx High Yield Corporate Bond ETF		8,065	$	607,779
SPDR Bloomberg High Yield Bond ETF		6,533		604,237
TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405)				1,212,016
	Principal Amount
SHORT-TERM INVESTMENTS — 5.0%
Money Market Deposit Accounts — 5.0%
U.S. Bank Money Market Deposit Account, 3.760% (f)	$	4,957,416		4,957,416
TOTAL SHORT-TERM INVESTMENTS (Cost $4,957,416)				4,957,416
Total Investments (Cost $101,241,745) — 99.6%				99,666,231
Other Assets in Excess of Liabilities — 0.4%				428,549
TOTAL NET ASSETS — 100.0%			$	100,094,780

Percentages are stated as a percent of net assets.

(a) Variable rate instrument. Securities that reference SOFR may be subject to a credit spread adjustment, particularly to legacy holdings that reference LIBOR that have transitioned to SOFR as the base lending rate. The interest rate shown reflects the rate in effect at April 30, 2023.

(b) Restriced security as defined in Rule 144(a) under the Securities Act of 1933. Resale to the public may require registration or may extend only to qualified institutional buyers. At April 30, 2023, the market value of these securities total $44,450,652, which represents 44.4% of total net assets.

(c) The loan will settle after April 30, 2023 at which time the interest rate will be determined.

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

(e) Less than 0.05%.

(f) The rate shown is as of April 30, 2023.

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

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

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

143

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 88.2%
Communication Services — 7.4%
Activision Blizzard, Inc.		17	$	1,321
Alphabet, Inc. - Class A (a)		140		15,028
Alphabet, Inc. - Class C (a)		122		13,203
AT&T, Inc.		168		2,968
Charter Communications, Inc. - Class A (a)		2		737
Comcast Corp. - Class A		99		4,096
DISH Network Corp. - Class A (a)		6		45
Electronic Arts, Inc.		6		764
Fox Corp. - Class A		7		233
Fox Corp. - Class B		3		92
Live Nation Entertainment, Inc. (a)		3		203
Match Group, Inc. (a)		7		258
Meta Platforms, Inc. - Class A (a)		52		12,497
Netflix, Inc. (a)		10		3,299
News Corp. - Class A		9		158
News Corp. - Class B		3		53
Omnicom Group, Inc.		5		453
Paramount Global - Class B		12		280
Take-Two Interactive Software, Inc. (a)		4		497
The Interpublic Group of Cos., Inc.		9		322
T-Mobile US, Inc. (a)		14		2,015
Verizon Communications, Inc.		99		3,844
Walt Disney Co. (a)		43		4,407
Warner Bros Discovery, Inc. (a)		52		708
				67,481
Consumer Discretionary — 8.8%
Advance Auto Parts, Inc.		1		126
Amazon.com, Inc. (a)		210		22,144
Aptiv PLC (a)		6		617
Bath & Body Works, Inc.		5		175
Best Buy Co., Inc.		5		373
Booking Holdings, Inc. (a)		1		2,686
BorgWarner, Inc.		6		289
Caesars Entertainment, Inc. (a)		5		226
CarMax, Inc. (a)		4		280
Carnival Corp. (a)		24		221
Chipotle Mexican Grill, Inc. (a)		1		2,068
Darden Restaurants, Inc.		3		456
Domino’s Pizza, Inc.		1		317
DR Horton, Inc.		7		769
eBay, Inc.		13		604
Etsy, Inc. (a)		3		303
Expedia Group, Inc. (a)		3		282
Ford Motor Co.		92		1,093
Garmin Ltd.		4		393
General Motors Co.		33		1,090

	Shares		Value
Consumer Discretionary — 8.8% (Continued)
Genuine Parts Co.		3	$	505
Hasbro, Inc.		3		178
Hilton Worldwide Holdings, Inc.		6		864
Las Vegas Sands Corp. (a)		8		511
Lennar Corp. - Class A		6		677
LKQ Corp.		6		346
Lowe’s Cos., Inc.		14		2,910
Marriott International, Inc.		6		1,016
McDonald’s Corp.		17		5,028
MGM Resorts International		7		314
Mohawk Industries, Inc. (a)		1		106
Newell Brands, Inc.		9		109
NIKE, Inc. - Class B		29		3,675
Norwegian Cruise Line Holdings Ltd. (a)		10		133
O’Reilly Automotive, Inc. (a)		1		917
Pool Corp.		1		351
PulteGroup, Inc.		5		336
Ralph Lauren Corp.		1		115
Ross Stores, Inc.		8		854
Royal Caribbean Cruises Ltd. (a)		5		327
Starbucks Corp.		27		3,086
Tapestry, Inc.		6		245
Tesla Motors, Inc. (a)		63		10,352
The Home Depot, Inc.		24		7,213
The TJX Cos., Inc.		27		2,128
Tractor Supply Co.		3		715
Ulta Beauty, Inc. (a)		1		551
VF Corp.		8		188
Whirlpool Corp.		1		140
Wynn Resorts Ltd. (a)		2		229
Yum! Brands, Inc.		7		984
				79,615
Consumer Staples — 6.7%
Altria Group, Inc.		42		1,995
Archer-Daniels-Midland Co.		13		1,015
Brown-Forman Corp. - Class B		4		260
Bunge Ltd.		4		374
Campbell Soup Co.		5		272
Church & Dwight Co., Inc.		6		583
Colgate-Palmolive Co.		20		1,596
Conagra Brands, Inc.		11		418
Constellation Brands, Inc. - Class A		4		918
Costco Wholesale Corp.		10		5,032
Dollar General Corp.		5		1,107
Dollar Tree, Inc. (a)		5		769
General Mills, Inc.		14		1,241
Hormel Foods Corp.		7		283
Kellogg Co.		6		419

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

144

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 88.2% (Continued)
Consumer Staples — 6.7% (Continued)
Keurig Dr Pepper, Inc.		20	$	654
Kimberly-Clark Corp.		8		1,159
Lamb Weston Holdings, Inc.		3		335
McCormick & Co., Inc.		6		527
Molson Coors Brewing Co. - Class B		4		238
Mondelez International, Inc.		32		2,455
Monster Beverage Corp. (a)		18		1,008
PepsiCo, Inc.		32		6,109
Philip Morris International, Inc.		37		3,699
Sysco Corp.		12		921
Target Corp.		11		1,735
The Clorox Co.		3		497
The Coca-Cola Co.		92		5,902
The Estee Lauder Cos., Inc.		5		1,234
The Hershey Co.		3		819
The JM Smucker Co.		3		463
The Kraft Heinz Co.		19		746
The Kroger Co.		15		729
The Procter & Gamble Co.		56		8,757
Tyson Foods, Inc. - Class A		7		437
Walgreens Boots Alliance, Inc.		17		599
Walmart, Inc.		33		4,982
				60,287
Energy — 4.3%
APA Corp.		8		295
Baker Hughes Co.		24		702
Chevron Corp.		42		7,080
ConocoPhillips		29		2,984
Coterra Energy, Inc.		19		486
Devon Energy Corp.		15		801
Diamondback Energy, Inc.		4		569
EOG Resources, Inc.		14		1,673
EQT Corp.		9		314
Exxon Mobil Corp.		97		11,479
Halliburton Co.		21		688
Hess Corp.		7		1,015
Kinder Morgan, Inc.		47		806
Marathon Oil Corp.		15		362
Marathon Petroleum Corp.		11		1,342
Occidental Petroleum Corp.		17		1,046
ONEOK, Inc.		11		719
Phillips 66		11		1,089
Pioneer Natural Resources Co.		6		1,305
Schlumberger Ltd.		33		1,629
Targa Resources Corp.		5		378
The Williams Cos., Inc.		29		878
Valero Energy Corp.		9		1,032
				38,672

	Shares		Value
Financials — 11.9%
Aflac, Inc.		13	$	908
American Express Co.		14		2,259
American International Group, Inc.		18		955
Ameriprise Financial, Inc.		2		610
Aon PLC		5		1,626
Arch Capital Group Ltd. (a)		9		676
Arthur J Gallagher & Co.		5		1,040
Assurant, Inc.		1		123
Bank of America Corp.		164		4,802
Berkshire Hathaway, Inc. - Class B (a)		42		13,799
BlackRock, Inc.		4		2,685
Brown & Brown, Inc.		6		386
Capital One Financial Corp.		9		876
Cboe Global Markets, Inc.		2		279
Chubb Ltd.		10		2,016
Cincinnati Financial Corp.		4		426
Citigroup, Inc.		46		2,165
Citizens Financial Group, Inc.		12		371
CME Group, Inc.		8		1,486
Comerica, Inc.		3		130
Discover Financial Services		6		621
Everest Re Group Ltd.		1		378
FactSet Research Systems, Inc.		1		412
Fidelity National Information Services, Inc.		14		822
Fifth Third Bancorp		16		419
First Republic Bank		4		14
Fiserv, Inc. (a)		15		1,832
FleetCor Technologies, Inc. (a)		2		428
Franklin Resources, Inc.		7		188
Global Payments, Inc.		6		676
Globe Life, Inc.		2		217
Huntington Bancshares, Inc.		34		381
Intercontinental Exchange, Inc.		13		1,416
Invesco Ltd.		11		188
Jack Henry & Associates, Inc.		2		327
JPMorgan Chase & Co.		69		9,539
KeyCorp.		22		248
Lincoln National Corp.		4		87
Loews Corp.		5		288
M&T Bank Corp.		4		503
MarketAxess Holdings, Inc.		1		318
Marsh & McLennan Cos., Inc.		12		2,162
MasterCard, Inc. - Class A		20		7,601
MetLife, Inc.		16		981
Moody’s Corp.		4		1,252
Morgan Stanley		31		2,789
MSCI, Inc.		2		965

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

145

Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 88.2% (Continued)
Financials — 11.9% (Continued)
Nasdaq, Inc.		8	$	443
Northern Trust Corp.		5		391
PayPal Holdings, Inc. (a)		27		2,052
Principal Financial Group, Inc.		5		373
Prudential Financial, Inc.		9		783
Raymond James Financial, Inc.		5		453
Regions Financial Corp.		22		402
S&P Global, Inc.		8		2,901
Signature Bank (b)		2		0
State Street Corp.		8		578
SVB Financial Group (a)		2		1
Synchrony Financial		10		295
T Rowe Price Group, Inc.		5		562
The Allstate Corp.		6		694
The Bank of New York Mellon Corp.		17		724
The Charles Schwab Corp.		36		1,881
The Goldman Sachs Group, Inc.		8		2,747
The Hartford Financial Services Group, Inc.		7		497
The PNC Financial Services Group, Inc.		9		1,172
The Progressive Corp.		14		1,910
The Travelers Cos., Inc.		5		906
Truist Financial Corp.		31		1,010
US Bancorp		33		1,131
Visa, Inc. - Class A		38		8,844
W R Berkley Corp.		5		295
Wells Fargo & Co.		90		3,577
Willis Towers Watson PLC		3		695
Zions Bancorp		4		111
				108,098
Health Care — 13.2%
Abbott Laboratories		41		4,529
AbbVie, Inc.		42		6,347
Agilent Technologies, Inc.		7		948
Align Technology, Inc. (a)		2		651
AmerisourceBergen Corp.		4		667
Amgen, Inc.		13		3,117
Baxter International, Inc.		12		572
Becton Dickinson and Co.		7		1,850
Biogen, Inc. (a)		3		913
Bio-Rad Laboratories, Inc. - Class A (a)		1		451
Bio-Techne Corp.		4		320
Boston Scientific Corp. (a)		34		1,772
Bristol-Myers Squibb Co.		50		3,339
Cardinal Health, Inc.		6		493
Catalent, Inc. (a)		4		201

	Shares		Value
Health Care — 13.2% (Continued)
Centene Corp. (a)		13	$	896
Charles River Laboratories International, Inc. (a)		1		190
Cigna Corp.		7		1,773
CVS Health Corp.		30		2,199
Danaher Corp.		15		3,554
DaVita, Inc. (a)		1		90
DENTSPLY SIRONA, Inc.		5		210
DexCom, Inc. (a)		9		1,092
Edwards Lifesciences Corp. (a)		15		1,320
Elevance Health, Inc.		6		2,812
Eli Lilly & Co.		19		7,521
GE HealthCare Technologies, Inc. (a)		9		732
Gilead Sciences, Inc.		29		2,384
HCA Healthcare, Inc.		5		1,437
Henry Schein, Inc. (a)		3		242
Hologic, Inc. (a)		6		516
Humana, Inc.		3		1,591
IDEXX Laboratories, Inc. (a)		2		984
Illumina, Inc. (a)		4		822
Incyte Corp. (a)		4		298
Insulet Corp. (a)		2		636
Intuitive Surgical, Inc. (a)		8		2,410
IQVIA Holdings, Inc. (a)		4		753
Johnson & Johnson		62		10,149
Laboratory Corp. of American Holdings		2		453
McKesson Corp.		3		1,093
Medtronic PLC		31		2,819
Merck & Co., Inc.		60		6,928
Mettler-Toledo International, Inc. (a)		1		1,492
Moderna, Inc. (a)		8		1,063
Molina Healthcare, Inc. (a)		1		298
Organon & Co.		6		148
PerkinElmer, Inc.		3		391
Pfizer, Inc.		132		5,134
Quest Diagnostics, Inc.		3		416
Regeneron Pharmaceuticals, Inc. (a)		3		2,405
ResMed, Inc.		3		723
STERIS PLC		2		377
Stryker Corp.		8		2,397
Teleflex, Inc.		1		273
The Cooper Cos., Inc.		1		381
Thermo Fisher Scientific, Inc.		9		4,994
UnitedHealth Group, Inc.		22		10,826
Universal Health Services, Inc. - Class B		2		301
Vertex Pharmaceuticals, Inc. (a)		6		2,044
Viatris, Inc.		29		271

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

146

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 88.2% (Continued)
Health Care — 13.2% (Continued)
Waters Corp. (a)		1	$	300
West Pharmaceutical Services, Inc.		2		723
Zimmer Biomet Holdings, Inc.		5		692
Zoetis, Inc.		11		1,934
				119,657
Industrials — 7.5%
3M Co.		13		1,381
A O Smith Corp.		3		205
Alaska Air Group, Inc. (a)		3		130
Allegion PLC		2		221
American Airlines Group, Inc. (a)		15		205
AMETEK, Inc.		5		690
Automatic Data Processing, Inc.		10		2,200
Broadridge Financial Solutions, Inc.		3		436
Carrier Global Corp.		20		836
Caterpillar, Inc.		12		2,626
CH Robinson Worldwide, Inc.		3		303
Cintas Corp.		2		912
Copart, Inc. (a)		10		790
CoStar Group, Inc. (a)		10		769
CSX Corp.		50		1,532
Cummins, Inc.		3		705
Deere & Co.		6		2,268
Delta Air Lines, Inc. (a)		15		515
Dover Corp.		3		438
Eaton Corp. PLC		9		1,504
Emerson Electric Co.		13		1,082
Equifax, Inc.		3		625
Expeditors International of Washington, Inc.		4		455
Fastenal Co.		13		700
FedEx Corp.		5		1,139
Fortive Corp.		8		505
Generac Holdings, Inc. (a)		1		102
General Dynamics Corp.		5		1,092
General Electric Co.		26		2,573
Honeywell International, Inc.		16		3,197
Howmet Aerospace, Inc.		9		399
Huntington Ingalls Industries, Inc.		1		202
IDEX Corp.		2		413
Illinois Tool Works, Inc.		7		1,694
Ingersoll Rand, Inc.		10		570
Jacobs Solutions, Inc.		3		346
JB Hunt Trasport Services, Inc.		2		351
Johnson Controls International PLC		16		957
L3Harris Technologies, Inc.		4		781
Leidos Holdings, Inc.		3		280
Lockheed Martin Corp.		5		2,322

	Shares		Value
Industrials — 7.5% (Continued)
Masco Corp.		5	$	268
Nordson Corp.		1		216
Norfolk Southern Corp.		5		1,015
Northrop Grumman Corp.		3		1,384
Old Dominion Freight Line, Inc.		2		641
Otis Worldwide Corp.		10		853
PACCAR, Inc.		12		896
Parker-Hannifin Corp.		3		975
Paychex, Inc.		8		879
Pentair PLC		4		232
Quanta Services, Inc.		3		509
Raytheon Technologies Corp.		35		3,497
Republic Services, Inc.		5		723
Robert Half International, Inc.		3		219
Rockwell Automation, Inc.		3		850
Rollins, Inc.		5		211
Snap-On, Inc.		1		259
Southwest Airlines Co.		14		424
Stanley Black & Decker, Inc.		3		259
Textron, Inc.		5		335
The Boeing Co. (a)		13		2,688
Trane Technologies PLC		5		929
TransDigm Group, Inc.		1		765
Union Pacific Corp.		14		2,740
United Airlines Holdings, Inc. (a)		8		350
United Parcel Service, Inc. - Class B		17		3,057
United Rentals, Inc.		2		722
Verisk Analytics, Inc.		4		776
W.W. Grainger, Inc.		1		696
Waste Management, Inc.		9		1,494
Westinghouse Air Brake Technologies Corp.		4		391
Xylem, Inc.		4		415
				68,119
Information Technology — 23.3%
Accenture PLC - Class A		15		4,204
Adobe, Inc. (a)		11		4,153
Advanced Micro Devices, Inc. (a)		38		3,396
Akamai Technologies, Inc. (a)		4		328
Amphenol Corp.		14		1,057
Analog Devices, Inc.		12		2,158
ANSYS, Inc. (a)		2		628
Apple, Inc.		350		59,388
Applied Materials, Inc.		20		2,261
Arista Networks, Inc. (a)		6		961
Autodesk, Inc. (a)		5		974
Broadcom, Inc.		10		6,265
Cadence Design System, Inc. (a)		6		1,257

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

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 88.2% (Continued)
Information Technology — 23.3% (Continued)
CDW Corp.		3	$	509
Ceridian HCM Holding, Inc. (a)		4		254
Cisco Systems, Inc.		97		4,583
Cognizant Technology Solutions Corp.		12		716
Corning, Inc.		18		598
DXC Technology Co. (a)		5		119
Enphase Energy, Inc. (a)		3		493
EPAM Systems, Inc. (a)		1		282
F5, Inc. (a)		1		134
Fair Isaac Corp. (a)		1		728
First Solar, Inc. (a)		2		365
Fortinet, Inc. (a)		15		946
Gartner, Inc. (a)		2		605
Gen Digital, Inc.		13		230
Hewlett Packard Enterprise Co.		30		430
HP, Inc.		20		594
Intel Corp.		97		3,013
International Business Machines Corp.		21		2,655
Intuit, Inc.		7		3,108
Juniper Networks, Inc.		8		241
Keysight Technologies, Inc. (a)		4		579
KLA Corp.		3		1,160
Lam Research Corp.		3		1,572
Microchip Technology, Inc.		13		949
Micron Technology, Inc.		26		1,673
Microsoft Corp.		175		53,770
Monolithic Power Systems, Inc.		1		462
Motorola Solutions, Inc.		4		1,166
NetApp, Inc.		5		314
NVIDIA Corp.		58		16,094
NXP Semiconductors NV		6		982
ON Semiconductor Corp. (a)		10		720
Oracle Corp.		36		3,410
Paycom Software, Inc. (a)		1		290
PTC, Inc. (a)		3		377
Qorvo, Inc. (a)		2		184
QUALCOMM, Inc.		26		3,037
Roper Technologies, Inc.		2		910
salesforce.com, Inc. (a)		24		4,761
Seagate Technology Holdings PLC		5		294
ServiceNow, Inc. (a)		5		2,297
Skyworks Solutions, Inc.		4		424
SolarEdge Technologies, Inc. (a)		1		286
Synopsys, Inc. (a)		4		1,485
TE Connectivity Ltd.		7		857
Teledyne Technologies, Inc. (a)		1		414

	Shares		Value
Information Technology — 23.3% (Continued)
Teradyne, Inc.		4	$	365
Texas Instruments, Inc.		21		3,511
Trimble, Inc. (a)		6		283
Tyler Technologies, Inc. (a)		1		379
VeriSign, Inc. (a)		2		444
Western Digital Corp. (a)		8		275
Zebra Technologies Corp. (a)		1		288
				211,645
Materials — 2.4%
Air Products & Chemicals, Inc.		5		1,472
Albemarle Corp.		3		556
Amcor PLC		35		384
Avery Dennison Corp.		2		349
Ball Corp.		7		372
Celanese Corp.		2		212
CF Industries Holdings, Inc.		5		358
Corteva, Inc.		17		1,039
Dow, Inc.		17		925
DuPont de Nemours, Inc.		11		767
Eastman Chemical Co.		3		253
Ecolab, Inc.		6		1,007
FMC Corp.		3		371
Freeport-McMoRan, Inc.		34		1,289
International Flavors & Fragrances, Inc.		6		582
International Paper Co.		8		265
Linde PLC		12		4,433
LyondellBasell Industries NV		6		568
Martin Marietta Materials, Inc.		1		363
Mosaic Co.		8		343
Newmont Goldcorp Corp.		19		901
Nucor Corp.		6		889
Packaging Corp. of America		2		270
PPG Industries, Inc.		6		841
Sealed Air Corp.		3		144
Steel Dynamics, Inc.		4		416
The Sherwin-Williams Co.		6		1,425
Vulcan Materials Co.		3		525
Westrock Co.		6		180
				21,499
Real Estate — 0.1%
CBRE Group, Inc. (a)		7		537
Utilities — 2.6%
Alliant Energy Corp.		6		331
Ameren Corp.		6		534
American Electric Power Co., Inc.		12		1,109
American Water Works Co., Inc.		5		741
Atmos Energy Corp.		3		342

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

148

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 88.2% (Continued)
Utilities — 2.6% (Continued)
CenterPoint Energy, Inc.		15	$	457
CMS Energy Corp.		7		436
Consolidated Edison, Inc.		8		788
Constellation Energy Corp.		8		619
Dominion Energy, Inc.		20		1,143
DTE Energy Co.		5		562
Duke Energy Corp.		18		1,780
Edison International		9		662
Entergy Corp.		5		538
Evergy, Inc.		5		311
Eversource Energy		8		621
Exelon Corp.		23		976
FirstEnergy Corp.		13		517
NextEra Energy, Inc.		47		3,602
NiSource, Inc.		10		285
NRG Energy, Inc.		5		171
PG&E Corp. (a)		38		650
Pinnacle West Capital Corp.		3		235
PPL Corp.		17		488
Public Service Enterprise Group, Inc.		12		758
Sempra Energy		7		1,089
The AES Corp.		16		379
The Southern Co.		26		1,912
WEC Energy Group, Inc.		7		673
Xcel Energy, Inc.		13		909
				23,618
TOTAL COMMON STOCKS (Cost $909,008)				799,228
REAL ESTATE INVESTMENT TRUSTS — 2.3%
Alexandria Real Estate Equities, Inc.		4		497
American Tower Corp.		11		2,248
AvalonBay Communities, Inc.		3		541
Boston Properties, Inc.		3		160
Camden Property Trust		3		330
Crown Castle, Inc.		10		1,231
Digital Realty Trust, Inc.		7		694
Equinix, Inc.		2		1,448
Equity Residential		8		506
Essex Property Trust, Inc.		2		439
Extra Space Storage, Inc.		3		456
Federal Realty Investment Trust		2		198
Healthpeak Properties, Inc.		13		286
Host Hotels & Resorts, Inc.		17		275
Invitation Homes, Inc.		14		467
Iron Mountain, Inc.		7		387
Kimco Realty Corp.		15		288

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.3% (Continued)
Mid-America Apartment Communities, Inc.		3	$	461
Prologis, Inc.		22		2,756
Public Storage		4		1,179
Realty Income Corp.		15		943
Regency Centers Corp.		4		246
SBA Communications Corp.		3		783
Simon Property Group, Inc.		8		907
UDR, Inc.		7		289
Ventas, Inc.		9		432
VICI Properties, Inc.		24		815
Welltower, Inc.		11		871
Weyerhaeuser Co.		17		508
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $25,992)				20,641
	Principal Amount
SHORT-TERM INVESTMENTS — 4.4%
Money Market Deposit Accounts — 4.4%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	40,304		40,304
TOTAL SHORT-TERM INVESTMENTS (Cost $40,304)				40,304
Total Investments (Cost $975,304) — 94.9%				860,173
Other Assets in Excess of Liabilities — 5.1%				46,315
TOTAL NET ASSETS — 100.0%			$	906,488

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Less than $0.50.

(c) The rate shown is as of April 30, 2023.

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

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

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

149

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SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2023

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	2	Long	S&P 500 Annual Dividend Futures Index (a)		12/15/2023	$	34,375	$	1,593
	2	Long	S&P 500 Annual Dividend Futures Index (a)		12/20/2024		33,625		193
	2	Long	S&P 500 Annual Dividend Futures Index (a)		12/19/2025		32,750		1,643
								$	3,429

(a) Exchange traded.

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

150

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SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 83.2%
Communication Services — 7.1%
Activision Blizzard, Inc.		1,906	$	148,115
Alphabet, Inc. - Class A (a)		16,030		1,720,660
Alphabet, Inc. - Class C (a)		13,975		1,512,375
AT&T, Inc.		19,182		338,946
Charter Communications, Inc. - Class A (a)		279		102,867
Comcast Corp. - Class A		11,322		468,391
DISH Network Corp. - Class A (a)		669		5,024
Electronic Arts, Inc.		691		87,951
Fox Corp. - Class A		792		26,342
FOX Corp. - Class B		370		11,300
Live Nation Entertainment, Inc. (a)		381		25,824
Match Group, Inc. (a)		749		27,638
Meta Platforms, Inc. - Class A (a)		5,982		1,437,594
Netflix, Inc. (a)		1,187		391,627
News Corp. - Class A		1,023		18,015
News Corp. - Class B		310		5,503
Omnicom Group, Inc.		539		48,817
Paramount Global - Class B		1,356		31,635
Take-Two Interactive Software, Inc. (a)		420		52,202
The Interpublic Group of Cos., Inc.		1,038		37,088
T-Mobile US, Inc. (a)		1,591		228,945
Verizon Communications, Inc.		11,306		439,012
Walt Disney Co. (a)		4,907		502,968
Warner Bros Discovery, Inc. (a)		5,943		80,884
				7,749,723
Consumer Discretionary — 8.4%
Advance Auto Parts, Inc.		156		19,583
Amazon.com, Inc. (a)		24,005		2,531,327
Aptiv PLC (a)		729		74,985
AutoZone, Inc. (a)		45		119,849
Bath & Body Works, Inc.		614		21,551
Best Buy Co., Inc.		525		39,123
Booking Holdings, Inc. (a)		94		252,513
BorgWarner, Inc.		627		30,177
Caesars Entertainment, Inc. (a)		568		25,725
CarMax, Inc. (a)		419		29,343
Carnival Corp. (a)		2,693		24,803
Chipotle Mexican Grill, Inc. (a)		67		138,531
Darden Restaurants, Inc.		319		48,466
Domino’s Pizza, Inc.		86		27,302
DR Horton, Inc.		841		92,359
eBay, Inc.		1,459		67,741
Etsy, Inc. (a)		329		33,239
Expedia Group, Inc. (a)		394		37,020
Ford Motor Co.		10,532		125,120
Garmin Ltd.		408		40,053

	Shares		Value
Consumer Discretionary — 8.4% (Continued)
General Motors Co.		3,752	$	123,966
Genuine Parts Co.		378		63,621
Hasbro, Inc.		339		20,076
Hilton Worldwide Holdings, Inc.		706		101,678
Las Vegas Sands Corp. (a)		880		56,188
Lennar Corp. - Class A		674		76,034
LKQ Corp.		675		38,968
Lowe’s Cos., Inc.		1,621		336,892
Marriott International, Inc.		724		122,602
McDonald’s Corp.		1,967		581,740
MGM Resorts International		847		38,047
Mohawk Industries, Inc. (a)		140		14,826
Newell Brands, Inc.		1,008		12,247
NIKE, Inc. - Class B		3,343		423,625
Norwegian Cruise Line Holdings Ltd. (a)		1,129		15,072
NVR, Inc. (a)		7		40,880
O’Reilly Automotive, Inc. (a)		163		149,522
Pool Corp.		95		33,375
PulteGroup, Inc.		607		40,760
Ralph Lauren Corp.		100		11,479
Ross Stores, Inc.		919		98,085
Royal Caribbean Cruises Ltd. (a)		580		37,949
Starbucks Corp.		3,085		352,585
Tapestry, Inc.		632		25,792
Tesla Motors, Inc. (a)		7,238		1,189,276
The Home Depot, Inc.		2,734		821,676
The TJX Cos., Inc.		3,100		244,342
Tractor Supply Co.		292		69,613
Ulta Beauty, Inc. (a)		135		74,443
VF Corp.		885		20,806
Whirlpool Corp.		144		20,101
Wynn Resorts Ltd. (a)		274		31,313
Yum! Brands, Inc.		751		105,576
				9,171,965
Consumer Staples — 6.3%
Altria Group, Inc.		4,807		228,381
Archer-Daniels-Midland Co.		1,470		114,778
Brown-Forman Corp. - Class B		491		31,959
Bunge Ltd.		399		37,346
Campbell Soup Co.		534		28,996
Church & Dwight Co., Inc.		651		63,225
Colgate-Palmolive Co.		2,240		178,752
Conagra Brands, Inc.		1,275		48,399
Constellation Brands, Inc. - Class A		429		98,443
Costco Wholesale Corp.		1,183		595,309
Dollar General Corp.		602		133,319
Dollar Tree, Inc. (a)		552		84,848
General Mills, Inc.		1,585		140,478

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

151

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 83.2% (Continued)
Consumer Staples — 6.3% (Continued)
Hormel Foods Corp.		774	$	31,300
Kellogg Co.		680		47,444
Keurig Dr Pepper, Inc.		2,287		74,785
Kimberly-Clark Corp.		902		130,691
Lamb Weston Holdings, Inc.		385		43,047
McCormick & Co., Inc.		668		58,684
Molson Coors Brewing Co. - Class B		504		29,978
Mondelez International, Inc.		3,664		281,102
Monster Beverage Corp. (a)		2,049		114,744
PepsiCo, Inc.		3,698		705,911
Philip Morris International, Inc.		4,165		416,375
Sysco Corp.		1,362		104,520
Target Corp.		1,236		194,979
The Clorox Co.		323		53,495
The Coca-Cola Co.		10,476		672,035
The Estee Lauder Cos., Inc.		621		153,213
The Hershey Co.		392		107,039
The JM Smucker Co.		282		43,544
The Kraft Heinz Co.		2,134		83,802
The Kroger Co.		1,747		84,957
The Procter & Gamble Co.		6,341		991,606
Tyson Foods, Inc. - Class A		764		47,742
Walgreens Boots Alliance, Inc.		1,927		67,927
Walmart, Inc.		3,770		569,157
				6,892,310
Energy — 4.0%
APA Corp.		863		31,801
Baker Hughes Co.		2,702		79,006
Chevron Corp.		4,779		805,644
ConocoPhillips		3,290		338,508
Coterra Energy, Inc.		2,115		54,144
Devon Energy Corp.		1,752		93,609
Diamondback Energy, Inc.		493		70,105
EOG Resources, Inc.		1,579		188,643
EQT Corp.		985		34,317
Exxon Mobil Corp.		11,084		1,311,681
Halliburton Co.		2,431		79,615
Hess Corp.		744		107,925
Kinder Morgan, Inc.		5,322		91,272
Marathon Oil Corp.		1,707		41,241
Marathon Petroleum Corp.		1,220		148,840
Occidental Petroleum Corp.		1,954		120,230
ONEOK, Inc.		1,203		78,688
Phillips 66		1,249		123,651
Pioneer Natural Resources Co.		636		138,362
Schlumberger Ltd.		3,814		188,221
Targa Resources Corp.		609		45,998
The Williams Cos., Inc.		3,276		99,132

	Shares		Value
Energy — 4.0% (Continued)
Valero Energy Corp.		1,030	$	118,110
				4,388,743
Financials — 11.2%
Aflac, Inc.		1,501		104,845
American Express Co.		1,599		257,983
American International Group, Inc.		1,993		105,709
Ameriprise Financial, Inc.		279		85,128
Aon PLC		546		177,548
Arch Capital Group Ltd. (a)		992		74,469
Arthur J Gallagher & Co.		562		116,930
Assurant, Inc.		140		17,238
Bank of America Corp.		18,786		550,054
Berkshire Hathaway, Inc. - Class B (a)		4,846		1,592,153
BlackRock, Inc.		399		267,809
Brown & Brown, Inc.		630		40,566
Capital One Financial Corp.		1,020		99,246
Cboe Global Markets, Inc.		281		39,256
Chubb Ltd.		1,114		224,538
Cincinnati Financial Corp.		417		44,385
Citigroup, Inc.		5,210		245,235
Citizens Financial Group, Inc.		1,326		41,026
CME Group, Inc.		968		179,825
Comerica, Inc.		341		14,789
Discover Financial Services		707		73,153
Everest Re Group Ltd.		95		35,910
FactSet Research Systems, Inc.		93		38,287
Fidelity National Information Services, Inc.		1,594		93,600
Fifth Third Bancorp		1,836		48,103
Fiserv, Inc. (a)		1,707		208,459
First Republic Bank		498		1,748
FleetCor Technologies, Inc. (a)		191		40,859
Franklin Resources, Inc.		763		20,509
Global Payments, Inc.		698		78,672
Globe Life, Inc.		243		26,370
Huntington Bancshares, Inc.		3,881		43,467
Intercontinental Exchange, Inc.		1,498		163,177
Invesco Ltd.		1,222		20,933
Jack Henry & Associates, Inc.		189		30,871
JPMorgan Chase & Co.		7,888		1,090,437
KeyCorp.		2,502		28,173
Lincoln National Corp.		409		8,888
Loews Corp.		521		29,994
M&T Bank Corp.		446		56,107
MarketAxess Holdings, Inc.		91		28,972
Marsh & McLennan Cos., Inc.		1,332		240,013
MasterCard, Inc. - Class A		2,261		859,248
MetLife, Inc.		1,765		108,247
Moody’s Corp.		418		130,884

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

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 83.2% (Continued)
Financials — 11.2% (Continued)
Morgan Stanley		3,514	$	316,155
MSCI, Inc.		206		99,385
Nasdaq, Inc.		905		50,110
Northern Trust Corp.		553		43,222
PayPal Holdings, Inc. (a)		3,042		231,192
Principal Financial Group, Inc.		611		45,636
Prudential Financial, Inc.		988		85,956
Raymond James Financial, Inc.		518		46,895
Regions Financial Corp.		2,503		45,705
S&P Global, Inc.		882		319,796
Signature Bank		150		14
State Street Corp.		930		67,202
SVB Financial Group (a)		141		69
Synchrony Financial		1,167		34,438
T Rowe Price Group, Inc.		604		67,847
The Allstate Corp.		697		80,685
The Bank of New York Mellon Corp.		1,974		84,073
The Charles Schwab Corp.		4,104		214,393
The Goldman Sachs Group, Inc.		905		310,813
The Hartford Financial Services Group, Inc.		848		60,200
The PNC Financial Services Group, Inc.		1,080		140,670
The Progressive Corp.		1,573		214,557
The Travelers Cos., Inc.		620		112,307
Truist Financial Corp.		3,563		116,083
US Bancorp		3,748		128,481
Visa, Inc. - Class A		4,370		1,017,030
W R Berkley Corp.		542		31,935
Wells Fargo & Co.		10,254		407,596
Willis Towers Watson PLC		283		65,543
Zions Bancorp		399		11,116
				12,232,917
Health Care — 12.2%
Abbott Laboratories		4,693		518,436
AbbVie, Inc.		4,754		718,425
Agilent Technologies, Inc.		789		106,854
Align Technology, Inc. (a)		188		61,156
AmerisourceBergen Corp.		428		71,412
Amgen, Inc.		1,426		341,869
Baxter International, Inc.		1,355		64,606
Becton Dickinson and Co.		760		200,876
Biogen, Inc. (a)		385		117,129
Bio-Rad Laboratories, Inc. - Class A (a)		52		23,441
Bio-Techne Corp.		417		33,310
Boston Scientific Corp. (a)		3,855		200,923
Bristol-Myers Squibb Co.		5,717		381,724

	Shares		Value
Health Care — 12.2% (Continued)
Cardinal Health, Inc.		684	$	56,156
Catalent, Inc. (a)		484		24,258
Centene Corp. (a)		1,479		101,948
Charles River Laboratories International, Inc. (a)		135		25,666
Cigna Corp.		796		201,619
CVS Health Corp.		3,448		252,773
Danaher Corp.		1,756		416,014
DaVita, Inc. (a)		145		13,102
DENTSPLY SIRONA, Inc.		569		23,858
DexCom, Inc. (a)		1,032		125,223
Edwards Lifesciences Corp. (a)		1,654		145,519
Elevance Health, Inc.		639		299,467
Eli Lilly & Co.		2,115		837,244
GE HealthCare Technologies, Inc. (a)		976		79,388
Gilead Sciences, Inc.		3,346		275,075
HCA Healthcare, Inc.		562		161,479
Henry Schein, Inc. (a)		364		29,415
Hologic, Inc. (a)		657		56,509
Humana, Inc.		327		173,470
IDEXX Laboratories, Inc. (a)		213		104,830
Illumina, Inc. (a)		417		85,719
Incyte Corp. (a)		496		36,907
Insulet Corp. (a)		180		57,247
Intuitive Surgical, Inc. (a)		933		281,038
IQVIA Holdings, Inc. (a)		498		93,739
Johnson & Johnson		7,032		1,151,138
Laboratory Corp. of American Holdings		227		51,463
McKesson Corp.		368		134,040
Medtronic PLC		3,572		324,873
Merck & Co., Inc.		6,816		787,044
Mettler-Toledo International, Inc. (a)		54		80,541
Moderna, Inc. (a)		885		117,608
Molina Healthcare, Inc. (a)		154		45,875
Organon & Co.		676		16,650
PerkinElmer, Inc.		330		43,062
Pfizer, Inc.		15,103		587,356
Quest Diagnostics, Inc.		293		40,671
Regeneron Pharmaceuticals, Inc. (a)		285		228,510
ResMed, Inc.		392		94,456
STERIS PLC		265		49,966
Stryker Corp.		901		269,985
Teleflex, Inc.		126		34,338
The Cooper Cos., Inc.		132		50,351
Thermo Fisher Scientific, Inc.		1,046		580,425
UnitedHealth Group, Inc.		2,504		1,232,193
Universal Health Services, Inc. - Class B		167		25,108

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

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 83.2% (Continued)
Health Care — 12.2% (Continued)
Vertex Pharmaceuticals, Inc. (a)		683	$	232,719
Viatris, Inc.		3,263		30,444
Waters Corp. (a)		156		46,856
West Pharmaceutical Services, Inc.		191		68,997
Zimmer Biomet Holdings, Inc.		557		77,111
Zoetis, Inc.		1,249		219,549
				13,419,153
Industrials — 7.2%
3M Co.		1,478		156,993
A O Smith Corp.		331		22,604
Alaska Air Group, Inc. (a)		333		14,472
Allegion PLC		225		24,858
American Airlines Group, Inc. (a)		1,745		23,802
AMETEK, Inc.		617		85,103
Automatic Data Processing, Inc.		1,112		244,640
Broadridge Financial Solutions, Inc.		309		44,932
Carrier Global Corp.		2,238		93,593
Caterpillar, Inc.		1,393		304,788
CH Robinson Worldwide, Inc.		309		31,169
Cintas Corp.		221		100,725
Copart, Inc. (a)		1,147		90,670
CoStar Group, Inc. (a)		1,094		84,183
CSX Corp.		5,659		173,392
Cummins, Inc.		378		88,845
Deere & Co.		727		274,821
Delta Air Lines, Inc. (a)		1,722		59,082
Dover Corp.		375		54,810
Eaton Corp. PLC		1,060		177,147
Emerson Electric Co.		1,529		127,305
Equifax, Inc.		321		66,890
Expeditors International of Washington, Inc.		422		48,040
Fastenal Co.		1,527		82,214
FedEx Corp.		623		141,907
Fortive Corp.		939		59,242
Generac Holdings, Inc. (a)		166		16,969
General Dynamics Corp.		605		132,096
General Electric Co.		2,928		289,784
Honeywell International, Inc.		1,787		357,114
Howmet Aerospace, Inc.		988		43,759
Huntington Ingalls Industries, Inc.		97		19,561
IDEX Corp.		195		40,232
Illinois Tool Works, Inc.		745		180,245
Ingersoll Rand, Inc.		1,089		62,095
Jacobs Solutions, Inc.		331		38,217
JB Hunt Trasport Services, Inc.		213		37,337
Johnson Controls International PLC		1,845		110,405
L3Harris Technologies, Inc.		509		99,331

	Shares		Value
Industrials — 7.2% (Continued)
Leidos Holdings, Inc.		367	$	34,226
Lockheed Martin Corp.		611		283,779
Masco Corp.		606		32,427
Nordson Corp.		142		30,716
Norfolk Southern Corp.		612		124,254
Northrop Grumman Corp.		385		177,589
Old Dominion Freight Line, Inc.		244		78,175
Otis Worldwide Corp.		1,113		94,939
PACCAR, Inc.		1,397		104,342
Parker-Hannifin Corp.		335		108,835
Paychex, Inc.		861		94,589
Pentair PLC		435		25,265
Quanta Services, Inc.		382		64,802
Raytheon Technologies Corp.		3,934		393,007
Republic Services, Inc.		546		78,963
Robert Half International, Inc.		285		20,805
Rockwell Automation, Inc.		302		85,590
Rollins, Inc.		621		26,237
Snap-On, Inc.		141		36,577
Southwest Airlines Co.		1,596		48,343
Stanley Black & Decker, Inc.		395		34,104
Textron, Inc.		554		37,085
The Boeing Co. (a)		1,507		311,617
Trane Technologies PLC		615		114,273
TransDigm Group, Inc.		138		105,570
Union Pacific Corp.		1,639		320,752
United Airlines Holdings, Inc. (a)		876		38,369
United Parcel Service, Inc. - Class B		1,961		352,607
United Rentals, Inc.		180		65,000
Verisk Analytics, Inc.		415		80,556
W.W. Grainger, Inc.		121		84,164
Waste Management, Inc.		996		165,386
Westinghouse Air Brake Technologies Corp.		489		47,761
Xylem, Inc.		485		50,362
				7,854,438
Information Technology — 22.1%
Accenture PLC - Class A		1,694		474,811
Adobe, Inc. (a)		1,229		464,021
Advanced Micro Devices, Inc. (a)		4,339		387,776
Akamai Technologies, Inc. (a)		417		34,181
Amphenol Corp.		1,597		120,526
Analog Devices, Inc.		1,360		244,637
ANSYS, Inc. (a)		223		70,004
Apple, Inc.		40,038		6,793,648
Applied Materials, Inc.		2,259		255,335
Arista Networks, Inc. (a)		660		105,706
Autodesk, Inc. (a)		571		111,225
Broadcom, Inc.		1,121		702,306

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

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 83.2% (Continued)
Information Technology — 22.1% (Continued)
Cadence Design System, Inc. (a)		737	$	154,365
CDW Corp.		364		61,731
Ceridian HCM Holding, Inc. (a)		409		25,963
Cisco Systems, Inc.		11,060		522,585
Cognizant Technology Solutions Corp.		1,366		81,564
Corning, Inc.		2,049		68,068
DXC Technology Co. (a)		612		14,596
Enphase Energy, Inc. (a)		365		59,933
EPAM Systems, Inc. (a)		151		42,648
F5, Inc. (a)		158		21,229
Fair Isaac Corp. (a)		61		44,405
First Solar, Inc. (a)		264		48,201
Fortinet, Inc. (a)		1,739		109,644
Gartner, Inc. (a)		204		61,702
Gen Digital, Inc.		1,522		26,894
Hewlett Packard Enterprise Co.		3,442		49,289
HP, Inc.		2,323		69,016
Intel Corp.		11,130		345,698
International Business Machines Corp.		2,431		307,303
Intuit, Inc.		753		334,294
Juniper Networks, Inc.		869		26,200
Keysight Technologies, Inc. (a)		480		69,427
KLA Corp.		372		143,793
Lam Research Corp.		363		190,241
Microchip Technology, Inc.		1,472		107,441
Micron Technology, Inc.		2,932		188,703
Microsoft Corp.		20,043		6,158,412
Monolithic Power Systems, Inc.		120		55,436
Motorola Solutions, Inc.		441		128,507
NetApp, Inc.		570		35,847
NVIDIA Corp.		6,622		1,837,539
NXP Semiconductors NV		688		112,653
ON Semiconductor Corp. (a)		1,155		83,114
Oracle Corp.		4,132		391,383
Paycom Software, Inc. (a)		129		37,458
PTC, Inc. (a)		282		35,473
Qorvo, Inc. (a)		266		24,493
QUALCOMM, Inc.		3,002		350,634
Roper Technologies, Inc.		281		127,793
salesforce.com, Inc. (a)		2,687		533,020
Seagate Technology Holdings PLC		513		30,149
ServiceNow, Inc. (a)		540		248,087
Skyworks Solutions, Inc.		421		44,584
SolarEdge Technologies, Inc. (a)		147		41,988
Synopsys, Inc. (a)		405		150,385
TE Connectivity Ltd.		851		104,137

	Shares		Value
Information Technology — 22.1% (Continued)
Teledyne Technologies, Inc. (a)		126	$	52,214
Teradyne, Inc.		413		37,740
Texas Instruments, Inc.		2,436		407,299
Trimble, Inc. (a)		658		30,992
Tyler Technologies, Inc. (a)		101		38,282
VeriSign, Inc. (a)		246		54,563
Western Digital Corp. (a)		858		29,550
Zebra Technologies Corp. (a)		137		39,460
				24,160,301
Materials — 2.2%
Air Products & Chemicals, Inc.		586		172,495
Albemarle Corp.		308		57,122
Amcor PLC		3,997		43,847
Avery Dennison Corp.		208		36,292
Ball Corp.		845		44,937
Celanese Corp.		266		28,260
CF Industries Holdings, Inc.		523		37,436
Corteva, Inc.		1,907		116,556
Dow, Inc.		1,888		102,707
DuPont de Nemours, Inc.		1,230		85,756
Eastman Chemical Co.		312		26,292
Ecolab, Inc.		661		110,942
FMC Corp.		329		40,658
Freeport-McMoRan, Inc.		3,848		145,878
International Flavors & Fragrances, Inc.		678		65,739
International Paper Co.		946		31,322
Linde PLC		1,326		489,891
LyondellBasell Industries NV		676		63,956
Martin Marietta Materials, Inc.		162		58,838
Mosaic Co.		909		38,951
Newmont Goldcorp Corp.		2,128		100,867
Nucor Corp.		673		99,725
Packaging Corp. of America		248		33,544
PPG Industries, Inc.		630		88,364
Sealed Air Corp.		387		18,572
Steel Dynamics, Inc.		440		45,738
The Sherwin-Williams Co.		631		149,888
Vulcan Materials Co.		346		60,591
Westrock Co.		677		20,263
				2,415,427
Real Estate — 0.1%
CBRE Group, Inc. (a)		850		65,161
Utilities — 2.4%
Alliant Energy Corp.		668		36,833
Ameren Corp.		687		61,122
American Electric Power Co., Inc.		1,377		127,262
American Water Works Co., Inc.		516		76,497

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

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 83.2% (Continued)
Utilities — 2.4% (Continued)
Atmos Energy Corp.		383	$	43,716
CenterPoint Energy, Inc.		1,694		51,616
CMS Energy Corp.		778		48,438
Consolidated Edison, Inc.		944		92,956
Constellation Energy Corp.		876		67,802
Dominion Energy, Inc.		2,235		127,708
DTE Energy Co.		518		58,228
Duke Energy Corp.		2,070		204,682
Edison International		1,021		75,146
Entergy Corp.		541		58,201
Evergy, Inc.		616		38,260
Eversource Energy		928		72,022
Exelon Corp.		2,672		113,400
FirstEnergy Corp.		1,460		58,108
NextEra Energy, Inc.		5,344		409,511
NiSource, Inc.		1,092		31,078
NRG Energy, Inc.		618		21,117
PG&E Corp. (a)		4,334		74,155
Pinnacle West Capital Corp.		298		23,381
PPL Corp.		1,976		56,751
Public Service Enterprise Group, Inc.		1,341		84,751
Sempra Energy		846		131,545
The AES Corp.		1,787		42,280
The Southern Co.		2,926		215,207
WEC Energy Group, Inc.		848		81,552
Xcel Energy, Inc.		1,470		102,768
				2,686,093
TOTAL COMMON STOCKS (Cost $91,233,922)				91,036,231
REAL ESTATE INVESTMENT TRUSTS — 2.1%
Alexandria Real Estate Equities, Inc.		418		51,907
American Tower Corp.		1,248		255,079
AvalonBay Communities, Inc.		375		67,639
Boston Properties, Inc.		382		20,384
Camden Property Trust		291		32,025
Crown Castle, Inc.		1,157		142,415
Digital Realty Trust, Inc.		769		76,246
Equinix, Inc.		248		179,572
Equity Residential		909		57,494
Essex Property Trust, Inc.		169		37,134
Extra Space Storage, Inc.		361		54,886
Federal Realty Investment Trust		189		18,690
Healthpeak Properties, Inc.		1,469		32,274
Host Hotels & Resorts, Inc.		1,925		31,127
Invitation Homes, Inc.		1,564		52,191
Iron Mountain, Inc.		777		42,922
Kimco Realty Corp.		1,655		31,760

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.1% (Continued)
Mid-America Apartment Communities, Inc.		304	$	46,755
Prologis, Inc.		2,477		310,244
Public Storage		419		123,534
Realty Income Corp.		1,688		106,074
Regency Centers Corp.		409		25,125
SBA Communications Corp.		286		74,615
Simon Property Group, Inc.		876		99,268
UDR, Inc.		821		33,932
Ventas, Inc.		1,065		51,173
VICI Properties, Inc.		2,696		91,502
Welltower, Inc.		1,265		100,213
Weyerhaeuser Co.		1,968		58,863
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,539,182)				2,305,043
	Principal Amount
SHORT-TERM INVESTMENTS — 12.6%
Money Market Deposit Accounts — 1.5%
U.S. Bank Money Market Deposit Account, 3.760% (b)	$	1,598,622		1,598,622
US Treasury Bill/Note/Bond — 11.1%
United States Treasury Note
0.125%, 09/15/2023		2,250,000		2,209,874
1.750%, 03/15/2025		1,500,000		1,435,313
1.500%, 02/29/2024		6,500,000		6,320,998
0.250%, 06/15/2023		2,250,000		2,237,224
				12,203,409
TOTAL SHORT-TERM INVESTMENTS (Cost $13,830,557)				13,802,031
Total Investments (Cost $107,603,661) — 97.9%				107,143,305
Other Assets in Excess of Liabilities — 2.1%				2,244,331
TOTAL NET ASSETS — 100.0%			$	109,387,636

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2023.

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

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

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SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

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

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

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SCHEDULE OF OPEN FUTURES CONTRACTS
April 30, 2023

Number of Contracts		Long/Short	Description	Expiration Date		Notional Value		Value & Unrealized Appreciation (Depreciation)
	337	Long	S&P 500 Annual Dividend Futures Index (a)		12/15/2023	$	5,792,188	$	280,619
	337	Long	S&P 500 Annual Dividend Futures Index (a)		12/20/2024		5,665,813		216,556
	337	Long	S&P 500 Annual Dividend Futures Index (a)		12/19/2025		5,518,375		217,512
								$	714,687

(a) Exchange traded.

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

158

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 99.8%
Industrials — 7.6%
AAON, Inc.		39	$	3,822
Atkore, Inc. (a)		29		3,664
Encore Wire Corp.		13		2,032
Hexatronic Group AB		140		1,181
Johnson Controls International PLC		507		30,339
Legrand SA		195		18,449
Lennox International, Inc.		26		7,330
Nexans SA		30		2,578
nVent Electric PLC		122		5,116
SPX Technologies, Inc. (a)		33		2,101
				76,612
Information Technology — 92.2%
A10 Networks, Inc.		52		735
Advanced Micro Devices, Inc. (a)		660		58,984
Akamai Technologies, Inc. (a)		115		9,427
Alteryx, Inc. (a) - Class A		45		1,851
Ambarella, Inc. (a)		28		1,735
Arista Networks, Inc. (a)		225		36,036
Belden, Inc.		31		2,446
BlackBerry Ltd. (a)		425		1,654
Broadcom, Inc.		166		103,999
Calix, Inc. (a)		48		2,194
Check Point Software Technologies Ltd. (a)		92		11,717
Ciena Corp. (a)		109		5,018
Cisco Systems, Inc.		1,682		79,474
CommScope Holding Co., Inc. (a)		152		749
CommVault Systems, Inc. (a)		33		1,923
Computacenter PLC		80		2,309
Confluent, Inc. - Class A (a)		113		2,486
Crowdstrike Holdings, Inc. - Class A (a)		160		19,208
CyberArk Software Ltd. (a)		30		3,738
Datadog, Inc. - Class A (a)		214		14,419
Domo, Inc. - Class B (a)		21		333
Dropbox, Inc. - Class A (a)		205		4,170
DXC Technology Co. (a)		167		3,983
Dynatrace, Inc. (a)		212		8,963
Elastic NV (a)		70		4,008
Extreme Networks, Inc. (a)		95		1,689
F5, Inc. (a)		44		5,912
Fortinet, Inc. (a)		576		36,317
Hewlett Packard Enterprise Co.		938		13,432
Infinera Corp. (a)		161		1,019
Informatica, Inc. - Class A (a)		175		2,705
Intel Corp.		1,695		52,647
InterDigital, Inc.		21		1,423
Juniper Networks, Inc.		238		7,176

	Shares		Value
Information Technology — 92.2% (Continued)
MaxLinear, Inc. (a)		58	$	1,400
MicroStrategy, Inc. (a)		7		2,299
MongoDB, Inc. (a)		51		12,238
Motorola Solutions, Inc.		123		35,842
NEC Networks & System Integration Corp.		104		1,291
NET One Systems Co. Ltd.		58		1,361
NetApp, Inc.		158		9,937
NetScout Systems, Inc. (a)		52		1,415
New Relic, Inc. (a)		50		3,573
Nokia OYJ		4,122		17,484
Nutanix, Inc. (a)		168		4,029
NVIDIA Corp.		463		128,478
Okta, Inc. (a)		112		7,675
Oracle Corp. Japan		94		6,731
Palo Alto Networks, Inc. (a)		222		40,506
Pure Storage, Inc. (a)		221		5,045
Qualys, Inc. (a)		28		3,162
Rackspace Technology, Inc. (a)		145		212
Radware Ltd. (a)		31		625
Rapid7, Inc. (a)		43		2,090
Seagate Technology Holdings PLC		151		8,874
Secunet Security Networks AG		4		883
Semtech Corp. (a)		47		916
SentinelOne, Inc. - Class A (a)		157		2,523
Snowflake, Inc. (a)		237		35,095
SolarWinds Corp. (a)		110		948
Splunk, Inc. (a)		120		10,349
Sumo Logic, Inc. (a)		88		1,056
Super Micro Computer, Inc. (a)		39		4,112
Telefonaktiebolaget LM Ericsson - Class B		2,249		12,360
Tenable Holdings, Inc. (a)		82		3,033
Teradata Corp. (a)		75		2,903
Trend Micro, Inc.		103		5,008
Varonis Systems, Inc. (a)		76		1,760
VMware, Inc. (a)		313		39,134
Western Digital Corp. (a)		234		8,059
Zscaler, Inc. (a)		106		9,551
				935,836
TOTAL COMMON STOCKS (Cost $1,012,303)				1,012,448

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

159

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 3.760% (b)	$	2,383	$	2,383
TOTAL SHORT-TERM INVESTMENTS (Cost $2,383)				2,383
Total Investments (Cost $1,014,686) — 100.0%				1,014,831
Liabilities in Excess of Other Assets — 0.0% (c)				(364	)
TOTAL NET ASSETS — 100.0%			$	1,014,467

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2023.

(c) Less than 0.05%.

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

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

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

160

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
April 30, 2023

	Shares		Value
COMMON STOCKS — 97.8%
Energy — 0.1%
SFL Corp Ltd.		85	$	773
Health Care — 0.1%
CryoPort, Inc. (a)		30		631
Industrials — 77.6%
Air Transport Services Group, Inc. (a)		44		894
AP Moller - Maersk A/S - Class B		5		9,032
ArcBest Corp.		15		1,416
ATS Corp. (a)		56		2,398
AutoStore Holdings Ltd. (a)(b)		2,106		4,497
AZ-COM MARUWA Holdings, Inc.		84		1,234
bpost SA		128		630
Canadian National Railway Co.		469		55,846
Canadian Pacific Kansas City Ltd.		649		51,105
Cargojet, Inc. - Class B		11		826
Cargotec Oyj		34		1,879
CH Robinson Worldwide, Inc.		72		7,263
China Merchants Port Holdings Co. Ltd.		2,459		3,640
Cia de Distribucion Integral Logista Holdings SA		82		2,232
Clarkson PLC		20		779
COSCO SHIPPING Holdings Co. Ltd. - Class H		2,060		2,383
COSCO SHIPPING Ports Ltd.		2,113		1,386
Costamare, Inc.		80		722
CSX Corp.		1,308		40,077
D/S Norden A/S		22		1,383
Daifuku Co. Ltd.		234		4,279
Danaos Corp.		12		695
Deutsche Post AG		783		37,620
Dfds A/S		38		1,529
DSV A/S		135		25,405
Expeditors International of Washington, Inc.		98		11,156
FedEx Corp.		157		35,761
Forward Air Corp.		16		1,688
FTI Consulting, Inc. (a)		21		3,790
Full Truck Alliance Co. Ltd. - ADR - Class A (a)		611		3,910
Golden Ocean Group Ltd.		123		1,125
GXO Logistics, Inc. (a)		73		3,878
Hapag-Lloyd AG (b)		109		33,838
Heartland Express, Inc.		48		695
Hub Group, Inc. - Class A (a)		20		1,508
Hutchison Port Holdings Trust		5,614		1,061
ICF International, Inc.		12		1,368

	Shares		Value
Industrials — 77.6% (Continued)
International Container Terminal Services, Inc.		1,247	$	4,886
International Distributions Services PLC		616		1,960
Interroll Holding AG		1		3,657
JB Hunt Trasport Services, Inc.		64		11,219
JD Logistics, Inc. (a)(b)		4,052		6,297
Kamigumi Co. Ltd.		71		1,551
Kardex Holding AG		5		1,138
Kawasaki Kisen Kaisha Ltd.		175		4,145
Kerry Logistics Network Ltd.		1,110		1,570
KION Group AG		81		3,346
Kirby Corp. (a)		37		2,658
Knight-Swift Transportation Holdings, Inc.		99		5,576
Kuehne + Nagel International AG		75		22,238
Landstar System, Inc.		22		3,873
Mainfreight Ltd.		62		2,746
Marten Transport Ltd.		50		1,010
Matson, Inc.		23		1,565
Mitsubishi Logistics Corp.		50		1,234
Mitsui OSK Lines Ltd.		222		5,478
MPC Container Ships ASA		286		468
NIPPON EXPRESS HOLDINGS, Inc.		56		3,274
Nippon Yusen KK		313		7,363
Norfolk Southern Corp.		142		28,830
Old Dominion Freight Line, Inc.		69		22,107
Orient Overseas International Ltd.		406		8,213
Pacific Basin Shipping Ltd.		3,386		1,173
Rockwell Automation, Inc.		71		20,122
RXO, Inc. (a)		71		1,284
Ryder System, Inc.		31		2,454
Saia, Inc. (a)		16		4,764
Sankyu, Inc.		40		1,404
Schneider National, Inc. - Class B		58		1,518
Seino Holdings Co. Ltd.		134		1,482
Senko Group Holdings Co. Ltd.		102		727
SG Holdings Co. Ltd.		393		5,640
SITC International Holdings Co. Ltd.		1,648		3,036
Star Bulk Carriers Corp.		63		1,330
The Sumitomo Warehouse Co. Ltd		52		861
TFI International, Inc.		54		5,814
Toyota Industries Corp.		200		11,530
Union Pacific Corp.		429		83,955
United Parcel Service, Inc. - Class B		509		91,523
Wallenius Wilhelmsen ASA		260		1,936
Werner Enterprises, Inc.		39		1,762

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

161

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
April 30, 2023 (Continued)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Industrials — 77.6% (Continued)
Westshore Terminals Investment Corp.		40	$	815
Xometry, Inc. - Class A (a)		27		375
XPO Logistics, Inc. (a)		71		3,137
Yamato Holdings Co. Ltd.		233		3,994
Yaskawa Electric Corp.		164		6,636
ZIM Integrated Shipping Services Ltd.		74		1,263
ZTO Express Cayman, Inc.		381		10,425
				784,290
Information Technology — 20.0%
Aspen Technology, Inc. (a)		40		7,080
Celestica, Inc. (a)		68		737
Cognex Corp.		106		5,055
Flex Ltd. (a)		277		5,698
Sanmina Corp. (a)		36		1,881
SAP SE		857		116,241
ServiceNow, Inc. (a)		142		65,238
				201,930
TOTAL COMMON STOCKS (Cost $975,241)				987,624
EXCHANGE TRADED FUNDS — 1.9%
iShares MSCI Brazil ETF		214		6,050
iShares MSCI Indonesia ETF		74		1,831
iShares MSCI South Korea ETF		170		10,314
iShares MSCI Thailand ETF		12		850
TOTAL EXCHANGE TRADED FUNDS (Cost $20,768)				19,045

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 3.760% (c)	$	1,154	$	1,154
TOTAL SHORT-TERM INVESTMENTS (Cost $1,154)				1,154
Total Investments (Cost $997,163) — 99.8%				1,007,823
Other Assets in Excess of Liabilities — 0.2%				1,900
TOTAL NET ASSETS — 100.0%			$	1,009,723

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

(a) Non-income producing security.

(b) Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of these securities total $44,632, which represents 4.4% of net assets.

(c) The rate shown is as of April 30, 2023.

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

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

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

162

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2023

	Pacer Trendpilot® US Large Cap ETF			Pacer Trendpilot® US Mid Cap ETF			Pacer Trendpilot® 100 ETF			Pacer Trendpilot® European Index ETF			Pacer Trendpilot® International ETF
ASSETS
Investments in Securities, at Value* ^	$	2,149,237,377		$	438,554,748		$	787,113,420		$	49,805,193		$	147,131,209
Foreign Currency at Value*		—			—			—			—			144,274
Interest and Dividends Receivable		1,637,084			298,292			29,828			479,947			740,424
Receivable for Fund Shares Sold		—			1,612,625			—			—			—
Receivable for Investment Securities Sold		—			—			—			35,841			185
Securities Lending Income Receivable		16,649			7,449			17,870			2,286			8,756
Total Assets		2,150,891,110			440,473,114			787,161,118			50,323,267			148,024,848
LIABILITIES
Management Fees Payable		996,916			190,009			394,392			23,144			66,409
Payable for Investment Securities Purchased		—			1,597,277			—			—			—
Collateral Received For Securities Loaned (See Note 5)		110,285,458			48,433,414			35,841,898			6,456,708			22,817,228
Payable to Custodian		—			—			—			66			—
Total Liabilities		111,282,374			50,220,700			36,236,290			6,479,918			22,883,637
NET ASSETS	$	2,039,608,736		$	390,252,414		$	750,924,828		$	43,843,349		$	125,141,211
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,323,056,902		$	505,376,375		$	758,519,391		$	87,996,045		$	138,466,732
Total Distributable Earnings (Accumulated Deficit)		(283,448,166	)		(115,123,961	)		(7,594,563	)		(44,152,696	)		(13,325,521	)
Net Assets	$	2,039,608,736		$	390,252,414		$	750,924,828		$	43,843,349		$	125,141,211
* Identified Cost:
Investments in Securities	$	2,099,988,368		$	432,543,681		$	747,936,808		$	43,500,333		$	137,528,951
Foreign Currencies		—			—			—			—			148,834
^ Includes Loaned Securities with a value of		108,892,966			47,969,269			35,491,407			6,224,817			22,233,725
Net Asset Value:
Net Assets	$	2,039,608,736		$	390,252,414		$	750,924,828		$	43,843,349		$	125,141,211
Shares Outstanding (No Par Value)		52,800,000			12,100,000			13,600,000			1,650,000			4,650,000
Net Asset Value, Offering and Redemption Price per Share	$	38.63		$	32.25		$	55.22		$	26.57		$	26.91

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

163

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2023

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF			Pacer Global Cash Cows Dividend ETF
ASSETS
Investments in Unaffiliated Securities, at Value*	$	230,772,685		$	71,676		$	14,323,789,403		$	2,649,900,497		$	1,701,027,553
Investments in Affiliated Securities, at Value*		—			52,719,619			—			—			—
Foreign Currency at Value*		—			—			—			—			452
Interest and Dividends Receivable		1,702,625			33,836			10,436,277			1,968,449			14,530,808
Receivable for Fund Shares Sold		—			—			18,691,920			14,818,960			6,830,300
Receivable for Investment Securities Sold		7,207,806			—			38,991,245			3,638,359			—
Securities Lending Income Receivable		—			—			146,733			66,813			61,962
Total Assets		239,683,116			52,825,131			14,392,055,578			2,670,393,078			1,722,451,075
LIABILITIES
Management Fees Payable		117,459			6,458			5,326,707			995,719			758,503
Payable for Investment Securities Purchased		6,473,398			—			52,955,219			14,776,385			8,177,855
Payable for Fund Shares Redeemed		—			—			39,186,020			3,647,770			—
Payable for Distributions to Shareholders		752,044			—			—			—			—
Collateral Received For Securities Loaned (See Note 5)		—			—			1,074,712,013			615,208,781			133,954,312
Payable to Custodian		—			—			—			—			—
Total Liabilities		7,342,901			6,458			1,172,179,959			634,628,655			142,890,670
NET ASSETS	$	232,340,215		$	52,818,673		$	13,219,875,619		$	2,035,764,423		$	1,579,560,405
NET ASSETS CONSIST OF:
Paid-in Capital	$	489,466,551		$	55,246,807		$	13,785,984,202		$	2,232,570,143		$	1,558,573,772
Total Distributable Earnings (Accumulated Deficit)		(257,126,336	)		(2,428,134	)		(566,108,583	)		(196,805,720	)		20,986,633
Net Assets	$	232,340,215		$	52,818,673		$	13,219,875,619		$	2,035,764,423		$	1,579,560,405
* Identified Cost:
Investments in Unaffiliated Securities	$	229,905,038		$	71,676		$	14,009,919,406		$	2,627,159,662		$	1,641,472,065
Investments in Affiliated Securities		—			54,124,074			—			—			—
Foreign Currencies		—			—			—			—			(2,343	)
^ Includes Loaned Securities with a value of		—			—			1,062,795,125			610,198,777			130,160,519
Net Asset Value:
Net Assets	$	232,340,215		$	52,818,673		$	13,219,875,619		$	2,035,764,423		$	1,579,560,405
Shares Outstanding (No Par Value)		11,500,000			1,900,000			282,900,000			54,950,000			46,250,000
Net Asset Value, Offering and Redemption Price per Share	$	20.20		$	27.80		$	46.73		$	37.05		$	34.15

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

164

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2023

	Pacer Developed Markets International Cash Cows 100 ETF		Pacer Emerging Markets Cash Cows 100 ETF			Pacer US Large Cap Cash Cows Growth Leaders ETF			Pacer US Cash Cows Growth ETF			Pacer Cash Cows Fund of Funds ETF
ASSETS
Investments in Unaffiliated Securities, at Value* ^	$	585,718,372	$	57,939,711		$	19,592,773		$	43,608,349		$	64,422
Investments in Affiliated Securities, at Value*		—		—			—			—			48,559,617
Foreign Currency at Value*		2,225		82,409			—			—			—
Interest and Dividends Receivable		3,623,710		494,643			5,474			43,917			193
Receivable for Fund Shares Sold		2,981,570		2,897,265			—			—			—
Securities Lending Income Receivable		11,444		3,005			—			910			—
Total Assets		592,337,321		61,417,033			19,598,247			43,653,176			48,624,232
LIABILITIES
Management Fees Payable		269,384		29,041			6,937			19,574			6,008
Payable for Investment Securities Purchased		3,595,291		2,840,537			20,580			—			—
Collateral Received For Securities Loaned (See Note 5)		33,888,836		3,496,672			—			5,133,975			—
Total Liabilities		37,753,511		6,366,250			27,517			5,153,549			6,008
NET ASSETS	$	554,583,810	$	55,050,783		$	19,570,730		$	38,499,627		$	48,618,224
NET ASSETS CONSIST OF:
Paid-in Capital	$	540,704,320	$	57,127,185		$	19,853,740		$	42,662,568		$	48,305,135
Total Distributable Earnings (Accumulated Deficit)		13,879,490		(2,076,402	)		(283,010	)		(4,162,941	)		313,089
Net Assets	$	554,583,810	$	55,050,783		$	19,570,730		$	38,499,627		$	48,618,224
* Identified Cost:
Investments in Unaffiliated Securities	$	556,999,968	$	58,165,197		$	19,658,831		$	44,664,310		$	64,422
Investments in Affiliated Securities		—		—			—			—			48,038,213
Foreign Currencies		2,261		80,006			—			—			—
^ Includes Loaned Securities with a value of		33,278,717		3,416,172			—			5,104,746			—
Net Asset Value:
Net Assets	$	554,583,810	$	55,050,783		$	19,570,730		$	38,499,627		$	48,618,224
Shares Outstanding (No Par Value)		18,600,000		2,850,000			975,000			1,100,000			1,450,000
Net Asset Value, Offering and Redemption Price per Share	$	29.82	$	19.32		$	20.07		$	35.00		$	33.53

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

165

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2023

	Pacer WealthShield ETF			Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF			Pacer CSOP FTSE China A50 ETF
ASSETS
Investments in Securities, at Value* ^	$	24,627,036		$	263,083,135		$	751,837,065		$	90,687,020		$	4,910,232
Foreign Currency at Value*		—			—			—			—			6,094
Interest and Dividends Receivable		257,076			650,303			98,796			38,773			43
Receivable for Investment Securities Sold		23,870,060			1,999,414			7,235,338			78,579,583			—
Securities Lending Income Receivable		22			5,914			8,416			2,073			—
Total Assets		48,754,194			265,738,766			759,179,615			169,307,449			4,916,369
LIABILITIES
Management Fees Payable, net of waiver, if any		12,039			99,061			326,783			39,212			2,839
Payable for Investment Securities Purchased		24,295,665			—			2,296,592			78,252,898			—
Due to Custodian		—			2,658			7,703			—			—
Payable for Fund Shares Redeemed		—			2,008,150			7,421,050			—			—
Collateral Received For Securities Loaned (See Note 5)		—			43,696,987			48,579,877			12,335,605			—
Total Liabilities		24,307,704			45,806,856			58,632,005			90,627,715			2,839
NET ASSETS	$	24,446,490		$	219,931,910		$	700,547,610		$	78,679,734		$	4,913,530
NET ASSETS CONSIST OF:
Paid-in Capital	$	51,414,746		$	271,835,594		$	1,016,198,537		$	97,153,697		$	6,806,603
Total Distributable Earnings (Accumulated Deficit)		(26,968,256	)		(51,903,684	)		(315,650,927	)		(18,473,963	)		(1,893,073	)
Net Assets	$	24,446,490		$	219,931,910		$	700,547,610		$	78,679,734		$	4,913,530
* Identified Cost:
Investments in Securities	$	24,631,492		$	259,400,127		$	864,356,486		$	90,693,454		$	4,702,969
Foreign Currencies		—			—			—			—			6,131
^ Includes Loaned Securities with a value of		—			42,969,842			47,150,649			12,190,006			—
Net Asset Value:
Net Assets	$	24,446,490		$	219,931,910		$	700,547,610		$	78,679,734		$	4,913,530
Shares Outstanding (No Par Value)		900,000			5,400,000			23,600,000			2,150,000			305,882
Net Asset Value, Offering and Redemption Price per Share	$	27.16		$	40.73		$	29.68		$	36.60		$	16.06

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

166

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2023

	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
ASSETS
Investments in Securities, at Value* ^	$	4,510,560		$	848,506,331		$	38,708,178		$	222,149,959		$	22,834,505
Interest and Dividends Receivable		4,282			278,615			7,630			113,162			6,091
Receivable for Investment Securities Sold		—			30,769,747			—			3,450,552			—
Securities Lending Income Receivable		128			17,142			2,200			2,331			550
Total Assets		4,514,970			879,571,835			38,718,008			225,716,004			22,841,146
LIABILITIES
Management Fees Payable		2,120			419,336			18,106			102,252			9,561
Payable for Fund Shares Redeemed		—			30,906,375			—			3,494,760			—
Collateral Received For Securities Loaned (See Note 5)		842,165			71,566,308			3,847,863			15,928,141			2,855,922
Total Liabilities		844,285			102,892,019			3,865,969			19,525,153			2,865,483
NET ASSETS	$	3,670,685		$	776,679,816		$	34,852,039		$	206,190,851		$	19,975,663
NET ASSETS CONSIST OF:
Paid-in Capital	$	4,358,136		$	981,473,074		$	45,310,692		$	252,934,268		$	19,770,058
Total Distributable Earnings (Accumulated Deficit)		(687,451	)		(204,793,258	)		(10,458,653	)		(46,743,417	)		205,605
Net Assets	$	3,670,685		$	776,679,816		$	34,852,039		$	206,190,851		$	19,975,663
* Identified Cost:
Investments in Securities	$	5,138,122		$	914,999,089		$	38,082,364		$	212,732,303		$	22,184,908
^ Includes Loaned Securities with a value of		821,431			70,882,655			3,809,083			15,836,024			2,832,958
Net Asset Value:
Net Assets	$	3,670,685		$	776,679,816		$	34,852,039		$	206,190,851		$	19,975,663
Shares Outstanding (No Par Value)		125,000			21,300,000			1,050,000			5,900,000			500,000
Net Asset Value, Offering and Redemption Price per Share	$	29.37		$	36.46		$	33.19		$	34.95		$	39.95

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

167

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2023

	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			Pacer Industrials and Logistics ETF		Pacer Data and Digital Revolution ETF
ASSETS
Investments in Securities, at Value* ^	$	99,666,231		$	860,173		$	107,143,305		$	1,007,823	$	1,014,831
Interest and Dividends Receivable		729,250			807			98,364			2,525		216
Receivable for Fund Shares Sold		3,652,128			—			3,646,260			—		—
Receivable for Investment Securities Sold		2,532			—			—			—		—
Deposits at Broker for Futures		—			46,090			1,533,403			—		—
Total Assets		104,050,141			907,070			112,421,332			1,010,348		1,015,047
LIABILITIES
Management Fees Payable		47,869			582			66,962			501		510
Payable to Custodian		—			—			—			124		70
Payable for Investment Securities Purchased		3,121,053			—			2,966,734			—		—
Payable for Distributions to Shareholders		786,135			—			—			—		—
Other Payables		304			—			—			—		—
Total Liabilities		3,955,361			582			3,033,696			625		580
NET ASSETS	$	100,094,780		$	906,488		$	109,387,636		$	1,009,723	$	1,014,467
NET ASSETS CONSIST OF:
Paid-in Capital	$	105,671,220		$	1,041,463		$	111,687,212		$	994,800	$	1,012,400
Total Distributable Earnings (Accumulated Deficit)		(5,576,440	)		(134,975	)		(2,299,576	)		14,923		2,067
Net Assets	$	100,094,780		$	906,488		$	109,387,636		$	1,009,723	$	1,014,467
* Identified Cost:
Investments in Securities	$	101,241,745		$	975,304		$	107,603,661		$	997,163	$	1,014,686
Net Asset Value:
Net Assets	$	100,094,780		$	906,488		$	109,387,636		$	1,009,723	$	1,014,467
Shares Outstanding (No Par Value)		2,190,000			25,000			3,600,000			40,000		40,000
Net Asset Value, Offering and Redemption Price per Share	$	45.71		$	36.26		$	30.39		$	25.24	$	25.36

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

168

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023

	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*	$	8,747,156		$	2,897,000		$	3,621,516		$	459,650		$	1,674,407
Interest		38,219,133			4,747,315			7,117,361			473,391			1,232,495
Securities Lending Income		254,288			119,596			160,248			16,250			36,793
Total Investment Income		47,220,577			7,763,911			10,899,125			949,291			2,943,695
Expenses:
Management fees		12,071,078			2,605,975			4,481,745			290,158			775,940
Total Expenses		12,071,078			2,605,975			4,481,745			290,158			775,940
Net Investment Income (Loss)		35,149,499			5,157,936			6,417,380			659,133			2,167,755
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(1,750,124	)		(38,104,892	)		(2,014,901	)		105,856			23,769
Net Realized Gain (Loss) on In-Kind Redemptions		(396,818	)		98,201			1,081,720			315,512			247,366
Net Realized Gain (Loss) on Foreign Currency		—			—			—			(30,612	)		(180,940	)
Capital Gain Distributions from Underlying Holdings		—			—			—			172			—
Total		(2,146,942	)		(38,006,691	)		(933,181	)		390,928			90,195
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		49,274,263			5,998,134			39,195,084			6,324,416			9,605,437
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			14,764			41,292
Total		49,274,263			5,998,134			39,195,084			6,339,180			9,646,729
Net Realized and Unrealized Gain (Loss) on Investments		47,127,321			(32,008,557	)		38,261,903			6,730,108			9,736,924
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	82,276,820		$	(26,850,621	)	$	44,679,283		$	7,389,241		$	11,904,679
* Net of fees and foreign witholding tax of	$	2,330		$	—		$	6,854		$	95,692		$	186,338

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

169

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023

	Pacer Trendpilot® US Bond ETF			Pacer Trendpilot® Fund of Funds ETF			Pacer US Cash Cows 100 ETF			Pacer US Small Cap Cash Cows 100 ETF			Pacer Global Cash Cows Dividend ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	36		$	—		$	250,670,544		$	24,966,147		$	57,520,639
Dividends from Affiliated Investments		—			1,110,072			—			—			—
Interest		24,464,970			1,536			352,016			39,376			66,572
Securities Lending Income		150,788			—			1,263,000			525,541			419,608
Total Investment Income		24,615,794			1,111,608			252,285,560			25,531,064			58,006,819
Expenses:
Management fees		2,521,826			86,929			44,297,410			7,739,370			5,219,319
Total Expenses		2,521,826			86,929			44,297,410			7,739,370			5,219,319
Net Investment Income (Loss)		22,093,968			1,024,679			207,988,150			17,791,694			52,787,500
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(113,856,458	)		—			(860,183,156	)		(178,564,071	)		(24,244,616	)
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			(506,683	)		—			—			—
Net Realized Gain (Loss) on In-Kind Redemptions		(9,870,068	)		1,546,236			269,157,456			39,143,650			18,196,113
Net Realized Gain (Loss) on Foreign Currency		—			—			—			—			(28,530	)
Total		(123,726,526	)		1,039,553			(591,025,700	)		(139,420,421	)		(6,077,033	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		39,291,335			—			321,930,563			87,241,929			56,628,333
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			(1,480,620	)		—			—			—
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			—			(11,312	)
Total		39,291,335			(1,480,620	)		321,930,563			87,241,929			56,617,021
Net Realized and Unrealized Gain (Loss) on Investments		(84,435,191	)		(441,067	)		(269,095,137	)		(52,178,492	)		50,539,988
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(62,341,223	)	$	583,612		$	(61,106,987	)	$	(34,386,798	)	$	103,327,488
* Net of fees and foreign witholding tax of	$	—		$	—		$	—		$	—		$	4,623,851

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

170

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023

	Pacer Developed Markets International Cash Cows 100 ETF			Pacer Emerging Markets Cash Cows 100 ETF			Pacer US Large Cap Cash Cows Growth Leaders ETF(a)			Pacer US Cash Cows Growth ETF			Pacer Cash Cows Fund of Funds ETF
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments*	$	13,553,468		$	1,535,810		$	22,850		$	575,861		$	—
Dividends from Affiliated Investments		—			—			—			—			615,387
Interest		19,651			3,585			355			1,007			540
Securities Lending Income		100,158			9,784			—			6,073			—
Total Investment Income		13,673,277			1,549,179			23,205			582,941			615,927
Expenses:
Management fees		1,461,919			163,644			12,212			152,860			37,285
Total Expenses		1,461,919			163,644			12,212			152,860			37,285
Net Investment Income (Loss)		12,211,358			1,385,535			10,993			430,081			578,642
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments in Unaffiliated Securities		(13,728,865	)		(1,966,673	)		(218,546	)		(4,326,615	)		—
Net Realized Gain (Loss) on Investments in Affiliated Securities		—			—			—			—			(361,861	)
Net Realized Gain (Loss) on In-Kind Redemptions		—			—			—			2,339,659			400,779
Net Realized Gain (Loss) on Foreign Currency		(193,740	)		(41,752	)		—			—			—
Total		(13,922,605	)		(2,008,425	)		(218,546	)		(1,986,956	)		38,918
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities		33,099,841			1,452,772			(66,058	)		589,864			—
Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities		—			—			—			—			1,025,743
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		22,363			2,869			—			—			—
Total		33,122,204			1,455,641			(66,058	)		589,864			1,025,743
Net Realized and Unrealized Gain (Loss) on Investments		19,199,599			(552,784	)		(284,604	)		(1,397,092	)		1,064,661
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	31,410,957		$	832,751		$	(273,611	)	$	(967,011	)	$	1,643,303
* Net of fees and foreign witholding tax of	$	1,509,972		$	135,495		$	—		$	—		$	—

(a) Fund commenced operations on December 21, 2022. The information presented is from December 21, 2022 to April 30, 2023.

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

171

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023

	Pacer WealthShield ETF			Pacer Industrial Real Estate ETF			Pacer Data & Infrastructure Real Estate ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF		Pacer CSOP FTSE China A50 ETF
INVESTMENT INCOME
Income:
Dividends*	$	397,201		$	6,957,798		$	28,950,756		$	1,262,934	$	149,018
Interest		488,575			13,817			56,856			2,197		562
Securities Lending Income		3,973			53,500			480,045			17,928		—
Total Investment Income		889,749			7,025,115			29,487,657			1,283,059		149,580
Expenses:
Management fees		191,072			1,500,156			5,919,096			437,399		38,381
Total Expenses		191,072			1,500,156			5,919,096			437,399		38,381
Fees waived by adviser		—			(54,148	)		(206,699	)		—		—
Net Expenses		191,072			1,446,008			5,712,397			437,399		38,381
Net Investment Income (Loss)		698,677			5,579,107			23,775,260			845,660		111,199
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(4,192,823	)		(56,796,470	)		(203,714,227	)		1,428,950		(448,014	)
Net Realized Gain (Loss) on In-Kind Redemptions		(213,903	)		12,500,323			22,462,572			1,070,927		—
Net Realized Gain (Loss) on Foreign Currency		—			128,156			(558,606	)		—		(4,521	)
Total		(4,406,726	)		(44,167,991	)		(181,810,261	)		2,499,877		(452,535	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		717,354			(14,364,189	)		(81,619,267	)		22		(114,964	)
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			6,898			5,066			—		40
Total		717,354			(14,357,291	)		(81,614,201	)		22		(114,924	)
Net Realized and Unrealized Gain (Loss) on Investments		(3,689,372	)		(58,525,282	)		(263,424,462	)		2,499,899		(567,459	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,990,695	)	$	(52,946,175	)	$	(239,649,202	)	$	3,345,559	$	(456,260	)
* Net of fees and foreign witholding tax of	$	—		$	319,811		$	1,426,315		$	116	$	16,574

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

172

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023

	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
INVESTMENT INCOME
Income:
Dividends*	$	75,982		$	14,333,847		$	602,006		$	4,713,325		$	118,078
Interest		104			23,587			1,424			7,173			416
Securities Lending Income		1,732			104,739			21,801			28,491			2,628
Total Investment Income		77,818			14,462,173			625,231			4,748,989			121,122
Expenses:
Management fees		30,775			5,088,819			215,029			1,329,064			58,627
Total Expenses		30,775			5,088,819			215,029			1,329,064			58,627
Net Investment Income (Loss)		47,043			9,373,354			410,202			3,419,925			62,495
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(52,254	)		(97,347,151	)		(4,726,277	)		(40,611,983	)		(279,343	)
Net Realized Gain (Loss) on In-Kind Redemptions		(99,844	)		(10,349,331	)		3,089,659			(331,515	)		—
Total		(152,098	)		(107,696,482	)		(1,636,618	)		(40,943,498	)		(279,343	)
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		207,677			(45,887,725	)		3,320,047			30,690,624			1,019,862
Total		207,677			(45,887,725	)		3,320,047			30,690,624			1,019,862
Net Realized and Unrealized Gain (Loss) on Investments		55,579			(153,584,207	)		1,683,429			(10,252,874	)		740,519
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	102,622		$	(144,210,853	)	$	2,093,631		$	(6,832,949	)	$	803,014
* Net of fees and foreign witholding tax of	$	1,521		$	14,538		$	—		$	749		$	—

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

173

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2023

	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			Pacer Industrials and Logistics ETF (a)			Pacer Data and Digital Revolution ETF (a)
INVESTMENT INCOME
Income:
Dividends*	$	64,763		$	25,231		$	1,122,863		$	22,003		$	11,082
Interest		6,230,227			3,513			307,329			56			33
Total Investment Income		6,294,990			28,744			1,430,192			22,059			11,115
Expenses:
Management fees		476,291			12,649			608,442			5,071			5,032
Total Expenses		476,291			12,649			608,442			5,071			5,032
Net Investment Income (Loss)		5,818,699			16,095			821,750			16,988			6,083
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Net Realized Gain (Loss) on Investments		(3,432,998	)		(30,934	)		(1,894,905	)		(571	)		1,394
Net Realized Gain (Loss) on In-Kind Redemptions		—			(54,702	)		985,173			—			—
Net Realized Gain (Loss) on Foreign Currency		—			—			—			48			(2	)
Net Realized Gain (Loss) on Futures Contract		—			8,853			159,069			—			—
Total		(3,432,998	)		(76,783	)		(750,663	)		(523	)		1,392
Net Change in Unrealized Appreciation (Depreciation) of:
Change in Unrealized Appreciation (Depreciation) on Investments		41,729			75,912			3,715,935			10,660			145
Change in Unrealized Appreciation (Depreciation) on Foreign Currency		—			—			—			(31	)		2
Change in Unrealized Appreciation (Depreciation) on Futures		—			8,796			949,480			—			—
Total		41,729			84,708			4,665,415			10,629			147
Net Realized and Unrealized Gain (Loss) on Investments		(3,391,269	)		7,925			3,914,752			10,106			1,539
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,427,430		$	24,020		$	4,736,502		$	27,094		$	7,622
* Net of fees and foreign witholding tax of	$	—		$	6		$	275		$	1,709		$	—

(a) Fund commenced operations on June 8, 2022. The information presented is from June 8, 2022 to April 30, 2023.

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

174

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, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	35,149,499		$	13,904,523		$	5,157,936		$	56,543
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(2,146,942	)		552,678,194			(38,006,691	)		57,295,796
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		49,274,263			(484,795,449	)		5,998,134			(70,263,447	)
Net Increase (Decrease) in Net Assets Resulting from Operations		82,276,820			81,787,268			(26,850,621	)		(12,911,108	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(26,415,381	)		(15,230,924	)		(3,237,926	)		(541,282	)
Total Distributions to Shareholders		(26,415,381	)		(15,230,924	)		(3,237,926	)		(541,282	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		521,811,485			898,356,321			170,960,965			143,753,819
Payments for Shares Redeemed		(379,307,265	)		(1,018,441,915	)		(192,513,530	)		(140,882,185	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		142,504,220			(120,085,594	)		(21,552,565	)		2,871,634
Net Increase (Decrease) in Net Assets	$	198,365,659		$	(53,529,250	)	$	(51,641,112	)	$	(10,580,756	)
NET ASSETS
Beginning of Year	$	1,841,243,077		$	1,894,772,327		$	441,893,526		$	452,474,282
End of Year	$	2,039,608,736		$	1,841,243,077		$	390,252,414		$	441,893,526

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

	Shares			Shares			Shares			Shares
Subscriptions		13,850,000			24,050,000			5,200,000			4,100,000
Redemptions		(10,100,000	)		(26,850,000	)		(5,900,000	)		(4,000,000	)
Net Increase (Decrease)		3,750,000			(2,800,000	)		(700,000	)		100,000

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

175

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® 100 ETF						Pacer Trendpilot® European Index ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	6,417,380		$	(1,744,134	)	$	659,133		$	728,433
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(933,181	)		120,845,042			390,928			4,130,921
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		39,195,084			(143,049,027	)		6,339,180			(7,811,369	)
Net Increase (Decrease) in Net Assets Resulting from Operations		44,679,283			(23,948,119	)		7,389,241			(2,952,015	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(4,142,394	)		—			(273,384	)		(787,274	)
Total Distributions to Shareholders		(4,142,394	)		—			(273,384	)		(787,274	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		64,757,685			283,712,689			12,499,820			—
Payments for Shares Redeemed		(43,185,630	)		(354,072,496	)		(21,697,145	)		(5,076,888	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		21,572,055			(70,359,807	)		(9,197,325	)		(5,076,888	)
Net Increase (Decrease) in Net Assets	$	62,108,944		$	(94,307,926	)	$	(2,081,468	)	$	(8,816,177	)
NET ASSETS
Beginning of Year	$	688,815,884		$	783,123,810		$	45,924,817		$	54,740,994
End of Year	$	750,924,828		$	688,815,884		$	43,843,349		$	45,924,817

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

	Shares			Shares			Shares			Shares
Subscriptions		1,250,000			5,350,000			550,000			—
Redemptions		(850,000	)		(6,650,000	)		(950,000	)		(200,000	)
Net Increase (Decrease)		400,000			(1,300,000	)		(400,000	)		(200,000	)

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

176

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® International ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	2,167,755		$	2,163,374
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		90,195			1,497,652
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		9,646,729			(20,276,732	)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,904,679			(16,615,706	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(444,569	)		(3,379,159	)
Total Distributions to Shareholders		(444,569	)		(3,379,159	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		9,090,440			93,963,710
Payments for Shares Redeemed		(25,936,275	)		(74,670,450	)
Transaction Fees (See Note 1)		70			197
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(16,845,765	)		19,293,457
Net Increase (Decrease) in Net Assets	$	(5,385,655	)	$	(701,408	)
NET ASSETS
Beginning of Year	$	130,526,866		$	131,228,274
End of Year	$	125,141,211		$	130,526,866

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

	Shares			Shares
Subscriptions		350,000			3,450,000
Redemptions		(1,050,000	)		(2,750,000	)
Net Increase (Decrease)		(700,000	)		700,000

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

177

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® US Bond ETF						Pacer Trendpilot® Fund of Funds ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	22,093,968		$	35,723,189		$	1,024,679		$	700,617
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(123,726,526	)		(143,414,988	)		1,039,553			561,751
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		39,291,335			(55,275,943	)		(1,480,620	)		(5,824,309	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(62,341,223	)		(162,967,742	)		583,612			(4,561,941	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(26,684,806	)		(34,403,646	)		(942,758	)		(640,806	)
Total Distributions to Shareholders		(26,684,806	)		(34,403,646	)		(942,758	)		(640,806	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			1,053,288,390			1,364,660			27,424,105
Payments for Shares Redeemed		(628,183,340	)		(746,337,560	)		(12,154,420	)		(2,982,125	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(628,183,340	)		306,950,830			(10,789,760	)		24,441,980
Net Increase (Decrease) in Net Assets	$	(717,209,369	)	$	109,579,442		$	(11,148,906	)	$	19,239,233
NET ASSETS
Beginning of Year	$	949,549,584		$	839,970,142		$	63,967,579		$	44,728,346
End of Year	$	232,340,215		$	949,549,584		$	52,818,673		$	63,967,579

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

	Shares			Shares			Shares			Shares
Subscriptions		—			38,300,000			50,000			900,000
Redemptions		(29,200,000	)		(28,200,000	)		(450,000	)		(100,000	)
Net Increase (Decrease)		(29,200,000	)		10,100,000			(400,000	)		800,000

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

178

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, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	207,988,150		$	25,666,070		$	17,791,694		$	9,347,372
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(591,025,700	)		122,838,633			(139,420,421	)		6,689,145
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		321,930,563			(69,877,441	)		87,241,929			(94,081,950	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(61,106,987	)		78,627,262			(34,386,798	)		(78,045,433	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(193,788,560	)		(22,592,335	)		(16,000,780	)		(9,347,348	)
Return of Capital		—			—			—			(5,679,191	)
Total Distributions to Shareholders		(193,788,560	)		(22,592,335	)		(16,000,780	)		(15,026,539	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		10,511,453,425			4,463,948,445			1,451,823,265			798,531,545
Payments for Shares Redeemed		(1,591,432,405	)		(397,345,830	)		(197,346,245	)		(145,624,255	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions(a)		8,920,021,020			4,066,602,615			1,254,477,020			652,907,290
Net Increase (Decrease) in Net Assets	$	8,665,125,473		$	4,122,637,542		$	1,204,089,442		$	559,835,318
NET ASSETS
Beginning of Year	$	4,554,750,146		$	432,112,604		$	831,674,981		$	271,839,663
End of Year	$	13,219,875,619		$	4,554,750,146		$	2,035,764,423		$	831,674,981

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

	Shares			Shares			Shares			Shares
Subscriptions		222,700,000			93,400,000			38,500,000			18,800,000
Redemptions		(34,800,000	)		(8,700,000	)		(5,400,000	)		(3,450,000	)
Net Increase (Decrease)		187,900,000			84,700,000			33,100,000			15,350,000

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

179

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Global Cash Cows Dividend ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	52,787,500		$	7,323,708
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(6,077,033	)		4,266,618
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		56,617,021			(2,367,802	)
Net Increase (Decrease) in Net Assets Resulting from Operations		103,327,488			9,222,524
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(33,617,374	)		(6,929,204	)
Total Distributions to Shareholders		(33,617,374	)		(6,929,204	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1,227,571,200			254,155,400
Payments for Shares Redeemed		(69,174,060	)		(40,421,200	)
Transaction Fees (See Note 1)		150,678			5,547
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		1,158,547,818			213,739,747
Net Increase (Decrease) in Net Assets	$	1,228,257,932		$	216,033,067
NET ASSETS
Beginning of Year	$	351,302,473		$	135,269,406
End of Year	$	1,579,560,405		$	351,302,473

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

	Shares			Shares
Subscriptions		37,750,000			7,650,000
Redemptions		(2,200,000	)		(1,300,000	)
Net Increase (Decrease)		35,550,000			6,350,000

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

180

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Developed Markets International Cash Cows 100 ETF						Pacer Emerging Markets Cash Cows 100 ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	12,211,358		$	1,747,231		$	1,385,535		$	490,522
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(13,922,605	)		(160,935	)		(2,008,425	)		(91,093	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		33,122,204			(6,921,956	)		1,455,641			(1,924,943	)
Net Increase (Decrease) in Net Assets Resulting from Operations		31,410,957			(5,335,660	)		832,751			(1,525,514	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(7,687,068	)		(1,413,637	)		(973,073	)		(420,442	)
Total Distributions to Shareholders		(7,687,068	)		(1,413,637	)		(973,073	)		(420,442	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		419,380,945			100,561,873			44,046,650			11,756,449
Payments for Shares Redeemed		—			(3,253,781	)		—			(2,635,631	)
Transaction Fees (See Note 1)		133,089			18,489			74,713			3,835
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		419,514,034			97,326,581			44,121,363			9,124,653
Net Increase (Decrease) in Net Assets	$	443,237,923		$	90,577,284		$	43,981,041		$	7,178,697
NET ASSETS
Beginning of Year	$	111,345,887		$	20,768,603		$	11,069,742		$	3,891,045
End of Year	$	554,583,810		$	111,345,887		$	55,050,783		$	11,069,742

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

	Shares		Shares			Shares		Shares
Subscriptions		14,850,000		3,200,000			2,350,000		450,000
Redemptions		—		(100,000	)		—		(100,000	)
Net Increase (Decrease)		14,850,000		3,100,000			2,350,000		350,000

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

181

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Large Cap Cash Cows Growth Leaders ETF			Pacer US Cash Cows Growth ETF
	For the Period Ended April 30, 2023 (a)			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	10,993		$	430,081		$	10,487
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(218,546	)		(1,986,956	)		(1,164,826	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(66,058	)		589,864			(1,889,376	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(273,611	)		(967,011	)		(3,043,715	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(9,399	)		(382,192	)		(8,394	)
Return of Capital		—			—			(5,331	)
Total Distributions to Shareholders		(9,399	)		(382,192	)		(13,725	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		19,853,740			68,710,005			39,700,106
Payments for Shares Redeemed		—			(37,720,425	)		(31,404,510	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		19,853,740			30,989,580			8,295,596
Net Increase (Decrease) in Net Assets	$	19,570,730		$	29,640,377		$	5,238,156
NET ASSETS
Beginning of Period/Year	$	—		$	8,859,250		$	3,621,094
End of Period/Year	$	19,570,730		$	38,499,627		$	8,859,250

(a) The Fund commenced operations on December 21, 2022. The information presented is for the period from December 21, 2022 to April 30, 2023.

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

	Shares		Shares			Shares
Subscriptions		975,000		1,900,000			1,000,000
Redemptions		—		(1,050,000	)		(850,000	)
Net Increase (Decrease)		975,000		850,000			150,000

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

182

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Cash Cows Fund of Funds ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	578,642		$	86,602
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		38,918			165,559
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		1,025,743			(651,837	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,643,303			(399,676	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(584,387	)		(92,538	)
Long Term Capital Gain		(117	)		—
Return of Capital		(1,841	)		—
Total Distributions to Shareholders		(586,345	)		(92,538	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		45,528,065			10,590,215
Payments for Shares Redeemed		(6,327,395	)		(3,409,181	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		39,200,670			7,181,034
Net Increase (Decrease) in Net Assets	$	40,257,628		$	6,688,820
NET ASSETS
Beginning of Year	$	8,360,596		$	1,671,776
End of Year	$	48,618,224		$	8,360,596

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

	Shares			Shares
Subscriptions		1,400,000			300,000
Redemptions		(200,000	)		(100,000	)
Net Increase (Decrease)		1,200,000			200,000

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

183

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Industrial Real Estate ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	698,677		$	394,138		$	5,579,107		$	5,159,144
Net Realized Gain (Loss) on Investments		(4,406,726	)		3,221,011			(44,167,991	)		28,814,310
Change in Unrealized Appreciation (Depreciation) of Investments		717,354			(6,041,695	)		(14,357,291	)		(13,555,941	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,990,695	)		(2,426,546	)		(52,946,175	)		20,417,513
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(597,772	)		(417,075	)		(6,149,407	)		(3,888,598	)
Total Distributions to Shareholders		(597,772	)		(417,075	)		(6,149,407	)		(3,888,598	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		10,773,195			35,129,274			44,461,180			270,265,745
Payments for Shares Redeemed		(15,910,675	)		(47,257,190	)		(150,423,405	)		(101,951,680	)
Transaction Fees (See Note 1)		—			533			—			60,860
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		(5,137,480	)		(12,127,383	)		(105,962,225	)		168,374,925
Net Increase (Decrease) in Net Assets	$	(8,725,947	)	$	(14,971,004	)	$	(165,057,807	)	$	184,903,840
NET ASSETS
Beginning of Year	$	33,172,437		$	48,143,441		$	384,989,717		$	200,085,877
End of Year	$	24,446,490		$	33,172,437		$	219,931,910		$	384,989,717

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

	Shares			Shares			Shares			Shares
Subscriptions		350,000			1,050,000			1,100,000			5,450,000
Redemptions		(550,000	)		(1,450,000	)		(3,750,000	)		(2,150,000	)
Net Increase (Decrease)		(200,000	)		(400,000	)		(2,650,000	)		3,300,000

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

184

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Data & Infrastructure Real Estate ETF						Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	23,775,260		$	11,672,912		$	845,660		$	736,963
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(181,810,261	)		94,925,590			2,499,877			(5,779,936	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(81,614,201	)		(148,313,121	)		22			787
Net Increase (Decrease) in Net Assets Resulting from Operations		(239,649,202	)		(41,714,619	)		3,345,559			(5,042,186	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(18,743,593	)		(11,646,957	)		(826,693	)		(734,947	)
Capital Gains		(1,717,631	)		(2,032,103	)		—			—
Total Distributions to Shareholders		(20,461,224	)		(13,679,060	)		(826,693	)		(734,947	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		96,006,885			688,968,095			16,851,465			22,991,205
Payments for Shares Redeemed		(434,676,185	)		(454,063,560	)		(21,079,065	)		(3,708,195	)
Transaction Fees (See Note 1)		6,781			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(338,662,519	)		234,904,535			(4,227,600	)		19,283,010
Net Increase (Decrease) in Net Assets	$	(598,772,945	)	$	179,510,856		$	(1,708,734	)	$	13,505,877
NET ASSETS
Beginning of Year	$	1,299,320,555		$	1,119,809,699		$	80,388,468		$	66,882,591
End of Year	$	700,547,610		$	1,299,320,555		$	78,679,734		$	80,388,468

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

	Shares			Shares			Shares			Shares
Subscriptions		2,950,000			17,100,000			450,000			600,000
Redemptions		(14,000,000	)		(11,550,000	)		(600,000	)		(100,000	)
Net Increase (Decrease)		(11,050,000	)		5,550,000			(150,000	)		500,000

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

185

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CSOP FTSE China A50 ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	111,199		$	133,360
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(452,535	)		(938,327	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		(114,924	)		(1,673,885	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(456,260	)		(2,478,852	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(100,794	)		(153,101	)
Return of Capital		—			(2,676	)
Total Distributions to Shareholders		(100,794	)		(155,777	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			2,373,565
Payments for Shares Redeemed		(717,525	)		(3,938,245	)
Transaction Fees (See Note 1)		1			20,781
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(717,524	)		(1,543,899	)
Net Increase (Decrease) in Net Assets	$	(1,274,578	)	$	(4,178,528	)
NET ASSETS
Beginning of Year	$	6,188,108		$	10,366,636
End of Year	$	4,913,530		$	6,188,108

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

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

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

186

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Biothreat Strategy ETF						Pacer Lunt Large Cap Alternator ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	47,043		$	42,586		$	9,373,354		$	2,954,628
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(152,098	)		524,797			(107,696,482	)		36,680,396
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		207,677			(1,195,399	)		(45,887,725	)		(40,395,418	)
Net Increase (Decrease) in Net Assets Resulting from Operations		102,622			(628,016	)		(144,210,853	)		(760,394	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(46,298	)		(42,336	)		(9,575,595	)		(2,774,225	)
Return of Capital		—			—			(488,359	)		—
Total Distributions to Shareholders		(46,298	)		(42,336	)		(10,063,954	)		(2,774,225	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			6,439,360			624,040,115			1,047,719,120
Payments for Shares Redeemed		(2,087,637	)		(4,573,800	)		(247,539,040	)		(620,083,945	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(2,087,637	)		1,865,560			376,501,075			427,635,175
Net Increase (Decrease) in Net Assets	$	(2,031,313	)	$	1,195,208		$	222,226,268		$	424,100,556
NET ASSETS
Beginning of Year	$	5,701,998		$	4,506,790		$	554,453,548		$	130,352,992
End of Year	$	3,670,685		$	5,701,998		$	776,679,816		$	554,453,548

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

	Shares			Shares			Shares			Shares
Subscriptions		—			200,000			15,050,000			23,550,000
Redemptions		(75,000	)		(150,000	)		(6,600,000	)		(13,900,000	)
Net Increase (Decrease)		(75,000	)		50,000			8,450,000			9,650,000

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

187

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Lunt Midcap Multi Factor Alternator ETF						Pacer Lunt Large Cap Multi Factor Alternator ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	410,202		$	220,788		$	3,419,925		$	1,501,671
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(1,636,618	)		164,291			(40,943,498	)		(1,351,273	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		3,320,047			(5,818,988	)		30,690,624			(22,556,438	)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,093,631			(5,433,909	)		(6,832,949	)		(22,406,040	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(410,052	)		(220,791	)		(3,553,899	)		(1,367,759	)
Return of Capital		(20,581	)		(18,230	)		—			—
Total Distributions to Shareholders		(430,633	)		(239,021	)		(3,553,899	)		(1,367,759	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		21,010,460			69,078,310			51,694,570			367,366,855
Payments for Shares Redeemed		(23,227,120	)		(63,219,085	)		(102,211,650	)		(119,751,630	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		(2,216,660	)		5,859,225			(50,517,080	)		247,615,225
Net Increase (Decrease) in Net Assets	$	(553,662	)	$	186,295		$	(60,903,928	)	$	223,841,426
NET ASSETS
Beginning of Year	$	35,405,701		$	35,219,406		$	267,094,779		$	43,253,353
End of Year	$	34,852,039		$	35,405,701		$	206,190,851		$	267,094,779

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

	Shares			Shares			Shares			Shares
Subscriptions		650,000			1,900,000			1,450,000			9,200,000
Redemptions		(700,000	)		(1,750,000	)		(2,900,000	)		(3,000,000	)
Net Increase (Decrease)		(50,000	)		150,000			(1,450,000	)		6,200,000

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

188

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Export Leaders ETF
	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022
OPERATIONS
Net Investment Income (Loss)	$	62,495		$	7,672
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(279,343	)		398,188
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		1,019,862			(755,979	)
Net Increase (Decrease) in Net Assets Resulting from Operations		803,014			(350,119	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(62,859	)		(7,727	)
Return of Capital		—			(804	)
Total Distributions to Shareholders		(62,859	)		(8,531	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		15,408,145			4,175,840
Payments for Shares Redeemed		—			(2,010,389	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)		15,408,145			2,165,451
Net Increase (Decrease) in Net Assets	$	16,148,300		$	1,806,801
NET ASSETS
Beginning of Year	$	3,827,363		$	2,020,562
End of Year	$	19,975,663		$	3,827,363

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

	Shares		Shares
Subscriptions		400,000		100,000
Redemptions		—		(50,000	)
Net Increase (Decrease)		400,000		50,000

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

189

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Pacific Asset Floating Rate High Income ETF
	For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 (a)			For the Year Ended June 30, 2021
OPERATIONS
Net Investment Income (Loss)	$	5,818,699		$	1,307,992		$	896,410
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(3,432,998	)		26,972			(23,314	)
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		41,729			(1,694,753	)		1,513,865
Net Increase (Decrease) in Net Assets Resulting from Operations		2,427,430			(359,789	)		2,386,961
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(5,819,045	)		(1,211,347	)		(953,333	)
Total Distributions to Shareholders		(5,819,045	)		(1,211,347	)		(953,333	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		87,368,338			53,405,601			2,443,495
Payments for Shares Redeemed		(65,544,726	)		(1,959,872	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		21,823,612			51,445,729			2,443,495
Net Increase (Decrease) in Net Assets	$	18,431,997		$	49,874,593		$	3,877,123
NET ASSETS
Beginning of Period/Year	$	81,662,783		$	31,788,190		$	27,911,067
End of Period/Year	$	100,094,780		$	81,662,783		$	31,788,190

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

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

	Shares			Shares			Shares
Subscriptions		1,920,000			1,100,000			50,000
Redemptions		(1,440,000	)		(40,000	)		—
Net Increase (Decrease)		480,000			1,060,000			50,000

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

190

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, 2023			For the Period Ended April 30, 2022 (a)			For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 (a)
OPERATIONS
Net Investment Income (Loss)	$	16,095		$	7,393		$	821,750		$	96,485
Net Realized Gain (Loss) on Investments, Futures contracts, and Foreign Currency Transactions		(76,783	)		98,339			(750,663	)		(142,024	)
Change in Unrealized Appreciation (Depreciation) of Investments and Futures Contracts		84,708			(196,410	)		4,665,415			(4,411,083	)
Net Increase (Decrease) in Net Assets Resulting from Operations		24,020			(90,678	)		4,736,502			(4,456,622	)
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(16,095	)		(7,393	)		(821,750	)		(96,485	)
Capital Gains		—			—			(879,202	)		—
Return of Capital		(64,749	)		(53,832	)		(3,972,774	)		(1,275,430	)
Total Distributions to Shareholders		(80,844	)		(61,225	)		(5,673,726	)		(1,371,915	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		—			3,093,585			62,340,960			60,883,974
Payments for Shares Redeemed		(901,330	)		(1,077,040	)		(7,071,537	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		(901,330	)		2,016,545			55,269,423			60,883,974
Net Increase (Decrease) in Net Assets	$	(958,154	)	$	1,864,642		$	54,332,199		$	55,055,437
NET ASSETS
Beginning of Period/Year	$	1,864,642		$	—		$	55,055,437		$	—
End of Period/Year	$	906,488		$	1,864,642		$	109,387,636		$	55,055,437

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

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

	Shares			Shares			Shares			Shares
Subscriptions		—			75,000			2,100,000			1,740,000
Redemptions		(25,000	)		(25,000	)		(240,000	)		—
Net Increase (Decrease)		(25,000	)		50,000			1,860,000			1,740,000

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

191

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Industrials and Logistics ETF			Pacer Data and Digital Revolution ETF
	For the Period Ended April 30, 2023 (a)			For the Period Ended April 30, 2023 (a)
OPERATIONS
Net Investment Income (Loss)	$	16,988		$	6,083
Net Realized Gain (Loss) on Investments and Foreign Currency Transactions		(523	)		1,392
Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions		10,629			147
Net Increase (Decrease) in Net Assets Resulting from Operations		27,094			7,622
DISTRIBUTIONS TO SHAREHOLDERS
Distributions and Dividends		(12,171	)		(5,555	)
Total Distributions to Shareholders		(12,171	)		(5,555	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		994,800			1,012,400
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)		994,800			1,012,400
Net Increase (Decrease) in Net Assets	$	1,009,723		$	1,014,467
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	1,009,723		$	1,014,467

(a) Fund commenced operations on June 8, 2022. The information presented is from June 8, 2022 to April 30, 2023.

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

	Shares		Shares
Subscriptions		40,000		40,000
Net Increase (Decrease)		40,000		40,000

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

192

Pacer Trendpilot^® US Large Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	37.54		$	36.54		$	26.99		$	30.56		$	28.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.66			0.28			0.25			0.39			0.43
Net Realized and Unrealized Gain (Loss) on Investments(c)		0.90			1.03			9.65			(3.59	)		2.01
Total from Investment Operations		1.56			1.31			9.90			(3.20	)		2.44
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.47	)		(0.31	)		(0.35	)		(0.37	)		(0.29	)
Total Distributions		(0.47	)		(0.31	)		(0.35	)		(0.37	)		(0.29	)
Net Asset Value, End of Period	$	38.63		$	37.54		$	36.54		$	26.99		$	30.56
Total Return		4.20	%		3.48	%		36.86	%		-10.71	%		8.65	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,039,609		$	1,841,243		$	1,894,772		$	2,403,839		$	2,163,990
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.75	%		0.71	%		0.83	%		1.25	%		1.43	%
Portfolio Turnover Rate(b)		1	%		58	%		6	%		5	%		162	%

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

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

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

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

193

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	34.52		$	35.63		$	28.35		$	30.95		$	30.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.39			0.00	(d)		0.09			0.28			0.41
Net Realized and Unrealized Gain (Loss) on Investments(c)		(2.41	)		(1.07	)		7.36			(2.45	)		0.10
Total from Investment Operations		(2.02	)		(1.07	)		7.45			(2.17	)		0.51
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.25	)		(0.04	)		(0.17	)		(0.43	)		(0.28	)
Total Distributions		(0.25	)		(0.04	)		(0.17	)		(0.43	)		(0.28	)
Net Asset Value, End of Period	$	32.25		$	34.52		$	35.63		$	28.35		$	30.95
Total Return		-5.81	%		-2.98	%		26.34	%		-7.11	%		1.66	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	390,252		$	441,894		$	452,474		$	540,051		$	761,305
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.19	%		0.01	%		0.30	%		0.96	%		1.30	%
Portfolio Turnover Rate(b)		441	%		16	%		304	%		143	%		405	%

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

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

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

(d) Represents less the $0.005.

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

194

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	52.18		$	54.01		$	37.91		$	36.00		$	31.16
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.48			(0.13	)		0.01			0.15			0.26
Net Realized and Unrealized Gain (Loss) on Investments(c)		2.87			(1.70	)		16.17			1.94			4.73
Total from Investment Operations		3.35			(1.83	)		16.18			2.09			4.99
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.31	)		—			(0.08	)		(0.18	)		(0.15	)
Total Distributions		(0.31	)		—			(0.08	)		(0.18	)		(0.15	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	(d)		—			—
Net Asset Value, End of Period	$	55.22		$	52.18		$	54.01		$	37.91		$	36.00
Total Return		6.47	%		-3.38	%		42.69	%		5.78	%		16.04	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	750,925		$	688,816		$	783,124		$	739,258		$	502,173
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		0.93	%		-0.22	%		0.01	%		0.40	%		0.76	%
Portfolio Turnover Rate(b)		6	%		7	%		6	%		61	%		107	%

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

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

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

(d) Represents less the $0.005.

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

195

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	22.40		$	24.33		$	23.76		$	26.77		$	29.66
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.34			0.34			0.10			0.54			0.74
Net Realized and Unrealized Gain (Loss) on Investments(c)		3.99			(1.89	)		0.47			(2.61	)		(3.16	)
Total from Investment Operations		4.33			(1.55	)		0.57			(2.07	)		(2.42	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.16	)		(0.38	)		—			(0.94	)		(0.47	)
Total Distributions		(0.16	)		(0.38	)		—			(0.94	)		(0.47	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	(d)		—			—			—
Net Asset Value, End of Period	$	26.57		$	22.40		$	24.33		$	23.76		$	26.77
Total Return		19.43	%		-6.47	%		2.38	%		-8.18	%		-8.07	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	43,843		$	45,925		$	54,741		$	91,488		$	183,379
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.66	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		1.48	%		1.39	%		0.43	%		2.04	%		2.77	%
Portfolio Turnover Rate(b)		5	%		7	%		506	%		12	%		396	%

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

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

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

(d) Represents less the $0.005.

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

196

Pacer Trendpilot^® International ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)(f)
Net Asset Value, Beginning of Period	$	24.40		$	28.22		$	23.42		$	24.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		0.45			0.44			0.28			0.32
Net Realized and Unrealized Gain (Loss) on Investments(d)		2.16			(3.57	)		4.72			(1.55	)
Total from Investment Operations		2.61			(3.13	)		5.00			(1.23	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.10	)		(0.69	)		(0.20	)		(0.26	)
Total Distributions		(0.10	)		(0.69	)		(0.20	)		(0.26	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(e)		0.00	(e)		—			—
Net Asset Value, End of Period	$	26.91		$	24.40		$	28.22		$	23.42
Total Return		10.75	%		-11.46	%		21.46	%		-5.08	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	125,141		$	130,527		$	131,228		$	151,038
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		1.82	%		1.56	%		1.15	%		1.26	%
Portfolio Turnover Rate(c)		3	%		202	%		161	%		39	%

(a) Commencement of operations on May 02, 2019.

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

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

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

(e) Represents less than $0.005.

(f) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

197

Pacer Trendpilot^® US Bond ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(f)
Net Asset Value, Beginning of Period	$	23.33		$	27.45		$	25.77		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		1.11			0.80			1.09			0.33
Net Realized and Unrealized Gain (Loss) on Investments(d)		(2.83	)		(4.17	)		1.34			0.72
Total from Investment Operations		(1.72	)		(3.37	)		2.43			1.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.41	)		(0.75	)		(0.75	)		(0.28	)
Total Distributions		(1.41	)		(0.75	)		(0.75	)		(0.28	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			—			0.00	(e)		—
Net Asset Value, End of Period	$	20.20		$	23.33		$	27.45		$	25.77
Total Return		-7.30	%		-12.54	%		9.53	%		4.24	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	232,340		$	949,550		$	839,970		$	144,327
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		5.26	%		3.01	%		4.04	%		2.47	%
Portfolio Turnover Rate(c)		711	%		652	%		55	%		131	%

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

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

(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.

(e) Represents less than $0.005.

(f) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

198

Pacer Trendpilot^® Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(d)
Net Asset Value, Beginning of Period	$	27.81		$	29.82		$	23.81		$	25.39
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)(c)		0.48			0.35			0.22			0.26
Net Realized and Unrealized Gain (Loss) on Investments(g)		(0.03	)		(2.07	)		5.96			(1.59	)
Total from Investment Operations		0.45			(1.72	)		6.18			(1.33	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.46	)		(0.29	)		(0.17	)		(0.25	)
Total Distributions		(0.46	)		(0.29	)		(0.17	)		(0.25	)
Net Asset Value, End of Period	$	27.80		$	27.81		$	29.82		$	23.81
Total Return		1.71	%		-5.87	%		26.02	%		-5.37	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	52,819		$	63,968		$	44,728		$	27,378
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets(e)		0.15	%		0.15	%		0.15	%		0.15	%
Net Investment Income (Loss) to Average Net Assets(e)		1.77	%		1.16	%		0.82	%		1.03	%
Portfolio Turnover Rate(f)		6	%		5	%		29	%		6	%

(a) Commencement of operations on May 03, 2019.

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

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(e) Does not include expenses of the investment companies in which the Fund invests.

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

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

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

199

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	47.94		$	41.95		$	25.17		$	29.72		$	28.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.08			0.84			0.71			0.77			0.53
Net Realized and Unrealized Gain (Loss) on Investments(c)		(1.32	)		5.87			16.76			(4.55	)		0.67
Total from Investment Operations		(0.24	)		6.71			17.47			(3.78	)		1.20
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.97	)		(0.72	)		(0.69	)		(0.77	)		(0.46	)
Total Distributions		(0.97	)		(0.72	)		(0.69	)		(0.77	)		(0.46	)
Net Asset Value, End of Period	$	46.73		$	47.94		$	41.95		$	25.17		$	29.72
Total Return		-0.38	%		16.08	%		70.43	%		-12.63	%		4.28	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	13,219,876		$	4,554,750		$	432,113		$	190,027		$	266,018
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Net Investment Income (Loss) to Average Net Assets		2.30	%		1.78	%		2.23	%		2.73	%		1.82	%
Portfolio Turnover Rate(b)		90	%		114	%		104	%		85	%		122	%

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

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

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

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

200

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	38.06		$	41.82		$	20.76		$	25.88		$	26.17
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		0.51			0.72			0.11			0.27			0.32
Net Realized and Unrealized Gain (Loss) on Investments(c)		(1.09	)		(3.37	)		21.13			(5.12	)		(0.29	)
Total from Investment Operations		(0.58	)		(2.65	)		21.24			(4.85	)		0.03
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.43	)		(0.67	)		(0.14	)		(0.27	)		(0.32	)
Distributions from Return of Capital		—			(0.44	)		(0.04	)		—			—
Total Distributions		(0.43	)		(1.11	)		(0.18	)		(0.27	)		(0.32	)
Net Asset Value, End of Period	$	37.05		$	38.06		$	41.82		$	20.76		$	25.88
Total Return		-1.46	%		-6.57	%		102.70	%		-18.72	%		0.20	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,035,764		$	831,675		$	271,840		$	14,534		$	50,474
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%		0.60	%		0.59	%		0.59	%		0.59	%
Net Investment Income (Loss) to Average Net Assets		1.36	%		1.70	%		0.33	%		1.11	%		1.21	%
Portfolio Turnover Rate(b)		101	%		133	%		123	%		128	%		123	%

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

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

(c) Realized and unrealized 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.

201

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	32.83		$	31.10		$	24.63		$	31.19		$	30.75
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.94			1.39			1.17			1.32			1.21
Net Realized and Unrealized Gain (Loss) on Investments(c)		0.65			1.69			6.51			(6.60	)		0.43
Total from Investment Operations		2.59			3.08			7.68			(5.28	)		1.64
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.28	)		(1.35	)		(1.21	)		(1.28	)		(1.20	)
Total Distributions		(1.28	)		(1.35	)		(1.21	)		(1.28	)		(1.20	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.01			0.00	(d)		—			—			—
Net Asset Value, End of Period	$	34.15		$	32.83		$	31.10		$	24.63		$	31.19
Total Return		8.50	%		10.22	%		32.05	%		-17.32	%		5.56	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,579,560		$	351,302		$	135,269		$	135,480		$	210,505
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		6.07	%		4.32	%		4.32	%		4.52	%		4.00	%
Portfolio Turnover Rate(b)		47	%		39	%		76	%		91	%		74	%

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

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

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

(d) Represents less the $0.005.

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

202

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	29.69		$	31.95		$	20.99		$	27.08		$	28.91
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(a)		1.52			1.03			0.66			0.74			0.85
Net Realized and Unrealized Gain (Loss) on Investments(c)		(0.18	)		(2.43	)		10.98			(6.05	)		(2.01	)
Total from Investment Operations		1.34			(1.40	)		11.64			(5.31	)		(1.16	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.23	)		(0.87	)		(0.68	)		(0.78	)		(0.67	)
Total Distributions		(1.23	)		(0.87	)		(0.68	)		(0.78	)		(0.67	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.02			0.01			0.00	(d)		—			—
Net Asset Value, End of Period	$	29.82		$	29.69		$	31.95		$	20.99		$	27.08
Total Return		5.26	%		-4.48	%		56.41	%		-20.04	%		-3.92	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	554,584		$	111,346		$	20,769		$	20,991		$	33,844
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net Investment Income (Loss) to Average Net Assets		5.43	%		3.28	%		2.52	%		2.96	%		3.18	%
Portfolio Turnover Rate(b)		59	%		71	%		83	%		149	%		80	%

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

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

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

(d) Represents less than $0.005.

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

203

Pacer Emerging Markets Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(c)
Net Asset Value, Beginning of Period	$	22.14		$	25.94		$	19.11		$	24.95
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		1.12			1.36			0.72			1.05
Net Realized and Unrealized Gain (Loss) on Investments(e)		(2.70	)		(4.03	)		6.91			(4.81	)
Total from Investment Operations		(1.58	)		(2.67	)		7.63			(3.76	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.30	)		(1.14	)		(0.85	)		(2.08	)
Total Distributions		(1.30	)		(1.14	)		(0.85	)		(2.08	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.06			0.01			0.05			0.00	(f)
Net Asset Value, End of Period	$	19.32		$	22.14		$	25.94		$	19.11
Total Return		-6.43	%		-10.67	%		41.19	%		-16.76	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	55,051		$	11,070		$	3,891		$	956
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.71	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		5.93	%		5.50	%		3.12	%		4.43	%
Portfolio Turnover Rate(d)		66	%		97	%		109	%		144	%

(a) Commencement of operations on May 2, 2019.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

(e) Realized and unrealized 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.

(f) Less than $0.005.

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

204

Pacer US Large Cap Cash Cows Growth Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2023(a)(c)
Net Asset Value, Beginning of Period	$	20.36
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.03
Net Realized and Unrealized Gain (Loss) on Investments (e)		(0.30	)
Total from Investment Operations		(0.27	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.02	)
Total Distributions		(0.02	)
Net Asset Value, End of Period	$	20.07
Total Return		-1.30	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	19,571
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%
Net Investment Income (Loss) to Average Net Assets		0.44	%
Portfolio Turnover Rate (d)		30	%

(a) Commencement of operations on December 21, 2022.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

(e) 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.

205

Pacer US Cash Cows Growth ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(c)
Net Asset Value, Beginning of Period	$	35.44		$	36.21		$	22.89		$	24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.60			0.04			0.14			0.28
Net Realized and Unrealized Gain (Loss) on Investments (e)		(0.65	)		(0.75	)		13.37			(1.90	)
Total from Investment Operations		(0.05	)		(0.71	)		13.51			(1.62	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.39	)		(0.04	)		(0.19	)		(0.27	)
Distributions from Return of Capital		—			(0.02	)		—			—
Total Distributions		(0.39	)		(0.06	)		(0.19	)		(0.27	)
Net Asset Value, End of Period	$	35.00		$	35.44		$	36.21		$	22.89
Total Return		-0.07	%		-1.98	%		59.29	%		-6.52	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	38,500		$	8,859		$	3,621		$	1,144
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.69	%		0.10	%		0.43	%		1.16	%
Portfolio Turnover Rate (d)		182	%		76	%		170	%		166	%

(a) Commencement of operations on May 2, 2019.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

206

Pacer Cash Cows Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020(a)(d)
Net Asset Value, Beginning of Period	$	33.44		$	33.44		$	20.83		$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)(c)		0.76			0.79			0.55			0.53
Net Realized and Unrealized Gain (Loss) on Investments (g)		0.11			—			12.56			(4.46	)
Total from Investment Operations		0.87			0.79			13.11			(3.93	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.78	)		(0.79	)		(0.50	)		(0.55	)
Distributions from Capital Gains		(0.00	)(h)		—			—			—
Distributions from Return of Capital		(0.00	)(h)		—			—			(0.00	)(h)
Total Distributions		(0.78	)		(0.79	)		(0.50	)		(0.55	)
Net Asset Value, End of Period	$	33.53		$	33.44		$	33.44		$	20.83
Total Return		2.81	%		2.29	%		63.73	%		-15.71	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	48,618		$	8,361		$	1,672		$	1,041
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets (e)		0.15	%		0.16	%		0.15	%		0.15	%
Net Investment Income (Loss) to Average Net Assets (e)		2.33	%		2.27	%		2.09	%		2.27	%
Portfolio Turnover Rate (f)		8	%		26	%		9	%		2	%

(a) Commencement of operations on May 03, 2019.

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

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d) Ratios have been annualized and total return and portfolio turnover have not been annualized.

(e) Does not include expenses of the investment companies in which the Fund invests.

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

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

(h) Less than $0.005.

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

207

Pacer WealthShield ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Year Ended April 30, 2019
Net Asset Value, Beginning of Period	$	30.16		$	32.10		$	23.92		$	25.02		$	25.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (a)		0.64			0.26			0.14			0.33			0.38
Net Realized and Unrealized Gain (Loss) on Investments (c)		(3.07	)		(1.94	)		8.20			(1.10	)		(0.01	)
Total from Investment Operations		(2.43	)		(1.68	)		8.34			(0.77	)		0.37
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.57	)		(0.26	)		(0.16	)		(0.33	)		(0.37	)
Total Distributions		(0.57	)		(0.26	)		(0.16	)		(0.33	)		(0.37	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.00	(d)		—			—			—
Net Asset Value, End of Period	$	27.16		$	30.16		$	32.10		$	23.92		$	25.02
Total Return		-8.09	%		-5.30	%		35.00	%		-3.04	%		1.43	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	24,446		$	33,172		$	48,143		$	51,428		$	110,078
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		2.19	%		0.79	%		0.53	%		1.38	%		1.52	%
Portfolio Turnover Rate (b)		669	%		448	%		227	%		676	%		542	%

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

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

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

(d) Less than $0.005.

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

208

Pacer Industrial Real Estate ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)(c)
Net Asset Value, Beginning of Period	$	47.82		$	42.12		$	30.09		$	29.42		$	24.83
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.90			0.78			0.63			0.77			0.65
Net Realized and Unrealized Gain (Loss) on Investments (e)		(6.99	)		5.48			12.08			0.52			4.61
Total from Investment Operations		(6.09	)		6.26			12.71			1.29			5.26
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.00	)		(0.57	)		(0.58	)		(0.61	)		(0.67	)
Distributions from Capital Gains		—			—			—			(0.01	)		—
Distributions from Return of Capital		—			—			(0.10	)		—			—
Total Distributions		(1.00	)		(0.57	)		(0.68	)		(0.62	)		(0.67	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		—			0.01			0.00	(f)		—			—
Net Asset Value, End of Period	$	40.73		$	47.82		$	42.12		$	30.09		$	29.42
Total Return		-12.56	%		14.88	%		42.70	%		4.38	%		21.62	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	219,932		$	384,990		$	200,086		$	48,147		$	7,356
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%
Expenses to Average Net Assets (Waived) (see Note 3)		0.58	%		N/A			N/A			N/A			N/A
Net Investment Income (Loss) to Average Net Assets		2.25	%		1.60	%		1.75	%		2.40	%		2.60	%
Net Investment Income (Loss) to Average Net Assets (Waived) (see Note 3)		2.23	%		N/A			N/A			N/A			N/A
Portfolio Turnover Rate (d)		92	%		43	%		13	%		29	%		36	%

(a) Commencement of operations on May 14, 2018.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

(f) Less than $0.005.

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

209

Pacer Data & Infrastructure Real Estate ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)(c)
Net Asset Value, Beginning of Year/Period	$	37.50		$	38.48		$	33.27		$	28.36		$	24.67
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.77			0.32			0.36			0.54			0.39
Net Realized and Unrealized Gain (Loss) on Investments (e)		(7.92	)		(0.91	)		5.39			4.92			3.93
Total from Investment Operations		(7.15	)		(0.59	)		5.75			5.46			4.32
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.61	)		(0.33	)		(0.37	)		(0.49	)		(0.44	)
Distributions from Capital Gains		(0.06	)		(0.06	)		—			—			(0.01	)
Distributions from Return of Capital		—			—			(0.17	)		(0.06	)		(0.18	)
Total Distributions		(0.67	)		(0.39	)		(0.54	)		(0.55	)		(0.63	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(f)		—			—			—			—
Net Asset Value, End of Period	$	29.68		$	37.50		$	38.48		$	33.27		$	28.36
Total Return		-19.11	%		-1.63	%		17.46	%		19.50	%		17.89	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	700,548		$	1,299,321		$	1,119,810		$	552,214		$	22,691
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.62	%		0.60	%		0.60	%		0.60	%
Expenses to Average Net Assets After Advisory Fees (Waived) (see Note 3)		0.58	%		N/A			N/A			N/A			N/A
Net Investment Income (Loss) to Average Net Assets		2.43	%		0.81	%		1.02	%		1.70	%		1.55	%
Net Investment Income (Loss) to Average Net Assets After Advisory Fees (Waived) (see Note 3)		2.41	%		N/A			N/A			N/A			N/A
Portfolio Turnover Rate (d)		51	%		23	%		30	%		28	%		27	%

(a) Commencement of operations on May 15, 2018.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

(f) Less than $0.005.

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

210

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)(c)
Net Asset Value, Beginning of Period	$	34.95		$	37.16		$	25.23		$	28.16		$	25.01
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.40			0.34			0.26			0.50			0.25
Net Realized and Unrealized Gain (Loss) on Investments (f)		1.65			(2.21	)		11.95			(3.00	)		3.11
Total from Investment Operations		2.05			(1.87	)		12.21			(2.50	)		3.36
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.40	)		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Total Distributions		(0.40	)		(0.34	)		(0.28	)		(0.43	)		(0.21	)
Net Asset Value, End of Period	$	36.60		$	34.95		$	37.16		$	25.23		$	28.16
Total Return (e)		5.95	%		-5.11	%		48.66	%		-8.80	%		13.67	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	78,680		$	80,388		$	66,883		$	60,554		$	7,040
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.16	%		0.89	%		0.89	%		1.75	%		1.23	%
Portfolio Turnover Rate (d)		227	%		225	%		217	%		225	%		262	%

(a) Commencement of operations on July 23, 2018.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

(e) Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022 and April 30, 2019.

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

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

211

Pacer CSOP FTSE China A50 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Period Ended April 30, 2020 (a)(c)			For the Year Ended September 30, 2019
Net Asset Value, Beginning of Period	$	17.39		$	22.74		$	16.18		$	16.85		$	15.30
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.33			0.31			0.36			(0.07	)		0.31
Net Realized and Unrealized Gain (Loss) on Investments (e)		(1.33	)		(5.33	)		6.54			0.15			1.48
Total from Investment Operations		(1.00	)		(5.02	)		6.90			0.08			1.79
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.33	)		(0.37	)		(0.33	)		(0.71	)		(0.24	)
Distributions from Return of Capital		—			(0.01	)		(0.01	)		(0.04	)		—
Total Distributions		(0.33	)		(0.38	)		(0.34	)		(0.75	)		(0.24	)
CAPITAL SHARE TRANSACTIONS
Transaction Fees (see Note 1)		0.00	(f)		0.05			0.00	(f)		—			—
Net Asset Value, End of Period	$	16.06		$	17.39		$	22.74		$	16.18		$	16.85
Total Return		-5.68	%		-22.15	%		42.73	%		0.14	%		12.05	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	4,914		$	6,188		$	10,367		$	8,992		$	12,740
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.71	%		0.70	%		0.70	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		2.03	%		1.49	%		1.73	%		-0.66	%		1.97	%
Portfolio Turnover Rate (d)		13	%		59	%		32	%		193	%		45	%

(a) For the period October 1, 2019 to April 30, 2020.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

(f) Less than $0.005.

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

212

Pacer BioThreat Strategy ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	28.51		$	30.05		$	24.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.30			0.22			0.16
Net Realized and Unrealized Gain (Loss) on Investments (e)		0.86			(1.52	)		5.53
Total from Investment Operations		1.16			(1.30	)		5.69
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.30	)		(0.24	)		(0.15	)
Distributions from Return of Capital		—			—			(0.00	)(f)
Total Distributions		(0.30	)		(0.24	)		(0.15	)
Net Asset Value, End of Period	$	29.37		$	28.51		$	30.05
Total Return		4.13	%		-4.41	%		23.23
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,671		$	5,702		$	4,507
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%		0.71	%		0.70	%
Net Investment Income (Loss) to Average Net Assets		1.07	%		0.69	%		0.65	%
Portfolio Turnover Rate (d)		10	%		17	%		5	%

(a) Commencement of operations on June 24, 2020.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

(f) Less than $0.005.

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

213

Pacer Lunt Large Cap Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	43.15		$	40.74		$	23.58
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.44			0.48			0.41
Net Realized and Unrealized Gain (Loss) on Investments (e)		(6.67	)		2.36			17.16
Total from Investment Operations		(6.23	)		2.84			17.57
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.44	)		(0.43	)		(0.41	)
Distributions from Return of Capital		(0.02	)		—			—
Total Distributions		(0.46	)		(0.43	)		(0.41	)
Net Asset Value, End of Period	$	36.46		$	43.15		$	40.74
Total Return		-14.49	%		6.97	%		74.99	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	776,680		$	554,454		$	130,353
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.11	%		1.09	%		1.59	%
Portfolio Turnover Rate (d)		384	%		722	%		193	%

(a) Commencement of operations on June 24, 2020.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

214

Pacer Lunt Midcap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	32.19		$	37.07		$	23.84
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.37			0.20			0.07
Net Realized and Unrealized Gain (Loss) on Investments (e)		1.01			(4.87	)		13.26
Total from Investment Operations		1.38			(4.67	)		13.33
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.36	)		(0.19	)		(0.07	)
Distributions from Return of Capital		(0.02	)		(0.02	)		(0.03	)
Total Distributions		(0.38	)		(0.21	)		(0.10	)
Net Asset Value, End of Period	$	33.19		$	32.19		$	37.07
Total Return		4.43	%		-12.66	%		56.04
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	34,852		$	35,406		$	35,219
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.61	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.14	%		0.55	%		0.27	%
Portfolio Turnover Rate (d)		569	%		529	%		322	%

(a) Commencement of operations on June 24, 2020.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

215

Pacer Lunt Large Cap Multi-Factor Alternator ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Period Ended April 30, 2021(a)(c)
Net Asset Value, Beginning of Period	$	36.34		$	37.61		$	24.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.54			0.39			0.32
Net Realized and Unrealized Gain (Loss) on Investments (e)		(1.38	)		(1.33	)		13.14
Total from Investment Operations		(0.84	)		(0.94	)		13.46
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.55	)		(0.33	)		(0.27	)
Total Distributions		(0.55	)		(0.33	)		(0.27	)
Net Asset Value, End of Period	$	34.95		$	36.34		$	37.61
Total Return		-2.26	%		-2.58	%		55.41	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	206,191		$	267,095		$	43,253
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		1.54	%		0.98	%		1.19	%
Portfolio Turnover Rate (d)		629	%		434	%		304	%

(a) Commencement of operations on June 24, 2020.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

216

Pacer US Export Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Year Ended April 30, 2022			For the Year Ended April 30, 2021			For the Year Ended April 30, 2020			For the Period Ended April 30, 2019(a)(c)
Net Asset Value, Beginning of Period	$	38.27		$	40.41		$	25.15		$	25.97		$	24.98
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.25			0.12			0.14			0.16			0.09
Net Realized and Unrealized Gain (Loss) on Investments (e)		1.67			(2.13	)		15.27			(0.82	)		0.98
Total from Investment Operations		1.92			(2.01	)		15.41			(0.66	)		1.07
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.24	)		(0.12	)		(0.15	)		(0.16	)		(0.08	)
Distribution from Return of Capital		—			(0.01	)		—			—			—
Total Distributions		(0.24	)		(0.13	)		(0.15	)		(0.16	)		(0.08	)
Net Asset Value, End of Period	$	39.95		$	38.27		$	40.41		$	25.15		$	25.97
Total Return		5.06	%		-5.00	%		61.47	%		-2.53	%		4.33	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	19,976		$	3,827		$	2,021		$	1,257		$	1,298
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.61	%		0.60	%		0.60	%		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.64	%		0.29	%		0.43	%		0.61	%		0.50	%
Portfolio Turnover Rate (d)		74	%		79	%		111	%		79	%		55	%

(a) Commencement of operations on July 23, 2018.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

217

Pacer Pacific Asset Floating Rate High Income ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Year Ended April 30, 2023			For the Period Ended April 30, 2022 (a)(c)			For the Year Ended June 30, 2021			For the Year Ended June 30, 2020			For the Year Ended June 30, 2019
Net Asset Value, Beginning of Period	$	47.76		$	48.90		$	46.52		$	48.73		$	48.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		3.34			1.47			1.47			1.90			2.10
Net Realized and Unrealized Gain (Loss) on Investments (e)		(2.10	)		(1.29	)		2.47			(2.20	)		(0.15	)
Total from Investment Operations		1.24			0.18			3.94			(0.30	)		1.95
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(3.29	)		(1.32	)		(1.56	)		(1.91	)		(2.09	)
Total Distributions		(3.29	)		(1.32	)		(1.56	)		(1.91	)		(2.09	)
Net Asset Value, End of Period	$	45.71		$	47.76		$	48.90		$	46.52		$	48.73
Total Return		2.91	%		0.34	%		8.63	%		-0.70	%		4.09	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	100,095		$	81,663		$	31,788		$	27,911		$	29,240
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.62	%		0.68	%		1.06	%		1.63	%
Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped		N/A			N/A			0.86	%		1.10	%		1.10	%
Net Investment Income (Loss) to Average Net Assets		7.36	%		3.63	%		3.04	%		3.98	%		4.31	%
Portfolio Turnover Rate (d)		79	%		37	%		35	%		48	%		70	%

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

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

(e) Realized and unrealized 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.

218

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, 2023			For the Period Ended April 30, 2022(a)(c)
Net Asset Value, Beginning of Period	$	37.29		$	40.51
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.35			0.15
Net Realized and Unrealized Gain (Loss) on Investments (e)		0.47			(2.15	)
Total from Investment Operations		0.82			(2.00	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.37	)		(0.15	)
Distributions from Return of Capital		(1.48	)		(1.07	)
Total Distributions		(1.85	)		(1.22	)
Net Asset Value, End of Period	$	36.26		$	37.29
Total Return		2.64	%		-5.21	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	906		$	1,865
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%		0.79	%
Net Investment Income (Loss) to Average Net Assets		1.01	%		0.45	%
Portfolio Turnover Rate (d)		2	%		57	%

(a) Commencement of operations on July 12, 2021.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

219

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, 2023			For the Period Ended April 30, 2022(a)(c)
Net Asset Value, Beginning of Period	$	31.64		$	34.65
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.32			0.12
Net Realized and Unrealized Gain (Loss) on Investments (e)		0.53			(1.73	)
Total from Investment Operations		0.85			(1.61	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.30	)		(0.10	)
Distributions from Capital Gains		(0.33	)		—
Distributions from Return of Capital		(1.47	)		(1.30	)
Total Distributions		(2.10	)		(1.40	)
Net Asset Value, End of Period	$	30.39		$	31.64
Total Return		3.25	%		-5.00	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	109,388		$	55,055
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.79	%		0.79	%
Net Investment Income (Loss) to Average Net Assets		1.07	%		0.42	%
Portfolio Turnover Rate (d)		9	%		7	%

(a) Commencement of operations on July 12, 2021.

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

(c) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

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

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

220

Pacer Industrials and Logistics ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2023(a)(e)
Net Asset Value, Beginning of Period	$	24.87
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.43
Net Realized and Unrealized Gain (Loss) on Investments (c)		0.24
Total from Investment Operations		0.67
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.30	)
Total Distributions		(0.30	)
Net Asset Value, End of Period	$	25.24
Total Return		2.90	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,010
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%
Net Investment Income (Loss) to Average Net Assets		2.01	%
Portfolio Turnover Rate (d)		10	%

(a) Commencement of operations on June 8, 2022.

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

(c) Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses in the statement of operations due to share transactions for the period.

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

(e) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

221

Pacer Data and Digital Revolution ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2023(a)(e)
Net Asset Value, Beginning of Period	$	25.31
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) (b)		0.15
Net Realized and Unrealized Gain (Loss) on Investments (c)		0.04
Total from Investment Operations		0.19
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.14	)
Total Distributions		(0.14	)
Net Asset Value, End of Period	$	25.36
Total Return		0.84	%
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,014
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%
Net Investment Income (Loss) to Average Net Assets		0.73	%
Portfolio Turnover Rate (d)		9	%

(a) Commencement of operations on June 8, 2022.

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

(c) Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile to the change in net asset value for the period and may reconcile with aggregate gains and losses in the statement of operations due to share transactions for the period.

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

(e) Ratios have been annualized and total return and portfolio turnover have not been annualized.

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

222

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023

NOTE 1 – ORGANIZATION

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO and PSFO’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, QDPL which generally consist of 30,000 shares, TRPL and COWG which generally consist of 25,000 shares, and FLRT, SHPP and TRFK which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer Trendpilot® US Large Cap ETF		PTLC		June 11, 2015		Cboe	$	500	*
Pacer Trendpilot® US Mid Cap ETF		PTMC		June 11, 2015		Cboe		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	*
Pacer Trendpilot® Fund of Funds ETF		TRND		May 3, 2019		NYSE	$	300
Pacer US Cash Cows 100 ETF		COWZ		December 16, 2016		Cboe		300
Pacer US Small Cap Cash Cows 100 ETF		CALF		June 16, 2017		Cboe		300
Pacer Global Cash Cows Dividend ETF		GCOW		February 22, 2016		Cboe		1,500
Pacer Developed Markets International Cash Cows 100 ETF		ICOW		June 16, 2017		Cboe		1,500
Pacer Emerging Markets Cash Cows 100 ETF		ECOW		May 2, 2019		Nasdaq		1,750
Pacer US Large Cap Cash Cows Growth Leaders ETF		COWG		December 21, 2022		Nasdaq		300
Pacer US Cash Cows Growth ETF		BUL		May 2, 2019		NYSE		300
Pacer Cash Cows Fund of Funds ETF		HERD		May 3, 2019		Nasdaq		300
Pacer WealthShield ETF		PWS		December 11, 2017		Cboe		500
Pacer Industrial Real Estate ETF		INDS		May 14, 2018		NYSE		300
Pacer Data & Infrastructure Real Estate ETF		SRVR		May 15, 2018		NYSE		300
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF		SZNE		July 23, 2018		NYSE		500

223

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

Fund Name	Ticker		Commencement of Operations		Exchange		Transaction Fees
Pacer CSOP FTSE China A50 ETF		AFTY		March 10, 2015		NYSE	$	300
Pacer BioThreat Strategy ETF		VIRS		June 24, 2020		Cboe		300
Pacer Lunt Large Cap Alternator ETF		ALTL		June 24, 2020		NYSE		300
Pacer Lunt Midcap Multi-Factor Alternator ETF		PAMC		June 24, 2020		NYSE		300
Pacer Lunt Large Cap Multi-Factor Alternator ETF		PALC		June 24, 2020		NYSE		300
Pacer US Export Leaders ETF		PEXL		July 23, 2018		NYSE		300
Pacer Pacific Asset Floating Rate High Income ETF		FLRT		February 18, 2015		NYSE		300
Pacer 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 Data and Digital Revolution ETF		TRFK		June 8, 2022		NYSE		750
Pacer Industrials and Logistics ETF		SHPP		June 8, 2022		NYSE		2,000

* For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

Ticker	Index	Diversification
PTLC	Pacer Trendpilot® US Large Cap Index	Diversified
PTMC	Pacer Trendpilot® US Mid-Cap Index	Diversified
PTNQ	Pacer NASDAQ-100 Trendpilot® Index	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	Non-Diversified
COWZ	Pacer US Cash Cows 100 Index	Diversified
CALF	Pacer US Small Cap Cash Cows Index	Diversified
GCOW	Pacer Global Cash Cows High Dividends 100 Index	Diversified
ICOW	Pacer Developed Markets International Cash Cows 100 Index	Diversified
ECOW	Pacer Emerging Markets Cash Cows 100 Index	Diversified
COWG	Pacer US Large Cap Cash Cows Growth Leaders Index	Non-Diversified
BUL	Pacer US Cash Cows Growth Index	Diversified
HERD	Pacer Cash Cows Fund of Funds Index	Non-Diversified
PWS	Pacer WealthShield Index	Diversified
INDS	Solactive GPR Industrial Real Estate Index	Non-Diversified
SRVR	Solactive GPR Data & Infrastructure Real Estate Index	Non-Diversified
SZNE	Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index	Diversified
AFTY	FTSE China A50 Net Total Return Index	Diversified
VIRS	LifeSci BioThreat Strategy Index	Diversified
ALTL	Lunt Capital U.S. Large Cap Equity Rotation Index	Diversified
PAMC	Lunt Capital U.S. MidCap Multi-Factor Rotation Index	Diversified
PALC	Lunt Capital U.S. Large Cap Multi-Factor Rotation Index	Diversified
PEXL	US Export Leaders Index	Diversified
FLRT	Pacer Pacific Asset Floating Rate High Income Index	Non-Diversified
TRPL	Metaurus US Large Cap Dividend Multiplier Index – Series 300	Diversified
QDPL	Metaurus US Large Cap Dividend Multiplier Index – Series 400	Diversified
TRFK	Pacer Data Transmission and Communication Revolution Index	Non-Diversified
SHPP	Pacer Global Supply Chain Infrastructure Index	Non-Diversified

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

224

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

Securities, including master limited partnerships (“”MLPs””), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.

Deposit accounts are valued at acquisition cost, which approximates fair value.

The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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.

225

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

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, 2023:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,987,204,816	$	—	$	—	$	—	$	1,987,204,816
Real Estate Investment Trusts		49,284,208		—		—		—		49,284,208
Short-Term Investments		2,462,895		—		—		—		2,462,895
Investments Purchased with Proceeds from Securities Lending		—		—		—		110,285,458		110,285,458
Total Investments in Securities	$	2,038,951,919	$	—	$	—	$	110,285,458	$	2,149,237,377

^ See Schedule of Investments for sector breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	358,489,415	$	—	$	—	$	—	$	358,489,415
Real Estate Investment Trusts		31,323,177		—		—		—		31,323,177
Short-Term Investments		308,742		—		—		—		308,742
Investments Purchased with Proceeds from Securities Lending		—		—		—		48,433,414		48,433,414
Total Investments in Securities	$	390,121,334	$	—	$	—	$	48,433,414	$	438,554,748

^ See Schedule of Investments for sector breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	750,623,376	$	—	$	—	$	—	$	750,623,376
Short-Term Investments		648,146		—		—		—		648,146
Investments Purchased with Proceeds from Securities Lending		—		—		—		35,841,898		35,841,898
Total Investments in Securities	$	751,271,522	$	—	$	—	$	35,841,898	$	787,113,420

^ See Schedule of Investments for sector breakouts.

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April 30, 2023 (Continued)

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	42,476,591	$	—	$	61,991	$	—	$	42,538,582
Preferred Stocks		505,103		—		—		—		505,103
Real Estate Investment Trusts		194,711		—		—		—		194,711
Short-Term Investments		110,089				—		—		110,089
Investments Purchased with Proceeds from Securities Lending		—		—		—		6,456,708		6,456,708
Total Investments in Securities	$	43,286,494	$	—	$	61,991	$	6,456,708	$	49,805,193

^ See Schedule of Investments for country breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

PTEU(a)	Balance as of 4/30/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 4/30/2023
Common Stocks	$ 34,030	$ —	$ 27,961	$ —	$ —	$ —	$ —	$ 61,991

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

PTEU	Fair Value as of 4/30/2023		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	7,345		Last Trade Price		Stale Data		5.2949 EUR
Common Stocks	$	54,646		US Line		Delisting		12.4105 EUR

^(a) Table presents information for two securities: FF Group, which has been valued between 4.6 EUR and TechnipFMC PLC which has been valued between 5.6251 - 14.7816 EUR throughout the period.

PTIN

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	117,671,219	$	—	$	—	$	—	$	117,671,219
Exchange Traded Funds		5,407,396		—		—		—		5,407,396
Preferred Stocks		486,563		—		—		—		486,563
Real Estate Investment Trusts		453,576		—		—		—		453,576
Short-Term Investments		295,227		—		—		—		295,227
Investments Purchased with Proceeds from Securities Lending		—		—		—		22,817,228		22,817,228
Total Investments in Securities	$	124,313,981	$	—	$	—	$	22,817,228	$	147,131,209

^ See Schedule of Investments for country breakouts.

PTBD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	—	$	37,788	$	—	$	—	$	37,788
U.S. Government Notes/Bonds		—		230,693,543		—		—		230,693,543
Short-Term Investments		41,354		—		—		—		41,354
Total Investments in Securities	$	41,354	$	230,731,331	$	—	$	—	$	230,772,685

^ See Schedule of Investments for sector breakouts.

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TRND

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	52,719,619	$	—	$	—	$	—	$	52,719,619
Short-Term Investments		71,676		—		—		—		71,676
Total Investments in Securities	$	52,791,295	$	—	$	—	$	—	$	52,791,295

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	13,095,689,567	$	—	$	—	$	—	$	13,095,689,567
Real Estate Investment Trusts		128,841,393		—		—		—		128,841,393
Short-Term Investments		24,546,430		—		—		—		24,546,430
Investments Purchased with Proceeds from Securities Lending		—		—		—		1,074,712,013		1,074,712,013
Total Investments in Securities	$	13,249,077,390	$	—	$	—	$	1,074,712,013	$	14,323,789,403

^ See Schedule of Investments for sector breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,016,029,107	$	—	$	—	$	—	$	2,016,029,107
Real Estate Investment Trusts		16,771,080		—		—		—		16,771,080
Short-Term Investments		1,891,529		—		—		—		1,891,529
Investments Purchased with Proceeds from Securities Lending		—		—		—		615,208,781		615,208,781
Total Investments in Securities	$	2,034,691,716	$	—	$	—	$	615,208,781	$	2,649,900,497

^ See Schedule of Investments for sector breakouts.

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,532,124,736	$	—	$	—	$	—	$	1,532,124,736
Preferred Stocks		32,034,118		—		—		—		32,034,118
Short-Term Investments		2,914,387		—		—		—		2,914,387
Investments Purchased with Proceeds from Securities Lending		—		—		—		133,954,312		133,954,312
Total Investments in Securities	$	1,567,073,241	$	—	$	—	$	133,954,312	$	1,701,027,553

^ See Schedule of Investments for country breakouts.

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ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	550,347,436	$	—	$	—	$	—	$	550,347,436
Short-Term Investments		1,482,100		—		—		—		1,482,100
Investments Purchased with Proceeds from Securities Lending		—		—		—		33,888,836		33,888,836
Total Investments in Securities	$	551,829,536	$	—	$	—	$	33,888,836	$	585,718,372

^ See Schedule of Investments for country breakouts.

ECOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	50,864,618	$	—	$	0	$	—	$	50,864,618
Preferred Stocks		3,399,586		—		—		—		3,399,586
Short-Term Investments		178,835		—		—		—		178,835
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,496,672		3,496,672
Total Investments in Securities	$	54,443,039	$	—	$	—	$	3,496,672	$	57,939,711

^ 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 4/30/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 4/30/2023
Common Stocks	$ 0	$ —	$ —	$ —	$ —	$ —	$ —	$ 0

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

ECOW	Fair Value as of 4/30/2023		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Common Stocks	$	0		Market comparable companies		Discount for lack of marketability		$000

* Table presents information for eleven securities, which due to the Russian foreign exchange restrictions are not actively trading.

COWG

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	19,554,453	$	—	$	—	$	—	$	19,554,453
Short-Term Investments		38,320		—		—		—		38,320
Total Investments in Securities	$	19,592,773	$	—	$	—	$	—	$	19,592,773

^ See Schedule of Investments for sector breakouts.

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BUL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	38,421,742	$	—	$	—	$	—	$	38,421,742
Short-Term Investments		52,632		—		—		—		52,632
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,133,975		5,133,975
Total Investments in Securities	$	38,474,374	$	—	$	—	$	5,133,975	$	43,608,349

^ See Schedule of Investments for sector breakouts.

HERD

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange Traded Funds	$	48,559,617	$	—	$	—	$	—	$	48,559,617
Short-Term Investments		64,422								64,422
Total Investments in Securities	$	48,624,039	$	—	$	—	$	—	$	48,624,039

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Contingent Value Rights	$	—	$	—	$	2,509	$	—	$	2,509
U.S. Government Notes/Bonds		—		24,033,909		—		—		24,033,909
Short-Term Investments		590,618		—		—		—		590,618
Total Investments in Securities	$	590,618	$	24,033,909	$	2,509	$	—	$	24,627,036

^ See Schedule of Investments for sector breakouts.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:    

PWS(a)	Balance as of 4/30/2022	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Transfers Out of Level 3	Transfers Into Level 3	Balance as of 4/30/2023
Contingent Value Rights	$ 2,886	$ —	$ (377)	$ —	$ —	$ —	$ —	$ 2,509

The following is a summary of quantitative information about Level 3 Fair Value Measurements:    

PWS	Fair Value as of 4/31/2023		Valuation Techniques		Unobservable Input		Impact to Valuation From an Increase to Input
Contingent Value Rights	$	—		Acquisition Price		Stale Data		$0.00
Contingent Value Rights	$	2,509		Acquisition Price		Stale Data		$0.40

^(a) Table presents information for two securities, Abiomed has been valued at $0.00 and Achillion Pharmaceuticals has been valued between $0.40 - $0.46 throughout the period.

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April 30, 2023 (Continued)

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	12,891,377	$	—	$	—	$	—	$	12,891,377
Real Estate Investment Trusts		206,191,458		—		—		—		206,191,458
Short-Term Investments		303,314		—		—		—		303,314
Investments Purchased with Proceeds from Securities Lending		—		—		—		43,696,987		43,696,987
Total Investments in Securities	$	219,386,149	$	—	$	—	$	43,696,987	$	263,083,136

^ See Schedule of Investments for sector breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	233,073,446	$	—	$	—	$	—	$	233,073,446
Real Estate Investment Trusts		467,229,652		—		—		—		467,229,652
Short-Term Investments		2,954,090		—		—		—		2,954,090
Investments Purchased with Proceeds from Securities Lending		—		—		—		48,579,877		48,579,877
Total Investments in Securities	$	703,257,188	$	—	$	—	$	48,579,877	$	751,837,065

^ See Schedule of Investments for sector breakouts.

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	78,246,466	$	—	$	—	$	—	$	78,246,466
Short-Term Investments		104,949		—		—		—		104,949
Investments Purchased with Proceeds from Securities Lending		—		—		—		12,335,605		12,335,605
Total Investments in Securities	$	78,351,415	$	—	$	—	$	12,335,605	$	90,687,020

^ See Schedule of Investments for sector breakouts.

AFTY

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,895,332	$	—	$	—	$	—	$	4,895,332
Short-Term Investments		14,900								14,900
Total Investments in Securities	$	4,910,232	$	—	$	—	$	—	$	4,910,232

^ See Schedule of Investments for sector breakouts.

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April 30, 2023 (Continued)

VIRS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,663,068	$	—	$	—	$	—	$	3,663,068
Short-Term Investments		5,327		—		—		—		5,327
Investments Purchased with Proceeds from Securities Lending		—		—		—		842,165		842,165
Total Investments in Securities	$	3,668,395	$	—	$	—	$	842,165	$	4,510,560

^ See Schedule of Investments for sector breakouts.

ALTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	776,155,026	$	—	$	—	$	—	$	776,155,026
Short-Term Investments		784,997		—		—		—		784,997
Investments Purchased with Proceeds from Securities Lending		—		—		—		71,566,308		71,566,308
Total Investments in Securities	$	776,940,023	$	—	$	—	$	71,566,308	$	848,506,331

^ See Schedule of Investments for sector breakouts.

PAMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	34,045,899	$	—	$	—	$	—	$	34,045,899
Real Estate Investment Trusts		776,766		—		—		—		776,766
Short-Term Investments		37,650		—		—		—		37,650
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,847,863		3,847,863
Total Investments in Securities	$	34,860,315	$	—	$	—	$	3,847,863	$	38,708,178

^ See Schedule of Investments for sector breakouts.

PALC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	201,901,209	$	—	$	—	$	—	$	201,901,209
Real Estate Investment Trusts		4,098,788		—		—		—		4,098,788
Short-Term Investments		221,821		—		—		—		221,821
Investments Purchased with Proceeds from Securities Lending		—		—		—		15,928,141		15,928,141
Total Investments in Securities	$	206,221,818	$	—	$	—	$	15,928,141	$	222,149,959

^ See Schedule of Investments for sector breakouts.

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April 30, 2023 (Continued)

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	19,735,653	$	—	$	—	$	—	$	19,735,653
Real Estate Investment Trusts		215,052		—		—		—		215,052
Short-Term Investments		27,878		—		—		—		27,878
Investments Purchased with Proceeds from Securities Lending		—		—		—		2,855,922		2,855,922
Total Investments in Securities	$	19,978,583	$	—	$	—	$	2,855,922	$	22,834,505

^ See Schedule of Investments for sector breakouts.

FLRT

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Asset-Backed Securities	$	—	$	36,419,367	$	—	$	—	$	36,419,367
Bank Loans		—		46,633,172		—		—		46,633,172
Closed-End Funds		21,716		—		—		—		21,716
Corporate Bonds		–		10,422,544		—		—		10,422,544
Exchange Traded Funds		1,212,016		—		—		—		1,212,016
Short-Term Investments		4,957,416		—		—		—		4,957,416
Total Investments in Securities	$	6,191,148	$	93,475,083	$	—	$	—	$	99,666,231

^ See Schedule of Investments for sector breakouts.

TRPL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	799,228	$	—	$	—	$	—	$	799,228
Real Estate Investment Trusts		20,641		—		—		—		20,641
Short-Term Investments		40,304		—		—		—		40,304
Total Investments in Securities	$	860,173	$	—	$	—	$	—	$	860,173
Other Financial Instruments (a)
Futures Contracts	$	3,429	$	—	$	—	$	—	$	3,429

^ See Schedule of Investments for sector breakouts.

(a) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

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QDPL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	91,036,231	$	—	$	—	$	—	$	91,036,231
Real Estate Investment Trusts		2,305,043		—		—		—		2,305,043
Short-Term Investments		1,598,622		—		—		—		1,598,622
US Government Notes/Bonds		—		12,203,409		—		—		12,203,409
Total Investments in Securities		94,939,896		12,203,409		—		—		107,143,305
Other Financial Instruments (a)
Futures Contracts	$	714,687	$	—	$	—	$	—	$	714,687

^ See Schedule of Investments for sector breakouts.

^(a) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.

TRFK

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,012,448	$	—	$	—	$	—	$	1,012,448
Short-Term Investments		2,383		—		—		—		2,383
Total Investments in Securities	$	1,014,831	$	—	$	—	$	—	$	1,014,831

^ See Schedule of Investments for sector breakouts.

SHPP

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	987,624	$	—	$	—	$	—	$	987,624
Exchange Traded Funds		19,045		—		—		—		19,045
Short-Term Investments		1,154		—		—		—		1,154
Total Investments in Securities	$	1,007,823	$	—	$	—	$	—	$	1,007,823

^ See Schedule of Investments for sector breakouts.

B. Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the differences between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C. Federal Income Taxes. The Funds have complied and intend to continue to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the fiscal period/year ended April 30, 2023, the Funds did not have any tax positions that did not meet the “more-likely- than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2023, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. Management has analyzed each of the Fund’s tax positions and concluded that no

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liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2020-2022) or expected to be taken in each of the Fund’s 2023 tax returns. During the year/period ended April 30, 2023, the Funds did not incur any interest or penalties.

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. COWZ, CALF, GCOW, ICOW, ECOW, COWG, BUL, HERD, PWS, INDS, SRVR, SZNE, VIRS, ALTL, PAMC, PALC, PEXL, TRPL, QDPL, TRFK, and SHPP, are declared and paid on a quarterly basis. PTBD and FLRT are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

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, 2023, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTLC	$	457,290		$	(457,290	)
PTMC		(251,416	)		251,416
PTNQ		(996,503	)		996,503
PTEU		(315,845	)		315,845
PTIN		(251,416	)		251,416
PTBD		22,532,557			(22,532,557	)
TRND		(1,544,971	)		1,544,971
COWZ		(247,364,944	)		247,364,944
CALF		(35,741,369	)		35,741,369
GCOW		(18,042,406	)		18,042,406
ICOW		—			—
ECOW		—			—

235

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NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
COWG	$	—		$	—
BUL		(661,477	)		661,477
HERD		(192,575	)		192,575
PWS		224,118			(224,118	)
INDS		(8,469,724	)		8,469,724
SRVR		(1,990,966	)		1,990,966
SZNE		(1,027,833	)		1,027,833
AFTY		—			—
VIRS		126,589			(126,589	)
ALTL		10,730,507			(10,730,507	)
PAMC		(2,887,568	)		2,887,568
PALC		1,050,302			(1,050,302	)
PEXL		391			(391	)
FLRT		—			—
TRPL		54,647			(54,647	)
QDPL		(782,019	)		782,019
TRFK		—			—
SHPP		—			—

During the fiscal year/period ended April 30, 2023, the Funds’ realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid- in-capital.

PTLC	$	(396,818	)
PTMC		98,201
PTNQ		1,081,720
PTEU		315,512
PTIN		247,366
PTBD		(9,870,068	)
TRND		1,546,236
COWZ		269,157,456
CALF		39,143,650
GCOW		18,196,113
ICOW		—
ECOW		—
COWG		—
BUL		2,339,659
HERD		400,779
PWS		(213,903	)
INDS		12,500,323
SRVR		22,462,572
SZNE		1,070,927
AFTY		—
VIRS		(99,844	)
ALTL		(10,349,331	)
PAMC		3,089,659
PALC		(331,515	)
PEXL		—

236

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NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

FLRT	$	—
TRPL		(54,702	)
QDPL		985,173
TRFK		—
SHPP		—

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Pacer Advisors, Inc. (“the Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund’s average daily net assets:

	Annual Rate of Average Daily Net Assets
PTLC		0.60	%
PTMC		0.60	%
PTNQ		0.65	%
PTEU		0.65	%
PTIN		0.65	%
PTBD		0.60	%
TRND		0.15	%
COWZ		0.49	%
CALF		0.59	%
GCOW		0.60	%
ICOW		0.65	%
ECOW		0.70	%
COWG		0.49	%
BUL		0.60	%
HERD		0.15	%
PWS		0.60	%
INDS		0.60	%
SRVR		0.60	%
SZNE		0.60	%
AFTY		0.70	%
VIRS		0.70	%
ALTL		0.60	%
PAMC		0.60	%
PALC		0.60	%
PEXL		0.60	%
FLRT		0.60	%
TRPL		0.79	%
QDPL		0.79	%
TRFK		0.60	%
SHPP		0.60	%

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub-adviser to PTBD, CSOP serves as the sub-adviser to AFTY, Metaurus Advisors, LLC, (“Metaurus”) serves as the sub-adviser to TRPL

237

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NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

and QDPL and Aristotle Pacific Capital, LLC (“Aristotle Pacific”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, Metaurus and Aristotle Pacific are paid by the Adviser.

Effective November 1, 2022, pursuant to a contractual agreement between the Trust on behalf of each INDS and SRVR, the Adviser shall waive a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund’s total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average daily net assets of each Fund. For the year ended April 30, 2023, the Adviser’s management fee was reduced by $54,148 and $206,699 in INDS and SRVR, respectively. This contractual agreement expires on October 31, 2023. The Adviser is not entitled to recoup any fees that have been previously waived.

Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for trading portfolio securities on behalf of AFTY, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of AFTY’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for trading portfolio securities on behalf of PTBD, including selecting broker-dealers to execute purchase and sale transactions as instructed by the Adviser or in connection with any rebalancing or reconstitution of PTBD’s respective Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

Pursuant 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.

Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the “Sub-Advisory Agreement”), Aristotle Pacific is responsible for 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, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended April 30, 2023.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

NOTE 4 – SERVICE AND CUSTODY AGREEMENTS

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.

NOTE 5 – SECURITIES LENDING

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan,

238

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

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, 2023, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the year/period ended April 30, 2023, the Funds (excluding PTBD, TRND, COWG, HERD, PWS, AFTY, TRPL, QDPL, FLRT, TRFK, and SHPP)had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2023.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	110,285,458
PTMC		48,433,414
PTNQ		35,841,898
PTEU		6,456,708
PTIN		22,817,228
PTBD		—
TRND		—
COWZ		1,074,712,013
CALF		615,208,781
GCOW		133,954,312
ICOW		33,888,836
ECOW		3,496,672
COWG		—
BUL		5,133,975
HERD		—
PWS		—
INDS		43,696,987
SRVR		48,579,877
SZNE		12,335,605
AFTY		—
VIRS		842,165
ALTL		71,566,308
PAMC		3,847,863
PALC		15,928,141
PEXL		2,855,922
FLRT		—
TRPL		—
QDPL		—
TRFK		—

239

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
SHPP		—

* Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

NOTE 7 – DERIVATIVES TRANSACTIONS

The Funds may enter into futures contracts to hedge various investments for risk management as well as speculative purposes. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. Secondary margin limits are required to be maintained while futures are held, as defined by each contract.

During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking- to-market” on a daily basis to reflect the fair value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from the closing transaction and the Funds’ cost of entering into a contract. The use of futures contracts involves the risk of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations.

The following table represents a summary of the value of derivative instruments as of April 30, 2023 and the effect of derivative instruments on the Statement of Assets and Liabilities as of April 30, 2023:

TRPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2023

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	3,429

The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2023 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	$ 3,429	Equity Contracts - Futures	$ 8,796

QDPL

Statement of Assets and Liabilities - Values of Derivative Instruments as of April 30, 2023

	Asset Derivatives
Derivatives	Location		Value
Equity Contracts - Futures		Deposit at Broker for Futures	$	714,687

240

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

The effect of Derivative Instruments on the Statement of Operations for the period ended April 30, 2023 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	$ 714,687	Equity Contracts - Futures	$ 949,480

The average monthly value of long futures during the period ended April 30, 2023 in TRPL was $171,133 and in QDPL was $12,165,407.

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, 2023:

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
	$	46,090	$	—	$	46,090	$	46,090	$	—	$	—
QDPL
Futures Contracts
		1,533,403		—		1,533,403		1,533,403		—		—

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	$	110,285,458	$	—	$	110,285,458	$	110,285,458	$	—	$	—
PTMC
Securities Lending		48,433,414		—		48,433,414		48,433,414		—		—
PTNQ
Securities Lending		35,841,898		—		35,841,898		35,841,898		—		—
PTEU
Securities Lending		6,456,708		—		6,456,708		6,456,708		—		—
PTIN
Securities Lending		22,817,228		—		22,817,228		22,817,228		—		—
PTBD
Securities Lending		—		—		—		—		—		—
TRND
Securities Lending		—		—		—		—				—
COWZ
Securities Lending		1,074,712,013		—		1,074,712,013		1,074,712,013		—		—

241

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
CALF
Securities Lending	$	615,208,781	$	—	$	615,208,781	$	615,208,781	$	—	$	—
GCOW
Securities Lending		133,954,312		—		133,954,312		133,954,312		—		—
ICOW
Securities Lending		33,888,836		—		33,888,836		33,888,836		—		—
ECOW
Securities Lending		3,496,672		—		3,496,672		3,496,672		—		—
COWG
Securities Lending		—		—		—		—		—		—
BUL
Securities Lending		5,133,975		—		5,133,975		5,133,975		—		—
HERD
Securities Lending		—		—		—		—				—
PWS
Securities Lending		—		—		—		—		—		—
INDS
Securities Lending		43,696,987		—		43,696,987		43,696,987		—		—
SRVR
Securities Lending		48,579,877		—		48,579,877		48,579,877		—		—
SZNE
Securities Lending		12,335,605		—		12,335,605		12,335,605		—		—
VIRS
Securities Lending		842,165		—		842,165		842,165		—		—
ALTL
Securities Lending		71,566,308		—		71,566,308		71,566,308		—		—
PAMC
Securities Lending		3,847,863		—		3,847,863		3,847,863		—		—
PALC
Securities Lending		15,928,141		—		15,928,141		15,928,141		—		—
PEXL
Securities Lending		2,855,922		—		2,855,922		2,855,922		—		—
FLRT
Securities Lending		—		—		—		—		—		—
TRPL
Securities Lending		—		—		—		—		—		—
QDPL
Securities Lending		—		—		—		—		—		—
TRFK
Securities Lending		—		—		—		—		—		—
SHPP
Securities Lending		—		—		—		—		—		—

242

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

NOTE 9 – INVESTMENT TRANSACTIONS

For the year/period ended April 30, 2023, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

	Purchases		Sales		In-Kind Purchases		In-Kind Sales		U.S. Government Purchases		U.S. Government Sales
PTLC	$	2,078,824,669	$	6,183,937	$	26,759,166	$	109,851,498	$	—	$	—
PTMC		1,316,033,539		841,572,957		11,446,960		63,625,253		—		—
PTNQ		725,705,576		23,049,943		35,558,754		25,900,975		—		—
PTEU		39,795,267		916,740		1,247,338		3,569,407		—		—
PTIN		118,052,786		1,683,511		8,816,925		11,011,019		—		—
PTBD		3,029,135,890		3,057,603,292		—		565,374,208		1,739,956,992		1,496,054,267
TRND		3,724,468		3,622,585		1,362,807		12,135,442		—		—
COWZ		8,266,474,641		8,167,619,533		10,454,930,120		1,589,608,976		—		—
CALF		1,347,321,486		1,343,427,805		1,447,792,482		197,016,566		—		—
GCOW		498,027,859		413,436,603		1,149,807,851		69,177,321		—		—
ICOW		18,545,307		139,551,178		375,519,106		—		—		—
ECOW		34,099,467		15,962,562		25,762,598		—		—		—
COWG		2,522,535		2,318,676		19,635,690		—		—		—
BUL		46,306,754		46,033,466		68,486,118		37,783,264		—		—
HERD		2,121,319		2,138,553		45,489,128		6,322,675		—		—
PWS		92,711,307		95,667,922		4,542,107		7,009,994		24,040,874		—
INDS		234,815,695		233,833,568		44,321,313		149,797,240		—		—
SRVR		511,117,756		506,077,706		94,133,207		427,638,228		—		—
SZNE		164,649,146		164,847,051		16,609,696		20,843,482		—		—
AFTY		710,439		1,418,048		—		—		—		—
VIRS		442,172		451,553		—		2,078,084		—		—
ALTL		3,185,603,469		3,183,072,457		620,806,823		246,345,876		—		—
PAMC		202,374,884		202,234,613		20,899,541		23,136,787		—		—
PALC		1,402,189,951		1,402,466,387		51,391,886		101,146,302		—		—
PEXL		7,613,514		7,494,754		15,335,430		—		—		—
FLRT		76,882,835		59,394,664		—		—		—		—
TRPL		26,861		136,216		—		782,676		—		—
QDPL		11,659,175		6,260,213		48,766,042		5,769,796		6,233,885		—
TRFK		87,525		88,170		1,011,534		—		—		—
SHPP		122,580		94,283		968,377		—		—		—

NOTE 10 – TRANSACTIONS WITH AFFILIATED SECURITIES

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

243

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

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

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

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2022		Purchases		Sales			Balance April 30, 2023
PTBD		544,421		109,116		(139,669	)		513,868
PTIN		512,621		15,092		(130,944	)		396,769
PTLC		331,507		22,735		(78,924	)		275,318
PTMC		381,321		34,660		(92,302	)		323,679
PTNQ		252,350		9,347		(70,013	)		191,684

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTBD	$	10,380,750	$	776,781	$	(331,557	)	$	(1,274,998	)
PTIN		10,712,962		44,059		(5,941	)		1,125,233
PTLC		10,630,028		136,429		471,358			(176,090	)
PTMC		10,432,174		86,604		295,041			(1,084,283	)
PTNQ		10,563,705		66,199		610,652			(70,482	)
Total		52,719,619		1,110,072		1,039,553			(1,480,620	)

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

244

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2022		Purchases		Sales			Balance April 30, 2023
BUL		44,165		280,282		(45,432	)		279,015
CALF		42,955		260,118		(48,603	)		254,470
COWZ		35,485		201,731		(31,042	)		206,174
GCOW		53,671		292,988		(58,618	)		288,041
ICOW		57,271		342,703		(71,272	)		328,702

Security Name	Value		Dividend Income		Gain (Loss) Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
BUL	$	9,765,804	$	66,181	$	(25,869	)	$	(95,267	)
CALF		9,420,479		63,595		(46,716	)		(153,546	)
COWZ		9,638,635		109,051		36,237			(119,577	)
GCOW		9,876,926		191,120		58,311			676,458
ICOW		9,857,773		185,440		16,955			717,675
Total		48,559,617		615,387		38,918			1,025,743

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, 2023 were as follows:

	PTLC			PTMC			PTNQ			PTEU			PTIN
Tax cost of investments	$	2,100,049,150		$	459,414,302		$	748,092,838		$	43,521,872		$	137,845,654
Gross tax unrealized appreciation		124,679,586			13,358,267			66,947,624			6,591,993			11,941,100
Gross tax unrealized depreciation		(75,491,359	)		(34,217,821	)		(27,927,042	)		(308,672	)		(2,511,270	)
Net tax unrealized appreciation (depreciation)		49,188,227			(20,859,554	)		39,020,582			6,283,321			9,429,830
Undistributed ordinary income		11,985,418			1,406,892			1,806,599			373,260			1,202,626
Total distributable earnings		11,985,418			1,406,892			1,806,599			373,260			1,202,626
Other accumulated (loss)		(344,621,811	)		(95,671,299	)		(48,421,744	)		(50,809,277	)		(23,957,977	)
Total accumulated gain (loss)	$	(283,448,166	)	$	(115,123,961	)	$	(7,594,563	)	$	(44,152,696	)	$	(13,325,521	)

	PTBD			TRND			COWZ			CALF			GCOW
Tax cost of investments	$	229,905,703		$	54,292,823		$	14,194,928,882		$	2,659,432,331		$	1,659,936,553
Gross tax unrealized appreciation		1,067,755			2,859,034			943,506,669			149,760,596			122,695,449
Gross tax unrealized depreciation		(200,773	)		(4,360,562	)		(814,646,149	)		(159,292,431	)		(81,657,074	)
Net tax unrealized appreciation (depreciation)		866,982			(1,501,528	)		128,860,520			(9,531,835	)		41,038,375
Undistributed ordinary income		91,809			179,701			17,718,355			1,795,619			21,259,450
Total distributable earnings		91,809			179,701			17,718,355			1,795,619			21,259,450
Other accumulated (loss)		(258,085,127	)		(1,106,307	)		(712,687,458	)		(189,069,504	)		(41,311,192	)
Total accumulated gain (loss)	$	(257,126,336	)	$	(2,428,134	)	$	(566,108,583	)	$	(196,805,720	)	$	20,986,633

245

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

	ICOW			ECOW			COWG			BUL			HERD
Tax cost of investments	$	560,524,772		$	58,761,358		$	19,831,387		$	45,011,549		$	48,310,950
Gross tax unrealized appreciation		46,478,999			4,609,911			550,941			1,239,758			1,501,875
Gross tax unrealized depreciation		(21,313,361	)		(5,429,111	)		(789,556	)		(2,642,959	)		(1,188,786	)
Net tax unrealized appreciation (depreciation)		25,165,638			(819,200	)		(238,615	)		(1,403,201	)		313,089
Undistributed ordinary income		4,783,974			592,929			1,594			47,589			—
Total distributable earnings		4,783,974			592,929			1,594			47,589			—
Other accumulated (loss)		(16,070,122	)		(1,850,131	)		(45,989	)		(2,807,329	)		—
Total accumulated gain (loss)	$	13,879,490		$	(2,076,402	)	$	(283,010	)	$	(4,162,941	)	$	313,089

	PWS			INDS			SRVR			SZNE			AFTY
Tax cost of investments	$	24,628,001		$	264,930,102		$	883,767,835		$	90,692,721		$	4,864,144
Gross tax unrealized appreciation		6,000			13,295,158			41,316,158			732			752,155
Gross tax unrealized depreciation		(6,965	)		(15,142,125	)		(173,242,156	)		(6,433	)		(706,103	)
Net tax unrealized appreciation (depreciation)		(965	)		(1,846,967	)		(131,925,998	)		(5,701	)		46,052
Undistributed ordinary income		99,650			3,930,239			9,486,246			23,109			—
Total distributable earnings		99,650			3,930,239			9,486,246			23,109			—
Other accumulated (loss)		(27,066,941	)		(53,986,956	)		(193,211,175	)		(18,491,371	)		(1,939,125	)
Total accumulated gain (loss)	$	(26,968,256	)	$	(51,903,684	)	$	(315,650,927	)	$	(18,473,963	)	$	(1,893,073	)

	VIRS			ALTL			PAMC			PALC			PEXL
Tax cost of investments	$	5,154,293		$	915,223,508		$	38,132,711		$	215,180,796		$	22,337,869
Gross tax unrealized appreciation		263,408			29,245,200			1,736,619			12,648,805			1,419,761
Gross tax unrealized depreciation		(907,141	)		(95,962,377	)		(1,161,151	)		(5,679,642	)		(923,125	)
Net tax unrealized appreciation (depreciation)		(643,733	)		(66,717,177	)		575,468			6,969,163			496,636
Undistributed ordinary income		1,083			—			—			21,540			—
Total distributable earnings		1,083			—			—			21,540			—
Other accumulated (loss)		(44,801	)		(138,076,081	)		(11,034,121	)		(53,734,120	)		(291,031	)
Total accumulated gain (loss)	$	(687,451	)	$	(204,793,258	)	$	(10,458,653	)	$	(46,743,417	)	$	205,605

	FLRT			TRPL			QDPL			TRFK			SHPP
Tax cost of investments	$	101,272,977		$	978,740		$	110,157,569		$	1,015,623		$	997,789
Gross tax unrealized appreciation		582,644			49,538			7,404,432			103,244			76,399
Gross tax unrealized depreciation		(2,189,390	)		(164,676	)		(9,704,008	)		(104,035	)		(66,396	)
Net tax unrealized appreciation (depreciation)		(1,606,746	)		(115,138	)		(2,299,576	)		(791	)		10,003
Undistributed ordinary income		118,551			—			—			2,858			4,921
Total distributable earnings		118,551			—			—			2,858			4,921
Other accumulated (loss)		(4,088,245	)		(19,837	)		—			—			(1	)
Total accumulated gain (loss)	$	(5,576,440	)	$	(134,975	)	$	(2,299,576	)	$	2,067		$	14,923

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2023 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

246

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

At April 30, 2023, the Funds had the following capital loss carryforwards:

	Short-Term		Long-Term		Expires
PTLC	$	232,693,175	$	111,928,636		Indefinite
PTMC		95,671,299		—		Indefinite
PTNQ		31,946,549		16,475,195		Indefinite
PTEU		40,109,453		10,691,617		Indefinite
PTIN		19,625,112		4,325,834		Indefinite
PTBD		257,874,006		211,121		Indefinite
TRND		542,708		563,599		Indefinite
COWZ		578,283,703		134,403,755		Indefinite
CALF		148,946,746		40,122,758		Indefinite
GCOW		21,974,274		19,326,918		Indefinite
ICOW		12,620,739		3,449,383		Indefinite
ECOW		1,290,049		560,082		Indefinite
COWG		45,989		—		Indefinite
BUL		2,602,956		204,373		Indefinite
HERD		—		—		Indefinite
PWS		27,066,068		873		Indefinite
INDS		42,220,579		11,766,377		Indefinite
SRVR		43,921,803		149,289,372		Indefinite
SZNE		18,491,371		—		Indefinite
AFTY		1,477,286		453,454		Indefinite
VIRS		12,428		32,373		Indefinite
ALTL		138,076,081		—		Indefinite
PAMC		11,034,121		—		Indefinite
PALC		53,267,315		466,805		Indefinite
PEXL		188,070		102,961		Indefinite
FLRT		3,323,461		764,784		Indefinite
TRPL		5,226		14,611		Indefinite
QRPL		—		—		Indefinite
TRFK		—		—		Indefinite
SHPP		1		—		Indefinite

At April 30, 2023, AFTY deferred on a tax basis, post-December ordinary late-year losses of $8,385, respectively. None of the Funds deferred on a tax basis post-October capital losses.

NOTE 12 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2023 was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	26,415,381	$	—	$	—	$	—
PTMC		3,237,926		—		—		—
PTNQ		4,142,394		—		—		—
PTEU		273,384		—		—		—
PTIN		444,569		—		—		—
PTBD		26,684,806		—		—		—
TRND		942,758		—		—		—
COWZ		193,788,560		—		—		—
CALF		16,000,780		—		—		—
GCOW		33,617,374		—		—		—

247

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
ICOW	$	7,687,068	$	—	$	—	$	—
ECOW		973,074		—		—		—
COWG		9,399		—		—		—
BUL		382,192		—		—		—
HERD		584,387		—		117		1,841
PWS		597,772		—		—		—
INDS		6,149,407		—		—		—
SRVR		18,743,593		—		1,717,631		—
SZNE		826,693		—		—		—
AFTY		100,794		—		—		—
VIRS		46,298		—		—		—
ALTL		9,575,595		—		—		488,359
PAMC		410,052		—		—		20,581
PALC		3,553,899		—		—		—
PEXL		62,468		—		—		—
FLRT		5,819,045		—		—		—
TRPL		16,095		—		—		64,749
QDPL		1,180,357		—		520,595		3,972,774
TRFK		5,555		—		—		—
SHPP		12,171		—		—		—

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2022 was as follows:

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
PTLC	$	15,230,924	$	—	$	—	$	—
PTMC		541,282		—		—		—
PTNQ		—		—		—		—
PTEU		787,274		—		—		—
PTIN		3,379,159		—		—		—
PTBD		34,403,646		—		—		—
TRND		640,806		—		—		—
GCOW		6,929,204		—		—		—
COWZ		22,592,335		—		—		—
CALF		9,347,348		—		—		5,679,191
ICOW		1,413,637		—		—		—
BUL		8,394		—		—		5,331
ECOW		420,442		—		—		—
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

248

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

	Ordinary Income		Capital Gains		Long Term Capital Gain		Return of Capital
QDPL		96,485		—		—		1,275,430
FLRT (a)		1,211,347		—		—		—

^(a) For the period ended July 1, 2021 to April 30, 2022.

NOTE 13 – NEW ACCOUNTING PRONOUNCEMENTS

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

NOTE 14 – RISKS

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

LIBOR Transition

Certain of the FLRT fund’s investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund’s performance. With respect to the fund’s accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

● Industrials Sector Risk. The SHPP Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

● Information Technology Sector Risk. The TRFK Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

249

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2023 (Continued)

NOTE 15 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On May 1, 2023, the Adviser launched Pacer US Small Cap Cash Cows Growth Leaders ETF.

On May 24, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of May 26, 2023, Payable June 1, 2023, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	592,159	$	0.26086305
PTBD	$	409,926	$	0.03660050

On June 21, 2023, the following Funds declared distributions from ordinary income to shareholders of record as of June 23, 2023, Payable June 28, 2023, as follows:

	Ordinary Income		Per Share Amount
FLRT	$	709,482	$	0.31815353
PTBD	$	940,718	$	0.09222726
COWZ	$	53,043,566	$	0.19111355
CALF	$	7,459,040	$	0.12328991
GCOW	$	28,516,054	$	0.57959460
ICOW	$	8,186,322	$	0.37042181
ECOW	$	870,468	$	0.30016143
COWG	$	28,835	$	0.02353861
BUL	$	146,490	$	0.13317255
PWS	$	94,045	$	0.08956680
INDS	$	981,907	$	0.17692021
SRVR	$	5,639,410	$	0.26982822
SZNE	$	128,472	$	0.07137337
VIRS	$	11,547	$	0.09237608
ALTL	$	2,094,003	$	0.10849756
PAMC	$	25,667	$	0.02566740
PALC	$	318,597	$	0.05446103
PEXL	$	39,181	$	0.05597254

On June 22, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of June 26, 2023, Payable June 29, 2023, as follows:

	Ordinary Income		Per Share Amount
HERD	$	453,681	$	0.26687089

On June 28, 2023, the following Funds declared distributions from ordinary income to shareholders of record as of June 30, 2023, Payable July 3, 2023, as follows:

	Ordinary Income		Per Share Amount
TRPL	$	11,513	$	0.46050000
QDPL	$	2,152,137	$	0.51610000

250

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 US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Global Cash Cows Dividend ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer US Large Cap Cash Cows Growth Leaders ETF, Pacer US Cash Cows Growth ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Industrial Real Estate ETF, Pacer Data & Infrastructure Real Estate ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation 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, Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF, Pacer Industrials and Logistics ETF and Pacer Data and Digital Revolution 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 US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Global Cash Cows Dividend ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer Emerging Markets Cash Cows 100 ETF, Pacer US Large Cap Cash Cows Growth Leaders ETF, Pacer US Cash Cows Growth ETF, Pacer Cash Cows Fund of Funds ETF, Pacer Wealthshield ETF, Pacer Industrial Real Estate ETF, Pacer Data & Infrastructure Real Estate ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation 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, Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF, Pacer Industrials and Logistics ETF and Pacer Data and Digital Revolution ETF (collectively the “Funds”), each a series of the Pacer Funds Trust (the “Trust”) including the schedules of investments, schedules of open futures contracts, as of April 30, 2023, 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 year ended September 30, 2019, for the Pacer CSOP FTSE China A50 ETF, were audited by other auditors whose opinion dated November 19, 2019, expressed an unqualified opinion on those financial statements. The statement of changes and financial highlights for the two years 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 year 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, 2023, 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Trendpilot® US Mid Cap ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Trendpilot® 100 ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Trendpilot® European Index ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Trendpilot® International ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020

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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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022 and 2021 and period from May 3, 2019 (commencement of operations) through April 30, 2020
Pacer US Cash Cows 100 ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer US Small Cap Cash Cows 100 ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020, 2019
Pacer Global Cash Cows Dividend ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Developed Markets International Cash Cows 100 ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Emerging Markets Cash Cows 100 ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022 and 2021 and period from May 2, 2019 (commencement of operations) through April 30, 2020
Pacer US Large Cap Cash Cows Growth Leaders ETF	For the period December 21, 2022 (commencement of operations) through April 30, 2023	For the period December 21, 2022 (commencement of operations) through April 30, 2023	For the period December 21, 2022 (commencement of operations) through April 30, 2023
Pacer US Cash Cows Growth ETF	For the year ended April 30, 2023	For the years ended April 30, 2023, and 2022	For the years ended April 30, 2023, 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and 2019
Pacer Industrial Real Estate ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and the period May 14, 2018 (commencement of operations) through April 30, 2019
Pacer Data & Infrastructure Real Estate ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and the period May 15, 2018 (commencement of operations) through April 30, 2019
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021, 2020 and the period July 23, 2018 (commencement of operations) through April 30, 2019

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

Fund Name	Statements of Operations	Statements of Changes in Net Assets	Financial Highlights
Pacer CSOP FTSE China A50 ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 2022, 2021 and period from October 1, 2019 through April 30, 2020
Pacer BioThreat Strategy ETF	For the year ended April 30, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023 and 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023 and 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023 and 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023 and 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, 2023	For the years ended April 30, 2023 and 2022	For the years ended April 30, 2023, 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 year ended April 30, 2023	For the year ended April 30, 2023 and for the period July 1, 2021 through April 30, 2022	For the year ended April 30, 2023 and for the period July 1, 2021 through April 30, 2022
Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF	For the year ended April 30, 2023	For the year ended April 30, 2023 and for the period July 12, 2021 (commencement of operations) through April 30, 2022	For the year ended April 30, 2023 and for the period July 12, 2021 (commencement of operations) through April 30, 2022
Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF	For the year ended April 30, 2023	For the year ended April 30, 2023 and for the period July 12, 2021 (commencement of operations) through April 30, 2022	For the year ended April 30, 2023 and for the period July 12, 2021 (commencement of operations) through April 30, 2022
Pacer Industrials and Logistics ETF	For the period June 8, 2022 (commencement of operations) through April 30, 2023	For the period June 8, 2022 (commencement of operations) through April 30, 2023	For the period June 8, 2022 (commencement of operations) through April 30, 2023
Pacer Data and Digital Revolution ETF	For the period June 8, 2022 (commencement of operations) through April 30, 2023	For the period June 8, 2022 (commencement of operations) through April 30, 2023	For the period June 8, 2022 (commencement of operations) through April 30, 2023

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.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(Continued)

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.

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, 2023, 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 28, 2023

254

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(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

For the fiscal year/period ended April 30, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received deduction (“DRD”), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain (“STCG”) distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

	QDI	DRD	STCG
PTLC	32.80%	32.55%	0.00%
PTMC	44.67%	44.62%	0.00%
PTNQ	60.73%	58.97%	0.00%
PTEU	73.30%	0.72%	0.00%
PTIN	99.43%	6.82%	0.00%
PTBD	0.00%	0.00%	0.00%
TRND	20.88%	15.85%	0.00%
COWZ	100.00%	100.00%	0.00%
CALF	100.00%	100.00%	0.00%
GCOW	97.51%	16.60%	0.00%
ICOW	100.00%	0.04%	0.00%
ECOW	75.83%	1.58%	0.00%
COWG	100.00%	100.00%	0.00%
BUL	100.00%	100.00%	0.00%
HERD	100.00%	45.15%	0.98%
PWS	35.49%	34.45%	0.00%
INDS	19.80%	3.82%	0.00%
SRVR	32.88%	3.09%	0.00%
SZNE	100.00%	100.00%	0.00%
AFTY	100.00%	0.00%	0.00%
VIRS	100.00%	100.00%	0.25%
ALTL	100.00%	100.00%	0.00%
PAMC	100.00%	100.00%	0.00%
PALC	100.00%	97.81%	0.00%
PEXL	100.00%	100.00%	0.00%
FLRT	0.00%	0.00%	0.00%
TRPL	100.00%	100.00%	0.00%
QDPL	90.10%	87.02%	30.38%
TRFK	100.00%	100.00%	0.00%
SHPP	97.62%	31.28%	0.00%

255

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(Unaudited) (Continued)

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
Fund	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		561,229		95,692		0.34		0.06
PTIN		1,837,328		192,825		0.40		0.04
PTBD		—		—		—		—
TRND		18,494		18,494		0.01		0.01
COWZ		—		—		—		—
CALF		—		—		—		—
GCOW		53,229,700		4,644,285		1.15		0.10
ICOW		15,101,347		1,505,553		0.81		0.08
ECOW		1,675,467		135,495		0.59		0.05
COWG		—		—		—		—
BUL		—		—		—		—
HERD		376,560		34,987		0.26		0.02
PWS		—		—		—		—
INDS		—		—		—		—
SRVR		—		—		—		—
SZNE		—		—		—		—
AFTY		165,592		16,574		0.54		0.05
VIRS		—		—		—		—
ALTL		—		—		—		—
PAMC		—		—		—		—
PALC		—		—		—		—
PEXL		—		—		—		—
FLRT		—		—		—		—
TRPL		—		—		—		—
QDPL		—		—		—		—
TRFK		—		—		—		—
SHPP		16,485		1,688		0.41		0.04

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

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(Unaudited) (Continued)

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT AD VISORY 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 24, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to Pacer Lunt Large Cap Alternator ETF (ALTL), Pacer Lunt Large Cap Multi-Factor Alternator ETF (PALC), Pacer Lunt Mid Cap Multi-Factor Alternator ETF (PAMC), Pacer Trendpilot US Large Cap ETF (PTLC), Pacer Trendpilot US Mid Cap ETF (PTMC), Pacer Trendpilot 100 ETF (PTNQ), Pacer US Small Cap Cash Cows 100 ETF (CALF), Pacer Developed Markets International Cash Cows 100 ETF (ICOW), Pacer US Export Leaders ETF (PEXL), Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE), Pacer US Cash Cows Growth ETF (BUL), Pacer Trendpilot International ETF (PTIN), Pacer Emerging Markets Cash Cows 100 ETF (ECOW), Pacer Cash Cows Fund of Funds ETF (HERD), Pacer Trendpilot Fund of Funds ETF (TRND), Pacer Bio Threat Strategy ETF (VIRS), Pacer Industrial Real Estate ETF (INDS) and Pacer Data & Infrastructure Real Estate ETF (SRVR). 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 a Fund to the Advisor for its services; (6) certain comparative information regarding a Fund’s expenses and performance relative to the expenses and performance of other comparable funds; (7) a copy of the Trust’s registration statement; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement.

In considering the renewal of the Investment Advisory Agreement at the Meeting, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Fund, of the advisory services to be provided to 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.

COWG

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 December 19, 2022 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer US Large Cap Cash Cows Growth Leaders ETF (the “Fund”).

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

In considering the approval of the Investment Advisory Agreement, the Trustees considered various materials, including information that had previously been provided to the Board at its various meetings including: (1) a copy of the proposed Investment Advisory Agreement and Schedule thereto; (2) Pacer’s responses to a questionnaire requesting information pursuant to Section 15(c) of the 1940 Act (the “15(c) Questionnaire”); (3) Pacer’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that Pacer will

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(Unaudited) (Continued)

provide to the Fund, and the proposed advisory fees payable to Pacer; (5) comparable fund expense and performance data; (6) a copy of the prospectus and statement of additional information that are part of the Trust’s registration statement on Form N-1A that include the Fund; and (7) information regarding the financial condition of Pacer.

Trust counsel reviewed the factors that the Trustees should consider in approving the Investment Advisory Agreement. In considering the Investment Advisory Agreement, the Trustees considered the following factors, to the extent applicable: (1) the nature, quality and extent of the services to be provided by Pacer to the Fund; (2) the general costs of providing the services and the profits anticipated to be realized by Pacer from its services to be rendered to the Fund; (3) comparative fee and expense data for the Fund and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Fund grows in assets, and whether the proposed advisory fee for the Fund reflects any such economies of scale; and (5) other benefits to Pacer and its affiliates resulting from services rendered to the Fund.

Pacer then presented on the anticipated profitability to the Advisor of managing the Fund, discussing such profitability at different projected asset levels. Pacer then discussed the nature, quality and extent of services to be provided by the Advisor to the Fund, including the types of securities to be included in its portfolio, the methodology and performance of the Fund’s underlying index, brokerage selection process with respect to domestic securities, and compliance with the Fund’s investment objectives and strategies and applicable laws and regulations, including portfolio liquidity requirements and tax diversification requirements, and responded to questions with respect thereto. The Advisor provided background information on and discussed the qualifications of key personnel at Pacer to provide services to the Fund, including the proposed portfolio managers of the Fund. The Advisor also discussed the services that Pacer would provide to the Fund and the fees that would be paid with respect to such services. The Advisor further reviewed Pacer’s business continuity plan and policies and procedures designed to address any conflicts of interest in managing the Fund relative to other accounts. Pacer discussed its plans to grow the Fund’s assets and the proposed timetable for commencing operations for the Fund.

Pacer then discussed the proposed investment advisory fee to be paid by the Fund to Pacer. The Advisor reviewed the comparisons included in their Board meeting materials of the proposed fee payable by the Fund to those charged by a group of comparably managed funds, commenting on where the fee payable by the Fund fell within the range of fees charged to comparable funds. The Advisor also reviewed the methodology used to develop the list of comparable funds. Pacer then discussed the factors that were considered when determining the proposed advisory fee for the Fund. The Advisor then responded to questions from the Trustees regarding, among other things: (a) the proposed advisory fees, (b) how such fees compared to advisory fees charged to comparable funds and (c) Pacer’s views with respect to what constitutes a comparable fund for purposes of fee comparisons.

The Trustees were assisted by Trust counsel and independent trustees’ counsel throughout the review process. The Trustees relied upon the advice of counsel and exercised their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each such factors. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Investment Advisory Agreement. In their deliberations, the Trustees did not identify any particular information that was allimportant or controlling.

Nature, Quality, and Extent of Services and Investment Performance.

The Trustees considered the scope of services to be provided under the Investment Advisory Agreement between the Trust and Pacer, noting that Pacer will be providing investment management services to the Fund. In considering the nature, extent and quality of the services to be provided by the Advisor, the Board reviewed the portfolio management services to be provided by the Advisor to the Fund and discussed these services with the Advisor. Among other things, the Trustees considered the quality of the Advisor’s portfolio management personnel and the level of services provided to the existing Funds. The Advisor’s registration form (“Form ADV”) was provided to the Trustees, as was the Advisor’s response to the 15(c) Questionnaire which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Fund. The Trustees considered the methodology of the Fund’s underlying index and the performance results provided at the Meeting for the index. The Trustees also considered the Fund’s investment strategy and the manner in which the Advisor would manage the Fund pursuant to such strategy. The Trustees also considered other services to be provided to the Fund by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures with applicable securities regulations and with the exemptive order applicable to the Fund. Based on the factors above, as well as those discussed below, the Trustees concluded that they were satisfied with the nature, extent and quality of the services to be provided to the Fund by the Advisor.

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Cost of Services Provided and Economies of Scale.

The Trustees reviewed the proposed expense ratio and the proposed advisory fee to be paid to the Fund, considered fees paid by comparable funds, and concluded that the advisory fees were reasonable and comparable to those that would result from an arm’s length negotiation. Additionally, the Trustees took into consideration that the advisory fee was a “unified fee,” meaning that the Fund would pay no expenses other than its advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Fund’s Rule 12b-1 distribution plan. The Trustees noted that the Advisor would be responsible for compensating the Trust’s other service providers and paying the Fund’s other expenses out of its own fee and resources. The Trustees also evaluated the compensation and benefits expected to be received by the Advisor from its relationship with the Fund. The Trustees then evaluated the anticipated profitability of the Advisor with respect to its costs to manage the Fund.

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 the Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; and (c) agreed to approve the Investment Advisory Agreement as to the Fund. 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.

FLRT

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 March 24, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Pacific Asset Floating Rate High Income ETF (hereafter referred to as “FLRT” or the “Fund”), and the proposed renewal of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Pacific Asset Management, LLC (the “Sub-Advisor”) with respect to FLRT.

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement and the respective Sub-Advisory Agreements for the Fund at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding the Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Fund; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Fund; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are prepared to provide to the Fund; (5) the advisory fee payable by the Fund to the Advisor for its services and the sub-advisory fee payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding the Fund’s expenses and performance relative to the expenses and performance of other funds; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-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, and the Sub-Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.

In considering the approval of the Investment Advisory Agreement and the Sub-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 and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to the Fund; (ii) the

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costs and benefits, including the fee to be paid to the Advisor by the Fund, of the advisory services to be provided to the Funds; (iii) the cost and benefits, including the fee paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to the Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the Fund are set forth below.

● Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed the Fund’s investment goal and investment strategy, and the Advisor’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with the Fund’s strategies, policies, and limitations. The Trustees also considered the performance of the Sub-Advisor in managing the Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Fund, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the Fund. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance programs as such relates to the operation of the Fund.

Based on its review, the Board determined that the Advisor and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Fund, as indicated by the Advisor’s and the Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Fund relative to the Peer Group and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Fund (if applicable). The Board also considered other services provided to the Fund by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Fund by the Advisor and the Sub-Advisor, respectively.

● Costs and Benefits of Advisory Services to be Provided to the Fund. In considering the advisory fees payable by the Trust to the Advisor and the Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of the Fund with the expense ratios of the Peer Group. The Board compared Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Advisor had contractually agreed to pay the operating expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Fund, considering the Advisor’s profitability analysis 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 Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

● Costs and Benefits of Sub-Advisor’s Services to be Provided to the Fund. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by the Fund. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Fund. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Fund may grow in the future.

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Overall Findings and Conclusions of the Board

Based on its deliberations and its evaluation of the information described above as it relates to the Fund, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (c) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Fund; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered to the Fund by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Fund; and (f) agreed to approve the Sub-Advisory Agreement for the Fund. 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.

TRPL and QDPL

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 March 24, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to Pacer Metaurus US Large Cap Dividend Multiplier 300 ETF (TRPL) and Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF (QDPL), and the proposed renewal of an investment sub-advisory agreement (the “Sub-Advisory Agreement”) between the Advisor and Metaurus Advisors, LLC (the “Sub-Advisor”) with respect to TRPL and QDPL, respectively. 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 Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Funds at the Meeting, based on its review of qualitative and quantitative information provided by the Advisor and the Sub-Advisor, as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement and the Sub-Advisory Agreement for the Funds at the Meeting, the Independent Trustees requested and obtained from the Advisor and the Sub-Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s expenses relative to the expenses of other comparable funds. At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement and the Sub-Advisory Agreement for the Funds; (2) the Advisor’s and the Sub-Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the Funds; (3) the Advisor’s and the Sub-Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor and the Sub-Advisor are providing and prepared to provide to the Funds; (5) the advisory fee payable by the Funds to the Advisor for its services and the sub-advisory fees payable to the Sub-Advisor by the Advisor under the Sub-Advisory Agreement; (6) certain comparative information regarding each Fund’s expenses and performance relative to the expenses and performance of other funds; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Advisor and the Sub-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, and the Sub-Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement and the Sub-Advisory Agreement.

In considering the approval of the Investment Advisory Agreement and the Sub-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 and the Sub-Advisor, including the performance of the Advisor and Sub-Advisor with respect to each Fund; (ii) the costs and benefits, including the fee to be paid to the Advisor by each Funds, of the advisory services to be provided to each Fund; (iii) the cost and benefits, including the fees paid, to the Sub-Advisor by the Advisor as it relates to the investment advisory services provided to each Fund; and (iv) potential economies of scale. The Board’s findings as it relates to each of the factors for the Funds are set forth below.

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● Nature, Extent and Quality of Services to be Provided by the Advisor and the Sub-Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and the Sub-Advisor under the Sub-Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Advisor’s and the Sub-Advisor’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by the Sub-Advisor, the Board noted that Sub-Advisor has assets allocated to it by the Advisor and considered the Sub-Advisor’s ability to ensure compliance with each Fund’s strategies, policies, and limitations. The Trustees also considered the performance of the Sub-Advisor in managing each Fund and compared such performance to comparable funds managed by other investment advisers (the “Peer Group”). In addition, the Trustees reviewed the management team at the Advisor and the Sub-Advisor that is responsible for managing the Funds, including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor and the Sub-Advisor and any potential conflicts. The Trustees also considered the strong reputation of the Sub-Advisor in the industry and the potential positive impact that might have on investment interest in the Funds. The Board also considered a report from the Trust’s Chief Compliance Officer regarding the Sub-Advisor’s compliance programs as such relates to the operation of the Funds.

Based on its review, the Board determined that the Advisor and the Sub-Advisor are capable of providing all necessary advisory and sub-advisory services required by the Funds, as indicated by the Advisor’s and the Sub-Advisor’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of each Fund relative to its Peer Group and other products managed by the Advisor and the Sub-Advisor with similar investment objectives and strategies as the Funds (if applicable). The Board also considered other services provided to the Funds by the Advisor and the Sub-Advisor, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ 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 and the Sub-Advisor, respectively.

● Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor comparing the expense ratio of each Fund with the expense ratios of its 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 further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Advisor from its relationship with the Funds, considering the Advisor’s profitability analysis 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.

● Costs and Benefits of Sub-Advisor’s Services to be Provided to the Funds. The Board noted that the sub-advisory fees paid to the Sub-Advisor are paid by the Advisor and would not be additional fees to be borne by the Funds. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Advisor and the Sub-Advisor. In considering the sub-advisory fees payable by the Advisor to Sub-Advisor, the Board evaluated the compensation and benefits received or likely to be received by the Sub-Advisor from the Advisor relating to the services provided to the Funds. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Sub-Advisor under the Sub-Advisory Agreement with the Advisor were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Advisor.

● Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor and the Sub-Advisor as the assets of the Funds may grow in the future.

Overall Findings and Conclusions of the Board

    Based on its deliberations and its evaluation of the information described above as it relates to the Funds, at the Meeting, respectively, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to the Funds are fair and reasonable; (b) concluded that the terms of the Sub-Advisory Agreement with respect to the Funds are fair and reasonable; (c) 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

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the Funds; (d) concluded that the Sub-Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered to the Funds by the Sub- Advisor; (e) agreed to approve the Investment Advisory Agreement as to the Funds; and (f) agreed to approve the Sub-Advisory Agreement for the Funds. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President at Pacer Advisors, Inc. (since 2005)	52	Director, First Cornerstone Bank (2000–2016)
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	52	0
Jane K. Sagendorph Born: 1951	Trustee	Indefinite Term; since 2021	Accountant, BluFish Designs (since 2011)	52	0
Colin C. Lake Born: 1971	Trustee	Indefinite Term; since 2021	Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)	52	0

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust, unless otherwise indicated c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355.

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Name and Year of Birth	Position(s) Held with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years
Principal Officers of the Trust
Joe M. Thomson Born: 1944	Trustee, Chairman, President, and Principal Executive Officer	Indefinite Term; since 2014	Founder/President, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)
Sean E. O’Hara Born: 1962	Treasurer and Principal Financial Officer	Indefinite Term; since 2014	Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007)
Bruce Kavanaugh Born: 1964	Secretary and Portfolio Manager	Indefinite Term; since 2016	Vice President, Pacer Advisors, Inc. (since 2005); Vice President, Pacer Financial, Inc. (since 2004)
Liam Clarke Gateway Corporate Center Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1996	Chief Compliance Officer and AML Officer	Indefinite Term; since 2023	Director, Vigilant, (since 2021); Financial Services Assurance Experienced Associate, PricewaterhouseCoopers, (2018-2021)

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.

NOTE 7 – SPECIAL MEETING OF SHAREHOLDERS

On April 12, 2023, a special meeting of the shareholders of the Pacer Pacific Asset Floating Rate High Income ETF of Pacer Funds Trust was held at the offices of the Administrator for the purpose of approving a new investment sub-advisory agreement among Pacer Advisors, Inc., Aristotle Pacific Capital, LLC, and the Trust, on behalf of the Fund. At the special meeting of shareholders of FLRT, a new sub-advisory agreement was approved.

Below are the voting results from the special meeting of the Trust:

New Investment Sub-Advisory Agreement	For	Abstain	Against
	1,002,597	4,083	2,056

265

Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

CFRA
One New York Plaza, 34th Floor
New York, NY 10004
FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111

Solactive AG
Platz der Einheit 1
60327 Frankfurt am Main
Germany

S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

CSOP Asset Management Limited
2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong

Metaurus Advisors LLC
22 Hudson Place, Third Floor
Hoboken, New Jersey 07030

Aristotle Pacific Capital, LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
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) File: 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. No "other services” were provided by the principal accountant. 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  04/30/2023	FYE  04/30/2022
( a ) Audit Fees	$234,100	$218,300
( b ) Audit-Related Fees	$0	$0
( c ) Tax Fees	$29,000	$27,000
( 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. 

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The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE  04/30/2023	FYE  04/30/2022
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  04/30/2023	FYE  04/30/2022
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, consisting of the entire Board, 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. 

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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. 1) 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.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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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	6/29/2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Joe M. Thomson
	Joe M. Thomson, President/Principal Executive Officer
Date	6/29/2023
By (Signature and Title)*	/s/ Sean E. O’Hara
	Sean E. O’Hara, Treasurer/Principal Financial Officer
Date	6/29/2023

* Print the name and title of each signing officer under his or her signature.

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EX-99.CODE ETH

EX.99.IND.PUB.ACCT

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 

 - 52 -

●             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. 

 - 53 -

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.

- 54 -

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:	6/29/2023	/s/ Joe M. Thomson
		Joe M. Thomson
		Principal Executive Officer

 6

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:	6/29/2023	/s/ Sean E. O’Hara
		Sean E. O’Hara
		Treasurer (Principal Financial Officer)

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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, 2023 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 President (Principal Executive Officer) Pacer Funds Trust	Sean E. O’Hara Treasurer (Principal Financial Officer) Pacer Funds Trust

Dated: 6/29/2023

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.

8